Investment objective & strategy
As of April 18, 2025 · prospectusObjective. VIP Equity-Income Portfolio? seeks reasonable income. The fund will also consider the potential for capital appreciation. The fund's goal is to achieve a yield which exceeds the composite yield on the securities comprising the S&P 500 Index.
Strategy. Normally investing at least 80% of assets in equity securities. Normally investing primarily in income-producing equity securities, which tends to lead to investments in large cap "value" stocks. Potentially investing 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). Investing in domestic and foreign issuers. Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments. Potentially using covered call options as tools in managing the fund's assets. Effective December 11, 2025, normally investing at least 80% of assets in income-producing equity securities. Equity securities represent … Normally investing at least 80% of assets in equity securities. Normally investing primarily in income-producing equity securities, which tends to lead to investments in large cap "value" stocks. Potentially investing 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). Investing in domestic and foreign issuers. Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments. Potentially using covered call options as tools in managing the fund's assets. Effective December 11, 2025, normally investing at least 80% of assets in income-producing equity securities. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. Income-producing equity securities are equity securities that pay, or are expected to pay within the next three months, dividends or interest. Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| EXXON MOBIL CORP | — | $260.02M | 3.80% |
| JPMORGAN CHASE and CO | — | $217.92M | 3.19% |
| ALPHABET INC CL A | — | $217.50M | 3.18% |
| Fidelity Cash Central Fund | — | $202.14M | 2.96% |
| JOHNSON&JOHNSON | — | $153.69M | 2.25% |
| LINDE PLC | — | $143.57M | 2.10% |
| WALMART INC | — | $126.34M | 1.85% |
| GILEAD SCIENCES INC | — | $125.97M | 1.84% |
| WELLS FARGO & CO | — | $125.19M | 1.83% |
| ABBVIE INC | — | $120.21M | 1.76% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Fidelity Equity-Income Fund · FEQIX, FEIKX, FIOMX, FINQX, FINHX, FINYX, FIOPX | 94% | 0.44% |
| Fidelity Equity-Income K6 Fund · FEKFX | 94% | 0.34% |
| Fidelity Global Equity Income Fund · FGILX, FGEHX, FGEKX, FGEEX, FGEGX, FGEJX | 54% | 0.82% |
Advisers
| Firm | Role |
|---|---|
| FMR Investment Management (UK) Limited | Sub-adviser |
| Fidelity Management & Research (Japan) Limited | Sub-adviser |
| Fidelity Management & Research (Hong Kong) Limited | Sub-adviser |
| Fidelity Management & Research Company LLC | Adviser |
Footnotes
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
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