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 811-07205

Variable Insurance Products Fund III

(Exact name of registrant as specified in charter)

245 Summer St., Boston, MA 02210

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	December 31

Date of reporting period:	June 30, 2025

Item 1.

Reports to Stockholders


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

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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$876,361,870
Number of Holdings	112
Portfolio Turnover	86%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916045.101 1026-TSRS-0825


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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$876,361,870
Number of Holdings	112
Portfolio Turnover	86%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916044.101 1025-TSRS-0825


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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$876,361,870
Number of Holdings	112
Portfolio Turnover	86%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916046.101 1467-TSRS-0825


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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$876,361,870
Number of Holdings	112
Portfolio Turnover	86%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916043.101 1024-TSRS-0825


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

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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$7,351,657,845
Number of Holdings	176
Portfolio Turnover	69%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916040.101 387-TSRS-0825


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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$7,351,657,845
Number of Holdings	176
Portfolio Turnover	69%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916042.101 773-TSRS-0825


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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$7,351,657,845
Number of Holdings	176
Portfolio Turnover	69%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916039.101 1466-TSRS-0825


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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$7,351,657,845
Number of Holdings	176
Portfolio Turnover	69%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916041.101 772-TSRS-0825


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

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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$4,228,819,232
Number of Holdings	196
Portfolio Turnover	82%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916022.101 385-TSRS-0825


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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$4,228,819,232
Number of Holdings	196
Portfolio Turnover	82%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916023.101 491-TSRS-0825


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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$4,228,819,232
Number of Holdings	196
Portfolio Turnover	82%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916021.101 1465-TSRS-0825


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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$4,228,819,232
Number of Holdings	196
Portfolio Turnover	82%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916024.101 617-TSRS-0825


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

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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$2,663,616,170
Number of Holdings	168
Portfolio Turnover	17%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9915949.101 382-TSRS-0825


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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$2,663,616,170
Number of Holdings	168
Portfolio Turnover	17%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9915950.101 473-TSRS-0825


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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$2,663,616,170
Number of Holdings	168
Portfolio Turnover	17%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9915947.101 1464-TSRS-0825


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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$2,663,616,170
Number of Holdings	168
Portfolio Turnover	17%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9915948.101 147-TSRS-0825


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

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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$278,830,392
Number of Holdings	146
Portfolio Turnover	34%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916009.101 971-TSRS-0825


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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$278,830,392
Number of Holdings	146
Portfolio Turnover	34%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916008.101 853-TSRS-0825


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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$278,830,392
Number of Holdings	146
Portfolio Turnover	34%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916006.101 1463-TSRS-0825


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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$278,830,392
Number of Holdings	146
Portfolio Turnover	34%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916007.101 786-TSRS-0825


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

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

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$7,806,918,346
Number of Holdings	322
Portfolio Turnover	46%

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

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

QUALITY DIVERSIFICATION (% of Fund's net assets)

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916018.101 380-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Balanced Portfolio VIP Balanced Portfolio Service Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$7,806,918,346
Number of Holdings	322
Portfolio Turnover	46%

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

QUALITY DIVERSIFICATION (% of Fund's net assets)

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916019.101 469-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Balanced Portfolio VIP Balanced Portfolio Investor Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$7,806,918,346
Number of Holdings	322
Portfolio Turnover	46%

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

QUALITY DIVERSIFICATION (% of Fund's net assets)

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916017.101 1462-TSRS-0825


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2025
	VIP Balanced Portfolio VIP Balanced Portfolio Initial Class true

What were your Fund costs for the last six months?

(based on hypothetical $10,000 investment)

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

Key Fund Statistics

(as of June 30, 2025)

KEY FACTS
Fund Size	$7,806,918,346
Number of Holdings	322
Portfolio Turnover	46%

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

QUALITY DIVERSIFICATION (% of Fund's net assets)

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		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 1.9916020.101 616-TSRS-0825

Item 2.

Code of Ethics

Not applicable.

Item 3.

Audit Committee Financial Expert

Not applicable.

Item 4.

Principal Accountant Fees and Services

Not applicable.

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies

Fidelity® Variable Insurance Products:

VIP Value Strategies Portfolio

Semi-Annual Report

June 30, 2025

Contents

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

VIP Value Strategies Portfolio

Notes to Financial Statements

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

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

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

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

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.

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

VIP Value Strategies Portfolio

Schedule of Investments June 30, 2025 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%
	Shares	Value ($)
CANADA - 3.9%
Consumer Discretionary - 1.0%
Textiles, Apparel & Luxury Goods - 1.0%
Gildan Activewear Inc	184,000	9,066,569
Energy - 1.6%
Oil, Gas & Consumable Fuels - 1.6%
Imperial Oil Ltd (a)	172,000	13,664,006
Industrials - 0.5%
Ground Transportation - 0.5%
TFI International Inc	52,600	4,721,736
Materials - 0.8%
Chemicals - 0.8%
Methanex Corp (United States)	200,300	6,629,930
TOTAL CANADA		34,082,241
PORTUGAL - 1.0%
Energy - 1.0%
Oil, Gas & Consumable Fuels - 1.0%
Galp Energia SGPS SA	477,200	8,735,550
PUERTO RICO - 1.0%
Financials - 1.0%
Banks - 1.0%
Popular Inc	78,800	8,684,548
SPAIN - 0.4%
Communication Services - 0.4%
Diversified Telecommunication Services - 0.4%
Cellnex Telecom SA (b)(c)	115,500	4,497,366
UNITED STATES - 89.4%
Communication Services - 1.8%
Interactive Media & Services - 0.8%
ZoomInfo Technologies Inc (d)	707,400	7,158,887
Media - 1.0%
Nexstar Media Group Inc	50,400	8,716,680
TOTAL COMMUNICATION SERVICES		15,875,567

Consumer Discretionary - 10.0%
Automobile Components - 0.9%
Patrick Industries Inc (a)	82,915	7,650,567
Hotels, Restaurants & Leisure - 1.0%
Hilton Grand Vacations Inc (a)(d)	217,600	9,036,928
Household Durables - 1.7%
Somnigroup International Inc	98,200	6,682,510
TopBuild Corp (d)	24,300	7,866,882
		14,549,392
Leisure Products - 1.6%
BRP Inc Subordinate Voting Shares (a)	120,600	5,853,982
Hasbro Inc	108,200	7,987,324
		13,841,306
Specialty Retail - 4.2%
Bath & Body Works Inc	214,400	6,423,424
Lithia Motors Inc Class A	26,000	8,783,320
Penske Automotive Group Inc	34,700	5,961,807
Signet Jewelers Ltd (a)	81,200	6,459,460
Upbound Group Inc	351,000	8,810,100
		36,438,111
Textiles, Apparel & Luxury Goods - 0.6%
PVH Corp (a)	82,900	5,686,940
TOTAL CONSUMER DISCRETIONARY		87,203,244

Consumer Staples - 6.2%
Beverages - 2.6%
Constellation Brands Inc Class A	48,100	7,824,908
Keurig Dr Pepper Inc	195,900	6,476,454
Primo Brands Corp Class A	295,700	8,758,635
		23,059,997
Consumer Staples Distribution & Retail - 1.5%
Albertsons Cos Inc Class A	142,495	3,065,067
Dollar Tree Inc (d)	54,600	5,407,584
Performance Food Group Co (d)	50,400	4,408,488
		12,881,139
Food Products - 2.1%
Bunge Global SA	104,800	8,413,344
Darling Ingredients Inc (d)	253,863	9,631,562
		18,044,906
TOTAL CONSUMER STAPLES		53,986,042

Energy - 4.1%
Energy Equipment & Services - 1.0%
Expro Group Holdings NV (a)(d)	888,120	7,628,951
Weatherford International PLC	22,317	1,122,768
		8,751,719
Oil, Gas & Consumable Fuels - 3.1%
Core Natural Resources Inc (a)	118,947	8,295,364
Phillips 66	90,000	10,737,000
Targa Resources Corp	46,100	8,025,088
		27,057,452
TOTAL ENERGY		35,809,171

Financials - 17.1%
Banks - 2.7%
East West Bancorp Inc	104,593	10,561,801
First Citizens BancShares Inc/NC Class A	6,800	13,303,996
		23,865,797
Capital Markets - 2.9%
Ameriprise Financial Inc	18,100	9,660,513
LPL Financial Holdings Inc	17,900	6,711,963
Raymond James Financial Inc	56,800	8,711,416
		25,083,892
Consumer Finance - 2.2%
OneMain Holdings Inc	178,500	10,174,500
SLM Corp	275,681	9,039,580
		19,214,080
Financial Services - 5.7%
Apollo Global Management Inc	62,500	8,866,875
Global Payments Inc	116,600	9,332,664
Mr Cooper Group Inc (d)	57,400	8,564,654
NCR Atleos Corp (d)	278,193	7,936,846
PennyMac Financial Services Inc	59,300	5,908,652
WEX Inc (d)	63,500	9,327,515
		49,937,206
Insurance - 3.6%
Assurant Inc	43,900	8,669,811
First American Financial Corp	89,366	5,486,179
Reinsurance Group of America Inc	46,005	9,125,552
Travelers Companies Inc/The	32,400	8,668,296
		31,949,838
TOTAL FINANCIALS		150,050,813

Health Care - 7.8%
Health Care Equipment & Supplies - 1.2%
Lantheus Holdings Inc (a)(d)	106,900	8,750,834
QuidelOrtho Corp (d)	76,291	2,198,707
		10,949,541
Health Care Providers & Services - 5.0%
Acadia Healthcare Co Inc (d)	452,500	10,267,225
AdaptHealth Corp (d)	645,351	6,085,660
CVS Health Corp	194,700	13,430,406
Molina Healthcare Inc (d)	46,900	13,971,510
		43,754,801
Life Sciences Tools & Services - 1.6%
ICON PLC (d)	40,200	5,847,090
IQVIA Holdings Inc (d)	51,600	8,131,644
		13,978,734
TOTAL HEALTH CARE		68,683,076

Industrials - 19.4%
Air Freight & Logistics - 1.8%
FedEx Corp	28,600	6,501,066
GXO Logistics Inc (d)	189,000	9,204,300
		15,705,366
Building Products - 0.9%
Builders FirstSource Inc (d)	68,700	8,016,603
Commercial Services & Supplies - 2.4%
Brink's Co/The	74,600	6,661,034
Driven Brands Holdings Inc (a)(d)	369,900	6,495,444
MillerKnoll Inc	229,800	4,462,716
Vestis Corp	603,900	3,460,347
		21,079,541
Construction & Engineering - 2.0%
Centuri Holdings Inc (a)(d)	233,900	5,248,716
Fluor Corp (d)	108,800	5,578,176
WillScot Holdings Corp	235,600	6,455,440
		17,282,332
Electrical Equipment - 1.1%
Regal Rexnord Corp	63,700	9,233,952
Ground Transportation - 2.4%
Ryder System Inc	43,500	6,916,500
U-Haul Holding Co Class N	141,100	7,671,607
XPO Inc (d)	51,500	6,503,935
		21,092,042
Machinery - 5.3%
Allison Transmission Holdings Inc	97,400	9,252,026
CNH Industrial NV Class A	676,500	8,767,440
Gates Industrial Corp PLC (d)	400,200	9,216,606
Oshkosh Corp	78,400	8,901,536
Terex Corp	130,500	6,093,045
Timken Co/The	59,000	4,280,450
		46,511,103
Professional Services - 1.6%
First Advantage Corp (a)(d)	525,900	8,735,199
KBR Inc	101,300	4,856,322
		13,591,521
Trading Companies & Distributors - 1.9%
Herc Holdings Inc (a)	66,900	8,810,061
Wesco International Inc	42,600	7,889,520
		16,699,581
TOTAL INDUSTRIALS		169,212,041

Information Technology - 6.3%
Electronic Equipment, Instruments & Components - 1.3%
Arrow Electronics Inc (d)	76,300	9,722,909
Avnet Inc	34,001	1,804,773
		11,527,682
IT Services - 0.2%
ASGN Inc (d)	41,059	2,050,076
Semiconductors & Semiconductor Equipment - 2.4%
First Solar Inc (d)	62,100	10,280,034
ON Semiconductor Corp (d)	199,000	10,429,590
		20,709,624
Software - 0.8%
NCR Voyix Corp (a)(d)	591,700	6,940,641
Technology Hardware, Storage & Peripherals - 1.6%
Sandisk Corp/DE	96,500	4,376,275
Western Digital Corp	156,500	10,014,435
		14,390,710
TOTAL INFORMATION TECHNOLOGY		55,618,733

Materials - 4.6%
Chemicals - 1.0%
Olin Corp	179,701	3,610,193
Westlake Corp	66,400	5,041,752
		8,651,945
Containers & Packaging - 2.7%
International Paper Co	130,000	6,087,900
O-I Glass Inc (d)	419,400	6,181,956
Smurfit WestRock PLC	273,800	11,814,470
		24,084,326
Metals & Mining - 0.9%
Constellium SE (d)	573,300	7,624,890
TOTAL MATERIALS		40,361,161

Real Estate - 6.6%
Health Care REITs - 2.2%
Ventas Inc	173,800	10,975,470
Welltower Inc	54,600	8,393,658
		19,369,128
Industrial REITs - 2.5%
Americold Realty Trust Inc	197,823	3,289,796
Prologis Inc	82,247	8,645,805
Rexford Industrial Realty Inc	273,400	9,724,838
		21,660,439
Real Estate Management & Development - 0.8%
Jones Lang LaSalle Inc (d)	28,200	7,212,996
Residential REITs - 1.1%
Sun Communities Inc	76,100	9,625,889
TOTAL REAL ESTATE		57,868,452

Utilities - 5.5%
Electric Utilities - 3.3%
Constellation Energy Corp	27,333	8,821,999
Eversource Energy	137,400	8,741,388
PG&E Corp	812,100	11,320,674
		28,884,061
Independent Power and Renewable Electricity Producers - 0.9%
AES Corp/The	801,800	8,434,936
Multi-Utilities - 1.3%
Sempra	149,300	11,312,461
TOTAL UTILITIES		48,631,458

TOTAL UNITED STATES		783,299,758
ZAMBIA - 1.0%
Materials - 1.0%
Metals & Mining - 1.0%
First Quantum Minerals Ltd (d)	477,300	8,478,713
TOTAL COMMON STOCKS (Cost $761,390,896)		847,778,176

Money Market Funds - 8.8%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (e)	4.32	14,360,443	14,363,315
Fidelity Securities Lending Cash Central Fund (e)(f)	4.32	62,383,220	62,389,458
TOTAL MONEY MARKET FUNDS (Cost $76,752,773)			76,752,773

TOTAL INVESTMENT IN SECURITIES - 105.5% (Cost $838,143,669)	924,530,949
NET OTHER ASSETS (LIABILITIES) - (5.5)%	(48,169,079)
NET ASSETS - 100.0%	876,361,870

Legend

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

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

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

(d)	Non-income producing

(e)

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

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	11,250,567	127,436,803	124,324,055	123,355	-	-	14,363,315	14,360,443	0.0%
Fidelity Securities Lending Cash Central Fund	12,655,829	180,031,265	130,297,636	128,203	-	-	62,389,458	62,383,220	0.2%
Total	23,906,396	307,468,068	254,621,691	251,558	-	-	76,752,773

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

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

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

Investment Valuation

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

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks
Communication Services	20,372,933	15,875,567	4,497,366	-
Consumer Discretionary	96,269,813	96,269,813	-	-
Consumer Staples	53,986,042	53,986,042	-	-
Energy	58,208,727	49,473,177	8,735,550	-
Financials	158,735,361	158,735,361	-	-
Health Care	68,683,076	68,683,076	-	-
Industrials	173,933,777	173,933,777	-	-
Information Technology	55,618,733	55,618,733	-	-
Materials	55,469,804	55,469,804	-	-
Real Estate	57,868,452	57,868,452	-	-
Utilities	48,631,458	48,631,458	-	-

Money Market Funds	76,752,773	76,752,773	-	-
Total Investments in Securities:	924,530,949	911,298,033	13,232,916	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of June 30, 2025 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $61,028,481) - See accompanying schedule:
Unaffiliated issuers (cost $761,390,896)	$	847,778,176
Fidelity Central Funds (cost $76,752,773)		76,752,773


Total Investment in Securities (cost $838,143,669)			$	924,530,949
Cash				516,844
Receivable for investments sold				24,098,046
Receivable for fund shares sold				234,083
Dividends receivable				911,023
Distributions receivable from Fidelity Central Funds				20,863
Other receivables				27,955
Total assets				950,339,763
Liabilities
Payable for investments purchased	$	9,389,318
Payable for fund shares redeemed		1,654,415
Accrued management fee		437,374
Distribution and service plan fees payable		73,753
Other payables and accrued expenses		33,617
Collateral on securities loaned		62,389,416
Total liabilities				73,977,893
Net Assets			$	876,361,870
Net Assets consist of:
Paid in capital			$	781,728,397
Total accumulated earnings (loss)				94,633,473
Net Assets			$	876,361,870

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($105,694,261 ÷ 7,137,476 shares)			$	14.81
Service Class :
Net Asset Value, offering price and redemption price per share ($31,355,253 ÷ 2,129,226 shares)			$	14.73
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($349,715,236 ÷ 23,314,551 shares)			$	15.00
Investor Class :
Net Asset Value, offering price and redemption price per share ($389,597,120 ÷ 26,640,126 shares)			$	14.62

Statement of Operations
Six months ended June 30, 2025 (Unaudited)
Investment Income
Dividends			$	7,712,633
Income from Fidelity Central Funds (including $128,203 from security lending)				251,558
Total income				7,964,191
Expenses
Management fee	$	2,681,502
Distribution and service plan fees		450,547
Custodian fees and expenses		9,588
Independent trustees' fees and expenses		1,616
Audit fees		32,613
Legal		2,099
Miscellaneous		1,761
Total expenses				3,179,726
Net Investment income (loss)				4,784,465
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		5,974,823
Foreign currency transactions		5,233
Total net realized gain (loss)				5,980,056
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(39,094,382)
Assets and liabilities in foreign currencies		3,493
Total change in net unrealized appreciation (depreciation)				(39,090,889)
Net gain (loss)				(33,110,833)
Net increase (decrease) in net assets resulting from operations			$	(28,326,368)

Statement of Changes in Net Assets

		Six months ended June 30, 2025 (Unaudited)		Year ended December 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,784,465	$	6,430,357
Net realized gain (loss)		5,980,056		110,906,006
Change in net unrealized appreciation (depreciation)		(39,090,889)		(52,166,849)
Net increase (decrease) in net assets resulting from operations		(28,326,368)		65,169,514
Distributions to shareholders		(17,258,352)		(110,011,992)

Share transactions - net increase (decrease)		(16,435,711)		282,103,850
Total increase (decrease) in net assets		(62,020,431)		237,261,372

Net Assets
Beginning of period		938,382,301		701,120,929
End of period	$	876,361,870	$	938,382,301

Financial Highlights

VIP Value Strategies Portfolio Initial Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	15.51	$	16.55	$	14.38	$	16.40	$	13.55	$	13.31
Income from Investment Operations
Net investment income (loss) A,B		.09		.18		.17		.16		.24 C		.14
Net realized and unrealized gain (loss)		(.50)		1.46		2.80		(1.29)		4.26		.88
Total from investment operations		(.41)		1.64		2.97		(1.13)		4.50		1.02
Distributions from net investment income		-		(.18)		(.19)		(.16) D		(.26)		(.15)
Distributions from net realized gain		(.29)		(2.50)		(.61)		(.73) D		(1.39)		(.63)
Total distributions		(.29)		(2.68)		(.80)		(.89)		(1.65)		(.78)
Net asset value, end of period	$	14.81	$	15.51	$	16.55	$	14.38	$	16.40	$	13.55
Total Return E,F,G		(2.73) %		9.40%		20.85%		(7.03)%		33.60%		8.26%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.59% J		.60%		.64%		.64%		.64%		.66%
Expenses net of fee waivers, if any		.59 % J		.60%		.63%		.63%		.63%		.66%
Expenses net of all reductions, if any		.59% J		.60%		.63%		.63%		.63%		.65%
Net investment income (loss)		1.23% J		1.03%		1.12%		1.02%		1.47% C		1.32%
Supplemental Data
Net assets, end of period (000 omitted)	$	105,694	$	109,983	$	101,102	$	92,162	$	125,050	$	95,708
Portfolio turnover rate K		86 % J		66%		57%		59%		62%		85%

ACalculated based on average shares outstanding during the period.

BNet 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.

CNet 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%.

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

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

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

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

HFees 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.

IExpense 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.

JAnnualized.

KAmount 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

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	15.43	$	16.48	$	14.32	$	16.35	$	13.51	$	13.27
Income from Investment Operations
Net investment income (loss) A,B		.08		.16		.16		.14		.22 C		.13
Net realized and unrealized gain (loss)		(.49)		1.46		2.79		(1.29)		4.25		.88
Total from investment operations		(.41)		1.62		2.95		(1.15)		4.47		1.01
Distributions from net investment income		-		(.17)		(.17)		(.15) D		(.24)		(.14)
Distributions from net realized gain		(.29)		(2.50)		(.61)		(.73) D		(1.39)		(.63)
Total distributions		(.29)		(2.67)		(.79) E		(.88)		(1.63)		(.77)
Net asset value, end of period	$	14.73	$	15.43	$	16.48	$	14.32	$	16.35	$	13.51
Total Return F,G,H		(2.75) %		9.27%		20.77%		(7.19)%		33.48%		8.18%
Ratios to Average Net Assets B,I,J
Expenses before reductions		.69% K		.70%		.74%		.74%		.73%		.76%
Expenses net of fee waivers, if any		.69 % K		.70%		.73%		.73%		.73%		.76%
Expenses net of all reductions, if any		.69% K		.70%		.73%		.73%		.73%		.75%
Net investment income (loss)		1.13% K		.93%		1.02%		.92%		1.37% C		1.22%
Supplemental Data
Net assets, end of period (000 omitted)	$	31,355	$	32,922	$	31,303	$	24,199	$	27,216	$	19,115
Portfolio turnover rate L		86 % K		66%		57%		59%		62%		85%

ACalculated based on average shares outstanding during the period.

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

ETotal distributions per share do not sum due to rounding.

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

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

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

IFees 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.

JExpense 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.

KAnnualized.

LAmount 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

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	15.73	$	16.75	$	14.54	$	16.59	$	13.68	$	13.43
Income from Investment Operations
Net investment income (loss) A,B		.07		.13		.13		.12		.20 C		.12
Net realized and unrealized gain (loss)		(.51)		1.49		2.84		(1.31)		4.31		.88
Total from investment operations		(.44)		1.62		2.97		(1.19)		4.51		1.00
Distributions from net investment income		-		(.14)		(.15)		(.13) D		(.21)		(.12)
Distributions from net realized gain		(.29)		(2.50)		(.61)		(.73) D		(1.39)		(.63)
Total distributions		(.29)		(2.64)		(.76)		(.86)		(1.60)		(.75)
Net asset value, end of period	$	15.00	$	15.73	$	16.75	$	14.54	$	16.59	$	13.68
Total Return E,F,G		(2.89) %		9.16%		20.61%		(7.35)%		33.34%		8.02%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.84% J		.85%		.89%		.89%		.88%		.91%
Expenses net of fee waivers, if any		.84 % J		.85%		.88%		.88%		.88%		.91%
Expenses net of all reductions, if any		.84% J		.85%		.88%		.88%		.88%		.90%
Net investment income (loss)		.98% J		.78%		.87%		.77%		1.22% C		1.07%
Supplemental Data
Net assets, end of period (000 omitted)	$	349,715	$	372,033	$	340,221	$	309,683	$	315,104	$	228,031
Portfolio turnover rate K		86 % J		66%		57%		59%		62%		85%

ACalculated based on average shares outstanding during the period.

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

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

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

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

JAnnualized.

KAmount 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

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	15.33	$	16.38	$	14.24	$	16.25	$	13.44	$	13.20
Income from Investment Operations
Net investment income (loss) A,B		.08		.16		.16		.14		.23 C		.14
Net realized and unrealized gain (loss)		(.50)		1.46		2.77		(1.27)		4.22		.87
Total from investment operations		(.42)		1.62		2.93		(1.13)		4.45		1.01
Distributions from net investment income		-		(.17)		(.17)		(.15) D		(.24)		(.14)
Distributions from net realized gain		(.29)		(2.50)		(.61)		(.73) D		(1.39)		(.63)
Total distributions		(.29)		(2.67)		(.79) E		(.88)		(1.64) E		(.77)
Net asset value, end of period	$	14.62	$	15.33	$	16.38	$	14.24	$	16.25	$	13.44
Total Return F,G,H		(2.83) %		9.37%		20.75%		(7.11)%		33.48%		8.26%
Ratios to Average Net Assets B,I,J
Expenses before reductions		.66% K		.67%		.71%		.71%		.71%		.74%
Expenses net of fee waivers, if any		.66 % K		.66%		.71%		.71%		.71%		.74%
Expenses net of all reductions, if any		.66% K		.66%		.71%		.71%		.71%		.73%
Net investment income (loss)		1.16% K		.96%		1.05%		.95%		1.39% C		1.24%
Supplemental Data
Net assets, end of period (000 omitted)	$	389,597	$	423,444	$	228,494	$	221,074	$	282,755	$	149,707
Portfolio turnover rate L		86 % K		66%		57%		59%		62%		85%

ACalculated based on average shares outstanding during the period.

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

ETotal distributions per share do not sum due to rounding.

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

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

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

JFees 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.

KAnnualized.

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

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2025

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

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

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Gross unrealized appreciation	$150,125,011
Gross unrealized depreciation	(66,437,560)
Net unrealized appreciation (depreciation)	$83,687,451
Tax cost	$840,843,498

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

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

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Value Strategies Portfolio	373,998,668	395,699,615

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	$15,518
Service Class 2	435,029
	$450,547

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

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

	Amount ($)
VIP Value Strategies Portfolio	8,466

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	39,819,402	32,204,895	4,356,920

6. Committed Line of Credit.

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

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

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

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

	Amount ($)
VIP Value Strategies Portfolio	667

7. Security Lending.

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

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
VIP Value Strategies Portfolio	13,827	641	-

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2025	Year ended December 31, 2024
VIP Value Strategies Portfolio
Distributions to shareholders
Initial Class	$1,982,178	$16,131,999
Service Class	609,510	4,972,869
Service Class 2	6,759,489	54,511,797
Investor Class	7,907,175	34,395,327
Total	$17,258,352	$110,011,992

9. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2025	Year ended December 31, 2024	Six months ended June 30, 2025	Year ended December 31, 2024
VIP Value Strategies Portfolio
Initial Class
Shares sold	807,513	1,635,429	$11,477,279	$27,661,415
Reinvestment of distributions	129,132	993,454	1,982,178	16,131,999
Shares redeemed	(889,781)	(1,648,291)	(12,941,798)	(28,884,213)
Net increase (decrease)	46,864	980,592	$517,659	$14,909,201
Service Class
Shares sold	140,190	296,815	$2,001,220	$5,051,659
Reinvestment of distributions	39,916	307,743	609,510	4,972,869
Shares redeemed	(183,917)	(371,327)	(2,617,510)	(6,432,574)
Net increase (decrease)	(3,811)	233,231	$(6,780)	$3,591,954
Service Class 2
Shares sold	1,222,160	3,355,920	$17,986,367	$57,869,506
Reinvestment of distributions	434,414	3,310,610	6,759,489	54,511,796
Shares redeemed	(1,997,081)	(3,325,471)	(29,045,158)	(57,689,743)
Net increase (decrease)	(340,507)	3,341,059	$(4,299,302)	$54,691,559
Investor Class
Shares sold	1,443,175	14,479,492	$20,978,193	$223,564,703
Reinvestment of distributions	521,581	2,143,011	7,907,175	34,395,326
Shares redeemed	(2,949,025)	(2,947,710)	(41,532,656)	(49,048,893)
Net increase (decrease)	(984,269)	13,674,793	$(12,647,288)	$208,911,136

10. Other.

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

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

Fund	Affiliated %	Number ofUnaffiliated Shareholders	Unaffiliated Shareholders %
VIP Value Strategies Portfolio	24%	2	37%

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

	VIP FundsManager 60% Portfolio
VIP Value Strategies Portfolio	11%

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

Fund	% of shares held
VIP Value Strategies Portfolio	32%

11. Risk and Uncertainties.

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

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

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

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

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

VIP Value Strategies Portfolio

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

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

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

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

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

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

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

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the recent findings of the committee.

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

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

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

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

1.774744.123

VIPVS-SANN-0825

Fidelity® Variable Insurance Products:

VIP Mid Cap Portfolio

Semi-Annual Report

June 30, 2025

Contents

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

VIP Mid Cap Portfolio

Notes to Financial Statements

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

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

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

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

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

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

VIP Mid Cap Portfolio

Schedule of Investments June 30, 2025 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares	Value ($)
BELGIUM - 0.6%
Health Care - 0.6%
Pharmaceuticals - 0.6%
UCB SA	209,900	41,278,672
BRAZIL - 0.7%
Materials - 0.7%
Metals & Mining - 0.7%
Wheaton Precious Metals Corp	601,200	54,064,955
CANADA - 3.0%
Consumer Discretionary - 0.4%
Specialty Retail - 0.4%
Aritzia Inc Subordinate Voting Shares (a)	551,000	28,546,393
Energy - 0.3%
Oil, Gas & Consumable Fuels - 0.3%
MEG Energy Corp	980,700	18,530,135
Financials - 0.8%
Capital Markets - 0.8%
TMX Group Ltd	1,390,500	58,938,616
Industrials - 1.3%
Commercial Services & Supplies - 1.3%
RB Global Inc (United States) (b)	925,800	98,310,702
Materials - 0.2%
Metals & Mining - 0.2%
Teck Resources Ltd Class B (United States) (b)	384,300	15,518,033
TOTAL CANADA		219,843,879
FRANCE - 0.4%
Health Care - 0.4%
Life Sciences Tools & Services - 0.4%
Sartorius Stedim Biotech	120,000	28,666,591
GERMANY - 0.1%
Health Care - 0.1%
Biotechnology - 0.1%
BioNTech SE ADR (a)	94,000	10,008,180
ISRAEL - 0.4%
Information Technology - 0.4%
IT Services - 0.4%
Wix.com Ltd (a)	194,400	30,804,624
JAPAN - 0.3%
Information Technology - 0.3%
Semiconductors & Semiconductor Equipment - 0.3%
Allegro MicroSystems Inc (a)	738,312	25,242,887
NETHERLANDS - 0.2%
Health Care - 0.2%
Biotechnology - 0.2%
Argenx SE ADR (a)	22,100	12,181,962
TAIWAN - 0.4%
Information Technology - 0.4%
Semiconductors & Semiconductor Equipment - 0.4%
Silicon Motion Technology Corp ADR	397,100	29,850,007
UNITED KINGDOM - 0.5%
Energy - 0.5%
Energy Equipment & Services - 0.5%
TechnipFMC PLC	990,200	34,102,488
UNITED STATES - 92.8%
Communication Services - 2.0%
Entertainment - 1.8%
Liberty Media Corp-Liberty Formula One Class C (a)	400,700	41,873,150
Live Nation Entertainment Inc (a)(b)	470,394	71,161,204
TKO Group Holdings Inc Class A	99,200	18,049,440
		131,083,794
Media - 0.2%
Magnite Inc (a)	736,639	17,767,733
TOTAL COMMUNICATION SERVICES		148,851,527

Consumer Discretionary - 10.6%
Diversified Consumer Services - 3.0%
Adtalem Global Education Inc (a)	182,600	23,232,198
Duolingo Inc Class A (a)	88,700	36,368,774
Grand Canyon Education Inc (a)	382,300	72,254,700
Service Corp International/US (b)	1,107,300	90,134,220
		221,989,892
Hotels, Restaurants & Leisure - 4.2%
Aramark	1,666,358	69,770,410
Brinker International Inc (a)	100,900	18,195,297
Churchill Downs Inc	429,504	43,379,904
Dutch Bros Inc Class A (a)	625,400	42,758,598
Hilton Grand Vacations Inc (a)(b)	1,284,100	53,328,673
Light & Wonder Inc Class A (a)	179,400	17,269,044
Texas Roadhouse Inc	317,100	59,427,711
		304,129,637
Household Durables - 1.8%
Cavco Industries Inc (a)	84,300	36,622,449
NVR Inc (a)	2,358	17,415,386
Somnigroup International Inc (b)	1,130,800	76,950,940
		130,988,775
Leisure Products - 0.1%
YETI Holdings Inc (a)	281,900	8,885,488
Specialty Retail - 1.5%
Chewy Inc Class A (a)	1,002,000	42,705,240
Dick's Sporting Goods Inc	249,236	49,301,373
Williams-Sonoma Inc	112,446	18,370,303
		110,376,916
TOTAL CONSUMER DISCRETIONARY		776,370,708

Consumer Staples - 5.3%
Consumer Staples Distribution & Retail - 4.7%
BJ's Wholesale Club Holdings Inc (a)	885,399	95,472,574
Performance Food Group Co (a)	1,095,600	95,832,132
Sprouts Farmers Market Inc (a)	281,600	46,362,624
US Foods Holding Corp (a)	1,382,440	106,461,705
		344,129,035
Food Products - 0.6%
Simply Good Foods Co/The (a)	969,100	30,613,869
Westrock Coffee Co (a)(b)	2,103,642	12,053,868
		42,667,737
TOTAL CONSUMER STAPLES		386,796,772

Energy - 3.1%
Energy Equipment & Services - 0.8%
Baker Hughes Co Class A	651,048	24,961,180
Kodiak Gas Services Inc	416,900	14,287,163
Valaris Ltd (a)(b)	224,861	9,468,897
Weatherford International PLC	164,900	8,296,119
		57,013,359
Oil, Gas & Consumable Fuels - 2.3%
Antero Resources Corp (a)	1,943,425	78,281,159
Chord Energy Corp	100,500	9,733,425
Ovintiv Inc	1,070,000	40,713,500
Permian Resources Corp Class A (b)	2,994,400	40,783,728
		169,511,812
TOTAL ENERGY		226,525,171

Financials - 18.3%
Banks - 8.4%
Bancorp Inc/The (a)	1,059,622	60,366,665
BOK Financial Corp	344,300	33,614,009
Cadence Bank	1,118,065	35,755,719
Coastal Financial Corp/WA Class A (a)(b)	109,200	10,578,204
East West Bancorp Inc	1,034,817	104,495,821
First Citizens BancShares Inc/NC Class A (b)	26,000	50,868,220
Huntington Bancshares Inc/OH	1,834,900	30,752,924
KeyCorp	3,398,200	59,196,644
Old National Bancorp/IN	3,335,900	71,188,106
Pinnacle Financial Partners Inc	186,300	20,569,383
Western Alliance Bancorp	498,600	38,880,828
Wintrust Financial Corp	765,341	94,886,977
		611,153,500
Capital Markets - 3.1%
Blue Owl Capital Inc Class A	2,262,300	43,458,783
Houlihan Lokey Inc Class A	185,900	33,452,705
Northern Trust Corp	433,755	54,995,796
Raymond James Financial Inc	332,097	50,933,717
Stifel Financial Corp	449,800	46,680,244
		229,521,245
Financial Services - 2.9%
Equitable Holdings Inc	1,916,500	107,515,650
Essent Group Ltd	562,304	34,148,722
PennyMac Financial Services Inc	340,300	33,907,492
Toast Inc Class A (a)	905,300	40,095,737
		215,667,601
Insurance - 3.9%
First American Financial Corp	708,700	43,507,093
Globe Life Inc	256,400	31,867,956
Hartford Insurance Group Inc/The	166,222	21,088,585
Primerica Inc	329,347	90,132,393
Reinsurance Group of America Inc	509,578	101,079,893
		287,675,920
TOTAL FINANCIALS		1,344,018,266

Health Care - 10.9%
Biotechnology - 1.9%
Arcellx Inc (a)	188,800	12,432,480
Avidity Biosciences Inc (a)	329,500	9,357,800
Centessa Pharmaceuticals PLC ADR (a)	702,200	9,226,908
Crinetics Pharmaceuticals Inc (a)	389,200	11,193,392
Disc Medicine Inc (a)	167,800	8,886,688
Exact Sciences Corp (a)	761,200	40,450,168
Krystal Biotech Inc (a)	50,884	6,994,515
Legend Biotech Corp ADR (a)	393,500	13,965,315
Revolution Medicines Inc (a)	253,400	9,322,586
TG Therapeutics Inc (a)(b)	346,300	12,463,337
Ultragenyx Pharmaceutical Inc (a)	190,700	6,933,852
		141,227,041
Health Care Equipment & Supplies - 3.9%
Glaukos Corp (a)	158,100	16,330,149
Insulet Corp (a)	102,400	32,172,032
Integer Holdings Corp (a)(b)	262,000	32,218,140
Lantheus Holdings Inc (a)	224,000	18,336,640
Masimo Corp (a)	398,000	66,951,560
Penumbra Inc (a)	188,300	48,323,429
TransMedics Group Inc (a)(b)	512,000	68,613,120
		282,945,070
Health Care Providers & Services - 2.7%
BrightSpring Health Services Inc (a)	2,256,700	53,235,553
Encompass Health Corp	586,900	71,971,547
Tenet Healthcare Corp (a)	414,062	72,874,912
		198,082,012
Health Care Technology - 1.3%
Doximity Inc Class A (a)	966,900	59,309,646
Veeva Systems Inc Class A (a)	133,500	38,445,330
		97,754,976
Life Sciences Tools & Services - 0.2%
Repligen Corp (a)	94,000	11,691,720
Pharmaceuticals - 0.9%
Corcept Therapeutics Inc (a)	98,500	7,229,900
Elanco Animal Health Inc (a)	4,357,800	62,229,384
		69,459,284
TOTAL HEALTH CARE		801,160,103

Industrials - 20.0%
Aerospace & Defense - 1.3%
Axon Enterprise Inc (a)	50,554	41,855,679
Woodward Inc	225,000	55,145,250
		97,000,929
Building Products - 2.3%
AZEK Co Inc/The Class A (a)	1,089,900	59,236,065
Carlisle Cos Inc (b)	187,800	70,124,520
Simpson Manufacturing Co Inc	235,300	36,544,443
		165,905,028
Commercial Services & Supplies - 0.8%
ACV Auctions Inc Class A (a)	1,999,457	32,431,193
CECO Environmental Corp (a)(b)	1,036,200	29,334,822
		61,766,015
Construction & Engineering - 3.1%
AECOM	163,400	18,441,324
Comfort Systems USA Inc	181,400	97,268,494
EMCOR Group Inc	176,300	94,301,107
Quanta Services Inc	55,269	20,896,104
		230,907,029
Electrical Equipment - 3.1%
Acuity Inc	175,323	52,305,864
AMETEK Inc	209,726	37,952,017
nVent Electric PLC	688,900	50,461,925
Regal Rexnord Corp	384,500	55,737,120
Vertiv Holdings Co Class A	252,100	32,372,161
		228,829,087
Ground Transportation - 0.4%
XPO Inc (a)(b)	208,900	26,381,980
Machinery - 5.5%
Allison Transmission Holdings Inc	342,800	32,562,572
Chart Industries Inc (a)	442,500	72,857,625
CNH Industrial NV Class A	1,359,000	17,612,640
Crane Co	333,036	63,240,206
Ingersoll Rand Inc	533,400	44,368,212
ITT Inc	677,209	106,206,688
Westinghouse Air Brake Technologies Corp	301,400	63,098,090
		399,946,033
Passenger Airlines - 0.7%
Alaska Air Group Inc (a)	1,016,300	50,286,523
Professional Services - 2.1%
Cbiz Inc (a)	248,200	17,798,422
FTI Consulting Inc (a)	272,200	43,960,300
KBR Inc	1,038,200	49,771,308
TransUnion	467,400	41,131,200
		152,661,230
Trading Companies & Distributors - 0.7%
Watsco Inc	124,500	54,981,690
TOTAL INDUSTRIALS		1,468,665,544

Information Technology - 8.7%
Communications Equipment - 1.7%
Digi International Inc (a)(b)	1,588,901	55,389,089
Lumentum Holdings Inc (a)(b)	696,600	66,218,796
		121,607,885
Electronic Equipment, Instruments & Components - 3.2%
Belden Inc	464,000	53,731,200
Coherent Corp (a)	846,300	75,498,423
Flex Ltd (a)	1,374,200	68,600,064
OSI Systems Inc (a)	168,193	37,819,878
		235,649,565
IT Services - 1.2%
Kyndryl Holdings Inc (a)	1,619,900	67,971,004
Okta Inc Class A (a)	203,900	20,383,883
		88,354,887
Semiconductors & Semiconductor Equipment - 0.9%
First Solar Inc (a)	141,900	23,490,126
GlobalFoundries Inc (a)	538,700	20,578,340
MACOM Technology Solutions Holdings Inc (a)	156,900	22,482,201
		66,550,667
Software - 0.3%
Appfolio Inc Class A (a)	99,100	22,820,747
Technology Hardware, Storage & Peripherals - 1.4%
Sandisk Corp/DE	714,256	32,391,510
Western Digital Corp	1,138,500	72,852,615
		105,244,125
TOTAL INFORMATION TECHNOLOGY		640,227,876

Materials - 4.4%
Chemicals - 1.2%
Axalta Coating Systems Ltd (a)	1,888,300	56,063,627
Element Solutions Inc	1,422,905	32,228,798
		88,292,425
Construction Materials - 0.6%
Martin Marietta Materials Inc	76,137	41,796,168
Containers & Packaging - 2.6%
AptarGroup Inc	578,000	90,416,540
Crown Holdings Inc	327,800	33,756,844
International Paper Co	1,027,000	48,094,410
Smurfit WestRock PLC	418,400	18,053,960
		190,321,754
TOTAL MATERIALS		320,410,347

Real Estate - 6.0%
Health Care REITs - 1.2%
Omega Healthcare Investors Inc	391,300	14,341,145
Ventas Inc	1,189,037	75,087,687
		89,428,832
Industrial REITs - 0.6%
EastGroup Properties Inc	133,800	22,360,656
Terreno Realty Corp	341,100	19,125,477
		41,486,133
Office REITs - 0.5%
Vornado Realty Trust	1,050,500	40,171,120
Real Estate Management & Development - 0.4%
Jones Lang LaSalle Inc (a)	125,400	32,074,811
Residential REITs - 1.1%
Essex Property Trust Inc	91,500	25,931,100
Invitation Homes Inc	1,016,872	33,353,402
Sun Communities Inc	154,100	19,492,109
		78,776,611
Retail REITs - 1.6%
Acadia Realty Trust	2,419,100	44,922,687
Macerich Co/The	2,190,600	35,443,908
NNN REIT Inc	824,000	35,580,320
		115,946,915
Specialized REITs - 0.6%
Four Corners Property Trust Inc	1,060,200	28,529,982
VICI Properties Inc	525,800	17,141,080
		45,671,062
TOTAL REAL ESTATE		443,555,484

Utilities - 3.5%
Electric Utilities - 0.3%
Evergy Inc	372,400	25,669,532
Gas Utilities - 0.4%
Southwest Gas Holdings Inc	417,900	31,087,581
Independent Power and Renewable Electricity Producers - 1.3%
AES Corp/The	2,806,638	29,525,832
Vistra Corp	333,200	64,577,492
		94,103,324
Multi-Utilities - 1.2%
CenterPoint Energy Inc	1,121,100	41,189,214
Northwestern Energy Group Inc	913,100	46,842,030
		88,031,244
Water Utilities - 0.3%
Essential Utilities Inc	580,600	21,563,484
TOTAL UTILITIES		260,455,165

TOTAL UNITED STATES		6,817,036,963
TOTAL COMMON STOCKS (Cost $5,573,515,816)		7,303,081,208

Money Market Funds - 3.5%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (c)	4.32	45,592,267	45,601,385
Fidelity Securities Lending Cash Central Fund (c)(d)	4.32	212,777,345	212,798,623
TOTAL MONEY MARKET FUNDS (Cost $258,400,008)			258,400,008

TOTAL INVESTMENT IN SECURITIES - 102.9% (Cost $5,831,915,824)	7,561,481,216
NET OTHER ASSETS (LIABILITIES) - (2.9)%	(209,823,371)
NET ASSETS - 100.0%	7,351,657,845

Legend

(a)	Non-income producing

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

(c)

(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, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	22,911,592	884,319,135	861,629,342	1,599,063	-	-	45,601,385	45,592,267	0.1%
Fidelity Securities Lending Cash Central Fund	199,086,643	1,128,416,302	1,114,704,322	101,276	-	-	212,798,623	212,777,345	0.7%
Total	221,998,235	2,012,735,437	1,976,333,664	1,700,339	-	-	258,400,008

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks
Communication Services	148,851,527	148,851,527	-	-
Consumer Discretionary	804,917,101	804,917,101	-	-
Consumer Staples	386,796,772	386,796,772	-	-
Energy	279,157,794	279,157,794	-	-
Financials	1,402,956,882	1,402,956,882	-	-
Health Care	893,295,508	893,295,508	-	-
Industrials	1,566,976,246	1,566,976,246	-	-
Information Technology	726,125,394	726,125,394	-	-
Materials	389,993,335	389,993,335	-	-
Real Estate	443,555,484	443,555,484	-	-
Utilities	260,455,165	260,455,165	-	-

Money Market Funds	258,400,008	258,400,008	-	-
Total Investments in Securities:	7,561,481,216	7,561,481,216	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of June 30, 2025 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $220,805,212) - See accompanying schedule:
Unaffiliated issuers (cost $5,573,515,816)	$	7,303,081,208
Fidelity Central Funds (cost $258,400,008)		258,400,008


Total Investment in Securities (cost $5,831,915,824)			$	7,561,481,216
Cash				101
Foreign currency held at value (cost $45,127)				45,280
Receivable for fund shares sold				11,820,584
Dividends receivable				4,876,077
Distributions receivable from Fidelity Central Funds				179,390
Other receivables				182,260
Total assets				7,578,584,908
Liabilities
Payable for investments purchased	$	5,405,352
Payable for fund shares redeemed		4,410,339
Accrued management fee		3,360,128
Distribution and service plan fees payable		933,391
Other payables and accrued expenses		34,799
Collateral on securities loaned		212,783,054
Total liabilities				226,927,063
Net Assets			$	7,351,657,845
Net Assets consist of:
Paid in capital			$	5,388,101,924
Total accumulated earnings (loss)				1,963,555,921
Net Assets			$	7,351,657,845

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($1,587,954,954 ÷ 43,672,329 shares)			$	36.36
Service Class :
Net Asset Value, offering price and redemption price per share ($736,275,421 ÷ 20,625,962 shares)			$	35.70
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($4,298,135,486 ÷ 125,623,143 shares)			$	34.21
Investor Class :
Net Asset Value, offering price and redemption price per share ($729,291,984 ÷ 20,297,250 shares)			$	35.93

Statement of Operations
Six months ended June 30, 2025 (Unaudited)
Investment Income
Dividends			$	40,334,681
Income from Fidelity Central Funds (including $101,276 from security lending)				1,700,339
Total income				42,035,020
Expenses
Management fee	$	20,084,543
Distribution and service plan fees		5,572,629
Custodian fees and expenses		51,331
Independent trustees' fees and expenses		13,869
Audit fees		32,936
Legal		6,663
Interest		34,277
Miscellaneous		16,936
Total expenses				25,813,184
Net Investment income (loss)				16,221,836
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		224,288,961
Foreign currency transactions		(28,284)
Total net realized gain (loss)				224,260,677
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(159,551,796)
Assets and liabilities in foreign currencies		59,517
Total change in net unrealized appreciation (depreciation)				(159,492,279)
Net gain (loss)				64,768,398
Net increase (decrease) in net assets resulting from operations			$	80,990,234

Statement of Changes in Net Assets

		Six months ended June 30, 2025 (Unaudited)		Year ended December 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	16,221,836	$	28,907,332
Net realized gain (loss)		224,260,677		1,195,315,543
Change in net unrealized appreciation (depreciation)		(159,492,279)		(60,007,733)
Net increase (decrease) in net assets resulting from operations		80,990,234		1,164,215,142
Distributions to shareholders		(355,683,909)		(999,090,709)

Share transactions - net increase (decrease)		136,402,784		369,622,565
Total increase (decrease) in net assets		(138,290,891)		534,746,998

Net Assets
Beginning of period		7,489,948,736		6,955,201,738
End of period	$	7,351,657,845	$	7,489,948,736

Financial Highlights

VIP Mid Cap Portfolio Initial Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	37.56	$	36.44	$	32.72	$	41.17	$	38.72	$	32.95
Income from Investment Operations
Net investment income (loss) A,B		.11		.22		.21		.21		.23		.15
Net realized and unrealized gain (loss)		.42		6.33		4.69		(6.16)		9.57		5.83
Total from investment operations		.53		6.55		4.90		(5.95)		9.80		5.98
Distributions from net investment income		-		(.22)		(.21)		(.17) C		(.28)		(.21)
Distributions from net realized gain		(1.73)		(5.21)		(.97)		(2.33) C		(7.07)		-
Total distributions		(1.73)		(5.43)		(1.18)		(2.50)		(7.35)		(.21)
Net asset value, end of period	$	36.36	$	37.56	$	36.44	$	32.72	$	41.17	$	38.72
Total Return D,E,F		1.27 %		17.49%		15.08%		(14.74)%		25.60%		18.19%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.56% I		.57%		.61%		.61%		.61%		.62%
Expenses net of fee waivers, if any		.56 % I		.57%		.60%		.60%		.60%		.62%
Expenses net of all reductions, if any		.56% I		.57%		.60%		.60%		.60%		.62%
Net investment income (loss)		.62% I		.55%		.60%		.60%		.52%		.48%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,587,955	$	1,633,099	$	1,544,004	$	1,455,364	$	1,810,651	$	1,579,450
Portfolio turnover rate J		69 % I		52%		41%		31%		37% K		44%

ACalculated based on average shares outstanding during the period.

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

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

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

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

GFees 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.

HExpense 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.

IAnnualized.

JAmount 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.

KPortfolio turnover rate excludes securities received or delivered in-kind.

VIP Mid Cap Portfolio Service Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	36.92	$	35.91	$	32.25	$	40.63	$	38.28	$	32.59
Income from Investment Operations
Net investment income (loss) A,B		.09		.18		.17		.17		.18		.12
Net realized and unrealized gain (loss)		.42		6.23		4.64		(6.09)		9.47		5.74
Total from investment operations		.51		6.41		4.81		(5.92)		9.65		5.86
Distributions from net investment income		-		(.19)		(.18)		(.13) C		(.23)		(.17)
Distributions from net realized gain		(1.73)		(5.21)		(.97)		(2.33) C		(7.07)		-
Total distributions		(1.73)		(5.40)		(1.15)		(2.46)		(7.30)		(.17)
Net asset value, end of period	$	35.70	$	36.92	$	35.91	$	32.25	$	40.63	$	38.28
Total Return D,E,F		1.24 %		17.35%		15.00%		(14.85)%		25.51%		18.04%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.66% I		.68%		.71%		.71%		.71%		.72%
Expenses net of fee waivers, if any		.66 % I		.67%		.70%		.70%		.70%		.72%
Expenses net of all reductions, if any		.66% I		.67%		.70%		.70%		.70%		.72%
Net investment income (loss)		.52% I		.45%		.50%		.50%		.42%		.38%
Supplemental Data
Net assets, end of period (000 omitted)	$	736,275	$	724,659	$	658,165	$	586,964	$	726,039	$	642,654
Portfolio turnover rate J		69 % I		52%		41%		31%		37% K		44%

ACalculated based on average shares outstanding during the period.

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

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

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

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

IAnnualized.

JAmount 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.

KPortfolio turnover rate excludes securities received or delivered in-kind.

VIP Mid Cap Portfolio Service Class 2

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	35.48	$	34.69	$	31.20	$	39.39	$	37.29	$	31.75
Income from Investment Operations
Net investment income (loss) A,B		.06		.12		.11		.12		.11		.07
Net realized and unrealized gain (loss)		.40		6.01		4.48		(5.90)		9.22		5.59
Total from investment operations		.46		6.13		4.59		(5.78)		9.33		5.66
Distributions from net investment income		-		(.14)		(.13)		(.08) C		(.16)		(.12)
Distributions from net realized gain		(1.73)		(5.21)		(.97)		(2.33) C		(7.07)		-
Total distributions		(1.73)		(5.34) D		(1.10)		(2.41)		(7.23)		(.12)
Net asset value, end of period	$	34.21	$	35.48	$	34.69	$	31.20	$	39.39	$	37.29
Total Return E,F,G		1.14 %		17.18%		14.80%		(14.97)%		25.31%		17.87%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.81% J		.82%		.86%		.86%		.86%		.87%
Expenses net of fee waivers, if any		.81 % J		.82%		.85%		.85%		.85%		.87%
Expenses net of all reductions, if any		.81% J		.82%		.85%		.85%		.85%		.87%
Net investment income (loss)		.37% J		.30%		.35%		.35%		.27%		.23%
Supplemental Data
Net assets, end of period (000 omitted)	$	4,298,135	$	4,382,720	$	4,101,183	$	3,776,819	$	4,970,428	$	4,807,908
Portfolio turnover rate K		69 % J		52%		41%		31%		37% L		44%

ACalculated based on average shares outstanding during the period.

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

DTotal distributions per share do not sum due to rounding.

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

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

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

JAnnualized.

KAmount 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.

LPortfolio turnover rate excludes securities received or delivered in-kind.

VIP Mid Cap Portfolio Investor Class

		Six months ended June 30, 2025 (Unaudited)		Years ended December 31, 2024		2023		2022		2021		2020
Selected Per-Share Data
Net asset value, beginning of period	$	37.15	$	36.10	$	32.42	$	40.83	$	38.44	$	32.72
Income from Investment Operations
Net investment income (loss) A,B		.09		.19		.18		.18		.20		.12
Net realized and unrealized gain (loss)		.42		6.27		4.65		(6.12)		9.51		5.78
Total from investment operations		.51		6.46		4.83		(5.94)		9.71		5.90
Distributions from net investment income		-		(.20)		(.19)		(.14) C		(.24)		(.18)
Distributions from net realized gain		(1.73)		(5.21)		(.97)		(2.33) C		(7.07)		-
Total distributions		(1.73)		(5.41)		(1.15) D		(2.47)		(7.32) D		(.18)
Net asset value, end of period	$	35.93	$	37.15	$	36.10	$	32.42	$	40.83	$	38.44
Total Return E,F,G		1.23 %		17.40%		15.01%		(14.83)%		25.54%		18.08%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.63% J		.65%		.68%		.68%		.68%		.70%
Expenses net of fee waivers, if any		.63 % J		.65%		.68%		.68%		.68%		.70%
Expenses net of all reductions, if any		.63% J		.65%		.68%		.68%		.68%		.69%
Net investment income (loss)		.54% J		.48%		.52%		.52%		.44%		.41%
Supplemental Data
Net assets, end of period (000 omitted)	$	729,292	$	749,471	$	651,850	$	634,220	$	739,633	$	593,584
Portfolio turnover rate K		69 % J		52%		41%		31%		37% L		44%

ACalculated based on average shares outstanding during the period.

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

DTotal distributions per share do not sum due to rounding.

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

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

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

JAnnualized.

KAmount 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.

LPortfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements

(Unaudited)

For the period ended June 30, 2025

1. Organization.

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

2. Investments in Fidelity Central Funds.

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%