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Variable Insurance Products Fund – ‘497’ on 3/1/24

On:  Friday, 3/1/24, at 9:07am ET   ·   Effective:  3/1/24   ·   Accession #:  1193125-24-54670   ·   File #:  2-75010

Previous ‘497’:  ‘497’ on 11/9/23   ·   Latest ‘497’:  This Filing

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/01/24  Variable Insurance Products Fund  497         3/01/24   12:2.3M                                   Donnelley … Solutions/FA
          → Equity-Income Portfolio ⇒ Initial Class — Investor Class — Service Class — Service Class 2
          → Floating Rate High Income Portfolio ⇒ Initial Class — Investor Class
          → Growth Portfolio ⇒ Initial Class — Investor Class — Service Class — Service Class 2 (QVG2Q)
          → High Income Portfolio ⇒ Initial Class — Investor Class — Service Class — Service Class 2 (QHI2Q)
          → Overseas Portfolio ⇒ Initial Class — Investor Class — Service Class — Service Class 2 (QVO2Q)
          → Stock Selector All Cap Portfolio ⇒ Initial Class — Investor Class — Service Class — Service Class 2
          → Value Portfolio ⇒ Initial Class — Investor Class — Service Class — Service Class 2

Definitive Material   —   Rule 497   —   ICA’40

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 497         Variable Insurance Products Fund                    HTML    579K 
 7: R1          Document and Entity Information                     HTML     24K 
 8: R2          Risk/Return Detail Data- VARIABLE INSURANCE         HTML    550K 
                PRODUCTS FUND                                                    
 9: XML         IDEA XML File -- Filing Summary                      XML     14K 
12: XML         XBRL Instance -- d714129d497_htm                     XML    712K 
 3: EX-101.CAL  XBRL Calculations -- fas-20240301_cal                XML     17K 
 4: EX-101.DEF  XBRL Definitions -- fas-20240301_def                 XML    253K 
 5: EX-101.LAB  XBRL Labels -- fas-20240301_lab                      XML    489K 
 6: EX-101.PRE  XBRL Presentations -- fas-20240301_pre               XML    244K 
 2: EX-101.SCH  XBRL Schema -- fas-20240301                          XSD     35K 
10: JSON        XBRL Instance as JSON Data -- MetaLinks              114±   233K 
11: ZIP         XBRL Zipped Folder -- 0001193125-24-054670-xbrl      Zip     90K

‘497’   —   Variable Insurance Products Fund

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 iX: 
  VARIABLE INSURANCE PRODUCTS FUND  

 i  i 
Supplement to the
 / 
Fidelity® Variable Insurance Products
Equity-Income Portfolio
Initial Class, Service Class, and Service Class 2
 i April 29, 2023
Prospectus
Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.
The following information replaces similar information found in the “Fund Summary” section under the “Fee Table” heading.
 i 
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
   
Initial
Class
       
Service
Class
       
Service
Class 2
    
Management fee
     i 0.47%A,B         i 0.47%A,B         i 0.47%A,B,  
Distribution and/or Service (12b‑1) fees
    i None       i 0.10%       i 0.25%  
Other expenses
     i 0.00%B       i 0.00%B       i 0.00%B  
 
 
Total annual operating expenses
     i 0.47%       i 0.57%       i 0.72%  
A The management fee covers administrative services previously provided under separate services agreements with the fund, for which 0.08% for Initial Class, 0.08% for Service Class, and 0.08 for Service Class 2 was previously charged under the services agreements.
B  i Adjusted to reflect current fees.
 
     Initial Class    Service Class    Service Class 2
1 year
    $  i 48    $  i 58    $  i 74
3 years
    $  i 151    $  i 183    $  i 230
5 years
    $  i 263    $  i 318    $  i 401
10 years
    $  i 591    $  i 714    $  i 894
The following information replaces similar information found in the “Fund Management” section under the “Advisory Fee(s)” heading.
Each class of the fund pays a management fee to the Adviser.
The management fee is calculated and paid to the 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 each class of shares of the fund offered through this prospectus is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate (if applicable) or (2) 0.47% for Initial Class, 0.47% for Service Class, and 0.47% for Service Class 2. 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.
 
 
 
 
VIPEI‑PSTK‑0324‑100
1.9911378.100
    March 1, 2024
 i 
Supplement to the
Fidelity® Variable Insurance Products
Equity-Income Portfolio
Investor Class
April 29, 2023
Prospectus
Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.
The following information replaces similar information found in the “Fund Summary” section under the “Fee Table” heading.
 i 
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
Management fee
       i 0.55%A,B  
Distribution and/or Service (12b‑1) fees
       i None  
Other expenses
       i 0.00%B  
    
 
  
Total annual operating expenses
       i 0.55%  
A The management fee covers administrative services previously provided under separate services agreements with the fund, for which 0.16% was previously charged under the services agreements.
B  i Adjusted to reflect current fees.
 
1 year
      $  i 56  
3 years
      $  i 176  
5 years
      $  i 307  
10 years
      $  i 689  
The following information replaces similar information found in the “Fund Management” section under the “Advisory Fee(s)” heading.
Each class of the fund pays a management fee to the Adviser.
The management fee is calculated and paid to the 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 the class of shares of the fund offered through this prospectus is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate (if applicable) or (2) 0.55%. 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.
 
 
 
 
VIPEI‑INV‑PSTK‑0324‑105    March 1, 2024
1.918636.105   
 i 
Supplement to the
Fidelity® Variable Insurance Products
Floating Rate High Income Portfolio
Initial Class
April 29, 2023
As Revised November 8, 2023
Prospectus
Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.
The following information replaces similar information found in the “Fund Summary” section under the “Fee Table” heading.
 i 
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
Management fee
       i 0.63%A,B  
Distribution and/or Service (12b‑1) fees
       i None  
Other expenses
       i 0.06%B  
Acquired fund fees and expenses
       i 0.06%C  
    
 
  
Total annual operating expenses
       i 0.75%C  
A The management fee covers administrative services previously provided under separate services agreements with the fund, for which 0.12% was previously charged under the services agreements.
B  i Adjusted to reflect current fees.
C Includes interest expense of certain underlying Fidelity® funds. Excluding interest expense of the applicable underlying Fidelity funds, Total annual operating expenses after fee waiver and/or expense reimbursements are 0.69%.
 
1 year
    $  i 77  
3 years
    $  i 240
5 years
    $  i 417
10 years
    $  i 930
The following information replaces similar information found in the “Fund Management” section under the “Advisory Fee(s)” heading.
Each class of the fund pays a management fee to the Adviser.
The management fee is calculated and paid to the 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 the class of shares of the fund offered through this prospectus is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate (if applicable) or (2) 0.63%. 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.
 
 
VIPFHI‑PSTK‑0324‑101
1.9906318.101
    March 1, 2024   
 i 
Supplement to the
Fidelity® Variable Insurance Products
Floating Rate High Income Portfolio
Investor Class
April 29, 2023
As Revised November 8, 2023
Prospectus
Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.
The following information replaces similar information found in the “Fund Summary” section under the “Fee Table” heading.
 i 
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
Management fee
       i 0.67%A,B  
Distribution and/or Service (12b‑1) fees
       i None  
Other expenses
       i 0.06%B  
Acquired fund fees and expenses
       i 0.06%C  
    
 
  
Total annual operating expenses
       i 0.79%C  
A The management fee covers administrative services previously provided under separate services agreements with the fund, for which 0.15% was previously charged under the services agreements.
B  i Adjusted to reflect current fees.
C Includes interest expense of certain underlying Fidelity® funds. Excluding interest expense of the applicable underlying Fidelity funds, Total annual operating expenses after fee waiver and/or expense reimbursements are 0.73%.
 
1 year
      $  i 81  
3 years
      $  i 252  
5 years
      $  i 439  
10 years
      $  i 978  
The following information replaces similar information found in the “Fund Management” section under the “Advisory Fee(s)” heading.
Each class of the fund pays a management fee to the Adviser.
The management fee is calculated and paid to the 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 the class of shares of the fund offered through this prospectus is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate (if applicable) or (2) 0.67%. 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.
 
VIPFHI‑INV‑PSTK‑0324‑101
1.9906323.101
    March 1, 2024   
 i 
Supplement to the
Fidelity® Variable Insurance Products
Growth Portfolio
Initial Class, Service Class, and Service Class 2
April 29, 2023
Prospectus
Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.
The following information replaces similar information found in the “Fund Summary” section under the “Fee Table” heading.
 i 
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
    Initial
Class		         
Service
Class
       
Service
Class 2
     
Management fee
    i 0.57%A,B         i 0.57%A,B       i 0.57%A,B   
Distribution and/or Service (12b‑1) fees
    i None           i 0.10%         i 0.25%   
Other expenses
    i 0.01%B         i 0.01%B       i 0.01%B   
 
 
Total annual operating expenses
    i 0.58%         i 0.68%       i 0.83%   
A The management fee covers administrative services previously provided under separate services agreements with the fund, for which 0.08% for Initial Class, 0.08% for Service Class, and 0.08% for Service Class 2 was previously charged under the services agreements.
B  i Adjusted to reflect current fees.
 
     Initial Class    Service Class    Service Class 2
1 year
    $  i 59    $  i 69    $  i 85
3 years
    $  i 186    $  i 218    $  i 265
5 years
    $  i 324    $  i 379    $  i 460
10 years
    $  i 726    $  i 847    $  i 1,025
The following information replaces similar information found in the “Fund Management” section under the “Advisory Fee(s)” heading.
Each class of the fund pays a management fee to the Adviser.
The management fee is calculated and paid to the 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 each class of shares of the fund offered through this prospectus is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate (if applicable) or (2) 0.57% for Initial Class, 0.57% for Service Class, and 0.57% for Service Class 2. 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.
 
 
 
 
VGRO‑PSTK‑0324‑110
1.797990.110
    March 1, 2024   
 i 
Supplement to the
Fidelity® Variable Insurance Products
Growth Portfolio
Investor Class
April 29, 2023
Prospectus
Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.
The following information replaces similar information found in the “Fund Summary” section under the “Fee Table” heading.
 i 
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
Management fee
       i 0.64%A,B  
Distribution and/or Service (12b‑1) fees
       i None  
Other expenses
       i 0.01%B  
    
 
  
Total annual operating expenses
       i 0.65%  
A The management fee covers administrative services previously provided under separate services agreements with the fund, for which 0.15% was previously charged under the services agreements.
B  i Adjusted to reflect current fees.
 
1 year
      $  i 66  
3 years
      $  i 208  
5 years
      $  i 362  
10 years
      $  i 810  
The following information replaces similar information found in the “Fund Management” section under the “Advisory Fee(s)” heading.
Each class of the fund pays a management fee to the Adviser.
The management fee is calculated and paid to the 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 the class of shares of the fund offered through this prospectus is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate (if applicable) or (2) 0.64%. 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.
 
VIPGRWT‑INV‑PSTK‑0324‑104
1.918646.104
    March 1, 2024   
 i 
Supplement to the
Fidelity® Variable Insurance Products
High Income Portfolio
Initial Class, Service Class, and Service Class 2
April 29, 2023
As Revised November 8, 2023
Prospectus
Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.
The following information replaces similar information found in the “Fund Summary” section under the “Fee Table” heading.
 i 
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
     Initial Class   Service Class   Service Class 2      
Management fee
     i 0.63%AB    i 0.63%AB    i 0.63%AB  
Distribution and/or Service (12b‑1) fees
     i None    i 0.10%    i 0.25%        
Other expenses
     i 0.02%B    i 0.02%B    i 0.02%B  
Acquired fund fees and expenses
     i 0.12%C    i 0.12%C    i 0.12%C  
  
 
  
Total annual operating expenses
     i 0.77%C    i 0.87%C    i 1.02%C  
A The management fee covers administrative services previously provided under separate services agreements with the fund, for which 0.11% for Initial Class, 0.11% for Service Class, and 0.11% for Service Class 2 was previously charged under the services agreements.
B  i Adjusted to reflect current fees.
C Includes interest expense of certain underlying Fidelity® funds. Excluding interest expense of the applicable underlying Fidelity funds, Total annual operating expenses are 0.66%, 0.76%, and 0.91% for Initial Class, Service Class, and Service Class 2, respectively.
 
     Initial Class    Service Class    Service Class 2
1 year
    $  i 79    $  i 89    $  i 104
3 years
    $  i 246    $  i 278    $  i 325
5 years
    $  i 428    $  i 482    $  i 563
10 years
    $  i 954    $  i 1,073    $  i 1,248
The following information replaces similar information found in the “Fund Management” section under the “Advisory Fee(s)” heading.
Each class of the fund pays a management fee to the Adviser.
The management fee is calculated and paid to the 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 each class of shares of the fund offered through this prospectus is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate (if applicable) or (2) 0.63% for Initial Class, 0.63% for Service Class, and 0.63% for Service Class 2. 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.
Effective January 1, 2024, the following information supplements information found in the “Fund Summary” section under the “Portfolio Manager(s)” heading.
Jared Beckerman (Co‑Portfolio Manager) has managed the fund since 2024.
Effective January 1, 2024, the following information supplements the biographical information found in the “Fund Management” section under the “Portfolio Manager(s)” heading.
Jared Beckerman is Co‑Portfolio Manager of VIP High Income Portfolio, which he has managed since 2024. He also manages other funds. Since joining Fidelity Investments in 2012, Mr. Beckerman has worked as a research analyst and portfolio manager.
 
 
 
VHI-PSTK-0324-111    March 1, 2024
1.797996.111   
 i 
Supplement to the
Fidelity® Variable Insurance Products
High Income Portfolio
Investor Class
April 29, 2023
As Revised November 8, 2023
Prospectus
Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.
The following information replaces similar information found in the “Fund Summary” section under the “Fee Table” heading.
 i 
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
Management fee
       i 0.67%A,B  
Distribution and/or Service (12b‑1) fees
       i None  
Other expenses
       i 0.02%B  
Acquired fund fees and expenses
       i 0.12%C  
    
 
  
Total annual operating expenses
       i 0.81%C  
A The management fee covers administrative services previously provided under separate services agreements with the fund, for which 0.14% was previously charged under the services agreements.
B  i Adjusted to reflect current fees.
C Includes interest expense of certain underlying Fidelity® funds. Excluding interest expense of the applicable underlying Fidelity funds, Total annual operating expenses after fee waiver and/or expense reimbursements are 0.70%.
 
1 year
      $  i 83  
3 years
      $  i 259  
5 years
      $  i 450  
10 years
      $  i 1,002  
The following information replaces similar information found in the “Fund Management” section under the “Advisory Fee(s)” heading.
Each class of the fund pays a management fee to the Adviser.
The management fee is calculated and paid to the 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 the class of shares of the fund offered through this prospectus is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate (if applicable) or (2) 0.67%. 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.
Effective January 1, 2024, the following information supplements information found in the “Fund Summary” section under the “Portfolio Manager(s)” heading.
Jared Beckerman (Co‑Portfolio Manager) has managed the fund since 2024.
Effective January 1, 2024, the following information supplements the biographical information found in the “Fund Management” section under the “Portfolio Manager(s)” heading.
Jared Beckerman is Co‑Portfolio Manager of VIP High Income Portfolio, which he has managed since 2024. He also manages other funds. Since joining Fidelity Investments in 2012, Mr. Beckerman has worked as a research analyst and portfolio manager.
 
 
 
 
 
VIPHI‑INV‑PSTK‑0324‑108    March 1, 2024
1.918649.108   
 i 
Supplement to the
Fidelity® Variable Insurance Products
Overseas Portfolio
Initial Class, Service Class, and Service Class 2
April 29, 2023
Prospectus
Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.
The following information replaces similar information found in the “Fund Summary” section under the “Fee Table” heading.
 i 
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
   
Initial
Class
  
 
   
Service
Class
  
 
   
Service
Class 2
    
Management fee
     i 0.72%A,B       i 0.72%A,B       i 0.72%A,B  
Distribution and/or Service (12b‑1) fees
    i None       i 0.10%       i 0.25%  
Other expenses
     i 0.01%B       i 0.01%B       i 0.01%B  
 
 
Total annual operating expenses
     i 0.73%       i 0.83%       i 0.98%  
A The management fee covers administrative services previously provided under separate services agreements with the fund, for which 0.11% for Initial Class, 0.11% for Service Class, and 0.11% for Service Class 2 was previously charged under the services agreements.
B  i Adjusted to reflect current fees.
 
     Initial Class    Service Class    Service Class 2
1 year
    $  i 75    $  i 85    $  i 100
3 years
    $  i 233    $  i 265    $  i 312
5 years
    $  i 406    $  i 460    $  i 542
10 years
    $  i 906    $  i 1,025    $  i 1,201
The following information replaces similar information found in the “Fund Management” section under the “Advisory Fee(s)” heading.
Each class of the fund pays a management fee to the Adviser.
The management fee is calculated and paid to the 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 each class of shares of the fund offered through this prospectus is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate (if applicable) or (2) 0.72% for Initial Class, 0.72% for Service Class, and 0.72% for Service Class 2. 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.
 
 
 
 
VOVS‑PSTK‑0324‑109
1.798006.109
    March 1, 2024
 i 
Supplement to the
Fidelity® Variable Insurance Products
Overseas Portfolio
Investor Class
April 29, 2023
Prospectus
Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.
The following information replaces similar information found in the “Fund Summary” section under the “Fee Table” heading.
 i 
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
Management fee
       i 0.80%A,B  
Distribution and/or Service (12b‑1) fees
       i None  
Other expenses
       i 0.02%B  
    
 
  
Total annual operating expenses
       i 0.82%  
A The management fee covers administrative services previously provided under separate services agreements with the fund, for which 0.18% was previously charged under the services agreements.
B  i Adjusted to reflect current fees.
 
1 year
      $  i 84  
3 years
      $  i 262  
5 years
      $  i 455  
10 years
      $  i 1,014  
The following information replaces similar information found in the “Fund Management” section under the “Advisory Fee(s)” heading.
Each class of the fund pays a management fee to the Adviser.
The management fee is calculated and paid to the 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 the class of shares of the fund offered through this prospectus is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate (if applicable) or (2) 0.80%. 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.
 
 
 
 
 
 
VIPOVRSR‑INV‑PSTK‑0324‑106
1.966447.106
   March 1, 2024  
 i 
Supplement to the
Fidelity® Variable Insurance Products
Stock Selector All Cap Portfolio
Initial Class, Service Class, and Service Class 2
April 29, 2023
Prospectus
Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.
The following information replaces similar information found in the “Fund Summary” section under the “Fee Table” heading.
 i 
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
   
Initial
Class
         
Service
Class
       
Service
Class 2
     
Management fee (fluctuates based on the fund’s performance relative to a securities market index)
    i 0.56%A,B           i 0.56%A,B       i 0.56%A,B   
Distribution and/or Service (12b‑1) fees
    i None         i 0.10%       i 0.25%   
Other expenses
    i 0.01%B         i 0.01%B       i 0.01%B   
 
 
Total annual operating expenses
    i 0.57%         i 0.67%       i 0.82%   
A The management fee comprises a basic fee, which may vary by class, that is adjusted up or down (subject to a maximum rate) based on the performance of the fund or a designated class of the fund relative to that of the MSCI U.S. Investable Market 2500 Index. The basic fee covers administrative services previously provided under separate services agreements with the fund, for which 0.08% for Initial Class, 0.08% for Service Class, and 0.08% for Service Class 2 was previously charged under the services agreements. Please see “Fund Services - Fund Management - Advisory Fee(s)” for additional information.
B  i Adjusted to reflect current fees.
 
     Initial Class    Service Class    Service Class 2
1 year
    $  i 58    $  i 68    $  i 84
3 years
    $  i 183    $  i 214    $  i 262
5 years
    $  i 318    $  i 373    $  i 455
10 years
    $  i 714    $  i 835    $  i 1,014
The following information replaces similar information found in the “Fund Management” section under the “Advisory Fee(s)” heading.
Each class of the fund pays a management fee to the Adviser.
The management fee is calculated and paid to the Adviser every month.
The management fee is determined by calculating a basic fee and then applying a performance adjustment.
When determining a class’s basic 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 basic fee rate for each class of shares of the fund offered through this prospectus is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate (if applicable) or (2) 0.58% for Initial Class, 0.58% for Service Class, and 0.58% for Service Class 2. One‑twelfth of the basic 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 basic fee for the class for that month.
The performance adjustment rate is calculated monthly by comparing over the performance period the fund’s performance to that of the performance adjustment index listed below.
 
Fund    Performance Adjustment Index
VIP Stock Selector All Cap Portfolio
    MSCI U.S. Investable Market 2500 Index
For the purposes of calculating the performance adjustment for the fund, the fund’s investment performance will be based on the performance of Investor Class, a class of shares of the fund that is not offered through this prospectus.
To the extent that other classes of VIP Stock Selector All Cap Portfolio have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class’s own performance were considered.
The performance period began on November 1, 2021, and will eventually include 36 months. The performance adjustment took effect on October 1, 2022.
The maximum annualized performance adjustment rate is ±0.20% of the fund’s average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the fund’s average net assets over the performance period, and the resulting dollar amount is then proportionately added to or subtracted from a class’s basic fee.
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.
 
 
 
VSASS2-PSTK-0324-103
1.9905430.103
    March 1, 2024
 i 
Supplement to the
Fidelity® Variable Insurance Products
Stock Selector All Cap Portfolio
Investor Class
April 29, 2023
Prospectus
Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.
The following information replaces similar information found in the “Fund Summary” section under the “Fee Table” heading.
 i 
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
Management fee (fluctuates based on the fund’s performance relative to a securities market index)
       i 0.63%A,B  
Distribution and/or Service (12b‑1) fees
       i None  
Other expenses
       i 0.01%B  
    
 
  
Total annual operating expenses
       i 0.64%  
A The management fee comprises a basic fee, which may vary by class, that is adjusted up or down (subject to a maximum rate) based on the performance of the fund or a designated class of the fund relative to that of the MSCI U.S. Investable Market 2500 Index. The basic fee covers administrative services previously provided under separate services agreements with the fund, for which 0.16% was previously charged under the services agreements. Please see “Fund Services - Fund Management - Advisory Fee(s)” for additional information.
B  i Adjusted to reflect current fees.
 
1 year
      $  i 65  
3 years
      $  i 205  
5 years
      $  i 357  
10 years
      $  i 798  
The following information replaces similar information found in the “Fund Management” section under the “Advisory Fee(s)” heading.
Each class of the fund pays a management fee to the Adviser.
The management fee is calculated and paid to the Adviser every month.
The management fee is determined by calculating a basic fee and then applying a performance adjustment.
When determining a class’s basic 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 basic fee rate for the class of shares of the fund offered through this prospectus is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate (if applicable) or (2) 0.65%. One‑twelfth of the basic 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 basic fee for the class for that month.
The performance adjustment rate is calculated monthly by comparing over the performance period the fund’s performance to that of the performance adjustment index listed below.
 
Fund    Performance Adjustment Index
VIP Stock Selector All Cap Portfolio
    MSCI U.S. Investable Market 2500 Index
For the purposes of calculating the performance adjustment for the fund, the fund’s investment performance will be based on the performance of the class of shares of the fund offered through this prospectus.
To the extent that other classes of VIP Stock Selector All Cap Portfolio have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class’s own performance were considered.
The performance period began on November 1, 2021, and will eventually include 36 months. The performance adjustment took effect on October 1, 2022.
The maximum annualized performance adjustment rate is ±0.20% of the fund’s average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the fund’s average net assets over the performance period, and the resulting dollar amount is then proportionately added to or subtracted from a class’s basic fee.
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.
 
 
 
 
VSACI‑PSTK‑0324‑103
1.9905431.103
    March 1, 2024
 i 
Supplement to the
Fidelity® Variable Insurance Products
Value Portfolio
Initial Class, Service Class, and Service Class 2
April 29, 2023
Prospectus
Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.
The following information replaces similar information found in the “Fund Summary” section under the “Fee Table” heading.
 i 
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
    
Initial
Class
  
Service
Class
  
Service
Class 2
    
Management fee
     i 0.58%A,B    i 0.58%A,B    i 0.58%A,B  
Distribution and/or Service (12b‑1) fees
     i None    i 0.10%    i 0.25%  
Other expenses
     i 0.02%B    i 0.02%B    i 0.02%B  
  
 
Total annual operating expenses
     i 0.60%    i 0.70%    i 0.85%  
A The management fee covers administrative services previously provided under separate services agreements with the fund, for which 0.10% for Initial Class, 0.10% for Service Class, and 0.10% for Service Class 2 was previously charged under the services agreements.
B  i Adjusted to reflect current fees.
 
     Initial Class    Service Class    Service Class 2
1 year
    $  i 61    $  i 72    $  i 87
3 years
    $  i 192    $  i 224    $  i 271
5 years
    $  i 335    $  i 390    $  i 471
10 years
    $  i 750    $  i 871    $  i 1,049
The following information replaces similar information found in the “Fund Management” section under the “Advisory Fee(s)” heading.
Each class of the fund pays a management fee to the Adviser.
The management fee is calculated and paid to the 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 each class of shares of the fund offered through this prospectus is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate (if applicable) or (2) 0.58% for Initial Class, 0.58% for Service Class, and 0.58% for Service Class 2. 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.
 
 
 
 
 
VVAL‑PSTK‑0324‑110
1.798008.110
    March 1, 2024   
 i 
Supplement to the
Fidelity® Variable Insurance Products
Value Portfolio
Investor Class
April 29, 2023
Prospectus
Effective March 1, 2024, the fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. The amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class’s management fee.
The following information replaces similar information found in the “Fund Summary” section under the “Fee Table” heading.
 i 
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
 
Management fee
       i 0.66%A,B  
Distribution and/or Service (12b‑1) fees
       i None  
Other expenses
       i 0.02%B  
    
 
  
Total annual operating expenses
       i 0.68%  
A The management fee covers administrative services previously provided under separate services agreements with the fund, for which 0.17% was previously charged under the services agreements.
B  i Adjusted to reflect current fees.
 
1 year
      $  i 69  
3 years
      $  i 218  
5 years
      $  i 379  
10 years
      $  i 847  
The following information replaces similar information found in the “Fund Management” section under the “Advisory Fee(s)” heading.
Each class of the fund pays a management fee to the Adviser.
The management fee is calculated and paid to the 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 the class of shares of the fund offered through this prospectus is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate (if applicable) or (2) 0.66%. 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.
 
VIPVAL‑INV‑PSTK‑0324‑104    March 1, 2024
1.913322.104   

Supplement to the

Fidelity® Variable Insurance Products

Contrafund® Portfolio, Disciplined Small Cap Portfolio, Dynamic Capital Appreciation Portfolio, Emerging Markets Portfolio, Equity-Income Portfolio, Floating Rate High Income Portfolio, Growth & Income Portfolio, Growth Opportunities Portfolio, Growth Portfolio, High Income Portfolio, Index 500 Portfolio, International Capital Appreciation Portfolio, Mid Cap Portfolio, Overseas Portfolio, Stock Selector All Cap Portfolio, Value Portfolio and Value Strategies Portfolio

Initial Class, Service Class, and Service Class 2

April 29, 2023

STATEMENT OF ADDITIONAL INFORMATION

Effective March 1, 2024, Contrafund® Portfolio’s, Dynamic Capital Appreciation Portfolio’s, Emerging Markets Portfolio’s, Equity-Income Portfolio’s, Floating Rate High Income Portfolio’s, Growth & Income Portfolio’s, Growth Opportunities Portfolio’s, Growth Portfolio’s, High Income Portfolio’s, International Capital Appreciation Portfolio’s, Mid Cap Portfolio’s, Overseas Portfolio’s, Stock Selector All Cap Portfolio’s, Value Portfolio’s, and Value Strategies Portfolio’s management contracts were amended to incorporate administrative services previously covered under separate services agreements. Each amended contract incorporates either a management fee rate that may vary by class or a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating each fund out of each class’s management fee.

The following information replaces similar information for Contrafund® Portfolio, Dynamic Capital Appreciation Portfolio, Emerging Markets Portfolio, Equity-Income Portfolio, Floating Rate High Income Portfolio, Growth & Income Portfolio, Growth Opportunities Portfolio, Growth Portfolio, High Income Portfolio, International Capital Appreciation Portfolio, Mid Cap Portfolio, Overseas Portfolio, Stock Selector All Cap Portfolio, Value Portfolio, and Value Strategies Portfolio found in the “Management Contracts” section.

Management-Related Expenses (for all funds except VIP Disciplined Small Cap Portfolio and VIP Index 500 Portfolio). In addition to the management fee payable to FMR, and the costs associated with securities lending, as applicable, a fund or each class thereof, as applicable, pays all of its expenses that are not assumed by those parties. A fund pays for the typesetting, printing, and mailing of its proxy materials to shareholders, legal expenses, and the fees of the custodian, auditor, and Independent Trustees. Other expenses paid by a fund include interest, taxes, brokerage commissions, fees and expenses associated with the fund’s securities lending program, if applicable, the fund’s proportionate share of insurance premiums and Investment Company Institute dues, and the costs of registering shares under federal securities laws and making necessary filings under state securities laws. A fund is also liable for such non-recurring expenses as may arise, including costs of any litigation to which the fund may be a party, and any obligation it may have to indemnify its officers and Trustees with respect to litigation. A fund also pays the costs related to the solicitation of fund proxies from variable product owners.

Management Fees.

For the services of FMR under each of VIP ContrafundSM Portfolio’s, VIP Dynamic Capital Appreciation Portfolio’s, VIP Emerging Markets Portfolio’s, VIP Equity-Income PortfolioSM ’s, VIP Floating Rate High Income Portfolio’s, VIP Growth & Income Portfolio’s, VIP Growth Opportunities Portfolio’s, VIP Growth Portfolio’s, VIP High Income Portfolio’s, VIP International Capital Appreciation Portfolio’s, VIP Mid Cap Portfolio’s, VIP Overseas Portfolio’s, VIP Value Portfolio’s, and VIP Value Strategies Portfolio’s management contract, each class of each fund pays FMR a monthly management fee.

For the services of FMR under VIP Stock Selector All Cap Portfolio’s management contract, each class of the fund pays FMR a monthly management fee. The management fee has two components: (i) a basic fee and (ii) a performance adjustment.

For each fund, 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. This rate may vary by share class.

For VIP ContrafundSM Portfolio, VIP Dynamic Capital Appreciation Portfolio, VIP Growth Opportunities Portfolio, VIP Growth Portfolio, VIP Mid Cap Portfolio, VIP Stock Selector All Cap Portfolio, VIP Value Portfolio and VIP Value Strategies Portfolio, the mandate rate is calculated on a cumulative basis pursuant to the following schedule:

MANDATE RATE SCHEDULE

 

Average Designated

Asset Class Assets

   

Initial Class,
Service Class, and

Service Class 2

Annualized Rate

First $400 billion

     0.660%

Next $400 billion

     0.590%

Next $400 billion

     0.560%

Over $1,200 billion

     0.550%

For VIP Emerging Markets Portfolio, the mandate rate is calculated on a cumulative basis pursuant to the following schedule:

MANDATE RATE SCHEDULE

 

Average Designated

Asset Class Assets

   

Initial Class,
Service Class, and

Service Class 2

Annualized Rate

First $400 billion

     0.910%

Next $400 billion

     0.840%

Next $400 billion

     0.810%

Over $1,200 billion

     0.800%

For VIP Equity-Income PortfolioSM and VIP Growth & Income Portfolio, the mandate rate is calculated on a cumulative basis pursuant to the following schedule:

MANDATE RATE SCHEDULE

 

Average Designated

Asset Class Assets

   

Initial Class,
Service Class, and
Service Class 2

Annualized Rate

First $400 billion

     0.560%

Next $400 billion

     0.490%

Next $400 billion

     0.460%

Over $1,200 billion

     0.450%

For VIP Floating Rate High Income Portfolio and VIP High Income Portfolio, the mandate rate is calculated on a cumulative basis pursuant to the following schedule:

MANDATE RATE SCHEDULE

 

Average Designated

Asset Class Assets

   

Initial Class,
Service Class, and
Service Class 2

Annualized Rate

First $30 billion

     0.670%

Next $30 billion

     0.630%

Next $30 billion

     0.600%

Over $90 billion

     0.580%

For VIP International Capital Appreciation Portfolio and VIP Overseas Portfolio, the mandate rate is calculated on a cumulative basis pursuant to the following schedule:

MANDATE RATE SCHEDULE

 

Average Designated

Asset Class Assets

   

Initial Class,

Service Class, and
Service Class 2

Annualized Rate

First $400 billion

     0.810%

Next $400 billion

     0.740%

Next $400 billion

     0.710%

Over $1,200 billion

     0.700%

For each fund, a discount percentage is calculated based on the monthly average net assets of a broader group of funds advised by FMR representing multiple asset classes and the monthly average net assets of each fund. After determination of the applicable tier bound level in the following schedule, the discount percentage for each fund is calculated on a cumulative basis pursuant to the schedule. For each fund, the discount rate for a class is the class’s mandate rate multiplied by the discount percentage.

DISCOUNT PERCENTAGE SCHEDULE

 

 Average Group Assets

 Tier Bounds

     % Discount for Average Incremental Fund Assets  

Lower  

    Upper       First  

$1B

    Next $19B     Next $10B     Over $30B   

0

    <$1 trillion    0%    3.0%    5.0%    6.5%

1

    <1.5    0%    4.0%    6.0%    7.5%

1.5

    <1.9    0%    5.0%    7.0%    8.5%

1.9

    <2.2    0%    6.0%    8.0%    9.5%

2.2

    <2.5    0%    7.0%    9.0%    10.5%

2.5

    <2.8    0%    8.0%    10.0%    11.5%

2.8

    <3.1    0%    9.0%    11.0%    12.5%

3.1

    Above 3.1    0%    10.0%    12.0%    13.5%

For VIP ContrafundSM Portfolio, VIP Dynamic Capital Appreciation Portfolio, VIP Emerging Markets Portfolio, VIP Equity-Income PortfolioSM, VIP Floating Rate High Income Portfolio, VIP Growth & Income Portfolio, VIP Growth Opportunities Portfolio, VIP Growth Portfolio, VIP High Income Portfolio, VIP International Capital Appreciation Portfolio, VIP Mid Cap Portfolio, VIP Overseas Portfolio, VIP Value Portfolio, and VIP Value Strategies Portfolio, the annual management fee rate for each class of shares of each fund offered through this SAI is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate or (2) the amount set forth in the following table:

 

 Fund/Class  

 Maximum Management Fee

 Rate 

 VIP Contrafund

 PortfolioSM/Initial Class

    0.56%

 VIP Contrafund

 PortfolioSM/Service Class

    0.56%

 VIP Contrafund

 PortfoliosSM/Service Class 2

    0.56%

 Fund/Class  

 Maximum Management Fee

 Rate 

 VIP Dynamic Capital

 Appreciation

 Portfolio/Initial Class

    0.58%

 VIP Dynamic Capital  Appreciation

 Portfolio/Service Class

    0.58%

 VIP Dynamic Capital

 Appreciation

 Portfolio/Service Class 2

    0.58%

 VIP Emerging Markets

 Portfolio/Initial Class

    0.85%

 VIP Emerging Markets

 Portfolio/Service Class

    0.85%

 VIP Emerging Markets

 Portfolio/Service Class 2

    0.85%

 VIP Equity-Income

 PortfolioSM/Initial Class

    0.47%

 VIP Equity-Income

 PortfolioSM/Service Class

    0.47%

 VIP Equity-Income

 PortfolioSM/Service Class 2

    0.47%

 VIP Floating Rate High

 Income Portfolio/Initial

 Class

    0.63%

 VIP Growth & Income

 Portfolio/Initial Class

    0.48%

 VIP Growth & Income

 Portfolio/Service Class

    0.48%

 VIP Growth & Income

 Portfolio/Service Class 2

    0.48%

 VIP Growth Opportunities

 Portfolio/Initial Class

    0.58%

 VIP Growth Opportunities

 Portfolio/Service Class

    0.58%

 VIP Growth Opportunities

 Portfolio/Service Class 2

    0.58%

 VIP Growth

 Portfolio/Initial Class

    0.57%
 VIP Growth Portfolio/ Service Class    0.57%

 VIP Growth

 Portfolio/Service Class 2

    0.57%

 Fund/Class  

 Maximum Management Fee

 Rate 

 VIP High Income

 Portfolio/Initial Class

    0.63%

 VIP High Income

 Portfolio/Service Class

    0.63%

 VIP High Income

 Portfolio/Service Class 2

    0.63%

 VIP International Capital

 Appreciation Portfolio/Initial

 Class

    0.74%

 VIP International Capital

 Appreciation

 Portfolio/Service Class

    0.74%

 VIP International Capital

 Appreciation

 Portfolio/Service Class 2

    0.74%

 VIP Mid Cap

 Portfolio/Initial Class

    0.57%

 VIP Mid Cap

 Portfolio/Service Class

    0.57%

 VIP Mid Cap

 Portfolio/Service Class 2

    0.57%

 VIP Overseas

 Portfolio/Initial Class

    0.72%

 VIP Overseas

 Portfolio/Service Class

    0.72%

 VIP Overseas

 Portfolio/Service Class 2

    0.72%

 VIP Value

 Portfolio/Initial Class

    0.58%

 VIP Value

 Portfolio/Service Class

    0.58%

 VIP Value

 Portfolio/Service Class 2

    0.58%

 VIP Value Strategies

 Portfolio/Initial Class

    0.58%
 VIP Value Strategies  Portfolio/Service Class    0.58%

 VIP Value Strategies

 Portfolio/Service Class 2

    0.58%

One-twelfth of the management fee rate is applied to the class’s average net assets for the month, giving a dollar amount which is the management fee for the class for that month.

For VIP Stock Selector All Cap Portfolio, the annual basic fee rate for each class of shares of the fund offered through this SAI is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate or (2) the amount set forth in the following table:

 

 Fund/Class   

 Maximum Basic Fee

 Rate 

 VIP Stock Selector All

 Cap Portfolio/Initial Class

    0.58%

 VIP Stock Selector All

 Cap Portfolio/Service Class

    0.58%

 VIP Stock Selector All

 Cap Portfolio/Service

 Class 2

    0.58%

One-twelfth of the basic fee rate is applied to the class’s average net assets for the month, giving a dollar amount which is the basic fee for the class for that month.

Computing the Performance Adjustment. The basic fee for the following fund is subject to upward or downward adjustment, depending upon whether, and to what extent, the fund’s investment performance for the performance period exceeds, or is exceeded by, the record of the designated index over the same period. The performance period commenced with the first day of the first full month following the commencement of operations of the Investor Class, a class of shares of the fund not offered through this SAI. During the first twelve months of the performance period for the Investor Class, there will be no performance adjustment. The performance period consists of the most recent month plus the previous 35 months. The performance comparison is made at the end of each month.

 

Fund    Performance Adjustment Index

VIP Stock Selector All Cap Portfolio(A)

    MSCI U.S. Investable Market 2500 Index

 

(A) The performance period for the fund commenced on November 1, 2021. Each month subsequent to the twelfth month, a new month is added to the performance period until the performance period includes 36 months. Thereafter, the performance period consists of the most recent month plus the previous 35 months.

If the Trustees determine that another index is appropriate for VIP Stock Selector All Cap Portfolio, they may designate a successor index to be substituted, when permitted by applicable law.

For the purposes of calculating the performance adjustment for VIP Stock Selector All Cap Portfolio, the fund’s investment performance will be based on the performance of Investor Class, a class of shares of the fund not offered through this SAI. To the extent that other classes of VIP Stock Selector All Cap Portfolio have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class’s own performance were considered.

For VIP Stock Selector All Cap Portfolio, each percentage point of difference, calculated to the nearest 0.01% (up to a maximum difference of ±10.00), is multiplied by a performance adjustment rate of 0.02%. The maximum annualized performance adjustment rate is ±0.20% of a fund’s average net assets over the performance period.

One twelfth (1/12) of this rate is then applied to the fund’s average net assets over the performance period, giving a dollar amount which will be proportionately added to (or subtracted from) a class’s basic fee.

The performance of a fund or class, as applicable, is calculated based on change in NAV. For purposes of calculating the performance adjustment, any dividends or capital gain distributions paid by the fund or class are treated as if reinvested in that fund’s or class’s shares at the NAV as of the record date for payment.

The record of an index is based on change in value and is adjusted for any cash distributions from the companies whose securities compose the index. Because the adjustment to the basic fee is based on a fund’s performance compared to the investment record of the index, the controlling factor is not whether the fund’s

performance is up or down per se, but whether it is up or down more or less than the record of the designated performance adjustment index. Moreover, the comparative investment performance of the fund is based solely on the relevant performance period without regard to the cumulative performance over a longer or shorter period of time.

A different management fee rate may be applicable to each class of a 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 a fund’s assets, which do not vary by class.

The following information replaces similar information for Contrafund® Portfolio, Dynamic Capital Appreciation Portfolio, Emerging Markets Portfolio, Equity-Income Portfolio, Floating Rate High Income Portfolio, Growth & Income Portfolio, Growth Opportunities Portfolio, Growth Portfolio, High Income Portfolio, International Capital Appreciation Portfolio, Mid Cap Portfolio, Overseas Portfolio, Stock Selector All Cap Portfolio, Value Portfolio, and Value Strategies Portfolio found in the “Transfer and Service Agent Agreements” section.

TRANSFER AND SERVICE AGENT SERVICES

Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of FMR, which is located at 245 Summer Street, Boston, Massachusetts 02210 (or an agent, including an affiliate), performs transfer agency services under the terms of each fund’s management contract.

Prior to March 1, 2024, VIP ContrafundSM Portfolio, VIP Dynamic Capital Appreciation Portfolio, VIP Emerging Markets Portfolio, VIP Equity-Income PortfolioSM, VIP Floating Rate High Income Portfolio, VIP Growth & Income Portfolio, VIP Growth Opportunities Portfolio, VIP Growth Portfolio, VIP High Income Portfolio, VIP International Capital Appreciation Portfolio, VIP Mid Cap Portfolio, VIP Overseas Portfolio, VIP Stock Selector All Cap Portfolio, VIP Value Portfolio, and VIP Value Strategies Portfolio or class, as applicable, bore the cost of transfer agency services under a separate agreement covering such services.

FIIOC may collect fees charged in connection with providing certain types of services such as exchanges, closing out fund balances, checkwriting, wire transactions, and providing historical account research, as applicable.

FIIOC bears the expense of typesetting, printing, and mailing prospectuses, statements of additional information, and all other reports, notices, and statements to existing shareholders (including variable product owners), with the exception of proxy statements.

FIIOC or an affiliate may make payments out of its own resources to intermediaries (including affiliates of FIIOC) for transfer agency and related recordkeeping services with respect to variable product owners’ accounts.

Fidelity Service Company, Inc. (FSC), an affiliate of FMR (or an agent, including an affiliate), calculates the NAV and dividends for shares, maintains each fund’s portfolio and general accounting records, and administers each fund’s securities lending program under the terms of each fund’s management contract.

Prior to March 1, 2024, VIP ContrafundSM Portfolio, VIP Dynamic Capital Appreciation Portfolio, VIP Emerging Markets Portfolio, VIP Equity-Income PortfolioSM, VIP Floating Rate High Income Portfolio, VIP Growth & Income Portfolio, VIP Growth Opportunities Portfolio, VIP Growth Portfolio, VIP High Income Portfolio, VIP International Capital Appreciation Portfolio, VIP Mid Cap Portfolio, VIP Overseas Portfolio, VIP Stock Selector All Cap Portfolio, VIP Value Portfolio, and VIP Value Strategies Portfolio bore the cost of pricing and bookkeeping services under a separate agreement covering such services.

Effective March 1, 2024, Contrafund® Portfolio’s, Dynamic Capital Appreciation Portfolio’s, Emerging Markets Portfolio’s, Equity-Income Portfolio’s, Floating Rate High Income Portfolio’s, Growth & Income Portfolio’s, Growth Opportunities Portfolio’s, Growth Portfolio’s, High Income Portfolio’s, International Capital Appreciation Portfolio’s, Mid Cap Portfolio’s, Overseas Portfolio’s, Stock Selector All Cap Portfolio’s, Value Portfolio’s, and Value Strategies Portfolio’s sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended. The following information supplements similar information found in the “Management Contracts” section.

Under the terms of the sub-advisory agreements, FMR pays each sub-adviser monthly fees equal to 110% of the sub-adviser’s costs for providing sub-advisory services.

Effective March 1, 2024, Emerging Markets Portfolio’s, International Capital Appreciation Portfolio’s, and Overseas Portfolio’s sub-advisory agreements with FIL Investment Advisors (FIA) were amended. The following information replaces similar information found in the “Management Contracts” section.

FMR, and not the fund, pays FIA. Under the terms of each sub-advisory agreement, FMR pays FIA monthly fees at an annual rate of 0.50% for VIP Emerging Markets Portfolio and 0.44% for each of VIP International Capital Appreciation Portfolio and VIP Overseas Portfolio with respect to the average daily net assets of the fund managed by FIA. FIA in turn pays FIA(UK).

 

 

 

 

 

VIPIS2-SSTK-0324-200   
1.483795.200    March 1, 2024

Supplement to the

Fidelity® Variable Insurance Products

Contrafund® Portfolio, Disciplined Small Cap Portfolio, Dynamic Capital Appreciation Portfolio, Equity-Income Portfolio, Floating Rate High Income Portfolio, Growth & Income Portfolio, Growth Opportunities Portfolio, Growth Portfolio, High Income Portfolio,

Mid Cap Portfolio, Stock Selector All Cap Portfolio, Value Portfolio and Value Strategies Portfolio

Investor Class

April 29, 2023

STATEMENT OF ADDITIONAL INFORMATION

Effective March 1, 2024, Contrafund® Portfolio’s, Dynamic Capital Appreciation Portfolio’s, Equity-Income Portfolio’s, Floating Rate High Income Portfolio’s, Growth & Income Portfolio’s, Growth Opportunities Portfolio’s, Growth Portfolio’s, High Income Portfolio’s, Mid Cap Portfolio’s, Stock Selector All Cap Portfolio’s, Value Portfolio’s, and Value Strategies Portfolio’s management contracts were amended to incorporate administrative services previously covered under separate services agreements. Each amended contract incorporates either a management fee rate that may vary by class or a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating each fund out of each class’s management fee.

The following information replaces similar information for Contrafund® Portfolio, Dynamic Capital Appreciation Portfolio, Equity-Income Portfolio, Floating Rate High Income Portfolio, Growth & Income Portfolio, Growth Opportunities Portfolio, Growth Portfolio, High Income Portfolio, Mid Cap Portfolio, Stock Selector All Cap Portfolio, Value Portfolio, and Value Strategies Portfolio found in the “Management Contracts” section.

Management-Related Expenses (for all funds except VIP Disciplined Small Cap Portfolio). In addition to the management fee payable to FMR, and the costs associated with securities lending, as applicable, a fund or each class thereof, as applicable, pays all of its expenses that are not assumed by those parties. A fund pays for the typesetting, printing, and mailing of its proxy materials to shareholders, legal expenses, and the fees of the custodian, auditor, and Independent Trustees. Other expenses paid by a fund include interest, taxes, brokerage commissions, fees and expenses associated with the fund’s securities lending program, if applicable, the fund’s proportionate share of insurance premiums and Investment Company Institute dues, and the costs of registering shares under federal securities laws and making necessary filings under state securities laws. A fund is also liable for such non-recurring expenses as may arise, including costs of any litigation to which the fund may be a party, and any obligation it may have to indemnify its officers and Trustees with respect to litigation. A fund also pays the costs related to the solicitation of fund proxies from variable product owners.

Management Fees.

For the services of FMR under each of VIP ContrafundSM Portfolio’s, VIP Dynamic Capital Appreciation Portfolio’s, VIP Equity-Income PortfolioSM’s, VIP Floating Rate High Income Portfolio’s, VIP Growth & Income Portfolio’s, VIP Growth Opportunities Portfolio’s, VIP Growth Portfolio’s, VIP High Income Portfolio’s, VIP Mid Cap Portfolio’s, VIP Value Portfolio’s, and VIP Value Strategies Portfolio’s management contract, each class of each fund pays FMR a monthly management fee.

For the services of FMR under VIP Stock Selector All Cap Portfolio’s management contract, each class of the fund pays FMR a monthly management fee. The management fee has two components: (i) a basic fee and (ii) a performance adjustment.

For each fund, 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. This rate may vary by share class.

For VIP ContrafundSM Portfolio, VIP Dynamic Capital Appreciation Portfolio, VIP Growth Opportunities Portfolio, VIP Growth Portfolio, VIP Mid Cap Portfolio, VIP Stock Selector All Cap Portfolio, VIP Value Portfolio and VIP Value Strategies Portfolio, the mandate rate is calculated on a cumulative basis pursuant to the following schedule:

MANDATE RATE SCHEDULE

 

Average Designated
Asset Class Assets		    Investor Class
Annualized Rate

First $400 billion

     0.740%

Next $400 billion

     0.670%

Next $400 billion

     0.640%

Over $1,200 billion

     0.630%

For VIP Equity-Income PortfolioSM and VIP Growth & Income Portfolio, the mandate rate is calculated on a cumulative basis pursuant to the following schedule:

MANDATE RATE SCHEDULE

 

Average Designated
Asset Class Assets		   

Investor Class

Annualized Rate

First $400 billion

     0.640%

Next $400 billion

     0.570%

Next $400 billion

     0.540%

Over $1,200 billion

     0.530%

For VIP Floating Rate High Income Portfolio and VIP High Income Portfolio, the mandate rate is calculated on a cumulative basis pursuant to the following schedule:

MANDATE RATE SCHEDULE

 

Average Designated
Asset Class Assets		   

Investor Class

Annualized Rate

First $30 billion

     0.710%

Next $30 billion

     0.670%

Next $30 billion

     0.640%

Over $90 billion

     0.620%

For each fund, a discount percentage is calculated based on the monthly average net assets of a broader group of funds advised by FMR representing multiple asset classes and the monthly average net assets of each fund. After determination of the applicable tier bound level in the following schedule, the discount percentage for each fund is calculated on a cumulative basis pursuant to the schedule. For each fund, the discount rate for a class is the class’s mandate rate multiplied by the discount percentage.

DISCOUNT PERCENTAGE SCHEDULE

 

 Average Group Assets

 Tier Bounds

     % Discount for Average Incremental Fund Assets  

Lower  

    Upper       First  

$1B

    Next $19B     Next $10B     Over $30B   

0

    <$1 trillion    0%    3.0%    5.0%    6.5%

1

    <1.5    0%    4.0%    6.0%    7.5%

1.5

    <1.9    0%    5.0%    7.0%    8.5%

1.9

    <2.2    0%    6.0%    8.0%    9.5%

2.2

    <2.5    0%    7.0%    9.0%    10.5%

2.5

    <2.8    0%    8.0%    10.0%    11.5%

2.8

    <3.1    0%    9.0%    11.0%    12.5%

3.1

    Above 3.1    0%    10.0%    12.0%    13.5%

For VIP ContrafundSM Portfolio, VIP Dynamic Capital Appreciation Portfolio, VIP Equity-Income PortfolioSM, VIP Floating Rate High Income Portfolio, VIP Growth & Income Portfolio, VIP Growth Opportunities Portfolio, VIP Growth Portfolio, VIP High Income Portfolio, VIP Mid Cap Portfolio, VIP Value Portfolio, and VIP Value Strategies Portfolio, the annual management fee rate for the class of shares of each fund offered through this SAI is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate or (2) the amount set forth in the following table:

 

 Fund/Class  

 Maximum Management Fee

 Rate

 VIP ContrafundSM 

 Portfolio/Investor Class

    0.64%

 VIP Dynamic Capital

 Appreciation

 Portfolio/Investor Class

    0.66%

 VIP Equity-Income

 PortfolioSM/Investor Class

    0.55%

 VIP Floating Rate High  Income Portfolio/Investor

 Class

    0.67%

 VIP Growth & Income

 Portfolio/Investor Class

    0.56%

 VIP Growth Opportunities

 Portfolio/Investor Class

    0.66%

 VIP Growth

 Portfolio/Investor Class

    0.64%

 VIP High Income

 Portfolio/Investor Class

    0.67%

 VIP Mid Cap

 Portfolio/Investor Class

    0.65%

 VIP Value

 Portfolio/Investor Class

    0.66%

 VIP Value Strategies

 Portfolio/Investor Class

    0.65%

One-twelfth of the management fee rate is applied to the class’s average net assets for the month, giving a dollar amount which is the management fee for the class for that month.

For VIP Stock Selector All Cap Portfolio, the annual basic fee rate for the class of shares of the fund offered through this SAI is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate or (2) the amount set forth in the following table:

 

 Fund/Class  

 Maximum Basic Fee

 Rate

 VIP Stock Selector All

 Cap Portfolio/Investor

 Class

    0.65%

One-twelfth of the basic fee rate is applied to the class’s average net assets for the month, giving a dollar amount which is the basic fee for the class for that month.

Computing the Performance Adjustment. The basic fee for the following fund is subject to upward or downward adjustment, depending upon whether, and to what extent, the fund’s investment performance for the performance period exceeds, or is exceeded by, the record of the designated index over the same period. The performance period commenced with the first day of the first full month following the commencement of operations of the class of shares offered through this SAI. During the first twelve months of the performance period, there will be no performance adjustment. The performance period consists of the most recent month plus the previous 35 months. The performance comparison is made at the end of each month.

 

Fund    Performance Adjustment Index

VIP Stock Selector All Cap Portfolio(A)

    MSCI U.S. Investable Market 2500 Index

(A)The performance period for the fund commenced on November 1, 2021. Each month subsequent to the twelfth month, a new month is added to the performance period until the performance period includes 36 months. Thereafter, the performance period consists of the most recent month plus the previous 35 months.

If the Trustees determine that another index is appropriate for VIP Stock Selector All Cap Portfolio, they may designate a successor index to be substituted, when permitted by applicable law.

For the purposes of calculating the performance adjustment for VIP Stock Selector All Cap Portfolio, the fund’s investment performance will be based on the performance of the class of shares offered through this SAI. To the extent that other classes of VIP Stock Selector All Cap Portfolio have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class’s own performance were considered.

For VIP Stock Selector All Cap Portfolio, each percentage point of difference, calculated to the nearest 0.01% (up to a maximum difference of ±10.00), is multiplied by a performance adjustment rate of 0.02%. The maximum annualized performance adjustment rate is ±0.20% of a fund’s average net assets over the performance period.

One twelfth (1/12) of this rate is then applied to the fund’s average net assets over the performance period, giving a dollar amount which will be proportionately added to (or subtracted from) a class’s basic fee.

The performance of a fund or class, as applicable, is calculated based on change in NAV. For purposes of calculating the performance adjustment, any dividends or capital gain distributions paid by the fund or class are treated as if reinvested in that fund’s or class’s shares at the NAV as of the record date for payment.

The record of an index is based on change in value and is adjusted for any cash distributions from the companies whose securities compose the index. Because the adjustment to the basic fee is based on a fund’s performance compared to the investment record of the index, the controlling factor is not whether the fund’s performance is up or down per se, but whether it is up or down more or less than the record of the designated performance adjustment index. Moreover, the comparative investment performance of the fund is based solely on the relevant performance period without regard to the cumulative performance over a longer or shorter period of time.

A different management fee rate may be applicable to each class of a 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 a fund’s assets, which do not vary by class.

The following information replaces similar information for Contrafund® Portfolio, Dynamic Capital Appreciation Portfolio, Equity-Income Portfolio, Floating Rate High Income Portfolio, Growth & Income Portfolio, Growth Opportunities Portfolio, Growth Portfolio, High Income Portfolio, Mid Cap Portfolio, Stock Selector All Cap Portfolio, Value Portfolio, and Value Strategies Portfolio found in the “Transfer and Service Agent Agreements” section.

TRANSFER AND SERVICE AGENT SERVICES

Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of FMR, which is located at 245 Summer Street, Boston, Massachusetts 02210 (or an agent, including an affiliate), performs transfer agency services under the terms of each fund’s management contract.

Prior to March 1, 2024, VIP ContrafundSM Portfolio, VIP Dynamic Capital Appreciation Portfolio, VIP Equity-Income PortfolioSM, VIP Floating Rate High Income Portfolio, VIP Growth & Income Portfolio, VIP Growth Opportunities Portfolio, VIP Growth Portfolio, VIP High Income Portfolio, VIP Mid Cap Portfolio, VIP Stock Selector All Cap Portfolio, VIP Value Portfolio, and VIP Value Strategies Portfolio or class, as applicable, bore the cost of transfer agency services under a separate agreement covering such services.

FIIOC may collect fees charged in connection with providing certain types of services such as exchanges, closing out fund balances, checkwriting, wire transactions, and providing historical account research, as applicable.

FIIOC bears the expense of typesetting, printing, and mailing prospectuses, statements of additional information, and all other reports, notices, and statements to existing shareholders (including variable product owners), with the exception of proxy statements.

FIIOC or an affiliate may make payments out of its own resources to intermediaries (including affiliates of FIIOC) for transfer agency and related recordkeeping services with respect to variable product owners’ accounts, and to Fidelity Investments Life Insurance Company (FILI) for transfer agency and related separate account services with respect to insurance contract owners’ accounts.

Fidelity Service Company, Inc. (FSC), an affiliate of FMR (or an agent, including an affiliate), calculates the NAV and dividends for shares, maintains each fund’s portfolio and general accounting records, and administers each fund’s securities lending program under the terms of each fund’s management contract.

Prior to March 1, 2024, VIP ContrafundSM Portfolio, VIP Dynamic Capital Appreciation Portfolio, VIP Equity-Income PortfolioSM, VIP Floating Rate High Income Portfolio, VIP Growth & Income Portfolio, VIP Growth Opportunities Portfolio, VIP Growth Portfolio, VIP High Income Portfolio, VIP Mid Cap Portfolio, VIP Stock Selector All Cap Portfolio, VIP Value Portfolio, and VIP Value Strategies Portfolio bore the cost of pricing and bookkeeping services under a separate agreement covering such services.

Effective March 1, 2024, Contrafund® Portfolio’s, Dynamic Capital Appreciation Portfolio’s, Equity-Income Portfolio’s, Floating Rate High Income Portfolio’s, Growth & Income Portfolio’s, Growth Opportunities Portfolio’s, Growth Portfolio’s, High Income Portfolio’s, Mid Cap Portfolio’s, Stock Selector All Cap Portfolio’s, Value Portfolio’s, and Value Strategies Portfolio’s sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended. The following information supplements similar information found in the “Management Contracts” section.

Under the terms of the sub-advisory agreements, FMR pays each sub-adviser monthly fees equal to 110% of the sub-adviser’s costs for providing sub-advisory services.

 

VIPINV-SSTK-0324-160   
1.825687.160    March 1, 2024 

Supplement to the

Fidelity® Variable Insurance Products

Emerging Markets Portfolio, International Capital Appreciation Portfolio and Overseas Portfolio

Investor Class

April 29, 2023

STATEMENT OF ADDITIONAL INFORMATION

Effective March 1, 2024, each fund’s management contract was amended to incorporate administrative services previously covered under separate services agreements. Each amended contract incorporates a management fee rate that may vary by class. The Adviser or an affiliate pays certain expenses of managing and operating each fund out of each class’s management fee.

The following information replaces similar information found in the “Management Contracts” section.

Management-Related Expenses. In addition to the management fee payable to FMR, and the costs associated with securities lending, as applicable, a fund or each class thereof, as applicable, pays all of its expenses that are not assumed by those parties. A fund pays for the typesetting, printing, and mailing of its proxy materials to shareholders, legal expenses, and the fees of the custodian, auditor, and Independent Trustees. Other expenses paid by a fund include interest, taxes, brokerage commissions, fees and expenses associated with the fund’s securities lending program, if applicable, the fund’s proportionate share of insurance premiums and Investment Company Institute dues, and the costs of registering shares under federal securities laws and making necessary filings under state securities laws. A fund is also liable for such non-recurring expenses as may arise, including costs of any litigation to which the fund may be a party, and any obligation it may have to indemnify its officers and Trustees with respect to litigation. A fund also pays the costs related to the solicitation of fund proxies from variable product owners.

Management Fees.

For the services of FMR under each fund’s management contract, each class of each fund pays FMR a monthly management fee.

For each fund, 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. This rate may vary by share class.

For VIP Emerging Markets Portfolio, the mandate rate is calculated on a cumulative basis pursuant to the following schedule:

MANDATE RATE SCHEDULE

 

Average Designated
Asset Class Assets		   

Investor Class

Annualized Rate

First $400 billion

     0.990%

Next $400 billion

     0.920%

Next $400 billion

     0.890%

Over $1,200 billion

     0.880%

For VIP Overseas Portfolio and VIP International Capital Appreciation Portfolio, the mandate rate is calculated on a cumulative basis pursuant to the following schedule:

MANDATE RATE SCHEDULE

 

Average Designated
Asset Class Assets		   

Investor Class

Annualized Rate

First $400 billion

     0.890%

Next $400 billion

     0.820%

Next $400 billion

     0.790%

Over $1,200 billion

     0.780%

For each fund, a discount percentage is calculated based on the monthly average net assets of a broader group of funds advised by FMR representing multiple asset classes and the monthly average net assets of the fund. After determination of the applicable tier bound level in the following schedule, the discount percentage for each fund is calculated on a cumulative basis pursuant to the schedule. For each fund, the discount rate for a class is the class’s mandate rate multiplied by the discount percentage.

DISCOUNT PERCENTAGE SCHEDULE

 

 Average Group Assets

 Tier Bounds

    % Discount for Average Incremental Fund Assets  

Lower  

    Upper       First  

$1B

    Next $19B     Next $10B     Over $30B   

0

    <$1 trillion    0%    3.0%    5.0%    6.5%

1

    <1.5    0%    4.0%    6.0%    7.5%

1.5

    <1.9    0%    5.0%    7.0%    8.5%

1.9

    <2.2    0%    6.0%    8.0%    9.5%

2.2

    <2.5    0%    7.0%    9.0%    10.5%

2.5

    <2.8    0%    8.0%    10.0%    11.5%

2.8

    <3.1    0%    9.0%    11.0%    12.5%

3.1

    Above 3.1    0%    10.0%    12.0%    13.5%

The annual management fee rate for the class of shares of each fund offered through this SAI is the lesser of (1) the class’s mandate rate reduced by the class’s discount rate or (2) the amount set forth in the following table:

 

 Fund/Class  

 Maximum Management Fee

 Rate 

 VIP Emerging Markets

 Portfolio/Investor Class

   0.93%

 VIP International Capital

 Appreciation

 Portfolio/Investor Class

   0.82%

 VIP Overseas

 Portfolio/Investor Class

   0.80%

One-twelfth of the management fee rate is applied to the class’s average net assets 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 a 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 a fund’s assets, which do not vary by class.

The following information replaces similar information found in the “Transfer and Service Agent Agreements” section.

TRANSFER AND SERVICE AGENT SERVICES

Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of FMR, which is located at 245 Summer Street, Boston, Massachusetts 02210 (or an agent, including an affiliate), performs transfer agency services under the terms of each fund’s management contract.

Prior to March 1, 2024, each fund or class, as applicable, bore the cost of transfer agency services under a separate agreement covering such services.

FIIOC may collect fees charged in connection with providing certain types of services such as exchanges, closing out fund balances, checkwriting, wire transactions, and providing historical account research, as applicable.

FIIOC bears the expense of typesetting, printing, and mailing prospectuses, statements of additional information, and all other reports, notices, and statements to existing shareholders (including variable product owners), with the exception of proxy statements.

FIIOC or an affiliate may make payments out of its own resources to intermediaries (including affiliates of FIIOC) for transfer agency and related recordkeeping services with respect to variable product owners’ accounts, and to Fidelity Investments Life Insurance Company (FILI) for transfer agency and related separate account services with respect to insurance contract owners’ accounts.

Fidelity Service Company, Inc. (FSC), an affiliate of FMR (or an agent, including an affiliate), calculates the NAV and dividends for shares, maintains each fund’s portfolio and general accounting records, and administers each fund’s securities lending program under the terms of each fund’s management contract.

Prior to March 1, 2024, each fund bore the cost of pricing and bookkeeping services under a separate agreement covering such services.

Effective March 1, 2024, each fund’s sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended. The following information supplements similar information found in the “Management Contracts” section.

Under the terms of the sub-advisory agreements, FMR pays each sub-adviser monthly fees equal to 110% of the sub-adviser’s costs for providing sub-advisory services.

Effective March 1, 2024, each fund’s sub-advisory agreement with FIL Investment Advisors (FIA) was amended. The following information replaces similar information found in the “Management Contracts” section.

FMR, and not the fund, pays FIA. Under the terms of each sub-advisory agreement, FMR pays FIA monthly fees at an annual rate of 0.50% for VIP Emerging Markets Portfolio, 0.44% for each of VIP International Capital Appreciation Portfolio and VIP Overseas Portfolio with respect to the average daily net assets of the fund managed by FIA. FIA in turn pays FIA(UK).

 

 

 

VIPINVR-SSTK-0324-108

1.918654.108

   

 

March 1, 2024  

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘497’ Filing    Date    Other Filings
Filed on / Effective on:3/1/24
1/1/24
11/8/23497,  497K
4/29/23485BPOS
10/1/22
11/1/21
 List all Filings 
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