Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Fidelity VIP Contrafund 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) 23,426.97 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term capital appreciation. The fund normally invests primarily in common stocks. It invests in securities of companies whose value Fidelity Management & Research Company LLC (FMR) believes is not fully recognized by the public. The fund invests in domestic and foreign issuers. It invests in either "growth" stocks or "value" stocks or both and 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 94.7 Non-U.S. Stocks 3.0 Bonds 0.0 Cash 1.6 Other 0.7 Data through 2024-02-29 Morningstar Equity Sectors % of Stocks Cyclical 24.61 Basic Materials 1.48 Consumer Cyclical 9.80 Financial Services 13.32 Real Estate 0.01 Sensitive 57.68 Communication Services 16.11 Energy 2.10 Industrials 7.19 Technology 32.28 Defensive 17.72 Consumer Defensive 2.67 Healthcare 14.76 Utilities 0.29 Data through 2024-02-29 Holding Status Total Number of Stock Holdings 321 Total Number of Bond Holdings 1 % of Net Assets in Top 10 Holdings 50.57 Turnover % (as of 2023-12-31) 30.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets Microsoft Corp 38.04 8.90 Meta Platforms Inc Class A 32.66 8.36 NVIDIA Corp 75.74 6.61 Alphabet Inc Class C 26.25 5.50 Apple Inc 26.67 4.52 Berkshire Hathaway Inc Class B 9.50 4.25 Amazon.com Inc 62.20 4.16 Eli Lilly and Co 134.13 3.97 UnitedHealth Group Inc 20.73 2.53 Costco Wholesale Corp 47.95 1.77 Data through 2024-02-29

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

Other Information Inception Date: 1995-01-03 Portfolio Manager(s) Jean Park   (2018-05-01) Jean Park is portfolio manager and research analyst since joining Fidelity Investments in 2006. Prior to joining Fidelity Investments in 2006 as a research analyst, Ms. Park was an analyst and associate in the high-yield bond group of Goldman Sachs Asset Management. William Danoff   (2018-05-01) Mr. Danoff has worked as a research analyst and portfolio manager since joining Fidelity Investments in 1986. Prior to joining the firm, he was a research analyst for Furman Selz in New York City, covering advertising stocks and special situations. 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 2024 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.