Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Fidelity® VIP Balanced 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 706 Allocation--50% to 70% Equity Funds Morningstar® Style Box™ What is this? As of 2022-03-31 As of 2022-03-31 Total Fund Assets ($ Mil) 6,442.24 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks income and capital growth consistent with reasonable risk. The fund invests approximately 60% of assets in stocks and other equity securities and the remainder in bonds and other 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), when its outlook is neutral. It invests at least 25% of total assets in fixed-income senior securities. The fund invests in domestic and foreign issuers.

Morningstar Category: Allocation--50% to 70% Equity 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 64.7 Non-U.S. Stocks 4.3 Bonds 27.1 Cash 3.2 Other 0.8 Data through 2022-03-31 Morningstar Equity Sectors % of Stocks Cyclical 30.42 Basic Materials 2.59 Consumer Cyclical 12.03 Financial Services 12.57 Real Estate 3.23 Sensitive 46.91 Communication Services 10.53 Energy 4.33 Industrials 7.21 Technology 24.84 Defensive 22.67 Consumer Defensive 6.79 Healthcare 13.13 Utilities 2.75 Data through 2022-03-31 Morningstar Fixed-Income Sectors % Fund Government 37.07 Corporate 28.36 Securitized 23.58 Municipal 0.68 Cash & Equivalents 10.30 Other 0.00 Data through 2022-03-31 Credit Analysis % Bonds AAA 62.11 AA 2.21 A 10.40 BBB 21.66 BB 1.25 B 0.03 Below B 0.00 Not Rated 2.34 Data through 2022-03-31 Holding Status Total Number of Stock Holdings 306 Total Number of Bond Holdings 1734 % of Net Assets in Top 10 Holdings 23.65 Turnover % (as of 2021-12-31) 33.00 30 Day SEC Yield % --- Top Holdings Sector Country Maturity Date Market Value ($000) % of Net Assets Microsoft Corp USA --- 329,152 4.66 Apple Inc USA --- 283,944 4.02 Fidelity Revere Str Tr --- USA --- 220,757 3.13 Amazon.com Inc USA --- 202,638 2.87 Alphabet Inc Class A USA --- 126,101 1.79 Alphabet Inc Class C USA --- 113,457 1.61 NVIDIA Corp USA --- 105,788 1.50 Meta Platforms Inc Class A USA --- 105,608 1.50 United States Treasury Notes 1.25% --- USA 2028-05-31 94,460 1.34 Tesla Inc USA --- 86,747 1.23 Data through 2022-03-31

Principal Risks    Prepayment (Call), 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: 1995-01-03 Portfolio Manager(s) Douglas Simmons   (2014-01-01) Co-Manager(utilities sector) of FIAM. Before joining Fidelity in 2003, Mr. Simmons worked as a financial analyst at the private equity firm Hicks, Muse, Tate & Furst. He has been in the investments industry since 1997. Mr. Simmons earned his BA in finance from The University of Texas at Austin, where he graduated with highest honors, and his MBA from Harvard Business School. Jody Simes   (2019-11-08) Jody Simes is a global sector leader/analyst at Fidelity Institutional Asset Management (FIAM). In this role, he manages both the global energy (since 2011) and global materials (since 2006) sector sleeves of the FIAM sector portfolios and analyzes stocks for the broader diversified portfolio management team. He has been in the investments industry since joining Fidelity in 1993. Mr. Simes earned his bachelor of science degree in finance from the University of Massachusetts and his master of science degree in finance from Boston College. He is a CFA charterholder. John Mirshekari   (2016-10-31) Mr. Mirshekari has joined Fidelity Investments since 2003 and has worked as a research analyst and portfolio manager. He is also a member of FMR’s Stock Selector Large Cap Group. Matthew Drukker   (2022-01-18) Matthew Drukker is portfolio manager of Fidelity Management & Research Company. Prior to joining Fidelity Investments in August 2008 as a research analyst, Mr. Drukker was an investment banker at Sander O'Neill in New York from 1999 to 2006. Ali Khan   (2022-01-18) Ali Khan joined Fidelity Investments in 2007, since then Mr. Khan has worked as an equity research associate and portfolio manager. Mr. Khan earned his Bachelor of Arts degree in economics and political science from Amherst College. Robert E. Stansky   (2014-01-01) Stansky is vice president and portfolio manager, as well a group manager of VIP Contrafund Portfolio and is responsible for assignment of managers to sectors, managing daily cash flows directing risk management and overseeing in the portfolio. He will not select individual securities in the sectors. He joined Fidelity Investments as a research analyst in 1983, and worked as a research assistant from 1984 to 1987. Prior to assuming his current responsibilities, Mr. Stansky managed Fidelity's Magellan Fund from 1996 to 2005. Previously, he managed Fidelity Growth Company Fund, Fidelity Advisor Equity Growth Fund, and Fidelity Growth Strategies, as well as an institutional portfolio for Fidelity. Mr. Stansky also served as an analyst and portfolio assistant on Magellan Fund and as an analyst in Fidelity's Equity research department where he managed the Select Defense & Aerospace Fund. He has been in the financial industry since joining Fidelity in 1983. Mr. Stansky earned his bachelor of science degree in business from Nichols College and his master of business administration degree in finance from New York University. Ashley Fernandes   (2020-01-01) Ashley Fernandes is the Natural Resources sector leader and a portfolio manager in the Equity 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 institutions, financial intermediaries, and individuals. In this role, Mr. Fernandes provides research coverage for the global integrated energy and global mining companies and he manages the Fidelity Natural Resources Fund. He is also a member of Fidelity's Stock Selector Large Cap Group and is responsible for managing the energy and materials sleeves for various diversified sector-based portfolios. Mr. Fernandes is also responsible for co-managing the Fidelity and Fidelity Advisor Balanced Funds, VIP Balanced Portfolio, Fidelity Select and VIP Materials Portfolio, and Fidelity Advisor Materials Fund. Additionally, he co-manages both the global energy and global materials sector sleeves of the FIAM sector portfolios. Prior to assuming his current role, Mr. Fernandes worked as a global energy analyst for Fidelity International Limited (FIL) in London from 2008 to 2013. In this capacity, he was an analyst for the U.S., Canadian, European integrated, and emerging-market energy sectors, as well as small- and mid-cap international exploration and production (E&P) companies. Before joining Fidelity in 2013, Mr. Fernandes worked as an associate in Private Equity. He has been in the financial industry since 2001. Mr. Fernandes earned his bachelor of commerce degree, with honors, from Queen’s University, and his master of business administration degree from London Business School. He is also a CFA® charterholder. Priyanshu Bakshi   (2022-01-18) Priyanshu Bakshi joined Fidelity Investments in 2015. Mr. Bakshi has worked as a research analyst, sector leader, and portfolio manager. Melissa M. Reilly   (2020-01-01) Sean Gavin is portfolio manager of the fund, which he has managed since April 2017. He also manages other funds. Since joining Fidelity Investments in 2006, Mr. Gavin has worked as a research analyst and portfolio manager. Nicola Stafford   (2017-08-03) Nicola Stafford is a portfolio manager in the Equity division at Fidelity Investments. She has been in the financial industry since 2001. Ms. Stafford earned her bachelor of science degree in mechanical engineering and economics from the Massachusetts Institute of Technology (MIT). Pierre Sorel   (2014-01-01) Pierre Sorel is a sector leader and portfolio manager in the Equity 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 institutions, financial intermediaries, and individuals. In this role, Mr. Sorel is responsible for covering the financial sector and is a member of the Stock Selector Large Cap Group. Additionally, he manages the Fidelity Financial Services Central Fund and co-manages Fidelity and Fidelity Advisor Balanced Fund, VIP Balance Portfolio, Fidelity Series All-Sector Equity Fund, FIAM Strategic Advisor Core Research Fund, FIAM U.S. Total Stock Fund, Fidelity Advisor Stock Selector Mid Cap Fund, and Fidelity Advisor Stock Selector All Cap Fund. Mr. Sorel also co-manages the Financials sleeve of the FIAM Global Sector Strategies: FIAM Small/Mid Cap Core, FIAM Large Cap Core, and FIAM Global Core. Prior to assuming his current position with the Stock Selector Large Cap Group in October 2007, Mr. Sorel managed Fidelity Funds Global Financial Services Fund, a financial services sector fund available exclusively to investors outside of the United States. Previously, he worked as an analyst covering the leisure, automobile, and banking industries in Europe at Fidelity International Limited (FIL). Before joining FIL in 1998, Mr. Sorel was a financial services consultant at Oliver Wyman. He has been in the financial industry since 1993. Mr. Sorel earned his bachelor of arts degree in economics and his bachelor of science degree in electrical engineering from Brown University; his master of science degree in computer engineering from Princeton University; and his master of business administration degree from INSEAD. He is also a CFA® charterholder. Steven Kaye   (2014-01-01) Kaye is a vice president and portfolio manager with Fidelity Management & Research. Previously, he was head of Fidelity Select Portfolios and assistant director of research. He also served as Fidelity's pharmaceuticals analyst from 1985 to 1990. Before joining the firm, he spent two years as a research analyst with Strategic Planning Associates. 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.