# EDGAR Filing Document

**Accession Number:** 0000927384
**File Stem:** 0000927384-26-000005
**Filing Date:** 2026-2
**Character Count:** 800739
**Document Hash:** 7f4ea162d89fb9b872008eb1d2a79ec8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000927384-26-000005.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0000927384-26-000005

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 101

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**EFFECTIVENESS DATE**: 20260220

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07205
- **FILM NUMBER:** 26657318

**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, Massachusetts 02210</u>

(Address of principal executive offices) (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>

---

| | |
|:---|:---|
| Date of fiscal year end: | December 31 |
| Date of reporting period: | December 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Value Strategies Portfolio<br> **VIP Value Strategies Portfolio Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Value Strategies Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $87  | 0.84% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within industrials, where our stock picks in capital goods hurt most. Also hurting our result was stock picking in health care and financials.

• The biggest individual relative detractor was an overweight in Acadia Healthcare (-64%). This period we increased our stake in Acadia Healthcare. A second notable relative detractor was an overweight in Molina Healthcare (-41%). This period we increased our stake in Molina Healthcare. The company was among the fund's largest holdings this period. Another notable relative detractor was an overweight in Global Payments (-31%). The company was one of our largest holdings this period.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in information technology, primarily within the technology hardware & equipment industry. Picks and an underweight in real estate, primarily within the equity real estate investment trusts industry, also boosted relative performance. Also contributing to our result were stock picks in energy.

• The top individual relative contributor was an overweight in Sandisk (+388%). This was an investment we established this period. The company was among the fund's largest holdings at period end. The second-largest relative contributor was an overweight in Western Digital (+240%). This was an investment we established this period. The stock was the fund's largest holding at period end. A non-benchmark stake in CVS Health gained 83% and notably helped. The stock was among our biggest holdings, though we trimmed our stake this period.

• Notable changes in positioning include higher allocations to the health care and information technology sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10927<br>| $13013<br>| $10736<br>| $14396<br>| $15551<br>| $20736<br>| $19212<br>| $23171<br>| $25294<br>| $27242<br>|
| Russell Midcap® Value Index<br>| $10000 | $12000<br>| $13601<br>| $11930<br>| $15158<br>| $15910<br>| $20419<br>| $17962<br>| $20246<br>| $22892<br>| $25421<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123262_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 7.70% | 11.87% | 10.54% |
| Russell Midcap® Value Index | 11.05%<br>| 9.83%<br>| 9.78% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $950516371<br>|
| Number of Holdings | 113<br>|
| Total Advisory Fee | $5457924<br>|
| Portfolio Turnover | 62%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 18.8 |
| Financials | 17.0 |
| Consumer Discretionary | 10.9 |
| Information Technology | 9.0 |
| Health Care | 8.9 |
| Energy | 7.6 |
| Real Estate | 7.0 |
| Materials | 6.5 |
| Utilities | 5.4 |
| Consumer Staples | 4.8 |
| Communication Services | 2.1 |

---

Common Stocks 98.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1023_20251231_AA.jpg) <br>|

---

Common Stocks - 98.0&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) - 2.0 <br>

---

| | |
|:---|:---|
| United States | 92.6 |
| Canada | 3.7 |
| Puerto Rico | 1.0 |
| Zambia | 0.9 |
| Portugal | 0.8 |
| Hong Kong | 0.6 |
| Spain | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1023_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.7&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;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 - 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;Portugal - 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;Hong Kong - 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;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**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 2.5<br>|
| Sandisk Corp/DE | 2.1<br>|
| First Solar Inc | 1.6<br>|
| CVS Health Corp | 1.4<br>|
| Sempra | 1.3<br>|
| First Citizens BancShares Inc/NC Class A | 1.3<br>|
| Imperial Oil Ltd | 1.3<br>|
| Weatherford International PLC | 1.2<br>|
| OneMain Holdings Inc | 1.2<br>|
| Lithia Motors Inc Class A | 1.2<br>|
|  | 15.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img1023_20251231_2.jpg)<br>| ![](img123262_3.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> 1.9914244.101 1026-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Value Strategies Portfolio<br> **VIP Value Strategies Portfolio Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Value Strategies Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $72  | 0.69% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within industrials, where our stock picks in capital goods hurt most. Also hurting our result was stock picking in health care and financials.

• The biggest individual relative detractor was an overweight in Acadia Healthcare (-64%). This period we increased our stake in Acadia Healthcare. A second notable relative detractor was an overweight in Molina Healthcare (-41%). This period we increased our stake in Molina Healthcare. The company was among the fund's largest holdings this period. Another notable relative detractor was an overweight in Global Payments (-31%). The company was one of our largest holdings this period.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in information technology, primarily within the technology hardware & equipment industry. Picks and an underweight in real estate, primarily within the equity real estate investment trusts industry, also boosted relative performance. Also contributing to our result were stock picks in energy.

• The top individual relative contributor was an overweight in Sandisk (+388%). This was an investment we established this period. The company was among the fund's largest holdings at period end. The second-largest relative contributor was an overweight in Western Digital (+240%). This was an investment we established this period. The stock was the fund's largest holding at period end. A non-benchmark stake in CVS Health gained 83% and notably helped. The stock was among our biggest holdings, though we trimmed our stake this period.

• Notable changes in positioning include higher allocations to the health care and information technology sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10948<br>| $13051<br>| $10789<br>| $14489<br>| $15674<br>| $20921<br>| $19416<br>| $23449<br>| $25624<br>| $27651<br>|
| Russell Midcap® Value Index<br>| $10000 | $12000<br>| $13601<br>| $11930<br>| $15158<br>| $15910<br>| $20419<br>| $17962<br>| $20246<br>| $22892<br>| $25421<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123263_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 7.91% | 12.02% | 10.71% |
| Russell Midcap® Value Index | 11.05%<br>| 9.83%<br>| 9.78% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $950516371<br>|
| Number of Holdings | 113<br>|
| Total Advisory Fee | $5457924<br>|
| Portfolio Turnover | 62%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 18.8 |
| Financials | 17.0 |
| Consumer Discretionary | 10.9 |
| Information Technology | 9.0 |
| Health Care | 8.9 |
| Energy | 7.6 |
| Real Estate | 7.0 |
| Materials | 6.5 |
| Utilities | 5.4 |
| Consumer Staples | 4.8 |
| Communication Services | 2.1 |

---

Common Stocks 98.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1023_20251231_AA.jpg) <br>|

---

Common Stocks - 98.0&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) - 2.0 <br>

---

| | |
|:---|:---|
| United States | 92.6 |
| Canada | 3.7 |
| Puerto Rico | 1.0 |
| Zambia | 0.9 |
| Portugal | 0.8 |
| Hong Kong | 0.6 |
| Spain | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1023_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.7&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;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 - 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;Portugal - 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;Hong Kong - 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;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**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 2.5<br>|
| Sandisk Corp/DE | 2.1<br>|
| First Solar Inc | 1.6<br>|
| CVS Health Corp | 1.4<br>|
| Sempra | 1.3<br>|
| First Citizens BancShares Inc/NC Class A | 1.3<br>|
| Imperial Oil Ltd | 1.3<br>|
| Weatherford International PLC | 1.2<br>|
| OneMain Holdings Inc | 1.2<br>|
| Lithia Motors Inc Class A | 1.2<br>|
|  | 15.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img1023_20251231_2.jpg)<br>| ![](img123263_3.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> 1.9914243.101 1025-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Value Strategies Portfolio<br> **VIP Value Strategies Portfolio Investor Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Value Strategies Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $69  | 0.66% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within industrials, where our stock picks in capital goods hurt most. Also hurting our result was stock picking in health care and financials.

• The biggest individual relative detractor was an overweight in Acadia Healthcare (-64%). This period we increased our stake in Acadia Healthcare. A second notable relative detractor was an overweight in Molina Healthcare (-41%). This period we increased our stake in Molina Healthcare. The company was among the fund's largest holdings this period. Another notable relative detractor was an overweight in Global Payments (-31%). The company was one of our largest holdings this period.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in information technology, primarily within the technology hardware & equipment industry. Picks and an underweight in real estate, primarily within the equity real estate investment trusts industry, also boosted relative performance. Also contributing to our result were stock picks in energy.

• The top individual relative contributor was an overweight in Sandisk (+388%). This was an investment we established this period. The company was among the fund's largest holdings at period end. The second-largest relative contributor was an overweight in Western Digital (+240%). This was an investment we established this period. The stock was the fund's largest holding at period end. A non-benchmark stake in CVS Health gained 83% and notably helped. The stock was among our biggest holdings, though we trimmed our stake this period.

• Notable changes in positioning include higher allocations to the health care and information technology sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10953<br>| $13067<br>| $10797<br>| $14498<br>| $15696<br>| $20951<br>| $19462<br>| $23499<br>| $25701<br>| $27730<br>|
| Russell Midcap® Value Index<br>| $10000 | $12000<br>| $13601<br>| $11930<br>| $15158<br>| $15910<br>| $20419<br>| $17962<br>| $20246<br>| $22892<br>| $25421<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123264_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 7.89% | 12.06% | 10.74% |
| Russell Midcap® Value Index | 11.05%<br>| 9.83%<br>| 9.78% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $950516371<br>|
| Number of Holdings | 113<br>|
| Total Advisory Fee | $5457924<br>|
| Portfolio Turnover | 62%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 18.8 |
| Financials | 17.0 |
| Consumer Discretionary | 10.9 |
| Information Technology | 9.0 |
| Health Care | 8.9 |
| Energy | 7.6 |
| Real Estate | 7.0 |
| Materials | 6.5 |
| Utilities | 5.4 |
| Consumer Staples | 4.8 |
| Communication Services | 2.1 |

---

Common Stocks 98.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1023_20251231_AA.jpg) <br>|

---

Common Stocks - 98.0&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) - 2.0 <br>

---

| | |
|:---|:---|
| United States | 92.6 |
| Canada | 3.7 |
| Puerto Rico | 1.0 |
| Zambia | 0.9 |
| Portugal | 0.8 |
| Hong Kong | 0.6 |
| Spain | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1023_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.7&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;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 - 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;Portugal - 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;Hong Kong - 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;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**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 2.5<br>|
| Sandisk Corp/DE | 2.1<br>|
| First Solar Inc | 1.6<br>|
| CVS Health Corp | 1.4<br>|
| Sempra | 1.3<br>|
| First Citizens BancShares Inc/NC Class A | 1.3<br>|
| Imperial Oil Ltd | 1.3<br>|
| Weatherford International PLC | 1.2<br>|
| OneMain Holdings Inc | 1.2<br>|
| Lithia Motors Inc Class A | 1.2<br>|
|  | 15.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img1023_20251231_2.jpg)<br>| ![](img123264_3.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> 1.9914245.101 1467-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Value Strategies Portfolio<br> **VIP Value Strategies Portfolio Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Value Strategies Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $61  | 0.59% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within industrials, where our stock picks in capital goods hurt most. Also hurting our result was stock picking in health care and financials.

• The biggest individual relative detractor was an overweight in Acadia Healthcare (-64%). This period we increased our stake in Acadia Healthcare. A second notable relative detractor was an overweight in Molina Healthcare (-41%). This period we increased our stake in Molina Healthcare. The company was among the fund's largest holdings this period. Another notable relative detractor was an overweight in Global Payments (-31%). The company was one of our largest holdings this period.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in information technology, primarily within the technology hardware & equipment industry. Picks and an underweight in real estate, primarily within the equity real estate investment trusts industry, also boosted relative performance. Also contributing to our result were stock picks in energy.

• The top individual relative contributor was an overweight in Sandisk (+388%). This was an investment we established this period. The company was among the fund's largest holdings at period end. The second-largest relative contributor was an overweight in Western Digital (+240%). This was an investment we established this period. The stock was the fund's largest holding at period end. A non-benchmark stake in CVS Health gained 83% and notably helped. The stock was among our biggest holdings, though we trimmed our stake this period.

• Notable changes in positioning include higher allocations to the health care and information technology sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10962<br>| $13084<br>| $10818<br>| $14553<br>| $15755<br>| $21048<br>| $19570<br>| $23650<br>| $25873<br>| $27939<br>|
| Russell Midcap® Value Index<br>| $10000 | $12000<br>| $13601<br>| $11930<br>| $15158<br>| $15910<br>| $20419<br>| $17962<br>| $20246<br>| $22892<br>| $25421<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123265_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 7.99% | 12.14% | 10.82% |
| Russell Midcap® Value Index | 11.05%<br>| 9.83%<br>| 9.78% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $950516371<br>|
| Number of Holdings | 113<br>|
| Total Advisory Fee | $5457924<br>|
| Portfolio Turnover | 62%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 18.8 |
| Financials | 17.0 |
| Consumer Discretionary | 10.9 |
| Information Technology | 9.0 |
| Health Care | 8.9 |
| Energy | 7.6 |
| Real Estate | 7.0 |
| Materials | 6.5 |
| Utilities | 5.4 |
| Consumer Staples | 4.8 |
| Communication Services | 2.1 |

---

Common Stocks 98.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1023_20251231_AA.jpg) <br>|

---

Common Stocks - 98.0&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) - 2.0 <br>

---

| | |
|:---|:---|
| United States | 92.6 |
| Canada | 3.7 |
| Puerto Rico | 1.0 |
| Zambia | 0.9 |
| Portugal | 0.8 |
| Hong Kong | 0.6 |
| Spain | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1023_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.7&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;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 - 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;Portugal - 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;Hong Kong - 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;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**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 2.5<br>|
| Sandisk Corp/DE | 2.1<br>|
| First Solar Inc | 1.6<br>|
| CVS Health Corp | 1.4<br>|
| Sempra | 1.3<br>|
| First Citizens BancShares Inc/NC Class A | 1.3<br>|
| Imperial Oil Ltd | 1.3<br>|
| Weatherford International PLC | 1.2<br>|
| OneMain Holdings Inc | 1.2<br>|
| Lithia Motors Inc Class A | 1.2<br>|
|  | 15.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img1023_20251231_2.jpg)<br>| ![](img123265_3.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> 1.9914242.101 1024-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Mid Cap Portfolio<br> **VIP Mid Cap Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP Mid Cap Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $85  | 0.80% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by the information technology sector, where our picks in the technology hardware & equipment industry helped most. Investment choices in health care and consumer discretionary also boosted the fund's relative result.

• The top individual relative contributor was an overweight in Lumentum Holdings (+349%), a position we established in 2025 and the fund's largest holding at period end. A non-benchmark stake in Western Digital (+284%) also helped. This period we increased our stake in the stock, making it one of the fund's largest holdings on December 31. Another notable relative contributor was an overweight in Comfort Systems USA (+117%), also one our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was stock selection in communication services, primarily within the media & entertainment industry. Picks in materials also hampered the fund's return, as did investment choices and an overweight in utilities.

• The largest individual relative detractor this period was avoiding Ciena, a benchmark component that gained 176%. Untimely ownership of Onto Innovation (-49%) hurt as well. We established this position during the year and sold it by year-end. Another notable relative detractor was our non-benchmark stake in Wix.com (-45%), which was no longer held at period end.

• Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to energy stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $11192<br>| $13491<br>| $11498<br>| $14162<br>| $16693<br>| $20917<br>| $17786<br>| $20419<br>| $23926<br>| $26675<br>|
| S&P MidCap 400® Index<br>| $10000 | $12074<br>| $14035<br>| $12480<br>| $15749<br>| $17900<br>| $22332<br>| $19416<br>| $22607<br>| $25756<br>| $27688<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123296_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 11.49% | 9.83% | 10.31% |
| S&P MidCap 400® Index | 7.50%<br>| 9.12%<br>| 10.72% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7832367120<br>|
| Number of Holdings | 177<br>|
| Total Advisory Fee | $40976246<br>|
| Portfolio Turnover | 61%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.2 |
| Information Technology | 18.0 |
| Financials | 16.7 |
| Consumer Discretionary | 11.9 |
| Health Care | 10.2 |
| Real Estate | 5.5 |
| Materials | 3.5 |
| Consumer Staples | 3.2 |
| Utilities | 3.1 |
| Energy | 2.9 |
| Communication Services | 1.6 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img772_20251231_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 93.6 |
| Canada | 2.4 |
| Belgium | 0.8 |
| Brazil | 0.7 |
| Taiwan | 0.7 |
| Germany | 0.4 |
| Thailand | 0.4 |
| France | 0.3 |
| Japan | 0.2 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img772_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.4&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;Belgium - 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;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;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;Germany - 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;Thailand - 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;France - 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;Japan - 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;Others - 0.5&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Lumentum Holdings Inc | 3.1<br>|
| Western Digital Corp | 2.3<br>|
| Coherent Corp | 2.1<br>|
| Comfort Systems USA Inc | 1.9<br>|
| ATI Inc | 1.6<br>|
| ITT Inc | 1.6<br>|
| East West Bancorp Inc | 1.6<br>|
| Twilio Inc Class A | 1.5<br>|
| EMCOR Group Inc | 1.5<br>|
| RB Global Inc (United States) | 1.4<br>|
|  | 18.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img772_20251231_2.jpg)<br>| ![](img123296_3.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> 1.9914239.101 387-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Mid Cap Portfolio<br> **VIP Mid Cap Portfolio Service Class true** <br>|

---

This annual shareholder report contains information about VIP Mid Cap Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $69  | 0.65% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by the information technology sector, where our picks in the technology hardware & equipment industry helped most. Investment choices in health care and consumer discretionary also boosted the fund's relative result.

• The top individual relative contributor was an overweight in Lumentum Holdings (+349%), a position we established in 2025 and the fund's largest holding at period end. A non-benchmark stake in Western Digital (+284%) also helped. This period we increased our stake in the stock, making it one of the fund's largest holdings on December 31. Another notable relative contributor was an overweight in Comfort Systems USA (+117%), also one our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was stock selection in communication services, primarily within the media & entertainment industry. Picks in materials also hampered the fund's return, as did investment choices and an overweight in utilities.

• The largest individual relative detractor this period was avoiding Ciena, a benchmark component that gained 176%. Untimely ownership of Onto Innovation (-49%) hurt as well. We established this position during the year and sold it by year-end. Another notable relative detractor was our non-benchmark stake in Wix.com (-45%), which was no longer held at period end.

• Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to energy stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $11211<br>| $13532<br>| $11551<br>| $14248<br>| $16819<br>| $21108<br>| $17973<br>| $20669<br>| $24256<br>| $27085<br>|
| S&P MidCap 400® Index<br>| $10000 | $12074<br>| $14035<br>| $12480<br>| $15749<br>| $17900<br>| $22332<br>| $19416<br>| $22607<br>| $25756<br>| $27688<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123297_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 11.66% | 10.00% | 10.48% |
| S&P MidCap 400® Index | 7.50%<br>| 9.12%<br>| 10.72% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7832367120<br>|
| Number of Holdings | 177<br>|
| Total Advisory Fee | $40976246<br>|
| Portfolio Turnover | 61%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.2 |
| Information Technology | 18.0 |
| Financials | 16.7 |
| Consumer Discretionary | 11.9 |
| Health Care | 10.2 |
| Real Estate | 5.5 |
| Materials | 3.5 |
| Consumer Staples | 3.2 |
| Utilities | 3.1 |
| Energy | 2.9 |
| Communication Services | 1.6 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img772_20251231_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 93.6 |
| Canada | 2.4 |
| Belgium | 0.8 |
| Brazil | 0.7 |
| Taiwan | 0.7 |
| Germany | 0.4 |
| Thailand | 0.4 |
| France | 0.3 |
| Japan | 0.2 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img772_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.4&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;Belgium - 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;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;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;Germany - 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;Thailand - 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;France - 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;Japan - 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;Others - 0.5&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Lumentum Holdings Inc | 3.1<br>|
| Western Digital Corp | 2.3<br>|
| Coherent Corp | 2.1<br>|
| Comfort Systems USA Inc | 1.9<br>|
| ATI Inc | 1.6<br>|
| ITT Inc | 1.6<br>|
| East West Bancorp Inc | 1.6<br>|
| Twilio Inc Class A | 1.5<br>|
| EMCOR Group Inc | 1.5<br>|
| RB Global Inc (United States) | 1.4<br>|
|  | 18.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img772_20251231_2.jpg)<br>| ![](img123297_3.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> 1.9914241.101 773-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Mid Cap Portfolio<br> **VIP Mid Cap Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP Mid Cap Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $66  | 0.63% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by the information technology sector, where our picks in the technology hardware & equipment industry helped most. Investment choices in health care and consumer discretionary also boosted the fund's relative result.

• The top individual relative contributor was an overweight in Lumentum Holdings (+349%), a position we established in 2025 and the fund's largest holding at period end. A non-benchmark stake in Western Digital (+284%) also helped. This period we increased our stake in the stock, making it one of the fund's largest holdings on December 31. Another notable relative contributor was an overweight in Comfort Systems USA (+117%), also one our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was stock selection in communication services, primarily within the media & entertainment industry. Picks in materials also hampered the fund's return, as did investment choices and an overweight in utilities.

• The largest individual relative detractor this period was avoiding Ciena, a benchmark component that gained 176%. Untimely ownership of Onto Innovation (-49%) hurt as well. We established this position during the year and sold it by year-end. Another notable relative detractor was our non-benchmark stake in Wix.com (-45%), which was no longer held at period end.

• Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to energy stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $11213<br>| $13537<br>| $11561<br>| $14260<br>| $16838<br>| $21138<br>| $18004<br>| $20705<br>| $24309<br>| $27148<br>|
| S&P MidCap 400® Index<br>| $10000 | $12074<br>| $14035<br>| $12480<br>| $15749<br>| $17900<br>| $22332<br>| $19416<br>| $22607<br>| $25756<br>| $27688<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123298_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 11.68% | 10.02% | 10.50% |
| S&P MidCap 400® Index | 7.50%<br>| 9.12%<br>| 10.72% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7832367120<br>|
| Number of Holdings | 177<br>|
| Total Advisory Fee | $40976246<br>|
| Portfolio Turnover | 61%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.2 |
| Information Technology | 18.0 |
| Financials | 16.7 |
| Consumer Discretionary | 11.9 |
| Health Care | 10.2 |
| Real Estate | 5.5 |
| Materials | 3.5 |
| Consumer Staples | 3.2 |
| Utilities | 3.1 |
| Energy | 2.9 |
| Communication Services | 1.6 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img772_20251231_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 93.6 |
| Canada | 2.4 |
| Belgium | 0.8 |
| Brazil | 0.7 |
| Taiwan | 0.7 |
| Germany | 0.4 |
| Thailand | 0.4 |
| France | 0.3 |
| Japan | 0.2 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img772_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.4&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;Belgium - 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;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;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;Germany - 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;Thailand - 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;France - 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;Japan - 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;Others - 0.5&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Lumentum Holdings Inc | 3.1<br>|
| Western Digital Corp | 2.3<br>|
| Coherent Corp | 2.1<br>|
| Comfort Systems USA Inc | 1.9<br>|
| ATI Inc | 1.6<br>|
| ITT Inc | 1.6<br>|
| East West Bancorp Inc | 1.6<br>|
| Twilio Inc Class A | 1.5<br>|
| EMCOR Group Inc | 1.5<br>|
| RB Global Inc (United States) | 1.4<br>|
|  | 18.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img772_20251231_2.jpg)<br>| ![](img123298_3.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> 1.9914238.101 1466-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Mid Cap Portfolio<br> **VIP Mid Cap Portfolio Initial Class true** <br>|

---

This annual shareholder report contains information about VIP Mid Cap Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $58  | 0.55% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P MidCap 400 Index for the fiscal year, led by the information technology sector, where our picks in the technology hardware & equipment industry helped most. Investment choices in health care and consumer discretionary also boosted the fund's relative result.

• The top individual relative contributor was an overweight in Lumentum Holdings (+349%), a position we established in 2025 and the fund's largest holding at period end. A non-benchmark stake in Western Digital (+284%) also helped. This period we increased our stake in the stock, making it one of the fund's largest holdings on December 31. Another notable relative contributor was an overweight in Comfort Systems USA (+117%), also one our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was stock selection in communication services, primarily within the media & entertainment industry. Picks in materials also hampered the fund's return, as did investment choices and an overweight in utilities.

• The largest individual relative detractor this period was avoiding Ciena, a benchmark component that gained 176%. Untimely ownership of Onto Innovation (-49%) hurt as well. We established this position during the year and sold it by year-end. Another notable relative detractor was our non-benchmark stake in Wix.com (-45%), which was no longer held at period end.

• Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to energy stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $11223<br>| $13559<br>| $11588<br>| $14305<br>| $16907<br>| $21235<br>| $18104<br>| $20834<br>| $24478<br>| $27355<br>|
| S&P MidCap 400® Index<br>| $10000 | $12074<br>| $14035<br>| $12480<br>| $15749<br>| $17900<br>| $22332<br>| $19416<br>| $22607<br>| $25756<br>| $27688<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123299_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 11.75% | 10.10% | 10.59% |
| S&P MidCap 400® Index | 7.50%<br>| 9.12%<br>| 10.72% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7832367120<br>|
| Number of Holdings | 177<br>|
| Total Advisory Fee | $40976246<br>|
| Portfolio Turnover | 61%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.2 |
| Information Technology | 18.0 |
| Financials | 16.7 |
| Consumer Discretionary | 11.9 |
| Health Care | 10.2 |
| Real Estate | 5.5 |
| Materials | 3.5 |
| Consumer Staples | 3.2 |
| Utilities | 3.1 |
| Energy | 2.9 |
| Communication Services | 1.6 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img772_20251231_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 93.6 |
| Canada | 2.4 |
| Belgium | 0.8 |
| Brazil | 0.7 |
| Taiwan | 0.7 |
| Germany | 0.4 |
| Thailand | 0.4 |
| France | 0.3 |
| Japan | 0.2 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img772_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.4&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;Belgium - 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;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;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;Germany - 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;Thailand - 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;France - 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;Japan - 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;Others - 0.5&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Lumentum Holdings Inc | 3.1<br>|
| Western Digital Corp | 2.3<br>|
| Coherent Corp | 2.1<br>|
| Comfort Systems USA Inc | 1.9<br>|
| ATI Inc | 1.6<br>|
| ITT Inc | 1.6<br>|
| East West Bancorp Inc | 1.6<br>|
| Twilio Inc Class A | 1.5<br>|
| EMCOR Group Inc | 1.5<br>|
| RB Global Inc (United States) | 1.4<br>|
|  | 18.6 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img772_20251231_2.jpg)<br>| ![](img123299_3.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> 1.9914240.101 772-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Growth Opportunities Portfolio<br> **VIP Growth Opportunities Portfolio Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Growth Opportunities Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $90  | 0.81% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark, the Russell 1000 Growth Index, for the year, led by information technology, primarily within the software & services industry. Stock picks in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also boosted the fund's relative performance, as did an overweight in communication services.

• The top individual relative contributor was an overweight in Carvana (+108%). A second notable relative contributor was an overweight in AppLovin (+103%). Another notable relative contributor was a non-benchmark stake in Space Exploration Technologies (+116%).

• In contrast, the biggest detractor from performance versus the benchmark was security selection in financials. Our picks in communication services also hampered the fund's result, along with an underweight in consumer staples, primarily within the food, beverage & tobacco industry.

• The largest individual relative detractor was an overweight in Builders FirstSource (-28%). We decreased our position in Builders FirstSource in 2025. A second notable relative detractor was an overweight in Marvell Technology (-31%), which we decreased. Another notable relative detractor was an underweight in Oracle (+18%).

• Notable changes in positioning include decreased exposure to the financials sector and a higher allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10010<br>| $13430<br>| $15065<br>| $21166<br>| $35602<br>| $39762<br>| $24527<br>| $35638<br>| $49373<br>| $60099<br>|
| Russell 1000® Growth Index<br>| $10000 | $10708<br>| $13943<br>| $13732<br>| $18729<br>| $25938<br>| $33096<br>| $23453<br>| $33462<br>| $44623<br>| $52906<br>|
| Russell 1000® Index<br>| $10000 | $11205<br>| $13636<br>| $12983<br>| $17063<br>| $20640<br>| $26101<br>| $21108<br>| $26708<br>| $33255<br>| $39030<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123340_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 21.73% | 11.04% | 19.64% |
| Russell 1000® Growth Index | 18.56%<br>| 15.32%<br>| 18.13% |
| Russell 1000® Index | 17.37%<br>| 13.59%<br>| 14.59% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4666436534<br>|
| Number of Holdings | 193<br>|
| Total Advisory Fee | $24022295<br>|
| Portfolio Turnover | 71%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 49.3 |
| Communication Services | 19.9 |
| Consumer Discretionary | 11.2 |
| Health Care | 6.7 |
| Industrials | 6.4 |
| Financials | 3.7 |
| Consumer Staples | 1.2 |
| Utilities | 0.8 |
| Materials | 0.5 |
| Real Estate | 0.1 |
| Energy | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.8 |
| Preferred Stocks | 2.0 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img617_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 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;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 91.1 |
| Taiwan | 2.8 |
| Singapore | 2.2 |
| Netherlands | 1.1 |
| United Kingdom | 0.9 |
| Germany | 0.7 |
| Canada | 0.6 |
| India | 0.3 |
| Finland | 0.2 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img617_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.8&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;Singapore - 2.2&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;Netherlands - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.9&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;Canada - 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; |
| &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;Finland - 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;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**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.2<br>|
| Microsoft Corp | 9.6<br>|
| Amazon.com Inc | 6.5<br>|
| Alphabet Inc Class C | 5.7<br>|
| Meta Platforms Inc Class A | 5.4<br>|
| Apple Inc | 4.8<br>|
| Broadcom Inc | 4.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.8<br>|
| Roku Inc Class A | 2.6<br>|
| Eli Lilly & Co | 2.4<br>|
|  | 59.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund changed its classification from diversified to non-diversified and modified its principal investment strategies and risks to reflect the change during the reporting period. The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img617_20251231_2.jpg)<br>| ![](img123340_3.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> 1.9914221.101 385-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Growth Opportunities Portfolio<br> **VIP Growth Opportunities Portfolio Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Growth Opportunities Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $74  | 0.66% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark, the Russell 1000 Growth Index, for the year, led by information technology, primarily within the software & services industry. Stock picks in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also boosted the fund's relative performance, as did an overweight in communication services.

• The top individual relative contributor was an overweight in Carvana (+108%). A second notable relative contributor was an overweight in AppLovin (+103%). Another notable relative contributor was a non-benchmark stake in Space Exploration Technologies (+116%).

• In contrast, the biggest detractor from performance versus the benchmark was security selection in financials. Our picks in communication services also hampered the fund's result, along with an underweight in consumer staples, primarily within the food, beverage & tobacco industry.

• The largest individual relative detractor was an overweight in Builders FirstSource (-28%). We decreased our position in Builders FirstSource in 2025. A second notable relative detractor was an overweight in Marvell Technology (-31%), which we decreased. Another notable relative detractor was an underweight in Oracle (+18%).

• Notable changes in positioning include decreased exposure to the financials sector and a higher allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10028<br>| $13473<br>| $15136<br>| $21297<br>| $35883<br>| $40127<br>| $24793<br>| $36077<br>| $50060<br>| $61018<br>|
| Russell 1000® Growth Index<br>| $10000 | $10708<br>| $13943<br>| $13732<br>| $18729<br>| $25938<br>| $33096<br>| $23453<br>| $33462<br>| $44623<br>| $52906<br>|
| Russell 1000® Index<br>| $10000 | $11205<br>| $13636<br>| $12983<br>| $17063<br>| $20640<br>| $26101<br>| $21108<br>| $26708<br>| $33255<br>| $39030<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123341_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 21.89% | 11.20% | 19.82% |
| Russell 1000® Growth Index | 18.56%<br>| 15.32%<br>| 18.13% |
| Russell 1000® Index | 17.37%<br>| 13.59%<br>| 14.59% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4666436534<br>|
| Number of Holdings | 193<br>|
| Total Advisory Fee | $24022295<br>|
| Portfolio Turnover | 71%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 49.3 |
| Communication Services | 19.9 |
| Consumer Discretionary | 11.2 |
| Health Care | 6.7 |
| Industrials | 6.4 |
| Financials | 3.7 |
| Consumer Staples | 1.2 |
| Utilities | 0.8 |
| Materials | 0.5 |
| Real Estate | 0.1 |
| Energy | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.8 |
| Preferred Stocks | 2.0 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img617_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 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;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 91.1 |
| Taiwan | 2.8 |
| Singapore | 2.2 |
| Netherlands | 1.1 |
| United Kingdom | 0.9 |
| Germany | 0.7 |
| Canada | 0.6 |
| India | 0.3 |
| Finland | 0.2 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img617_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.8&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;Singapore - 2.2&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;Netherlands - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.9&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;Canada - 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; |
| &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;Finland - 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;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**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.2<br>|
| Microsoft Corp | 9.6<br>|
| Amazon.com Inc | 6.5<br>|
| Alphabet Inc Class C | 5.7<br>|
| Meta Platforms Inc Class A | 5.4<br>|
| Apple Inc | 4.8<br>|
| Broadcom Inc | 4.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.8<br>|
| Roku Inc Class A | 2.6<br>|
| Eli Lilly & Co | 2.4<br>|
|  | 59.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund changed its classification from diversified to non-diversified and modified its principal investment strategies and risks to reflect the change during the reporting period. The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img617_20251231_2.jpg)<br>| ![](img123341_3.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> 1.9914222.101 491-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Growth Opportunities Portfolio<br> **VIP Growth Opportunities Portfolio Investor Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Growth Opportunities Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $71  | 0.64% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark, the Russell 1000 Growth Index, for the year, led by information technology, primarily within the software & services industry. Stock picks in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also boosted the fund's relative performance, as did an overweight in communication services.

• The top individual relative contributor was an overweight in Carvana (+108%). A second notable relative contributor was an overweight in AppLovin (+103%). Another notable relative contributor was a non-benchmark stake in Space Exploration Technologies (+116%).

• In contrast, the biggest detractor from performance versus the benchmark was security selection in financials. Our picks in communication services also hampered the fund's result, along with an underweight in consumer staples, primarily within the food, beverage & tobacco industry.

• The largest individual relative detractor was an overweight in Builders FirstSource (-28%). We decreased our position in Builders FirstSource in 2025. A second notable relative detractor was an overweight in Marvell Technology (-31%), which we decreased. Another notable relative detractor was an underweight in Oracle (+18%).

• Notable changes in positioning include decreased exposure to the financials sector and a higher allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10028<br>| $13476<br>| $15143<br>| $21309<br>| $35910<br>| $40171<br>| $24825<br>| $36136<br>| $50145<br>| $61143<br>|
| Russell 1000® Growth Index<br>| $10000 | $10708<br>| $13943<br>| $13732<br>| $18729<br>| $25938<br>| $33096<br>| $23453<br>| $33462<br>| $44623<br>| $52906<br>|
| Russell 1000® Index<br>| $10000 | $11205<br>| $13636<br>| $12983<br>| $17063<br>| $20640<br>| $26101<br>| $21108<br>| $26708<br>| $33255<br>| $39030<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123342_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 21.93% | 11.23% | 19.85% |
| Russell 1000® Growth Index | 18.56%<br>| 15.32%<br>| 18.13% |
| Russell 1000® Index | 17.37%<br>| 13.59%<br>| 14.59% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4666436534<br>|
| Number of Holdings | 193<br>|
| Total Advisory Fee | $24022295<br>|
| Portfolio Turnover | 71%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 49.3 |
| Communication Services | 19.9 |
| Consumer Discretionary | 11.2 |
| Health Care | 6.7 |
| Industrials | 6.4 |
| Financials | 3.7 |
| Consumer Staples | 1.2 |
| Utilities | 0.8 |
| Materials | 0.5 |
| Real Estate | 0.1 |
| Energy | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.8 |
| Preferred Stocks | 2.0 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img617_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 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;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 91.1 |
| Taiwan | 2.8 |
| Singapore | 2.2 |
| Netherlands | 1.1 |
| United Kingdom | 0.9 |
| Germany | 0.7 |
| Canada | 0.6 |
| India | 0.3 |
| Finland | 0.2 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img617_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.8&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;Singapore - 2.2&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;Netherlands - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.9&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;Canada - 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; |
| &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;Finland - 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;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**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.2<br>|
| Microsoft Corp | 9.6<br>|
| Amazon.com Inc | 6.5<br>|
| Alphabet Inc Class C | 5.7<br>|
| Meta Platforms Inc Class A | 5.4<br>|
| Apple Inc | 4.8<br>|
| Broadcom Inc | 4.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.8<br>|
| Roku Inc Class A | 2.6<br>|
| Eli Lilly & Co | 2.4<br>|
|  | 59.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund changed its classification from diversified to non-diversified and modified its principal investment strategies and risks to reflect the change during the reporting period. The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img617_20251231_2.jpg)<br>| ![](img123342_3.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> 1.9914220.101 1465-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Growth Opportunities Portfolio<br> **VIP Growth Opportunities Portfolio Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Growth Opportunities Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $63  | 0.56% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark, the Russell 1000 Growth Index, for the year, led by information technology, primarily within the software & services industry. Stock picks in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also boosted the fund's relative performance, as did an overweight in communication services.

• The top individual relative contributor was an overweight in Carvana (+108%). A second notable relative contributor was an overweight in AppLovin (+103%). Another notable relative contributor was a non-benchmark stake in Space Exploration Technologies (+116%).

• In contrast, the biggest detractor from performance versus the benchmark was security selection in financials. Our picks in communication services also hampered the fund's result, along with an underweight in consumer staples, primarily within the food, beverage & tobacco industry.

• The largest individual relative detractor was an overweight in Builders FirstSource (-28%). We decreased our position in Builders FirstSource in 2025. A second notable relative detractor was an overweight in Marvell Technology (-31%), which we decreased. Another notable relative detractor was an underweight in Oracle (+18%).

• Notable changes in positioning include decreased exposure to the financials sector and a higher allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10037<br>| $13496<br>| $15178<br>| $21377<br>| $36053<br>| $40359<br>| $24962<br>| $36357<br>| $50496<br>| $61616<br>|
| Russell 1000® Growth Index<br>| $10000 | $10708<br>| $13943<br>| $13732<br>| $18729<br>| $25938<br>| $33096<br>| $23453<br>| $33462<br>| $44623<br>| $52906<br>|
| Russell 1000® Index<br>| $10000 | $11205<br>| $13636<br>| $12983<br>| $17063<br>| $20640<br>| $26101<br>| $21108<br>| $26708<br>| $33255<br>| $39030<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123343_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 22.02% | 11.31% | 19.94% |
| Russell 1000® Growth Index | 18.56%<br>| 15.32%<br>| 18.13% |
| Russell 1000® Index | 17.37%<br>| 13.59%<br>| 14.59% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4666436534<br>|
| Number of Holdings | 193<br>|
| Total Advisory Fee | $24022295<br>|
| Portfolio Turnover | 71%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 49.3 |
| Communication Services | 19.9 |
| Consumer Discretionary | 11.2 |
| Health Care | 6.7 |
| Industrials | 6.4 |
| Financials | 3.7 |
| Consumer Staples | 1.2 |
| Utilities | 0.8 |
| Materials | 0.5 |
| Real Estate | 0.1 |
| Energy | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.8 |
| Preferred Stocks | 2.0 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img617_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 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;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 91.1 |
| Taiwan | 2.8 |
| Singapore | 2.2 |
| Netherlands | 1.1 |
| United Kingdom | 0.9 |
| Germany | 0.7 |
| Canada | 0.6 |
| India | 0.3 |
| Finland | 0.2 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img617_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.8&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;Singapore - 2.2&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;Netherlands - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.9&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;Canada - 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; |
| &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;Finland - 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;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**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.2<br>|
| Microsoft Corp | 9.6<br>|
| Amazon.com Inc | 6.5<br>|
| Alphabet Inc Class C | 5.7<br>|
| Meta Platforms Inc Class A | 5.4<br>|
| Apple Inc | 4.8<br>|
| Broadcom Inc | 4.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.8<br>|
| Roku Inc Class A | 2.6<br>|
| Eli Lilly & Co | 2.4<br>|
|  | 59.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund changed its classification from diversified to non-diversified and modified its principal investment strategies and risks to reflect the change during the reporting period. The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img617_20251231_2.jpg)<br>| ![](img123343_3.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> 1.9914223.101 617-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Growth & Income Portfolio<br> **VIP Growth & Income Portfolio Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Growth & Income Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $80  | 0.72% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark S&P 500 index for the fiscal year, led by industrials, where our stock picks in capital goods helped most. An underweight in consumer discretionary also boosted the fund's relative result, as did our picks in energy.

• The top individual relative contributor was an overweight in GE Aerospace (+85%). The stock was among the biggest holdings. The second-largest relative contributor was an overweight in GE Vernova (+98%). The stock was among the fund's biggest holdings. Another notable relative contributor was an overweight in Wells Fargo (+36%), a sizable holding.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Stock selection and an underweight in communication services, primarily within the media & entertainment industry, also hampered the fund's result. Also detracting from our result was an overweight in energy. Lastly, the fund's position in cash detracted.

• The biggest individual relative detractor was an underweight in Alphabet (+66%). The stock was one of the fund's biggest holdings at period end. The second-largest relative detractor was an underweight in Nvidia (+39%). The company was among the fund's biggest holdings. A non-benchmark stake in Marvell Technology returned about -23% and notably hurt.

• Notable changes in positioning include increased exposure to communication services.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $11581<br>| $13505<br>| $12263<br>| $15903<br>| $17111<br>| $21497<br>| $20385<br>| $24138<br>| $29428<br>| $35669<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123344_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 21.21% | 15.83% | 13.56% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2720638305<br>|
| Number of Holdings | 178<br>|
| Total Advisory Fee | $12484003<br>|
| Portfolio Turnover | 17%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.0 |
| Financials | 18.6 |
| Industrials | 18.3 |
| Health Care | 11.7 |
| Energy | 9.7 |
| Consumer Staples | 5.7 |
| Communication Services | 5.6 |
| Consumer Discretionary | 2.3 |
| Utilities | 2.2 |
| Materials | 1.4 |
| Real Estate | 0.8 |

---

Common Stocks 96.4 <br> Preferred Stocks 1.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img147_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| United States | 90.4 |
| Canada | 2.0 |
| United Kingdom | 1.4 |
| Belgium | 1.3 |
| Germany | 0.9 |
| Taiwan | 0.9 |
| Netherlands | 0.8 |
| Zambia | 0.7 |
| France | 0.6 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img147_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;United Kingdom - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.3&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;Germany - 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;Taiwan - 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;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 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;France - 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; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 7.4<br>|
| Wells Fargo & Co | 6.6<br>|
| Exxon Mobil Corp | 5.0<br>|
| GE Aerospace | 4.5<br>|
| NVIDIA Corp | 4.1<br>|
| GE Vernova Inc | 3.4<br>|
| Bank of America Corp | 3.3<br>|
| Apple Inc | 3.2<br>|
| Boeing Co | 2.4<br>|
| Shell PLC ADR | 2.2<br>|
|  | 42.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img147_20251231_2.jpg)<br>| ![](img123344_3.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> 1.9914148.101 382-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Growth & Income Portfolio<br> **VIP Growth & Income Portfolio Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Growth & Income Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $64  | 0.57% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark S&P 500 index for the fiscal year, led by industrials, where our stock picks in capital goods helped most. An underweight in consumer discretionary also boosted the fund's relative result, as did our picks in energy.

• The top individual relative contributor was an overweight in GE Aerospace (+85%). The stock was among the biggest holdings. The second-largest relative contributor was an overweight in GE Vernova (+98%). The stock was among the fund's biggest holdings. Another notable relative contributor was an overweight in Wells Fargo (+36%), a sizable holding.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Stock selection and an underweight in communication services, primarily within the media & entertainment industry, also hampered the fund's result. Also detracting from our result was an overweight in energy. Lastly, the fund's position in cash detracted.

• The biggest individual relative detractor was an underweight in Alphabet (+66%). The stock was one of the fund's biggest holdings at period end. The second-largest relative detractor was an underweight in Nvidia (+39%). The company was among the fund's biggest holdings. A non-benchmark stake in Marvell Technology returned about -23% and notably hurt.

• Notable changes in positioning include increased exposure to communication services.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $11594<br>| $13539<br>| $12310<br>| $15996<br>| $17234<br>| $21674<br>| $20585<br>| $24419<br>| $29812<br>| $36189<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123345_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 21.39% | 15.99% | 13.73% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2720638305<br>|
| Number of Holdings | 178<br>|
| Total Advisory Fee | $12484003<br>|
| Portfolio Turnover | 17%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.0 |
| Financials | 18.6 |
| Industrials | 18.3 |
| Health Care | 11.7 |
| Energy | 9.7 |
| Consumer Staples | 5.7 |
| Communication Services | 5.6 |
| Consumer Discretionary | 2.3 |
| Utilities | 2.2 |
| Materials | 1.4 |
| Real Estate | 0.8 |

---

Common Stocks 96.4 <br> Preferred Stocks 1.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img147_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| United States | 90.4 |
| Canada | 2.0 |
| United Kingdom | 1.4 |
| Belgium | 1.3 |
| Germany | 0.9 |
| Taiwan | 0.9 |
| Netherlands | 0.8 |
| Zambia | 0.7 |
| France | 0.6 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img147_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;United Kingdom - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.3&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;Germany - 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;Taiwan - 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;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 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;France - 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; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 7.4<br>|
| Wells Fargo & Co | 6.6<br>|
| Exxon Mobil Corp | 5.0<br>|
| GE Aerospace | 4.5<br>|
| NVIDIA Corp | 4.1<br>|
| GE Vernova Inc | 3.4<br>|
| Bank of America Corp | 3.3<br>|
| Apple Inc | 3.2<br>|
| Boeing Co | 2.4<br>|
| Shell PLC ADR | 2.2<br>|
|  | 42.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img147_20251231_2.jpg)<br>| ![](img123345_3.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> 1.9914149.101 473-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Growth & Income Portfolio<br> **VIP Growth & Income Portfolio Investor Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Growth & Income Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $61  | 0.55% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark S&P 500 index for the fiscal year, led by industrials, where our stock picks in capital goods helped most. An underweight in consumer discretionary also boosted the fund's relative result, as did our picks in energy.

• The top individual relative contributor was an overweight in GE Aerospace (+85%). The stock was among the biggest holdings. The second-largest relative contributor was an overweight in GE Vernova (+98%). The stock was among the fund's biggest holdings. Another notable relative contributor was an overweight in Wells Fargo (+36%), a sizable holding.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Stock selection and an underweight in communication services, primarily within the media & entertainment industry, also hampered the fund's result. Also detracting from our result was an overweight in energy. Lastly, the fund's position in cash detracted.

• The biggest individual relative detractor was an underweight in Alphabet (+66%). The stock was one of the fund's biggest holdings at period end. The second-largest relative detractor was an underweight in Nvidia (+39%). The company was among the fund's biggest holdings. A non-benchmark stake in Marvell Technology returned about -23% and notably hurt.

• Notable changes in positioning include increased exposure to communication services.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $11596<br>| $13547<br>| $12321<br>| $16014<br>| $17256<br>| $21708<br>| $20622<br>| $24461<br>| $29886<br>| $36277<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123346_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 21.39% | 16.02% | 13.75% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2720638305<br>|
| Number of Holdings | 178<br>|
| Total Advisory Fee | $12484003<br>|
| Portfolio Turnover | 17%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.0 |
| Financials | 18.6 |
| Industrials | 18.3 |
| Health Care | 11.7 |
| Energy | 9.7 |
| Consumer Staples | 5.7 |
| Communication Services | 5.6 |
| Consumer Discretionary | 2.3 |
| Utilities | 2.2 |
| Materials | 1.4 |
| Real Estate | 0.8 |

---

Common Stocks 96.4 <br> Preferred Stocks 1.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img147_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| United States | 90.4 |
| Canada | 2.0 |
| United Kingdom | 1.4 |
| Belgium | 1.3 |
| Germany | 0.9 |
| Taiwan | 0.9 |
| Netherlands | 0.8 |
| Zambia | 0.7 |
| France | 0.6 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img147_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;United Kingdom - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.3&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;Germany - 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;Taiwan - 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;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 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;France - 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; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 7.4<br>|
| Wells Fargo & Co | 6.6<br>|
| Exxon Mobil Corp | 5.0<br>|
| GE Aerospace | 4.5<br>|
| NVIDIA Corp | 4.1<br>|
| GE Vernova Inc | 3.4<br>|
| Bank of America Corp | 3.3<br>|
| Apple Inc | 3.2<br>|
| Boeing Co | 2.4<br>|
| Shell PLC ADR | 2.2<br>|
|  | 42.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img147_20251231_2.jpg)<br>| ![](img123346_3.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> 1.9914146.101 1464-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Growth & Income Portfolio<br> **VIP Growth & Income Portfolio Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Growth & Income Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $53  | 0.47% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the benchmark S&P 500 index for the fiscal year, led by industrials, where our stock picks in capital goods helped most. An underweight in consumer discretionary also boosted the fund's relative result, as did our picks in energy.

• The top individual relative contributor was an overweight in GE Aerospace (+85%). The stock was among the biggest holdings. The second-largest relative contributor was an overweight in GE Vernova (+98%). The stock was among the fund's biggest holdings. Another notable relative contributor was an overweight in Wells Fargo (+36%), a sizable holding.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry. Stock selection and an underweight in communication services, primarily within the media & entertainment industry, also hampered the fund's result. Also detracting from our result was an overweight in energy. Lastly, the fund's position in cash detracted.

• The biggest individual relative detractor was an underweight in Alphabet (+66%). The stock was one of the fund's biggest holdings at period end. The second-largest relative detractor was an underweight in Nvidia (+39%). The company was among the fund's biggest holdings. A non-benchmark stake in Marvell Technology returned about -23% and notably hurt.

• Notable changes in positioning include increased exposure to communication services.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $11608<br>| $13569<br>| $12351<br>| $16062<br>| $17323<br>| $21818<br>| $20738<br>| $24620<br>| $30089<br>| $36559<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123347_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 21.50% | 16.11% | 13.84% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2720638305<br>|
| Number of Holdings | 178<br>|
| Total Advisory Fee | $12484003<br>|
| Portfolio Turnover | 17%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.0 |
| Financials | 18.6 |
| Industrials | 18.3 |
| Health Care | 11.7 |
| Energy | 9.7 |
| Consumer Staples | 5.7 |
| Communication Services | 5.6 |
| Consumer Discretionary | 2.3 |
| Utilities | 2.2 |
| Materials | 1.4 |
| Real Estate | 0.8 |

---

Common Stocks 96.4 <br> Preferred Stocks 1.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img147_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| United States | 90.4 |
| Canada | 2.0 |
| United Kingdom | 1.4 |
| Belgium | 1.3 |
| Germany | 0.9 |
| Taiwan | 0.9 |
| Netherlands | 0.8 |
| Zambia | 0.7 |
| France | 0.6 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img147_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;United Kingdom - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.3&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;Germany - 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;Taiwan - 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;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 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;France - 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; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 7.4<br>|
| Wells Fargo & Co | 6.6<br>|
| Exxon Mobil Corp | 5.0<br>|
| GE Aerospace | 4.5<br>|
| NVIDIA Corp | 4.1<br>|
| GE Vernova Inc | 3.4<br>|
| Bank of America Corp | 3.3<br>|
| Apple Inc | 3.2<br>|
| Boeing Co | 2.4<br>|
| Shell PLC ADR | 2.2<br>|
|  | 42.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img147_20251231_2.jpg)<br>| ![](img123347_3.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> 1.9914147.101 147-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Dynamic Capital Appreciation Portfolio<br> **VIP Dynamic Capital Appreciation Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP Dynamic Capital Appreciation Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $94  | 0.86% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500® index for the fiscal year, especially within communication services, where our picks in media & entertainment helped most. Picks in information technology, primarily within the technology hardware & equipment industry, and in industrials, primarily within the capital goods industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in GE Vernova (+98%). The stock was among our biggest holdings, though we reduced our holdings this period. A second notable relative contributor was an overweight in Western Digital (+153%). This was an investment we established this period. A non-benchmark stake in Roblox gained approximately 33% and notably helped. This period we significantly decreased our position in Rolox.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in the strong-performing information technology sector. Also hurting our result were security selection and an overweight in financials, primarily within the financial services industry, and in health care.

• The biggest individual relative detractor was an overweight in UnitedHealth Group (-33%). A second notable relative detractor was an overweight in Paycom Software (-28%). This was a position we established this period. Another notable relative detractor was untimely positioning in Boeing (-6%). This was a stake we established this period. The company was one of our largest holdings at period end.

• Notable changes in positioning include increased exposure to the energy sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10266<br>| $12678<br>| $12023<br>| $15609<br>| $20813<br>| $25864<br>| $20420<br>| $26285<br>| $32907<br>| $38991<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123434_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 18.49% | 13.38% | 14.58% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $291018837<br>|
| Number of Holdings | 149<br>|
| Total Advisory Fee | $1786003<br>|
| Portfolio Turnover | 90%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 29.0 |
| Financials | 18.2 |
| Industrials | 14.2 |
| Communication Services | 10.8 |
| Consumer Discretionary | 8.3 |
| Health Care | 5.2 |
| Energy | 4.9 |
| Consumer Staples | 3.6 |
| Materials | 2.6 |
| Real Estate | 2.5 |
| Utilities | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.4 |
| Preferred Stocks | 0.7 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img386_20251231_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; |
| Preferred Stocks - 0.7&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) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 89.1 |
| Canada | 3.4 |
| Taiwan | 2.1 |
| Brazil | 1.8 |
| United Kingdom | 1.6 |
| Korea (South) | 0.9 |
| Germany | 0.4 |
| Netherlands | 0.3 |
| Norway | 0.3 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img386_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.4&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 - 2.1&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;Brazil - 1.8&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;United Kingdom - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 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;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Norway - 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 - 0.1&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**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.3<br>|
| Microsoft Corp | 6.4<br>|
| Amazon.com Inc | 5.9<br>|
| Alphabet Inc Class A | 4.4<br>|
| Apple Inc | 3.3<br>|
| Meta Platforms Inc Class A | 3.2<br>|
| Alphabet Inc Class C | 2.5<br>|
| Boeing Co | 2.3<br>|
| Broadcom Inc | 2.3<br>|
| GE Vernova Inc | 1.9<br>|
|  | 40.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img386_20251231_2.jpg)<br>| ![](img123434_3.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> 1.9914208.101 971-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Dynamic Capital Appreciation Portfolio<br> **VIP Dynamic Capital Appreciation Portfolio Service Class true** <br>|

---

This annual shareholder report contains information about VIP Dynamic Capital Appreciation Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $78  | 0.71% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500® index for the fiscal year, especially within communication services, where our picks in media & entertainment helped most. Picks in information technology, primarily within the technology hardware & equipment industry, and in industrials, primarily within the capital goods industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in GE Vernova (+98%). The stock was among our biggest holdings, though we reduced our holdings this period. A second notable relative contributor was an overweight in Western Digital (+153%). This was an investment we established this period. A non-benchmark stake in Roblox gained approximately 33% and notably helped. This period we significantly decreased our position in Rolox.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in the strong-performing information technology sector. Also hurting our result were security selection and an overweight in financials, primarily within the financial services industry, and in health care.

• The biggest individual relative detractor was an overweight in UnitedHealth Group (-33%). A second notable relative detractor was an overweight in Paycom Software (-28%). This was a position we established this period. Another notable relative detractor was untimely positioning in Boeing (-6%). This was a stake we established this period. The company was one of our largest holdings at period end.

• Notable changes in positioning include increased exposure to the energy sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10276<br>| $12717<br>| $12085<br>| $15705<br>| $20963<br>| $26093<br>| $20630<br>| $26598<br>| $33342<br>| $39573<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123435_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 18.69% | 13.55% | 14.75% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $291018837<br>|
| Number of Holdings | 149<br>|
| Total Advisory Fee | $1786003<br>|
| Portfolio Turnover | 90%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 29.0 |
| Financials | 18.2 |
| Industrials | 14.2 |
| Communication Services | 10.8 |
| Consumer Discretionary | 8.3 |
| Health Care | 5.2 |
| Energy | 4.9 |
| Consumer Staples | 3.6 |
| Materials | 2.6 |
| Real Estate | 2.5 |
| Utilities | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.4 |
| Preferred Stocks | 0.7 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img386_20251231_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; |
| Preferred Stocks - 0.7&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) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 89.1 |
| Canada | 3.4 |
| Taiwan | 2.1 |
| Brazil | 1.8 |
| United Kingdom | 1.6 |
| Korea (South) | 0.9 |
| Germany | 0.4 |
| Netherlands | 0.3 |
| Norway | 0.3 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img386_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.4&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 - 2.1&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;Brazil - 1.8&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;United Kingdom - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 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;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Norway - 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 - 0.1&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**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.3<br>|
| Microsoft Corp | 6.4<br>|
| Amazon.com Inc | 5.9<br>|
| Alphabet Inc Class A | 4.4<br>|
| Apple Inc | 3.3<br>|
| Meta Platforms Inc Class A | 3.2<br>|
| Alphabet Inc Class C | 2.5<br>|
| Boeing Co | 2.3<br>|
| Broadcom Inc | 2.3<br>|
| GE Vernova Inc | 1.9<br>|
|  | 40.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img386_20251231_2.jpg)<br>| ![](img123435_3.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> 1.9914207.101 853-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Dynamic Capital Appreciation Portfolio<br> **VIP Dynamic Capital Appreciation Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP Dynamic Capital Appreciation Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $76  | 0.69% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500® index for the fiscal year, especially within communication services, where our picks in media & entertainment helped most. Picks in information technology, primarily within the technology hardware & equipment industry, and in industrials, primarily within the capital goods industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in GE Vernova (+98%). The stock was among our biggest holdings, though we reduced our holdings this period. A second notable relative contributor was an overweight in Western Digital (+153%). This was an investment we established this period. A non-benchmark stake in Roblox gained approximately 33% and notably helped. This period we significantly decreased our position in Rolox.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in the strong-performing information technology sector. Also hurting our result were security selection and an overweight in financials, primarily within the financial services industry, and in health care.

• The biggest individual relative detractor was an overweight in UnitedHealth Group (-33%). A second notable relative detractor was an overweight in Paycom Software (-28%). This was a position we established this period. Another notable relative detractor was untimely positioning in Boeing (-6%). This was a stake we established this period. The company was one of our largest holdings at period end.

• Notable changes in positioning include increased exposure to the energy sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10281<br>| $12721<br>| $12086<br>| $15720<br>| $20992<br>| $26126<br>| $20670<br>| $26647<br>| $33422<br>| $39680<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123436_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 18.72% | 13.58% | 14.78% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $291018837<br>|
| Number of Holdings | 149<br>|
| Total Advisory Fee | $1786003<br>|
| Portfolio Turnover | 90%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 29.0 |
| Financials | 18.2 |
| Industrials | 14.2 |
| Communication Services | 10.8 |
| Consumer Discretionary | 8.3 |
| Health Care | 5.2 |
| Energy | 4.9 |
| Consumer Staples | 3.6 |
| Materials | 2.6 |
| Real Estate | 2.5 |
| Utilities | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.4 |
| Preferred Stocks | 0.7 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img386_20251231_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; |
| Preferred Stocks - 0.7&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) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 89.1 |
| Canada | 3.4 |
| Taiwan | 2.1 |
| Brazil | 1.8 |
| United Kingdom | 1.6 |
| Korea (South) | 0.9 |
| Germany | 0.4 |
| Netherlands | 0.3 |
| Norway | 0.3 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img386_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.4&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 - 2.1&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;Brazil - 1.8&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;United Kingdom - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 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;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Norway - 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 - 0.1&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**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.3<br>|
| Microsoft Corp | 6.4<br>|
| Amazon.com Inc | 5.9<br>|
| Alphabet Inc Class A | 4.4<br>|
| Apple Inc | 3.3<br>|
| Meta Platforms Inc Class A | 3.2<br>|
| Alphabet Inc Class C | 2.5<br>|
| Boeing Co | 2.3<br>|
| Broadcom Inc | 2.3<br>|
| GE Vernova Inc | 1.9<br>|
|  | 40.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img386_20251231_2.jpg)<br>| ![](img123436_3.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> 1.9914205.101 1463-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Dynamic Capital Appreciation Portfolio<br> **VIP Dynamic Capital Appreciation Portfolio Initial Class true** <br>|

---

This annual shareholder report contains information about VIP Dynamic Capital Appreciation Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $67  | 0.61% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500® index for the fiscal year, especially within communication services, where our picks in media & entertainment helped most. Picks in information technology, primarily within the technology hardware & equipment industry, and in industrials, primarily within the capital goods industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in GE Vernova (+98%). The stock was among our biggest holdings, though we reduced our holdings this period. A second notable relative contributor was an overweight in Western Digital (+153%). This was an investment we established this period. A non-benchmark stake in Roblox gained approximately 33% and notably helped. This period we significantly decreased our position in Rolox.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in the strong-performing information technology sector. Also hurting our result were security selection and an overweight in financials, primarily within the financial services industry, and in health care.

• The biggest individual relative detractor was an overweight in UnitedHealth Group (-33%). A second notable relative detractor was an overweight in Paycom Software (-28%). This was a position we established this period. Another notable relative detractor was untimely positioning in Boeing (-6%). This was a stake we established this period. The company was one of our largest holdings at period end.

• Notable changes in positioning include increased exposure to the energy sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10288<br>| $12745<br>| $12122<br>| $15768<br>| $21068<br>| $26256<br>| $20777<br>| $26816<br>| $33661<br>| $39987<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123437_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 18.79% | 13.67% | 14.87% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $291018837<br>|
| Number of Holdings | 149<br>|
| Total Advisory Fee | $1786003<br>|
| Portfolio Turnover | 90%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 29.0 |
| Financials | 18.2 |
| Industrials | 14.2 |
| Communication Services | 10.8 |
| Consumer Discretionary | 8.3 |
| Health Care | 5.2 |
| Energy | 4.9 |
| Consumer Staples | 3.6 |
| Materials | 2.6 |
| Real Estate | 2.5 |
| Utilities | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.4 |
| Preferred Stocks | 0.7 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img386_20251231_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; |
| Preferred Stocks - 0.7&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) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 89.1 |
| Canada | 3.4 |
| Taiwan | 2.1 |
| Brazil | 1.8 |
| United Kingdom | 1.6 |
| Korea (South) | 0.9 |
| Germany | 0.4 |
| Netherlands | 0.3 |
| Norway | 0.3 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img386_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.4&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 - 2.1&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;Brazil - 1.8&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;United Kingdom - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 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;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Norway - 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 - 0.1&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**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.3<br>|
| Microsoft Corp | 6.4<br>|
| Amazon.com Inc | 5.9<br>|
| Alphabet Inc Class A | 4.4<br>|
| Apple Inc | 3.3<br>|
| Meta Platforms Inc Class A | 3.2<br>|
| Alphabet Inc Class C | 2.5<br>|
| Boeing Co | 2.3<br>|
| Broadcom Inc | 2.3<br>|
| GE Vernova Inc | 1.9<br>|
|  | 40.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img386_20251231_2.jpg)<br>| ![](img123437_3.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> 1.9914206.101 786-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Balanced Portfolio<br> **VIP Balanced Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP Balanced Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $71  | 0.66% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024. U.S. taxable investment-grade bonds also advanced strongly, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields and tighter credit spreads.

• Against this backdrop, security selection among stocks was, by far, the biggest contributor to performance versus the Fidelity Balanced 60/40 Composite Index for the year, followed by an underweight in bonds and outsized exposure to equities.

• In terms of stocks specifically, picks in the communication services sector - especially in the media & entertainment industry - helped our result most versus the S&P 500® index for the year. Picks in financials and energy also helped.

• The top individual relative contributor was an overweight in Micron Technology (+240%), one of the larger equity holdings at year-end, though we decreased our position. An outsized stake in Alphabet (+67%) also helped. The stock was a top-5 holding on December 31. An out-of-benchmark position in SK Hynix (+144%), established during the year, further aided our relative result.

• In contrast, investment choices in consumer staples and utilities modestly pressured performance compared with the benchmark in 2025.

• On a stock-specific basis, out-of-index exposure to Marvell Technology (-22%) was the biggest relative detractor. We reduced the position this period. An underweight in Palantir Technologies (+135%) also hampered the portfolio's relative result; however, we added to the stock prior to the end of December. An overweight in Gartner (-49%) detracted as well. The stock was not held in the fund at year-end.

• Notable changes in positioning include a larger allocation to the semiconductors & semiconductor equipment segment of the information technology sector and decreased exposure to health care stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10698<br>| $12422<br>| $11870<br>| $14733<br>| $17993<br>| $21230<br>| $17369<br>| $21066<br>| $24347<br>| $27989<br>|
| Fidelity Balanced 60/40 Composite Index℠<br>| $10000 | $10831<br>| $12370<br>| $12079<br>| $14758<br>| $16932<br>| $19617<br>| $16520<br>| $19439<br>| $22364<br>| $25428<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123457_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 14.96% | 9.24% | 10.84% |
| Fidelity Balanced 60/40 Composite Index℠ | 13.70%<br>| 8.47%<br>| 9.78% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $8331081050<br>|
| Number of Holdings | 350<br>|
| Total Advisory Fee | $35257053<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of December 31, 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 | 22.2 |
| AAA | 2.4 |
| AA | 0.2 |
| A | 3.1 |
| BBB | 4.6 |
| BB | 0.5 |
| B | 0.2 |
| Not Rated | 2.3 |
| Equities | 64.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img616_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.2 |
| &nbsp;&nbsp;AAA - 2.4&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;AA - 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;&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 - 4.6&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;  |
| &nbsp;&nbsp;BB - 0.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 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;Equities - 64.1&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;Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |
| 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 | 21.9 |
| Financials | 12.7 |
| Communication Services | 8.0 |
| Consumer Discretionary | 6.7 |
| Health Care | 6.4 |
| Industrials | 5.7 |
| Consumer Staples | 3.1 |
| Energy | 2.6 |
| Real Estate | 2.0 |
| Utilities | 1.6 |
| Materials | 1.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 63.9 |
| Bonds | 35.5 |
| Preferred Stocks | 0.2 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img616_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 63.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 35.5&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; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 12.8<br>|
| NVIDIA Corp | 5.5<br>|
| Alphabet Inc Class A | 4.8<br>|
| Apple Inc | 4.8<br>|
| Microsoft Corp | 4.3<br>|
| US Treasury Bonds | 4.1<br>|
| Amazon.com Inc | 2.8<br>|
| Broadcom Inc | 1.7<br>|
| Meta Platforms Inc Class A | 1.6<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.6<br>|
|  | 44.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img616_20251231_2.jpg)<br>| ![](img123457_3.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> 1.9914217.101 380-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Balanced Portfolio<br> **VIP Balanced Portfolio Service Class true** <br>|

---

This annual shareholder report contains information about VIP Balanced Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $55  | 0.51% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024. U.S. taxable investment-grade bonds also advanced strongly, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields and tighter credit spreads.

• Against this backdrop, security selection among stocks was, by far, the biggest contributor to performance versus the Fidelity Balanced 60/40 Composite Index for the year, followed by an underweight in bonds and outsized exposure to equities.

• In terms of stocks specifically, picks in the communication services sector - especially in the media & entertainment industry - helped our result most versus the S&P 500® index for the year. Picks in financials and energy also helped.

• The top individual relative contributor was an overweight in Micron Technology (+240%), one of the larger equity holdings at year-end, though we decreased our position. An outsized stake in Alphabet (+67%) also helped. The stock was a top-5 holding on December 31. An out-of-benchmark position in SK Hynix (+144%), established during the year, further aided our relative result.

• In contrast, investment choices in consumer staples and utilities modestly pressured performance compared with the benchmark in 2025.

• On a stock-specific basis, out-of-index exposure to Marvell Technology (-22%) was the biggest relative detractor. We reduced the position this period. An underweight in Palantir Technologies (+135%) also hampered the portfolio's relative result; however, we added to the stock prior to the end of December. An overweight in Gartner (-49%) detracted as well. The stock was not held in the fund at year-end.

• Notable changes in positioning include a larger allocation to the semiconductors & semiconductor equipment segment of the information technology sector and decreased exposure to health care stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10716<br>| $12457<br>| $11925<br>| $14823<br>| $18132<br>| $21418<br>| $17558<br>| $21315<br>| $24688<br>| $28417<br>|
| Fidelity Balanced 60/40 Composite Index℠<br>| $10000 | $10831<br>| $12370<br>| $12079<br>| $14758<br>| $16932<br>| $19617<br>| $16520<br>| $19439<br>| $22364<br>| $25428<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123458_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 15.10% | 9.40% | 11.01% |
| Fidelity Balanced 60/40 Composite Index℠ | 13.70%<br>| 8.47%<br>| 9.78% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $8331081050<br>|
| Number of Holdings | 350<br>|
| Total Advisory Fee | $35257053<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of December 31, 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 | 22.2 |
| AAA | 2.4 |
| AA | 0.2 |
| A | 3.1 |
| BBB | 4.6 |
| BB | 0.5 |
| B | 0.2 |
| Not Rated | 2.3 |
| Equities | 64.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img616_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.2 |
| &nbsp;&nbsp;AAA - 2.4&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;AA - 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;&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 - 4.6&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;  |
| &nbsp;&nbsp;BB - 0.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 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;Equities - 64.1&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;Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |
| 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 | 21.9 |
| Financials | 12.7 |
| Communication Services | 8.0 |
| Consumer Discretionary | 6.7 |
| Health Care | 6.4 |
| Industrials | 5.7 |
| Consumer Staples | 3.1 |
| Energy | 2.6 |
| Real Estate | 2.0 |
| Utilities | 1.6 |
| Materials | 1.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 63.9 |
| Bonds | 35.5 |
| Preferred Stocks | 0.2 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img616_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 63.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 35.5&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; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 12.8<br>|
| NVIDIA Corp | 5.5<br>|
| Alphabet Inc Class A | 4.8<br>|
| Apple Inc | 4.8<br>|
| Microsoft Corp | 4.3<br>|
| US Treasury Bonds | 4.1<br>|
| Amazon.com Inc | 2.8<br>|
| Broadcom Inc | 1.7<br>|
| Meta Platforms Inc Class A | 1.6<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.6<br>|
|  | 44.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img616_20251231_2.jpg)<br>| ![](img123458_3.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> 1.9914218.101 469-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Balanced Portfolio<br> **VIP Balanced Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP Balanced Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $52  | 0.49% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024. U.S. taxable investment-grade bonds also advanced strongly, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields and tighter credit spreads.

• Against this backdrop, security selection among stocks was, by far, the biggest contributor to performance versus the Fidelity Balanced 60/40 Composite Index for the year, followed by an underweight in bonds and outsized exposure to equities.

• In terms of stocks specifically, picks in the communication services sector - especially in the media & entertainment industry - helped our result most versus the S&P 500® index for the year. Picks in financials and energy also helped.

• The top individual relative contributor was an overweight in Micron Technology (+240%), one of the larger equity holdings at year-end, though we decreased our position. An outsized stake in Alphabet (+67%) also helped. The stock was a top-5 holding on December 31. An out-of-benchmark position in SK Hynix (+144%), established during the year, further aided our relative result.

• In contrast, investment choices in consumer staples and utilities modestly pressured performance compared with the benchmark in 2025.

• On a stock-specific basis, out-of-index exposure to Marvell Technology (-22%) was the biggest relative detractor. We reduced the position this period. An underweight in Palantir Technologies (+135%) also hampered the portfolio's relative result; however, we added to the stock prior to the end of December. An overweight in Gartner (-49%) detracted as well. The stock was not held in the fund at year-end.

• Notable changes in positioning include a larger allocation to the semiconductors & semiconductor equipment segment of the information technology sector and decreased exposure to health care stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10718<br>| $12463<br>| $11930<br>| $14838<br>| $18155<br>| $21454<br>| $17587<br>| $21353<br>| $24734<br>| $28484<br>|
| Fidelity Balanced 60/40 Composite Index℠<br>| $10000 | $10831<br>| $12370<br>| $12079<br>| $14758<br>| $16932<br>| $19617<br>| $16520<br>| $19439<br>| $22364<br>| $25428<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123459_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 15.16% | 9.43% | 11.04% |
| Fidelity Balanced 60/40 Composite Index℠ | 13.70%<br>| 8.47%<br>| 9.78% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $8331081050<br>|
| Number of Holdings | 350<br>|
| Total Advisory Fee | $35257053<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of December 31, 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 | 22.2 |
| AAA | 2.4 |
| AA | 0.2 |
| A | 3.1 |
| BBB | 4.6 |
| BB | 0.5 |
| B | 0.2 |
| Not Rated | 2.3 |
| Equities | 64.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img616_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.2 |
| &nbsp;&nbsp;AAA - 2.4&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;AA - 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;&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 - 4.6&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;  |
| &nbsp;&nbsp;BB - 0.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 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;Equities - 64.1&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;Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |
| 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 | 21.9 |
| Financials | 12.7 |
| Communication Services | 8.0 |
| Consumer Discretionary | 6.7 |
| Health Care | 6.4 |
| Industrials | 5.7 |
| Consumer Staples | 3.1 |
| Energy | 2.6 |
| Real Estate | 2.0 |
| Utilities | 1.6 |
| Materials | 1.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 63.9 |
| Bonds | 35.5 |
| Preferred Stocks | 0.2 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img616_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 63.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 35.5&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; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 12.8<br>|
| NVIDIA Corp | 5.5<br>|
| Alphabet Inc Class A | 4.8<br>|
| Apple Inc | 4.8<br>|
| Microsoft Corp | 4.3<br>|
| US Treasury Bonds | 4.1<br>|
| Amazon.com Inc | 2.8<br>|
| Broadcom Inc | 1.7<br>|
| Meta Platforms Inc Class A | 1.6<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.6<br>|
|  | 44.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img616_20251231_2.jpg)<br>| ![](img123459_3.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> 1.9914216.101 1462-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Balanced Portfolio<br> **VIP Balanced Portfolio Initial Class true** <br>|

---

This annual shareholder report contains information about VIP Balanced Portfolio for the period January 1, 2025 to December 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $45  | 0.41% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024. U.S. taxable investment-grade bonds also advanced strongly, navigating uncertainty related to U.S. trade policy but buoyed by elevated starting yields and tighter credit spreads.

• Against this backdrop, security selection among stocks was, by far, the biggest contributor to performance versus the Fidelity Balanced 60/40 Composite Index for the year, followed by an underweight in bonds and outsized exposure to equities.

• In terms of stocks specifically, picks in the communication services sector - especially in the media & entertainment industry - helped our result most versus the S&P 500® index for the year. Picks in financials and energy also helped.

• The top individual relative contributor was an overweight in Micron Technology (+240%), one of the larger equity holdings at year-end, though we decreased our position. An outsized stake in Alphabet (+67%) also helped. The stock was a top-5 holding on December 31. An out-of-benchmark position in SK Hynix (+144%), established during the year, further aided our relative result.

• In contrast, investment choices in consumer staples and utilities modestly pressured performance compared with the benchmark in 2025.

• On a stock-specific basis, out-of-index exposure to Marvell Technology (-22%) was the biggest relative detractor. We reduced the position this period. An underweight in Palantir Technologies (+135%) also hampered the portfolio's relative result; however, we added to the stock prior to the end of December. An overweight in Gartner (-49%) detracted as well. The stock was not held in the fund at year-end.

• Notable changes in positioning include a larger allocation to the semiconductors & semiconductor equipment segment of the information technology sector and decreased exposure to health care stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10726<br>| $12488<br>| $11961<br>| $14892<br>| $18226<br>| $21555<br>| $17688<br>| $21495<br>| $24918<br>| $28717<br>|
| Fidelity Balanced 60/40 Composite Index℠<br>| $10000 | $10831<br>| $12370<br>| $12079<br>| $14758<br>| $16932<br>| $19617<br>| $16520<br>| $19439<br>| $22364<br>| $25428<br>|
| S&P 500® Index<br>| $10000 | $11196<br>| $13640<br>| $13042<br>| $17149<br>| $20304<br>| $26132<br>| $21399<br>| $27025<br>| $33786<br>| $39827<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123460_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 15.25% | 9.52% | 11.13% |
| Fidelity Balanced 60/40 Composite Index℠ | 13.70%<br>| 8.47%<br>| 9.78% |
| S&P 500® Index | 17.88%<br>| 14.42%<br>| 14.82% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $8331081050<br>|
| Number of Holdings | 350<br>|
| Total Advisory Fee | $35257053<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of December 31, 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 | 22.2 |
| AAA | 2.4 |
| AA | 0.2 |
| A | 3.1 |
| BBB | 4.6 |
| BB | 0.5 |
| B | 0.2 |
| Not Rated | 2.3 |
| Equities | 64.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img616_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 22.2 |
| &nbsp;&nbsp;AAA - 2.4&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;AA - 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;&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 - 4.6&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;  |
| &nbsp;&nbsp;BB - 0.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 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;Equities - 64.1&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;Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |
| 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 | 21.9 |
| Financials | 12.7 |
| Communication Services | 8.0 |
| Consumer Discretionary | 6.7 |
| Health Care | 6.4 |
| Industrials | 5.7 |
| Consumer Staples | 3.1 |
| Energy | 2.6 |
| Real Estate | 2.0 |
| Utilities | 1.6 |
| Materials | 1.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 63.9 |
| Bonds | 35.5 |
| Preferred Stocks | 0.2 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img616_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 63.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 35.5&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; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| US Treasury Notes | 12.8<br>|
| NVIDIA Corp | 5.5<br>|
| Alphabet Inc Class A | 4.8<br>|
| Apple Inc | 4.8<br>|
| Microsoft Corp | 4.3<br>|
| US Treasury Bonds | 4.1<br>|
| Amazon.com Inc | 2.8<br>|
| Broadcom Inc | 1.7<br>|
| Meta Platforms Inc Class A | 1.6<br>|
| Fannie Mae Mortgage pass-thru certificates | 1.6<br>|
|  | 44.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img616_20251231_2.jpg)<br>| ![](img123460_3.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> 1.9914219.101 616-TSRA-0226 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, December 31, 2025, Variable Insurance Products Fund III (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to VIP Balanced Portfolio, VIP Dynamic Capital Appreciation Portfolio, VIP Growth & Income Portfolio, VIP Growth Opportunities Portfolio, and VIP Value Strategies Portfolio (the "Funds"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>December 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| VIP Balanced Portfolio | $54300  | $- | $6700  | $500  |
| VIP Dynamic Capital Appreciation Portfolio | $36300  | $- | $6600  | $400  |
| VIP Growth & Income Portfolio | $45900  | $- | $9500  | $500  |
| VIP Growth Opportunities Portfolio | $48100  | $- | $5300  | $500  |
| VIP Value Strategies Portfolio | $43000  | $- | $11300  | $500  |

---

**<u>December 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| VIP Balanced Portfolio | $52900  | $-  | $11100  | $1200  |
| VIP Dynamic Capital Appreciation Portfolio | $34800  | $- | $10000  | $800  |
| VIP Growth & Income Portfolio | $43900  | $- | $9900  | $1000  |
| VIP Growth Opportunities Portfolio | $46200  | $- | $8200  | $1000  |
| VIP Value Strategies Portfolio | $40800  | $- | $11200  | $1000  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to VIP Mid Cap Portfolio (the "Fund"):

**<u>Services Billed by PwC</u>**

**<u>December 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| VIP Mid Cap Portfolio | $44600  | $2000  | $7900  | $600  |

---

**<u>December 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| VIP Mid Cap Portfolio | $42800  | $3900  | $7900  | $1400  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | **<u>December 31, 2025</u><sup>A</sup>** | **<u>December 31, 2024</u><sup>A</sup>** |
| Audit-Related Fees | $125000 | $125000 |
| Tax Fees | $- | $- |
| All Other Fees | $1970400 | $2929500 |

---

<sup>A</sup> Amounts may reflect rounding.

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | **<u>December 31, 2025</u><sup>A</sup>** | **<u>December 31, 2024</u><sup>A</sup>** |
| Audit-Related Fees | $8914100  | $9701800  |
| Tax Fees | $1000  | $61000  |
| All Other Fees | $-  | $35000  |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| **<u>Billed By</u>** | **<u>December 31, 2025</u><sup>A</sup>** | **<u>December 31, 2024</u><sup>A</sup>** |
| Deloitte Entities | $2474000  | $3404400  |
| PwC | $13762100  | $15304300  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

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**

**Annual Report**

**December 31, 2025**

![](img123115_1.jpg)

![](img123115_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPVS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Value Strategies Portfolio](#Sub_Sec_Fund_1023_VIPVS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1023_VIPVS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPVS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPVS-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPVS-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPVS-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPVS-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPVS-ANN)** |

---

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.© 2026 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 (Annual Report)**

**VIP Value Strategies Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** |
|  | Shares | Value ($)<br>|
| CANADA - 3.7%  |  |  |
| Consumer Discretionary - 1.1% |  |  |
| Textiles, Apparel & Luxury Goods - 1.1% |  |  |
| Gildan Activewear Inc  | 173300 | 10831960 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Imperial Oil Ltd (a) | 132400 | 11438558 |
| Industrials - 0.5% |  |  |
| Ground Transportation - 0.5% |  |  |
| TFI International Inc  | 50500 | 5219799 |
| Materials - 0.8% |  |  |
| Chemicals - 0.8% |  |  |
| Methanex Corp (United States) (a) | 200300 | 7955916 |
| TOTAL CANADA |  | 35446233 |
| HONG KONG - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Insurance - 0.6% |  |  |
| Prudential PLC  | 343100 | 5277934 |
| PORTUGAL - 0.8%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Galp Energia SGPS SA  | 456400 | 7846966 |
| PUERTO RICO - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Popular Inc  | 77300 | 9625396 |
| SPAIN - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Cellnex Telecom SA (c)(d) | 115500 | 3719291 |
| UNITED STATES - 90.6%  |  |  |
| Communication Services - 1.7% |  |  |
| Interactive Media & Services - 0.7% |  |  |
| ZoomInfo Technologies Inc (b) | 630400 | 6411168 |
| Media - 1.0% |  |  |
| Nexstar Media Group Inc  | 48400 | 9827620 |
| TOTAL COMMUNICATION SERVICES |  | 16238788 |
| Consumer Discretionary - 9.8% |  |  |
| Automobile Components - 1.0% |  |  |
| Patrick Industries Inc (a) | 83576 | 9062146 |
| Diversified Consumer Services - 0.6% |  |  |
| Driven Brands Holdings Inc (a)(b) | 369900 | 5481918 |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Hilton Grand Vacations Inc (b) | 173300 | 7755175 |
| Household Durables - 1.5% |  |  |
| Somnigroup International Inc  | 87100 | 7776288 |
| TopBuild Corp (b) | 16500 | 6883635 |
|  |  | 14659923 |
| Leisure Products - 1.8% |  |  |
| BRP Inc Subordinate Voting Shares (a) | 120600 | 8527361 |
| Hasbro Inc  | 105300 | 8634600 |
|  |  | 17161961 |
| Specialty Retail - 3.5% |  |  |
| Bath & Body Works Inc  | 439000 | 8815120 |
| Lithia Motors Inc Class A  | 33000 | 10966890 |
| Signet Jewelers Ltd (a) | 81200 | 6729856 |
| Upbound Group Inc (a) | 379100 | 6656996 |
|  |  | 33168862 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| PVH Corp  | 82900 | 5555958 |
| TOTAL CONSUMER DISCRETIONARY |  | 92845943 |
| Consumer Staples - 4.8% |  |  |
| Beverages - 1.4% |  |  |
| Keurig Dr Pepper Inc  | 195900 | 5487159 |
| Primo Brands Corp Class A  | 489300 | 8000055 |
|  |  | 13487214 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Dollar Tree Inc (b) | 74400 | 9151944 |
| Food Products - 2.4% |  |  |
| Bunge Global SA  | 90700 | 8079556 |
| Darling Ingredients Inc (b) | 242663 | 8735868 |
| Ingredion Inc  | 57900 | 6384054 |
|  |  | 23199478 |
| TOTAL CONSUMER STAPLES |  | 45838636 |
| Energy - 5.5% |  |  |
| Energy Equipment & Services - 2.3% |  |  |
| Expro Group Holdings NV (a)(b) | 801700 | 10702695 |
| Weatherford International PLC  | 146000 | 11425960 |
|  |  | 22128655 |
| Oil, Gas & Consumable Fuels - 3.2% |  |  |
| Core Natural Resources Inc  | 116347 | 10297873 |
| Phillips 66  | 78400 | 10116736 |
| Targa Resources Corp  | 51400 | 9483300 |
|  |  | 29897909 |
| TOTAL ENERGY |  | 52026564 |
| Financials - 15.4% |  |  |
| Banks - 2.4% |  |  |
| East West Bancorp Inc  | 96393 | 10833609 |
| First Citizens BancShares Inc/NC Class A  | 5700 | 12233226 |
|  |  | 23066835 |
| Capital Markets - 2.5% |  |  |
| Ameriprise Financial Inc  | 22000 | 10787480 |
| Blue Owl Capital Inc Class A  | 285500 | 4265370 |
| Raymond James Financial Inc  | 55600 | 8928804 |
|  |  | 23981654 |
| Consumer Finance - 2.0% |  |  |
| OneMain Holdings Inc  | 168800 | 11402440 |
| SLM Corp  | 281300 | 7611978 |
|  |  | 19014418 |
| Financial Services - 4.7% |  |  |
| Apollo Global Management Inc  | 59700 | 8642172 |
| Corpay Inc (b) | 15600 | 4694508 |
| Global Payments Inc  | 112300 | 8692020 |
| NCR Atleos Corp (b) | 214700 | 8182217 |
| PennyMac Financial Services Inc  | 42100 | 5550464 |
| WEX Inc (b) | 60100 | 8953698 |
|  |  | 44715079 |
| Insurance - 3.8% |  |  |
| Assurant Inc  | 42900 | 10332465 |
| First American Financial Corp  | 111270 | 6836429 |
| Reinsurance Group of America Inc  | 46005 | 9360177 |
| Travelers Companies Inc/The  | 31700 | 9194902 |
|  |  | 35723973 |
| TOTAL FINANCIALS |  | 146501959 |
| Health Care - 8.9% |  |  |
| Health Care Equipment & Supplies - 2.5% |  |  |
| Lantheus Holdings Inc (b) | 114700 | 7633285 |
| QuidelOrtho Corp (b) | 339700 | 9701832 |
| Solventum Corp (b) | 81900 | 6489756 |
|  |  | 23824873 |
| Health Care Providers & Services - 4.3% |  |  |
| Acadia Healthcare Co Inc (b) | 434700 | 6168393 |
| AdaptHealth Corp (b) | 667200 | 6645312 |
| Cigna Group/The  | 16700 | 4596341 |
| CVS Health Corp  | 155300 | 12324608 |
| Molina Healthcare Inc (b) | 62600 | 10863604 |
|  |  | 40598258 |
| Life Sciences Tools & Services - 2.1% |  |  |
| ICON PLC (b) | 50100 | 9129222 |
| IQVIA Holdings Inc (b) | 47600 | 10729516 |
|  |  | 19858738 |
| TOTAL HEALTH CARE |  | 84281869 |
| Industrials - 18.3% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Textron Inc  | 55600 | 4846652 |
| Air Freight & Logistics - 2.5% |  |  |
| FedEx Corp  | 27800 | 8030308 |
| GXO Logistics Inc (b) | 181300 | 9543632 |
| United Parcel Service Inc Class B  | 59500 | 5901805 |
|  |  | 23475745 |
| Building Products - 0.9% |  |  |
| Owens Corning  | 35900 | 4017569 |
| UFP Industries Inc  | 49700 | 4525185 |
|  |  | 8542754 |
| Commercial Services & Supplies - 1.8% |  |  |
| Brink's Co/The  | 74600 | 8708058 |
| HNI Corp  | 103400 | 4346936 |
| Vestis Corp (a) | 603900 | 4028013 |
|  |  | 17083007 |
| Construction & Engineering - 1.7% |  |  |
| Centuri Holdings Inc (b) | 304400 | 7686100 |
| Fluor Corp (b) | 108800 | 4311744 |
| WillScot Holdings Corp  | 235600 | 4436348 |
|  |  | 16434192 |
| Electrical Equipment - 0.9% |  |  |
| Regal Rexnord Corp  | 60600 | 8503392 |
| Ground Transportation - 2.7% |  |  |
| Ryder System Inc  | 43500 | 8325465 |
| Saia Inc (b) | 20800 | 6791616 |
| U-Haul Holding Co Class N  | 141100 | 6595014 |
| XPO Inc (b) | 32000 | 4349120 |
|  |  | 26061215 |
| Machinery - 3.6% |  |  |
| Allison Transmission Holdings Inc  | 95000 | 9300500 |
| Gates Industrial Corp PLC (b) | 348200 | 7475854 |
| Oshkosh Corp  | 74700 | 9384561 |
| Terex Corp  | 130500 | 6966090 |
|  |  | 33127005 |
| Professional Services - 2.7% |  |  |
| Amentum Holdings Inc (b) | 360500 | 10454500 |
| First Advantage Corp (a)(b) | 504300 | 7327479 |
| KBR Inc  | 170600 | 6858120 |
| SS&C Technologies Holdings Inc  | 10700 | 935394 |
|  |  | 25575493 |
| Trading Companies & Distributors - 1.0% |  |  |
| Herc Holdings Inc (a) | 65400 | 9704052 |
| TOTAL INDUSTRIALS |  | 173353507 |
| Information Technology - 9.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.7% |  |  |
| Arrow Electronics Inc (b) | 76300 | 8406734 |
| Avnet Inc  | 158200 | 7606256 |
|  |  | 16012990 |
| Semiconductors & Semiconductor Equipment - 2.7% |  |  |
| First Solar Inc (b) | 57400 | 14994602 |
| ON Semiconductor Corp (b) | 193000 | 10450950 |
|  |  | 25445552 |
| Technology Hardware, Storage & Peripherals - 4.6% |  |  |
| Sandisk Corp/DE  | 83300 | 19773754 |
| Western Digital Corp  | 138600 | 23876622 |
|  |  | 43650376 |
| TOTAL INFORMATION TECHNOLOGY |  | 85108918 |
| Materials - 4.8% |  |  |
| Chemicals - 1.5% |  |  |
| Corteva Inc  | 137900 | 9243437 |
| Mosaic Co/The  | 216800 | 5222712 |
|  |  | 14466149 |
| Containers & Packaging - 1.4% |  |  |
| Silgan Holdings Inc  | 91610 | 3698296 |
| Smurfit WestRock PLC  | 253600 | 9806712 |
|  |  | 13505008 |
| Metals & Mining - 1.9% |  |  |
| Constellium SE (b) | 573300 | 10806705 |
| Reliance Inc  | 25200 | 7279524 |
|  |  | 18086229 |
| TOTAL MATERIALS |  | 46057386 |
| Real Estate - 7.0% |  |  |
| Health Care REITs - 2.2% |  |  |
| Ventas Inc  | 140100 | 10840938 |
| Welltower Inc  | 53400 | 9911574 |
|  |  | 20752512 |
| Industrial REITs - 2.1% |  |  |
| Prologis Inc  | 78547 | 10027310 |
| Rexford Industrial Realty Inc  | 245700 | 9513504 |
|  |  | 19540814 |
| Real Estate Management & Development - 1.1% |  |  |
| Jones Lang LaSalle Inc (b) | 31700 | 10666099 |
| Residential REITs - 1.0% |  |  |
| Sun Communities Inc  | 74600 | 9243686 |
| Specialized REITs - 0.6% |  |  |
| Equinix Inc  | 8100 | 6205896 |
| TOTAL REAL ESTATE |  | 66409007 |
| Utilities - 5.4% |  |  |
| Electric Utilities - 3.0% |  |  |
| Constellation Energy Corp  | 26633 | 9408640 |
| Eversource Energy  | 131700 | 8867361 |
| PG&E Corp  | 655500 | 10533885 |
|  |  | 28809886 |
| Independent Power and Renewable Electricity Producers - 1.1% |  |  |
| AES Corp/The  | 732900 | 10509786 |
| Multi-Utilities - 1.3% |  |  |
| Sempra  | 141100 | 12457719 |
| TOTAL UTILITIES |  | 51777391 |
| TOTAL UNITED STATES |  | 860439968 |
| ZAMBIA - 0.9%  |  |  |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| First Quantum Minerals Ltd (b) | 329100 | 8823635 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $767,848,165) |  | <br> **931179423** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.79 | 1476884 | 1477179 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.77 | 39832752 | 39836735 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $41,313,969) |  |  | **41313914** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.3%**<br> (Cost $809,162,134)<br>| <br>**972493337** |
| **NET OTHER ASSETS (LIABILITIES) - (2.3)%**  | **(21976966)** |
| **NET ASSETS - 100.0%** | **950516371** |

---

**Legend**

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

(b) Non-income producing.

(c) 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 $3,719,291 or 0.4% of net assets.

(d) 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 $3,719,291 or 0.4% of net assets.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 184689886 | 194463477 | 210914 | 258 | (55) | 1477179 | 1476884 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 12655829 | 353595788 | 326414698 | 173755 | (184) | - | 39836735 | 39832752 | 0.1% |
| Total | 23906396 | 538285674 | 520878175 | 384669 | 74 | (55) | 41313914 |  |  |

---

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 December 31, 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 | 19958079 | 16238788 | 3719291 | - |
| Consumer Discretionary | 103677903 | 103677903 | - | - |
| Consumer Staples | 45838636 | 45838636 | - | - |
| Energy | 71312088 | 71312088 | - | - |
| Financials | 161405289 | 156127355 | 5277934 | - |
| Health Care | 84281869 | 84281869 | - | - |
| Industrials | 178573306 | 178573306 | - | - |
| Information Technology | 85108918 | 85108918 | - | - |
| Materials | 62836937 | 62836937 | - | - |
| Real Estate | 66409007 | 66409007 | - | - |
| Utilities | 51777391 | 51777391 | - | - |
|  **Money Market Funds** | 41313914 | 41313914 | - | - |
| **Total Investments in Securities:** | 972493337 | 963496112 | 8997225 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $45,518,804) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $767,848,165) | $931179423 |  |
| Fidelity Central Funds (cost $41,313,969) | 41313914 |  |
| Total Investment in Securities (cost $809,162,134) |  | $972493337 |
| Receivable for fund shares sold |  | 18555965 |
| Dividends receivable |  | 820005 |
| Distributions receivable from Fidelity Central Funds |  | 14399 |
| Prepaid expenses |  | 724 |
| **Total assets** |  | 991884430 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $927798 |  |
| Accrued management fee | 476337 |  |
| Distribution and service plan fees payable | 80667 |  |
| Other payables and accrued expenses | 46380 |  |
| Collateral on securities loaned | 39836877 |  |
| **Total liabilities** |  | 41368059 |
| **Net Assets**  |  | $950516371 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $789451298 |
| Total accumulated earnings (loss) |  | 161065073 |
| **Net Assets** |  | $950516371 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($124,155,177 ÷ 7,794,476 shares) |  | $15.93 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($30,676,877 ÷ 1,934,604 shares) |  | $15.86 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($391,646,600 ÷ 24,224,765 shares) |  | $16.17 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($404,037,717 ÷ 25,673,409 shares) |  | $15.74 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $13911659 |
| Income from Fidelity Central Funds (including $173,755 from security lending)  |  | 384669 |
| **Total income** |  | 14296328 |
| **Expenses** |  |  |
| Management fee | $5457924 |  |
| Distribution and service plan fees | 920369 |  |
| Custodian fees and expenses | 22025 |  |
| Independent trustees' fees and expenses | 3453 |  |
| Audit fees | 63599 |  |
| Legal | 4505 |  |
| Miscellaneous | 2993 |  |
| **Total expenses** |  | 6474868 |
| **Net Investment income (loss)** |  | 7821460 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 20209310 |  |
| Fidelity Central Funds | 74 |  |
| Foreign currency transactions | 8613 |  |
| Total net realized gain (loss) |  | 20217997 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 37849596 |  |
| Fidelity Central Funds  | (55) |  |
| Assets and liabilities in foreign currencies | 1596 |  |
| Total change in net unrealized appreciation (depreciation) |  | 37851137 |
| **Net gain (loss)** |  | 58069134 |
| **Net increase (decrease) in net assets resulting from operations** |  | $65890594 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $7821460 | $6430357 |
| &nbsp;&nbsp;Net realized gain (loss) | 20217997<br>| 110906006<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 37851137 | (52166849)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 65890594<br>| 65169514<br>|
| Distributions to shareholders | (45208189)<br>| (110011992)<br>|
| Share transactions - net increase (decrease) | (8548335)<br>| 282103850<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 12134070<br>| 237261372<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 938382301 | 701120929<br>|
| &nbsp;&nbsp;End of period | $950516371 | $938382301 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.51 | $16.55 | $14.38 | $16.40 | $13.55 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .18  | .17  | .16  | .24 C |
| Net realized and unrealized gain (loss)  | 1.07  | 1.46  | 2.80  | (1.29)  | 4.26  |
| Total from investment operations  | 1.22  | 1.64  | 2.97  | (1.13)  | 4.50  |
| Distributions from net investment income  | (.17)  | (.18)  | (.19)  | (.16) D | (.26)  |
| Distributions from net realized gain  | (.63)  | (2.50)  | (.61)  | (.73) D | (1.39)  |
| Total distributions  | (.80)  | (2.68)  | (.80)  | (.89)  | (1.65)  |
| Net asset value, end of period  | $15.93 | $15.51 | $16.55 | $14.38 | $16.40 |
| **Total Return** E,F | 7.99% <br>| 9.40%  | 20.85%  | (7.03)%  | 33.60%  |
| **Ratios to Average Net Assets** A,G,H |  |  |  |  |  |
| Expenses before reductions  | .59%  | .60%  | .64%  | .64%  | .64%  |
| Expenses net of fee waivers, if any  | .59% <br>| .60%  | .63%  | .63%  | .63%  |
| Expenses net of all reductions, if any  | .59%  | .60%  | .63%  | .63%  | .63%  |
| Net investment income (loss)  | 1.01%  | 1.03%  | 1.12%  | 1.02%  | 1.47% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $124155 | $109983 | $101102 | $92162 | $125050 |
| Portfolio turnover rate I | 62% <br>| 66%  | 57%  | 59%  | 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*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 do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.43 | $16.48 | $14.32 | $16.35 | $13.51 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .14  | .16  | .16  | .14  | .22 C |
| Net realized and unrealized gain (loss)  | 1.07  | 1.46  | 2.79  | (1.29)  | 4.25  |
| Total from investment operations  | 1.21  | 1.62  | 2.95  | (1.15)  | 4.47  |
| Distributions from net investment income  | (.15)  | (.17)  | (.17)  | (.15) D | (.24)  |
| Distributions from net realized gain  | (.63)  | (2.50)  | (.61)  | (.73) D | (1.39)  |
| Total distributions  | (.78)  | (2.67)  | (.79) E | (.88)  | (1.63)  |
| Net asset value, end of period  | $15.86 | $15.43 | $16.48 | $14.32 | $16.35 |
| **Total Return** F,G | 7.91% <br>| 9.27%  | 20.77%  | (7.19)%  | 33.48%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | .69%  | .70%  | .74%  | .74%  | .73%  |
| Expenses net of fee waivers, if any  | .69% <br>| .70%  | .73%  | .73%  | .73%  |
| Expenses net of all reductions, if any  | .69%  | .70%  | .73%  | .73%  | .73%  |
| Net investment income (loss)  | .91%  | .93%  | 1.02%  | .92%  | 1.37% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $30677 | $32922 | $31303 | $24199 | $27216 |
| Portfolio turnover rate J | 62% <br>| 66%  | 57%  | 59%  | 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 .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 do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.73 | $16.75 | $14.54 | $16.59 | $13.68 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .12  | .13  | .13  | .12  | .20 C |
| Net realized and unrealized gain (loss)  | 1.08  | 1.49  | 2.84  | (1.31)  | 4.31  |
| Total from investment operations  | 1.20  | 1.62  | 2.97  | (1.19)  | 4.51  |
| Distributions from net investment income  | (.13)  | (.14)  | (.15)  | (.13) D | (.21)  |
| Distributions from net realized gain  | (.63)  | (2.50)  | (.61)  | (.73) D | (1.39)  |
| Total distributions  | (.76)  | (2.64)  | (.76)  | (.86)  | (1.60)  |
| Net asset value, end of period  | $16.17 | $15.73 | $16.75 | $14.54 | $16.59 |
| **Total Return** E,F | 7.70% <br>| 9.16%  | 20.61%  | (7.35)%  | 33.34%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .84%  | .85%  | .89%  | .89%  | .88%  |
| Expenses net of fee waivers, if any  | .84% <br>| .85%  | .88%  | .88%  | .88%  |
| Expenses net of all reductions, if any  | .84%  | .85%  | .88%  | .88%  | .88%  |
| Net investment income (loss)  | .76%  | .78%  | .87%  | .77%  | 1.22% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $391647 | $372033 | $340221 | $309683 | $315104 |
| Portfolio turnover rate I | 62% <br>| 66%  | 57%  | 59%  | 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 .84%.*

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.33 | $16.38 | $14.24 | $16.25 | $13.44 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .14  | .16  | .16  | .14  | .23 C |
| Net realized and unrealized gain (loss)  | 1.05  | 1.46  | 2.77  | (1.27)  | 4.22  |
| Total from investment operations  | 1.19  | 1.62  | 2.93  | (1.13)  | 4.45  |
| Distributions from net investment income  | (.16)  | (.17)  | (.17)  | (.15) D | (.24)  |
| Distributions from net realized gain  | (.63)  | (2.50)  | (.61)  | (.73) D | (1.39)  |
| Total distributions  | (.78) E | (2.67)  | (.79) E | (.88)  | (1.64) E |
| Net asset value, end of period  | $15.74 | $15.33 | $16.38 | $14.24 | $16.25 |
| **Total Return** F,G | 7.89% <br>| 9.37%  | 20.75%  | (7.11)%  | 33.48%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | .66%  | .67%  | .71%  | .71%  | .71%  |
| Expenses net of fee waivers, if any  | .66% <br>| .66%  | .71%  | .71%  | .71%  |
| Expenses net of all reductions, if any  | .66%  | .66%  | .71%  | .71%  | .71%  |
| Net investment income (loss)  | .94%  | .96%  | 1.05%  | .95%  | 1.39% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $404038 | $423444 | $228494 | $221074 | $282755 |
| Portfolio turnover rate J | 62% <br>| 66%  | 57%  | 59%  | 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 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 do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

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

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

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

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

**Notes to Financial Statements**

For the period ended December 31, 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 December 31, 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. 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. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 and excise tax regulations.

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**  | $232272780 |
| **Gross unrealized depreciation**  | <u>(70699746)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$161573034</u> |
| **Tax Cost**  | <u>$810920303</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$161574706</u> |

---

The Fund intends to elect to defer to its next fiscal year $496,668 of capital losses recognized during the period November 1, 2025 to December 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $12998514 | $22345900 |
| **Long-term Capital Gains**  | <u>32209675</u> | <u>87666092</u> |
| **Total**  | <u>$45208189</u> | <u>$110011992</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.

**4. 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 Value Strategies Portfolio** | 550470122 | 579228650 |

---

**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** | $31303 |
| **Service Class 2** | <u>889066</u> |
|  | <u>$920369</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 Value Strategies Portfolio** | 15979 |

---

**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** | 62998399 | 38308700 | 6251686 |

---

**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** | 1171 |

---

**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** | 18645 | 641 | - |

---

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 Value Strategies Portfolio** | 7767744 |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Value Strategies Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $5905284 | $16131999 |
| Service Class | 1543219 | 4972869 |
| Service Class 2 | 17353077 | 54511797 |
| Investor Class | <u>20406609</u> | <u>34395327</u> |
| Total  | <u>$45208189</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** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Value Strategies Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 2257622 | 1635429 | $34289314 | $27661415 |
| Reinvestment of distributions  | 373106 | 993454 | 5905284 | 16131999 |
| Shares redeemed | <u>(1926864)</u> | <u>(1648291)</u> | <u>(29298472)</u> | <u>(28884213)</u> |
| Net increase (decrease) | <u>703864</u> | <u>980592</u> | <u>$10896126</u> | <u>$14909201</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 219472 | 296815 | $3237107 | $5051659 |
| Reinvestment of distributions  | 98236 | 307743 | 1543219 | 4972869 |
| Shares redeemed | <u>(516141)</u> | <u>(371327)</u> | <u>(7816425)</u> | <u>(6432574)</u> |
| Net increase (decrease) | <u>(198433)</u> | <u>233231</u> | <u>$(3036099)</u> | <u>$3591954</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 3288413 | 3355920 | $51104491 | $57869506 |
| Reinvestment of distributions  | 1083531 | 3310610 | 17353077 | 54511796 |
| Shares redeemed | <u>(3802237)</u> | <u>(3325471)</u> | <u>(57702167)</u> | <u>(57689743)</u> |
| Net increase (decrease) | <u>569707</u> | <u>3341059</u> | <u>$10755401</u> | <u>$54691559</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 2010098 | 14479492 | $29779464 | $223564703 |
| Reinvestment of distributions  | 1308699 | 2143011 | 20406608 | 34395326 |
| Shares redeemed | <u>(5269783)</u> | <u>(2947710)</u> | <u>(77349835)</u> | <u>(49048893)</u> |
| Net increase (decrease) | <u>(1950986)</u> | <u>13674793</u> | <u>$(27163763)</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. | 23% | 2 | 36% |

---

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 | 31% |

---

**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund III and the Shareholders of VIP Value Strategies Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of VIP Value Strategies Portfolio (the "Fund"), a fund of Variable Insurance Products Fund III, including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 10, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $19,596,852, or, if subsequently determined to be different, the net capital gain of such year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Initial Class designates 1%, and 100%; Service Class designates 1%, and 100%; Service Class 2 designates 1%, and 100%; and Investor Class designates 1%, and 100%; of the dividends distributed in February and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

**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)**

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

![](img123115_4.jpg)<br>

1.781994.123 VIPVS-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Mid Cap Portfolio**

**Annual Report**

**December 31, 2025**

![](img123123_1.jpg)

![](img123123_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPMID-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Mid Cap Portfolio](#Sub_Sec_Fund_772_VIPMID-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements772_VIPMID-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPMID-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPMID-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPMID-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPMID-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPMID-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPMID-ANN)** |

---

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.© 2026 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 (Annual Report)**

**VIP Mid Cap Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.8%  |  |  |
| Health Care - 0.8% |  |  |
| Pharmaceuticals - 0.8% |  |  |
| UCB SA  | 210400 | 58996732 |
| BRAZIL - 0.7%  |  |  |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Wheaton Precious Metals Corp  | 479500 | 56371076 |
| CANADA - 2.4%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Specialty Retail - 0.7% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 686300 | 58677137 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Cenovus Energy Inc  | 592473 | 10023113 |
| Industrials - 1.4% |  |  |
| Commercial Services & Supplies - 1.4% |  |  |
| RB Global Inc (United States) (b) | 1026200 | 105565194 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| TransAlta Corp  | 1119700 | 14161955 |
| TOTAL CANADA |  | 188427399 |
| CHINA - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| WuXi XDC Cayman Inc (a) | 1265000 | 9874304 |
| FRANCE - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Life Sciences Tools & Services - 0.3% |  |  |
| Sartorius Stedim Biotech  | 93400 | 23050373 |
| GERMANY - 0.4%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Birkenstock Holding Plc (a)(b) | 494000 | 20204600 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| BioNTech SE ADR (a) | 94000 | 8948800 |
| TOTAL GERMANY |  | 29153400 |
| JAPAN - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Allegro MicroSystems Inc (a) | 738312 | 19476671 |
| NETHERLANDS - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Argenx SE ADR (a) | 22100 | 18584995 |
| TAIWAN - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Silicon Motion Technology Corp ADR  | 552118 | 51181339 |
| THAILAND - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Fabrinet (a) | 60700 | 27635496 |
| UNITED KINGDOM - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| TechnipFMC PLC  | 414100 | 18452296 |
| UNITED STATES - 93.4%  |  |  |
| Communication Services - 1.6% |  |  |
| Entertainment - 1.0% |  |  |
| Liberty Media Corp-Liberty Formula One Class C (a) | 400700 | 39472957 |
| Live Nation Entertainment Inc (a)(b) | 228894 | 32617395 |
|  |  | 72090352 |
| Interactive Media & Services - 0.5% |  |  |
| ZoomInfo Technologies Inc (a) | 3813800 | 38786346 |
| Media - 0.1% |  |  |
| Magnite Inc (a) | 649100 | 10534893 |
| TOTAL COMMUNICATION SERVICES |  | 121411591 |
| Consumer Discretionary - 10.9% |  |  |
| Automobile Components - 0.2% |  |  |
| Aptiv PLC (a) | 229400 | 17455046 |
| Diversified Consumer Services - 2.3% |  |  |
| Duolingo Inc Class A (a) | 138900 | 24376950 |
| Grand Canyon Education Inc (a) | 438000 | 72843780 |
| Service Corp International/US  | 1107300 | 86336181 |
|  |  | 183556911 |
| Hotels, Restaurants & Leisure - 4.3% |  |  |
| Aramark  | 1741758 | 64201200 |
| Cava Group Inc (a)(b) | 271700 | 15946073 |
| Churchill Downs Inc  | 371904 | 42315237 |
| Dutch Bros Inc Class A (a) | 624000 | 38201280 |
| First Watch Restaurant Group Inc (a) | 1075555 | 16219369 |
| Hilton Grand Vacations Inc (a)(b) | 1415800 | 63357050 |
| Texas Roadhouse Inc  | 317100 | 52638600 |
| Viking Holdings Ltd (a) | 607490 | 43380861 |
|  |  | 336259670 |
| Household Durables - 1.9% |  |  |
| Cavco Industries Inc (a) | 76700 | 45309758 |
| Somnigroup International Inc  | 1130800 | 100957824 |
|  |  | 146267582 |
| Leisure Products - 0.7% |  |  |
| YETI Holdings Inc (a) | 1275700 | 56347669 |
| Specialty Retail - 1.5% |  |  |
| Chewy Inc Class A (a) | 1002000 | 33116100 |
| Dick's Sporting Goods Inc  | 249236 | 49341251 |
| Warby Parker Inc Class A (a) | 216829 | 4724704 |
| Williams-Sonoma Inc  | 156246 | 27903973 |
|  |  | 115086028 |
| TOTAL CONSUMER DISCRETIONARY |  | 854972906 |
| Consumer Staples - 3.2% |  |  |
| Consumer Staples Distribution & Retail - 3.1% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 885399 | 79712472 |
| Performance Food Group Co (a) | 832100 | 74822432 |
| US Foods Holding Corp (a) | 1202440 | 90567781 |
|  |  | 245102685 |
| Food Products - 0.1% |  |  |
| Westrock Coffee Co (a)(b) | 2288442 | 9313959 |
| TOTAL CONSUMER STAPLES |  | 254416644 |
| Energy - 2.6% |  |  |
| Energy Equipment & Services - 0.6% |  |  |
| Baker Hughes Co Class A  | 700448 | 31898402 |
| Kodiak Gas Services Inc  | 416900 | 15592059 |
|  |  | 47490461 |
| Oil, Gas & Consumable Fuels - 2.0% |  |  |
| Antero Resources Corp (a) | 1943425 | 66970426 |
| Chord Energy Corp  | 100500 | 9316350 |
| Ovintiv Inc  | 1070000 | 41933300 |
| Permian Resources Corp Class A  | 2718900 | 38146167 |
|  |  | 156366243 |
| TOTAL ENERGY |  | 203856704 |
| Financials - 16.7% |  |  |
| Banks - 8.1% |  |  |
| Bancorp Inc/The (a) | 508922 | 34362413 |
| Coastal Financial Corp/WA Class A (a) | 286300 | 32807117 |
| East West Bancorp Inc  | 1034817 | 116303083 |
| First Citizens BancShares Inc/NC Class A  | 26000 | 55800680 |
| Hancock Whitney Corp  | 518000 | 32986240 |
| Huntington Bancshares Inc/OH  | 1834900 | 31835515 |
| KeyCorp  | 3398200 | 70138848 |
| Old National Bancorp/IN  | 3530900 | 78774379 |
| Pinnacle Financial Partners Inc  | 390000 | 37209900 |
| Western Alliance Bancorp  | 498600 | 41917302 |
| Wintrust Financial Corp  | 681841 | 95335009 |
|  |  | 627470486 |
| Capital Markets - 2.3% |  |  |
| Blue Owl Capital Inc Class A  | 3132800 | 46804032 |
| Houlihan Lokey Inc Class A  | 117400 | 20449906 |
| Northern Trust Corp  | 142055 | 19403292 |
| Raymond James Financial Inc  | 173197 | 27813706 |
| Stifel Financial Corp  | 418600 | 52417092 |
| WisdomTree Inc  | 1402500 | 17096475 |
|  |  | 183984503 |
| Financial Services - 2.4% |  |  |
| Affirm Holdings Inc Class A (a) | 279800 | 20825514 |
| Equitable Holdings Inc  | 1916500 | 91321225 |
| PennyMac Financial Services Inc  | 243600 | 32116224 |
| Toast Inc Class A (a) | 1329900 | 47224749 |
|  |  | 191487712 |
| Insurance - 3.9% |  |  |
| First American Financial Corp  | 701600 | 43106304 |
| Globe Life Inc  | 205700 | 28769202 |
| Primerica Inc  | 329347 | 85090091 |
| Reinsurance Group of America Inc  | 509378 | 103638048 |
| Unum Group  | 576000 | 44640000 |
|  |  | 305243645 |
| TOTAL FINANCIALS |  | 1308186346 |
| Health Care - 8.7% |  |  |
| Biotechnology - 1.4% |  |  |
| Centessa Pharmaceuticals PLC ADR (a) | 702200 | 17562022 |
| Cytokinetics Inc (a) | 307200 | 19519488 |
| Disc Medicine Inc (a) | 167800 | 13324998 |
| Krystal Biotech Inc (a) | 50884 | 12544941 |
| Legend Biotech Corp ADR (a) | 393500 | 8554690 |
| Revolution Medicines Inc (a) | 253400 | 20183310 |
| Ultragenyx Pharmaceutical Inc (a) | 39023 | 897529 |
| United Therapeutics Corp (a) | 41100 | 20025975 |
|  |  | 112612953 |
| Health Care Equipment & Supplies - 2.6% |  |  |
| Insulet Corp (a) | 102400 | 29106176 |
| Masimo Corp (a) | 418800 | 54469128 |
| Penumbra Inc (a) | 211632 | 65798505 |
| TransMedics Group Inc (a)(b) | 383700 | 46677105 |
|  |  | 196050914 |
| Health Care Providers & Services - 1.8% |  |  |
| BrightSpring Health Services Inc (a) | 2095700 | 78483965 |
| GeneDx Holdings Corp Class A (a) | 122300 | 15906338 |
| Molina Healthcare Inc (a) | 155800 | 27037532 |
| Tenet Healthcare Corp (a) | 110862 | 22030497 |
|  |  | 143458332 |
| Health Care Technology - 0.5% |  |  |
| Veeva Systems Inc Class A (a) | 168400 | 37591932 |
| Life Sciences Tools & Services - 0.8% |  |  |
| 10X Genomics Inc Class A (a) | 953300 | 15548323 |
| Charles River Laboratories International Inc (a) | 118879 | 23713983 |
| Repligen Corp (a) | 137100 | 22465206 |
|  |  | 61727512 |
| Pharmaceuticals - 1.6% |  |  |
| Corcept Therapeutics Inc (a) | 150500 | 5237400 |
| Crinetics Pharmaceuticals Inc (a) | 389200 | 18117260 |
| Elanco Animal Health Inc (a) | 4540500 | 102751515 |
|  |  | 126106175 |
| TOTAL HEALTH CARE |  | 677547818 |
| Industrials - 21.8% |  |  |
| Aerospace & Defense - 3.0% |  |  |
| ATI Inc (a) | 1065900 | 122322684 |
| Axon Enterprise Inc (a) | 30654 | 17409326 |
| Textron Inc  | 234300 | 20423931 |
| Woodward Inc  | 256800 | 77635776 |
|  |  | 237791717 |
| Building Products - 0.9% |  |  |
| Modine Manufacturing Co (a) | 123000 | 16421730 |
| Simpson Manufacturing Co Inc  | 338800 | 54706036 |
|  |  | 71127766 |
| Construction & Engineering - 4.2% |  |  |
| Comfort Systems USA Inc  | 158300 | 147739808 |
| Construction Partners Inc Class A (a) | 187700 | 20374835 |
| EMCOR Group Inc  | 191300 | 117035427 |
| Granite Construction Inc  | 177000 | 20416950 |
| Quanta Services Inc  | 55269 | 23326834 |
|  |  | 328893854 |
| Electrical Equipment - 2.7% |  |  |
| Acuity Inc  | 175323 | 63123293 |
| AMETEK Inc  | 149926 | 30781307 |
| nVent Electric PLC  | 745300 | 75998241 |
| Vertiv Holdings Co Class A  | 253400 | 41053334 |
|  |  | 210956175 |
| Ground Transportation - 1.2% |  |  |
| Knight-Swift Transportation Holdings Inc  | 819500 | 42843460 |
| XPO Inc (a) | 350900 | 47690819 |
|  |  | 90534279 |
| Machinery - 5.0% |  |  |
| Allison Transmission Holdings Inc  | 191800 | 18777220 |
| CECO Environmental Corp (a) | 1036200 | 62016570 |
| Crane Co  | 208936 | 38534066 |
| Flowserve Corp  | 996200 | 69116356 |
| Ingersoll Rand Inc  | 242920 | 19244122 |
| ITT Inc  | 677209 | 117502535 |
| Westinghouse Air Brake Technologies Corp  | 301400 | 64333830 |
|  |  | 389524699 |
| Passenger Airlines - 0.8% |  |  |
| Alaska Air Group Inc (a) | 1194700 | 60093410 |
| Professional Services - 3.6% |  |  |
| CACI International Inc (a) | 86300 | 45981503 |
| ExlService Holdings Inc (a) | 1342500 | 56975700 |
| FTI Consulting Inc (a) | 304200 | 51966486 |
| KBR Inc  | 1038200 | 41735640 |
| TransUnion  | 1031100 | 88416825 |
|  |  | 285076154 |
| Trading Companies & Distributors - 0.4% |  |  |
| Herc Holdings Inc  | 102200 | 15164436 |
| Watsco Inc  | 41700 | 14050815 |
|  |  | 29215251 |
| TOTAL INDUSTRIALS |  | 1703213305 |
| Information Technology - 16.7% |  |  |
| Communications Equipment - 3.9% |  |  |
| Digi International Inc (a) | 1536201 | 66502141 |
| Lumentum Holdings Inc (a) | 639800 | 235823882 |
|  |  | 302326023 |
| Electronic Equipment, Instruments & Components - 3.8% |  |  |
| Belden Inc  | 247600 | 28857780 |
| Coherent Corp (a) | 877300 | 161923261 |
| Flex Ltd (a) | 1197500 | 72352950 |
| OSI Systems Inc (a) | 136693 | 34864917 |
|  |  | 297998908 |
| IT Services - 3.1% |  |  |
| GoDaddy Inc Class A (a) | 299900 | 37211592 |
| Kyndryl Holdings Inc (a) | 1512400 | 40169344 |
| Okta Inc Class A (a) | 511400 | 44220758 |
| Twilio Inc Class A (a) | 835000 | 118770400 |
|  |  | 240372094 |
| Semiconductors & Semiconductor Equipment - 3.0% |  |  |
| First Solar Inc (a) | 141900 | 37068537 |
| GlobalFoundries Inc (a) | 538700 | 18811404 |
| MACOM Technology Solutions Holdings Inc (a) | 156900 | 26873832 |
| MKS Inc  | 472900 | 75569420 |
| Rambus Inc (a) | 469500 | 43142355 |
| Veeco Instruments Inc (a) | 1252600 | 35799308 |
|  |  | 237264856 |
| Software - 0.6% |  |  |
| Appfolio Inc Class A (a) | 99100 | 23055615 |
| Riot Platforms Inc (a) | 1232400 | 15614508 |
| Terawulf Inc (a)(b) | 1250000 | 14362500 |
|  |  | 53032623 |
| Technology Hardware, Storage & Peripherals - 2.3% |  |  |
| Western Digital Corp  | 1038000 | 178816260 |
| TOTAL INFORMATION TECHNOLOGY |  | 1309810764 |
| Materials - 2.8% |  |  |
| Chemicals - 0.8% |  |  |
| Element Solutions Inc  | 1702005 | 42533105 |
| HB Fuller Co  | 333700 | 19841802 |
|  |  | 62374907 |
| Construction Materials - 0.4% |  |  |
| Martin Marietta Materials Inc  | 51937 | 32339092 |
| Containers & Packaging - 1.5% |  |  |
| AptarGroup Inc  | 551200 | 67224352 |
| Crown Holdings Inc  | 327800 | 33753566 |
| Smurfit WestRock PLC  | 418400 | 16179528 |
|  |  | 117157446 |
| Metals & Mining - 0.1% |  |  |
| MP Materials Corp (a)(b) | 114200 | 5769384 |
| TOTAL MATERIALS |  | 217640829 |
| Real Estate - 5.5% |  |  |
| Health Care REITs - 1.0% |  |  |
| Ventas Inc  | 1023337 | 79185817 |
| Industrial REITs - 0.5% |  |  |
| EastGroup Properties Inc  | 133800 | 23835132 |
| Terreno Realty Corp  | 315300 | 18511263 |
|  |  | 42346395 |
| Office REITs - 0.2% |  |  |
| Vornado Realty Trust  | 388600 | 12932608 |
| Real Estate Management & Development - 0.8% |  |  |
| Jones Lang LaSalle Inc (a) | 193300 | 65039651 |
| Residential REITs - 1.0% |  |  |
| Camden Property Trust  | 173000 | 19043840 |
| Invitation Homes Inc  | 1016872 | 28258873 |
| Sun Communities Inc  | 230700 | 28586037 |
|  |  | 75888750 |
| Retail REITs - 1.7% |  |  |
| Acadia Realty Trust  | 2419100 | 49688314 |
| Macerich Co/The  | 1660300 | 30649138 |
| NNN REIT Inc  | 824000 | 32655120 |
| Urban Edge Properties  | 916800 | 17593392 |
|  |  | 130585964 |
| Specialized REITs - 0.3% |  |  |
| Four Corners Property Trust Inc  | 1060200 | 24448212 |
| TOTAL REAL ESTATE |  | 430427397 |
| Utilities - 2.9% |  |  |
| Electric Utilities - 0.3% |  |  |
| Evergy Inc  | 392700 | 28466823 |
| Gas Utilities - 0.6% |  |  |
| Southwest Gas Holdings Inc  | 562600 | 45019252 |
| Independent Power and Renewable Electricity Producers - 0.9% |  |  |
| Talen Energy Corp (a) | 60900 | 22827756 |
| Vistra Corp  | 316200 | 51012546 |
|  |  | 73840302 |
| Multi-Utilities - 1.1% |  |  |
| CenterPoint Energy Inc  | 622500 | 23866650 |
| Northwestern Energy Group Inc  | 913100 | 58931474 |
|  |  | 82798124 |
| TOTAL UTILITIES |  | 230124501 |
| TOTAL UNITED STATES |  | 7311608805 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,684,482,585) |  | <br> **7812812886** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.79 | 22628571 | 22633096 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.77 | 168283268 | 168300097 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $190,936,453) |  |  | **190933193** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.2%**<br> (Cost $5,875,419,038)<br>| <br>**8003746079** |
| **NET OTHER ASSETS (LIABILITIES) - (2.2)%**  | **(171378959)** |
| **NET ASSETS - 100.0%** | **7832367120** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 1590333274 | 1590611007 | 2195919 | 1359 | (2122) | 22633096 | 22628571 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 199086643 | 1875049375 | 1905821366 | 241633 | (13417) | (1138) | 168300097 | 168283268 | 0.6% |
| Total | 221998235 | 3465382649 | 3496432373 | 2437552 | (12058) | (3260) | 190933193 |  |  |

---

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 December 31, 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 | 121411591 | 121411591 | - | - |
| Consumer Discretionary | 933854643 | 933854643 | - | - |
| Consumer Staples | 254416644 | 254416644 | - | - |
| Energy | 232332113 | 232332113 | - | - |
| Financials | 1308186346 | 1308186346 | - | - |
| Health Care | 797003022 | 797003022 | - | - |
| Industrials | 1808778499 | 1808778499 | - | - |
| Information Technology | 1408104270 | 1408104270 | - | - |
| Materials | 274011905 | 274011905 | - | - |
| Real Estate | 430427397 | 430427397 | - | - |
| Utilities | 244286456 | 244286456 | - | - |
|  **Money Market Funds** | 190933193 | 190933193 | - | - |
| **Total Investments in Securities:** | 8003746079 | 8003746079 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $170,996,860) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,684,482,585) | $7812812886 |  |
| Fidelity Central Funds (cost $190,936,453) | 190933193 |  |
| Total Investment in Securities (cost $5,875,419,038) |  | $8003746079 |
| Foreign currency held at value (cost $44,643) |  | 44924 |
| Receivable for investments sold |  | 338090 |
| Receivable for fund shares sold |  | 1427377 |
| Dividends receivable |  | 4135145 |
| Distributions receivable from Fidelity Central Funds |  | 137502 |
| Prepaid expenses |  | 6018 |
| Other receivables |  | 179619 |
| **Total assets** |  | 8010014754 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $4649930 |  |
| Accrued management fee | 3609206 |  |
| Distribution and service plan fees payable | 1022889 |  |
| Other payables and accrued expenses | 66527 |  |
| Collateral on securities loaned | 168299082 |  |
| **Total liabilities** |  | 177647634 |
| **Net Assets**  |  | $7832367120 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5659847280 |
| Total accumulated earnings (loss) |  | 2172519840 |
| **Net Assets** |  | $7832367120 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,691,803,601 ÷ 45,102,612 shares) |  | $37.51 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($798,808,393 ÷ 21,715,527 shares) |  | $36.79 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,556,436,574 ÷ 129,556,359 shares) |  | $35.17 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($785,318,552 ÷ 21,198,680 shares) |  | $37.05 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $73363575 |
| Income from Fidelity Central Funds (including $241,633 from security lending)  |  | 2437552 |
| **Total income** |  | 75801127 |
| **Expenses** |  |  |
| Management fee | $40976246 |  |
| Distribution and service plan fees | 11501080 |  |
| Custodian fees and expenses | 106936 |  |
| Independent trustees' fees and expenses | 29132 |  |
| Audit fees | 74111 |  |
| Legal | 9610 |  |
| Interest | 56574 |  |
| Miscellaneous | 27152 |  |
| **Total expenses** |  | 52780841 |
| **Net Investment income (loss)** |  | 23020286 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 560443970 |  |
| Fidelity Central Funds | (12058) |  |
| Foreign currency transactions | (75199) |  |
| Total net realized gain (loss) |  | 560356713 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 239213113 |  |
| Fidelity Central Funds  | (3260) |  |
| Assets and liabilities in foreign currencies | 55749 |  |
| Total change in net unrealized appreciation (depreciation) |  | 239265602 |
| **Net gain (loss)** |  | 799622315 |
| **Net increase (decrease) in net assets resulting from operations** |  | $822642601 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $23020286 | $28907332 |
| &nbsp;&nbsp;Net realized gain (loss) | 560356713<br>| 1195315543<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 239265602 | (60007733)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 822642601<br>| 1164215142<br>|
| Distributions to shareholders | (888374797)<br>| (999090709)<br>|
| Share transactions - net increase (decrease) | 408150580<br>| 369622565<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 342418384<br>| 534746998<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 7489948736 | 6955201738<br>|
| &nbsp;&nbsp;End of period | $7832367120 | $7489948736 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.56 | $36.44 | $32.72 | $41.17 | $38.72 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .17  | .22  | .21  | .21  | .23  |
| Net realized and unrealized gain (loss)  | 4.18  | 6.33  | 4.69  | (6.16)  | 9.57  |
| Total from investment operations  | 4.35  | 6.55  | 4.90  | (5.95)  | 9.80  |
| Distributions from net investment income  | (.16)  | (.22)  | (.21)  | (.17) C | (.28)  |
| Distributions from net realized gain  | (4.24)  | (5.21)  | (.97)  | (2.33) C | (7.07)  |
| Total distributions  | (4.40)  | (5.43)  | (1.18)  | (2.50)  | (7.35)  |
| Net asset value, end of period  | $37.51 | $37.56 | $36.44 | $32.72 | $41.17 |
| **Total Return** D,E | 11.75% <br>| 17.49%  | 15.08%  | (14.74)%  | 25.60%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .55%  | .57%  | .61%  | .61%  | .61%  |
| Expenses net of fee waivers, if any  | .55% <br>| .57%  | .60%  | .60%  | .60%  |
| Expenses net of all reductions, if any  | .55%  | .57%  | .60%  | .60%  | .60%  |
| Net investment income (loss)  | .47%  | .55%  | .60%  | .60%  | .52%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1691804 | $1633099 | $1544004 | $1455364 | $1810651 |
| Portfolio turnover rate H | 61% <br>| 52%  | 41%  | 31%  | 37% I |

---

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $36.92 | $35.91 | $32.25 | $40.63 | $38.28 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .13  | .18  | .17  | .17  | .18  |
| Net realized and unrealized gain (loss)  | 4.11  | 6.23  | 4.64  | (6.09)  | 9.47  |
| Total from investment operations  | 4.24  | 6.41  | 4.81  | (5.92)  | 9.65  |
| Distributions from net investment income  | (.14)  | (.19)  | (.18)  | (.13) C | (.23)  |
| Distributions from net realized gain  | (4.24)  | (5.21)  | (.97)  | (2.33) C | (7.07)  |
| Total distributions  | (4.37) D | (5.40)  | (1.15)  | (2.46)  | (7.30)  |
| Net asset value, end of period  | $36.79 | $36.92 | $35.91 | $32.25 | $40.63 |
| **Total Return** E,F | 11.66% <br>| 17.35%  | 15.00%  | (14.85)%  | 25.51%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .65%  | .68%  | .71%  | .71%  | .71%  |
| Expenses net of fee waivers, if any  | .65% <br>| .67%  | .70%  | .70%  | .70%  |
| Expenses net of all reductions, if any  | .65%  | .67%  | .70%  | .70%  | .70%  |
| Net investment income (loss)  | .38%  | .45%  | .50%  | .50%  | .42%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $798808 | $724659 | $658165 | $586964 | $726039 |
| Portfolio turnover rate I | 61% <br>| 52%  | 41%  | 31%  | 37% J |

---

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $35.48 | $34.69 | $31.20 | $39.39 | $37.29 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .12  | .11  | .12  | .11  |
| Net realized and unrealized gain (loss)  | 3.93  | 6.01  | 4.48  | (5.90)  | 9.22  |
| Total from investment operations  | 4.01  | 6.13  | 4.59  | (5.78)  | 9.33  |
| Distributions from net investment income  | (.09)  | (.14)  | (.13)  | (.08) C | (.16)  |
| Distributions from net realized gain  | (4.24)  | (5.21)  | (.97)  | (2.33) C | (7.07)  |
| Total distributions  | (4.32) D | (5.34) D | (1.10)  | (2.41)  | (7.23)  |
| Net asset value, end of period  | $35.17 | $35.48 | $34.69 | $31.20 | $39.39 |
| **Total Return** E,F | 11.49% <br>| 17.18%  | 14.80%  | (14.97)%  | 25.31%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .80%  | .82%  | .86%  | .86%  | .86%  |
| Expenses net of fee waivers, if any  | .80% <br>| .82%  | .85%  | .85%  | .85%  |
| Expenses net of all reductions, if any  | .80%  | .82%  | .85%  | .85%  | .85%  |
| Net investment income (loss)  | .23%  | .30%  | .35%  | .35%  | .27%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4556437 | $4382720 | $4101183 | $3776819 | $4970428 |
| Portfolio turnover rate I | 61% <br>| 52%  | 41%  | 31%  | 37% J |

---

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.15 | $36.10 | $32.42 | $40.83 | $38.44 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .19  | .18  | .18  | .20  |
| Net realized and unrealized gain (loss)  | 4.12  | 6.27  | 4.65  | (6.12)  | 9.51  |
| Total from investment operations  | 4.27  | 6.46  | 4.83  | (5.94)  | 9.71  |
| Distributions from net investment income  | (.14)  | (.20)  | (.19)  | (.14) C | (.24)  |
| Distributions from net realized gain  | (4.24)  | (5.21)  | (.97)  | (2.33) C | (7.07)  |
| Total distributions  | (4.37) D | (5.41)  | (1.15) D | (2.47)  | (7.32) D |
| Net asset value, end of period  | $37.05 | $37.15 | $36.10 | $32.42 | $40.83 |
| **Total Return** E,F | 11.68% <br>| 17.40%  | 15.01%  | (14.83)%  | 25.54%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .63%  | .65%  | .68%  | .68%  | .68%  |
| Expenses net of fee waivers, if any  | .63% <br>| .65%  | .68%  | .68%  | .68%  |
| Expenses net of all reductions, if any  | .63%  | .65%  | .68%  | .68%  | .68%  |
| Net investment income (loss)  | .40%  | .48%  | .52%  | .52%  | .44%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $785319 | $749471 | $651850 | $634220 | $739633 |
| Portfolio turnover rate I | 61% <br>| 52%  | 41%  | 31%  | 37% J |

---

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended December 31, 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 December 31, 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. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 and excise tax regulations.

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**  | $2358814679 |
| **Gross unrealized depreciation**  | <u>(242992693)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2115821986</u> |
| **Tax Cost**  | <u>$5887924093</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>59140662</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2115792691</u> |

---

The Fund intends to elect to defer to the next fiscal year ordinary losses in the amount of $58,402 recognized during the period November 1, 2025 to December 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $62747990 | $85295555 |
| **Long-term Capital Gains**  | <u>825626807</u> | <u>913795154</u> |
| **Total**  | <u>$888374797</u> | <u>$999090709</u> |

---

**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** | 4503769918 | 4949377646 |

---

**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** | .62 |

---

**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** | $737481 |
| **Service Class 2** | <u>10763599</u> |
|  | <u>$11501080</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 Mid Cap Portfolio** | 115003 |

---

**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 | 10420184 | 4.47% | 49180 |

---

**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** | 257596374 | 266779470 | 20326671 |

---

**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** | 10074 |

---

**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** | 25214 | 11214 | - |

---

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** | 7664488 |

---

**8. 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** | 4251308 | 4.82% | 7394 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Mid Cap Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $187284572 | $213376033 |
| Service Class | 87513938 | 95410660 |
| Service Class 2 | 526299042 | 593657915 |
| Investor Class | <u>87277245</u> | <u>96646101</u> |
| Total  | <u>$888374797</u> | <u>$999090709</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Mid Cap Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 2351221 | 1923381 | $85713498 | $76887654 |
| Reinvestment of distributions  | 4930667 | 5414963 | 187284572 | 213376033 |
| Shares redeemed | <u>(5661248)</u> | <u>(6222674)</u> | <u>(206965683)</u> | <u>(245813857)</u> |
| Net increase (decrease) | <u>1620640</u> | <u>1115670</u> | <u>$66032387</u> | <u>$44449830</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 1579260 | 650880 | $55763420 | $25986431 |
| Reinvestment of distributions  | 2347460 | 2462389 | 87513938 | 95410660 |
| Shares redeemed | <u>(1838938)</u> | <u>(1814200)</u> | <u>(66192199)</u> | <u>(71188138)</u> |
| Net increase (decrease) | <u>2087782</u> | <u>1299069</u> | <u>$77085159</u> | <u>$50208953</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 10149021 | 6634142 | $344143762 | $250567716 |
| Reinvestment of distributions  | 14752155 | 15936168 | 526299042 | 593657915 |
| Shares redeemed | <u>(18865430)</u> | <u>(17275031)</u> | <u>(646673942)</u> | <u>(652188552)</u> |
| Net increase (decrease) | <u>6035746</u> | <u>5295279</u> | <u>$223768862</u> | <u>$192037079</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 881025 | 985983 | $32170017 | $39003722 |
| Reinvestment of distributions  | 2325999 | 2478637 | 87277245 | 96646101 |
| Shares redeemed | <u>(2184343)</u> | <u>(1344693)</u> | <u>(78183090)</u> | <u>(52723120)</u> |
| Net increase (decrease) | <u>1022681</u> | <u>2119927</u> | <u>$41264172</u> | <u>$82926703</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 Mid Cap Portfolio | 13% | 1 | 15% |

---

**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund III and Shareholders of VIP Mid Cap Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Mid Cap Portfolio (one of the funds constituting Variable Insurance Products Fund III, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 11, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $569,881,018, or, if subsequently determined to be different, the net capital gain of such year.

Initial Class, Service Class, Service Class 2 and Investor Class designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

**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)**

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

![](img123123_4.jpg)<br>

1.735273.126 VIPMID-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Growth Opportunities Portfolio**

**Annual Report**

**December 31, 2025**

![](img123134_1.jpg)

![](img123134_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_VIPGRO-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Growth Opportunities Portfolio](#Sub_Sec_Fund_617_VIPGRO-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements617_VIPGRO-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPGRO-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPGRO-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPGRO-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPGRO-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPGRO-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPGRO-ANN)** |

---

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.© 2026 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 (Annual Report)**

**VIP Growth Opportunities Portfolio**

**Consolidated Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.8%** | &nbsp;&nbsp;**Common Stocks - 97.8%** | &nbsp;&nbsp;**Common Stocks - 97.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Class A (b)(c)(d) | 1096 | 1804169 |
| CANADA - 0.6%  |  |  |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Celestica Inc (United States) (c) | 34600 | 10228106 |
| Software - 0.0% |  |  |
| Taalas Inc warrants (b)(c)(d) | 34625 | 35664 |
| TOTAL INFORMATION TECHNOLOGY |  | 10263770 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 78900 | 13375917 |
| Franco-Nevada Corp (United States)  | 14000 | 2901920 |
| TOTAL MATERIALS |  | 16277837 |
| TOTAL CANADA |  | 26541607 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Ascendis Pharma A/S ADR (c) | 16125 | 3438495 |
| FINLAND - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Communications Equipment - 0.0% |  |  |
| Nokia Oyj ADR  | 142600 | 922622 |
| GERMANY - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Software - 0.7% |  |  |
| SAP SE  | 137600 | 33432470 |
| INDIA - 0.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Meesho (f) | 2942545 | 5901332 |
| Specialty Retail - 0.0% |  |  |
| Lenskart Solutions Ltd (f) | 447761 | 2245731 |
| TOTAL CONSUMER DISCRETIONARY |  | 8147063 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Pine Labs Ltd (f) | 1919617 | 5112527 |
| TOTAL INDIA |  | 13259590 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 7/24/2032 (b)(c) | 44475 | 61820 |
| NETHERLANDS - 1.1%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.6% |  |  |
| Argenx SE ADR (c) | 33731 | 28366084 |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| NXP Semiconductors NV  | 101500 | 22031590 |
| TOTAL NETHERLANDS |  | 50397674 |
| SINGAPORE - 2.2%  |  |  |
| Consumer Discretionary - 2.2% |  |  |
| Broadline Retail - 2.2% |  |  |
| Sea Ltd Class A ADR (c) | 803888 | 102551992 |
| TAIWAN - 2.8%  |  |  |
| Information Technology - 2.8% |  |  |
| Semiconductors & Semiconductor Equipment - 2.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 424200 | 128910138 |
| UNITED KINGDOM - 0.9%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.1% |  |  |
| Starling Bank Ltd (b)(d) | 1101900 | 3802384 |
| Financial Services - 0.1% |  |  |
| Revolut Group Holdings Ltd (b)(d) | 4483 | 6059850 |
| TOTAL FINANCIALS |  | 9862234 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Rolls-Royce Holdings PLC ADR  | 1935100 | 30419772 |
| TOTAL UNITED KINGDOM |  | 40282006 |
| UNITED STATES - 89.2%  |  |  |
| Communication Services - 19.8% |  |  |
| Entertainment - 4.9% |  |  |
| Netflix Inc (c) | 922600 | 86502976 |
| ROBLOX Corp Class A (c) | 266595 | 21602193 |
| Roku Inc Class A (c) | 1106564 | 120051128 |
| Spotify Technology SA (c) | 600 | 348426 |
|  |  | 228504723 |
| Interactive Media & Services - 12.8% |  |  |
| Alphabet Inc Class A  | 129700 | 40596100 |
| Alphabet Inc Class C  | 852960 | 267658849 |
| Epic Games Inc (b)(c)(d) | 8216 | 5341139 |
| Meta Platforms Inc Class A  | 378879 | 250094239 |
| Reddit Inc Class A (c) | 148900 | 34227643 |
|  |  | 597917970 |
| Wireless Telecommunication Services - 2.1% |  |  |
| T-Mobile US Inc  | 487788 | 99040476 |
| TOTAL COMMUNICATION SERVICES |  | 925463169 |
| Consumer Discretionary - 8.7% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc (b)(c)(d) | 106587 | 10232 |
| Rad Power Bikes Inc (b)(c)(d) | 56834 | 0 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | 69642 | 1 |
| Tesla Inc (c) | 1075 | 483450 |
|  |  | 493683 |
| Broadline Retail - 6.5% |  |  |
| Amazon.com Inc (c) | 1301160 | 300333752 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Hilton Worldwide Holdings Inc  | 54500 | 15655125 |
| 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 |
|  |  | 15655125 |
| Specialty Retail - 1.9% |  |  |
| Carvana Co Class A (c) | 159600 | 67354392 |
| O'Reilly Automotive Inc (c) | 213100 | 19436851 |
|  |  | 86791243 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Bombas LLC (b)(d) | 745906 | 2170586 |
| TOTAL CONSUMER DISCRETIONARY |  | 405444389 |
| Consumer Staples - 1.2% |  |  |
| Beverages - 0.6% |  |  |
| Coca-Cola Co/The  | 417700 | 29201407 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Costco Wholesale Corp  | 9100 | 7847294 |
| Tobacco - 0.4% |  |  |
| JUUL Labs Inc Class A (b)(c)(d) | 2980637 | 5663210 |
| JUUL Labs Inc Class B (b)(c)(d) | 560 | 1064 |
| Philip Morris International Inc  | 92600 | 14853040 |
|  |  | 20517314 |
| TOTAL CONSUMER STAPLES |  | 57566015 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Diamondback Energy Inc  | 15900 | 2390247 |
| Exxon Mobil Corp  | 19600 | 2358664 |
| TOTAL ENERGY |  | 4748911 |
| Financials - 3.4% |  |  |
| Financial Services - 3.0% |  |  |
| Affirm Holdings Inc Class A (c) | 453400 | 33746562 |
| Apollo Global Management Inc  | 276200 | 39982712 |
| Visa Inc Class A  | 188833 | 66225621 |
|  |  | 139954895 |
| Insurance - 0.4% |  |  |
| Arthur J Gallagher & Co  | 63800 | 16510802 |
| TOTAL FINANCIALS |  | 156465697 |
| Health Care - 5.8% |  |  |
| Biotechnology - 1.5% |  |  |
| Alnylam Pharmaceuticals Inc (c) | 50951 | 20260665 |
| Cytokinetics Inc (c) | 163900 | 10414206 |
| Insmed Inc (c) | 48600 | 8458344 |
| Nuvalent Inc Class A (c) | 60284 | 6063968 |
| Soleno Therapeutics Inc (c) | 160100 | 7412630 |
| Vaxcyte Inc (c) | 266404 | 12291881 |
| Viking Therapeutics Inc (c)(e) | 164889 | 5800794 |
|  |  | 70702488 |
| Health Care Equipment & Supplies - 1.7% |  |  |
| Blink Health LLC Class A1 (b)(c)(d) | 11090 | 410885 |
| Boston Scientific Corp (c) | 596892 | 56913652 |
| Intuitive Surgical Inc (c) | 38100 | 21578316 |
|  |  | 78902853 |
| Health Care Providers & Services - 0.0% |  |  |
| McKesson Corp  | 500 | 410145 |
| Pharmaceuticals - 2.6% |  |  |
| Eli Lilly & Co  | 102400 | 110047232 |
| Structure Therapeutics Inc ADR (c) | 126800 | 8818940 |
|  |  | 118866172 |
| TOTAL HEALTH CARE |  | 268881658 |
| Industrials - 5.5% |  |  |
| Aerospace & Defense - 2.5% |  |  |
| Anduril Industries Inc Class B (b)(d) | 2399 | 109538 |
| Anduril Industries Inc Class C (b)(d) | 1 | 46 |
| Axon Enterprise Inc (c) | 40000 | 22717200 |
| Beta Technologies Inc (f) | 451471 | 12735997 |
| Beta Technologies Inc Class A (c) | 14300 | 403403 |
| GE Aerospace  | 44400 | 13676532 |
| Relativity Space Inc (b)(c) | 2082 | 2207 |
| Rocket Lab Corp  | 13000 | 906880 |
| Space Exploration Technologies Corp (b)(c)(d) | 142759 | 57166414 |
| Space Exploration Technologies Corp Class C (b)(c)(d) | 4619 | 1849632 |
| TransDigm Group Inc  | 3900 | 5186415 |
|  |  | 114754264 |
| Building Products - 0.5% |  |  |
| Builders FirstSource Inc (c) | 210300 | 21637767 |
| Construction & Engineering - 0.0% |  |  |
| Comfort Systems USA Inc  | 6100 | 5693069 |
| Electrical Equipment - 0.9% |  |  |
| GE Vernova Inc  | 60700 | 39671699 |
| Machinery - 0.3% |  |  |
| Caterpillar Inc  | 25700 | 14722759 |
| Passenger Airlines - 1.3% |  |  |
| Delta Air Lines Inc  | 401300 | 27850220 |
| United Airlines Holdings Inc (c) | 286800 | 32069976 |
|  |  | 59920196 |
| TOTAL INDUSTRIALS |  | 256399754 |
| Information Technology - 43.8% |  |  |
| Communications Equipment - 0.0% |  |  |
| Ciena Corp (c) | 2600 | 608062 |
| Electronic Equipment, Instruments & Components - 1.9% |  |  |
| Coherent Corp (c) | 59900 | 11055743 |
| Flex Ltd (c) | 1286190 | 77711600 |
|  |  | 88767343 |
| IT Services - 0.8% |  |  |
| Cloudflare Inc Class A (c) | 13000 | 2562950 |
| CoreWeave Inc Class A (c)(e) | 298284 | 21360117 |
| CoreWeave Inc Class A (g) | 26920 | 1927741 |
| MongoDB Inc Class A (c) | 23400 | 9820746 |
| X.Ai Holdings Corp Class A (b)(d) | 6000 | 452760 |
|  |  | 36124314 |
| Semiconductors & Semiconductor Equipment - 21.3% |  |  |
| Advanced Micro Devices Inc (c) | 170000 | 36407200 |
| Astera Labs Inc (c) | 44000 | 7319840 |
| Broadcom Inc  | 628400 | 217489240 |
| Credo Technology Group Holding Ltd (c) | 31900 | 4590091 |
| Lam Research Corp  | 71700 | 12273606 |
| Marvell Technology Inc  | 71300 | 6059074 |
| NVIDIA Corp  | 3798720 | 708461281 |
|  |  | 992600332 |
| Software - 14.5% |  |  |
| AppLovin Corp Class A (c) | 138000 | 92987160 |
| Celestial AI Inc (b)(d) | 1094 | 30238 |
| Datadog Inc Class A (c) | 131900 | 17937081 |
| Figma Inc Class A  | 10700 | 399859 |
| Microsoft Corp  | 925144 | 447418142 |
| OpenAI Group Pbc Class A (b)(d) | 900 | 429732 |
| Oracle Corp  | 254800 | 49663068 |
| Palantir Technologies Inc Class A (c) | 192300 | 34181325 |
| Servicenow Inc (c) | 56090 | 8592427 |
| Synopsys Inc (c) | 51300 | 24096636 |
|  |  | 675735668 |
| Technology Hardware, Storage & Peripherals - 5.3% |  |  |
| Apple Inc  | 811704 | 220669849 |
| Seagate Technology Holdings PLC  | 7700 | 2120503 |
| Western Digital Corp  | 142000 | 24462340 |
|  |  | 247252692 |
| TOTAL INFORMATION TECHNOLOGY |  | 2041088411 |
| Real Estate - 0.1% |  |  |
| Health Care REITs - 0.1% |  |  |
| Welltower Inc  | 29200 | 5419812 |
| Utilities - 0.8% |  |  |
| Electric Utilities - 0.6% |  |  |
| Constellation Energy Corp  | 13100 | 4627837 |
| NRG Energy Inc  | 137100 | 21831804 |
|  |  | 26459641 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 79900 | 12890267 |
| TOTAL UTILITIES |  | 39349908 |
| TOTAL UNITED STATES |  | 4160827724 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,116,110,110) |  | <br> **4562430307** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Neutron Holdings Inc 4% 5/22/2027 (b)(d) | 130700 | 586882 |
| Neutron Holdings Inc 4% 6/12/2027 (b)(d) | 35600 | 159855 |
| Neutron Holdings Inc 8% 10/29/2026 (b)(d)(i) | 1998891 | 3569020 |
| TOTAL CONSUMER DISCRETIONARY |  | 4315757 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (b)(d) | 18211 | 6104 |
| TOTAL UNITED STATES |  | 4321861 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $2,183,401) |  | <br> **4321861** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (b)(d) | 2600 | 180726 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (b)(c)(d) | 17456 | 4185774 |
| FINLAND - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Health Care Technology - 0.2% |  |  |
| Oura Health Oy Series D (b)(c)(d) | 49381 | 2645340 |
| Oura Health Oy Series E (b)(d) | 162071 | 8682144 |
| TOTAL FINLAND |  | 11327484 |
| 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 | 162430 |
| TOTAL INDUSTRIALS |  | 337020 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 74300 | 110707 |
| Xsight Labs Ltd Series F (b)(d) | 148249 | 622646 |
| TOTAL INFORMATION TECHNOLOGY |  | 733353 |
| TOTAL ISRAEL |  | 1070373 |
| UNITED KINGDOM - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| NScale Global Holdings Ltd Series B (b)(d) | 400 | 151952 |
| UNITED STATES - 1.7%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc Series 1C (b)(c)(d) | 1673000 | 160608 |
| Rad Power Bikes Inc Series A (b)(c)(d) | 7410 | 0 |
| Rad Power Bikes Inc Series C (b)(c)(d) | 29156 | 0 |
| Rad Power Bikes Inc Series D (b)(c)(d) | 54800 | 1 |
| Waymo LLC Series A2 (b)(c)(d) | 7496 | 561975 |
| Waymo LLC Series C2 (b)(c)(d) | 16241 | 1424985 |
| TOTAL CONSUMER DISCRETIONARY |  | 2147569 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 10300 | 529420 |
| Tobacco - 0.0% |  |  |
| JUUL Labs Inc Series C (b)(c)(d) | 131549 | 249943 |
| JUUL Labs Inc Series D (b)(c)(d) | 741 | 1408 |
|  |  | 251351 |
| TOTAL CONSUMER STAPLES |  | 780771 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 9073 | 666593 |
| Tenstorrent Holdings Inc Series D1 (b)(c)(d) | 16145 | 1241874 |
| TOTAL FINANCIALS |  | 1908467 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Blink Health LLC Series C (b)(c)(d) | 40445 | 1498488 |
| Blink Health LLC Series D (b)(c)(d) | 8446 | 312924 |
|  |  | 1811412 |
| Health Care Providers & Services - 0.0% |  |  |
| Thriveworks Topco LLC Class B (b)(c)(d)(h) | 105185 | 268222 |
| Health Care Technology - 0.0% |  |  |
| Aledade Inc Series E1 (b)(c)(d) | 19932 | 667921 |
| TOTAL HEALTH CARE |  | 2747555 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Anduril Industries Inc Series F (b)(c)(d) | 87824 | 4010044 |
| Anduril Industries Inc Series G (b)(d) | 22400 | 1022784 |
|  |  | 5032828 |
| Air Freight & Logistics - 0.1% |  |  |
| Zipline International Inc Series G (b)(c)(d) | 30114 | 1694214 |
| Zipline International Inc Series H (b)(d) | 33300 | 1873600 |
|  |  | 3567814 |
| Electrical Equipment - 0.0% |  |  |
| Empower Semiconductor Inc Series D (b)(d) | 13900 | 103276 |
| TOTAL INDUSTRIALS |  | 8703918 |
| Information Technology - 1.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Cellink Corp Series D (b)(c)(d) | 49900 | 163672 |
| Cerebras Systems Inc Series G (b)(d) | 180800 | 6550384 |
| Enevate Corp Series E (b)(c)(d) | 1172546 | 93803 |
| Vast Data Ltd Series A (b)(c)(d) | 8394 | 198098 |
| Vast Data Ltd Series A1 (b)(c)(d) | 20660 | 487576 |
| Vast Data Ltd Series A2 (b)(c)(d) | 23765 | 560855 |
| Vast Data Ltd Series B (b)(c)(d) | 18910 | 446276 |
| Vast Data Ltd Series C (b)(c)(d) | 552 | 13027 |
| Vast Data Ltd Series E (b)(c)(d) | 18070 | 426452 |
|  |  | 8940143 |
| IT Services - 0.4% |  |  |
| Gupshup Inc (b)(c)(d) | 70900 | 353082 |
| X.Ai Holdings Corp Series B (b)(d) | 161864 | 12214257 |
| X.Ai Holdings Corp Series C (b)(d) | 88054 | 6644555 |
| Yanka Industries Inc Series E (b)(c)(d) | 53172 | 99963 |
| Yanka Industries Inc Series F (b)(c)(d) | 55568 | 174484 |
|  |  | 19486341 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc Series B (b)(c)(d) | 171100 | 1083063 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 24426 | 180997 |
|  |  | 1264060 |
| Software - 0.7% |  |  |
| Anthropic PBC Series D (b)(c)(d) | 10536 | 2585640 |
| Anthropic PBC Series E (b)(d) | 5100 | 1189830 |
| Anthropic PBC Series F (b)(d) | 14800 | 3452840 |
| Celestial AI Inc Series A (b)(d) | 6976 | 192817 |
| Celestial AI Inc Series B (b)(d) | 5250 | 145109 |
| Celestial AI Inc Series C1 (b)(d) | 21029 | 581242 |
| Crusoe Energy Systems LLC Series D (b)(c)(d) | 43571 | 3660400 |
| Crusoe Energy Systems LLC Series E (b)(d) | 7469 | 627470 |
| Databricks Inc Series G (b)(c)(d) | 27000 | 5130000 |
| Databricks Inc Series I (b)(c)(d) | 382 | 72580 |
| Databricks Inc Series J (b)(c)(d) | 3309 | 628710 |
| Databricks Inc Series K (b)(d) | 2200 | 418000 |
| Databricks Inc Series L (b)(d) | 4966 | 943540 |
| Density Ai Inc (b)(d) | 106500 | 158683 |
| Lyte Ai Inc Series B (b)(c)(d) | 45500 | 466375 |
| MOLOCO Inc Series A (b)(c)(d) | 41187 | 3105500 |
| OpenAI Group Pbc Series A-2 (b)(d) | 3369 | 1608631 |
| OpenAI Group Pbc Series A-3 (b)(d) | 2403 | 1147384 |
| Physical Intelligence Inc Series B (b)(d) | 1500 | 407100 |
| Runway AI Inc Series D (b)(c)(d) | 116730 | 1707760 |
|  |  | 28229611 |
| TOTAL INFORMATION TECHNOLOGY |  | 57920155 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 99028 | 3075810 |
| TOTAL UNITED STATES |  | 77284245 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $69,149,483) |  | <br> **94200554** |

---

---

| | | |
|:---|:---|:---|
| &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>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc 0% (b)(d)(j) | 171475 | 170360 |
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2199 (b)(d) | 69642 | 14903 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (b)(d)(j) | 68671 | 8231 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (b)(d) | 204127 | 227416 |
| TOTAL INFORMATION TECHNOLOGY |  | 235647 |
| TOTAL UNITED STATES |  | 250550 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $513,915) |  | <br> **420910** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (k) | 3.79 | 5446649 | 5447737 |
| Fidelity Securities Lending Cash Central Fund (k)(l) | 3.77 | 22522042 | 22524295 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $27,972,472) |  |  | **27972032** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $2,215,929,381)<br>| <br>**4689345664** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(22909130)** |
| **NET ASSETS - 100.0%** | **4666436534** |

---

**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 $184,280,869 or 3.9% 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 $25,995,587 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(g) 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 $1,927,741 or 0.0% of net assets.

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

(i) 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.

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

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(l) 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 | 5/20/2022 | 992901 |
| Anduril Industries Inc Class B | 6/16/2025 | 98078 |
| Anduril Industries Inc Class C | 6/16/2025 | 40 |
| Anduril Industries Inc Series F | 8/7/2024 | 1908995 |
| Anduril Industries Inc Series G | 4/17/2025 | 915775 |
| Anthropic PBC Series D | 5/31/2024 | 316127 |
| Anthropic PBC Series E | 2/14/2025 | 286041 |
| Anthropic PBC Series F | 8/18/2025 | 2086321 |
| Blink Health LLC Class A1 | 12/30/2020 - 6/17/2024 | 318415 |
| Blink Health LLC Series C | 11/7/2019 - 7/14/2021 | 1544028 |
| Blink Health LLC Series D | 6/17/2024 - 6/25/2024 | 354732 |
| Bombas LLC | 2/16/2021 - 11/12/2021 | 3539531 |
| Bytedance Ltd Series E1 | 11/18/2020 | 1912727 |
| Canva Australia Holdings Pty Ltd Class A | 12/23/2024 - 11/12/2025 | 1622609 |
| Celestial AI Inc | 2/25/2025 | 16208 |
| Celestial AI Inc Series A | 2/25/2025 | 103354 |
| Celestial AI Inc Series B | 2/25/2025 | 77782 |
| Celestial AI Inc Series C1 | 2/25/2025 | 366540 |
| Cellink Corp Series D | 1/20/2022 | 1039113 |
| Cerebras Systems Inc Series G | 9/19/2025 | 6550818 |
| Crusoe Energy Systems LLC Series D | 12/10/2024 | 1271046 |
| Crusoe Energy Systems LLC Series E | 10/8/2025 | 627458 |
| Databricks Inc Series G | 2/1/2021 | 1596311 |
| Databricks Inc Series I | 9/14/2023 | 28077 |
| Databricks Inc Series J | 12/17/2024 | 306083 |
| Databricks Inc Series K | 9/8/2025 | 330000 |
| Databricks Inc Series L | 12/18/2025 | 943540 |
| Density Ai Inc | 12/5/2025 | 158683 |
| Diamond Foundry Inc Series C | 3/15/2021 | 2376672 |
| Element Labs Inc Series A | 2/11/2025 | 81518 |
| Element Labs Inc Series B | 6/27/2025 | 162410 |
| Empower Semiconductor Inc Series D | 6/27/2025 | 111558 |
| Enevate Corp 10% 5/12/2199 | 11/12/2024 | 18210 |
| Enevate Corp 6% | 11/2/2023 - 10/31/2025 | 68671 |
| Enevate Corp Series E | 1/29/2021 | 1299984 |
| Epic Games Inc | 7/13/2020 - 3/29/2021 | 6646200 |
| GoBrands Inc Series G | 3/2/2021 | 2572088 |
| Gupshup Inc | 6/8/2021 | 1621143 |
| JUUL Labs Inc Class A | 2/23/2024 | 3025257 |
| JUUL Labs Inc Class B | 11/21/2017 | 0 |
| JUUL Labs Inc Series C | 5/22/2015 | 0 |
| JUUL Labs Inc Series D | 6/25/2018 | 0 |
| Lyte Ai Inc Series B | 8/13/2024 | 577218 |
| MOLOCO Inc Series A | 6/26/2023 | 2471220 |
| Neutron Holdings Inc | 2/4/2021 | 1066 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/4/2020 | 130700 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/2020 | 35600 |
| Neutron Holdings Inc 8% 10/29/2026 | 10/29/2021 - 10/29/2025 | 1998891 |
| Neutron Holdings Inc Series 1C | 7/3/2018 | 305891 |
| NScale Global Holdings Ltd Series B | 9/25/2025 | 151952 |
| OpenAI Group Pbc Class A | 9/3/2025 | 387000 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 632919 |
| OpenAI Group Pbc Series A-3 | 8/4/2025 | 737500 |
| Oura Health Oy Series D | 12/18/2024 | 1268598 |
| Oura Health Oy Series E | 9/24/2025 | 8682143 |
| Physical Intelligence Inc Series B | 10/24/2025 | 407339 |
| Rad Power Bikes Inc | 1/21/2021 | 274158 |
| Rad Power Bikes Inc 8% 12/31/2199 | 10/6/2023 | 69642 |
| Rad Power Bikes Inc Series A | 1/21/2021 | 35745 |
| Rad Power Bikes Inc Series C | 1/21/2021 | 140644 |
| Rad Power Bikes Inc Series D | 9/17/2021 | 525192 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/6/2023 | 0 |
| Revolut Group Holdings Ltd | 12/27/2024 | 3899104 |
| Runway AI Inc Series D | 9/6/2024 | 1265561 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/8/2024 - 10/5/2025 | 204127 |
| SiMa Technologies Inc Series B | 5/10/2021 | 877298 |
| SiMa Technologies Inc Series B1 | 4/25/2022 - 10/17/2022 | 173202 |
| Space Exploration Technologies Corp | 4/5/2018 - 7/14/2025 | 4482506 |
| Space Exploration Technologies Corp Class C | 7/1/2024 - 7/14/2025 | 695026 |
| Starling Bank Ltd | 6/18/2021 - 4/5/2022 | 2084120 |
| Taalas Inc 0% | 12/23/2025 | 171475 |
| Taalas Inc Series B | 2/19/2025 | 142775 |
| Taalas Inc warrants | 12/23/2025 | 34625 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 539435 |
| Tenstorrent Holdings Inc Series D1 | 7/16/2024 - 1/15/2025 | 1272653 |
| Thriveworks Topco LLC Class B | 7/23/2021 - 2/25/2022 | 3019147 |
| Vast Data Ltd Series A | 11/28/2023 | 92334 |
| Vast Data Ltd Series A1 | 11/28/2023 | 227260 |
| Vast Data Ltd Series A2 | 11/28/2023 | 261415 |
| Vast Data Ltd Series B | 11/28/2023 | 208010 |
| Vast Data Ltd Series C | 11/28/2023 | 6072 |
| Vast Data Ltd Series E | 11/28/2023 | 397540 |
| Waymo LLC Series A2 | 5/8/2020 | 643661 |
| Waymo LLC Series C2 | 10/18/2024 | 1270067 |
| X.Ai Holdings Corp Class A | 7/18/2025 | 219360 |
| X.Ai Holdings Corp Series B | 5/13/2024 | 1937512 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 1906369 |
| Xsight Labs Ltd Series D | 2/16/2021 | 594103 |
| Xsight Labs Ltd Series F | 1/11/2024 - 12/30/2024 | 686398 |
| Yanka Industries Inc Series E | 5/15/2020 | 642275 |
| Yanka Industries Inc Series F | 4/8/2021 | 1771330 |
| Zipline International Inc Series G | 6/7/2024 | 1263171 |
| Zipline International Inc Series H | 12/3/2025 | 1873600 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Beta Technologies Inc | 5/4/2026 |
| Lenskart Solutions Ltd | 5/7/2026 |
| Meesho | 6/10/2026 |
| Pine Labs Ltd | 5/13/2026 |

---

**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 | 733158729 | 732529133 | 807938 | 388 | (440) | 5447737 | 5446649 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 8475317 | 333725655 | 319676030 | 478795 | (647) | - | 22524295 | 22522042 | 0.1% |
| Total | 13293510 | 1066884384 | 1052205163 | 1286733 | (259) | (440) | 27972032 |  |  |

---

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 December 31, 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 | 925463169 | 920122030 | - | 5341139 |
| Consumer Discretionary | 516143444 | 513962625 | - | 2180819 |
| Consumer Staples | 57566015 | 51901741 | - | 5664274 |
| Energy | 4748911 | 4748911 | - | - |
| Financials | 171440458 | 161578224 | - | 9862234 |
| Health Care | 300686237 | 300275352 | - | 410885 |
| Industrials | 286819526 | 227691689 | - | 59127837 |
| Information Technology | 2238514990 | 2202268137 | 33432470 | 2814383 |
| Materials | 16277837 | 16277837 | - | - |
| Real Estate | 5419812 | 5419812 | - | - |
| Utilities | 39349908 | 39349908 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 4315757 | - | - | 4315757 |
| Information Technology | 6104 | - | - | 6104 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 4185774 | - | - | 4185774 |
| Consumer Discretionary | 2147569 | - | - | 2147569 |
| Consumer Staples | 780771 | - | - | 780771 |
| Financials | 1908467 | - | - | 1908467 |
| Health Care | 14075039 | - | - | 14075039 |
| Industrials | 9040938 | - | - | 9040938 |
| Information Technology | 58986186 | - | - | 58986186 |
| Materials | 3075810 | - | - | 3075810 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 14903 | - | - | 14903 |
| Information Technology | 406007 | - | - | 406007 |
|  **Money Market Funds** | 27972032 | 27972032 | - | - |
| **Total Investments in Securities:** | 4689345664 | 4471568298 | 33432470 | 184344896 |
|  **Net Unrealized Appreciation (Depreciation) on Unfunded Commitments** | 483 | - | - | 483 |

---

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 ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2025 ($)** |
| **Common Stocks** | 32812972 | (3767709) | 53129129 | 14569553 | (11342374) | - | - | - | 85401571 | 54776814 |
| **Convertible Preferred Stocks** | 80333393 | 31333 | 11146487 | 30807296 | (28117955) | - | - | - | 94200554 | 30554757 |
| **Convertible Corporate Bonds** | 2642570 | - | 1532940 | 146351 | - | - | - | - | 4321861 | 1532940 |
| **Preferred Securities** | 339334 | - | (111185) | 392407 | (199646) | - | - | - | 420910 | (106547) |
| <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**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $21,368,174) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,187,956,909) | $4661373632 |  |
| Fidelity Central Funds (cost $27,972,472) | 27972032 |  |
| Total Investment in Securities (cost $2,215,929,381) |  | $4689345664 |
| Foreign currency held at value (cost $15) |  | 15 |
| Receivable for investments sold |  | 1280918 |
| Unrealized appreciation on unfunded commitments |  | 483 |
| Receivable for fund shares sold |  | 5018172 |
| Dividends receivable |  | 547324 |
| Interest receivable |  | 68117 |
| Distributions receivable from Fidelity Central Funds |  | 14282 |
| Prepaid expenses |  | 3467 |
| Other receivables |  | 157 |
| **Total assets** |  | 4696278599 |
| **Liabilities** |  |  |
| Payable to custodian bank | $5165 |  |
| Payable for investments purchased  | 2348188 |  |
| Payable for fund shares redeemed | 1738564 |  |
| Accrued management fee | 2211092 |  |
| Distribution and service plan fees payable | 455394 |  |
| Other payables and accrued expenses | 565937 |  |
| Collateral on securities loaned | 22517725 |  |
| **Total liabilities** |  | 29842065 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $4666436534 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1824824014 |
| Total accumulated earnings (loss) |  | 2841612520 |
| **Net Assets** |  | $4666436534 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($814,948,671 ÷ 8,169,582 shares) |  | $99.75 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($186,712,716 ÷ 1,882,876 shares) |  | $99.16 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,121,922,974 ÷ 21,998,278 shares) |  | $96.46 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,542,852,173 ÷ 15,665,861 shares) |  | $98.48 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $17189704 |
| Interest  |  | 158652 |
| Income from Fidelity Central Funds (including $478,795 from security lending)  |  | 1286733 |
| **Total income** |  | 18635089 |
| **Expenses** |  |  |
| Management fee | $24022295 |  |
| Distribution and service plan fees | 4849372 |  |
| Custodian fees and expenses | 63801 |  |
| Independent trustees' fees and expenses | 16049 |  |
| Audit fees | 92432 |  |
| Legal | 14583 |  |
| Interest | 44551 |  |
| Miscellaneous | 202320 |  |
| Total expenses before reductions | 29305403 |  |
| Expense reductions | (12697) |  |
| Total expenses after reductions |  | 29292706 |
| **Net Investment income (loss)** |  | (10657617) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 397890123 |  |
| Fidelity Central Funds | (259) |  |
| Foreign currency transactions | (20723) |  |
| Total net realized gain (loss) |  | 397869141 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $402,326)  | 459471158 |  |
| Fidelity Central Funds  | (440) |  |
| Unfunded commitments | 483 |  |
| Assets and liabilities in foreign currencies | 10965 |  |
| Total change in net unrealized appreciation (depreciation) |  | 459482166 |
| **Net gain (loss)** |  | 857351307 |
| **Net increase (decrease) in net assets resulting from operations** |  | $846693690 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(10657617) | $(10624518) |
| &nbsp;&nbsp;Net realized gain (loss) | 397869141<br>| 337565403<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 459482166 | 766905185<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 846693690<br>| 1093846070<br>|
| Distributions to shareholders | (60861785)<br>| -<br>|
| Share transactions - net increase (decrease) | (4780826)<br>| (68752435)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 781051079<br>| 1025093635<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3885385455 | 2860291820<br>|
| &nbsp;&nbsp;End of period | $4666436534 | $3885385455 |

---

**Consolidated Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $83.00 | $59.76 | $41.03 | $79.25 | $77.54 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.10)  | (.13)  | (.08)  | (.02)  | (.24)  |
| Net realized and unrealized gain (loss)  | 18.24  | 23.37  | 18.81  | (27.11)  | 9.38  |
| Total from investment operations  | 18.14  | 23.24  | 18.73  | (27.13)  | 9.14  |
| Distributions from net realized gain  | (1.39)  | -  | -  | (11.09)  | (7.43)  |
| Total distributions  | (1.39)  | -  | -  | (11.09)  | (7.43)  |
| Net asset value, end of period  | $99.75 | $83.00 | $59.76 | $41.03 | $79.25 |
| **Total Return** C,D | 22.02% <br>| 38.89%  | 45.65%  | (38.15)%  | 11.94%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .56%  | .58%  | .62%  | .62%  | .62%  |
| Expenses net of fee waivers, if any  | .56% <br>| .58%  | .61%  | .62%  | .62%  |
| Expenses net of all reductions, if any  | .56%  | .58%  | .61%  | .62%  | .62%  |
| Net investment income (loss)  | (.12)%  | (.17)%  | (.16)%  | (.05)%  | (.30)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $814949 | $692266 | $486947 | $256757 | $471980 |
| Portfolio turnover rate G | 71% <br>| 58%  | 54%  | 68%  | 82%  |

---

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $82.52 | $59.47 | $40.87 | $79.06 | $77.37 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.19)  | (.20)  | (.13)  | (.07)  | (.32)  |
| Net realized and unrealized gain (loss)  | 18.12  | 23.25  | 18.73  | (27.03)  | 9.35  |
| Total from investment operations  | 17.93  | 23.05  | 18.60  | (27.10)  | 9.03  |
| Distributions from net realized gain  | (1.29)  | -  | -  | (11.09)  | (7.34)  |
| Total distributions  | (1.29)  | -  | -  | (11.09)  | (7.34)  |
| Net asset value, end of period  | $99.16 | $82.52 | $59.47 | $40.87 | $79.06 |
| **Total Return** C,D | 21.89% <br>| 38.76%  | 45.51%  | (38.21)%  | 11.83%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .66%  | .68%  | .72%  | .72%  | .72%  |
| Expenses net of fee waivers, if any  | .66% <br>| .67%  | .71%  | .72%  | .72%  |
| Expenses net of all reductions, if any  | .66%  | .67%  | .71%  | .72%  | .72%  |
| Net investment income (loss)  | (.22)%  | (.27)%  | (.26)%  | (.15)%  | (.40)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $186713 | $171526 | $127432 | $94433 | $157797 |
| Portfolio turnover rate G | 71% <br>| 58%  | 54%  | 68%  | 82%  |

---

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $80.34 | $57.99 | $39.91 | $77.62 | $76.08 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.31)  | (.29)  | (.20)  | (.14)  | (.44)  |
| Net realized and unrealized gain (loss)  | 17.63  | 22.64  | 18.28  | (26.48)  | 9.22  |
| Total from investment operations  | 17.32  | 22.35  | 18.08  | (26.62)  | 8.78  |
| Distributions from net realized gain  | (1.20)  | -  | -  | (11.09)  | (7.24)  |
| Total distributions  | (1.20)  | -  | -  | (11.09)  | (7.24)  |
| Net asset value, end of period  | $96.46 | $80.34 | $57.99 | $39.91 | $77.62 |
| **Total Return** C,D | 21.73% <br>| 38.54%  | 45.30%  | (38.32)%  | 11.68%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .81%  | .83%  | .87%  | .87%  | .87%  |
| Expenses net of fee waivers, if any  | .81% <br>| .82%  | .86%  | .87%  | .87%  |
| Expenses net of all reductions, if any  | .81%  | .82%  | .86%  | .87%  | .87%  |
| Net investment income (loss)  | (.36)%  | (.42)%  | (.41)%  | (.30)%  | (.55)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2121923 | $1701707 | $1260467 | $868129 | $1304134 |
| Portfolio turnover rate G | 71% <br>| 58%  | 54%  | 68%  | 82%  |

---

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $81.97 | $59.07 | $40.58 | $78.58 | $76.94 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.17)  | (.17)  | (.12)  | (.06)  | (.30)  |
| Net realized and unrealized gain (loss)  | 18.01  | 23.07  | 18.61  | (26.85)  | 9.31  |
| Total from investment operations  | 17.84  | 22.90  | 18.49  | (26.91)  | 9.01  |
| Distributions from net realized gain  | (1.33)  | -  | -  | (11.09)  | (7.37)  |
| Total distributions  | (1.33)  | -  | -  | (11.09)  | (7.37)  |
| Net asset value, end of period  | $98.48 | $81.97 | $59.07 | $40.58 | $78.58 |
| **Total Return** C,D | 21.93% <br>| 38.77%  | 45.56%  | (38.20)%  | 11.87%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .64%  | .65%  | .70%  | .70%  | .70%  |
| Expenses net of fee waivers, if any  | .64% <br>| .65%  | .69%  | .70%  | .70%  |
| Expenses net of all reductions, if any  | .64%  | .65%  | .69%  | .70%  | .70%  |
| Net investment income (loss)  | (.19)%  | (.24)%  | (.24)%  | (.12)%  | (.38)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1542852 | $1319886 | $985446 | $687300 | $1362435 |
| Portfolio turnover rate G | 71% <br>| 58%  | 54%  | 68%  | 82%  |

---

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

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

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

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

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

**Notes to Consolidated Financial Statements**

For the period ended December 31, 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 prepayment speed assumptions, attributes of the collateral, 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 | $85401571  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.7 - 81.3 / 9.9 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 48.6 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 17.5 - 26.3 / 22.9 | Increase |
|  |  | Market approach  | Transaction price  | $4.63 - $54.91 / $23.03 | Increase |
|  |  |  | Premium rate  | 65.0% | Increase |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Black scholes  | Discount rate | 3.6% - 4.0% / 3.6% | Increase |
|  |  |  | Term | 3.0 - 5.0 / 3.4 | Increase |
|  |  |  | Volatility | 70.0% - 80.0% / 73.8% | Increase |
| Convertible Corporate Bonds | $4321861  | Market comparable  | Enterprise value/Revenue multiple (EV/R) | 3.8 | Increase |
|  |  |  | Discount rate  | 29.2% | Decrease |
|  |  |  | Probability rate  | 10.0% - 75.0% / 33.3% | Increase |
|  |  | Market approach  | Transaction price  | $100.00 | Increase |
|  |  |  | Discount rate | 21.7% | Decrease |
|  |  |  | Probability rate | 0.0% - 75.0% / 33.3% | Increase |
|  |  | Black scholes  | Discount rate | 3.6% - 4.2% / 3.6% | Increase |
|  |  |  | Term | 0.5 | Increase |
|  |  |  | Volatility | 75.0% - 100.0% / 75.04% | Increase |
| Convertible Preferred Stocks | $94200554  | Market comparable  | Enterprise value/Revenue multiple (EV/R) | 0.7 - 81.3 / 37.1 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP) | 11.9 | Increase |
|  |  | Market approach  | Transaction price | $1.10 - $271.56 / $56.42 | Increase |
|  |  |  | Discount rate | 95.0% | Decrease |
|  |  |  | Premium rate | 25.0% - 65.0% / 34.5% | Increase |
|  |  | Recovery value  | Recovery value | $0.00 | Increase |
|  |  | Black scholes  | Discount rate | 3.4% - 3.7% / 3.6% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.3 | Increase |
|  |  |  | Volatility | 50.0% - 100.0% / 73.6% | Increase |
| Preferred Securities | $420910  | Market approach  | Transaction price | $100.00 | Increase |
|  |  |  | Discount rate | 35.4% - 37.9% / 37.8% | Decrease |
|  |  |  | Probability rate | 0.0% - 75.0% / 36.7% | Increase |
|  |  |  | Premium rate | 65.0% | Increase |
|  |  | Recovery value  | Recovery value | $3.40  | Increase |
|  |  | Black scholes  | Discount rate | 3.5% - 4.2% / 3.6% | Increase |
|  |  |  | Term | 0.5 - 4.0 / 2.2 | Increase |
|  |  |  | Volatility | 50.0% - 100.0% / 63.6% | 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 December 31, 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. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 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**  | $2545012693 |
| **Gross unrealized depreciation**  | <u>(85300667)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2459712026</u> |
| **Tax Cost**  | <u>$2229634121</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$34526897</u> |
| **Undistributed long-term capital gain**  | <u>$347807787</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2459716929</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $11888332 | $- |
| **Long-term Capital Gains**  | <u>48973453</u> | <u>-</u> |
| **Total**  | <u>$60861785</u> | <u>$-</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** | Space Exploration Technologies Corp. Class A | 354482 | - |
| **VIP Growth Opportunities Portfolio** | Space Exploration Technologies Corp. Class C | 613818 | - |
| **VIP Growth Opportunities Portfolio** | Spinny Series G Convertible Preferred | 231083 | - |
| **VIP Growth Opportunities Portfolio** | Trade Republic Bank GmbH | 1260118 | 483 |

---

**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 Total Assets** |
| **VIP Growth Opportunities Portfolio** | 268222 | .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.

**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** | 2937396939 | 3019463916 |

---

**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** | .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** | $166316 |
| **Service Class 2** | <u>4683056</u> |
|  | <u>$4849372</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 Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Growth Opportunities Portfolio** | 34114 |

---

**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 | 10336314 | 4.43% | 44551 |

---

**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** | 245281947 | 229728304 | 91973524 |

---

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Growth Opportunities Portfolio** | 10325 |

---

**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** | 5357 |

---

**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** | 48050 | 656 | - |

---

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** | 10808 |

---

**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 $12,697.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Growth Opportunities Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $11472834 | $- |
| Service Class | 2460452 | - |
| Service Class 2 | 25547073 | - |
| Investor Class | <u>21381426</u> | <u>-</u> |
| Total  | <u>$60861785</u> | <u>$</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** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Growth Opportunities Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 1048230 | 1324892 | $89313422 | $94401829 |
| Reinvestment of distributions  | 125938 | - | 11472834 | - |
| Shares redeemed | <u>(1344779)</u> | <u>(1132781)</u> | <u>(118684858)</u> | <u>(80226869)</u> |
| Net increase (decrease) | <u>(170611)</u> | <u>192111</u> | <u>$(17898602)</u> | <u>$14174960</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 325949 | 617996 | $28825664 | $44848430 |
| Reinvestment of distributions  | 27386 | - | 2460452 | - |
| Shares redeemed | <u>(549165)</u> | <u>(682072)</u> | <u>(46770199)</u> | <u>(49176736)</u> |
| Net increase (decrease) | <u>(195830)</u> | <u>(64076)</u> | <u>$(15484083)</u> | <u>$(4328306)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 3952067 | 3126487 | $325475253 | $218220043 |
| Reinvestment of distributions  | 293643 | - | 25547073 | - |
| Shares redeemed | <u>(3427529)</u> | <u>(3681358)</u> | <u>(294619054)</u> | <u>(260907070)</u> |
| Net increase (decrease) | <u>818181</u> | <u>(554871)</u> | <u>$56403272</u> | <u>$(42687027)</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 1195331 | 1131958 | $106692682 | $83865692 |
| Reinvestment of distributions  | 238757 | - | 21381426 | - |
| Shares redeemed | <u>(1869377)</u> | <u>(1714694)</u> | <u>(155875521)</u> | <u>(119777754)</u> |
| Net increase (decrease) | <u>(435289)</u> | <u>(582736)</u> | <u>$(27801413)</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 | 40 |

---

**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund III and the Shareholders of VIP Growth Opportunities Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying consolidated statement of assets and liabilities of VIP Growth Opportunities Portfolio (the "Fund"), a fund of Variable Insurance Products Fund III , including the consolidated schedule of investments, as of December 31, 2025, the related consolidated statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 13, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $347,873,998, or, if subsequently determined to be different, the net capital gain of such year.

Initial Class, Service Class, Service Class 2, and Investor Class designate 100% of the dividends distributed in December during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

**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 April 16, 2025. 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 April 16, 2025. 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 April 16, 2025. 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 reclassify the diversification status of the fund from diversified to non-diversified by eliminating the following fundamental policy: The fund may not with respect to 75% of the fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, or securities of other investment companies) if, as a result, (a) more than 5% of the fund's total assets would be invested in the securities of that issuer, or (b) the fund would hold more than 10% of the outstanding voting securities of that issuer. | To reclassify the diversification status of the fund from diversified to non-diversified by eliminating the following fundamental policy: The fund may not with respect to 75% of the fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, or securities of other investment companies) if, as a result, (a) more than 5% of the fund's total assets would be invested in the securities of that issuer, or (b) the fund would hold more than 10% of the outstanding voting securities of that issuer. | To reclassify the diversification status of the fund from diversified to non-diversified by eliminating the following fundamental policy: The fund may not with respect to 75% of the fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, or securities of other investment companies) if, as a result, (a) more than 5% of the fund's total assets would be invested in the securities of that issuer, or (b) the fund would hold more than 10% of the outstanding voting securities of that issuer. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Affirmative | 3600039436.04 | 88.67 |
| Against | 258778396.11 | 6.37 |
| Abstain | 201426507.84 | 4.96 |
| TOTAL | 4060244339.99 | 100.00 |

---

**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)**

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

![](img123134_4.jpg)<br>

1.540209.128 VIPGRO-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Growth & Income Portfolio**

**Annual Report**

**December 31, 2025**

![](img123135_1.jpg)

![](img123135_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPGI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Growth & Income Portfolio](#Sub_Sec_Fund_147_VIPGI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements147_VIPGI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPGI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPGI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPGI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPGI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPGI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPGI-ANN)** |

---

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.© 2026 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 (Annual Report)**

**VIP Growth & Income Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.4%** | &nbsp;&nbsp;**Common Stocks - 96.4%** | &nbsp;&nbsp;**Common Stocks - 96.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Santos Ltd  | 813497 | 3349614 |
| BELGIUM - 1.3%  |  |  |
| Health Care - 1.3% |  |  |
| Pharmaceuticals - 1.3% |  |  |
| UCB SA  | 123200 | 34545615 |
| CANADA - 2.0%  |  |  |
| Energy - 1.7% |  |  |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| Imperial Oil Ltd (b) | 507900 | 43879481 |
| South Bow Corp  | 74200 | 2040764 |
| TOTAL ENERGY |  | 45920245 |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Brookfield Corp Class A (United States)  | 178217 | 8178378 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Altius Minerals Corp  | 15600 | 464175 |
| TOTAL CANADA |  | 54562798 |
| DENMARK - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Novo Nordisk A/S Class B ADR  | 155900 | 7932192 |
| FRANCE - 0.6%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.3% |  |  |
| Pernod Ricard SA  | 89900 | 7723050 |
| Remy Cointreau SA (b) | 14028 | 604036 |
| TOTAL CONSUMER STAPLES |  | 8327086 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Amundi SA (e)(f) | 42800 | 3551078 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Airbus SE  | 23500 | 5457264 |
| TOTAL FRANCE |  | 17335428 |
| GERMANY - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Software - 0.9% |  |  |
| SAP SE ADR  | 103500 | 25141185 |
| ITALY - 0.2%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Davide Campari-Milano NV  | 661200 | 4303260 |
| NETHERLANDS - 0.8%  |  |  |
| Communication Services - 0.4% |  |  |
| Entertainment - 0.4% |  |  |
| Universal Music Group NV  | 371700 | 9690158 |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| ASML Holding NV depository receipt  | 3700 | 3958482 |
| BE Semiconductor Industries NV  | 52400 | 8236390 |
| TOTAL INFORMATION TECHNOLOGY |  | 12194872 |
| TOTAL NETHERLANDS |  | 21885030 |
| SPAIN - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Cellnex Telecom SA (e)(f) | 217300 | 6997421 |
| SWEDEN - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Atlas Copco AB A Shares  | 153400 | 2730916 |
| TAIWAN - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 82000 | 24918980 |
| UNITED KINGDOM - 1.4%  |  |  |
| Consumer Staples - 0.9% |  |  |
| Beverages - 0.2% |  |  |
| Diageo PLC ADR (b) | 66200 | 5711074 |
| Tobacco - 0.7% |  |  |
| British American Tobacco PLC ADR  | 347500 | 19675450 |
| TOTAL CONSUMER STAPLES |  | 25386524 |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| 3i Group PLC  | 102300 | 4485736 |
| Industrials - 0.3% |  |  |
| Professional Services - 0.3% |  |  |
| RELX PLC  | 198720 | 8005797 |
| TOTAL UNITED KINGDOM |  | 37878057 |
| UNITED STATES - 86.8%  |  |  |
| Communication Services - 4.9% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Verizon Communications Inc  | 101880 | 4149572 |
| Entertainment - 0.4% |  |  |
| Walt Disney Co/The  | 97800 | 11126706 |
| Interactive Media & Services - 3.4% |  |  |
| Alphabet Inc Class A  | 121500 | 38029501 |
| Alphabet Inc Class C  | 99600 | 31254480 |
| Meta Platforms Inc Class A  | 34800 | 22971132 |
|  |  | 92255113 |
| Media - 1.0% |  |  |
| Comcast Corp Class A  | 902462 | 26974589 |
| TOTAL COMMUNICATION SERVICES |  | 134505980 |
| Consumer Discretionary - 2.3% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Churchill Downs Inc  | 12300 | 1399494 |
| Domino's Pizza Inc  | 6800 | 2834376 |
| Marriott International Inc/MD Class A1  | 16600 | 5149984 |
| Starbucks Corp  | 79400 | 6686274 |
|  |  | 16070128 |
| Household Durables - 0.7% |  |  |
| Somnigroup International Inc  | 172400 | 15391872 |
| Whirlpool Corp (b) | 55900 | 4032626 |
|  |  | 19424498 |
| Specialty Retail - 0.8% |  |  |
| Home Depot Inc/The  | 5800 | 1995780 |
| Lowe's Cos Inc  | 84717 | 20430352 |
|  |  | 22426132 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| NIKE Inc Class B  | 67100 | 4274941 |
| TOTAL CONSUMER DISCRETIONARY |  | 62195699 |
| Consumer Staples - 4.3% |  |  |
| Beverages - 1.9% |  |  |
| Brown-Forman Corp Class B (b) | 201898 | 5261462 |
| Coca-Cola Co/The  | 349753 | 24451232 |
| Keurig Dr Pepper Inc  | 738200 | 20676982 |
| PepsiCo Inc  | 4900 | 703248 |
|  |  | 51092924 |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Sysco Corp  | 73400 | 5408846 |
| Target Corp  | 111500 | 10899125 |
| Walmart Inc  | 2600 | 289666 |
|  |  | 16597637 |
| Food Products - 0.0% |  |  |
| Lamb Weston Holdings Inc  | 200 | 8378 |
| Mondelez International Inc  | 14700 | 791301 |
|  |  | 799679 |
| Household Products - 0.2% |  |  |
| Colgate-Palmolive Co  | 16100 | 1272222 |
| Procter & Gamble Co/The  | 23900 | 3425109 |
| Reynolds Consumer Products Inc  | 20200 | 462984 |
|  |  | 5160315 |
| Personal Care Products - 1.0% |  |  |
| Estee Lauder Cos Inc/The Class A  | 89600 | 9382912 |
| Kenvue Inc  | 1061667 | 18313756 |
|  |  | 27696668 |
| Tobacco - 0.6% |  |  |
| Philip Morris International Inc  | 105400 | 16906160 |
| TOTAL CONSUMER STAPLES |  | 118253383 |
| Energy - 7.9% |  |  |
| Oil, Gas & Consumable Fuels - 7.9% |  |  |
| Chevron Corp  | 86200 | 13137742 |
| ConocoPhillips  | 80900 | 7573049 |
| Exxon Mobil Corp  | 1119303 | 134696923 |
| Murphy Oil Corp  | 47500 | 1484375 |
| Shell PLC ADR  | 801200 | 58872176 |
| TOTAL ENERGY |  | 215764265 |
| Financials - 18.0% |  |  |
| Banks - 12.3% |  |  |
| Bank of America Corp  | 1648012 | 90640660 |
| M&T Bank Corp  | 83400 | 16803432 |
| PNC Financial Services Group Inc/The  | 173072 | 36125319 |
| Truist Financial Corp  | 140200 | 6899242 |
| US Bancorp  | 94098 | 5021069 |
| Wells Fargo & Co (d) | 1927279 | 179622403 |
|  |  | 335112125 |
| Capital Markets - 1.9% |  |  |
| Blue Owl Capital Inc Class A  | 596100 | 8905734 |
| Charles Schwab Corp/The  | 51300 | 5125383 |
| Intercontinental Exchange Inc  | 3200 | 518272 |
| KKR & Co Inc Class A  | 148093 | 18878896 |
| Moody's Corp  | 5400 | 2758590 |
| MSCI Inc  | 400 | 229491 |
| Northern Trust Corp  | 87645 | 11971431 |
| Raymond James Financial Inc  | 28550 | 4584845 |
|  |  | 52972642 |
| Financial Services - 2.5% |  |  |
| Apollo Global Management Inc  | 42200 | 6108872 |
| Global Payments Inc  | 30900 | 2391660 |
| Mastercard Inc Class A  | 16000 | 9134080 |
| Visa Inc Class A  | 139876 | 49055912 |
|  |  | 66690524 |
| Insurance - 1.3% |  |  |
| Arthur J Gallagher & Co  | 33000 | 8540070 |
| Brown & Brown Inc  | 130900 | 10432730 |
| Chubb Ltd  | 21200 | 6616944 |
| Marsh & McLennan Cos Inc  | 34042 | 6315472 |
| Travelers Companies Inc/The  | 12300 | 3567737 |
|  |  | 35472953 |
| TOTAL FINANCIALS |  | 490248244 |
| Health Care - 9.8% |  |  |
| Biotechnology - 0.1% |  |  |
| Gilead Sciences Inc  | 18000 | 2209320 |
| Health Care Equipment & Supplies - 1.7% |  |  |
| Abbott Laboratories  | 40700 | 5099303 |
| Alcon AG (United States) (b) | 94200 | 7423902 |
| Baxter International Inc (b) | 482100 | 9212931 |
| Becton Dickinson & Co  | 31715 | 6154930 |
| Boston Scientific Corp (c) | 201320 | 19195862 |
|  |  | 47086928 |
| Health Care Providers & Services - 3.0% |  |  |
| Cardinal Health Inc  | 24200 | 4973099 |
| Cigna Group/The  | 70490 | 19400963 |
| Humana Inc  | 35600 | 9118228 |
| McKesson Corp  | 13488 | 11064072 |
| UnitedHealth Group Inc  | 112900 | 37269419 |
|  |  | 81825781 |
| Life Sciences Tools & Services - 1.2% |  |  |
| Bruker Corp  | 142800 | 6727308 |
| Danaher Corp  | 64700 | 14811124 |
| Thermo Fisher Scientific Inc  | 19200 | 11125440 |
|  |  | 32663872 |
| Pharmaceuticals - 3.8% |  |  |
| Eli Lilly & Co (d) | 14500 | 15582860 |
| GSK PLC ADR  | 680835 | 33388149 |
| Haleon PLC ADR (b) | 1897194 | 19180631 |
| Johnson & Johnson  | 80656 | 16691759 |
| Merck & Co Inc  | 115400 | 12147004 |
| Royalty Pharma PLC Class A  | 122600 | 4737264 |
| Zoetis Inc Class A  | 3500 | 440370 |
|  |  | 102168037 |
| TOTAL HEALTH CARE |  | 265953938 |
| Industrials - 16.1% |  |  |
| Aerospace & Defense - 8.2% |  |  |
| Boeing Co (c) | 303010 | 65789531 |
| GE Aerospace  | 389731 | 120048840 |
| General Dynamics Corp  | 38100 | 12826746 |
| Howmet Aerospace Inc  | 19400 | 3977388 |
| Huntington Ingalls Industries Inc  | 33000 | 11222310 |
| RTX Corp  | 9300 | 1705620 |
| Textron Inc  | 50400 | 4393368 |
|  |  | 219963803 |
| Air Freight & Logistics - 1.2% |  |  |
| United Parcel Service Inc Class B  | 341272 | 33850770 |
| Building Products - 0.3% |  |  |
| A O Smith Corp  | 108191 | 7235814 |
| AAON Inc (b) | 18747 | 1429459 |
|  |  | 8665273 |
| Commercial Services & Supplies - 0.1% |  |  |
| Veralto Corp  | 18966 | 1892427 |
| Electrical Equipment - 3.5% |  |  |
| AMETEK Inc  | 7300 | 1498763 |
| Emerson Electric Co  | 10200 | 1353744 |
| GE Vernova Inc (d) | 141590 | 92538976 |
|  |  | 95391483 |
| Ground Transportation - 0.2% |  |  |
| Knight-Swift Transportation Holdings Inc  | 114038 | 5961907 |
| Machinery - 1.9% |  |  |
| Allison Transmission Holdings Inc  | 71600 | 7009640 |
| Cummins Inc  | 12300 | 6278535 |
| Deere & Co  | 6100 | 2839977 |
| Donaldson Co Inc  | 163700 | 14513642 |
| Nordson Corp  | 33600 | 8078448 |
| Otis Worldwide Corp  | 37743 | 3296851 |
| Stanley Black & Decker Inc  | 15900 | 1181052 |
| Westinghouse Air Brake Technologies Corp  | 42700 | 9114315 |
|  |  | 52312460 |
| Trading Companies & Distributors - 0.7% |  |  |
| Watsco Inc (b) | 44545 | 15009438 |
| Wesco International Inc  | 18800 | 4599232 |
|  |  | 19608670 |
| TOTAL INDUSTRIALS |  | 437646793 |
| Information Technology - 19.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| CDW Corp/DE  | 8000 | 1089600 |
| IT Services - 0.2% |  |  |
| Amdocs Ltd  | 52700 | 4242877 |
| Semiconductors & Semiconductor Equipment - 8.6% |  |  |
| Analog Devices Inc  | 14200 | 3851040 |
| Applied Materials Inc  | 26800 | 6887332 |
| Broadcom Inc  | 167200 | 57867920 |
| Lam Research Corp  | 72800 | 12461904 |
| Marvell Technology Inc  | 228391 | 19408667 |
| Micron Technology Inc  | 60600 | 17295846 |
| NVIDIA Corp  | 600050 | 111909326 |
| Teradyne Inc  | 25100 | 4858356 |
|  |  | 234540391 |
| Software - 7.7% |  |  |
| Intuit Inc  | 13400 | 8876428 |
| Microsoft Corp  | 412618 | 199550317 |
|  |  | 208426745 |
| Technology Hardware, Storage & Peripherals - 3.3% |  |  |
| Apple Inc  | 316312 | 85992580 |
| Seagate Technology Holdings PLC  | 9400 | 2588666 |
|  |  | 88581246 |
| TOTAL INFORMATION TECHNOLOGY |  | 536880859 |
| Materials - 0.7% |  |  |
| Chemicals - 0.7% |  |  |
| Air Products and Chemicals Inc  | 14400 | 3557088 |
| Dow Inc  | 35400 | 827651 |
| LyondellBasell Industries NV Class A1  | 35400 | 1532820 |
| Mosaic Co/The  | 316400 | 7622076 |
| PPG Industries Inc  | 14400 | 1475424 |
| Scotts Miracle-Gro Co/The  | 37200 | 2170620 |
| Sherwin-Williams Co/The  | 3600 | 1166508 |
| TOTAL MATERIALS |  | 18352187 |
| Real Estate - 0.8% |  |  |
| Health Care REITs - 0.1% |  |  |
| Ventas Inc  | 22800 | 1764264 |
| Industrial REITs - 0.0% |  |  |
| Terreno Realty Corp  | 20200 | 1185942 |
| Residential REITs - 0.2% |  |  |
| Camden Property Trust  | 12300 | 1353984 |
| Sun Communities Inc  | 36400 | 4510324 |
|  |  | 5864308 |
| Specialized REITs - 0.5% |  |  |
| American Tower Corp  | 73700 | 12939509 |
| Public Storage  | 700 | 181650 |
|  |  | 13121159 |
| TOTAL REAL ESTATE |  | 21935673 |
| Utilities - 2.2% |  |  |
| Electric Utilities - 2.0% |  |  |
| Constellation Energy Corp  | 3633 | 1283430 |
| Duke Energy Corp  | 44000 | 5157240 |
| Edison International  | 60800 | 3649216 |
| Entergy Corp  | 65800 | 6081894 |
| Eversource Energy  | 70600 | 4753498 |
| Exelon Corp  | 37000 | 1612830 |
| FirstEnergy Corp  | 28700 | 1284899 |
| NextEra Energy Inc  | 12100 | 971388 |
| PG&E Corp  | 60000 | 964200 |
| Southern Co/The  | 338000 | 29473600 |
|  |  | 55232195 |
| Multi-Utilities - 0.2% |  |  |
| Sempra  | 58800 | 5191452 |
| TOTAL UTILITIES |  | 60423647 |
| TOTAL UNITED STATES |  | 2362160668 |
| ZAMBIA - 0.7%  |  |  |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| First Quantum Minerals Ltd (c) | 699100 | 18743856 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,313,151,603) |  | <br> **2622485020** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.9%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 1.9%  |  |  |
| Health Care - 0.3% |  |  |
| Life Sciences Tools & Services - 0.3% |  |  |
| Bruker Corp 6.375% Series A  | 25500 | 9261090 |
| Industrials - 1.6% |  |  |
| Aerospace & Defense - 1.6% |  |  |
| Boeing Co Series A, 6%  | 610700 | 42413115 |
| TOTAL UNITED STATES |  | 51674205 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $39,668,072) |  | <br> **51674205** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** |
|  | Yield (%) (g) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/26/2026 (d)<br>(Cost $4,963,714)<br>| 3.67 | 4992000 | **4964630** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 3.79 | 40935822 | 40944010 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 3.77 | 77365760 | 77373496 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $118,318,531) |  |  | **118317506** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.8%**<br> (Cost $1,476,101,920)<br>| <br>**2797441361** |
| **NET OTHER ASSETS (LIABILITIES) - (2.8)%**  | **(76803056)** |
| **NET ASSETS - 100.0%** | **2720638305** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 |  |  |  |  |  |  |
| Eli Lilly & Co | Chicago Board Options Exchange | 16 | 1719488 | 1130.00 | 2/2026 | (55000) |
| GE Vernova Inc | Chicago Board Options Exchange | 67 | 4378919 | 700.00 | 2/2026 | (173530) |
| GE Vernova Inc | Chicago Board Options Exchange | 67 | 4378919 | 740.00 | 2/2026 | (101840) |
| GE Vernova Inc | Chicago Board Options Exchange | 67 | 4378919 | 750.00 | 2/2026 | (89445) |
| Wells Fargo & Co | Chicago Board Options Exchange | 973 | 9068360 | 100.00 | 2/2026 | (111895) |
| Wells Fargo & Co | Chicago Board Options Exchange | 994 | 9264080 | 95.00 | 2/2026 | (287763) |
|  |  |  |  |  |  | (819473) |
| Put Options |  |  |  |  |  |  |
| GE Vernova Inc | Chicago Board Options Exchange | 100 | 6535700 | 480.00 | 2/2026 | (18000) |
|  |  |  |  |  |  | (18000) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(837473)** |

---

**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) Non-income producing.

(d) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $33,796,335.

(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 $10,548,499 or 0.4% of net assets.

(f) 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 $10,548,499 or 0.4% of net assets.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 334867787 | 362491374 | 3263514 | 398 | (1025) | 40944010 | 40935822 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 2407261 | 491800052 | 416832551 | 131949 | (1266) | - | 77373496 | 77365760 | 0.3% |
| Total | 70975485 | 826667839 | 779323925 | 3395463 | (868) | (1025) | 118317506 |  |  |

---

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 December 31, 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 | 151193559 | 134505980 | 16687579 | - |
| Consumer Discretionary | 62195699 | 62195699 | - | - |
| Consumer Staples | 156270253 | 156270253 | - | - |
| Energy | 265034124 | 265034124 | - | - |
| Financials | 506463436 | 501977700 | 4485736 | - |
| Health Care | 308431745 | 308431745 | - | - |
| Industrials | 453840770 | 437646793 | 16193977 | - |
| Information Technology | 599135896 | 599135896 | - | - |
| Materials | 37560218 | 37560218 | - | - |
| Real Estate | 21935673 | 21935673 | - | - |
| Utilities | 60423647 | 60423647 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 9261090 | - | 9261090 | - |
| Industrials | 42413115 | - | 42413115 | - |
|  **U.S. Treasury Obligations** | 4964630 | - | 4964630 | - |
|  **Money Market Funds** | 118317506 | 118317506 | - | - |
| **Total Investments in Securities:** | 2797441361 | 2703435234 | 94006127 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (837473) | (837473) | - | - |
| Total Liabilities | (837473) | (837473) | - | - |
| **Total Derivative Instruments:** | (837473) | (837473) | - | - |
|  **Net Unrealized Appreciation (Depreciation) on Unfunded Commitments** | 408720 | 408720 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 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)  | - | (837473) |
| **Total Equity Risk**  | - | (837473) |
| **Total Value of Derivatives** | - | (837473) |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $73,874,768) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,357,783,389) | $2679123855 |  |
| Fidelity Central Funds (cost $118,318,531) | 118317506 |  |
| Total Investment in Securities (cost $1,476,101,920) |  | $2797441361 |
| Cash |  | 9103 |
| Foreign currency held at value (cost $804) |  | 798 |
| Receivable for investments sold |  | 545473 |
| Unrealized appreciation on unfunded commitments |  | 408720 |
| Receivable for fund shares sold |  | 1404051 |
| Dividends receivable |  | 3164501 |
| Interest receivable |  | 57 |
| Distributions receivable from Fidelity Central Funds |  | 124096 |
| Prepaid expenses |  | 2162 |
| Other receivables |  | 90 |
| **Total assets** |  | 2803100412 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $15116 |  |
| Payable for fund shares redeemed | 2781652 |  |
| Accrued management fee | 1079581 |  |
| Distribution and service plan fees payable | 307233 |  |
| Written options, at value (premium received $941,563) | 837473 |  |
| Other payables and accrued expenses | 66800 |  |
| Collateral on securities loaned | 77374252 |  |
| **Total liabilities** |  | 82462107 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $2720638305 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1372921037 |
| Total accumulated earnings (loss) |  | 1347717268 |
| **Net Assets** |  | $2720638305 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($527,291,767 ÷ 15,809,080 shares) |  | $33.35 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($155,385,667 ÷ 4,731,600 shares) |  | $32.84 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,426,111,785 ÷ 44,582,250 shares) |  | $31.99 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($611,849,086 ÷ 18,488,582 shares) |  | $33.09 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $45931439 |
| Interest  |  | 70451 |
| Income from Fidelity Central Funds (including $131,949 from security lending)  |  | 3395463 |
| **Total income** |  | 49397353 |
| **Expenses** |  |  |
| Management fee | $12484003 |  |
| Distribution and service plan fees | 3606350 |  |
| Custodian fees and expenses | 99474 |  |
| Independent trustees' fees and expenses | 10079 |  |
| Audit fees | 68914 |  |
| Legal | 4115 |  |
| Miscellaneous | 9177 |  |
| Total expenses before reductions | 16282112 |  |
| Expense reductions | (3740) |  |
| Total expenses after reductions |  | 16278372 |
| **Net Investment income (loss)** |  | 33118981 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 253173308 |  |
| Fidelity Central Funds | (868) |  |
| Foreign currency transactions | (21131) |  |
| Written options | 879931 |  |
| Total net realized gain (loss) |  | 254031240 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 220168283 |  |
| Fidelity Central Funds  | (1025) |  |
| Unfunded commitments | 408720 |  |
| Assets and liabilities in foreign currencies | 63377 |  |
| Written options | (238007) |  |
| Total change in net unrealized appreciation (depreciation) |  | 220401348 |
| **Net gain (loss)** |  | 474432588 |
| **Net increase (decrease) in net assets resulting from operations** |  | $507551569 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $33118981 | $29905387 |
| &nbsp;&nbsp;Net realized gain (loss) | 254031240<br>| 170735388<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 220401348 | 260420351<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 507551569<br>| 461061126<br>|
| Distributions to shareholders | (280367027)<br>| (190688973)<br>|
| Share transactions - net increase (decrease) | 49244880<br>| 9193357<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 276429422<br>| 279565510<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2444208883 | 2164643373<br>|
| &nbsp;&nbsp;End of period | $2720638305 | $2444208883 |

---

**Financial Highlights** 

**VIP Growth & Income Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.55 | $27.04 | $24.02 | $26.22 | $22.36 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .47  | .44  | .44  | .42  | .55 C |
| Net realized and unrealized gain (loss)  | 6.04  | 5.61  | 4.03  | (1.70)  | 5.07  |
| Total from investment operations  | 6.51  | 6.05  | 4.47  | (1.28)  | 5.62  |
| Distributions from net investment income  | (.53)  | (.46)  | (.45)  | (.42)  | (.62)  |
| Distributions from net realized gain  | (3.18)  | (2.08)  | (1.00)  | (.50)  | (1.14)  |
| Total distributions  | (3.71)  | (2.54)  | (1.45)  | (.92)  | (1.76)  |
| Net asset value, end of period  | $33.35 | $30.55 | $27.04 | $24.02 | $26.22 |
| **Total Return** D,E | 21.50% <br>| 22.21%  | 18.72%  | (4.95)%  | 25.95%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .47%  | .49%  | .52%  | .52%  | .52%  |
| Expenses net of fee waivers, if any  | .47% <br>| .49%  | .52%  | .52%  | .52%  |
| Expenses net of all reductions, if any  | .47%  | .49%  | .52%  | .52%  | .52%  |
| Net investment income (loss)  | 1.44%  | 1.42%  | 1.71%  | 1.68%  | 2.18% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $527292 | $471051 | $406860 | $367028 | $439309 |
| Portfolio turnover rate H | 17% <br>| 14%  | 15%  | 10%  | 15%  |

---

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

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

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

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

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

**VIP Growth & Income Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.13 | $26.70 | $23.73 | $25.91 | $22.12 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .43  | .40  | .41  | .39  | .52 C |
| Net realized and unrealized gain (loss)  | 5.95  | 5.54  | 3.98  | (1.67)  | 5.00  |
| Total from investment operations  | 6.38  | 5.94  | 4.39  | (1.28)  | 5.52  |
| Distributions from net investment income  | (.49)  | (.43)  | (.42)  | (.40)  | (.59)  |
| Distributions from net realized gain  | (3.18)  | (2.08)  | (1.00)  | (.50)  | (1.14)  |
| Total distributions  | (3.67)  | (2.51)  | (1.42)  | (.90)  | (1.73)  |
| Net asset value, end of period  | $32.84 | $30.13 | $26.70 | $23.73 | $25.91 |
| **Total Return** D,E | 21.39% <br>| 22.09%  | 18.62%  | (5.02)%  | 25.76%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .57%  | .59%  | .62%  | .62%  | .62%  |
| Expenses net of fee waivers, if any  | .57% <br>| .59%  | .62%  | .62%  | .62%  |
| Expenses net of all reductions, if any  | .57%  | .59%  | .62%  | .62%  | .62%  |
| Net investment income (loss)  | 1.34%  | 1.33%  | 1.61%  | 1.58%  | 2.08% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $155386 | $140796 | $126496 | $116688 | $128601 |
| Portfolio turnover rate H | 17% <br>| 14%  | 15%  | 10%  | 15%  |

---

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

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

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

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

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

**VIP Growth & Income Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.43 | $26.13 | $23.26 | $25.42 | $21.72 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .35  | .37  | .34  | .48 C |
| Net realized and unrealized gain (loss)  | 5.80  | 5.41  | 3.88  | (1.64)  | 4.92  |
| Total from investment operations  | 6.18  | 5.76  | 4.25  | (1.30)  | 5.40  |
| Distributions from net investment income  | (.44)  | (.39)  | (.38)  | (.36)  | (.55)  |
| Distributions from net realized gain  | (3.18)  | (2.08)  | (1.00)  | (.50)  | (1.14)  |
| Total distributions  | (3.62)  | (2.46) D | (1.38)  | (.86)  | (1.70) D |
| Net asset value, end of period  | $31.99 | $29.43 | $26.13 | $23.26 | $25.42 |
| **Total Return** E,F | 21.21% <br>| 21.91%  | 18.41%  | (5.17)%  | 25.64%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .72%  | .74%  | .77%  | .77%  | .77%  |
| Expenses net of fee waivers, if any  | .72% <br>| .74%  | .77%  | .77%  | .77%  |
| Expenses net of all reductions, if any  | .72%  | .74%  | .77%  | .77%  | .77%  |
| Net investment income (loss)  | 1.19%  | 1.18%  | 1.46%  | 1.43%  | 1.94% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1426112 | $1322751 | $1206355 | $1071533 | $1137635 |
| Portfolio turnover rate I | 17% <br>| 14%  | 15%  | 10%  | 15%  |

---

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

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

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

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

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

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

**VIP Growth & Income Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.35 | $26.87 | $23.88 | $26.07 | $22.25 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .45  | .41  | .42  | .40  | .53 C |
| Net realized and unrealized gain (loss)  | 5.98  | 5.59  | 4.00  | (1.68)  | 5.03  |
| Total from investment operations  | 6.43  | 6.00  | 4.42  | (1.28)  | 5.56  |
| Distributions from net investment income  | (.51)  | (.44)  | (.43)  | (.40)  | (.60)  |
| Distributions from net realized gain  | (3.18)  | (2.08)  | (1.00)  | (.50)  | (1.14)  |
| Total distributions  | (3.69)  | (2.52)  | (1.43)  | (.91) D | (1.74)  |
| Net asset value, end of period  | $33.09 | $30.35 | $26.87 | $23.88 | $26.07 |
| **Total Return** E,F | 21.39% <br>| 22.18%  | 18.62%  | (5.01)%  | 25.80%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .55%  | .57%  | .60%  | .60%  | .60%  |
| Expenses net of fee waivers, if any  | .55% <br>| .57%  | .59%  | .60%  | .60%  |
| Expenses net of all reductions, if any  | .55%  | .57%  | .59%  | .60%  | .60%  |
| Net investment income (loss)  | 1.36%  | 1.35%  | 1.63%  | 1.60%  | 2.11% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $611849 | $509612 | $424932 | $378005 | $376272 |
| Portfolio turnover rate I | 17% <br>| 14%  | 15%  | 10%  | 15%  |

---

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended December 31, 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 December 31, 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. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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, options transactions and excise tax regulations.

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**  | $1376888001 |
| **Gross unrealized depreciation**  | <u>(60504615)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1316383386</u> |
| **Tax Cost**  | <u>$1480629222</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$1537340</u> |
| **Undistributed long-term capital gain**  | <u>$31400581</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1316074378</u> |

---

The Fund intends to elect to defer to its next fiscal year $1,295,029 of ordinary losses recognized during the period November 1, 2025 to December 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $46305770 | $38493656 |
| **Long-term Capital Gains**  | <u>234061257</u> | <u>152195317</u> |
| **Total**  | <u>$280367027</u> | <u>$190688973</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.

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| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **VIP Growth & Income Portfolio** | CompoSecure, Inc. Class A | 9694000 | 408720 |

---

**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 and/or OTC options were used to manage exposure to the market.

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable.

Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

**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** | 421040877 | 589180081 |

---

**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** | .54 |

---

**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** | $146665 |
| **Service Class 2** | <u>3459685</u> |
|  | <u>$3606350</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** | 6793 |

---

**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** | 33339975 | 26874263 | 12285789 |

---

**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** | 3438 |

---

**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** | 14297 | 561 | - |

---

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 Growth & Income Portfolio** | 32077 |

---

**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 $3,740.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Growth & Income Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $54004149 | $36427724 |
| Service Class | 15957563 | 10996704 |
| Service Class 2 | 147831162 | 103690665 |
| Investor Class | <u>62574153</u> | <u>39573880</u> |
| Total  | <u>$280367027</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** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Growth & Income Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 2145365 | 2264750 | $70105307 | $69778768 |
| Reinvestment of distributions  | 1632056 | 1167818 | 54004148 | 36427723 |
| Shares redeemed | <u>(3386240)</u> | <u>(3062408)</u> | <u>(110985723)</u> | <u>(94377011)</u> |
| Net increase (decrease) | <u>391181</u> | <u>370160</u> | <u>$13123732</u> | <u>$11829480</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 157436 | 183227 | $5096833 | $5528758 |
| Reinvestment of distributions  | 489769 | 357551 | 15957563 | 10996704 |
| Shares redeemed | <u>(588384)</u> | <u>(606389)</u> | <u>(19118294)</u> | <u>(18123955)</u> |
| Net increase (decrease) | <u>58821</u> | <u>(65611)</u> | <u>$1936102</u> | <u>$(1598493)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 3421499 | 1819641 | $103222529 | $53646822 |
| Reinvestment of distributions  | 4658078 | 3452140 | 147831162 | 103690665 |
| Shares redeemed | <u>(8443187)</u> | <u>(6499644)</u> | <u>(273416152)</u> | <u>(189688970)</u> |
| Net increase (decrease) | <u>(363610)</u> | <u>(1227863)</u> | <u>$(22362461)</u> | <u>$(32351483)</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 2026454 | 1503853 | $66389832 | $46400139 |
| Reinvestment of distributions  | 1905516 | 1277034 | 62574153 | 39573880 |
| Shares redeemed | <u>(2236963)</u> | <u>(1799222)</u> | <u>(72416478)</u> | <u>(54660166)</u> |
| Net increase (decrease) | <u>1695007</u> | <u>981665</u> | <u>$56547507</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:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %**  | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %**  |
| **VIP Growth & Income Portfolio**  | 26 | 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund III and the Shareholders of VIP Growth & Income Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of VIP Growth & Income Portfolio (the "Fund"), a fund of Variable Insurance Products Fund III, including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 11, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $242,447,613, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $2,253,580 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Initial class designates 4%, and 75%; Service Class 2 designates 4%, and 86%; Service Class designates 4%, and 79%; and Investor Class designates 4%, and 77%; of the dividends distributed in February and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

**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)**

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

![](img123135_4.jpg)<br>

1.540026.128 VIPGI-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Dynamic Capital Appreciation Portfolio**

**Annual Report**

**December 31, 2025**

![](img123145_1.jpg)

![](img123145_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPDCA-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Dynamic Capital Appreciation Portfolio](#Sub_Sec_Fund_386_VIPDCA-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements386_VIPDCA-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPDCA-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPDCA-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPDCA-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPDCA-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPDCA-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPDCA-ANN)** |

---

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.© 2026 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 (Annual Report)**

**VIP Dynamic Capital Appreciation Portfolio**

**Schedule of Investments December 31, 2025**

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>|
| AUSTRALIA - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Glencore PLC  | 43000 | 235066 |
| BRAZIL - 1.8%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Broadline Retail - 1.0% |  |  |
| MercadoLibre Inc (c) | 1380 | 2779679 |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (c) | 153400 | 2567916 |
| TOTAL BRAZIL |  | 5347595 |
| CANADA - 3.4%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Imperial Oil Ltd (b) | 5600 | 483806 |
| Financials - 1.7% |  |  |
| Capital Markets - 1.7% |  |  |
| Brookfield Corp Class A (United States)  | 103843 | 4765355 |
| Materials - 1.5% |  |  |
| Metals & Mining - 1.5% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 10300 | 1746159 |
| Franco-Nevada Corp  | 11900 | 2466700 |
| TOTAL MATERIALS |  | 4212859 |
| TOTAL CANADA |  | 9462020 |
| GERMANY - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.4% |  |  |
| Siemens Energy AG (c) | 9300 | 1304684 |
| ISRAEL - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Gamida Cell Ltd rights (c)(d) | 75514 | 1 |
| KOREA (SOUTH) - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| SK Hynix Inc  | 4770 | 2159210 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Samsung Electronics Co Ltd  | 5860 | 490923 |
| TOTAL KOREA (SOUTH) |  | 2650133 |
| NETHERLANDS - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| BE Semiconductor Industries NV  | 6300 | 990253 |
| NORWAY - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Frontline PLC  | 36000 | 785520 |
| TAIWAN - 2.1%  |  |  |
| Information Technology - 2.1% |  |  |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 11000 | 541911 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 18213 | 5534749 |
| TOTAL TAIWAN |  | 6076660 |
| UNITED KINGDOM - 1.6%  |  |  |
| Consumer Staples - 1.3% |  |  |
| Tobacco - 1.3% |  |  |
| British American Tobacco PLC  | 66906 | 3800436 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Subsea 7 SA  | 8700 | 175380 |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| 3i Group PLC  | 13900 | 609499 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Immunocore Holdings PLC ADR (c) | 5700 | 197847 |
| TOTAL UNITED KINGDOM |  | 4783162 |
| UNITED STATES - 88.5%  |  |  |
| Communication Services - 10.8% |  |  |
| Entertainment - 0.0% |  |  |
| ROBLOX Corp Class A (c) | 1400 | 113442 |
| Interactive Media & Services - 10.2% |  |  |
| Alphabet Inc Class A  | 39823 | 12464599 |
| Alphabet Inc Class C  | 23160 | 7267608 |
| Epic Games Inc (c)(d)(e) | 156 | 101414 |
| Match Group Inc  | 11800 | 381022 |
| Meta Platforms Inc Class A  | 13800 | 9109242 |
|  |  | 29323885 |
| Media - 0.1% |  |  |
| EchoStar Corp Class A (c) | 2700 | 293490 |
| New York Times Co/The Class A  | 1600 | 111072 |
|  |  | 404562 |
| Wireless Telecommunication Services - 0.5% |  |  |
| T-Mobile US Inc  | 7500 | 1522800 |
| TOTAL COMMUNICATION SERVICES |  | 31364689 |
| Consumer Discretionary - 7.3% |  |  |
| Broadline Retail - 5.9% |  |  |
| Amazon.com Inc (c) | 74260 | 17140693 |
| Diversified Consumer Services - 0.2% |  |  |
| Service Corp International/US  | 7800 | 608166 |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Sportradar Holding AG Class A (c) | 27200 | 646544 |
| Vail Resorts Inc  | 1200 | 159360 |
| Viking Holdings Ltd (c) | 18400 | 1313944 |
|  |  | 2119848 |
| Household Durables - 0.1% |  |  |
| DR Horton Inc  | 1400 | 201642 |
| Specialty Retail - 0.3% |  |  |
| Lowe's Cos Inc  | 3800 | 916408 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Crocs Inc (c) | 3600 | 307872 |
| TOTAL CONSUMER DISCRETIONARY |  | 21294629 |
| Consumer Staples - 2.3% |  |  |
| Beverages - 1.0% |  |  |
| Constellation Brands Inc Class A  | 7300 | 1007108 |
| Keurig Dr Pepper Inc  | 63200 | 1770232 |
|  |  | 2777340 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Sprouts Farmers Market Inc (c) | 13100 | 1043677 |
| Tobacco - 1.0% |  |  |
| Philip Morris International Inc  | 17567 | 2817747 |
| TOTAL CONSUMER STAPLES |  | 6638764 |
| Energy - 4.4% |  |  |
| Energy Equipment & Services - 1.2% |  |  |
| Archrock Inc  | 56900 | 1480538 |
| Kodiak Gas Services Inc  | 46000 | 1720400 |
| WaterBridge Infrastructure LLC Class A  | 22300 | 446223 |
|  |  | 3647161 |
| Oil, Gas & Consumable Fuels - 3.2% |  |  |
| Cheniere Energy Inc  | 8400 | 1632876 |
| Energy Transfer LP  | 51200 | 844288 |
| Enterprise Products Partners LP  | 40300 | 1292018 |
| Exxon Mobil Corp  | 26745 | 3218493 |
| MPLX LP  | 14123 | 753745 |
| Shell PLC ADR  | 21200 | 1557776 |
|  |  | 9299196 |
| TOTAL ENERGY |  | 12946357 |
| Financials - 15.5% |  |  |
| Banks - 1.7% |  |  |
| Bank of America Corp  | 44032 | 2421760 |
| Wells Fargo & Co  | 28545 | 2660394 |
|  |  | 5082154 |
| Capital Markets - 5.9% |  |  |
| Ares Capital Corp  | 33696 | 681670 |
| Blackstone Secured Lending Fund  | 41703 | 1098040 |
| Blue Owl Capital Corp  | 173147 | 2152217 |
| Blue Owl Capital Inc Class A (b) | 262400 | 3920257 |
| Cboe Global Markets Inc  | 11000 | 2761000 |
| Galaxy Digital Inc Class A (b) | 50700 | 1133652 |
| Intercontinental Exchange Inc  | 16500 | 2672340 |
| Jefferies Financial Group Inc  | 8700 | 539139 |
| LPL Financial Holdings Inc  | 1800 | 642906 |
| Raymond James Financial Inc  | 1400 | 224826 |
| Robinhood Markets Inc Class A (c) | 11900 | 1345890 |
|  |  | 17171937 |
| Financial Services - 4.8% |  |  |
| Apollo Global Management Inc  | 33900 | 4907364 |
| Mastercard Inc Class A  | 5100 | 2911488 |
| Rocket Cos Inc Class A  | 79900 | 1546864 |
| Visa Inc Class A  | 12720 | 4461031 |
|  |  | 13826747 |
| Insurance - 3.1% |  |  |
| Arthur J Gallagher & Co  | 8857 | 2292103 |
| Chubb Ltd  | 6600 | 2059992 |
| Marsh & McLennan Cos Inc  | 10700 | 1985064 |
| Travelers Companies Inc/The  | 5800 | 1682348 |
| W R Berkley Corp  | 13900 | 974668 |
|  |  | 8994175 |
| TOTAL FINANCIALS |  | 45075013 |
| Health Care - 5.1% |  |  |
| Biotechnology - 0.2% |  |  |
| Adamas Pharmaceuticals Inc rights (c)(d) | 47000 | 470 |
| Adamas Pharmaceuticals Inc rights (c)(d) | 47000 | 0 |
| Beam Therapeutics Inc (c) | 14800 | 410256 |
| Krystal Biotech Inc (c) | 800 | 197232 |
|  |  | 607958 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Baxter International Inc  | 10600 | 202566 |
| Health Care Providers & Services - 1.6% |  |  |
| Cigna Group/The  | 4600 | 1266058 |
| Humana Inc  | 4700 | 1203811 |
| UnitedHealth Group Inc  | 6300 | 2079693 |
|  |  | 4549562 |
| Life Sciences Tools & Services - 1.5% |  |  |
| Bruker Corp  | 22200 | 1045842 |
| Thermo Fisher Scientific Inc  | 5800 | 3360810 |
|  |  | 4406652 |
| Pharmaceuticals - 1.8% |  |  |
| Eli Lilly & Co  | 3200 | 3438976 |
| Royalty Pharma PLC Class A  | 46000 | 1777440 |
|  |  | 5216416 |
| TOTAL HEALTH CARE |  | 14983154 |
| Industrials - 13.7% |  |  |
| Aerospace & Defense - 3.4% |  |  |
| Anduril Industries Inc Class B (d)(e) | 200 | 9132 |
| Boeing Co (c) | 30700 | 6665584 |
| Carpenter Technology Corp  | 2300 | 724132 |
| GE Aerospace  | 6100 | 1878983 |
| Huntington Ingalls Industries Inc  | 2200 | 748154 |
|  |  | 10025985 |
| Air Freight & Logistics - 0.3% |  |  |
| United Parcel Service Inc Class B  | 10000 | 991900 |
| Building Products - 0.4% |  |  |
| A O Smith Corp  | 18800 | 1257344 |
| Commercial Services & Supplies - 0.5% |  |  |
| Clean Harbors Inc (c) | 5700 | 1336536 |
| Construction & Engineering - 0.4% |  |  |
| EMCOR Group Inc  | 1700 | 1040043 |
| Electrical Equipment - 2.2% |  |  |
| GE Vernova Inc  | 8575 | 5604363 |
| Vertiv Holdings Co Class A  | 4800 | 777648 |
|  |  | 6382011 |
| Machinery - 4.4% |  |  |
| Allison Transmission Holdings Inc  | 43100 | 4219490 |
| Cummins Inc  | 1900 | 969855 |
| Otis Worldwide Corp  | 10000 | 873500 |
| PACCAR Inc  | 17600 | 1927376 |
| Westinghouse Air Brake Technologies Corp  | 22300 | 4759935 |
|  |  | 12750156 |
| Professional Services - 2.0% |  |  |
| KBR Inc  | 12885 | 517976 |
| Paycom Software Inc  | 16566 | 2639958 |
| SS&C Technologies Holdings Inc  | 31756 | 2776110 |
|  |  | 5934044 |
| Trading Companies & Distributors - 0.1% |  |  |
| Watsco Inc  | 600 | 202170 |
| TOTAL INDUSTRIALS |  | 39920189 |
| Information Technology - 25.1% |  |  |
| Communications Equipment - 0.6% |  |  |
| Arista Networks Inc (c) | 13000 | 1703390 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Coherent Corp (c) | 900 | 166113 |
| Semiconductors & Semiconductor Equipment - 11.4% |  |  |
| Advanced Micro Devices Inc (c) | 5100 | 1092216 |
| Astera Labs Inc (c) | 500 | 83180 |
| Broadcom Inc  | 18937 | 6554096 |
| First Solar Inc (c) | 2300 | 600829 |
| Marvell Technology Inc  | 7400 | 628852 |
| NVIDIA Corp  | 128570 | 23978305 |
|  |  | 32937478 |
| Software - 7.2% |  |  |
| AppLovin Corp Class A (c) | 800 | 539056 |
| Asapp Inc warrants 8/28/2028 (c)(d)(e) | 61925 | 35917 |
| Microsoft Corp  | 38242 | 18494596 |
| Nutanix Inc Class A (c) | 4200 | 217098 |
| Riot Platforms Inc (b)(c) | 122000 | 1545740 |
|  |  | 20832407 |
| Technology Hardware, Storage & Peripherals - 5.8% |  |  |
| Apple Inc  | 35460 | 9640156 |
| Seagate Technology Holdings PLC  | 12000 | 3304680 |
| Western Digital Corp  | 23400 | 4031118 |
|  |  | 16975954 |
| TOTAL INFORMATION TECHNOLOGY |  | 72615342 |
| Materials - 1.0% |  |  |
| Chemicals - 0.3% |  |  |
| Corteva Inc  | 7400 | 496022 |
| LyondellBasell Industries NV Class A1  | 9700 | 420010 |
|  |  | 916032 |
| Containers & Packaging - 0.2% |  |  |
| Smurfit WestRock PLC  | 15600 | 603252 |
| Metals & Mining - 0.5% |  |  |
| Newmont Corp  | 3800 | 379430 |
| Royal Gold Inc  | 4000 | 889160 |
|  |  | 1268590 |
| TOTAL MATERIALS |  | 2787874 |
| Real Estate - 2.5% |  |  |
| Health Care REITs - 0.9% |  |  |
| Ventas Inc  | 33500 | 2592230 |
| Real Estate Management & Development - 1.4% |  |  |
| CBRE Group Inc Class A (c) | 16700 | 2685193 |
| Compass Inc Class A (c) | 119500 | 1263115 |
|  |  | 3948308 |
| Retail REITs - 0.2% |  |  |
| Simon Property Group Inc  | 4500 | 832995 |
| TOTAL REAL ESTATE |  | 7373533 |
| Utilities - 0.8% |  |  |
| Electric Utilities - 0.8% |  |  |
| Exelon Corp  | 19900 | 867441 |
| NextEra Energy Inc  | 17500 | 1404900 |
| TOTAL UTILITIES |  | 2272341 |
| TOTAL UNITED STATES |  | 257271885 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $206,840,225) |  | <br> **288906979** |

---

---

| | | |
|:---|:---|:---|
| &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% (d)(e)(f)<br>(Cost $49,599)<br>| 49600 | **31997** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Series A (c)(d)(e) | 85 | 139922 |
| Canva Australia Holdings Pty Ltd Series A2 (c)(d)(e) | 15 | 24692 |
| TOTAL AUSTRALIA |  | 164614 |
| UNITED STATES - 0.7%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (c)(d)(e) | 1600 | 19072 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| ElevateBio LLC Series C (c)(d)(e) | 5300 | 10123 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Anduril Industries Inc Series F (c)(d)(e) | 5252 | 239806 |
| Anduril Industries Inc Series G (d)(e) | 300 | 13698 |
| TOTAL INDUSTRIALS |  | 253504 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.2% |  |  |
| X.Ai Holdings Corp Series C (d)(e) | 9300 | 701778 |
| Software - 0.4% |  |  |
| Anthropic PBC Series F (d)(e) | 1100 | 256630 |
| Asapp Inc Series C (c)(d)(e) | 17672 | 18909 |
| Asapp Inc Series D (c)(d)(e) | 107931 | 91741 |
| OpenAI Group Pbc Series A-2 (d)(e) | 846 | 403948 |
|  |  | 771228 |
| TOTAL INFORMATION TECHNOLOGY |  | 1473006 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc Series C2 (c)(d)(e) | 3438 | 41015 |
| Illuminated Holdings Inc Series C3 (c)(d)(e) | 4298 | 51276 |
| Illuminated Holdings Inc Series C4 (c)(d)(e) | 1252 | 14936 |
| Illuminated Holdings Inc Series C5 (c)(d)(e) | 2617 | 31221 |
| TOTAL MATERIALS |  | 138448 |
| TOTAL UNITED STATES |  | 1894153 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $1,697,528) |  | <br> **2058767** |

---

---

| | | |
|:---|:---|:---|
| &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% (d)(e)(f)<br>(Cost $66,000)<br>| 66000 | **61769** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 3.79 | 546122 | 546232 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 3.77 | 4523072 | 4523524 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $5,069,785) |  |  | **5069756** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.8%**<br> (Cost $213,723,137)<br>| <br>**296129268** |
| **NET OTHER ASSETS (LIABILITIES) - (1.8)%**  | **(5110431)** |
| **NET ASSETS - 100.0%** | **291018837** |

---

**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) Non-income producing.

(d) Level 3 security.

(e) 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 $2,298,996 or 0.8% of net assets.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 1/23/2024 | 20417 |
| Anduril Industries Inc Class B | 6/16/2025 | 8177 |
| Anduril Industries Inc Series F | 8/7/2024 | 114161 |
| Anduril Industries Inc Series G | 4/17/2025 | 12264 |
| Anthropic PBC Series F | 8/18/2025 | 155064 |
| Asapp Inc Series C | 4/30/2021 | 116584 |
| Asapp Inc Series D | 8/29/2023 | 416777 |
| Asapp Inc warrants 8/28/2028 | 8/29/2023 | 0 |
| Canva Australia Holdings Pty Ltd Series A | 9/22/2023 | 90666 |
| Canva Australia Holdings Pty Ltd Series A2 | 9/22/2023 | 16000 |
| ElevateBio LLC Series C | 3/9/2021 | 22234 |
| Epic Games Inc | 3/29/2021 | 138060 |
| Illuminated Holdings Inc 15% | 6/14/2023 | 49599 |
| Illuminated Holdings Inc 15% | 9/27/2023 | 66000 |
| Illuminated Holdings Inc Series C2 | 7/7/2020 | 85950 |
| Illuminated Holdings Inc Series C3 | 7/7/2020 | 128940 |
| Illuminated Holdings Inc Series C4 | 1/8/2021 | 45072 |
| Illuminated Holdings Inc Series C5 | 6/16/2021 | 113054 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 159000 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 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 | 85549292 | 85346985 | 141642 | (32) | (29) | 546232 | 546122 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1309587 | 52009449 | 48795832 | 53235 | 320 | - | 4523524 | 4523072 | 0.0% |
| Total | 1653573 | 137558741 | 134142817 | 194877 | 288 | (29) | 5069756 |  |  |

---

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 December 31, 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 | 31364689 | 31263275 | - | 101414 |
| Consumer Discretionary | 24074308 | 24074308 | - | - |
| Consumer Staples | 10439200 | 10439200 | - | - |
| Energy | 14391063 | 14391063 | - | - |
| Financials | 53017783 | 52408284 | 609499 | - |
| Health Care | 15181002 | 15180531 | - | 471 |
| Industrials | 41224873 | 39911057 | 1304684 | 9132 |
| Information Technology | 82332388 | 79104427 | 3192044 | 35917 |
| Materials | 7235799 | 7000733 | 235066 | - |
| Real Estate | 7373533 | 7373533 | - | - |
| Utilities | 2272341 | 2272341 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Materials | 31997 | - | - | 31997 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 19072 | - | - | 19072 |
| Health Care | 10123 | - | - | 10123 |
| Industrials | 253504 | - | - | 253504 |
| Information Technology | 1637620 | - | - | 1637620 |
| Materials | 138448 | - | - | 138448 |
|  **Preferred Securities** |  |  |  |  |
| Materials | 61769 | - | - | 61769 |
|  **Money Market Funds** | 5069756 | 5069756 | - | - |
| **Total Investments in Securities:** | 296129268 | 288488508 | 5341293 | 2299467 |
|  **Net Unrealized Appreciation (Depreciation) on Unfunded Commitments** | 42836 | 42836 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $4,367,374) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $208,653,352) | $291059512 |  |
| Fidelity Central Funds (cost $5,069,785) | 5069756 |  |
| Total Investment in Securities (cost $213,723,137) |  | $296129268 |
| Cash |  | 5562 |
| Foreign currency held at value (cost $4,405) |  | 4198 |
| Receivable for investments sold |  | 118699 |
| Unrealized appreciation on unfunded commitments |  | 42836 |
| Receivable for fund shares sold |  | 22087 |
| Dividends receivable |  | 271761 |
| Interest receivable |  | 14385 |
| Distributions receivable from Fidelity Central Funds |  | 2259 |
| Prepaid expenses |  | 227 |
| Other receivables |  | 14 |
| **Total assets** |  | 296611296 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $832125 |  |
| Payable for fund shares redeemed | 30797 |  |
| Accrued management fee | 156580 |  |
| Distribution and service plan fees payable | 3853 |  |
| Other payables and accrued expenses | 46087 |  |
| Collateral on securities loaned | 4523017 |  |
| **Total liabilities** |  | 5592459 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $291018837 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $169811604 |
| Total accumulated earnings (loss) |  | 121207233 |
| **Net Assets** |  | $291018837 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($31,110,385 ÷ 1,580,889 shares) |  | $19.68 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($699,087 ÷ 36,386 shares) |  | $19.21 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($18,125,715 ÷ 981,235 shares) |  | $18.47 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($241,083,650 ÷ 12,309,492 shares) |  | $19.59 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $2770491 |
| Interest  |  | 8572 |
| Income from Fidelity Central Funds (including $53,235 from security lending)  |  | 194877 |
| **Total income** |  | 2973940 |
| **Expenses** |  |  |
| Management fee | $1786003 |  |
| Distribution and service plan fees | 42891 |  |
| Custodian fees and expenses | 26403 |  |
| Independent trustees' fees and expenses | 1089 |  |
| Audit fees | 59953 |  |
| Legal | 5262 |  |
| Miscellaneous | 2365 |  |
| **Total expenses** |  | 1923966 |
| **Net Investment income (loss)** |  | 1049974 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 47038482 |  |
| Fidelity Central Funds | 288 |  |
| Foreign currency transactions | (8581) |  |
| Futures contracts | 63213 |  |
| Total net realized gain (loss) |  | 47093402 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (972585) |  |
| Fidelity Central Funds  | (29) |  |
| Unfunded commitments | 42836 |  |
| Assets and liabilities in foreign currencies | 960 |  |
| Total change in net unrealized appreciation (depreciation) |  | (928818) |
| **Net gain (loss)** |  | 46164584 |
| **Net increase (decrease) in net assets resulting from operations** |  | $47214558 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1049974 | $71537 |
| &nbsp;&nbsp;Net realized gain (loss) | 47093402<br>| 44851222<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (928818) | 13223769<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 47214558<br>| 58146528<br>|
| Distributions to shareholders | (52121471)<br>| (11390788)<br>|
| Share transactions - net increase (decrease) | 16138002<br>| 4391677<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 11231089<br>| 51147417<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 279787748 | 228640331<br>|
| &nbsp;&nbsp;End of period | $291018837 | $279787748 |

---

**Financial Highlights** 

**VIP Dynamic Capital Appreciation Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.12 | $16.77 | $13.72 | $19.62 | $17.36 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .09  | .02  | .05  | .07  | .09 C |
| Net realized and unrealized gain (loss)  | 3.25  | 4.16  | 3.79  | (3.87)  | 3.96  |
| Total from investment operations  | 3.34  | 4.18  | 3.84  | (3.80)  | 4.05  |
| Distributions from net investment income  | (.11)  | (.04)  | (.06)  | (.05)  | (.11) D |
| Distributions from net realized gain  | (3.67)  | (.79)  | (.73)  | (2.05)  | (1.67) D |
| Total distributions  | (3.78)  | (.83)  | (.79)  | (2.10)  | (1.79) E |
| Net asset value, end of period  | $19.68 | $20.12 | $16.77 | $13.72 | $19.62 |
| **Total Return** F,G | 18.79% <br>| 25.52%  | 29.07%  | (20.87)%  | 24.63%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | .61%  | .62%  | .66%  | .67%  | .66%  |
| Expenses net of fee waivers, if any  | .61% <br>| .62%  | .65%  | .66%  | .66%  |
| Expenses net of all reductions, if any  | .61%  | .62%  | .65%  | .66%  | .66%  |
| Net investment income (loss)  | .46%  | .11%  | .32%  | .45%  | .51% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $31110 | $29942 | $25072 | $20784 | $30029 |
| Portfolio turnover rate J | 90% <br>| 61%  | 51%  | 55%  | 61%  |

---

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

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

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

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

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

**VIP Dynamic Capital Appreciation Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.73 | $16.47 | $13.49 | $19.33 | $17.13 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .07  | - C | .03  | .05  | .08 D |
| Net realized and unrealized gain (loss)  | 3.18  | 4.08  | 3.73  | (3.80)  | 3.89  |
| Total from investment operations  | 3.25  | 4.08  | 3.76  | (3.75)  | 3.97  |
| Distributions from net investment income  | (.10)  | (.03)  | (.04)  | (.03)  | (.09) E |
| Distributions from net realized gain  | (3.67)  | (.79)  | (.73)  | (2.05)  | (1.67) E |
| Total distributions  | (3.77)  | (.82)  | (.78) F | (2.09) F | (1.77) F |
| Net asset value, end of period  | $19.21 | $19.73 | $16.47 | $13.49 | $19.33 |
| **Total Return** G,H | 18.69% <br>| 25.35%  | 28.93%  | (20.94)%  | 24.47%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |
| Expenses before reductions  | .71%  | .72%  | .76%  | .77%  | .76%  |
| Expenses net of fee waivers, if any  | .71% <br>| .72%  | .75%  | .76%  | .76%  |
| Expenses net of all reductions, if any  | .71%  | .72%  | .75%  | .76%  | .76%  |
| Net investment income (loss)  | .36%  | .01%  | .22%  | .35%  | .42% D |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $699 | $586 | $479 | $358 | $445 |
| Portfolio turnover rate K | 90% <br>| 61%  | 51%  | 55%  | 61%  |

---

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 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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.11 | $15.98 | $13.11 | $18.85 | $16.74 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .04  | (.02)  | .01  | .03  | .05 C |
| Net realized and unrealized gain (loss)  | 3.07  | 3.95  | 3.61  | (3.70)  | 3.79  |
| Total from investment operations  | 3.11  | 3.93  | 3.62  | (3.67)  | 3.84  |
| Distributions from net investment income  | (.07)  | (.01)  | (.02)  | (.02)  | (.05) D |
| Distributions from net realized gain  | (3.67)  | (.79)  | (.73)  | (2.05)  | (1.67) D |
| Total distributions  | (3.75) E | (.80)  | (.75)  | (2.07)  | (1.73) E |
| Net asset value, end of period  | $18.47 | $19.11 | $15.98 | $13.11 | $18.85 |
| **Total Return** F,G | 18.49% <br>| 25.19%  | 28.72%  | (21.05)%  | 24.27%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | .86%  | .87%  | .91%  | .92%  | .91%  |
| Expenses net of fee waivers, if any  | .86% <br>| .87%  | .90%  | .91%  | .91%  |
| Expenses net of all reductions, if any  | .86%  | .87%  | .90%  | .91%  | .91%  |
| Net investment income (loss)  | .21%  | (.14)%  | .07%  | .20%  | .26% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $18126 | $16936 | $15440 | $13739 | $19579 |
| Portfolio turnover rate J | 90% <br>| 61%  | 51%  | 55%  | 61%  |

---

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

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

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

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

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

**VIP Dynamic Capital Appreciation Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.04 | $16.71 | $13.68 | $19.56 | $17.32 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .07  | .01  | .04  | .06  | .08 C |
| Net realized and unrealized gain (loss)  | 3.25  | 4.14  | 3.77  | (3.85)  | 3.93  |
| Total from investment operations  | 3.32  | 4.15  | 3.81  | (3.79)  | 4.01  |
| Distributions from net investment income  | (.10)  | (.03)  | (.04)  | (.04)  | (.09) D |
| Distributions from net realized gain  | (3.67)  | (.79)  | (.73)  | (2.05)  | (1.67) D |
| Total distributions  | (3.77)  | (.82)  | (.78) E | (2.09)  | (1.77) E |
| Net asset value, end of period  | $19.59 | $20.04 | $16.71 | $13.68 | $19.56 |
| **Total Return** F,G | 18.72% <br>| 25.42%  | 28.92%  | (20.88)%  | 24.46%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | .69%  | .70%  | .74%  | .74%  | .73%  |
| Expenses net of fee waivers, if any  | .69% <br>| .70%  | .73%  | .74%  | .73%  |
| Expenses net of all reductions, if any  | .69%  | .70%  | .73%  | .74%  | .73%  |
| Net investment income (loss)  | .38%  | .03%  | .24%  | .38%  | .44% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $241084 | $232324 | $187650 | $144809 | $203577 |
| Portfolio turnover rate J | 90% <br>| 61%  | 51%  | 55%  | 61%  |

---

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

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

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

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

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

**Notes to Financial Statements**

For the period ended December 31, 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 December 31, 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. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 futures contracts, foreign currency transactions, 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**  | $89860334 |
| **Gross unrealized depreciation**  | <u>(8023513)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$81836821</u> |
| **Tax Cost**  | <u>$214335283</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$1523693</u> |
| **Undistributed long-term capital gain**  | <u>$37846518</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$81837022</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $9801940 | $2276399 |
| **Long-term Capital Gains**  | <u>42319531</u> | <u>9114389</u> |
| **Total**  | <u>$52121471</u> | <u>$11390788</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** | CompoSecure, Inc. Class A | 1015983 | 42836 |

---

**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 and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Dynamic Capital Appreciation Portfolio** | 247100740 | 281373535 |

---

**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** | .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** | $676 |
| **Service Class 2** | <u>42215</u> |
|  | <u>$42891</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** | 6056 |

---

**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** | 21873640 | 39986798 | 8199057 |

---

**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 Dynamic Capital Appreciation Portfolio** | 376 |

---

**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 Dynamic Capital Appreciation Portfolio** | 5612 | 13 | - |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Dynamic Capital Appreciation Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $5562893 | $1278890 |
| Service Class | 117411 | 23887 |
| Service Class 2 | 3288895 | 757309 |
| Investor Class | <u>43152272</u> | <u>9330702</u> |
| Total  | <u>$52121471</u> | <u>$11390788</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Dynamic Capital Appreciation Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 25950 | 146502 | $484285 | $2672846 |
| Reinvestment of distributions  | 306666 | 70625 | 5562893 | 1278890 |
| Shares redeemed | <u>(240169)</u> | <u>(223729)</u> | <u>(4447815)</u> | <u>(4197172)</u> |
| Net increase (decrease) | <u>92447</u> | <u>(6602)</u> | <u>$1599363</u> | <u>$(245436)</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 6162 | 367 | $106840 | $6816 |
| Reinvestment of distributions  | 6452 | 1312 | 114702 | 23299 |
| Shares redeemed | <u>(5916)</u> | <u>(1090)</u> | <u>(114368)</u> | <u>(20191)</u> |
| Net increase (decrease) | <u>6698</u> | <u>589</u> | <u>$107174</u> | <u>$9924</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 54091 | 72816 | $937645 | $1281455 |
| Reinvestment of distributions  | 192731 | 44203 | 3288895 | 757309 |
| Shares redeemed | <u>(151878)</u> | <u>(196947)</u> | <u>(2640364)</u> | <u>(3530373)</u> |
| Net increase (decrease) | <u>94944</u> | <u>(79928)</u> | <u>$1586176</u> | <u>$(1491609)</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 401334 | 1057335 | $7439849 | $19772771 |
| Reinvestment of distributions  | 2390610 | 517330 | 43152272 | 9330701 |
| Shares redeemed | <u>(2076856)</u> | <u>(1209906)</u> | <u>(37746832)</u> | <u>(22984674)</u> |
| Net increase (decrease) | <u>715088</u> | <u>364759</u> | <u>$12845289</u> | <u>$6118798</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% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund** | **Affiliated %** |
| **VIP Dynamic Capital Appreciation Portfolio** | 93 |

---

**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund III and the Shareholders of VIP Dynamic Capital Appreciation Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of VIP Dynamic Capital Appreciation Portfolio (the "Fund"), a fund of Variable Insurance Products Fund III, including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 11, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $37,848,282, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $78,512 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Initial Class designates 1% and 21%; Service Class designates 1% and 21%; Service Class 2 designates 1% and 22%; and Investor Class designates 1% and 22% of the dividend distributed in February and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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)**

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

![](img123145_4.jpg)<br>

1.751799.125 VIPDCA-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Balanced Portfolio**

**Annual Report**

**December 31, 2025**

![](img123152_1.jpg)

![](img123152_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPBAL-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Balanced Portfolio](#Sub_Sec_Fund_616_VIPBAL-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements616_VIPBAL-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPBAL-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPBAL-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPBAL-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPBAL-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPBAL-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPBAL-ANN)** |

---

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.© 2026 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 (Annual Report)**

**VIP Balanced Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 63.9%** | &nbsp;&nbsp;**Common Stocks - 63.9%** | &nbsp;&nbsp;**Common Stocks - 63.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Class A (b)(c)(d) | 800 | 1316912 |
| BELGIUM - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| UCB SA  | 88817 | 24904528 |
| BRAZIL - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Wheaton Precious Metals Corp (United States)  | 19700 | 2315144 |
| CANADA - 0.4%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc  | 66400 | 4531000 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Alimentation Couche-Tard Inc  | 75500 | 4123332 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Athabasca Oil Corp (b) | 1470100 | 7529637 |
| Cameco Corp (United States)  | 4000 | 365960 |
| Imperial Oil Ltd (e) | 165700 | 14315476 |
| TOTAL ENERGY |  | 22211073 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Celestica Inc (United States) (b) | 2900 | 857269 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Altius Minerals Corp  | 54600 | 1624614 |
| TOTAL CANADA |  | 33347288 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (b) | 31000 | 1157850 |
| FRANCE - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Amundi SA (g)(h) | 19600 | 1626195 |
| GERMANY - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| BioNTech SE ADR (b) | 19887 | 1893242 |
| GREECE - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Eurobank SA  | 186338 | 750021 |
| Piraeus Bank SA  | 527901 | 4214925 |
| TOTAL GREECE |  | 4964946 |
| IRELAND - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| AIB Group PLC  | 49590 | 536159 |
| ISRAEL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd Class A  | 11434 | 401676 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 119200 | 3720232 |
| TOTAL ISRAEL |  | 4121908 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Disco Corp  | 8000 | 2437298 |
| KOREA (SOUTH) - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| SK Hynix Inc  | 100830 | 45642162 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Samsung Electronics Co Ltd  | 59610 | 4993849 |
| TOTAL KOREA (SOUTH) |  | 50636011 |
| MAURITIUS - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Jumo World Holding Limited (b)(c)(d) | 176324 | 186903 |
| NETHERLANDS - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Argenx SE ADR (b) | 15500 | 13034725 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| ASM International NV  | 4400 | 2676448 |
| NXP Semiconductors NV  | 19723 | 4281074 |
| TOTAL INFORMATION TECHNOLOGY |  | 6957522 |
| TOTAL NETHERLANDS |  | 19992247 |
| PORTUGAL - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 101500 | 1745107 |
| PUERTO RICO - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Popular Inc  | 37923 | 4722172 |
| SWITZERLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| On Holding AG Class A (b) | 24200 | 1124816 |
| TAIWAN - 1.2%  |  |  |
| Information Technology - 1.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Chroma ATE Inc  | 395000 | 9764130 |
| Delta Electronics Inc  | 526000 | 16156481 |
|  |  | 25920611 |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Jentech Precision Industrial Co Ltd  | 60000 | 5253253 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 600000 | 29558813 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 97100 | 29507719 |
|  |  | 64319785 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Asia Vital Components Co Ltd  | 56000 | 2697117 |
| TOTAL TAIWAN |  | 92937513 |
| THAILAND - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Fabrinet (b) | 2300 | 1047144 |
| UNITED KINGDOM - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Cazoo Group Ltd (b) | 28 | 0 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.0% |  |  |
| Diageo PLC  | 132100 | 2846479 |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 98600 | 5582732 |
| TOTAL CONSUMER STAPLES |  | 8429211 |
| Financials - 0.1% |  |  |
| Banks - 0.0% |  |  |
| Starling Bank Ltd (c)(d) | 756521 | 2610566 |
| Insurance - 0.1% |  |  |
| Hiscox Ltd  | 428829 | 8225511 |
| TOTAL FINANCIALS |  | 10836077 |
| TOTAL UNITED KINGDOM |  | 19265288 |
| UNITED STATES - 60.7%  |  |  |
| Communication Services - 7.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| AT&T Inc  | 854200 | 21218328 |
| Entertainment - 0.6% |  |  |
| Live Nation Entertainment Inc (b) | 14700 | 2094749 |
| Netflix Inc (b) | 187980 | 17625005 |
| Take-Two Interactive Software Inc (b) | 31518 | 8069554 |
| Walt Disney Co/The  | 115900 | 13185943 |
| Warner Bros Discovery Inc (b) | 248000 | 7147360 |
|  |  | 48122611 |
| Interactive Media & Services - 6.4% |  |  |
| Alphabet Inc Class A  | 1261172 | 394746836 |
| Epic Games Inc (b)(c)(d) | 1812 | 1177963 |
| Meta Platforms Inc Class A  | 206542 | 136336309 |
|  |  | 532261108 |
| Media - 0.0% |  |  |
| Fox Corp Class B  | 27016 | 1754149 |
| Magnite Inc (b) | 239549 | 3887880 |
|  |  | 5642029 |
| TOTAL COMMUNICATION SERVICES |  | 607244076 |
| Consumer Discretionary - 6.5% |  |  |
| Automobiles - 1.3% |  |  |
| General Motors Co  | 23100 | 1878492 |
| Tesla Inc (b) | 232000 | 104335040 |
|  |  | 106213532 |
| Broadline Retail - 2.8% |  |  |
| Amazon.com Inc (b) | 1010800 | 233312856 |
| Etsy Inc (b) | 33000 | 1829520 |
|  |  | 235142376 |
| Distributors - 0.0% |  |  |
| LKQ Corp  | 88800 | 2681760 |
| Diversified Consumer Services - 0.1% |  |  |
| Service Corp International/US  | 88400 | 6892548 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Airbnb Inc Class A (b) | 69900 | 9486828 |
| Booking Holdings Inc  | 1658 | 8879137 |
| Chipotle Mexican Grill Inc (b) | 175500 | 6493500 |
| Churchill Downs Inc  | 48100 | 5472818 |
| Domino's Pizza Inc  | 16500 | 6877530 |
| DraftKings Inc Class A (b) | 156700 | 5399882 |
| Dutch Bros Inc Class A (b) | 38900 | 2381458 |
| Marriott International Inc/MD Class A1  | 42700 | 13247248 |
| Starbucks Corp  | 103200 | 8690472 |
| Wyndham Hotels & Resorts Inc  | 50900 | 3846004 |
| Yum! Brands Inc  | 58300 | 8819624 |
|  |  | 79594501 |
| Household Durables - 0.1% |  |  |
| PulteGroup Inc  | 63500 | 7446010 |
| Somnigroup International Inc  | 39400 | 3517632 |
|  |  | 10963642 |
| Specialty Retail - 1.0% |  |  |
| Best Buy Co Inc  | 14300 | 957099 |
| Dick's Sporting Goods Inc  | 17600 | 3484272 |
| Floor & Decor Holdings Inc Class A (b) | 52000 | 3166280 |
| Home Depot Inc/The  | 44708 | 15384023 |
| Lithia Motors Inc Class A  | 11400 | 3788562 |
| Lowe's Cos Inc  | 160500 | 38706180 |
| RealReal Inc/The (b) | 58900 | 929442 |
| Ross Stores Inc  | 116200 | 20932268 |
|  |  | 87348126 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| NIKE Inc Class B  | 171330 | 10915434 |
| PVH Corp  | 70300 | 4711506 |
|  |  | 15626940 |
| TOTAL CONSUMER DISCRETIONARY |  | 544463425 |
| Consumer Staples - 2.9% |  |  |
| Beverages - 0.9% |  |  |
| Coca-Cola Co/The  | 559400 | 39107654 |
| Constellation Brands Inc Class A  | 27800 | 3835288 |
| Keurig Dr Pepper Inc  | 434817 | 12179224 |
| Monster Beverage Corp (b) | 61552 | 4719192 |
| PepsiCo Inc  | 84900 | 12184848 |
|  |  | 72026206 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| BJ's Wholesale Club Holdings Inc (b) | 39900 | 3592197 |
| Costco Wholesale Corp  | 38240 | 32975882 |
| Kroger Co/The  | 75600 | 4723488 |
| Target Corp  | 51800 | 5063450 |
| Walmart Inc  | 359700 | 40074177 |
|  |  | 86429194 |
| Food Products - 0.2% |  |  |
| Bunge Global SA  | 57000 | 5077560 |
| Lamb Weston Holdings Inc  | 16765 | 702286 |
| Mondelez International Inc  | 145900 | 7853797 |
|  |  | 13633643 |
| Household Products - 0.5% |  |  |
| Colgate-Palmolive Co  | 43900 | 3468978 |
| Procter & Gamble Co/The  | 251800 | 36085458 |
| Reynolds Consumer Products Inc  | 19516 | 447307 |
|  |  | 40001743 |
| Personal Care Products - 0.1% |  |  |
| Estee Lauder Cos Inc/The Class A  | 26200 | 2743663 |
| Kenvue Inc  | 411300 | 7094925 |
|  |  | 9838588 |
| Tobacco - 0.2% |  |  |
| Philip Morris International Inc  | 104600 | 16777840 |
| TOTAL CONSUMER STAPLES |  | 238707214 |
| Energy - 1.5% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| SLB Ltd  | 117600 | 4513488 |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Chevron Corp  | 88700 | 13518767 |
| ConocoPhillips  | 176100 | 16484721 |
| Exxon Mobil Corp  | 513600 | 61806624 |
| Murphy Oil Corp  | 123400 | 3856250 |
| Phillips 66  | 41100 | 5303544 |
| Shell PLC ADR  | 133600 | 9816928 |
| Valero Energy Corp  | 67700 | 11020883 |
|  |  | 121807717 |
| TOTAL ENERGY |  | 126321205 |
| Financials - 8.4% |  |  |
| Banks - 3.0% |  |  |
| Bancorp Inc/The (b) | 22123 | 1493744 |
| Bank of America Corp  | 1197086 | 65839730 |
| BOK Financial Corp  | 22885 | 2710957 |
| Citigroup Inc  | 243685 | 28435603 |
| Comerica Inc  | 53023 | 4609289 |
| First Horizon Corp  | 217032 | 5187065 |
| JPMorgan Chase & Co  | 73585 | 23710559 |
| KeyCorp  | 368255 | 7600783 |
| M&T Bank Corp  | 48660 | 9804017 |
| Pathward Financial Inc  | 25647 | 1820937 |
| Synovus Financial Corp  | 49673 | 2486134 |
| Truist Financial Corp  | 258500 | 12720785 |
| UMB Financial Corp  | 39391 | 4531541 |
| US Bancorp  | 302710 | 16152606 |
| Wells Fargo & Co  | 587810 | 54783892 |
| Wintrust Financial Corp  | 33200 | 4642024 |
|  |  | 246529666 |
| Capital Markets - 2.0% |  |  |
| Bank of New York Mellon Corp/The  | 35003 | 4063498 |
| Blackrock Inc  | 21420 | 22926683 |
| Blue Owl Capital Inc Class A  | 207547 | 3100752 |
| Carlyle Group Inc/The  | 64530 | 3814368 |
| Cboe Global Markets Inc  | 10475 | 2629225 |
| Charles Schwab Corp/The  | 291681 | 29141849 |
| Evercore Inc Class A  | 9795 | 3332749 |
| Goldman Sachs Group Inc/The  | 6649 | 5844471 |
| Intercontinental Exchange Inc  | 95631 | 15488397 |
| KKR & Co Inc Class A  | 106200 | 13538376 |
| MarketAxess Holdings Inc  | 55119 | 9990319 |
| Moody's Corp  | 19115 | 9764898 |
| Nasdaq Inc  | 75527 | 7335938 |
| Northern Trust Corp  | 67861 | 9269134 |
| Raymond James Financial Inc  | 50239 | 8067881 |
| State Street Corp  | 98022 | 12645818 |
| StepStone Group Inc rights 12/31/2038 (b)(c) | 2750 | 190217 |
| Tradeweb Markets Inc Class A  | 5683 | 611150 |
| Virtu Financial Inc Class A  | 190824 | 6358256 |
| Wealthfront Corp (b)(e) | 38300 | 520496 |
|  |  | 168634475 |
| Consumer Finance - 0.2% |  |  |
| Capital One Financial Corp  | 41860 | 10145190 |
| SLM Corp  | 163251 | 4417572 |
|  |  | 14562762 |
| Financial Services - 1.9% |  |  |
| Apollo Global Management Inc  | 110029 | 15927798 |
| Berkshire Hathaway Inc Class A (b) | 14 | 10567200 |
| Berkshire Hathaway Inc Class B (b) | 23845 | 11985689 |
| Block Inc Class A (b) | 24700 | 1607723 |
| Corpay Inc (b) | 26807 | 8067031 |
| Mastercard Inc Class A  | 176178 | 100576497 |
| UWM Holdings Corp Class A  | 194039 | 849890 |
| Voya Financial Inc  | 97643 | 7273427 |
|  |  | 156855255 |
| Insurance - 1.3% |  |  |
| American Financial Group Inc/OH  | 65694 | 8979056 |
| Arthur J Gallagher & Co  | 59882 | 15496863 |
| Assurant Inc  | 24085 | 5800872 |
| Baldwin Insurance Group Inc/The Class A (b) | 101900 | 2448657 |
| Brighthouse Financial Inc (b) | 24180 | 1566622 |
| Brown & Brown Inc  | 95137 | 7582419 |
| Chubb Ltd  | 92136 | 28757488 |
| Hartford Insurance Group Inc/The  | 77221 | 10641054 |
| Marsh & McLennan Cos Inc  | 25371 | 4706828 |
| Reinsurance Group of America Inc  | 48600 | 9888156 |
| Travelers Companies Inc/The  | 15364 | 4456482 |
| Unum Group  | 75168 | 5825520 |
| Willis Towers Watson PLC  | 9147 | 3005704 |
|  |  | 109155721 |
| TOTAL FINANCIALS |  | 695737879 |
| Health Care - 5.6% |  |  |
| Biotechnology - 1.3% |  |  |
| AbbVie Inc  | 193410 | 44192251 |
| Alnylam Pharmaceuticals Inc (b) | 16400 | 6521460 |
| BeOne Medicines Ltd ADR (b) | 7346 | 2231788 |
| Biogen Inc (b) | 11100 | 1953489 |
| Cogent Biosciences Inc (b) | 131400 | 4667328 |
| Disc Medicine Inc (b) | 15700 | 1246737 |
| Gilead Sciences Inc  | 263104 | 32293385 |
| Insmed Inc (b) | 13400 | 2332136 |
| Moderna Inc (b) | 146300 | 4314387 |
| Nuvalent Inc Class A (b) | 37100 | 3731889 |
| Travere Therapeutics Inc (b) | 37600 | 1436696 |
|  |  | 104921546 |
| Health Care Equipment & Supplies - 1.2% |  |  |
| Abbott Laboratories  | 54300 | 6803247 |
| Boston Scientific Corp (b) | 261254 | 24910569 |
| Edwards Lifesciences Corp (b) | 185200 | 15788300 |
| Insulet Corp (b) | 24000 | 6821760 |
| Intuitive Surgical Inc (b) | 24644 | 13957376 |
| Masimo Corp (b) | 35768 | 4651986 |
| Medline Inc Class A  | 113100 | 4750200 |
| Penumbra Inc (b) | 32300 | 10042393 |
| Shoulder Innovations Inc  | 68600 | 980980 |
| Stryker Corp  | 40000 | 14058800 |
|  |  | 102765611 |
| Health Care Providers & Services - 0.8% |  |  |
| Cencora Inc  | 56536 | 19095034 |
| CVS Health Corp  | 284000 | 22538240 |
| HCA Healthcare Inc  | 5400 | 2521044 |
| Tenet Healthcare Corp (b) | 29228 | 5808188 |
| UnitedHealth Group Inc  | 56974 | 18807687 |
|  |  | 68770193 |
| Health Care Technology - 0.0% |  |  |
| Waystar Holding Corp (b) | 38375 | 1256781 |
| Life Sciences Tools & Services - 0.6% |  |  |
| Danaher Corp  | 121123 | 27727477 |
| IQVIA Holdings Inc (b) | 40800 | 9196728 |
| Repligen Corp (b) | 33700 | 5522082 |
| Thermo Fisher Scientific Inc  | 15200 | 8807640 |
|  |  | 51253927 |
| Pharmaceuticals - 1.7% |  |  |
| Amylyx Pharmaceuticals Inc (b) | 118600 | 1432688 |
| Elanco Animal Health Inc (b) | 608176 | 13763023 |
| Eli Lilly & Co  | 91052 | 97851764 |
| Johnson & Johnson  | 48500 | 10037075 |
| Merck & Co Inc  | 95200 | 10020752 |
| Roche Holding AG non-voting shares  | 3680 | 1519731 |
|  |  | 134625033 |
| TOTAL HEALTH CARE |  | 463593091 |
| Industrials - 5.4% |  |  |
| Aerospace & Defense - 2.0% |  |  |
| Beta Technologies Inc (f) | 46352 | 1307589 |
| Boeing Co (b) | 116347 | 25261261 |
| GE Aerospace  | 158089 | 48696155 |
| Howmet Aerospace Inc  | 106800 | 21896136 |
| Lockheed Martin Corp  | 31470 | 15221095 |
| Northrop Grumman Corp  | 19670 | 11216031 |
| RTX Corp  | 46777 | 8578902 |
| Space Exploration Technologies Corp (b)(c)(d) | 17096 | 6845922 |
| Space Exploration Technologies Corp Class C (b)(c)(d) | 2104 | 842526 |
| TransDigm Group Inc  | 11800 | 15692230 |
|  |  | 155557847 |
| Building Products - 0.4% |  |  |
| Trane Technologies PLC  | 82794 | 32223425 |
| Commercial Services & Supplies - 0.2% |  |  |
| Cintas Corp  | 47900 | 9008553 |
| Republic Services Inc  | 41600 | 8816288 |
|  |  | 17824841 |
| Construction & Engineering - 0.1% |  |  |
| Argan Inc  | 700 | 219324 |
| MasTec Inc (b) | 3600 | 782532 |
| Quanta Services Inc  | 27000 | 11395620 |
|  |  | 12397476 |
| Electrical Equipment - 0.7% |  |  |
| AMETEK Inc  | 95153 | 19535862 |
| Eaton Corp PLC  | 43000 | 13695930 |
| GE Vernova Inc  | 40197 | 26271554 |
| Nextpower Inc Class A (b) | 14800 | 1289228 |
|  |  | 60792574 |
| Ground Transportation - 0.4% |  |  |
| CSX Corp  | 206862 | 7498748 |
| Old Dominion Freight Line Inc  | 51300 | 8043840 |
| Uber Technologies Inc (b) | 167500 | 13686425 |
| Union Pacific Corp  | 22300 | 5158436 |
|  |  | 34387449 |
| Machinery - 1.4% |  |  |
| Caterpillar Inc  | 45100 | 25836437 |
| Cummins Inc  | 37800 | 19295010 |
| Dover Corp  | 44300 | 8649132 |
| Ingersoll Rand Inc  | 98800 | 7826936 |
| PACCAR Inc  | 78200 | 8563682 |
| Parker-Hannifin Corp  | 39701 | 34895591 |
| Westinghouse Air Brake Technologies Corp  | 44400 | 9477180 |
|  |  | 114543968 |
| Professional Services - 0.1% |  |  |
| TransUnion  | 46078 | 3951188 |
| Verisk Analytics Inc  | 33100 | 7404139 |
|  |  | 11355327 |
| Trading Companies & Distributors - 0.1% |  |  |
| Fastenal Co  | 126000 | 5056380 |
| United Rentals Inc  | 5700 | 4613123 |
|  |  | 9669503 |
| TOTAL INDUSTRIALS |  | 448752410 |
| Information Technology - 19.6% |  |  |
| Communications Equipment - 0.9% |  |  |
| Arista Networks Inc (b) | 241974 | 31705853 |
| Cisco Systems Inc  | 325752 | 25092677 |
| Lumentum Holdings Inc (b) | 38200 | 14080138 |
| Motorola Solutions Inc  | 10600 | 4063192 |
|  |  | 74941860 |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Amphenol Corp Class A  | 111683 | 15092841 |
| Coherent Corp (b) | 63000 | 11627910 |
| Corning Inc  | 73200 | 6409392 |
|  |  | 33130143 |
| IT Services - 0.0% |  |  |
| Accenture PLC Class A  | 2600 | 697580 |
| Semiconductors & Semiconductor Equipment - 8.5% |  |  |
| Advanced Micro Devices Inc (b) | 12500 | 2677000 |
| Broadcom Inc  | 397125 | 137444963 |
| First Solar Inc (b) | 62800 | 16405244 |
| Lam Research Corp  | 60600 | 10373508 |
| MACOM Technology Solutions Holdings Inc (b) | 5000 | 856400 |
| Marvell Technology Inc  | 224372 | 19067133 |
| Micron Technology Inc  | 247600 | 70667516 |
| NVIDIA Corp  | 2404786 | 448492589 |
| SiTime Corp (b) | 7700 | 2719563 |
|  |  | 708703916 |
| Software - 5.0% |  |  |
| Cadence Design Systems Inc (b) | 46761 | 14616553 |
| Datadog Inc Class A (b) | 126800 | 17243532 |
| Figma Inc Class A  | 8700 | 325119 |
| Microsoft Corp  | 738300 | 357056646 |
| Oracle Corp  | 9959 | 1941109 |
| Palantir Technologies Inc Class A (b) | 66900 | 11891475 |
| Synopsys Inc (b) | 31100 | 14608292 |
|  |  | 417682726 |
| Technology Hardware, Storage & Peripherals - 4.8% |  |  |
| Apple Inc  | 1447563 | 393534477 |
| Sandisk Corp/DE  | 1800 | 427284 |
| Western Digital Corp  | 17300 | 2980271 |
|  |  | 396942032 |
| TOTAL INFORMATION TECHNOLOGY |  | 1632098257 |
| Materials - 1.0% |  |  |
| Chemicals - 0.7% |  |  |
| Air Products and Chemicals Inc  | 17803 | 4397697 |
| Balchem Corp  | 10500 | 1610280 |
| Chemours Co/The  | 38700 | 456273 |
| Corteva Inc  | 72500 | 4859675 |
| Dow Inc  | 70500 | 1648290 |
| Ecolab Inc  | 32000 | 8400640 |
| Linde PLC  | 41470 | 17682394 |
| LyondellBasell Industries NV Class A1  | 62200 | 2693260 |
| Mosaic Co/The  | 155200 | 3738768 |
| Sherwin-Williams Co/The  | 12300 | 3985569 |
| Solstice Advanced Materials Inc  | 46300 | 2249254 |
|  |  | 51722100 |
| Construction Materials - 0.1% |  |  |
| CRH PLC  | 24600 | 3070080 |
| Martin Marietta Materials Inc  | 9484 | 5905307 |
|  |  | 8975387 |
| Containers & Packaging - 0.0% |  |  |
| International Paper Co  | 85500 | 3367845 |
| Metals & Mining - 0.2% |  |  |
| Alcoa Corp  | 20200 | 1073428 |
| Freeport-McMoRan Inc  | 75951 | 3857551 |
| Newmont Corp  | 81400 | 8127790 |
| Nucor Corp  | 32500 | 5301075 |
|  |  | 18359844 |
| TOTAL MATERIALS |  | 82425176 |
| Real Estate - 1.2% |  |  |
| Health Care REITs - 0.3% |  |  |
| Ventas Inc  | 206007 | 15940822 |
| Welltower Inc  | 8658 | 1607011 |
|  |  | 17547833 |
| Industrial REITs - 0.1% |  |  |
| Prologis Inc  | 75433 | 9629777 |
| Terreno Realty Corp  | 31589 | 1854590 |
|  |  | 11484367 |
| Office REITs - 0.0% |  |  |
| COPT Defense Properties  | 11350 | 315530 |
| Kilroy Realty Corp  | 8920 | 333340 |
|  |  | 648870 |
| Real Estate Management & Development - 0.1% |  |  |
| Jones Lang LaSalle Inc (b) | 24590 | 8273797 |
| Zillow Group Inc Class C (b) | 19990 | 1363718 |
|  |  | 9637515 |
| Residential REITs - 0.1% |  |  |
| Camden Property Trust  | 77142 | 8491792 |
| Invitation Homes Inc  | 80813 | 2245793 |
|  |  | 10737585 |
| Retail REITs - 0.1% |  |  |
| Federal Realty Investment Trust  | 31928 | 3218343 |
| Macerich Co/The  | 157320 | 2904127 |
| NNN REIT Inc  | 43000 | 1704090 |
| Tanger Inc  | 95430 | 3184499 |
|  |  | 11011059 |
| Specialized REITs - 0.5% |  |  |
| American Tower Corp  | 72830 | 12786763 |
| CubeSmart  | 4793 | 172787 |
| Digital Realty Trust Inc  | 1071 | 165693 |
| Equinix Inc  | 13524 | 10361548 |
| Extra Space Storage Inc  | 49171 | 6403048 |
| Four Corners Property Trust Inc  | 52214 | 1204055 |
| Iron Mountain Inc  | 38590 | 3201041 |
| Public Storage  | 6213 | 1612274 |
|  |  | 35907209 |
| TOTAL REAL ESTATE |  | 96974438 |
| Utilities - 1.3% |  |  |
| Electric Utilities - 1.0% |  |  |
| Alliant Energy Corp  | 29200 | 1898292 |
| American Electric Power Co Inc  | 14800 | 1706588 |
| Constellation Energy Corp  | 35478 | 12533313 |
| Duke Energy Corp  | 80400 | 9423684 |
| Entergy Corp  | 66266 | 6124966 |
| Evergy Inc  | 53000 | 3841970 |
| Exelon Corp  | 142400 | 6207216 |
| NextEra Energy Inc  | 216204 | 17356858 |
| NRG Energy Inc  | 39400 | 6274056 |
| PG&E Corp  | 273619 | 4397057 |
| PPL Corp  | 116700 | 4086834 |
| Southern Co/The  | 34346 | 2994971 |
| Xcel Energy Inc  | 74500 | 5502570 |
|  |  | 82348375 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| AES Corp/The  | 38800 | 556392 |
| Talen Energy Corp (b) | 600 | 224904 |
| Vistra Corp  | 40519 | 6536930 |
|  |  | 7318226 |
| Multi-Utilities - 0.3% |  |  |
| Ameren Corp  | 47100 | 4703406 |
| CenterPoint Energy Inc  | 114800 | 4401432 |
| NiSource Inc  | 84600 | 3532896 |
| Sempra  | 98896 | 8731528 |
|  |  | 21369262 |
| TOTAL UTILITIES |  | 111035863 |
| TOTAL UNITED STATES |  | 5047353034 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (b) | 141700 | 3799177 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,664,940,099) |  | <br> **5321430882** |

---

---

| | | |
|:---|:---|:---|
| &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 | 5203683 |
| ESTONIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bolt Technology OU Series E (b)(c)(d) | 6283 | 1423667 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 65770 | 97997 |
| UNITED STATES - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Waymo LLC Series C2 (b)(c)(d) | 5806 | 509418 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| ABL Space Systems Co Series A8 (b)(c)(d) | 20155 | 8465 |
| ABL Space Systems Co Series A9 (b)(c)(d) | 9157 | 3846 |
| TOTAL INDUSTRIALS |  | 12311 |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.0% |  |  |
| Astranis Space Technologies Corp Series C (b)(c)(d) | 60816 | 588699 |
| IT Services - 0.0% |  |  |
| Gupshup Inc (b)(c)(d) | 59838 | 297993 |
| Software - 0.1% |  |  |
| Algolia Inc Series D (b)(c)(d) | 28064 | 518623 |
| Anthropic PBC Series F (c)(d) | 8400 | 1959720 |
| Databricks Inc Series G (b)(c)(d) | 4461 | 847590 |
| Databricks Inc Series H (b)(c)(d) | 18642 | 3541981 |
| Databricks Inc Series L (c)(d) | 1499 | 284810 |
| OpenAI Group Pbc Series A-2 (c)(d) | 2312 | 1103934 |
| OpenAI Group Pbc Series A-3 (c)(d) | 268 | 127964 |
| Skyryse Inc Series B (b)(c)(d) | 50000 | 1307500 |
|  |  | 9692122 |
| TOTAL INFORMATION TECHNOLOGY |  | 10578814 |
| TOTAL UNITED STATES |  | 11100543 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $14,722,437) |  | <br> **17825890** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 34.8%** | &nbsp;&nbsp;**Fixed-Income Funds - 34.8%** | &nbsp;&nbsp;**Fixed-Income Funds - 34.8%** |
|  | Shares | Value ($)<br>|
| Fidelity VIP Investment Grade Central Fund (i)<br>(Cost $3,107,145,102)<br>| 30808020 | **2901191282** |

---

---

| | | |
|:---|:---|:---|
| &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 | **622641** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (%) (j) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 1/8/2026 (k) | 3.90 | 760000 | 759560 |
| US Treasury Bills 0% 2/26/2026 (k) | 3.75 | 2360000 | 2347061 |
| US Treasury Bills 0% 3/26/2026 (k) | 3.58 | 530000 | 525702 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $3,631,379) |  |  | **3632323** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (l) | 3.79 | 92267387 | 92285841 |
| Fidelity Securities Lending Cash Central Fund (l)(m) | 3.77 | 3736604 | 3736977 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $96,022,310) |  |  | **96022818** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $5,888,033,213)<br>| <br>**8340725836** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(9644786)** |
| **NET ASSETS - 100.0%** | **8331081050** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 138 | 3/2026 | 47558250 | 13462 |
| The notional amount of long futures as a percentage of Net Assets is 0.6%. | The notional amount of long futures as a percentage of Net Assets is 0.6%. | The notional amount of long futures as a percentage of Net Assets is 0.6%. | The notional amount of long futures as a percentage of Net Assets is 0.6%. | The notional amount of long futures as a percentage of Net Assets is 0.6%. |

---

**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 $30,806,682 or 0.4% 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 $1,307,589 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(g) 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 $1,626,195 or 0.0% of net assets.

(h) 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 $1,626,195 or 0.0% of net assets.

(i) 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,which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(j) 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.

(k) 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 $3,117,621.

(l) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(m) 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>|
| ABL Space Systems Co Series A8 | 3/24/2021 | 799967 |
| ABL Space Systems Co Series A9 | 10/22/2021 | 556752 |
| Algolia Inc Series D | 7/23/2021 | 820733 |
| Anthropic PBC Series F | 8/18/2025 | 1184128 |
| Astranis Space Technologies Corp Series C | 3/19/2021 | 1333143 |
| Bolt Technology OU Series E | 1/3/2022 | 1632301 |
| Bytedance Ltd Series E1 | 11/18/2020 | 2377869 |
| Canva Australia Holdings Pty Ltd Class A | 8/19/2025 - 11/12/2025 | 1316912 |
| Databricks Inc Series G | 2/1/2021 | 263746 |
| Databricks Inc Series H | 8/31/2021 | 1369892 |
| Databricks Inc Series L | 12/18/2025 | 284810 |
| Epic Games Inc | 3/29/2021 | 1603620 |
| Gupshup Inc | 6/8/2021 | 1368208 |
| Jumo World Holding Limited | 9/6/2023 | 1499092 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 434455 |
| OpenAI Group Pbc Series A-3 | 8/4/2025 | 82500 |
| Skyryse Inc Series B | 10/21/2021 | 1233999 |
| Space Exploration Technologies Corp | 2/16/2021 - 12/9/2024 | 731743 |
| Space Exploration Technologies Corp Class C | 12/9/2024 | 389240 |
| Starling Bank Ltd | 6/18/2021 | 1352573 |
| Waymo LLC Series C2 | 10/18/2024 | 454037 |
| Xsight Labs Ltd Series D | 2/16/2021 | 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 |
| Beta Technologies Inc | 5/4/2026 |

---

**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 | 1342568144 | 1321031979 | 3279213 | 1649 | - | 92285841 | 92267387 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 515200 | 125162793 | 121940665 | 13986 | (351) | - | 3736977 | 3736604 | 0.0% |
| Fidelity VIP Investment Grade Central Fund | 2573112775 | 311527111 | 62439998 | 120567120 | (10873361) | 89864755 | 2901191282 | 30808020 | 88.6% |
| Total | 2644376002 | 1779258048 | 1505412642 | 123860319 | (10872063) | 89864755 | 2997214100 |  |  |

---

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 December 31, 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 | 607244076 | 606066113 | - | 1177963 |
| Consumer Discretionary | 551277091 | 551277091 | - | - |
| Consumer Staples | 251259757 | 248413278 | 2846479 | - |
| Energy | 150277385 | 150277385 | - | - |
| Financials | 719012007 | 716024321 | - | 2987686 |
| Health Care | 507145818 | 505626087 | 1519731 | - |
| Industrials | 448752410 | 441063962 | - | 7688448 |
| Information Technology | 1788287926 | 1704338892 | 82632122 | 1316912 |
| Materials | 90164111 | 90164111 | - | - |
| Real Estate | 96974438 | 96974438 | - | - |
| Utilities | 111035863 | 111035863 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 5203683 | - | - | 5203683 |
| Consumer Discretionary | 509418 | - | - | 509418 |
| Industrials | 12311 | - | - | 12311 |
| Information Technology | 12100478 | - | - | 12100478 |
|  **Fixed-Income Funds** | 2901191282 | 2901191282 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Industrials | 622641 | - | - | 622641 |
|  **U.S. Treasury Obligations** | 3632323 | - | 3632323 | - |
|  **Money Market Funds** | 96022818 | 96022818 | - | - |
| **Total Investments in Securities:** | 8340725836 | 8218475641 | 90630655 | 31619540 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 13462 | 13462 | - | - |
| Total Assets | 13462 | 13462 | - | - |
| **Total Derivative Instruments:** | 13462 | 13462 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 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)  | 13462 | - |
| **Total Equity Risk**  | 13462 | - |
| **Total Value of Derivatives** | 13462 | - |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,546,897) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,684,865,801) | $5343511736 |  |
| Fidelity Central Funds (cost $3,203,167,412) | 2997214100 |  |
| Total Investment in Securities (cost $5,888,033,213) |  | $8340725836 |
| Foreign currency held at value (cost $570) |  | 569 |
| Receivable for investments sold |  | 5988276 |
| Receivable for fund shares sold |  | 1461837 |
| Dividends receivable |  | 3027305 |
| Interest receivable |  | 108 |
| Distributions receivable from Fidelity Central Funds |  | 328366 |
| Prepaid expenses |  | 6356 |
| Other receivables |  | 18768 |
| **Total assets** |  | 8351557421 |
| **Liabilities** |  |  |
| Payable to custodian bank | $1005737 |  |
| Payable for investments purchased  | 10552400 |  |
| Payable for fund shares redeemed | 940363 |  |
| Accrued management fee | 3091601 |  |
| Distribution and service plan fees payable | 680496 |  |
| Payable for daily variation margin on futures contracts | 357075 |  |
| Other payables and accrued expenses | 111399 |  |
| Collateral on securities loaned | 3737300 |  |
| **Total liabilities** |  | 20476371 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $8331081050 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5448142623 |
| Total accumulated earnings (loss) |  | 2882938427 |
| **Net Assets** |  | $8331081050 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($308,326,046 ÷ 11,627,785 shares) |  | $26.52 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($42,817,940 ÷ 1,633,521 shares) |  | $26.21 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,256,000,151 ÷ 127,918,420 shares) |  | $25.45 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,723,936,913 ÷ 180,560,131 shares) |  | $26.16 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $54979943 |
| Interest  |  | 140267 |
| Income from Fidelity Central Funds (including $13,986 from security lending)  |  | 123860319 |
| **Total income** |  | 178980529 |
| **Expenses** |  |  |
| Management fee | $35257053 |  |
| Distribution and service plan fees | 7639821 |  |
| Custodian fees and expenses | 164182 |  |
| Independent trustees' fees and expenses | 30564 |  |
| Audit fees | 84037 |  |
| Legal | 18841 |  |
| Miscellaneous | 30011 |  |
| **Total expenses** |  | 43224509 |
| **Net Investment income (loss)** |  | 135756020 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $297,910)  | 430404610 |  |
| Fidelity Central Funds | (10872063) |  |
| Foreign currency transactions | (122714) |  |
| Futures contracts | 620414 |  |
| Total net realized gain (loss) |  | 420030247 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $52,680)  | 462631564 |  |
| Fidelity Central Funds  | 89864755 |  |
| Assets and liabilities in foreign currencies | 53023 |  |
| Futures contracts | 1323997 |  |
| Total change in net unrealized appreciation (depreciation) |  | 553873339 |
| **Net gain (loss)** |  | 973903586 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1109659606 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $135756020 | $125939245 |
| &nbsp;&nbsp;Net realized gain (loss) | 420030247<br>| 414176137<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 553873339 | 517806277<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1109659606<br>| 1057921659<br>|
| Distributions to shareholders | (521842741)<br>| (362420010)<br>|
| Share transactions - net increase (decrease) | 108292538<br>| 103542165<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 696109403<br>| 799043814<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 7634971647 | 6835927833<br>|
| &nbsp;&nbsp;End of period | $8331081050 | $7634971647 |

---

**Financial Highlights** 

**VIP Balanced Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.61 | $22.32 | $19.38 | $25.29 | $23.29 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .46  | .44  | .38  | .28  | .25  |
| Net realized and unrealized gain (loss)  | 3.13  | 3.04  | 3.67  | (4.62)  | 3.79  |
| Total from investment operations  | 3.59  | 3.48  | 4.05  | (4.34)  | 4.04  |
| Distributions from net investment income  | (.44)  | (.43) C | (.36)  | (.27)  | (.23)  |
| Distributions from net realized gain  | (1.25)  | (.76) C | (.75)  | (1.30)  | (1.81)  |
| Total distributions  | (1.68) D | (1.19)  | (1.11)  | (1.57)  | (2.04)  |
| Net asset value, end of period  | $26.52 | $24.61 | $22.32 | $19.38 | $25.29 |
| **Total Return** E,F | 15.25% <br>| 15.92%  | 21.53%  | (17.94)%  | 18.26%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .41%  | .43%  | .46%  | .47%  | .46%  |
| Expenses net of fee waivers, if any  | .41% <br>| .42%  | .46%  | .46%  | .46%  |
| Expenses net of all reductions, if any  | .41%  | .42%  | .46%  | .46%  | .46%  |
| Net investment income (loss)  | 1.88%  | 1.86%  | 1.83%  | 1.32%  | 1.01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $308326 | $295718 | $301809 | $266447 | $332976 |
| Portfolio turnover rate I | 38% <br>| 33%  | 28%  | 37%  | 33%  |

---

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

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

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

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

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

**VIP Balanced Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.35 | $22.10 | $19.20 | $25.07 | $23.11 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .43  | .41  | .35  | .25  | .22  |
| Net realized and unrealized gain (loss)  | 3.09  | 3.02  | 3.64  | (4.57)  | 3.76  |
| Total from investment operations  | 3.52  | 3.43  | 3.99  | (4.32)  | 3.98  |
| Distributions from net investment income  | (.42)  | (.42) C | (.34)  | (.25)  | (.21)  |
| Distributions from net realized gain  | (1.25)  | (.76) C | (.75)  | (1.30)  | (1.81)  |
| Total distributions  | (1.66) D | (1.18)  | (1.09)  | (1.55)  | (2.02)  |
| Net asset value, end of period  | $26.21 | $24.35 | $22.10 | $19.20 | $25.07 |
| **Total Return** E,F | 15.10% <br>| 15.83%  | 21.40%  | (18.02)%  | 18.13%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .51%  | .53%  | .56%  | .57%  | .56%  |
| Expenses net of fee waivers, if any  | .51% <br>| .52%  | .56%  | .56%  | .56%  |
| Expenses net of all reductions, if any  | .51%  | .52%  | .56%  | .56%  | .56%  |
| Net investment income (loss)  | 1.78%  | 1.75%  | 1.73%  | 1.22%  | .91%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $42818 | $39995 | $36925 | $35778 | $41039 |
| Portfolio turnover rate I | 38% <br>| 33%  | 28%  | 37%  | 33%  |

---

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

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

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

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

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

**VIP Balanced Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.69 | $21.55 | $18.74 | $24.52 | $22.64 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .39  | .37  | .32  | .22  | .18  |
| Net realized and unrealized gain (loss)  | 3.00  | 2.92  | 3.55  | (4.48)  | 3.68  |
| Total from investment operations  | 3.39  | 3.29  | 3.87  | (4.26)  | 3.86  |
| Distributions from net investment income  | (.39)  | (.39) C | (.31)  | (.22)  | (.18)  |
| Distributions from net realized gain  | (1.25)  | (.76) C | (.75)  | (1.30)  | (1.81)  |
| Total distributions  | (1.63) D | (1.15)  | (1.06)  | (1.52)  | (1.98) D |
| Net asset value, end of period  | $25.45 | $23.69 | $21.55 | $18.74 | $24.52 |
| **Total Return** E,F | 14.96% <br>| 15.58%  | 21.29%  | (18.19)%  | 17.99%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .66%  | .68%  | .71%  | .72%  | .71%  |
| Expenses net of fee waivers, if any  | .66% <br>| .67%  | .71%  | .71%  | .71%  |
| Expenses net of all reductions, if any  | .66%  | .67%  | .71%  | .71%  | .71%  |
| Net investment income (loss)  | 1.63%  | 1.60%  | 1.58%  | 1.07%  | .76%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3256000 | $2940840 | $2564995 | $2104753 | $2562199 |
| Portfolio turnover rate I | 38% <br>| 33%  | 28%  | 37%  | 33%  |

---

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

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

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

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

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

**VIP Balanced Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.30 | $22.06 | $19.17 | $25.04 | $23.08 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .44  | .42  | .36  | .26  | .22  |
| Net realized and unrealized gain (loss)  | 3.09  | 3.00  | 3.63  | (4.58)  | 3.76  |
| Total from investment operations  | 3.53  | 3.42  | 3.99  | (4.32)  | 3.98  |
| Distributions from net investment income  | (.42)  | (.42) C | (.35)  | (.25)  | (.21)  |
| Distributions from net realized gain  | (1.25)  | (.76) C | (.75)  | (1.30)  | (1.81)  |
| Total distributions  | (1.67)  | (1.18)  | (1.10)  | (1.55)  | (2.02)  |
| Net asset value, end of period  | $26.16 | $24.30 | $22.06 | $19.17 | $25.04 |
| **Total Return** D,E | 15.16% <br>| 15.83%  | 21.42%  | (18.03)%  | 18.17%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |
| Expenses before reductions  | .49%  | .50%  | .54%  | .54%  | .54%  |
| Expenses net of fee waivers, if any  | .49% <br>| .50%  | .53%  | .54%  | .54%  |
| Expenses net of all reductions, if any  | .49%  | .50%  | .53%  | .54%  | .54%  |
| Net investment income (loss)  | 1.80%  | 1.78%  | 1.75%  | 1.25%  | .93%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4723937 | $4358418 | $3932199 | $3435461 | $4478013 |
| Portfolio turnover rate H | 38% <br>| 33%  | 28%  | 37%  | 33%  |

---

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

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

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

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

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

**Notes to Financial Statements**

For the period ended December 31, 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> Futures<br> Options<br> Restricted Securities<br> Swaps<br>| 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 December 31, 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. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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.

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**  | $2722707021 |
| **Gross unrealized depreciation**  | <u>(287541216)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2435165805</u> |
| **Tax Cost**  | <u>$5905560031</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$31818210</u> |
| **Undistributed long-term capital gain**  | <u>$419539784</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2435181774</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $129729829 | $153576433 |
| **Long-term Capital Gains**  | <u>392112912</u> | <u>208843577</u> |
| **Total**  | <u>$521842741</u> | <u>$362420010</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 Balanced Portfolio** | Space Exploration Technologies Corp. Class A | 46310 | - |
|  | Space Exploration Technologies Corp. Class C | 79990 | - |

---

**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** | 2945291482 | 3231312761 |

---

**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.

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| | |
|:---|:---|
|  | **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:

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| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .41 |
| **Service Class** | .41 |
| **Service Class 2** | .41 |
| **Investor Class** | .48 |

---

**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** | $40433 |
| **Service Class 2** | <u>7599388</u> |
|  | <u>$7639821</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** | 56916 |

---

**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** | 141432044 | 203764963 | 20313517 |

---

**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** | 10454 |

---

**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 Balanced Portfolio** | 1525 | - | - |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Balanced Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $19828390 | $15306912 |
| Service Class | 2669570 | 1880843 |
| Service Class 2 | 202353856 | 136922667 |
| Investor Class | <u>296990925</u> | <u>208309588</u> |
| Total  | <u>$521842741</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** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Balanced Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 573018 | 990913 | $14288348 | $23463288 |
| Reinvestment of distributions  | 809216 | 656503 | 19828390 | 15306912 |
| Shares redeemed | <u>(1771981)</u> | <u>(3151878)</u> | <u>(43631571)</u> | <u>(75739141)</u> |
| Net increase (decrease) | <u>(389747)</u> | <u>(1504462)</u> | <u>$(9514833)</u> | <u>$(36968941)</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 263524 | 287124 | $6499941 | $6680506 |
| Reinvestment of distributions  | 110195 | 81199 | 2669570 | 1880843 |
| Shares redeemed | <u>(382963)</u> | <u>(396146)</u> | <u>(9399547)</u> | <u>(9130385)</u> |
| Net increase (decrease) | <u>(9244)</u> | <u>(27823)</u> | <u>$(230036)</u> | <u>$(569036)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 11000916 | 13676011 | $257736644 | $314737252 |
| Reinvestment of distributions  | 8603103 | 6079799 | 202353856 | 136922667 |
| Shares redeemed | <u>(15804683)</u> | <u>(14689256)</u> | <u>(374235288)</u> | <u>(335793638)</u> |
| Net increase (decrease) | <u>3799336</u> | <u>5066554</u> | <u>$85855212</u> | <u>$115866281</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 2420057 | 3014741 | $60476106 | $71335529 |
| Reinvestment of distributions  | 12281552 | 9013735 | 296990925 | 208309588 |
| Shares redeemed | <u>(13476834)</u> | <u>(10905887)</u> | <u>(325284836)</u> | <u>(254431256)</u> |
| Net increase (decrease) | <u>1224775</u> | <u>1122589</u> | <u>$32182195</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:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number of Unaffiliated 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund III and the Shareholders of VIP Balanced Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of VIP Balanced Portfolio (the "Fund"), a fund of Variable Insurance Products Fund III, including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 13, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $419,954,362, or, if subsequently determined to be different, the net capital gain of such year.

A total of 29.86% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $67,914,255 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Initial Class designates 37%; Service Class designates 39%; Service Class 2 designates 42%; and Investor Class designates 39%; of the dividends distributed in December 2025, during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

**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)**

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

![](img123152_4.jpg)<br>

1.540208.128 VIPBAL-ANN-0226

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>Purchase 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 trust'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 trust's 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) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(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

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | February 20, 2026 |

---

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.

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | February 20, 2026 |

---

---

| | |
|:---|:---|
| By: | <u>/s/Stephanie Caron</u> |
|  | Stephanie Caron |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | February 20, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## 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:

February 20, 2026

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

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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:

February 20, 2026

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| |
|:---|
| &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: February 20, 2026

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: February 20, 2026

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| |
|:---|
| &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>