Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Fidelity VIP Mid Cap Initial Release date as of 2025-04-30. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2025-04-30 Out of 378 Mid-Cap Blend Funds Morningstar® Style Box™ What is this? As of 2025-03-31 Total Fund Assets ($ Mil) 6,655.81 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term growth of capital. The fund normally invests at least 80% of assets in securities of companies with medium market capitalizations. The adviser generally defines medium market capitalization companies as those whose market capitalization is similar to the market capitalization of companies in the Russell Midcap ® Index or the S&P MidCap 400 ® Index.

Morningstar Category: Mid-Cap Blend The typical mid-cap blend portfolio invests in U.S. stocks of various sizes and styles, giving it a middle-of the-road profile. Most shy away from high-priced growth stocks but aren't so price-conscious that they land in value territory. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.

Investment Risks Mid Cap Funds: The securities of companies with market capitalizations below $10 billion may be more volatile and less liquid than the securities of larger companies.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 91.7 Non-U.S. Stocks 8.0 Bonds 0.0 Cash 0.3 Other 0.0 Data through 2025-03-31 Morningstar Equity Sectors % of Stocks Cyclical 42.95 Basic Materials 3.66 Consumer Cyclical 11.62 Financial Services 21.18 Real Estate 6.49 Sensitive 33.97 Communication Services 2.13 Energy 5.74 Industrials 15.54 Technology 10.56 Defensive 23.09 Consumer Defensive 6.35 Healthcare 14.18 Utilities 2.56 Data through 2025-03-31 Holding Status Total Number of Stock Holdings 171 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 13.88 Turnover % (as of 2024-12-31) 52.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets US Foods Holding Corp 32.50 1.49 BJ's Wholesale Club Holdings Inc 29.39 1.48 Reinsurance Group of America Inc 17.46 1.47 Equitable Holdings Inc 10.22 1.46 Primerica Inc 12.49 1.37 East West Bancorp Inc 10.21 1.36 RB Global Inc --- 1.36 ITT Inc 21.75 1.33 Service Corp International 22.07 1.30 Performance Food Group Co 32.52 1.26 Data through 2025-03-31

Principal Risks    Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Value Investing, Issuer, Market/Market Volatility, Equity Securities, Mid-Cap Show Risk Definitions

Other Information Inception Date: 1998-12-28 Portfolio Manager(s) Maurice FitzMaurice   (2024-08-14) Since joining Fidelity Investments in 1998, Mr. Fitzmaurice has worked as research analyst and portfolio manager. Thomas Allen   (2001-06-13) He most recently worked for Stewart Investors in London. Tom joined the predecessor business of Stewart Investors in 2012. He initially worked in Singapore, before moving to Edinburgh to work on Asia Pacific strategies. From 2015, Tom was part of the Stewart Investors team in London. He co-managed Asia Pacific and Emerging Markets strategies with Ashish Swarup from 2017. He has a degree in History from University College London (UCL). Investment Advisor(s) Fidelity Management & Research Company LLC Issuer Fidelity Investments Subadvisor(s) FMR Investment Management (U.K.) Limited Fidelity Management & Research (Japan) Limited Fidelity Management & Research (HK) Ltd

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