Fidelity VIP High Income

  • Trading Symbol: FBBLC
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Morningstar® Snapshot*

AS OF 7/31/2015; MORNINGSTAR CATEGORY: HIGH YIELD BOND
Returns 5 out of 5, High Returns
LOW AVG HIGH
Risk of this Category Category Risk Rating:5, where 1 is Lower and 10 is Higher
LOWER HIGHER

*Data provided by Morningstar.

Performance

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AS OF 8/31/2015
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yr 5 Yr 10 Yr
FBBLC +1.54% -1.97% +4.04% +6.31% +5.98%
*AS OF 9/1/2015; Value is cumulative

Hypothetical Growth of $10,000

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AS OF 08/31/2015; MORNINGSTAR CATEGORY: HIGH YIELD BOND
Shows growth of hypothetical $10,000 investment in Fidelity VIP High Income fund over the selected time period

The chart illustrates the performance of a hypothetical $10,000 investment made in the fund ten years ago or on commencement of operations (whichever is later). Figures include reinvestment of capital gains and dividends, and reflect the effects of the annual annuity charge and the underlying fund's expenses. Figures do not reflect the effects of any applicable redemption fees, maintenance charges, or surrender fees, which would lower these figures. This chart is not intended to imply any future performance of the fund.

The performance data featured represents past performance, which is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate; therefore, you may have a gain or loss when money is withdrawn or received. Fund performance fluctuates and currently may be significantly higher or lower than stated.

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
This Fund -- 10.96% 2.30% -25.14% 43.43% 13.76% 3.56% 13.98% 5.69% 0.87% 1.72%
Benchmark 2.74% 11.77% 2.19% -26.39% 57.51% 15.19% 4.38% 15.58% 7.42% 2.50% 0.07%
+/- Benchmark -- -0.81% 0.11% 1.25% -14.08% -1.43% -0.82% -1.60% -1.73% -1.63% 1.65%

Fund Manager(s)

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Matthew J Conti since 7/15/2003

Fund Overview

Objective

Seeks a high level of current income, while also considering growth of capital.

Strategy

Normally investing primarily in income-producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. Investing in companies in troubled or uncertain financial condition. Potentially investing in non-income producing securities, including defaulted securities and common stocks.

Risk

Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds.

Details

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Morningstar Category
High Yield Bond
Subaccount Inception
8/15/2005
Unit Value
$17.93
9/1/2015
4/30/2015
Turnover Rate
86%
6/30/2015
Net Assets ($M)
$207.05
7/31/2015
12 Month Low-High
$17.19 - $18.61
8/31/2015

Top 10 Holdings

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AS OF 6/30/2015
Top 10 Holdings
BARCLAYS 7.625% 11/21/22
ESAL GMBH 6.25% 02/05/23 144A
TENET HEALTHCAR 8.125% 4/22
APX GRP INC 6.375 12/1/19 WI
NSG HLDS LLC 7.75% 12/25 144A
CLEAR CHANNEL 5.5 12/15/16
SAPPI PAPER 6.625% 4/21 144A
LUCENT 6.45% GBL 3/15/29 (DT)
COLUMBUS INTL 7.375% 3/21 144A
PENNEY JC CORP 5.65% 6/1/20
% of Total Portfolio 11.23%
Total # of holdings: 339 as of 6/30/2015
Total # of issuers: 243 as of 6/30/2015

Quarter-End Average Annual Total Returns

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AS OF 6/30/2015; *SUBACCOUNT INCEPTION 8/15/2005 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
0.71% AS OF 4/30/2015
1 Yr 3 Yr 5 Yr 10 Yr Life*
Fidelity VIP High Income -0.04% 5.62% 7.54% -- 6.32%
BofA ML US HY/HY Const Bl -0.54% 6.80% 8.38% 7.78% --
High Yield Bond -1.59% 5.13% 6.67% 5.39% --

© 2015 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; 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 this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.