# EDGAR Filing Document

**Accession Number:** 0000927384
**File Stem:** 0000927384-25-000064
**Filing Date:** 2025-8
**Character Count:** 756685
**Document Hash:** 6cec02cb634f62f2f8085d51304c3158
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000927384-25-000064.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0000927384-25-000064

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**EFFECTIVENESS DATE**: 20250822

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VARIABLE INSURANCE PRODUCTS FUND III
- **CENTRAL INDEX KEY:** 0000927384

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07205
- **FILM NUMBER:** 251243876

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VARIABLE INSURANCE PRODUCTS III
- **DATE OF NAME CHANGE:** 19970106

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY ADVISOR ANNUITY FUND
- **DATE OF NAME CHANGE:** 19940722

## Series and Classes Contracts Data

### Balanced Portfolio (Series ID: S000007730)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000021026 | Initial Class   |  |
| C000021027 | Investor Class  |  |
| C000021028 | Service Class   |  |
| C000021029 | Service Class 2 | QBA2Q           |

### Dynamic Capital Appreciation Portfolio (Series ID: S000007731)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000021030 | Initial Class   |  |
| C000021031 | Investor class  |  |
| C000021032 | Service Class   |  |
| C000021033 | Service Class 2 |  |

### Growth & Income Portfolio (Series ID: S000007732)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000021034 | Initial Class   |  |
| C000021035 | Investor Class  |  |
| C000021036 | Service Class   |  |
| C000021037 | Service Class 2 | QGI2Q           |

### Growth Opportunities Portfolio (Series ID: S000007733)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000021038 | Initial Class   |  |
| C000021039 | Investor Class  |  |
| C000021040 | Service Class   |  |
| C000021041 | Service Class 2 |  |

### Mid Cap Portfolio (Series ID: S000007734)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000021042 | Investor Class  |  |
| C000021043 | Initial Class   | XFBRX           |
| C000021044 | Service Class   | XFBSX           |
| C000021045 | Service Class 2 |  |

### Value Strategies Portfolio (Series ID: S000007735)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000021046 | Initial Class   |  |
| C000021047 | Service Class   |  |
| C000021048 | Service Class 2 |  |
| C000021049 | Investor Class  |  |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-07205</u>

<u>Variable Insurance Products Fund III</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, MA 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;December 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;June 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Value Strategies Portfolio<br> **VIP Value Strategies Portfolio Service Class 2 true** <br>|

---

This semi-annual shareholder report contains information about VIP Value Strategies Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $41  | 0.84% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $876361870<br>|
| Number of Holdings | 112<br>|
| Portfolio Turnover | 86%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.9 |
| Financials | 18.1 |
| Consumer Discretionary | 11.0 |
| Health Care | 7.8 |
| Energy | 6.7 |
| Real Estate | 6.6 |
| Materials | 6.4 |
| Information Technology | 6.3 |
| Consumer Staples | 6.2 |
| Utilities | 5.5 |
| Communication Services | 2.2 |

---

Common Stocks 96.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1023_20250630_AA.jpg) <br>|

---

Common Stocks - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.3 <br>

---

| | |
|:---|:---|
| United States | 92.7 |
| Canada | 3.9 |
| Portugal | 1.0 |
| Puerto Rico | 1.0 |
| Zambia | 1.0 |
| Spain | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1023_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Spain - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Molina Healthcare Inc | 1.6<br>|
| Imperial Oil Ltd | 1.6<br>|
| CVS Health Corp | 1.5<br>|
| First Citizens BancShares Inc/NC Class A | 1.5<br>|
| Smurfit WestRock PLC | 1.3<br>|
| PG&E Corp | 1.3<br>|
| Sempra | 1.3<br>|
| Ventas Inc | 1.3<br>|
| Phillips 66 | 1.3<br>|
| East West Bancorp Inc | 1.2<br>|
|  | 13.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img1023_20250630_1.jpg)<br>| ![](img110600_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916045.101 1026-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Value Strategies Portfolio<br> **VIP Value Strategies Portfolio Service Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Value Strategies Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $34  | 0.69% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $876361870<br>|
| Number of Holdings | 112<br>|
| Portfolio Turnover | 86%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.9 |
| Financials | 18.1 |
| Consumer Discretionary | 11.0 |
| Health Care | 7.8 |
| Energy | 6.7 |
| Real Estate | 6.6 |
| Materials | 6.4 |
| Information Technology | 6.3 |
| Consumer Staples | 6.2 |
| Utilities | 5.5 |
| Communication Services | 2.2 |

---

Common Stocks 96.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1023_20250630_AA.jpg) <br>|

---

Common Stocks - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.3 <br>

---

| | |
|:---|:---|
| United States | 92.7 |
| Canada | 3.9 |
| Portugal | 1.0 |
| Puerto Rico | 1.0 |
| Zambia | 1.0 |
| Spain | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1023_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Spain - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Molina Healthcare Inc | 1.6<br>|
| Imperial Oil Ltd | 1.6<br>|
| CVS Health Corp | 1.5<br>|
| First Citizens BancShares Inc/NC Class A | 1.5<br>|
| Smurfit WestRock PLC | 1.3<br>|
| PG&E Corp | 1.3<br>|
| Sempra | 1.3<br>|
| Ventas Inc | 1.3<br>|
| Phillips 66 | 1.3<br>|
| East West Bancorp Inc | 1.2<br>|
|  | 13.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img1023_20250630_1.jpg)<br>| ![](img110601_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916044.101 1025-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Value Strategies Portfolio<br> **VIP Value Strategies Portfolio Investor Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Value Strategies Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $32  | 0.66% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $876361870<br>|
| Number of Holdings | 112<br>|
| Portfolio Turnover | 86%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.9 |
| Financials | 18.1 |
| Consumer Discretionary | 11.0 |
| Health Care | 7.8 |
| Energy | 6.7 |
| Real Estate | 6.6 |
| Materials | 6.4 |
| Information Technology | 6.3 |
| Consumer Staples | 6.2 |
| Utilities | 5.5 |
| Communication Services | 2.2 |

---

Common Stocks 96.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1023_20250630_AA.jpg) <br>|

---

Common Stocks - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.3 <br>

---

| | |
|:---|:---|
| United States | 92.7 |
| Canada | 3.9 |
| Portugal | 1.0 |
| Puerto Rico | 1.0 |
| Zambia | 1.0 |
| Spain | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1023_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Spain - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Molina Healthcare Inc | 1.6<br>|
| Imperial Oil Ltd | 1.6<br>|
| CVS Health Corp | 1.5<br>|
| First Citizens BancShares Inc/NC Class A | 1.5<br>|
| Smurfit WestRock PLC | 1.3<br>|
| PG&E Corp | 1.3<br>|
| Sempra | 1.3<br>|
| Ventas Inc | 1.3<br>|
| Phillips 66 | 1.3<br>|
| East West Bancorp Inc | 1.2<br>|
|  | 13.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img1023_20250630_1.jpg)<br>| ![](img110602_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916046.101 1467-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Value Strategies Portfolio<br> **VIP Value Strategies Portfolio Initial Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Value Strategies Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $29  | 0.59% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $876361870<br>|
| Number of Holdings | 112<br>|
| Portfolio Turnover | 86%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.9 |
| Financials | 18.1 |
| Consumer Discretionary | 11.0 |
| Health Care | 7.8 |
| Energy | 6.7 |
| Real Estate | 6.6 |
| Materials | 6.4 |
| Information Technology | 6.3 |
| Consumer Staples | 6.2 |
| Utilities | 5.5 |
| Communication Services | 2.2 |

---

Common Stocks 96.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1023_20250630_AA.jpg) <br>|

---

Common Stocks - 96.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 3.3 <br>

---

| | |
|:---|:---|
| United States | 92.7 |
| Canada | 3.9 |
| Portugal | 1.0 |
| Puerto Rico | 1.0 |
| Zambia | 1.0 |
| Spain | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1023_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Spain - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Molina Healthcare Inc | 1.6<br>|
| Imperial Oil Ltd | 1.6<br>|
| CVS Health Corp | 1.5<br>|
| First Citizens BancShares Inc/NC Class A | 1.5<br>|
| Smurfit WestRock PLC | 1.3<br>|
| PG&E Corp | 1.3<br>|
| Sempra | 1.3<br>|
| Ventas Inc | 1.3<br>|
| Phillips 66 | 1.3<br>|
| East West Bancorp Inc | 1.2<br>|
|  | 13.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img1023_20250630_1.jpg)<br>| ![](img110603_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916043.101 1024-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Mid Cap Portfolio<br> **VIP Mid Cap Portfolio Service Class 2 true** <br>|

---

This semi-annual shareholder report contains information about VIP Mid Cap Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $40  | 0.81% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7351657845<br>|
| Number of Holdings | 176<br>|
| Portfolio Turnover | 69%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.3 |
| Financials | 19.1 |
| Health Care | 12.2 |
| Consumer Discretionary | 11.0 |
| Information Technology | 9.8 |
| Real Estate | 6.0 |
| Materials | 5.3 |
| Consumer Staples | 5.3 |
| Energy | 3.9 |
| Utilities | 3.5 |
| Communication Services | 2.0 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img772_20250630_AA.jpg) <br>|

---

Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.6 <br>

---

| | |
|:---|:---|
| United States | 93.4 |
| Canada | 3.0 |
| Brazil | 0.7 |
| Belgium | 0.6 |
| United Kingdom | 0.5 |
| Israel | 0.4 |
| Taiwan | 0.4 |
| France | 0.4 |
| Japan | 0.3 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img772_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Equitable Holdings Inc | 1.5<br>|
| US Foods Holding Corp | 1.5<br>|
| ITT Inc | 1.5<br>|
| East West Bancorp Inc | 1.5<br>|
| Reinsurance Group of America Inc | 1.4<br>|
| RB Global Inc (United States) | 1.3<br>|
| Comfort Systems USA Inc | 1.3<br>|
| Performance Food Group Co | 1.3<br>|
| BJ's Wholesale Club Holdings Inc | 1.3<br>|
| Wintrust Financial Corp | 1.3<br>|
|  | 13.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img772_20250630_1.jpg)<br>| ![](img110634_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916040.101 387-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Mid Cap Portfolio<br> **VIP Mid Cap Portfolio Service Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Mid Cap Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $33  | 0.66% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7351657845<br>|
| Number of Holdings | 176<br>|
| Portfolio Turnover | 69%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.3 |
| Financials | 19.1 |
| Health Care | 12.2 |
| Consumer Discretionary | 11.0 |
| Information Technology | 9.8 |
| Real Estate | 6.0 |
| Materials | 5.3 |
| Consumer Staples | 5.3 |
| Energy | 3.9 |
| Utilities | 3.5 |
| Communication Services | 2.0 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img772_20250630_AA.jpg) <br>|

---

Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.6 <br>

---

| | |
|:---|:---|
| United States | 93.4 |
| Canada | 3.0 |
| Brazil | 0.7 |
| Belgium | 0.6 |
| United Kingdom | 0.5 |
| Israel | 0.4 |
| Taiwan | 0.4 |
| France | 0.4 |
| Japan | 0.3 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img772_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Equitable Holdings Inc | 1.5<br>|
| US Foods Holding Corp | 1.5<br>|
| ITT Inc | 1.5<br>|
| East West Bancorp Inc | 1.5<br>|
| Reinsurance Group of America Inc | 1.4<br>|
| RB Global Inc (United States) | 1.3<br>|
| Comfort Systems USA Inc | 1.3<br>|
| Performance Food Group Co | 1.3<br>|
| BJ's Wholesale Club Holdings Inc | 1.3<br>|
| Wintrust Financial Corp | 1.3<br>|
|  | 13.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img772_20250630_1.jpg)<br>| ![](img110635_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916042.101 773-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Mid Cap Portfolio<br> **VIP Mid Cap Portfolio Investor Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Mid Cap Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $32  | 0.63% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7351657845<br>|
| Number of Holdings | 176<br>|
| Portfolio Turnover | 69%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.3 |
| Financials | 19.1 |
| Health Care | 12.2 |
| Consumer Discretionary | 11.0 |
| Information Technology | 9.8 |
| Real Estate | 6.0 |
| Materials | 5.3 |
| Consumer Staples | 5.3 |
| Energy | 3.9 |
| Utilities | 3.5 |
| Communication Services | 2.0 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img772_20250630_AA.jpg) <br>|

---

Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.6 <br>

---

| | |
|:---|:---|
| United States | 93.4 |
| Canada | 3.0 |
| Brazil | 0.7 |
| Belgium | 0.6 |
| United Kingdom | 0.5 |
| Israel | 0.4 |
| Taiwan | 0.4 |
| France | 0.4 |
| Japan | 0.3 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img772_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Equitable Holdings Inc | 1.5<br>|
| US Foods Holding Corp | 1.5<br>|
| ITT Inc | 1.5<br>|
| East West Bancorp Inc | 1.5<br>|
| Reinsurance Group of America Inc | 1.4<br>|
| RB Global Inc (United States) | 1.3<br>|
| Comfort Systems USA Inc | 1.3<br>|
| Performance Food Group Co | 1.3<br>|
| BJ's Wholesale Club Holdings Inc | 1.3<br>|
| Wintrust Financial Corp | 1.3<br>|
|  | 13.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img772_20250630_1.jpg)<br>| ![](img110636_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916039.101 1466-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Mid Cap Portfolio<br> **VIP Mid Cap Portfolio Initial Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Mid Cap Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $28  | 0.56% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7351657845<br>|
| Number of Holdings | 176<br>|
| Portfolio Turnover | 69%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 21.3 |
| Financials | 19.1 |
| Health Care | 12.2 |
| Consumer Discretionary | 11.0 |
| Information Technology | 9.8 |
| Real Estate | 6.0 |
| Materials | 5.3 |
| Consumer Staples | 5.3 |
| Energy | 3.9 |
| Utilities | 3.5 |
| Communication Services | 2.0 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img772_20250630_AA.jpg) <br>|

---

Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.6 <br>

---

| | |
|:---|:---|
| United States | 93.4 |
| Canada | 3.0 |
| Brazil | 0.7 |
| Belgium | 0.6 |
| United Kingdom | 0.5 |
| Israel | 0.4 |
| Taiwan | 0.4 |
| France | 0.4 |
| Japan | 0.3 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img772_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Equitable Holdings Inc | 1.5<br>|
| US Foods Holding Corp | 1.5<br>|
| ITT Inc | 1.5<br>|
| East West Bancorp Inc | 1.5<br>|
| Reinsurance Group of America Inc | 1.4<br>|
| RB Global Inc (United States) | 1.3<br>|
| Comfort Systems USA Inc | 1.3<br>|
| Performance Food Group Co | 1.3<br>|
| BJ's Wholesale Club Holdings Inc | 1.3<br>|
| Wintrust Financial Corp | 1.3<br>|
|  | 13.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img772_20250630_1.jpg)<br>| ![](img110637_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916041.101 772-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Growth Opportunities Portfolio<br> **VIP Growth Opportunities Portfolio Service Class 2 true** <br>|

---

This semi-annual shareholder report contains information about VIP Growth Opportunities Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $43  | 0.83% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4228819232<br>|
| Number of Holdings | 196<br>|
| Portfolio Turnover | 82%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 47.9 |
| Communication Services | 20.5 |
| Consumer Discretionary | 11.3 |
| Industrials | 5.4 |
| Health Care | 4.8 |
| Financials | 4.7 |
| Consumer Staples | 2.7 |
| Utilities | 1.9 |
| Real Estate | 0.6 |
| Energy | 0.1 |
| Materials | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Preferred Stocks | 2.1 |
| Bonds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img617_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 94.5 |
| Taiwan | 1.9 |
| Singapore | 1.2 |
| Germany | 0.7 |
| United Kingdom | 0.6 |
| Netherlands | 0.4 |
| India | 0.3 |
| Canada | 0.2 |
| China | 0.1 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img617_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Singapore - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 14.4<br>|
| Microsoft Corp | 12.3<br>|
| Amazon.com Inc | 7.6<br>|
| Meta Platforms Inc Class A | 7.4<br>|
| Apple Inc | 4.3<br>|
| Broadcom Inc | 4.2<br>|
| Alphabet Inc Class C | 3.1<br>|
| Roku Inc Class A | 2.9<br>|
| Netflix Inc | 2.3<br>|
| Flex Ltd | 2.1<br>|
|  | 60.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img617_20250630_1.jpg)<br>| ![](img110678_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916022.101 385-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Growth Opportunities Portfolio<br> **VIP Growth Opportunities Portfolio Service Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Growth Opportunities Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $35  | 0.68% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4228819232<br>|
| Number of Holdings | 196<br>|
| Portfolio Turnover | 82%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 47.9 |
| Communication Services | 20.5 |
| Consumer Discretionary | 11.3 |
| Industrials | 5.4 |
| Health Care | 4.8 |
| Financials | 4.7 |
| Consumer Staples | 2.7 |
| Utilities | 1.9 |
| Real Estate | 0.6 |
| Energy | 0.1 |
| Materials | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Preferred Stocks | 2.1 |
| Bonds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img617_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 94.5 |
| Taiwan | 1.9 |
| Singapore | 1.2 |
| Germany | 0.7 |
| United Kingdom | 0.6 |
| Netherlands | 0.4 |
| India | 0.3 |
| Canada | 0.2 |
| China | 0.1 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img617_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Singapore - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 14.4<br>|
| Microsoft Corp | 12.3<br>|
| Amazon.com Inc | 7.6<br>|
| Meta Platforms Inc Class A | 7.4<br>|
| Apple Inc | 4.3<br>|
| Broadcom Inc | 4.2<br>|
| Alphabet Inc Class C | 3.1<br>|
| Roku Inc Class A | 2.9<br>|
| Netflix Inc | 2.3<br>|
| Flex Ltd | 2.1<br>|
|  | 60.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img617_20250630_1.jpg)<br>| ![](img110679_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916023.101 491-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Growth Opportunities Portfolio<br> **VIP Growth Opportunities Portfolio Investor Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Growth Opportunities Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $34  | 0.65% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4228819232<br>|
| Number of Holdings | 196<br>|
| Portfolio Turnover | 82%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 47.9 |
| Communication Services | 20.5 |
| Consumer Discretionary | 11.3 |
| Industrials | 5.4 |
| Health Care | 4.8 |
| Financials | 4.7 |
| Consumer Staples | 2.7 |
| Utilities | 1.9 |
| Real Estate | 0.6 |
| Energy | 0.1 |
| Materials | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Preferred Stocks | 2.1 |
| Bonds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img617_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 94.5 |
| Taiwan | 1.9 |
| Singapore | 1.2 |
| Germany | 0.7 |
| United Kingdom | 0.6 |
| Netherlands | 0.4 |
| India | 0.3 |
| Canada | 0.2 |
| China | 0.1 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img617_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Singapore - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 14.4<br>|
| Microsoft Corp | 12.3<br>|
| Amazon.com Inc | 7.6<br>|
| Meta Platforms Inc Class A | 7.4<br>|
| Apple Inc | 4.3<br>|
| Broadcom Inc | 4.2<br>|
| Alphabet Inc Class C | 3.1<br>|
| Roku Inc Class A | 2.9<br>|
| Netflix Inc | 2.3<br>|
| Flex Ltd | 2.1<br>|
|  | 60.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img617_20250630_1.jpg)<br>| ![](img110680_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916021.101 1465-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Growth Opportunities Portfolio<br> **VIP Growth Opportunities Portfolio Initial Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Growth Opportunities Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $30  | 0.58% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4228819232<br>|
| Number of Holdings | 196<br>|
| Portfolio Turnover | 82%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 47.9 |
| Communication Services | 20.5 |
| Consumer Discretionary | 11.3 |
| Industrials | 5.4 |
| Health Care | 4.8 |
| Financials | 4.7 |
| Consumer Staples | 2.7 |
| Utilities | 1.9 |
| Real Estate | 0.6 |
| Energy | 0.1 |
| Materials | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Preferred Stocks | 2.1 |
| Bonds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img617_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 94.5 |
| Taiwan | 1.9 |
| Singapore | 1.2 |
| Germany | 0.7 |
| United Kingdom | 0.6 |
| Netherlands | 0.4 |
| India | 0.3 |
| Canada | 0.2 |
| China | 0.1 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img617_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Singapore - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 14.4<br>|
| Microsoft Corp | 12.3<br>|
| Amazon.com Inc | 7.6<br>|
| Meta Platforms Inc Class A | 7.4<br>|
| Apple Inc | 4.3<br>|
| Broadcom Inc | 4.2<br>|
| Alphabet Inc Class C | 3.1<br>|
| Roku Inc Class A | 2.9<br>|
| Netflix Inc | 2.3<br>|
| Flex Ltd | 2.1<br>|
|  | 60.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img617_20250630_1.jpg)<br>| ![](img110681_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916024.101 617-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Growth & Income Portfolio<br> **VIP Growth & Income Portfolio Service Class 2 true** <br>|

---

This semi-annual shareholder report contains information about VIP Growth & Income Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $38  | 0.73% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2663616170<br>|
| Number of Holdings | 168<br>|
| Portfolio Turnover | 17%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.9 |
| Industrials | 19.3 |
| Financials | 19.2 |
| Health Care | 10.0 |
| Energy | 8.8 |
| Consumer Staples | 5.2 |
| Communication Services | 4.8 |
| Utilities | 2.3 |
| Consumer Discretionary | 2.0 |
| Materials | 1.6 |
| Real Estate | 1.3 |

---

Common Stocks 94.1 <br> Preferred Stocks 1.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img147_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.6 |

---

---

| | |
|:---|:---|
| United States | 91.0 |
| Canada | 1.9 |
| Germany | 1.2 |
| United Kingdom | 1.1 |
| Netherlands | 0.9 |
| Zambia | 0.9 |
| Belgium | 0.9 |
| France | 0.8 |
| Taiwan | 0.7 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img147_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 8.0<br>|
| Wells Fargo & Co | 6.5<br>|
| GE Aerospace | 5.6<br>|
| Exxon Mobil Corp | 5.1<br>|
| GE Vernova Inc | 3.7<br>|
| NVIDIA Corp | 3.7<br>|
| Bank of America Corp | 2.9<br>|
| Apple Inc | 2.5<br>|
| Boeing Co | 2.2<br>|
| Shell PLC ADR | 2.1<br>|
|  | 42.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img147_20250630_1.jpg)<br>| ![](img110682_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915949.101 382-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Growth & Income Portfolio<br> **VIP Growth & Income Portfolio Service Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Growth & Income Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $30  | 0.58% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2663616170<br>|
| Number of Holdings | 168<br>|
| Portfolio Turnover | 17%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.9 |
| Industrials | 19.3 |
| Financials | 19.2 |
| Health Care | 10.0 |
| Energy | 8.8 |
| Consumer Staples | 5.2 |
| Communication Services | 4.8 |
| Utilities | 2.3 |
| Consumer Discretionary | 2.0 |
| Materials | 1.6 |
| Real Estate | 1.3 |

---

Common Stocks 94.1 <br> Preferred Stocks 1.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img147_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.6 |

---

---

| | |
|:---|:---|
| United States | 91.0 |
| Canada | 1.9 |
| Germany | 1.2 |
| United Kingdom | 1.1 |
| Netherlands | 0.9 |
| Zambia | 0.9 |
| Belgium | 0.9 |
| France | 0.8 |
| Taiwan | 0.7 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img147_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 8.0<br>|
| Wells Fargo & Co | 6.5<br>|
| GE Aerospace | 5.6<br>|
| Exxon Mobil Corp | 5.1<br>|
| GE Vernova Inc | 3.7<br>|
| NVIDIA Corp | 3.7<br>|
| Bank of America Corp | 2.9<br>|
| Apple Inc | 2.5<br>|
| Boeing Co | 2.2<br>|
| Shell PLC ADR | 2.1<br>|
|  | 42.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img147_20250630_1.jpg)<br>| ![](img110683_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915950.101 473-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Growth & Income Portfolio<br> **VIP Growth & Income Portfolio Investor Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Growth & Income Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $29  | 0.56% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2663616170<br>|
| Number of Holdings | 168<br>|
| Portfolio Turnover | 17%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.9 |
| Industrials | 19.3 |
| Financials | 19.2 |
| Health Care | 10.0 |
| Energy | 8.8 |
| Consumer Staples | 5.2 |
| Communication Services | 4.8 |
| Utilities | 2.3 |
| Consumer Discretionary | 2.0 |
| Materials | 1.6 |
| Real Estate | 1.3 |

---

Common Stocks 94.1 <br> Preferred Stocks 1.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img147_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.6 |

---

---

| | |
|:---|:---|
| United States | 91.0 |
| Canada | 1.9 |
| Germany | 1.2 |
| United Kingdom | 1.1 |
| Netherlands | 0.9 |
| Zambia | 0.9 |
| Belgium | 0.9 |
| France | 0.8 |
| Taiwan | 0.7 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img147_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 8.0<br>|
| Wells Fargo & Co | 6.5<br>|
| GE Aerospace | 5.6<br>|
| Exxon Mobil Corp | 5.1<br>|
| GE Vernova Inc | 3.7<br>|
| NVIDIA Corp | 3.7<br>|
| Bank of America Corp | 2.9<br>|
| Apple Inc | 2.5<br>|
| Boeing Co | 2.2<br>|
| Shell PLC ADR | 2.1<br>|
|  | 42.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img147_20250630_1.jpg)<br>| ![](img110684_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915947.101 1464-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Growth & Income Portfolio<br> **VIP Growth & Income Portfolio Initial Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Growth & Income Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $25  | 0.48% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2663616170<br>|
| Number of Holdings | 168<br>|
| Portfolio Turnover | 17%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.9 |
| Industrials | 19.3 |
| Financials | 19.2 |
| Health Care | 10.0 |
| Energy | 8.8 |
| Consumer Staples | 5.2 |
| Communication Services | 4.8 |
| Utilities | 2.3 |
| Consumer Discretionary | 2.0 |
| Materials | 1.6 |
| Real Estate | 1.3 |

---

Common Stocks 94.1 <br> Preferred Stocks 1.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img147_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.6 |

---

---

| | |
|:---|:---|
| United States | 91.0 |
| Canada | 1.9 |
| Germany | 1.2 |
| United Kingdom | 1.1 |
| Netherlands | 0.9 |
| Zambia | 0.9 |
| Belgium | 0.9 |
| France | 0.8 |
| Taiwan | 0.7 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img147_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 8.0<br>|
| Wells Fargo & Co | 6.5<br>|
| GE Aerospace | 5.6<br>|
| Exxon Mobil Corp | 5.1<br>|
| GE Vernova Inc | 3.7<br>|
| NVIDIA Corp | 3.7<br>|
| Bank of America Corp | 2.9<br>|
| Apple Inc | 2.5<br>|
| Boeing Co | 2.2<br>|
| Shell PLC ADR | 2.1<br>|
|  | 42.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img147_20250630_1.jpg)<br>| ![](img110685_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915948.101 147-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Dynamic Capital Appreciation Portfolio<br> **VIP Dynamic Capital Appreciation Portfolio Service Class 2 true** <br>|

---

This semi-annual shareholder report contains information about VIP Dynamic Capital Appreciation Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $44  | 0.86% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $278830392<br>|
| Number of Holdings | 146<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 23.9 |
| Financials | 15.7 |
| Health Care | 14.5 |
| Consumer Discretionary | 13.1 |
| Industrials | 12.6 |
| Communication Services | 7.6 |
| Consumer Staples | 3.8 |
| Materials | 3.3 |
| Energy | 2.8 |
| Real Estate | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.7 |
| Preferred Stocks | 0.4 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img386_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

---

| | |
|:---|:---|
| United States | 90.0 |
| Canada | 2.3 |
| China | 2.0 |
| Brazil | 1.7 |
| Netherlands | 0.7 |
| Belgium | 0.7 |
| Taiwan | 0.7 |
| Israel | 0.7 |
| Japan | 0.4 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img386_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 8.1<br>|
| Microsoft Corp | 7.7<br>|
| Amazon.com Inc | 5.6<br>|
| Mastercard Inc Class A | 3.5<br>|
| Apple Inc | 2.6<br>|
| Boston Scientific Corp | 2.4<br>|
| Deere & Co | 2.0<br>|
| GE Vernova Inc | 1.9<br>|
| Visa Inc Class A | 1.9<br>|
| Lowe's Cos Inc | 1.7<br>|
|  | 37.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img386_20250630_1.jpg)<br>| ![](img110772_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916009.101 971-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Dynamic Capital Appreciation Portfolio<br> **VIP Dynamic Capital Appreciation Portfolio Service Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Dynamic Capital Appreciation Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $36  | 0.71% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $278830392<br>|
| Number of Holdings | 146<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 23.9 |
| Financials | 15.7 |
| Health Care | 14.5 |
| Consumer Discretionary | 13.1 |
| Industrials | 12.6 |
| Communication Services | 7.6 |
| Consumer Staples | 3.8 |
| Materials | 3.3 |
| Energy | 2.8 |
| Real Estate | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.7 |
| Preferred Stocks | 0.4 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img386_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

---

| | |
|:---|:---|
| United States | 90.0 |
| Canada | 2.3 |
| China | 2.0 |
| Brazil | 1.7 |
| Netherlands | 0.7 |
| Belgium | 0.7 |
| Taiwan | 0.7 |
| Israel | 0.7 |
| Japan | 0.4 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img386_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 8.1<br>|
| Microsoft Corp | 7.7<br>|
| Amazon.com Inc | 5.6<br>|
| Mastercard Inc Class A | 3.5<br>|
| Apple Inc | 2.6<br>|
| Boston Scientific Corp | 2.4<br>|
| Deere & Co | 2.0<br>|
| GE Vernova Inc | 1.9<br>|
| Visa Inc Class A | 1.9<br>|
| Lowe's Cos Inc | 1.7<br>|
|  | 37.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img386_20250630_1.jpg)<br>| ![](img110773_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916008.101 853-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Dynamic Capital Appreciation Portfolio<br> **VIP Dynamic Capital Appreciation Portfolio Investor Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Dynamic Capital Appreciation Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $35  | 0.69% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $278830392<br>|
| Number of Holdings | 146<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 23.9 |
| Financials | 15.7 |
| Health Care | 14.5 |
| Consumer Discretionary | 13.1 |
| Industrials | 12.6 |
| Communication Services | 7.6 |
| Consumer Staples | 3.8 |
| Materials | 3.3 |
| Energy | 2.8 |
| Real Estate | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.7 |
| Preferred Stocks | 0.4 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img386_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

---

| | |
|:---|:---|
| United States | 90.0 |
| Canada | 2.3 |
| China | 2.0 |
| Brazil | 1.7 |
| Netherlands | 0.7 |
| Belgium | 0.7 |
| Taiwan | 0.7 |
| Israel | 0.7 |
| Japan | 0.4 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img386_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 8.1<br>|
| Microsoft Corp | 7.7<br>|
| Amazon.com Inc | 5.6<br>|
| Mastercard Inc Class A | 3.5<br>|
| Apple Inc | 2.6<br>|
| Boston Scientific Corp | 2.4<br>|
| Deere & Co | 2.0<br>|
| GE Vernova Inc | 1.9<br>|
| Visa Inc Class A | 1.9<br>|
| Lowe's Cos Inc | 1.7<br>|
|  | 37.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img386_20250630_1.jpg)<br>| ![](img110774_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916006.101 1463-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Dynamic Capital Appreciation Portfolio<br> **VIP Dynamic Capital Appreciation Portfolio Initial Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Dynamic Capital Appreciation Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $31  | 0.61% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $278830392<br>|
| Number of Holdings | 146<br>|
| Portfolio Turnover | 34%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 23.9 |
| Financials | 15.7 |
| Health Care | 14.5 |
| Consumer Discretionary | 13.1 |
| Industrials | 12.6 |
| Communication Services | 7.6 |
| Consumer Staples | 3.8 |
| Materials | 3.3 |
| Energy | 2.8 |
| Real Estate | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.7 |
| Preferred Stocks | 0.4 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img386_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

---

| | |
|:---|:---|
| United States | 90.0 |
| Canada | 2.3 |
| China | 2.0 |
| Brazil | 1.7 |
| Netherlands | 0.7 |
| Belgium | 0.7 |
| Taiwan | 0.7 |
| Israel | 0.7 |
| Japan | 0.4 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img386_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 8.1<br>|
| Microsoft Corp | 7.7<br>|
| Amazon.com Inc | 5.6<br>|
| Mastercard Inc Class A | 3.5<br>|
| Apple Inc | 2.6<br>|
| Boston Scientific Corp | 2.4<br>|
| Deere & Co | 2.0<br>|
| GE Vernova Inc | 1.9<br>|
| Visa Inc Class A | 1.9<br>|
| Lowe's Cos Inc | 1.7<br>|
|  | 37.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img386_20250630_1.jpg)<br>| ![](img110775_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916007.101 786-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Balanced Portfolio<br> **VIP Balanced Portfolio Service Class 2 true** <br>|

---

This semi-annual shareholder report contains information about VIP Balanced Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $34  | 0.67% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7806918346<br>|
| Number of Holdings | 322<br>|
| Portfolio Turnover | 46%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.6 |
| AAA | 2.5 |
| AA | 0.1 |
| A | 3.1 |
| BBB | 5.5 |
| BB | 0.7 |
| B | 0.3 |
| Not Rated | 0.6 |
| Equities | 63.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img616_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.6 |
| &nbsp;&nbsp;AAA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 63.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 21.0 |
| Financials | 13.2 |
| Communication Services | 7.5 |
| Consumer Discretionary | 6.7 |
| Health Care | 6.3 |
| Industrials | 5.7 |
| Consumer Staples | 3.8 |
| Energy | 3.0 |
| Real Estate | 2.1 |
| Utilities | 1.7 |
| Materials | 1.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 63.3 |
| Bonds | 35.4 |
| Preferred Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img616_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 63.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 35.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Notes | 12.1<br>|
| Microsoft Corp | 5.4<br>|
| NVIDIA Corp | 5.3<br>|
| Apple Inc | 4.3<br>|
| US Treasury Bonds | 4.1<br>|
| Amazon.com Inc | 3.1<br>|
| Alphabet Inc Class A | 3.0<br>|
| Meta Platforms Inc Class A | 2.2<br>|
| Fannie Mae Mortgage pass-thru certificates | 2.1<br>|
| Ginnie Mae II Pool | 1.8<br>|
|  | 43.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img616_20250630_1.jpg)<br>| ![](img110795_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916018.101 380-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Balanced Portfolio<br> **VIP Balanced Portfolio Service Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Balanced Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $26  | 0.52% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7806918346<br>|
| Number of Holdings | 322<br>|
| Portfolio Turnover | 46%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.6 |
| AAA | 2.5 |
| AA | 0.1 |
| A | 3.1 |
| BBB | 5.5 |
| BB | 0.7 |
| B | 0.3 |
| Not Rated | 0.6 |
| Equities | 63.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img616_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.6 |
| &nbsp;&nbsp;AAA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 63.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 21.0 |
| Financials | 13.2 |
| Communication Services | 7.5 |
| Consumer Discretionary | 6.7 |
| Health Care | 6.3 |
| Industrials | 5.7 |
| Consumer Staples | 3.8 |
| Energy | 3.0 |
| Real Estate | 2.1 |
| Utilities | 1.7 |
| Materials | 1.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 63.3 |
| Bonds | 35.4 |
| Preferred Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img616_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 63.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 35.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Notes | 12.1<br>|
| Microsoft Corp | 5.4<br>|
| NVIDIA Corp | 5.3<br>|
| Apple Inc | 4.3<br>|
| US Treasury Bonds | 4.1<br>|
| Amazon.com Inc | 3.1<br>|
| Alphabet Inc Class A | 3.0<br>|
| Meta Platforms Inc Class A | 2.2<br>|
| Fannie Mae Mortgage pass-thru certificates | 2.1<br>|
| Ginnie Mae II Pool | 1.8<br>|
|  | 43.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img616_20250630_1.jpg)<br>| ![](img110796_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916019.101 469-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Balanced Portfolio<br> **VIP Balanced Portfolio Investor Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Balanced Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $25  | 0.49% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7806918346<br>|
| Number of Holdings | 322<br>|
| Portfolio Turnover | 46%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.6 |
| AAA | 2.5 |
| AA | 0.1 |
| A | 3.1 |
| BBB | 5.5 |
| BB | 0.7 |
| B | 0.3 |
| Not Rated | 0.6 |
| Equities | 63.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img616_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.6 |
| &nbsp;&nbsp;AAA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 63.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 21.0 |
| Financials | 13.2 |
| Communication Services | 7.5 |
| Consumer Discretionary | 6.7 |
| Health Care | 6.3 |
| Industrials | 5.7 |
| Consumer Staples | 3.8 |
| Energy | 3.0 |
| Real Estate | 2.1 |
| Utilities | 1.7 |
| Materials | 1.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 63.3 |
| Bonds | 35.4 |
| Preferred Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img616_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 63.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 35.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Notes | 12.1<br>|
| Microsoft Corp | 5.4<br>|
| NVIDIA Corp | 5.3<br>|
| Apple Inc | 4.3<br>|
| US Treasury Bonds | 4.1<br>|
| Amazon.com Inc | 3.1<br>|
| Alphabet Inc Class A | 3.0<br>|
| Meta Platforms Inc Class A | 2.2<br>|
| Fannie Mae Mortgage pass-thru certificates | 2.1<br>|
| Ginnie Mae II Pool | 1.8<br>|
|  | 43.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img616_20250630_1.jpg)<br>| ![](img110797_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916017.101 1462-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Balanced Portfolio<br> **VIP Balanced Portfolio Initial Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Balanced Portfolio for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $21  | 0.42% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7806918346<br>|
| Number of Holdings | 322<br>|
| Portfolio Turnover | 46%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

The information in the following tables is based on the combined Investments of the Fund and it's pro-rata share of investments in Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds as applicable.

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 22.6 |
| AAA | 2.5 |
| AA | 0.1 |
| A | 3.1 |
| BBB | 5.5 |
| BB | 0.7 |
| B | 0.3 |
| Not Rated | 0.6 |
| Equities | 63.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img616_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.6 |
| &nbsp;&nbsp;AAA - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 63.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 21.0 |
| Financials | 13.2 |
| Communication Services | 7.5 |
| Consumer Discretionary | 6.7 |
| Health Care | 6.3 |
| Industrials | 5.7 |
| Consumer Staples | 3.8 |
| Energy | 3.0 |
| Real Estate | 2.1 |
| Utilities | 1.7 |
| Materials | 1.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 63.3 |
| Bonds | 35.4 |
| Preferred Stocks | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img616_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 63.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 35.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| US Treasury Notes | 12.1<br>|
| Microsoft Corp | 5.4<br>|
| NVIDIA Corp | 5.3<br>|
| Apple Inc | 4.3<br>|
| US Treasury Bonds | 4.1<br>|
| Amazon.com Inc | 3.1<br>|
| Alphabet Inc Class A | 3.0<br>|
| Meta Platforms Inc Class A | 2.2<br>|
| Fannie Mae Mortgage pass-thru certificates | 2.1<br>|
| Ginnie Mae II Pool | 1.8<br>|
|  | 43.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. | 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.© 2025 FMR LLC. All rights reserved. |
| ![](img616_20250630_1.jpg)<br>| ![](img110798_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916020.101 616-TSRS-0825 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Variable Insurance Products:**

**VIP Value Strategies Portfolio**

**Semi-Annual Report**

**June 30, 2025**

![](img110947_1.jpg)

![](img110947_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_VIPVS-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Value Strategies Portfolio](#Sub_Sec_Fund_1023_VIPVS-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1023_VIPVS-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPVS-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPVS-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPVS-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPVS-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**VIP Value Strategies Portfolio**

**Schedule of Investments June 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.7%** | &nbsp;&nbsp;**Common Stocks - 96.7%** | &nbsp;&nbsp;**Common Stocks - 96.7%** |
|  | Shares | Value ($)<br>|
| CANADA - 3.9%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Textiles, Apparel & Luxury Goods - 1.0% |  |  |
| Gildan Activewear Inc  | 184000 | 9066569 |
| Energy - 1.6% |  |  |
| Oil, Gas & Consumable Fuels - 1.6% |  |  |
| Imperial Oil Ltd (a) | 172000 | 13664006 |
| Industrials - 0.5% |  |  |
| Ground Transportation - 0.5% |  |  |
| TFI International Inc  | 52600 | 4721736 |
| Materials - 0.8% |  |  |
| Chemicals - 0.8% |  |  |
| Methanex Corp (United States)  | 200300 | 6629930 |
| TOTAL CANADA |  | 34082241 |
| PORTUGAL - 1.0%  |  |  |
| Energy - 1.0% |  |  |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Galp Energia SGPS SA  | 477200 | 8735550 |
| PUERTO RICO - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Popular Inc  | 78800 | 8684548 |
| SPAIN - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Cellnex Telecom SA (b)(c) | 115500 | 4497366 |
| UNITED STATES - 89.4%  |  |  |
| Communication Services - 1.8% |  |  |
| Interactive Media & Services - 0.8% |  |  |
| ZoomInfo Technologies Inc (d) | 707400 | 7158887 |
| Media - 1.0% |  |  |
| Nexstar Media Group Inc  | 50400 | 8716680 |
| TOTAL COMMUNICATION SERVICES |  | 15875567 |
| Consumer Discretionary - 10.0% |  |  |
| Automobile Components - 0.9% |  |  |
| Patrick Industries Inc (a) | 82915 | 7650567 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Hilton Grand Vacations Inc (a)(d) | 217600 | 9036928 |
| Household Durables - 1.7% |  |  |
| Somnigroup International Inc  | 98200 | 6682510 |
| TopBuild Corp (d) | 24300 | 7866882 |
|  |  | 14549392 |
| Leisure Products - 1.6% |  |  |
| BRP Inc Subordinate Voting Shares (a) | 120600 | 5853982 |
| Hasbro Inc  | 108200 | 7987324 |
|  |  | 13841306 |
| Specialty Retail - 4.2% |  |  |
| Bath & Body Works Inc  | 214400 | 6423424 |
| Lithia Motors Inc Class A  | 26000 | 8783320 |
| Penske Automotive Group Inc  | 34700 | 5961807 |
| Signet Jewelers Ltd (a) | 81200 | 6459460 |
| Upbound Group Inc  | 351000 | 8810100 |
|  |  | 36438111 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| PVH Corp (a) | 82900 | 5686940 |
| TOTAL CONSUMER DISCRETIONARY |  | 87203244 |
| Consumer Staples - 6.2% |  |  |
| Beverages - 2.6% |  |  |
| Constellation Brands Inc Class A  | 48100 | 7824908 |
| Keurig Dr Pepper Inc  | 195900 | 6476454 |
| Primo Brands Corp Class A  | 295700 | 8758635 |
|  |  | 23059997 |
| Consumer Staples Distribution & Retail - 1.5% |  |  |
| Albertsons Cos Inc Class A  | 142495 | 3065067 |
| Dollar Tree Inc (d) | 54600 | 5407584 |
| Performance Food Group Co (d) | 50400 | 4408488 |
|  |  | 12881139 |
| Food Products - 2.1% |  |  |
| Bunge Global SA  | 104800 | 8413344 |
| Darling Ingredients Inc (d) | 253863 | 9631562 |
|  |  | 18044906 |
| TOTAL CONSUMER STAPLES |  | 53986042 |
| Energy - 4.1% |  |  |
| Energy Equipment & Services - 1.0% |  |  |
| Expro Group Holdings NV (a)(d) | 888120 | 7628951 |
| Weatherford International PLC  | 22317 | 1122768 |
|  |  | 8751719 |
| Oil, Gas & Consumable Fuels - 3.1% |  |  |
| Core Natural Resources Inc (a) | 118947 | 8295364 |
| Phillips 66  | 90000 | 10737000 |
| Targa Resources Corp  | 46100 | 8025088 |
|  |  | 27057452 |
| TOTAL ENERGY |  | 35809171 |
| Financials - 17.1% |  |  |
| Banks - 2.7% |  |  |
| East West Bancorp Inc  | 104593 | 10561801 |
| First Citizens BancShares Inc/NC Class A  | 6800 | 13303996 |
|  |  | 23865797 |
| Capital Markets - 2.9% |  |  |
| Ameriprise Financial Inc  | 18100 | 9660513 |
| LPL Financial Holdings Inc  | 17900 | 6711963 |
| Raymond James Financial Inc  | 56800 | 8711416 |
|  |  | 25083892 |
| Consumer Finance - 2.2% |  |  |
| OneMain Holdings Inc  | 178500 | 10174500 |
| SLM Corp  | 275681 | 9039580 |
|  |  | 19214080 |
| Financial Services - 5.7% |  |  |
| Apollo Global Management Inc  | 62500 | 8866875 |
| Global Payments Inc  | 116600 | 9332664 |
| Mr Cooper Group Inc (d) | 57400 | 8564654 |
| NCR Atleos Corp (d) | 278193 | 7936846 |
| PennyMac Financial Services Inc  | 59300 | 5908652 |
| WEX Inc (d) | 63500 | 9327515 |
|  |  | 49937206 |
| Insurance - 3.6% |  |  |
| Assurant Inc  | 43900 | 8669811 |
| First American Financial Corp  | 89366 | 5486179 |
| Reinsurance Group of America Inc  | 46005 | 9125552 |
| Travelers Companies Inc/The  | 32400 | 8668296 |
|  |  | 31949838 |
| TOTAL FINANCIALS |  | 150050813 |
| Health Care - 7.8% |  |  |
| Health Care Equipment & Supplies - 1.2% |  |  |
| Lantheus Holdings Inc (a)(d) | 106900 | 8750834 |
| QuidelOrtho Corp (d) | 76291 | 2198707 |
|  |  | 10949541 |
| Health Care Providers & Services - 5.0% |  |  |
| Acadia Healthcare Co Inc (d) | 452500 | 10267225 |
| AdaptHealth Corp (d) | 645351 | 6085660 |
| CVS Health Corp  | 194700 | 13430406 |
| Molina Healthcare Inc (d) | 46900 | 13971510 |
|  |  | 43754801 |
| Life Sciences Tools & Services - 1.6% |  |  |
| ICON PLC (d) | 40200 | 5847090 |
| IQVIA Holdings Inc (d) | 51600 | 8131644 |
|  |  | 13978734 |
| TOTAL HEALTH CARE |  | 68683076 |
| Industrials - 19.4% |  |  |
| Air Freight & Logistics - 1.8% |  |  |
| FedEx Corp  | 28600 | 6501066 |
| GXO Logistics Inc (d) | 189000 | 9204300 |
|  |  | 15705366 |
| Building Products - 0.9% |  |  |
| Builders FirstSource Inc (d) | 68700 | 8016603 |
| Commercial Services & Supplies - 2.4% |  |  |
| Brink's Co/The  | 74600 | 6661034 |
| Driven Brands Holdings Inc (a)(d) | 369900 | 6495444 |
| MillerKnoll Inc  | 229800 | 4462716 |
| Vestis Corp  | 603900 | 3460347 |
|  |  | 21079541 |
| Construction & Engineering - 2.0% |  |  |
| Centuri Holdings Inc (a)(d) | 233900 | 5248716 |
| Fluor Corp (d) | 108800 | 5578176 |
| WillScot Holdings Corp  | 235600 | 6455440 |
|  |  | 17282332 |
| Electrical Equipment - 1.1% |  |  |
| Regal Rexnord Corp  | 63700 | 9233952 |
| Ground Transportation - 2.4% |  |  |
| Ryder System Inc  | 43500 | 6916500 |
| U-Haul Holding Co Class N  | 141100 | 7671607 |
| XPO Inc (d) | 51500 | 6503935 |
|  |  | 21092042 |
| Machinery - 5.3% |  |  |
| Allison Transmission Holdings Inc  | 97400 | 9252026 |
| CNH Industrial NV Class A  | 676500 | 8767440 |
| Gates Industrial Corp PLC (d) | 400200 | 9216606 |
| Oshkosh Corp  | 78400 | 8901536 |
| Terex Corp  | 130500 | 6093045 |
| Timken Co/The  | 59000 | 4280450 |
|  |  | 46511103 |
| Professional Services - 1.6% |  |  |
| First Advantage Corp (a)(d) | 525900 | 8735199 |
| KBR Inc  | 101300 | 4856322 |
|  |  | 13591521 |
| Trading Companies & Distributors - 1.9% |  |  |
| Herc Holdings Inc (a) | 66900 | 8810061 |
| Wesco International Inc  | 42600 | 7889520 |
|  |  | 16699581 |
| TOTAL INDUSTRIALS |  | 169212041 |
| Information Technology - 6.3% |  |  |
| Electronic Equipment, Instruments & Components - 1.3% |  |  |
| Arrow Electronics Inc (d) | 76300 | 9722909 |
| Avnet Inc  | 34001 | 1804773 |
|  |  | 11527682 |
| IT Services - 0.2% |  |  |
| ASGN Inc (d) | 41059 | 2050076 |
| Semiconductors & Semiconductor Equipment - 2.4% |  |  |
| First Solar Inc (d) | 62100 | 10280034 |
| ON Semiconductor Corp (d) | 199000 | 10429590 |
|  |  | 20709624 |
| Software - 0.8% |  |  |
| NCR Voyix Corp (a)(d) | 591700 | 6940641 |
| Technology Hardware, Storage & Peripherals - 1.6% |  |  |
| Sandisk Corp/DE  | 96500 | 4376275 |
| Western Digital Corp  | 156500 | 10014435 |
|  |  | 14390710 |
| TOTAL INFORMATION TECHNOLOGY |  | 55618733 |
| Materials - 4.6% |  |  |
| Chemicals - 1.0% |  |  |
| Olin Corp  | 179701 | 3610193 |
| Westlake Corp  | 66400 | 5041752 |
|  |  | 8651945 |
| Containers & Packaging - 2.7% |  |  |
| International Paper Co  | 130000 | 6087900 |
| O-I Glass Inc (d) | 419400 | 6181956 |
| Smurfit WestRock PLC  | 273800 | 11814470 |
|  |  | 24084326 |
| Metals & Mining - 0.9% |  |  |
| Constellium SE (d) | 573300 | 7624890 |
| TOTAL MATERIALS |  | 40361161 |
| Real Estate - 6.6% |  |  |
| Health Care REITs - 2.2% |  |  |
| Ventas Inc  | 173800 | 10975470 |
| Welltower Inc  | 54600 | 8393658 |
|  |  | 19369128 |
| Industrial REITs - 2.5% |  |  |
| Americold Realty Trust Inc  | 197823 | 3289796 |
| Prologis Inc  | 82247 | 8645805 |
| Rexford Industrial Realty Inc  | 273400 | 9724838 |
|  |  | 21660439 |
| Real Estate Management & Development - 0.8% |  |  |
| Jones Lang LaSalle Inc (d) | 28200 | 7212996 |
| Residential REITs - 1.1% |  |  |
| Sun Communities Inc  | 76100 | 9625889 |
| TOTAL REAL ESTATE |  | 57868452 |
| Utilities - 5.5% |  |  |
| Electric Utilities - 3.3% |  |  |
| Constellation Energy Corp  | 27333 | 8821999 |
| Eversource Energy  | 137400 | 8741388 |
| PG&E Corp  | 812100 | 11320674 |
|  |  | 28884061 |
| Independent Power and Renewable Electricity Producers - 0.9% |  |  |
| AES Corp/The  | 801800 | 8434936 |
| Multi-Utilities - 1.3% |  |  |
| Sempra  | 149300 | 11312461 |
| TOTAL UTILITIES |  | 48631458 |
| TOTAL UNITED STATES |  | 783299758 |
| ZAMBIA - 1.0%  |  |  |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| First Quantum Minerals Ltd (d) | 477300 | 8478713 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $761,390,896) |  | <br> **847778176** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.8%** | &nbsp;&nbsp;**Money Market Funds - 8.8%** | &nbsp;&nbsp;**Money Market Funds - 8.8%** | &nbsp;&nbsp;**Money Market Funds - 8.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.32 | 14360443 | 14363315 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.32 | 62383220 | 62389458 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $76,752,773) |  |  | **76752773** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 105.5%**<br> (Cost $838,143,669)<br>| <br>**924530949** |
| **NET OTHER ASSETS (LIABILITIES) - (5.5)%**  | **(48169079)** |
| **NET ASSETS - 100.0%** | **876361870** |

---

**Legend**

(a) Security or a portion of the security is on loan at period end.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $4,497,366 or 0.5% of net assets.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,497,366 or 0.5% of net assets.

(d) Non-income producing

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(f) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 11250567 | 127436803 | 124324055 | 123355 | - | - | 14363315 | 14360443 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 12655829 | 180031265 | 130297636 | 128203 | - | - | 62389458 | 62383220 | 0.2% |
| Total | 23906396 | 307468068 | 254621691 | 251558 | - | - | 76752773 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 20372933 | 15875567 | 4497366 | - |
| Consumer Discretionary | 96269813 | 96269813 | - | - |
| Consumer Staples | 53986042 | 53986042 | - | - |
| Energy | 58208727 | 49473177 | 8735550 | - |
| Financials | 158735361 | 158735361 | - | - |
| Health Care | 68683076 | 68683076 | - | - |
| Industrials | 173933777 | 173933777 | - | - |
| Information Technology | 55618733 | 55618733 | - | - |
| Materials | 55469804 | 55469804 | - | - |
| Real Estate | 57868452 | 57868452 | - | - |
| Utilities | 48631458 | 48631458 | - | - |
|  **Money Market Funds** | 76752773 | 76752773 | - | - |
| **Total Investments in Securities:** | 924530949 | 911298033 | 13232916 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $61,028,481) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $761,390,896) | $847778176 |  |
| Fidelity Central Funds (cost $76,752,773) | 76752773 |  |
| Total Investment in Securities (cost $838,143,669) |  | $924530949 |
| Cash |  | 516844 |
| Receivable for investments sold |  | 24098046 |
| Receivable for fund shares sold |  | 234083 |
| Dividends receivable |  | 911023 |
| Distributions receivable from Fidelity Central Funds |  | 20863 |
| Other receivables |  | 27955 |
| **Total assets** |  | 950339763 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $9389318 |  |
| Payable for fund shares redeemed | 1654415 |  |
| Accrued management fee | 437374 |  |
| Distribution and service plan fees payable | 73753 |  |
| Other payables and accrued expenses | 33617 |  |
| Collateral on securities loaned | 62389416 |  |
| **Total liabilities** |  | 73977893 |
| **Net Assets**  |  | $876361870 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $781728397 |
| Total accumulated earnings (loss) |  | 94633473 |
| **Net Assets** |  | $876361870 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($105,694,261 ÷ 7,137,476 shares) |  | $14.81 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($31,355,253 ÷ 2,129,226 shares) |  | $14.73 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($349,715,236 ÷ 23,314,551 shares) |  | $15.00 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($389,597,120 ÷ 26,640,126 shares) |  | $14.62 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $7712633 |
| Income from Fidelity Central Funds (including $128,203 from security lending)  |  | 251558 |
| **Total income** |  | 7964191 |
| **Expenses** |  |  |
| Management fee | $2681502 |  |
| Distribution and service plan fees | 450547 |  |
| Custodian fees and expenses | 9588 |  |
| Independent trustees' fees and expenses | 1616 |  |
| Audit fees | 32613 |  |
| Legal | 2099 |  |
| Miscellaneous | 1761 |  |
| **Total expenses** |  | 3179726 |
| **Net Investment income (loss)** |  | 4784465 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 5974823 |  |
| Foreign currency transactions | 5233 |  |
| Total net realized gain (loss) |  | 5980056 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (39094382) |  |
| Assets and liabilities in foreign currencies | 3493 |  |
| Total change in net unrealized appreciation (depreciation) |  | (39090889) |
| **Net gain (loss)** |  | (33110833) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(28326368) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4784465 | $6430357 |
| &nbsp;&nbsp;Net realized gain (loss) | 5980056<br>| 110906006<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (39090889) | (52166849)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (28326368)<br>| 65169514<br>|
| Distributions to shareholders | (17258352)<br>| (110011992)<br>|
| Share transactions - net increase (decrease) | (16435711)<br>| 282103850<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (62020431)<br>| 237261372<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 938382301 | 701120929<br>|
| &nbsp;&nbsp;End of period | $876361870 | $938382301 |

---

**Financial Highlights** 

**VIP Value Strategies Portfolio Initial Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.51 | $16.55 | $14.38 | $16.40 | $13.55 | $13.31 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .09  | .18  | .17  | .16  | .24 C | .14  |
| Net realized and unrealized gain (loss)  | (.50)  | 1.46  | 2.80  | (1.29)  | 4.26  | .88  |
| Total from investment operations  | (.41)  | 1.64  | 2.97  | (1.13)  | 4.50  | 1.02  |
| Distributions from net investment income  | -  | (.18)  | (.19)  | (.16) D | (.26)  | (.15)  |
| Distributions from net realized gain  | (.29)  | (2.50)  | (.61)  | (.73) D | (1.39)  | (.63)  |
| Total distributions  | (.29)  | (2.68)  | (.80)  | (.89)  | (1.65)  | (.78)  |
| Net asset value, end of period  | $14.81 | $15.51 | $16.55 | $14.38 | $16.40 | $13.55 |
| **Total Return** E,F,G | (2.73)% <br>| 9.40%  | 20.85%  | (7.03)%  | 33.60%  | 8.26%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .59% J | .60%  | .64%  | .64%  | .64%  | .66%  |
| Expenses net of fee waivers, if any  | .59% J<br>| .60%  | .63%  | .63%  | .63%  | .66%  |
| Expenses net of all reductions, if any  | .59% J | .60%  | .63%  | .63%  | .63%  | .65%  |
| Net investment income (loss)  | 1.23% J | 1.03%  | 1.12%  | 1.02%  | 1.47% C | 1.32%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $105694 | $109983 | $101102 | $92162 | $125050 | $95708 |
| Portfolio turnover rate K | 86% J<br>| 66%  | 57%  | 59%  | 62%  | 85%  |

---

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 $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.09%.*

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

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.*

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*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Value Strategies Portfolio Service Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.43 | $16.48 | $14.32 | $16.35 | $13.51 | $13.27 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .16  | .16  | .14  | .22 C | .13  |
| Net realized and unrealized gain (loss)  | (.49)  | 1.46  | 2.79  | (1.29)  | 4.25  | .88  |
| Total from investment operations  | (.41)  | 1.62  | 2.95  | (1.15)  | 4.47  | 1.01  |
| Distributions from net investment income  | -  | (.17)  | (.17)  | (.15) D | (.24)  | (.14)  |
| Distributions from net realized gain  | (.29)  | (2.50)  | (.61)  | (.73) D | (1.39)  | (.63)  |
| Total distributions  | (.29)  | (2.67)  | (.79) E | (.88)  | (1.63)  | (.77)  |
| Net asset value, end of period  | $14.73 | $15.43 | $16.48 | $14.32 | $16.35 | $13.51 |
| **Total Return** F,G,H | (2.75)% <br>| 9.27%  | 20.77%  | (7.19)%  | 33.48%  | 8.18%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .69% K | .70%  | .74%  | .74%  | .73%  | .76%  |
| Expenses net of fee waivers, if any  | .69% K<br>| .70%  | .73%  | .73%  | .73%  | .76%  |
| Expenses net of all reductions, if any  | .69% K | .70%  | .73%  | .73%  | .73%  | .75%  |
| Net investment income (loss)  | 1.13% K | .93%  | 1.02%  | .92%  | 1.37% C | 1.22%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $31355 | $32922 | $31303 | $24199 | $27216 | $19115 |
| Portfolio turnover rate L | 86% K<br>| 66%  | 57%  | 59%  | 62%  | 85%  |

---

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 $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .99%.*

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 for periods of less than one year are not annualized.*

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

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

I*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.*

J*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.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Value Strategies Portfolio Service Class 2**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.73 | $16.75 | $14.54 | $16.59 | $13.68 | $13.43 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .07  | .13  | .13  | .12  | .20 C | .12  |
| Net realized and unrealized gain (loss)  | (.51)  | 1.49  | 2.84  | (1.31)  | 4.31  | .88  |
| Total from investment operations  | (.44)  | 1.62  | 2.97  | (1.19)  | 4.51  | 1.00  |
| Distributions from net investment income  | -  | (.14)  | (.15)  | (.13) D | (.21)  | (.12)  |
| Distributions from net realized gain  | (.29)  | (2.50)  | (.61)  | (.73) D | (1.39)  | (.63)  |
| Total distributions  | (.29)  | (2.64)  | (.76)  | (.86)  | (1.60)  | (.75)  |
| Net asset value, end of period  | $15.00 | $15.73 | $16.75 | $14.54 | $16.59 | $13.68 |
| **Total Return** E,F,G | (2.89)% <br>| 9.16%  | 20.61%  | (7.35)%  | 33.34%  | 8.02%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .84% J | .85%  | .89%  | .89%  | .88%  | .91%  |
| Expenses net of fee waivers, if any  | .84% J<br>| .85%  | .88%  | .88%  | .88%  | .91%  |
| Expenses net of all reductions, if any  | .84% J | .85%  | .88%  | .88%  | .88%  | .90%  |
| Net investment income (loss)  | .98% J | .78%  | .87%  | .77%  | 1.22% C | 1.07%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $349715 | $372033 | $340221 | $309683 | $315104 | $228031 |
| Portfolio turnover rate K | 86% J<br>| 66%  | 57%  | 59%  | 62%  | 85%  |

---

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 $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .84%.*

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

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.*

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*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Value Strategies Portfolio Investor Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.33 | $16.38 | $14.24 | $16.25 | $13.44 | $13.20 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .16  | .16  | .14  | .23 C | .14  |
| Net realized and unrealized gain (loss)  | (.50)  | 1.46  | 2.77  | (1.27)  | 4.22  | .87  |
| Total from investment operations  | (.42)  | 1.62  | 2.93  | (1.13)  | 4.45  | 1.01  |
| Distributions from net investment income  | -  | (.17)  | (.17)  | (.15) D | (.24)  | (.14)  |
| Distributions from net realized gain  | (.29)  | (2.50)  | (.61)  | (.73) D | (1.39)  | (.63)  |
| Total distributions  | (.29)  | (2.67)  | (.79) E | (.88)  | (1.64) E | (.77)  |
| Net asset value, end of period  | $14.62 | $15.33 | $16.38 | $14.24 | $16.25 | $13.44 |
| **Total Return** F,G,H | (2.83)% <br>| 9.37%  | 20.75%  | (7.11)%  | 33.48%  | 8.26%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .66% K | .67%  | .71%  | .71%  | .71%  | .74%  |
| Expenses net of fee waivers, if any  | .66% K<br>| .66%  | .71%  | .71%  | .71%  | .74%  |
| Expenses net of all reductions, if any  | .66% K | .66%  | .71%  | .71%  | .71%  | .73%  |
| Net investment income (loss)  | 1.16% K | .96%  | 1.05%  | .95%  | 1.39% C | 1.24%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $389597 | $423444 | $228494 | $221074 | $282755 | $149707 |
| Portfolio turnover rate L | 86% K<br>| 66%  | 57%  | 59%  | 62%  | 85%  |

---

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 $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.02%.*

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 for periods of less than one year are not annualized.*

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

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

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*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.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended June 30, 2025

**1. Organization.**

VIP Value Strategies Portfolio (the Fund) is a fund of Variable Insurance Products Fund III (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $150125011 |
| **Gross unrealized depreciation** | <u>(66437560)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$83687451</u> |
| **Tax cost** | <u>$840843498</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Value Strategies Portfolio** | 373998668 | 395699615 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .65 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .65 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

---

| | |
|:---|:---|
| **Service Class** | $15518 |
| **Service Class 2** | <u>435029</u> |
|  | <u>$450547</u> |

---

During the period, the investment adviser or its affiliates waived a portion of these fees. (Include only for VIP Government Money Market Fund if it had Distribution and Service Plan fees waived).

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Value Strategies Portfolio** | 8466 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Value Strategies Portfolio** | 39819402 | 32204895 | 4356920 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Value Strategies Portfolio** | 667 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Value Strategies Portfolio** | 13827 | 641 | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Value Strategies Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $1982178 | $16131999 |
| Service Class | 609510 | 4972869 |
| Service Class 2 | 6759489 | 54511797 |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>7907175</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>34395327</u> |
| Total  | <u>$17258352</u> | <u>$110011992</u> |

---

**9. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Value Strategies Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 807513 | 1635429 | $11477279 | $27661415 |
| Reinvestment of distributions | 129132 | 993454 | 1982178 | 16131999 |
| Shares redeemed | <u>(889781)</u> | <u>(1648291)</u> | <u>(12941798)</u> | <u>(28884213)</u> |
| Net increase (decrease) | <u>46864</u> | <u>980592</u> | <u>$517659</u> | <u>$14909201</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 140190 | 296815 | $2001220 | $5051659 |
| Reinvestment of distributions | 39916 | 307743 | 609510 | 4972869 |
| Shares redeemed | <u>(183917)</u> | <u>(371327)</u> | <u>(2617510)</u> | <u>(6432574)</u> |
| Net increase (decrease) | <u>(3811)</u> | <u>233231</u> | <u>$(6780)</u> | <u>$3591954</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 1222160 | 3355920 | $17986367 | $57869506 |
| Reinvestment of distributions | 434414 | 3310610 | 6759489 | 54511796 |
| Shares redeemed | <u>(1997081)</u> | <u>(3325471)</u> | <u>(29045158)</u> | <u>(57689743)</u> |
| Net increase (decrease) | <u>(340507)</u> | <u>3341059</u> | <u>$(4299302)</u> | <u>$54691559</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 1443175 | 14479492 | $20978193 | $223564703 |
| Reinvestment of distributions | 521581 | 2143011 | 7907175 | 34395326 |
| Shares redeemed | <u>(2949025)</u> | <u>(2947710)</u> | <u>(41532656)</u> | <u>(49048893)</u> |
| Net increase (decrease) | <u>(984269)</u> | <u>13674793</u> | <u>$(12647288)</u> | <u>$208911136</u> |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders each were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number ofUnaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| **VIP Value Strategies Portfolio** | 24% | 2 | 37% |

---

In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | |
|:---|:---|
|  | **VIP FundsManager 60% Portfolio** |
| **VIP Value Strategies Portfolio** | 11% |

---

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| **VIP Value Strategies Portfolio** | 32% |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Value Strategies Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the fund that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Initial Class, the Board considered the effective management fee rate for Initial Class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of Initial Class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Initial Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Initial Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Initial Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img110947_4.jpg)<br>

1.774744.123 VIPVS-SANN-0825

**Fidelity® Variable Insurance Products:**

**VIP Mid Cap Portfolio**

**Semi-Annual Report**

**June 30, 2025**

![](img110955_1.jpg)

![](img110955_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_VIPMID-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Mid Cap Portfolio](#Sub_Sec_Fund_772_VIPMID-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements772_VIPMID-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPMID-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPMID-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPMID-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPMID-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**VIP Mid Cap Portfolio**

**Schedule of Investments June 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| UCB SA  | 209900 | 41278672 |
| BRAZIL - 0.7%  |  |  |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Wheaton Precious Metals Corp  | 601200 | 54064955 |
| CANADA - 3.0%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Specialty Retail - 0.4% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 551000 | 28546393 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| MEG Energy Corp  | 980700 | 18530135 |
| Financials - 0.8% |  |  |
| Capital Markets - 0.8% |  |  |
| TMX Group Ltd  | 1390500 | 58938616 |
| Industrials - 1.3% |  |  |
| Commercial Services & Supplies - 1.3% |  |  |
| RB Global Inc (United States) (b) | 925800 | 98310702 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Teck Resources Ltd Class B (United States) (b) | 384300 | 15518033 |
| TOTAL CANADA |  | 219843879 |
| FRANCE - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Life Sciences Tools & Services - 0.4% |  |  |
| Sartorius Stedim Biotech  | 120000 | 28666591 |
| GERMANY - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| BioNTech SE ADR (a) | 94000 | 10008180 |
| ISRAEL - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| Wix.com Ltd (a) | 194400 | 30804624 |
| JAPAN - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Allegro MicroSystems Inc (a) | 738312 | 25242887 |
| NETHERLANDS - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Argenx SE ADR (a) | 22100 | 12181962 |
| TAIWAN - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| Silicon Motion Technology Corp ADR  | 397100 | 29850007 |
| UNITED KINGDOM - 0.5%  |  |  |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| TechnipFMC PLC  | 990200 | 34102488 |
| UNITED STATES - 92.8%  |  |  |
| Communication Services - 2.0% |  |  |
| Entertainment - 1.8% |  |  |
| Liberty Media Corp-Liberty Formula One Class C (a) | 400700 | 41873150 |
| Live Nation Entertainment Inc (a)(b) | 470394 | 71161204 |
| TKO Group Holdings Inc Class A  | 99200 | 18049440 |
|  |  | 131083794 |
| Media - 0.2% |  |  |
| Magnite Inc (a) | 736639 | 17767733 |
| TOTAL COMMUNICATION SERVICES |  | 148851527 |
| Consumer Discretionary - 10.6% |  |  |
| Diversified Consumer Services - 3.0% |  |  |
| Adtalem Global Education Inc (a) | 182600 | 23232198 |
| Duolingo Inc Class A (a) | 88700 | 36368774 |
| Grand Canyon Education Inc (a) | 382300 | 72254700 |
| Service Corp International/US (b) | 1107300 | 90134220 |
|  |  | 221989892 |
| Hotels, Restaurants & Leisure - 4.2% |  |  |
| Aramark  | 1666358 | 69770410 |
| Brinker International Inc (a) | 100900 | 18195297 |
| Churchill Downs Inc  | 429504 | 43379904 |
| Dutch Bros Inc Class A (a) | 625400 | 42758598 |
| Hilton Grand Vacations Inc (a)(b) | 1284100 | 53328673 |
| Light & Wonder Inc Class A (a) | 179400 | 17269044 |
| Texas Roadhouse Inc  | 317100 | 59427711 |
|  |  | 304129637 |
| Household Durables - 1.8% |  |  |
| Cavco Industries Inc (a) | 84300 | 36622449 |
| NVR Inc (a) | 2358 | 17415386 |
| Somnigroup International Inc (b) | 1130800 | 76950940 |
|  |  | 130988775 |
| Leisure Products - 0.1% |  |  |
| YETI Holdings Inc (a) | 281900 | 8885488 |
| Specialty Retail - 1.5% |  |  |
| Chewy Inc Class A (a) | 1002000 | 42705240 |
| Dick's Sporting Goods Inc  | 249236 | 49301373 |
| Williams-Sonoma Inc  | 112446 | 18370303 |
|  |  | 110376916 |
| TOTAL CONSUMER DISCRETIONARY |  | 776370708 |
| Consumer Staples - 5.3% |  |  |
| Consumer Staples Distribution & Retail - 4.7% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 885399 | 95472574 |
| Performance Food Group Co (a) | 1095600 | 95832132 |
| Sprouts Farmers Market Inc (a) | 281600 | 46362624 |
| US Foods Holding Corp (a) | 1382440 | 106461705 |
|  |  | 344129035 |
| Food Products - 0.6% |  |  |
| Simply Good Foods Co/The (a) | 969100 | 30613869 |
| Westrock Coffee Co (a)(b) | 2103642 | 12053868 |
|  |  | 42667737 |
| TOTAL CONSUMER STAPLES |  | 386796772 |
| Energy - 3.1% |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| Baker Hughes Co Class A  | 651048 | 24961180 |
| Kodiak Gas Services Inc  | 416900 | 14287163 |
| Valaris Ltd (a)(b) | 224861 | 9468897 |
| Weatherford International PLC  | 164900 | 8296119 |
|  |  | 57013359 |
| Oil, Gas & Consumable Fuels - 2.3% |  |  |
| Antero Resources Corp (a) | 1943425 | 78281159 |
| Chord Energy Corp  | 100500 | 9733425 |
| Ovintiv Inc  | 1070000 | 40713500 |
| Permian Resources Corp Class A (b) | 2994400 | 40783728 |
|  |  | 169511812 |
| TOTAL ENERGY |  | 226525171 |
| Financials - 18.3% |  |  |
| Banks - 8.4% |  |  |
| Bancorp Inc/The (a) | 1059622 | 60366665 |
| BOK Financial Corp  | 344300 | 33614009 |
| Cadence Bank  | 1118065 | 35755719 |
| Coastal Financial Corp/WA Class A (a)(b) | 109200 | 10578204 |
| East West Bancorp Inc  | 1034817 | 104495821 |
| First Citizens BancShares Inc/NC Class A (b) | 26000 | 50868220 |
| Huntington Bancshares Inc/OH  | 1834900 | 30752924 |
| KeyCorp  | 3398200 | 59196644 |
| Old National Bancorp/IN  | 3335900 | 71188106 |
| Pinnacle Financial Partners Inc  | 186300 | 20569383 |
| Western Alliance Bancorp  | 498600 | 38880828 |
| Wintrust Financial Corp  | 765341 | 94886977 |
|  |  | 611153500 |
| Capital Markets - 3.1% |  |  |
| Blue Owl Capital Inc Class A  | 2262300 | 43458783 |
| Houlihan Lokey Inc Class A  | 185900 | 33452705 |
| Northern Trust Corp  | 433755 | 54995796 |
| Raymond James Financial Inc  | 332097 | 50933717 |
| Stifel Financial Corp  | 449800 | 46680244 |
|  |  | 229521245 |
| Financial Services - 2.9% |  |  |
| Equitable Holdings Inc  | 1916500 | 107515650 |
| Essent Group Ltd  | 562304 | 34148722 |
| PennyMac Financial Services Inc  | 340300 | 33907492 |
| Toast Inc Class A (a) | 905300 | 40095737 |
|  |  | 215667601 |
| Insurance - 3.9% |  |  |
| First American Financial Corp  | 708700 | 43507093 |
| Globe Life Inc  | 256400 | 31867956 |
| Hartford Insurance Group Inc/The  | 166222 | 21088585 |
| Primerica Inc  | 329347 | 90132393 |
| Reinsurance Group of America Inc  | 509578 | 101079893 |
|  |  | 287675920 |
| TOTAL FINANCIALS |  | 1344018266 |
| Health Care - 10.9% |  |  |
| Biotechnology - 1.9% |  |  |
| Arcellx Inc (a) | 188800 | 12432480 |
| Avidity Biosciences Inc (a) | 329500 | 9357800 |
| Centessa Pharmaceuticals PLC ADR (a) | 702200 | 9226908 |
| Crinetics Pharmaceuticals Inc (a) | 389200 | 11193392 |
| Disc Medicine Inc (a) | 167800 | 8886688 |
| Exact Sciences Corp (a) | 761200 | 40450168 |
| Krystal Biotech Inc (a) | 50884 | 6994515 |
| Legend Biotech Corp ADR (a) | 393500 | 13965315 |
| Revolution Medicines Inc (a) | 253400 | 9322586 |
| TG Therapeutics Inc (a)(b) | 346300 | 12463337 |
| Ultragenyx Pharmaceutical Inc (a) | 190700 | 6933852 |
|  |  | 141227041 |
| Health Care Equipment & Supplies - 3.9% |  |  |
| Glaukos Corp (a) | 158100 | 16330149 |
| Insulet Corp (a) | 102400 | 32172032 |
| Integer Holdings Corp (a)(b) | 262000 | 32218140 |
| Lantheus Holdings Inc (a) | 224000 | 18336640 |
| Masimo Corp (a) | 398000 | 66951560 |
| Penumbra Inc (a) | 188300 | 48323429 |
| TransMedics Group Inc (a)(b) | 512000 | 68613120 |
|  |  | 282945070 |
| Health Care Providers & Services - 2.7% |  |  |
| BrightSpring Health Services Inc (a) | 2256700 | 53235553 |
| Encompass Health Corp  | 586900 | 71971547 |
| Tenet Healthcare Corp (a) | 414062 | 72874912 |
|  |  | 198082012 |
| Health Care Technology - 1.3% |  |  |
| Doximity Inc Class A (a) | 966900 | 59309646 |
| Veeva Systems Inc Class A (a) | 133500 | 38445330 |
|  |  | 97754976 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Repligen Corp (a) | 94000 | 11691720 |
| Pharmaceuticals - 0.9% |  |  |
| Corcept Therapeutics Inc (a) | 98500 | 7229900 |
| Elanco Animal Health Inc (a) | 4357800 | 62229384 |
|  |  | 69459284 |
| TOTAL HEALTH CARE |  | 801160103 |
| Industrials - 20.0% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| Axon Enterprise Inc (a) | 50554 | 41855679 |
| Woodward Inc  | 225000 | 55145250 |
|  |  | 97000929 |
| Building Products - 2.3% |  |  |
| AZEK Co Inc/The Class A (a) | 1089900 | 59236065 |
| Carlisle Cos Inc (b) | 187800 | 70124520 |
| Simpson Manufacturing Co Inc  | 235300 | 36544443 |
|  |  | 165905028 |
| Commercial Services & Supplies - 0.8% |  |  |
| ACV Auctions Inc Class A (a) | 1999457 | 32431193 |
| CECO Environmental Corp (a)(b) | 1036200 | 29334822 |
|  |  | 61766015 |
| Construction & Engineering - 3.1% |  |  |
| AECOM  | 163400 | 18441324 |
| Comfort Systems USA Inc  | 181400 | 97268494 |
| EMCOR Group Inc  | 176300 | 94301107 |
| Quanta Services Inc  | 55269 | 20896104 |
|  |  | 230907029 |
| Electrical Equipment - 3.1% |  |  |
| Acuity Inc  | 175323 | 52305864 |
| AMETEK Inc  | 209726 | 37952017 |
| nVent Electric PLC  | 688900 | 50461925 |
| Regal Rexnord Corp  | 384500 | 55737120 |
| Vertiv Holdings Co Class A  | 252100 | 32372161 |
|  |  | 228829087 |
| Ground Transportation - 0.4% |  |  |
| XPO Inc (a)(b) | 208900 | 26381980 |
| Machinery - 5.5% |  |  |
| Allison Transmission Holdings Inc  | 342800 | 32562572 |
| Chart Industries Inc (a) | 442500 | 72857625 |
| CNH Industrial NV Class A  | 1359000 | 17612640 |
| Crane Co  | 333036 | 63240206 |
| Ingersoll Rand Inc  | 533400 | 44368212 |
| ITT Inc  | 677209 | 106206688 |
| Westinghouse Air Brake Technologies Corp  | 301400 | 63098090 |
|  |  | 399946033 |
| Passenger Airlines - 0.7% |  |  |
| Alaska Air Group Inc (a) | 1016300 | 50286523 |
| Professional Services - 2.1% |  |  |
| Cbiz Inc (a) | 248200 | 17798422 |
| FTI Consulting Inc (a) | 272200 | 43960300 |
| KBR Inc  | 1038200 | 49771308 |
| TransUnion  | 467400 | 41131200 |
|  |  | 152661230 |
| Trading Companies & Distributors - 0.7% |  |  |
| Watsco Inc  | 124500 | 54981690 |
| TOTAL INDUSTRIALS |  | 1468665544 |
| Information Technology - 8.7% |  |  |
| Communications Equipment - 1.7% |  |  |
| Digi International Inc (a)(b) | 1588901 | 55389089 |
| Lumentum Holdings Inc (a)(b) | 696600 | 66218796 |
|  |  | 121607885 |
| Electronic Equipment, Instruments & Components - 3.2% |  |  |
| Belden Inc  | 464000 | 53731200 |
| Coherent Corp (a) | 846300 | 75498423 |
| Flex Ltd (a) | 1374200 | 68600064 |
| OSI Systems Inc (a) | 168193 | 37819878 |
|  |  | 235649565 |
| IT Services - 1.2% |  |  |
| Kyndryl Holdings Inc (a) | 1619900 | 67971004 |
| Okta Inc Class A (a) | 203900 | 20383883 |
|  |  | 88354887 |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| First Solar Inc (a) | 141900 | 23490126 |
| GlobalFoundries Inc (a) | 538700 | 20578340 |
| MACOM Technology Solutions Holdings Inc (a) | 156900 | 22482201 |
|  |  | 66550667 |
| Software - 0.3% |  |  |
| Appfolio Inc Class A (a) | 99100 | 22820747 |
| Technology Hardware, Storage & Peripherals - 1.4% |  |  |
| Sandisk Corp/DE  | 714256 | 32391510 |
| Western Digital Corp  | 1138500 | 72852615 |
|  |  | 105244125 |
| TOTAL INFORMATION TECHNOLOGY |  | 640227876 |
| Materials - 4.4% |  |  |
| Chemicals - 1.2% |  |  |
| Axalta Coating Systems Ltd (a) | 1888300 | 56063627 |
| Element Solutions Inc  | 1422905 | 32228798 |
|  |  | 88292425 |
| Construction Materials - 0.6% |  |  |
| Martin Marietta Materials Inc  | 76137 | 41796168 |
| Containers & Packaging - 2.6% |  |  |
| AptarGroup Inc  | 578000 | 90416540 |
| Crown Holdings Inc  | 327800 | 33756844 |
| International Paper Co  | 1027000 | 48094410 |
| Smurfit WestRock PLC  | 418400 | 18053960 |
|  |  | 190321754 |
| TOTAL MATERIALS |  | 320410347 |
| Real Estate - 6.0% |  |  |
| Health Care REITs - 1.2% |  |  |
| Omega Healthcare Investors Inc  | 391300 | 14341145 |
| Ventas Inc  | 1189037 | 75087687 |
|  |  | 89428832 |
| Industrial REITs - 0.6% |  |  |
| EastGroup Properties Inc  | 133800 | 22360656 |
| Terreno Realty Corp  | 341100 | 19125477 |
|  |  | 41486133 |
| Office REITs - 0.5% |  |  |
| Vornado Realty Trust  | 1050500 | 40171120 |
| Real Estate Management & Development - 0.4% |  |  |
| Jones Lang LaSalle Inc (a) | 125400 | 32074811 |
| Residential REITs - 1.1% |  |  |
| Essex Property Trust Inc  | 91500 | 25931100 |
| Invitation Homes Inc  | 1016872 | 33353402 |
| Sun Communities Inc  | 154100 | 19492109 |
|  |  | 78776611 |
| Retail REITs - 1.6% |  |  |
| Acadia Realty Trust  | 2419100 | 44922687 |
| Macerich Co/The  | 2190600 | 35443908 |
| NNN REIT Inc  | 824000 | 35580320 |
|  |  | 115946915 |
| Specialized REITs - 0.6% |  |  |
| Four Corners Property Trust Inc  | 1060200 | 28529982 |
| VICI Properties Inc  | 525800 | 17141080 |
|  |  | 45671062 |
| TOTAL REAL ESTATE |  | 443555484 |
| Utilities - 3.5% |  |  |
| Electric Utilities - 0.3% |  |  |
| Evergy Inc  | 372400 | 25669532 |
| Gas Utilities - 0.4% |  |  |
| Southwest Gas Holdings Inc  | 417900 | 31087581 |
| Independent Power and Renewable Electricity Producers - 1.3% |  |  |
| AES Corp/The  | 2806638 | 29525832 |
| Vistra Corp  | 333200 | 64577492 |
|  |  | 94103324 |
| Multi-Utilities - 1.2% |  |  |
| CenterPoint Energy Inc  | 1121100 | 41189214 |
| Northwestern Energy Group Inc  | 913100 | 46842030 |
|  |  | 88031244 |
| Water Utilities - 0.3% |  |  |
| Essential Utilities Inc  | 580600 | 21563484 |
| TOTAL UTILITIES |  | 260455165 |
| TOTAL UNITED STATES |  | 6817036963 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,573,515,816) |  | <br> **7303081208** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.32 | 45592267 | 45601385 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.32 | 212777345 | 212798623 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $258,400,008) |  |  | **258400008** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.9%**<br> (Cost $5,831,915,824)<br>| <br>**7561481216** |
| **NET OTHER ASSETS (LIABILITIES) - (2.9)%**  | **(209823371)** |
| **NET ASSETS - 100.0%** | **7351657845** |

---

**Legend**

(a) Non-income producing

(b) Security or a portion of the security is on loan at period end.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(d) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 22911592 | 884319135 | 861629342 | 1599063 | - | - | 45601385 | 45592267 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 199086643 | 1128416302 | 1114704322 | 101276 | - | - | 212798623 | 212777345 | 0.7% |
| Total | 221998235 | 2012735437 | 1976333664 | 1700339 | - | - | 258400008 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 148851527 | 148851527 | - | - |
| Consumer Discretionary | 804917101 | 804917101 | - | - |
| Consumer Staples | 386796772 | 386796772 | - | - |
| Energy | 279157794 | 279157794 | - | - |
| Financials | 1402956882 | 1402956882 | - | - |
| Health Care | 893295508 | 893295508 | - | - |
| Industrials | 1566976246 | 1566976246 | - | - |
| Information Technology | 726125394 | 726125394 | - | - |
| Materials | 389993335 | 389993335 | - | - |
| Real Estate | 443555484 | 443555484 | - | - |
| Utilities | 260455165 | 260455165 | - | - |
|  **Money Market Funds** | 258400008 | 258400008 | - | - |
| **Total Investments in Securities:** | 7561481216 | 7561481216 | - | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $220,805,212) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,573,515,816) | $7303081208 |  |
| Fidelity Central Funds (cost $258,400,008) | 258400008 |  |
| Total Investment in Securities (cost $5,831,915,824) |  | $7561481216 |
| Cash |  | 101 |
| Foreign currency held at value (cost $45,127) |  | 45280 |
| Receivable for fund shares sold |  | 11820584 |
| Dividends receivable |  | 4876077 |
| Distributions receivable from Fidelity Central Funds |  | 179390 |
| Other receivables |  | 182260 |
| **Total assets** |  | 7578584908 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $5405352 |  |
| Payable for fund shares redeemed | 4410339 |  |
| Accrued management fee | 3360128 |  |
| Distribution and service plan fees payable | 933391 |  |
| Other payables and accrued expenses | 34799 |  |
| Collateral on securities loaned | 212783054 |  |
| **Total liabilities** |  | 226927063 |
| **Net Assets**  |  | $7351657845 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5388101924 |
| Total accumulated earnings (loss) |  | 1963555921 |
| **Net Assets** |  | $7351657845 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,587,954,954 ÷ 43,672,329 shares) |  | $36.36 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($736,275,421 ÷ 20,625,962 shares) |  | $35.70 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,298,135,486 ÷ 125,623,143 shares) |  | $34.21 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($729,291,984 ÷ 20,297,250 shares) |  | $35.93 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $40334681 |
| Income from Fidelity Central Funds (including $101,276 from security lending)  |  | 1700339 |
| **Total income** |  | 42035020 |
| **Expenses** |  |  |
| Management fee | $20084543 |  |
| Distribution and service plan fees | 5572629 |  |
| Custodian fees and expenses | 51331 |  |
| Independent trustees' fees and expenses | 13869 |  |
| Audit fees | 32936 |  |
| Legal | 6663 |  |
| Interest | 34277 |  |
| Miscellaneous | 16936 |  |
| **Total expenses** |  | 25813184 |
| **Net Investment income (loss)** |  | 16221836 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 224288961 |  |
| Foreign currency transactions | (28284) |  |
| Total net realized gain (loss) |  | 224260677 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (159551796) |  |
| Assets and liabilities in foreign currencies | 59517 |  |
| Total change in net unrealized appreciation (depreciation) |  | (159492279) |
| **Net gain (loss)** |  | 64768398 |
| **Net increase (decrease) in net assets resulting from operations** |  | $80990234 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $16221836 | $28907332 |
| &nbsp;&nbsp;Net realized gain (loss) | 224260677<br>| 1195315543<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (159492279) | (60007733)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 80990234<br>| 1164215142<br>|
| Distributions to shareholders | (355683909)<br>| (999090709)<br>|
| Share transactions - net increase (decrease) | 136402784<br>| 369622565<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (138290891)<br>| 534746998<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 7489948736 | 6955201738<br>|
| &nbsp;&nbsp;End of period | $7351657845 | $7489948736 |

---

**Financial Highlights** 

**VIP Mid Cap Portfolio Initial Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.56 | $36.44 | $32.72 | $41.17 | $38.72 | $32.95 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .11  | .22  | .21  | .21  | .23  | .15  |
| Net realized and unrealized gain (loss)  | .42  | 6.33  | 4.69  | (6.16)  | 9.57  | 5.83  |
| Total from investment operations  | .53  | 6.55  | 4.90  | (5.95)  | 9.80  | 5.98  |
| Distributions from net investment income  | -  | (.22)  | (.21)  | (.17) C | (.28)  | (.21)  |
| Distributions from net realized gain  | (1.73)  | (5.21)  | (.97)  | (2.33) C | (7.07)  | -  |
| Total distributions  | (1.73)  | (5.43)  | (1.18)  | (2.50)  | (7.35)  | (.21)  |
| Net asset value, end of period  | $36.36 | $37.56 | $36.44 | $32.72 | $41.17 | $38.72 |
| **Total Return** D,E,F | 1.27% <br>| 17.49%  | 15.08%  | (14.74)%  | 25.60%  | 18.19%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .56% I | .57%  | .61%  | .61%  | .61%  | .62%  |
| Expenses net of fee waivers, if any  | .56% I<br>| .57%  | .60%  | .60%  | .60%  | .62%  |
| Expenses net of all reductions, if any  | .56% I | .57%  | .60%  | .60%  | .60%  | .62%  |
| Net investment income (loss)  | .62% I | .55%  | .60%  | .60%  | .52%  | .48%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1587955 | $1633099 | $1544004 | $1455364 | $1810651 | $1579450 |
| Portfolio turnover rate J | 69% I<br>| 52%  | 41%  | 31%  | 37% K | 44%  |

---

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

D*Total returns for periods of less than one year are not annualized.*

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*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP Mid Cap Portfolio Service Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $36.92 | $35.91 | $32.25 | $40.63 | $38.28 | $32.59 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .09  | .18  | .17  | .17  | .18  | .12  |
| Net realized and unrealized gain (loss)  | .42  | 6.23  | 4.64  | (6.09)  | 9.47  | 5.74  |
| Total from investment operations  | .51  | 6.41  | 4.81  | (5.92)  | 9.65  | 5.86  |
| Distributions from net investment income  | -  | (.19)  | (.18)  | (.13) C | (.23)  | (.17)  |
| Distributions from net realized gain  | (1.73)  | (5.21)  | (.97)  | (2.33) C | (7.07)  | -  |
| Total distributions  | (1.73)  | (5.40)  | (1.15)  | (2.46)  | (7.30)  | (.17)  |
| Net asset value, end of period  | $35.70 | $36.92 | $35.91 | $32.25 | $40.63 | $38.28 |
| **Total Return** D,E,F | 1.24% <br>| 17.35%  | 15.00%  | (14.85)%  | 25.51%  | 18.04%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .66% I | .68%  | .71%  | .71%  | .71%  | .72%  |
| Expenses net of fee waivers, if any  | .66% I<br>| .67%  | .70%  | .70%  | .70%  | .72%  |
| Expenses net of all reductions, if any  | .66% I | .67%  | .70%  | .70%  | .70%  | .72%  |
| Net investment income (loss)  | .52% I | .45%  | .50%  | .50%  | .42%  | .38%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $736275 | $724659 | $658165 | $586964 | $726039 | $642654 |
| Portfolio turnover rate J | 69% I<br>| 52%  | 41%  | 31%  | 37% K | 44%  |

---

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

D*Total returns for periods of less than one year are not annualized.*

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*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP Mid Cap Portfolio Service Class 2**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $35.48 | $34.69 | $31.20 | $39.39 | $37.29 | $31.75 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .06  | .12  | .11  | .12  | .11  | .07  |
| Net realized and unrealized gain (loss)  | .40  | 6.01  | 4.48  | (5.90)  | 9.22  | 5.59  |
| Total from investment operations  | .46  | 6.13  | 4.59  | (5.78)  | 9.33  | 5.66  |
| Distributions from net investment income  | -  | (.14)  | (.13)  | (.08) C | (.16)  | (.12)  |
| Distributions from net realized gain  | (1.73)  | (5.21)  | (.97)  | (2.33) C | (7.07)  | -  |
| Total distributions  | (1.73)  | (5.34) D | (1.10)  | (2.41)  | (7.23)  | (.12)  |
| Net asset value, end of period  | $34.21 | $35.48 | $34.69 | $31.20 | $39.39 | $37.29 |
| **Total Return** E,F,G | 1.14% <br>| 17.18%  | 14.80%  | (14.97)%  | 25.31%  | 17.87%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .81% J | .82%  | .86%  | .86%  | .86%  | .87%  |
| Expenses net of fee waivers, if any  | .81% J<br>| .82%  | .85%  | .85%  | .85%  | .87%  |
| Expenses net of all reductions, if any  | .81% J | .82%  | .85%  | .85%  | .85%  | .87%  |
| Net investment income (loss)  | .37% J | .30%  | .35%  | .35%  | .27%  | .23%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4298135 | $4382720 | $4101183 | $3776819 | $4970428 | $4807908 |
| Portfolio turnover rate K | 69% J<br>| 52%  | 41%  | 31%  | 37% L | 44%  |

---

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

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

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.*

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*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

**VIP Mid Cap Portfolio Investor Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.15 | $36.10 | $32.42 | $40.83 | $38.44 | $32.72 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .09  | .19  | .18  | .18  | .20  | .12  |
| Net realized and unrealized gain (loss)  | .42  | 6.27  | 4.65  | (6.12)  | 9.51  | 5.78  |
| Total from investment operations  | .51  | 6.46  | 4.83  | (5.94)  | 9.71  | 5.90  |
| Distributions from net investment income  | -  | (.20)  | (.19)  | (.14) C | (.24)  | (.18)  |
| Distributions from net realized gain  | (1.73)  | (5.21)  | (.97)  | (2.33) C | (7.07)  | -  |
| Total distributions  | (1.73)  | (5.41)  | (1.15) D | (2.47)  | (7.32) D | (.18)  |
| Net asset value, end of period  | $35.93 | $37.15 | $36.10 | $32.42 | $40.83 | $38.44 |
| **Total Return** E,F,G | 1.23% <br>| 17.40%  | 15.01%  | (14.83)%  | 25.54%  | 18.08%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .63% J | .65%  | .68%  | .68%  | .68%  | .70%  |
| Expenses net of fee waivers, if any  | .63% J<br>| .65%  | .68%  | .68%  | .68%  | .70%  |
| Expenses net of all reductions, if any  | .63% J | .65%  | .68%  | .68%  | .68%  | .69%  |
| Net investment income (loss)  | .54% J | .48%  | .52%  | .52%  | .44%  | .41%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $729292 | $749471 | $651850 | $634220 | $739633 | $593584 |
| Portfolio turnover rate K | 69% J<br>| 52%  | 41%  | 31%  | 37% L | 44%  |

---

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

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

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.*

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*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended June 30, 2025

**1. Organization.**

VIP Mid Cap Portfolio (the Fund) is a fund of Variable Insurance Products Fund III (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $1922976098 |
| **Gross unrealized depreciation** | <u>(207438439)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1715537659</u> |
| **Tax cost** | <u>$5845943557</u> |

---

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Mid Cap Portfolio** | 2467206973 | 2693136711 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .57 |
| **Service Class** | .57 |
| **Service Class 2** | .57 |
| **Investor Class** | .65 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .55 |
| **Service Class** | .55 |
| **Service Class 2** | .55 |
| **Investor Class** | .63 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

---

| | |
|:---|:---|
| **Service Class** | $353262 |
| **Service Class 2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>5219367</u> |
|  | <u>$5572629</u> |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **VIP Mid Cap Portfolio** | Borrower | 11845667 | 4.57% | 27089 |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Mid Cap Portfolio** | 61626 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Mid Cap Portfolio** | 176216315 | 149331850 | 3198345 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Mid Cap Portfolio** | 5906 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Mid Cap Portfolio** | 10562 | 9 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Mid Cap Portfolio** | 13010999 |

---

**Bank Borrowings.**

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **VIP Mid Cap Portfolio** | 5357500 | 4.83% | 7188 |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Mid Cap Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $74599082 | $213376033 |
| Service Class | 33824557 | 95410660 |
| Service Class 2 | 212313519 | 593657915 |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp; <u>34946751</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>96646101</u> |
| Total  | <u>$355683909</u> | <u>$999090709</u> |

---

**9. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Mid Cap Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 1138702 | 1923381 | $39499725 | $76887654 |
| Reinvestment of distributions | 1987719 | 5414963 | 74599082 | 213376033 |
| Shares redeemed | <u>(2936064)</u> | <u>(6222674)</u> | <u>(103592196)</u> | <u>(245813857)</u> |
| Net increase (decrease) | <u>190357</u> | <u>1115670</u> | <u>$10506611</u> | <u>$44449830</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 988423 | 650880 | $33698603 | $25986431 |
| Reinvestment of distributions | 917649 | 2462389 | 33824557 | 95410660 |
| Shares redeemed | <u>(907855)</u> | <u>(1814200)</u> | <u>(31491688)</u> | <u>(71188138)</u> |
| Net increase (decrease) | <u>998217</u> | <u>1299069</u> | <u>$36031472</u> | <u>$50208953</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 6170893 | 6634142 | $203380820 | $250567717 |
| Reinvestment of distributions | 6006040 | 15936168 | 212313519 | 593657914 |
| Shares redeemed | <u>(10074403)</u> | <u>(17275031)</u> | <u>(333065892)</u> | <u>(652188552)</u> |
| Net increase (decrease) | <u>2102530</u> | <u>5295279</u> | <u>$82628447</u> | <u>$192037079</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 338411 | 985983 | $11986661 | $39003722 |
| Reinvestment of distributions | 941961 | 2478637 | 34946751 | 96646101 |
| Shares redeemed | <u>(1159121)</u> | <u>(1344693)</u> | <u>(39697158)</u> | <u>(52723120)</u> |
| Net increase (decrease) | <u>121251</u> | <u>2119927</u> | <u>$7236254</u> | <u>$82926703</u> |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %**  | **Number ofUnaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| VIP Strategic Income Portfolio <br>| 13% | 1 | 14% |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Mid Cap Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Initial Class, the Board considered the effective management fee rate for Initial Class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of Initial Class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Initial Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Initial Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Initial Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img110955_4.jpg)<br>

1.723369.126 VIPMID-SANN-0825

**Fidelity® Variable Insurance Products:**

**VIP Growth Opportunities Portfolio**

**Semi-Annual Report**

**June 30, 2025**

![](img110966_1.jpg)

![](img110966_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_VIPGRO-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Growth Opportunities Portfolio](#Sub_Sec_Fund_617_VIPGRO-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements617_VIPGRO-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPGRO-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPGRO-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPGRO-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPGRO-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**VIP Growth Opportunities Portfolio**

**Consolidated Schedule of Investments June 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Class A (b)(c)(d) | 496 | 641789 |
| CANADA - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Celestica Inc (United States) (c) | 66400 | 10365704 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (c) | 16125 | 2783175 |
| GERMANY - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Software - 0.7% |  |  |
| SAP SE  | 102000 | 31189505 |
| INDIA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Lenskart Solutions Pvt Ltd (b)(d) | 461230 | 1676897 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Pine Labs Pvt Ltd (b)(d) | 292381 | 1072905 |
| TOTAL INDIA |  | 2749802 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 1/11/2034 (b)(c)(d) | 8155 | 0 |
| Xsight Labs Ltd warrants 12/30/2031 (b)(c)(d) | 11726 | 0 |
| TOTAL ISRAEL |  | 0 |
| NETHERLANDS - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| Argenx SE ADR (c) | 32931 | 18152226 |
| SINGAPORE - 1.2%  |  |  |
| Communication Services - 1.2% |  |  |
| Entertainment - 1.2% |  |  |
| Sea Ltd Class A ADR (c) | 330088 | 52794275 |
| TAIWAN - 1.9%  |  |  |
| Information Technology - 1.9% |  |  |
| Semiconductors & Semiconductor Equipment - 1.9% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 346900 | 78569381 |
| UNITED KINGDOM - 0.6%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.1% |  |  |
| Starling Bank Ltd (b) | 1101900 | 3660306 |
| Financial Services - 0.1% |  |  |
| Revolut Group Holdings Ltd (b)(d) | 4483 | 4347658 |
| TOTAL FINANCIALS |  | 8007964 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Rolls-Royce Holdings PLC ADR (e) | 1306000 | 17474280 |
| TOTAL UNITED KINGDOM |  | 25482244 |
| UNITED STATES - 92.7%  |  |  |
| Communication Services - 19.2% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| AT&T Inc  | 671900 | 19444786 |
| Entertainment - 5.7% |  |  |
| Netflix Inc (c) | 71300 | 95479969 |
| ROBLOX Corp Class A (c) | 195000 | 20514000 |
| Roku Inc Class A (c) | 1410164 | 123939314 |
| Spotify Technology SA (c) | 600 | 460404 |
|  |  | 240393687 |
| Interactive Media & Services - 11.1% |  |  |
| Alphabet Inc Class C  | 738260 | 130959941 |
| Epic Games Inc (b)(c)(d) | 8216 | 6046072 |
| Meta Platforms Inc Class A  | 424579 | 313377515 |
| Reddit Inc Class A (c) | 139700 | 21034629 |
|  |  | 471418157 |
| Media - 0.1% |  |  |
| MNTN Inc (f) | 118780 | 2597719 |
| Wireless Telecommunication Services - 1.8% |  |  |
| T-Mobile US Inc  | 313088 | 74596347 |
| TOTAL COMMUNICATION SERVICES |  | 808450696 |
| Consumer Discretionary - 11.1% |  |  |
| Automobiles - 0.1% |  |  |
| Neutron Holdings Inc (b)(c)(d) | 106587 | 6661 |
| Rad Power Bikes Inc (b)(c)(d) | 56834 | 3410 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | 69642 | 9054 |
| Rivian Automotive Inc Class A (c) | 3500 | 48090 |
| Tesla Inc (c) | 20275 | 6440557 |
|  |  | 6507772 |
| Broadline Retail - 7.6% |  |  |
| Amazon.com Inc (c) | 1466360 | 321704720 |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Hilton Worldwide Holdings Inc  | 47600 | 12677784 |
| Sonder Holdings Inc Stage 1 rights (b)(c) | 2658 | 0 |
| Sonder Holdings Inc Stage 2 rights (b)(c) | 2658 | 0 |
| Sonder Holdings Inc Stage 3 rights (b)(c) | 2657 | 0 |
| Sonder Holdings Inc Stage 4 rights (b)(c) | 2657 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(c) | 2657 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(c) | 2657 | 0 |
| Starbucks Corp  | 154700 | 14175161 |
| Yum! Brands Inc  | 7900 | 1170622 |
|  |  | 28023567 |
| Specialty Retail - 2.7% |  |  |
| Carvana Co Class A (c) | 169000 | 56946240 |
| Lowe's Cos Inc  | 130900 | 29042783 |
| O'Reilly Automotive Inc (c) | 298200 | 26876766 |
|  |  | 112865789 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Bombas LLC (b)(c)(d) | 745906 | 1820011 |
| TOTAL CONSUMER DISCRETIONARY |  | 470921859 |
| Consumer Staples - 2.7% |  |  |
| Beverages - 0.9% |  |  |
| Coca-Cola Co/The  | 530300 | 37518725 |
| Consumer Staples Distribution & Retail - 1.7% |  |  |
| Albertsons Cos Inc Class A  | 16900 | 363519 |
| BJ's Wholesale Club Holdings Inc (c) | 312400 | 33686092 |
| Costco Wholesale Corp  | 21200 | 20986728 |
| Walmart Inc  | 191500 | 18724870 |
|  |  | 73761209 |
| Tobacco - 0.1% |  |  |
| JUUL Labs Inc Class A (b)(c)(d) | 2980637 | 3517152 |
| JUUL Labs Inc Class B (b)(c)(d) | 560 | 660 |
| Philip Morris International Inc  | 2700 | 491751 |
|  |  | 4009563 |
| TOTAL CONSUMER STAPLES |  | 115289497 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Exxon Mobil Corp  | 29500 | 3180100 |
| Financials - 4.5% |  |  |
| Capital Markets - 0.8% |  |  |
| Blue Owl Capital Inc Class A  | 383000 | 7357430 |
| Charles Schwab Corp/The  | 117300 | 10702452 |
| LPL Financial Holdings Inc  | 37400 | 14023878 |
|  |  | 32083760 |
| Financial Services - 2.5% |  |  |
| Apollo Global Management Inc  | 154100 | 21862167 |
| Visa Inc Class A  | 239633 | 85081697 |
|  |  | 106943864 |
| Insurance - 1.2% |  |  |
| Aon PLC  | 5600 | 1997856 |
| Arthur J Gallagher & Co  | 56400 | 18054768 |
| Progressive Corp/The  | 113900 | 30395354 |
|  |  | 50447978 |
| TOTAL FINANCIALS |  | 189475602 |
| Health Care - 4.2% |  |  |
| Biotechnology - 1.3% |  |  |
| AbbVie Inc  | 87100 | 16167502 |
| Alnylam Pharmaceuticals Inc (c) | 42451 | 13842847 |
| Cytokinetics Inc (c) | 284200 | 9389968 |
| Nuvalent Inc Class A (c) | 56384 | 4302099 |
| Vaxcyte Inc (c) | 233204 | 7581462 |
| Viking Therapeutics Inc (c)(e) | 150789 | 3995908 |
|  |  | 55279786 |
| Health Care Equipment & Supplies - 1.0% |  |  |
| Blink Health LLC Class A1 (b)(c)(d) | 11090 | 405561 |
| Boston Scientific Corp (c) | 404992 | 43500191 |
|  |  | 43905752 |
| Health Care Providers & Services - 0.1% |  |  |
| Humana Inc  | 2300 | 562304 |
| McKesson Corp  | 1700 | 1245726 |
|  |  | 1808030 |
| Pharmaceuticals - 1.8% |  |  |
| Eli Lilly & Co  | 96000 | 74834880 |
| Structure Therapeutics Inc ADR (c) | 96900 | 2009706 |
|  |  | 76844586 |
| TOTAL HEALTH CARE |  | 177838154 |
| Industrials - 4.0% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Axon Enterprise Inc (c) | 20900 | 17303946 |
| GE Aerospace  | 32000 | 8236480 |
| Relativity Space Inc (b)(c) | 2081 | 2352 |
| Space Exploration Technologies Corp (b)(c)(d) | 22039 | 4077215 |
| Space Exploration Technologies Corp Class C (b)(c)(d) | 4029 | 745365 |
| TransDigm Group Inc  | 3100 | 4713984 |
|  |  | 35079342 |
| Building Products - 1.9% |  |  |
| Builders FirstSource Inc (c) | 666100 | 77727209 |
| Ground Transportation - 1.0% |  |  |
| Uber Technologies Inc (c) | 463293 | 43225237 |
| Passenger Airlines - 0.2% |  |  |
| Delta Air Lines Inc  | 85400 | 4199972 |
| United Airlines Holdings Inc (c) | 61600 | 4905208 |
|  |  | 9105180 |
| Trading Companies & Distributors - 0.1% |  |  |
| QXO Inc (c)(e) | 234500 | 5051129 |
| TOTAL INDUSTRIALS |  | 170188097 |
| Information Technology - 44.4% |  |  |
| Electronic Equipment, Instruments & Components - 2.1% |  |  |
| Flex Ltd (c) | 1763890 | 88053389 |
| IT Services - 1.0% |  |  |
| CoreWeave Inc Class A (f) | 58460 | 9532488 |
| CoreWeave Inc Class A (c)(e) | 11600 | 1891496 |
| CoreWeave Inc Class A (b)(f) | 2044 | 333295 |
| IBM Corporation  | 103000 | 30362340 |
|  |  | 42119619 |
| Semiconductors & Semiconductor Equipment - 20.2% |  |  |
| Advanced Micro Devices Inc (c) | 291600 | 41378040 |
| Astera Labs Inc (c) | 44000 | 3978480 |
| Broadcom Inc  | 651100 | 179475715 |
| Marvell Technology Inc  | 229300 | 17747820 |
| Micron Technology Inc  | 44100 | 5435325 |
| NVIDIA Corp  | 3826420 | 604536096 |
|  |  | 852551476 |
| Software - 16.8% |  |  |
| AppLovin Corp Class A (c) | 177200 | 62034176 |
| Celestial AI Inc (b)(d) | 1094 | 18587 |
| Circle Internet Group Inc (d)(f) | 235294 | 42656449 |
| Circle Internet Group Inc Class A (e) | 1200 | 217548 |
| Datadog Inc Class A (c) | 135200 | 18161416 |
| Microsoft Corp  | 1038244 | 516432949 |
| Monday.com Ltd (c) | 16100 | 5063128 |
| OpenAI Global LLC rights (b)(c)(d) | 632919 | 930391 |
| Oracle Corp  | 38400 | 8395392 |
| Palantir Technologies Inc Class A (c) | 239000 | 32580480 |
| Samsara Inc Class A (c) | 152900 | 6082362 |
| Servicenow Inc (c) | 16818 | 17290249 |
| Stripe Inc Class B (b)(c)(d) | 10400 | 369200 |
|  |  | 710232327 |
| Technology Hardware, Storage & Peripherals - 4.3% |  |  |
| Apple Inc  | 879504 | 180447836 |
| TOTAL INFORMATION TECHNOLOGY |  | 1873404647 |
| Real Estate - 0.6% |  |  |
| Health Care REITs - 0.0% |  |  |
| Welltower Inc  | 8000 | 1229840 |
| Real Estate Management & Development - 0.2% |  |  |
| Zillow Group Inc Class C (c) | 153800 | 10773690 |
| Specialized REITs - 0.4% |  |  |
| American Tower Corp  | 69700 | 15405094 |
| TOTAL REAL ESTATE |  | 27408624 |
| Utilities - 1.9% |  |  |
| Electric Utilities - 1.3% |  |  |
| Constellation Energy Corp  | 66500 | 21463540 |
| NRG Energy Inc  | 164400 | 26399352 |
| PG&E Corp  | 530000 | 7388200 |
|  |  | 55251092 |
| Independent Power and Renewable Electricity Producers - 0.6% |  |  |
| Vistra Corp  | 129200 | 25040252 |
| TOTAL UTILITIES |  | 80291344 |
| TOTAL UNITED STATES |  | 3916448620 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,997,278,555) |  | <br> **4139176721** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc 4% 5/22/2027 (b)(d) | 130700 | 368103 |
| Neutron Holdings Inc 4% 6/12/2027 (b)(d) | 35600 | 100264 |
| Neutron Holdings Inc 8% 10/29/2026 (b)(d)(g) | 1922010 | 2486312 |
|  |  | 2954679 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (b)(d) | 18211 | 12711 |
| TOTAL UNITED STATES |  | 2967390 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $2,106,521) |  | <br> **2967390** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.1%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (b)(d) | 2600 | 143363 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| ByteDance Ltd Series E1 (b)(c)(d) | 17456 | 3827752 |
| FINLAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| Oura Health Oy Series D (b)(d) | 49381 | 1568341 |
| INDIA - 0.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Meesho Series D-2 (b)(d) | 631260 | 826951 |
| Meesho Series E (b)(d) | 105120 | 137707 |
| Meesho Series E-1 (b)(d) | 141240 | 185024 |
| Meesho Series F (b)(d) | 2064925 | 2705052 |
|  |  | 3854734 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Pine Labs Pvt Ltd Series 1 (b)(d) | 698713 | 2563959 |
| Pine Labs Pvt Ltd Series A (b)(d) | 174615 | 640758 |
| Pine Labs Pvt Ltd Series B (b)(d) | 190003 | 697225 |
| Pine Labs Pvt Ltd Series B2 (b)(d) | 153630 | 563752 |
| Pine Labs Pvt Ltd Series C (b)(d) | 285768 | 1048639 |
| Pine Labs Pvt Ltd Series C1 (b)(d) | 60155 | 220740 |
| Pine Labs Pvt Ltd Series D (b)(d) | 64352 | 236143 |
|  |  | 5971216 |
| TOTAL INDIA |  | 9825950 |
| ISRAEL - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (b)(d) | 22100 | 174590 |
| Element Labs Inc Series B (b)(d) | 18500 | 162409 |
|  |  | 336999 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 74300 | 124824 |
| Xsight Labs Ltd Series E (b)(d) | 58630 | 469040 |
| Xsight Labs Ltd Series E1 (b)(d) | 27183 | 217464 |
|  |  | 811328 |
| TOTAL ISRAEL |  | 1148327 |
| UNITED STATES - 1.8%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc Series 1C (b)(c)(d) | 1673000 | 104563 |
| Rad Power Bikes Inc Series A (b)(c)(d) | 7410 | 444 |
| Rad Power Bikes Inc Series C (b)(c)(d) | 29156 | 4373 |
| Rad Power Bikes Inc Series D (b)(c)(d) | 54800 | 12604 |
| Waymo LLC Series A2 (b)(c)(d) | 7496 | 526594 |
| Waymo LLC Series C2 (b)(d) | 16241 | 1340045 |
|  |  | 1988623 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 10300 | 356277 |
| Tobacco - 0.0% |  |  |
| JUUL Labs Inc Series C (b)(c)(d) | 131549 | 155228 |
| JUUL Labs Inc Series D (b)(c)(d) | 741 | 874 |
|  |  | 156102 |
| TOTAL CONSUMER STAPLES |  | 512379 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 9073 | 673126 |
| Tenstorrent Holdings Inc Series D1 (b)(d) | 16145 | 1268997 |
|  |  | 1942123 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Blink Health LLC Series C (b)(c)(d) | 40445 | 1479074 |
| Blink Health LLC Series D (b)(c)(d) | 8446 | 308870 |
|  |  | 1787944 |
| Health Care Providers & Services - 0.0% |  |  |
| Thriveworks Topco LLC Class B (b)(c)(d)(h) | 105185 | 429155 |
| Health Care Technology - 0.0% |  |  |
| Aledade Inc Series E1 (b)(c)(d) | 19932 | 713964 |
| TOTAL HEALTH CARE |  | 2931063 |
| Industrials - 1.0% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Anduril Industries Inc Series F (b)(d) | 87824 | 3590245 |
| Anduril Industries Inc Series G (b)(d) | 22400 | 915712 |
| Space Exploration Technologies Corp Series I (b)(c)(d) | 3941 | 7290850 |
| Space Exploration Technologies Corp Series N (b)(c)(d) | 8100 | 14985000 |
|  |  | 26781807 |
| Air Freight & Logistics - 0.0% |  |  |
| Zipline International Inc Series G (b)(c)(d) | 30114 | 1173241 |
| Construction & Engineering - 0.3% |  |  |
| Beta Technologies Inc Series A (b)(c)(d) | 64780 | 7415367 |
| Beta Technologies Inc Series C, 6% (b)(d) | 5300 | 631972 |
|  |  | 8047339 |
| Electrical Equipment - 0.0% |  |  |
| Empower Semiconductor Inc Series D (b)(d) | 13900 | 111559 |
| TOTAL INDUSTRIALS |  | 36113946 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Cellink Corp Series D (b)(c)(d) | 49900 | 179640 |
| Enevate Corp Series E (b)(c)(d) | 1172546 | 363489 |
| Vast Data Ltd Series A (b)(c)(d) | 8394 | 199861 |
| Vast Data Ltd Series A1 (b)(c)(d) | 20660 | 491915 |
| Vast Data Ltd Series A2 (b)(c)(d) | 23765 | 565845 |
| Vast Data Ltd Series B (b)(c)(d) | 18910 | 450247 |
| Vast Data Ltd Series C (b)(c)(d) | 552 | 13143 |
| Vast Data Ltd Series E (b)(c)(d) | 18070 | 430247 |
|  |  | 2694387 |
| IT Services - 0.2% |  |  |
| Gupshup Inc (b)(c)(d) | 70900 | 335357 |
| X.Ai Holdings Corp Series B (b)(d) | 161864 | 5917748 |
| X.Ai Holdings Corp Series C (b)(d) | 88054 | 3219254 |
| Yanka Industries Inc Series E (b)(c)(d) | 53172 | 142501 |
| Yanka Industries Inc Series F (b)(c)(d) | 55568 | 238942 |
|  |  | 9853802 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc Series B (b)(c)(d) | 171100 | 1036866 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 24426 | 174646 |
|  |  | 1211512 |
| Software - 0.3% |  |  |
| Anthropic PBC Series D (b)(c)(d) | 10536 | 962464 |
| Anthropic PBC Series E (b)(d) | 5100 | 445740 |
| Celestial AI Inc Series A (b)(d) | 6976 | 118522 |
| Celestial AI Inc Series B (b)(d) | 5250 | 89197 |
| Celestial AI Inc Series C1 (b)(d) | 21029 | 357283 |
| Crusoe Energy Systems LLC Series D (b)(d) | 43571 | 1497100 |
| Databricks Inc Series G (b)(c)(d) | 27000 | 3039120 |
| Databricks Inc Series I (b)(c)(d) | 382 | 42998 |
| Databricks Inc Series J (b)(d) | 3309 | 372461 |
| Lyte Ai Inc Series B (b)(d) | 45500 | 498224 |
| MOLOCO Inc Series A (b)(c)(d) | 41187 | 2754587 |
| Runway AI Inc Series D (b)(d) | 116730 | 1377414 |
| Stripe Inc Series H (b)(c)(d) | 24195 | 858923 |
|  |  | 12414033 |
| TOTAL INFORMATION TECHNOLOGY |  | 26173734 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 99028 | 2456885 |
| TOTAL UNITED STATES |  | 72118753 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $63,277,120) |  | <br> **88632486** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2025 (b)(d) | 69642 | 51869 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (b)(d)(i) | 65163 | 33420 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (b)(d) | 195802 | 207666 |
| TOTAL INFORMATION TECHNOLOGY |  | 241086 |
| TOTAL UNITED STATES |  | 292955 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $330,607) |  | <br> **292955** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 4.32 | 9857359 | 9859331 |
| Fidelity Securities Lending Cash Central Fund (j)(k) | 4.32 | 26904468 | 26907158 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $36,766,489) |  |  | **36766489** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.9%**<br> (Cost $2,099,759,292)<br>| <br>**4267836041** |
| **NET OTHER ASSETS (LIABILITIES) - (0.9)%**  | **(39016809)** |
| **NET ASSETS - 100.0%** | **4228819232** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Level 3 security

(c) Non-income producing

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $160,237,868 or 3.8% of net assets.

(e) Security or a portion of the security is on loan at period end.

(f) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $55,119,951 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(g) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(h) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

(i) Security is perpetual in nature with no stated maturity date.

(j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(k) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Aledade Inc Series E1 | 5/20/22 | 992901 |
| Anduril Industries Inc Series F | 8/07/24 | 1908995 |
| Anduril Industries Inc Series G | 4/17/25 | 915775 |
| Anthropic PBC Series D | 5/31/24 | 316127 |
| Anthropic PBC Series E | 2/14/25 | 286041 |
| Beta Technologies Inc Series A | 4/09/21 | 4746431 |
| Beta Technologies Inc Series C, 6% | 10/24/24 | 606691 |
| Blink Health LLC Class A1 | 12/30/20 - 6/17/24 | 318415 |
| Blink Health LLC Series C | 11/07/19 - 7/14/21 | 1544028 |
| Blink Health LLC Series D | 6/17/24 - 6/25/24 | 354732 |
| Bombas LLC | 2/16/21 - 11/12/21 | 3539531 |
| ByteDance Ltd Series E1 | 11/18/20 | 1912727 |
| Canva Inc Class A | 12/23/24 | 634925 |
| Celestial AI Inc | 2/25/25 | 16208 |
| Celestial AI Inc Series A | 2/25/25 | 103354 |
| Celestial AI Inc Series B | 2/25/25 | 77782 |
| Celestial AI Inc Series C1 | 2/25/25 | 366540 |
| Cellink Corp Series D | 1/20/22 | 1039113 |
| Circle Internet Group Inc | 5/11/21 - 5/09/22 | 4349706 |
| Crusoe Energy Systems LLC Series D | 12/10/24 | 1271046 |
| Databricks Inc Series G | 2/01/21 | 1596311 |
| Databricks Inc Series I | 9/14/23 | 28077 |
| Databricks Inc Series J | 12/17/24 | 306083 |
| Diamond Foundry Inc Series C | 3/15/21 | 2376672 |
| Element Labs Inc Series A | 2/11/25 | 81518 |
| Element Labs Inc Series B | 6/27/25 | 162410 |
| Empower Semiconductor Inc Series D | 6/27/25 | 111559 |
| Enevate Corp 10% 5/12/2199 | 11/12/24 | 18211 |
| Enevate Corp 6% | 11/02/23 - 10/31/24 | 65163 |
| Enevate Corp Series E | 1/29/21 | 1299984 |
| Epic Games Inc | 7/13/20 - 3/29/21 | 6646200 |
| GoBrands Inc Series G | 3/02/21 | 2572088 |
| Gupshup Inc | 6/08/21 | 1621143 |
| JUUL Labs Inc Class A | 2/23/24 | 3025257 |
| JUUL Labs Inc Class B | 11/21/17 | 0 |
| JUUL Labs Inc Series C | 5/22/15 | 0 |
| JUUL Labs Inc Series D | 6/25/18 | 0 |
| Lenskart Solutions Pvt Ltd | 4/30/24 | 1271063 |
| Lyte Ai Inc Series B | 8/13/24 | 577218 |
| Meesho Series D-2 | 7/15/24 | 589176 |
| Meesho Series E | 7/15/24 | 98112 |
| Meesho Series E-1 | 4/18/24 | 131824 |
| Meesho Series F | 9/21/21 - 7/15/24 | 2559960 |
| MOLOCO Inc Series A | 6/26/23 | 2471220 |
| Neutron Holdings Inc | 2/04/21 | 1066 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/04/20 | 130700 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/20 | 35600 |
| Neutron Holdings Inc 8% 10/29/2026 | 10/29/21 - 4/27/25 | 1922010 |
| Neutron Holdings Inc Series 1C | 7/03/18 | 305891 |
| OpenAI Global LLC rights | 9/30/24 | 632919 |
| Oura Health Oy Series D | 12/18/24 | 1268598 |
| Pine Labs Pvt Ltd | 6/30/21 | 857478 |
| Pine Labs Pvt Ltd Series 1 | 6/30/21 | 2048766 |
| Pine Labs Pvt Ltd Series A | 6/30/21 | 512210 |
| Pine Labs Pvt Ltd Series B | 6/30/21 | 557326 |
| Pine Labs Pvt Ltd Series B2 | 6/30/21 | 450688 |
| Pine Labs Pvt Ltd Series C | 6/30/21 | 838090 |
| Pine Labs Pvt Ltd Series C1 | 6/30/21 | 176636 |
| Pine Labs Pvt Ltd Series D | 6/30/21 | 188940 |
| Rad Power Bikes Inc | 1/21/21 | 274158 |
| Rad Power Bikes Inc 8% 12/31/2025 | 10/06/23 | 69642 |
| Rad Power Bikes Inc Series A | 1/21/21 | 35745 |
| Rad Power Bikes Inc Series C | 1/21/21 | 140644 |
| Rad Power Bikes Inc Series D | 9/17/21 | 525192 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/06/23 | 0 |
| Revolut Group Holdings Ltd | 12/27/24 | 3899104 |
| Runway AI Inc Series D | 9/06/24 | 1265561 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/08/24 - 4/05/25 | 195802 |
| SiMa Technologies Inc Series B | 5/10/21 | 877298 |
| SiMa Technologies Inc Series B1 | 4/25/22 - 10/17/22 | 173202 |
| Space Exploration Technologies Corp | 2/16/21 - 12/09/24 | 1563757 |
| Space Exploration Technologies Corp Class C | 7/01/24 - 12/09/24 | 569946 |
| Space Exploration Technologies Corp Series I | 4/05/18 | 666029 |
| Space Exploration Technologies Corp Series N | 8/04/20 | 2187000 |
| Stripe Inc Class B | 5/18/21 | 417335 |
| Stripe Inc Series H | 3/15/21 - 5/25/23 | 970824 |
| Taalas Inc Series B | 2/19/25 | 142775 |
| Tenstorrent Holdings Inc Series C1 | 4/23/21 | 539435 |
| Tenstorrent Holdings Inc Series D1 | 7/16/24 - 1/15/25 | 1272653 |
| Thriveworks Topco LLC Class B | 7/23/21 - 2/25/22 | 3019147 |
| Vast Data Ltd Series A | 11/28/23 | 92334 |
| Vast Data Ltd Series A1 | 11/28/23 | 227260 |
| Vast Data Ltd Series A2 | 11/28/23 | 261415 |
| Vast Data Ltd Series B | 11/28/23 | 208010 |
| Vast Data Ltd Series C | 11/28/23 | 6072 |
| Vast Data Ltd Series E | 11/28/23 | 397540 |
| Waymo LLC Series A2 | 5/08/20 | 643661 |
| Waymo LLC Series C2 | 10/18/24 | 1270067 |
| X.Ai Holdings Corp Series B | 5/13/24 | 1937512 |
| X.Ai Holdings Corp Series C | 11/22/24 | 1906369 |
| Xsight Labs Ltd Series D | 2/16/21 | 594103 |
| Xsight Labs Ltd Series E | 11/04/24 - 12/30/24 | 469043 |
| Xsight Labs Ltd Series E1 | 1/11/24 | 217355 |
| Xsight Labs Ltd warrants 1/11/2034 | 1/11/24 | 0 |
| Xsight Labs Ltd warrants 12/30/2031 | 11/04/24 - 12/30/24 | 0 |
| Yanka Industries Inc Series E | 5/15/20 | 642275 |
| Yanka Industries Inc Series F | 4/08/21 | 1771330 |
| Zipline International Inc Series G | 6/07/24 | 1263171 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Circle Internet Group Inc | 12/2/2025 |
| CoreWeave Inc Class A | 9/24/2025 |
| CoreWeave Inc Class A | 9/24/2025 |
| MNTN Inc | 11/18/2025 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 4818193 | 456230106 | 451188968 | 666604 | - | - | 9859331 | 9857359 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 8475317 | 172508416 | 154076575 | 181175 | - | - | 26907158 | 26904468 | 0.1% |
| Total | 13293510 | 628738522 | 605265543 | 847779 | - | - | 36766489 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 861244971 | 855198899 | - | 6046072 |
| Consumer Discretionary | 472598756 | 469082723 | - | 3516033 |
| Consumer Staples | 115289497 | 111771685 | - | 3517812 |
| Energy | 3180100 | 3180100 | - | - |
| Financials | 197483566 | 189475602 | - | 8007964 |
| Health Care | 198773555 | 198367994 | - | 405561 |
| Industrials | 187662377 | 182837445 | - | 4824932 |
| Information Technology | 1995243931 | 1960688259 | 31189505 | 3366167 |
| Real Estate | 27408624 | 27408624 | - | - |
| Utilities | 80291344 | 80291344 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 2954679 | - | - | 2954679 |
| Information Technology | 12711 | - | - | 12711 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 3827752 | - | - | 3827752 |
| Consumer Discretionary | 5843357 | - | - | 5843357 |
| Consumer Staples | 512379 | - | - | 512379 |
| Financials | 1942123 | - | - | 1942123 |
| Health Care | 4499404 | - | - | 4499404 |
| Industrials | 36450945 | - | - | 36450945 |
| Information Technology | 33099641 | - | - | 33099641 |
| Materials | 2456885 | - | - | 2456885 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 51869 | - | - | 51869 |
| Information Technology | 241086 | - | - | 241086 |
|  **Money Market Funds** | 36766489 | 36766489 | - | - |
| **Total Investments in Securities:** | 4267836041 | 4115069164 | 31189505 | 121577372 |

---

The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investement Securities ($)** | **Net Unrealized Gain (Loss) on Investement Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amoritization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2025($)** |
| **Common Stocks** | 32812972 | (3744042) | (1012811) | 10673145 | (9044723) | - | - | - | 29684541 | 540667 |
| **Convertible Preferred Stocks** | 80333393 | - | 11388827 | 15133515 | (18223249) | - | - | - | 88632486 | 9002983 |
| **Convertible Corporate Bonds** | 2642570 | - | 255350 | 69470 | - | - | - | - | 2967390 | 255351 |
| **Preferred Securities** | 339334 | - | (55832) | 9453 | - | - | - | - | 292955 | (55833) |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Consolidated Statement of Operations. |  |  |  |

---

**Consolidated Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $26,432,466) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,062,992,803) | $4231069552 |  |
| Fidelity Central Funds (cost $36,766,489) | 36766489 |  |
| Total Investment in Securities (cost $2,099,759,292) |  | $4267836041 |
| Cash |  | 106664 |
| Receivable for fund shares sold |  | 2686904 |
| Dividends receivable |  | 800762 |
| Interest receivable |  | 62164 |
| Distributions receivable from Fidelity Central Funds |  | 176200 |
| Other receivables |  | 85266 |
| **Total assets** |  | 4271754001 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $8744686 |  |
| Payable for fund shares redeemed | 4595160 |  |
| Accrued management fee | 1969057 |  |
| Distribution and service plan fees payable | 399123 |  |
| Other payables and accrued expenses | 326801 |  |
| Collateral on securities loaned | 26899942 |  |
| **Total liabilities** |  | 42934769 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $4228819232 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1873752934 |
| Total accumulated earnings (loss) |  | 2355066298 |
| **Net Assets** |  | $4228819232 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($747,613,375 ÷ 8,361,176 shares) |  | $89.41 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($167,336,189 ÷ 1,883,592 shares) |  | $88.84 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,932,981,107 ÷ 22,370,161 shares) |  | $86.41 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,380,888,561 ÷ 15,645,598 shares) |  | $88.26 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $8377245 |
| Interest  |  | 75807 |
| Income from Fidelity Central Funds (including $181,175 from security lending)  |  | 847779 |
| **Total income** |  | 9300831 |
| **Expenses** |  |  |
| Management fee | $11096027 |  |
| Distribution and service plan fees | 2197083 |  |
| Custodian fees and expenses | 23561 |  |
| Independent trustees' fees and expenses | 7199 |  |
| Audit fees | 31656 |  |
| Legal | 9170 |  |
| Interest | 16588 |  |
| Miscellaneous | 195508 |  |
| Total expenses before reductions | 13576792 |  |
| Expense reductions | (8306) |  |
| Total expenses after reductions |  | 13568486 |
| **Net Investment income (loss)** |  | (4267655) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 198172522 |  |
| Foreign currency transactions | (19704) |  |
| Total net realized gain (loss) |  | 198152818 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $171,226)  | 154362284 |  |
| Assets and liabilities in foreign currencies | 11782 |  |
| Total change in net unrealized appreciation (depreciation) |  | 154374066 |
| **Net gain (loss)** |  | 352526884 |
| **Net increase (decrease) in net assets resulting from operations** |  | $348259229 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(4267655) | $(10624518) |
| &nbsp;&nbsp;Net realized gain (loss) | 198152818<br>| 337565403<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 154374066 | 766905185<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 348259229<br>| 1093846070<br>|
| Distributions to shareholders | (48973453)<br>| -<br>|
| Share transactions - net increase (decrease) | 44148001<br>| (68752435)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 343433777<br>| 1025093635<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3885385455 | 2860291820<br>|
| &nbsp;&nbsp;End of period | $4228819232 | $3885385455 |

---

**Consolidated Financial Highlights** 

**VIP Growth Opportunities Portfolio Initial Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $83.00 | $59.76 | $41.03 | $79.25 | $77.54 | $48.86 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.03)  | (.13)  | (.08)  | (.02)  | (.24)  | (.06)  |
| Net realized and unrealized gain (loss)  | 7.47  | 23.37  | 18.81  | (27.11)  | 9.38  | 32.11  |
| Total from investment operations  | 7.44  | 23.24  | 18.73  | (27.13)  | 9.14  | 32.05  |
| Distributions from net investment income  | -  | -  | -  | -  | -  | (.01)  |
| Distributions from net realized gain  | (1.03)  | -  | -  | (11.09)  | (7.43)  | (3.36)  |
| Total distributions  | (1.03)  | -  | -  | (11.09)  | (7.43)  | (3.37)  |
| Net asset value, end of period  | $89.41 | $83.00 | $59.76 | $41.03 | $79.25 | $77.54 |
| **Total Return** C,D,E | 8.98% <br>| 38.89%  | 45.65%  | (38.15)%  | 11.94%  | 68.66%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .58% H | .58%  | .62%  | .62%  | .62%  | .64%  |
| Expenses net of fee waivers, if any  | .58% H<br>| .58%  | .61%  | .62%  | .62%  | .64%  |
| Expenses net of all reductions, if any  | .58% H | .58%  | .61%  | .62%  | .62%  | .63%  |
| Net investment income (loss)  | (.08)% H | (.17)%  | (.16)%  | (.05)%  | (.30)%  | (.10)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $747613 | $692266 | $486947 | $256757 | $471980 | $470897 |
| Portfolio turnover rate I | 82% H<br>| 58%  | 54%  | 68%  | 82%  | 65%  |

---

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*Total returns for periods of less than one year are not annualized.*

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 Consolidated 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*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Growth Opportunities Portfolio Service Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $82.52 | $59.47 | $40.87 | $79.06 | $77.37 | $48.77 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.07)  | (.20)  | (.13)  | (.07)  | (.32)  | (.12)  |
| Net realized and unrealized gain (loss)  | 7.42  | 23.25  | 18.73  | (27.03)  | 9.35  | 32.04  |
| Total from investment operations  | 7.35  | 23.05  | 18.60  | (27.10)  | 9.03  | 31.92  |
| Distributions from net investment income  | -  | -  | -  | -  | -  | - C |
| Distributions from net realized gain  | (1.03)  | -  | -  | (11.09)  | (7.34)  | (3.31)  |
| Total distributions  | (1.03)  | -  | -  | (11.09)  | (7.34)  | (3.32) D |
| Net asset value, end of period  | $88.84 | $82.52 | $59.47 | $40.87 | $79.06 | $77.37 |
| **Total Return** E,F,G | 8.92% <br>| 38.76%  | 45.51%  | (38.21)%  | 11.83%  | 68.49%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .68% J | .68%  | .72%  | .72%  | .72%  | .74%  |
| Expenses net of fee waivers, if any  | .68% J<br>| .67%  | .71%  | .72%  | .72%  | .74%  |
| Expenses net of all reductions, if any  | .68% J | .67%  | .71%  | .72%  | .72%  | .73%  |
| Net investment income (loss)  | (.18)% J | (.27)%  | (.26)%  | (.15)%  | (.40)%  | (.20)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $167336 | $171526 | $127432 | $94433 | $157797 | $163452 |
| Portfolio turnover rate K | 82% J<br>| 58%  | 54%  | 68%  | 82%  | 65%  |

---

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*Amount represents less than $.005 per share.*

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

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.*

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 Consolidated 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*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Growth Opportunities Portfolio Service Class 2**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $80.34 | $57.99 | $39.91 | $77.62 | $76.08 | $48.05 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.13)  | (.29)  | (.20)  | (.14)  | (.44)  | (.20)  |
| Net realized and unrealized gain (loss)  | 7.23  | 22.64  | 18.28  | (26.48)  | 9.22  | 31.50  |
| Total from investment operations  | 7.10  | 22.35  | 18.08  | (26.62)  | 8.78  | 31.30  |
| Distributions from net realized gain  | (1.03)  | -  | -  | (11.09)  | (7.24)  | (3.27)  |
| Total distributions  | (1.03)  | -  | -  | (11.09)  | (7.24)  | (3.27)  |
| Net asset value, end of period  | $86.41 | $80.34 | $57.99 | $39.91 | $77.62 | $76.08 |
| **Total Return** C,D,E | 8.85% <br>| 38.54%  | 45.30%  | (38.32)%  | 11.68%  | 68.21%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .83% H | .83%  | .87%  | .87%  | .87%  | .88%  |
| Expenses net of fee waivers, if any  | .83% H<br>| .82%  | .86%  | .87%  | .87%  | .88%  |
| Expenses net of all reductions, if any  | .83% H | .82%  | .86%  | .87%  | .87%  | .88%  |
| Net investment income (loss)  | (.33)% H | (.42)%  | (.41)%  | (.30)%  | (.55)%  | (.35)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1932981 | $1701707 | $1260467 | $868129 | $1304134 | $1079778 |
| Portfolio turnover rate I | 82% H<br>| 58%  | 54%  | 68%  | 82%  | 65%  |

---

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*Total returns for periods of less than one year are not annualized.*

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 Consolidated 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*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Growth Opportunities Portfolio Investor Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $81.97 | $59.07 | $40.58 | $78.58 | $76.94 | $48.52 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.06)  | (.17)  | (.12)  | (.06)  | (.30)  | (.10)  |
| Net realized and unrealized gain (loss)  | 7.38  | 23.07  | 18.61  | (26.85)  | 9.31  | 31.86  |
| Total from investment operations  | 7.32  | 22.90  | 18.49  | (26.91)  | 9.01  | 31.76  |
| Distributions from net investment income  | -  | -  | -  | -  | -  | (.01)  |
| Distributions from net realized gain  | (1.03)  | -  | -  | (11.09)  | (7.37)  | (3.33)  |
| Total distributions  | (1.03)  | -  | -  | (11.09)  | (7.37)  | (3.34)  |
| Net asset value, end of period  | $88.26 | $81.97 | $59.07 | $40.58 | $78.58 | $76.94 |
| **Total Return** C,D,E | 8.94% <br>| 38.77%  | 45.56%  | (38.20)%  | 11.87%  | 68.52%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .65% H | .65%  | .70%  | .70%  | .70%  | .71%  |
| Expenses net of fee waivers, if any  | .65% H<br>| .65%  | .69%  | .70%  | .70%  | .71%  |
| Expenses net of all reductions, if any  | .65% H | .65%  | .69%  | .70%  | .70%  | .71%  |
| Net investment income (loss)  | (.16)% H | (.24)%  | (.24)%  | (.12)%  | (.38)%  | (.18)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1380889 | $1319886 | $985446 | $687300 | $1362435 | $1251032 |
| Portfolio turnover rate I | 82% H<br>| 58%  | 54%  | 68%  | 82%  | 65%  |

---

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*Total returns for periods of less than one year are not annualized.*

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 Consolidated 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*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Consolidated Financial Statements** **(Unaudited)**

For the period ended June 30, 2025

**1. Organization.**

VIP Growth Opportunities Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund III (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp; 29684541  | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 33.3 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 15.5 - 15.8 / 15.6 | Increase |
|  |  |  | Enterprise value/Revenue multiple (EV/R)  | 0.7 - 32.6 / 7.3 | Increase |
|  |  | Market approach  | Transaction price  | $4.63 | Increase |
|  |  | Recovery value  | Recovery value  | $0.00 | Increase |
|  |  | Black scholes  | Discount rate  | 3.8% - 4.0% / 3.9% | Increase |
|  |  |  | Term | 2.1 - 5.0 / 2.6 | Increase |
|  |  |  | Volatility | 50.0% - 80.0% / 50.6% | Increase |
| Convertible Corporate Bonds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2967390  | Market comparable  | Discount rate | 29.2% | Decrease |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 2.8 | Increase |
|  |  |  | Probability rate | 10.0% - 75.0% / 33.3% | Increase |
|  |  | Market approach  | Discount rate | 21.7% | Decrease |
|  |  |  | Probability rate | 0.0% - 50.0% / 25.0% | Increase |
|  |  |  | Transaction price | $100.00 | Increase |
|  |  | Black scholes  | Discount rate | 4.3% - 5.0% / 4.3% | Increase |
|  |  |  | Term | 0.5 | Increase |
|  |  |  | Volatility | 75.0% - 100.0% / 75.1% | Increase |
| Convertible Preferred Stocks | $&nbsp;&nbsp;&nbsp;&nbsp; 88632486  | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 33.3 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP) | 10.8 | Increase |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 0.8 - 38.2 / 14.9 | Increase |
|  |  | Market approach | Discount rate | 80.0% | Decrease |
|  |  |  | Premium rate | 20.0% | Increase |
|  |  |  | Transaction price | $1.10 - $78.20 / $35.00 | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Discount rate | 3.8% - 4.0% / 3.8% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.0 | Increase |
|  |  |  | Volatility | 50.0% - 100.0% / 71.8% | Increase |
| Preferred Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292955  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.9 | Increase |
|  |  | Market approach | Discount rate | 35.4% - 37.9% / 37.5% | Decrease |
|  |  |  | Probability rate | 0.0% - 50.0% / 34.4% | Increase |
|  |  |  | Transaction price | $100.00 | Increase |
|  |  | Black scholes | Discount rate | 3.9% - 5.0% / 4.3% | Increase |
|  |  |  | Term | 0.5 - 2.1 / 0.8 | Increase |
|  |  |  | Volatility | 50.0% - 100.0% / 57.5% | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Consolidated Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $2219167778 |
| **Gross unrealized depreciation** | <u>(60293485)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2158874293</u> |
| **Tax cost** | <u>$2108961748</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **VIP Growth Opportunities Portfolio** | Anduril Industries Inc. Class B | 98078 | - |
| **VIP Growth Opportunities Portfolio** | Anduril Industries Inc. Class C | 41 | - |

---

**Consolidated Subsidiary.** The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Net Assets** |
| **VIP Growth Opportunities Portfolio** | 429155 | .01 |

---

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the consolidated financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Growth Opportunities Portfolio** | 1565985928 | 1573216724 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .56 |
| **Service Class** | .56 |
| **Service Class 2** | .56 |
| **Investor Class** | .64 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

---

| | |
|:---|:---|
| **Service Class** | $77871 |
| **Service Class 2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2119212</u> |
|  | <u>$2197083</u> |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **VIP Growth Opportunities Portfolio** | Borrower | 10063385 | 4.56% | 16588 |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Growth Opportunities Portfolio** | 18844 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Growth Opportunities Portfolio** | 171134160 | 154724146 | 81859395 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Growth Opportunities Portfolio** | 3013 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Growth Opportunities Portfolio** | 21606 | 627 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Growth Opportunities Portfolio** | 8115 |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $8,306.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Growth Opportunities Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $8517821 | $- |
| Service Class | 1992615 | - |
| Service Class 2 | 21782504 | - |
| Investor Class | <u>16680513</u> | <u>-</u> |
| Total  | <u>$48973453</u> | <u>$</u> <u>-</u> |

---

**10. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Growth Opportunities Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 629019 | 1324892 | $48770079 | $94401829 |
| Reinvestment of distributions | 96290 | - | 8517821 | - |
| Shares redeemed | <u>(704326)</u> | <u>(1132781)</u> | <u>(56870425)</u> | <u>(80226869)</u> |
| Net increase (decrease) | <u>20983</u> | <u>192111</u> | <u>$417475</u> | <u>$14174960</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 165270 | 617996 | $13091011 | $44848430 |
| Reinvestment of distributions | 22664 | - | 1992615 | - |
| Shares redeemed | <u>(383048)</u> | <u>(682072)</u> | <u>(30907596)</u> | <u>(49176736)</u> |
| Net increase (decrease) | <u>(195114)</u> | <u>(64076)</u> | <u>$(15823970)</u> | <u>$(4328306)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 2504681 | 3126487 | $189716468 | $218220043 |
| Reinvestment of distributions | 254587 | - | 21782504 | - |
| Shares redeemed | <u>(1569204)</u> | <u>(3681358)</u> | <u>(122534147)</u> | <u>(260907070)</u> |
| Net increase (decrease) | <u>1190064</u> | <u>(554871)</u> | <u>$88964825</u> | <u>$(42687027)</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 517743 | 1131958 | $42289292 | $83865692 |
| Reinvestment of distributions | 190984 | - | 16680513 | - |
| Shares redeemed | <u>(1164279)</u> | <u>(1714694)</u> | <u>(88380134)</u> | <u>(119777754)</u> |
| Net increase (decrease) | <u>(455552)</u> | <u>(582736)</u> | <u>$(29410329)</u> | <u>$(35912062)</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| VIP Growth Opportunities Portfolio | 38% | 1 | 41% |

---

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 19815631510.17 | 96.35 |
| Withheld  | 749708334.02 | 3.65 |
| TOTAL  | 20565339844.19 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 19766714617.58 | 96.12 |
| Withheld  | 798625226.62 | 3.88 |
| TOTAL  | 20565339844.19 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 19788320252.27 | 96.22 |
| Withheld  | 777019591.92 | 3.78 |
| TOTAL  | 20565339844.19 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 19780566370.66 | 96.18 |
| Withheld  | 784773473.53 | 3.82 |
| TOTAL  | 20565339844.19 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 19723882404.02 | 95.91 |
| Withheld  | 841457440.18 | 4.09 |
| TOTAL  | 20565339844.19 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 19823019040.62 | 96.39 |
| Withheld  | 742320803.57 | 3.61 |
| TOTAL  | 20565339844.19 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 19837563936.04 | 96.46 |
| Withheld  | 727775908.15 | 3.54 |
| TOTAL  | 20565339844.19 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 19789564999.11 | 96.23 |
| Withheld  | 775774845.08 | 3.77 |
| TOTAL  | 20565339844.19 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 19772385801.51 | 96.14 |
| Withheld  | 792954042.68 | 3.86 |
| TOTAL  | 20565339844.19 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 19804495604.67 | 96.30 |
| Withheld  | 760844239.52 | 3.70 |
| TOTAL  | 20565339844.19 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 19717117994.71 | 95.88 |
| Withheld  | 848221849.48 | 4.12 |
| TOTAL  | 20565339844.19 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 19783626171.89 | 96.20 |
| Withheld  | 781713672.31 | 3.80 |
| TOTAL  | 20565339844.19 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 19728139900.50 | 95.93 |
| Withheld  | 837199943.69 | 4.07 |
| TOTAL  | 20565339844.19 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Growth Opportunities Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Initial Class, the Board considered the effective management fee rate for Initial Class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of Initial Class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Initial Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Initial Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Initial Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img110966_4.jpg)<br>

1.705699.127 VIPGRO-SANN-0825

**Fidelity® Variable Insurance Products:**

**VIP Growth & Income Portfolio**

**Semi-Annual Report**

**June 30, 2025**

![](img110967_1.jpg)

![](img110967_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_VIPGI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Growth & Income Portfolio](#Sub_Sec_Fund_147_VIPGI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements147_VIPGI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPGI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPGI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPGI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPGI-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**VIP Growth & Income Portfolio**

**Schedule of Investments June 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 94.1%** | &nbsp;&nbsp;**Common Stocks - 94.1%** | &nbsp;&nbsp;**Common Stocks - 94.1%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| UCB SA  | 115700 | 22753418 |
| CANADA - 1.9%  |  |  |
| Energy - 1.6% |  |  |
| Oil, Gas & Consumable Fuels - 1.6% |  |  |
| Imperial Oil Ltd (b) | 504700 | 40094324 |
| South Bow Corp  | 74200 | 1926176 |
|  |  | 42020500 |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Brookfield Corp Class A (United States)  | 127145 | 7863918 |
| TOTAL CANADA |  | 49884418 |
| DENMARK - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Novo Nordisk A/S Class B ADR (b) | 83600 | 5770072 |
| FRANCE - 0.8%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Kering SA  | 1900 | 413926 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.3% |  |  |
| Pernod Ricard SA  | 77200 | 7693333 |
| Remy Cointreau SA  | 14028 | 715832 |
|  |  | 8409165 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Airbus SE  | 56700 | 11861682 |
| TOTAL FRANCE |  | 20684773 |
| GERMANY - 1.2%  |  |  |
| Information Technology - 1.2% |  |  |
| Software - 1.2% |  |  |
| SAP SE ADR  | 109100 | 33177310 |
| ITALY - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Davide Campari-Milano NV (b) | 531700 | 3576264 |
| NETHERLANDS - 0.9%  |  |  |
| Communication Services - 0.5% |  |  |
| Entertainment - 0.5% |  |  |
| Universal Music Group NV  | 436900 | 14173281 |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| ASML Holding NV depository receipt  | 3700 | 2965143 |
| BE Semiconductor Industries NV  | 48500 | 7258440 |
|  |  | 10223583 |
| TOTAL NETHERLANDS |  | 24396864 |
| SPAIN - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Cellnex Telecom SA (d)(e) | 217300 | 8461279 |
| SWITZERLAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Galderma Group AG  | 2090 | 302918 |
| TAIWAN - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 80800 | 18300392 |
| UNITED KINGDOM - 1.1%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Beverages - 0.3% |  |  |
| Diageo PLC ADR  | 66200 | 6675608 |
| Tobacco - 0.2% |  |  |
| British American Tobacco PLC ADR  | 124900 | 5911517 |
| TOTAL CONSUMER STAPLES |  | 12587125 |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| 3i Group PLC  | 107200 | 6066685 |
| Industrials - 0.4% |  |  |
| Professional Services - 0.4% |  |  |
| RELX PLC  | 220320 | 11940833 |
| TOTAL UNITED KINGDOM |  | 30594643 |
| UNITED STATES - 85.1%  |  |  |
| Communication Services - 4.0% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Verizon Communications Inc  | 108180 | 4680948 |
| Entertainment - 0.6% |  |  |
| Walt Disney Co/The  | 100000 | 12401000 |
| Warner Music Group Corp Class A  | 98600 | 2685864 |
|  |  | 15086864 |
| Interactive Media & Services - 2.1% |  |  |
| Alphabet Inc Class A  | 102200 | 18010706 |
| Alphabet Inc Class C  | 83900 | 14883021 |
| Meta Platforms Inc Class A  | 30400 | 22437936 |
|  |  | 55331663 |
| Media - 1.2% |  |  |
| Comcast Corp Class A  | 892062 | 31837693 |
| TOTAL COMMUNICATION SERVICES |  | 106937168 |
| Consumer Discretionary - 2.0% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Churchill Downs Inc  | 12300 | 1242300 |
| Domino's Pizza Inc  | 6800 | 3064080 |
| Marriott International Inc/MD Class A1  | 16600 | 4535286 |
| Starbucks Corp  | 76200 | 6982206 |
|  |  | 15823872 |
| Household Durables - 0.6% |  |  |
| Somnigroup International Inc  | 166800 | 11350740 |
| Whirlpool Corp (b) | 41700 | 4229214 |
|  |  | 15579954 |
| Specialty Retail - 0.6% |  |  |
| Lowe's Cos Inc  | 77117 | 17109949 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| NIKE Inc Class B  | 65000 | 4617600 |
| TOTAL CONSUMER DISCRETIONARY |  | 53131375 |
| Consumer Staples - 4.3% |  |  |
| Beverages - 1.7% |  |  |
| Brown-Forman Corp Class B (b) | 120998 | 3256056 |
| Coca-Cola Co/The  | 344153 | 24348825 |
| Keurig Dr Pepper Inc  | 548200 | 18123492 |
| PepsiCo Inc  | 2900 | 382916 |
|  |  | 46111289 |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Sysco Corp  | 93500 | 7081690 |
| Target Corp  | 107400 | 10595010 |
| Walmart Inc  | 51200 | 5006336 |
|  |  | 22683036 |
| Food Products - 0.0% |  |  |
| Lamb Weston Holdings Inc  | 22700 | 1176995 |
| Household Products - 0.2% |  |  |
| Colgate-Palmolive Co  | 16100 | 1463490 |
| Procter & Gamble Co/The  | 15200 | 2421664 |
| Reynolds Consumer Products Inc  | 20200 | 432684 |
|  |  | 4317838 |
| Personal Care Products - 0.9% |  |  |
| Estee Lauder Cos Inc/The Class A  | 90900 | 7344720 |
| Kenvue Inc  | 790467 | 16544474 |
|  |  | 23889194 |
| Tobacco - 0.6% |  |  |
| Philip Morris International Inc  | 85200 | 15517476 |
| TOTAL CONSUMER STAPLES |  | 113695828 |
| Energy - 7.2% |  |  |
| Oil, Gas & Consumable Fuels - 7.2% |  |  |
| ConocoPhillips  | 31500 | 2826810 |
| Exxon Mobil Corp (c) | 1248403 | 134577843 |
| Shell PLC ADR  | 781800 | 55046538 |
|  |  | 192451191 |
| Financials - 18.7% |  |  |
| Banks - 12.6% |  |  |
| Bank of America Corp  | 1652912 | 78215796 |
| JPMorgan Chase & Co  | 32432 | 9402361 |
| M&T Bank Corp  | 78600 | 15247614 |
| PNC Financial Services Group Inc/The  | 164772 | 30716796 |
| Truist Financial Corp  | 84800 | 3645552 |
| US Bancorp  | 532998 | 24118160 |
| Wells Fargo & Co  | 2173579 | 174147150 |
|  |  | 335493429 |
| Capital Markets - 2.2% |  |  |
| Charles Schwab Corp/The  | 51300 | 4680612 |
| Intercontinental Exchange Inc  | 3200 | 587104 |
| KKR & Co Inc Class A  | 142293 | 18929238 |
| Moody's Corp  | 5400 | 2708586 |
| Morgan Stanley  | 9283 | 1307603 |
| MSCI Inc  | 400 | 230695 |
| Northern Trust Corp  | 193445 | 24526892 |
| Raymond James Financial Inc  | 30150 | 4624106 |
|  |  | 57594836 |
| Financial Services - 2.7% |  |  |
| Apollo Global Management Inc  | 24500 | 3475815 |
| Global Payments Inc  | 44500 | 3561780 |
| Mastercard Inc Class A  | 16000 | 8991040 |
| Visa Inc Class A  | 153776 | 54598169 |
|  |  | 70626804 |
| Insurance - 1.2% |  |  |
| American Financial Group Inc/OH  | 6900 | 870849 |
| Arthur J Gallagher & Co  | 27600 | 8835312 |
| Brown & Brown Inc  | 65500 | 7261985 |
| Chubb Ltd  | 21200 | 6142064 |
| Marsh & McLennan Cos Inc  | 37042 | 8098863 |
| Travelers Companies Inc/The  | 12300 | 3290742 |
|  |  | 34499815 |
| TOTAL FINANCIALS |  | 498214884 |
| Health Care - 8.9% |  |  |
| Biotechnology - 0.0% |  |  |
| Gilead Sciences Inc  | 18000 | 1995660 |
| Health Care Equipment & Supplies - 1.4% |  |  |
| Abbott Laboratories  | 38500 | 5236385 |
| Becton Dickinson & Co  | 31715 | 5462909 |
| Boston Scientific Corp (f) | 241120 | 25898699 |
|  |  | 36597993 |
| Health Care Providers & Services - 3.5% |  |  |
| Cardinal Health Inc  | 57700 | 9693600 |
| Cigna Group/The  | 72190 | 23864570 |
| Humana Inc  | 35600 | 8703488 |
| McKesson Corp  | 24188 | 17724483 |
| UnitedHealth Group Inc  | 107500 | 33536775 |
|  |  | 93522916 |
| Life Sciences Tools & Services - 0.6% |  |  |
| Bruker Corp  | 26400 | 1087680 |
| Danaher Corp  | 63300 | 12504282 |
| Thermo Fisher Scientific Inc  | 6400 | 2594944 |
|  |  | 16186906 |
| Pharmaceuticals - 3.4% |  |  |
| Bristol-Myers Squibb Co  | 141700 | 6559293 |
| Eli Lilly & Co  | 18500 | 14421305 |
| GSK PLC ADR  | 580035 | 22273344 |
| Haleon PLC ADR (b) | 1725394 | 17892336 |
| Johnson & Johnson  | 91856 | 14031004 |
| Merck & Co Inc  | 115400 | 9135064 |
| Royalty Pharma PLC Class A  | 122600 | 4417278 |
| Zoetis Inc Class A  | 3500 | 545825 |
|  |  | 89275449 |
| TOTAL HEALTH CARE |  | 237578924 |
| Industrials - 17.1% |  |  |
| Aerospace & Defense - 8.9% |  |  |
| Boeing Co (f) | 271210 | 56826631 |
| GE Aerospace (c) | 570831 | 146926191 |
| General Dynamics Corp  | 36700 | 10703922 |
| Howmet Aerospace Inc  | 20700 | 3852891 |
| Huntington Ingalls Industries Inc  | 42800 | 10334488 |
| RTX Corp  | 10800 | 1577016 |
| Textron Inc  | 39400 | 3163426 |
|  |  | 233384565 |
| Air Freight & Logistics - 1.1% |  |  |
| United Parcel Service Inc Class B  | 279672 | 28230092 |
| Building Products - 0.1% |  |  |
| A O Smith Corp  | 55100 | 3612907 |
| Commercial Services & Supplies - 0.7% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 353900 | 17864576 |
| Veralto Corp  | 18966 | 1914617 |
|  |  | 19779193 |
| Electrical Equipment - 3.8% |  |  |
| AMETEK Inc  | 7300 | 1321008 |
| Emerson Electric Co  | 10200 | 1359966 |
| GE Vernova Inc (c) | 185707 | 98266859 |
|  |  | 100947833 |
| Ground Transportation - 0.2% |  |  |
| Knight-Swift Transportation Holdings Inc  | 138638 | 6131959 |
| Machinery - 1.5% |  |  |
| Allison Transmission Holdings Inc  | 79700 | 7570703 |
| Cummins Inc  | 14000 | 4585000 |
| Deere & Co  | 6100 | 3101789 |
| Donaldson Co Inc (b) | 188300 | 13058605 |
| Nordson Corp (b) | 36000 | 7717320 |
| Otis Worldwide Corp  | 22643 | 2242110 |
| Stanley Black & Decker Inc  | 15900 | 1077225 |
| Toro Co/The  | 3400 | 240312 |
|  |  | 39593064 |
| Trading Companies & Distributors - 0.8% |  |  |
| Watsco Inc  | 43192 | 19074451 |
| Wesco International Inc  | 18800 | 3481760 |
|  |  | 22556211 |
| TOTAL INDUSTRIALS |  | 454235824 |
| Information Technology - 18.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| CDW Corp/DE  | 14400 | 2571696 |
| IT Services - 0.2% |  |  |
| Amdocs Ltd  | 52700 | 4808348 |
| Semiconductors & Semiconductor Equipment - 7.4% |  |  |
| Analog Devices Inc  | 14200 | 3379884 |
| Applied Materials Inc  | 40000 | 7322800 |
| Broadcom Inc  | 164300 | 45289295 |
| Lam Research Corp  | 95000 | 9247300 |
| Marvell Technology Inc  | 315900 | 24450660 |
| Microchip Technology Inc  | 13500 | 949995 |
| Micron Technology Inc  | 60600 | 7468950 |
| NVIDIA Corp  | 614350 | 97061157 |
| Teradyne Inc  | 25100 | 2256992 |
|  |  | 197427033 |
| Software - 8.5% |  |  |
| Intuit Inc  | 18200 | 14334866 |
| Microsoft Corp  | 425218 | 211507685 |
|  |  | 225842551 |
| Technology Hardware, Storage & Peripherals - 2.5% |  |  |
| Apple Inc  | 320512 | 65759447 |
| TOTAL INFORMATION TECHNOLOGY |  | 496409075 |
| Materials - 0.7% |  |  |
| Chemicals - 0.7% |  |  |
| Air Products and Chemicals Inc (b) | 14400 | 4061664 |
| Mosaic Co/The  | 188800 | 6887424 |
| PPG Industries Inc  | 14400 | 1638000 |
| Scotts Miracle-Gro Co/The  | 65700 | 4333572 |
| Sherwin-Williams Co/The  | 3600 | 1236096 |
|  |  | 18156756 |
| Real Estate - 1.3% |  |  |
| Industrial REITs - 0.0% |  |  |
| Terreno Realty Corp  | 20200 | 1132614 |
| Residential REITs - 0.2% |  |  |
| Sun Communities Inc  | 33000 | 4174170 |
| Specialized REITs - 1.1% |  |  |
| American Tower Corp  | 73700 | 16289174 |
| Crown Castle Inc  | 118700 | 12194051 |
| Public Storage Operating Co  | 700 | 205394 |
|  |  | 28688619 |
| TOTAL REAL ESTATE |  | 33995403 |
| Utilities - 2.3% |  |  |
| Electric Utilities - 2.1% |  |  |
| Constellation Energy Corp  | 5933 | 1914935 |
| Duke Energy Corp  | 46100 | 5439800 |
| Edison International  | 51000 | 2631600 |
| Entergy Corp  | 65800 | 5469296 |
| Eversource Energy  | 70600 | 4491572 |
| Exelon Corp  | 37000 | 1606540 |
| FirstEnergy Corp  | 28700 | 1155462 |
| NextEra Energy Inc  | 12100 | 839982 |
| PG&E Corp  | 60000 | 836400 |
| Southern Co/The  | 345100 | 31690533 |
|  |  | 56076120 |
| Multi-Utilities - 0.2% |  |  |
| Sempra  | 55400 | 4197658 |
| TOTAL UTILITIES |  | 60273778 |
| TOTAL UNITED STATES |  | 2265080206 |
| ZAMBIA - 0.9%  |  |  |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| First Quantum Minerals Ltd (f) | 1322600 | 23494543 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,275,790,608) |  | <br> **2506477100** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 1.3%  |  |  |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| Boeing Co Series A, 6% <br>(Cost $26,448,942)<br>| 502900 | **34317896** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (g) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 7/17/2025 <br>(Cost $600,873)<br>| 4.25 | 602000 | **600892** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.0%** | &nbsp;&nbsp;**Money Market Funds - 6.0%** | &nbsp;&nbsp;**Money Market Funds - 6.0%** | &nbsp;&nbsp;**Money Market Funds - 6.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.32 | 128317282 | 128342945 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.32 | 30573504 | 30576561 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $158,919,506) |  |  | **158919506** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.4%**<br> (Cost $1,461,759,929)<br>| <br>**2700315394** |
| **NET OTHER ASSETS (LIABILITIES) - (1.4)%**  | **(36699224)** |
| **NET ASSETS - 100.0%** | **2663616170** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
|  | Counterparty | Number<br> of Contracts | Notional<br> Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Call Options |  |  |  |  |  |  |
| Exxon Mobil Corp | Chicago Board Options Exchange | 621 | 6694380 | 125.00 | 09/19/25 | (28256) |
| GE Aerospace | Chicago Board Options Exchange | 285 | 7335615 | 280.00 | 08/15/25 | (151050) |
| GE Aerospace | Chicago Board Options Exchange | 278 | 7155442 | 270.00 | 07/18/25 | (43924) |
| GE Aerospace | Chicago Board Options Exchange | 575 | 14799925 | 260.00 | 07/18/25 | (271688) |
| GE Vernova Inc | Chicago Board Options Exchange | 261 | 13810815 | 550.00 | 07/18/25 | (245340) |
|  |  |  |  |  |  | (740258) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(740258)** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Security or a portion of the security is on loan at period end.

(c) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $49,796,177.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $8,461,279 or 0.3% of net assets.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $8,461,279 or 0.3% of net assets.

(f) Non-income producing

(g) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(i) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 68568224 | 173234747 | 113460026 | 1768848 | - | - | 128342945 | 128317282 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 2407261 | 173968707 | 145799407 | 26834 | - | - | 30576561 | 30573504 | 0.1% |
| Total | 70975485 | 347203454 | 259259433 | 1795682 | - | - | 158919506 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 129571728 | 106937168 | 22634560 | - |
| Consumer Discretionary | 53545301 | 53131375 | 413926 | - |
| Consumer Staples | 138268382 | 138268382 | - | - |
| Energy | 234471691 | 234471691 | - | - |
| Financials | 512145487 | 506078802 | 6066685 | - |
| Health Care | 266405332 | 266405332 | - | - |
| Industrials | 478038339 | 454235824 | 23802515 | - |
| Information Technology | 558110360 | 558110360 | - | - |
| Materials | 41651299 | 41651299 | - | - |
| Real Estate | 33995403 | 33995403 | - | - |
| Utilities | 60273778 | 60273778 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Industrials | 34317896 | - | 34317896 | - |
|  **U.S. Treasury Obligations** | 600892 | - | 600892 | - |
|  **Money Market Funds** | 158919506 | 158919506 | - | - |
| **Total Investments in Securities:** | 2700315394 | 2612478920 | 87836474 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (740258) | (740258) | - | - |
| Total Liabilities | (740258) | (740258) | - | - |
| **Total Derivative Instruments:** | (740258) | (740258) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Written Options (a)  | 0 | (740258) |
| **Total Equity Risk**  | 0 | (740258) |
| **Total Value of Derivatives** | 0 | (740258) |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $29,865,599) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,302,840,423) | $2541395888 |  |
| Fidelity Central Funds (cost $158,919,506) | 158919506 |  |
| Total Investment in Securities (cost $1,461,759,929) |  | $2700315394 |
| Foreign currency held at value (cost $677) |  | 687 |
| Receivable for investments sold |  | 1841714 |
| Receivable for fund shares sold |  | 208412 |
| Dividends receivable |  | 2769379 |
| Interest receivable |  | 35 |
| Distributions receivable from Fidelity Central Funds |  | 388017 |
| Other receivables |  | 94 |
| **Total assets** |  | 2705523732 |
| **Liabilities** |  |  |
| Payable to custodian bank | $156058 |  |
| Payable for investments purchased  | 1070044 |  |
| Payable for fund shares redeemed | 7959233 |  |
| Accrued management fee | 1052323 |  |
| Distribution and service plan fees payable | 305285 |  |
| Written options, at value (premium received $986,558) | 740258 |  |
| Other payables and accrued expenses | 48310 |  |
| Collateral on securities loaned | 30576051 |  |
| **Total liabilities** |  | 41907562 |
| **Net Assets**  |  | $2663616170 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1309825258 |
| Total accumulated earnings (loss) |  | 1353790912 |
| **Net Assets** |  | $2663616170 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($499,234,051 ÷ 14,901,883 shares) |  | $33.50 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($148,862,583 ÷ 4,508,458 shares) |  | $33.02 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,453,511,403 ÷ 45,114,303 shares) |  | $32.22 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($562,008,133 ÷ 16,897,408 shares) |  | $33.26 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $22305370 |
| Interest  |  | 54530 |
| Income from Fidelity Central Funds (including $26,834 from security lending)  |  | 1795682 |
| **Total income** |  | 24155582 |
| **Expenses** |  |  |
| Management fee | $6030961 |  |
| Distribution and service plan fees | 1742010 |  |
| Custodian fees and expenses | 72153 |  |
| Independent trustees' fees and expenses | 4636 |  |
| Audit fees | 36755 |  |
| Legal | 2349 |  |
| Miscellaneous | 5605 |  |
| Total expenses before reductions | 7894469 |  |
| Expense reductions | (2696) |  |
| Total expenses after reductions |  | 7891773 |
| **Net Investment income (loss)** |  | 16263809 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 105685661 |  |
| Foreign currency transactions | (25038) |  |
| Written options | (1198834) |  |
| Total net realized gain (loss) |  | 104461789 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 137383282 |  |
| Assets and liabilities in foreign currencies | 66005 |  |
| Written options | (95797) |  |
| Total change in net unrealized appreciation (depreciation) |  | 137353490 |
| **Net gain (loss)** |  | 241815279 |
| **Net increase (decrease) in net assets resulting from operations** |  | $258079088 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $16263809 | $29905387 |
| &nbsp;&nbsp;Net realized gain (loss) | 104461789<br>| 170735388<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 137353490 | 260420351<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 258079088<br>| 461061126<br>|
| Distributions to shareholders | (24818759)<br>| (190688973)<br>|
| Share transactions - net increase (decrease) | (13853042)<br>| 9193357<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 219407287<br>| 279565510<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2444208883 | 2164643373<br>|
| &nbsp;&nbsp;End of period | $2663616170 | $2444208883 |

---

**Financial Highlights** 

**VIP Growth & Income Portfolio Initial Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.55 | $27.04 | $24.02 | $26.22 | $22.36 | $22.17 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .23  | .44  | .44  | .42  | .55 C | .42  |
| Net realized and unrealized gain (loss)  | 3.03  | 5.61  | 4.03  | (1.70)  | 5.07  | 1.23  |
| Total from investment operations  | 3.26  | 6.05  | 4.47  | (1.28)  | 5.62  | 1.65  |
| Distributions from net investment income  | - D | (.46)  | (.45)  | (.42)  | (.62)  | (.42)  |
| Distributions from net realized gain  | (.31)  | (2.08)  | (1.00)  | (.50)  | (1.14)  | (1.03)  |
| Total distributions  | (.31)  | (2.54)  | (1.45)  | (.92)  | (1.76)  | (1.46) E |
| Net asset value, end of period  | $33.50 | $30.55 | $27.04 | $24.02 | $26.22 | $22.36 |
| **Total Return** F,G,H | 10.72% <br>| 22.21%  | 18.72%  | (4.95)%  | 25.95%  | 7.85%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .48% K | .49%  | .52%  | .52%  | .52%  | .54%  |
| Expenses net of fee waivers, if any  | .48% K<br>| .49%  | .52%  | .52%  | .52%  | .54%  |
| Expenses net of all reductions, if any  | .48% K | .49%  | .52%  | .52%  | .52%  | .53%  |
| Net investment income (loss)  | 1.48% K | 1.42%  | 1.71%  | 1.68%  | 2.18% C | 2.18%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $499234 | $471051 | $406860 | $367028 | $439309 | $377942 |
| Portfolio turnover rate L | 17% K<br>| 14%  | 15%  | 10%  | 15%  | 26%  |

---

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 $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.55%.*

D*Amount represents less than $.005 per share.*

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

F*Total returns for periods of less than one year are not annualized.*

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

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

I*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.*

J*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.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Growth & Income Portfolio Service Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.13 | $26.70 | $23.73 | $25.91 | $22.12 | $21.95 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .40  | .41  | .39  | .52 C | .40  |
| Net realized and unrealized gain (loss)  | 2.99  | 5.54  | 3.98  | (1.67)  | 5.00  | 1.21  |
| Total from investment operations  | 3.20  | 5.94  | 4.39  | (1.28)  | 5.52  | 1.61  |
| Distributions from net investment income  | - D | (.43)  | (.42)  | (.40)  | (.59)  | (.40)  |
| Distributions from net realized gain  | (.31)  | (2.08)  | (1.00)  | (.50)  | (1.14)  | (1.03)  |
| Total distributions  | (.31)  | (2.51)  | (1.42)  | (.90)  | (1.73)  | (1.44) E |
| Net asset value, end of period  | $33.02 | $30.13 | $26.70 | $23.73 | $25.91 | $22.12 |
| **Total Return** F,G,H | 10.67% <br>| 22.09%  | 18.62%  | (5.02)%  | 25.76%  | 7.74%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .58% K | .59%  | .62%  | .62%  | .62%  | .64%  |
| Expenses net of fee waivers, if any  | .58% K<br>| .59%  | .62%  | .62%  | .62%  | .64%  |
| Expenses net of all reductions, if any  | .58% K | .59%  | .62%  | .62%  | .62%  | .63%  |
| Net investment income (loss)  | 1.38% K | 1.33%  | 1.61%  | 1.58%  | 2.08% C | 2.08%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $148863 | $140796 | $126496 | $116688 | $128601 | $115376 |
| Portfolio turnover rate L | 17% K<br>| 14%  | 15%  | 10%  | 15%  | 26%  |

---

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 $.16 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*Amount represents less than $.005 per share.*

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

F*Total returns for periods of less than one year are not annualized.*

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

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

I*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.*

J*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.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Growth & Income Portfolio Service Class 2**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.43 | $26.13 | $23.26 | $25.42 | $21.72 | $21.58 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .35  | .37  | .34  | .48 C | .37  |
| Net realized and unrealized gain (loss)  | 2.92  | 5.41  | 3.88  | (1.64)  | 4.92  | 1.18  |
| Total from investment operations  | 3.10  | 5.76  | 4.25  | (1.30)  | 5.40  | 1.55  |
| Distributions from net investment income  | - D | (.39)  | (.38)  | (.36)  | (.55)  | (.38)  |
| Distributions from net realized gain  | (.31)  | (2.08)  | (1.00)  | (.50)  | (1.14)  | (1.03)  |
| Total distributions  | (.31)  | (2.46) E | (1.38)  | (.86)  | (1.70) E | (1.41)  |
| Net asset value, end of period  | $32.22 | $29.43 | $26.13 | $23.26 | $25.42 | $21.72 |
| **Total Return** F,G,H | 10.58% <br>| 21.91%  | 18.41%  | (5.17)%  | 25.64%  | 7.59%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .73% K | .74%  | .77%  | .77%  | .77%  | .79%  |
| Expenses net of fee waivers, if any  | .73% K<br>| .74%  | .77%  | .77%  | .77%  | .79%  |
| Expenses net of all reductions, if any  | .73% K | .74%  | .77%  | .77%  | .77%  | .78%  |
| Net investment income (loss)  | 1.23% K | 1.18%  | 1.46%  | 1.43%  | 1.94% C | 1.93%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1453511 | $1322751 | $1206355 | $1071533 | $1137635 | $908013 |
| Portfolio turnover rate L | 17% K<br>| 14%  | 15%  | 10%  | 15%  | 26%  |

---

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 $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.30%.*

D*Amount represents less than $.005 per share.*

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

F*Total returns for periods of less than one year are not annualized.*

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

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

I*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.*

J*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.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Growth & Income Portfolio Investor Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.35 | $26.87 | $23.88 | $26.07 | $22.25 | $22.07 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .22  | .41  | .42  | .40  | .53 C | .41  |
| Net realized and unrealized gain (loss)  | 3.00  | 5.59  | 4.00  | (1.68)  | 5.03  | 1.21  |
| Total from investment operations  | 3.22  | 6.00  | 4.42  | (1.28)  | 5.56  | 1.62  |
| Distributions from net investment income  | - D | (.44)  | (.43)  | (.40)  | (.60)  | (.41)  |
| Distributions from net realized gain  | (.31)  | (2.08)  | (1.00)  | (.50)  | (1.14)  | (1.03)  |
| Total distributions  | (.31)  | (2.52)  | (1.43)  | (.91) E | (1.74)  | (1.44)  |
| Net asset value, end of period  | $33.26 | $30.35 | $26.87 | $23.88 | $26.07 | $22.25 |
| **Total Return** F,G,H | 10.65% <br>| 22.18%  | 18.62%  | (5.01)%  | 25.80%  | 7.76%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .56% K | .57%  | .60%  | .60%  | .60%  | .61%  |
| Expenses net of fee waivers, if any  | .56% K<br>| .57%  | .59%  | .60%  | .60%  | .61%  |
| Expenses net of all reductions, if any  | .56% K | .57%  | .59%  | .60%  | .60%  | .61%  |
| Net investment income (loss)  | 1.40% K | 1.35%  | 1.63%  | 1.60%  | 2.11% C | 2.10%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $562008 | $509612 | $424932 | $378005 | $376272 | $283497 |
| Portfolio turnover rate L | 17% K<br>| 14%  | 15%  | 10%  | 15%  | 26%  |

---

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 $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.48%.*

D*Amount represents less than $.005 per share.*

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

F*Total returns for periods of less than one year are not annualized.*

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

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

I*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.*

J*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.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended June 30, 2025

**1. Organization.**

VIP Growth & Income Portfolio (the Fund) is a fund of Variable Insurance Products Fund III (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales and options transactions.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $1285006254 |
| **Gross unrealized depreciation** | <u>(50029357)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1234976897</u> |
| **Tax cost** | <u>$1465584797</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

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| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Growth & Income Portfolio** | 207673713 | 279929251 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .48 |
| **Service Class** | .48 |
| **Service Class 2** | .48 |
| **Investor Class** | .56 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .47 |
| **Service Class** | .47 |
| **Service Class 2** | .47 |
| **Investor Class** | .55 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

---

| | |
|:---|:---|
| **Service Class** | $70254 |
| **Service Class 2** | <u>1671756</u> |
|  | <u>$1742010</u> |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Growth & Income Portfolio** | 3558 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Growth & Income Portfolio** | 19000080 | 9898246 | 3527332 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Growth & Income Portfolio** | 1949 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Growth & Income Portfolio** | 2939 | - | - |

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2,696.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Growth & Income Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $4627723 | $36427724 |
| Service Class | 1414832 | 10996704 |
| Service Class 2 | 13631139 | 103690665 |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>5145065</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>39573880</u> |
| Total  | <u>$24818759</u> | <u>$190688973</u> |

---

**11. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Growth & Income Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 1167859 | 2264750 | $36066373 | $69778768 |
| Reinvestment of distributions | 145709 | 1167818 | 4627723 | 36427723 |
| Shares redeemed | <u>(1829584)</u> | <u>(3062408)</u> | <u>(56829749)</u> | <u>(94377011)</u> |
| Net increase (decrease) | <u>(516016)</u> | <u>370160</u> | <u>$(16135653)</u> | <u>$11829480</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 74258 | 183227 | $2247359 | $5528758 |
| Reinvestment of distributions | 45173 | 357551 | 1414832 | 10996704 |
| Shares redeemed | <u>(283752)</u> | <u>(606389)</u> | <u>(8675273)</u> | <u>(18123955)</u> |
| Net increase (decrease) | <u>(164321)</u> | <u>(65611)</u> | <u>$(5013082)</u> | <u>$(1598493)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 2351851 | 1819641 | $67610462 | $53646822 |
| Reinvestment of distributions | 445899 | 3452140 | 13631139 | 103690665 |
| Shares redeemed | <u>(2629307)</u> | <u>(6499644)</u> | <u>(77848728)</u> | <u>(189688970)</u> |
| Net increase (decrease) | <u>168443</u> | <u>(1227863)</u> | <u>$3392873</u> | <u>$(32351483)</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 1042563 | 1503853 | $32307723 | $46400139 |
| Reinvestment of distributions | 163128 | 1277034 | 5145065 | 39573880 |
| Shares redeemed | <u>(1101858)</u> | <u>(1799222)</u> | <u>(33549968)</u> | <u>(54660166)</u> |
| Net increase (decrease) | <u>103833</u> | <u>981665</u> | <u>$3902820</u> | <u>$31313853</u> |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders each were owners of record of more than 10% of the outstanding shares as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| VIP Growth & Income Portfolio | 28% | 2 | 52% |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Growth & Income Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Initial Class, the Board considered the effective management fee rate for Initial Class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of Initial Class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Initial Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Initial Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Initial Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img110967_4.jpg)<br>

1.705698.127 VIPGI-SANN-0825

**Fidelity® Variable Insurance Products:**

**VIP Dynamic Capital Appreciation Portfolio**

**Semi-Annual Report**

**June 30, 2025**

![](img110977_1.jpg)

![](img110977_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_VIPDCA-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Dynamic Capital Appreciation Portfolio](#Sub_Sec_Fund_386_VIPDCA-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements386_VIPDCA-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPDCA-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPDCA-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPDCA-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPDCA-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**VIP Dynamic Capital Appreciation Portfolio**

**Schedule of Investments June 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.7%** | &nbsp;&nbsp;**Common Stocks - 97.7%** | &nbsp;&nbsp;**Common Stocks - 97.7%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.7%  |  |  |
| Health Care - 0.7% |  |  |
| Biotechnology - 0.1% |  |  |
| Galapagos NV ADR (b) | 13300 | 372267 |
| Pharmaceuticals - 0.6% |  |  |
| UCB SA  | 8100 | 1592936 |
| TOTAL BELGIUM |  | 1965203 |
| BRAZIL - 1.7%  |  |  |
| Consumer Discretionary - 1.4% |  |  |
| Broadline Retail - 1.4% |  |  |
| MercadoLibre Inc (b) | 1460 | 3815900 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Vale SA ADR  | 81400 | 790394 |
| TOTAL BRAZIL |  | 4606294 |
| CANADA - 2.3%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Dollarama Inc  | 11500 | 1620345 |
| Energy - 1.1% |  |  |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| Canadian Natural Resources Ltd (United States)  | 94200 | 2957880 |
| Information Technology - 0.7% |  |  |
| IT Services - 0.7% |  |  |
| Shopify Inc Class A (United States) (b) | 15900 | 1834065 |
| TOTAL CANADA |  | 6412290 |
| CHINA - 2.0%  |  |  |
| Communication Services - 1.0% |  |  |
| Interactive Media & Services - 1.0% |  |  |
| Tencent Holdings Ltd  | 43100 | 2777175 |
| Consumer Discretionary - 1.0% |  |  |
| Automobiles - 1.0% |  |  |
| BYD Co Ltd H Shares  | 175500 | 2732541 |
| TOTAL CHINA |  | 5509716 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| Chemometec A/S  | 4300 | 396818 |
| GERMANY - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| BioNTech SE ADR (b) | 10400 | 1107288 |
| INDIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| One 97 Communications Ltd (b) | 500 | 5390 |
| ISRAEL - 0.7%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.0% |  |  |
| Gamida Cell Ltd (b)(c) | 75514 | 1 |
| Gamida Cell Ltd warrants 4/21/2028 (b)(c) | 11600 | 0 |
|  |  | 1 |
| Pharmaceuticals - 0.6% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 88800 | 1488288 |
| TOTAL HEALTH CARE |  | 1488289 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Wix.com Ltd (b) | 2300 | 364458 |
| TOTAL ISRAEL |  | 1852747 |
| JAPAN - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Chugai Pharmaceutical Co Ltd  | 21800 | 1138349 |
| NETHERLANDS - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| BE Semiconductor Industries NV  | 13500 | 2020390 |
| TAIWAN - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| eMemory Technology Inc  | 2000 | 161539 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 7700 | 1743973 |
| TOTAL TAIWAN |  | 1905512 |
| UNITED KINGDOM - 0.3%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Immunocore Holdings PLC ADR (b) | 5700 | 178866 |
| Industrials - 0.3% |  |  |
| Professional Services - 0.3% |  |  |
| RELX PLC ADR  | 13700 | 744458 |
| TOTAL UNITED KINGDOM |  | 923324 |
| UNITED STATES - 87.7%  |  |  |
| Communication Services - 6.6% |  |  |
| Entertainment - 2.1% |  |  |
| Live Nation Entertainment Inc (b) | 20400 | 3086112 |
| ROBLOX Corp Class A (b) | 27600 | 2903520 |
|  |  | 5989632 |
| Interactive Media & Services - 4.5% |  |  |
| Alphabet Inc Class A  | 20080 | 3538698 |
| Alphabet Inc Class C  | 24460 | 4338960 |
| Epic Games Inc (b)(c)(d) | 156 | 114799 |
| Meta Platforms Inc Class A  | 5900 | 4354731 |
|  |  | 12347188 |
| TOTAL COMMUNICATION SERVICES |  | 18336820 |
| Consumer Discretionary - 10.2% |  |  |
| Broadline Retail - 5.6% |  |  |
| Amazon.com Inc (b) | 70660 | 15502097 |
| Savers Value Village Inc (b) | 18900 | 192780 |
|  |  | 15694877 |
| Diversified Consumer Services - 0.2% |  |  |
| Duolingo Inc Class A (b) | 1500 | 615030 |
| Hotels, Restaurants & Leisure - 1.8% |  |  |
| Airbnb Inc Class A (b) | 22200 | 2937948 |
| Carnival Corp (b) | 17900 | 503348 |
| Kura Sushi USA Inc Class A (b)(e) | 6400 | 550912 |
| Starbucks Corp  | 11000 | 1007930 |
|  |  | 5000138 |
| Household Durables - 0.7% |  |  |
| DR Horton Inc  | 4900 | 631708 |
| TopBuild Corp (b) | 4000 | 1294960 |
|  |  | 1926668 |
| Specialty Retail - 1.9% |  |  |
| Floor & Decor Holdings Inc Class A (b) | 6000 | 455760 |
| Lowe's Cos Inc  | 21500 | 4770205 |
|  |  | 5225965 |
| TOTAL CONSUMER DISCRETIONARY |  | 28462678 |
| Consumer Staples - 3.8% |  |  |
| Beverages - 2.0% |  |  |
| Coca-Cola Co/The  | 53700 | 3799275 |
| Constellation Brands Inc Class A  | 10000 | 1626800 |
|  |  | 5426075 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Dollar Tree Inc (b) | 8300 | 822032 |
| Personal Care Products - 1.5% |  |  |
| Estee Lauder Cos Inc/The Class A  | 39400 | 3183520 |
| Kenvue Inc  | 52500 | 1098825 |
|  |  | 4282345 |
| TOTAL CONSUMER STAPLES |  | 10530452 |
| Energy - 1.7% |  |  |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| Antero Resources Corp (b) | 24400 | 982832 |
| Cheniere Energy Inc  | 10100 | 2459552 |
| Range Resources Corp  | 31500 | 1281105 |
|  |  | 4723489 |
| Financials - 15.7% |  |  |
| Banks - 2.6% |  |  |
| Huntington Bancshares Inc/OH  | 80100 | 1342476 |
| JPMorgan Chase & Co  | 11000 | 3189010 |
| M&T Bank Corp  | 14500 | 2812855 |
|  |  | 7344341 |
| Capital Markets - 2.9% |  |  |
| Evercore Inc Class A  | 3200 | 864064 |
| Intercontinental Exchange Inc  | 19000 | 3485930 |
| Morgan Stanley  | 27110 | 3818715 |
|  |  | 8168709 |
| Consumer Finance - 1.3% |  |  |
| Capital One Financial Corp  | 16400 | 3489263 |
| Financial Services - 7.4% |  |  |
| Fiserv Inc (b) | 12200 | 2103402 |
| Mastercard Inc Class A  | 17400 | 9777756 |
| Rocket Cos Inc Class A (e) | 80000 | 1134400 |
| Toast Inc Class A (b) | 49800 | 2205642 |
| Visa Inc Class A  | 14800 | 5254740 |
|  |  | 20475940 |
| Insurance - 1.5% |  |  |
| Arthur J Gallagher & Co  | 13457 | 4307855 |
| TOTAL FINANCIALS |  | 43786108 |
| Health Care - 12.3% |  |  |
| Biotechnology - 4.7% |  |  |
| AbbVie Inc  | 14700 | 2728614 |
| Adamas Pharmaceuticals Inc rights (b)(c) | 47000 | 470 |
| Adamas Pharmaceuticals Inc rights (b)(c) | 47000 | 0 |
| Alnylam Pharmaceuticals Inc (b) | 10379 | 3384488 |
| Arcellx Inc (b) | 2300 | 151455 |
| Beam Therapeutics Inc (b) | 21700 | 369117 |
| Biogen Inc (b) | 5300 | 665627 |
| Cytokinetics Inc (b) | 4600 | 151984 |
| Exact Sciences Corp (b) | 46200 | 2455068 |
| Gilead Sciences Inc  | 22500 | 2494575 |
| Hookipa Pharma Inc (b) | 3210 | 4029 |
| Krystal Biotech Inc (b) | 800 | 109968 |
| Moderna Inc (b) | 9400 | 259346 |
| Seres Therapeutics Inc (b)(e) | 545 | 6055 |
| Vor BioPharma Inc (b)(e) | 19984 | 32374 |
| XOMA Royalty Corp (b)(e) | 12400 | 312480 |
|  |  | 13125650 |
| Health Care Equipment & Supplies - 3.3% |  |  |
| Align Technology Inc (b) | 7600 | 1438908 |
| Boston Scientific Corp (b) | 61200 | 6573492 |
| Ceribell Inc  | 2700 | 50571 |
| Penumbra Inc (b) | 4500 | 1154835 |
|  |  | 9217806 |
| Health Care Providers & Services - 2.1% |  |  |
| CVS Health Corp  | 8600 | 593228 |
| HealthEquity Inc (b) | 13700 | 1435212 |
| Humana Inc  | 4300 | 1051264 |
| UnitedHealth Group Inc  | 9200 | 2870124 |
|  |  | 5949828 |
| Health Care Technology - 0.3% |  |  |
| Veeva Systems Inc Class A (b) | 3100 | 892738 |
| Life Sciences Tools & Services - 0.2% |  |  |
| 10X Genomics Inc Class A (b) | 18100 | 209598 |
| Bio-Techne Corp  | 3600 | 185220 |
| Codexis Inc (b) | 35200 | 85888 |
|  |  | 480706 |
| Pharmaceuticals - 1.7% |  |  |
| Eli Lilly & Co  | 1700 | 1325201 |
| Royalty Pharma PLC Class A  | 87300 | 3145419 |
| Zevra Therapeutics Inc (b)(e) | 16800 | 148008 |
|  |  | 4618628 |
| TOTAL HEALTH CARE |  | 34285356 |
| Industrials - 12.2% |  |  |
| Aerospace & Defense - 1.5% |  |  |
| GE Aerospace  | 16000 | 4118240 |
| Loar Holdings Inc (b)(e) | 300 | 25851 |
|  |  | 4144091 |
| Building Products - 0.4% |  |  |
| Simpson Manufacturing Co Inc  | 7900 | 1226949 |
| Electrical Equipment - 1.9% |  |  |
| GE Vernova Inc  | 10275 | 5437016 |
| Machinery - 4.9% |  |  |
| Allison Transmission Holdings Inc  | 24600 | 2336754 |
| Deere & Co  | 10500 | 5339145 |
| Ingersoll Rand Inc  | 35822 | 2979674 |
| Westinghouse Air Brake Technologies Corp  | 13900 | 2909965 |
|  |  | 13565538 |
| Professional Services - 2.6% |  |  |
| Equifax Inc  | 16800 | 4357416 |
| KBR Inc  | 20685 | 991639 |
| UL Solutions Inc Class A (e) | 24600 | 1792356 |
|  |  | 7141411 |
| Trading Companies & Distributors - 0.9% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 12077 | 2639137 |
| TOTAL INDUSTRIALS |  | 34154142 |
| Information Technology - 21.5% |  |  |
| IT Services - 0.3% |  |  |
| Gartner Inc (b) | 2100 | 848862 |
| Semiconductors & Semiconductor Equipment - 8.5% |  |  |
| Astera Labs Inc (b) | 500 | 45210 |
| NVIDIA Corp  | 142070 | 22445640 |
| SiTime Corp (b)(e) | 5300 | 1129324 |
|  |  | 23620174 |
| Software - 10.1% |  |  |
| Appfolio Inc Class A (b) | 600 | 138168 |
| Asapp Inc warrants 8/28/2028 (b)(c)(d) | 61925 | 61925 |
| Circle Internet Group Inc Class A (e) | 400 | 72516 |
| CyberArk Software Ltd (b) | 1400 | 569632 |
| Docusign Inc (b) | 23200 | 1807048 |
| HubSpot Inc (b) | 2400 | 1335912 |
| Microsoft Corp  | 42542 | 21160817 |
| Monday.com Ltd (b) | 2600 | 817648 |
| Nutanix Inc Class A (b) | 4700 | 359268 |
| OpenAI Global LLC rights (b)(c)(d) | 159000 | 233730 |
| Palo Alto Networks Inc (b) | 4200 | 859488 |
| SailPoint Inc  | 1500 | 34290 |
| Zeta Global Holdings Corp Class A (b) | 21800 | 337682 |
| Zscaler Inc (b) | 1300 | 408122 |
|  |  | 28196246 |
| Technology Hardware, Storage & Peripherals - 2.6% |  |  |
| Apple Inc  | 35860 | 7357396 |
| TOTAL INFORMATION TECHNOLOGY |  | 60022678 |
| Materials - 2.9% |  |  |
| Chemicals - 0.5% |  |  |
| Sherwin-Williams Co/The  | 4300 | 1476448 |
| Construction Materials - 1.0% |  |  |
| Eagle Materials Inc  | 1600 | 323376 |
| Martin Marietta Materials Inc  | 4300 | 2360528 |
|  |  | 2683904 |
| Containers & Packaging - 0.7% |  |  |
| International Paper Co  | 42900 | 2009007 |
| Metals & Mining - 0.7% |  |  |
| Carpenter Technology Corp  | 7000 | 1934660 |
| TOTAL MATERIALS |  | 8104019 |
| Real Estate - 0.8% |  |  |
| Real Estate Management & Development - 0.8% |  |  |
| Zillow Group Inc Class A (b) | 6500 | 445185 |
| Zillow Group Inc Class C (b) | 24000 | 1681200 |
|  |  | 2126385 |
| TOTAL UNITED STATES |  | 244532127 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $182,624,175) |  | <br> **272375448** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc 15% (c)(d)(f)<br>(Cost $49,600)<br>| 49600 | **48628** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Series A (b)(c)(d) | 85 | 109984 |
| Canva Inc Series A2 (b)(c)(d) | 15 | 19409 |
| TOTAL AUSTRALIA |  | 129393 |
| UNITED STATES - 0.4%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (b)(c)(d) | 1600 | 20496 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| ElevateBio LLC Series C (b)(c)(d) | 5300 | 10441 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Anduril Industries Inc Series F (c)(d) | 5252 | 214702 |
| Anduril Industries Inc Series G (c)(d) | 300 | 12264 |
|  |  | 226966 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.1% |  |  |
| X.Ai Holdings Corp Series C (c)(d) | 9300 | 340008 |
| Software - 0.1% |  |  |
| Asapp Inc Series C (b)(c)(d) | 17672 | 28098 |
| Asapp Inc Series D (b)(c)(d) | 107931 | 142469 |
|  |  | 170567 |
| TOTAL INFORMATION TECHNOLOGY |  | 510575 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Illuminated Holdings Inc Series C2 (b)(c)(d) | 3438 | 43250 |
| Illuminated Holdings Inc Series C3 (b)(c)(d) | 4298 | 54069 |
| Illuminated Holdings Inc Series C4 (b)(c)(d) | 1252 | 15750 |
| Illuminated Holdings Inc Series C5 (b)(c)(d) | 2617 | 32922 |
|  |  | 145991 |
| TOTAL UNITED STATES |  | 914469 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $1,383,463) |  | <br> **1043862** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc 15% (c)(d)(f)<br>(Cost $66,000)<br>| 66000 | **78718** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.32 | 5162717 | 5163750 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.32 | 2511311 | 2511562 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $7,675,312) |  |  | **7675312** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.9%**<br> (Cost $191,798,550)<br>| <br>**281221968** |
| **NET OTHER ASSETS (LIABILITIES) - (0.9)%**  | **(2391576)** |
| **NET ASSETS - 100.0%** | **278830392** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing

(c) Level 3 security

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,581,662 or 0.6% of net assets.

(e) Security or a portion of the security is on loan at period end.

(f) Security is perpetual in nature with no stated maturity date.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Akeana Series C | 1/23/24 | 20417 |
| Anduril Industries Inc Series F | 8/07/24 | 114161 |
| Anduril Industries Inc Series G | 4/17/25 | 12265 |
| Asapp Inc Series C | 4/30/21 | 116584 |
| Asapp Inc Series D | 8/29/23 | 416776 |
| Asapp Inc warrants 8/28/2028 | 8/29/23 | 0 |
| Canva Inc Series A | 9/22/23 | 90666 |
| Canva Inc Series A2 | 9/22/23 | 16000 |
| ElevateBio LLC Series C | 3/09/21 | 22234 |
| Epic Games Inc | 3/29/21 | 138060 |
| Illuminated Holdings Inc 15% | 6/14/23 | 49600 |
| Illuminated Holdings Inc 15% | 9/27/23 | 66000 |
| Illuminated Holdings Inc Series C2 | 7/07/20 | 85950 |
| Illuminated Holdings Inc Series C3 | 7/07/20 | 128940 |
| Illuminated Holdings Inc Series C4 | 1/08/21 | 45072 |
| Illuminated Holdings Inc Series C5 | 6/16/21 | 113054 |
| OpenAI Global LLC rights | 9/30/24 | 159000 |
| X.Ai Holdings Corp Series C | 11/22/24 | 201345 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 343986 | 37292426 | 32472662 | 94901 | - | - | 5163750 | 5162717 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1309587 | 23520555 | 22318580 | 25865 | - | - | 2511562 | 2511311 | 0.0% |
| Total | 1653573 | 60812981 | 54791242 | 120766 | - | - | 7675312 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 21113995 | 18222021 | 2777175 | 114799 |
| Consumer Discretionary | 36631464 | 33898923 | 2732541 | - |
| Consumer Staples | 10530452 | 10530452 | - | - |
| Energy | 7681369 | 7681369 | - | - |
| Financials | 43791498 | 43791498 | - | - |
| Health Care | 40560169 | 39421349 | 1138349 | 471 |
| Industrials | 34898600 | 34898600 | - | - |
| Information Technology | 66147103 | 65851448 | - | 295655 |
| Materials | 8894413 | 8894413 | - | - |
| Real Estate | 2126385 | 2126385 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Materials | 48628 | - | - | 48628 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 20496 | - | - | 20496 |
| Health Care | 10441 | - | - | 10441 |
| Industrials | 226966 | - | - | 226966 |
| Information Technology | 639968 | - | - | 639968 |
| Materials | 145991 | - | - | 145991 |
|  **Preferred Securities** |  |  |  |  |
| Materials | 78718 | - | - | 78718 |
|  **Money Market Funds** | 7675312 | 7675312 | - | - |
| **Total Investments in Securities:** | 281221968 | 272991770 | 6648065 | 1582133 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,440,236) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $184,123,238) | $273546656 |  |
| Fidelity Central Funds (cost $7,675,312) | 7675312 |  |
| Total Investment in Securities (cost $191,798,550) |  | $281221968 |
| Foreign currency held at value (cost $3,602) |  | 3448 |
| Receivable for fund shares sold |  | 100852 |
| Dividends receivable |  | 165706 |
| Interest receivable |  | 10664 |
| Distributions receivable from Fidelity Central Funds |  | 31895 |
| Other receivables |  | 16 |
| **Total assets** |  | 281534549 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $9960 |  |
| Accrued management fee | 146715 |  |
| Distribution and service plan fees payable | 3469 |  |
| Other payables and accrued expenses | 32638 |  |
| Collateral on securities loaned | 2511375 |  |
| **Total liabilities** |  | 2704157 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $278830392 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $179212255 |
| Total accumulated earnings (loss) |  | 99618137 |
| **Net Assets** |  | $278830392 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($29,561,659 ÷ 1,621,364 shares) |  | $18.23 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($726,209 ÷ 40,757 shares) |  | $17.82 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($16,635,450 ÷ 970,272 shares) |  | $17.15 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($231,907,074 ÷ 12,781,537 shares) |  | $18.14 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $1206424 |
| Interest  |  | 3813 |
| Income from Fidelity Central Funds (including $25,865 from security lending)  |  | 120766 |
| **Total income** |  | 1331003 |
| **Expenses** |  |  |
| Management fee | $863299 |  |
| Distribution and service plan fees | 20445 |  |
| Custodian fees and expenses | 13389 |  |
| Independent trustees' fees and expenses | 514 |  |
| Audit fees | 24561 |  |
| Legal | 2885 |  |
| Miscellaneous | 1979 |  |
| **Total expenses** |  | 927072 |
| **Net Investment income (loss)** |  | 403931 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 10063327 |  |
| Foreign currency transactions | (339) |  |
| Total net realized gain (loss) |  | 10062988 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 6044673 |  |
| Assets and liabilities in foreign currencies | 1136 |  |
| Total change in net unrealized appreciation (depreciation) |  | 6045809 |
| **Net gain (loss)** |  | 16108797 |
| **Net increase (decrease) in net assets resulting from operations** |  | $16512728 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $403931 | $71537 |
| &nbsp;&nbsp;Net realized gain (loss) | 10062988<br>| 44851222<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 6045809 | 13223769<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 16512728<br>| 58146528<br>|
| Distributions to shareholders | (43003721)<br>| (11390788)<br>|
| Share transactions - net increase (decrease) | 25533637<br>| 4391677<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (957356)<br>| 51147417<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 279787748 | 228640331<br>|
| &nbsp;&nbsp;End of period | $278830392 | $279787748 |

---

**Financial Highlights** 

**VIP Dynamic Capital Appreciation Portfolio Initial Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.12 | $16.77 | $13.72 | $19.62 | $17.36 | $13.20 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .03  | .02  | .05  | .07  | .09 C | .03  |
| Net realized and unrealized gain (loss)  | 1.22  | 4.16  | 3.79  | (3.87)  | 3.96  | 4.35  |
| Total from investment operations  | 1.25  | 4.18  | 3.84  | (3.80)  | 4.05  | 4.38  |
| Distributions from net investment income  | (.01)  | (.04)  | (.06)  | (.05)  | (.11) D | (.03)  |
| Distributions from net realized gain  | (3.13)  | (.79)  | (.73)  | (2.05)  | (1.67) D | (.19)  |
| Total distributions  | (3.14)  | (.83)  | (.79)  | (2.10)  | (1.79) E | (.22)  |
| Net asset value, end of period  | $18.23 | $20.12 | $16.77 | $13.72 | $19.62 | $17.36 |
| **Total Return** F,G,H | 6.56% <br>| 25.52%  | 29.07%  | (20.87)%  | 24.63%  | 33.61%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .61% K | .62%  | .66%  | .67%  | .66%  | .68%  |
| Expenses net of fee waivers, if any  | .61% K<br>| .62%  | .65%  | .66%  | .66%  | .68%  |
| Expenses net of all reductions, if any  | .61% K | .62%  | .65%  | .66%  | .66%  | .68%  |
| Net investment income (loss)  | .38% K | .11%  | .32%  | .45%  | .51% C | .19%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $29562 | $29942 | $25072 | $20784 | $30029 | $26104 |
| Portfolio turnover rate L | 34% K<br>| 61%  | 51%  | 55%  | 61%  | 62%  |

---

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 $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .18%.*

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 for periods of less than one year are not annualized.*

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

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

I*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.*

J*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.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Dynamic Capital Appreciation Portfolio Service Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.73 | $16.47 | $13.49 | $19.33 | $17.13 | $13.03 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .02  | - C | .03  | .05  | .08 D | .01  |
| Net realized and unrealized gain (loss)  | 1.21  | 4.08  | 3.73  | (3.80)  | 3.89  | 4.30  |
| Total from investment operations  | 1.23  | 4.08  | 3.76  | (3.75)  | 3.97  | 4.31  |
| Distributions from net investment income  | (.01)  | (.03)  | (.04)  | (.03)  | (.09) E | (.02)  |
| Distributions from net realized gain  | (3.13)  | (.79)  | (.73)  | (2.05)  | (1.67) E | (.19)  |
| Total distributions  | (3.14)  | (.82)  | (.78) F | (2.09) F | (1.77) F | (.21)  |
| Net asset value, end of period  | $17.82 | $19.73 | $16.47 | $13.49 | $19.33 | $17.13 |
| **Total Return** G,H,I | 6.58% <br>| 25.35%  | 28.93%  | (20.94)%  | 24.47%  | 33.48%  |
| **Ratios to Average Net Assets** B,J,K |  |  |  |  |  |  |
| Expenses before reductions  | .71% L | .72%  | .76%  | .77%  | .76%  | .78%  |
| Expenses net of fee waivers, if any  | .71% L<br>| .72%  | .75%  | .76%  | .76%  | .78%  |
| Expenses net of all reductions, if any  | .71% L | .72%  | .75%  | .76%  | .76%  | .78%  |
| Net investment income (loss)  | .29% L | .01%  | .22%  | .35%  | .42% D | .09%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $726 | $586 | $479 | $358 | $445 | $327 |
| Portfolio turnover rate M | 34% L<br>| 61%  | 51%  | 55%  | 61%  | 62%  |

---

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*Amount represents less than $.005 per share.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .08%.*

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

F*Total distributions per share do not sum due to rounding.*

G*Total returns for periods of less than one year are not annualized.*

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

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

J*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.*

K*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.*

L*Annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Dynamic Capital Appreciation Portfolio Service Class 2**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.11 | $15.98 | $13.11 | $18.85 | $16.74 | $12.74 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .01  | (.02)  | .01  | .03  | .05 C | (.01)  |
| Net realized and unrealized gain (loss)  | 1.16  | 3.95  | 3.61  | (3.70)  | 3.79  | 4.21  |
| Total from investment operations  | 1.17  | 3.93  | 3.62  | (3.67)  | 3.84  | 4.20  |
| Distributions from net investment income  | -  | (.01)  | (.02)  | (.02)  | (.05) D | (.01)  |
| Distributions from net realized gain  | (3.13)  | (.79)  | (.73)  | (2.05)  | (1.67) D | (.19)  |
| Total distributions  | (3.13)  | (.80)  | (.75)  | (2.07)  | (1.73) E | (.20)  |
| Net asset value, end of period  | $17.15 | $19.11 | $15.98 | $13.11 | $18.85 | $16.74 |
| **Total Return** F,G,H | 6.49% <br>| 25.19%  | 28.72%  | (21.05)%  | 24.27%  | 33.34%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .86% K | .87%  | .91%  | .92%  | .91%  | .93%  |
| Expenses net of fee waivers, if any  | .86% K<br>| .87%  | .90%  | .91%  | .91%  | .93%  |
| Expenses net of all reductions, if any  | .86% K | .87%  | .90%  | .91%  | .91%  | .93%  |
| Net investment income (loss)  | .13% K | (.14)%  | .07%  | .20%  | .26% C | (.06)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $16635 | $16936 | $15440 | $13739 | $19579 | $18900 |
| Portfolio turnover rate L | 34% K<br>| 61%  | 51%  | 55%  | 61%  | 62%  |

---

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 $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.07)%.*

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 for periods of less than one year are not annualized.*

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

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

I*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.*

J*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.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Dynamic Capital Appreciation Portfolio Investor Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.04 | $16.71 | $13.68 | $19.56 | $17.32 | $13.17 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .03  | .01  | .04  | .06  | .08 C | .02  |
| Net realized and unrealized gain (loss)  | 1.21  | 4.14  | 3.77  | (3.85)  | 3.93  | 4.34  |
| Total from investment operations  | 1.24  | 4.15  | 3.81  | (3.79)  | 4.01  | 4.36  |
| Distributions from net investment income  | (.01)  | (.03)  | (.04)  | (.04)  | (.09) D | (.02)  |
| Distributions from net realized gain  | (3.13)  | (.79)  | (.73)  | (2.05)  | (1.67) D | (.19)  |
| Total distributions  | (3.14)  | (.82)  | (.78) E | (2.09)  | (1.77) E | (.21)  |
| Net asset value, end of period  | $18.14 | $20.04 | $16.71 | $13.68 | $19.56 | $17.32 |
| **Total Return** F,G,H | 6.52% <br>| 25.42%  | 28.92%  | (20.88)%  | 24.46%  | 33.54%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .69% K | .70%  | .74%  | .74%  | .73%  | .76%  |
| Expenses net of fee waivers, if any  | .69% K<br>| .70%  | .73%  | .74%  | .73%  | .76%  |
| Expenses net of all reductions, if any  | .69% K | .70%  | .73%  | .74%  | .73%  | .75%  |
| Net investment income (loss)  | .30% K | .03%  | .24%  | .38%  | .44% C | .12%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $231907 | $232324 | $187650 | $144809 | $203577 | $160175 |
| Portfolio turnover rate L | 34% K<br>| 61%  | 51%  | 55%  | 61%  | 62%  |

---

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 $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .10%.*

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 for periods of less than one year are not annualized.*

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

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

I*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.*

J*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.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended June 30, 2025

**1. Organization.**

VIP Dynamic Capital Appreciation Portfolio (the Fund) is a fund of Variable Insurance Products Fund III (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), contingent interest, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $98458733 |
| **Gross unrealized depreciation** | <u>(9411888)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$89046845</u> |
| **Tax cost** | <u>$192175123</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **VIP Dynamic Capital Appreciation Portfolio** | Anduril Industries, Inc. Class B | 8177 | - |

---

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Dynamic Capital Appreciation Portfolio** | 45510547 | 67590477 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

---

| | |
|:---|:---|
| **Service Class** | $297 |
| **Service Class 2** | <u>20148</u> |
|  | <u>$20445</u> |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Dynamic Capital Appreciation Portfolio** | 636 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Dynamic Capital Appreciation Portfolio** | 1121399 | 5392924 | 1806867 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Dynamic Capital Appreciation Portfolio** | 219 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Dynamic Capital Appreciation Portfolio** | 2955 | 12 | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Dynamic Capital Appreciation Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $4569429 | $1278890 |
| Service Class | 93144 | 23887 |
| Service Class 2 | 2703738 | 757309 |
| Investor Class | <u>35637410</u> | <u>9330702</u> |
| Total  | <u>$43003721</u> | <u>$11390788</u> |

---

**9. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Dynamic Capital Appreciation Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 11859 | 146502 | $213507 | $2672846 |
| Reinvestment of distributions | 256134 | 70625 | 4569429 | 1278890 |
| Shares redeemed | <u>(135071)</u> | <u>(223729)</u> | <u>(2414574)</u> | <u>(4197172)</u> |
| Net increase (decrease) | <u>132922</u> | <u>(6602)</u> | <u>$2368362</u> | <u>$(245436)</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 6010 | 367 | $103926 | $6816 |
| Reinvestment of distributions | 5212 | 1312 | 90890 | 23299 |
| Shares redeemed | <u>(153)</u> | <u>(1090)</u> | <u>(2615)</u> | <u>(20191)</u> |
| Net increase (decrease) | <u>11069</u> | <u>589</u> | <u>$192201</u> | <u>$9924</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 18024 | 72816 | $300127 | $1281455 |
| Reinvestment of distributions | 161033 | 44203 | 2703738 | 757309 |
| Shares redeemed | <u>(95076)</u> | <u>(196947)</u> | <u>(1613127)</u> | <u>(3530373)</u> |
| Net increase (decrease) | <u>83981</u> | <u>(79928)</u> | <u>$1390738</u> | <u>$(1491609)</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 247043 | 1057335 | $4446715 | $19772771 |
| Reinvestment of distributions | 2006611 | 517330 | 35637410 | 9330701 |
| Shares redeemed | <u>(1066521)</u> | <u>(1209906)</u> | <u>(18501789)</u> | <u>(22984674)</u> |
| Net increase (decrease) | <u>1187133</u> | <u>364759</u> | <u>$21582336</u> | <u>$6118798</u> |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment advisor or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

---

| | |
|:---|:---|
|  | **Affiliated %** |
| **VIP Dynamic Capital Appreciation Portfolio** | 93 |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Dynamic Capital Appreciation Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Initial Class, the Board considered the effective management fee rate for Initial Class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of Initial Class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Initial Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Initial Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Initial Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img110977_4.jpg)<br>

1.761772.124 VIPDCA-SANN-0825

**Fidelity® Variable Insurance Products:**

**VIP Balanced Portfolio**

**Semi-Annual Report**

**June 30, 2025**

![](img110984_1.jpg)

![](img110984_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_VIPBAL-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Balanced Portfolio](#Sub_Sec_Fund_616_VIPBAL-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements616_VIPBAL-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPBAL-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPBAL-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPBAL-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPBAL-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**VIP Balanced Portfolio**

**Schedule of Investments June 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 63.3%** | &nbsp;&nbsp;**Common Stocks - 63.3%** | &nbsp;&nbsp;**Common Stocks - 63.3%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Aptiv PLC  | 95200 | 6494544 |
| BELGIUM - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| UCB SA  | 102374 | 20132743 |
| BRAZIL - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Wheaton Precious Metals Corp (United States)  | 34000 | 3053200 |
| CANADA - 0.9%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc  | 123900 | 8218753 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Alimentation Couche-Tard Inc  | 56300 | 2798566 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Athabasca Oil Corp (b) | 1522200 | 6304540 |
| Cameco Corp (United States)  | 42900 | 3184467 |
| Imperial Oil Ltd  | 194100 | 15419672 |
| MEG Energy Corp  | 516400 | 9757277 |
| Meren Energy Inc  | 1399747 | 1716598 |
| South Bow Corp  | 89800 | 2331140 |
|  |  | 38713694 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 7022 | 12674923 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Nutrien Ltd (United States)  | 25700 | 1496768 |
| Metals & Mining - 0.0% |  |  |
| Teck Resources Ltd Class B (United States)  | 36250 | 1463775 |
| TOTAL MATERIALS |  | 2960543 |
| TOTAL CANADA |  | 65366479 |
| CHINA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| BeOne Medicines Ltd ADR (b) | 10746 | 2601284 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (b) | 50300 | 1949628 |
| FRANCE - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| BNP Paribas SA  | 111900 | 10037621 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b) | 14300 | 703274 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| BioNTech SE ADR (b) | 21187 | 2255780 |
| TOTAL GERMANY |  | 2959054 |
| GREECE - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Eurobank Ergasias Services and Holdings SA  | 2436824 | 8393109 |
| Piraeus Financial Holdings SA  | 779418 | 5399638 |
| TOTAL GREECE |  | 13792747 |
| INDIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| HDFC Bank Ltd  | 155455 | 3630609 |
| IRELAND - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| AIB Group PLC  | 693660 | 5724673 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Accenture PLC Class A  | 8600 | 2570454 |
| TOTAL IRELAND |  | 8295127 |
| ISRAEL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd Class A  | 10400 | 692536 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 145694 | 2441831 |
| TOTAL ISRAEL |  | 3134367 |
| KOREA (SOUTH) - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| SK Hynix Inc  | 46880 | 10116328 |
| MAURITIUS - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Jumo World Holding Limited (b)(c)(d) | 176324 | 234511 |
| NETHERLANDS - 0.4%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Argenx SE ADR (b) | 21600 | 11906352 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| NXP Semiconductors NV  | 86123 | 18817014 |
| TOTAL NETHERLANDS |  | 30723366 |
| PORTUGAL - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 104100 | 1905639 |
| SPAIN - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Cellnex Telecom SA (e)(f) | 45135 | 1757477 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco Santander SA  | 1163800 | 9637286 |
| TOTAL SPAIN |  | 11394763 |
| TAIWAN - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 508000 | 18572781 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 78100 | 17688869 |
| TOTAL TAIWAN |  | 36261650 |
| UNITED KINGDOM - 0.3%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Cazoo Group Ltd (b)(c)(d) | 28 | 0 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.0% |  |  |
| Diageo PLC  | 53600 | 1351583 |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 115400 | 5461882 |
| TOTAL CONSUMER STAPLES |  | 6813465 |
| Financials - 0.2% |  |  |
| Banks - 0.0% |  |  |
| Starling Bank Ltd (c) | 756521 | 2513021 |
| Capital Markets - 0.1% |  |  |
| London Stock Exchange Group PLC  | 35782 | 5233018 |
| Insurance - 0.1% |  |  |
| Hiscox Ltd  | 326900 | 5631428 |
| TOTAL FINANCIALS |  | 13377467 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Verona Pharma PLC ADR (b) | 12000 | 1134960 |
| TOTAL UNITED KINGDOM |  | 21325892 |
| UNITED STATES - 60.1%  |  |  |
| Communication Services - 6.7% |  |  |
| Entertainment - 1.3% |  |  |
| Liberty Media Corp-Liberty Formula One Class C (b) | 26700 | 2790150 |
| Live Nation Entertainment Inc (b) | 25600 | 3872768 |
| Netflix Inc (b) | 32658 | 43733308 |
| ROBLOX Corp Class A (b) | 95700 | 10067640 |
| Roku Inc Class A (b) | 42801 | 3761780 |
| Take-Two Interactive Software Inc (b) | 42018 | 10204071 |
| Walt Disney Co/The  | 195900 | 24293559 |
| Warner Bros Discovery Inc (b) | 428000 | 4904880 |
|  |  | 103628156 |
| Interactive Media & Services - 5.2% |  |  |
| Alphabet Inc Class A  | 1268072 | 223472329 |
| Epic Games Inc (b)(c)(d) | 1812 | 1333432 |
| Meta Platforms Inc Class A  | 234942 | 173408341 |
| Reddit Inc Class A (b) | 22100 | 3327597 |
|  |  | 401541699 |
| Media - 0.2% |  |  |
| Charter Communications Inc Class A (b) | 15200 | 6213912 |
| Magnite Inc (b) | 394149 | 9506874 |
|  |  | 15720786 |
| TOTAL COMMUNICATION SERVICES |  | 520890641 |
| Consumer Discretionary - 6.4% |  |  |
| Automobiles - 0.9% |  |  |
| Tesla Inc (b) | 221300 | 70298158 |
| Broadline Retail - 3.1% |  |  |
| Amazon.com Inc (b) | 1087300 | 238542748 |
| Etsy Inc (b) | 37400 | 1875984 |
| Macy's Inc  | 109200 | 1273272 |
|  |  | 241692004 |
| Distributors - 0.0% |  |  |
| LKQ Corp  | 92100 | 3408621 |
| Diversified Consumer Services - 0.1% |  |  |
| Service Corp International/US  | 72100 | 5868940 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Airbnb Inc Class A (b) | 72000 | 9528480 |
| Booking Holdings Inc  | 1300 | 7526012 |
| Caesars Entertainment Inc (b) | 78400 | 2225776 |
| Chipotle Mexican Grill Inc (b) | 75900 | 4261785 |
| Churchill Downs Inc  | 59000 | 5959000 |
| Domino's Pizza Inc  | 12800 | 5767680 |
| DraftKings Inc Class A (b) | 158800 | 6810932 |
| Dutch Bros Inc Class A (b) | 40900 | 2796333 |
| Marriott International Inc/MD Class A1  | 61400 | 16775094 |
| Starbucks Corp  | 41000 | 3756830 |
| Yum! Brands Inc  | 60000 | 8890800 |
|  |  | 74298722 |
| Household Durables - 0.1% |  |  |
| PulteGroup Inc  | 69900 | 7371654 |
| Somnigroup International Inc  | 40800 | 2776440 |
|  |  | 10148094 |
| Specialty Retail - 0.9% |  |  |
| Dick's Sporting Goods Inc  | 15700 | 3105617 |
| Floor & Decor Holdings Inc Class A (b) | 23100 | 1754676 |
| Home Depot Inc/The  | 44508 | 16318413 |
| Lowe's Cos Inc  | 168300 | 37340721 |
| Ross Stores Inc  | 88800 | 11329104 |
| TJX Cos Inc/The  | 16980 | 2096860 |
|  |  | 71945391 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Capri Holdings Ltd (b) | 47900 | 847830 |
| NIKE Inc Class B  | 176030 | 12505171 |
| PVH Corp  | 75500 | 5179300 |
| Tapestry Inc  | 82900 | 7279449 |
|  |  | 25811750 |
| TOTAL CONSUMER DISCRETIONARY |  | 503471680 |
| Consumer Staples - 3.4% |  |  |
| Beverages - 1.0% |  |  |
| Brown-Forman Corp Class B  | 25800 | 694278 |
| Coca-Cola Co/The  | 563200 | 39846400 |
| Constellation Brands Inc Class A  | 48500 | 7889980 |
| Keurig Dr Pepper Inc  | 456217 | 15082534 |
| Monster Beverage Corp (b) | 64652 | 4049801 |
| PepsiCo Inc  | 85700 | 11315828 |
|  |  | 78878821 |
| Consumer Staples Distribution & Retail - 1.2% |  |  |
| Costco Wholesale Corp  | 39940 | 39538204 |
| Kroger Co/The  | 81600 | 5853168 |
| Target Corp  | 80200 | 7911730 |
| Walmart Inc  | 398400 | 38955552 |
|  |  | 92258654 |
| Food Products - 0.3% |  |  |
| Archer-Daniels-Midland Co  | 47500 | 2507050 |
| Bunge Global SA  | 47200 | 3789216 |
| JM Smucker Co  | 32700 | 3211140 |
| Lamb Weston Holdings Inc  | 37965 | 1968485 |
| Mondelez International Inc  | 121600 | 8200704 |
|  |  | 19676595 |
| Household Products - 0.6% |  |  |
| Clorox Co/The  | 4000 | 480280 |
| Procter & Gamble Co/The  | 264200 | 42092344 |
| Reynolds Consumer Products Inc  | 63600 | 1362312 |
|  |  | 43934936 |
| Personal Care Products - 0.1% |  |  |
| Estee Lauder Cos Inc/The Class A  | 75300 | 6084240 |
| Kenvue Inc  | 215100 | 4502043 |
|  |  | 10586283 |
| Tobacco - 0.2% |  |  |
| Philip Morris International Inc  | 91700 | 16701321 |
| TOTAL CONSUMER STAPLES |  | 262036610 |
| Energy - 1.4% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Weatherford International PLC  | 31400 | 1579734 |
| Oil, Gas & Consumable Fuels - 1.4% |  |  |
| ConocoPhillips  | 92400 | 8291976 |
| Expand Energy Corp  | 35800 | 4186452 |
| Exxon Mobil Corp  | 614100 | 66199980 |
| Marathon Petroleum Corp  | 36700 | 6096237 |
| Shell PLC ADR  | 216600 | 15250806 |
| Valero Energy Corp  | 84200 | 11318164 |
|  |  | 111343615 |
| TOTAL ENERGY |  | 112923349 |
| Financials - 7.9% |  |  |
| Banks - 2.6% |  |  |
| Bank of America Corp  | 1214130 | 57452633 |
| Comerica Inc  | 102500 | 6114125 |
| First Horizon Corp  | 298200 | 6321840 |
| JPMorgan Chase & Co  | 92063 | 26689984 |
| KeyCorp  | 296462 | 5164368 |
| M&T Bank Corp  | 37551 | 7284518 |
| Pathward Financial Inc  | 42447 | 3358407 |
| Synovus Financial Corp  | 78000 | 4036500 |
| Truist Financial Corp  | 264869 | 11386718 |
| UMB Financial Corp  | 29613 | 3114103 |
| US Bancorp  | 492175 | 22270919 |
| Wells Fargo & Co  | 624556 | 50039427 |
|  |  | 203233542 |
| Capital Markets - 1.9% |  |  |
| Bank of New York Mellon Corp/The  | 136036 | 12394240 |
| Blackrock Inc  | 26531 | 27837652 |
| Cboe Global Markets Inc  | 33784 | 7878767 |
| Charles Schwab Corp/The  | 345681 | 31539934 |
| DigitalBridge Group Inc Class A  | 97000 | 1003950 |
| Intercontinental Exchange Inc  | 103061 | 18908602 |
| LPL Financial Holdings Inc  | 18286 | 6856701 |
| MarketAxess Holdings Inc  | 65441 | 14615593 |
| Northern Trust Corp  | 88200 | 11182878 |
| State Street Corp  | 65817 | 6998980 |
| StepStone Group Inc rights 12/31/2038 (b)(c) | 2750 | 176385 |
| Tradeweb Markets Inc Class A  | 21420 | 3135888 |
| Virtu Financial Inc Class A  | 172075 | 7707239 |
|  |  | 150236809 |
| Consumer Finance - 0.1% |  |  |
| OneMain Holdings Inc  | 64534 | 3678438 |
| SLM Corp  | 115000 | 3770850 |
|  |  | 7449288 |
| Financial Services - 1.6% |  |  |
| Affirm Holdings Inc Class A (b) | 63822 | 4412653 |
| Apollo Global Management Inc  | 77029 | 10928104 |
| Berkshire Hathaway Inc Class A (b) | 13 | 9474400 |
| Block Inc Class A (b) | 24964 | 1695805 |
| Fiserv Inc (b) | 95370 | 16442742 |
| Mastercard Inc Class A  | 99269 | 55783222 |
| PayPal Holdings Inc (b) | 141500 | 10516280 |
| UWM Holdings Corp Class A  | 597002 | 2471588 |
| Visa Inc Class A  | 20263 | 7194378 |
| Voya Financial Inc  | 76083 | 5401893 |
|  |  | 124321065 |
| Insurance - 1.7% |  |  |
| American Financial Group Inc/OH  | 54500 | 6878445 |
| Arthur J Gallagher & Co  | 56300 | 18022756 |
| Brighthouse Financial Inc (b) | 63600 | 3419772 |
| Chubb Ltd  | 106814 | 30946152 |
| Hartford Insurance Group Inc/The  | 139715 | 17725642 |
| Marsh & McLennan Cos Inc  | 99063 | 21659134 |
| Travelers Companies Inc/The  | 65222 | 17449494 |
| Unum Group  | 56528 | 4565201 |
| Willis Towers Watson PLC  | 36697 | 11247631 |
|  |  | 131914227 |
| TOTAL FINANCIALS |  | 617154931 |
| Health Care - 5.4% |  |  |
| Biotechnology - 1.3% |  |  |
| AbbVie Inc  | 213610 | 39650289 |
| Alnylam Pharmaceuticals Inc (b) | 39800 | 12978382 |
| BioMarin Pharmaceutical Inc (b) | 48200 | 2649554 |
| Exact Sciences Corp (b) | 47508 | 2524575 |
| Gilead Sciences Inc  | 305004 | 33815793 |
| Insmed Inc (b) | 23400 | 2354976 |
| Nuvalent Inc Class A (b) | 31100 | 2372930 |
| Ultragenyx Pharmaceutical Inc (b) | 25000 | 909000 |
| Vertex Pharmaceuticals Inc (b) | 14100 | 6277320 |
|  |  | 103532819 |
| Health Care Equipment & Supplies - 1.8% |  |  |
| Abbott Laboratories  | 165400 | 22496054 |
| Baxter International Inc  | 354200 | 10725176 |
| Boston Scientific Corp (b) | 399054 | 42862390 |
| Insulet Corp (b) | 37200 | 11687496 |
| Intuitive Surgical Inc (b) | 26794 | 14560128 |
| Masimo Corp (b) | 41968 | 7059857 |
| Penumbra Inc (b) | 27600 | 7082988 |
| Stryker Corp  | 60000 | 23737800 |
|  |  | 140211889 |
| Health Care Providers & Services - 1.0% |  |  |
| Cencora Inc  | 79140 | 23730129 |
| CVS Health Corp  | 268100 | 18493538 |
| HealthEquity Inc (b) | 24400 | 2556144 |
| Molina Healthcare Inc (b) | 21083 | 6280626 |
| Tenet Healthcare Corp (b) | 75728 | 13328128 |
| UnitedHealth Group Inc  | 39097 | 12197091 |
|  |  | 76585656 |
| Health Care Technology - 0.1% |  |  |
| Veeva Systems Inc Class A (b) | 19000 | 5471619 |
| Life Sciences Tools & Services - 0.3% |  |  |
| Danaher Corp  | 110323 | 21793205 |
| IQVIA Holdings Inc (b) | 17200 | 2710548 |
|  |  | 24503753 |
| Pharmaceuticals - 0.9% |  |  |
| Eli Lilly & Co  | 67628 | 52718055 |
| Merck & Co Inc  | 58142 | 4602521 |
| Pfizer Inc  | 485000 | 11756400 |
|  |  | 69076976 |
| TOTAL HEALTH CARE |  | 419382712 |
| Industrials - 5.5% |  |  |
| Aerospace & Defense - 1.9% |  |  |
| Boeing Co (b) | 120847 | 25321072 |
| GE Aerospace  | 164389 | 42312085 |
| Howmet Aerospace Inc  | 111100 | 20679043 |
| Lockheed Martin Corp  | 42970 | 19901126 |
| Northrop Grumman Corp  | 20470 | 10234591 |
| RTX Corp  | 48777 | 7122418 |
| Space Exploration Technologies Corp (b)(c)(d) | 17096 | 3162760 |
| Space Exploration Technologies Corp Class C (b)(c)(d) | 2104 | 389239 |
| TransDigm Group Inc  | 12300 | 18703872 |
|  |  | 147826206 |
| Building Products - 0.5% |  |  |
| Trane Technologies PLC  | 91194 | 39889168 |
| Commercial Services & Supplies - 0.3% |  |  |
| Cintas Corp  | 49700 | 11076639 |
| Republic Services Inc  | 43100 | 10628891 |
|  |  | 21705530 |
| Construction & Engineering - 0.2% |  |  |
| Quanta Services Inc  | 34500 | 13043760 |
| Electrical Equipment - 0.8% |  |  |
| AMETEK Inc  | 110853 | 20059959 |
| Eaton Corp PLC  | 44700 | 15957452 |
| GE Vernova Inc  | 55097 | 29154578 |
|  |  | 65171989 |
| Ground Transportation - 0.7% |  |  |
| CSX Corp  | 339462 | 11076645 |
| Old Dominion Freight Line Inc  | 53500 | 8683050 |
| Uber Technologies Inc (b) | 230700 | 21524310 |
| Union Pacific Corp  | 43100 | 9916448 |
|  |  | 51200453 |
| Machinery - 0.9% |  |  |
| Deere & Co  | 20800 | 10576592 |
| Dover Corp  | 59500 | 10902185 |
| Ingersoll Rand Inc  | 131000 | 10896580 |
| Parker-Hannifin Corp  | 41301 | 28847509 |
| Westinghouse Air Brake Technologies Corp  | 46300 | 9692905 |
|  |  | 70915771 |
| Professional Services - 0.0% |  |  |
| Verisk Analytics Inc  | 34400 | 10715600 |
| Trading Companies & Distributors - 0.2% |  |  |
| Fastenal Co  | 181800 | 7635600 |
| United Rentals Inc  | 5900 | 4445060 |
|  |  | 12080660 |
| TOTAL INDUSTRIALS |  | 432549137 |
| Information Technology - 19.7% |  |  |
| Communications Equipment - 1.1% |  |  |
| Arista Networks Inc  | 199774 | 20438878 |
| Cisco Systems Inc  | 950952 | 65977050 |
| Motorola Solutions Inc  | 7400 | 3111404 |
|  |  | 89527332 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Amphenol Corp Class A  | 118183 | 11670571 |
| IT Services - 0.2% |  |  |
| Gartner Inc (b) | 39924 | 16138079 |
| Semiconductors & Semiconductor Equipment - 7.8% |  |  |
| Advanced Micro Devices Inc (b) | 7200 | 1021680 |
| Analog Devices Inc  | 179405 | 42701978 |
| Astera Labs Inc (b) | 2229 | 201546 |
| Broadcom Inc  | 363425 | 100178101 |
| First Solar Inc (b) | 4200 | 695268 |
| Marvell Technology Inc  | 233472 | 18070733 |
| Micron Technology Inc  | 268400 | 33080300 |
| NVIDIA Corp  | 2561886 | 404752370 |
|  |  | 600701976 |
| Software - 6.2% |  |  |
| Cadence Design Systems Inc (b) | 55561 | 17121122 |
| Circle Internet Group Inc (d)(g) | 104946 | 19025660 |
| HubSpot Inc (b) | 14900 | 8293787 |
| Intuit Inc  | 3300 | 2599179 |
| Microsoft Corp  | 828000 | 411855480 |
| OpenAI Global LLC rights (b)(c)(d) | 434455 | 638649 |
| Oracle Corp  | 23459 | 5128841 |
| Palantir Technologies Inc Class A (b) | 18200 | 2481024 |
| Servicenow Inc (b) | 4900 | 5037592 |
| Stripe Inc Class B (b)(c)(d) | 19953 | 708332 |
| Synopsys Inc (b) | 5800 | 2973544 |
|  |  | 475863210 |
| Technology Hardware, Storage & Peripherals - 4.3% |  |  |
| Apple Inc  | 1632063 | 334850366 |
| TOTAL INFORMATION TECHNOLOGY |  | 1528751534 |
| Materials - 1.1% |  |  |
| Chemicals - 0.8% |  |  |
| Air Products and Chemicals Inc  | 22703 | 6403608 |
| Axalta Coating Systems Ltd (b) | 71600 | 2125804 |
| Balchem Corp  | 14600 | 2324320 |
| Chemours Co/The  | 71400 | 817530 |
| Corteva Inc  | 81500 | 6074195 |
| Dow Inc  | 21100 | 558728 |
| Ecolab Inc  | 38100 | 10265664 |
| Element Solutions Inc  | 63600 | 1440540 |
| Linde PLC  | 46970 | 22037385 |
| Mosaic Co/The  | 136200 | 4968576 |
| Sherwin-Williams Co/The  | 11400 | 3914304 |
|  |  | 60930654 |
| Construction Materials - 0.0% |  |  |
| Martin Marietta Materials Inc  | 8984 | 4931856 |
| Containers & Packaging - 0.1% |  |  |
| AptarGroup Inc  | 14100 | 2205663 |
| International Paper Co  | 87700 | 4106991 |
|  |  | 6312654 |
| Metals & Mining - 0.2% |  |  |
| Freeport-McMoRan Inc  | 91051 | 3947061 |
| Newmont Corp  | 86200 | 5022012 |
| Nucor Corp  | 32300 | 4184142 |
|  |  | 13153215 |
| TOTAL MATERIALS |  | 85328379 |
| Real Estate - 1.2% |  |  |
| Health Care REITs - 0.2% |  |  |
| CareTrust REIT Inc  | 43000 | 1315800 |
| Ventas Inc  | 55200 | 3485880 |
| Welltower Inc  | 69900 | 10745727 |
|  |  | 15547407 |
| Industrial REITs - 0.1% |  |  |
| Prologis Inc  | 50400 | 5298048 |
| Terreno Realty Corp  | 47900 | 2685753 |
|  |  | 7983801 |
| Office REITs - 0.0% |  |  |
| COPT Defense Properties  | 83000 | 2289140 |
| Kilroy Realty Corp  | 58700 | 2013996 |
|  |  | 4303136 |
| Real Estate Management & Development - 0.1% |  |  |
| CBRE Group Inc Class A (b) | 35200 | 4932224 |
| Residential REITs - 0.1% |  |  |
| Camden Property Trust  | 31600 | 3561004 |
| Invitation Homes Inc  | 175200 | 5746560 |
| Sun Communities Inc  | 18800 | 2378012 |
|  |  | 11685576 |
| Retail REITs - 0.1% |  |  |
| Curbline Properties Corp  | 88350 | 2017031 |
| Macerich Co/The  | 155200 | 2511136 |
| NNN REIT Inc  | 56600 | 2443988 |
| Tanger Inc  | 66100 | 2021338 |
|  |  | 8993493 |
| Specialized REITs - 0.6% |  |  |
| American Tower Corp  | 67500 | 14918850 |
| CubeSmart  | 91600 | 3893000 |
| Digital Realty Trust Inc  | 37100 | 6467643 |
| Equinix Inc  | 10800 | 8591076 |
| Extra Space Storage Inc  | 1511 | 222782 |
| Four Corners Property Trust Inc  | 42900 | 1154439 |
| Iron Mountain Inc  | 30600 | 3138642 |
| Public Storage Operating Co  | 17100 | 5017482 |
|  |  | 43403914 |
| TOTAL REAL ESTATE |  | 96849551 |
| Utilities - 1.4% |  |  |
| Electric Utilities - 1.0% |  |  |
| Constellation Energy Corp  | 36778 | 11870467 |
| Duke Energy Corp  | 90400 | 10667200 |
| Entergy Corp  | 70966 | 5898694 |
| Evergy Inc  | 60800 | 4190944 |
| Exelon Corp  | 161000 | 6990620 |
| NextEra Energy Inc  | 220404 | 15300446 |
| NRG Energy Inc  | 27900 | 4480182 |
| PG&E Corp  | 281819 | 3928557 |
| PPL Corp  | 134400 | 4554816 |
| Southern Co/The  | 35146 | 3227457 |
| TXNM Energy Inc  | 24100 | 1357312 |
| Xcel Energy Inc  | 69900 | 4760190 |
|  |  | 77226885 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The  | 24700 | 259844 |
| Vistra Corp  | 50819 | 9849230 |
|  |  | 10109074 |
| Multi-Utilities - 0.3% |  |  |
| Ameren Corp  | 52200 | 5013288 |
| CenterPoint Energy Inc  | 133600 | 4908464 |
| NiSource Inc  | 91700 | 3699178 |
| Sempra  | 100296 | 7599428 |
|  |  | 21220358 |
| TOTAL UTILITIES |  | 108556317 |
| TOTAL UNITED STATES |  | 4687894841 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (b) | 196100 | 3483502 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,660,954,117) |  | <br> **4944787895** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| ByteDance Ltd Series E1 (b)(c)(d) | 21701 | 4758595 |
| ESTONIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bolt Technology OU Series E (b)(c)(d) | 6283 | 1312578 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 65770 | 110494 |
| UNITED STATES - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Waymo LLC Series C2 (c)(d) | 5806 | 479053 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| ABL Space Systems Co Series A8 (c)(d) | 20155 | 8667 |
| ABL Space Systems Co Series A9 (c)(d) | 9157 | 3937 |
|  |  | 12604 |
| Construction & Engineering - 0.0% |  |  |
| Beta Technologies Inc Series A (b)(c)(d) | 7264 | 831510 |
| TOTAL INDUSTRIALS |  | 844114 |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.0% |  |  |
| Astranis Space Technologies Corp Series C (b)(c)(d) | 60816 | 785135 |
| IT Services - 0.0% |  |  |
| Gupshup Inc (b)(c)(d) | 59838 | 283034 |
| Software - 0.1% |  |  |
| Algolia Inc Series D (b)(c)(d) | 28064 | 529006 |
| Databricks Inc Series G (b)(c)(d) | 4461 | 502130 |
| Databricks Inc Series H (b)(c)(d) | 18642 | 2098344 |
| Skyryse Inc Series B (b)(c)(d) | 50000 | 1437000 |
| Stripe Inc Series H (b)(c)(d) | 19876 | 705598 |
|  |  | 5272078 |
| TOTAL INFORMATION TECHNOLOGY |  | 6340247 |
| TOTAL UNITED STATES |  | 7663414 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $14,066,302) |  | <br> **13845081** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 35.6%** | &nbsp;&nbsp;**Fixed-Income Funds - 35.6%** | &nbsp;&nbsp;**Fixed-Income Funds - 35.6%** |
|  | Shares | Value ($)<br>|
| Fidelity VIP Investment Grade Central Fund (h)<br>(Cost $3,008,885,904)<br>| 29765146 | **2782743499** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| Checkr Inc Series E (b)(c)<br>(Cost $1,571,886)<br>| 87327 | **715207** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (i) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 7/10/2025  | 4.25 to 4.26 | 1090000 | 1088858 |
| US Treasury Bills 0% 7/3/2025  | 4.22 | 740000 | 739828 |
| US Treasury Bills 0% 8/21/2025 (j) | 4.27 | 2240000 | 2226296 |
| US Treasury Bills 0% 8/7/2025  | 4.27 to 4.32 | 630000 | 627248 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $4,682,536) |  |  | **4682230** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (k)<br>(Cost $62,612,010)<br>| 4.32 | 62599998 | **62612518** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $5,752,772,755)<br>| <br>**7809386430** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(2468084)** |
| **NET ASSETS - 100.0%** | **7806918346** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME S&P 500 Index Contracts (United States) | 76 | Sep 2025 | 23764250 | 624439 | 624439 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing

(c) Level 3 security

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $39,337,664 or 0.5% of net assets.

(e) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,757,477 or 0.0% of net assets.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,757,477 or 0.0% of net assets.

(g) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $19,025,660 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(i) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(j) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,659,783.

(k) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ABL Space Systems Co Series A8 | 3/24/21 | 799967 |
| ABL Space Systems Co Series A9 | 10/22/21 | 556752 |
| Algolia Inc Series D | 7/23/21 | 820733 |
| Astranis Space Technologies Corp Series C | 3/19/21 | 1333143 |
| Beta Technologies Inc Series A | 4/09/21 | 532233 |
| Bolt Technology OU Series E | 1/03/22 | 1632301 |
| ByteDance Ltd Series E1 | 11/18/20 | 2377869 |
| Cazoo Group Ltd | 3/28/21 | 455871 |
| Circle Internet Group Inc | 5/11/21 - 5/09/22 | 2658713 |
| Databricks Inc Series G | 2/01/21 | 263746 |
| Databricks Inc Series H | 8/31/21 | 1369891 |
| Epic Games Inc | 3/29/21 | 1603620 |
| Gupshup Inc | 6/08/21 | 1368208 |
| Jumo World Holding Limited | 9/06/23 | 1499092 |
| OpenAI Global LLC rights | 9/30/24 | 434455 |
| Skyryse Inc Series B | 10/21/21 | 1233999 |
| Space Exploration Technologies Corp | 2/16/21 - 12/09/24 | 731743 |
| Space Exploration Technologies Corp Class C | 12/09/24 | 389240 |
| Stripe Inc Class B | 5/18/21 | 800682 |
| Stripe Inc Series H | 3/15/21 - 5/25/23 | 797525 |
| Waymo LLC Series C2 | 10/18/24 | 454037 |
| Xsight Labs Ltd Series D | 2/16/21 | 525897 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Circle Internet Group Inc | 12/2/2025 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 70748027 | 745632551 | 753768060 | 1793191 | - | - | 62612518 | 62599998 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 515200 | 31398510 | 31913710 | 1367 | - | - | - | - | 0.0% |
| Fidelity VIP Investment Grade Central Fund | 2573112775 | 213267913 | 62439998 | 56787867 | (10873361) | 69676170 | 2782743499 | 29765146 | 89.2% |
| Total | 2644376002 | 990298974 | 848121768 | 58582425 | (10873361) | 69676170 | 2845356017 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 522648118 | 519557209 | 1757477 | 1333432 |
| Consumer Discretionary | 520837879 | 520837879 | - | - |
| Consumer Staples | 271648641 | 270297058 | 1351583 | - |
| Energy | 153542682 | 151637043 | 1905639 | - |
| Financials | 686957304 | 639608042 | 44425345 | 2923917 |
| Health Care | 459855662 | 459855662 | - | - |
| Industrials | 432549137 | 428997138 | - | 3551999 |
| Information Technology | 1596516980 | 1576597218 | 18572781 | 1346981 |
| Materials | 94825624 | 94825624 | - | - |
| Real Estate | 96849551 | 96849551 | - | - |
| Utilities | 108556317 | 108556317 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 4758595 | - | - | 4758595 |
| Consumer Discretionary | 479053 | - | - | 479053 |
| Industrials | 844114 | - | - | 844114 |
| Information Technology | 7763319 | - | - | 7763319 |
|  **Fixed-Income Funds** | 2782743499 | 2782743499 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Industrials | 715207 | - | - | 715207 |
|  **U.S. Treasury Obligations** | 4682230 | - | 4682230 | - |
|  **Money Market Funds** | 62612518 | 62612518 | - | - |
| **Total Investments in Securities:** | 7809386430 | 7712974758 | 72695055 | 23716617 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 624439 | 624439 | - | - |
| Total Assets | 624439 | 624439 | - | - |
| **Total Derivative Instruments:** | 624439 | 624439 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 624439 | 0 |
| **Total Equity Risk**  | 624439 | 0 |
| **Total Value of Derivatives** | 624439 | 0 |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,681,274,841) | $4964030413 |  |
| Fidelity Central Funds (cost $3,071,497,914) | 2845356017 |  |
| Total Investment in Securities (cost $5,752,772,755) |  | $7809386430 |
| Cash |  | 26249 |
| Foreign currency held at value (cost $22,464) |  | 22467 |
| Receivable for investments sold |  | 5652309 |
| Receivable for fund shares sold |  | 2146754 |
| Dividends receivable |  | 3391685 |
| Distributions receivable from Fidelity Central Funds |  | 276113 |
| Receivable for daily variation margin on futures contracts |  | 114000 |
| Other receivables |  | 11414 |
| **Total assets** |  | 7821027421 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $8779452 |  |
| Payable for fund shares redeemed | 1598042 |  |
| Accrued management fee | 2905267 |  |
| Distribution and service plan fees payable | 624259 |  |
| Other payables and accrued expenses | 202055 |  |
| **Total liabilities** |  | 14109075 |
| **Net Assets**  |  | $7806918346 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5535134054 |
| Total accumulated earnings (loss) |  | 2271784292 |
| **Net Assets** |  | $7806918346 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($295,556,596 ÷ 12,027,113 shares) |  | $24.57 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($40,367,166 ÷ 1,661,823 shares) |  | $24.29 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,052,251,295 ÷ 129,378,549 shares) |  | $23.59 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,418,743,289 ÷ 182,230,769 shares) |  | $24.25 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $29027292 |
| Interest  |  | 81506 |
| Income from Fidelity Central Funds (including $1,367 from security lending)  |  | 58582425 |
| **Total income** |  | 87691223 |
| **Expenses** |  |  |
| Management fee | $17122537 |  |
| Distribution and service plan fees | 3648740 |  |
| Custodian fees and expenses | 101430 |  |
| Independent trustees' fees and expenses | 14240 |  |
| Audit fees | 41819 |  |
| Legal | 8932 |  |
| Miscellaneous | 18973 |  |
| **Total expenses** |  | 20956671 |
| **Net Investment income (loss)** |  | 66734552 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $3,832)  | 173631926 |  |
| Fidelity Central Funds | (10873361) |  |
| Foreign currency transactions | (36427) |  |
| Futures contracts | (2346510) |  |
| Total net realized gain (loss) |  | 160375628 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $66,617)  | 86621904 |  |
| Fidelity Central Funds  | 69676170 |  |
| Assets and liabilities in foreign currencies | 53462 |  |
| Futures contracts | 1934974 |  |
| Total change in net unrealized appreciation (depreciation) |  | 158286510 |
| **Net gain (loss)** |  | 318662138 |
| **Net increase (decrease) in net assets resulting from operations** |  | $385396690 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $66734552 | $125939245 |
| &nbsp;&nbsp;Net realized gain (loss) | 160375628<br>| 414176137<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 158286510 | 517806277<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 385396690<br>| 1057921659<br>|
| Distributions to shareholders | (408727726)<br>| (362420010)<br>|
| Share transactions - net increase (decrease) | 195277735<br>| 103542165<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 171946699<br>| 799043814<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 7634971647 | 6835927833<br>|
| &nbsp;&nbsp;End of period | $7806918346 | $7634971647 |

---

**Financial Highlights** 

**VIP Balanced Portfolio Initial Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.61 | $22.32 | $19.38 | $25.29 | $23.29 | $19.55 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .23  | .44  | .38  | .28  | .25  | .29  |
| Net realized and unrealized gain (loss)  | 1.03  | 3.04  | 3.67  | (4.62)  | 3.79  | 4.02  |
| Total from investment operations  | 1.26  | 3.48  | 4.05  | (4.34)  | 4.04  | 4.31  |
| Distributions from net investment income  | (.06)  | (.43) C | (.36)  | (.27)  | (.23)  | (.30)  |
| Distributions from net realized gain  | (1.25)  | (.76) C | (.75)  | (1.30)  | (1.81)  | (.28)  |
| Total distributions  | (1.30) D | (1.19)  | (1.11)  | (1.57)  | (2.04)  | (.57) D |
| Net asset value, end of period  | $24.57 | $24.61 | $22.32 | $19.38 | $25.29 | $23.29 |
| **Total Return** E,F,G | 5.26% <br>| 15.92%  | 21.53%  | (17.94)%  | 18.26%  | 22.39%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .42% J | .43%  | .46%  | .47%  | .46%  | .48%  |
| Expenses net of fee waivers, if any  | .42% J<br>| .42%  | .46%  | .46%  | .46%  | .48%  |
| Expenses net of all reductions, if any  | .42% J | .42%  | .46%  | .46%  | .46%  | .47%  |
| Net investment income (loss)  | 1.92% J | 1.86%  | 1.83%  | 1.32%  | 1.01%  | 1.45%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $295557 | $295718 | $301809 | $266447 | $332976 | $271384 |
| Portfolio turnover rate K | 46% J<br>| 33%  | 28%  | 37%  | 33%  | 62%  |

---

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

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

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.*

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*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Balanced Portfolio Service Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.35 | $22.10 | $19.20 | $25.07 | $23.11 | $19.40 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .41  | .35  | .25  | .22  | .27  |
| Net realized and unrealized gain (loss)  | 1.03  | 3.02  | 3.64  | (4.57)  | 3.76  | 4.00  |
| Total from investment operations  | 1.24  | 3.43  | 3.99  | (4.32)  | 3.98  | 4.27  |
| Distributions from net investment income  | (.05)  | (.42) C | (.34)  | (.25)  | (.21)  | (.28)  |
| Distributions from net realized gain  | (1.25)  | (.76) C | (.75)  | (1.30)  | (1.81)  | (.28)  |
| Total distributions  | (1.30)  | (1.18)  | (1.09)  | (1.55)  | (2.02)  | (.56)  |
| Net asset value, end of period  | $24.29 | $24.35 | $22.10 | $19.20 | $25.07 | $23.11 |
| **Total Return** D,E,F | 5.21% <br>| 15.83%  | 21.40%  | (18.02)%  | 18.13%  | 22.32%  |
| **Ratios to Average Net Assets** A,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .52% I | .53%  | .56%  | .57%  | .56%  | .58%  |
| Expenses net of fee waivers, if any  | .52% I<br>| .52%  | .56%  | .56%  | .56%  | .58%  |
| Expenses net of all reductions, if any  | .52% I | .52%  | .56%  | .56%  | .56%  | .57%  |
| Net investment income (loss)  | 1.82% I | 1.75%  | 1.73%  | 1.22%  | .91%  | 1.35%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $40367 | $39995 | $36925 | $35778 | $41039 | $30072 |
| Portfolio turnover rate J | 46% I<br>| 33%  | 28%  | 37%  | 33%  | 62%  |

---

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

D*Total returns for periods of less than one year are not annualized.*

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*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*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*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Balanced Portfolio Service Class 2**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.69 | $21.55 | $18.74 | $24.52 | $22.64 | $19.02 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .19  | .37  | .32  | .22  | .18  | .24  |
| Net realized and unrealized gain (loss)  | 1.00  | 2.92  | 3.55  | (4.48)  | 3.68  | 3.91  |
| Total from investment operations  | 1.19  | 3.29  | 3.87  | (4.26)  | 3.86  | 4.15  |
| Distributions from net investment income  | (.05)  | (.39) C | (.31)  | (.22)  | (.18)  | (.25)  |
| Distributions from net realized gain  | (1.25)  | (.76) C | (.75) B | (1.30)  | (1.81)  | (.28)  |
| Total distributions  | (1.29) D | (1.15)  | (1.06)  | (1.52)  | (1.98) D | (.53)  |
| Net asset value, end of period  | $23.59 | $23.69 | $21.55 | $18.74 | $24.52 | $22.64 |
| **Total Return** E,F,G | 5.16% <br>| 15.58%  | 21.29%  | (18.19)%  | 17.99%  | 22.13%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .67% J | .68%  | .71%  | .72%  | .71%  | .73%  |
| Expenses net of fee waivers, if any  | .67% J<br>| .67%  | .71%  | .71%  | .71%  | .73%  |
| Expenses net of all reductions, if any  | .67% J | .67%  | .71%  | .71%  | .71%  | .72%  |
| Net investment income (loss)  | 1.67% J | 1.60%  | 1.58%  | 1.07%  | .76%  | 1.20%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3052251 | $2940840 | $2564995 | $2104753 | $2562199 | $1985175 |
| Portfolio turnover rate K | 46% J<br>| 33%  | 28%  | 37%  | 33%  | 62%  |

---

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

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

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.*

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*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Balanced Portfolio Investor Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.30 | $22.06 | $19.17 | $25.04 | $23.08 | $19.37 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .42  | .36  | .26  | .22  | .27  |
| Net realized and unrealized gain (loss)  | 1.04  | 3.00  | 3.63  | (4.58)  | 3.76  | 4.00  |
| Total from investment operations  | 1.25  | 3.42  | 3.99  | (4.32)  | 3.98  | 4.27  |
| Distributions from net investment income  | (.06)  | (.42) C | (.35)  | (.25)  | (.21)  | (.28)  |
| Distributions from net realized gain  | (1.25)  | (.76) C | (.75)  | (1.30)  | (1.81)  | (.28)  |
| Total distributions  | (1.30) D | (1.18)  | (1.10)  | (1.55)  | (2.02)  | (.56)  |
| Net asset value, end of period  | $24.25 | $24.30 | $22.06 | $19.17 | $25.04 | $23.08 |
| **Total Return** E,F,G | 5.27% <br>| 15.83%  | 21.42%  | (18.03)%  | 18.17%  | 22.35%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .49% J | .50%  | .54%  | .54%  | .54%  | .56%  |
| Expenses net of fee waivers, if any  | .49% J<br>| .50%  | .53%  | .54%  | .54%  | .55%  |
| Expenses net of all reductions, if any  | .49% J | .50%  | .53%  | .54%  | .54%  | .55%  |
| Net investment income (loss)  | 1.85% J | 1.78%  | 1.75%  | 1.25%  | .93%  | 1.37%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4418743 | $4358418 | $3932199 | $3435461 | $4478013 | $3696708 |
| Portfolio turnover rate K | 46% J<br>| 33%  | 28%  | 37%  | 33%  | 62%  |

---

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

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

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.*

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*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended June 30, 2025

**1. Organization.**

VIP Balanced Portfolio (the Fund) is a fund of Variable Insurance Products Fund III (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity VIP Investment Grade Central Fund | Fidelity Management & Research Company LLC (FMR) | Seeks a high level of current income by normally investing in investment-grade debt securities and repurchase agreements. | Delayed Delivery & When Issued Securities<br> Restricted Securities | Less than .005% |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

An unaudited holdings listing for the investing fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $2360649538 |
| **Gross unrealized depreciation** | <u>(326342877)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2034306661</u> |
| **Tax cost** | <u>$5775704208</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Balanced Portfolio** | 1701718579 | 1835331810 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .43 |
| **Service Class** | .43 |
| **Service Class 2** | .43 |
| **Investor Class** | .50 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .42 |
| **Service Class** | .42 |
| **Service Class 2** | .42 |
| **Investor Class** | .49 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

---

| | |
|:---|:---|
| **Service Class** | $19362 |
| **Service Class 2** | <u>3629378</u> |
|  | <u>$3648740</u> |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Balanced Portfolio** | 35355 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Balanced Portfolio** | 61896847 | 100350048 | 8526285 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Balanced Portfolio** | 6010 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Balanced Portfolio** | 146 | - | - |

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**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Balanced Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $15432168 | $15306912 |
| Service Class | 2086517 | 1880843 |
| Service Class 2 | 159888405 | 136922667 |
| Investor Class | <u>231320636</u> | <u>208309588</u> |
| Total  | <u>$408727726</u> | <u>$362420010</u> |

---

**10. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Balanced Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 221473 | 990913 | $5225178 | $23463288 |
| Reinvestment of distributions | 643007 | 656503 | 15432168 | 15306912 |
| Shares redeemed | <u>(854899)</u> | <u>(3151878)</u> | <u>(19965794)</u> | <u>(75739141)</u> |
| Net increase (decrease) | <u>9581</u> | <u>(1504462)</u> | <u>$691552</u> | <u>$(36968941)</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 107018 | 287124 | $2507094 | $6680506 |
| Reinvestment of distributions | 87890 | 81199 | 2086517 | 1880843 |
| Shares redeemed | <u>(175850)</u> | <u>(396146)</u> | <u>(4127240)</u> | <u>(9130385)</u> |
| Net increase (decrease) | <u>19058</u> | <u>(27823)</u> | <u>$466371</u> | <u>$(569036)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 6210865 | 13676011 | $139157842 | $314737252 |
| Reinvestment of distributions | 6930577 | 6079799 | 159888405 | 136922667 |
| Shares redeemed | <u>(7881977)</u> | <u>(14689256)</u> | <u>(177838775)</u> | <u>(335793638)</u> |
| Net increase (decrease) | <u>5259465</u> | <u>5066554</u> | <u>$121207472</u> | <u>$115866281</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 847831 | 3014741 | $20214525 | $71335529 |
| Reinvestment of distributions | 9764484 | 9013735 | 231320636 | 208309588 |
| Shares redeemed | <u>(7716902)</u> | <u>(10905887)</u> | <u>(178622821)</u> | <u>(254431256)</u> |
| Net increase (decrease) | <u>2895413</u> | <u>1122589</u> | <u>$72912340</u> | <u>$25213861</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number ofUnaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| VIP Balanced Portfolio | 59% | 1 | 18% |

---

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Balanced Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Investor Class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Investor Class, the Board considered the effective management fee rate for Investor Class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of Investor Class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Investor Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Investor Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Investor Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Investor Class ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Investor Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img110984_4.jpg)<br>

1.705697.127 VIPBAL-SANN-0825

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the Variable Insurance Products Fund III's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Variable Insurance Products Fund III's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Variable Insurance Products Fund III

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Variable Insurance Products Fund III;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Variable Insurance Products Fund III;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Variable Insurance Products Fund III (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>