Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Fidelity® VIP Growth & 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 1145 Large Value Funds Morningstar® Style Box™ What is this? As of 2022-04-30 Total Fund Assets ($ Mil) 1,981.18 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 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 82.8 Non-U.S. Stocks 14.6 Bonds 0.0 Cash 2.3 Other 0.3 Data through 2022-04-30 Morningstar Equity Sectors % of Stocks Cyclical 26.71 Basic Materials 2.79 Consumer Cyclical 3.46 Financial Services 19.35 Real Estate 1.11 Sensitive 49.65 Communication Services 5.95 Energy 11.91 Industrials 14.95 Technology 16.84 Defensive 23.64 Consumer Defensive 7.56 Healthcare 14.73 Utilities 1.35 Data through 2022-04-30 Holding Status Total Number of Stock Holdings 179 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 37.50 Turnover % (as of 2021-12-31) 15.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets Exxon Mobil Corp 15.92 6.51 Microsoft Corp 28.38 6.37 Wells Fargo & Co 9.52 4.96 General Electric Co --- 4.47 Apple Inc 24.20 3.35 Bank of America Corp 10.60 2.95 Altria Group Inc 32.78 2.56 Comcast Corp Class A 14.24 2.19 Fidelity Revere Str Tr --- --- 2.19 Bristol-Myers Squibb Co 26.76 1.95 Data through 2022-04-30

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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