Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Fidelity VIP Growth Opportunities Init Release date as of 2025-05-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2025-05-31 Out of 1034 Large Growth Funds Morningstar® Style Box™ What is this? As of 2025-04-30 Total Fund Assets ($ Mil) 3,896.34 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks to provide capital growth. The fund normally invests primarily 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 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 87.9 Non-U.S. Stocks 6.4 Bonds 0.0 Cash 2.9 Other 2.8 Data through 2025-04-30 Morningstar Equity Sectors % of Stocks Cyclical 18.03 Basic Materials 0.00 Consumer Cyclical 11.43 Financial Services 6.11 Real Estate 0.49 Sensitive 72.17 Communication Services 22.23 Energy 0.09 Industrials 3.27 Technology 46.58 Defensive 9.79 Consumer Defensive 3.90 Healthcare 4.02 Utilities 1.87 Data through 2025-04-30 Holding Status Total Number of Stock Holdings 112 Total Number of Bond Holdings 4 % of Net Assets in Top 10 Holdings 53.45 Turnover % (as of 2024-12-31) 58.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets NVIDIA Corp 43.59 11.56 Microsoft Corp 35.58 8.49 Meta Platforms Inc Class A 25.31 6.40 Apple Inc 31.29 5.59 Amazon.com Inc 33.39 5.20 Alphabet Inc Class C 19.29 4.10 Broadcom Inc 112.07 4.06 Fidelity Cash Central Fund --- --- 2.88 Netflix Inc 57.05 2.77 Visa Inc Class A 36.70 2.40 Data through 2025-04-30

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: 1995-01-03 Portfolio Manager(s) Kyle Weaver   (2015-07-14) Kyle Weaver is portfolio manager of the fund, which he has managed since July 2015. He also manages other funds. Since joining Fidelity Investments in 2008, Mr. Weaver has worked as a research analyst and portfolio manager. Mr. Weaver earned his Bachelor of Arts degree in public policy from Stanford University. Becky Baker   (2023-11-14) Becky Baker is a research analyst and 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. In this role, Ms. Baker manages Fidelity Select Enterprise Tech Services Portfolio. She co-manages the Fidelity Advisor Growth Opportunities Fund and the technology sleeve of the Fidelity Series All-Sector Equity Fund. Additionally, she covers IT services, software, and other information technology stocks as an analyst. Prior to assuming her current role, Ms. Baker managed Fidelity Select Leisure Portfolio and covered consumer stocks, including restaurants, hotels, gaming, cruise lines. Prior to joining Fidelity as an equity research intern, Ms. Baker served an equity analyst intern at SEI Investments. She has been in the financial industry since 2012. Ms. Baker earned her bachelor of arts degree in economics from Swarthmore College. 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 (Hong Kong) Ltd

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