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PORTFOLIO MANAGER Q&A | AS OF DECEMBER 31, 2020

Fidelity® VIP Asset Manager Growth Portfolio

Key Takeaways

• For the year ending December 31, 2020, the Fund's share classes advanced about 17%, outpacing the 15.01% gain of the Fidelity Asset Manager 70% Composite IndexSM.

• Broadly positive security selection fueled the Fund's performance versus the Composite benchmark in 2020. Specifically, stock picks in the U.S., as well as in international developed and emerging markets (DM and EM), added considerable value, as did investment choices among investment-grade (IG) bonds. Conversely, asset class positioning dampened relative performance.

• The Fund's core equity allocation strategy of maintaining roughly neutral weightings in U.S. and international DM stocks, and overweighting EM stocks, on average, had minimal impact on relative performance. However, a modest out-of-benchmark position in REITs (real estate investment trusts) significantly detracted, pulling the impact of the Fund's overall equity positioning into negative territory.

• In fixed income, underweighting cash and IG bonds to fund out-of-benchmark exposure to riskier segments of the market modestly weighed on relative performance this past year. Not having enough cash during the market upheaval in the first quarter more than offset the value added by long-term U.S. Treasuries, Treasury Inflation-Protected Securities (TIPS) and international credit.

• In September 2020, Fidelity VIP Asset Manager® Growth Portfolio changed the means by which it attains its U.S. equity exposure, from 10 individual Fidelity sector central funds to one consolidated, multisector portfolio (Fidelity U.S. Equity Central Fund). This new, broad-based investment vehicle provides additional tax efficiencies and more flexibility for the sector specialists to express their convictions, advantages that could serve shareholders well.

• As of December 31, Portfolio Managers Geoff Stein and Avishek Hazrachoudhury have a cautiously optimistic outlook, as reflected by the Fund's moderate overweighting in equity and credit risk.

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 RecapGlobal financial markets were highly volatile and unpredictable in 2020, a year that will be remembered by most investors for the impact of the coronavirus pandemic. The early-2020 outbreak and spread of COVID-19 resulted in a sharp decline forrisk assets, followed by a historic rebound. The crisis and containment efforts led to broad contraction in economic activityand dislocation in financial markets. Rapid and expansive monetary- and fiscal-policy responses partially offset the economic disruption and fueled the market surge for many assets from late March through the end of the year.

Non-U.S. equities gained 10.81% in 2020, according to the MSCI ACWI (All Country World Index) ex USA Index, despite significant ups and downs related to the pandemic. Emerging markets (+19%) was the top region, followed by Japan (+15%) and Europe ex UK (+12%). Conversely, the U.K. (-10%), Canada (+6%) and Asia Pacific ex Japan (+7%) lagged. By sector, information technology (+46%) was by far the top performer, while consumer discretionary (+23%) and materials (+22%) also notably outpaced the index. Energy (-23%), real estate (-9%) and financials (-4%) all underperformed.

The Dow Jones U.S. Total Stock Market Index gained 20.79% for the year. After a sharp decline in the first quarter (-20.96%) due to the coronavirus outbreak, U.S. equities reversed course, driven by resilient corporate earnings and potential for a vaccine breakthrough, and closed the year at an all-time high. Among sectors, consumer discretionary (+47%) and information technology (+46%) led, whereas energy (-33%) fared worst, followed by real estate (-5%). Large-cap stocks performed about on par with smaller-caps, while growth handily outpaced value. Commodities notably lagged equities.

Turning to fixed income, U.S. taxable investment-grade bonds (the Bloomberg Barclays U.S. Aggregate Bond Index) rose 7.51%, as most categories generated a solid gain. Corporate bonds (+9.35%) led the way, along with commercial mortgage backed securities (+8.11%), Treasury securities (+8.00) and government bonds (7.94%). Agency bonds (+5.48%) and mortgage-backed securities (+3.87%) had smaller gains. Extended (non-core) categories outside the index were mixed, including Treasury Inflation-Protected Securities (+10.99%), high-yield bonds (+6.07%), emerging-markets debt (+5.88%) and floating-rate bank loans (+3.50%). ■

BROAD ASSET CLASS RETURNS (%) PERIOD ENDING DECEMBER 31, 2020

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 4.1 17.5 37.8 1.9 30.9 20.8 15.4 14.4 20.8 31.4 19.8

8.9 18.5 21.2 16.9 1.2 12.6 24.5 0.7 22.8 18.7 13.2 9.9 18.7 25.2 15.9

8.7 16.6 7.4 12.5 0.5 11.8 21.2 0.6 18.9 17.7 8.4 6.6 17.7 21.6 14.8

8.5 16.4 5.4 7.0 0.4 11.6 9.3 0.0 18.4 8.4 7.9 5.9 8.4 20.2 10.2

7.8 15.5 0.1 6.0 0.2 10.4 8.5 -0.3 14.8 7.8 7.8 5.7 7.8 11.5 6.5

4.4 12.7 -1.8 5.5 0.1 10.2 8.3 -1.8 14.4 7.5 6.8 5.5 7.5 10.1 5.6

1.5 9.8 -2.0 2.5 0.1 5.3 7.5 -2.3 14.4 6.4 5.9 5.3 6.4 8.5 5.5

1.1 5.0 -2.3 1.8 -0.5 4.9 4.7 -4.1 10.3 6.1 5.4 4.9 6.1 7.9 4.0

0.1 4.2 -5.6 0.9 -1.2 4.0 4.3 -4.6 8.7 5.9 5.4 4.9 5.9 4.1 2.1

-12.1 3.6 -6.6 0.1 -2.9 3.0 3.5 -5.3 8.7 3.5 4.4 4.5 3.5 3.8 1.6

-13.3 0.1 -9.5 -1.8 -4.6 2.6 1.9 -11.2 7.7 3.4 4.1 4.2 3.4 1.3 0.7

-18.2 -1.1 -12.7 -4.2 -14.6 1.3 1.7 -13.9 6.9 0.7 1.2 1.6 0.7 0.1 0.0

-- -- -- -17.0 -24.7 0.3 0.9 -14.2 2.3 -3.1 1.0 -2.5 -3.1 -2.9 -3.0

Best

Perfor

mance

Worst

Dispersionof Returns* 48.1 19.7 46.1 42.1 28.8 17.1 36.9 16.1 28.6 23.9 14.3 16.9 23.9 34.3 22.8

■ 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



Geoff SteinCo-Manager

Avishek HazrachoudhuryCo-Manager

Fund Facts

Start Date: January 03, 1995

Size (in millions): $244.61

Investment Approach• Fidelity® VIP Asset Manager Growth Portfolio is an all-in-

one investment strategy delivering broad, diversified asset-class exposure aligned with client risk objectives.

• The fund targets a neutral strategic allocation of 70% equities (49% U.S. and 21% non-U.S.), 25% debt securities and 5% cash.

• The fund leverages asset-class investment specialists to incorporate investment and research expertise from across the Fidelity organization.

• Assets are divided among several specialized Fidelity central funds, run by portfolio managers who seek to add value chiefly through security selection.

• In making asset allocation decisions for the Funds, the lead portfolio manager has the flexibility to make moderate tactical shifts around target mixes – including investing in "extended" asset classes – to capitalize on changing market conditions.

• Our disciplined approach to risk management affects all aspects of the investment process.

Q&AAn interview with Lead Portfolio Manager Geoff Stein and Co-Portfolio Manager Avishek Hazrachoudhury

Q: Avishek, how did the Fund perform in 2020

A.H. The Fund's share classes advanced about 17%, outpacing the 15.01% gain of the Fidelity Asset Manager 70% Composite IndexSM, while topping the Morningstar peergroup average by a wider margin.

Strong security selection across the board – most notably U.S. and international stocks, as well as investment-grade bonds – fueled the Fund's strong performance versus the Composite benchmark. That said, overall asset class positioning detracted from relative performance.

Q: What drove U.S. stock selection this past year

A.H. The U.S. equity portfolio outperformed its benchmark, led by strong security selection in the health care, information technology and communication services sectors. In contrast, adverse positioning among consumer discretionary stocks weighed on relative performance.

By way of background, in September 2020, the Fund changed the means by which it attains its U.S. equity exposure, from 10 individual Fidelity sector central funds to one consolidated, multisector portfolio (Fidelity U.S. Equity Central Fund). The specialists that manage the sector sleeveswithin this fund concentrate on stock picking while sector weightings are kept roughly in line with those of the Dow Jones U.S. Total Stock Market IndexSM. They invest across both the market-cap range and style classifications, but generally tend to have a smaller-cap, higher-growth bias relative to the aforementioned index, harnessing the research and stock-picking expertise that is prominent throughout Fidelity.

This new investment vehicle provides additional tax efficiencies and greater flexibility for the sector specialists to express their highest conviction ideas. We think these are advantages that should serve shareholders well.

Q: What about security selection in other areas

A.H. The Fund's international developed-markets (DM) and emerging-markets (EM) portfolios also topped their respective benchmarks by sizable margins. Within DM, picks in continental Europe and Japan helped the most, followed



by out-of-benchmark exposure to the U.S. In Europe specifically, investment choices in Switzerland, Denmark and Italy, along with overall positioning in the Netherlands and Spain, were standout contributors. In EM, security selection among Chinese equities contributed the most by far, although out-of-benchmark choices in the U.S. also meaningfully helped.

The Fund's investment-grade (IG) bond portfolio also added significant value last year, driven by favorable sector positioning. Within the portfolio, an overweighting, coupled with favorable security selection among corporate bonds issued by banks and, to a lesser extent, insurers, provided a major boost. Larger-than-benchmark allocations to communications and consumer-oriented issuers also notably contributed. Outside of corporates, underweighted exposureto U.S. Treasuries and an out-of-benchmark allocation to Treasury Inflation-Protected Securities (TIPS) added value as well.

Q: Geoff, would you elaborate on the impact of the Fund's asset class positioning

G.S. Sure. Our strategy of maintaining roughly neutral weightings in U.S. and international DM equities, while overweighting emerging-markets (EM) stocks, on average, had a minimal impact on relative performance in 2020. However, a modest out-of-benchmark stake in REITs (real estate investment trusts) significantly detracted, pulling the Fund's overall equity positioning into negative territory. REITs struggled along with other risk assets amid the market turmoil of the first quarter. Those focused on shopping malls,hotels and health care facilities were particularly hard hit by COVID-19 lockdowns. Elsewhere, a small position in commodity-related securities was a slight negative.

Most of the asset class positioning weakness occurred in February and March, as the Fund entered the COVID-19 crisis moderately overweighted in equities. As markets bottomed in late March, we added exposure to risk assets in an effort to rebalance the portfolios and capitalize on newly attractive valuations. Despite the fact that the Fund generated positive results during the remainder of the year in terms of positioning, this activity wasn't enough to fully offset earlier losses.

Q: What about fixed income

G.S. For one, the yield on the benchmark 10-year U.S. Treasury note fell by about one percentage point over the past 12 months, providing a nice tailwind for bond performance.

Beyond that, we continued to implement the same fixed-income allocation strategy that has been in place for some time: underweighting cash and investment-grade bonds in favor of out-of-benchmark exposure to high-yield bonds,

bank loans, EM debt, TIPS, long-term U.S. Treasuries and international credit.

This strategy modestly weighed on relative performance the past year as adjustments to our cash allocation more than offset the value added by long-term U.S. Treasuries, TIPS andinternational credit. Compared with the rest of the year, the portfolio had a larger cash underweighting in February and March, when it would have been beneficial to have more.

Q: What is the team's outlook as of December 31, Avishek

A.H. Overall, we have a generally positive outlook for stocks. We believe there is pent-up investor demand with a lot of money sitting on the sidelines wanting to be put to work in the market. It's worth noting that, in December, consumer spending was down for the second month in a row, while thesavings rate increased, helped by government stimulus payments. Flows into international stocks have been muted compared with the U.S. market. We may see some of this money find its way into the market in the spring, if COVID-19 vaccine distribution proceeds smoothly and effectively and infection rates continue to decline.

On the inflation front, we think the U.S. Federal Reserve (Fed) will view any uptick in inflation as transitory and won't be quick to raise its policy interest rate. Longer term, however, increased government debt, peaking globalization and permissive fiscal and monetary policy may spark an inflationary uptrend.

Corporate earnings-per-share growth for 2021 is expected tobe in the low 20% range. Estimates for 2021 have been steadily rising for the past six months. From a sector standpoint, we think companies in value-oriented areas of the market, including financials, industrials and materials stocks, are likely to drive earnings momentum in the months ahead.

Turning to investor sentiment, while there are pockets of extremes, we don't believe overall positive sentiment is excessive.

On the whole, we are cautiously optimistic. We recognize that risk assets have risen substantially, and valuations are extended. However, given ongoing fiscal and monetary support, along with a robust outlook for earnings growth, theFund remains moderately overweighted in equity and credit risk. With this as backdrop, I'll discuss the Fund's positioning further in the callout portion of this review. ■



Avishek Hazrachoudhury expands on the Fund's positioning:

"During the fourth quarter of 2020, we increased theFund's total equity allocation by roughly 2%, which helped performance during a period when risk was being rewarded.

"Overall, we plan to keep the Fund's near-term allocation positioning fairly close to where it was at the end of the year.

"As of December 31, the Fund was slightly underweight U.S. and international DM stocks, and overweight EM equities. Within international DM, we had smaller-than-benchmark exposure to Europe, with an offsetting overweight stake in Japan, where we may see better relative performance. We also maintained a small position inREITs.

"Turning to fixed income, we plan to continue the same positioning strategy in place over the course of the past year: underweightings in investment-grade bonds and cash in favor of out-of-benchmark positions that we believe may be more productive.

"Last summer, we sold the Fund's position in long-term U.S. Treasuries. At that time, given the low level of interest rates, we concluded that their potential as a hedge against stock market volatility was limited. However, as bond yields rose in the fourth quarter, we thought U.S. Treasury valuations became more attractive, so we increased our exposure as a result.

"We also plan to maintain exposure to credit-sensitive bonds as their relatively higher yields may continue to benefit the Fund. Once again, as noted earlier, we believe the risk of longer-term inflation is rising. Consequently, we view the Fund's allocation to TIPS as low-cost inflation protection. Lastly, this past year we introduced a local-currency EM debt fund in order to expand the Fund's diversification, as well as pursue tactical opportunities in those markets."

ASSET ALLOCATION PERFORMANCE SUMMARY

Asset Class Benchmark

Average Relative Weight

Relative Contribution

(basis points)*

DOMESTIC EQUITY FUNDS DJ US Total Stk Mkt -3.0% 195

COMMODITY FUNDS

BBG Commodity IndTR (starts 11/9/20) 0.1% -3

INTERNATIONAL EQUITY FUNDS

MSCI AC Wld exUS (Net MA) 3.7% 110

BOND FUNDS BBgBarc U.S. Agg Bond -1.8% 76

SHORT-TERM FUNDS & OTHER ASSETS

BBGB 3M t-bill Bellwether 1.0% -84

INVESTED ASSETS SUBTOTALS

Fid AM 70% Comp Idx 0.0% 293

NET EXPENSES -- -- -72

Total Value Added 221

*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.

10 LARGEST HOLDINGS

HoldingPortfolio Weight

Portfolio Weight Six Months Ago

Apple, Inc. 3.07% 2.92%

Microsoft Corp. 2.87% 3.15%

Amazon.com, Inc. 1.84% 1.36%

Alphabet, Inc. Class A 1.79% 1.20%

iShares 20+ Year Treasury Bond ETF 1.43% 0.97%

iShares MSCI Japan ETF 1.01% 1.75%

Facebook, Inc. Class A 1.00% 1.02%

Market Vectors Gold Miners ETF 0.90% 2.05%

Roche Holding AG (participation certificate) 0.66% 0.85%

Taiwan Semiconductor Manufacturing Co. Ltd. 0.60% 0.40%

10 Largest Holdings as a % of Net Assets

15.16% 15.92%

Total Number of Holdings 3504 3196

The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments.



EQUITY MARKET-SEGMENT DIVERSIFICATION

Market SegmentPortfolio Weight*

Portfolio Weight Six

Months Ago*

Information Technology 22.33% 21.53%

Financials 14.83% 13.60%

Consumer Discretionary 12.00% 10.39%

Health Care 11.86% 13.64%

Industrials 9.11% 8.62%

Communication Services 8.78% 8.60%

Consumer Staples 6.48% 6.86%

Materials 4.64% 5.91%

Real Estate 2.70% 3.42%

Energy 2.50% 2.75%

Utilities 2.43% 2.38%

Multi Sector 2.34% 2.31%

Other 0.00% -0.01%

*% of equity assets.

FIXED-INCOME MARKET-SEGMENT DIVERSIFICATION

Market SegmentPortfolio Weight

Portfolio Weight Six

Months Ago*

U.S. Treasury 31.82% 33.56%

U.S. Agency 0.00% 0.00%

Mortgage Pass-Through 10.67% 14.00%

Asset-Backed Securities 3.10% 2.34%

CMBS 1.70% 1.53%

CMOs 0.00% 0.01%

Investment-Grade Credit 22.57% 23.28%

Municipal Bonds 0.61% 0.65%

High-Yield Credit 10.45% 8.65%

Non-U.S. Developed 10.80% 5.63%

Emerging Markets 6.97% 4.37%

Other Debt Assets 1.31% 5.98%

*% of debt assets.

ASSET ALLOCATION

Asset Class Portfolio Weight Strategic Allocation Relative Weight

Relative Change From Six Months

Ago

Domestic Equities 51.33% 49.00% 2.33% 2.10%

Equities 50.63% -- -- --

Commodities & Related Investments 0.70% -- -- --

International Equities 25.33% 21.00% 4.33% 1.01%

Bonds 20.58% 25.00% -4.42% -3.97%

Short-Term/Money Market & Net Other Assets 2.76% 5.00% -2.24% 0.86%

Net 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 ofthe portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for futuresettlement, Net Other Assets can be a negative number.



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.

Fiscal periods ending December 31, 2020

Total Returns for the Fund

Cumulative Annualized

6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

VIP Asset Manager Growth Portfolio - Initial Class Gross Expense Ratio: 0.71%2 18.90% 17.27% 17.27% 9.98% 10.12% 8.56%

VIP Asset Manager Growth Portfolio - Investor Class Gross Expense Ratio: 0.79%2 18.85% 17.19% 17.19% 9.89% 10.02% 8.48%

S&P 500 Index 22.16% 18.40% 18.40% 14.18% 15.22% 13.88%

Fidelity Asset Manager 70% Composite Index 17.52% 15.01% 15.01% 9.90% 10.83% 9.22%

Morningstar Insurance Allocation--50% to 70% Equity 14.20% 11.10% 11.10% 7.82% 8.88% 8.10%1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 01/03/1995.2 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.

Performance and disclosure information continued on next page.



PERFORMANCE SUMMARY (continued):

Fiscal periods ending December 31, 2020

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 Retirement Reserves A 7.69% 18.42% 16.32% 16.32% 9.10% 9.22% 7.69%

Fidelity Income Advantage B 7.47% 18.30% 16.09% 16.09% 8.87% 9.00% 7.47%

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

8.21% 18.70% 16.90% 16.90% 9.61% 9.74% 8.21%

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

8.21% 18.70% 16.90% 16.90% 9.61% 9.74% 8.21%

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

8.37% 18.79% 17.08% 17.08% 9.78% 9.91% 8.37%

Fidelity Retirement Reserves - Subaccount Inception: January 09, 1995; New York Only Inception: January 09, 1995. Fidelity Income Advantage -Subaccount Inception: January 09, 1995; New York Only Inception: January 09, 1995. Fidelity Personal Retirement Annuity - Subaccount Inception: August 15, 2005; New York Only Inception: October 28, 2005.

Fidelity Retirement Reserves' underlying fund options are Initial Class fund offerings. Fidelity Income Advantage's underlying fund options are Initial Class fund offerings. Fidelity Personal Retirement Annuity's underlying fund options are Investor Class fund offerings. A In NY, Retirement ReservesB In NY, Income AdvantageC 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 Retirement Reserves include the 0.80% annual annuity charge. For Fidelity Retirement Reserves contracts, returns do not reflect the annual $30 maintenance fee which applies to contracts where purchase payments less any withdrawals are less than $25,000. Returns for Fidelity Income Advantage include the 1.00% annual annuity charge. 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 9/7/2010 and 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.


9 |

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 RISKSStock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds.


10 |

Leverage can increase market exposure and magnify investment risk.

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

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.

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 Asset Manager 70% Composite Index is a customized blend of unmanaged indices, weighted as follows: MSCI All Country World ex US Index (Net MA) - 21%; Dow Jones U.S. Total Stock Market Index - 49%; Bloomberg Barclays U.S. Aggregate Bond Index- 25%; and Bloomberg Barclays U.S. 3-Month Treasury Bellwether Index - 5%. The composition differed in periods prior to 2015-09-30.

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.

MARKET-SEGMENT WEIGHTSMarket-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. They should not be construed or used as a recommendation for any sector or industry.

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

Geoff Stein 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, financialintermediaries, and individuals.

In this role, Mr. Stein serves as manager for a number of multi-asset class mutual funds and subadvisory accounts for U.S. and Canadian investors. Such funds include the Fidelity and Fidelity Advisor Stock Selector All Cap Funds, Fidelity and Fidelity Advisor Asset Manager® Funds, Fidelity VIP Asset Manager and VIP FundsManager® Portfolios, and various other Canadian funds. He focuses primarily on active asset allocation.

Prior to assuming his current position in April 2009, Mr. Stein waschief investment officer of Fidelity Charitable Gift Fund from 2007 to 2009. Previously, he worked as a portfolio manager and director of portfolio management for Strategic Advisers LLC from1998 to 2007, focusing on Fidelity Portfolio Advisory Service Accounts® (formerly Fidelity Portfolio Advisory Service), and as an investment consultant for Fidelity Investments Institutional Services Company, Inc,. and Fidelity Management & Research Company from 1994 to 1998.

Before joining Fidelity in 1994, Mr. Stein served as a director of client services at Jacobs Levy Equity Management from 1992 to 1994, and as a consultant for Cambridge Associates from 1988 to 1992. He has been in the financial industry since 1988.

Mr. Stein earned his bachelor of arts degree in economics from Yale and his master of business administration degree from Stanford University. He is also a CFA® charterholder and member of the CFA Institute and CFA Society Boston.

Avishek Hazrachoudhury 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. Hazrachoudhury serves as co-manager for a number of multi-asset class mutual funds and sub advisory accounts. Such funds include the Fidelity and Fidelity Advisor Asset Manager® Funds, Fidelity VIP Asset Manager and VIP FundsManager® Portfolios, and various other portfolios.

Previously, Mr. Hazrachoudhury worked closely with the portfolio management team for both the Asset Manager funds and the Canadian Asset Allocation funds. He was responsible foractive asset allocation research and also provided quantitative research and analysis to support investment decision making, including portfolio construction and risk management.

Prior to joining Fidelity in 2013, Mr. Hazrachoudhury served as vice president of quantitative research at AllianceBernstein, and as a quantitative research associate at Neuberger Berman. He also was a quantitative research associate at Merrill Lynch. He has been in the financial industry since 2006.

Mr. Hazrachoudhury earned his bachelor of arts degree in physics and mathematics from Cornell University and his master of business administration degree in finance and economics from the University of Chicago.

PERFORMANCE SUMMARYQuarter ending December 31, 2020Total Returns for the Variable Subaccount

Annualized

New York Only:10 Year/Life

of Subaccount1

Year3

Year5

Year10 Year/Life

of Subaccount

Fidelity Retirement Reserves 7.69% 16.32% 9.10% 9.22% 7.69%

Fidelity Income Advantage 7.47% 16.09% 8.87% 9.00% 7.47%

Fidelity Personal Retirement Annuity(for contracts purchased prior to 1/1/09 and on or after 9/7/10) 8.21% 16.90% 9.61% 9.74% 8.21%

Fidelity Personal Retirement Annuity(for contracts purchased between 1/1/09 and 9/6/10) 8.21% 16.90% 9.61% 9.74% 8.21%

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

8.37% 17.08% 9.78% 9.91% 8.37%

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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