Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Fidelity VIP Asset Manager 50% Initial Release date as of 2025-05-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2025-05-31 Out of 434 Moderate Allocation Funds Morningstar® Style Box™ What is this? As of 2025-03-31 As of 2025-03-31 Total Fund Assets ($ Mil) 892.28 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks to obtain high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments. The adviser maintains a neutral mix over time of 50% of assets in stocks, 40% of assets in bonds, and 10% of assets in short-term and money market instruments. The adviser adjusts allocation among asset classes gradually within the following ranges: stock class (30%-70%), bond class (20%-60%), and short-term/money market class (0%-50%).

Morningstar Category: Moderate Allocation Funds in allocation categories seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%.

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 31.7 Non-U.S. Stocks 21.6 Bonds 37.3 Cash 8.6 Other 0.9 Data through 2025-03-31 Morningstar Equity Sectors % of Stocks Cyclical 36.23 Basic Materials 4.04 Consumer Cyclical 10.97 Financial Services 18.28 Real Estate 2.94 Sensitive 46.90 Communication Services 7.97 Energy 3.63 Industrials 12.26 Technology 23.04 Defensive 16.87 Consumer Defensive 5.01 Healthcare 9.77 Utilities 2.09 Data through 2025-03-31 Morningstar Fixed-Income Sectors % Fund Government 42.85 Corporate 19.59 Securitized 19.40 Municipal 0.00 Cash & Equivalents 17.85 Derivative 0.31 Data through 2025-03-31 Credit Analysis % Bonds AAA 71.57 AA 2.35 A 8.33 BBB 12.82 BB 2.04 B 1.57 Below B 0.00 Not Rated 1.32 Data through 2025-03-31 Holding Status Total Number of Stock Holdings 822 Total Number of Bond Holdings 3227 % of Net Assets in Top 10 Holdings 22.27 Turnover % (as of 2024-12-31) 16.00 30 Day SEC Yield % --- Top Holdings Sector Country Maturity Date Market Value ($000) % of Net Assets Fidelity Cash Central Fund --- USA --- 71,240 8.11 Fidelity Enhanced Small Cap ETF --- USA --- 19,771 2.25 Apple Inc USA --- 17,692 2.01 Fidelity Blue Chip Growth ETF --- USA --- 16,330 1.86 NVIDIA Corp USA --- 14,574 1.66 Microsoft Corp USA --- 14,360 1.63 United States Treasury Notes 3.875% --- USA 2034-08-15 11,499 1.31 United States Treasury Notes 3.875% --- USA 2029-11-30 11,234 1.28 Amazon.com Inc USA --- 9,785 1.11 iShares 20+ Year Treasury Bond ETF --- USA --- 9,206 1.05 Data through 2025-03-31

Principal Risks    Prepayment (Call), Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Income, Issuer, Interest Rate, Market/Market Volatility, Equity Securities, ETF Show Risk Definitions

Other Information Inception Date: 1989-09-06 Portfolio Manager(s) Katherine Shaw   (2023-11-01) Katherine Shaw is Co-Portfolio Manager of each fund, which she has managed since 2023. She also manages other funds. Since joining Fidelity Investments in 2007, Ms. Shaw has worked as a sector leader and portfolio manager. Avishek Hazrachoudhury   (2018-04-30) Avishek Hazrachoudhury joined Fidelity Investments in 2013, since then he has worked as a quantitative analyst and portfolio manager. Investment Advisor(s) Fidelity Management & Research Company LLC Issuer Fidelity Investments Subadvisor(s) FMR Investment Management (U.K.) Limited Fidelity Management & Research (Japan) Limited Fidelity Management & Research (HK) Ltd

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