Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Fidelity VIP Growth Initial Release date as of 2024-03-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-03-31 Out of 1111 Large Growth Funds Morningstar® Style Box™ What is this? As of 2024-02-29 Total Fund Assets ($ Mil) 10,150.86 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.

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 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 85.7 Non-U.S. Stocks 13.6 Bonds 0.0 Cash 0.4 Other 0.3 Data through 2024-02-29 Morningstar Equity Sectors % of Stocks Cyclical 16.84 Basic Materials 0.00 Consumer Cyclical 11.56 Financial Services 5.28 Real Estate 0.00 Sensitive 68.06 Communication Services 10.27 Energy 2.30 Industrials 10.14 Technology 45.35 Defensive 15.11 Consumer Defensive 1.14 Healthcare 13.79 Utilities 0.18 Data through 2024-02-29 Holding Status Total Number of Stock Holdings 130 Total Number of Bond Holdings 1 % of Net Assets in Top 10 Holdings 49.14 Turnover % (as of 2023-12-31) 48.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets Microsoft Corp 38.04 13.75 NVIDIA Corp 75.74 8.64 Amazon.com Inc 62.20 5.16 Uber Technologies Inc 88.49 5.06 Alphabet Inc Class A 26.02 4.15 Apple Inc 26.67 3.66 Eli Lilly and Co 134.13 2.57 Boston Scientific Corp 64.01 2.34 Netflix Inc 50.48 2.02 Universal Music Group NV --- 1.79 Data through 2024-02-29

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) 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

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