Fidelity® VIP Contrafund Portfolio Fund

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Fund Overview

Advisor

Fidelity Management & Research Company

Subadvisor

FRM Co., Inc.

Objective/Focus:

Normally invests primarily in common stocks. Seeks long-term capital appreciation.

Asset Class:

Large-Cap Stocks

Style:

Blend

Stocks of smaller or newer companies, such as those held in this Fund, are more likely to realize more substantial growth as well as suffer more significant losses than larger or more established issuers. Investments in such companies can be both more volatile and more speculative.

Investing in small company stocks involves a greater degree of risk than investing in medium or large company stocks. Their securities may also trade less frequently and in lower volumes, making market prices more volatile.

Fund Facts as of 6/30/2022

Fund Inception

04-30-2007

First Available for Variable Annuity

04-30-2007

First Available for Variable Life

06-30-2011

Net Assets

$17.58 Billion

Top 10 Portfolio Holdings % of Net Assets

Microsoft Corp.

Alphabet, Inc. — Class C

Apple, Inc

UnitedHealth Group, Inc.

Amazon.com, Inc.

Berkshire Hathaway, Inc. — Class B

Meta Platforms, Inc. — Class A

Eli Lilly & Co.

NVIDIA Corp

Costco Wholesale Corp.

Total % of Net Assets

42.8%

Sector Weightings % of Equities

Information Technology

29.0%

Health Care

17.5%

Financials

12.5%

Communication Services

11.1%

Consumer Discretionary

9.2%