Fidelity® VIP Equity-Income Portfolio - Initial Class

Fidelity? VIP Equity-Income Portfolio - Initial Class

Release Date

..............................................................................................................................................................................................................................................................................................0.9..-.3..0..-.1.9..................................

Category

Large Value

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).

Volatility and Risk

Volatility as of 09-30-19

Investment

Low

Moderate

High

Category

Risk Measures as of 09-30-19

3 Yr Std Dev

3 Yr Beta

Port Avg Rel S&P 500

11.59

0.95

0.91

.

Rel Cat

0.91

0.94

Portfolio Analysis

Composition as of 08-31-19

U.S. Stocks Non-U.S. Stocks Bonds Cash Other

% Assets

82.1 11.6 0.0 6.3 0.1

Top 10 Holdings as of 08-31-19

% Assets

Fidelity Revere Str Tr

6.28

JPMorgan Chase & Co

3.51

Berkshire Hathaway Inc B

3.02

Johnson & Johnson

2.85

.C..o.m...c..a..s.t..C..o..r.p...C..l.a..s.s...A......................................................2....5.3.

Bank of America Corporation

2.40

Chevron Corp

2.32

Walmart Inc

2.31

Verizon Communications Inc

2.23

The Walt Disney Co

2.19

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

Important Information Morningstar Investment Profiles must be accompanied by Morningstar Disclosure and Glossary.

Funds or their affiliates may pay compensation to Voya? affiliates offering a fund. Such compensation may be paid out of distribution, service and/or 12b-1 fees that are deducted from the fund's assets, and/or may be paid directly by the fund's affiliates. Any fees deducted from fund assets are discussed in the fund's prospectus and disclosed in the fund fact sheet. Because these fees are paid on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. If offered through a retirement program, additional fees and expenses may be charged under that program. NOT A DEPOSIT. NOT FDIC INSURED. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. NOT GUARANTEED BY THE INSTITUTION. MAY GO DOWN IN VALUE.

Operations Gross Prosp Exp Ratio Net Prosp Exp Ratio Management Fee 12b-1 Fee Other Fee Miscellaneous Fee(s) Fund Inception Date Total Fund Assets ($mil) Annual Turnover Ratio % Fund Family Name

Notes

0.53% of fund assets 0.53% of fund assets 0.44%

. 0.00%

0.09% 10-09-86 5,148.0

39.00

Fidelity Investments

Morningstar Style BoxTM as of 08-31-19

% Mkt Cap

Large Mid Small

G...i.a..n..t.........................................6..1.....6..8.

Large

32.32

Medium

5.36

S...m...a..l.l..........................................0.....6..3.

Value Blend Growth

Micro

0.00

Morningstar Equity Sectors as of 08-31-19

% Fund

h ........C...y.c..l.i.c..a..l............................................................................3..6....1..3.

r Basic Materials

1.05

t Consumer Cyclical

10.00

y Financial Services

23.20

u Real Estate

1.88

j ........S...e..n..s..it..i.v.e...........................................................................3..2....2..9.

i Communication Services

6.99

o Energy

9.55

p Industrials

8.89

a Technology

6.86

k ........D...e..f.e..n..s..i.v..e.........................................................................3..1....5..7.

s Consumer Defensive

10.46

d Healthcare

15.51

f Utilities

5.60

Waiver Data

Type

.

.

Exp. Date

%

.

.

Portfolio Manager(s)

Ramona Persaud. Since 2017.

................................................................................................

Advisor

Fidelity Management & Research

Company

Subadvisor

FMR Investment Management

(U.K.) Limited

?2019 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. 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 losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at .

?

13.108-319 (10/19) CN0207-39981-0320D

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