Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Fidelity VIP Equity-Income Initial Release date as of 2024-03-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-03-31 Out of 1118 Large Value Funds Morningstar® Style Box™ What is this? As of 2024-02-29 Total Fund Assets ($ Mil) 6,175.7 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks reasonable income with consideration of the potential for capital appreciation. The fund normally invests at least 80% of assets in equity securities. It primarily invests in income-producing equity securities, which the advisor tends to lead to investments in large cap "value" stocks. The fund potentially invests in other types of equity securities and debt securities, including lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds).

Morningstar Category: Large Value Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

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 84.0 Non-U.S. Stocks 12.3 Bonds 0.0 Cash 3.7 Other 0.0 Data through 2024-02-29 Morningstar Equity Sectors % of Stocks Cyclical 34.08 Basic Materials 3.86 Consumer Cyclical 6.77 Financial Services 21.27 Real Estate 2.18 Sensitive 38.54 Communication Services 5.37 Energy 8.06 Industrials 12.88 Technology 12.23 Defensive 27.36 Consumer Defensive 8.96 Healthcare 12.94 Utilities 5.46 Data through 2024-02-29 Holding Status Total Number of Stock Holdings 121 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 24.87 Turnover % (as of 2023-12-31) 21.00 30 Day SEC Yield % 1.73 Top Holdings Sector P/E % of Net Assets JPMorgan Chase & Co 12.34 4.21 Fidelity Cash Central Fund --- --- 3.37 Exxon Mobil Corp 13.08 2.92 Bank of America Corp 12.31 2.64 Linde PLC 36.88 2.38 Wells Fargo & Co 12.00 2.11 General Electric Co 22.00 2.05 Danaher Corp 44.20 1.89 Merck & Co Inc 942.50 1.65 Chubb Ltd --- 1.65 Data through 2024-02-29

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

Other Information Inception Date: 1986-10-09 Portfolio Manager(s) Ramona Persaud   (2017-04-07) Ramona Persaud joined Fidelity Investments in 2003, since then she has worked as a research analyst and portfolio manager. Investment Advisor(s) Fidelity Management & Research Company LLC Issuer Fidelity Investments Subadvisor(s) FMR Investment Management (U.K.) Limited Fidelity Management & Research (Japan) Limited Fidelity Management & Research (HK) Ltd

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