Fidelity VIP Investor Freedom Funds...contributed notably to the Funds' relative results, whereas underweight exposure to U.S. equities detracted most, as this was the best-performing

PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2020

Fidelity® VIP Investor Freedom Funds

Key Takeaways

• For the semiannual reporting period ending June 30, 2020, Fidelity® VIP Investor Freedom Funds posted returns ranging from 2.81% for Fidelity® VIP Investor Freedom Income Portfolio to -1.46% for Fidelity® VIP Investor Freedom 2030 Portfolio. Each Fund performed roughly in line with its Composite index.

• Co-Portfolio Managers Andrew Dierdorf and Brett Sumsion believe elevated volatility of various financial asset classes in the first half of 2020 highlights the importance of diversification, a key tenet of Fidelity® VIP Investor Freedom Funds, which invest in several asset classes in seeking to improve the risk-adjusted returns of portfolios with various time horizons.

• Given the outperformance of investment-grade bonds and inflation-protected debt securities, shorter-dated Funds – suitable for investors with a shorter investment horizon before retirement and that hold higher exposure to these assets – achieved higher returns than longer-dated Funds, which own a higher stake in weaker-performing equities and are intended for those with a longer horizon before retirement.

• Versus Composite indexes, strong performance among several underlying investment portfolios contributed to the VIP Investor Freedom Funds' performance. In particular, active security selection among non-U.S. equities added the most value, while performance among U.S. equities helped to a lesser extent.

• Top-down, active asset allocation decisions held back the Funds' relative results this period. Specifically, overweighting weak-performing non-U.S. equities hurt most, followed by an underweighting in strong-performing investment-grade bonds.

• Looking ahead, Andrew and Brett believe the historic global monetaryand fiscal responses to macroeconomic stress are likely to have long-lasting impacts on the global economy.

FUND NAMES

VIP Investor Freedom Income Portfolio VIP Investor Freedom 2005 Portfolio VIP Investor Freedom 2010 Portfolio VIP Investor Freedom 2015 Portfolio VIP Investor Freedom 2020 Portfolio VIP Investor Freedom 2025 Portfolio VIP Investor Freedom 2030 Portfolio

Not FDIC Insured • May Lose Value • No Bank Guarantee


2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Market RecapThe MSCI ACWI (All Country World Index) ex USA Index returned -10.91% for the six months ending June 30, 2020, in what was a bumpy ride for non-U.S. equities, marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a sharp upturn beginning in late March. Declared a pandemic on March 11, the crisis and containment efforts led to increased uncertainty, broad-based contraction in economic activity, higher volatility and dislocation in the financial markets. A historically rapid and expansive monetary/fiscal-policy response fueled the reversal, as did progress on potential treatments and early signs of an economic recovery, as non-U.S. equities gained 16% for the second quarter of 2020.

All regions within the index declined the past six months, with the U.K. (-23%) performing worst, followed by Canada (-13%) and Asia Pacific ex Japan (-12%). Conversely, Japan (-7%) held up best, followed by Europe ex U.K. (-9%) and emerging markets(-10%). By sector, notable underperformers included energy (-32%) and financials (-23%), whereas health care led with a roughly 6% gain.

The Dow Jones U.S. Total Stock Market returned -3.50% in the first half of 2020, pressured by the spreading coronavirus and related "shelter in place" guidelines from federal and state officials. Aggressive support for financial markets by the U.S. Federal Reserve, plans for reopening the economy and improving infection data boosted stocks from late March through June 30. Energy (-37%) was by far the weakest sector, followed by financials (-24%). Conversely, information technology (+15%) and consumer discretionary (+8%) led. Large-caps widely topped smaller-caps, and growth handily outpaced value. Elsewhere, commodities lagged equities.

Turning to fixed income, U.S. taxable investment-grade bonds (the Bloomberg Barclays U.S. Aggregate Bond Index) rose 6.14%, as investors generally sought assets perceived to be safe and yields declined. U.S. Treasury bonds led the way (+8.71%), whereas agency bonds (+5.06%), corporate bonds (+4.82%) and mortgage-backed securities (+3.50%) lagged the index. Treasury Inflation-Protected Securities (+6.01%) slightly trailed the index. Extended (non-core) categories had negative returns, including high-yield bonds (-4.84%), floating-rate bank loans (-4.60%) and emerging-markets debt (-1.87%). ■

BROAD ASSET CLASS RETURNS (%) PERIOD ENDING JUNE 30, 2020

Calendar-Year Returns Average Annual Cumulative

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 5 Year 3 Year 1 Year 6 Mos 3 Mos

19.7 29.9 18.6 33.5 25.1 4.1 17.5 37.8 1.9 30.9 10.0 12.0 25.4 21.2 22.1

19.2 8.9 18.5 21.2 16.9 1.2 12.6 24.5 0.7 22.8 9.3 10.0 8.7 6.1 18.2

17.5 8.7 16.6 7.4 12.5 0.5 11.8 21.2 0.6 18.9 5.1 5.3 6.4 4.1 15.4

16.8 8.5 16.4 5.4 7.0 0.4 11.6 9.3 0.0 18.4 4.7 5.1 5.7 2.5 12.6

15.1 7.8 15.5 0.1 6.0 0.2 10.4 8.5 -0.3 14.8 4.7 3.9 5.4 0.6 11.2

12.0 4.4 12.7 -1.8 5.5 0.1 10.2 8.3 -1.8 14.4 4.6 3.3 1.7 -1.9 10.3

10.4 1.5 9.8 -2.0 2.5 0.1 5.3 7.5 -2.3 14.4 4.3 3.1 1.5 -3.5 9.5

9.4 1.1 5.0 -2.3 1.8 -0.5 4.9 4.7 -4.1 10.3 3.2 2.9 -1.2 -4.6 5.6

9.1 0.1 4.2 -5.6 0.9 -1.2 4.0 4.3 -4.6 8.7 3.1 2.3 -1.4 -4.8 5.1

6.5 -12.1 3.6 -6.6 0.1 -2.9 3.0 3.5 -5.3 8.7 3.0 2.2 -2.0 -6.0 3.8

5.2 -13.3 0.1 -9.5 -1.8 -4.6 2.6 1.9 -11.2 7.7 2.2 1.8 -3.0 -9.7 2.9

0.2 -18.2 -1.1 -12.7 -4.2 -14.6 1.3 1.7 -13.9 6.9 1.2 1.1 -5.2 -11.4 0.2

-- -- -- -- -17.0 -24.7 0.3 0.9 -14.2 2.3 -7.7 -6.1 -17.4 -19.4 0.0

Best

Perfor

mance

Worst

Dispersionof Returns* 19.5 48.1 19.7 46.1 42.1 28.8 17.1 36.9 16.1 28.6 17.7 18.2 42.8 40.6 22.1

■ U.S. Equities

■ Non-U.S. Developed-Markets Equities

■ Emerging-Markets Equities

■ Commodities

■ High-Yield Debt

■ Floating-Rate Debt

■ International Debt

■ Emerging-Markets Debt

■ Real Estate Debt

■ Investment-Grade Debt

■ Inflation-Protected Debt

■ Short-Term Debt

■ Long-Term U.S. Treasury Debt

Periods greater than one year are annualized. Source: FMR*Difference between best- and worst-performing asset classes over the given time periodYou cannot invest directly in an index. Past performance is no guarantee of future results.U.S. Equities - Dow Jones U.S. Total Stock Market Index, Non-U.S. Developed-Markets Equities - MSCI World ex USA Net Mass, Emerging-Markets Equities - MSCI Emerging Markets Index, Commodities - Bloomberg Commodity Index Total Return, High-Yield Debt - ICE BofA U.S. High Yield Constrained Index, Floating-Rate Debt - S&P/LSTA Leveraged Performing Loan Index, International Debt - Bloomberg Barclays Global Aggregate Credit Ex U.S. Index Hedged (USD), Emerging-Markets Debt - J.P. Morgan Emerging Markets Bond Index Global, Real Estate Debt - Fidelity Real Estate Income Composite Index, Investment-Grade Debt - Bloomberg Barclays U.S. Aggregate Bond Index, Inflation-Protected Debt - Bloomberg Barclays U.S. 1-10 Year Treasury Inflation-Protected Securities (TIPS) Index (Series-L), Short-Term Debt - Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index, Long-Term U.S. Treasury Debt -Bloomberg Barclays U.S. Long Treasury Index



Andrew DierdorfCo-Manager

Brett SumsionCo-Manager

Fund FactsVIP Investor Freedom Fund

Start DateSize (in millions)

Income 08/03/2005 $91.92005 08/03/2005 $32.62010 08/03/2005 $65.42015 08/03/2005 $101.82020 08/03/2005 $211.72025 08/03/2005 $247.32030 08/03/2005 $267.5

Investment Approach• Fidelity® VIP Investor Freedom FundsSM (the Funds) are

designed so that the target date referenced in the Fund name is the approximate year when we expect investors to retire and begin gradually withdrawing their investment.

• Each of the Funds seeks high total return with a secondary objective of principal preservation.

• Except for Fidelity® VIP Investor Freedom Income PortfolioSM, each Fund's asset allocation strategy becomes increasingly conservative as it approaches its target retirement date – and beyond. Ultimately, the Funds are expected to merge with Fidelity® VIP Investor Freedom Income PortfolioSM.

• The Funds employ a robust investment process focused on helping investors solve the challenge of investing through retirement by leveraging the depth and strengthof Fidelity's investment research and resources.

Q&AAn interview with Co-Portfolio Managers Andrew Dierdorf and Brett Sumsion

Q: Andrew, how did Fidelity® VIP Investor Freedom Funds perform for the six months ending June 30, 2020

A.D. Fidelity® VIP Investor Freedom Funds posted returns ranging from 2.81% for Fidelity® VIP Investor Freedom Income Portfolio to -1.46% for Fidelity® VIP Investor Freedom 2030 Portfolio. Each Fund performed roughly in line with its Composite benchmark, and all but two topped its peer group average.

Looking back 12 months, the Funds produced returns ranging from 6.67% for Fidelity® VIP Investor Freedom Income Portfolio to 5.94% for Fidelity® VIP Investor Freedom 2030 Portfolio. Each Fund outpaced its Composite index andpeer group.

Given the outperformance of investment-grade bonds and inflation-protected debt securities, shorter-dated Funds – suitable for investors with a shorter investment horizon before retirement and that hold higher exposure to these assets – achieved higher returns than longer-dated Funds, which own a higher stake in weaker-performing equities and are intended for those with a longer horizon before retirement.

(For specific Fund results, please refer to the Fiscal Performance Summaries.)

Q: How would you characterize the market environment the past six months

A.D. It was a volatile period for many asset classes, particularly equities and other riskier assets. In late February, the outbreak and spread of a novel coronavirus and the disease it causes, COVID-19, led to decline in business activity around the world, as shutdown orders from federal and local governments were put in place to contain the virus.This led to an uncertain outlook for economic growth and corporate earnings, and coincided with an equity-market decline through March 23.

The second quarter of 2020 was characterized by historic levels of fiscal and monetary stimulus aimed at stabilizing markets, expanding liquidity, and providing relief to businesses and individuals impacted by the macroeconomic shock caused by the onset of COVID-19. These policy



actions, coupled with a gradual re-opening of the U.S. and other foreign economies, drove a meaningful rebound for the asset classes that struggled in the first quarter of 2020.

Overall, the heightened volatility that transpired the past six months is a key reason why having diversified exposure to multiple asset classes can provide more-stable risk-adjusted returns over time. Each asset class has a different level of exposure to factors such as the pace of economic growth, the direction of interest rates and the rate of corporate earnings growth, all of which tend to influence performance.

Q: Beyond diversification, what do you expect to typically drive the performance of the Funds

A.D. Well, as a reminder, there are multiple drivers of performance for VIP Investor Freedom Funds. The strategic asset allocation is expected to be the primary driver of returns over long-term periods, while active asset allocation and the active investment decisions of the underlying portfolio managers in each discipline can result in incremental excess returns above and beyond Composite indexes.

Strategic allocation decisions are based on research and insights related to the factors that influence outcomes over long-term periods, including diversification, capital markets trends, and investor behaviors. For the past several years, wehave increased the diversification of our strategic asset allocation to better navigate uncertainty in the capital markets.

Active asset allocation is intended to provide shareholders with exposure to asset classes that we believe are mispriced and may offer additional returns and opportunities for risk mitigation. Active asset allocation expands our investment opportunity set and provides flexibility for us to adjust asset class exposures relative to the strategic asset allocation over intermediate-term periods – again, with the objective of maximizing returns over time.

Q: Turning to you, Brett, what specific factors influenced the Funds' performance versus Composite indexes the past six months

B.S. Favorable returns among underlying investment portfolios primarily contributed to the Funds' performance relative to Composites this period. In particular, active security selection among non-U.S. equities added the most value, while U.S. equities helped to a lesser extent.

Among non-U.S. equity investments, Fidelity® VIP Overseas Portfolio (-4.75%) and Fidelity® VIP Emerging Markets Portfolio (-4.48%) led the way, as each fund topped its benchmark by a wide margin. Within U.S. equities, an investment in Fidelity® VIP Contrafund (+9.24%) was a key contributor, as this underlying fund outpaced the -3.08%

result of its benchmark, the S&P 500® index. Conversely, the Funds' underlying investment in Fidelity VIP Growth & Income Portfolio (-11.38%) detracted from relative results, as this fund significantly lagged the S&P 500®.

Q: What impact did asset allocation decisions have on the Funds' relative performance

B.S. Overall, our top-down, active asset allocation decisions detracted from the Funds' relative performance this period. In particular, an overweight in non-U.S. equities detracted most, as this was one of the weaker-performing asset classes the past six months. In addition, an underweighting in strong-performing investment-grade bonds notably detracted this period, as did an underweighting in long-term U.S. Treasury bonds, the top-performing asset class.

To a lesser extent, the Funds' modestly benefited from underweighting U.S. equities and overweighting inflation-protected debt securities and short-term debt securities.

Q: Back to you, Andrew. Do you have any final thoughts to pass along to shareholders

A.D. We're pleased that most of the Funds performed roughly in line with their Composite indexes the past six months. The first half of 2020 highlighted the power of Fidelity's best-in-class research and portfolio management decisions. Some common themes among portfolio managersincluded upgrading the quality of their holdings at attractive prices, emphasizing names they believe are likely to endure the recent macroeconomic shock and leveraging Fidelity's investment edge to navigate an uncertain corporate earningsenvironment. We continue to focus on delivering compelling long-term outcomes for the Funds, based on the various risk and return profiles for the time horizons tied to each Fund.

As of June 30, economic conditions have improved, but progress has been uneven. Uncertainty and volatility are likely to remain high, thus our diversified approach and rigorous investment process, which is grounded in research data, is as important as ever.

We continue to leverage our stability and vast resources – especially our technology, our global research expertise across asset classes, and our relationships with corporations and other entities – to closely monitor the pandemic, gain insight into market dynamics as they evolve and choose securities we think have the potential to outperform over time. Thank you for your confidence in us, and in Fidelity's investment management expertise. ■



Brett Sumsion on the Funds' active allocation positioning:

"As of June 30, active allocation positions relative to the Funds' Composite indexes are directionally similar to six months ago, although incremental positioning changes include an increase in equity exposure and reductions in short-term debt. As economic conditions improved from extremely low levels in the first quarter of 2020, we brought the Funds' overall equity exposure closer to neutral from a slight underweight relative to Composites. Emerging-markets (EM) equities and inflation-sensitive assets remain our largest overweight allocations, whereas we are underweight U.S. equities and investment-grade bonds.

"Our view is that the path of COVID-19 and the historic global monetary and fiscal responses are likely to have long-lasting impacts on the global economy. In the intermediate term, we believe there are opportunities to position the portfolios in areas trading at a significant discount to our view of fair value. For example, following one of their strongest quarters in 20 years, our view that valuations for U.S. equities are elevated is even stronger. EM equities, by comparison, are priced at a discount and have favorable growth prospects. The potential for a weaker U.S. dollar following massive fiscal and monetary stimulus, pent-up demand for goods produced by EM countries, and early signs of a China's stabilization and recovery provide a potentially favorable backdrop for the asset class. We're mindful of the geopolitical risks facing EM, including the U.S–China trade conflict, and consider these risks in the overall positioning of the Funds. Within U.S. equities, we view value exposures as attractive relative to growth, and have allocated more assets to value strategies.

"Elsewhere, we believe inflation-sensitive assets, such as Treasury Inflation-Protected Securities (TIPS), are attractive. We believe that longer-term inflationary pressure may be greater than market expectations. The liquidity provided by accommodative global monetary policy coupled with rebounding economic activity may accelerate inflationary pressure. Elsewhere, our view is that yields on sovereign bonds are near historic lows andthe distribution of potential outcomes supports an underweight position. We have maintained underweights in investment-grade and long-term U.S. Treasury bonds."



VIP Investor Freedom Income Portfolio

ASSET ALLOCATION PERFORMANCE SUMMARY

Asset Class Benchmark

Average Relative Weight

Relative Contribution

(basis points)*

DOMESTIC EQUITY DJ US Total Stk Mkt -5.9% 12

INTERNATIONAL EQUITY

MSCI AC Wld exUS (Net MA) 4.9% 11

BOND -- -2.6% -43

INVESTMENT GRADE BOND

BBgBarc U.S. Agg Bond -4.6% -25

HIGH YIELD DEBT -- 2.0% -18

INTERNATIONAL DEBT -- -- --

EMERGING MARKETS DEBT -- -- --

INFLATION-PROTECTED BOND BBgBarc 1-10 TIPS 2.0% 27

LONG TERM U.S. TREASURES

BBgBarc US LT Treasury -0.6% -8

SHORT-TERM FUNDS & OTHER ASSETS

BBgBarc 3-6 Mo Tsy 2.3% -17

INVESTED ASSETS SUBTOTALS

FID FF Income Comp Idx 0.0% -17

NET EXPENSES -- -- 0

Total Value Added -17

*1 basis point = 0.01%.

Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that areheld for future settlement, Net Other Assets can be a negative number.

ASSET ALLOCATION

Asset ClassPortfolio Weight

Portfolio Weight Six Months Ago

Domestic Equities 7.14% 6.76%

Equities 7.14% 6.76%

International Equities 13.15% 12.98%

Developed-Markets Equities 5.73% 6.57%

Emerging-Markets Equities 7.42% 6.41%

Bonds 56.92% 56.96%

Investment-Grade Debt 40.66% 40.58%

Long-Term U.S. Treasuries 2.25% 2.44%

Inflation-Protected Debt 12.05% 11.92%

High-Yield Debt 1.96% 2.02%

International Debt 0.00% 0.00%

Short-Term Debt & Net Other Assets 22.79% 23.30%

Net Other Assets can include fund receivables, fund payables, and offsetsto other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number.



FUND HOLDINGS BY ASSET CLASS

HoldingPortfolio Weight



Equities 7.14% 6.76%

VIP Growth & Income - IN 1.48% 1.42%

VIP Growth - IN 1.32% 1.22%

VIP Equity-Income - IN 1.29% 1.24%

VIP Contrafund - IN 1.28% 1.18%

VIP Value - IN 0.94% 0.91%

VIP Value Strategies -IN 0.46% 0.45%

VIP Mid Cap - IN 0.37% 0.34%



VIP Overseas - IN 5.73% 6.57%


VIP Emerging Markets -IN 7.42% 6.41%



Bonds 56.92% 56.96%


VIP Invt Grade Bond - IN 40.66% 40.58%


LT Treasury Bond Index 2.25% 2.44%


Inflation-Prot Bond Index 12.05% 11.92%


VIP High Income - IN 1.96% 2.02%



VIP Government MM - IN 22.79% 23.27%

NET OTHER ASSETS -0.00% 0.03%



VIP Investor Freedom Income Portfolio (continued)

TARGET ASSET ALLOCATION ■ Current Year

100%

80%

60%

40%

20%

0%50 45 40 35 30 25 20 15 10 5 0 5 10 15 20

YEARS TO RETIREMENT RETIREMENT YEARS

■ Domestic Equity Funds ■ International Equity Funds ■ Bond Funds ■ Short-Term Funds

Source: FMR

Fidelity VIP Freedom Funds invest in a diversified mix of Fidelity domestic equity, international equity, bond, and short-term funds, many of which aremanaged exclusively for this purpose. As the chart above shows, Freedom Funds follow an asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. Freedom Funds are generally expected to reach their most conservative allocation 10–19 years after the target date. Future target allocations for the Freedom Fund featured above may differ from this approximate illustration.

PERFORMANCE SUMMARY

Variable annuity contracts are issued by insurance companies through separate accounts that are part of the insurer. The value of a variable annuity contract depends on the values of units of subaccounts of the separate account. Each subaccount purchases shares of a corresponding mutual fund. Subaccount investment performance is based on the performance of the mutual fund in which it invests, less insurance company charges made againstthe assets of the separate account. A subaccount is not a mutual fund.

The information provided in this Performance Summary contains performance information for the fund, or class, and each variable subaccount, with comparisons over different time periods to the fund's relevant benchmarks – including an appropriate index as well as a group of similar funds whose average returns are compiled and monitored by an independent mutual fund research company. Figures for more than one year assume a steady compounded rate of return and are not a class' year-by-year results, which fluctuated over the periods shown. Fund performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If fund performance information included the effect of these additional charges, the total returns would have been lower. The performance table also contains performance information for certain insurance company subaccounts that invest in the fund. Each variable subaccount's performance, as shown, is net of all fees and expenses, including those charges imposed by your insurance company. Seeing the returns over different time periods can help you assess the performance against relevant measurements and across multiple market environments. The performance information includes average annual total returns and cumulative total returns and is further explained in this section.*

Investing in a variable annuity involves risk of loss – investment returns, contract value, and, for variable income annuities, payment amounts are not guaranteed and will fluctuate. Withdrawals of taxable amounts from an annuity are subject to ordinary income tax, and, if taken before age 59 1/2, may be subject to a 10% IRS penalty.

Current performance may be higher or lower than the performance data quoted below. An investor's shares, when redeemed, may be worth more or less than their original cost. For month-end performance figures, please visit www.fidelity.com/annuityperformance or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results.

Performance and disclosure information continued on next page.



VIP Investor Freedom Income Portfolio (continued)

Fiscal periods ending June 30, 2020

Total Returns for the Fund

Cumulative Annualized

6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

VIP Investor Freedom Income Portfolio Gross Expense Ratio: 0.42%2 2.81% 2.81% 6.67% 5.29% 4.68% 4.83%

Bloomberg Barclays U.S. Aggregate Bond Index 6.14% 6.14% 8.74% 5.32% 4.30% 3.82%

Fidelity Freedom Income Composite Index 2.99% 2.99% 6.48% 5.43% 4.64% 4.63%

Morningstar Insurance Target-Date Retirement 2.58% 2.58% 6.30% 5.17% 4.58% 5.02%1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 08/03/2005.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.


Total Returns for the Variable Subaccount**

Annualized Cumulative Annualized

New York Only:10 Year/Life

of Subaccount6

Month YTD1

Year3

Year5

Year

10 Year/Lifeof

Subaccount

Fidelity Personal Retirement Annuity A(for contracts purchased prior to 1/1/09 and on or after 9/7/10)

4.57% 2.69% 2.69% 6.40% 5.03% 4.42% 4.57%

Fidelity Personal Retirement Annuity A(for contracts purchased between 1/1/09 and 9/6/10)

4.57% 2.69% 2.69% 6.40% 5.03% 4.42% 4.57%

Fidelity Personal Retirement Annuity A(for contracts purchased on or after 9/7/10 with an initial purchase payment of $1M+)

4.73% 2.76% 2.76% 6.56% 5.19% 4.58% 4.73%

Fidelity Personal Retirement Annuity - Subaccount Inception: August 15, 2005; New York Only Inception: October 28, 2005.

Fidelity Personal Retirement Annuity's underlying fund options are Investor Class fund offerings. A In NY, Personal Retirement Annuity

* Total returns are historical and include changes in share price (for the fund) and unit price (for the variable subaccount) and reinvestment of dividends and capital gains, if any.

** Returns for Fidelity Personal Retirement Annuity ("FPRA") include the 0.25% annual annuity charge for contracts purchased prior to 1/1/2009, and on or after 9/7/2010. For FPRA contracts purchased between 1/1/2009 and 9/6/2010, returns include a 0.35% annual annuity charge prior to 9/7/2010and 0.25% thereafter. For FPRA contracts purchased on or after 9/7/2010 with an initial purchase payment of $1,000,000 or more, returns include a 0.10% annual annuity charge. Life of subaccount returns are from the subaccount inception, the date the portfolio was first available in the insurance company's variable product.

Please see the last page(s) of this Q&A document for most-recent calendar-quarter performance.



VIP Investor Freedom 2005 Portfolio





(basis points)*

DOMESTIC EQUITY DJ US Total Stk Mkt -5.9% 2



BOND -- -2.6% -45












FID FF 2005 Comp Idx 0.0% -9


Total Value Added -9



ASSET ALLOCATION




Equities 10.63% 10.90%




Bonds 53.73% 53.34%














Equities 10.63% 10.90%





VIP Value - IN 1.40% 1.47%


VIP Mid Cap - IN 0.54% 0.55%








Bonds 53.73% 53.34%















VIP Investor Freedom 2005 Portfolio (continued)


100%

80%

60%

40%

20%

0%50 45 40 35 30 25 20 15 10 5 0 5 10 15 20



Source: FMR


PERFORMANCE SUMMARY












6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

VIP Investor Freedom 2005 Portfolio Gross Expense Ratio: 0.45%2 2.28% 2.28% 6.62% 5.68% 5.18% 6.34%


Fidelity Freedom 2005 Composite Index 2.37% 2.37% 6.37% 5.85% 5.20% 6.19%

Morningstar Insurance Target-Date 2000-2010 1.26% 1.26% 6.05% 5.60% 5.08% 6.66%1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 08/03/2005.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.





of Subaccount6

Month YTD1

Year3

Year5

Year

10 Year/Lifeof

Subaccount


6.07% 2.15% 2.15% 6.36% 5.41% 4.92% 6.07%


6.07% 2.15% 2.15% 6.36% 5.41% 4.92% 6.07%


6.23% 2.23% 2.23% 6.52% 5.57% 5.08% 6.23%













(basis points)*

DOMESTIC EQUITY DJ US Total Stk Mkt -5.9% -15



BOND -- -2.6% -49












FID FF 2010 Comp Idx 0.0% 0


Total Value Added 0



ASSET ALLOCATION




Equities 16.08% 16.56%




Bonds 48.64% 48.20%














Equities 16.08% 16.56%





VIP Value - IN 2.11% 2.23%


VIP Mid Cap - IN 0.82% 0.84%








Bonds 48.64% 48.20%












Cash CF 0.00% 0.00%

NET OTHER ASSETS 0.01% 0.02%





100%

80%

60%

40%

20%

0%50 45 40 35 30 25 20 15 10 5 0 5 10 15 20



Source: FMR


PERFORMANCE SUMMARY












6Month YTD

1Year

3Year

5Year

10 Year/ LOF1




Morningstar Insurance Target-Date 2000-2010 1.26% 1.26% 6.05% 5.60% 5.08% 6.66%1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 08/03/2005.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.





of Subaccount6

Month YTD1

Year3

Year5

Year

10 Year/Lifeof

Subaccount


7.06% 1.39% 1.39% 6.22% 5.74% 5.31% 7.06%


7.06% 1.39% 1.39% 6.22% 5.74% 5.31% 7.06%


7.22% 1.46% 1.46% 6.39% 5.90% 5.47% 7.22%













(basis points)*




BOND -- -2.6% -54














Total Value Added 9



ASSET ALLOCATION




Equities 21.52% 22.17%




Bonds 43.50% 43.12%














Equities 21.52% 22.17%





VIP Value - IN 2.83% 2.99%


VIP Mid Cap - IN 1.10% 1.13%








Bonds 43.50% 43.12%












NET OTHER ASSETS 0.01% 0.02%





100%

80%

60%

40%

20%

0%50 45 40 35 30 25 20 15 10 5 0 5 10 15 20



Source: FMR


PERFORMANCE SUMMARY












6Month YTD

1Year

3Year

5Year

10 Year/ LOF1




Morningstar Insurance Target-Date 2015 0.05% 0.05% 5.62% 5.81% 5.47% 7.22%1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 08/03/2005.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.





of Subaccount6

Month YTD1

Year3

Year5

Year

10 Year/Lifeof

Subaccount


7.46% 0.60% 0.60% 6.15% 6.03% 5.70% 7.46%


7.45% 0.60% 0.60% 6.15% 6.03% 5.70% 7.45%


7.62% 0.67% 0.67% 6.31% 6.19% 5.86% 7.62%













(basis points)*




BOND -- -2.6% -57










BBgBarc 3-6 Mo Tsy 2.2% 4




Total Value Added 27



ASSET ALLOCATION




Equities 26.49% 27.13%




Bonds 38.69% 38.50%














Equities 26.49% 27.13%





VIP Value - IN 3.48% 3.66%


VIP Mid Cap - IN 1.36% 1.38%








Bonds 38.69% 38.50%

















100%

80%

60%

40%

20%

0%50 45 40 35 30 25 20 15 10 5 0 5 10 15 20



Source: FMR


PERFORMANCE SUMMARY












6Month YTD

1Year

3Year

5Year

10 Year/ LOF1


S&P 500 Index -3.08% -3.08% 7.51% 10.73% 10.73% 13.99%

Fidelity Freedom 2020 Composite Index -0.18% -0.18% 5.72% 6.77% 6.42% 8.28%

Morningstar Insurance Target-Date 2020 0.72% 0.72% 6.10% 5.85% 5.37% 7.34%1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 08/03/2005.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.





of Subaccount6

Month YTD1

Year3

Year5

Year

10 Year/Lifeof

Subaccount


8.06% -0.03% -0.03% 6.00% 6.23% 5.96% 8.06%


8.06% -0.03% -0.03% 6.00% 6.23% 5.96% 8.06%


8.22% 0.04% 0.04% 6.16% 6.39% 6.12% 8.22%













(basis points)*




BOND -- -2.6% -61

















ASSET ALLOCATION




Equities 30.32% 31.09%




Bonds 35.34% 35.16%














Equities 30.32% 31.09%





VIP Value - IN 3.99% 4.19%


VIP Mid Cap - IN 1.55% 1.58%








Bonds 35.34% 35.16%

















100%

80%

60%

40%

20%

0%50 45 40 35 30 25 20 15 10 5 0 5 10 15 20



Source: FMR


PERFORMANCE SUMMARY












6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

VIP Investor Freedom 2025 Portfolio Gross Expense Ratio: 0.60%2 -0.49% -0.49% 6.22% 6.71% 6.44% 9.13%

S&P 500 Index -3.08% -3.08% 7.51% 10.73% 10.73% 13.99%


Morningstar Insurance Target-Date 2025 -1.11% -1.11% 5.11% 6.24% 6.08% 8.64%1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 08/03/2005.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.





of Subaccount6

Month YTD1

Year3

Year5

Year

10 Year/Lifeof

Subaccount


8.86% -0.61% -0.61% 5.95% 6.44% 6.17% 8.86%


8.86% -0.61% -0.61% 5.95% 6.44% 6.17% 8.86%


9.02% -0.53% -0.53% 6.11% 6.60% 6.33% 9.02%













(basis points)*




BOND -- -2.7% -64

















ASSET ALLOCATION




Equities 35.55% 37.02%




Bonds 30.95% 29.59%














Equities 35.55% 37.02%





VIP Value - IN 4.68% 4.99%


VIP Mid Cap - IN 1.82% 1.88%








Bonds 30.95% 29.59%

















100%

80%

60%

40%

20%

0%50 45 40 35 30 25 20 15 10 5 0 5 10 15 20



Source: FMR


PERFORMANCE SUMMARY












6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

VIP Investor Freedom 2030 Portfolio Gross Expense Ratio: 0.65%2 -1.46% -1.46% 5.94% 7.05% 6.90% 9.67%

S&P 500 Index -3.08% -3.08% 7.51% 10.73% 10.73% 13.99%


Morningstar Insurance Target-Date 2030 -0.81% -0.81% 5.81% 6.42% 6.02% 8.40%1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 08/03/2005.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.





of Subaccount6

Month YTD1

Year3

Year5

Year

10 Year/Lifeof

Subaccount


9.39% -1.58% -1.58% 5.68% 6.78% 6.63% 9.39%


9.39% -1.58% -1.58% 5.68% 6.78% 6.63% 9.39%


9.56% -1.51% -1.51% 5.84% 6.95% 6.79% 9.56%







34 |

Definitions and Important Information

Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client's investment decisions. Fidelity, and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and products, and certain investment services.

Fidelity Income Advantage (policy form nos. FVIA-92100, et al. and FVIA-99100, et al.), Fidelity Retirement Reserves (policy form no. NRR-96100, et al.), Fidelity Personal Retirement Annuity (policy form no. DVA-2005, et al.), Fidelity Freedom Lifetime Income (policyform nos. FFLI-Q-2005, et al. and FFLI-NQ-2005, et al.), and Fidelity Growth and Guaranteed Income (policy form no. DVA-GWB-2007, et al.) are issued by Fidelity Investments Life Insurance Company, 100 Salem Street, Smithfield, RI 02917, and for NY residents, Income Advantage (policy form nos. EFVIA-92100, et al. and EFVIA-99100, et al.), Retirement Reserves (policy form no. EVA-91100, et al.), Personal Retirement Annuity (policy form no. EDVA-2005, et al.), Fidelity Freedom Lifetime Income (policy form nos. EFLI-Q-2005, et al. and EFLI-NQ-2005, et al.), and Growth andGuaranteed Income (policy form no. EDVA-GWB-2007, et al.) are issued by Empire Fidelity Investments Life Insurance Company, New York, NY. Annuities are distributed by Fidelity Brokerage Services (Member NYSE, SIPC) and Fidelity Insurance Agency, Inc.

BROAD ASSET CLASS RETURNS A graphical representation of historical market performance and the variations in returns among asset classes, as represented by thefollowing indexes:

Bloomberg Barclays Global Aggregate Credit Ex US Index Hedged (USD) is a market value weighted index that measures theperformance, hedged in USD, of the global non-US dollar denominated investment-grade corporate fixed-rate debt issues with maturities of one year or more.

Bloomberg Barclays U.S. 1-10 Year Treasury Inflation-Protected Securities (TIPS) Index (Series-L) is a market value-weighted indexthat measures the performance of inflation-protected securities issued by the U.S. Treasury that have a remaining average life between 1 and 10 years.

Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index is a market value-weighted index of investment-grade fixed-rate publicobligations of the U.S. Treasury with maturities of 3 months, excluding zero coupon strips.

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based, market-value-weighted benchmark that measures the performance of the investment grade, U.S. dollardenominated, fixed-rate taxable bond market. Sectors in the index include Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

Bloomberg Barclays U.S. Long Treasury Index is a market value–weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities of ten years or more.

ICE BofA U.S. High Yield Constrained Index is a modified market capitalization–weighted index of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P and Fitch). The country of risk of qualifying issuers must be an FX-G10 member, a Western European nation, or a territory of the US or a Western European nation. The FX-G10 includes all Euro members, the US, Japan, the UK, Canada, Australia, New Zealand, Switzerland, Norway and Sweden. In addition, qualifying securities must have at least one year remaining to final maturity, a fixed coupon schedule and at least $100 million in outstanding face value. Defaulted securities are excluded. The index contains all securities of ICE BofA U.S. High Yield Index but caps issuer exposure at 2%.

Bloomberg Commodity Index Total Return measures the performance of the commodities market. It consists of exchange-traded futures contracts on physical commodities that are weighted to account for the economic significance and market liquidity of each commodity.

Dow Jones U.S. Total Stock Market Index is a float-adjusted market capitalization–weighted index of all equity securities of U.S.headquartered companies with readily available price data.

Fidelity Real Estate Income Composite Index is a customized blend of unmanaged indexes, weighted as follows: The ICE BofA US Real Estate Index - 40%; MSCI REIT Preferred Index - 40%; and FTSE NAREIT All REITs Index - 20%.

J.P. Morgan Emerging Markets Bond Index Global tracks total returns for the U.S. dollar-denominated debt instruments issued byEmerging Market sovereign and quasi-sovereign entities, such as Brady bonds, loans, and Eurobonds.

MSCI World ex USA Index is a market capitalization weighted index that is designed to measure the investable equity market performance for global investors of developed markets outside theUnited States.

MSCI Emerging Markets Index is a market capitalization-weightedindex that is designed to measure the investable equity market performance for global investors in emerging markets.

S&P/LSTA Leveraged Performing Loan Index is a market value-weighted index designed to represent the performance of U.S. dollar-denominated institutional leveraged performing loan portfolios (excluding loans in payment default) using current market weightings, spreads and interest payments.

FUND RISKSThe fund is subject to risks resulting from the asset allocation decisions of the Investment Adviser. Pursuant to the Adviser's ability to use an active asset allocation strategy, investors may be subject toa different risk profile compared to the fund's neutral asset allocationstrategy shown in its glide path. The fund is subject to the volatility ofthe financial markets, including that of equity and fixed income investments. Fixed income investments entail issuer default and credit risk, inflation risk, and interest rate risk (as interest rates rise, bond prices usually fall and vice versa). This effect is usually more


35 |

pronounced for longer-term securities. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. No target date fund is considered a complete retirement program and there is no guarantee and single fund will provide sufficient retirement income at or through retirement. Principal invested is not guaranteed at any time, including at or after the funds' target dates.

IMPORTANT FUND INFORMATIONRelative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmarkis provided to assess performance.

VIP refers to Variable Insurance Products

You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the FederalDeposit Insurance Corporation or any other government agency. Fidelity Investments and its affiliates, the fund's sponsor, have no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Fidelity's government and U.S. Treasury money market funds will notimpose a fee upon the sale of your shares, nor temporarily suspend your ability to sell shares if the fund's weekly liquid assets fall below 30% of its total assets because of market conditions or other factors.

INDICESIt is not possible to invest directly in an index. All indices representedare unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based, market-value-weighted benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. Sectors in the index include Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS.

Fidelity Freedom 2005 Composite Index is a customized blend of the following unmanaged indices: Dow Jones U.S. Total Stock Market Index, Bloomberg Barclays U.S. Long Treasury Index, Bloomberg Barclays U.S. 3-6 Month Treasury Bill Index, Bloomberg Barclays U.S. 1-10 Year Treasury Inflation Protected Securities (TIPS) Index (Series-L), MSCI All Country World ex U.S. Index (Net Massachusetts tax), and Bloomberg Barclays U.S. Aggregate Bond Index. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. The composition differed in periods prior to July 2, 2018.


Fidelity Freedom 2015 Composite Index is a customized blend of the following unmanaged indices Bloomberg Barclays U.S. 3-6 Month Treasury Bill Index, Bloomberg Barclays U.S. Long Treasury Index, Bloomberg Barclays U.S. Aggregate Bond Index, Bloomberg Barclays U.S. 1-10 Year Treasury Inflation Protected Securities (TIPS) Index (Series-L), Dow Jones U.S. Total Stock Market Index, and MSCIAll Country World ex U.S. Index (Net Massachusetts tax). The index weightings are adjusted monthly to reflect the fund's changing asset allocations. The composition differed in periods prior to July 2, 2018.



Fidelity Freedom 2030 Composite Index is a customized blend of the following unmanaged indices: Bloomberg Barclays U.S. Long Treasury Index, Bloomberg Barclays U.S. Aggregate Bond Index, MSCI All Country World ex U.S. Index (Net Massachusetts tax), and Dow Jones U.S. Total Stock Market Index. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. The composition differed in periods prior to July 2, 2018.

Fidelity Freedom Income Composite Index is a customized blend of the following unmanaged indices: Dow Jones U.S. Total Stock Market Index, Bloomberg Barclays U.S. Long Treasury Index, Bloomberg Barclays U.S. 3-6 Month Treasury Bill Index, Bloomberg Barclays U.S. 1-10 Year Treasury Inflation Protected Securities (TIPS) Index (Series-L), MSCI All Country World ex U.S. Index (Net Massachusetts tax), and Bloomberg Barclays U.S. Aggregate Bond Index. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. The composition differed in periods prior to July 2, 2018.

S&P 500 is a market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

MSCI ACWI (All Country World Index) ex USA Index is a market-capitalization-weighted index designed to measure the investable equity market performance for global investors of large and mid-cap stocks in developed and emerging markets, excluding the United States.

Bloomberg Barclays Global Aggregate Bond Index is a market value weighted index that measures the performance of the investment-grade U.S. dollar-denominated, fixed-rate taxable bond market.


36 |

Russell Midcap Value Index is a market capitalization-weighted index designed to measure the performance of the mid cap value segment of the U.S. equity market. It contains approximately 800 of the smallest securities in the Russell 1000 Index.

Dow Jones U.S. Total Stock Market Index is a full market capitalization-weighted index of all equity securities of U.S.- headquartered companies with readily available price data.

MORNINGSTAR INFORMATION© 2020 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses.

RELATIVE WEIGHTSRelative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listedimmediately under the fund name in the Performance Summary.



Manager Facts

Andrew Dierdorf is a portfolio manager in the Global Asset Allocation (GAA) group 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, Mr. Dierdorf co-manages Fidelity's target date strategies, including Fidelity-managed 529 plans and Canadian target date funds. Additionally, he co-manages Fidelity Four-in-One Index Fund.

Prior to assuming his current responsibilities, Mr. Dierdorf co-managed Fidelity Global Strategies Fund and Fidelity Tactical Strategies Fund.

Before joining Fidelity in 2004, Mr. Dierdorf worked as an actuary at several insurance companies. He has been working in the financial services industry since 1993.

Mr. Dierdorf earned his bachelor of science degree in statistics, with a minor in economics, from the University of Delaware. He is also a CFA® charterholder, a Fellow of the Society of Actuaries(FSA), a Chartered Market Technician (CMT), and a Member of the American Academy of Actuaries (MAAA).

Brett Sumsion is a portfolio manager in the Global Asset Allocation (GAA) group 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, Mr. Sumsion co-manages Fidelity's target date strategies, including Fidelity-managed 529 plans and Canadian target date plans.

Prior to joining Fidelity in 2014, Mr. Sumsion held various positions at DuPont Capital Management, Inc., including managing director of asset allocation and portfolio manager. While at DuPont, Mr. Sumsion managed strategic and tactical asset allocation strategies for institutional clients. He has been inthe financial industry since 2001.

Mr. Sumsion earned his bachelor of arts degree in economics from Brigham Young University and his master of business administration degree in finance from The Wharton School of the University of Pennsylvania. He is also a CFA® charterholder.

PORTFOLIO MANAGER Q&A | AS OF SEPTEMBER 30, 2020

PERFORMANCE SUMMARY:Quarter ending September 30, 2020

Current performance may be higher or lower than the performance data quoted above. For month-end performance figures, please visit www.fidelity.com/annuityperformance or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investing in a variable annuity involves risk of loss – investment returns, contract value, and, for variable income annuities, payment amounts are not guaranteed and will fluctuate. Withdrawals of taxable amounts from an annuity are subject to ordinary income tax, and, if taken before age 59 1/2, may be subject to a 10% IRS penalty.

Please see the Fiscal Performance Summary section of this Q&A document for performance footnotes and additional information.


VIP Investor Freedom Income Portfolio

Total Returns for the Variable Subaccount

Annualized


of Subaccount1

Year3

Year5

Year10 Year/Life

of Subaccount

Fidelity Personal Retirement Annuity(for contracts purchased prior to 1/1/09 and on or after 9/7/10) 4.44% 7.68% 5.32% 5.58% 4.44%

Fidelity Personal Retirement Annuity(for contracts purchased between 1/1/09 and 9/6/10) 4.44% 7.68% 5.32% 5.58% 4.44%

Fidelity Personal Retirement Annuity(for contracts purchased on or after 9/7/10 with an initial purchase payment of $1M+)

4.59% 7.84% 5.47% 5.74% 4.59%



Annualized


of Subaccount1

Year3

Year5

Year10 Year/Life

of Subaccount




5.82% 8.32% 5.82% 6.60% 5.82%



Annualized


of Subaccount1

Year3

Year5

Year10 Year/Life

of Subaccount




6.76% 9.05% 6.21% 7.34% 6.76%



Annualized


of Subaccount1

Year3

Year5

Year10 Year/Life

of Subaccount




7.21% 9.81% 6.62% 8.06% 7.21%

PORTFOLIO MANAGER Q&A | AS OF SEPTEMBER 30, 2020

PERFORMANCE SUMMARY (continued):Quarter ending September 30, 2020

Current performance may be higher or lower than the performance data quoted above. For month-end performance figures, please visit www.fidelity.com/annuityperformance or call Fidelity. The performance data featured represents past performance, which is no guarantee of future results. Investing in a variable annuity involves risk of loss – investment returns, contract value, and, for variable income annuities, payment amounts are not guaranteed and will fluctuate. Withdrawals of taxable amounts from an annuity are subject to ordinary income tax, and, if taken before age 59 1/2, may be subject to a 10% IRS penalty.

Please see the Fiscal Performance Summary section of this Q&A document for performance footnotes and additional information.




Annualized


of Subaccount1

Year3

Year5

Year10 Year/Life

of Subaccount




7.73% 10.40% 6.90% 8.55% 7.73%



Annualized


of Subaccount1

Year3

Year5

Year10 Year/Life

of Subaccount




8.47% 10.95% 7.19% 9.04% 8.47%



Annualized


of Subaccount1

Year3

Year5

Year10 Year/Life

of Subaccount




9.02% 11.55% 7.53% 9.93% 9.02%

Before investing, please carefully consider the investment objectives, risks, charges, and expenses of the fund or annuity and its investment options. For this and other information, call or write Fidelity for a free prospectus or, if available, a summaryprospectus. Read it carefully before you invest.Past performance is no guarantee of future results.

Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims anyresponsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice.

Diversification does not ensure a profit or guarantee against a loss.Information included on this page is as of the most recent calendar quarter.

S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC.Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI 02917. Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917.© 2020 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.

711814.14.0

Documents

Fidelity VIP Investor Freedom Funds...contributed notably to the Funds' relative results, whereas underweight exposure to U.S. equities detracted most, as this was the best-performing