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, 2026

Item 1.

Reports to Stockholders


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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, 2026 to June 30, 2026. 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	$ 47	0.84%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$1,200,298,221
Number of Holdings	184
Portfolio Turnover	164%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	23.9
Financials	17.9
Health Care	13.0
Consumer Discretionary	10.8
Information Technology	7.8
Energy	7.6
Utilities	5.8
Real Estate	4.8
Materials	4.0
Consumer Staples	3.8
Communication Services	1.5

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 100.9
Short-Term Investments and Net Other Assets (Liabilities) - (0.9)%

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 91.3
	Canada - 3.1
	United Kingdom - 1.0
	France - 0.7
	Israel - 0.6
	Switzerland - 0.5
	Germany - 0.5
	Puerto Rico - 0.5
	Luxembourg - 0.4
	Others - 1.4

TOP HOLDINGS (% of Fund's net assets)
Western Digital Corp	2.2
Xcel Energy Inc	1.3
Welltower Inc	1.1
Delta Air Lines Inc	1.1
Iron Mountain Inc	1.1
PG&E Corp	1.0
Apollo Global Management Inc	1.0
Terex Corp	1.0
Keurig Dr Pepper Inc	1.0
Carnival Corp Ltd	0.9
	11.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916045.102 1026-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	$ 39	0.69%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$1,200,298,221
Number of Holdings	184
Portfolio Turnover	164%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	23.9
Financials	17.9
Health Care	13.0
Consumer Discretionary	10.8
Information Technology	7.8
Energy	7.6
Utilities	5.8
Real Estate	4.8
Materials	4.0
Consumer Staples	3.8
Communication Services	1.5

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 100.9
Short-Term Investments and Net Other Assets (Liabilities) - (0.9)%

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 91.3
	Canada - 3.1
	United Kingdom - 1.0
	France - 0.7
	Israel - 0.6
	Switzerland - 0.5
	Germany - 0.5
	Puerto Rico - 0.5
	Luxembourg - 0.4
	Others - 1.4

TOP HOLDINGS (% of Fund's net assets)
Western Digital Corp	2.2
Xcel Energy Inc	1.3
Welltower Inc	1.1
Delta Air Lines Inc	1.1
Iron Mountain Inc	1.1
PG&E Corp	1.0
Apollo Global Management Inc	1.0
Terex Corp	1.0
Keurig Dr Pepper Inc	1.0
Carnival Corp Ltd	0.9
	11.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916044.102 1025-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	$ 37	0.66%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$1,200,298,221
Number of Holdings	184
Portfolio Turnover	164%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	23.9
Financials	17.9
Health Care	13.0
Consumer Discretionary	10.8
Information Technology	7.8
Energy	7.6
Utilities	5.8
Real Estate	4.8
Materials	4.0
Consumer Staples	3.8
Communication Services	1.5

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 100.9
Short-Term Investments and Net Other Assets (Liabilities) - (0.9)%

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 91.3
	Canada - 3.1
	United Kingdom - 1.0
	France - 0.7
	Israel - 0.6
	Switzerland - 0.5
	Germany - 0.5
	Puerto Rico - 0.5
	Luxembourg - 0.4
	Others - 1.4

TOP HOLDINGS (% of Fund's net assets)
Western Digital Corp	2.2
Xcel Energy Inc	1.3
Welltower Inc	1.1
Delta Air Lines Inc	1.1
Iron Mountain Inc	1.1
PG&E Corp	1.0
Apollo Global Management Inc	1.0
Terex Corp	1.0
Keurig Dr Pepper Inc	1.0
Carnival Corp Ltd	0.9
	11.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916046.102 1467-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	$ 33	0.59%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$1,200,298,221
Number of Holdings	184
Portfolio Turnover	164%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	23.9
Financials	17.9
Health Care	13.0
Consumer Discretionary	10.8
Information Technology	7.8
Energy	7.6
Utilities	5.8
Real Estate	4.8
Materials	4.0
Consumer Staples	3.8
Communication Services	1.5

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 100.9
Short-Term Investments and Net Other Assets (Liabilities) - (0.9)%

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 91.3
	Canada - 3.1
	United Kingdom - 1.0
	France - 0.7
	Israel - 0.6
	Switzerland - 0.5
	Germany - 0.5
	Puerto Rico - 0.5
	Luxembourg - 0.4
	Others - 1.4

TOP HOLDINGS (% of Fund's net assets)
Western Digital Corp	2.2
Xcel Energy Inc	1.3
Welltower Inc	1.1
Delta Air Lines Inc	1.1
Iron Mountain Inc	1.1
PG&E Corp	1.0
Apollo Global Management Inc	1.0
Terex Corp	1.0
Keurig Dr Pepper Inc	1.0
Carnival Corp Ltd	0.9
	11.7

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916043.102 1024-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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, 2026 to June 30, 2026. 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	$ 45	0.79%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$9,541,667,259
Number of Holdings	183
Portfolio Turnover	70%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	22.3
Information Technology	20.2
Financials	15.0
Health Care	10.1
Consumer Discretionary	9.6
Real Estate	5.4
Energy	4.7
Consumer Staples	4.5
Utilities	3.4
Materials	3.4
Communication Services	1.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.8
	Preferred Stocks - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 93.5
	Canada - 2.1
	Taiwan - 1.4
	Belgium - 0.7
	Japan - 0.6
	Brazil - 0.6
	United Kingdom - 0.4
	France - 0.3
	Netherlands - 0.2
	Others - 0.2

TOP HOLDINGS (% of Fund's net assets)
MKS Inc	1.9
Twilio Inc Class A	1.6
ITT Inc	1.5
East West Bancorp Inc	1.5
Silicon Motion Technology Corp ADR	1.4
US Foods Holding Corp	1.4
Comfort Systems USA Inc	1.4
RB Global Inc (United States)	1.3
Performance Food Group Co	1.3
ATI Inc	1.3
	14.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916040.102 387-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	$ 36	0.64%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$9,541,667,259
Number of Holdings	183
Portfolio Turnover	70%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	22.3
Information Technology	20.2
Financials	15.0
Health Care	10.1
Consumer Discretionary	9.6
Real Estate	5.4
Energy	4.7
Consumer Staples	4.5
Utilities	3.4
Materials	3.4
Communication Services	1.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.8
	Preferred Stocks - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 93.5
	Canada - 2.1
	Taiwan - 1.4
	Belgium - 0.7
	Japan - 0.6
	Brazil - 0.6
	United Kingdom - 0.4
	France - 0.3
	Netherlands - 0.2
	Others - 0.2

TOP HOLDINGS (% of Fund's net assets)
MKS Inc	1.9
Twilio Inc Class A	1.6
ITT Inc	1.5
East West Bancorp Inc	1.5
Silicon Motion Technology Corp ADR	1.4
US Foods Holding Corp	1.4
Comfort Systems USA Inc	1.4
RB Global Inc (United States)	1.3
Performance Food Group Co	1.3
ATI Inc	1.3
	14.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916042.102 773-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	$ 35	0.61%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$9,541,667,259
Number of Holdings	183
Portfolio Turnover	70%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	22.3
Information Technology	20.2
Financials	15.0
Health Care	10.1
Consumer Discretionary	9.6
Real Estate	5.4
Energy	4.7
Consumer Staples	4.5
Utilities	3.4
Materials	3.4
Communication Services	1.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.8
	Preferred Stocks - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 93.5
	Canada - 2.1
	Taiwan - 1.4
	Belgium - 0.7
	Japan - 0.6
	Brazil - 0.6
	United Kingdom - 0.4
	France - 0.3
	Netherlands - 0.2
	Others - 0.2

TOP HOLDINGS (% of Fund's net assets)
MKS Inc	1.9
Twilio Inc Class A	1.6
ITT Inc	1.5
East West Bancorp Inc	1.5
Silicon Motion Technology Corp ADR	1.4
US Foods Holding Corp	1.4
Comfort Systems USA Inc	1.4
RB Global Inc (United States)	1.3
Performance Food Group Co	1.3
ATI Inc	1.3
	14.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916039.102 1466-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	$ 31	0.54%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$9,541,667,259
Number of Holdings	183
Portfolio Turnover	70%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Industrials	22.3
Information Technology	20.2
Financials	15.0
Health Care	10.1
Consumer Discretionary	9.6
Real Estate	5.4
Energy	4.7
Consumer Staples	4.5
Utilities	3.4
Materials	3.4
Communication Services	1.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 99.8
	Preferred Stocks - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 93.5
	Canada - 2.1
	Taiwan - 1.4
	Belgium - 0.7
	Japan - 0.6
	Brazil - 0.6
	United Kingdom - 0.4
	France - 0.3
	Netherlands - 0.2
	Others - 0.2

TOP HOLDINGS (% of Fund's net assets)
MKS Inc	1.9
Twilio Inc Class A	1.6
ITT Inc	1.5
East West Bancorp Inc	1.5
Silicon Motion Technology Corp ADR	1.4
US Foods Holding Corp	1.4
Comfort Systems USA Inc	1.4
RB Global Inc (United States)	1.3
Performance Food Group Co	1.3
ATI Inc	1.3
	14.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916041.102 772-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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, 2026 to June 30, 2026. 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	0.80%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$5,280,341,930
Number of Holdings	197
Portfolio Turnover	100%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	53.8
Communication Services	21.3
Consumer Discretionary	8.1
Health Care	6.3
Industrials	4.9
Financials	3.6
Utilities	1.5
Consumer Staples	0.1
Energy	0.1
Materials	0.1

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 97.7
	Preferred Stocks - 2.0
	Bonds - 0.1
	Preferred Securities - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 90.3
	Taiwan - 4.2
	Singapore - 1.7
	Canada - 1.0
	Netherlands - 1.0
	United Kingdom - 0.7
	Finland - 0.4
	Thailand - 0.2
	Korea (South) - 0.1
	Others - 0.4

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	14.0
Alphabet Inc Class A	6.2
Alphabet Inc Class C	5.2
Microsoft Corp	4.2
Meta Platforms Inc Class A	4.2
Taiwan Semiconductor Manufacturing Co Ltd ADR	4.2
Amazon.com Inc	3.6
Micron Technology Inc	3.3
AppLovin Corp Class A	3.2
Eli Lilly & Co	3.0
	51.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916022.102 385-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	0.65%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$5,280,341,930
Number of Holdings	197
Portfolio Turnover	100%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	53.8
Communication Services	21.3
Consumer Discretionary	8.1
Health Care	6.3
Industrials	4.9
Financials	3.6
Utilities	1.5
Consumer Staples	0.1
Energy	0.1
Materials	0.1

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 97.7
	Preferred Stocks - 2.0
	Bonds - 0.1
	Preferred Securities - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 90.3
	Taiwan - 4.2
	Singapore - 1.7
	Canada - 1.0
	Netherlands - 1.0
	United Kingdom - 0.7
	Finland - 0.4
	Thailand - 0.2
	Korea (South) - 0.1
	Others - 0.4

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	14.0
Alphabet Inc Class A	6.2
Alphabet Inc Class C	5.2
Microsoft Corp	4.2
Meta Platforms Inc Class A	4.2
Taiwan Semiconductor Manufacturing Co Ltd ADR	4.2
Amazon.com Inc	3.6
Micron Technology Inc	3.3
AppLovin Corp Class A	3.2
Eli Lilly & Co	3.0
	51.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916023.102 491-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	$ 33	0.62%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$5,280,341,930
Number of Holdings	197
Portfolio Turnover	100%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	53.8
Communication Services	21.3
Consumer Discretionary	8.1
Health Care	6.3
Industrials	4.9
Financials	3.6
Utilities	1.5
Consumer Staples	0.1
Energy	0.1
Materials	0.1

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 97.7
	Preferred Stocks - 2.0
	Bonds - 0.1
	Preferred Securities - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 90.3
	Taiwan - 4.2
	Singapore - 1.7
	Canada - 1.0
	Netherlands - 1.0
	United Kingdom - 0.7
	Finland - 0.4
	Thailand - 0.2
	Korea (South) - 0.1
	Others - 0.4

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	14.0
Alphabet Inc Class A	6.2
Alphabet Inc Class C	5.2
Microsoft Corp	4.2
Meta Platforms Inc Class A	4.2
Taiwan Semiconductor Manufacturing Co Ltd ADR	4.2
Amazon.com Inc	3.6
Micron Technology Inc	3.3
AppLovin Corp Class A	3.2
Eli Lilly & Co	3.0
	51.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916021.102 1465-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	0.55%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$5,280,341,930
Number of Holdings	197
Portfolio Turnover	100%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	53.8
Communication Services	21.3
Consumer Discretionary	8.1
Health Care	6.3
Industrials	4.9
Financials	3.6
Utilities	1.5
Consumer Staples	0.1
Energy	0.1
Materials	0.1

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 97.7
	Preferred Stocks - 2.0
	Bonds - 0.1
	Preferred Securities - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 90.3
	Taiwan - 4.2
	Singapore - 1.7
	Canada - 1.0
	Netherlands - 1.0
	United Kingdom - 0.7
	Finland - 0.4
	Thailand - 0.2
	Korea (South) - 0.1
	Others - 0.4

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	14.0
Alphabet Inc Class A	6.2
Alphabet Inc Class C	5.2
Microsoft Corp	4.2
Meta Platforms Inc Class A	4.2
Taiwan Semiconductor Manufacturing Co Ltd ADR	4.2
Amazon.com Inc	3.6
Micron Technology Inc	3.3
AppLovin Corp Class A	3.2
Eli Lilly & Co	3.0
	51.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916024.102 617-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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, 2026 to June 30, 2026. 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	$ 37	0.72%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$2,852,831,562
Number of Holdings	174
Portfolio Turnover	25%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	22.0
Industrials	18.5
Financials	15.7
Health Care	12.6
Energy	7.5
Consumer Staples	6.8
Communication Services	5.6
Consumer Discretionary	3.7
Utilities	2.3
Real Estate	0.8
Materials	0.7

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 93.6
	Preferred Stocks - 2.5
	Bonds - 0.1
	Short-Term Investments and Net Other Assets (Liabilities) - 3.8

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 91.9
	United Kingdom - 2.5
	Canada - 1.8
	Taiwan - 1.4
	Belgium - 1.3
	Netherlands - 0.7
	Italy - 0.1
	Sweden - 0.1
	France - 0.1
	Others - 0.1

TOP HOLDINGS (% of Fund's net assets)
Microsoft Corp	4.8
Wells Fargo & Co	4.6
NVIDIA Corp	4.3
GE Aerospace	4.3
Exxon Mobil Corp	3.7
Apple Inc	3.4
GE Vernova Inc	3.3
Bank of America Corp	2.9
Boeing Co	2.4
Broadcom Inc	2.3
	36.0

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9915949.102 382-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	$ 29	0.57%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$2,852,831,562
Number of Holdings	174
Portfolio Turnover	25%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	22.0
Industrials	18.5
Financials	15.7
Health Care	12.6
Energy	7.5
Consumer Staples	6.8
Communication Services	5.6
Consumer Discretionary	3.7
Utilities	2.3
Real Estate	0.8
Materials	0.7

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 93.6
	Preferred Stocks - 2.5
	Bonds - 0.1
	Short-Term Investments and Net Other Assets (Liabilities) - 3.8

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 91.9
	United Kingdom - 2.5
	Canada - 1.8
	Taiwan - 1.4
	Belgium - 1.3
	Netherlands - 0.7
	Italy - 0.1
	Sweden - 0.1
	France - 0.1
	Others - 0.1

TOP HOLDINGS (% of Fund's net assets)
Microsoft Corp	4.8
Wells Fargo & Co	4.6
NVIDIA Corp	4.3
GE Aerospace	4.3
Exxon Mobil Corp	3.7
Apple Inc	3.4
GE Vernova Inc	3.3
Bank of America Corp	2.9
Boeing Co	2.4
Broadcom Inc	2.3
	36.0

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9915950.102 473-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	$ 28	0.54%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$2,852,831,562
Number of Holdings	174
Portfolio Turnover	25%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	22.0
Industrials	18.5
Financials	15.7
Health Care	12.6
Energy	7.5
Consumer Staples	6.8
Communication Services	5.6
Consumer Discretionary	3.7
Utilities	2.3
Real Estate	0.8
Materials	0.7

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 93.6
	Preferred Stocks - 2.5
	Bonds - 0.1
	Short-Term Investments and Net Other Assets (Liabilities) - 3.8

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 91.9
	United Kingdom - 2.5
	Canada - 1.8
	Taiwan - 1.4
	Belgium - 1.3
	Netherlands - 0.7
	Italy - 0.1
	Sweden - 0.1
	France - 0.1
	Others - 0.1

TOP HOLDINGS (% of Fund's net assets)
Microsoft Corp	4.8
Wells Fargo & Co	4.6
NVIDIA Corp	4.3
GE Aerospace	4.3
Exxon Mobil Corp	3.7
Apple Inc	3.4
GE Vernova Inc	3.3
Bank of America Corp	2.9
Boeing Co	2.4
Broadcom Inc	2.3
	36.0

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9915947.102 1464-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	$ 24	0.47%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$2,852,831,562
Number of Holdings	174
Portfolio Turnover	25%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	22.0
Industrials	18.5
Financials	15.7
Health Care	12.6
Energy	7.5
Consumer Staples	6.8
Communication Services	5.6
Consumer Discretionary	3.7
Utilities	2.3
Real Estate	0.8
Materials	0.7

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 93.6
	Preferred Stocks - 2.5
	Bonds - 0.1
	Short-Term Investments and Net Other Assets (Liabilities) - 3.8

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 91.9
	United Kingdom - 2.5
	Canada - 1.8
	Taiwan - 1.4
	Belgium - 1.3
	Netherlands - 0.7
	Italy - 0.1
	Sweden - 0.1
	France - 0.1
	Others - 0.1

TOP HOLDINGS (% of Fund's net assets)
Microsoft Corp	4.8
Wells Fargo & Co	4.6
NVIDIA Corp	4.3
GE Aerospace	4.3
Exxon Mobil Corp	3.7
Apple Inc	3.4
GE Vernova Inc	3.3
Bank of America Corp	2.9
Boeing Co	2.4
Broadcom Inc	2.3
	36.0

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9915948.102 147-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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, 2026 to June 30, 2026. 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	$ 46	0.86%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$328,377,585
Number of Holdings	164
Portfolio Turnover	92%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	33.3
Consumer Discretionary	13.1
Industrials	10.9
Financials	9.8
Communication Services	9.1
Health Care	6.8
Consumer Staples	5.7
Energy	5.1
Materials	2.3
Real Estate	1.6
Utilities	0.3

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.8
	Preferred Stocks - 1.2
	Fixed-Income Funds - 0.6
	Short-Term Investments and Net Other Assets (Liabilities) - 1.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 87.1
	Korea (South) - 3.1
	Taiwan - 2.8
	Brazil - 1.9
	United Kingdom - 1.5
	Canada - 1.5
	Germany - 1.0
	Netherlands - 0.9
	Norway - 0.2
	Israel - 0.0

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	8.8
Amazon.com Inc	5.8
Alphabet Inc Class A	3.9
Apple Inc	2.9
Microsoft Corp	2.7
Micron Technology Inc	2.6
Broadcom Inc	2.5
Meta Platforms Inc Class A	2.4
Western Digital Corp	2.3
Alphabet Inc Class C	2.2
	36.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916009.102 971-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	$ 38	0.71%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$328,377,585
Number of Holdings	164
Portfolio Turnover	92%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	33.3
Consumer Discretionary	13.1
Industrials	10.9
Financials	9.8
Communication Services	9.1
Health Care	6.8
Consumer Staples	5.7
Energy	5.1
Materials	2.3
Real Estate	1.6
Utilities	0.3

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.8
	Preferred Stocks - 1.2
	Fixed-Income Funds - 0.6
	Short-Term Investments and Net Other Assets (Liabilities) - 1.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 87.1
	Korea (South) - 3.1
	Taiwan - 2.8
	Brazil - 1.9
	United Kingdom - 1.5
	Canada - 1.5
	Germany - 1.0
	Netherlands - 0.9
	Norway - 0.2
	Israel - 0.0

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	8.8
Amazon.com Inc	5.8
Alphabet Inc Class A	3.9
Apple Inc	2.9
Microsoft Corp	2.7
Micron Technology Inc	2.6
Broadcom Inc	2.5
Meta Platforms Inc Class A	2.4
Western Digital Corp	2.3
Alphabet Inc Class C	2.2
	36.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916008.102 853-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	$ 37	0.69%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$328,377,585
Number of Holdings	164
Portfolio Turnover	92%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	33.3
Consumer Discretionary	13.1
Industrials	10.9
Financials	9.8
Communication Services	9.1
Health Care	6.8
Consumer Staples	5.7
Energy	5.1
Materials	2.3
Real Estate	1.6
Utilities	0.3

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.8
	Preferred Stocks - 1.2
	Fixed-Income Funds - 0.6
	Short-Term Investments and Net Other Assets (Liabilities) - 1.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 87.1
	Korea (South) - 3.1
	Taiwan - 2.8
	Brazil - 1.9
	United Kingdom - 1.5
	Canada - 1.5
	Germany - 1.0
	Netherlands - 0.9
	Norway - 0.2
	Israel - 0.0

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	8.8
Amazon.com Inc	5.8
Alphabet Inc Class A	3.9
Apple Inc	2.9
Microsoft Corp	2.7
Micron Technology Inc	2.6
Broadcom Inc	2.5
Meta Platforms Inc Class A	2.4
Western Digital Corp	2.3
Alphabet Inc Class C	2.2
	36.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916006.102 1463-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	$ 33	0.61%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$328,377,585
Number of Holdings	164
Portfolio Turnover	92%

What did the Fund invest in?
(as of June 30, 2026)

MARKET SECTORS (% of Fund's net assets)
Information Technology	33.3
Consumer Discretionary	13.1
Industrials	10.9
Financials	9.8
Communication Services	9.1
Health Care	6.8
Consumer Staples	5.7
Energy	5.1
Materials	2.3
Real Estate	1.6
Utilities	0.3

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 96.8
	Preferred Stocks - 1.2
	Fixed-Income Funds - 0.6
	Short-Term Investments and Net Other Assets (Liabilities) - 1.4

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 87.1
	Korea (South) - 3.1
	Taiwan - 2.8
	Brazil - 1.9
	United Kingdom - 1.5
	Canada - 1.5
	Germany - 1.0
	Netherlands - 0.9
	Norway - 0.2
	Israel - 0.0

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	8.8
Amazon.com Inc	5.8
Alphabet Inc Class A	3.9
Apple Inc	2.9
Microsoft Corp	2.7
Micron Technology Inc	2.6
Broadcom Inc	2.5
Meta Platforms Inc Class A	2.4
Western Digital Corp	2.3
Alphabet Inc Class C	2.2
	36.1

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916007.102 786-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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, 2026 to June 30, 2026. 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	0.66%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$8,938,418,661
Number of Holdings	360
Portfolio Turnover	38%

What did the Fund invest in?
(as of June 30, 2026)

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 - 21.1
	AAA - 1.9
	AA - 0.1
	A - 3.1
	BBB - 4.5
	BB - 0.8
	B - 0.2
	Not Rated - 3.1
	Equities - 65.2
	Short-Term Investments and Net Other Assets (Liabilities) - 0.0

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	24.6
Financials	11.7
Communication Services	7.7
Industrials	6.2
Health Care	6.2
Consumer Discretionary	6.1
Consumer Staples	3.0
Energy	2.7
Real Estate	1.9
Utilities	1.7
Materials	1.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 64.6
	Bonds - 34.8
	Preferred Stocks - 0.6
	Options - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.0

TOP HOLDINGS (% of Fund's net assets)
US Treasury Notes	11.6
NVIDIA Corp	5.5
Alphabet Inc Class A	4.6
US Treasury Bonds	4.2
Apple Inc	3.9
Amazon.com Inc	2.7
Microsoft Corp	2.4
Fannie Mae Mortgage pass-thru certificates	1.8
Broadcom Inc	1.8
Freddie Mac Gold Pool	1.5
	40.0

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916018.102 380-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	0.51%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$8,938,418,661
Number of Holdings	360
Portfolio Turnover	38%

What did the Fund invest in?
(as of June 30, 2026)

QUALITY DIVERSIFICATION (% of Fund's net assets)

	U.S. Government and U.S. Government Agency Obligations - 21.1
	AAA - 1.9
	AA - 0.1
	A - 3.1
	BBB - 4.5
	BB - 0.8
	B - 0.2
	Not Rated - 3.1
	Equities - 65.2
	Short-Term Investments and Net Other Assets (Liabilities) - 0.0

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	24.6
Financials	11.7
Communication Services	7.7
Industrials	6.2
Health Care	6.2
Consumer Discretionary	6.1
Consumer Staples	3.0
Energy	2.7
Real Estate	1.9
Utilities	1.7
Materials	1.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 64.6
	Bonds - 34.8
	Preferred Stocks - 0.6
	Options - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.0

TOP HOLDINGS (% of Fund's net assets)
US Treasury Notes	11.6
NVIDIA Corp	5.5
Alphabet Inc Class A	4.6
US Treasury Bonds	4.2
Apple Inc	3.9
Amazon.com Inc	2.7
Microsoft Corp	2.4
Fannie Mae Mortgage pass-thru certificates	1.8
Broadcom Inc	1.8
Freddie Mac Gold Pool	1.5
	40.0

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916019.102 469-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	0.48%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$8,938,418,661
Number of Holdings	360
Portfolio Turnover	38%

What did the Fund invest in?
(as of June 30, 2026)

QUALITY DIVERSIFICATION (% of Fund's net assets)

	U.S. Government and U.S. Government Agency Obligations - 21.1
	AAA - 1.9
	AA - 0.1
	A - 3.1
	BBB - 4.5
	BB - 0.8
	B - 0.2
	Not Rated - 3.1
	Equities - 65.2
	Short-Term Investments and Net Other Assets (Liabilities) - 0.0

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	24.6
Financials	11.7
Communication Services	7.7
Industrials	6.2
Health Care	6.2
Consumer Discretionary	6.1
Consumer Staples	3.0
Energy	2.7
Real Estate	1.9
Utilities	1.7
Materials	1.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 64.6
	Bonds - 34.8
	Preferred Stocks - 0.6
	Options - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.0

TOP HOLDINGS (% of Fund's net assets)
US Treasury Notes	11.6
NVIDIA Corp	5.5
Alphabet Inc Class A	4.6
US Treasury Bonds	4.2
Apple Inc	3.9
Amazon.com Inc	2.7
Microsoft Corp	2.4
Fannie Mae Mortgage pass-thru certificates	1.8
Broadcom Inc	1.8
Freddie Mac Gold Pool	1.5
	40.0

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916017.102 1462-TSRS-0826


	SEMI-ANNUAL SHAREHOLDER REPORT \| AS OF JUNE 30, 2026
	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	0.41%

Key Fund Statistics

(as of June 30, 2026)

KEY FACTS
Fund Size	$8,938,418,661
Number of Holdings	360
Portfolio Turnover	38%

What did the Fund invest in?
(as of June 30, 2026)

QUALITY DIVERSIFICATION (% of Fund's net assets)

	U.S. Government and U.S. Government Agency Obligations - 21.1
	AAA - 1.9
	AA - 0.1
	A - 3.1
	BBB - 4.5
	BB - 0.8
	B - 0.2
	Not Rated - 3.1
	Equities - 65.2
	Short-Term Investments and Net Other Assets (Liabilities) - 0.0

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	24.6
Financials	11.7
Communication Services	7.7
Industrials	6.2
Health Care	6.2
Consumer Discretionary	6.1
Consumer Staples	3.0
Energy	2.7
Real Estate	1.9
Utilities	1.7
Materials	1.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 64.6
	Bonds - 34.8
	Preferred Stocks - 0.6
	Options - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.0

TOP HOLDINGS (% of Fund's net assets)
US Treasury Notes	11.6
NVIDIA Corp	5.5
Alphabet Inc Class A	4.6
US Treasury Bonds	4.2
Apple Inc	3.9
Amazon.com Inc	2.7
Microsoft Corp	2.4
Fannie Mae Mortgage pass-thru certificates	1.8
Broadcom Inc	1.8
Freddie Mac Gold Pool	1.5
	40.0

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
		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 1.9916020.102 616-TSRS-0826

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, 2026

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, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.9%
	Shares	Value ($)
CANADA - 3.1%
Consumer Discretionary - 0.7%
Textiles, Apparel & Luxury Goods - 0.7%
Gildan Activewear Inc (b)	158,000	8,145,926
Energy - 1.4%
Oil, Gas & Consumable Fuels - 1.4%
Cenovus Energy Inc	240,900	5,977,275
Imperial Oil Ltd	89,700	10,072,711
TOTAL ENERGY		16,049,986
Financials - 0.2%
Capital Markets - 0.2%
Onex Corp Subordinate Voting Shares	38,900	2,909,032
Industrials - 0.8%
Ground Transportation - 0.5%
TFI International Inc	38,800	5,585,066
Machinery - 0.3%
ATS Corp (a)	150,672	4,343,008
TOTAL INDUSTRIALS		9,928,074
TOTAL CANADA		37,033,018
FRANCE - 0.7%
Communication Services - 0.2%
Media - 0.2%
JCDecaux SE	131,700	2,895,243
Energy - 0.5%
Energy Equipment & Services - 0.5%
Vallourec SACA (a)	221,200	5,167,974
TOTAL FRANCE		8,063,217
GERMANY - 0.5%
Consumer Discretionary - 0.3%
Textiles, Apparel & Luxury Goods - 0.3%
Birkenstock Holding Plc (a)(b)	83,100	3,575,793
Health Care - 0.2%
Biotechnology - 0.2%
BioNTech SE ADR (a)	24,100	2,242,505
TOTAL GERMANY		5,818,298
HONG KONG - 0.3%
Financials - 0.3%
Insurance - 0.3%
Prudential PLC	311,732	4,140,430
ISRAEL - 0.6%
Health Care - 0.4%
Pharmaceuticals - 0.4%
Teva Pharmaceutical Industries Ltd ADR (a)	128,000	4,336,640
Information Technology - 0.2%
IT Services - 0.2%
Wix.com Ltd (a)(b)	61,600	2,794,792
TOTAL ISRAEL		7,131,432
ITALY - 0.2%
Consumer Discretionary - 0.2%
Hotels, Restaurants & Leisure - 0.2%
Lottomatica Group Spa	102,900	2,857,037
LUXEMBOURG - 0.4%
Materials - 0.4%
Metals & Mining - 0.4%
ArcelorMittal SA depository receipt	88,200	5,311,404
NORWAY - 0.3%
Energy - 0.3%
Energy Equipment & Services - 0.3%
TGS ASA	253,800	3,298,135
PORTUGAL - 0.4%
Energy - 0.4%
Oil, Gas & Consumable Fuels - 0.4%
Galp Energia SGPS SA	235,600	4,993,286
PUERTO RICO - 0.5%
Financials - 0.5%
Banks - 0.5%
Popular Inc	34,100	5,598,538
SPAIN - 0.2%
Communication Services - 0.2%
Diversified Telecommunication Services - 0.2%
Cellnex Telecom SA (c)(d)	93,700	2,801,225
SWITZERLAND - 0.5%
Consumer Discretionary - 0.5%
Automobile Components - 0.5%
Garrett Motion Inc	166,600	6,035,918
UNITED KINGDOM - 1.0%
Energy - 0.3%
Energy Equipment & Services - 0.3%
Subsea 7 SA	116,400	3,974,663
Financials - 0.7%
Capital Markets - 0.7%
Marex Group PLC	130,800	7,972,260
TOTAL UNITED KINGDOM		11,946,923
UNITED STATES - 92.2%
Communication Services - 1.1%
Media - 1.1%
Nexstar Media Group Inc	52,100	9,304,539
Omnicom Group Inc	46,900	3,415,726
TOTAL COMMUNICATION SERVICES		12,720,265
Consumer Discretionary - 9.1%
Automobile Components - 1.0%
Aptiv PLC (a)	36,681	2,251,480
Patrick Industries Inc	53,976	4,845,965
Versigent PLC	114,179	4,796,660
		11,894,105
Distributors - 0.8%
Genuine Parts Co	79,500	9,379,410
Diversified Consumer Services - 0.9%
Bright Horizons Family Solutions Inc (a)	41,919	2,971,219
Driven Brands Holdings Inc (a)	589,326	8,215,204
		11,186,423
Hotels, Restaurants & Leisure - 2.3%
Booking Holdings Inc	33,400	5,953,216
Carnival Corp Ltd	377,500	10,785,175
Churchill Downs Inc	64,600	5,790,744
Hilton Grand Vacations Inc (a)	98,700	5,168,919
		27,698,054
Household Durables - 1.4%
Leggett & Platt Inc	233,068	2,729,226
Mohawk Industries Inc (a)	50,900	6,175,697
Somnigroup International Inc	94,700	7,424,480
Whirlpool Corp (b)	20,323	801,133
		17,130,536
Leisure Products - 0.8%
BRP Inc Subordinate Voting Shares	62,400	3,811,537
Brunswick Corp/DE	63,500	5,349,240
		9,160,777
Specialty Retail - 1.7%
Bath & Body Works Inc	322,400	7,457,112
Lithia Motors Inc	28,700	8,337,063
Upbound Group Inc	207,800	4,409,516
		20,203,691
Textiles, Apparel & Luxury Goods - 0.2%
Samsonite Group SA (c)(d)	1,404,300	2,438,726
TOTAL CONSUMER DISCRETIONARY		109,091,722
Consumer Staples - 3.8%
Beverages - 1.5%
Keurig Dr Pepper Inc	335,500	10,980,916
Primo Brands Corp Class A	263,300	6,435,052
		17,415,968
Consumer Staples Distribution & Retail - 1.1%
Performance Food Group Co (a)	75,100	8,395,429
Sprouts Farmers Market Inc (a)	50,618	4,281,270
		12,676,699
Food Products - 0.6%
Darling Ingredients Inc (a)	139,563	7,622,931
Household Products - 0.6%
Kimberly-Clark Corp	67,442	7,403,108
TOTAL CONSUMER STAPLES		45,118,706
Energy - 4.7%
Energy Equipment & Services - 1.7%
Expro Group Holdings NV (a)	331,500	4,896,255
Noble Corp PLC	133,500	4,979,550
Weatherford International PLC	124,800	10,171,200
		20,047,005
Oil, Gas & Consumable Fuels - 3.0%
Cheniere Energy Inc	24,500	5,855,745
Delek US Holdings Inc	118,300	6,010,823
Marathon Petroleum Corp	27,500	7,030,925
Sunococorp LLC	104,992	7,104,809
Targa Resources Corp	36,500	9,787,110
		35,789,412
TOTAL ENERGY		55,836,417
Financials - 16.2%
Banks - 2.0%
East West Bancorp Inc	37,393	4,827,062
First Citizens BancShares Inc/NC Class A (b)	3,200	6,658,528
Pinnacle Financial Partners Inc	80,822	8,153,324
Western Alliance Bancorp	46,600	3,830,520
		23,469,434
Capital Markets - 2.7%
Ares Management Corp Class A (b)	46,700	5,198,177
BGC Group Inc Class A	414,800	4,434,212
Charles Schwab Corp/The	60,200	5,554,654
LPL Financial Holdings Inc	32,300	9,098,264
Raymond James Financial Inc	43,400	6,598,102
Victory Capital Holdings Inc Class A	19,928	1,675,148
		32,558,557
Consumer Finance - 2.8%
Capital One Financial Corp	33,900	6,801,018
Credit Acceptance Corp (a)(b)	9,900	6,303,726
EZCORP Inc Class A (a)	123,160	4,257,641
OneMain Holdings Inc	96,600	5,889,702
PROG Holdings Inc	69,600	3,244,056
SLM Corp	261,300	6,778,122
		33,274,265
Financial Services - 5.1%
Apollo Global Management Inc	98,200	11,618,042
Corebridge Financial Inc	211,200	6,046,656
Corpay Inc (a)	28,600	9,531,522
Fiserv Inc (a)	154,100	7,558,605
Global Payments Inc	79,700	5,783,032
Remitly Global Inc (a)	330,700	7,410,987
Shift4 Payments Inc Class A (a)(b)	112,833	5,488,197
WEX Inc (a)	58,500	8,253,765
		61,690,806
Insurance - 3.6%
Arthur J Gallagher & Co	34,400	7,897,208
First American Financial Corp	113,147	7,760,753
Globe Life Inc	26,100	4,663,548
Primerica Inc	20,200	5,740,840
Reinsurance Group of America Inc	46,005	9,782,963
Ryan Specialty Holdings Inc Class A (b)	190,700	7,200,832
		43,046,144
TOTAL FINANCIALS		194,039,206
Health Care - 12.4%
Biotechnology - 0.3%
Moderna Inc (a)	56,900	3,984,707
Health Care Equipment & Supplies - 2.6%
GE HealthCare Technologies Inc	135,000	8,641,350
Lantheus Holdings Inc (a)	63,200	7,011,408
QuidelOrtho Corp (a)(b)	498,553	8,732,156
Solventum Corp (a)	95,400	7,360,110
		31,745,024
Health Care Providers & Services - 5.2%
Acadia Healthcare Co Inc (a)	247,300	7,302,769
AdaptHealth Corp (a)	573,516	5,976,037
Cencora Inc	19,800	5,603,004
Cigna Group/The	26,000	7,167,680
CVS Health Corp	51,500	5,327,675
Humana Inc	23,187	9,210,341
LifeStance Health Group Inc (a)	19,140	204,989
Molina Healthcare Inc (a)	30,500	6,975,350
PACS Group Inc (a)	215,100	9,171,864
Tenet Healthcare Corp (a)	28,616	5,353,481
		62,293,190
Health Care Technology - 0.8%
Waystar Holding Corp (a)	448,100	9,199,493
Life Sciences Tools & Services - 2.6%
Charles River Laboratories International Inc (a)	21,356	4,843,327
Fortrea Holdings Inc (a)	255,100	4,438,740
ICON PLC (a)	50,600	8,789,726
IQVIA Holdings Inc (a)	32,700	6,318,294
Sotera Health Co (a)	375,500	6,665,125
		31,055,212
Pharmaceuticals - 0.9%
Jazz Pharmaceuticals PLC (a)	25,200	6,072,444
Viatris Inc	319,500	5,073,660
		11,146,104
TOTAL HEALTH CARE		149,423,730
Industrials - 23.1%
Aerospace & Defense - 0.8%
Textron Inc	101,000	9,264,730
Air Freight & Logistics - 1.7%
FedEx Corp	14,500	4,540,385
Forward Air Corp Class Common Stock (a)	151,500	2,046,765
GXO Logistics Inc (a)	131,900	6,687,330
United Parcel Service Inc Class B	70,200	7,546,500
		20,820,980
Building Products - 3.4%
Allegion plc	53,800	7,558,362
Griffon Corp	52,000	5,071,560
Hayward Holdings Inc (a)	467,916	8,099,626
Masterbrand Inc (a)(b)	639,626	6,581,752
Resideo Technologies Inc (a)	241,600	7,513,760
UFP Industries Inc	72,200	6,551,428
		41,376,488
Commercial Services & Supplies - 2.5%
Brink's Co/The	67,800	6,406,422
Clean Harbors Inc (a)	17,800	5,317,750
HNI Corp (b)	236,900	9,573,129
Onterris Inc (a)	58,607	1,184,447
Vestis Corp (a)	519,100	7,537,332
		30,019,080
Construction & Engineering - 2.0%
AECOM	141,900	9,904,620
Centuri Holdings Inc (a)	225,100	6,807,024
WillScot Holdings Corp	270,400	7,803,744
		24,515,388
Electrical Equipment - 1.2%
Acuity Inc	21,700	8,173,522
Regal Rexnord Corp	26,900	6,407,311
		14,580,833
Ground Transportation - 0.7%
U-Haul Holding Co Class N	142,520	8,223,404
Machinery - 4.1%
Allison Transmission Holdings Inc	67,300	7,587,402
Gates Industrial Corp PLC (a)	252,900	7,073,613
JBT Marel Corp (b)	28,600	4,147,000
Middleby Corp/The (a)	30,300	5,211,903
Mueller Industries Inc	46,100	5,667,073
Oshkosh Corp	52,000	7,980,960
Terex Corp	160,100	11,589,639
		49,257,590
Marine Transportation - 0.5%
Matson Inc	29,000	5,574,670
Passenger Airlines - 1.1%
Delta Air Lines Inc	141,800	13,280,988
Professional Services - 3.8%
Amentum Holdings Inc (a)(b)	280,400	5,795,868
Concentrix Corp (b)	146,300	3,277,852
ExlService Holdings Inc (a)	128,663	3,327,225
First Advantage Corp (a)(b)	387,421	6,992,949
KBR Inc	281,200	9,709,836
SS&C Technologies Holdings Inc	142,300	8,829,715
TransUnion	103,100	7,437,634
		45,371,079
Trading Companies & Distributors - 1.3%
Herc Holdings Inc	73,600	10,549,824
McGrath RentCorp	37,336	4,518,776
		15,068,600
TOTAL INDUSTRIALS		277,353,830
Information Technology - 7.6%
Electronic Equipment, Instruments & Components - 2.6%
Arrow Electronics Inc (a)	31,500	6,722,415
Avnet Inc	77,500	6,883,550
Sanmina Corp (a)	41,600	10,528,128
TD SYNNEX Corp	23,200	6,202,288
		30,336,381
IT Services - 0.4%
GoDaddy Inc Class A (a)	59,200	5,024,896
Semiconductors & Semiconductor Equipment - 1.7%
Axcelis Technologies Inc (a)	33,000	6,251,850
First Solar Inc (a)	30,200	7,125,992
ON Semiconductor Corp (a)	72,300	6,835,242
		20,213,084
Software - 0.7%
Gen Digital Inc	349,600	8,701,544
Technology Hardware, Storage & Peripherals - 2.2%
Western Digital Corp	41,400	26,443,008
TOTAL INFORMATION TECHNOLOGY		90,718,913
Materials - 3.6%
Chemicals - 1.9%
Corteva Inc	121,600	10,298,304
Mosaic Co/The	180,700	3,829,033
Scotts Miracle-Gro Co/The	134,000	9,126,740
		23,254,077
Construction Materials - 0.8%
Eagle Materials Inc	7,223	1,625,174
James Hardie Industries PLC (a)	319,900	8,374,982
		10,000,156
Containers & Packaging - 0.9%
Silgan Holdings Inc	129,500	6,007,505
Sonoco Products Co	77,965	4,393,328
		10,400,833
TOTAL MATERIALS		43,655,066
Real Estate - 4.8%
Health Care REITs - 1.1%
Welltower Inc	60,300	13,686,291
Real Estate Management & Development - 1.0%
Compass Inc Class A (a)	194,066	2,392,834
Jones Lang LaSalle Inc (a)	32,300	10,011,385
		12,404,219
Retail REITs - 0.8%
Macerich Co/The	399,300	10,058,367
Specialized REITs - 1.9%
Equinix Inc	8,700	9,068,793
Iron Mountain Inc	99,600	12,580,476
		21,649,269
TOTAL REAL ESTATE		57,798,146
Utilities - 5.8%
Electric Utilities - 3.8%
Constellation Energy Corp	25,233	6,267,120
Eversource Energy	29,805	2,154,007
NRG Energy Inc	66,200	9,669,172
PG&E Corp	745,600	12,540,992
Xcel Energy Inc	179,600	14,421,881
		45,053,172
Gas Utilities - 0.8%
UGI Corp	264,975	9,152,237
Independent Power and Renewable Electricity Producers - 0.5%
Vistra Corp	48,200	7,645,965
Multi-Utilities - 0.7%
Sempra	86,000	7,973,060
TOTAL UTILITIES		69,824,434
TOTAL UNITED STATES		1,105,580,435
TOTAL COMMON STOCKS (Cost $1,021,864,283)		1,210,609,296

Money Market Funds - 3.7%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (e)	3.69	17,060,405	17,063,817
Fidelity Securities Lending Cash Central Fund (e)(f)	3.69	28,025,500	28,028,302
TOTAL MONEY MARKET FUNDS (Cost $45,091,591)			45,092,119

TOTAL INVESTMENT IN SECURITIES - 104.6% (Cost $1,066,955,874)	1,255,701,415
NET OTHER ASSETS (LIABILITIES) - (4.6)%	(55,403,194)
NET ASSETS - 100.0%	1,200,298,221

Legend

(a)	Non-income producing.

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

(c)	Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $5,239,951 or 0.4% of net assets.

(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,239,951 or 0.4% of net assets.

(e)

Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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	1,477,179	201,934,925	186,348,944	193,393	74	583	17,063,817	17,060,405	0.0%
Fidelity Securities Lending Cash Central Fund	39,836,735	133,030,846	144,839,279	94,440	-	-	28,028,302	28,025,500	0.1%
Total	41,313,914	334,965,771	331,188,223	287,833	74	583	45,092,119

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, 2026, 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	18,416,733	15,615,508	2,801,225	-
Consumer Discretionary	129,706,396	129,706,396	-	-
Consumer Staples	45,118,706	45,118,706	-	-
Energy	89,320,461	75,861,066	13,459,395	-
Financials	214,659,466	210,519,036	4,140,430	-
Health Care	156,002,875	156,002,875	-	-
Industrials	287,281,904	287,281,904	-	-
Information Technology	93,513,705	93,513,705	-	-
Materials	48,966,470	48,966,470	-	-
Real Estate	57,798,146	57,798,146	-	-
Utilities	69,824,434	69,824,434	-	-

Money Market Funds	45,092,119	45,092,119	-	-
Total Investments in Securities:	1,255,701,415	1,235,300,365	20,401,050	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of June 30, 2026 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $58,383,103) - See accompanying schedule:
Unaffiliated issuers (cost $1,021,864,283)	$	1,210,609,296
Fidelity Central Funds (cost $45,091,591)		45,092,119


Total Investment in Securities (cost $1,066,955,874)			$	1,255,701,415
Cash				1,722,099
Foreign currency held at value (cost $37,393)				37,393
Receivable for investments sold				5,548,393
Receivable for fund shares sold				126,825
Dividends receivable				915,872
Distributions receivable from Fidelity Central Funds				91,923
Total assets				1,264,143,920
Liabilities
Payable for investments purchased	$	18,743,637
Payable for fund shares redeemed		16,327,345
Accrued management fee		601,159
Distribution and service plan fees payable		102,325
Other payables and accrued expenses		42,789
Collateral on securities loaned		28,028,444
Total liabilities				63,845,699
Net Assets			$	1,200,298,221
Net Assets consist of:
Paid in capital			$	792,634,192
Total accumulated earnings (loss)				407,664,029
Net Assets			$	1,200,298,221

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($174,437,252 ÷ 8,708,955 shares)			$	20.03
Service Class :
Net Asset Value, offering price and redemption price per share ($38,080,086 ÷ 1,910,736 shares)			$	19.93
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($476,729,476 ÷ 23,479,325 shares)			$	20.30
Investor Class :
Net Asset Value, offering price and redemption price per share ($511,051,407 ÷ 25,833,470 shares)			$	19.78

Statement of Operations
Six months ended June 30, 2026 (Unaudited)
Investment Income
Dividends			$	8,004,287
Income from Fidelity Central Funds (including $94,440 from security lending)				287,833
Security lending				12,850
Total income				8,304,970
Expenses
Management fee	$	3,335,641
Distribution and service plan fees		570,236
Custodian fees and expenses		18,247
Independent trustees' fees and expenses		1,174
Audit fees		32,416
Legal		2,229
Miscellaneous		1,690
Total expenses				3,961,633
Net Investment income (loss)				4,343,337
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		216,863,551
Fidelity Central Funds		74
Foreign currency transactions		(19,602)
Total net realized gain (loss)				216,844,023
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		25,413,755
Fidelity Central Funds		583
Assets and liabilities in foreign currencies		(2,742)
Total change in net unrealized appreciation (depreciation)				25,411,596
Net gain (loss)				242,255,619
Net increase (decrease) in net assets resulting from operations			$	246,598,956

Statement of Changes in Net Assets

		Six months ended June 30, 2026 (Unaudited)		Year ended December 31, 2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,343,337	$	7,821,460
Net realized gain (loss)		216,844,023		20,217,997
Change in net unrealized appreciation (depreciation)		25,411,596		37,851,137
Net increase (decrease) in net assets resulting from operations		246,598,956		65,890,594
Distributions to shareholders		-		(45,208,189)

Share transactions - net increase (decrease)		3,182,894		(8,548,335)
Total increase (decrease) in net assets		249,781,850		12,134,070

Net Assets
Beginning of period		950,516,371		938,382,301
End of period	$	1,200,298,221	$	950,516,371

Financial Highlights

VIP Value Strategies Portfolio Initial Class

		Six months ended June 30, 2026 (Unaudited)		Years ended December 31, 2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	15.93	$	15.51	$	16.55	$	14.38	$	16.40	$	13.55
Income from Investment Operations
Net investment income (loss) A,B		.08		.15		.18		.17		.16		.24 C
Net realized and unrealized gain (loss)		4.02		1.07		1.46		2.80		(1.29)		4.26
Total from investment operations		4.10		1.22		1.64		2.97		(1.13)		4.50
Distributions from net investment income		-		(.17)		(.18)		(.19)		(.16) D		(.26)
Distributions from net realized gain		-		(.63)		(2.50)		(.61)		(.73) D		(1.39)
Total distributions		-		(.80)		(2.68)		(.80)		(.89)		(1.65)
Net asset value, end of period	$	20.03	$	15.93	$	15.51	$	16.55	$	14.38	$	16.40
Total Return E,F,G		25.74 %		7.99%		9.40%		20.85%		(7.03)%		33.60%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.59% J		.59%		.60%		.64%		.64%		.64%
Expenses net of fee waivers, if any		.59 % J		.59%		.60%		.63%		.63%		.63%
Expenses net of all reductions, if any		.59% J		.59%		.60%		.63%		.63%		.63%
Net investment income (loss)		.93% J		1.01%		1.03%		1.12%		1.02%		1.47% C
Supplemental Data
Net assets, end of period (000 omitted)	$	174,437	$	124,155	$	109,983	$	101,102	$	92,162	$	125,050
Portfolio turnover rate K		164 % J		62%		66%		57%		59%		62%

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, 2026 (Unaudited)		Years ended December 31, 2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	15.86	$	15.43	$	16.48	$	14.32	$	16.35	$	13.51
Income from Investment Operations
Net investment income (loss) A,B		.07		.14		.16		.16		.14		.22 C
Net realized and unrealized gain (loss)		4.00		1.07		1.46		2.79		(1.29)		4.25
Total from investment operations		4.07		1.21		1.62		2.95		(1.15)		4.47
Distributions from net investment income		-		(.15)		(.17)		(.17)		(.15) D		(.24)
Distributions from net realized gain		-		(.63)		(2.50)		(.61)		(.73) D		(1.39)
Total distributions		-		(.78)		(2.67)		(.79) E		(.88)		(1.63)
Net asset value, end of period	$	19.93	$	15.86	$	15.43	$	16.48	$	14.32	$	16.35
Total Return F,G,H		25.66 %		7.91%		9.27%		20.77%		(7.19)%		33.48%
Ratios to Average Net Assets B,I,J
Expenses before reductions		.69% K		.69%		.70%		.74%		.74%		.73%
Expenses net of fee waivers, if any		.69 % K		.69%		.70%		.73%		.73%		.73%
Expenses net of all reductions, if any		.69% K		.69%		.70%		.73%		.73%		.73%
Net investment income (loss)		.83% K		.91%		.93%		1.02%		.92%		1.37% C
Supplemental Data
Net assets, end of period (000 omitted)	$	38,080	$	30,677	$	32,922	$	31,303	$	24,199	$	27,216
Portfolio turnover rate L		164 % K		62%		66%		57%		59%		62%

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, 2026 (Unaudited)		Years ended December 31, 2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	16.17	$	15.73	$	16.75	$	14.54	$	16.59	$	13.68
Income from Investment Operations
Net investment income (loss) A,B		.06		.12		.13		.13		.12		.20 C
Net realized and unrealized gain (loss)		4.07		1.08		1.49		2.84		(1.31)		4.31
Total from investment operations		4.13		1.20		1.62		2.97		(1.19)		4.51
Distributions from net investment income		-		(.13)		(.14)		(.15)		(.13) D		(.21)
Distributions from net realized gain		-		(.63)		(2.50)		(.61)		(.73) D		(1.39)
Total distributions		-		(.76)		(2.64)		(.76)		(.86)		(1.60)
Net asset value, end of period	$	20.30	$	16.17	$	15.73	$	16.75	$	14.54	$	16.59
Total Return E,F,G		25.54 %		7.70%		9.16%		20.61%		(7.35)%		33.34%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.84% J		.84%		.85%		.89%		.89%		.88%
Expenses net of fee waivers, if any		.84 % J		.84%		.85%		.88%		.88%		.88%
Expenses net of all reductions, if any		.84% J		.84%		.85%		.88%		.88%		.88%
Net investment income (loss)		.68% J		.76%		.78%		.87%		.77%		1.22% C
Supplemental Data
Net assets, end of period (000 omitted)	$	476,729	$	391,647	$	372,033	$	340,221	$	309,683	$	315,104
Portfolio turnover rate K		164 % J		62%		66%		57%		59%		62%

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, 2026 (Unaudited)		Years ended December 31, 2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	15.74	$	15.33	$	16.38	$	14.24	$	16.25	$	13.44
Income from Investment Operations
Net investment income (loss) A,B		.08		.14		.16		.16		.14		.23 C
Net realized and unrealized gain (loss)		3.96		1.05		1.46		2.77		(1.27)		4.22
Total from investment operations		4.04		1.19		1.62		2.93		(1.13)		4.45
Distributions from net investment income		-		(.16)		(.17)		(.17)		(.15) D		(.24)
Distributions from net realized gain		-		(.63)		(2.50)		(.61)		(.73) D		(1.39)
Total distributions		-		(.78) E		(2.67)		(.79) E		(.88)		(1.64) E
Net asset value, end of period	$	19.78	$	15.74	$	15.33	$	16.38	$	14.24	$	16.25
Total Return F,G,H		25.67 %		7.89%		9.37%		20.75%		(7.11)%		33.48%
Ratios to Average Net Assets B,I,J
Expenses before reductions		.66% K		.66%		.67%		.71%		.71%		.71%
Expenses net of fee waivers, if any		.66 % K		.66%		.66%		.71%		.71%		.71%
Expenses net of all reductions, if any		.66% K		.66%		.66%		.71%		.71%		.71%
Net investment income (loss)		.86% K		.94%		.96%		1.05%		.95%		1.39% C
Supplemental Data
Net assets, end of period (000 omitted)	$	511,051	$	404,038	$	423,444	$	228,494	$	221,074	$	282,755
Portfolio turnover rate L		164 % K		62%		66%		57%		59%		62%

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.

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, 2026

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 portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2026 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, 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 and excise tax regulations.

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

Gross unrealized appreciation	$226,139,831
Gross unrealized depreciation	(39,040,523)
Net unrealized appreciation (depreciation)	$187,099,308
Tax cost	$1,068,602,107

The Fund elected to defer to its next fiscal year approximately $496,668 of capital losses recognized during the period November 1, 2025 to December 31, 2026.

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

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
VIP Value Strategies Portfolio	924,662,498	887,276,721

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	$17,370
Service Class 2	552,866
	$570,236

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	21,486

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	82,404,866	109,628,912	34,429,346

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, (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 2027 unless extended or renewed.

	Amount ($)
VIP Value Strategies Portfolio	626

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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. 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	11,732	1,387	-

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

	Amount ($)
VIP Value Strategies Portfolio	32,189,269

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2026	Year ended December 31, 2025
VIP Value Strategies Portfolio
Distributions to shareholders
Initial Class	$ -	$5,905,284
Service Class	-	1,543,219
Service Class 2	-	17,353,077
Investor Class	-	20,406,609
Total	$ -	$45,208,189

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, 2026	Year ended December 31, 2025	Six months ended June 30, 2026	Year ended December 31, 2025
VIP Value Strategies Portfolio
Initial Class
Shares sold	2,155,405	2,257,622	$38,219,525	$34,289,314
Reinvestment of distributions	-	373,106	-	5,905,284
Shares redeemed	(1,240,926)	(1,926,864)	(22,635,305)	(29,298,472)
Net increase (decrease)	914,479	703,864	$15,584,220	$10,896,126
Service Class
Shares sold	148,357	219,472	$2,662,220	$3,237,107
Reinvestment of distributions	-	98,236	-	1,543,219
Shares redeemed	(172,225)	(516,141)	(3,078,843)	(7,816,425)
Net increase (decrease)	(23,868)	(198,433)	$(416,623)	$(3,036,099)
Service Class 2
Shares sold	2,070,602	3,288,413	$38,236,018	$51,104,491
Reinvestment of distributions	-	1,083,531	-	17,353,077
Shares redeemed	(2,816,042)	(3,802,237)	(52,707,219)	(57,702,167)
Net increase (decrease)	(745,440)	569,707	$(14,471,201)	$10,755,401
Investor Class
Shares sold	2,633,036	2,010,098	$46,360,053	$29,779,464
Reinvestment of distributions	-	1,308,699	-	20,406,608
Shares redeemed	(2,472,975)	(5,269,783)	(43,873,555)	(77,349,835)
Net increase (decrease)	160,061	(1,950,986)	$2,486,498	$(27,163,763)

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	3	44

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	10%

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	29

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

At its May 2026 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund for two months from June 1, 2026 through July 31, 2026. The Board determined that it will consider the annual renewal of the fund's Advisory Contracts for a full one year period in July 2026, following its review of additional materials provided by FMR.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board will consider the annual renewal for a full one year period in July 2026.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

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, ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for two months from June 1, 2026 through July 31, 2026.

1.774744.124

VIPVS-SANN-0826

Fidelity® Variable Insurance Products:

VIP Mid Cap Portfolio

Semi-Annual Report

June 30, 2026

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, 2026 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares	Value ($)
BELGIUM - 0.7%
Health Care - 0.7%
Pharmaceuticals - 0.7%
UCB SA	210,400	62,985,596
BRAZIL - 0.6%
Materials - 0.6%
Metals & Mining - 0.6%
Wheaton Precious Metals Corp	479,500	53,939,313
CANADA - 2.1%
Consumer Discretionary - 0.8%
Specialty Retail - 0.8%
Aritzia Inc Subordinate Voting Shares (a)	685,000	75,534,744
Industrials - 1.3%
Commercial Services & Supplies - 1.3%
RB Global Inc (United States) (b)	1,026,200	119,500,990
Materials - 0.0%
Metals & Mining - 0.0%
Almonty Industries Inc (United States) (a)	553,300	9,162,648
TOTAL CANADA		204,198,382
CHINA - 0.1%
Health Care - 0.1%
Life Sciences Tools & Services - 0.1%
WuXi XDC Cayman Inc (a)	1,265,000	9,201,789
FRANCE - 0.3%
Health Care - 0.3%
Life Sciences Tools & Services - 0.3%
Sartorius Stedim Biotech	127,700	26,497,260
GERMANY - 0.1%
Health Care - 0.1%
Biotechnology - 0.1%
BioNTech SE ADR (a)	118,800	11,054,340
JAPAN - 0.6%
Information Technology - 0.6%
Semiconductors & Semiconductor Equipment - 0.6%
Allegro MicroSystems Inc (a)	834,212	58,077,839
NETHERLANDS - 0.2%
Health Care - 0.2%
Biotechnology - 0.2%
Argenx SE ADR (a)	22,100	20,503,717
TAIWAN - 1.4%
Information Technology - 1.4%
Semiconductors & Semiconductor Equipment - 1.4%
Silicon Motion Technology Corp ADR	406,818	135,604,644
UNITED KINGDOM - 0.4%
Energy - 0.4%
Energy Equipment & Services - 0.4%
TechnipFMC PLC	527,200	34,953,360
UNITED STATES - 93.3%
Communication Services - 1.2%
Diversified Telecommunication Services - 0.2%
Lumen Technologies Inc (a)	2,303,200	17,688,576
Entertainment - 0.8%
Live Nation Entertainment Inc (a)	228,894	41,912,780
Roku Inc Class A (a)	263,100	36,344,634
		78,257,414
Media - 0.2%
EchoStar Corp Class A (a)(b)	171,400	17,397,099
TOTAL COMMUNICATION SERVICES		113,343,089
Consumer Discretionary - 8.8%
Broadline Retail - 0.3%
Ollie's Bargain Outlet Holdings Inc (a)	398,900	30,667,432
Distributors - 0.3%
Pool Corp	122,900	26,411,210
Diversified Consumer Services - 0.9%
Service Corp International/US	1,171,300	88,971,948
Hotels, Restaurants & Leisure - 4.0%
Aramark	1,096,858	62,411,220
BJ's Restaurants Inc (a)(b)	339,000	20,589,165
Cava Group Inc (a)	211,900	16,629,912
Churchill Downs Inc	572,104	51,283,403
Dutch Bros Inc Class A (a)	1,008,800	72,441,928
Hilton Grand Vacations Inc (a)(b)	952,000	49,856,240
Texas Roadhouse Inc	193,100	37,312,713
Viking Holdings Ltd (a)	441,990	46,263,093
Wynn Resorts Ltd	219,000	21,262,710
		378,050,384
Household Durables - 1.1%
Somnigroup International Inc (b)	1,353,500	106,114,400
Leisure Products - 0.7%
YETI Holdings Inc (a)	1,399,500	69,359,220
Specialty Retail - 1.5%
Chewy Inc Class A (a)(b)	2,051,300	40,308,045
Dick's Sporting Goods Inc	249,236	56,529,217
Warby Parker Inc Class A (a)	255,557	7,753,599
Williams-Sonoma Inc	156,246	36,420,943
		141,011,804
TOTAL CONSUMER DISCRETIONARY		840,586,398
Consumer Staples - 4.5%
Consumer Staples Distribution & Retail - 4.2%
BJ's Wholesale Club Holdings Inc (a)	856,399	74,695,121
Dollar Tree Inc (a)	217,100	26,258,245
Performance Food Group Co (a)	1,068,100	119,402,899
Sprouts Farmers Market Inc (a)	544,100	46,019,978
US Foods Holding Corp (a)	1,315,740	134,534,415
		400,910,658
Food Products - 0.3%
Westrock Coffee Co (a)(b)	3,241,542	26,288,905
TOTAL CONSUMER STAPLES		427,199,563
Energy - 4.3%
Energy Equipment & Services - 0.6%
Baker Hughes Co Class A	485,648	26,953,464
Kodiak Gas Services Inc	416,900	31,321,697
		58,275,161
Oil, Gas & Consumable Fuels - 3.7%
Antero Resources Corp (a)	2,338,925	82,189,825
Chord Energy Corp	368,700	42,142,410
HF Sinclair Corp	255,700	17,809,505
Ovintiv Inc	2,077,000	109,354,050
Permian Resources Holdings Inc/DE Class A	5,589,100	102,895,331
		354,391,121
TOTAL ENERGY		412,666,282
Financials - 15.0%
Banks - 7.3%
Bancorp Inc/The (a)(b)	858,022	53,746,498
Coastal Financial Corp/WA Class A (a)	286,300	22,191,113
Community Financial System Inc	336,700	22,599,304
East West Bancorp Inc	1,034,817	133,584,527
First Citizens BancShares Inc/NC Class A (b)	26,800	55,765,172
Hancock Whitney Corp	516,900	38,622,768
Huntington Bancshares Inc/OH	2,071,100	36,720,603
KeyCorp	1,985,500	45,765,775
Old National Bancorp/IN	3,491,000	90,416,900
Pinnacle Financial Partners Inc	602,000	60,729,760
Western Alliance Bancorp	263,400	21,651,479
Wintrust Financial Corp	681,841	109,585,486
		691,379,385
Capital Markets - 1.8%
Evercore Inc Class A	130,800	44,660,352
Northern Trust Corp	142,055	24,694,841
Raymond James Financial Inc	260,797	39,648,968
Stifel Financial Corp	509,650	35,558,281
WisdomTree Inc (b)	1,586,800	26,880,392
		171,442,834
Financial Services - 2.4%
Affirm Holdings Inc Class A (a)	557,700	45,480,435
Corpay Inc (a)	62,200	20,729,394
Equitable Holdings Inc	1,947,300	85,447,524
Remitly Global Inc (a)	1,638,900	36,727,749
Toast Inc Class A (a)	1,460,800	40,639,456
		229,024,558
Insurance - 3.5%
Fidelity National Financial Inc	427,500	20,160,900
First American Financial Corp	699,000	47,944,410
Globe Life Inc	205,700	36,754,476
Primerica Inc	245,447	69,756,037
Reinsurance Group of America Inc	281,878	59,941,357
Unum Group	1,132,100	101,209,740
		335,766,920
TOTAL FINANCIALS		1,427,613,697
Health Care - 8.7%
Biotechnology - 2.8%
Caris Life Sciences Inc (a)	2,529,349	45,072,999
Disc Medicine Inc (a)	208,900	15,278,946
Krystal Biotech Inc (a)	50,884	18,912,056
Legend Biotech Corp ADR (a)	695,600	20,088,928
Mirum Pharmaceuticals Inc (a)	99,900	11,695,293
Moderna Inc (a)	362,900	25,413,887
Natera Inc (a)	65,100	17,671,395
Praxis Precision Medicines Inc (a)	56,500	18,915,635
Revolution Medicines Inc (a)	184,200	34,496,976
United Therapeutics Corp (a)	65,400	35,435,682
Veracyte Inc (a)	491,600	28,871,668
		271,853,465
Health Care Equipment & Supplies - 0.6%
Insulet Corp (a)	189,300	28,820,925
TransMedics Group Inc (a)(b)	383,700	25,485,354
		54,306,279
Health Care Providers & Services - 0.2%
Tenet Healthcare Corp (a)	110,862	20,740,063
Life Sciences Tools & Services - 2.1%
10X Genomics Inc Class A (a)	1,321,800	50,677,812
Bio-Techne Corp	176,300	12,455,595
Charles River Laboratories International Inc (a)	227,579	51,612,641
Repligen Corp (a)	323,400	44,124,696
West Pharmaceutical Services Inc	112,500	40,387,500
		199,258,244
Pharmaceuticals - 3.0%
Axsome Therapeutics Inc (a)	46,900	11,479,713
Corcept Therapeutics Inc (a)	428,200	37,231,990
Crinetics Pharmaceuticals Inc (a)	389,200	14,563,864
Elanco Animal Health Inc (a)(b)	4,198,400	103,322,625
Jazz Pharmaceuticals PLC (a)	160,500	38,675,685
Royalty Pharma PLC Class A	443,000	24,839,010
Trevi Therapeutics Inc (a)	764,700	14,261,655
Viatris Inc	2,691,300	42,737,844
		287,112,386
TOTAL HEALTH CARE		833,270,437
Industrials - 21.0%
Aerospace & Defense - 3.8%
ATI Inc (a)	602,900	118,831,590
Axon Enterprise Inc (a)	124,654	69,882,279
Carpenter Technology Corp	48,000	29,608,320
Textron Inc	538,900	49,433,297
Woodward Inc	215,400	91,639,776
		359,395,262
Building Products - 0.8%
Simpson Manufacturing Co Inc	384,900	80,578,815
Construction & Engineering - 4.5%
API Group Corp (a)	544,300	23,051,105
Comfort Systems USA Inc	61,900	122,682,705
Construction Partners Inc Class A (a)	409,300	48,612,561
EMCOR Group Inc	27,100	22,489,748
Granite Construction Inc	344,600	54,474,368
MasTec Inc (a)	211,500	87,996,690
Sterling Infrastructure Inc (a)	83,400	70,002,624
		429,309,801
Electrical Equipment - 2.5%
Acuity Inc	230,323	86,753,461
AMETEK Inc	95,126	23,014,784
Nextpower Inc Class A (a)	191,100	22,767,654
nVent Electric PLC	647,300	109,788,554
		242,324,453
Ground Transportation - 1.5%
Knight-Swift Transportation Holdings Inc	819,500	63,814,465
XPO Inc (a)	406,300	83,409,327
		147,223,792
Machinery - 5.3%
Allison Transmission Holdings Inc	191,800	21,623,531
CECO Environmental Corp (a)	1,155,300	104,831,922
Crane Co	321,436	71,702,729
Ingersoll Rand Inc	571,920	46,891,721
ITT Inc	677,209	133,924,852
Mueller Industries Inc	289,600	35,600,528
Westinghouse Air Brake Technologies Corp	286,400	77,213,440
		491,788,723
Marine Transportation - 0.3%
Kirby Corp (a)	208,300	28,322,551
Passenger Airlines - 0.2%
Alaska Air Group Inc (a)(b)	294,400	15,367,680
Professional Services - 1.6%
FTI Consulting Inc (a)	304,200	45,328,842
KBR Inc	1,038,100	35,845,593
TransUnion	1,031,100	74,383,554
		155,557,989
Trading Companies & Distributors - 0.5%
Herc Holdings Inc	226,700	32,495,178
Watsco Inc	41,700	17,377,641
		49,872,819
TOTAL INDUSTRIALS		1,999,741,885
Information Technology - 18.2%
Communications Equipment - 2.7%
Digi International Inc (a)	1,536,201	115,138,265
Lumentum Holdings Inc (a)	121,900	104,597,514
Viavi Solutions Inc (a)	697,700	33,315,175
		253,050,954
Electronic Equipment, Instruments & Components - 3.9%
Advanced Energy Industries Inc	63,400	23,639,958
Belden Inc	305,800	36,668,478
Coherent Corp (a)	270,500	106,704,135
Flex Ltd (a)	724,600	117,435,922
OSI Systems Inc (a)	146,293	31,994,279
Sanmina Corp (a)	125,500	31,761,540
TD SYNNEX Corp	83,300	22,269,422
		370,473,734
IT Services - 3.7%
DigitalOcean Holdings Inc (a)(b)	650,400	102,132,312
Okta Inc Class A (a)	681,469	92,986,445
Twilio Inc Class A (a)	744,000	153,509,520
		348,628,277
Semiconductors & Semiconductor Equipment - 7.1%
Axcelis Technologies Inc (a)	157,000	29,743,650
First Solar Inc (a)	113,900	26,875,844
Impinj Inc (a)	98,300	14,079,509
MACOM Technology Solutions Holdings Inc (a)	304,400	115,784,628
MKS Inc	384,500	171,025,600
Onto Innovation Inc (a)	283,000	107,101,350
Rambus Inc (a)	784,100	104,081,434
Veeco Instruments Inc (a)(b)	1,436,420	108,880,636
		677,572,651
Software - 0.0%
Circle Internet Group Inc Class A (a)(b)	70,400	4,409,152
Technology Hardware, Storage & Peripherals - 0.8%
Western Digital Corp	130,600	83,416,832
TOTAL INFORMATION TECHNOLOGY		1,737,551,600
Materials - 2.8%
Chemicals - 1.2%
Element Solutions Inc	1,877,905	89,669,964
HB Fuller Co	397,200	23,152,788
		112,822,752
Construction Materials - 0.3%
Martin Marietta Materials Inc	51,937	29,952,068
Containers & Packaging - 1.3%
AptarGroup Inc	551,200	69,010,240
Ball Corp	542,300	33,839,520
Smurfit Westrock PLC	418,400	19,355,184
		122,204,944
TOTAL MATERIALS		264,979,764
Real Estate - 5.4%
Health Care REITs - 1.0%
Ventas Inc	1,023,337	90,872,326
Industrial REITs - 0.7%
Terreno Realty Corp	1,086,700	70,385,559
Real Estate Management & Development - 0.8%
Jones Lang LaSalle Inc (a)	247,300	76,650,635
Residential REITs - 0.8%
Invitation Homes Inc	1,328,872	40,145,223
Sun Communities Inc	294,200	35,277,522
		75,422,745
Retail REITs - 1.8%
Acadia Realty Trust	2,769,700	57,914,427
Macerich Co/The	3,539,400	89,157,486
Urban Edge Properties	916,800	20,976,384
		168,048,297
Specialized REITs - 0.3%
Extra Space Storage Inc	232,000	33,709,600
TOTAL REAL ESTATE		515,089,162
Utilities - 3.4%
Electric Utilities - 0.9%
Evergy Inc	703,700	60,820,791
NRG Energy Inc	162,600	23,749,356
		84,570,147
Gas Utilities - 1.0%
ONE Gas Inc	224,800	17,325,336
Southwest Gas Holdings Inc	899,900	79,803,132
		97,128,468
Independent Power and Renewable Electricity Producers - 0.5%
Vistra Corp	316,200	50,158,806
Multi-Utilities - 1.0%
CenterPoint Energy Inc	1,132,400	49,870,896
Northwestern Energy Group Inc	659,700	47,247,714
		97,118,610
TOTAL UTILITIES		328,976,031
TOTAL UNITED STATES		8,901,017,908
TOTAL COMMON STOCKS (Cost $6,297,675,160)		9,518,034,148

Convertible Preferred Stocks - 0.0%
	Shares	Value ($)
UNITED STATES - 0.0%
Industrials - 0.0%
Aerospace & Defense - 0.0%
Anduril Industries Inc Series H (c)(d) (Cost $6,357,439)	92,200	6,357,189

Money Market Funds - 1.7%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (e)	3.69	28,455,373	28,461,064
Fidelity Securities Lending Cash Central Fund (e)(f)	3.69	132,604,275	132,617,536
TOTAL MONEY MARKET FUNDS (Cost $161,078,599)			161,078,600

TOTAL INVESTMENT IN SECURITIES - 101.5% (Cost $6,465,111,198)	9,685,469,937
NET OTHER ASSETS (LIABILITIES) - (1.5)%	(143,802,678)
NET ASSETS - 100.0%	9,541,667,259

Legend

(a)	Non-income producing.

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

(c)	Level 3 security.

(d)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $6,357,189 or 0.1% of net assets.

(e)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Anduril Industries Inc Series H	5/12/2026	6,357,439

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	22,633,096	1,191,929,300	1,186,103,161	1,380,867	(294)	2,123	28,461,064	28,455,373	0.0%
Fidelity Securities Lending Cash Central Fund	168,300,097	658,625,450	694,308,011	101,072	(1,138)	1,138	132,617,536	132,604,275	0.3%
Total	190,933,193	1,850,554,750	1,880,411,172	1,481,939	(1,432)	3,261	161,078,600

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	113,343,089	113,343,089	-	-
Consumer Discretionary	916,121,142	916,121,142	-	-
Consumer Staples	427,199,563	427,199,563	-	-
Energy	447,619,642	447,619,642	-	-
Financials	1,427,613,697	1,427,613,697	-	-
Health Care	963,513,139	963,513,139	-	-
Industrials	2,119,242,875	2,119,242,875	-	-
Information Technology	1,931,234,083	1,931,234,083	-	-
Materials	328,081,725	328,081,725	-	-
Real Estate	515,089,162	515,089,162	-	-
Utilities	328,976,031	328,976,031	-	-

Convertible Preferred Stocks
Industrials	6,357,189	-	-	6,357,189

Money Market Funds	161,078,600	161,078,600	-	-
Total Investments in Securities:	9,685,469,937	9,679,112,748	-	6,357,189

Financial Statements (Unaudited)

Statement of Assets and Liabilities
As of June 30, 2026 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $353,649,046) - See accompanying schedule:
Unaffiliated issuers (cost $6,304,032,599)	$	9,524,391,337
Fidelity Central Funds (cost $161,078,599)		161,078,600


Total Investment in Securities (cost $6,465,111,198)			$	9,685,469,937
Cash				179,131
Foreign currency held at value (cost $44,373)				43,477
Receivable for investments sold				1,262,678
Receivable for fund shares sold				1,123,212
Dividends receivable				4,004,238
Distributions receivable from Fidelity Central Funds				72,598
Other receivables				177,699
Total assets				9,692,332,970
Liabilities
Payable for investments purchased	$	640,173
Payable for fund shares redeemed		12,025,089
Accrued management fee		4,170,735
Distribution and service plan fees payable		1,178,018
Other payables and accrued expenses		35,174
Collateral on securities loaned		132,616,522
Total liabilities				150,665,711
Net Assets			$	9,541,667,259
Net Assets consist of:
Paid in capital			$	5,252,095,474
Total accumulated earnings (loss)				4,289,571,785
Net Assets			$	9,541,667,259

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($2,091,489,531 ÷ 43,600,509 shares)			$	47.97
Service Class :
Net Asset Value, offering price and redemption price per share ($966,187,480 ÷ 20,551,823 shares)			$	47.01
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($5,466,002,228 ÷ 121,739,777 shares)			$	44.90
Investor Class :
Net Asset Value, offering price and redemption price per share ($1,017,988,020 ÷ 21,497,410 shares)			$	47.35

Statement of Operations
Six months ended June 30, 2026 (Unaudited)
Investment Income
Dividends			$	37,064,030
Income from Fidelity Central Funds (including $101,072 from security lending)				1,481,939
Security lending				43,079
Total income				38,589,048
Expenses
Management fee	$	23,367,606
Distribution and service plan fees		6,614,489
Custodian fees and expenses		35,190
Independent trustees' fees and expenses		9,383
Audit fees		29,230
Legal		9,114
Interest		17,627
Miscellaneous		14,222
Total expenses before reductions		30,096,861
Expense reductions		(134)
Total expenses after reductions				30,096,727
Net Investment income (loss)				8,492,321
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		1,078,216,739
Fidelity Central Funds		(1,432)
Foreign currency transactions		(25,648)
Total net realized gain (loss)				1,078,189,659
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		1,092,028,437
Fidelity Central Funds		3,261
Assets and liabilities in foreign currencies		(17,231)
Total change in net unrealized appreciation (depreciation)				1,092,014,467
Net gain (loss)				2,170,204,126
Net increase (decrease) in net assets resulting from operations			$	2,178,696,447

Statement of Changes in Net Assets

		Six months ended June 30, 2026 (Unaudited)		Year ended December 31, 2025
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	8,492,321	$	23,020,286
Net realized gain (loss)		1,078,189,659		560,356,713
Change in net unrealized appreciation (depreciation)		1,092,014,467		239,265,602
Net increase (decrease) in net assets resulting from operations		2,178,696,447		822,642,601
Distributions to shareholders		(61,644,502)		(888,374,797)

Share transactions - net increase (decrease)		(407,751,806)		408,150,580
Total increase (decrease) in net assets		1,709,300,139		342,418,384

Net Assets
Beginning of period		7,832,367,120		7,489,948,736
End of period	$	9,541,667,259	$	7,832,367,120

Financial Highlights

VIP Mid Cap Portfolio Initial Class

		Six months ended June 30, 2026 (Unaudited)		Years ended December 31, 2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	37.51	$	37.56	$	36.44	$	32.72	$	41.17	$	38.72
Income from Investment Operations
Net investment income (loss) A,B		.08		.17		.22		.21		.21		.23
Net realized and unrealized gain (loss)		10.67		4.18		6.33		4.69		(6.16)		9.57
Total from investment operations		10.75		4.35		6.55		4.90		(5.95)		9.80
Distributions from net investment income		-		(.16)		(.22)		(.21)		(.17) C		(.28)
Distributions from net realized gain		(.29)		(4.24)		(5.21)		(.97)		(2.33) C		(7.07)
Total distributions		(.29)		(4.40)		(5.43)		(1.18)		(2.50)		(7.35)
Net asset value, end of period	$	47.97	$	37.51	$	37.56	$	36.44	$	32.72	$	41.17
Total Return D,E,F		28.78 %		11.75%		17.49%		15.08%		(14.74)%		25.60%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.54% I		.55%		.57%		.61%		.61%		.61%
Expenses net of fee waivers, if any		.54 % I		.55%		.57%		.60%		.60%		.60%
Expenses net of all reductions, if any		.54% I		.55%		.57%		.60%		.60%		.60%
Net investment income (loss)		.36% I		.47%		.55%		.60%		.60%		.52%
Supplemental Data
Net assets, end of period (000 omitted)	$	2,091,490	$	1,691,804	$	1,633,099	$	1,544,004	$	1,455,364	$	1,810,651
Portfolio turnover rate J		70 % I		61%		52%		41%		31%		37% K

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, 2026 (Unaudited)		Years ended December 31, 2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	36.79	$	36.92	$	35.91	$	32.25	$	40.63	$	38.28
Income from Investment Operations
Net investment income (loss) A,B		.05		.13		.18		.17		.17		.18
Net realized and unrealized gain (loss)		10.46		4.11		6.23		4.64		(6.09)		9.47
Total from investment operations		10.51		4.24		6.41		4.81		(5.92)		9.65
Distributions from net investment income		-		(.14)		(.19)		(.18)		(.13) C		(.23)
Distributions from net realized gain		(.29)		(4.24)		(5.21)		(.97)		(2.33) C		(7.07)
Total distributions		(.29)		(4.37) D		(5.40)		(1.15)		(2.46)		(7.30)
Net asset value, end of period	$	47.01	$	36.79	$	36.92	$	35.91	$	32.25	$	40.63
Total Return E,F,G		28.69 %		11.66%		17.35%		15.00%		(14.85)%		25.51%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.64% J		.65%		.68%		.71%		.71%		.71%
Expenses net of fee waivers, if any		.64 % J		.65%		.67%		.70%		.70%		.70%
Expenses net of all reductions, if any		.64% J		.65%		.67%		.70%		.70%		.70%
Net investment income (loss)		.26% J		.38%		.45%		.50%		.50%		.42%
Supplemental Data
Net assets, end of period (000 omitted)	$	966,187	$	798,808	$	724,659	$	658,165	$	586,964	$	726,039
Portfolio turnover rate K		70 % J		61%		52%		41%		31%		37% L

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 Service Class 2

		Six months ended June 30, 2026 (Unaudited)		Years ended December 31, 2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	35.17	$	35.48	$	34.69	$	31.20	$	39.39	$	37.29
Income from Investment Operations
Net investment income (loss) A,B		.02		.08		.12		.11		.12		.11
Net realized and unrealized gain (loss)		10.00		3.93		6.01		4.48		(5.90)		9.22
Total from investment operations		10.02		4.01		6.13		4.59		(5.78)		9.33
Distributions from net investment income		-		(.09)		(.14)		(.13)		(.08) C		(.16)
Distributions from net realized gain		(.29)		(4.24)		(5.21)		(.97)		(2.33) C		(7.07)
Total distributions		(.29)		(4.32) D		(5.34) D		(1.10)		(2.41)		(7.23)
Net asset value, end of period	$	44.90	$	35.17	$	35.48	$	34.69	$	31.20	$	39.39
Total Return E,F,G		28.62 %		11.49%		17.18%		14.80%		(14.97)%		25.31%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.79% J		.80%		.82%		.86%		.86%		.86%
Expenses net of fee waivers, if any		.79 % J		.80%		.82%		.85%		.85%		.85%
Expenses net of all reductions, if any		.79% J		.80%		.82%		.85%		.85%		.85%
Net investment income (loss)		.11% J		.23%		.30%		.35%		.35%		.27%
Supplemental Data
Net assets, end of period (000 omitted)	$	5,466,002	$	4,556,437	$	4,382,720	$	4,101,183	$	3,776,819	$	4,970,428
Portfolio turnover rate K		70 % J		61%		52%		41%		31%		37% L

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, 2026 (Unaudited)		Years ended December 31, 2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	37.05	$	37.15	$	36.10	$	32.42	$	40.83	$	38.44
Income from Investment Operations
Net investment income (loss) A,B		.06		.15		.19		.18		.18		.20
Net realized and unrealized gain (loss)		10.53		4.12		6.27		4.65		(6.12)		9.51
Total from investment operations		10.59		4.27		6.46		4.83		(5.94)		9.71
Distributions from net investment income		-		(.14)		(.20)		(.19)		(.14) C		(.24)
Distributions from net realized gain		(.29)		(4.24)		(5.21)		(.97)		(2.33) C		(7.07)
Total distributions		(.29)		(4.37) D		(5.41)		(1.15) D		(2.47)		(7.32) D
Net asset value, end of period	$	47.35	$	37.05	$	37.15	$	36.10	$	32.42	$	40.83
Total Return E,F,G		28.70 %		11.68%		17.40%		15.01%		(14.83)%		25.54%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.61% J		.63%		.65%		.68%		.68%		.68%
Expenses net of fee waivers, if any		.61 % J		.63%		.65%		.68%		.68%		.68%
Expenses net of all reductions, if any		.61% J		.63%		.65%		.68%		.68%		.68%
Net investment income (loss)		.29% J		.40%		.48%		.52%		.52%		.44%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,017,988	$	785,319	$	749,471	$	651,850	$	634,220	$	739,633
Portfolio turnover rate K		70 % J		61%		52%		41%		31%		37% L

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, 2026

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%