Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Fidelity® VIP Growth Opportunities Init Release date as of 2022-05-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2022-05-31 Out of 1142 Large Growth Funds Morningstar® Style Box™ What is this? As of 2022-04-30 Total Fund Assets ($ Mil) 2,222.01 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.

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 86.6 Non-U.S. Stocks 9.5 Bonds 0.0 Cash 0.0 Other 3.9 Data through 2022-04-30 Morningstar Equity Sectors % of Stocks Cyclical 22.47 Basic Materials 5.33 Consumer Cyclical 12.99 Financial Services 4.07 Real Estate 0.08 Sensitive 65.27 Communication Services 19.88 Energy 6.75 Industrials 1.37 Technology 37.27 Defensive 12.26 Consumer Defensive 0.21 Healthcare 10.05 Utilities 2.00 Data through 2022-04-30 Holding Status Total Number of Stock Holdings 193 Total Number of Bond Holdings 3 % of Net Assets in Top 10 Holdings 38.37 Turnover % (as of 2021-12-31) 82.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets Microsoft Corp 28.38 9.37 Alphabet Inc Class C 20.63 6.16 Amazon.com Inc 57.99 4.95 T-Mobile US Inc 59.50 3.47 NVIDIA Corp 50.06 3.37 Freeport-McMoRan Inc 11.29 3.09 Alphabet Inc Class A 20.58 2.50 Roku Inc Class A 96.84 1.95 Uber Technologies Inc --- 1.82 Carvana Co Class A --- 1.69 Data through 2022-04-30

Principal Risks    Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, 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. 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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