# EDGAR Filing Document

**Accession Number:** 0000823535
**File Stem:** 0000823535-25-000352
**Filing Date:** 2025-9
**Character Count:** 854388
**Document Hash:** a061432a1cb6f90120240a607dcf76ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000823535-25-000352.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0000823535-25-000352

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 84

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250909

**EFFECTIVENESS DATE**: 20250909

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Variable Insurance Products Fund V
- **CENTRAL INDEX KEY:** 0000823535

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-17704
- **FILM NUMBER:** 251302154

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY BOSTON STREET TRUST
- **DATE OF NAME CHANGE:** 19951101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPARTAN U S TREASURY MONEY MARKET FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY U S TREASURY MONEY MARKET FUND L P
- **DATE OF NAME CHANGE:** 19900828

## Series and Classes Contracts Data

### Freedom 2030 Portfolio (Series ID: S000017649)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Initial Class   | C000048777 |
| Service Class   | C000048778 |
| Service Class 2 | C000048779 |

---

### Freedom Income Portfolio (Series ID: S000017650)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Initial Class   | C000048780 |
| Service Class   | C000048781 |
| Service Class 2 | C000048782 |

---

### Freedom Lifetime Income I Portfolio (Series ID: S000017651)

---

|  |  |
|:---|:---|
| Class Name     | Class ID   |
| Investor Class | C000048783 |

---

### Freedom Lifetime Income II Portfolio (Series ID: S000017652)

---

|  |  |
|:---|:---|
| Class Name     | Class ID   |
| Investor Class | C000048784 |

---

### Freedom Lifetime Income III Portfolio (Series ID: S000017653)

---

|  |  |
|:---|:---|
| Class Name     | Class ID   |
| Investor Class | C000048785 |

---

### Investor Freedom 2010 Portfolio (Series ID: S000017660)

---

|  |  |
|:---|:---|
| Class Name     | Class ID   |
| Investor Class | C000048803 |

---

### Investor Freedom 2015 Portfolio (Series ID: S000017661)

---

|  |  |
|:---|:---|
| Class Name     | Class ID   |
| Investor Class | C000048804 |

---

### Investor Freedom 2020 Portfolio (Series ID: S000017662)

---

|  |  |
|:---|:---|
| Class Name     | Class ID   |
| Investor Class | C000048805 |

---

### Investor Freedom 2025 Portfolio (Series ID: S000017663)

---

|  |  |
|:---|:---|
| Class Name     | Class ID   |
| Investor Class | C000048806 |

---

### Investor Freedom 2030 Portfolio (Series ID: S000017664)

---

|  |  |
|:---|:---|
| Class Name     | Class ID   |
| Investor Class | C000048807 |

---

### Investor Freedom Income Portfolio (Series ID: S000017665)

---

|  |  |
|:---|:---|
| Class Name     | Class ID   |
| Investor Class | C000048808 |

---

### Freedom 2010 Portfolio (Series ID: S000017670)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Initial Class   | C000048824 |
| Service Class   | C000048825 |
| Service Class 2 | C000048826 |

---

### Freedom 2015 Portfolio (Series ID: S000017671)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Initial Class   | C000048827 |
| Service Class   | C000048828 |
| Service Class 2 | C000048829 |

---

### Freedom 2020 Portfolio (Series ID: S000017672)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Initial Class   | C000048830 |
| Service Class   | C000048831 |
| Service Class 2 | C000048832 |

---

### Freedom 2025 Portfolio (Series ID: S000017673)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Initial Class   | C000048833 |
| Service Class   | C000048834 |
| Service Class 2 | C000048835 |

---

### Freedom 2035 Portfolio (Series ID: S000025268)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Initial Class   | C000075274 |
| Service Class   | C000075275 |
| Service Class 2 | C000075276 |

---

### Freedom 2040 Portfolio (Series ID: S000025269)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Initial Class   | C000075277 |
| Service Class   | C000075278 |
| Service Class 2 | C000075279 |

---

### Freedom 2045 Portfolio (Series ID: S000025270)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Initial Class   | C000075280 |
| Service Class   | C000075281 |
| Service Class 2 | C000075282 |

---

### Freedom 2050 Portfolio (Series ID: S000025271)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Initial Class   | C000075283 |
| Service Class   | C000075284 |
| Service Class 2 | C000075285 |

---

### Freedom 2055 Portfolio (Series ID: S000065217)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Service Class 2 | C000211073 |
| Service Class   | C000211074 |
| Initial Class   | C000211075 |

---

### Freedom 2060 Portfolio (Series ID: S000065218)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Service Class   | C000211076 |
| Service Class 2 | C000211077 |
| Initial Class   | C000211078 |

---

### Freedom 2065 Portfolio (Series ID: S000065219)

---

|  |  |
|:---|:---|
| Class Name      | Class ID   |
| Initial Class   | C000211079 |
| Service Class   | C000211080 |
| Service Class 2 | C000211081 |

---

### Investor Freedom 2035 Portfolio (Series ID: S000076747)

---

|  |  |
|:---|:---|
| Class Name     | Class ID   |
| Investor Class | C000236782 |

---

### Investor Freedom 2040 Portfolio (Series ID: S000076748)

---

|  |  |
|:---|:---|
| Class Name     | Class ID   |
| Investor Class | C000236783 |

---

### Investor Freedom 2045 Portfolio (Series ID: S000076749)

---

|  |  |
|:---|:---|
| Class Name     | Class ID   |
| Investor Class | C000236784 |

---

### Investor Freedom 2050 Portfolio (Series ID: S000076750)

---

|  |  |
|:---|:---|
| Class Name     | Class ID   |
| Investor Class | C000236785 |

---

### Freedom 2070 Portfolio (Series ID: S000085434)

---

|  |  |  |
|:---|:---|:---|
| Class Name      | Ticker Symbol | Class ID   |
| Service Class   | FRDGV         | C000250595 |
| Initial Class   | FRDFV         | C000250596 |
| Service Class 2 | FRDHV         | C000250597 |

---

## Series and Classes Contracts Data

### Freedom 2030 Portfolio (Series ID: S000017649)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048777 | Initial Class   |  |
| C000048778 | Service Class   |  |
| C000048779 | Service Class 2 |  |

### Freedom Income Portfolio (Series ID: S000017650)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048780 | Initial Class   |  |
| C000048781 | Service Class   |  |
| C000048782 | Service Class 2 |  |

### Freedom Lifetime Income I Portfolio (Series ID: S000017651)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048783 | Investor Class |  |

### Freedom Lifetime Income II Portfolio (Series ID: S000017652)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048784 | Investor Class |  |

### Freedom Lifetime Income III Portfolio (Series ID: S000017653)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048785 | Investor Class |  |

### Investor Freedom 2010 Portfolio (Series ID: S000017660)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048803 | Investor Class |  |

### Investor Freedom 2015 Portfolio (Series ID: S000017661)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048804 | Investor Class |  |

### Investor Freedom 2020 Portfolio (Series ID: S000017662)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048805 | Investor Class |  |

### Investor Freedom 2025 Portfolio (Series ID: S000017663)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048806 | Investor Class |  |

### Investor Freedom 2030 Portfolio (Series ID: S000017664)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048807 | Investor Class |  |

### Investor Freedom Income Portfolio (Series ID: S000017665)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000048808 | Investor Class |  |

### Freedom 2010 Portfolio (Series ID: S000017670)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048824 | Initial Class   |  |
| C000048825 | Service Class   |  |
| C000048826 | Service Class 2 |  |

### Freedom 2015 Portfolio (Series ID: S000017671)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048827 | Initial Class   |  |
| C000048828 | Service Class   |  |
| C000048829 | Service Class 2 |  |

### Freedom 2020 Portfolio (Series ID: S000017672)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048830 | Initial Class   |  |
| C000048831 | Service Class   |  |
| C000048832 | Service Class 2 |  |

### Freedom 2025 Portfolio (Series ID: S000017673)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000048833 | Initial Class   |  |
| C000048834 | Service Class   |  |
| C000048835 | Service Class 2 |  |

### Freedom 2035 Portfolio (Series ID: S000025268)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000075274 | Initial Class   |  |
| C000075275 | Service Class   |  |
| C000075276 | Service Class 2 |  |

### Freedom 2040 Portfolio (Series ID: S000025269)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000075277 | Initial Class   |  |
| C000075278 | Service Class   |  |
| C000075279 | Service Class 2 |  |

### Freedom 2045 Portfolio (Series ID: S000025270)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000075280 | Initial Class   |  |
| C000075281 | Service Class   |  |
| C000075282 | Service Class 2 |  |

### Freedom 2050 Portfolio (Series ID: S000025271)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000075283 | Initial Class   |  |
| C000075284 | Service Class   |  |
| C000075285 | Service Class 2 |  |

### Freedom 2055 Portfolio (Series ID: S000065217)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000211073 | Service Class 2 |  |
| C000211074 | Service Class   |  |
| C000211075 | Initial Class   |  |

### Freedom 2060 Portfolio (Series ID: S000065218)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000211076 | Service Class   |  |
| C000211077 | Service Class 2 |  |
| C000211078 | Initial Class   |  |

### Freedom 2065 Portfolio (Series ID: S000065219)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000211079 | Initial Class   |  |
| C000211080 | Service Class   |  |
| C000211081 | Service Class 2 |  |

### Investor Freedom 2035 Portfolio (Series ID: S000076747)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000236782 | Investor Class |  |

### Investor Freedom 2040 Portfolio (Series ID: S000076748)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000236783 | Investor Class |  |

### Investor Freedom 2045 Portfolio (Series ID: S000076749)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000236784 | Investor Class |  |

### Investor Freedom 2050 Portfolio (Series ID: S000076750)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000236785 | Investor Class |  |

### Freedom 2070 Portfolio (Series ID: S000085434)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000250595 | Service Class   | FRDGV           |
| C000250596 | Initial Class   | FRDFV           |
| C000250597 | Service Class 2 | FRDHV           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

Each fund offers its shares only to separate accounts of insurance companies that offer variable annuity and variable life insurance products. A fund may not be available in your state due to various insurance regulations. Please check with your insurance company for availability. If a fund in this prospectus is not available in your state, this prospectus is not to be considered a solicitation with respect to that fund. Please read this prospectus together with your variable annuity or variable life insurance product prospectus.

Fidelity® Variable Insurance Products

**Initial Class, Service Class, and Service Class 2**

Freedom Funds

---

| |
|:---|
| Freedom Income Portfolio |
| Freedom 2010 Portfolio |
| Freedom 2015 Portfolio |
| Freedom 2020 Portfolio |
| Freedom 2025 Portfolio |
| Freedom 2030 Portfolio |
| Freedom 2035 Portfolio |
| Freedom 2040 Portfolio |
| Freedom 2045 Portfolio |
| Freedom 2050 Portfolio |
| Freedom 2055 Portfolio |
| Freedom 2060 Portfolio |
| Freedom 2065 Portfolio |
| Freedom 2070 Portfolio |

---

**Prospectus**

**April 30, 2025**

**As Revised September 9, 2025**

---

| | |
|:---|:---|
| Like securities of all mutual funds, these securities have not been approved or disapproved by the Securities and Exchange Commission, and the Securities and Exchange Commission has not determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.<br>| ![](img112409_1.jpg)<br> 245 Summer Street, Boston, MA 02210 |

---

**Contents**

---

| | |
|:---|:---|
| **Fund Summary** | [VIP Freedom Income Portfolio℠](#SubSec_FundSummary_VIPFF2K-PRO_FundName1417) |
|  | [VIP Freedom 2010 Portfolio℠](#SubSec_FundSummary_VIPFF2K-PRO_FundName1423) |
|  | [VIP Freedom 2015 Portfolio℠](#SubSec_FundSummary_VIPFF2K-PRO_FundName1426) |
|  | [VIP Freedom 2020 Portfolio℠](#SubSec_FundSummary_VIPFF2K-PRO_FundName1429) |
|  | [VIP Freedom 2025 Portfolio℠](#SubSec_FundSummary_VIPFF2K-PRO_FundName1432) |
|  | [VIP Freedom 2030 Portfolio℠](#SubSec_FundSummary_VIPFF2K-PRO_FundName1435) |
|  | [VIP Freedom 2035 Portfolio℠](#SubSec_FundSummary_VIPFF2K-PRO_FundName2159) |
|  | [VIP Freedom 2040 Portfolio℠](#SubSec_FundSummary_VIPFF2K-PRO_FundName2162) |
|  | [VIP Freedom 2045 Portfolio℠](#SubSec_FundSummary_VIPFF2K-PRO_FundName2165) |
|  | [VIP Freedom 2050 Portfolio℠](#SubSec_FundSummary_VIPFF2K-PRO_FundName2168) |
|  | [VIP Freedom 2055 Portfolio℠](#SubSec_FundSummary_VIPFF2K-PRO_FundName3360) |
|  | [VIP Freedom 2060 Portfolio℠](#SubSec_FundSummary_VIPFF2K-PRO_FundName3361) |
|  | [VIP Freedom 2065 Portfolio℠](#SubSec_FundSummary_VIPFF2K-PRO_FundName3362) |
|  | [VIP Freedom 2070 Portfolio℠](#SubSec_FundSummary_VIPFF2K-PRO_FundName7671) |
| **Fund Basics** | **[Investment Details](#SubSec_FundBasics_InvestmentDetails_VIPFF2K-PRO)** |
|  | **[Valuing Shares](#SubSec_FundBasics_ValuingShares_VIPFF2K-PRO)** |
| **Shareholder Information** | **[Additional Information about the Purchase and Sale of Shares](#SubSec_ShareholderInformation_AdditionalInformation_VIPFF2K-PRO)** |
|  | **[Dividends and Capital Gain Distributions](#SubSec_ShareholderInformation_Dividendsand_VIPFF2K-PRO)** |
| **Fund Services** | **[Fund Management](#SubSec_FundServices_FundManagement_VIPFF2K-PRO)** |
|  | **[Fund Distribution](#SubSec_FundServices_FundDistribution_VIPFF2K-PRO)** |
| **Appendix** | **[Financial Highlights](#SubSec_Appendix_FinancialHighlights_VIPFF2K-PRO)** |
|  | **[Additional Index Information](#SubSec_Appendix_AdditionalIndex_VIPFF2K-PRO)** |

---

**Fund Summary**

Fund**/Class:**

VIP Freedom Income Portfolio℠**/Initial Class, Service Class, Service Class 2** 

**Investment Objective**

VIP Freedom Income Portfolio℠ seeks high total return with a secondary objective of principal preservation.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| Management fee  | 0.00%  | 0.00%  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  | 0.10%  | 0.25%  |
| Other expenses | 0.00%  | 0.00%  | 0.00%  |
| Acquired fund fees and expenses | 0.37%  | 0.37%  | 0.37%  |
| **Total annual operating expenses** | 0.37% A | 0.47% A | 0.62% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| 1 year | $38 | $48 | $63 |
| 3 years | $119 | $151 | $199 |
| 5 years | $208 | $263 | $346 |
| 10 years | $468 | $591 | $774 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 40% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a stable neutral asset allocation strategy. A revised neutral asset allocation strategy (approximately 18% in U.S. equity funds, 12% in international equity funds, 32% in U.S. investment grade bond funds, 5% in international bond funds, 1% in long-term treasury bond funds, 18% in inflation-protected bond funds, and 14% in short-term funds) is expected to take effect by the end of the first quarter of 2027. During the fourth quarter of 2025, Fidelity Management & Research Company LLC (FMR) (the Adviser) will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. The Adviser may modify the fund's neutral asset allocations from time to time when in the interests of shareholders.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds, bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term.

* The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt or money market security to decrease.

* *Income Risk.*

A low or negative interest rate environment can adversely affect an underlying fund's yield.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Prepayment.*

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *Inflation-Protected Debt Exposure.*

Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.34%<br>| 4.50%<br>| 8.48%<br>| *-*1.96%<br>| 11.94%<br>| 10.47%<br>| 3.35%<br>| *-*12.05%<br>| 7.91%<br>| 4.45%<br>|

---

![](img112409_4.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart for Initial Class:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 6.36 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2023* |
| *Lowest Quarter Return* | *-*6.37 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2022* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **Initial Class** | &nbsp;&nbsp;4.45% | &nbsp;&nbsp;2.51% | &nbsp;&nbsp;3.45% |
| **Service Class** | &nbsp;&nbsp;4.28% | &nbsp;&nbsp;2.40% | &nbsp;&nbsp;3.34% |
| **Service Class 2** | &nbsp;&nbsp;4.20% | &nbsp;&nbsp;2.26% | &nbsp;&nbsp;3.19% |
| Fidelity VIP Freedom Income Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 4.84%  | &nbsp;&nbsp; <br> 2.44%  | &nbsp;&nbsp; <br> 3.29%  |
| Bloomberg U.S. Aggregate Bond Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 1.25%  | &nbsp;&nbsp; <br> -0.33%  | &nbsp;&nbsp; <br> 1.35%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

Fund**/Class:**

VIP Freedom 2010 Portfolio℠**/Initial Class, Service Class, Service Class 2** 

**Investment Objective**

VIP Freedom 2010 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| Management fee  | 0.00%  | 0.00%  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  | 0.10%  | 0.25%  |
| Other expenses | 0.00%  | 0.00%  | 0.00%  |
| Acquired fund fees and expenses | 0.40%  | 0.40%  | 0.40%  |
| **Total annual operating expenses** | 0.40% A | 0.50% A | 0.65% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| 1 year | $41 | $51 | $66 |
| 3 years | $128 | $160 | $208 |
| 5 years | $224 | $280 | $362 |
| 10 years | $505 | $628 | $810 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 25% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2010. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112409_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds, international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds, bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who retired in or within a few years of 2010 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt or money market security to decrease.

* *Income Risk.*

A low or negative interest rate environment can adversely affect an underlying fund's yield.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Prepayment.*

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *Inflation-Protected Debt Exposure.*

Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.29%<br>| 5.45%<br>| 13.08%<br>| *-*4.00%<br>| 16.09%<br>| 12.49%<br>| 5.89%<br>| *-*13.53%<br>| 9.48%<br>| 5.38%<br>|

---

![](img112409_6.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart for Initial Class:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 8.89 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*7.74 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2022* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **Initial Class** | &nbsp;&nbsp;5.38% | &nbsp;&nbsp;3.51% | &nbsp;&nbsp;4.64% |
| **Service Class** | &nbsp;&nbsp;5.26% | &nbsp;&nbsp;3.40% | &nbsp;&nbsp;4.54% |
| **Service Class 2** | &nbsp;&nbsp;5.06% | &nbsp;&nbsp;3.26% | &nbsp;&nbsp;4.38% |
| Fidelity VIP Freedom 2010 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 5.78%  | &nbsp;&nbsp; <br> 3.34%  | &nbsp;&nbsp; <br> 4.47%  |
| Bloomberg U.S. Aggregate Bond Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 1.25%  | &nbsp;&nbsp; <br> -0.33%  | &nbsp;&nbsp; <br> 1.35%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

Fund**/Class:**

VIP Freedom 2015 Portfolio℠**/Initial Class, Service Class, Service Class 2** 

**Investment Objective**

VIP Freedom 2015 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| Management fee  | 0.00%  | 0.00%  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  | 0.10%  | 0.25%  |
| Other expenses | 0.00%  | 0.00%  | 0.00%  |
| Acquired fund fees and expenses | 0.43%  | 0.43%  | 0.43%  |
| **Total annual operating expenses** | 0.43% A | 0.53% A | 0.68% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| 1 year | $44 | $54 | $69 |
| 3 years | $138 | $170 | $218 |
| 5 years | $241 | $296 | $379 |
| 10 years | $542 | $665 | $847 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 35% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2015. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112409_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds, international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds, bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who retired in or within a few years of 2015 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt or money market security to decrease.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Prepayment.*

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *Inflation-Protected Debt Exposure.*

Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.33%<br>| 5.91%<br>| 15.10%<br>| *-*5.07%<br>| 18.35%<br>| 13.76%<br>| 7.69%<br>| *-*14.60%<br>| 10.95%<br>| 6.52%<br>|

---

![](img112409_7.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart for Initial Class:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 10.60 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*8.88 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2020* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **Initial Class** | &nbsp;&nbsp;6.52% | &nbsp;&nbsp;4.34% | &nbsp;&nbsp;5.37% |
| **Service Class** | &nbsp;&nbsp;6.43% | &nbsp;&nbsp;4.24% | &nbsp;&nbsp;5.27% |
| **Service Class 2** | &nbsp;&nbsp;6.21% | &nbsp;&nbsp;4.08% | &nbsp;&nbsp;5.11% |
| Fidelity VIP Freedom 2015 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 6.91%  | &nbsp;&nbsp; <br> 4.11%  | &nbsp;&nbsp; <br> 5.20%  |
| Bloomberg U.S. Aggregate Bond Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 1.25%  | &nbsp;&nbsp; <br> -0.33%  | &nbsp;&nbsp; <br> 1.35%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

Fund**/Class:**

VIP Freedom 2020 Portfolio℠**/Initial Class, Service Class, Service Class 2** 

**Investment Objective**

VIP Freedom 2020 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| Management fee  | 0.00%  | 0.00%  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  | 0.10%  | 0.25%  |
| Other expenses | 0.00%  | 0.00%  | 0.00%  |
| Acquired fund fees and expenses | 0.46%  | 0.46%  | 0.46%  |
| **Total annual operating expenses** | 0.46% A | 0.56% A | 0.71% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| 1 year | $47 | $57 | $73 |
| 3 years | $148 | $179 | $227 |
| 5 years | $258 | $313 | $395 |
| 10 years | $579 | $701 | $883 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 29% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2020. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112409_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds, international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds, bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who retired in or within a few years of 2020 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt or money market security to decrease.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Prepayment.*

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *Inflation-Protected Debt Exposure.*

Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.27%<br>| 6.12%<br>| 16.62%<br>| *-*5.86%<br>| 20.13%<br>| 15.06%<br>| 9.47%<br>| *-*15.69%<br>| 12.40%<br>| 7.71%<br>|

---

![](img112409_8.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart for Initial Class:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 12.08 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*10.73 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2020* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **Initial Class** | &nbsp;&nbsp;7.71% | &nbsp;&nbsp;5.15% | &nbsp;&nbsp;6.02% |
| **Service Class** | &nbsp;&nbsp;7.55% | &nbsp;&nbsp;5.05% | &nbsp;&nbsp;5.91% |
| **Service Class 2** | &nbsp;&nbsp;7.40% | &nbsp;&nbsp;4.89% | &nbsp;&nbsp;5.76% |
| Fidelity VIP Freedom 2020 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 8.05%  | &nbsp;&nbsp; <br> 4.85%  | &nbsp;&nbsp; <br> 5.83%  |
| Bloomberg U.S. Aggregate Bond Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 1.25%  | &nbsp;&nbsp; <br> -0.33%  | &nbsp;&nbsp; <br> 1.35%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

Fund**/Class:**

VIP Freedom 2025 Portfolio℠**/Initial Class, Service Class, Service Class 2** 

**Investment Objective**

VIP Freedom 2025 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| Management fee  | 0.00%  | 0.00%  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  | 0.10%  | 0.25%  |
| Other expenses | 0.00%  | 0.00%  | 0.00%  |
| Acquired fund fees and expenses | 0.48%  | 0.48%  | 0.48%  |
| **Total annual operating expenses** | 0.48% A | 0.58% A | 0.73% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| 1 year | $49 | $59 | $75 |
| 3 years | $154 | $186 | $233 |
| 5 years | $269 | $324 | $406 |
| 10 years | $604 | $726 | $906 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 41% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2025. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112409_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds, international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds, bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who anticipate retiring in or within a few years of 2025 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt security to decrease.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Prepayment.*

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *Inflation-Protected Debt Exposure.*

Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.18%<br>| 6.18%<br>| 17.89%<br>| *-*6.52%<br>| 21.86%<br>| 15.95%<br>| 10.83%<br>| *-*16.43%<br>| 13.62%<br>| 8.47%<br>|

---

![](img112409_9.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart for Initial Class:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 13.27 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*12.15 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2020* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **Initial Class** | &nbsp;&nbsp;8.47% | &nbsp;&nbsp;5.77% | &nbsp;&nbsp;6.54% |
| **Service Class** | &nbsp;&nbsp;8.40% | &nbsp;&nbsp;5.66% | &nbsp;&nbsp;6.43% |
| **Service Class 2** | &nbsp;&nbsp;8.28% | &nbsp;&nbsp;5.52% | &nbsp;&nbsp;6.27% |
| Fidelity VIP Freedom 2025 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 8.98%  | &nbsp;&nbsp; <br> 5.44%  | &nbsp;&nbsp; <br> 6.35%  |
| S&P 500® Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 25.02%  | &nbsp;&nbsp; <br> 14.53%  | &nbsp;&nbsp; <br> 13.10%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

Fund**/Class:**

VIP Freedom 2030 Portfolio℠**/Initial Class, Service Class, Service Class 2** 

**Investment Objective**

VIP Freedom 2030 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| Management fee  | 0.00%  | 0.00%  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  | 0.10%  | 0.25%  |
| Other expenses | 0.00%  | 0.00%  | 0.00%  |
| Acquired fund fees and expenses | 0.51%  | 0.51%  | 0.51%  |
| **Total annual operating expenses** | 0.51% A | 0.61% A | 0.76% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| 1 year | $52 | $62 | $78 |
| 3 years | $164 | $195 | $243 |
| 5 years | $285 | $340 | $422 |
| 10 years | $640 | $762 | $942 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 31% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2030. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112409_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds, international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds, bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who anticipate retiring in or within a few years of 2030 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt security to decrease.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Asia.*

Because an underlying fund invests a meaningful portion of its assets in Asia, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds.

* *Geographic Exposure to China.*

Because an underlying fund invests a meaningful portion of its assets in China, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions in China and to be more volatile than the performance of more geographically diversified funds. The underlying fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Prepayment.*

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.24%<br>| 6.61%<br>| 20.96%<br>| *-*7.78%<br>| 24.43%<br>| 16.89%<br>| 12.37%<br>| *-*16.87%<br>| 14.70%<br>| 9.41%<br>|

---

![](img112409_10.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart for Initial Class:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 14.91 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*14.20 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2020* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **Initial Class** | &nbsp;&nbsp;9.41% | &nbsp;&nbsp;6.50% | &nbsp;&nbsp;7.30% |
| **Service Class** | &nbsp;&nbsp;9.34% | &nbsp;&nbsp;6.40% | &nbsp;&nbsp;7.20% |
| **Service Class 2** | &nbsp;&nbsp;9.14% | &nbsp;&nbsp;6.25% | &nbsp;&nbsp;7.03% |
| Fidelity VIP Freedom 2030 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 9.90%  | &nbsp;&nbsp; <br> 6.11%  | &nbsp;&nbsp; <br> 7.12%  |
| S&P 500® Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 25.02%  | &nbsp;&nbsp; <br> 14.53%  | &nbsp;&nbsp; <br> 13.10%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

Fund**/Class:**

VIP Freedom 2035 Portfolio℠**/Initial Class, Service Class, Service Class 2** 

**Investment Objective**

VIP Freedom 2035 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| Management fee  | 0.00%  | 0.00%  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  | 0.10%  | 0.25%  |
| Other expenses | 0.00%  | 0.00%  | 0.00%  |
| Acquired fund fees and expenses | 0.55%  | 0.55%  | 0.55%  |
| **Total annual operating expenses** | 0.55% A | 0.65% A | 0.80% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| 1 year | $56 | $66 | $82 |
| 3 years | $176 | $208 | $255 |
| 5 years | $307 | $362 | $444 |
| 10 years | $689 | $810 | $990 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 34% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2035. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112409_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds, international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds, bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who anticipate retiring in or within a few years of 2035 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt security to decrease.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Asia.*

Because an underlying fund invests a meaningful portion of its assets in Asia, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds.

* *Geographic Exposure to China.*

Because an underlying fund invests a meaningful portion of its assets in China, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions in China and to be more volatile than the performance of more geographically diversified funds. The underlying fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Prepayment.*

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *"Growth" Investing.*

"Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

* *"Value" Investing.*

"Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.31%<br>| 6.87%<br>| 23.35%<br>| *-*9.30%<br>| 27.49%<br>| 18.28%<br>| 15.46%<br>| *-*17.69%<br>| 16.85%<br>| 11.03%<br>|

---

![](img112409_11.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart for Initial Class:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 17.21 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*17.29 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2020* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **Initial Class** | &nbsp;&nbsp;11.03% | &nbsp;&nbsp;7.84% | &nbsp;&nbsp;8.28% |
| **Service Class** | &nbsp;&nbsp;10.93% | &nbsp;&nbsp;7.73% | &nbsp;&nbsp;8.17% |
| **Service Class 2** | &nbsp;&nbsp;10.77% | &nbsp;&nbsp;7.56% | &nbsp;&nbsp;8.01% |
| Fidelity VIP Freedom 2035 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 11.50%  | &nbsp;&nbsp; <br> 7.33%  | &nbsp;&nbsp; <br> 8.10%  |
| S&P 500® Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 25.02%  | &nbsp;&nbsp; <br> 14.53%  | &nbsp;&nbsp; <br> 13.10%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

Fund**/Class:**

VIP Freedom 2040 Portfolio℠**/Initial Class, Service Class, Service Class 2** 

**Investment Objective**

VIP Freedom 2040 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| Management fee  | 0.00%  | 0.00%  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  | 0.10%  | 0.25%  |
| Other expenses | 0.00%  | 0.00%  | 0.00%  |
| Acquired fund fees and expenses | 0.59%  | 0.59%  | 0.59%  |
| **Total annual operating expenses** | 0.59% A | 0.69% A | 0.84% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| 1 year | $60 | $70 | $86 |
| 3 years | $189 | $221 | $268 |
| 5 years | $329 | $384 | $466 |
| 10 years | $738 | $859 | $1037 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 34% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2040. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112409_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds, international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds, bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who anticipate retiring in or within a few years of 2040 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt security to decrease.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Asia.*

Because an underlying fund invests a meaningful portion of its assets in Asia, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds.

* *Geographic Exposure to China.*

Because an underlying fund invests a meaningful portion of its assets in China, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions in China and to be more volatile than the performance of more geographically diversified funds. The underlying fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *"Growth" Investing.*

"Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

* *"Value" Investing.*

"Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.26%<br>| 6.83%<br>| 23.60%<br>| *-*9.88%<br>| 28.52%<br>| 19.28%<br>| 17.83%<br>| *-*18.22%<br>| 18.87%<br>| 13.10%<br>|

---

![](img112409_12.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart for Initial Class:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 18.47 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*18.84 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2020* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **Initial Class** | &nbsp;&nbsp;13.10% | &nbsp;&nbsp;9.10% | &nbsp;&nbsp;8.95% |
| **Service Class** | &nbsp;&nbsp;12.94% | &nbsp;&nbsp;8.98% | &nbsp;&nbsp;8.84% |
| **Service Class 2** | &nbsp;&nbsp;12.81% | &nbsp;&nbsp;8.83% | &nbsp;&nbsp;8.68% |
| Fidelity VIP Freedom 2040 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 13.63%  | &nbsp;&nbsp; <br> 8.54%  | &nbsp;&nbsp; <br> 8.78%  |
| S&P 500® Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 25.02%  | &nbsp;&nbsp; <br> 14.53%  | &nbsp;&nbsp; <br> 13.10%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

Fund**/Class:**

VIP Freedom 2045 Portfolio℠**/Initial Class, Service Class, Service Class 2** 

**Investment Objective**

VIP Freedom 2045 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| Management fee  | 0.00%  | 0.00%  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  | 0.10%  | 0.25%  |
| Other expenses | 0.00%  | 0.00%  | 0.00%  |
| Acquired fund fees and expenses | 0.61%  | 0.61%  | 0.61%  |
| **Total annual operating expenses** | 0.61% A | 0.71% A | 0.86% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| 1 year | $62 | $73 | $88 |
| 3 years | $195 | $227 | $274 |
| 5 years | $340 | $395 | $477 |
| 10 years | $762 | $883 | $1061 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 31% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2045. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112409_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds, international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds, bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who anticipate retiring in or within a few years of 2045 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Asia.*

Because an underlying fund invests a meaningful portion of its assets in Asia, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds.

* *Geographic Exposure to China.*

Because an underlying fund invests a meaningful portion of its assets in China, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions in China and to be more volatile than the performance of more geographically diversified funds. The underlying fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *"Growth" Investing.*

"Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

* *"Value" Investing.*

"Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.26%<br>| 6.80%<br>| 23.59%<br>| *-*9.89%<br>| 28.57%<br>| 19.27%<br>| 17.83%<br>| *-*18.21%<br>| 19.41%<br>| 13.84%<br>|

---

![](img112409_13.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart for Initial Class:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 18.42 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*18.84 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2020* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **Initial Class** | &nbsp;&nbsp;13.84% | &nbsp;&nbsp;9.33% | &nbsp;&nbsp;9.07% |
| **Service Class** | &nbsp;&nbsp;13.70% | &nbsp;&nbsp;9.23% | &nbsp;&nbsp;8.96% |
| **Service Class 2** | &nbsp;&nbsp;13.54% | &nbsp;&nbsp;9.06% | &nbsp;&nbsp;8.80% |
| Fidelity VIP Freedom 2045 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 14.43%  | &nbsp;&nbsp; <br> 8.78%  | &nbsp;&nbsp; <br> 8.90%  |
| S&P 500® Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 25.02%  | &nbsp;&nbsp; <br> 14.53%  | &nbsp;&nbsp; <br> 13.10%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

Fund**/Class:**

VIP Freedom 2050 Portfolio℠**/Initial Class, Service Class, Service Class 2** 

**Investment Objective**

VIP Freedom 2050 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| Management fee  | 0.00%  | 0.00%  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  | 0.10%  | 0.25%  |
| Other expenses | 0.00%  | 0.00%  | 0.00%  |
| Acquired fund fees and expenses | 0.61%  | 0.61%  | 0.61%  |
| **Total annual operating expenses** | 0.61% A | 0.71% A | 0.86% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| 1 year | $62 | $73 | $88 |
| 3 years | $195 | $227 | $274 |
| 5 years | $340 | $395 | $477 |
| 10 years | $762 | $883 | $1061 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 34% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2050. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112409_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds, international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds, bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who anticipate retiring in or within a few years of 2050 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Asia.*

Because an underlying fund invests a meaningful portion of its assets in Asia, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds.

* *Geographic Exposure to China.*

Because an underlying fund invests a meaningful portion of its assets in China, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions in China and to be more volatile than the performance of more geographically diversified funds. The underlying fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *"Growth" Investing.*

"Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

* *"Value" Investing.*

"Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.29%<br>| 6.84%<br>| 23.52%<br>| *-*9.89%<br>| 28.51%<br>| 19.28%<br>| 17.83%<br>| *-*18.22%<br>| 19.45%<br>| 13.83%<br>|

---

![](img112409_14.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart for Initial Class:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 18.47 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*18.86 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2020* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **Initial Class** | &nbsp;&nbsp;13.83% | &nbsp;&nbsp;9.34% | &nbsp;&nbsp;9.06% |
| **Service Class** | &nbsp;&nbsp;13.74% | &nbsp;&nbsp;9.23% | &nbsp;&nbsp;8.96% |
| **Service Class 2** | &nbsp;&nbsp;13.55% | &nbsp;&nbsp;9.06% | &nbsp;&nbsp;8.79% |
| Fidelity VIP Freedom 2050 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 14.43%  | &nbsp;&nbsp; <br> 8.78%  | &nbsp;&nbsp; <br> 8.90%  |
| S&P 500® Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 25.02%  | &nbsp;&nbsp; <br> 14.53%  | &nbsp;&nbsp; <br> 13.10%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

Fund**/Class:**

VIP Freedom 2055 Portfolio℠**/Initial Class, Service Class, Service Class 2** 

**Investment Objective**

VIP Freedom 2055 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| Management fee  | 0.00%  | 0.00%  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  | 0.10%  | 0.25%  |
| Other expenses | 0.01%  | 0.01%  | 0.01%  |
| Acquired fund fees and expenses | 0.61%  | 0.61%  | 0.61%  |
| **Total annual operating expenses** | 0.62% A | 0.72% A | 0.87% A |
| Fee waiver and/or expense reimbursement | 0.01% B | 0.01% B | 0.01% B |
| **Total annual operating expenses after fee waiver and/or expense reimbursement** | 0.61% A | 0.71% A | 0.86% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

BFidelity Management & Research Company LLC (FMR) has contractually agreed to reimburse the class of shares of the fund to the extent proxy and shareholder meeting expenses exceed 0.003% of each class's average net assets. This arrangement will remain in effect through April 30, 2026. FMR may not terminate this arrangement before the expiration date without the approval of the Board of Trustees and may extend it in its discretion after that date.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| 1 year | $62 | $73 | $88 |
| 3 years | $197 | $229 | $276 |
| 5 years | $344 | $399 | $481 |
| 10 years | $773 | $893 | $1071 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 43% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2055. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112409_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds, international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds, bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who anticipate retiring in or within a few years of 2055 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Asia.*

Because an underlying fund invests a meaningful portion of its assets in Asia, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds.

* *Geographic Exposure to China.*

Because an underlying fund invests a meaningful portion of its assets in China, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions in China and to be more volatile than the performance of more geographically diversified funds. The underlying fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *"Growth" Investing.*

"Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

* *"Value" Investing.*

"Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| 2020 | 2021 | 2022 | 2023 | 2024 |
| 19.28%<br>| 17.79%<br>| *-*18.26%<br>| 19.48%<br>| 13.80%<br>|

---

![](img112409_15.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart for Initial Class:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 18.43 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*18.84 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2020* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | &nbsp;&nbsp;Life of<br>class  |
| **Initial Class** | &nbsp;&nbsp;13.80% | &nbsp;&nbsp;9.32% | &nbsp;&nbsp;10.22%A |
| **Service Class** | &nbsp;&nbsp;13.72% | &nbsp;&nbsp;9.22% | &nbsp;&nbsp;10.12%A |
| **Service Class 2** | &nbsp;&nbsp;13.61% | &nbsp;&nbsp;9.07% | &nbsp;&nbsp;9.96%A |
| Fidelity VIP Freedom 2055 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 14.43%  | &nbsp;&nbsp; <br> 8.78%  | &nbsp;&nbsp; <br> 9.57%  |
| S&P 500® Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 25.02%  | &nbsp;&nbsp; <br> 14.53%  | &nbsp;&nbsp; <br> 15.07%  |

---

A*From April 11, 2019.*

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2019.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2019.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

Fund**/Class:**

VIP Freedom 2060 Portfolio℠**/Initial Class, Service Class, Service Class 2** 

**Investment Objective**

VIP Freedom 2060 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| Management fee  | 0.00%  | 0.00%  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  | 0.10%  | 0.25%  |
| Other expenses | 0.01%  | 0.01%  | 0.01%  |
| Acquired fund fees and expenses | 0.61%  | 0.61%  | 0.61%  |
| **Total annual operating expenses** | 0.62% A | 0.72% A | 0.87% A |
| Fee waiver and/or expense reimbursement | 0.01% B | 0.01% B | 0.01% B |
| **Total annual operating expenses after fee waiver and/or expense reimbursement** | 0.61% A | 0.71% A | 0.86% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

BFidelity Management & Research Company LLC (FMR) has contractually agreed to reimburse the class of shares of the fund to the extent proxy and shareholder meeting expenses exceed 0.003% of each class's average net assets. This arrangement will remain in effect through April 30, 2026. FMR may not terminate this arrangement before the expiration date without the approval of the Board of Trustees and may extend it in its discretion after that date.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| 1 year | $62 | $73 | $88 |
| 3 years | $197 | $229 | $276 |
| 5 years | $344 | $399 | $481 |
| 10 years | $773 | $893 | $1071 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 54% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2060. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112409_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds, international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds, bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who anticipate retiring in or within a few years of 2060 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Asia.*

Because an underlying fund invests a meaningful portion of its assets in Asia, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds.

* *Geographic Exposure to China.*

Because an underlying fund invests a meaningful portion of its assets in China, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions in China and to be more volatile than the performance of more geographically diversified funds. The underlying fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *"Growth" Investing.*

"Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

* *"Value" Investing.*

"Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| 2020 | 2021 | 2022 | 2023 | 2024 |
| 19.30%<br>| 17.79%<br>| *-*18.19%<br>| 19.39%<br>| 13.89%<br>|

---

![](img112409_16.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart for Initial Class:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 18.52 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*18.88 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2020* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | &nbsp;&nbsp;Life of<br>class  |
| **Initial Class** | &nbsp;&nbsp;13.89% | &nbsp;&nbsp;9.35% | &nbsp;&nbsp;10.25%A |
| **Service Class** | &nbsp;&nbsp;13.72% | &nbsp;&nbsp;9.23% | &nbsp;&nbsp;10.13%A |
| **Service Class 2** | &nbsp;&nbsp;13.53% | &nbsp;&nbsp;9.08% | &nbsp;&nbsp;9.97%A |
| Fidelity VIP Freedom 2060 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 14.43%  | &nbsp;&nbsp; <br> 8.78%  | &nbsp;&nbsp; <br> 9.57%  |
| S&P 500® Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 25.02%  | &nbsp;&nbsp; <br> 14.53%  | &nbsp;&nbsp; <br> 15.07%  |

---

A*From April 11, 2019.*

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2019.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2019.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

Fund**/Class:**

VIP Freedom 2065 Portfolio℠**/Initial Class, Service Class, Service Class 2** 

**Investment Objective**

VIP Freedom 2065 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| Management fee  | 0.00%  | 0.00%  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  | 0.10%  | 0.25%  |
| Other expenses | 0.00%  | 0.00%  | 0.00%  |
| Acquired fund fees and expenses | 0.62%  | 0.62%  | 0.62%  |
| **Total annual operating expenses** | 0.62% A | 0.72% A | 0.87% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| 1 year | $63 | $74 | $89 |
| 3 years | $199 | $230 | $278 |
| 5 years | $346 | $401 | $482 |
| 10 years | $774 | $894 | $1073 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 50% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2065. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112409_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds, international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds, bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who anticipate retiring in or within a few years of 2065 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Asia.*

Because an underlying fund invests a meaningful portion of its assets in Asia, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds.

* *Geographic Exposure to China.*

Because an underlying fund invests a meaningful portion of its assets in China, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions in China and to be more volatile than the performance of more geographically diversified funds. The underlying fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *"Growth" Investing.*

"Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

* *"Value" Investing.*

"Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| 2020 | 2021 | 2022 | 2023 | 2024 |
| 19.35%<br>| 17.81%<br>| *-*18.22%<br>| 19.35%<br>| 13.85%<br>|

---

![](img112409_17.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart for Initial Class:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 18.38 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*18.80 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2020* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | &nbsp;&nbsp;Life of<br>class  |
| **Initial Class** | &nbsp;&nbsp;13.85% | &nbsp;&nbsp;9.34% | &nbsp;&nbsp;10.23%A |
| **Service Class** | &nbsp;&nbsp;13.70% | &nbsp;&nbsp;9.23% | &nbsp;&nbsp;10.12%A |
| **Service Class 2** | &nbsp;&nbsp;13.61% | &nbsp;&nbsp;9.07% | &nbsp;&nbsp;9.96%A |
| Fidelity VIP Freedom 2065 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 14.43%  | &nbsp;&nbsp; <br> 8.78%  | &nbsp;&nbsp; <br> 9.57%  |
| S&P 500® Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 25.02%  | &nbsp;&nbsp; <br> 14.53%  | &nbsp;&nbsp; <br> 15.07%  |

---

A*From April 11, 2019.*

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2019.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2019.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

Fund**/Class:**

VIP Freedom 2070 Portfolio℠**/Initial Class, Service Class, Service Class 2** 

**Investment Objective**

VIP Freedom 2070 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| Management fee  | 0.00%  | 0.00%  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  | 0.10%  | 0.25%  |
| Other expenses | 0.00%  | 0.00%  | 0.00%  |
| Acquired fund fees and expenses | 0.61%  | 0.61%  | 0.61%  |
| **Total annual operating expenses** | 0.61% A | 0.71% A | 0.86% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class** | **Service Class** | **Service Class 2** |
| 1 year | $62 | $73 | $88 |
| 3 years | $195 | $227 | $274 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. For the period from July 1, 2024 to December 31, 2024, the fund's portfolio turnover rate was 26% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2070. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112409_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds, international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds, bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who anticipate retiring in or within a few years of 2070 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Asia.*

Because an underlying fund invests a meaningful portion of its assets in Asia, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds.

* *Geographic Exposure to China.*

Because an underlying fund invests a meaningful portion of its assets in China, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions in China and to be more volatile than the performance of more geographically diversified funds. The underlying fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *"Growth" Investing.*

"Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

* *"Value" Investing.*

"Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

*You could lose money by investing in the fund.*

**Performance**

Performance history will be available for the fund after the fund has been in operation for one calendar year.

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2024.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2024.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Basics**

**Investment Details**

***Investment Objective***

VIP Freedom Income Portfolio℠ seeks high total return with a secondary objective of principal preservation.

Each of VIP Freedom 2010 PortfolioSM, VIP Freedom 2015 PortfolioSM, VIP Freedom 2020 PortfolioSM, VIP Freedom 2025 PortfolioSM, VIP Freedom 2030 PortfolioSM, VIP Freedom 2035 PortfolioSM, VIP Freedom 2040 PortfolioSM, VIP Freedom 2045 PortfolioSM, VIP Freedom 2050 PortfolioSM, VIP Freedom 2055 PortfolioSM, VIP Freedom 2060 PortfolioSM, VIP Freedom 2065 PortfolioSM, and VIP Freedom 2070 PortfolioSM seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

***Principal Investment Strategies***

The Adviser invests each fund's assets primarily in a combination of Fidelity® funds: U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds). The funds differ primarily due to their asset allocations among these fund types. Because each fund allocates its assets among the underlying Fidelity® funds based on fund types rather than on the actual holdings of the underlying Fidelity® funds, each fund may have greater exposure to an asset class to the extent that an underlying Fidelity® fund holds securities of more than one asset class. The neutral asset allocation strategy for each fund is designed to provide an approach to asset allocation that is neither overly aggressive nor overly conservative.

The Adviser allocates the assets of each fund (except VIP Freedom Income PortfolioSM) according to a neutral asset allocation strategy that adjusts over time. Each fund's name refers to the approximate retirement year of the investors for whom the fund's asset allocation strategy is designed. For example, VIP Freedom 2070 PortfolioSM, which is designed for investors planning to retire around the year 2070 and at or around age 65, has a neutral asset allocation, with a substantial portion of its assets invested in U.S. equity funds and international equity funds and a modest portion of its assets invested in bond funds. By contrast, VIP Freedom 2010 PortfolioSM, which has reached its target retirement year, has a neutral asset allocation, with a modest portion of its assets invested in U.S. equity funds and international equity funds and a substantial portion of its assets invested in bond funds and short-term funds.

VIP Freedom Income PortfolioSM is designed for investors in their retirement years. The Adviser allocates the fund's assets according to a stable neutral asset allocation that emphasizes bond funds and short-term funds, but also includes an allocation to U.S. equity funds and international equity funds.

The neutral asset allocation shown in the glide path in each fund summary (except VIP Freedom Income Portfolio℠) depicts the allocation to U.S. equity funds, international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds and represents the Adviser's view regarding how each fund's investments should be allocated among the various asset classes over the long term. Each fund's actual allocations may differ to the extent the Adviser employs its active allocation strategy. As discussed in each fund's summary, the active asset allocation strategy allows the Adviser to increase or decrease a fund's asset class exposures relative to its neutral asset allocation by up to 10% for equity funds, bond funds and short-term funds, to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. A fund's investments in equity funds will remain under 100% at all times. The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics. Emerging markets tend to have relatively low gross national product per capita compared to the world's major economies and may have the potential for rapid economic growth.

The Adviser may buy and sell futures contracts (both long and short positions) in each fund in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation. Depending on how they are used, these instruments may effectively increase or decrease a fund's allocation in one or more asset classes. Cash and other short-term instruments used to collateralize futures contracts are included in the short-term funds asset class.

When increasing or decreasing asset allocation to one or more asset classes, the Adviser will correspondingly reduce or increase exposure to the remaining asset classes. For example, if the Adviser's intermediate term market outlook were to favor fixed income securities, the Adviser may choose to increase each fund's asset allocation to underlying bond funds by up to 10% from each fund's neutral asset allocation to bond funds, by correspondingly reducing asset allocation to U.S. and/or international equity funds and/or short-term funds. Conversely, if fixed income investments were to fall out of favor based on the Adviser's intermediate term market outlook, the Adviser may choose to decrease exposures to underlying bond funds by increasing asset allocation to underlying U.S. and/or international equity funds and/or short-term funds.

Information concerning each fund's actual allocations to underlying funds will be available in each fund's shareholder report and on the funds' website from time to time.

***Selecting a VIP Freedom Fund***

There are many considerations relevant to fund selection, including your individual income replacement goals (*i.e.*, how much income do you expect to need in retirement), other expected income after retirement, inflation, other assets and risk tolerance. You should also consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund or a collection of funds will provide sufficient income in your retirement years. When selecting a fund, in addition to the considerations discussed above, you may wish to consider a fund with a target year near the year in which you anticipate your retirement to begin, having reached the age of at or around 65. It is important to note that the funds' asset allocation strategy is designed to provide income for shareholders through their retirement years and assumes that an investor will withdraw the value of his or her account gradually after retirement. Meeting your retirement goals is dependent upon many factors, including the amount you save and the period over which you do so. Investors should select the fund that best meets their individual circumstances and investment goals.

***Asset Allocation Framework***

The following chart illustrates how each fund's approximate asset allocation (except VIP Freedom Income Portfolio℠) is expected to change over time. The funds' actual asset allocations may differ from this illustration. The Adviser may modify each fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for each fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations.

![](img112409_5.jpg)

The neutral allocations shown in the glide path do not reflect any decisions made by the Adviser to overweight or underweight a particular asset class based on its market outlook. Each fund's asset allocation assigned to the asset classes above is not expected to vary from the neutral allocations set forth in the glide path by more than plus (+) or minus (-) 10%.

When the neutral asset allocation of a fund matches VIP Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Freedom Income Portfolio℠, without shareholder approval, and the fund's shareholders will become shareholders of VIP Freedom Income Portfolio℠.

The Adviser may modify the neutral asset allocation strategy and the active asset allocation strategy for any fund from time to time.

***Description of Underlying Fidelity® Funds***

Each fund will purchase Initial Class shares of an underlying Fidelity® fund (other than Fidelity® Long-Term Treasury Bond Index Fund, Fidelity® Inflation-Protected Bond Index Fund, and Fidelity® International Bond Index Fund).

Although the underlying Fidelity® funds are categorized generally as U.S. equity, international equity, bond, and short-term funds, many of the underlying Fidelity® funds may invest in a mix of securities of international and U.S. issuers, investment-grade and high yield bonds, and other securities. Many of the underlying Fidelity® funds may also use various techniques, such as buying and selling futures contracts and exchange traded funds, to increase or decrease a fund's exposure to changing security prices or other factors that affect security values. The Adviser may modify the selection of underlying Fidelity® funds for any fund from time to time. When modifying the selection of underlying Fidelity® funds and transitioning in or out of one or more underlying Fidelity® funds, the Adviser may invest a fund's assets directly in securities for a period of time. Visit each fund's website for more information about the fund's approximate asset allocation to each underlying Fidelity® fund. The Adviser may change these allocations over time.

Detailed information about each underlying Fidelity® fund is available in each underlying Fidelity® fund's prospectus. A copy of any underlying Fidelity® fund's prospectus is available at www.fidelity.com or institutional.fidelity.com.

***Principal Investment Risks***

Many factors affect each fund's performance. Developments that disrupt global economies and financial markets, such as pandemics and epidemics, may magnify factors that affect a fund's performance. A fund's share price changes daily based on the performance of the underlying Fidelity® funds in which it invests. The ability of each fund to meet its investment objective is directly related to its asset allocation among underlying Fidelity® funds and the ability of those funds to meet their investment objectives. If the Adviser's asset allocation strategy does not work as intended, a fund may not achieve its objective. Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at, or after the target retirement date.

The following factors can significantly affect a fund's performance:

*Asset Allocation Risk.* A fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

*Investing in Other Funds.* A fund bears all risks of investment strategies employed by the underlying funds. A fund does not control the investments of the underlying funds, which may have different investment objectives and may engage in investment strategies that a fund would not engage in directly. Aggregation of underlying fund holdings may result in indirect concentration of assets in a particular industry or group of industries, or in a single issuer, which may increase volatility.

*Stock Market Volatility*. The Adviser will continue to invest each fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. The value of equity securities fluctuates in response to issuer, political, market, and economic developments. Fluctuations, especially in foreign markets, can be dramatic over the short as well as long term, and different parts of the market, including different market sectors, and different types of equity securities can react differently to these developments. For example, stocks of companies in one sector can react differently from those in another, large cap stocks can react differently from small cap stocks, "growth" stocks can react differently from "value" stocks, and stocks selected using quantitative or technical analysis can react differently than stocks selected using fundamental analysis. Issuer, political, or economic developments can affect a single issuer, issuers within an industry or economic sector or geographic region, or the market as a whole. Changes in the financial condition of a single issuer can impact the market as a whole. Terrorism and related geo-political risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

*Interest Rate Changes.* Debt securities, including money market securities, have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and certain types of securities, such as mortgage securities and the securities of issuers in the financial services sector, can be more sensitive to interest rate changes, meaning the longer the maturity of a security, the greater the impact a change in interest rates could have on the security's price. Short-term and long-term interest rates do not necessarily move in the same amount or the same direction. Short-term securities tend to react to changes in short-term interest rates, and long-term securities tend to react to changes in long-term interest rates. Securities with floating interest rates can be less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much as interest rates in general. Securities whose payment at maturity is based on the movement of all or part of an index and inflation-protected debt securities may react differently from other types of debt securities. Some countries experience low or negative interest rates from time to time, which may magnify interest rate risk for the market as a whole and for a fund. In market environments where interest rates are rising, issuers may be less willing or able to make principal and/or interest payments on securities when due. Certain investments held by a fund may have relied on the London Interbank Offered Rate (LIBOR) (an indicative measure of the average interest rate at which major global banks could borrow from one another). As a result of benchmark reforms, publication of all LIBOR settings has ceased. Although the transition process away from certain benchmark rates, including LIBOR, for more instruments, has been completed, any potential effects of the transition away from LIBOR and other benchmark rates on financial markets, a fund or the financial instruments in which a fund invests can be difficult to ascertain and may adversely impact a fund's performance.

*Income Risk.* An underlying fund's income, or yield, is based on short-term interest rates, which can fluctuate significantly over short periods. A low or negative interest rate environment can adversely affect an underlying fund's yield and, depending on its duration and severity, could prevent an underlying fund from providing a positive yield and/or maintaining a stable $1.00 share price. In addition, an underlying fund's yield will vary as the short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. From time to time, the Adviser may reimburse expenses or waive fees for a class of an underlying fund in order to avoid a negative yield, but there is no guarantee that the class or fund will be able to avoid a negative yield.

*Foreign Exposure.* Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations, and securities for which an entity located in a foreign country provides credit support or a maturity-shortening structure can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign exchange rates; withholding or other taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market.

Investing in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets economies can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. All of these factors can make emerging markets securities more volatile and potentially less liquid than securities issued in more developed markets.

Global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers or providers in, or foreign exchange rates with, a different country or region.

*Foreign Currency Transactions.* A fund that invests in securities denominated in foreign currencies may enter into forward foreign currency exchange contracts. A forward foreign currency exchange contract, which involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract, reduces a fund's exposure to changes in the value of the currency it will deliver and increases its exposure to changes in the value of the currency it will receive for the duration of the contract. Certain foreign currency transactions may also be settled in cash rather than the actual delivery of the relevant currency. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the hedged currency increases. Suitable hedging transactions may not be available in all circumstances, may not be successful, and may eliminate any chance for the fund to benefit from favorable fluctuations in relevant foreign currencies.

*Geographic Exposure.* Social, political, and economic conditions and changes in regulatory, tax, or economic policy in a country or region could significantly affect the market in that country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region, and these companies and industries can be sensitive to adverse social, political, economic, currency, or regulatory developments. Similarly, from time to time, an underlying fund may invest a meaningful portion of its assets in the securities of issuers located in a single country or a limited number of countries. If an underlying fund invests in this manner, there is a higher risk that social, political, economic, tax (such as a tax on foreign investments or financial transactions), currency, or regulatory developments in those countries may have a significant impact on the underlying fund's investment performance.

*Special Considerations regarding Asia*. Most Asian economies, particularly Asian emerging markets economies, are characterized by over-extension of credit, frequent currency fluctuations, devaluations, and restrictions, unstable employment rates, rapid fluctuation in, among other things, inflation, reliance on exports, and less efficient markets. Currency fluctuations or devaluations in any one country can have a significant effect on the entire region. Recently, the markets in certain Asian countries, particularly those with emerging markets, have suffered significant currency volatility. Furthermore, increased political and social unrest in some Asian countries and slower economic growth could cause further economic and market uncertainty and economic decline in the entire region in the event of economic sanctions or military conflicts.

*Special Considerations regarding China*. The Chinese economy is dependent on the economies of other countries, many of which are developing countries, and can be significantly affected by currency fluctuations and increasing competition from Asia's other emerging economies. Investments in companies located or operating in China involve risks and considerations such as greater government control of the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the Chinese economy and markets; lack of publicly available information and difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; and limited legal remedies for shareholders. China's economy is experiencing a relative slowdown. Foreign investments may be subject to certain restrictions. Changes in Chinese government policy and economic growth rates could significantly affect local markets. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers or a downturn in any of the economies of China's key trading partners may have an adverse impact on the securities of Chinese issuers. Concerns exist regarding a potential trade war between China and the United States, which may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China's export industry, all of which may have a negative impact on a fund's investments.

A fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. VIE investments are subject to the risk that any breach of these contractual arrangements will be subject to Chinese law and jurisdiction, that Chinese law may be interpreted or change in a way that affects the enforceability of the VIE's arrangements, or that contracts between the Chinese company and the VIE may otherwise not be enforceable under Chinese law. Thus, limiting the remedies and rights of investors such as the fund. If these risks materialize, the value of investments in VIEs could be adversely affected and a fund could incur significant losses with no recourse available.

*Special Considerations regarding Europe*. Europe includes both developed and emerging markets. Most developed countries in Western Europe are members of the European Union (EU), and many are also members of the European Economic and Monetary Union (EMU). European countries can be significantly affected by the tight fiscal and monetary controls with which EU members and candidates for EMU membership are required to comply. In addition, the private and public sectors' debt problems of a single EU country can pose economic risks to the EU as a whole. Unemployment in Europe has historically been higher than in the United States, public deficits are an ongoing concern in many European countries, the region is currently facing great political and economic uncertainty and many European economies are experiencing slow economic growth or recession. Eastern European countries generally continue to move toward market economies. However, their markets remain relatively undeveloped and can be particularly sensitive to social, political, and economic developments. The EU faces challenges related to member states seeking to change their relationship with the EU, exemplified by the United Kingdom's withdrawal. There can be significant uncertainty as to the terms and consequences of EU member states seeking to change their relationship with the EU. Among other things, a member state's decision to leave the EU could result in increased volatility and illiquidity in the European and such member state's economies, as well as the broader global economy. Companies with a significant amount of business in the member state or Europe may experience lower revenue and/or profit growth, which may adversely affect the value of a fund's investments. In addition, uncertainty regarding any member state's exit from the EU may lead to instability in the foreign exchange markets, including volatility in the value of the euro.

*Prepayment.* Many types of debt securities, including mortgage securities, and inflation-protected debt securities, are subject to prepayment risk. Prepayment risk occurs when the issuer of a security can repay principal prior to the security's maturity. Securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a debt security can be difficult to predict and result in greater volatility.

*Issuer-Specific Changes.* Changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's credit quality or value and an issuer's or counterparty's ability to pay interest and principal when due. Entities providing credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) also can be affected by these types of changes, and if the structure of a security fails to function as intended, the security could decline in value.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities tend to be particularly sensitive to these changes and involve greater risk of default or price changes due to changes in the credit quality of the issuer, economic recessions, or periods of high interest rates. The value of lower-quality debt securities and certain types of other securities often fluctuates in response to company, political, or economic developments and can decline significantly over short as well as long periods of time or during periods of general or regional economic difficulty. Lower-quality debt securities can be thinly traded or have restrictions on resale, making them difficult to sell at an acceptable price, and often are considered to be speculative.

*Correlation to Index.* The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, imperfect correlation between the underlying fund's securities and those in its index, timing differences associated with additions to and deletions from the index, and changes in the component securities. In addition, an underlying index fund may not be able to invest in certain securities in its index or invest in them in the exact proportions in which they are represented in the index due to regulatory restrictions. An underlying index fund may not be fully invested at times, either as a result of cash flows into the underlying fund or as a result of reserves of cash held by the underlying fund to meet redemptions. The use of sampling techniques or futures or other derivative positions may affect an underlying index fund's ability to achieve close correlation with its index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

*Passive Management Risk.* Some of the underlying funds in which each fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. The structure and composition of an underlying index fund's index will affect the performance, volatility, and risk of the index and, consequently, the performance, volatility, and risk of the fund. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

*Leverage Risk.* Derivatives, forward-settling securities, and short sale transactions involve leverage because they can provide investment exposure in an amount exceeding the initial investment. Leverage can magnify investment risks and cause losses to be realized more quickly. A small change in the underlying asset, instrument, or index can lead to a significant loss. Forward-settling securities and short sale transactions also involve the risk that a security will not be issued, delivered, available for purchase, or paid for when anticipated. An increase in the market price of securities sold short will result in a loss. Government legislation or regulation could affect the use of these transactions and could limit a fund's ability to pursue its investment strategies.

*"Growth" Investing*. "Growth" stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. "Growth" stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, "growth" stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.

*"Value" Investing*. "Value" stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. "Value" stocks tend to be inexpensive relative to their earnings or assets compared to other types of stocks. However, "value" stocks can continue to be inexpensive for long periods of time and may not ever realize their full value.

*Inflation-Protected Debt Exposure.* Inflation-protected debt securities tend to react to changes in real interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

*Mid Cap Investing.* The value of securities of medium size, less well-known issuers can be more volatile than that of relatively larger issuers and can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks.

*Call Options Writing Risk*. The writer of a call option takes the opposite side of the transaction from the option's purchaser. In return for receipt of the premium, the writer assumes the obligation to pay or receive the strike price for the option's underlying security or instrument if the other party to the option chooses to exercise it. Writing a call option obligates the writer to sell or deliver the option's underlying security or instrument or make a net cash settlement payment, as applicable, in return for the strike price, upon exercise of the option. Writing call options generally is a profitable strategy if prices remain the same or fall. Through receipt of the option premium, a call writer should mitigate the effects of a price increase. At the same time, because a call writer must be prepared to deliver the underlying security or instrument or make a net cash settlement payment, as applicable, in return for the strike price, even if its current value is greater, a call writer gives up some ability to participate in price increases in the underlying security or instrument.

In response to market, economic, political, or other conditions, a fund may temporarily use a different investment strategy for defensive purposes. If the fund does so, different factors could affect its performance and the fund may not achieve its investment objective.

**Fundamental Investment Policies**

The following is fundamental, that is, subject to change only by shareholder approval:

VIP Freedom Income Portfolio℠ seeks high total return with a secondary objective of principal preservation.

Each of VIP Freedom 2010 Portfolio℠, VIP Freedom 2015 Portfolio℠, VIP Freedom 2020 Portfolio℠, VIP Freedom 2025 Portfolio℠, VIP Freedom 2030 Portfolio℠, VIP Freedom 2035 Portfolio℠, VIP Freedom 2040 Portfolio℠, VIP Freedom 2045 Portfolio℠, and VIP Freedom 2050 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Non-Fundamental Investment Policies**

The investment objective of each of VIP Freedom 2055 Portfolio℠, VIP Freedom 2060 Portfolio℠, VIP Freedom 2065 Portfolio℠, and VIP Freedom 2070 Portfolio℠ is non-fundamental and may be changed without shareholder approval.

**Valuing Shares**

Each fund is open for business each day the NYSE is open.

The NAV is the value of a single share. Fidelity normally calculates NAV each business day as of the times noted in the table below. Each fund's assets normally are valued as of this time for the purpose of computing NAV. Fidelity calculates NAV separately for each class of shares of a multiple class fund.

---

| | |
|:---|:---|
| **Fund** | **NAV Calculation Times**<br> **(Eastern Time)** |
| VIP Freedom Income Portfolio℠ | 4:00 p.m. |
| VIP Freedom 2010 Portfolio℠ | 4:00 p.m. |
| VIP Freedom 2015 Portfolio℠ | 4:00 p.m. |
| VIP Freedom 2020 Portfolio℠ | 4:00 p.m. |
| VIP Freedom 2025 Portfolio℠ | 4:00 p.m. |
| VIP Freedom 2030 Portfolio℠ | 4:00 p.m. |
| VIP Freedom 2035 Portfolio℠ | 4:00 p.m. |
| VIP Freedom 2040 Portfolio℠ | 4:00 p.m. |
| VIP Freedom 2045 Portfolio℠ | 4:00 p.m. |
| VIP Freedom 2050 Portfolio℠ | 4:00 p.m. |
| VIP Freedom 2055 Portfolio℠ | 4:00 p.m. |
| VIP Freedom 2060 Portfolio℠ | 4:00 p.m. |
| VIP Freedom 2065 Portfolio℠ | 4:00 p.m. |
| VIP Freedom 2070 Portfolio℠ | 4:00 p.m. |

---

NAV is not calculated and a fund will not process purchase and redemption requests submitted on days when the fund is not open for business. The time at which shares are priced and until which purchase and redemption orders are accepted may be changed as permitted by the Securities and Exchange Commission (SEC).

NAV is calculated using the values of the underlying Fidelity® funds in which a fund invests. Shares of underlying Fidelity® funds are valued at their respective NAVs. For an explanation of the circumstances under which the underlying Fidelity® funds will use fair value pricing and the effects of using fair value pricing, see the underlying Fidelity® funds' prospectuses and Statements of Additional Information (SAIs).

To the extent that underlying Fidelity® fund assets are traded in other markets on days when a fund is not open for business, the value of the fund's assets may be affected on those days. In addition, trading in some underlying Fidelity® fund assets may not occur on days when a fund is open for business.

**Shareholder Information**

**Additional Information about the Purchase and Sale of Shares**

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

**Frequent Purchases and Redemptions**

A fund may reject for any reason, or cancel as permitted or required by law, any purchase orders, including transactions deemed to represent excessive trading, at any time.

Excessive trading of fund shares can harm variable product owners in various ways, including reducing the returns to long-term variable product owners by increasing costs paid by a fund (such as brokerage commissions or spreads paid to dealers who sell money market instruments), disrupting portfolio management strategies, and diluting the value of the shares in cases in which fluctuations in markets are not fully priced into the fund's NAV.

Purchase and redemption transactions submitted to a fund by Permitted Accounts reflect the transactions of multiple variable product owners whose individual transactions are often not disclosed to the fund, making it difficult to determine whether an individual variable product owner is engaging in excessive trading. Excessive trading in Permitted Accounts is likely to go undetected by a fund and may increase costs to the fund and disrupt its portfolio management.

Each fund reserves the right at any time to restrict purchases or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

**Excessive Trading Policy for each fund**

The Board of Trustees has adopted policies designed to discourage excessive trading of fund shares. Under these policies, insurance companies will be permitted to apply the fund's excessive trading policy (described below), or their own excessive trading policy if approved by the Adviser. In these cases, the fund will typically not request or receive individual account data but will rely on the insurance company to monitor trading activity in good faith in accordance with its or the fund's policies. Reliance on insurance companies increases the risk that excessive trading may go undetected. For other insurance companies, the fund will monitor trading activity at the Permitted Account level to attempt to identify disruptive trades. The fund may request variable product owner transaction information, as frequently as daily, from any insurance company at any time, and may apply the fund's policy to transactions that exceed thresholds established by the Board of Trustees. The fund may prohibit purchases of fund shares by an insurance company or by some or all of any Permitted Accounts. There is no assurance that the Adviser will request data with sufficient frequency to detect or deter excessive trading in Permitted Accounts effectively.

Under the excessive trading policy, excessive trading activity is measured by the number of roundtrip transactions in a variable product owner's account. A roundtrip transaction occurs when a variable product owner sells fund shares within 30 days of the purchase date. For purposes of the fund's policy, exchanges are treated as a sale and a purchase.

Variable product owners with two or more roundtrip transactions in a single fund within a rolling 90-day period will be blocked from making additional purchases of the fund or limited to trading by U.S. mail for 85 days. Variable product owners with four or more roundtrip transactions across all Fidelity® funds within any rolling 12-month period will be blocked from making additional purchases for at least 85 days or limited to trading by U.S. mail for 12 months across all Fidelity® funds. Any roundtrip within 12 months of the expiration of a multi-fund block or U.S. mail restriction will initiate another multi-fund block or a 12-month U.S. mail restriction. Repeat offenders may be subject to long-term or permanent U.S. mail restrictions on purchases in any account under the variable product owner's control at any time. In addition to enforcing these roundtrip limitations, the fund may in its discretion restrict, reject, or cancel any purchases that, in FMR's opinion, may be disruptive to the management of the fund or otherwise not be in the fund's interests. The administration and effectiveness of these sanctions will in large part depend on the rights, ability, and willingness of insurance companies to impose the sanctions.

The fund's excessive trading policy does not apply to transactions of $5,000 or less, or transactions which have been demonstrated to the fund to be (i) systematic withdrawal and/or contribution programs, (ii) mandatory retirement distributions, (iii) transactions initiated by a retirement plan sponsor, sponsors of certain other employee benefit plans or qualified fund of funds, or (iv) transactions in certain company-owned accounts. A qualified fund of funds must demonstrate that it has an investment strategy coupled with policies designed to control frequent trading that have been determined by the fund's Treasurer to be reasonably effective. Some qualified funds of funds may be exempt, as determined by the fund's Treasurer, from monitoring frequent trading based on the nature of the fund of funds.

The fund's policies are separate from any insurance company policies and procedures applicable to variable product owner transactions. The variable annuity or variable life insurance product prospectus will contain a description of the insurance company's policies and procedures, if any, with respect to excessive trading. If you purchase or sell fund shares through an insurance company, you may wish to contact the insurance company to determine the policies applicable to your account.

The fund's Treasurer is authorized to suspend the fund's policies during periods of severe market turbulence or national emergency. The fund reserves the right to modify its policies at any time without prior notice.

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

As described in "Valuing Shares," the fund also uses fair value pricing to help reduce arbitrage opportunities available to short-term traders. There is no assurance that the fund's excessive trading policy will be effective, or will successfully detect or deter excessive or disruptive trading.

**Buying Shares**

**Eligibility**

Shares are generally available only to investors residing in the United States.

There is no minimum balance or purchase minimum for fund shares.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

**Price to Buy**

The price to buy one share is its NAV. Shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after an order is received in proper form.

Each fund has authorized certain intermediaries to accept orders to buy shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be bought at the NAV next calculated after the order is received by the authorized intermediary.

Provided a fund receives an order to buy shares in proper form before the close of business, the fund may place an order to buy shares of an underlying Fidelity® fund after the close of business, pursuant to a pre-determined allocation, and receive that day's NAV.

Each fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.

**Selling Shares**

The price to sell one share is its NAV.

Shares will be sold at the NAV next calculated after an order is received in proper form.

Normally, redemptions will be processed by the next business day, but it may take up to seven days to pay the redemption proceeds if making immediate payment would adversely affect a fund.

Each fund has authorized certain intermediaries to accept orders to sell shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be sold at the NAV next calculated after the order is received by the authorized intermediary. If applicable, orders by funds of funds for which Fidelity serves as investment manager will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.

Provided a fund receives an order to sell shares in proper form before the close of business, the fund may place an order to sell shares of an underlying Fidelity® fund after the close of business, pursuant to a pre-determined allocation, and receive that day's NAV.

See "Policies Concerning the Redemption of Fund Shares" below for additional redemption information.

Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.

Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of a fund.

Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

Each fund offers its shares to Permitted Accounts that may be affiliated or unaffiliated with FMR and/or each other. Each fund currently does not foresee any disadvantages to variable product owners arising out of the fact that the fund offers its shares to separate accounts of insurance companies that offer variable annuity and variable life insurance products. Nevertheless, the Board of Trustees that oversees each fund intends to monitor events to identify any material irreconcilable conflicts that may possibly arise and to determine what action, if any, should be taken in response.

Variable product owners may be asked to provide additional information in order for Fidelity to verify their identities in accordance with requirements under anti-money laundering regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information or as otherwise required under these and other federal regulations.

**Policies Concerning the Redemption of Fund Shares**

*If your account is held directly with a fund,* the length of time that a fund typically expects to pay redemption proceeds depends on the method you have elected to receive such proceeds. A fund typically expects to make payment of redemption proceeds by wire, automated clearing house (ACH) or by issuing a check by the next business day following receipt of a redemption order in proper form. Proceeds from the periodic and automatic sale of shares of a Fidelity® money market fund that are used to buy shares of another Fidelity® fund are settled simultaneously.

*If your account is held through an intermediary,* the length of time that a fund typically expects to pay redemption proceeds depends, in part, on the terms of the agreement in place between the intermediary and a fund. For redemption proceeds that are paid either directly to you from a fund or to your intermediary for transmittal to you, a fund typically expects to make payments by wire, by ACH or by issuing a check on the next business day following receipt of a redemption order in proper form from the intermediary by a fund. Redemption orders that are processed through investment professionals that utilize the National Securities Clearing Corporation will generally settle one to three business days following receipt of a redemption order in proper form.

As noted elsewhere, payment of redemption proceeds may take longer than the time a fund typically expects and may take up to seven days from the date of receipt of the redemption order as permitted by applicable law.

**Redemption Methods Available.** Generally a fund expects to pay redemption proceeds in cash. To do so, a fund typically expects to satisfy redemption requests either by using available cash (or cash equivalents) or by selling portfolio securities. On a less regular basis, a fund may also satisfy redemption requests by utilizing one or more of the following sources, if permitted: borrowing from another Fidelity® fund; drawing on an available line or lines of credit from a bank or banks; or using reverse repurchase agreements. These methods may be used during both normal and stressed market conditions.

In addition to paying redemption proceeds in cash, a fund reserves the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash (redemption in-kind). Redemption in-kind proceeds will typically be made by delivering the selected securities to the redeeming shareholder within seven days after the receipt of the redemption order in proper form by a fund.

**Dividends and Capital Gain Distributions**

Each fund earns interest, dividends, and other income from its investments, and distributes this income (less expenses) to shareholders as dividends. Each fund also realizes capital gains from its investments, and distributes these gains (less any losses) to shareholders as capital gain distributions.

Each fund normally pays dividends and capital gain distributions per the tables below:

---

| | |
|:---|:---|
| **Fund Name** | **Dividends Paid** |
| VIP Freedom Income Portfolio℠ | February, December |
| VIP Freedom 2010 Portfolio℠ | February, December |
| VIP Freedom 2015 Portfolio℠ | February, December |
| VIP Freedom 2020 Portfolio℠ | February, December |
| VIP Freedom 2025 Portfolio℠ | February, December |
| VIP Freedom 2030 Portfolio℠ | February, December |
| VIP Freedom 2035 Portfolio℠ | February, December |
| VIP Freedom 2040 Portfolio℠ | February, December |
| VIP Freedom 2045 Portfolio℠ | February, December |
| VIP Freedom 2050 Portfolio℠ | February, December |
| VIP Freedom 2055 Portfolio℠ | February, December |
| VIP Freedom 2060 Portfolio℠ | February, December |
| VIP Freedom 2065 Portfolio℠ | February, December |
| VIP Freedom 2070 Portfolio℠ | February, December |

---

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gains Paid** |
| VIP Freedom Income Portfolio℠ | February, December |
| VIP Freedom 2010 Portfolio℠ | February, December |
| VIP Freedom 2015 Portfolio℠ | February, December |
| VIP Freedom 2020 Portfolio℠ | February, December |
| VIP Freedom 2025 Portfolio℠ | February, December |
| VIP Freedom 2030 Portfolio℠ | February, December |
| VIP Freedom 2035 Portfolio℠ | February, December |
| VIP Freedom 2040 Portfolio℠ | February, December |
| VIP Freedom 2045 Portfolio℠ | February, December |
| VIP Freedom 2050 Portfolio℠ | February, December |
| VIP Freedom 2055 Portfolio℠ | February, December |
| VIP Freedom 2060 Portfolio℠ | February, December |
| VIP Freedom 2065 Portfolio℠ | February, December |
| VIP Freedom 2070 Portfolio℠ | February, December |

---

Each fund normally pays capital gain distributions in December, if necessary, to ensure that each fund is not subject to a fund-level excise tax.

Any dividends and capital gain distributions will be automatically reinvested in additional shares.

**Fund Services**

**Fund Management**

Each fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

**Adviser**

**FMR.** The Adviser is each fund's manager. The address of the Adviser is 245 Summer Street, Boston, Massachusetts 02210.

As of December 31, 2024, the Adviser had approximately $4.7 trillion in discretionary assets under management, and approximately $5.9 trillion when combined with all of its affiliates' assets under management.

As the manager, the Adviser administers the asset allocation program for each fund and is responsible for handling the business affairs for each fund.

**Portfolio Manager(s)**

Andrew Dierdorf is Co-Portfolio Manager of each fund, which he has managed since 2011 (other than VIP Freedom 2055 PortfolioSM, VIP Freedom 2060 PortfolioSM, VIP Freedom 2065 PortfolioSM, and VIP Freedom 2070 PortfolioSM). He has managed each of VIP Freedom 2055 PortfolioSM, VIP Freedom 2060 PortfolioSM, and VIP Freedom 2065 PortfolioSM since 2019, and has managed VIP Freedom 2070 PortfolioSM since 2024. He also manages other funds. Since joining Fidelity Investments in 2004, Mr. Dierdorf has worked as a portfolio manager.

Cait Dourney is Co-Portfolio Manager of each fund, which she has managed since 2025. She also manages other funds. Since joining Fidelity Investments in 2014, Ms. Dourney has worked as a research analyst and portfolio manager.

Finola McGuire Foley is Co-Portfolio Manager of each fund, which she has managed since 2025. She also manages other funds. Since joining Fidelity Investments in 2003, Ms. Foley has worked as an assistant portfolio manager and portfolio manager.

Brett Sumsion is Co-Portfolio Manager of each fund, which he has managed since 2014 (other than VIP Freedom 2055 PortfolioSM, VIP Freedom 2060 PortfolioSM, VIP Freedom 2065 PortfolioSM, and VIP Freedom 2070 PortfolioSM). He has managed each of VIP Freedom 2055 PortfolioSM, VIP Freedom 2060 PortfolioSM, and VIP Freedom 2065 PortfolioSM since 2019, and has managed VIP Freedom 2070 PortfolioSM since 2024. He also manages other funds. Since joining Fidelity Investments in 2014, Mr. Sumsion has worked as a portfolio manager.

The SAI provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio manager(s).

From time to time a manager, analyst, or other Fidelity employee may express views regarding a particular company, security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

**Advisory Fee(s)**

Each fund does not pay a management fee to the Adviser.

The basis for the Board of Trustees approving the management contract for each fund is available in each fund's Form N-CSR report for the fiscal period ended December 31, 2024.

From time to time, the Adviser or its affiliates may agree to reimburse or waive certain fund expenses while retaining the ability to be repaid if expenses fall below the specified limit prior to the end of the fiscal year.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

FMR has contractually agreed to reimburse VIP Freedom 2065 PortfolioSM to the extent proxy and shareholder meeting expenses exceed 0.003% of the fund's average net assets. This arrangement will remain in effect through April 30, 2026. FMR may not terminate this arrangement before the expiration date without the approval of the Board of Trustees and may extend it in its discretion after that date.

**Fund Distribution**

Each fund is composed of multiple classes of shares. All classes of a fund have a common investment objective and investment portfolio.

FDC distributes Initial Class, Service Class, and Service Class 2 shares.

Intermediaries may receive from the Adviser, FDC, and/or their affiliates compensation for their services intended to result in the sale of Initial Class, Service Class, and Service Class 2 shares.

This compensation may take the form of:

* Distribution and/or service (12b-1) fees.

* Payments for additional distribution-related activities and/or shareholder services.

* Payments for educational seminars and training, including seminars sponsored by Fidelity, or by an intermediary.

These payments are described in more detail in this section and in the SAI.

**Distribution and Service Plan(s)**

Initial Class of each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (1940 Act) that recognizes that the Adviser may use its past profits or its resources from any other source to pay FDC for expenses incurred in connection with providing services intended to result in the sale of Initial Class shares and/or support services that benefit variable product owners. The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of each fund has authorized such payments for Initial Class. Variable product owners should speak with their investment professionals to learn more about any payments their firms may receive from the Adviser, FDC, and/or their affiliates, as well as fees and/or commissions the investment professional charges. Variable product owners should also consult disclosures made by their investment professionals at the time of purchase.

Service Class of each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. Under the plan, Service Class of each fund is authorized to pay FDC a 12b-1 (service) fee as compensation for providing support services that benefit variable product owners. Service Class may pay this 12b-1 (service) fee at an annual rate of 0.25% of its average net assets, or such lesser amount as the Trustees may determine from time to time. Service Class currently pays FDC a 12b-1 (service) fee at an annual rate of 0.10% of its average net assets throughout the month. Service Class's 12b-1 (service) fee rate may be increased only when the Trustees believe that it is in the best interests of variable product owners to do so.

Service Class 2 of each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. Under the plan, Service Class 2 of each fund is authorized to pay FDC a 12b-1 (service) fee as compensation for providing support services that benefit variable product owners. Service Class 2 of each fund currently pays FDC a 12b-1 (service) fee at an annual rate of 0.25% of its average net assets throughout the month.

FDC may reallow up to the full amount of these 12b-1 (service) fees to intermediaries, including its affiliates, for providing support services that benefit variable product owners.

If payments made by the Adviser to FDC or to intermediaries under Initial Class's Distribution and Service Plan were considered to be paid out of Initial Class's assets on an ongoing basis, they would increase the cost of a shareholder's investment and might cost a shareholder more than paying other types of sales charges.

Any fees paid out of Service Class's and Service Class 2's assets on an ongoing basis pursuant to a Distribution and Service Plan will increase the cost of a shareholder's investment and may cost a shareholder more than paying other types of sales charges.

In addition, each Service Class and Service Class 2 plan specifically recognizes that the Adviser may make payments from its past profit, or other resources to FDC for expenses incurred in connection with providing services intended to result in the sale of Service Class and Service Class 2 shares and/or support services that benefit variable product owners, including payments of significant amounts made to intermediaries that provide those services. Currently, the Board of Trustees of each fund has authorized such payments for Service Class and Service Class 2. Variable product owners should speak with their investment professionals to learn more about any payments their firms may receive from the Adviser, FDC, and/or their affiliates, as well as fees and/or commissions the investment professional charges. Variable product owners should also consult disclosures made by their investment professionals at the time of purchase.

**Appendix**

**Financial Highlights**

Financial Highlights are intended to help you understand the financial history of fund shares for the past 5 years (or, if shorter, the period of operations). Certain information reflects financial results for a single share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in shares (assuming reinvestment of all dividends and distributions). The annual information has been audited by Deloitte & Touche LLP, independent registered public accounting firm, whose report, along with fund financial statements, is included in the annual report. Annual reports are available for free upon request.

**VIP Freedom Income Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.97 | $10.61 | $12.76 | $12.74 | $11.89 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .43  | .41  | .30  | .24  | .17  |
| Net realized and unrealized gain (loss)  | .06  | .42  | (1.79)  | .18  | 1.06  |
| Total from investment operations  | .49  | .83  | (1.49)  | .42  | 1.23  |
| Distributions from net investment income  | (.42)  | (.47)  | (.26)  | (.13)  | (.16)  |
| Distributions from net realized gain  | (.01)  | -  | (.40)  | (.27)  | (.22)  |
| Total distributions  | (.43)  | (.47)  | (.66)  | (.40)  | (.38)  |
| Net asset value, end of period  | $11.03 | $10.97 | $10.61 | $12.76 | $12.74 |
| **Total Return** C,D | 4.45% <br>| 7.91%  | (12.05)%  | 3.35%  | 10.47%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 3.86%  | 3.75%  | 2.71%  | 1.85%  | 1.40%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $26044 | $22698 | $15085 | $17011 | $16854 |
| Portfolio turnover rate H | 40% I<br>| 40%  | 91%  | 52%  | 66%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount represents less than .005%.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**VIP Freedom Income Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.96 | $10.60 | $12.74 | $12.73 | $11.88 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .42  | .39  | .29  | .22  | .16  |
| Net realized and unrealized gain (loss)  | .05  | .43  | (1.77)  | .18  | 1.06  |
| Total from investment operations  | .47  | .82  | (1.48)  | .40  | 1.22  |
| Distributions from net investment income  | (.41)  | (.46)  | (.25)  | (.12)  | (.15)  |
| Distributions from net realized gain  | (.01)  | -  | (.40)  | (.27)  | (.22)  |
| Total distributions  | (.42)  | (.46)  | (.66) C | (.39)  | (.37)  |
| Net asset value, end of period  | $11.01 | $10.96 | $10.60 | $12.74 | $12.73 |
| **Total Return** D,E | 4.28% <br>| 7.81%  | (12.06)%  | 3.17%  | 10.38%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 3.76%  | 3.65%  | 2.61%  | 1.75%  | 1.30%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $49067 | $32753 | $31739 | $32637 | $32810 |
| Portfolio turnover rate H | 40% I<br>| 40%  | 91%  | 52%  | 66%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**VIP Freedom Income Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.92 | $10.56 | $12.69 | $12.68 | $11.83 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .40  | .38  | .27  | .20  | .14  |
| Net realized and unrealized gain (loss)  | .06  | .42  | (1.77)  | .18  | 1.06  |
| Total from investment operations  | .46  | .80  | (1.50)  | .38  | 1.20  |
| Distributions from net investment income  | (.39)  | (.44)  | (.22)  | (.10)  | (.13)  |
| Distributions from net realized gain  | (.01)  | -  | (.40)  | (.27)  | (.22)  |
| Total distributions  | (.40)  | (.44)  | (.63) C | (.37)  | (.35)  |
| Net asset value, end of period  | $10.98 | $10.92 | $10.56 | $12.69 | $12.68 |
| **Total Return** D,E | 4.20% <br>| 7.65%  | (12.26)%  | 3.03%  | 10.29%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 3.61%  | 3.50%  | 2.46%  | 1.60%  | 1.15%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $13525 | $14354 | $16984 | $28521 | $27518 |
| Portfolio turnover rate H | 40% I<br>| 40%  | 91%  | 52%  | 66%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

I*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**VIP Freedom 2010 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.33 | $11.55 | $14.45 | $14.28 | $13.42 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .34  | .30  | .26  | .18  |
| Net realized and unrealized gain (loss)  | .24  | .70  | (2.16)  | .56  | 1.44  |
| Total from investment operations  | .61  | 1.04  | (1.86)  | .82  | 1.62  |
| Distributions from net investment income  | (.43)  | (.46)  | (.27)  | (.15)  | (.18)  |
| Distributions from net realized gain  | (.01)  | (.80)  | (.77)  | (.50)  | (.58)  |
| Total distributions  | (.44)  | (1.26)  | (1.04)  | (.65)  | (.76)  |
| Net asset value, end of period  | $11.50 | $11.33 | $11.55 | $14.45 | $14.28 |
| **Total Return** C,D | 5.38% <br>| 9.48%  | (13.53)%  | 5.89%  | 12.49%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 3.21%  | 3.10%  | 2.47%  | 1.82%  | 1.34%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15568 | $17668 | $12298 | $16685 | $19195 |
| Portfolio turnover rate H | 25% <br>| 21%  | 231%  | 29%  | 40%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount represents less than .005%.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2010 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.31 | $11.54 | $14.43 | $14.26 | $13.40 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .33  | .29  | .25  | .16  |
| Net realized and unrealized gain (loss)  | .23  | .68  | (2.15)  | .56  | 1.44  |
| Total from investment operations  | .59  | 1.01  | (1.86)  | .81  | 1.60  |
| Distributions from net investment income  | (.41)  | (.44)  | (.26)  | (.14)  | (.16)  |
| Distributions from net realized gain  | (.01)  | (.80)  | (.77)  | (.50)  | (.58)  |
| Total distributions  | (.42)  | (1.24)  | (1.03)  | (.64)  | (.74)  |
| Net asset value, end of period  | $11.48 | $11.31 | $11.54 | $14.43 | $14.26 |
| **Total Return** C,D | 5.26% <br>| 9.28%  | (13.57)%  | 5.79%  | 12.39%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 3.11%  | 3.00%  | 2.37%  | 1.72%  | 1.24%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $16163 | $19596 | $21518 | $27360 | $26484 |
| Portfolio turnover rate G | 25% <br>| 21%  | 231%  | 29%  | 40%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2010 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.23 | $11.46 | $14.33 | $14.17 | $13.32 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .34  | .31  | .27  | .22  | .14  |
| Net realized and unrealized gain (loss)  | .23  | .69  | (2.13)  | .56  | 1.43  |
| Total from investment operations  | .57  | 1.00  | (1.86)  | .78  | 1.57  |
| Distributions from net investment income  | (.40)  | (.43)  | (.24)  | (.12)  | (.14)  |
| Distributions from net realized gain  | (.01)  | (.80)  | (.77)  | (.50)  | (.58)  |
| Total distributions  | (.41)  | (1.23)  | (1.01)  | (.62)  | (.72)  |
| Net asset value, end of period  | $11.39 | $11.23 | $11.46 | $14.33 | $14.17 |
| **Total Return** C,D | 5.06% <br>| 9.18%  | (13.66)%  | 5.60%  | 12.24%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 2.96%  | 2.85%  | 2.22%  | 1.57%  | 1.09%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $217795 | $235579 | $251283 | $327526 | $317773 |
| Portfolio turnover rate G | 25% <br>| 21%  | 231%  | 29%  | 40%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2015 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.49 | $10.95 | $14.42 | $14.12 | $13.20 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .35  | .32  | .27  | .25  | .17  |
| Net realized and unrealized gain (loss)  | .38  | .85  | (2.21)  | .81  | 1.57  |
| Total from investment operations  | .73  | 1.17  | (1.94)  | 1.06  | 1.74  |
| Distributions from net investment income  | (.39)  | (.41)  | (.26)  | (.16)  | (.17)  |
| Distributions from net realized gain  | (.35)  | (.22)  | (1.26)  | (.60)  | (.65)  |
| Total distributions  | (.74)  | (.63)  | (1.53) C | (.76)  | (.82)  |
| Net asset value, end of period  | $11.48 | $11.49 | $10.95 | $14.42 | $14.12 |
| **Total Return** D,E | 6.52% <br>| 10.95%  | (14.60)%  | 7.69%  | 13.76%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.96%  | 2.90%  | 2.26%  | 1.75%  | 1.33%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $23392 | $24978 | $21474 | $33325 | $35010 |
| Portfolio turnover rate I | 35% <br>| 32%  | 73%  | 43%  | 58%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2015 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.46 | $10.92 | $14.38 | $14.08 | $13.17 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .33  | .31  | .25  | .24  | .16  |
| Net realized and unrealized gain (loss)  | .39  | .85  | (2.20)  | .80  | 1.56  |
| Total from investment operations  | .72  | 1.16  | (1.95)  | 1.04  | 1.72  |
| Distributions from net investment income  | (.37)  | (.40)  | (.25)  | (.14)  | (.16)  |
| Distributions from net realized gain  | (.35)  | (.22)  | (1.26)  | (.60)  | (.65)  |
| Total distributions  | (.73) C | (.62)  | (1.51)  | (.74)  | (.81)  |
| Net asset value, end of period  | $11.45 | $11.46 | $10.92 | $14.38 | $14.08 |
| **Total Return** D,E | 6.43% <br>| 10.86%  | (14.66)%  | 7.59%  | 13.62%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 2.86%  | 2.80%  | 2.16%  | 1.65%  | 1.23%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $12187 | $12904 | $16217 | $20808 | $27209 |
| Portfolio turnover rate H | 35% <br>| 32%  | 73%  | 43%  | 58%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2015 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.41 | $10.88 | $14.33 | $14.04 | $13.12 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .31  | .29  | .23  | .21  | .14  |
| Net realized and unrealized gain (loss)  | .38  | .84  | (2.19)  | .80  | 1.57  |
| Total from investment operations  | .69  | 1.13  | (1.96)  | 1.01  | 1.71  |
| Distributions from net investment income  | (.36)  | (.38)  | (.23)  | (.12)  | (.14)  |
| Distributions from net realized gain  | (.35)  | (.22)  | (1.26)  | (.60)  | (.65)  |
| Total distributions  | (.71)  | (.60)  | (1.49)  | (.72)  | (.79)  |
| Net asset value, end of period  | $11.39 | $11.41 | $10.88 | $14.33 | $14.04 |
| **Total Return** C,D | 6.21% <br>| 10.64%  | (14.79)%  | 7.39%  | 13.56%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 2.71%  | 2.65%  | 2.01%  | 1.50%  | 1.08%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $22569 | $24415 | $25377 | $37143 | $36840 |
| Portfolio turnover rate G | 35% <br>| 32%  | 73%  | 43%  | 58%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2020 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.50 | $11.56 | $15.42 | $15.03 | $14.01 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .33  | .31  | .28  | .27  | .17  |
| Net realized and unrealized gain (loss)  | .61  | 1.10  | (2.51)  | 1.11  | 1.84  |
| Total from investment operations  | .94  | 1.41  | (2.23)  | 1.38  | 2.01  |
| Distributions from net investment income  | (.38)  | (.39)  | (.27)  | (.17)  | (.18)  |
| Distributions from net realized gain  | (.36)  | (.08)  | (1.36)  | (.81)  | (.80)  |
| Total distributions  | (.74)  | (.47)  | (1.63)  | (.99) C | (.99) C |
| Net asset value, end of period  | $12.70 | $12.50 | $11.56 | $15.42 | $15.03 |
| **Total Return** D,E | 7.71% <br>| 12.40%  | (15.69)%  | 9.47%  | 15.06%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.57%  | 2.60%  | 2.26%  | 1.77%  | 1.27%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $80740 | $85393 | $63227 | $82875 | $80503 |
| Portfolio turnover rate I | 29% <br>| 27%  | 121%  | 34%  | 40%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2020 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.45 | $11.51 | $15.37 | $14.97 | $13.96 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .32  | .30  | .27  | .25  | .16  |
| Net realized and unrealized gain (loss)  | .60  | 1.10  | (2.52)  | 1.12  | 1.82  |
| Total from investment operations  | .92  | 1.40  | (2.25)  | 1.37  | 1.98  |
| Distributions from net investment income  | (.36)  | (.38)  | (.26)  | (.16)  | (.17)  |
| Distributions from net realized gain  | (.36)  | (.08)  | (1.36)  | (.81)  | (.80)  |
| Total distributions  | (.73) C | (.46)  | (1.61) C | (.97)  | (.97)  |
| Net asset value, end of period  | $12.64 | $12.45 | $11.51 | $15.37 | $14.97 |
| **Total Return** D,E | 7.55% <br>| 12.34%  | (15.83)%  | 9.47%  | 14.92%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 2.47%  | 2.50%  | 2.16%  | 1.67%  | 1.17%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $124111 | $125938 | $129176 | $167097 | $178229 |
| Portfolio turnover rate H | 29% <br>| 27%  | 121%  | 34%  | 40%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2020 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.40 | $11.46 | $15.31 | $14.92 | $13.92 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .30  | .28  | .25  | .23  | .14  |
| Net realized and unrealized gain (loss)  | .59  | 1.10  | (2.51)  | 1.11  | 1.81  |
| Total from investment operations  | .89  | 1.38  | (2.26)  | 1.34  | 1.95  |
| Distributions from net investment income  | (.34)  | (.36)  | (.24)  | (.13)  | (.14)  |
| Distributions from net realized gain  | (.36)  | (.08)  | (1.36)  | (.81)  | (.80)  |
| Total distributions  | (.70)  | (.44)  | (1.59) C | (.95) C | (.95) C |
| Net asset value, end of period  | $12.59 | $12.40 | $11.46 | $15.31 | $14.92 |
| **Total Return** D,E | 7.40% <br>| 12.22%  | (15.97)%  | 9.26%  | 14.72%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 2.32%  | 2.35%  | 2.01%  | 1.51%  | 1.02%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $332101 | $365862 | $372526 | $508713 | $522637 |
| Portfolio turnover rate H | 29% <br>| 27%  | 121%  | 34%  | 40%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2025 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.17 | $13.73 | $17.82 | $16.84 | $15.34 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .37  | .32  | .32  | .20  |
| Net realized and unrealized gain (loss)  | .90  | 1.49  | (3.10)  | 1.47  | 2.16  |
| Total from investment operations  | 1.28  | 1.86  | (2.78)  | 1.79  | 2.36  |
| Distributions from net investment income  | (.41)  | (.42)  | (.31)  | (.19)  | (.19)  |
| Distributions from net realized gain  | (.03)  | -  | (1.00)  | (.62)  | (.67)  |
| Total distributions  | (.44)  | (.42)  | (1.31)  | (.81)  | (.86)  |
| Net asset value, end of period  | $16.01 | $15.17 | $13.73 | $17.82 | $16.84 |
| **Total Return** C,D | 8.47% <br>| 13.62%  | (16.43)%  | 10.83%  | 15.95%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.39%  | 2.53%  | 2.19%  | 1.82%  | 1.33%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $94275 | $92164 | $45943 | $59715 | $55624 |
| Portfolio turnover rate H | 41% <br>| 34%  | 73%  | 32%  | 61%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount represents less than .005%.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2025 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.11 | $13.68 | $17.76 | $16.79 | $15.30 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .35  | .30  | .30  | .18  |
| Net realized and unrealized gain (loss)  | .90  | 1.48  | (3.08)  | 1.46  | 2.15  |
| Total from investment operations  | 1.27  | 1.83  | (2.78)  | 1.76  | 2.33  |
| Distributions from net investment income  | (.39)  | (.40)  | (.29)  | (.17)  | (.18)  |
| Distributions from net realized gain  | (.03)  | -  | (1.00)  | (.62)  | (.67)  |
| Total distributions  | (.43) C | (.40)  | (1.30) C | (.79)  | (.84) C |
| Net asset value, end of period  | $15.95 | $15.11 | $13.68 | $17.76 | $16.79 |
| **Total Return** D,E | 8.40% <br>| 13.48%  | (16.51)%  | 10.71%  | 15.83%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 2.29%  | 2.43%  | 2.09%  | 1.72%  | 1.23%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $190259 | $183294 | $174000 | $199248 | $147904 |
| Portfolio turnover rate H | 41% <br>| 34%  | 73%  | 32%  | 61%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2025 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.01 | $13.59 | $17.65 | $16.69 | $15.21 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .34  | .33  | .28  | .27  | .16  |
| Net realized and unrealized gain (loss)  | .90  | 1.47  | (3.07)  | 1.46  | 2.14  |
| Total from investment operations  | 1.24  | 1.80  | (2.79)  | 1.73  | 2.30  |
| Distributions from net investment income  | (.37)  | (.38)  | (.27)  | (.15)  | (.15)  |
| Distributions from net realized gain  | (.03)  | -  | (1.00)  | (.62)  | (.67)  |
| Total distributions  | (.40)  | (.38)  | (1.27)  | (.77)  | (.82)  |
| Net asset value, end of period  | $15.85 | $15.01 | $13.59 | $17.65 | $16.69 |
| **Total Return** C,D | 8.28% <br>| 13.32%  | (16.64)%  | 10.55%  | 15.68%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 2.14%  | 2.28%  | 1.94%  | 1.57%  | 1.08%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $106799 | $108097 | $103892 | $130746 | $112114 |
| Portfolio turnover rate G | 41% <br>| 34%  | 73%  | 32%  | 61%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2030 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.36 | $13.72 | $17.93 | $16.83 | $15.28 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .34  | .29  | .31  | .19  |
| Net realized and unrealized gain (loss)  | 1.07  | 1.67  | (3.16)  | 1.72  | 2.28  |
| Total from investment operations  | 1.44  | 2.01  | (2.87)  | 2.03  | 2.47  |
| Distributions from net investment income  | (.38)  | (.37)  | (.29)  | (.19)  | (.19)  |
| Distributions from net realized gain  | (.04)  | -  | (1.05)  | (.74)  | (.74)  |
| Total distributions  | (.41) C | (.37)  | (1.34)  | (.93)  | (.92) C |
| Net asset value, end of period  | $16.39 | $15.36 | $13.72 | $17.93 | $16.83 |
| **Total Return** D,E | 9.41% <br>| 14.70%  | (16.87)%  | 12.37%  | 16.89%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.25%  | 2.33%  | 1.96%  | 1.77%  | 1.31%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $189258 | $162784 | $116986 | $138193 | $113727 |
| Portfolio turnover rate I | 31% <br>| 26%  | 76%  | 28%  | 46%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2030 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.31 | $13.68 | $17.88 | $16.79 | $15.25 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .35  | .32  | .27  | .29  | .18  |
| Net realized and unrealized gain (loss)  | 1.08  | 1.66  | (3.14)  | 1.72  | 2.27  |
| Total from investment operations  | 1.43  | 1.98  | (2.87)  | 2.01  | 2.45  |
| Distributions from net investment income  | (.36)  | (.35)  | (.28)  | (.18)  | (.17)  |
| Distributions from net realized gain  | (.04)  | -  | (1.05)  | (.74)  | (.74)  |
| Total distributions  | (.40)  | (.35)  | (1.33)  | (.92)  | (.91)  |
| Net asset value, end of period  | $16.34 | $15.31 | $13.68 | $17.88 | $16.79 |
| **Total Return** C,D | 9.34% <br>| 14.56%  | (16.94)%  | 12.24%  | 16.76%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 2.15%  | 2.23%  | 1.86%  | 1.67%  | 1.21%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $369233 | $319543 | $271187 | $294595 | $225149 |
| Portfolio turnover rate G | 31% <br>| 26%  | 76%  | 28%  | 46%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2030 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.25 | $13.62 | $17.81 | $16.73 | $15.19 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .33  | .30  | .25  | .27  | .16  |
| Net realized and unrealized gain (loss)  | 1.06  | 1.66  | (3.14)  | 1.70  | 2.26  |
| Total from investment operations  | 1.39  | 1.96  | (2.89)  | 1.97  | 2.42  |
| Distributions from net investment income  | (.33)  | (.33)  | (.26)  | (.15)  | (.15)  |
| Distributions from net realized gain  | (.04)  | -  | (1.05)  | (.74)  | (.74)  |
| Total distributions  | (.37)  | (.33)  | (1.30) C | (.89)  | (.88) C |
| Net asset value, end of period  | $16.27 | $15.25 | $13.62 | $17.81 | $16.73 |
| **Total Return** D,E | 9.14% <br>| 14.46%  | (17.09)%  | 12.07%  | 16.64%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 2.00%  | 2.08%  | 1.71%  | 1.52%  | 1.06%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $226284 | $220596 | $198433 | $243043 | $193997 |
| Portfolio turnover rate H | 31% <br>| 26%  | 76%  | 28%  | 46%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2035 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.99 | $22.71 | $30.05 | $27.34 | $24.35 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .56  | .51  | .40  | .45  | .28  |
| Net realized and unrealized gain (loss)  | 2.28  | 3.30  | (5.43)  | 3.69  | 4.01  |
| Total from investment operations  | 2.84  | 3.81  | (5.03)  | 4.14  | 4.29  |
| Distributions from net investment income  | (.53)  | (.48)  | (.42)  | (.30)  | (.27)  |
| Distributions from net realized gain  | (.40)  | (.05)  | (1.89)  | (1.13)  | (1.04)  |
| Total distributions  | (.93)  | (.53)  | (2.31)  | (1.43)  | (1.30) C |
| Net asset value, end of period  | $27.90 | $25.99 | $22.71 | $30.05 | $27.34 |
| **Total Return** D,E | 11.03% <br>| 16.85%  | (17.69)%  | 15.46%  | 18.28%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.02%  | 2.10%  | 1.68%  | 1.53%  | 1.20%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $51996 | $39129 | $18619 | $17426 | $17852 |
| Portfolio turnover rate I | 34% <br>| 26%  | 49%  | 34%  | 55%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2035 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.90 | $22.64 | $29.96 | $27.27 | $24.30 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .53  | .49  | .38  | .42  | .26  |
| Net realized and unrealized gain (loss)  | 2.27  | 3.28  | (5.42)  | 3.67  | 3.99  |
| Total from investment operations  | 2.80  | 3.77  | (5.04)  | 4.09  | 4.25  |
| Distributions from net investment income  | (.50)  | (.46)  | (.40)  | (.27)  | (.25)  |
| Distributions from net realized gain  | (.40)  | (.05)  | (1.89)  | (1.13)  | (1.04)  |
| Total distributions  | (.90)  | (.51)  | (2.28) C | (1.40)  | (1.28) C |
| Net asset value, end of period  | $27.80 | $25.90 | $22.64 | $29.96 | $27.27 |
| **Total Return** D,E | 10.93% <br>| 16.71%  | (17.75)%  | 15.32%  | 18.15%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.92%  | 2.00%  | 1.58%  | 1.43%  | 1.10%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $180271 | $141514 | $98376 | $82275 | $51598 |
| Portfolio turnover rate H | 34% <br>| 26%  | 49%  | 34%  | 55%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2035 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.72 | $22.49 | $29.78 | $27.11 | $24.17 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .49  | .45  | .34  | .37  | .22  |
| Net realized and unrealized gain (loss)  | 2.25  | 3.25  | (5.38)  | 3.66  | 3.97  |
| Total from investment operations  | 2.74  | 3.70  | (5.04)  | 4.03  | 4.19  |
| Distributions from net investment income  | (.46)  | (.42)  | (.36)  | (.23)  | (.21)  |
| Distributions from net realized gain  | (.40)  | (.05)  | (1.89)  | (1.13)  | (1.04)  |
| Total distributions  | (.86)  | (.47)  | (2.25)  | (1.36)  | (1.25)  |
| Net asset value, end of period  | $27.60 | $25.72 | $22.49 | $29.78 | $27.11 |
| **Total Return** C,D | 10.77% <br>| 16.53%  | (17.89)%  | 15.18%  | 17.96%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.77%  | 1.85%  | 1.43%  | 1.28%  | .95%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $140678 | $122389 | $98634 | $113228 | $87124 |
| Portfolio turnover rate G | 34% <br>| 26%  | 49%  | 34%  | 55%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2040 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.91 | $21.58 | $29.04 | $25.96 | $23.08 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .41  | .38  | .34  | .41  | .24  |
| Net realized and unrealized gain (loss)  | 2.82  | 3.65  | (5.31)  | 4.11  | 4.02  |
| Total from investment operations  | 3.23  | 4.03  | (4.97)  | 4.52  | 4.26  |
| Distributions from net investment income  | (.39)  | (.37)  | (.39)  | (.26)  | (.23)  |
| Distributions from net realized gain  | (.44)  | (.32)  | (2.10)  | (1.18)  | (1.16)  |
| Total distributions  | (.84) C | (.70) C | (2.49)  | (1.44)  | (1.38) C |
| Net asset value, end of period  | $27.30 | $24.91 | $21.58 | $29.04 | $25.96 |
| **Total Return** D,E | 13.10% <br>| 18.87%  | (18.22)%  | 17.83%  | 19.28%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.52%  | 1.64%  | 1.49%  | 1.45%  | 1.07%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $86501 | $66167 | $41856 | $45822 | $34365 |
| Portfolio turnover rate I | 34% <br>| 28%  | 39%  | 32%  | 49%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2040 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.85 | $21.52 | $28.97 | $25.91 | $23.04 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .36  | .32  | .38  | .21  |
| Net realized and unrealized gain (loss)  | 2.80  | 3.64  | (5.30)  | 4.10  | 4.02  |
| Total from investment operations  | 3.18  | 4.00  | (4.98)  | 4.48  | 4.23  |
| Distributions from net investment income  | (.37)  | (.35)  | (.37)  | (.24)  | (.21)  |
| Distributions from net realized gain  | (.44)  | (.32)  | (2.10)  | (1.18)  | (1.16)  |
| Total distributions  | (.81)  | (.67)  | (2.47)  | (1.42)  | (1.36) C |
| Net asset value, end of period  | $27.22 | $24.85 | $21.52 | $28.97 | $25.91 |
| **Total Return** D,E | 12.94% <br>| 18.82%  | (18.30)%  | 17.68%  | 19.16%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.42%  | 1.54%  | 1.39%  | 1.35%  | .97%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $208187 | $169888 | $124508 | $119062 | $85197 |
| Portfolio turnover rate H | 34% <br>| 28%  | 39%  | 32%  | 49%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2040 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.71 | $21.41 | $28.83 | $25.80 | $22.95 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .34  | .32  | .28  | .33  | .18  |
| Net realized and unrealized gain (loss)  | 2.79  | 3.62  | (5.26)  | 4.08  | 4.00  |
| Total from investment operations  | 3.13  | 3.94  | (4.98)  | 4.41  | 4.18  |
| Distributions from net investment income  | (.33)  | (.32)  | (.33)  | (.20)  | (.17)  |
| Distributions from net realized gain  | (.44)  | (.32)  | (2.10)  | (1.18)  | (1.15)  |
| Total distributions  | (.77)  | (.64)  | (2.44) C | (1.38)  | (1.33) C |
| Net asset value, end of period  | $27.07 | $24.71 | $21.41 | $28.83 | $25.80 |
| **Total Return** D,E | 12.81% <br>| 18.61%  | (18.41)%  | 17.50%  | 18.99%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.27%  | 1.39%  | 1.24%  | 1.20%  | .82%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $55235 | $44872 | $35481 | $41525 | $30980 |
| Portfolio turnover rate H | 34% <br>| 28%  | 39%  | 32%  | 49%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2045 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.21 | $21.76 | $29.30 | $26.09 | $23.08 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .37  | .34  | .40  | .25  |
| Net realized and unrealized gain (loss)  | 3.08  | 3.80  | (5.35)  | 4.16  | 4.03  |
| Total from investment operations  | 3.45  | 4.17  | (5.01)  | 4.56  | 4.28  |
| Distributions from net investment income  | (.36)  | (.35)  | (.38)  | (.27)  | (.22)  |
| Distributions from net realized gain  | (.48)  | (.37)  | (2.15)  | (1.08)  | (1.05)  |
| Total distributions  | (.85) C | (.72)  | (2.53)  | (1.35)  | (1.27)  |
| Net asset value, end of period  | $27.81 | $25.21 | $21.76 | $29.30 | $26.09 |
| **Total Return** D,E | 13.84% <br>| 19.41%  | (18.21)%  | 17.83%  | 19.27%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.36%  | 1.59%  | 1.50%  | 1.42%  | 1.12%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $23336 | $17029 | $7366 | $6866 | $5282 |
| Portfolio turnover rate I | 31% <br>| 24%  | 39%  | 29%  | 38%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2045 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.13 | $21.69 | $29.22 | $26.03 | $23.03 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .35  | .35  | .32  | .37  | .23  |
| Net realized and unrealized gain (loss)  | 3.05  | 3.79  | (5.34)  | 4.14  | 4.02  |
| Total from investment operations  | 3.40  | 4.14  | (5.02)  | 4.51  | 4.25  |
| Distributions from net investment income  | (.34)  | (.33)  | (.36)  | (.24)  | (.21)  |
| Distributions from net realized gain  | (.48)  | (.37)  | (2.15)  | (1.08)  | (1.05)  |
| Total distributions  | (.82)  | (.70)  | (2.51)  | (1.32)  | (1.25) C |
| Net asset value, end of period  | $27.71 | $25.13 | $21.69 | $29.22 | $26.03 |
| **Total Return** D,E | 13.70% <br>| 19.33%  | (18.30)%  | 17.69%  | 19.18%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.26%  | 1.49%  | 1.40%  | 1.32%  | 1.02%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $53830 | $41877 | $23628 | $22218 | $13322 |
| Portfolio turnover rate H | 31% <br>| 24%  | 39%  | 29%  | 38%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2045 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.98 | $21.57 | $29.07 | $25.90 | $22.93 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .30  | .31  | .28  | .33  | .19  |
| Net realized and unrealized gain (loss)  | 3.04  | 3.76  | (5.30)  | 4.12  | 4.00  |
| Total from investment operations  | 3.34  | 4.07  | (5.02)  | 4.45  | 4.19  |
| Distributions from net investment income  | (.30)  | (.30)  | (.33)  | (.20)  | (.17)  |
| Distributions from net realized gain  | (.48)  | (.37)  | (2.15)  | (1.08)  | (1.05)  |
| Total distributions  | (.78)  | (.66) C | (2.48)  | (1.28)  | (1.22)  |
| Net asset value, end of period  | $27.54 | $24.98 | $21.57 | $29.07 | $25.90 |
| **Total Return** D,E | 13.54% <br>| 19.13%  | (18.42)%  | 17.53%  | 18.97%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.11%  | 1.34%  | 1.25%  | 1.17%  | .87%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $116129 | $94807 | $73408 | $78396 | $63126 |
| Portfolio turnover rate H | 31% <br>| 24%  | 39%  | 29%  | 38%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2050 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.77 | $19.64 | $26.36 | $23.45 | $20.68 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .33  | .33  | .31  | .38  | .22  |
| Net realized and unrealized gain (loss)  | 2.78  | 3.44  | (4.83)  | 3.72  | 3.63  |
| Total from investment operations  | 3.11  | 3.77  | (4.52)  | 4.10  | 3.85  |
| Distributions from net investment income  | (.33)  | (.32)  | (.35)  | (.24)  | (.20)  |
| Distributions from net realized gain  | (.46)  | (.32)  | (1.85)  | (.95)  | (.88)  |
| Total distributions  | (.79)  | (.64)  | (2.20)  | (1.19)  | (1.08)  |
| Net asset value, end of period  | $25.09 | $22.77 | $19.64 | $26.36 | $23.45 |
| **Total Return** C,D | 13.83% <br>| 19.45%  | (18.22)%  | 17.83%  | 19.28%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.34%  | 1.57%  | 1.50%  | 1.48%  | 1.08%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $33293 | $27394 | $17775 | $19102 | $13644 |
| Portfolio turnover rate H | 34% <br>| 24%  | 38%  | 30%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount represents less than .005%.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2050 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.69 | $19.58 | $26.29 | $23.39 | $20.63 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .31  | .31  | .29  | .35  | .20  |
| Net realized and unrealized gain (loss)  | 2.77  | 3.42  | (4.82)  | 3.72  | 3.62  |
| Total from investment operations  | 3.08  | 3.73  | (4.53)  | 4.07  | 3.82  |
| Distributions from net investment income  | (.31)  | (.30)  | (.33)  | (.22)  | (.18)  |
| Distributions from net realized gain  | (.46)  | (.32)  | (1.85)  | (.95)  | (.88)  |
| Total distributions  | (.77)  | (.62)  | (2.18)  | (1.17)  | (1.06)  |
| Net asset value, end of period  | $25.00 | $22.69 | $19.58 | $26.29 | $23.39 |
| **Total Return** C,D | 13.74% <br>| 19.30%  | (18.31)%  | 17.73%  | 19.17%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.24%  | 1.47%  | 1.40%  | 1.38%  | .98%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $57267 | $44557 | $31042 | $30244 | $21593 |
| Portfolio turnover rate G | 34% <br>| 24%  | 38%  | 30%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2050 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.58 | $19.48 | $26.18 | $23.31 | $20.57 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .27  | .28  | .26  | .31  | .17  |
| Net realized and unrealized gain (loss)  | 2.75  | 3.41  | (4.81)  | 3.69  | 3.60  |
| Total from investment operations  | 3.02  | 3.69  | (4.55)  | 4.00  | 3.77  |
| Distributions from net investment income  | (.27)  | (.27)  | (.30)  | (.18)  | (.15)  |
| Distributions from net realized gain  | (.46)  | (.32)  | (1.85)  | (.95)  | (.88)  |
| Total distributions  | (.73)  | (.59)  | (2.15)  | (1.13)  | (1.03)  |
| Net asset value, end of period  | $24.87 | $22.58 | $19.48 | $26.18 | $23.31 |
| **Total Return** C,D | 13.55% <br>| 19.19%  | (18.47)%  | 17.51%  | 18.99%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.09%  | 1.32%  | 1.25%  | 1.23%  | .83%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $77802 | $64355 | $46602 | $47661 | $33256 |
| Portfolio turnover rate G | 34% <br>| 24%  | 38%  | 30%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2055 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.74 | $10.94 | $14.28 | $12.67 | $10.98 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .20  | .21  | .18  | .23  | .12  |
| Net realized and unrealized gain (loss)  | 1.54  | 1.91  | (2.69)  | 2.02  | 1.99  |
| Total from investment operations  | 1.74  | 2.12  | (2.51)  | 2.25  | 2.11  |
| Distributions from net investment income  | (.18)  | (.17)  | (.16)  | (.17)  | (.10)  |
| Distributions from net realized gain  | (.24)  | (.15)  | (.67)  | (.46)  | (.32)  |
| Total distributions  | (.42)  | (.32)  | (.83)  | (.64) C | (.42)  |
| Net asset value, end of period  | $14.06 | $12.74 | $10.94 | $14.28 | $12.67 |
| **Total Return** D,E | 13.80% <br>| 19.48%  | (18.26)%  | 17.79%  | 19.28%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .01%  | -% H | -% H | -% H | -% H |
| Expenses net of fee waivers, if any  | .01% <br>| -% H | -% H | -% H | -% H |
| Expenses net of all reductions  | .01%  | -% H | -% H | -% H | -% H |
| Net investment income (loss)  | 1.42%  | 1.80%  | 1.57%  | 1.64%  | 1.09%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4477 | $2508 | $746 | $501 | $423 |
| Portfolio turnover rate I | 43% <br>| 30%  | 58%  | 35%  | 64%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2055 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.73 | $10.93 | $14.27 | $12.66 | $10.98 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .20  | .17  | .22  | .11  |
| Net realized and unrealized gain (loss)  | 1.55  | 1.91  | (2.69)  | 2.02  | 1.99  |
| Total from investment operations  | 1.73  | 2.11  | (2.52)  | 2.24  | 2.10  |
| Distributions from net investment income  | (.17)  | (.16)  | (.14)  | (.16)  | (.09)  |
| Distributions from net realized gain  | (.24)  | (.15)  | (.67)  | (.46)  | (.32)  |
| Total distributions  | (.41)  | (.31)  | (.82) C | (.63) C | (.42) C |
| Net asset value, end of period  | $14.05 | $12.73 | $10.93 | $14.27 | $12.66 |
| **Total Return** D,E | 13.72% <br>| 19.40%  | (18.36)%  | 17.72%  | 19.11%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .11%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.32%  | 1.70%  | 1.47%  | 1.54%  | .99%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6653 | $4647 | $2306 | $2549 | $814 |
| Portfolio turnover rate H | 43% <br>| 30%  | 58%  | 35%  | 64%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2055 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.69 | $10.91 | $14.25 | $12.65 | $10.97 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .18  | .15  | .20  | .09  |
| Net realized and unrealized gain (loss)  | 1.55  | 1.89  | (2.68)  | 2.01  | 1.99  |
| Total from investment operations  | 1.71  | 2.07  | (2.53)  | 2.21  | 2.08  |
| Distributions from net investment income  | (.15)  | (.14)  | (.13)  | (.15)  | (.08)  |
| Distributions from net realized gain  | (.24)  | (.15)  | (.67)  | (.46)  | (.32)  |
| Total distributions  | (.39)  | (.29)  | (.81) C | (.61)  | (.40)  |
| Net asset value, end of period  | $14.01 | $12.69 | $10.91 | $14.25 | $12.65 |
| **Total Return** D,E | 13.61% <br>| 19.12%  | (18.46)%  | 17.52%  | 19.01%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .26%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.17%  | 1.55%  | 1.32%  | 1.39%  | .84%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10413 | $6696 | $3659 | $2663 | $1180 |
| Portfolio turnover rate H | 43% <br>| 30%  | 58%  | 35%  | 64%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2060 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.59 | $10.82 | $14.18 | $12.65 | $10.99 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .20  | .20  | .19  | .21  | .13  |
| Net realized and unrealized gain (loss)  | 1.53  | 1.88  | (2.67)  | 2.04  | 1.99  |
| Total from investment operations  | 1.73  | 2.08  | (2.48)  | 2.25  | 2.12  |
| Distributions from net investment income  | (.17)  | (.17)  | (.16)  | (.18)  | (.11)  |
| Distributions from net realized gain  | (.27)  | (.15)  | (.72)  | (.54)  | (.35)  |
| Total distributions  | (.44)  | (.31) C | (.88)  | (.72)  | (.46)  |
| Net asset value, end of period  | $13.88 | $12.59 | $10.82 | $14.18 | $12.65 |
| **Total Return** D,E | 13.89% <br>| 19.39%  | (18.19)%  | 17.79%  | 19.30%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .01%  | -% H | -% H | -% H | -% H |
| Expenses net of fee waivers, if any  | .01% <br>| -% H | -% H | -% H | -% H |
| Expenses net of all reductions  | .01%  | -% H | -% H | -% H | -% H |
| Net investment income (loss)  | 1.42%  | 1.70%  | 1.69%  | 1.51%  | 1.18%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2925 | $1690 | $471 | $523 | $422 |
| Portfolio turnover rate I | 54% <br>| 25%  | 45%  | 60%  | 68%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2060 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.58 | $10.81 | $14.17 | $12.65 | $10.99 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .19  | .18  | .20  | .12  |
| Net realized and unrealized gain (loss)  | 1.53  | 1.88  | (2.67)  | 2.03  | 1.99  |
| Total from investment operations  | 1.71  | 2.07  | (2.49)  | 2.23  | 2.11  |
| Distributions from net investment income  | (.16)  | (.16)  | (.15)  | (.17)  | (.10)  |
| Distributions from net realized gain  | (.27)  | (.15)  | (.72)  | (.54)  | (.35)  |
| Total distributions  | (.43)  | (.30) C | (.87)  | (.71)  | (.45)  |
| Net asset value, end of period  | $13.86 | $12.58 | $10.81 | $14.17 | $12.65 |
| **Total Return** D,E | 13.72% <br>| 19.30%  | (18.27)%  | 17.62%  | 19.22%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .11%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.32%  | 1.60%  | 1.59%  | 1.41%  | 1.08%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $13987 | $13329 | $8331 | $6124 | $3530 |
| Portfolio turnover rate H | 54% <br>| 25%  | 45%  | 60%  | 68%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2060 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.55 | $10.79 | $14.15 | $12.63 | $10.98 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .17  | .16  | .18  | .10  |
| Net realized and unrealized gain (loss)  | 1.52  | 1.88  | (2.66)  | 2.03  | 1.99  |
| Total from investment operations  | 1.68  | 2.05  | (2.50)  | 2.21  | 2.09  |
| Distributions from net investment income  | (.14)  | (.14)  | (.14)  | (.15)  | (.09)  |
| Distributions from net realized gain  | (.27)  | (.15)  | (.72)  | (.54)  | (.35)  |
| Total distributions  | (.41)  | (.29)  | (.86)  | (.69)  | (.44)  |
| Net asset value, end of period  | $13.82 | $12.55 | $10.79 | $14.15 | $12.63 |
| **Total Return** C,D | 13.53% <br>| 19.12%  | (18.38)%  | 17.52%  | 19.04%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .26%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.17%  | 1.45%  | 1.44%  | 1.26%  | .93%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $9251 | $5752 | $3094 | $2254 | $1161 |
| Portfolio turnover rate G | 54% <br>| 25%  | 45%  | 60%  | 68%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2065 Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.40 | $10.65 | $13.92 | $12.47 | $10.96 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .22  | .20  | .17  | .25  | .12  |
| Net realized and unrealized gain (loss)  | 1.49  | 1.85  | (2.61)  | 1.96  | 1.99  |
| Total from investment operations  | 1.71  | 2.05  | (2.44)  | 2.21  | 2.11  |
| Distributions from net investment income  | (.16)  | (.17)  | (.15)  | (.18)  | (.11)  |
| Distributions from net realized gain  | (.17)  | (.13)  | (.67)  | (.58)  | (.49)  |
| Total distributions  | (.33)  | (.30)  | (.83) C | (.76)  | (.60)  |
| Net asset value, end of period  | $13.78 | $12.40 | $10.65 | $13.92 | $12.47 |
| **Total Return** D,E | 13.85% <br>| 19.35%  | (18.22)%  | 17.81%  | 19.35%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.59%  | 1.70%  | 1.50%  | 1.82%  | 1.07%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1985 | $844 | $537 | $482 | $416 |
| Portfolio turnover rate I | 50% <br>| 74%  | 48%  | 24%  | 34%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2065 Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.39 | $10.64 | $13.91 | $12.46 | $10.96 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .20  | .18  | .16  | .24  | .11  |
| Net realized and unrealized gain (loss)  | 1.49  | 1.86  | (2.61)  | 1.97  | 1.98  |
| Total from investment operations  | 1.69  | 2.04  | (2.45)  | 2.21  | 2.09  |
| Distributions from net investment income  | (.15)  | (.16)  | (.14)  | (.17)  | (.10)  |
| Distributions from net realized gain  | (.17)  | (.13)  | (.67)  | (.58)  | (.49)  |
| Total distributions  | (.32)  | (.29)  | (.82) C | (.76) C | (.59)  |
| Net asset value, end of period  | $13.76 | $12.39 | $10.64 | $13.91 | $12.46 |
| **Total Return** D,E | 13.70% <br>| 19.29%  | (18.32)%  | 17.77%  | 19.16%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10% <br>| .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.49%  | 1.60%  | 1.40%  | 1.72%  | .97%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3951 | $1816 | $1181 | $1224 | $416 |
| Portfolio turnover rate H | 50% <br>| 74%  | 48%  | 24%  | 34%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2065 Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.38 | $10.63 | $13.90 | $12.46 | $10.96 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .17  | .14  | .22  | .09  |
| Net realized and unrealized gain (loss)  | 1.49  | 1.85  | (2.61)  | 1.95  | 1.99  |
| Total from investment operations  | 1.67  | 2.02  | (2.47)  | 2.17  | 2.08  |
| Distributions from net investment income  | (.14)  | (.14)  | (.13)  | (.15)  | (.09)  |
| Distributions from net realized gain  | (.17)  | (.13)  | (.67)  | (.58)  | (.49)  |
| Total distributions  | (.30) C | (.27)  | (.80)  | (.73)  | (.58)  |
| Net asset value, end of period  | $13.75 | $12.38 | $10.63 | $13.90 | $12.46 |
| **Total Return** D,E | 13.61% <br>| 19.12%  | (18.44)%  | 17.47%  | 19.03%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .25% <br>| .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 1.34%  | 1.45%  | 1.25%  | 1.57%  | .82%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1390 | $718 | $534 | $559 | $459 |
| Portfolio turnover rate H | 50% <br>| 74%  | 48%  | 24%  | 34%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2070 Portfolio℠ Initial Class**<br>

---

| | |
|:---|:---|
| **Years ended December 31,** | **2024** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .11  |
| Net realized and unrealized gain (loss)  | .14  |
| Total from investment operations  | .25  |
| Distributions from net investment income  | (.12)  |
| Distributions from net realized gain  | (.05)  |
| Total distributions  | (.17)  |
| Net asset value, end of period  | $10.08 |
| **Total Return** D,E | 2.47% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions H | -% I |
| Expenses net of fee waivers, if any H | -% I<br>|
| Expenses net of all reductions H | -% I |
| Net investment income (loss)  | 2.21% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $303 |
| Portfolio turnover rate J | 26% I<br>|

---

A*For the period July 1, 2024 (commencement of operations) through December 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2070 Portfolio℠ Service Class**<br>

---

| | |
|:---|:---|
| **Years ended December 31,** | **2024** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .11  |
| Net realized and unrealized gain (loss)  | .13  |
| Total from investment operations  | .24  |
| Distributions from net investment income  | (.11)  |
| Distributions from net realized gain  | (.05)  |
| Total distributions  | (.16)  |
| Net asset value, end of period  | $10.08 |
| **Total Return** D,E | 2.42% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .10% H |
| Expenses net of fee waivers, if any  | .10% H<br>|
| Expenses net of all reductions  | .10% H |
| Net investment income (loss)  | 2.11% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $101 |
| Portfolio turnover rate I | 26% H<br>|

---

A*For the period July 1, 2024 (commencement of operations) through December 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Freedom 2070 Portfolio℠ Service Class 2**<br>

---

| | |
|:---|:---|
| **Years ended December 31,** | **2024** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .10  |
| Net realized and unrealized gain (loss)  | .13  |
| Total from investment operations  | .23  |
| Distributions from net investment income  | (.10)  |
| Distributions from net realized gain  | (.05)  |
| Total distributions  | (.15)  |
| Net asset value, end of period  | $10.08 |
| **Total Return** D,E | 2.34% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .25% H |
| Expenses net of fee waivers, if any  | .25% H<br>|
| Expenses net of all reductions  | .25% H |
| Net investment income (loss)  | 1.96% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $101 |
| Portfolio turnover rate I | 26% H<br>|

---

A*For the period July 1, 2024 (commencement of operations) through December 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Additional Index Information**

**Bloomberg U.S. Aggregate Bond Index** is a broad-based, flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate pass-throughs), asset-backed securities and collateralized mortgage-backed securities (agency and non-agency).

Each of **Fidelity VIP Freedom Income Composite IndexSM, Fidelity VIP Freedom 2010 Composite IndexSM, Fidelity VIP Freedom 2015 Composite IndexSM, Fidelity VIP Freedom 2020 Composite IndexSM, Fidelity VIP Freedom 2025 Composite IndexSM, Fidelity VIP Freedom 2030 Composite IndexSM, Fidelity VIP Freedom 2035 Composite IndexSM, Fidelity VIP Freedom 2040 Composite IndexSM, Fidelity VIP Freedom 2045 Composite IndexSM, Fidelity VIP Freedom 2050 Composite IndexSM, Fidelity VIP Freedom 2055 Composite IndexSM, Fidelity VIP Freedom 2060 Composite IndexSM, Fidelity VIP Freedom 2065 Composite IndexSM, and Fidelity VIP Freedom 2070 Composite IndexSM** is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market IndexSM, Bloomberg U.S. Aggregate Bond Index, MSCI All Country World ex U.S. Index (Net MA), Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index, Bloomberg U.S. Long Treasury Bond Index, Bloomberg U.S. 3-6 Month Treasury Bill Index, and Bloomberg Global Aggregate ex-USD Float Adjusted RIC Diversified Index (Hedged USD). The index weightings are adjusted monthly to reflect each fund's changing asset allocations. The compositions differed in periods prior to June 1, 2022. On October 1, 2025, Bloomberg Global Aggregate ex USD ex EM Float Adjusted RIC Diversified Index (Hedged USD) will replace Bloomberg Global Aggregate ex-USD Float Adjusted RIC Diversified Index (Hedged USD) in the composite indexes.

**S&P 500® Index** 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.

---

| |
|:---|
| &nbsp;&nbsp;**IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT** |
| &nbsp;&nbsp;To help the government fight the funding of terrorism and money laundering activities, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT ACT), requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account. |
| &nbsp;&nbsp;**For variable product owners:** When you open an account, you will be asked for your name, address, date of birth, and other information that will allow Fidelity to identify you. You may also be asked to provide documents that may help to establish your identity, such as your driver's license. |
| &nbsp;&nbsp;**For insurance separate accounts:** When you open an account, you will be asked for the name of the entity, its principal place of business and taxpayer identification number (TIN). You will be asked to provide information about the entity's control person and beneficial owners, and person(s) with authority over the account, including name, address, date of birth and social security number. You may also be asked to provide documents, such as drivers' licenses, articles of incorporation, trust instruments or partnership agreements and other information that will help Fidelity identify the entity. |

---

You can obtain additional information about the funds. A description of each fund's policies and procedures for disclosing its holdings is available in its Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI also includes more detailed information about each fund and its investments. The SAI is incorporated herein by reference (legally forms a part of the prospectus). Each fund's annual and semi-annual reports and Form N-CSR also include additional information. Each fund's annual report includes a discussion of recent market conditions and the fund's investment strategies that affected performance. In Form N-CSR, you will find each fund's annual and semi-annual financial statements.

For a free copy of any of these documents or to request other information or ask questions about a fund, call Fidelity at 1-877-208-0098. In addition, you may visit Fidelity's web site at institutional.fidelity.com for a free copy of a prospectus, SAI, annual or semi-annual report, or a fund's financial statements or to request other information.

---

| |
|:---|
| &nbsp;&nbsp;The SAI, the funds' annual and semi-annual reports and other related materials are available from the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the SEC's web site (http://www.sec.gov). You can obtain copies of this information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the Public Reference Section of the SEC, Washington, D.C. 20549-1520. You can also review and copy information about the funds, including the funds' SAI, at the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090 for information on the operation of the SEC's Public Reference Room. |
| &nbsp;&nbsp;*Investment Company Act of 1940, File Number(s), 811-05361*  |

---

Fidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved.

The term "VIP" as used in this document refers to Fidelity® Variable Insurance Products.

1.811164.127 VIPFF2K-PRO-0925-127

Each fund offers its shares only to separate accounts of insurance companies that offer variable annuity and variable life insurance products. A fund may not be available in your state due to various insurance regulations. Please check with your insurance company for availability. If a fund in this prospectus is not available in your state, this prospectus is not to be considered a solicitation with respect to that fund. Please read this prospectus together with your variable annuity or variable life insurance product prospectus.

Fidelity**®** Variable Insurance Products

Investor Freedom® Funds

---

| |
|:---|
| Investor Freedom Income® Portfolio |
| Investor Freedom® 2010 Portfolio |
| Investor Freedom® 2015 Portfolio |
| Investor Freedom® 2020 Portfolio |
| Investor Freedom® 2025 Portfolio |
| Investor Freedom® 2030 Portfolio |
| Investor Freedom® 2035 Portfolio |
| Investor Freedom® 2040 Portfolio |
| Investor Freedom® 2045 Portfolio |
| Investor Freedom® 2050 Portfolio |

---

**Prospectus**

**April 30, 2025**

**As Revised September 9, 2025**

---

| | |
|:---|:---|
| Like securities of all mutual funds, these securities have not been approved or disapproved by the Securities and Exchange Commission, and the Securities and Exchange Commission has not determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.<br>| ![](img112424_1.jpg)<br> 245 Summer Street, Boston, MA 02210 |

---

**Contents**

---

| | |
|:---|:---|
| **Fund Summary** | [VIP Investor Freedom Income Portfolio℠](#SubSec_FundSummary_VIPIFF-PRO_FundName1502) |
|  | [VIP Investor Freedom 2010 Portfolio℠](#SubSec_FundSummary_VIPIFF-PRO_FundName1496) |
|  | [VIP Investor Freedom 2015 Portfolio℠](#SubSec_FundSummary_VIPIFF-PRO_FundName1497) |
|  | [VIP Investor Freedom 2020 Portfolio℠](#SubSec_FundSummary_VIPIFF-PRO_FundName1498) |
|  | [VIP Investor Freedom 2025 Portfolio℠](#SubSec_FundSummary_VIPIFF-PRO_FundName1499) |
|  | [VIP Investor Freedom 2030 Portfolio℠](#SubSec_FundSummary_VIPIFF-PRO_FundName1501) |
|  | [VIP Investor Freedom 2035 Portfolio℠](#SubSec_FundSummary_VIPIFF-PRO_FundName6574) |
|  | [VIP Investor Freedom 2040 Portfolio℠](#SubSec_FundSummary_VIPIFF-PRO_FundName6575) |
|  | [VIP Investor Freedom 2045 Portfolio℠](#SubSec_FundSummary_VIPIFF-PRO_FundName6576) |
|  | [VIP Investor Freedom 2050 Portfolio℠](#SubSec_FundSummary_VIPIFF-PRO_FundName6577) |
| **Fund Basics** | **[Investment Details](#SubSec_FundBasics_InvestmentDetails_VIPIFF-PRO)** |
|  | **[Valuing Shares](#SubSec_FundBasics_ValuingShares_VIPIFF-PRO)** |
| **Shareholder Information** | **[Additional Information about the Purchase and Sale of Shares](#SubSec_ShareholderInformation_AdditionalInformation_VIPIFF-PRO)** |
|  | **[Dividends and Capital Gain Distributions](#SubSec_ShareholderInformation_Dividendsand_VIPIFF-PRO)** |
| **Fund Services** | **[Fund Management](#SubSec_FundServices_FundManagement_VIPIFF-PRO)** |
|  | **[Fund Distribution](#SubSec_FundServices_FundDistribution_VIPIFF-PRO)** |
| **Appendix** | **[Financial Highlights](#SubSec_Appendix_FinancialHighlights_VIPIFF-PRO)** |
|  | **[Additional Index Information](#SubSec_Appendix_AdditionalIndex_VIPIFF-PRO)** |

---

**Fund Summary**

**Fund:**

**VIP Investor Freedom Income Portfolio℠**

**Investment Objective**

VIP Investor Freedom Income Portfolio℠ seeks high total return with a secondary objective of principal preservation.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.00%  |
| Acquired fund fees and expenses | 0.40%  |
| **Total annual operating expenses** | 0.40% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $41 |
| 3 years | $128 |
| 5 years | $224 |
| 10 years | $505 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 25% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a stable neutral asset allocation strategy. A revised neutral asset allocation strategy (approximately 17% in U.S. equity funds, 11% in international equity funds, 2% in commodity funds, 35% in U.S. investment grade bond funds, 5% in international bond funds, 2% in long-term treasury bond funds, 15% in inflation-protected bond funds, and 14% in short-term funds; allocations do not add to 100% due to rounding) is expected to take effect by the end of the first quarter of 2027. During the fourth quarter of 2025, Fidelity Management & Research Company LLC (FMR) (the Adviser) will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. The Adviser may modify the fund's neutral asset allocations from time to time when in the interests of shareholders.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds (including commodity funds), bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term.

* The Adviser may also make active asset allocations within other asset classes (such as high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt or money market security to decrease.

* *Income Risk.*

A low or negative interest rate environment can adversely affect an underlying fund's yield.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Prepayment.*

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *Inflation-Protected Debt Exposure.*

Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.37%<br>| 4.43%<br>| 8.45%<br>| *-*2.03%<br>| 12.02%<br>| 10.40%<br>| 3.28%<br>| *-*12.03%<br>| 7.88%<br>| 4.31%<br>|

---

![](img112424_4.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 6.35 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2023* |
| *Lowest Quarter Return* | *-*6.34 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2022* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **VIP Investor Freedom Income Portfolio℠** | &nbsp;&nbsp;4.31% | &nbsp;&nbsp;2.45% | &nbsp;&nbsp;3.41% |
| Fidelity VIP Freedom Income Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 4.84%  | &nbsp;&nbsp; <br> 2.44%  | &nbsp;&nbsp; <br> 3.29%  |
| Bloomberg U.S. Aggregate Bond Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 1.25%  | &nbsp;&nbsp; <br> -0.33%  | &nbsp;&nbsp; <br> 1.35%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

**Fund:**

**VIP Investor Freedom 2010 Portfolio℠**

**Investment Objective**

VIP Investor Freedom 2010 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.00%  |
| Acquired fund fees and expenses | 0.43%  |
| **Total annual operating expenses** | 0.43% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $44 |
| 3 years | $138 |
| 5 years | $241 |
| 10 years | $542 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 22% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Investor Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2010. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112424_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds (including commodity funds), international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds (including commodity funds), bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who retired in or within a few years of 2010 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Investor Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Investor Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Investor Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt or money market security to decrease.

* *Income Risk.*

A low or negative interest rate environment can adversely affect an underlying fund's yield.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Prepayment.*

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *Inflation-Protected Debt Exposure.*

Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.34%<br>| 5.33%<br>| 13.05%<br>| *-*4.06%<br>| 16.10%<br>| 12.40%<br>| 5.81%<br>| *-*13.50%<br>| 9.40%<br>| 5.27%<br>|

---

![](img112424_6.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 8.91 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*7.78 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2022* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **VIP Investor Freedom 2010 Portfolio℠** | &nbsp;&nbsp;5.27% | &nbsp;&nbsp;3.45% | &nbsp;&nbsp;4.59% |
| Fidelity VIP Freedom 2010 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 5.78%  | &nbsp;&nbsp; <br> 3.34%  | &nbsp;&nbsp; <br> 4.47%  |
| Bloomberg U.S. Aggregate Bond Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 1.25%  | &nbsp;&nbsp; <br> -0.33%  | &nbsp;&nbsp; <br> 1.35%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

**Fund:**

**VIP Investor Freedom 2015 Portfolio℠**

**Investment Objective**

VIP Investor Freedom 2015 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.00%  |
| Acquired fund fees and expenses | 0.47%  |
| **Total annual operating expenses** | 0.47% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $48 |
| 3 years | $151 |
| 5 years | $263 |
| 10 years | $591 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 25% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Investor Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2015. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112424_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds (including commodity funds), international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds (including commodity funds), bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who retired in or within a few years of 2015 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Investor Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Investor Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Investor Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt or money market security to decrease.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Prepayment.*

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *Inflation-Protected Debt Exposure.*

Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.34%<br>| 5.82%<br>| 14.99%<br>| *-*5.02%<br>| 18.24%<br>| 13.70%<br>| 7.64%<br>| *-*14.58%<br>| 10.85%<br>| 6.43%<br>|

---

![](img112424_7.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 10.56 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*8.91 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2022* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **VIP Investor Freedom 2015 Portfolio℠** | &nbsp;&nbsp;6.43% | &nbsp;&nbsp;4.28% | &nbsp;&nbsp;5.32% |
| Fidelity VIP Freedom 2015 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 6.91%  | &nbsp;&nbsp; <br> 4.11%  | &nbsp;&nbsp; <br> 5.20%  |
| Bloomberg U.S. Aggregate Bond Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 1.25%  | &nbsp;&nbsp; <br> -0.33%  | &nbsp;&nbsp; <br> 1.35%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

**Fund:**

**VIP Investor Freedom 2020 Portfolio℠**

**Investment Objective**

VIP Investor Freedom 2020 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.00%  |
| Acquired fund fees and expenses | 0.50%  |
| **Total annual operating expenses** | 0.50% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $51 |
| 3 years | $160 |
| 5 years | $280 |
| 10 years | $628 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 25% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Investor Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2020. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112424_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds (including commodity funds), international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds (including commodity funds), bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who retired in or within a few years of 2020 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Investor Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Investor Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Investor Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt or money market security to decrease.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Prepayment.*

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *Inflation-Protected Debt Exposure.*

Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.35%<br>| 6.04%<br>| 16.55%<br>| *-*5.94%<br>| 20.11%<br>| 14.95%<br>| 9.54%<br>| *-*15.83%<br>| 12.39%<br>| 7.65%<br>|

---

![](img112424_8.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 12.10 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*10.72 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2020* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **VIP Investor Freedom 2020 Portfolio℠** | &nbsp;&nbsp;7.65% | &nbsp;&nbsp;5.10% | &nbsp;&nbsp;5.96% |
| Fidelity VIP Freedom 2020 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 8.05%  | &nbsp;&nbsp; <br> 4.85%  | &nbsp;&nbsp; <br> 5.83%  |
| Bloomberg U.S. Aggregate Bond Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 1.25%  | &nbsp;&nbsp; <br> -0.33%  | &nbsp;&nbsp; <br> 1.35%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

**Fund:**

**VIP Investor Freedom 2025 Portfolio℠**

**Investment Objective**

VIP Investor Freedom 2025 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.00%  |
| Acquired fund fees and expenses | 0.52%  |
| **Total annual operating expenses** | 0.52% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $53 |
| 3 years | $167 |
| 5 years | $291 |
| 10 years | $653 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 26% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Investor Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2025. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112424_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds (including commodity funds), international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds (including commodity funds), bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who anticipate retiring in or within a few years of 2025 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Investor Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Investor Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Investor Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt security to decrease.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Prepayment.*

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *Inflation-Protected Debt Exposure.*

Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.32%<br>| 6.10%<br>| 17.82%<br>| *-*6.56%<br>| 21.73%<br>| 15.88%<br>| 10.78%<br>| *-*16.45%<br>| 13.55%<br>| 8.46%<br>|

---

![](img112424_9.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 13.29 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*12.16 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2020* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **VIP Investor Freedom 2025 Portfolio℠** | &nbsp;&nbsp;8.46% | &nbsp;&nbsp;5.72% | &nbsp;&nbsp;6.47% |
| Fidelity VIP Freedom 2025 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 8.98%  | &nbsp;&nbsp; <br> 5.44%  | &nbsp;&nbsp; <br> 6.35%  |
| S&P 500® Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 25.02%  | &nbsp;&nbsp; <br> 14.53%  | &nbsp;&nbsp; <br> 13.10%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

**Fund:**

**VIP Investor Freedom 2030 Portfolio℠**

**Investment Objective**

VIP Investor Freedom 2030 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.00%  |
| Acquired fund fees and expenses | 0.56%  |
| **Total annual operating expenses** | 0.56% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $57 |
| 3 years | $179 |
| 5 years | $313 |
| 10 years | $701 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 29% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Investor Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2030. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112424_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds (including commodity funds), international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds (including commodity funds), bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who anticipate retiring in or within a few years of 2030 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Investor Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Investor Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Investor Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt security to decrease.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Asia.*

Because an underlying fund invests a meaningful portion of its assets in Asia, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds.

* *Geographic Exposure to China.*

Because an underlying fund invests a meaningful portion of its assets in China, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions in China and to be more volatile than the performance of more geographically diversified funds. The underlying fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Prepayment.*

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.32%<br>| 6.50%<br>| 20.92%<br>| *-*7.87%<br>| 24.42%<br>| 16.82%<br>| 12.25%<br>| *-*16.91%<br>| 14.63%<br>| 9.40%<br>|

---

![](img112424_10.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 14.87 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*14.22 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2020* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **VIP Investor Freedom 2030 Portfolio℠** | &nbsp;&nbsp;9.40% | &nbsp;&nbsp;6.44% | &nbsp;&nbsp;7.23% |
| Fidelity VIP Freedom 2030 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 9.90%  | &nbsp;&nbsp; <br> 6.11%  | &nbsp;&nbsp; <br> 7.12%  |
| S&P 500® Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 25.02%  | &nbsp;&nbsp; <br> 14.53%  | &nbsp;&nbsp; <br> 13.10%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

**Fund:**

**VIP Investor Freedom 2035 Portfolio℠**

**Investment Objective**

VIP Investor Freedom 2035 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.00%  |
| Acquired fund fees and expenses | 0.61%  |
| **Total annual operating expenses** | 0.61% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $62 |
| 3 years | $195 |
| 5 years | $340 |
| 10 years | $762 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 37% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Investor Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2035. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112424_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds (including commodity funds), international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds (including commodity funds), bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who anticipate retiring in or within a few years of 2035 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Investor Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Investor Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Investor Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt security to decrease.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Asia.*

Because an underlying fund invests a meaningful portion of its assets in Asia, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds.

* *Geographic Exposure to China.*

Because an underlying fund invests a meaningful portion of its assets in China, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions in China and to be more volatile than the performance of more geographically diversified funds. The underlying fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Prepayment.*

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *"Growth" Investing.*

"Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

* *"Value" Investing.*

"Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the performance of the fund's shares over the past year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| |
|:---|
| 2024 |
| 10.94%<br>|

---

![](img112424_11.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 6.76 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2024* |
| *Lowest Quarter Return* | *-*3.74 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2024* |

---

**Average Annual Returns**

---

| | | |
|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Life of<br>fund  |
| **VIP Investor Freedom 2035 Portfolio℠** | &nbsp;&nbsp;10.94% | &nbsp;&nbsp;11.47%A |
| Fidelity VIP Freedom 2035 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 11.50%  | &nbsp;&nbsp; <br> 12.21%  |
| S&P 500® Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 25.02%  | &nbsp;&nbsp; <br> 24.34%  |

---

A*From April 13, 2023.*

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2023.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2023.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

**Fund:**

**VIP Investor Freedom 2040 Portfolio℠**

**Investment Objective**

VIP Investor Freedom 2040 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.00%  |
| Acquired fund fees and expenses | 0.66%  |
| **Total annual operating expenses** | 0.66% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $67 |
| 3 years | $211 |
| 5 years | $368 |
| 10 years | $822 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 27% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Investor Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2040. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112424_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds (including commodity funds), international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds (including commodity funds), bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who anticipate retiring in or within a few years of 2040 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Investor Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Investor Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Investor Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt security to decrease.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Asia.*

Because an underlying fund invests a meaningful portion of its assets in Asia, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds.

* *Geographic Exposure to China.*

Because an underlying fund invests a meaningful portion of its assets in China, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions in China and to be more volatile than the performance of more geographically diversified funds. The underlying fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *"Growth" Investing.*

"Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

* *"Value" Investing.*

"Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the performance of the fund's shares over the past year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| |
|:---|
| 2024 |
| 12.93%<br>|

---

![](img112424_12.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 8.14 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2024* |
| *Lowest Quarter Return* | *-*3.71 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2024* |

---

**Average Annual Returns**

---

| | | |
|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Life of<br>fund  |
| **VIP Investor Freedom 2040 Portfolio℠** | &nbsp;&nbsp;12.93% | &nbsp;&nbsp;13.44%A |
| Fidelity VIP Freedom 2040 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 13.63%  | &nbsp;&nbsp; <br> 14.27%  |
| S&P 500® Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 25.02%  | &nbsp;&nbsp; <br> 24.34%  |

---

A*From April 13, 2023.*

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2023.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2023.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

**Fund:**

**VIP Investor Freedom 2045 Portfolio℠**

**Investment Objective**

VIP Investor Freedom 2045 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.00%  |
| Acquired fund fees and expenses | 0.69%  |
| **Total annual operating expenses** | 0.69% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $70 |
| 3 years | $221 |
| 5 years | $384 |
| 10 years | $859 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 36% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Investor Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2045. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112424_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds (including commodity funds), international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds (including commodity funds), bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who anticipate retiring in or within a few years of 2045 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Investor Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Investor Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Investor Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Asia.*

Because an underlying fund invests a meaningful portion of its assets in Asia, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds.

* *Geographic Exposure to China.*

Because an underlying fund invests a meaningful portion of its assets in China, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions in China and to be more volatile than the performance of more geographically diversified funds. The underlying fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *"Growth" Investing.*

"Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

* *"Value" Investing.*

"Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the performance of the fund's shares over the past year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| |
|:---|
| 2024 |
| 13.74%<br>|

---

![](img112424_13.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 8.72 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2024* |
| *Lowest Quarter Return* | *-*3.70 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2024* |

---

**Average Annual Returns**

---

| | | |
|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Life of<br>fund  |
| **VIP Investor Freedom 2045 Portfolio℠** | &nbsp;&nbsp;13.74% | &nbsp;&nbsp;14.14%A |
| Fidelity VIP Freedom 2045 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 14.43%  | &nbsp;&nbsp; <br> 14.96%  |
| S&P 500® Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 25.02%  | &nbsp;&nbsp; <br> 24.34%  |

---

A*From April 13, 2023.*

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2023.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2023.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

**Fund:**

**VIP Investor Freedom 2050 Portfolio℠**

**Investment Objective**

VIP Investor Freedom 2050 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.00%  |
| Acquired fund fees and expenses | 0.69%  |
| **Total annual operating expenses** | 0.69% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $70 |
| 3 years | $221 |
| 5 years | $384 |
| 10 years | $859 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 44% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds).

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an allocation similar to that of the VIP Investor Freedom Income PortfolioSM, approximately 10 to 19 years after the year 2050. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112424_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds (including commodity funds), international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds (including commodity funds), bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

* Designed for investors who anticipate retiring in or within a few years of 2050 (target retirement date) at or around age 65.

*When the neutral asset allocation of a fund matches VIP Investor Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Investor Freedom Income Portfolio*SM*, without shareholder approval, and the fund's shareholders will become shareholders of VIP Investor Freedom Income Portfolio*SM*.*

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Asia.*

Because an underlying fund invests a meaningful portion of its assets in Asia, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds.

* *Geographic Exposure to China.*

Because an underlying fund invests a meaningful portion of its assets in China, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions in China and to be more volatile than the performance of more geographically diversified funds. The underlying fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *"Growth" Investing.*

"Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.

* *"Value" Investing.*

"Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the performance of the fund's shares over the past year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| |
|:---|
| 2024 |
| 13.80%<br>|

---

![](img112424_14.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 8.80 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2024* |
| *Lowest Quarter Return* | *-*3.70 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2024* |

---

**Average Annual Returns**

---

| | | |
|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Life of<br>fund  |
| **VIP Investor Freedom 2050 Portfolio℠** | &nbsp;&nbsp;13.80% | &nbsp;&nbsp;14.13%A |
| Fidelity VIP Freedom 2050 Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 14.43%  | &nbsp;&nbsp; <br> 14.96%  |
| S&P 500® Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 25.02%  | &nbsp;&nbsp; <br> 24.34%  |

---

A*From April 13, 2023.*

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2023.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2023.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Basics**

**Investment Details**

***Investment Objective***

VIP Investor Freedom Income Portfolio℠ seeks high total return with a secondary objective of principal preservation.

Each of VIP Investor Freedom 2010 Portfolio℠, VIP Investor Freedom 2015 Portfolio℠, VIP Investor Freedom 2020 Portfolio℠, VIP Investor Freedom 2025 Portfolio℠, VIP Investor Freedom 2030 Portfolio℠, VIP Investor Freedom 2035 Portfolio℠, VIP Investor Freedom 2040 Portfolio℠, VIP Investor Freedom 2045 Portfolio℠, and VIP Investor Freedom 2050 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

***Principal Investment Strategies***

The Adviser invests each fund's assets primarily in a combination of Fidelity® funds: U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds). The funds differ primarily due to their asset allocations among these fund types. Because each fund allocates its assets among the underlying Fidelity® funds based on fund types rather than on the actual holdings of the underlying Fidelity® funds, each fund may have greater exposure to an asset class to the extent that an underlying Fidelity® fund holds securities of more than one asset class. The neutral asset allocation strategy for each fund is designed to provide an approach to asset allocation that is neither overly aggressive nor overly conservative.

The Adviser allocates the assets of each fund (except VIP Investor Freedom Income PortfolioSM) according to a neutral asset allocation strategy that adjusts over time. Each fund's name refers to the approximate retirement year of the investors for whom the fund's asset allocation strategy is designed. For example, VIP Investor Freedom 2050 PortfolioSM, which is designed for investors planning to retire around the year 2050 and at or around age 65, has a neutral asset allocation, with the majority of its assets invested in U.S. equity funds and international equity funds and less than half of its assets invested in bond funds. By contrast, VIP Investor Freedom 2010 PortfolioSM, which has reached its target retirement year, has a neutral asset allocation, with less than half of its assets invested in U.S. equity funds and international equity funds and the majority of its assets invested in bond funds and short-term funds.

VIP Investor Freedom Income PortfolioSM is designed for investors in their retirement years. The Adviser allocates the fund's assets according to a stable neutral asset allocation that emphasizes bond funds and short-term funds, but also includes an allocation to U.S. equity funds and international equity funds.

The neutral asset allocation shown in the glide path in each fund summary (except VIP Investor Freedom Income Portfolio℠) depicts the allocation to U.S. equity funds (including commodity funds), international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds and represents the Adviser's view regarding how each fund's investments should be allocated among the various asset classes over the long term. Each fund's actual allocations may differ to the extent the Adviser employs its active allocation strategy. As discussed in each fund's summary, the active asset allocation strategy allows the Adviser to increase or decrease a fund's asset class exposures relative to its neutral asset allocation by up to 10% for equity funds (including commodity funds), bond funds and short-term funds, to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. A fund's investments in equity funds will remain under 100% at all times. The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics. Emerging markets tend to have relatively low gross national product per capita compared to the world's major economies and may have the potential for rapid economic growth.

The Adviser may buy and sell futures contracts (both long and short positions) in each fund in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation. Depending on how they are used, these instruments may effectively increase or decrease a fund's allocation in one or more asset classes. Cash and other short-term instruments used to collateralize futures contracts are included in the short-term funds asset class.

When increasing or decreasing asset allocation to one or more asset classes, the Adviser will correspondingly reduce or increase exposure to the remaining asset classes. For example, if the Adviser's intermediate term market outlook were to favor fixed income securities, the Adviser may choose to increase each fund's asset allocation to underlying bond funds by up to 10% from each fund's neutral asset allocation to bond funds, by correspondingly reducing asset allocation to U.S. and/or international equity funds and/or short-term funds. Conversely, if fixed income investments were to fall out of favor based on the Adviser's intermediate term market outlook, the Adviser may choose to decrease exposures to underlying bond funds by increasing asset allocation to underlying U.S. and/or international equity funds and/or short-term funds.

Information concerning each fund's actual allocations to underlying funds will be available in each fund's shareholder report and on the funds' website from time to time.

***Selecting a VIP Investor Freedom Fund***

There are many considerations relevant to fund selection, including your individual income replacement goals (*i.e.*, how much income do you expect to need in retirement), other expected income after retirement, inflation, other assets and risk tolerance. You should also consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund or a collection of funds will provide sufficient income in your retirement years. When selecting a fund, in addition to the considerations discussed above, you may wish to consider a fund with a target year near the year in which you anticipate your retirement to begin, having reached the age of at or around 65. It is important to note that the funds' asset allocation strategy is designed to provide income for shareholders through their retirement years and assumes that an investor will withdraw the value of his or her account gradually after retirement. Meeting your retirement goals is dependent upon many factors, including the amount you save and the period over which you do so. Investors should select the fund that best meets their individual circumstances and investment goals.

***Asset Allocation Framework***

The following chart illustrates how each fund's approximate asset allocation (except VIP Investor Freedom Income Portfolio℠) is expected to change over time. The funds' actual asset allocations may differ from this illustration. The Adviser may modify each fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for each fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations.

![](img112424_5.jpg)

The neutral allocations shown in the glide path do not reflect any decisions made by the Adviser to overweight or underweight a particular asset class based on its market outlook. Each fund's asset allocation assigned to the asset classes above is not expected to vary from the neutral allocations set forth in the glide path by more than plus (+) or minus (-) 10%.

When the neutral asset allocation of a fund matches VIP Investor Freedom Income Portfolio's neutral asset allocation (approximately 10 to 19 years after the year indicated in the fund's name), the Board of Trustees may combine the fund with VIP Investor Freedom Income Portfolio℠, without shareholder approval, and the fund's shareholders will become shareholders of VIP Investor Freedom Income Portfolio℠.

The Adviser may modify the neutral asset allocation strategy and the active asset allocation strategy for any fund from time to time.

***Description of Underlying Fidelity® Funds***

Each fund will purchase Investor Class shares of an underlying Fidelity® fund (other than Fidelity® Commodity Strategy Fund, Fidelity® Long-Term Treasury Bond Index Fund, Fidelity® Inflation-Protected Bond Index Fund, and Fidelity® International Bond Index Fund).

Although the underlying Fidelity® funds are categorized generally as U.S. equity (including commodity funds), international equity, bond (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds, many of the underlying Fidelity® funds may invest in a mix of securities of international and U.S. issuers, investment-grade and high yield bonds, and other securities. Many of the underlying Fidelity® funds may also use various techniques, such as buying and selling futures contracts and exchange traded funds, to increase or decrease a fund's exposure to changing security prices or other factors that affect security values. The Adviser may modify the selection of underlying Fidelity® funds for any fund from time to time. When modifying the selection of underlying Fidelity® funds and transitioning in or out of one or more underlying Fidelity® funds, the Adviser may invest a fund's assets directly in securities for a period of time. Visit each fund's website for more information about the fund's approximate asset allocation to each underlying Fidelity® fund. The Adviser may change these allocations over time.

Detailed information about each underlying Fidelity® fund is available in each underlying Fidelity® fund's prospectus. A copy of any underlying Fidelity® fund's prospectus is available at www.fidelity.com or institutional.fidelity.com.

***Principal Investment Risks***

Many factors affect each fund's performance. Developments that disrupt global economies and financial markets, such as pandemics and epidemics, may magnify factors that affect a fund's performance. A fund's share price changes daily based on the performance of the underlying Fidelity® funds in which it invests. The ability of each fund to meet its investment objective is directly related to its asset allocation among underlying Fidelity® funds and the ability of those funds to meet their investment objectives. If the Adviser's asset allocation strategy does not work as intended, a fund may not achieve its objective. Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at, or after the target retirement date.

The following factors can significantly affect a fund's performance:

*Asset Allocation Risk.* A fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the fund to have a risk profile different than that portrayed above from time to time and may increase losses.

*Investing in Other Funds.* A fund bears all risks of investment strategies employed by the underlying funds. A fund does not control the investments of the underlying funds, which may have different investment objectives and may engage in investment strategies that a fund would not engage in directly. Aggregation of underlying fund holdings may result in indirect concentration of assets in a particular industry or group of industries, or in a single issuer, which may increase volatility.

*Stock Market Volatility*. The Adviser will continue to invest each fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. The value of equity securities fluctuates in response to issuer, political, market, and economic developments. Fluctuations, especially in foreign markets, can be dramatic over the short as well as long term, and different parts of the market, including different market sectors, and different types of equity securities can react differently to these developments. For example, stocks of companies in one sector can react differently from those in another, large cap stocks can react differently from small cap stocks, "growth" stocks can react differently from "value" stocks, and stocks selected using quantitative or technical analysis can react differently than stocks selected using fundamental analysis. Issuer, political, or economic developments can affect a single issuer, issuers within an industry or economic sector or geographic region, or the market as a whole. Changes in the financial condition of a single issuer can impact the market as a whole. Terrorism and related geo-political risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

*Interest Rate Changes.* Debt securities, including money market securities, have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and certain types of securities, such as mortgage securities and the securities of issuers in the financial services sector, can be more sensitive to interest rate changes, meaning the longer the maturity of a security, the greater the impact a change in interest rates could have on the security's price. Short-term and long-term interest rates do not necessarily move in the same amount or the same direction. Short-term securities tend to react to changes in short-term interest rates, and long-term securities tend to react to changes in long-term interest rates. Securities with floating interest rates can be less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much as interest rates in general. Securities whose payment at maturity is based on the movement of all or part of an index and inflation-protected debt securities may react differently from other types of debt securities. Some countries experience low or negative interest rates from time to time, which may magnify interest rate risk for the market as a whole and for a fund. In market environments where interest rates are rising, issuers may be less willing or able to make principal and/or interest payments on securities when due. Certain investments held by a fund may have relied on the London Interbank Offered Rate (LIBOR) (an indicative measure of the average interest rate at which major global banks could borrow from one another). As a result of benchmark reforms, publication of all LIBOR settings has ceased. Although the transition process away from certain benchmark rates, including LIBOR, for more instruments, has been completed, any potential effects of the transition away from LIBOR and other benchmark rates on financial markets, a fund or the financial instruments in which a fund invests can be difficult to ascertain and may adversely impact a fund's performance.

*Income Risk.* An underlying fund's income, or yield, is based on short-term interest rates, which can fluctuate significantly over short periods. A low or negative interest rate environment can adversely affect an underlying fund's yield and, depending on its duration and severity, could prevent an underlying fund from providing a positive yield and/or maintaining a stable $1.00 share price. In addition, an underlying fund's yield will vary as the short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. From time to time, the Adviser may reimburse expenses or waive fees for a class of an underlying fund in order to avoid a negative yield, but there is no guarantee that the class or fund will be able to avoid a negative yield.

*Foreign Exposure.* Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations, and securities for which an entity located in a foreign country provides credit support or a maturity-shortening structure can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign exchange rates; withholding or other taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market.

Investing in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets economies can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. All of these factors can make emerging markets securities more volatile and potentially less liquid than securities issued in more developed markets.

Global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers or providers in, or foreign exchange rates with, a different country or region.

*Foreign Currency Transactions.* A fund that invests in securities denominated in foreign currencies may enter into forward foreign currency exchange contracts. A forward foreign currency exchange contract, which involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract, reduces a fund's exposure to changes in the value of the currency it will deliver and increases its exposure to changes in the value of the currency it will receive for the duration of the contract. Certain foreign currency transactions may also be settled in cash rather than the actual delivery of the relevant currency. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the hedged currency increases. Suitable hedging transactions may not be available in all circumstances, may not be successful, and may eliminate any chance for the fund to benefit from favorable fluctuations in relevant foreign currencies.

*Geographic Exposure.* Social, political, and economic conditions and changes in regulatory, tax, or economic policy in a country or region could significantly affect the market in that country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region, and these companies and industries can be sensitive to adverse social, political, economic, currency, or regulatory developments. Similarly, from time to time, an underlying fund may invest a meaningful portion of its assets in the securities of issuers located in a single country or a limited number of countries. If an underlying fund invests in this manner, there is a higher risk that social, political, economic, tax (such as a tax on foreign investments or financial transactions), currency, or regulatory developments in those countries may have a significant impact on the underlying fund's investment performance.

*Special Considerations regarding Asia*. Most Asian economies, particularly Asian emerging markets economies, are characterized by over-extension of credit, frequent currency fluctuations, devaluations, and restrictions, unstable employment rates, rapid fluctuation in, among other things, inflation, reliance on exports, and less efficient markets. Currency fluctuations or devaluations in any one country can have a significant effect on the entire region. Recently, the markets in certain Asian countries, particularly those with emerging markets, have suffered significant currency volatility. Furthermore, increased political and social unrest in some Asian countries and slower economic growth could cause further economic and market uncertainty and economic decline in the entire region in the event of economic sanctions or military conflicts.

*Special Considerations regarding China*. The Chinese economy is dependent on the economies of other countries, many of which are developing countries, and can be significantly affected by currency fluctuations and increasing competition from Asia's other emerging economies. Investments in companies located or operating in China involve risks and considerations such as greater government control of the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the Chinese economy and markets; lack of publicly available information and difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; and limited legal remedies for shareholders. China's economy is experiencing a relative slowdown. Foreign investments may be subject to certain restrictions. Changes in Chinese government policy and economic growth rates could significantly affect local markets. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers or a downturn in any of the economies of China's key trading partners may have an adverse impact on the securities of Chinese issuers. Concerns exist regarding a potential trade war between China and the United States, which may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China's export industry, all of which may have a negative impact on a fund's investments.

A fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. VIE investments are subject to the risk that any breach of these contractual arrangements will be subject to Chinese law and jurisdiction, that Chinese law may be interpreted or change in a way that affects the enforceability of the VIE's arrangements, or that contracts between the Chinese company and the VIE may otherwise not be enforceable under Chinese law. Thus, limiting the remedies and rights of investors such as the fund. If these risks materialize, the value of investments in VIEs could be adversely affected and a fund could incur significant losses with no recourse available.

*Special Considerations regarding Europe*. Europe includes both developed and emerging markets. Most developed countries in Western Europe are members of the European Union (EU), and many are also members of the European Economic and Monetary Union (EMU). European countries can be significantly affected by the tight fiscal and monetary controls with which EU members and candidates for EMU membership are required to comply. In addition, the private and public sectors' debt problems of a single EU country can pose economic risks to the EU as a whole. Unemployment in Europe has historically been higher than in the United States, public deficits are an ongoing concern in many European countries, the region is currently facing great political and economic uncertainty and many European economies are experiencing slow economic growth or recession. Eastern European countries generally continue to move toward market economies. However, their markets remain relatively undeveloped and can be particularly sensitive to social, political, and economic developments. The EU faces challenges related to member states seeking to change their relationship with the EU, exemplified by the United Kingdom's withdrawal. There can be significant uncertainty as to the terms and consequences of EU member states seeking to change their relationship with the EU. Among other things, a member state's decision to leave the EU could result in increased volatility and illiquidity in the European and such member state's economies, as well as the broader global economy. Companies with a significant amount of business in the member state or Europe may experience lower revenue and/or profit growth, which may adversely affect the value of a fund's investments. In addition, uncertainty regarding any member state's exit from the EU may lead to instability in the foreign exchange markets, including volatility in the value of the euro.

*Prepayment.* Many types of debt securities, including mortgage securities, and inflation-protected debt securities, are subject to prepayment risk. Prepayment risk occurs when the issuer of a security can repay principal prior to the security's maturity. Securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a debt security can be difficult to predict and result in greater volatility.

*Issuer-Specific Changes.* Changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's credit quality or value and an issuer's or counterparty's ability to pay interest and principal when due. Entities providing credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) also can be affected by these types of changes, and if the structure of a security fails to function as intended, the security could decline in value.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities tend to be particularly sensitive to these changes and involve greater risk of default or price changes due to changes in the credit quality of the issuer, economic recessions, or periods of high interest rates. The value of lower-quality debt securities and certain types of other securities often fluctuates in response to company, political, or economic developments and can decline significantly over short as well as long periods of time or during periods of general or regional economic difficulty. Lower-quality debt securities can be thinly traded or have restrictions on resale, making them difficult to sell at an acceptable price, and often are considered to be speculative.

*Correlation to Index.* The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, imperfect correlation between the underlying fund's securities and those in its index, timing differences associated with additions to and deletions from the index, and changes in the component securities. In addition, an underlying index fund may not be able to invest in certain securities in its index or invest in them in the exact proportions in which they are represented in the index due to regulatory restrictions. An underlying index fund may not be fully invested at times, either as a result of cash flows into the underlying fund or as a result of reserves of cash held by the underlying fund to meet redemptions. The use of sampling techniques or futures or other derivative positions may affect an underlying index fund's ability to achieve close correlation with its index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

*Passive Management Risk.* Some of the underlying funds in which each fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. The structure and composition of an underlying index fund's index will affect the performance, volatility, and risk of the index and, consequently, the performance, volatility, and risk of the fund. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

*Leverage Risk.* Derivatives, forward-settling securities, and short sale transactions involve leverage because they can provide investment exposure in an amount exceeding the initial investment. Leverage can magnify investment risks and cause losses to be realized more quickly. A small change in the underlying asset, instrument, or index can lead to a significant loss. Forward-settling securities and short sale transactions also involve the risk that a security will not be issued, delivered, available for purchase, or paid for when anticipated. An increase in the market price of securities sold short will result in a loss. Government legislation or regulation could affect the use of these transactions and could limit a fund's ability to pursue its investment strategies.

*"Growth" Investing*. "Growth" stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. "Growth" stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, "growth" stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.

*"Value" Investing*. "Value" stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. "Value" stocks tend to be inexpensive relative to their earnings or assets compared to other types of stocks. However, "value" stocks can continue to be inexpensive for long periods of time and may not ever realize their full value.

*Inflation-Protected Debt Exposure.* Inflation-protected debt securities tend to react to changes in real interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

*Mid Cap Investing.* The value of securities of medium size, less well-known issuers can be more volatile than that of relatively larger issuers and can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks.

*Call Options Writing Risk*. The writer of a call option takes the opposite side of the transaction from the option's purchaser. In return for receipt of the premium, the writer assumes the obligation to pay or receive the strike price for the option's underlying security or instrument if the other party to the option chooses to exercise it. Writing a call option obligates the writer to sell or deliver the option's underlying security or instrument or make a net cash settlement payment, as applicable, in return for the strike price, upon exercise of the option. Writing call options generally is a profitable strategy if prices remain the same or fall. Through receipt of the option premium, a call writer should mitigate the effects of a price increase. At the same time, because a call writer must be prepared to deliver the underlying security or instrument or make a net cash settlement payment, as applicable, in return for the strike price, even if its current value is greater, a call writer gives up some ability to participate in price increases in the underlying security or instrument.

In response to market, economic, political, or other conditions, a fund may temporarily use a different investment strategy for defensive purposes. If the fund does so, different factors could affect its performance and the fund may not achieve its investment objective.

**Fundamental Investment Policies**

The following is fundamental, that is, subject to change only by shareholder approval:

VIP Investor Freedom Income Portfolio℠ seeks high total return with a secondary objective of principal preservation.

Each of VIP Investor Freedom 2010 Portfolio℠, VIP Investor Freedom 2015 Portfolio℠, VIP Investor Freedom 2020 Portfolio℠, VIP Investor Freedom 2025 Portfolio℠, and VIP Investor Freedom 2030 Portfolio℠ seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Non-Fundamental Investment Policies**

The investment objective of each of VIP Investor Freedom 2035 Portfolio℠, VIP Investor Freedom 2040 Portfolio℠, VIP Investor Freedom 2045 Portfolio℠, and VIP Investor Freedom 2050 Portfolio℠ is non-fundamental and may be changed without shareholder approval.

**Valuing Shares**

Each fund is open for business each day the NYSE is open.

The NAV is the value of a single share. Fidelity normally calculates NAV each business day as of the times noted in the table below. Each fund's assets normally are valued as of this time for the purpose of computing NAV.

---

| | |
|:---|:---|
| **Fund** | **NAV Calculation Times**<br> **(Eastern Time)** |
| VIP Investor Freedom Income Portfolio℠ | 4:00 p.m. |
| VIP Investor Freedom 2010 Portfolio℠ | 4:00 p.m. |
| VIP Investor Freedom 2015 Portfolio℠ | 4:00 p.m. |
| VIP Investor Freedom 2020 Portfolio℠ | 4:00 p.m. |
| VIP Investor Freedom 2025 Portfolio℠ | 4:00 p.m. |
| VIP Investor Freedom 2030 Portfolio℠ | 4:00 p.m. |
| VIP Investor Freedom 2035 Portfolio℠ | 4:00 p.m. |
| VIP Investor Freedom 2040 Portfolio℠ | 4:00 p.m. |
| VIP Investor Freedom 2045 Portfolio℠ | 4:00 p.m. |
| VIP Investor Freedom 2050 Portfolio℠ | 4:00 p.m. |

---

NAV is not calculated and a fund will not process purchase and redemption requests submitted on days when the fund is not open for business. The time at which shares are priced and until which purchase and redemption orders are accepted may be changed as permitted by the Securities and Exchange Commission (SEC).

NAV is calculated using the values of the underlying Fidelity® funds in which a fund invests. Shares of underlying Fidelity® funds are valued at their respective NAVs. For an explanation of the circumstances under which the underlying Fidelity® funds will use fair value pricing and the effects of using fair value pricing, see the underlying Fidelity® funds' prospectuses and Statements of Additional Information (SAIs).

To the extent that underlying Fidelity® fund assets are traded in other markets on days when a fund is not open for business, the value of the fund's assets may be affected on those days. In addition, trading in some underlying Fidelity® fund assets may not occur on days when a fund is open for business.

**Shareholder Information**

**Additional Information about the Purchase and Sale of Shares**

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

**Frequent Purchases and Redemptions**

A fund may reject for any reason, or cancel as permitted or required by law, any purchase orders, including transactions deemed to represent excessive trading, at any time.

Excessive trading of fund shares can harm variable product owners in various ways, including reducing the returns to long-term variable product owners by increasing costs paid by a fund (such as brokerage commissions or spreads paid to dealers who sell money market instruments), disrupting portfolio management strategies, and diluting the value of the shares in cases in which fluctuations in markets are not fully priced into the fund's NAV.

Purchase and redemption transactions submitted to a fund by Permitted Accounts reflect the transactions of multiple variable product owners whose individual transactions are often not disclosed to the fund, making it difficult to determine whether an individual variable product owner is engaging in excessive trading. Excessive trading in Permitted Accounts is likely to go undetected by a fund and may increase costs to the fund and disrupt its portfolio management.

Each fund reserves the right at any time to restrict purchases or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

**Excessive Trading Policy for each fund**

The Board of Trustees has adopted policies designed to discourage excessive trading of fund shares. Under these policies, insurance companies will be permitted to apply the fund's excessive trading policy (described below), or their own excessive trading policy if approved by the Adviser. In these cases, the fund will typically not request or receive individual account data but will rely on the insurance company to monitor trading activity in good faith in accordance with its or the fund's policies. Reliance on insurance companies increases the risk that excessive trading may go undetected. For other insurance companies, the fund will monitor trading activity at the Permitted Account level to attempt to identify disruptive trades. The fund may request variable product owner transaction information, as frequently as daily, from any insurance company at any time, and may apply the fund's policy to transactions that exceed thresholds established by the Board of Trustees. The fund may prohibit purchases of fund shares by an insurance company or by some or all of any Permitted Accounts. There is no assurance that the Adviser will request data with sufficient frequency to detect or deter excessive trading in Permitted Accounts effectively.

Under the excessive trading policy, excessive trading activity is measured by the number of roundtrip transactions in a variable product owner's account. A roundtrip transaction occurs when a variable product owner sells fund shares within 30 days of the purchase date. For purposes of the fund's policy, exchanges are treated as a sale and a purchase.

Variable product owners with two or more roundtrip transactions in a single fund within a rolling 90-day period will be blocked from making additional purchases of the fund or limited to trading by U.S. mail for 85 days. Variable product owners with four or more roundtrip transactions across all Fidelity® funds within any rolling 12-month period will be blocked from making additional purchases for at least 85 days or limited to trading by U.S. mail for 12 months across all Fidelity® funds. Any roundtrip within 12 months of the expiration of a multi-fund block or U.S. mail restriction will initiate another multi-fund block or a 12-month U.S. mail restriction. Repeat offenders may be subject to long-term or permanent U.S. mail restrictions on purchases in any account under the variable product owner's control at any time. In addition to enforcing these roundtrip limitations, the fund may in its discretion restrict, reject, or cancel any purchases that, in FMR's opinion, may be disruptive to the management of the fund or otherwise not be in the fund's interests. The administration and effectiveness of these sanctions will in large part depend on the rights, ability, and willingness of insurance companies to impose the sanctions.

The fund's excessive trading policy does not apply to transactions of $5,000 or less, or transactions which have been demonstrated to the fund to be (i) systematic withdrawal and/or contribution programs, (ii) mandatory retirement distributions, (iii) transactions initiated by a retirement plan sponsor, sponsors of certain other employee benefit plans or qualified fund of funds, or (iv) transactions in certain company-owned accounts. A qualified fund of funds must demonstrate that it has an investment strategy coupled with policies designed to control frequent trading that have been determined by the fund's Treasurer to be reasonably effective. Some qualified funds of funds may be exempt, as determined by the fund's Treasurer, from monitoring frequent trading based on the nature of the fund of funds.

The fund's policies are separate from any insurance company policies and procedures applicable to variable product owner transactions. The variable annuity or variable life insurance product prospectus will contain a description of the insurance company's policies and procedures, if any, with respect to excessive trading. If you purchase or sell fund shares through an insurance company, you may wish to contact the insurance company to determine the policies applicable to your account.

The fund's Treasurer is authorized to suspend the fund's policies during periods of severe market turbulence or national emergency. The fund reserves the right to modify its policies at any time without prior notice.

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

As described in "Valuing Shares," the fund also uses fair value pricing to help reduce arbitrage opportunities available to short-term traders. There is no assurance that the fund's excessive trading policy will be effective, or will successfully detect or deter excessive or disruptive trading.

**Buying Shares**

**Eligibility**

Shares are generally available only to investors residing in the United States.

There is no minimum balance or purchase minimum for fund shares.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

**Price to Buy**

The price to buy one share is its NAV. Shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after an order is received in proper form.

Each fund has authorized certain intermediaries to accept orders to buy shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be bought at the NAV next calculated after the order is received by the authorized intermediary.

Provided a fund receives an order to buy shares in proper form before the close of business, the fund may place an order to buy shares of an underlying Fidelity® fund after the close of business, pursuant to a pre-determined allocation, and receive that day's NAV.

Each fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.

**Selling Shares**

The price to sell one share is its NAV.

Shares will be sold at the NAV next calculated after an order is received in proper form.

Normally, redemptions will be processed by the next business day, but it may take up to seven days to pay the redemption proceeds if making immediate payment would adversely affect a fund.

Each fund has authorized certain intermediaries to accept orders to sell shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be sold at the NAV next calculated after the order is received by the authorized intermediary. If applicable, orders by funds of funds for which Fidelity serves as investment manager will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.

Provided a fund receives an order to sell shares in proper form before the close of business, the fund may place an order to sell shares of an underlying Fidelity® fund after the close of business, pursuant to a pre-determined allocation, and receive that day's NAV.

See "Policies Concerning the Redemption of Fund Shares" below for additional redemption information.

Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.

Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of a fund.

Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

Each fund offers its shares to Permitted Accounts that may be affiliated or unaffiliated with FMR and/or each other. Each fund currently does not foresee any disadvantages to variable product owners arising out of the fact that the fund offers its shares to separate accounts of insurance companies that offer variable annuity and variable life insurance products. Nevertheless, the Board of Trustees that oversees each fund intends to monitor events to identify any material irreconcilable conflicts that may possibly arise and to determine what action, if any, should be taken in response.

Variable product owners may be asked to provide additional information in order for Fidelity to verify their identities in accordance with requirements under anti-money laundering regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information or as otherwise required under these and other federal regulations.

**Policies Concerning the Redemption of Fund Shares**

*If your account is held directly with a fund,* the length of time that a fund typically expects to pay redemption proceeds depends on the method you have elected to receive such proceeds. A fund typically expects to make payment of redemption proceeds by wire, automated clearing house (ACH) or by issuing a check by the next business day following receipt of a redemption order in proper form. Proceeds from the periodic and automatic sale of shares of a Fidelity® money market fund that are used to buy shares of another Fidelity® fund are settled simultaneously.

*If your account is held through an intermediary,* the length of time that a fund typically expects to pay redemption proceeds depends, in part, on the terms of the agreement in place between the intermediary and a fund. For redemption proceeds that are paid either directly to you from a fund or to your intermediary for transmittal to you, a fund typically expects to make payments by wire, by ACH or by issuing a check on the next business day following receipt of a redemption order in proper form from the intermediary by a fund. Redemption orders that are processed through investment professionals that utilize the National Securities Clearing Corporation will generally settle one to three business days following receipt of a redemption order in proper form.

As noted elsewhere, payment of redemption proceeds may take longer than the time a fund typically expects and may take up to seven days from the date of receipt of the redemption order as permitted by applicable law.

**Redemption Methods Available.** Generally a fund expects to pay redemption proceeds in cash. To do so, a fund typically expects to satisfy redemption requests either by using available cash (or cash equivalents) or by selling portfolio securities. On a less regular basis, a fund may also satisfy redemption requests by utilizing one or more of the following sources, if permitted: borrowing from another Fidelity® fund; drawing on an available line or lines of credit from a bank or banks; or using reverse repurchase agreements. These methods may be used during both normal and stressed market conditions.

In addition to paying redemption proceeds in cash, a fund reserves the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash (redemption in-kind). Redemption in-kind proceeds will typically be made by delivering the selected securities to the redeeming shareholder within seven days after the receipt of the redemption order in proper form by a fund.

**Dividends and Capital Gain Distributions**

Each fund earns interest, dividends, and other income from its investments, and distributes this income (less expenses) to shareholders as dividends. Each fund also realizes capital gains from its investments, and distributes these gains (less any losses) to shareholders as capital gain distributions.

Each fund normally pays dividends and capital gain distributions per the tables below:

---

| | |
|:---|:---|
| **Fund Name** | **Dividends Paid** |
| VIP Investor Freedom Income Portfolio℠ | February, December |
| VIP Investor Freedom 2010 Portfolio℠ | February, December |
| VIP Investor Freedom 2015 Portfolio℠ | February, December |
| VIP Investor Freedom 2020 Portfolio℠ | February, December |
| VIP Investor Freedom 2025 Portfolio℠ | February, December |
| VIP Investor Freedom 2030 Portfolio℠ | February, December |
| VIP Investor Freedom 2035 Portfolio℠ | February, December |
| VIP Investor Freedom 2040 Portfolio℠ | February, December |
| VIP Investor Freedom 2045 Portfolio℠ | February, December |
| VIP Investor Freedom 2050 Portfolio℠ | February, December |

---

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gains Paid** |
| VIP Investor Freedom Income Portfolio℠ | February, December |
| VIP Investor Freedom 2010 Portfolio℠ | February, December |
| VIP Investor Freedom 2015 Portfolio℠ | February, December |
| VIP Investor Freedom 2020 Portfolio℠ | February, December |
| VIP Investor Freedom 2025 Portfolio℠ | February, December |
| VIP Investor Freedom 2030 Portfolio℠ | February, December |
| VIP Investor Freedom 2035 Portfolio℠ | February, December |
| VIP Investor Freedom 2040 Portfolio℠ | February, December |
| VIP Investor Freedom 2045 Portfolio℠ | February, December |
| VIP Investor Freedom 2050 Portfolio℠ | February, December |

---

Each fund normally pays capital gain distributions in December, if necessary, to ensure that each fund is not subject to a fund-level excise tax.

Any dividends and capital gain distributions will be automatically reinvested in additional shares.

**Fund Services**

**Fund Management**

Each fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

**Adviser**

**FMR.** The Adviser is each fund's manager. The address of the Adviser is 245 Summer Street, Boston, Massachusetts 02210.

As of December 31, 2024, the Adviser had approximately $4.7 trillion in discretionary assets under management, and approximately $5.9 trillion when combined with all of its affiliates' assets under management.

As the manager, the Adviser administers the asset allocation program for each fund and is responsible for handling the business affairs for each fund.

**Portfolio Manager(s)**

Andrew Dierdorf is Co-Portfolio Manager of each fund, which he has managed since 2011 (except for VIP Investor Freedom 2035 PortfolioSM, VIP Investor Freedom 2040 PortfolioSM, VIP Investor Freedom 2045 PortfolioSM, and VIP Investor Freedom 2050 PortfolioSM, which he has managed since 2023). He also manages other funds. Since joining Fidelity Investments in 2004, Mr. Dierdorf has worked as a portfolio manager.

Cait Dourney is Co-Portfolio Manager of each fund, which she has managed since 2025. She also manages other funds. Since joining Fidelity Investments in 2014, Ms. Dourney has worked as a research analyst and portfolio manager.

Finola McGuire Foley is Co-Portfolio Manager of each fund, which she has managed since 2025. She also manages other funds. Since joining Fidelity Investments in 2003, Ms. Foley has worked as an assistant portfolio manager and portfolio manager.

Brett Sumsion is Co-Portfolio Manager of each fund, which he has managed since 2014 (except for VIP Investor Freedom 2035 PortfolioSM, VIP Investor Freedom 2040 PortfolioSM, VIP Investor Freedom 2045 PortfolioSM, and VIP Investor Freedom 2050 PortfolioSM, which he has managed since 2023). He also manages other funds. Since joining Fidelity Investments in 2014, Mr. Sumsion has worked as a portfolio manager.

The SAI provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio manager(s).

From time to time a manager, analyst, or other Fidelity employee may express views regarding a particular company, security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

**Advisory Fee(s)**

Each fund does not pay a management fee to the Adviser.

The basis for the Board of Trustees approving the management contract for each fund is available in each fund's Form N-CSR report for the fiscal period ended December 31, 2024.

From time to time, the Adviser or its affiliates may agree to reimburse or waive certain fund expenses while retaining the ability to be repaid if expenses fall below the specified limit prior to the end of the fiscal year.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

**Fund Distribution**

FDC distributes each fund's shares.

Intermediaries may receive from the Adviser, FDC, and/or their affiliates compensation for their services intended to result in the sale of fund shares.

This compensation may take the form of payments for additional distribution-related activities and/or shareholder services and payments for educational seminars and training, including seminars sponsored by Fidelity, or by an intermediary.

These payments are described in more detail in this section and in the SAI.

**Distribution and Service Plan(s)**

Each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (1940 Act) that recognizes that the Adviser may use its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of fund shares and/or support services that benefit variable product owners. The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of each fund has authorized such payments. Variable product owners should speak with their investment professionals to learn more about any payments their firms may receive from the Adviser, FDC, and/or their affiliates, as well as fees and/or commissions the investment professional charges. Variable product owners should also consult disclosures made by their investment professionals at the time of purchase.

If payments made by the Adviser to FDC or to intermediaries under a Distribution and Service Plan were considered to be paid out of a fund's assets on an ongoing basis, they would increase the cost of a shareholder's investment and might cost a shareholder more than paying other types of sales charges.

**Appendix**

**Financial Highlights**

Financial Highlights are intended to help you understand the financial history of fund shares for the past 5 years (or, if shorter, the period of operations). Certain information reflects financial results for a single share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in shares (assuming reinvestment of all dividends and distributions). The annual information has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm, whose report, along with fund financial statements, is included in the annual report. Annual reports are available for free upon request.

**VIP Investor Freedom Income Portfolio℠** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.85 | $10.52 | $12.62 | $12.68 | $11.91 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .41  | .36  | .27  | .24  | .16  |
| Net realized and unrealized gain (loss)  | .06  | .46  | (1.74)  | .17  | 1.06  |
| Total from investment operations  | .47  | .82  | (1.47)  | .41  | 1.22  |
| Distributions from net investment income  | (.42)  | (.49)  | (.25)  | (.13)  | (.16)  |
| Distributions from net realized gain  | (.01)  | -  | (.38)  | (.34)  | (.29)  |
| Total distributions  | (.43)  | (.49)  | (.63)  | (.47)  | (.45)  |
| Net asset value, end of period  | $10.89 | $10.85 | $10.52 | $12.62 | $12.68 |
| **Total Return** C,D | 4.31% <br>| 7.88%  | (12.03)%  | 3.28%  | 10.40%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 3.72%  | 3.36%  | 2.44%  | 1.88%  | 1.32%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $76504 | $63367 | $72948 | $102427 | $97889 |
| Portfolio turnover rate H | 25% I<br>| 20%  | 65%  | 27%  | 49%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount represents less than .005%.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

I*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**VIP Investor Freedom 2010 Portfolio℠** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.85 | $11.27 | $13.93 | $13.73 | $12.84 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .39  | .35  | .29  | .26  | .17  |
| Net realized and unrealized gain (loss)  | .23  | .70  | (2.10)  | .52  | 1.37  |
| Total from investment operations  | .62  | 1.05  | (1.81)  | .78  | 1.54  |
| Distributions from net investment income  | (.44)  | (.47)  | (.26)  | (.14)  | (.17)  |
| Distributions from net realized gain  | (.01)  | -  | (.59)  | (.44)  | (.49)  |
| Total distributions  | (.45)  | (.47)  | (.85)  | (.58)  | (.65) C |
| Net asset value, end of period  | $12.02 | $11.85 | $11.27 | $13.93 | $13.73 |
| **Total Return** D,E | 5.27% <br>| 9.40%  | (13.50)%  | 5.81%  | 12.40%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 3.17%  | 3.03%  | 2.40%  | 1.87%  | 1.33%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $52610 | $56376 | $62719 | $85277 | $76008 |
| Portfolio turnover rate I | 22% <br>| 18%  | 64%  | 23%  | 39%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Investor Freedom 2015 Portfolio℠** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.84 | $11.07 | $14.02 | $13.73 | $12.86 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .31  | .28  | .25  | .16  |
| Net realized and unrealized gain (loss)  | .40  | .88  | (2.23)  | .78  | 1.53  |
| Total from investment operations  | .76  | 1.19  | (1.95)  | 1.03  | 1.69  |
| Distributions from net investment income  | (.40)  | (.42)  | (.25)  | (.15)  | (.17)  |
| Distributions from net realized gain  | (.05)  | -  | (.75)  | (.59)  | (.66)  |
| Total distributions  | (.45)  | (.42)  | (1.00)  | (.74)  | (.82) C |
| Net asset value, end of period  | $12.15 | $11.84 | $11.07 | $14.02 | $13.73 |
| **Total Return** D,E | 6.43% <br>| 10.85%  | (14.58)%  | 7.64%  | 13.70%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.90%  | 2.74%  | 2.34%  | 1.78%  | 1.28%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $88975 | $91015 | $99068 | $123323 | $114226 |
| Portfolio turnover rate I | 25% <br>| 19%  | 69%  | 31%  | 42%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Investor Freedom 2020 Portfolio℠** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.40 | $11.39 | $14.83 | $14.36 | $13.29 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .33  | .30  | .27  | .26  | .16  |
| Net realized and unrealized gain (loss)  | .61  | 1.10  | (2.49)  | 1.07  | 1.75  |
| Total from investment operations  | .94  | 1.40  | (2.22)  | 1.33  | 1.91  |
| Distributions from net investment income  | (.38)  | (.39)  | (.26)  | (.16)  | (.17)  |
| Distributions from net realized gain  | (.14)  | -  | (.97)  | (.71)  | (.67)  |
| Total distributions  | (.52)  | (.39)  | (1.22) C | (.86) C | (.84)  |
| Net asset value, end of period  | $12.82 | $12.40 | $11.39 | $14.83 | $14.36 |
| **Total Return** D,E | 7.65% <br>| 12.39%  | (15.83)%  | 9.54%  | 14.95%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.52%  | 2.49%  | 2.23%  | 1.78%  | 1.25%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $171434 | $188797 | $189971 | $252026 | $236662 |
| Portfolio turnover rate I | 25% <br>| 22%  | 61%  | 32%  | 42%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Investor Freedom 2025 Portfolio℠** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.99 | $12.67 | $16.55 | $15.74 | $14.38 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .33  | .30  | .27  | .28  | .18  |
| Net realized and unrealized gain (loss)  | .85  | 1.40  | (2.85)  | 1.38  | 2.02  |
| Total from investment operations  | 1.18  | 1.70  | (2.58)  | 1.66  | 2.20  |
| Distributions from net investment income  | (.38)  | (.38)  | (.28)  | (.18)  | (.18)  |
| Distributions from net realized gain  | (.11)  | -  | (1.02)  | (.67)  | (.66)  |
| Total distributions  | (.49)  | (.38)  | (1.30)  | (.85)  | (.84)  |
| Net asset value, end of period  | $14.68 | $13.99 | $12.67 | $16.55 | $15.74 |
| **Total Return** C,D | 8.46% <br>| 13.55%  | (16.45)%  | 10.78%  | 15.88%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.21%  | 2.25%  | 2.02%  | 1.74%  | 1.26%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $203439 | $225413 | $232947 | $317596 | $285539 |
| Portfolio turnover rate H | 26% <br>| 19%  | 60%  | 30%  | 43%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount represents less than .005%.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Investor Freedom 2030 Portfolio℠** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.31 | $12.79 | $16.73 | $15.70 | $14.26 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .32  | .29  | .26  | .28  | .17  |
| Net realized and unrealized gain (loss)  | 1.02  | 1.57  | (2.95)  | 1.60  | 2.14  |
| Total from investment operations  | 1.34  | 1.86  | (2.69)  | 1.88  | 2.31  |
| Distributions from net investment income  | (.35)  | (.34)  | (.27)  | (.17)  | (.17)  |
| Distributions from net realized gain  | (.03)  | -  | (.99)  | (.68)  | (.69)  |
| Total distributions  | (.38)  | (.34)  | (1.25) C | (.85)  | (.87) C |
| Net asset value, end of period  | $15.27 | $14.31 | $12.79 | $16.73 | $15.70 |
| **Total Return** D,E | 9.40% <br>| 14.63%  | (16.91)%  | 12.25%  | 16.82%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.10%  | 2.11%  | 1.88%  | 1.71%  | 1.26%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $357586 | $353088 | $340875 | $415184 | $325667 |
| Portfolio turnover rate I | 29% <br>| 21%  | 57%  | 23%  | 41%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Investor Freedom 2035 Portfolio℠** <br>

---

| | | |
|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $10.69 | $10.00 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .29  | .24  |
| Net realized and unrealized gain (loss)  | .87  | .63  |
| Total from investment operations  | 1.16  | .87  |
| Distributions from net investment income  | (.20)  | (.17)  |
| Distributions from net realized gain  | (.15)  | - D |
| Total distributions  | (.35)  | (.18) E |
| Net asset value, end of period  | $11.50 | $10.69 |
| **Total Return** F,G,H | 10.94% <br>| 8.66%  |
| **Ratios to Average Net Assets** C,I,J |  |  |
| Expenses before reductions K | -%  | -% L |
| Expenses net of fee waivers, if any K | -% <br>| -% L |
| Expenses net of all reductions K | -%  | -% L |
| Net investment income (loss)  | 2.52%  | 3.25% L |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $21342 | $6435 |
| Portfolio turnover rate M | 37% <br>| 37% L |

---

A*For the period April 13, 2023 (commencement of operations) through December 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*Total distributions per share do not sum due to rounding.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Amount represents less than .005%.*

L*Annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Investor Freedom 2040 Portfolio℠** <br>

---

| | | |
|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $10.86 | $10.00 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .20  | .21  |
| Net realized and unrealized gain (loss)  | 1.19  | .79  |
| Total from investment operations  | 1.39  | 1.00  |
| Distributions from net investment income  | (.15)  | (.14)  |
| Distributions from net realized gain  | (.24)  | - D |
| Total distributions  | (.39)  | (.14)  |
| Net asset value, end of period  | $11.86 | $10.86 |
| **Total Return** E,F,G | 12.93% <br>| 10.01%  |
| **Ratios to Average Net Assets** C,H,I |  |  |
| Expenses before reductions J | -%  | -% K |
| Expenses net of fee waivers, if any J | -% <br>| -% K |
| Expenses net of all reductions J | -%  | -% K |
| Net investment income (loss)  | 1.65%  | 2.94% K |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $13516 | $7213 |
| Portfolio turnover rate L | 27% <br>| 14% K |

---

A*For the period April 13, 2023 (commencement of operations) through December 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Amount represents less than .005%.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Investor Freedom 2045 Portfolio℠** <br>

---

| | | |
|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $10.91 | $10.00 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .17  | .19  |
| Net realized and unrealized gain (loss)  | 1.31  | .85  |
| Total from investment operations  | 1.48  | 1.04  |
| Distributions from net investment income  | (.14)  | (.12)  |
| Distributions from net realized gain  | (.23)  | (.01)  |
| Total distributions  | (.37)  | (.13)  |
| Net asset value, end of period  | $12.02 | $10.91 |
| **Total Return** D,E,F | 13.74% <br>| 10.39%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions I | -%  | -% J |
| Expenses net of fee waivers, if any I | -% <br>| -% J |
| Expenses net of all reductions I | -%  | -% J |
| Net investment income (loss)  | 1.39%  | 2.53% J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $4660 | $2711 |
| Portfolio turnover rate K | 36% <br>| 19% J |

---

A*For the period April 13, 2023 (commencement of operations) through December 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount represents less than .005%.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Investor Freedom 2050 Portfolio℠** <br>

---

| | | |
|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $10.92 | $10.00 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .18  | .18  |
| Net realized and unrealized gain (loss)  | 1.31  | .85  |
| Total from investment operations  | 1.49  | 1.03  |
| Distributions from net investment income  | (.13)  | (.11)  |
| Distributions from net realized gain  | (.24)  | (.01)  |
| Total distributions  | (.37)  | (.11) D |
| Net asset value, end of period  | $12.04 | $10.92 |
| **Total Return** E,F,G | 13.80% <br>| 10.31%  |
| **Ratios to Average Net Assets** C,H,I |  |  |
| Expenses before reductions J | -%  | -% K |
| Expenses net of fee waivers, if any J | -% <br>| -% K |
| Expenses net of all reductions J | -%  | -% K |
| Net investment income (loss)  | 1.53%  | 2.40% K |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $7232 | $2865 |
| Portfolio turnover rate L | 44% <br>| 12% K |

---

A*For the period April 13, 2023 (commencement of operations) through December 31, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Amount represents less than .005%.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Additional Index Information**

**Bloomberg U.S. Aggregate Bond Index** is a broad-based, flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate pass-throughs), asset-backed securities and collateralized mortgage-backed securities (agency and non-agency).

Each of **Fidelity VIP Freedom Income Composite IndexSM, Fidelity VIP Freedom 2010 Composite IndexSM, Fidelity VIP Freedom 2015 Composite IndexSM, Fidelity VIP Freedom 2020 Composite IndexSM, Fidelity VIP Freedom 2025 Composite IndexSM, Fidelity VIP Freedom 2030 Composite IndexSM, Fidelity VIP Freedom 2035 Composite IndexSM, Fidelity VIP Freedom 2040 Composite IndexSM, Fidelity VIP Freedom 2045 Composite IndexSM,** and **Fidelity VIP Freedom 2050 Composite IndexSM** is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market Index**℠**, Bloomberg U.S. Aggregate Bond Index, MSCI All Country World ex U.S. Index (Net MA), Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index, Bloomberg U.S. Long Treasury Bond Index, Bloomberg U.S. 3-6 Month Treasury Bill Index, and Bloomberg Global Aggregate ex-USD Float Adjusted RIC Diversified Index (Hedged USD). The index weightings are adjusted monthly to reflect each fund's changing asset allocations. The compositions differed in periods prior to September 1, 2021. On October 1, 2025, Bloomberg Global Aggregate ex USD ex EM Float Adjusted RIC Diversified Index (Hedged USD) will replace Bloomberg Global Aggregate ex-USD Float Adjusted RIC Diversified Index (Hedged USD) in the composite indexes. Additionally, during the fourth quarter of 2025, the Adviser will begin transitioning each fund's neutral asset allocation percentages to achieve a revised neutral asset allocation strategy. In connection with the transition, the funds will begin to utilize composite benchmarks that include Bloomberg Commodity 3 Month Forward Index (TR).

**S&P 500® Index** 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.

---

| |
|:---|
| &nbsp;&nbsp;**IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT** |
| &nbsp;&nbsp;To help the government fight the funding of terrorism and money laundering activities, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT ACT), requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account. |
| &nbsp;&nbsp;**For variable product owners:** When you open an account, you will be asked for your name, address, date of birth, and other information that will allow Fidelity to identify you. You may also be asked to provide documents that may help to establish your identity, such as your driver's license. |
| &nbsp;&nbsp;**For insurance separate accounts:** When you open an account, you will be asked for the name of the entity, its principal place of business and taxpayer identification number (TIN). You will be asked to provide information about the entity's control person and beneficial owners, and person(s) with authority over the account, including name, address, date of birth and social security number. You may also be asked to provide documents, such as drivers' licenses, articles of incorporation, trust instruments or partnership agreements and other information that will help Fidelity identify the entity. |

---

You can obtain additional information about the funds. A description of each fund's policies and procedures for disclosing its holdings is available in its Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI also includes more detailed information about each fund and its investments. The SAI is incorporated herein by reference (legally forms a part of the prospectus). Each fund's annual and semi-annual reports and Form N-CSR also include additional information. Each fund's annual report includes a discussion of recent market conditions and the fund's investment strategies that affected performance. In Form N-CSR, you will find each fund's annual and semi-annual financial statements.

For a free copy of any of these documents or to request other information or ask questions about a fund, call Fidelity at 1-877-208-0098. In addition, you may visit Fidelity's web site at institutional.fidelity.com for a free copy of a prospectus, SAI, annual or semi-annual report, or a fund's financial statements or to request other information.

---

| |
|:---|
| &nbsp;&nbsp;The SAI, the funds' annual and semi-annual reports and other related materials are available from the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the SEC's web site (http://www.sec.gov). You can obtain copies of this information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the Public Reference Section of the SEC, Washington, D.C. 20549-1520. You can also review and copy information about the funds, including the funds' SAI, at the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090 for information on the operation of the SEC's Public Reference Room. |
| &nbsp;&nbsp;*Investment Company Act of 1940, File Number(s), 811-05361*  |

---

Fidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved.

The term "VIP" as used in this document refers to Fidelity® Variable Insurance Products.

1.814504.125 VIPIFF-PRO-0925-125

Each fund offers its shares only to separate accounts of insurance companies that offer variable annuity and variable life insurance products. A fund may not be available in your state due to various insurance regulations. Please check with your insurance company for availability. If a fund in this prospectus is not available in your state, this prospectus is not to be considered a solicitation with respect to that fund. Please read this prospectus together with your variable annuity or variable life insurance product prospectus.

Fidelity**®** Variable Insurance Products

Freedom Lifetime Income Funds

Freedom Lifetime Income I Portfolio <br> Freedom Lifetime Income II Portfolio <br> Freedom Lifetime Income III Portfolio

**Prospectus**

**April 30, 2025**

**As Revised September 9, 2025**

---

| | |
|:---|:---|
| Like securities of all mutual funds, these securities have not been approved or disapproved by the Securities and Exchange Commission, and the Securities and Exchange Commission has not determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.<br>| ![](img112435_1.jpg)<br> 245 Summer Street, Boston, MA 02210 |

---

**Contents**

---

| | |
|:---|:---|
| **Fund Summary** | [VIP Freedom Lifetime Income® I Portfolio](#SubSec_FundSummary_VIPFLI-PRO_FundName1492) |
|  | [VIP Freedom Lifetime Income® II Portfolio](#SubSec_FundSummary_VIPFLI-PRO_FundName1493) |
|  | [VIP Freedom Lifetime Income® III Portfolio](#SubSec_FundSummary_VIPFLI-PRO_FundName1494) |
| **Fund Basics** | **[Investment Details](#SubSec_FundBasics_InvestmentDetails_VIPFLI-PRO)** |
|  | **[Valuing Shares](#SubSec_FundBasics_ValuingShares_VIPFLI-PRO)** |
| **Shareholder Information** | **[Additional Information about the Purchase and Sale of Shares](#SubSec_ShareholderInformation_AdditionalInformation_VIPFLI-PRO)** |
|  | **[Dividends and Capital Gain Distributions](#SubSec_ShareholderInformation_Dividendsand_VIPFLI-PRO)** |
| **Fund Services** | **[Fund Management](#SubSec_FundServices_FundManagement_VIPFLI-PRO)** |
|  | **[Fund Distribution](#SubSec_FundServices_FundDistribution_VIPFLI-PRO)** |
| **Appendix** | **[Financial Highlights](#SubSec_Appendix_FinancialHighlights_VIPFLI-PRO)** |
|  | **[Additional Index Information](#SubSec_Appendix_AdditionalIndex_VIPFLI-PRO)** |

---

**Fund Summary**

**Fund:**

**VIP Freedom Lifetime Income® I Portfolio**

**Investment Objective**

VIP Freedom Lifetime Income® I Portfolio seeks high total return with a secondary objective of principal preservation as the fund approaches its ultimate target asset allocation and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.00%  |
| Acquired fund fees and expenses | 0.40%  |
| **Total annual operating expenses** | 0.40% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $41 |
| 3 years | $128 |
| 5 years | $224 |
| 10 years | $505 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 20% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of underlying Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds) using a moderate asset allocation strategy designed generally for investors in retirement who were born before 1939.

* Allocating assets according to a stable neutral asset allocation strategy. A revised neutral asset allocation strategy (approximately 17% in U.S. equity funds, 11% in international equity funds, 2% in commodity funds, 35% in U.S. investment grade bond funds, 5% in international bond funds, 2% in long-term treasury bond funds, 15% in inflation-protected bond funds, and 14% in short-term funds; allocations do not add to 100% due to rounding) is expected to take effect by the end of the first quarter of 2027. During the fourth quarter of 2025, Fidelity Management & Research Company LLC (FMR) (the Adviser) will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. The Adviser may modify the fund's neutral asset allocations from time to time when in the interests of shareholders.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds (including commodity funds), bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term.

* The Adviser may also make active asset allocations within other asset classes (such as high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

**Principal Investment Risks**

*Shareholders should consider that no fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt or money market security to decrease.

* *Income Risk.*

A low or negative interest rate environment can adversely affect an underlying fund's yield.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Prepayment.*

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *Inflation-Protected Debt Exposure.*

Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.35%<br>| 5.05%<br>| 7.62%<br>| *-*2.58%<br>| 12.28%<br>| 10.44%<br>| 3.26%<br>| *-*12.01%<br>| 7.89%<br>| 4.28%<br>|

---

![](img112435_4.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 6.45 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2023* |
| *Lowest Quarter Return* | *-*6.35 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2022* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **VIP Freedom Lifetime Income® I Portfolio** | &nbsp;&nbsp;4.28% | &nbsp;&nbsp;2.46% | &nbsp;&nbsp;3.36% |
| Fidelity VIP Freedom Lifetime Income I Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 4.84%  | &nbsp;&nbsp; <br> 2.44%  | &nbsp;&nbsp; <br> 3.26%  |
| Bloomberg U.S. Aggregate Bond Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 1.25%  | &nbsp;&nbsp; <br> -0.33%  | &nbsp;&nbsp; <br> 1.35%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

**Fund:**

**VIP Freedom Lifetime Income® II Portfolio**

**Investment Objective**

VIP Freedom Lifetime Income® II Portfolio seeks high total return with a secondary objective of principal preservation as the fund approaches its ultimate target asset allocation and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.00%  |
| Acquired fund fees and expenses | 0.44%  |
| **Total annual operating expenses** | 0.44% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $45 |
| 3 years | $141 |
| 5 years | $246 |
| 10 years | $555 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 23% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of underlying Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds) using a moderate asset allocation strategy designed generally for investors in retirement who were born between 1940 and 1949.

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an ultimate target allocation, approximately between 2025 and 2030. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112435_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds (including commodity funds), international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds (including commodity funds), bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

*Approximately one to three years after the neutral asset allocation of the fund matches VIP Freedom Lifetime Income® I Portfolio's neutral asset allocation, the Board of Trustees may combine the fund with VIP Freedom Lifetime Income® I Portfolio, without shareholder approval, and the fund's shareholders will become shareholders of VIP Freedom Lifetime Income® I Portfolio.*

**Principal Investment Risks**

*Shareholders should consider that no fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt or money market security to decrease.

* *Income Risk.*

A low or negative interest rate environment can adversely affect an underlying fund's yield.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Prepayment.*

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *Inflation-Protected Debt Exposure.*

Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.23%<br>| 5.90%<br>| 12.29%<br>| *-*3.96%<br>| 16.58%<br>| 12.78%<br>| 6.27%<br>| *-*13.83%<br>| 9.80%<br>| 5.57%<br>|

---

![](img112435_6.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 9.36 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*8.08 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2022* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **VIP Freedom Lifetime Income® II Portfolio** | &nbsp;&nbsp;5.57% | &nbsp;&nbsp;3.66% | &nbsp;&nbsp;4.75% |
| Fidelity VIP Freedom Lifetime Income II Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 6.07%  | &nbsp;&nbsp; <br> 3.54%  | &nbsp;&nbsp; <br> 4.70%  |
| Bloomberg U.S. Aggregate Bond Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 1.25%  | &nbsp;&nbsp; <br> -0.33%  | &nbsp;&nbsp; <br> 1.35%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Summary**

**Fund:**

**VIP Freedom Lifetime Income® III Portfolio**

**Investment Objective**

VIP Freedom Lifetime Income® III Portfolio seeks high total return with a secondary objective of principal preservation as the fund approaches its ultimate target asset allocation and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy, hold, and sell interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | **Not Applicable** |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee  | 0.00%  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.00%  |
| Acquired fund fees and expenses | 0.51%  |
| **Total annual operating expenses** | 0.51% A |

---

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $52 |
| 3 years | $164 |
| 5 years | $285 |
| 10 years | $640 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity® funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 25% of the average value of its portfolio.

**Principal Investment Strategies**

* Investing primarily in a combination of underlying Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds) using a moderate asset allocation strategy designed generally for investors in retirement who were born between 1950 and 1959.

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until it reaches an ultimate target allocation, approximately between 2035 and 2040. Fidelity Management & Research Company LLC (FMR) (the Adviser) may modify the fund's asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for the fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations. 

![](img112435_5.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds (including commodity funds), international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds.

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation.

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds (including commodity funds), bond funds and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

* The Adviser may also make active asset allocations within other asset classes (such as high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.

*Approximately one to three years after the neutral asset allocation of the fund matches VIP Freedom Lifetime Income® I Portfolio's neutral asset allocation, the Board of Trustees may combine the fund with VIP Freedom Lifetime Income® I Portfolio, without shareholder approval, and the fund's shareholders will become shareholders of VIP Freedom Lifetime Income® I Portfolio.*

**Principal Investment Risks**

*Shareholders should consider that no fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund.*

* *Asset Allocation Risk.*

The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

* *Investing in Other Funds.*

The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.

* *Stock Market Volatility.*

Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.

* *Interest Rate Changes.*

Interest rate increases can cause the price of a debt or money market security to decrease.

* *Foreign Exposure.*

Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.

* *Geographic Exposure to Europe.*

Because an underlying fund invests a meaningful portion of its assets in Europe, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.

* *Prepayment.*

The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

* *Issuer-Specific Changes.*

The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. Changes in the financial condition of an issuer or counterparty (e.g., broker-dealer or other borrower in a securities lending transaction) can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's value or result in delays in recovering securities and/or capital from a counterparty. A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) including floating rate loans and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

* *Correlation to Index.*

The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, sample selection, regulatory restrictions, and timing differences associated with additions to and deletions from the index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

* *Passive Management Risk.*

Some of the underlying funds in which the fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

* *Leverage Risk.*

Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

* *Inflation-Protected Debt Exposure.*

Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.

*You could lose money by investing in the fund.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and a hypothetical composite of market indexes over various periods of time. The hypothetical composite of market indexes has characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance is not an indication of future performance.

Returns for shares of the fund do not include the effect of any sales charges or other expenses of any variable annuity or variable life insurance product; if they did, returns for shares of the fund would be lower.

**Year-by-Year Returns** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| *-*0.27%<br>| 6.83%<br>| 15.85%<br>| *-*5.68%<br>| 20.44%<br>| 15.23%<br>| 9.78%<br>| *-*16.04%<br>| 12.73%<br>| 7.80%<br>|

---

![](img112435_7.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | 12.31 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*June 30, 2020* |
| *Lowest Quarter Return* | *-*11.00 *%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2020* |

---

**Average Annual Returns**

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2024 | &nbsp;&nbsp;Past 1<br> year  | &nbsp;&nbsp;Past 5<br> years  | Past 10<br> years  |
| **VIP Freedom Lifetime Income® III Portfolio** | &nbsp;&nbsp;7.80% | &nbsp;&nbsp;5.24% | &nbsp;&nbsp;6.11% |
| Fidelity VIP Freedom Lifetime Income III Composite Index℠<br> **(reflects no deduction for fees or expenses)** | &nbsp;&nbsp; <br> 8.30%  | &nbsp;&nbsp; <br> 4.99%  | &nbsp;&nbsp; <br> 6.04%  |
| Bloomberg U.S. Aggregate Bond Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 1.25%  | &nbsp;&nbsp; <br> -0.33%  | &nbsp;&nbsp; <br> 1.35%  |

---

**Investment Adviser**

FMR (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2011.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2014.

Cait Dourney (Co-Portfolio Manager) has managed the fund since 2025.

Finola McGuire Foley (Co-Portfolio Manager) has managed the fund since 2025.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

**Fund Basics**

**Investment Details**

***Investment Objective***

Each of VIP Freedom Lifetime Income® I Portfolio, VIP Freedom Lifetime Income® II Portfolio, and VIP Freedom Lifetime Income® III Portfolio seeks high total return with a secondary objective of principal preservation as the fund approaches its ultimate target asset allocation and beyond.

***Principal Investment Strategies***

The Adviser invests each fund's assets primarily in a combination of Fidelity® funds: U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity® funds). The funds differ primarily due to their asset allocations among these fund types. Because each fund allocates its assets among the underlying Fidelity® funds based on fund types rather than on the actual holdings of the underlying Fidelity® funds, each fund may have greater exposure to an asset class to the extent that an underlying Fidelity® fund holds securities of more than one asset class. The neutral asset allocation strategy for each fund is designed to provide an approach to asset allocation that is neither overly aggressive nor overly conservative.

The Adviser allocates the assets of each fund (except VIP Freedom Lifetime Income® I Portfolio) according to an asset allocation strategy that adjusts over time. The following table contains guidelines designed to help investors who are typically in retirement select an appropriate fund. The guidelines are based generally on the decade in which the investor was born.

---

| | |
|:---|:---|
| Decade of Birth | Fund |
| 1930s | VIP Freedom Lifetime Income® I Portfolio |
| 1940s | VIP Freedom Lifetime Income® II Portfolio |
| 1950s | VIP Freedom Lifetime Income® III Portfolio |

---

For example, VIP Freedom Lifetime Income® III Portfolio, which is designed for investors in retirement who generally were born between 1950 and 1959, has a neutral asset allocation with approximately half of its assets invested in U.S. equity funds and international equity funds and approximately half of its assets invested in bond funds. By contrast, VIP Freedom Lifetime Income® I Portfolio, which is designed for investors in retirement who generally were born before 1939, has a stable neutral asset allocation that emphasizes bond funds and short-term funds, but also includes an allocation to U.S. equity funds and international equity funds.

The neutral asset allocation shown in the glide path in each fund summary (except VIP Freedom Lifetime Income® I Portfolio) depicts the allocation to U.S. equity funds (including commodity funds), international equity funds, bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds and represents the Adviser's view regarding how each fund's investments should be allocated among the various asset classes over the long term. Each fund's actual allocations may differ to the extent the Adviser employs its active allocation strategy. As discussed in each fund's summary, the active asset allocation strategy allows the Adviser to increase or decrease a fund's asset class exposures relative to its neutral asset allocation by up to 10% for equity funds (including commodity funds), bond funds and short-term funds, to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The Adviser may also make active asset allocations within other asset classes (such as high yield debt (also referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral asset allocations reflected in the glide path. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics. Emerging markets tend to have relatively low gross national product per capita compared to the world's major economies and may have the potential for rapid economic growth.

The Adviser may buy and sell futures contracts (both long and short positions) in each fund in an effort to manage cash flows efficiently, remain fully invested, or facilitate asset allocation. Depending on how they are used, these instruments may effectively increase or decrease a fund's allocation in one or more asset classes. Cash and other short-term instruments used to collateralize futures contracts are included in the short-term funds asset class.

When increasing or decreasing asset allocation to one or more asset classes, the Adviser will correspondingly reduce or increase exposure to the remaining asset classes. For example, if the Adviser's intermediate term market outlook were to favor fixed income securities, the Adviser may choose to increase each fund's asset allocation to underlying bond funds by up to 10% from each fund's neutral asset allocation to bond funds, by correspondingly reducing asset allocation to U.S. and/or international equity funds and/or short-term funds. Conversely, if fixed income investments were to fall out of favor based on the Adviser's intermediate term market outlook, the Adviser may choose to decrease exposures to underlying bond funds by increasing asset allocation to underlying U.S. and/or international equity funds and/or short-term funds.

***Asset Allocation Framework***

The following chart illustrates how each fund's approximate asset allocation (except VIP Freedom Lifetime Income® I Portfolio) is expected to change over time. The funds' actual asset allocations may differ from this illustration. The Adviser may modify each fund's neutral asset allocations from time to time when in the interests of shareholders. A revised neutral asset allocation strategy for each fund is expected to take effect by the end of the first quarter of 2027, as illustrated in the following chart. During the fourth quarter of 2025, the Adviser will begin transitioning the neutral asset allocation percentages to achieve the desired allocations.

![](img112435_5.jpg)

Approximately one to three years after the neutral asset allocation of VIP Freedom Lifetime Income® II Portfolio or VIP Freedom Lifetime Income® III Portfolio matches VIP Freedom Lifetime Income® I Portfolio's neutral asset allocation, the Board of Trustees may combine the fund with VIP Freedom Lifetime Income® I Portfolio, without shareholder approval, and the fund's shareholders will become shareholders of VIP Freedom Lifetime Income® I Portfolio.

***Description of Underlying Fidelity® Funds***

Each fund will purchase Investor Class shares of an underlying Fidelity® fund (other than Fidelity® Commodity Strategy Fund, Fidelity® Long-Term Treasury Bond Index Fund, Fidelity® Inflation-Protected Bond Index Fund, and Fidelity® International Bond Index Fund). Although the underlying Fidelity® funds are categorized generally as equity (including commodity funds), bond (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond funds), and short-term funds, many of the underlying Fidelity® funds may invest in a mix of securities of international and U.S. issuers, investment-grade bonds, and other securities. Many of the underlying Fidelity® funds may also use various techniques, such as buying and selling futures contracts and exchange traded funds, to increase or decrease a fund's exposure to changing security prices or other factors that affect security values. The Adviser may modify the selection of underlying Fidelity® funds for any fund from time to time. When modifying the selection of underlying Fidelity® funds and transitioning in or out of one or more underlying Fidelity® funds, the Adviser may invest a fund's assets directly in securities for a period of time. Visit each fund's website for more information about the fund's approximate asset allocation to each underlying Fidelity® fund. The Adviser may change these allocations over time.

Detailed information about each underlying Fidelity® fund is available in each underlying Fidelity® fund's prospectus. A copy of any underlying Fidelity® fund's prospectus is available at www.fidelity.com or institutional.fidelity.com.

***Principal Investment Risks***

Many factors affect each fund's performance. Developments that disrupt global economies and financial markets, such as pandemics and epidemics, may magnify factors that affect a fund's performance. A fund's share price changes daily based on the performance of the underlying Fidelity® funds in which it invests. The ability of each fund to meet its investment objective is directly related to its asset allocation among underlying Fidelity® funds and the ability of those funds to meet their investment objectives. If the Adviser's asset allocation strategy does not work as intended, a fund may not achieve its objective. When you sell your shares they may be worth more or less than what you paid for them, which means that you could lose money by investing in a fund.

The following factors can significantly affect a fund's performance:

*Asset Allocation Risk.* A fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

*Investing in Other Funds.* A fund bears all risks of investment strategies employed by the underlying funds. A fund does not control the investments of the underlying funds, which may have different investment objectives and may engage in investment strategies that a fund would not engage in directly. Aggregation of underlying fund holdings may result in indirect concentration of assets in a particular industry or group of industries, or in a single issuer, which may increase volatility.

*Stock Market Volatility*. The Adviser will continue to invest each fund's assets in equity funds in the years following the fund's target retirement date in an effort to achieve the fund's overall investment objective. The value of equity securities fluctuates in response to issuer, political, market, and economic developments. Fluctuations, especially in foreign markets, can be dramatic over the short as well as long term, and different parts of the market, including different market sectors, and different types of equity securities can react differently to these developments. For example, stocks of companies in one sector can react differently from those in another, large cap stocks can react differently from small cap stocks, "growth" stocks can react differently from "value" stocks, and stocks selected using quantitative or technical analysis can react differently than stocks selected using fundamental analysis. Issuer, political, or economic developments can affect a single issuer, issuers within an industry or economic sector or geographic region, or the market as a whole. Changes in the financial condition of a single issuer can impact the market as a whole. Terrorism and related geo-political risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

*Interest Rate Changes.* Debt securities, including money market securities, have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and certain types of securities, such as mortgage securities and the securities of issuers in the financial services sector, can be more sensitive to interest rate changes, meaning the longer the maturity of a security, the greater the impact a change in interest rates could have on the security's price. Short-term and long-term interest rates do not necessarily move in the same amount or the same direction. Short-term securities tend to react to changes in short-term interest rates, and long-term securities tend to react to changes in long-term interest rates. Securities with floating interest rates can be less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much as interest rates in general. Securities whose payment at maturity is based on the movement of all or part of an index and inflation-protected debt securities may react differently from other types of debt securities. Some countries experience low or negative interest rates from time to time, which may magnify interest rate risk for the market as a whole and for a fund. In market environments where interest rates are rising, issuers may be less willing or able to make principal and/or interest payments on securities when due. Certain investments held by a fund may have relied on the London Interbank Offered Rate (LIBOR) (an indicative measure of the average interest rate at which major global banks could borrow from one another). As a result of benchmark reforms, publication of all LIBOR settings has ceased. Although the transition process away from certain benchmark rates, including LIBOR, for more instruments, has been completed, any potential effects of the transition away from LIBOR and other benchmark rates on financial markets, a fund or the financial instruments in which a fund invests can be difficult to ascertain and may adversely impact a fund's performance.

*Income Risk.* An underlying fund's income, or yield, is based on short-term interest rates, which can fluctuate significantly over short periods. A low or negative interest rate environment can adversely affect an underlying fund's yield and, depending on its duration and severity, could prevent an underlying fund from providing a positive yield and/or maintaining a stable $1.00 share price. In addition, an underlying fund's yield will vary as the short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. From time to time, the Adviser may reimburse expenses or waive fees for a class of an underlying fund in order to avoid a negative yield, but there is no guarantee that the class or fund will be able to avoid a negative yield.

*Foreign Exposure.* Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations, and securities for which an entity located in a foreign country provides credit support or a maturity-shortening structure can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign exchange rates; withholding or other taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market.

Investing in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Emerging markets economies can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. All of these factors can make emerging markets securities more volatile and potentially less liquid than securities issued in more developed markets.

Global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers or providers in, or foreign exchange rates with, a different country or region.

*Foreign Currency Transactions.* A fund that invests in securities denominated in foreign currencies may enter into forward foreign currency exchange contracts. A forward foreign currency exchange contract, which involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract, reduces a fund's exposure to changes in the value of the currency it will deliver and increases its exposure to changes in the value of the currency it will receive for the duration of the contract. Certain foreign currency transactions may also be settled in cash rather than the actual delivery of the relevant currency. A contract to sell a foreign currency would limit any potential gain that might be realized if the value of the hedged currency increases. Suitable hedging transactions may not be available in all circumstances, may not be successful, and may eliminate any chance for the fund to benefit from favorable fluctuations in relevant foreign currencies.

*Geographic Exposure.* Social, political, and economic conditions and changes in regulatory, tax, or economic policy in a country or region could significantly affect the market in that country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region, and these companies and industries can be sensitive to adverse social, political, economic, currency, or regulatory developments. Similarly, from time to time, an underlying fund may invest a meaningful portion of its assets in the securities of issuers located in a single country or a limited number of countries. If an underlying fund invests in this manner, there is a higher risk that social, political, economic, tax (such as a tax on foreign investments or financial transactions), currency, or regulatory developments in those countries may have a significant impact on the underlying fund's investment performance.

*Special Considerations regarding Europe*. Europe includes both developed and emerging markets. Most developed countries in Western Europe are members of the European Union (EU), and many are also members of the European Economic and Monetary Union (EMU). European countries can be significantly affected by the tight fiscal and monetary controls with which EU members and candidates for EMU membership are required to comply. In addition, the private and public sectors' debt problems of a single EU country can pose economic risks to the EU as a whole. Unemployment in Europe has historically been higher than in the United States, public deficits are an ongoing concern in many European countries, the region is currently facing great political and economic uncertainty and many European economies are experiencing slow economic growth or recession. Eastern European countries generally continue to move toward market economies. However, their markets remain relatively undeveloped and can be particularly sensitive to social, political, and economic developments. The EU faces challenges related to member states seeking to change their relationship with the EU, exemplified by the United Kingdom's withdrawal. There can be significant uncertainty as to the terms and consequences of EU member states seeking to change their relationship with the EU. Among other things, a member state's decision to leave the EU could result in increased volatility and illiquidity in the European and such member state's economies, as well as the broader global economy. Companies with a significant amount of business in the member state or Europe may experience lower revenue and/or profit growth, which may adversely affect the value of a fund's investments. In addition, uncertainty regarding any member state's exit from the EU may lead to instability in the foreign exchange markets, including volatility in the value of the euro.

*Prepayment.* Many types of debt securities, including mortgage securities, and inflation-protected debt securities, are subject to prepayment risk. Prepayment risk occurs when the issuer of a security can repay principal prior to the security's maturity. Securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a debt security can be difficult to predict and result in greater volatility.

*Issuer-Specific Changes.* Changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's credit quality or value and an issuer's or counterparty's ability to pay interest and principal when due. Entities providing credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) also can be affected by these types of changes, and if the structure of a security fails to function as intended, the security could decline in value.

Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities tend to be particularly sensitive to these changes and involve greater risk of default or price changes due to changes in the credit quality of the issuer, economic recessions, or periods of high interest rates. The value of lower-quality debt securities and certain types of other securities often fluctuates in response to company, political, or economic developments and can decline significantly over short as well as long periods of time or during periods of general or regional economic difficulty. Lower-quality debt securities can be thinly traded or have restrictions on resale, making them difficult to sell at an acceptable price, and often are considered to be speculative.

*Correlation to Index.* The performance of an underlying index fund and its index may vary somewhat due to factors such as fees and expenses of the underlying fund, transaction costs, imperfect correlation between the underlying fund's securities and those in its index, timing differences associated with additions to and deletions from the index, and changes in the component securities. In addition, an underlying index fund may not be able to invest in certain securities in its index or invest in them in the exact proportions in which they are represented in the index due to regulatory restrictions. An underlying index fund may not be fully invested at times, either as a result of cash flows into the underlying fund or as a result of reserves of cash held by the underlying fund to meet redemptions. The use of sampling techniques or futures or other derivative positions may affect an underlying index fund's ability to achieve close correlation with its index. Errors in the construction or calculation of the index may occur from time to time and may not be identified and corrected for some period of time, which may have an adverse impact on an underlying fund and its shareholders.

*Passive Management Risk.* Some of the underlying funds in which each fund invests are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of an underlying fund's index or of the actual securities included in the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of these underlying funds could be lower than actively managed funds that may shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. The structure and composition of an underlying index fund's index will affect the performance, volatility, and risk of the index and, consequently, the performance, volatility, and risk of the fund. An underlying index fund may be concentrated to approximately the same extent that its index concentrates in the securities of issuers in a particular industry or group of industries.

*Leverage Risk.* Derivatives, forward-settling securities, and short sale transactions involve leverage because they can provide investment exposure in an amount exceeding the initial investment. Leverage can magnify investment risks and cause losses to be realized more quickly. A small change in the underlying asset, instrument, or index can lead to a significant loss. Forward-settling securities and short sale transactions also involve the risk that a security will not be issued, delivered, available for purchase, or paid for when anticipated. An increase in the market price of securities sold short will result in a loss. Government legislation or regulation could affect the use of these transactions and could limit a fund's ability to pursue its investment strategies.

*"Growth" Investing*. "Growth" stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. "Growth" stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, "growth" stocks tend to be sensitive to changes in their earnings and more volatile than other types of stocks.

*"Value" Investing*. "Value" stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. "Value" stocks tend to be inexpensive relative to their earnings or assets compared to other types of stocks. However, "value" stocks can continue to be inexpensive for long periods of time and may not ever realize their full value.

*Inflation-Protected Debt Exposure.* Inflation-protected debt securities tend to react to changes in real interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

*Mid Cap Investing.* The value of securities of medium size, less well-known issuers can be more volatile than that of relatively larger issuers and can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks.

*Call Options Writing Risk*. The writer of a call option takes the opposite side of the transaction from the option's purchaser. In return for receipt of the premium, the writer assumes the obligation to pay or receive the strike price for the option's underlying security or instrument if the other party to the option chooses to exercise it. Writing a call option obligates the writer to sell or deliver the option's underlying security or instrument or make a net cash settlement payment, as applicable, in return for the strike price, upon exercise of the option. Writing call options generally is a profitable strategy if prices remain the same or fall. Through receipt of the option premium, a call writer should mitigate the effects of a price increase. At the same time, because a call writer must be prepared to deliver the underlying security or instrument or make a net cash settlement payment, as applicable, in return for the strike price, even if its current value is greater, a call writer gives up some ability to participate in price increases in the underlying security or instrument.

In response to market, economic, political, or other conditions, a fund may temporarily use a different investment strategy for defensive purposes. If the fund does so, different factors could affect its performance and the fund may not achieve its investment objective.

**Fundamental Investment Policies**

The following is fundamental, that is, subject to change only by shareholder approval:

Each of VIP Freedom Lifetime Income® I Portfolio, VIP Freedom Lifetime Income® II Portfolio, and VIP Freedom Lifetime Income® III Portfolio seeks high total return with a secondary objective of principal preservation as the fund approaches its ultimate target asset allocation and beyond.

**Valuing Shares**

Each fund is open for business each day the NYSE is open.

The NAV is the value of a single share. Fidelity normally calculates NAV each business day as of the times noted in the table below. Each fund's assets normally are valued as of this time for the purpose of computing NAV.

---

| | |
|:---|:---|
| **Fund** | **NAV Calculation Times**<br> **(Eastern Time)** |
| VIP Freedom Lifetime Income® I Portfolio | 4:00 p.m. |
| VIP Freedom Lifetime Income® II Portfolio | 4:00 p.m. |
| VIP Freedom Lifetime Income® III Portfolio | 4:00 p.m. |

---

NAV is not calculated and a fund will not process purchase and redemption requests submitted on days when the fund is not open for business. The time at which shares are priced and until which purchase and redemption orders are accepted may be changed as permitted by the Securities and Exchange Commission (SEC).

NAV is calculated using the values of the underlying Fidelity® funds in which a fund invests. Shares of underlying Fidelity® funds are valued at their respective NAVs. For an explanation of the circumstances under which the underlying Fidelity® funds will use fair value pricing and the effects of using fair value pricing, see the underlying Fidelity® funds' prospectuses and Statements of Additional Information (SAIs).

To the extent that underlying Fidelity® fund assets are traded in other markets on days when a fund is not open for business, the value of the fund's assets may be affected on those days. In addition, trading in some underlying Fidelity® fund assets may not occur on days when a fund is open for business.

**Shareholder Information**

**Additional Information about the Purchase and Sale of Shares**

As used in this prospectus, the term "shares" generally refers to the shares offered through this prospectus.

**Frequent Purchases and Redemptions**

A fund may reject for any reason, or cancel as permitted or required by law, any purchase orders, including transactions deemed to represent excessive trading, at any time.

Excessive trading of fund shares can harm variable product owners in various ways, including reducing the returns to long-term variable product owners by increasing costs paid by a fund (such as brokerage commissions or spreads paid to dealers who sell money market instruments), disrupting portfolio management strategies, and diluting the value of the shares in cases in which fluctuations in markets are not fully priced into the fund's NAV.

Purchase and redemption transactions submitted to a fund by Permitted Accounts reflect the transactions of multiple variable product owners whose individual transactions are often not disclosed to the fund, making it difficult to determine whether an individual variable product owner is engaging in excessive trading. Excessive trading in Permitted Accounts is likely to go undetected by a fund and may increase costs to the fund and disrupt its portfolio management.

Each fund reserves the right at any time to restrict purchases or impose conditions that are more restrictive on excessive trading than those stated in this prospectus.

**Excessive Trading Policy for each fund**

The Board of Trustees has adopted policies designed to discourage excessive trading of fund shares. Under these policies, insurance companies will be permitted to apply the fund's excessive trading policy (described below), or their own excessive trading policy if approved by the Adviser. In these cases, the fund will typically not request or receive individual account data but will rely on the insurance company to monitor trading activity in good faith in accordance with its or the fund's policies. Reliance on insurance companies increases the risk that excessive trading may go undetected. For other insurance companies, the fund will monitor trading activity at the Permitted Account level to attempt to identify disruptive trades. The fund may request variable product owner transaction information, as frequently as daily, from any insurance company at any time, and may apply the fund's policy to transactions that exceed thresholds established by the Board of Trustees. The fund may prohibit purchases of fund shares by an insurance company or by some or all of any Permitted Accounts. There is no assurance that the Adviser will request data with sufficient frequency to detect or deter excessive trading in Permitted Accounts effectively.

Under the excessive trading policy, excessive trading activity is measured by the number of roundtrip transactions in a variable product owner's account. A roundtrip transaction occurs when a variable product owner sells fund shares within 30 days of the purchase date. For purposes of the fund's policy, exchanges are treated as a sale and a purchase.

Variable product owners with two or more roundtrip transactions in a single fund within a rolling 90-day period will be blocked from making additional purchases of the fund or limited to trading by U.S. mail for 85 days. Variable product owners with four or more roundtrip transactions across all Fidelity® funds within any rolling 12-month period will be blocked from making additional purchases for at least 85 days or limited to trading by U.S. mail for 12 months across all Fidelity® funds. Any roundtrip within 12 months of the expiration of a multi-fund block or U.S. mail restriction will initiate another multi-fund block or a 12-month U.S. mail restriction. Repeat offenders may be subject to long-term or permanent U.S. mail restrictions on purchases in any account under the variable product owner's control at any time. In addition to enforcing these roundtrip limitations, the fund may in its discretion restrict, reject, or cancel any purchases that, in FMR's opinion, may be disruptive to the management of the fund or otherwise not be in the fund's interests. The administration and effectiveness of these sanctions will in large part depend on the rights, ability, and willingness of insurance companies to impose the sanctions.

The fund's excessive trading policy does not apply to transactions of $5,000 or less, or transactions which have been demonstrated to the fund to be (i) systematic withdrawal and/or contribution programs, (ii) mandatory retirement distributions, (iii) transactions initiated by a retirement plan sponsor, sponsors of certain other employee benefit plans or qualified fund of funds, or (iv) transactions in certain company-owned accounts. A qualified fund of funds must demonstrate that it has an investment strategy coupled with policies designed to control frequent trading that have been determined by the fund's Treasurer to be reasonably effective. Some qualified funds of funds may be exempt, as determined by the fund's Treasurer, from monitoring frequent trading based on the nature of the fund of funds.

The fund's policies are separate from any insurance company policies and procedures applicable to variable product owner transactions. The variable annuity or variable life insurance product prospectus will contain a description of the insurance company's policies and procedures, if any, with respect to excessive trading. If you purchase or sell fund shares through an insurance company, you may wish to contact the insurance company to determine the policies applicable to your account.

The fund's Treasurer is authorized to suspend the fund's policies during periods of severe market turbulence or national emergency. The fund reserves the right to modify its policies at any time without prior notice.

The fund does not knowingly accommodate frequent purchases and redemptions of fund shares by investors, except to the extent permitted by the policies described above.

As described in "Valuing Shares," the fund also uses fair value pricing to help reduce arbitrage opportunities available to short-term traders. There is no assurance that the fund's excessive trading policy will be effective, or will successfully detect or deter excessive or disruptive trading.

**Buying Shares**

**Eligibility**

Shares are generally available only to investors residing in the United States.

There is no minimum balance or purchase minimum for fund shares.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

**Price to Buy**

The price to buy one share is its NAV. Shares are sold without a sales charge.

Shares will be bought at the NAV next calculated after an order is received in proper form.

Each fund has authorized certain intermediaries to accept orders to buy shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be bought at the NAV next calculated after the order is received by the authorized intermediary.

Provided a fund receives an order to buy shares in proper form before the close of business, the fund may place an order to buy shares of an underlying Fidelity® fund after the close of business, pursuant to a pre-determined allocation, and receive that day's NAV.

Each fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently.

Under applicable anti-money laundering rules and other regulations, purchase orders may be suspended, restricted, or canceled and the monies may be withheld.

**Selling Shares**

The price to sell one share is its NAV.

Shares will be sold at the NAV next calculated after an order is received in proper form.

Normally, redemptions will be processed by the next business day, but it may take up to seven days to pay the redemption proceeds if making immediate payment would adversely affect a fund.

Each fund has authorized certain intermediaries to accept orders to sell shares on its behalf. When authorized intermediaries receive an order in proper form, the order is considered as being placed with the fund, and shares will be sold at the NAV next calculated after the order is received by the authorized intermediary. If applicable, orders by funds of funds for which Fidelity serves as investment manager will be treated as received by the fund at the same time that the corresponding orders are received in proper form by the funds of funds.

Provided a fund receives an order to sell shares in proper form before the close of business, the fund may place an order to sell shares of an underlying Fidelity® fund after the close of business, pursuant to a pre-determined allocation, and receive that day's NAV.

See "Policies Concerning the Redemption of Fund Shares" below for additional redemption information.

Redemptions may be suspended or payment dates postponed when the NYSE is closed (other than weekends or holidays), when trading on the NYSE is restricted, or as permitted by the SEC.

Redemption proceeds may be paid in securities or other property rather than in cash if the Adviser determines it is in the best interests of a fund.

Under applicable anti-money laundering rules and other regulations, redemption requests may be suspended, restricted, canceled, or processed and the proceeds may be withheld.

Each fund offers its shares to Permitted Accounts that may be affiliated or unaffiliated with FMR and/or each other. Each fund currently does not foresee any disadvantages to variable product owners arising out of the fact that the fund offers its shares to separate accounts of insurance companies that offer variable annuity and variable life insurance products. Nevertheless, the Board of Trustees that oversees each fund intends to monitor events to identify any material irreconcilable conflicts that may possibly arise and to determine what action, if any, should be taken in response.

Variable product owners may be asked to provide additional information in order for Fidelity to verify their identities in accordance with requirements under anti-money laundering regulations. Accounts may be restricted and/or closed, and the monies withheld, pending verification of this information or as otherwise required under these and other federal regulations.

**Policies Concerning the Redemption of Fund Shares**

*If your account is held directly with a fund,* the length of time that a fund typically expects to pay redemption proceeds depends on the method you have elected to receive such proceeds. A fund typically expects to make payment of redemption proceeds by wire, automated clearing house (ACH) or by issuing a check by the next business day following receipt of a redemption order in proper form. Proceeds from the periodic and automatic sale of shares of a Fidelity® money market fund that are used to buy shares of another Fidelity® fund are settled simultaneously.

*If your account is held through an intermediary,* the length of time that a fund typically expects to pay redemption proceeds depends, in part, on the terms of the agreement in place between the intermediary and a fund. For redemption proceeds that are paid either directly to you from a fund or to your intermediary for transmittal to you, a fund typically expects to make payments by wire, by ACH or by issuing a check on the next business day following receipt of a redemption order in proper form from the intermediary by a fund. Redemption orders that are processed through investment professionals that utilize the National Securities Clearing Corporation will generally settle one to three business days following receipt of a redemption order in proper form.

As noted elsewhere, payment of redemption proceeds may take longer than the time a fund typically expects and may take up to seven days from the date of receipt of the redemption order as permitted by applicable law.

**Redemption Methods Available.** Generally a fund expects to pay redemption proceeds in cash. To do so, a fund typically expects to satisfy redemption requests either by using available cash (or cash equivalents) or by selling portfolio securities. On a less regular basis, a fund may also satisfy redemption requests by utilizing one or more of the following sources, if permitted: borrowing from another Fidelity® fund; drawing on an available line or lines of credit from a bank or banks; or using reverse repurchase agreements. These methods may be used during both normal and stressed market conditions.

In addition to paying redemption proceeds in cash, a fund reserves the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash (redemption in-kind). Redemption in-kind proceeds will typically be made by delivering the selected securities to the redeeming shareholder within seven days after the receipt of the redemption order in proper form by a fund.

**Dividends and Capital Gain Distributions**

Each fund earns interest, dividends, and other income from its investments, and distributes this income (less expenses) to shareholders as dividends. Each fund also realizes capital gains from its investments, and distributes these gains (less any losses) to shareholders as capital gain distributions.

Each fund normally pays dividends and capital gain distributions per the tables below:

---

| | |
|:---|:---|
| **Fund Name** | **Dividends Paid** |
| VIP Freedom Lifetime Income® I Portfolio | February, December |
| VIP Freedom Lifetime Income® II Portfolio | February, December |
| VIP Freedom Lifetime Income® III Portfolio | February, December |

---

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gains Paid** |
| VIP Freedom Lifetime Income® I Portfolio | February, December |
| VIP Freedom Lifetime Income® II Portfolio | February, December |
| VIP Freedom Lifetime Income® III Portfolio | February, December |

---

Each fund normally pays capital gain distributions in December, if necessary, to ensure that each fund is not subject to a fund-level excise tax.

Any dividends and capital gain distributions will be automatically reinvested in additional shares.

**Fund Services**

**Fund Management**

Each fund is a mutual fund, an investment that pools shareholders' money and invests it toward a specified goal.

**Adviser**

**FMR.** The Adviser is each fund's manager. The address of the Adviser is 245 Summer Street, Boston, Massachusetts 02210.

As of December 31, 2024, the Adviser had approximately $4.7 trillion in discretionary assets under management, and approximately $5.9 trillion when combined with all of its affiliates' assets under management.

As the manager, the Adviser administers the asset allocation program for each fund and is responsible for handling the business affairs for each fund.

**Portfolio Manager(s)**

Andrew Dierdorf is Co-Portfolio Manager of each fund, which he has managed since 2011. He also manages other funds. Since joining Fidelity Investments in 2004, Mr. Dierdorf has worked as a portfolio manager.

Cait Dourney is Co-Portfolio Manager of each fund, which she has managed since 2025. She also manages other funds. Since joining Fidelity Investments in 2014, Ms. Dourney has worked as a research analyst and portfolio manager.

Finola McGuire Foley is Co-Portfolio Manager of each fund, which she has managed since 2025. She also manages other funds. Since joining Fidelity Investments in 2003, Ms. Foley has worked as an assistant portfolio manager and portfolio manager.

Brett Sumsion is Co-Portfolio Manager of each fund, which he has managed since 2014. He also manages other funds. Since joining Fidelity Investments in 2014, Mr. Sumsion has worked as a portfolio manager.

The SAI provides additional information about the compensation of, any other accounts managed by, and any fund shares held by the portfolio manager(s).

From time to time a manager, analyst, or other Fidelity employee may express views regarding a particular company, security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

**Advisory Fee(s)**

Each fund does not pay a management fee to the Adviser.

The basis for the Board of Trustees approving the management contract for each fund is available in each fund's Form N-CSR report for the fiscal period ended December 31, 2024.

From time to time, the Adviser or its affiliates may agree to reimburse or waive certain fund expenses while retaining the ability to be repaid if expenses fall below the specified limit prior to the end of the fiscal year.

Reimbursement or waiver arrangements can decrease expenses and boost performance.

**Fund Distribution**

FDC distributes each fund's shares.

Intermediaries may receive from the Adviser, FDC, and/or their affiliates compensation for their services intended to result in the sale of fund shares.

This compensation may take the form of payments for additional distribution-related activities and/or shareholder services and payments for educational seminars and training, including seminars sponsored by Fidelity, or by an intermediary.

These payments are described in more detail in this section and in the SAI.

**Distribution and Service Plan(s)**

Each fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 (1940 Act) that recognizes that the Adviser may use its past profits or its resources from any other source, to pay FDC for expenses incurred in connection with providing services intended to result in the sale of fund shares and/or support services that benefit variable product owners. The Adviser, directly or through FDC, may pay significant amounts to intermediaries that provide those services. Currently, the Board of Trustees of each fund has authorized such payments. Variable product owners should speak with their investment professionals to learn more about any payments their firms may receive from the Adviser, FDC, and/or their affiliates, as well as fees and/or commissions the investment professional charges. Variable product owners should also consult disclosures made by their investment professionals at the time of purchase.

If payments made by the Adviser to FDC or to intermediaries under a Distribution and Service Plan were considered to be paid out of a fund's assets on an ongoing basis, they would increase the cost of a shareholder's investment and might cost a shareholder more than paying other types of sales charges.

**Appendix**

**Financial Highlights**

Financial Highlights are intended to help you understand the financial history of fund shares for the past 5 years (or, if shorter, the period of operations). Certain information reflects financial results for a single share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in shares (assuming reinvestment of all dividends and distributions). The annual information has been audited by Deloitte & Touche LLP, independent registered public accounting firm, whose report, along with fund financial statements, is included in the annual report. Annual reports are available for free upon request.

**VIP Freedom Lifetime Income® I Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.26 | $9.93 | $12.01 | $12.11 | $11.49 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .35  | .27  | .22  | .15  |
| Net realized and unrealized gain (loss)  | .08  | .42  | (1.66)  | .17  | 1.02  |
| Total from investment operations  | .44  | .77  | (1.39)  | .39  | 1.17  |
| Distributions from net investment income  | (.41)  | (.44)  | (.24)  | (.13)  | (.16)  |
| Distributions from net realized gain  | (.01)  | -  | (.45)  | (.36)  | (.39)  |
| Total distributions  | (.42)  | (.44)  | (.69)  | (.49)  | (.55)  |
| Net asset value, end of period  | $10.28 | $10.26 | $9.93 | $12.01 | $12.11 |
| **Total Return** C,D | 4.28% <br>| 7.89%  | (12.01)%  | 3.26%  | 10.44%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 3.44%  | 3.43%  | 2.59%  | 1.83%  | 1.29%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $8405 | $8972 | $9355 | $11934 | $12553 |
| Portfolio turnover rate H | 20% <br>| 17%  | 63%  | 18%  | 26%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount represents less than .005%.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Freedom Lifetime Income® II Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.67 | $11.04 | $13.96 | $13.83 | $12.98 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .35  | .29  | .25  | .16  |
| Net realized and unrealized gain (loss)  | .27  | .72  | (2.12)  | .60  | 1.44  |
| Total from investment operations  | .65  | 1.07  | (1.83)  | .85  | 1.60  |
| Distributions from net investment income  | (.42)  | (.44)  | (.26)  | (.15)  | (.17)  |
| Distributions from net realized gain  | (.02)  | -  | (.83)  | (.57)  | (.58)  |
| Total distributions  | (.45) C | (.44)  | (1.09)  | (.72)  | (.75)  |
| Net asset value, end of period  | $11.87 | $11.67 | $11.04 | $13.96 | $13.83 |
| **Total Return** D,E | 5.57% <br>| 9.80%  | (13.83)%  | 6.27%  | 12.78%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 3.13%  | 3.07%  | 2.43%  | 1.78%  | 1.29%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $25315 | $26325 | $26287 | $33250 | $34232 |
| Portfolio turnover rate I | 23% <br>| 18%  | 63%  | 23%  | 33%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**VIP Freedom Lifetime Income® III Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.72 | $11.63 | $15.29 | $14.72 | $13.53 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .33  | .30  | .27  | .26  | .16  |
| Net realized and unrealized gain (loss)  | .65  | 1.17  | (2.58)  | 1.15  | 1.83  |
| Total from investment operations  | .98  | 1.47  | (2.31)  | 1.41  | 1.99  |
| Distributions from net investment income  | (.37)  | (.38)  | (.26)  | (.16)  | (.17)  |
| Distributions from net realized gain  | (.14)  | -  | (1.10)  | (.67)  | (.62)  |
| Total distributions  | (.51)  | (.38)  | (1.35) C | (.84) C | (.80) C |
| Net asset value, end of period  | $13.19 | $12.72 | $11.63 | $15.29 | $14.72 |
| **Total Return** D,E | 7.80% <br>| 12.73%  | (16.04)%  | 9.78%  | 15.23%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.51%  | 2.47%  | 2.18%  | 1.73%  | 1.24%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $28829 | $28621 | $27768 | $36135 | $35275 |
| Portfolio turnover rate I | 25% <br>| 19%  | 61%  | 28%  | 35%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount represents less than .005%.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Additional Index Information**

**Bloomberg U.S. Aggregate Bond Index** is a broad-based, flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate pass-throughs), asset-backed securities and collateralized mortgage-backed securities (agency and non-agency).

Each of **Fidelity VIP Freedom Lifetime Income I Composite IndexSM, Fidelity VIP Freedom Lifetime Income II Composite IndexSM,** and **Fidelity VIP Freedom Lifetime Income III Composite IndexSM** is a customized blend of the following unmanaged indexes: Dow Jones U.S. Total Stock Market IndexSM, Bloomberg U.S. Aggregate Bond Index, MSCI All Country World ex U.S. Index (Net MA), Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index, Bloomberg U.S. Long Treasury Bond Index, Bloomberg U.S. 3-6 Month Treasury Bill Index, and Bloomberg Global Aggregate ex-USD Float Adjusted RIC Diversified Index (Hedged USD). The index weightings are adjusted monthly to reflect each fund's changing asset allocations. The compositions differed in periods prior to June 1, 2022. On October 1, 2025, Bloomberg Global Aggregate ex USD ex EM Float Adjusted RIC Diversified Index (Hedged USD) will replace Bloomberg Global Aggregate ex-USD Float Adjusted RIC Diversified Index (Hedged USD) in the composite indexes. Additionally, during the fourth quarter of 2025, the Adviser will begin transitioning each fund's neutral asset allocation percentages to achieve a revised neutral asset allocation strategy. In connection with the transition, the composition of the composite indexes will be adjusted to add Bloomberg Commodity 3 Month Forward Index (TR).

---

| |
|:---|
| &nbsp;&nbsp;**IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT** |
| &nbsp;&nbsp;To help the government fight the funding of terrorism and money laundering activities, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT ACT), requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account. |
| &nbsp;&nbsp;**For variable product owners:** When you open an account, you will be asked for your name, address, date of birth, and other information that will allow Fidelity to identify you. You may also be asked to provide documents that may help to establish your identity, such as your driver's license. |
| &nbsp;&nbsp;**For insurance separate accounts:** When you open an account, you will be asked for the name of the entity, its principal place of business and taxpayer identification number (TIN). You will be asked to provide information about the entity's control person and beneficial owners, and person(s) with authority over the account, including name, address, date of birth and social security number. You may also be asked to provide documents, such as drivers' licenses, articles of incorporation, trust instruments or partnership agreements and other information that will help Fidelity identify the entity. |

---

You can obtain additional information about the funds. A description of each fund's policies and procedures for disclosing its holdings is available in its Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI also includes more detailed information about each fund and its investments. The SAI is incorporated herein by reference (legally forms a part of the prospectus). Each fund's annual and semi-annual reports and Form N-CSR also include additional information. Each fund's annual report includes a discussion of recent market conditions and the fund's investment strategies that affected performance. In Form N-CSR, you will find each fund's annual and semi-annual financial statements.

For a free copy of any of these documents or to request other information or ask questions about a fund, call Fidelity at 1-877-208-0098. In addition, you may visit Fidelity's web site at institutional.fidelity.com for a free copy of a prospectus, SAI, annual or semi-annual report, or a fund's financial statements or to request other information.

---

| |
|:---|
| &nbsp;&nbsp;The SAI, the funds' annual and semi-annual reports and other related materials are available from the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Database on the SEC's web site (http://www.sec.gov). You can obtain copies of this information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the Public Reference Section of the SEC, Washington, D.C. 20549-1520. You can also review and copy information about the funds, including the funds' SAI, at the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090 for information on the operation of the SEC's Public Reference Room. |
| &nbsp;&nbsp;*Investment Company Act of 1940, File Number(s), 811-05361*  |

---

Fidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved.

The term "VIP" as used in this document refers to Fidelity® Variable Insurance Products.

1.816196.126 VIPFLI-PRO-0925-126