Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Fidelity VIP Energy 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 67 Equity Energy Funds Morningstar® Style Box™ What is this? As of 2025-03-31 Total Fund Assets ($ Mil) 412.15 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks capital appreciation. The fund primarily invests in common stocks. It normally invests at least 80% of assets in securities of companies principally engaged in the energy field including the conventional areas of oil, gas, electricity and coal, and newer sources of energy such as nuclear, geothermal, oil shale, and solar power. The fund invests in domestic and foreign issuers. 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: Equity Energy Equity energy portfolios invest primarily in equity securities of U.S. or non-U.S. companies who conduct business primarily in energy-related industries. This includes and is not limited to companies in alternative energy, coal, exploration, oil and gas services, pipelines, natural gas services, and refineries.

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 87.3 Non-U.S. Stocks 12.4 Bonds 0.0 Cash 0.3 Other 0.0 Data through 2025-03-31 Morningstar Equity Sectors % of Stocks Cyclical 0.14 Basic Materials 0.14 Consumer Cyclical 0.00 Financial Services 0.00 Real Estate 0.00 Sensitive 97.46 Communication Services 0.00 Energy 96.92 Industrials 0.54 Technology 0.00 Defensive 2.40 Consumer Defensive 0.00 Healthcare 0.00 Utilities 2.40 Data through 2025-03-31 Holding Status Total Number of Stock Holdings 34 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 65.33 Turnover % (as of 2024-12-31) 17.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets Exxon Mobil Corp 13.47 26.15 Chevron Corp 14.00 6.10 Energy Transfer LP 12.92 4.86 Cheniere Energy Inc 16.28 4.86 Schlumberger Ltd 11.27 4.39 Cenovus Energy Inc --- 4.26 Canadian Natural Resources Ltd --- 4.26 Marathon Petroleum Corp 13.63 3.93 Valero Energy Corp 39.62 3.29 Hess Corp 17.90 3.23 Data through 2025-03-31

Principal Risks    Foreign Securities, Loss of Money, Not FDIC Insured, Nondiversification, Issuer, Market/Market Volatility, Equity Securities, Industry and Sector Investing Show Risk Definitions

Other Information Inception Date: 2001-07-19 Portfolio Manager(s) Maurice FitzMaurice   (2020-01-01) Since joining Fidelity Investments in 1998, Mr. Fitzmaurice has worked as research analyst and portfolio manager. Kristen Dougherty   (2024-11-11) Co-Portfolio Manager of Fidelity Advisor® Energy Portfolio, which she has managed since 2024. She also manages other funds. Since joining Fidelity Investments in 2012, Ms. Dougherty 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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