Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Fidelity® VIP High Income Initial Release date as of 2022-05-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2022-05-31 Out of 631 High Yield Bond Funds Morningstar® Style Box™ What is this? As of 2022-04-30 Total Fund Assets ($ Mil) 854.23 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks a high level of current income, while also considering growth of capital. The fund primarily invests in income-producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. It potentially invests in non-income producing securities, including defaulted securities and common stocks. The fund invests in companies in troubled or uncertain financial condition. It invests in domestic and foreign issuers. The fund uses fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.

Morningstar Category: High Yield Bond High-yield bond portfolios concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These portfolios generally offer higher yields than other types of portfolios, but they are also more vulnerable to economic and credit risk. These portfolios primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below.

Investment Risks High-Yield Bond Funds: Funds that invest in lower-rated debt securities (commonly referred to as junk bonds) involve additional risk because of the lower credit quality of the securities in the portfolio. There are risks associated with the possibility of a higher level of volatility and increased risk of default.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 1.3 Non-U.S. Stocks 0.5 Bonds 93.6 Cash 2.7 Other 1.8 Data through 2022-04-30 Morningstar Fixed-Income Sectors % Fund Government 0.00 Corporate 97.21 Securitized 0.00 Municipal 0.00 Cash & Equivalents 2.79 Other 0.00 Data through 2022-04-30 Credit Analysis % Bonds AAA 0.00 AA 0.00 A 0.00 BBB 1.39 BB 26.82 B 52.71 Below B 16.08 Not Rated 3.00 Data through 2022-04-30 Holding Status Total Number of Stock Holdings 10 Total Number of Bond Holdings 425 % of Net Assets in Top 10 Holdings 11.95 Turnover % (as of 2021-12-31) 66.00 30 Day SEC Yield % 6.66 Top Holdings Maturity Date Shares Value $000 % of Net Assets Fidelity Revere Str Tr --- 19,532 19,536 2.31 Uniti Group LP/Uniti Fiber Holdings Inc/Uniti Group Finance 2019 Inc/CSL Ca 2029-02-15 14,955 12,905 1.53 C&W Senior Financing Designated Activity Company 6.875% 2027-09-15 10,430 10,091 1.19 Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation 5.25% 2027-05-15 10,755 10,002 1.18 Rackspace Technology Global Incorporated 5.375% 2028-12-01 12,272 9,998 1.18 TransDigm, Inc. 5.5% 2027-11-15 9,785 8,953 1.06 Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer Inc 6.75% 2027-10-15 8,742 8,267 0.98 New Fortress Energy Inc. 6.75% 2025-09-15 8,015 7,880 0.93 New Fortress Energy Inc. 6.5% 2026-09-30 6,955 6,731 0.80 Pike Corporation 5.5% 2028-09-01 7,360 6,679 0.79 Data through 2022-04-30

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

Other Information Inception Date: 1985-09-19 Portfolio Manager(s) Michael K Weaver   (2018-04-02) Michael Weaver is a portfolio manager at FMR Co. In this role, Mr. Weaver is responsible for co-managing Fidelity Total Bond ETF, multiple institutional high yield portfolios, and co-manages all of Fidelity’s collateralized loan obligation strategies. Previously, Mr. Weaver held various positions in the High Income Group, including portfolio manager covering Select Automotive from 2009 to 2013. Mr. Weaver joined Fidelity in 2005, and has been in the investments industry since 1998. Mr. Weaver earned his BS degree in economics from the Wharton School at the University of Pennsylvania. Alexandre Karam   (2018-12-01) Alexandre Karam is a portfolio manager in the High Income division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to more than 26 million individuals, institutions, and financial intermediaries. Benjamin Harrison   (2022-01-03) Since joining Fidelity Investments in 2009, Mr. Harrison has worked as a managing director of research and business development 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

Show Data Definitions © Copyright 2022 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance. Past performance is no guarantee of future results. Returns will vary and shares may be worth more or less than their original cost when sold.