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

Fidelity® VIP Asset Manager Portfolio

Key Takeaways

• For the semiannual reporting period ending June 30, 2019, the fund's share classes rose about 11%, roughly in line with the 11.23% gain of the Fidelity Asset Manager 50% Composite IndexSM.

• Strong security selection, particularly among U.S. stocks, aided the fund's performance versus the Composite benchmark. However, this benefit was substantially offset by weak results from asset allocation decisions.

• The domestic equity portfolio outperformed its benchmark, led by solid picks in the health care, consumer staples, industrials and consumer discretionary sectors.

• Stock choices in both emerging markets and international developed markets also contributed, as did selection among investment-grade bonds.

• The fund's overall equity-allocation strategy worked against relative performance, partly due to underweighted exposure to U.S. stocks.

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

• As of June 30, Co-Managers Geoff Stein and Avishek Hazrachoudhury plan to keep the fund's allocation positioning close to its end-of-period configuration.

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

Avishek HazrachoudhuryCo-Manager

Fund Facts

Start Date: September 06, 1989

Size (in millions): $1,077.38

Investment Approach• Fidelity® VIP Asset Manager 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 50% equities (35% U.S. and 15% non-U.S.), 40% debt securities and 10% 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 Co-Portfolio Managers Geoff Stein and Avishek Hazrachoudhury

Q: Geoff, how did the fund perform for the six months ending June 30, 2019

G.S. The fund's share classes advanced about 11%, roughly in line with the 11.23% gain of the Fidelity Asset Manager 50% Composite IndexSM but outpacing the Morningstar peer group average.

Strong security selection, particularly among U.S. stocks, aided performance versus the Composite benchmark. However, this benefit was substantially offset by weak resultsfrom asset allocation.

Looking a bit longer term, the fund's share classes rose approximately 5% for the trailing 12 months, lagging both the Composite benchmark and peer group average.

Q: Tell us more about security selection within the U.S. equity sleeve the past six months.

G.S. The domestic equity portfolio outperformed its benchmark, led by solid picks in the health care, consumer staples, industrials and consumer discretionary sectors. Within the portfolio, eight of 11 sector allocations topped their respective index components this period.

As a reminder to our shareholders, the portfolio is organized using a central-fund structure. Fidelity's equity sector central funds are dedicated portfolios corresponding to the 11 market sectors in the Dow Jones U.S. Total Stock Market IndexSM. These central funds are managed by sector-focused co-managers who concentrate on stock picking while sector weightings are kept roughly in line with those of the Dow Jones Total Market index.

Managers take opportunistic active positions at both the industry and the security level within their respective sector sleeve(s) in an effort to capitalize on their highest-conviction ideas. We invest across the market-cap range and style classifications, but tend to have a smaller-cap, higher-growth bias relative to the Dow Jones Total Market index across the sleeves, harnessing the research and stock-picking skill from throughout the Fidelity organization.

Q: What about security selection in other areas

G.S. Stock selection in both emerging markets (EM) and



international developed markets (DM) also contributed the past six months. Within EM, picks in China and India added the most value, whereas in DM, choices in Japan and the U.K. notably contributed. However, this positive effect was partially offset by adverse picks in several other European countries, particularly in Belgium and France.

Security selection among investment-grade bonds also helped the fund's overall relative result during the period. Favorable positioning in corporate bonds, especially those issued by banks, helped the most, followed by positioning among consumer non-cyclical companies. Consumer non-cyclicals include industries such as household & personal products and food, beverage & tobacco. Underweighted exposure to lagging U.S. Treasuries also aided the performance of our investment-grade bond portfolio.

Q: Turning to you, Avishek, would you elaborate on asset allocation results

A.H. Generally speaking, our emphasis during the past six months was on equities within emerging markets and Japan. The fund was underweighted in Europe and the U.S., on average. Unfortunately, EM and Japan underperformed developed markets, as measured by the MSCI ACWI (All Country World Index) ex USA Index. Both categories 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 equity-allocation strategy worked against relative performance.

Much of the asset allocation weakness occurred in May, due to the timing of certain positioning adjustments we made. For example, we increased the fund's U.S. equity exposure during a period when the market moved lower in response to renewed concerns about a U.S.-China trade deal.

On the fixed-income side, our strategy had a roughly neutral impact on performance versus the Composite benchmark. We underweighted cash and investment-grade bonds in order to fund out-of-benchmark positions in long-term U.S. Treasuries, Treasury Inflation-Protected Securities (TIPS), high-yield bonds, bank loans, EM debt and international corporate credit. This period, TIPS lagged nominal U.S. Treasuries, as well as the broader investment-grade bond market, and our allocation there 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 stayed at a low level, and TIPS were priced accordingly.

Q: What is your near-term outlook, Geoff

G.S. 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. Moreover, stimulus has been domestically focused, failing to provide a boost to China's trading partners. Uncertainty regarding the ultimate outcomeof trade negotiations with the U.S. remains a headwind. Given these and other factors, we think 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. Analysts expect the ECB to cut key interest rates, which are already negative, at or before its September policy meeting.

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 fund's allocation positioning close to where it is as of June 30. I summarize ourcurrent thinking regarding asset allocation in the callout portion of this review. ■



Geoff Stein on the fund's 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 that 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 in 2019, but low bond yields, benign inflation and a more accommodative policy direction by the Fed may help support higher equity valuations.

"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 fund's U.S. equity allocation late in the period. We also slightly increased exposure to real estate investment trusts (REITs) – which have performed well in 2019 – to augment the fund's exposure to more-defensive market sectors.

"As for international markets, we maintained our positioning of overweighting EM and underweighting DM. We have a positive outlook for EM equities as a whole, based on a number of factors. We think these countries offer favorable long-term corporate fundamentals, higher economicgrowth potential and attractive stock values. Moreover, we believe EM is likely to benefit from renewed global liquidity and the potential for a weaker U.S. dollar.

"In fixed income, we are considering a modest shift away from high-yield credit and bank debt and toward international credit and EM debt. We believethat if the Fed cuts interest rates, the dollar may weaken, which could benefit the fund's non-U.S. positions."

ASSET ALLOCATION PERFORMANCE SUMMARY

Asset Class Benchmark

Average Relative Weight

Relative Contribution

(basis points)*

DOMESTIC EQUITY FUNDS DJ US Total Stk Mkt -2.2% -15

COMMODITY FUNDS

BBG Commodity IndTR 0.6% -4

INTERNATIONAL EQUITY FUNDS

MSCI AC Wld exUS (Net MA) 3.5% 24

BOND FUNDS BBgBarc U.S. Agg Bond -3.6% 36

SHORT-TERM FUNDS & OTHER ASSETS

BBgBarc 3M t-bill 1.7% -10

INVESTED ASSETS SUBTOTALS

Fid AM 50% Comp Idx 0.0% 30

NET EXPENSES -- -- -33

Total Value Added -3

*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

iShares Core MSCI Emerging Markets ETF 4.84% 1.58%

U.S. Treasury Notes 2% 12/31/21 2.35% 2.64%

iShares 20+ Year Treasury Bond ETF 1.90% 2.28%

Microsoft Corp. 1.57% 1.27%

iShares MSCI Japan ETF 1.53% 1.92%

Apple, Inc. 1.41% 1.31%

U.S. Treasury Notes 1.875% 3/31/22 1.18% 1.38%

iShares S&P 500 Index ETF 1.12% 0.68%

U.S. Treasury Notes 1.875% 7/31/22 1.08% 1.20%

U.S. Treasury Notes 2.125% 3/31/24 1.07% --

10 Largest Holdings as a % of Net Assets

18.05% 15.95%

Total Number of Holdings 3082 2621

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*

Financials 16.41% 18.01%

Information Technology 14.43% 13.96%

Multi Sector 13.18% 12.85%

Health Care 10.49% 11.32%

Consumer Discretionary 9.09% 8.58%

Industrials 8.90% 8.56%

Communication Services 6.82% 6.59%

Consumer Staples 6.06% 6.04%

Real Estate 4.66% 3.66%

Energy 4.28% 4.45%

Materials 3.02% 3.17%

Utilities 2.64% 2.82%

Other 0.02% -0.01%

*% of equity assets.

FIXED-INCOME MARKET-SEGMENT DIVERSIFICATION

Market SegmentPortfolio Weight

Portfolio Weight Six

Months Ago*

U.S. Treasury 38.93% 40.80%

U.S. Agency 0.00% 0.00%

Mortgage Pass-Through 19.24% 20.12%

Asset-Backed Securities 1.71% 0.82%

CMBS 1.55% 1.38%

CMOs 0.06% 0.09%

Investment-Grade Credit 21.48% 18.03%

Municipal Bonds 0.96% 1.16%

High-Yield Credit 5.59% 8.04%

Non-U.S. Developed 5.81% 4.96%

Emerging Markets 3.03% 3.07%

Other Debt Assets 1.64% 1.53%

*% of debt assets.

ASSET ALLOCATION

Asset Class Portfolio Weight Strategic Allocation Relative Weight

Relative Change From Six Months

Ago

Domestic Equities 36.33% 35.00% 1.33% 1.11%

Equities 35.79% -- -- --

Commodities & Related Investments 0.54% -- -- --

International Equities 20.08% 15.00% 5.08% 3.57%

Bonds 36.82% 40.00% -3.18% -3.40%

Short-Term/Money Market & Net Other Assets 6.77% 10.00% -3.23% -1.28%

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 June 30, 2019

Total Returns for the Fund

Cumulative Annualized

6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

VIP Asset Manager Portfolio - Initial Class Gross Expense Ratio: 0.62%2 11.19% 11.19% 4.63% 7.36% 4.25% 8.40%

VIP Asset Manager Portfolio - Investor Class Gross Expense Ratio: 0.70%2 11.11% 11.11% 4.58% 7.28% 4.17% 8.31%

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

Fidelity Asset Manager 50% Composite Index 11.23% 11.23% 7.14% 7.50% 5.44% 7.98%

Morningstar Insurance Allocation--30% to 50% Equity 10.11% 10.11% 6.00% 6.07% 4.15% 7.28%1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 09/06/1989.2 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 June 30, 2019

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 7.53% 10.75% 10.75% 3.80% 6.51% 3.43% 7.53%

Fidelity Income Advantage B 7.31% 10.64% 10.64% 3.59% 6.29% 3.22% 7.31%

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

8.04% 10.98% 10.98% 4.32% 7.01% 3.91% 8.04%

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

8.02% 10.98% 10.98% 4.32% 7.01% 3.91% 8.02%

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

8.20% 11.06% 11.06% 4.48% 7.17% 4.06% 8.20%

Fidelity Retirement Reserves - Subaccount Inception: October 04, 1989; New York Only Inception: June 03, 1992. Fidelity Income Advantage - Subaccount Inception: October 04, 1989; New York Only Inception: June 03, 1992. 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.

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 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. Leverage can increase market exposure and magnify investment risk

IMPORTANT FUND INFORMATION


10 |

Relative 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 50% Composite Index is a customized blend of unmanaged indices, weighted as follows: Dow Jones U.S. Total Stock Market Index - 35%; Bloomberg Barclays U.S. Aggregate Bond Index - 40%; MSCI ACWI (All Country World Index) ex USA Index - 15%; and Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index - 10%. The composition differed in periods prior to October 1, 2015.

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. Should not be construed or used as a recommendation for any sector or industry.

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.

PERFORMANCE SUMMARYQuarter ending September 30, 2019Total Returns for the Variable Subaccount

Annualized

New York Only:10 Year/Life

of Subaccount1

Year3

Year5

Year10 Year/Life

of Subaccount

Fidelity Retirement Reserves 6.21% 2.51% 5.62% 3.91% 6.21%

Fidelity Income Advantage 5.99% 2.31% 5.41% 3.70% 5.99%

Fidelity Personal Retirement Annuity(for contracts purchased prior to 1/1/09 and on or after 9/7/10) 6.71% 3.03% 6.12% 4.39% 6.71%

Fidelity Personal Retirement Annuity(for contracts purchased between 1/1/09 and 9/6/10) 6.70% 3.03% 6.12% 4.39% 6.70%

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

6.87% 3.18% 6.28% 4.55% 6.87%

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 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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