fidelity vip freedom lifetime income funds

PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2021

Fidelity® VIP Freedom Lifetime Income® Funds

Key Takeaways

• For the semiannual reporting period ending June 30, 2021, Fidelity® VIP Freedom Lifetime Income I Portfolio (+2.08%), Fidelity® VIP Freedom Lifetime Income II Portfolio (+4.23) and Fidelity® VIP Freedom Lifetime Income III Portfolio (+6.67%) each outperformed its Composite index.

• Co-Portfolio Managers Andrew Dierdorf and Brett Sumsion believe the volatility of various asset classes the past six months and throughout the COVID-19 pandemic highlights the importance of diversification, a key tenet of Fidelity® VIP Freedom Lifetime Income Portfolios, which invest in a diversified mix of asset classes to improve the risk-adjusted returns of portfolios with various time horizons.

• Versus Composite indexes, several underlying investment portfolios drove the Portfolios' outperformance. Active security selection among U.S. equities added the most value, while non-U.S. equities and investment-grade bonds helped to a lesser extent.

• Top-down, active asset allocation decisions had mixed influence in thefirst half of 2021. On one hand, underweighting investment-grade bonds notably contributed to relative performance. Conversely, the Portfolios' underexposure to U.S. equities detracted versus Composites, as this was the strongest-performing asset class the past six months.

• Looking ahead, Andrew and Brett believe there are opportunities to position the Portfolios in areas trading at a discount to their view of fairvalue, including cyclical reflation assets, such as inflation-sensitive assets, non-U.S. equities and small-cap value stocks.

FUND NAMES

VIP Freedom Lifetime Income I Portfolio VIP Freedom Lifetime Income II Portfolio VIP Freedom Lifetime Income III 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 RecapFor the six months ending June 30, 2021, global financial markets were influenced by a number of factors, including the broader reopening of local, state, regional and international businesses, an improved outlook for global economic growth, fiscal and monetary stimulus from U.S. and foreign governments,and the widespread distribution of COVID-19 vaccines. This backdrop was generally supportive of equities, but proved to be a headwind for investment-grade bonds.

The MSCI ACWI (All Country World Index) ex USA Index gained 9.27% for the six months, gaining steadily until a modest decline in June. By region, Canada (+21%) led the way, followed by the U.K. (+13%) and Europe ex U.K. (+12%). Conversely, Japan (+1%)considerably lagged and emerging markets (+8%) slightly trailed the broader index. Looking at sectors, energy (+19%) fared best, followed by financials (+13%), materials (+12%), information technology (+11%) and industrials (+10%). In contrast, the utilities sector (-1%) was a notable laggard. Consumer staples (+5%), health care and real estate (+6% each), and communication services and consumer discretionary (+7% each) also underperformed the broader market.

The Dow Jones U.S. Total Stock Market Index gained 15.27% thepast six months. Among sectors, energy (+49%) led the way, benefiting from favorable supply/demand conditions for crude oil. Financials (+25%) and real estate (+21%) also notably outperformed. In contrast, the defensive-oriented utilities (+3%) and consumer staples (+6%) sectors lagged most. Small-cap stocks, as measured by the Russell 2000® Index (+17.54%), topped the large-cap-oriented S&P 500® index (+15.25%). From a style standpoint, value stocks outpaced growth among all market capitalizations. Commodities, as measured by the Bloomberg Barclays Commodity Index Total Return, rose 21.15%in the first half of 2021.

Within fixed income, U.S. taxable investment-grade bonds returned -1.60%, according to the Bloomberg Barclays U.S. Aggregate Bond Index. U.S. government bonds (-2.51%) and Treasury bonds (-2.58%) notably lagged. Conversely, Treasury Inflation-Protected Securities gained 1.73%, while fixed-rate asset-backed securities rose 0.18%. Among non-core fixed-income securities, leveraged loans (+3.44%) and high-yield bonds (+3.70%) stood out, whereas emerging-markets debt securities returned -1.00%. ■

BROAD ASSET CLASS RETURNS (%) PERIOD ENDING JUNE 30, 2021

Calendar-Year Returns Average Annual Cumulative

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 5 Year 3 Year 1 Year 6 Mos 3 Mos

29.9 18.6 33.5 25.1 13.6 17.5 37.8 1.9 30.9 20.8 17.9 18.7 45.6 21.1 13.3

8.9 18.5 21.2 16.9 4.1 12.6 24.5 0.7 22.8 18.7 13.4 11.7 44.3 15.3 8.3

8.7 16.6 14.7 12.5 1.2 11.8 21.2 0.6 18.9 17.7 10.6 8.8 41.4 10.1 6.5

8.5 16.4 5.4 12.1 0.5 11.6 9.3 0.0 18.4 8.4 7.3 8.2 33.9 7.6 5.7

7.8 12.9 0.1 7.0 0.4 10.4 8.5 -0.3 14.8 7.8 5.8 8.0 17.5 6.7 5.1

6.6 12.7 -1.8 6.0 0.2 10.2 8.3 -1.8 14.4 7.5 5.2 7.1 15.6 3.7 5.1

1.5 9.8 -2.0 5.5 0.1 5.3 7.5 -2.3 14.4 6.4 4.4 6.5 12.2 3.4 3.9

1.1 5.0 -2.3 1.8 0.1 4.9 4.7 -4.1 10.3 6.1 4.2 5.7 6.8 2.4 2.8

0.1 4.2 -5.6 0.9 -0.5 4.0 4.3 -4.6 8.7 5.9 3.6 5.6 6.6 0.0 2.3

-12.1 3.6 -6.6 0.1 -1.2 3.0 3.5 -5.3 8.7 3.5 3.1 5.3 2.8 -0.9 1.8

-13.3 0.1 -9.5 -1.8 -2.9 2.6 1.9 -11.2 7.7 3.4 3.0 4.6 0.1 -1.0 1.5

-18.2 -1.1 -12.7 -4.2 -14.6 1.3 1.7 -13.9 6.9 0.7 2.4 3.9 -0.3 -1.6 1.2

-- -- -- -17.0 -24.7 0.3 0.9 -14.2 2.3 -3.1 1.2 1.4 -10.6 -7.9 -0.0

Best

Perfor

mance

Worst

Dispersionof Returns* 48.1 19.7 46.1 42.1 38.3 17.1 36.9 16.1 28.6 23.9 16.7 17.3 56.2 29.1 13.3

■ 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 Facts

Start DateSize (in millions)

VIP Freedom LifetimeIncome I 07/26/2005 $12.2

VIP Freedom LifetimeIncome II 07/26/2005 $33.9

VIP Freedom LifetimeIncome III 07/26/2005 $36.3

Investment Approach• Fidelity® VIP Freedom Lifetime Income® Funds (the

Funds) are professionally managed multi-asset-class portfolios designed to provide lifetime income with growth potential early in retirement and less volatility and more predictability later in retirement.

• The Funds are based on an investor's age (by decade of birth), with asset allocation growing more conservative as time horizons shorten. Fidelity® VIP Freedom Lifetime Income® III Portfolio, designed generally for investors in retirement who were born in the 1950s, is on the more aggressive end of the spectrum, while Fidelity VIP Freedom Lifetime Income I Portfolio, for investors born before 1939, is the more conservative offering.

• Approximately one to three years after reaching the ultimate target asset allocation of Fidelity VIP Freedom Lifetime Income II Portfolio or Fidelity VIP Freedom Lifetime Income III Portfolio, the Funds are expected to merge with Fidelity VIP Freedom Lifetime Income I Portfolio.

• 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 Freedom Lifetime Income Portfolios perform for the six months ending June 30, 2021

A.D. Fidelity® VIP Freedom Lifetime Income I Portfolio (+2.08%), Fidelity® VIP Freedom Lifetime Income II Portfolio (+4.23) and Fidelity® VIP Freedom Lifetime Income III Portfolio (+6.67%) each outperformed its Composite index.

Looking a bit longer term, each of the Portfolios had a strong gain for the trailing 12 months: 9.65% for Fidelity® VIP Freedom Lifetime Income I Portfolio, 15.98% for Fidelity® VIP Freedom Lifetime Income II Portfolio and 22.98% for Fidelity®

VIP Freedom Lifetime Income III Portfolio. Each VIP FreedomPortfolio topped its Composite index for the 12 months.

(For specific Portfolio 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 good period to maintain a diversified portfolio, because once again there was varied performance among many asset classes. For example, U.S. equities fared well, as evidenced by the 15.27% gain of the Dow Jones U.S. Total Stock Market Index. Non-U.S. equities gained 9.27%, as reflected by the MSCI ACWI (All Country World Index) ex USA Index. The strong returns for equities coincided with widespread COVID-19 vaccination, fiscal stimulus, and fresh spending programs in the U.S. and abroad, which led to improved prospects for global economic growth.

At the same time, U.S. taxable investment-grade bonds posted a moderate decline for the six months, hampered by rising long-term market rates from late January through early March amid faster economic expansion in a risk-on market environment. The Bloomberg Barclays U.S. Aggregate Bond Index returned -1.60% for the period. Early in the six months,bond yields rose as the U.S. approved a $1.9 billion COVID-relief bill, Congress pushed for more than $1 trillion in infrastructure spending and the U.S. economy began to more broadly reopen, which together contributed to rising inflation expectations. Yields then moderated beginning in April through the end of June, as many investors grew more comfortable with the idea that inflation may be transitory.



These varied returns among two asset classes is a key reason why having diversified exposure to multiple categories can provide more-stable risk-adjusted returns over time. Each asset class has varying 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 Portfolios

A.D. VIP Freedom Lifetime Income Portfolios are designed to help investors achieve a long-term objective: lifetime income with growth potential throughout retirement. There are multiple drivers of performance in VIP Freedom Lifetime Income Portfolios.

We expect strategic asset allocation 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 inincremental 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 behavior. For the past several years, we have increased the diversification of our strategic asset allocation to better navigate uncertainty in capital markets.

Active asset allocation is intended to provide the Portfolios with exposure to asset classes that we believe are mispriced relative to our view of fair value. Active asset allocation expands our investment opportunity set and provides flexibility for us to adjust asset class exposure, relative to the strategic asset allocation, over intermediate-term periods – again, with the objective of adding incremental returns over time.

Q: Turning to you, Brett, what influenced the Portfolios' performance versus Composites

B.S. Favorable returns among underlying investment portfolios primarily drove the Funds' outperformance of Composites the past six months.

In particular, active security selection among investment-grade bond portfolios contributed most, while U.S. equities and non-U.S. equities helped to a lesser extent. An allocationto Fidelity® VIP Investment Grade Bond Portfolio (-0.88%) contributed more than any other investment, as it outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (-1.60%).

Among U.S. equities, Fidelity® VIP Growth & Income Portfolio(+19.45%) and Fidelity® VIP Value Portfolio (+22.51%) also contributed, as each handily topped its benchmark. Within

non-U.S. equities, Fidelity® VIP Overseas Portfolio (+10.17%) contributed most.

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

B.S. Top-down, active asset allocation decisions had mixed influence this period. On one hand, underweighting investment-grade bonds contributed notably, as did overweighting non-U.S. equities. An underweighting in long-term U.S. Treasury bonds also boosted the Portfolios' relativeresult. On the other hand, an underweighting in U.S. equitiesdetracted.

Q: Andrew, what's your outlook as of June 30

A.D. We continue to focus on delivering compelling long-term outcomes for the Portfolios, based on the various risk and return profiles for the time horizons tied to each Portfolio.

As of midyear, our view is that the path of COVID-19 and the historic global monetary and fiscal responses are likely to have a long-lasting influence on the global economy. In the intermediate term, there are opportunities to position the portfolios in areas trading at significant discounts or premiums relative to our view of fair value.

Specifically, each of the Portfolios has an equity beta that is similar to its Composite index, with overweight allocations tocyclical reflation assets, such as inflation-sensitive assets, non-U.S. equities and small-cap value stocks.

Economic conditions have improved, but progress in 2021 has been uneven. Uncertainty and volatility are likely to remain elevated, thus our diversified approach and rigorous investment process, which are grounded in research data, are important as ever.

We continue to leverage our 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. ■



Co-Manager Brett Sumsion on the Portfolios' active allocation positioning:

"At the midpoint of 2021, the Portfolios' equity exposure emphasizes non-U.S. equities over U.S. equities. Following an extended period of dominantU.S. growth, low inflation and U.S.-dollar strength, market participants are extrapolating the recent cycle into the future, resulting in U.S. equity valuations that may not be sustainable. In comparison, we view emerging-markets equities to be priced at a discount relative to our view of fair value. We believe that investors have extrapolated adecade of relatively weaker fundamentals in emerging markets (e.g., lower profitability, overcapacity) into the future.

"The past six months, we broadened the Portfolios' exposure to non-U.S. equities by adding to non-U.S.developed-market stocks (funded from emerging-markets equities). We view the asset class as heavily discounted, while offering broader exposure to the global recovery. For example, reflationary exposure to groups such as energy, materials and industrials ismore-heavily represented in developed markets relative to emerging markets.

"Within the Portfolios' allocation to U.S. equities, wehold a greater allocation to underlying funds with value benchmarks than growth benchmarks. Our view is that low inflation in the U.S. has contributed to investors' preference for equities with longer-dated cash flows, such as growth-oriented securities. An increase in inflation expectations may cause investors to prefer companies with cash flows that will be realized over a shorter time horizon, such as value-oriented equities.

"Elsewhere, inflation-sensitive assets, such as Treasury Inflation-Protected Securities, remain overweight in the Portfolios, based on our view that market participants have mispriced the potential for inflation surprises to the upside. Extraordinary monetary and fiscal policy, demand for goods and services, supply chain disruption, and tightness of labor markets may accelerate inflationary pressure in ways that are not anticipated by many investors."



VIP Freedom Lifetime Income I Portfolio

ASSET ALLOCATION PERFORMANCE SUMMARY

Asset Class Benchmark

Average Relative Weight

Relative Contribution

(basis points)*

DOMESTIC EQUITY DJ US Total Stk Mkt -4.5% -45

INTERNATIONAL EQUITY

MSCI AC Wld exUS (Net MA) 5.6% 38

BOND -- -2.6% 49

INVESTMENT GRADE BOND

BBgBarc U.S. Agg Bond -4.5% 46

HIGH YIELD DEBT -- 2.0% 3

INTERNATIONAL DEBT -- -- --

EMERGING MARKETS DEBT -- -- --

INFLATION-PROTECTED BOND BBgBarc 1-10 TIPS 2.0% -6

LONG TERM U.S. TREASURES

BBgBarc US LT Treasury -0.4% 8

SHORT-TERM FUNDS & OTHER ASSETS

BBgBarc 3-6 Mo Tsy -0.1% 2

INVESTED ASSETS SUBTOTALS

VIP Freedom Life IncI 0.0% 46

NET EXPENSES -- -- 0

Total Value Added 46

*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 7.01% 7.12%

Equities 7.01% 7.12%

International Equities 13.10% 13.67%

Developed-Markets Equities 6.16% 5.47%

Emerging-Markets Equities 6.95% 8.20%

Bonds 58.04% 56.80%

Investment-Grade Debt 40.97% 40.56%

Long-Term U.S. Treasuries 3.09% 2.24%

Inflation-Protected Debt 11.97% 12.00%

High-Yield Debt 2.01% 2.00%

International Debt 0.00% 0.00%

Short-Term Debt & Net Other Assets 21.85% 22.41%

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 7.01% 7.12%

VIP Growth & Income - IN 1.46% 1.49%

VIP Growth - IN 1.28% 1.27%

VIP Equity-Income - IN 1.28% 1.31%

VIP Contrafund - IN 1.25% 1.24%

VIP Value - IN 0.93% 0.97%

VIP Value Strategies -IN 0.45% 0.47%

VIP Mid Cap - IN 0.35% 0.37%



VIP Overseas - IN 6.16% 5.47%


VIP Emerging Markets -IN 6.95% 8.20%



Bonds 58.04% 56.80%


VIP Invt Grade Bond - IN 40.97% 40.56%


LT Treasury Bond Index 3.09% 2.24%


Inflation-Prot Bond Index 11.97% 12.00%


VIP High Income - IN 2.01% 2.00%



VIP Government MM - IN 21.84% 22.41%

NET OTHER ASSETS 0.01% 0.00%



VIP Freedom Lifetime Income I Portfolio (continued)

TARGET ASSET ALLOCATION ■ Current Year

100%

80%

60%

40%

20%

0%50 55 60 65 70 75 80

AGE

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

Source: FMRThis chart illustrates the Portfolio's approximate current asset allocation among domestic equity funds, international equity funds, bond funds, and short term funds. The chart also illustrates how these allocations may change over time. Future target allocations for the Portfolio may differ from this approximate illustration. The Portfolio is designed for investors in retirement who generally were born before 1939.

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 Freedom Lifetime Income I Portfolio (continued)

Fiscal periods ending June 30, 2021

Total Returns for the Fund

Cumulative Annualized

6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

VIP Freedom Lifetime Income I Portfolio Gross Expense Ratio: 0.43%2 2.08% 2.08% 9.65% 7.48% 6.12% 5.52%

Bloomberg Barclays U.S. Aggregate Bond Index -1.60% -1.60% -0.33% 5.34% 3.03% 3.39%

Fidelity VIP Freedom Lifetime Income I Composite Index 1.62% 1.62% 7.17% 6.74% 5.28% 5.27%

Morningstar Insurance Target-Date 2020 5.05% 5.05% 17.13% 9.61% 8.69% 6.99%1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 07/26/2005.2 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 Freedom Lifetime Income A 4.89% 1.77% 1.77% 8.99% 6.84% 5.48% 4.89%

Fidelity Freedom Lifetime Income - Subaccount Inception: August 15, 2005; New York Only Inception: April 05, 2006.

Fidelity Freedom Lifetime Income's underlying fund options are Investor Class fund offerings. A In NY, Freedom Lifetime Income

* 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 Freedom Lifetime Income include the 0.60% 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 Freedom Lifetime Income II Portfolio





(basis points)*

DOMESTIC EQUITY DJ US Total Stk Mkt -4.5% -18



BOND -- -2.5% 51



HIGH YIELD DEBT -- 2.0% -1







BBgBarc 3-6 Mo Tsy -0.1% -1


VIP Freedom Life IncII 0.0% 61





ASSET ALLOCATION




Equities 16.36% 17.08%




Bonds 49.68% 47.63%














Equities 16.36% 17.08%





VIP Value - IN 2.17% 2.32%


VIP Mid Cap - IN 0.81% 0.89%








Bonds 49.68% 47.63%















VIP Freedom Lifetime Income II Portfolio (continued)


100%

80%

60%

40%

20%

0%50 55 60 65 70 75 80

AGE


Source: FMRThis chart illustrates the Portfolio's approximate current asset allocation among domestic equity funds, international equity funds, bond funds, and short term funds. The chart also illustrates how these allocations may change over time. Future target allocations for the Portfolio may differ from this approximate illustration. The Portfolio is designed for investors in retirement who generally were born between 1940 and 1949.

PERFORMANCE SUMMARY








VIP Freedom Lifetime Income II Portfolio (continued)




6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

VIP Freedom Lifetime Income II Portfolio Gross Expense Ratio: 0.51%2 4.23% 4.23% 15.98% 9.62% 8.81% 7.10%

Bloomberg Barclays U.S. Aggregate Bond Index -1.60% -1.60% -0.33% 5.34% 3.03% 3.39%

Fidelity VIP Freedom Lifetime Income II Composite Index 3.62% 3.62% 13.26% 8.82% 8.04% 6.99%






of Subaccount6

Month YTD1

Year3

Year5

Year

10 Year/Lifeof

Subaccount









VIP Freedom Lifetime Income III Portfolio





(basis points)*

DOMESTIC EQUITY DJ US Total Stk Mkt -4.5% 13



BOND -- -2.6% 53



HIGH YIELD DEBT -- 2.0% -5







BBgBarc 3-6 Mo Tsy -0.1% -5


VIP Freedom Life IncIII 0.0% 78





ASSET ALLOCATION




Equities 26.94% 27.36%




Bonds 39.96% 37.94%














Equities 26.94% 27.36%





VIP Value - IN 3.58% 3.72%


VIP Mid Cap - IN 1.34% 1.42%








Bonds 39.96% 37.94%















VIP Freedom Lifetime Income III Portfolio (continued)


100%

80%

60%

40%

20%

0%50 55 60 65 70 75 80

AGE


Source: FMRThis chart illustrates the Portfolio's approximate current asset allocation among domestic equity funds, international equity funds, bond funds, and short term funds. The chart also illustrates how these allocations may change over time. Future target allocations for the Portfolio may differ from this approximate illustration. The Portfolio is designed for investors in retirement who generally were born between 1950 and 1959.

PERFORMANCE SUMMARY








VIP Freedom Lifetime Income III Portfolio (continued)




6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

VIP Freedom Lifetime Income III Portfolio Gross Expense Ratio: 0.59%2 6.67% 6.67% 22.98% 11.76% 11.12% 8.90%

S&P 500 Index 15.25% 15.25% 40.79% 18.67% 17.65% 14.84%

Fidelity VIP Freedom Lifetime Income III Composite Index 5.89% 5.89% 20.01% 10.85% 10.28% 8.89%






of Subaccount6

Month YTD1

Year3

Year5

Year

10 Year/Lifeof

Subaccount








18 |

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 investment risks of each VIP Freedom Lifetime Income Portfolio changes over time as its asset allocation changes. Pursuant to the Adviser's ability to use an active asset allocation strategy, investors may be subject to a different risk profile compared to the fund's neutral asset allocation strategy shown in its glide path. They are subject to the volatility of the financial markets, including equity and fixed income investments in the U.S. and abroad and may be subjectto risks associated with investing in high yield, small cap, commodity-linked and foreign securities. Leverage can increase


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market exposure, magnify investment risks, and cause losses to be realized more quickly. Principal invested is not guaranteed at any time, including at or after their 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.

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.

VIP refers to Variable Insurance Products

There are multiple drivers of performance for the Funds. Strategic asset allocation is expected to be the primary source of returns over long-term periods, while incremental excess return can result from active asset allocation and building-block manager decisions. Strategic allocation decisions are based on research and insights related to the factors that influence outcomes over long-term periods, including diversification, capital markets and participant behaviors. We periodically increase the diversification of our strategic asset allocation in an attempt to better navigate capital market uncertainty. Active asset allocation is intended to provide shareholders with exposure to asset classes that are mispriced and may offer additional returns and opportunities for risk mitigation. Active allocation expands the investment opportunity set and provides flexibility to adjust asset class exposures over intermediate-term periods. Allocations to active building-block managers offer shareholders the opportunity to benefit from informational advantages across Fidelity's asset management platform.

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 VIP Freedom Lifetime Income I Composite Index is a variable, customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI EAFE Index; Bloomberg Barclays U.S. Aggregate Bond Index; Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. The composition differed in periods prior to October 1, 2009.

Fidelity VIP Freedom Lifetime Income II Composite Index is a variable, customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI EAFE Index; Bloomberg Barclays U.S. Aggregate Bond Index; Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. The composition differed in periods prior to October 1, 2009.

Fidelity VIP Freedom Lifetime Income III Composite Index is a variable, customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index; MSCI EAFE Index; Bloomberg Barclays U.S. Aggregate Bond Index; Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index. The index weightings are adjusted monthly to reflect the fund's changing asset allocations. The composition differed in periods prior to October 1, 2009.

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.

MORNINGSTAR INFORMATION© 2021 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.

PERFORMANCE SUMMARY:Quarter ending September 30, 2021

VIP Freedom Lifetime Income I Portfolio

Total Returns for the Variable Subaccount

Annualized


of Subaccount1

Year3

Year5

Year10 Year/Life

of Subaccount

Fidelity Freedom Lifetime Income 5.62% 5.77% 6.46% 4.89% 5.62%

VIP Freedom Lifetime Income II Portfolio


Annualized


of Subaccount1

Year3

Year5

Year10 Year/Life

of Subaccount


VIP Freedom Lifetime Income III Portfolio


Annualized


of Subaccount1

Year3

Year5

Year10 Year/Life

of Subaccount


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.

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.© 2021 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.

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