Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Fidelity VIP Growth Initial Release date as of 2025-04-30. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2025-04-30 Out of 1027 Large Growth Funds Morningstar® Style Box™ What is this? As of 2025-03-31 Total Fund Assets ($ Mil) 9,811.67 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks to achieve capital appreciation. The fund primarily invests in common stocks. It invests in companies that the adviser believes have above-average growth potential (stocks of these companies are often called "growth" stocks). The fund invests in domestic and foreign issuers. It uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments. It is non-diversified.

Morningstar Category: Large Growth Large-growth portfolios invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Most of these portfolios focus on companies in rapidly expanding industries.

Investment Risks Non-Diversified Funds: Funds that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 85.3 Non-U.S. Stocks 13.0 Bonds 0.0 Cash 1.5 Other 0.2 Data through 2025-03-31 Morningstar Equity Sectors % of Stocks Cyclical 31.72 Basic Materials 0.85 Consumer Cyclical 20.53 Financial Services 10.34 Real Estate 0.00 Sensitive 48.81 Communication Services 10.19 Energy 1.80 Industrials 7.53 Technology 29.29 Defensive 19.47 Consumer Defensive 1.85 Healthcare 16.59 Utilities 1.03 Data through 2025-03-31 Holding Status Total Number of Stock Holdings 126 Total Number of Bond Holdings 2 % of Net Assets in Top 10 Holdings 48.44 Turnover % (as of 2024-12-31) 58.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets Amazon.com Inc 33.35 10.60 NVIDIA Corp 37.05 9.66 Microsoft Corp 30.55 5.00 Apple Inc 33.73 4.77 Alphabet Inc Class A 17.72 4.52 Boston Scientific Corp 75.09 3.18 Eli Lilly and Co 76.77 2.85 Mastercard Inc Class A 39.46 2.68 Taiwan Semiconductor Manufacturing Co Ltd ADR --- 2.60 Visa Inc Class A 34.72 2.58 Data through 2025-03-31

Principal Risks    Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Nondiversification, Issuer, Market/Market Volatility, Equity Securities Show Risk Definitions

Other Information Inception Date: 1986-10-09 Portfolio Manager(s) Daniel E. Kelley   (2025-04-11) Daniel Kelley is 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. Christopher Lin   (2025-04-11) Christopher Lin is portfolio manager of Computers Portfolio, which he has managed since January 2013. Since joining Fidelity Investments in 2003, Mr. Lin has worked as a research analyst and portfolio manager. Asher Anolic   (2017-07-01) Asher Anolic is co-manager of the VIP Growth Portfolio, which he has managed since July 2017. He also manages other funds. Since joining Fidelity Investments in 2008, Mr. Anolic has worked as a research analyst and portfolio manager. Prior to joining Fidelity Investments in 2008, Mr. Anolic worked for Bear Stearns as a research analyst. Jason Weiner   (2006-11-20) Jason Weiner is co-manager of the fund, which he has managed since November 2006. He also manages Fidelity funds. Since joining Fidelity Investments in 1991, Mr. Weiner has worked as a research analyst and portfolio manager (other than a 6-month leave of absence in 2018). 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 2025 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.