Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Fidelity VIP Real Estate Initial Release date as of 2024-10-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-10-31 Out of 225 Real Estate Funds Morningstar® Style Box™ What is this? As of 2024-09-30 Total Fund Assets ($ Mil) 385.35 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks above-average income and long-term capital growth, consistent with reasonable investment risk. The fund normally invests at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments. It invests in domestic and foreign issuers. The fund invests primarily in common stocks. It uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments. The fund is non-diversified.

Morningstar Category: Real Estate Real estate portfolios invest primarily in real estate investment trusts of various types. REITs are companies that develop and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, health-care, hotel, industrial, mortgage, office, and shopping center REITs. Some portfolios in this category also invest in real estate operating companies.

Investment Risks Sector Funds: Funds that invest exclusively in one sector or industry involve risks due to the lack of industry diversification and expose the investor to increased industry-specific risks. Non-Diversified Funds: Funds that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 98.9 Non-U.S. Stocks 0.0 Bonds 0.0 Cash 1.1 Other 0.0 Data through 2024-09-30 Morningstar Equity Sectors % of Stocks Cyclical 100.00 Basic Materials 0.00 Consumer Cyclical 0.00 Financial Services 0.00 Real Estate 100.00 Sensitive 0.00 Communication Services 0.00 Energy 0.00 Industrials 0.00 Technology 0.00 Defensive 0.00 Consumer Defensive 0.00 Healthcare 0.00 Utilities 0.00 Data through 2024-09-30 Holding Status Total Number of Stock Holdings 32 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 57.10 Turnover % (as of 2023-12-31) 33.00 30 Day SEC Yield % 2.16 Top Holdings Sector P/E % of Net Assets Equinix Inc --- 8.20 Prologis Inc --- 7.65 American Tower Corp --- 7.57 CBRE Group Inc Class A 42.39 6.48 Ventas Inc --- 6.39 Crown Castle Inc --- 5.41 CubeSmart --- 4.50 Public Storage --- 4.44 Welltower Inc --- 3.52 Essex Property Trust Inc --- 2.94 Data through 2024-09-30

Principal Risks    Foreign Securities, Loss of Money, Not FDIC Insured, Nondiversification, Issuer, Market/Market Volatility, Equity Securities, Real Estate/REIT Sector Show Risk Definitions

Other Information Inception Date: 2002-11-06 Portfolio Manager(s) Samuel J. Wald   (2005-10-31) Samuel Wald joined Fidelity Investments in 1996, since then Mr. Wald has worked as a research analyst and portfolio manager. 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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