Fidelity VIP FundsManager Portfolios...PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2019 Fidelity® VIP...

PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2019

Fidelity® VIP FundsManager® Portfolios

Key Takeaways

• For the semiannual reporting period ending June 30, 2019, the Portfolios' share classes gained about 7% to 16%, roughly in line with their respective Composite benchmarks.

• The Portfolios' overall equity allocation worked against performance versus Composites, primarily due to underweighted exposure to U.S. and international developed-markets (DM) stocks.

• Strong security selection, particularly among DM stocks, aided the Portfolios' relative performance. However, this benefit was largely offset by weak results from asset allocation decisions.

• Broadly positive stock selection from Fidelity® Overseas Fund fueled DM results the most this period.

• Investment choices in both the U.S. and emerging markets (EM) also contributed to relative performance, led by Fidelity® Stock Selector All Cap Fund and Fidelity Emerging Markets Fund.

• The Portfolios' fixed-income allocation had a roughly neutral impact on performance versus Composite benchmarks. Here, exposure to Treasury Inflation-Protected Securities (TIPS) dampened the benefit of underweighting cash and investment-grade bonds in favor of various non-Composite positions.

• On July 1, 2019, Avishek Hazrachoudhury became Co-Manager of the Portfolios, joining Geoff Stein.

• As of June 30, Geoff plans to keep the Portfolios' allocation positioning close to their end-of-period configurations.

FUND NAMES

VIP FundsManager 20% 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 RecapGlobal economic growth slowed in the first six months of 2019, with most major economies progressing toward more-advanced stages of the business cycle. As of June 30, 2019, the U.S. remained firmly in the late-cycle phase but with a low near-term risk of recession. Policy stimulus in China stabilized that country's growth trajectory, but most economic indicators in Europe continued to point to tempered activity, due in part to escalating trade tension between the U.S. and China. Lackluster global growth spurred a dovish shift in monetary policy expectations among several central banks, fueling demand for riskier assets, such as equities, to start the year.

Non-U.S. equities gained 13.75%, according to the MSCI ACWI (All Country World Index) ex USA Index. By region, resource-richCanada (+22%) led the way, followed by Asia-Pacific ex Japan and continental Europe, each of which gained 18%. The U.K. (+13%), emerging markets (11%) and Japan (+8%) lagged the index. By sector, growth-oriented groups fared best, including information technology (+20%), industrials (16%) and consumer discretionary (16%), whereas communication services (8%) and utilities (+11%) notably underperformed.

The U.S. equity bellwether S&P 500® index advanced 18.54% the past six months. All 11 sectors had double-digit gains, excepthealth care (+8%), which was held back by increased political rhetoric related to government policy changes. As in foreign equity markets, growth-oriented sectors were standouts, led by information technology (+27%) and consumer discretionary (+22%). The small-cap-oriented Russell 2000® Index rose 16.98%for the period. Commodities lagged other assets, as reflected in the 5.06% result of the Bloomberg Barclays Commodity Index Total Return.

U.S. taxable investment-grade bonds advanced broadly this period, driven by slower global economic growth and uncertainty regarding trade policy and the direction of U.S. interest rates. The Bloomberg Barclays U.S. Aggregate Bond Index gained 6.11%. Within the index, corporate bonds gained 9.85%, topping both government-related bonds (+6.18%) and U.S. Treasuries (+5.18%). Securitized bonds rose 4.31%, led by commercial mortgage-backed securities (+6.62%). Outside the index, most non-core fixed-income segments easily topped nominal U.S. Treasuries, while Treasury Inflation-Protected Securities (TIPS) gained 6.15%. ■

BROAD ASSET CLASS RETURNS (%) PERIOD ENDING JUNE 30, 2019

Calendar-Year Returns Average Annual Cumulative

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 5 Year 3 Year 1 Year 6 Mos 3 Mos

79.0 19.7 8.9 18.6 33.5 16.9 4.1 17.5 37.8 1.9 10.1 14.0 11.3 18.7 4.1

58.1 19.2 8.7 18.5 21.2 12.5 1.2 12.6 24.5 0.7 6.0 11.1 9.2 14.8 3.9

53.5 17.5 8.5 16.6 7.4 7.0 0.5 11.8 21.2 0.6 4.7 9.3 8.9 12.9 3.8

52.5 16.8 7.8 16.4 5.4 6.0 0.4 11.6 9.3 0.0 4.5 7.5 8.6 10.8 3.2

33.9 15.1 4.4 15.5 0.1 5.5 0.2 10.4 8.3 -0.3 4.0 5.4 7.9 10.6 3.1

28.6 12.0 1.5 12.7 -1.8 2.5 0.1 10.2 7.5 -2.3 4.0 4.6 7.6 10.2 2.7

28.2 10.4 1.1 9.8 -2.0 1.8 0.1 5.3 4.7 -4.1 2.9 4.6 4.7 7.2 2.6

18.9 9.1 0.1 5.0 -2.3 0.9 -0.5 4.9 4.3 -4.6 2.9 4.2 4.0 6.1 2.5

12.0 6.5 -12.1 4.2 -5.6 0.1 -2.9 4.0 3.5 -5.3 2.2 2.3 2.3 5.8 1.7

5.9 5.2 -13.3 0.1 -6.6 -1.8 -4.6 3.0 1.9 -11.2 1.4 1.9 1.6 5.2 0.7

0.2 0.2 -18.2 -1.1 -9.5 -4.2 -14.6 2.6 1.7 -13.9 0.9 1.4 1.5 5.1 0.6

-- -- -- -- -- -17.0 -24.7 0.3 0.9 -14.2 -9.1 -2.2 -6.8 1.3 -1.2

Best

Perfor

mance

Worst

Dispersionof Returns* 78.8 19.5 27.1 19.7 43.0 33.9 28.8 17.1 36.9 16.1 19.3 16.2 18.1 17.4 5.3

■ 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

Source: FMRCo., periods greater than one year are annualized*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 BofAML 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



Geoff SteinCo-Manager

Fund Facts

VIP Funds Manager Start DateSize (in millions)

20% 04/13/2006 $762.650% 04/13/2006 $5,822.660% 08/22/2007 $5,676.070% 04/13/2006 $1,564.485% 04/13/2006 $549.3

Investment Approach• Fidelity® VIP FundsManager® Portfolios are professionally

managed, all-in-one investment annuity strategies, delivering broad, diversified asset-class exposure aligned with targeted risk objectives.

• Each of the five VIP FundsManager® Portfolios is named for its neutral strategic allocation to stocks, ranging from conservative (20%) to aggressive growth (85%).

• To construct the Portfolios, we evaluate roughly 200 Fidelity funds, relying on in-depth fundamental research by our in-house team of analysts. We then apply quantitative analysis to each asset class to identify fund managers that have demonstrated consistent, superior security selection capabilities. Lastly, we use a portfolio optimizer to help assemble the appropriate mix of funds,while simultaneously seeking to manage each Portfolio'stotal risk exposure.

• In making asset allocation decisions for the Portfolios, the manager has the flexibility to make moderate tacticalshifts around target mixes to capitalize on changing market conditions. Allocation adjustments are based on in-depth macroeconomic, fundamental, quantitative andtechnical research.

Q&AAn interview with Co-Portfolio Manager Geoff Stein

Q: Geoff, how did the Portfolios perform for thesix months ending June 30, 2019

The Portfolios' share classes gained about 7% to 16%, performing roughly in line with their respective Composite benchmarks, while producing mixed results versus peer group averages.

Looking back over the trailing 12 months, the Portfolios rose about 4% to 5%, lagging their respective Composite benchmarks and peer group averages.

Q: What factors influenced the Portfolios' relative performance the past six months

Strong security selection, particularly among international developed-markets (DM) stocks, aided performance versus Composite benchmarks. However, this benefit was largely offset by weak results from asset allocation decisions.

Solid performance from Fidelity® Overseas Fund fueled foreign DM stock selection. Specifically, this fund outpaced its benchmark, the MSCI EAFE Index, due to broadly positivechoices in Japan, the U.K., continental Europe and the U.S. From a sector perspective, Fidelity Overseas benefited from picks across a range of groups, most notably industrials, information technology and health care.

Fidelity® Japan Fund and Fidelity Japan Smaller Companies Fund also helped drive the Portfolios' international DM stock selection, despite the fact that the Japanese equity market significantly lagged the broader MSCI EAFE Index.

Q: What about security selection in other areas

Investment choices in both the U.S. and emerging markets (EM) also contributed to relative performance.

In the U.S., most of the contribution came from Fidelity StockSelector All Cap Fund. That fund topped its benchmark, the S&P 500 index, as allocations among seven of 11 sectors outperformed their respective index components. Picks in health care helped the most, followed by industrials and consumer staples.

By way of background, when I took over as Portfolio Manager at the end of 2017, I shifted assets from various Fidelity® Select Portfolios® into Fidelity Stock Selector All CapFund, which pursues a sector-neutral approach using the



same underlying portfolio managers. Fidelity Stock Selector All Cap Fund utilized 10 sector-focused managers who are responsible for picking stocks within dedicated investment portfolios that correspond to the major market sectors. Overall, I think it provides a more efficient way to manage the Portfolios' exposure to U.S. market sectors.

Fidelity Emerging Markets Fund was the primary driver of favorable EM stock selection, led by picks in China and India.

Q: Please elaborate on the Portfolios' asset allocation results.

Generally speaking, our emphasis during the past six monthswas on equities within emerging markets – an asset class thatis outside the Portfolios' Composite benchmarks – as well as Japan. The Portfolios were underweighted in Europe and theU.S., on average. Unfortunately, EM and Japan underperformed the MSCI EAFE Index, as both areas were hampered by trade tension. An uncertain growth outlook in many countries and lower oil prices also weighed on EM. As a result, the fund's overall international equity-allocation strategy worked against relative performance.

On the fixed-income side, our positioning had a roughly neutral impact on performance versus Composite benchmarks. We underweighted cash and investment-grade bonds in order to fund out-of-benchmark allocations to long-term U.S. Treasuries, Treasury Inflation-Protected Securities (TIPS), bank loans and EM debt. This period, our TIPS position lagged nominal Treasuries and performed about in line with the broader investment-grade bond market. Consequently, our TIPS allocation largely offset the positive contributions from our other fixed-income positions.

The personal consumption expenditures index – an inflation gauge closely followed by the U.S. Federal Reserve – remained below the Fed's 2% target the past six months. Against this backdrop, investor expectations for rising inflation remained muted, and TIPS were priced accordingly.

Q: Would you remind us how the Portfolios are structured and managed

The Portfolios represent broadly diversified asset allocation strategies, each of which is targeted to a specific level of risk. We use various risk-management techniques to help keep the Portfolios' risk characteristics aligned with those of their Composite benchmarks. The Composites consist of target weights in U.S. stocks, international DM equities, investment-grade bonds and cash – except for the 85% Portfolio, which does not have a cash target.

The Portfolios aim to provide investors with consistent exposure to these core asset classes, as well as to smaller, targeted investment allocations in out-of-benchmark categories such as REITs (real estate investment trusts), commodity securities and the fixed-income classes

mentioned above.

As it relates to portfolio construction, in addition to Fidelity Stock Selector All Cap Fund, we maintained positions in a number of Fidelity's diversified equity funds, several of whichhave more of a value tilt in their investment strategies. Our goal is to use these funds to help balance the growth bias of the managers within Fidelity Stock Selector All Cap Fund. Collectively, these diversified funds detracted from the Portfolios' relative results the past six months because the valuation sensitivity in their strategies held back performancein an environment where growth stocks largely outperformed.

Q: What is your near-term outlook, Geoff

As of June 30, global growth momentum continued to slow, and most major economies have progressed to later stages of the business cycle. We think the U.S. is firmly in the late-cycle phase, but recession risk remains low for now.

Overseas, policy stimulus in China has thus far had a limited effect on that country's growth trajectory. Efforts to reduce the country's high debt are inhibiting a more dramatic policy response, as we saw in 2016. Uncertainty regarding the ultimate outcome of trade negotiations with the U.S. remainsa headwind. Given these and other factors, we think a material economic reacceleration in China is unlikely.

Turning to Europe, most economic indicators point to lackluster activity. Outgoing European Central Bank (ECB) President Mario Draghi stated that unless inflation data improves, additional stimulus will be required.

In early June, Fed Chair Jerome Powell addressed the fears of how the continuing U.S.-China trade dispute might hurt the economy, saying the central bank could respond by reducing interest rates if the economic outlook deteriorated. Many market participants are now expecting at least one Fedrate cut this year.

Taken together, these factors set up a tug-of-war between slower global growth and trade tensions on one side and central bank dovishness on the other. Given this environment, we plan to keep the Portfolios positioned closeto where they are as of June 30. I summarize our current thinking regarding asset allocation in the callout portion of this review. ■



Geoff Stein on the Portfolios' allocation positioning:

"As markets cross the halfway point for the year, the first six months were generally positive for risk assets, aside from a pullback in May.

"We think U.S. corporate fundamentals remain solid, but earnings growth for 2019 will be significantly slower than last year. In 2018, lower corporate tax rates led to earnings growth exceeding 20%. As the stimulus of lower taxes fades, we expect moderate, single-digit earnings growth during the second half of this year.

"From a valuation perspective, we think U.S. stocks look reasonable. Last year, earnings grew but stock prices fell in the fourth quarter. As a result, price-to-earnings (P/E) ratios and other valuation multiples contracted quite a bit. These multiples have risen thus far in 2019, but low bond yields, benign inflation and a more accommodative policy direction by the Fed may help support higher equityvaluations.

"Turning to sentiment, investor attitudes toward stocks appear mixed. Equity retail and exchange-traded funds have been experiencing outflows, withmoney flowing into bond funds instead. However, if equity markets continue to rise, it is possible that sentiment could shift, fueled by investors' fear of missing out on the rally.

"Within this environment, we began increasing the Portfolios' U.S. equity allocation late in the period.

"In terms of international markets, we plan to maintain the Portfolios' end-of-period positioning ofunderweighting DM in favor EM. We have a positiveoutlook for EM equities as a whole, based on a number of factors. We think these countries offer favorable long-term corporate fundamentals, highereconomic growth potential and attractive stock values. Moreover, we believe EM is likely to benefit from renewed global liquidity and the potential for aweaker U.S. dollar.

"In fixed income, we are considering a modest shift away from bank loans and toward EM debt. We believe that if the Fed cuts interest rates, the dollar may weaken, which could benefit the Portfolios' non-U.S. positions. We also plan to maintain our TIPS allocation as a relatively inexpensive hedge against an unexpected uptick in inflation expectations."




ASSET ALLOCATION PERFORMANCE SUMMARY

Asset Class Benchmark

Average Relative Weight

Relative Contribution

(basis points)*

DOMESTIC EQUITY DJ US Total Stk Mkt -1.1% -25

INTERNATIONAL EQUITY MSCI EAFE (Net MA) 1.2% 13

BOND -- -5.3% -5

INVESTMENT GRADE BOND

BBgBarc U.S. Agg Bond -6.2% -6

HIGH YIELD DEBT -- -- --

INTERNATIONAL DEBT -- -- --

EMERGING MARKETS DEBT -- 1.0% 1

INFLATION-PROTECTED BOND BBgBarc US TIPS 3.4% -3

LONG TERM U.S. TREASURES

BBgBarc US LT Treasury 2.0% 2

SHORT-TERM FUNDS & OTHER ASSETS

BBgBarc 3M t-bill -0.2% 5

INVESTED ASSETS SUBTOTALS

VIP FundsMgr 20% Comp 0.0% -12

NET EXPENSES -- -- -10

Total Value Added -23

*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 Class Portfolio Weight Strategic Allocation Relative Weight

Relative Change From Six Months

Ago

Domestic Equities 15.73% 14.00% 1.73% 1.55%

International Equities 8.01% 6.00% 2.01% 1.84%

Bonds 49.94% 50.00% -0.06% -2.10%

Short-Term Debt & Net Other Assets 26.32% 30.00% -3.68% -1.29%

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.

Performance and disclosure information continued on next page.



VIP FundsManager 20% Portfolio (continued)

Fiscal periods ending June 30, 2019

Total Returns for the Fund

Cumulative Annualized

6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

VIP FundsManager 20% Portfolio - Investor Class Gross Expense Ratio: 0.47%2 6.68% 6.68% 4.96% 4.00% 3.15% 4.69%

Bloomberg Barclays U.S. Aggregate Bond Index 6.11% 6.11% 7.87% 2.31% 2.95% 3.90%

VIP FundsManager 20% Portfolio Composite Index 6.90% 6.90% 6.21% 4.15% 3.41% 4.66%1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 04/13/2006.2 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 Retirement Reserves A 3.85% 6.26% 6.26% 4.22% 3.17% 2.32% 3.85%

Fidelity Income Advantage B 3.64% 6.15% 6.15% 4.01% 2.97% 2.12% 3.64%

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

4.42% 6.55% 6.55% 4.80% 3.75% 2.89% 4.42%

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

4.41% 6.55% 6.55% 4.80% 3.75% 2.89% 4.41%

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

4.58% 6.62% 6.62% 4.95% 3.90% 3.05% 4.58%

Fidelity Freedom Lifetime Income D 4.06% 6.36% 6.36% 4.43% 3.38% 2.53% 4.06%

Fidelity Retirement Reserves - Subaccount Inception: May 01, 2006; New York Only Inception: May 01, 2006. Fidelity Income Advantage - Subaccount Inception: May 01, 2006; New York Only Inception: May 01, 2006. Fidelity Personal Retirement Annuity - Subaccount Inception: May01, 2006; New York Only Inception: May 01, 2006. Fidelity Freedom Lifetime Income - Subaccount Inception: April 30, 2008; New York Only Inception: April 30, 2008.

Fidelity Retirement Reserves' underlying fund options are Investor Class fund offerings. Fidelity Income Advantage's underlying fund options are InvestorClass fund offerings. Fidelity Personal Retirement Annuity's underlying fund options are Investor Class fund offerings. Fidelity Freedom Lifetime Income'sunderlying fund options are Investor Class fund offerings. A In NY, Retirement ReservesB In NY, Income AdvantageC In NY, Personal Retirement AnnuityD 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 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. 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.








(basis points)*



BOND -- -5.8% 17


BBgBarc U.S. Agg Bond -6.7% 19



EMERGING MARKETS DEBT -- 0.9% -2



BBgBarc US LT Treasury 1.7% -9


BBgBarc 3M t-bill -0.1% 3


VIP FundsMgr 50% Comp 0.0% -1


Total Value Added -12



ASSET ALLOCATION



Ago



Bonds 39.10% 40.00% -0.90% -1.98%





PERFORMANCE SUMMARY












6Month YTD

1Year

3Year

5Year

10 Year/ LOF1


S&P 500 Index 18.54% 18.54% 10.42% 14.19% 10.71% 14.70%






of Subaccount6

Month YTD1

Year3

Year5

Year

10 Year/Lifeof

Subaccount




7.50% 10.98% 10.98% 4.54% 6.86% 4.58% 7.50%


7.48% 10.98% 10.98% 4.54% 6.86% 4.58% 7.48%


7.66% 11.06% 11.06% 4.70% 7.03% 4.73% 7.66%














(basis points)*



BOND -- -5.8% 25










BBgBarc 3M t-bill 0.2% 0


VIP FundsMgr 60% Comp 0.0% 11


Total Value Added 0



ASSET ALLOCATION



Ago



Bonds 33.81% 35.00% -1.19% -0.44%





PERFORMANCE SUMMARY












6Month YTD

1Year

3Year

5Year

10 Year/ LOF1


S&P 500 Index 18.54% 18.54% 10.42% 14.19% 10.71% 14.70%






of Subaccount6

Month YTD1

Year3

Year5

Year

10 Year/Lifeof

Subaccount




8.55% 12.59% 12.59% 4.47% 7.98% 5.22% 8.55%


8.54% 12.59% 12.59% 4.47% 7.98% 5.22% 8.54%


8.72% 12.67% 12.67% 4.63% 8.15% 5.38% 8.72%


Fidelity Retirement Reserves - Subaccount Inception: April 30, 2008; New York Only Inception: April 30, 2008. Fidelity Income Advantage - Subaccount Inception: April 30, 2008; New York Only Inception: April 30, 2008. Fidelity Personal Retirement Annuity - Subaccount Inception: April 30, 2008; New York Only Inception: April 30, 2008. Fidelity Freedom Lifetime Income - Subaccount Inception: April 30, 2008; New York Only Inception: April 30, 2008.












(basis points)*



BOND -- -6.0% 37










BBgBarc 3M t-bill 0.3% -5




Total Value Added 19



ASSET ALLOCATION



Ago



Bonds 23.61% 25.00% -1.39% 0.09%





PERFORMANCE SUMMARY












6Month YTD

1Year

3Year

5Year

10 Year/ LOF1


S&P 500 Index 18.54% 18.54% 10.42% 14.19% 10.71% 14.70%






of Subaccount6

Month YTD1

Year3

Year5

Year

10 Year/Lifeof

Subaccount




9.34% 13.80% 13.80% 4.00% 8.88% 5.58% 9.34%


9.33% 13.80% 13.80% 4.00% 8.88% 5.58% 9.33%


9.51% 13.88% 13.88% 4.16% 9.05% 5.74% 9.51%














(basis points)*



BOND -- -6.0% 55










BBgBarc 3M t-bill 0.2% -1




Total Value Added 28



ASSET ALLOCATION



Ago


International Equities 27.01% 25.00% 2.01% -1.37%

Bonds 13.31% 15.00% -1.69% 1.34%

Short-Term Debt & Net Other Assets -1.38% 0.00% -1.38% -1.25%




PERFORMANCE SUMMARY












6Month YTD

1Year

3Year

5Year

10 Year/ LOF1


S&P 500 Index 18.54% 18.54% 10.42% 14.19% 10.71% 14.70%






of Subaccount6

Month YTD1

Year3

Year5

Year

10 Year/Lifeof

Subaccount




10.66% 15.85% 15.85% 3.68% 10.51% 6.44% 10.66%


10.64% 15.85% 15.85% 3.68% 10.51% 6.44% 10.64%


10.82% 15.94% 15.94% 3.83% 10.68% 6.60% 10.82%








21 |

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.

ICE BofAML 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 BofAML 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 BofA Merrill Lynch 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 RISKSPerformance of VIP FundsManager 20% Portfolio depends on performance of the underlying Fidelity retail and VIP funds (underlying Fidelity funds) in which it invests. Performance of the underlying Fidelity funds in turn depends on performance of equity, fixed-income, and money markets in the U.S. and abroad. The value of VIP FundsManager 20% Portfolio will vary from day to day, reflecting changes in these markets and in the values of the underlying Fidelity funds. You may have a gain or loss when money is withdrawn.

IMPORTANT FUND INFORMATIONRelative positioning data presented in this commentary is based on


22 |

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.

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.

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.

VIP FundsManager 70% Composite Index is a customized blend of unmanaged indexes, weighted as follows: Dow Jones U.S. Total Stock Market Index - 49%; Bloomberg Barclays U.S. Aggregate Bond Index - 25%; MSCI EAFE Index - 21%; and Bloomberg Barclays U.S. 3Month Treasury Bellwether Index - 5%. The composition differed in periods prior to December 1, 2009.


VIP FundsManager 85% Composite Index is a customized blend of unmanaged indexes, weighted as follows: Dow Jones U.S. Total Stock Market Index - 60%; Bloomberg Barclays U.S. Aggregate Bond Index - 15%; and MSCI EAFE Index - 25%. The composition differed in periods prior to December 1, 2009.

VIP FundsManager 20% Composite Index is a customized blend of unmanaged indexes, weighted as follows: Dow Jones U.S. Total Stock Market Index - 14%; Bloomberg Barclays U.S. Aggregate Bond Index - 50%; MSCI EAFE Index - 6%; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index - 30%. The composition differed in periods prior to December 1, 2009.


MORNINGSTAR INFORMATION© 2019 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 more than 26 millionindividuals, institutions, and financial intermediaries.

In this role, Mr. Stein serves as lead or co-manager for a number of multi-asset class mutual funds and subadvisory accounts for U.S. and Canadian investors. Such funds include the Fidelity Asset Manager Funds, Fidelity VIP Funds Manager Funds, Fidelity Canadian Asset Allocation Fund, Fidelity Monthly Income Fund, Fidelity Managed Portfolios, Fidelity Private Investment Pools, and various other 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 a CFA® charterholder and member of the CFA Institute and CFA Society Boston.

PORTFOLIO MANAGER Q&A | AS OF SEPTEMBER 30, 2019

PERFORMANCE SUMMARY:Quarter ending September 30, 2019

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.



Total Returns for the Variable Subaccount

Annualized


of Subaccount1

Year3

Year5

Year10 Year/Life

of Subaccount

Fidelity Retirement Reserves 3.41% 4.51% 3.12% 2.71% 3.41%

Fidelity Income Advantage 3.20% 4.30% 2.91% 2.50% 3.20%

Fidelity Personal Retirement Annuity(for contracts purchased prior to 1/1/09 and on or after 9/7/10) 3.98% 5.09% 3.69% 3.28% 3.98%

Fidelity Personal Retirement Annuity(for contracts purchased between 1/1/09 and 9/6/10) 3.97% 5.09% 3.69% 3.28% 3.97%

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

4.14% 5.25% 3.85% 3.43% 4.14%

Fidelity Freedom Lifetime Income 3.62% 4.72% 3.33% 2.91% 3.62%



Annualized


of Subaccount1

Year3

Year5

Year10 Year/Life

of Subaccount






6.68% 3.30% 6.24% 5.20% 6.68%




Annualized


of Subaccount1

Year3

Year5

Year10 Year/Life

of Subaccount






7.53% 2.54% 7.07% 5.84% 7.53%


PORTFOLIO MANAGER Q&A | AS OF SEPTEMBER 30, 2019

PERFORMANCE SUMMARY (continued):Quarter ending September 30, 2019

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






8.18% 1.50% 7.72% 6.22% 8.18%




Annualized


of Subaccount1

Year3

Year5

Year10 Year/Life

of Subaccount

Fidelity Retirement Reserves 8.42% -0.41% 8.20% 6.35% 8.42%

Fidelity Income Advantage 8.20% -0.61% 7.98% 6.13% 8.20%




9.19% 0.30% 8.96% 7.10% 9.19%

Fidelity Freedom Lifetime Income 8.64% -0.20% 8.42% 6.56% 8.64%

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 Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917.© 2019 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.

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