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

Morningstar Report Overall Morningstar Rating™ What is this? As of 2025-04-30 Out of 1256 Large Blend Funds Morningstar® Style Box™ What is this? As of 2025-03-31 Total Fund Assets ($ Mil) 2,380.77 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks high total return through a combination of current income and capital appreciation. The fund normally invests a majority of assets in common stocks with a focus on those that pay current dividends and show potential for capital appreciation. It potentially invests in bonds, including lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds), as well as stocks that are not currently paying dividends, but offer prospects for future income or capital appreciation. The fund invests in domestic and foreign issuers.

Morningstar Category: Large Blend Large-blend portfolios are fairly representative of the overall US stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the US equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of US industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500 Index.

Investment Risks There are no additional fund specific investment risks (e.g. liquidity risk, currency risk, foreign investment risk, etc.) associated with this fund beyond the normal risks generally associated with investing in a mutual fund.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 82.4 Non-U.S. Stocks 13.2 Bonds 0.0 Cash 3.2 Other 1.2 Data through 2025-03-31 Morningstar Equity Sectors % of Stocks Cyclical 26.11 Basic Materials 1.09 Consumer Cyclical 2.57 Financial Services 20.59 Real Estate 1.86 Sensitive 49.79 Communication Services 4.54 Energy 10.67 Industrials 14.53 Technology 20.05 Defensive 24.10 Consumer Defensive 5.58 Healthcare 13.29 Utilities 5.23 Data through 2025-03-31 Holding Status Total Number of Stock Holdings 159 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 41.22 Turnover % (as of 2024-12-31) 14.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets Microsoft Corp 30.55 6.66 Wells Fargo & Co 12.77 6.51 Exxon Mobil Corp 13.47 6.25 GE Aerospace 31.79 5.08 NVIDIA Corp 37.05 3.26 Fidelity Cash Central Fund --- --- 3.11 Bank of America Corp 11.90 2.82 Apple Inc 33.73 2.79 Shell PLC ADR (Representing - Ordinary Shares) --- 2.37 GE Vernova Inc 53.28 2.37 Data through 2025-03-31

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

Other Information Inception Date: 1996-12-31 Portfolio Manager(s) Matthew W. Fruhan   (2011-02-04) Fruhan is a portfolio manager with Fidelity Investments. He joined the firm in 1995 as an equity research associate following the specialty retail, automotive supply and transportation industries. Investment Advisor(s) Fidelity Management & Research Company LLC Issuer Fidelity Investments Subadvisor(s) FMR Investment Management (U.K.) Limited Fidelity Management & Research (Japan) Limited Fidelity Management & Research (HK) Ltd

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