# EDGAR Filing Document

**Accession Number:** 0000821051
**File Stem:** 0001193125-26-196841
**Filing Date:** 2026-4
**Character Count:** 62052
**Document Hash:** ee47554bd493d79eda10d5d13f7c5c3f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-196841.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-196841

**CONFORMED SUBMISSION TYPE**: 497VPI

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT I
- **CENTRAL INDEX KEY:** 0000821051

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

**FILING VALUES:**
- **FORM TYPE:** 497VPI
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-123884
- **FILM NUMBER:** 26924355

**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

## Series and Classes Contracts Data

### FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT I (Series ID: S000008822)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000024030 | Fidelity Personal Retirement Annuity |  |

**SUMMARY PROSPECTUS FOR NEW INVESTORS** 

April 30, 2026

**Fidelity Personal Retirement Annuity<sup>®</sup>** 

Issued by **Fidelity Investments Life Insurance Company** 

**("FILI")** 

This Summary Prospectus summarizes key features of the Fidelity Personal Retirement Annuity**<sup>®</sup>** ("FPRA"), an individual, deferred, flexible premium variable annuity contract.

Before you invest, you should also review the prospectus for FPRA, which contains more information about FPRA's features, benefits, and risks. You can find this document and other information about FPRA online at www.dfinview.com/Fidelity/PUFT/FPRA. You can also obtain this information at no cost by calling 1-800-634-9361 or by sending an email to filifunddocuments@fidelity.com.

**Important Disclosures:** 

The Contract is a complex investment and involves risks, including risk of loss. It is not a short-term investment and is not suitable for an investor who needs ready access to cash. The taxable portion of a distribution will generally be taxed as ordinary income and may be subject to a penalty tax if received before age 59<sup>1</sup>⁄<sub>2</sub>.

FILI's obligations and guarantees under the Contract are subject to FILI's financial strength and claims-paying ability.

**You may cancel your Contract within 10 days of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract Value. You should review the prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.** 

Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.

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**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
| [**Glossary**](#isp114883_1) | 3 |
| [**Overview of the Contract**](#isp114883_2) | 5 |
| [**Important Information You Should Consider About the Contract**](#isp114883_3) | 7 |
| [**Benefits Available Under the Contract**](#isp114883_4) | 11 |
| [**Buying the Contract**](#isp114883_5) | 12 |
| [**Making Withdrawals: Accessing the Money in your Contract**](#isp114883_6) | 13 |
| [**Additional Information About Fees**](#isp114883_7) | 14 |
| [**Appendix A: Funds Available Under the Contract**](#isp114883_8) | 16 |

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**<u>GLOSSARY</u>**

**Accumulation Phase** - The Accumulation Phase starts when you purchase your Contract and ends on the Annuity Date, when the Income Phase starts.

**Accumulation Unit** - A unit of interest in a Subaccount.

**Accumulation Unit Value** - The value of a particular Accumulation Unit at a particular time.

**Annuitant or Annuitants** - The person(s) designated by the Owner(s) to receive monthly annuity income payments.

**Annuity Date** - A date selected by the Owner(s) for annuity income payments to begin. This date can be as late as the first day of the calendar month following the oldest Owner's 95th birthday. Once annuity income payments begin, Owners have no rights in the Contract.

**Base Contract Expenses - also referred to as "Contract Charges"** - Expenses that we assess daily at an annual effective rate against the assets of each Subaccount, comprised of a Mortality and Expense Risk Charge and an Administrative Charge.

**Beneficiary or Beneficiaries** - The person or persons who receive proceeds from the Contract if all the Owners die before the Annuity Date.

**Code** - The Internal Revenue Code of 1986, as amended.

**Contract** - The annuity contract described in this prospectus.

**Contract Anniversary** - The same month and day as the Contract Date in each later year.

**Contract Date** - The date your Contract becomes effective. We show this date in your Contract.

**Contract Value** - The total amount attributable to a Contract at any time before annuity income payments begin.

**Contract Year** - A year that starts on the Contract Date or a Contract Anniversary and ends at the close of business on the day before the next Contract Anniversary.

**Death Benefit** - A benefit equal to the Contract Value that applies if any Owner (or Annuitant for a trust owned Contract) dies before the Annuity Date.

**Exchanges** - Transfers of values among the Subaccounts.

**Free Look Period** - The limited period of time after you purchase your Contract that you can cancel it and return it for a refund.

**Funds** - The mutual fund portfolios in which the Subaccounts invest.

**Income Phase** - The Income Phase starts on the Annuity Date and represents the period of time the Contract makes annuity income payments.

**Non-qualified Annuity** - An annuity contract that does not qualify as an individual retirement annuity under Section 408(b) of the Code.

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**Owner(s) - also "You" or "you"** - The one or two persons who have the ownership rights and privileges under the Contract before the Annuity Date. In general, two people may purchase a Contract only if they are spouses.

**Purchase Payment(s)** - The amount(s) you invest in a Contract before any deduction for premium taxes. This term includes the Initial Purchase Payment in return for which we issue your Contract and any additional Purchase Payments you make later.

**Subaccounts** - The divisions of the Variable Account to which you may allocate Contract Value. Each Subaccount invests exclusively in the shares of one Fund.

**Total Return** - A measure of the investment performance for a Subaccount from one Valuation Period to the next.

**Valuation Period** - The period of time between one determination of the value of Accumulation Units to the next determination. We make determinations as of the close of business of the New York Stock Exchange (normally 4 p.m. Eastern Time) each day that the Exchange is open for trading.

**Variable Account** - Fidelity Investments Variable Annuity Account I.

**You or you** - The one or two persons who own a Contract. Once the Contract is issued, the Owner(s) may not be changed, except that if a Contract has one Owner at the time of issue, that Owner may add a second Owner.

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**<u>OVERVIEW OF THE CONTRACT</u>**

**What is this Contract designed to do and who could it be appropriate for?** 

FPRA is designed to provide long-term, tax-deferred accumulation of assets through investments in a variety of Subaccounts during the Accumulation Phase. It can also supplement your retirement income by providing a stream of income payments during the Income Phase. This Contract may be appropriate if you desire to accumulate assets on a tax-deferred basis, are already maximizing contributions to employer sponsored plans and IRA accounts and have a long-term investment horizon.

If you elect to pay advisory fees from the Contract to a third-party investment advisory firm, then this deduction will reduce the Contract Value and Death Benefit and may be subject to federal and state income taxes and a 10% federal penalty tax. **See *1. Principal Risks of Investing in the Contract*** in the Prospectus*.*

**How do I accumulate assets in this contract and receive income from the Contract?** 

Your Contract has two phases: 1) an Accumulation Phase; and 2) an Income Phase, beginning on the Annuity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accumulation Phase** 

To help you accumulate assets, you invest your Purchase Payments in one or more of the Subaccounts. The value of the money you invest in any Subaccount will vary with the performance of the single mutual fund portfolio (the "Fund") in which the Subaccount invests. Each Fund has its own investment strategies, investment advisers, expense ratios, and returns. Information about the Funds is provided in ***Appendix A: Funds Available Under the Contract***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Income Phase** 

During the Income Phase, the Contract pays a stream of guaranteed income payments to the Annuitant(s) beginning on the Annuity Date. For a Contract issued to one Owner, we pay monthly fixed annuity income to the Annuitant(s) beginning on the Annuity Date if the Owner is still alive on the Annuity Date. For a Contract issued to two Owners, we pay monthly fixed annuity income if either (1) both Owners are alive on the Annuity Date or (2) one Owner is alive on the Annuity Date and the surviving Owner was the deceased Owner's spouse at the time of death and elected to continue the Contract as his or her own. However, Owners have no rights once annuity income payments begin.

Income payments continue until all the Annuitants are no longer living, or for 120 monthly payments, whichever is longer. To provide annuity income, on the Annuity Date all Accumulation Units in the Subaccounts are redeemed and the money is transferred to our general account. Thereafter, the Contract's Death Benefit terminates and there is no ability to make withdrawals.

**What are the other primary features of the Contract?** 

Other primary contract features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accessing your money:** During the Accumulation Phase, you have full access to your money. You can choose to
withdraw your Contract Value at any time (although certain withdrawals prior to age 59<sup>1</sup>⁄<sub>2</sub> may be subject to a tax penalty equal to 10% of the amount treated as
taxable income).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Tax treatment:** You can Exchange money between Subaccounts without tax implications, and earnings (if any)
on your investments are generally tax-deferred. Earnings, if any, are taxed as ordinary income when received in the form of a withdrawal, annuity income payment, or other form of distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Death benefit:** Your Contract includes a standard Death Benefit that will pay your designated Beneficiaries
the Contract Value if all the Owners die during the Accumulation Phase. Please note poor investment performance and withdrawals can significantly reduce this benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Automatic Annuity Builder:** At no additional charge, you may use Automatic Annuity Builder to make
periodic, pre-authorized Purchase Payments by electronic funds transfers from your checking or savings account, or by transfers from your Fidelity Investments brokerage account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Dollar Cost Averaging and Automatic Rebalancing:** At no additional charge, you may use Dollar Cost
Averaging to make automatic monthly Exchanges from either the Government Money Market Subaccount or the Investment Grade Bond Subaccount (the "Source Option"), but not both, to any of the other Subaccounts you select (the
"Destination Options"). Alternatively, at no additional charge, you may use Automatic Rebalancing, which on a periodic basis automatically rebalances the Subaccounts you select to help you maintain your specified allocation mix.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Systematic Withdrawal Program:** At no additional charge, you may use our Systematic Withdrawal Program to
schedule periodic withdrawals of at least $100 on a monthly, quarterly, semi-annual, or annual basis.

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**<u>IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **FEES, EXPENSES, AND ADJUSTMENTS** | &nbsp;&nbsp;&nbsp; <br> **FEES, EXPENSES, AND ADJUSTMENTS** | &nbsp;&nbsp;&nbsp; <br> **FEES, EXPENSES, AND ADJUSTMENTS** | &nbsp;&nbsp;&nbsp; <br> **FEES, EXPENSES, AND ADJUSTMENTS** | **Location in<br>Prospectus** |
| &nbsp;&nbsp;&nbsp; Are There Charges or Adjustments for Early Withdrawals? | No | No | No |  |
| &nbsp;&nbsp;&nbsp; Are There Transaction Charges? | Although we do not currently intend to charge for Exchanges, we reserve the right to impose a charge if you make Exchanges on more than six days during a calendar year. The charge will be not more than $15 for each additional day on which you make an Exchange. | Although we do not currently intend to charge for Exchanges, we reserve the right to impose a charge if you make Exchanges on more than six days during a calendar year. The charge will be not more than $15 for each additional day on which you make an Exchange. | Although we do not currently intend to charge for Exchanges, we reserve the right to impose a charge if you make Exchanges on more than six days during a calendar year. The charge will be not more than $15 for each additional day on which you make an Exchange. | Fee Tables |
| &nbsp;&nbsp;&nbsp; Are There Ongoing Fees and Expenses? | Yes, the table below describes the fees and expenses that you may pay *each year* , depending on the investment options you choose. The Annual Charges do not reflect any advisory fees that may be paid by you to a third-party investment advisory firm from your Contract. If such advisory fees were reflected, the fees and expenses disclosed below would be higher. Please refer to your Contract Schedule page for information about the specific fees you will pay each year based on the options you have elected.  | Yes, the table below describes the fees and expenses that you may pay *each year* , depending on the investment options you choose. The Annual Charges do not reflect any advisory fees that may be paid by you to a third-party investment advisory firm from your Contract. If such advisory fees were reflected, the fees and expenses disclosed below would be higher. Please refer to your Contract Schedule page for information about the specific fees you will pay each year based on the options you have elected.  | Yes, the table below describes the fees and expenses that you may pay *each year* , depending on the investment options you choose. The Annual Charges do not reflect any advisory fees that may be paid by you to a third-party investment advisory firm from your Contract. If such advisory fees were reflected, the fees and expenses disclosed below would be higher. Please refer to your Contract Schedule page for information about the specific fees you will pay each year based on the options you have elected.  | Fee Tables<br>8. Current<br> Charges and<br> Other Deductions<br>Appendix A: Funds Available Under the Contract |
|  | **Annual Fee** | **Minimum** | **Maximum** | Fee Tables<br>8. Current<br> Charges and<br> Other Deductions<br>Appendix A: Funds Available Under the Contract |
|  | Base Contract Expenses | <br> 0.25%<sup>1,2</sup> | <br> 0.25%<sup>1,2</sup> | Fee Tables<br>8. Current<br> Charges and<br> Other Deductions<br>Appendix A: Funds Available Under the Contract |
|  | Subaccounts<br> (Fund fees and expenses) | <br> 0.09%<sup>3</sup> | <br> 3.38%<sup>3</sup> | Fee Tables<br>8. Current<br> Charges and<br> Other Deductions<br>Appendix A: Funds Available Under the Contract |
|  | <sup>1</sup> *As a percentage of the average Contract Value.*<br> <sup>2</sup> *You will be assessed Base Contract Expenses of 0.10% (hereafter referred to as "lower Contract Charges") if (1) you purchase a Contract on or after September 7, 2010 with an Initial Purchase Payment of $1,000,000 or more, or (2) your Contract Value equals $1,000,000 or more on or after September 7, 2010 and at that time we are offering the Contract to new applicants at the lower Contract Charges.*<br> <sup>3</sup> *As a percentage of the net assets of each Subaccount.* | <sup>1</sup> *As a percentage of the average Contract Value.*<br> <sup>2</sup> *You will be assessed Base Contract Expenses of 0.10% (hereafter referred to as "lower Contract Charges") if (1) you purchase a Contract on or after September 7, 2010 with an Initial Purchase Payment of $1,000,000 or more, or (2) your Contract Value equals $1,000,000 or more on or after September 7, 2010 and at that time we are offering the Contract to new applicants at the lower Contract Charges.*<br> <sup>3</sup> *As a percentage of the net assets of each Subaccount.* | <sup>1</sup> *As a percentage of the average Contract Value.*<br> <sup>2</sup> *You will be assessed Base Contract Expenses of 0.10% (hereafter referred to as "lower Contract Charges") if (1) you purchase a Contract on or after September 7, 2010 with an Initial Purchase Payment of $1,000,000 or more, or (2) your Contract Value equals $1,000,000 or more on or after September 7, 2010 and at that time we are offering the Contract to new applicants at the lower Contract Charges.*<br> <sup>3</sup> *As a percentage of the net assets of each Subaccount.* | Fee Tables<br>8. Current<br> Charges and<br> Other Deductions<br>Appendix A: Funds Available Under the Contract |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **FEES, EXPENSES, AND ADJUSTMENTS** | &nbsp;&nbsp;&nbsp; <br> **FEES, EXPENSES, AND ADJUSTMENTS** | &nbsp;&nbsp;&nbsp; <br> **FEES, EXPENSES, AND ADJUSTMENTS** | **Location in<br>Prospectus** |
|  | Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay *each year* , based on current charges.  | Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay *each year* , based on current charges.  |  |
|  | **Lowest Annual Cost**<br> **$327** | **Highest Annual Cost**<br> **$2,986** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Assumes<br>• Investment of $100,000<br>• 5% annual appreciation<br>• 0.25% Base Contract Expenses<br>• Least expensive combination of Fund fees and expenses<br>• No advisory fees paid to third-party investment advisory firms<br>• No additional Purchase Payments, transfers or withdrawals | &nbsp;&nbsp;&nbsp;&nbsp; Assumes<br>• Investment of $100,000<br>• 5% annual appreciation<br>• 0.25% Base Contract Expenses<br>• Most expensive combination of Fund fees and expenses<br>• No advisory fees paid to third-party investment advisory firms<br>• No additional Purchase Payments, transfers or withdrawals |  |
| &nbsp;&nbsp;&nbsp; <br> **RISKS** | &nbsp;&nbsp;&nbsp; <br> **RISKS** | &nbsp;&nbsp;&nbsp; <br> **RISKS** | **Location in<br>Prospectus** |
| &nbsp;&nbsp;&nbsp; Is There a Risk of Loss from Poor Performance? | Yes, an investor can lose money by investing in the Contract. | Yes, an investor can lose money by investing in the Contract. | 1. Principal Risks of Investing in the Contract<br>2(a). FILI and the Variable Account<br>2(b). The Funds |
| &nbsp;&nbsp;&nbsp; Is This a Short-Term Investment? | No, the Contract is not suitable as a short-term investment and is not appropriate for an investor who needs ready access to cash. This is because the benefits of tax deferral are more advantageous to investors with a long-time horizon. Investors with a short time horizon may not benefit. Furthermore, the taxable portion of a distribution will generally be taxed as ordinary income and may be subject to a penalty tax if received before age 59<sup>1</sup>⁄<sub>2</sub>. | No, the Contract is not suitable as a short-term investment and is not appropriate for an investor who needs ready access to cash. This is because the benefits of tax deferral are more advantageous to investors with a long-time horizon. Investors with a short time horizon may not benefit. Furthermore, the taxable portion of a distribution will generally be taxed as ordinary income and may be subject to a penalty tax if received before age 59<sup>1</sup>⁄<sub>2</sub>. | 1. Principal Risks of Investing in the Contract |
| &nbsp;&nbsp;&nbsp; What Are the Risks Associated with the Investment Options? | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• An investment in the Contract is subject to the risk of poor performance of the Subaccount(s).<br>&nbsp;&nbsp;&nbsp;&nbsp;• Performance will vary based on the performance of the Subaccount(s) you select.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Each Subaccount will have its own unique risks.<br>&nbsp;&nbsp;&nbsp;&nbsp;• You should review each Fund's prospectus carefully before making an investment decision. | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• An investment in the Contract is subject to the risk of poor performance of the Subaccount(s).<br>&nbsp;&nbsp;&nbsp;&nbsp;• Performance will vary based on the performance of the Subaccount(s) you select.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Each Subaccount will have its own unique risks.<br>&nbsp;&nbsp;&nbsp;&nbsp;• You should review each Fund's prospectus carefully before making an investment decision. | 1. Principal Risks of Investing in the Contract<br>2(a). FILI and the Variable Account<br>2(b). The Funds |

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **RISKS** | &nbsp;&nbsp;&nbsp; <br> **RISKS** | **Location in<br>Prospectus** |
| &nbsp;&nbsp;&nbsp; What Are the Risks Related<br>to the Insurance Company? | The Contract is issued by and subject to the risks related to Fidelity Investments Life Insurance Company ("FILI, "we", or "us"). The obligations, guarantees, and benefits of the Contract are subject to FILI's claims-paying ability. FILI has an A+ Financial Strength Rating from AM Best as of March 5, 2026. | 1. Principal Risks of Investing in the Contract<br>2(a). FILI and the Variable Account |
| &nbsp;&nbsp;&nbsp; <br> **RESTRICTIONS** | &nbsp;&nbsp;&nbsp; <br> **RESTRICTIONS** | **Location in<br>Prospectus** |
| &nbsp;&nbsp;&nbsp; Are There Restrictions on the Investment Options? | &nbsp;&nbsp;&nbsp;&nbsp; Yes, the following restrictions may apply:<br>&nbsp;&nbsp;&nbsp;&nbsp;• During all or part of the Free Look Period, we reserve the right to invest your Purchase Payments in the Government Money Market Subaccount.<br>&nbsp;&nbsp;&nbsp;&nbsp;• You cannot exchange less than $250 from any Subaccount except that if you have less than $250 in a Subaccount you may exchange the entire amount.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Contract Owners who engage in frequent Exchanges may be subjected to temporary or permanent restrictions on future purchase transactions or Exchanges.<br>&nbsp;&nbsp;&nbsp;&nbsp;• We have the right to eliminate Subaccounts, to combine two or more Subaccounts, or to substitute a new mutual fund for the mutual fund in which a Subaccount invests. | 3(a). Purchase of a Contract<br>5(a). General Procedures for Making Exchanges<br>5(f). FILI Policies Regarding Frequent Trading<br>11(a). Changes in Subaccounts |
| &nbsp;&nbsp;&nbsp; Are There Any Restrictions on Contract Benefits? | &nbsp;&nbsp;&nbsp;&nbsp; Yes, there are:<br>&nbsp;&nbsp;&nbsp;&nbsp;• We will not pay any Beneficiary their portion of the Death Benefit until we have determined the number of Beneficiaries entitled to receive payment and received all required forms in good order.<br>&nbsp;&nbsp;&nbsp;&nbsp;• We reserve the right to modify or terminate certain benefits available under the Contract. | 4. Benefits Available Under the Contract |
| &nbsp;&nbsp;&nbsp; <br> **TAXES** | &nbsp;&nbsp;&nbsp; <br> **TAXES** | **Location in<br>Prospectus** |
| &nbsp;&nbsp;&nbsp; What Are the Contract's<br>Tax Implications? | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• The Contracts are not offered in connection with Individual Retirement Accounts ("IRAs") or qualified plans of any kind.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Consult with a tax professional to determine the tax implications of an investment in and payments received under this Contract.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Under current law, you will not be taxed on increases in the value of your Contract until a distribution occurs. The taxable portion of a distribution will generally be taxed as ordinary income. A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions received before age 59<sup>1</sup>⁄<sub>2</sub>. | 1. Principal Risks of Investing in the Contract<br>3(a). Purchase of a Contract<br>9. Tax Considerations |

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **CONFLICTS OF INTEREST** | &nbsp;&nbsp;&nbsp; <br> **CONFLICTS OF INTEREST** | **Location in<br>Prospectus** |
| &nbsp;&nbsp;&nbsp; How Are Investment Professionals Compensated? | Your investment professional may receive compensation for selling this Contract to you in the form of commissions. This financial incentive may influence your investment professional to recommend this Contract over another investment. | 2(b). The Funds<br>2(c). Selling the Contracts |
| &nbsp;&nbsp;&nbsp; Should I Exchange My Contract? | Your investment professional may have a financial incentive to offer you a new contract in place of the one you own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, and any fees or penalties to terminate the existing contract, that it is better for you to purchase the new contract rather than continue to own your existing contract. | "*Replacement of Contracts"* under 3(a). Purchase of a Contract |

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**<u>BENEFITS AVAILABLE UNDER THE CONTRACT</u>**

The following table summarizes information about the benefits available under the Contract. A detailed description of each benefit is included in the prospectus.

**Standard Benefits** 

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name of**<br> **Benefit** | <br> **Purpose** | **Maximum<br>Fee** | **Brief Description of<br>Restrictions/Limitations** |
| &nbsp;&nbsp;&nbsp;Death Benefit | Upon death of an Owner (or Annuitant in the case of a trust owned contract) prior to the Annuity Date, provides a benefit to the Beneficiary(ies). The Death Benefit is the then-current Contract Value on the date we receive due proof of death and all of our required forms fully completed. |  | There is no guaranteed minimum death benefit.<br>We will not pay any Beneficiary until we have determined the number of Beneficiaries entitled to receive payment.<br>Any advisory fees you pay from the Contract to a third-party investment advisory firm will be treated as a withdrawal and, like any other withdrawal, will reduce the Contract Value and Death Benefit. |
| &nbsp;&nbsp;&nbsp; Automatic<br> Annuity Builder | Allows for periodic, pre-authorized Purchase Payments from a checking or savings account, or a Fidelity Investments brokerage account. |  | Minimum transfer amount is<br> $100.<br>We reserve the right to restrict participation if there is insufficient funds to complete a transfer. |
| &nbsp;&nbsp;&nbsp;Dollar Cost Averaging | Allows for automatic monthly Exchanges from one of two Subaccounts (the Source Options) to any other Subaccount (the Destination Option). |  | Minimum transfer amount is<br> $250.<br>May not be used at the same time as Automatic Rebalancing.<br>We reserve the right to modify or terminate this benefit. |
| &nbsp;&nbsp;&nbsp;Automatic Rebalancing | Helps to maintain a specified allocation mix among Subaccounts. |  | May not be used at the same time as Dollar Cost Averaging.<br>We reserve the right to modify or terminate this benefit. |
| &nbsp;&nbsp;&nbsp; Systematic Withdrawal<br> Program | Allows for periodic withdrawals of at least $100 on a monthly, quarterly, semi-annual, or annual basis. |  | Contract Value must be at least<br> $10,000 to begin this program.<br>We reserve the right to modify or terminate this benefit. |

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**<u>BUYING THE CONTRACT</u>**

***Application and Initial Purchase Payment:***

To purchase a Contract, you must complete an application and you must generally make an Initial Purchase Payment of at least $10,000. If you are purchasing a Contract by exchanging one or more annuity contracts or life insurance policies, you may purchase the Contract with a combination of (1) a check or other form of immediate payment of at least $250 and (2) assignment of your existing annuity contract or life insurance policy. The total value of the immediate payment and the existing annuity contract or life insurance policy must be at least $10,000.

Once we receive your completed application in a form acceptable to us, we will apply the Initial Purchase Payment to the purchase of a Contract within two business days after we receive the application and Initial Purchase Payment at our Annuity Service Center. The address of our Annuity Service Center is P.O. Box 770001, Cincinnati, Ohio 45277-0050. The date that we credit your Initial Purchase Payment and your Contract becomes effective is called the Contract Date.

***Contributing to a Contract:***

You may add money to a Contract before the Annuity Date if all the Owners are still living. The smallest additional Purchase Payment we will accept is generally $250. You may also make regular monthly additional Purchase Payments of at least $100 by authorizing your bank to make regular transfers to us from your checking or savings account, or by authorizing regular transfers from your Fidelity Investments brokerage account. **See *Automatic Annuity Builder* under *4. Benefits Available Under the Contract*** in the Prospectus.

You may make a telephone, mail, or Internet request to make an additional Purchase Payment by moving money from your Fidelity mutual fund or Fidelity brokerage "core" account, or other eligible Fidelity Investments accounts. You may also request to make an additional Purchase Payment by moving money from your bank account. Any Contracts and accounts between which money will be transferred must have at least one owner's name in common.

An additional Purchase Payment that you invest in any Subaccount(s) will be credited to your Contract based on the next computed Accumulation Unit Value(s) for those Subaccount(s) after we receive your payment at our Annuity Service Center. **See *Accumulation Units* under *3(c)*. *Purchase Payments*** in the Prospectus.

We may limit the amount of any Initial or Additional Purchase Payment.

***Investment Allocation of Your Purchase Payments:***

You choose how to allocate your Purchase Payments among the Subaccounts.

For the Initial Purchase Payment, you choose the allocation on the application. In order to meet certain regulatory requirements, we reserve the right to invest your Purchase Payments in the Government Money Market Subaccount during all or part of the Free Look Period.

For any additional Purchase Payment, you may send written allocation instructions to us at our Annuity Service Center. You may also provide instructions through our website, www.fidelity.com, but only if they are in accordance with our then current rules. Instructions may be expressed in dollars or in percentages. All percentages must be in whole numbers, not decimals or fractions. If you give us instructions that in our judgment are unclear or incomplete, your Purchase Payment and any future Purchase Payments to which those instructions apply will be allocated to the Government Money Market Subaccount until we receive instructions that are clear and complete.

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**<u>MAKING WITHDRAWALS: ACCESSING THE MONEY IN YOUR CONTRACT</u>**

Any time before the Annuity Date, you may make a complete withdrawal of your entire Contract Value. You must send us written instructions from all the Owners to make a complete withdrawal. Your Contract will terminate once the withdrawal has been processed.

You may also make telephone, mail, or internet requests for partial withdrawals of $500 or more before the Annuity Date. You may not make a partial withdrawal that would reduce your Contract Value to less than $5,000. Additional limitations apply to Withdrawals by telephone or internet. **See *6. Making Withdrawals*** in the Prospectus. You may also use our Systematic Withdrawal Program to schedule periodic withdrawals.

If you request a partial withdrawal in an amount that is less than the total you have in all the Subaccounts, you may choose the dollar amount or percentage to be withdrawn from each Subaccount. If you do not specify where we should take the money for a partial withdrawal, we will take it proportionately from all the Subaccounts.

Withdrawals will reduce the Contract Value and Death Benefit. The taxable portion of a withdrawal will generally be taxed as ordinary income. A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions received before age 59<sup>1</sup>⁄<sub>2</sub>.

Withdrawals are calculated based on the next computed Accumulation Unit Value(s) after we receive the withdrawal request at the Annuity Service Center. We will normally pay you the net amount of any withdrawal within seven days after we receive the withdrawal request at the Annuity Service Center. The net amount is the amount of the withdrawal less any taxes withheld.

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**<u>ADDITIONAL INFORMATION ABOUT FEES</u>**

**The following tables describe the fees and expenses that you will pay while you own the Contract. Please refer to your Contract Schedule page for information about the specific fees you will pay each year based on the options you have elected. These tables do not reflect any advisory fees that may be paid by you to a third-party investment advisory firm from the Contract. If such advisory fees were reflected, the fees and expenses disclosed below would be higher.** 

**The first table describes the fees and expenses that you will pay at the time that you transfer Contract Value between Subaccounts. State premium taxes may also be deducted.** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Transaction Expenses** | **Current Charge** |
| &nbsp;&nbsp;&nbsp;Transfer Fee | None $15.00<sup>A</sup> |

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|:---|:---|
| <sup>A</sup> | *Although we do not currently intend to charge for Exchanges, we reserve the right to impose a charge if you make Exchanges on more than six days during a calendar year. The charge will be not more than $15 for each additional day on which you make an Exchange. If your only Exchange on a given day results from Dollar Cost Averaging or Automatic Rebalancing, or because of a transfer from the Government Money Market Subaccount at the end of the Free Look Period, this will not count against the six-day limit.*  |

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**The next table describes the fees and expenses that you will pay *each year* during the time that you own the Contract (not including Fund fees and expenses).** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annual Contract Expenses** | **Maximum Charge** |
| &nbsp;&nbsp;&nbsp; Base Contract Expenses<sup>1,2</sup><br> *(as a percentage of the average Contract Value)* | 0.25% |

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| | |
|:---|:---|
| <sup>1</sup> | *Base Contract Expenses are the total of two separate charges, a Mortality and Expense Risk Charge and an Administrative Charge. You may also see Base Contract Expenses referred to as "Total Separate Account Annual Expenses".*  |

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| | |
|:---|:---|
| <sup>2</sup> | *You will be assessed Base Contract Expenses of 0.10% (hereafter referred to as "lower Contract Charges") if (1) you purchase a Contract on or after September 7, 2010, with an Initial Purchase Payment of $1,000,000 or more, or (2) your Contract Value equals $1,000,000 or more on or after September 7, 2010, and at that time we are offering the Contract to new applicants at the lower Contract Charges (***See *8(c). Automatic Contract Charge Reduction*** *in the Prospectus). Contracts funded with Purchase Payments from different sources (e.g., other annuity contracts or investments) will be issued with the lower Contract Charges only if the amount of the Initial Purchase Payment applied to the Contract on the Contract Date is $1,000,000 or more and is received by us on or after September 7, 2010.*  |

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***We reserve the right to terminate the lower Contract Charges for new applicants at any time. We also reserve the right to terminate the availability of the lower Contract Charges to existing Owners in the event we decide to cease offering the lower Contract Charges to new applicants. You should not purchase a Contract based on the expectation that we will still be offering new Contracts at the lower Contract Charges if your Contract Value reaches $1,000,000 or more at some time in the future.***

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**The next item shows the minimum and maximum total operating expenses charged by the Funds that you may pay periodically during the time that you own the Contract. Expenses shown may change over time and may be higher or lower in the future. A complete list of Funds available under the Contract, including their annual expenses, may be found at the back of this document.** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annual Portfolio Company Expenses** | **Minimum** | **Maximum** |
| &nbsp;&nbsp;&nbsp; (expenses that are deducted from Fund assets,<br>including management fees, distribution and/or service<br> (12b-1) fees, and other expenses) | <br> 0.09% | <br> 3.38% |
| &nbsp;&nbsp;&nbsp; (expenses that are deducted from Fund assets,<br>including management fees, distribution and/or service<br> (12b-1) fees, and other expenses after any waivers or expense reimbursements) | <br> 0.09% | <br> 3.19%<sup>1</sup> |

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<sup>1</sup> *This reflects temporary reductions to Fund expenses.* 

**Example** 

**This example is intended to help you compare the cost of investing in the Contract with the cost of investing in other annuity contracts that offer variable options. These costs include annual Contract expenses and annual Fund expenses, but do not reflect any advisory fees that may be paid by you to a third-party investment advisory firm from the Contract. If such fees were reflected, the below expenses would be higher.** 

**This example assumes that you invest $100,000 in the Contract for the time periods indicated. The example also assumes that your investment has a 5% return each year, 0.25% Base Contract Expenses, and the maximum annual Fund expenses. Although your actual costs may be higher or lower, based on these assumptions, your costs would be as shown immediately below, regardless of whether you annuitize, make a full withdrawal, or continue your Contract at the end of each of the periods shown:** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;1 year | 3 years | 5 years | 10 years |
| &nbsp;&nbsp;&nbsp;$3655 | $11115 | $18782 | $38886 |

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**<u>APPENDIX A: FUNDS AVAILABLE UNDER THE CONTRACT</u>**

The following is a list of Funds available under the Contract. More information about the Funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at www.dfinview.com/Fidelity/PUFT/FPRA. You can also request this information at no cost by calling 1-800-634-9361 or by sending an email request to filifunddocuments@fidelity.com.

The current expenses and performance information below reflects fees and expenses of the Funds, but do not reflect the other fees and expenses that your Contract may charge or any advisory fees that you may pay to a third-party investment advisory firm from the Contract. Expenses would be higher and performance would be lower if these other charges were included. Each Fund's past performance is not necessarily an indication of future performance.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **Average Annual Total**<br> **Returns (as of 12/31/25)** | **Average Annual Total**<br> **Returns (as of 12/31/25)** | **Average Annual Total**<br> **Returns (as of 12/31/25)** |
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp;&nbsp;Seeks high total investment return | BlackRock Global Allocation V.I. Fund<br>*Adviser:* BlackRock Advisors, LLC<br>*Subadviser*: BlackRock (Singapore) Limited and BlackRock International Limited | 0.91%\* | 19.53% | 5.62% | 7.42% |
| &nbsp;&nbsp;&nbsp; Seeks to obtain high total return with reduced risk over the long-term by allocating its assets among stocks, bonds, and<br> short-term instruments | Fidelity<sup>®</sup> Variable Insurance Product ("VIP") Asset Manager 50% Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.59%\* | 14.90% | 5.59% | 7.05% |
| &nbsp;&nbsp;&nbsp;Seeks to maximize total return by allocating its assets among stocks, bonds, short-term instruments, and other investments | Fidelity<sup>®</sup> VIP Asset Manager 70% Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.69%\* | 18.17% | 7.55% | 8.78% |
| &nbsp;&nbsp;&nbsp;Seeks income and capital growth consistent with reasonable risk | Fidelity<sup>®</sup> VIP Balanced Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.49% | 15.16% | 9.43% | 11.04% |
| &nbsp;&nbsp;&nbsp;Seeks to provide investment results that correspond to the aggregate price and interest performance of the debt securities in the Bloomberg Barclays U.S. Aggregate Bond Index | Fidelity<sup>®</sup> VIP Bond Index Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.14% | 6.98% | -0.57% |  |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Fidelity<sup>®</sup> VIP Communication Services Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.68% | 34.29% | 15.11% | 15.71% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **Average Annual Total**<br> **Returns (as of 12/31/25)** | **Average Annual Total**<br> **Returns (as of 12/31/25)** | **Average Annual Total**<br> **Returns (as of 12/31/25)** |
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Fidelity<sup>®</sup> VIP Consumer Discretionary Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.69% | 6.73% | 8.02% | 12.42% |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Fidelity<sup>®</sup> VIP Consumer Staples Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.69% | -3.04% | 3.62% | 5.79% |
| &nbsp;&nbsp;&nbsp;Seeks long-term capital appreciation | Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.61% | 21.43% | 15.28% | 15.69% |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Fidelity<sup>®</sup> VIP Disciplined Small Cap Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.40% | 17.28% | 10.29% | 10.51% |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Fidelity<sup>®</sup> VIP Dynamic Capital Appreciation Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.81% | 18.72% | 13.58% | 14.78% |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Fidelity<sup>®</sup> VIP Emerging Markets Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.94% | 41.06% | 5.79% | 10.84% |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Fidelity<sup>®</sup> VIP Energy Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.68% | 10.49% | 24.08% | 7.87% |
| &nbsp;&nbsp;&nbsp;Seeks reasonable income while also considering the potential for capital appreciation. The fund's goal is to achieve a yield which exceeds the composite yield on the securities comprising the S&P 500<sup>®</sup> Index | Fidelity<sup>®</sup> VIP Equity-Income Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.53% | 18.94% | 12.44% | 11.51% |
| &nbsp;&nbsp;&nbsp; Seeks to provide investment results that correspond to the total return of stocks of mid- to small-capitalization<br> U.S. companies | Fidelity<sup>®</sup> VIP Extended Market Index Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC<br>*Principal Subadviser*: Geode Capital Management, LLC | 0.12% | 12.32% | 8.02% |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **Average Annual Total**<br> **Returns (as of 12/31/25)** | **Average Annual Total**<br> **Returns (as of 12/31/25)** | **Average Annual Total**<br> **Returns (as of 12/31/25)** |
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Fidelity<sup>®</sup> VIP Financials Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.68% | 15.08% | 16.38% | 13.31% |
| &nbsp;&nbsp;&nbsp;Seeks a high level of current income | Fidelity<sup>®</sup> VIP Floating Rate High Income Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.76% | 5.23% | 6.00% | 5.40% |
| &nbsp;&nbsp;&nbsp;Seeks high current income and, as a secondary objective, capital appreciation | Fidelity<sup>®</sup> VIP FundsManager<sup>®</sup> 20% Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.47%\* | 9.14% | 3.14% | 4.23% |
| &nbsp;&nbsp;&nbsp;Seeks high current income and, as a secondary objective, capital appreciation | Fidelity<sup>®</sup> VIP FundsManager<sup>®</sup> 30% Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.54%\* | 10.86% |  |  |
| &nbsp;&nbsp;&nbsp;Seeks current income as well as total return. The fund also considers the potential for capital appreciation | Fidelity<sup>®</sup> VIP FundsManager<sup>®</sup> 40% Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.57%\* | 12.40% |  |  |
| &nbsp;&nbsp;&nbsp;Seeks high total return | Fidelity<sup>®</sup> VIP FundsManager<sup>®</sup> 50% Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.59%\* | 14.13% | 5.78% | 7.24% |
| &nbsp;&nbsp;&nbsp;Seeks high total return | Fidelity<sup>®</sup> VIP FundsManager<sup>®</sup> 60% Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.63%\* | 15.71% | 6.67% | 8.19% |
| &nbsp;&nbsp;&nbsp;Seeks high total return | Fidelity<sup>®</sup> VIP FundsManager<sup>®</sup> 70% Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.65%\* | 17.12% | 7.74% | 9.12% |
| &nbsp;&nbsp;&nbsp;Seeks high total return | Fidelity<sup>®</sup> VIP FundsManager<sup>®</sup> 85% Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.68%\* | 19.46% | 9.10% | 10.51% |
| &nbsp;&nbsp;&nbsp;Seeks as high a level of current income as is consistent with preservation of capital and liquidity | Fidelity<sup>®</sup> VIP Government Money Market Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.28% | 4.10% | 3.08% | 2.01% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **Average Annual Total**<br> **Returns (as of 12/31/25)** | **Average Annual Total**<br> **Returns (as of 12/31/25)** | **Average Annual Total**<br> **Returns (as of 12/31/25)** |
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp;&nbsp;Seeks to achieve capital appreciation | Fidelity<sup>®</sup> VIP Growth Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.62% | 14.84% | 13.62% | 17.36% |
| &nbsp;&nbsp;&nbsp;Seeks high total return through a combination of current income and capital appreciation | Fidelity<sup>®</sup> VIP Growth & Income Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.55% | 21.39% | 16.02% | 13.75% |
| &nbsp;&nbsp;&nbsp;Seeks to provide capital growth | Fidelity<sup>®</sup> VIP Growth Opportunities Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.64% | 21.93% | 11.23% | 19.85% |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Fidelity<sup>®</sup> VIP Health Care Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.67% | 14.27% | 4.10% | 8.66% |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Fidelity<sup>®</sup> VIP Hedged Equity Portfolio<br>*Adviser:* Fidelity Diversifying Solutions LLC | 0.56%\* |  |  |  |
| &nbsp;&nbsp;&nbsp;Seeks a high level of current income, while also considering growth of capital | Fidelity<sup>®</sup> VIP High Income Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.85%\* | 10.45% | 4.24% | 5.57% |
| &nbsp;&nbsp;&nbsp;Seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the S&P 500<sup>®</sup> Index | Fidelity<sup>®</sup> VIP Index 500 Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC<br>*Principal Subadviser:* Geode Capital Management, LLC | 0.09% | 17.78% | 14.31% | 14.70% |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Fidelity<sup>®</sup> VIP Industrials Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.68% | 24.42% | 14.70% | 12.89% |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Fidelity<sup>®</sup> VIP International Capital Appreciation Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.85% | 18.56% | 6.16% | 9.72% |
| &nbsp;&nbsp;&nbsp;Seeks to provide investment results that correspond to the total return of foreign developed and emerging stock markets | Fidelity<sup>®</sup> VIP International Index Portfolio<br>Adviser: Fidelity Management & Research Company LLC<br>*Principal Subadviser:* Geode Capital Management, LLC | 0.16% | 33.15% | 8.02% |  |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **Average Annual Total**<br> **Returns (as of 12/31/25)** | **Average Annual Total**<br> **Returns (as of 12/31/25)** | **Average Annual Total**<br> **Returns (as of 12/31/25)** |
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp;&nbsp;Seeks as high a level of current income as is consistent with the preservation of capital | Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.41% | 7.22% | 0.02% | 2.68% |
| &nbsp;&nbsp;&nbsp;Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond | Fidelity<sup>®</sup> VIP Investor Freedom<sup>SM</sup> 2010 Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.42% | 10.57% | 3.11% | 5.68% |
| &nbsp;&nbsp;&nbsp;Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond | Fidelity<sup>®</sup> VIP Investor Freedom<sup>SM</sup> 2015 Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.45% | 11.87% | 3.95% | 6.55% |
| &nbsp;&nbsp;&nbsp;Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond | Fidelity<sup>®</sup> VIP Investor Freedom<sup>SM</sup> 2020 Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.49% | 13.29% | 4.79% | 7.33% |
| &nbsp;&nbsp;&nbsp;Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond | Fidelity<sup>®</sup> VIP Investor Freedom<sup>SM</sup> 2025 Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.51% | 14.44% | 5.46% | 7.95% |
| &nbsp;&nbsp;&nbsp;Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond | Fidelity<sup>®</sup> VIP Investor Freedom<sup>SM</sup> 2030 Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.54% | 15.37% | 6.18% | 8.81% |
| &nbsp;&nbsp;&nbsp;Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond | Fidelity<sup>®</sup> VIP Investor Freedom<sup>SM</sup> 2035 Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.58% | 16.61% |  |  |
| &nbsp;&nbsp;&nbsp;Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond | Fidelity<sup>®</sup> VIP Investor Freedom<sup>SM</sup> 2040 Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.63% | 18.69% |  |  |
| &nbsp;&nbsp;&nbsp;Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond | Fidelity<sup>®</sup> VIP Investor Freedom<sup>SM</sup> 2045 Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.67% | 19.69% |  |  |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **Average Annual Total**<br> **Returns (as of 12/31/25)** | **Average Annual Total**<br> **Returns (as of 12/31/25)** | **Average Annual Total**<br> **Returns (as of 12/31/25)** |
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp;&nbsp;Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond | Fidelity<sup>®</sup> VIP Investor Freedom<sup>SM</sup> 2050 Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.67% | 19.73% |  |  |
| &nbsp;&nbsp;&nbsp; Seeks high total return with a secondary objective<br> of principal preservation | Fidelity<sup>®</sup> VIP Investor Freedom<br> Retirement<sup>SM</sup> Portfolio†<br>*Adviser:* Fidelity Management & Research Company LLC | 0.39% | 9.63% | 2.31% | 4.40% |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Fidelity<sup>®</sup> VIP Materials Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.76% | 11.24% | 6.98% | 7.59% |
| &nbsp;&nbsp;&nbsp;Seeks long-term growth of capital | Fidelity<sup>®</sup> VIP Mid Cap Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.63% | 11.68% | 10.02% | 10.50% |
| &nbsp;&nbsp;&nbsp;Seeks long-term growth of capital | Fidelity<sup>®</sup> VIP Overseas Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.80% | 20.32% | 6.54% | 7.85% |
| &nbsp;&nbsp;&nbsp;Seeks above average income and long-term capital growth, consistent with reasonable investment risk. The fund seeks to provide a yield that exceeds the composite yield of the S&P 500<sup>®</sup> Index | Fidelity<sup>®</sup> VIP Real Estate Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.68% | 3.06% | 4.15% | 3.79% |
| &nbsp;&nbsp;&nbsp;Seeks a high level of current income. The fund may also seek capital appreciation | Fidelity<sup>®</sup> VIP Strategic Income Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.67% | 8.82% | 3.02% | 4.62% |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Fidelity<sup>®</sup> VIP Technology Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.64% | 23.28% | 16.75% | 23.67% |
| &nbsp;&nbsp;&nbsp;Seeks to provide investment results that correspond to the total return of a broad range of U.S. stocks | Fidelity<sup>®</sup> VIP Total Market Index Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC<br>*Principal Subadviser:* Geode Capital Management, LLC | 0.11% | 17.11% | 13.14% |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **Average Annual Total**<br> **Returns (as of 12/31/25)** | **Average Annual Total**<br> **Returns (as of 12/31/25)** | **Average Annual Total**<br> **Returns (as of 12/31/25)** |
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Fidelity<sup>®</sup> VIP Utilities Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.68% | 14.03% | 12.43% | 12.42% |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Fidelity<sup>®</sup> VIP Value Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.68% | 11.16% | 13.02% | 11.15% |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Fidelity<sup>®</sup> VIP Value Strategies Portfolio<br>*Adviser:* Fidelity Management & Research Company LLC | 0.66% | 7.89% | 12.06% | 10.74% |
| &nbsp;&nbsp;&nbsp;Seeks income | Franklin U.S. Government Securities VIP Fund<br>*Adviser:* Franklin Advisers, Inc. | 0.79% | 6.69% | 0.02% | 1.14% |
| &nbsp;&nbsp;&nbsp;Seeks capital appreciation | Invesco V.I. Global Fund<br>*Adviser:* Invesco Advisers, Inc. | 0.81% | 15.32% | 7.28% | 11.00% |
| &nbsp;&nbsp;&nbsp;Seeks long-term capital appreciation | Lazard Retirement Emerging Markets Equity Portfolio<br>*Adviser:* Lazard Asset Management LLC | 1.13%\* | 42.12% | 11.04% | 9.63% |
| &nbsp;&nbsp;&nbsp;Seeks high total return by investing primarily in fixed income securities of government and government-related issuers and, to a lesser extent, of corporate issuers in emerging market countries | Morgan Stanley Variable Insurance Fund, Inc. ("Morgan Stanley") Emerging Markets Debt Portfolio<br>*Adviser:* Morgan Stanley Investment Management Inc. | 1.10%\* | 15.33% | 2.70% | 4.51% |
| &nbsp;&nbsp;&nbsp;Seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of issuers in emerging market countries | Morgan Stanley Emerging Markets Equity Portfolio<br>*Adviser:* Morgan Stanley Investment Management Inc. | 1.25%\* | 32.96% | 4.37% | 7.27% |
| &nbsp;&nbsp;&nbsp;Seeks total return | Morgan Stanley Global Strategist Portfolio<br>*Adviser:* Morgan Stanley Investment Management Inc. | 0.90%\* | 17.40% | 5.31% | 6.85% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **Average Annual Total**<br> **Returns (as of 12/31/25)** | **Average Annual Total**<br> **Returns (as of 12/31/25)** | **Average Annual Total**<br> **Returns (as of 12/31/25)** |
| &nbsp;&nbsp;&nbsp;**Investment Objective** | **Fund & Adviser/Subadviser** | **Current<br>Expenses** | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp;&nbsp;Seeks maximum real return, consistent with prudent investment management | PIMCO Variable Insurance Trust ("VIT") CommodityRealReturn<sup>®</sup> Strategy Portfolio<br>*Adviser:* Pacific Investment Management Company LLC | 3.19%\* | 18.79% | 10.55% | 6.54% |
| &nbsp;&nbsp;&nbsp;Seeks maximum total return, consistent with preservation of capital and prudent investment management | PIMCO VIT Low Duration Portfolio<br>*Adviser:* Pacific Investment Management Company LLC | 0.66% | 5.52% | 1.57% | 1.79% |
| &nbsp;&nbsp;&nbsp;Seeks maximum real return, consistent with preservation of real capital and prudent investment management | PIMCO VIT Real Return Portfolio<br>*Adviser:* Pacific Investment Management Company LLC | 1.39% | 7.85% | 1.21% | 3.21% |
| &nbsp;&nbsp;&nbsp;Seeks maximum total return, consistent with preservation of capital and prudent investment management | PIMCO VIT Total Return Portfolio<br>*Adviser:* Pacific Investment Management Company LLC | 0.73% | 8.89% | 0.02% | 2.36% |
| &nbsp;&nbsp;&nbsp;Seeks high current income, consistent with preservation of capital, with capital appreciation as a secondary consideration | Templeton Global Bond VIP Fund<br>*Adviser:* Franklin Advisers, Inc. | 0.75%\* | 15.73% | -0.96% | -0.15% |

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Each Fidelity Subaccount invests in Investor Class shares of each Fund except for the VIP Index 500 Portfolio, VIP Bond Index Portfolio, VIP Extended Market Index Portfolio, VIP International Index Portfolio and VIP Total Market Index Portfolio which invest in Initial Class shares of each Fund.

*\** *This Fund's current expenses reflect temporary fee reductions. See the Fund's prospectus for additional information.* 

† *Prior to April 30, 2026, the fund was named Fidelity <sup>®</sup> VIP Investor Freedom Income Portfolio.* 

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This Summary Prospectus incorporates by reference the prospectus and Statement of Additional Information (SAI), both dated April 30, 2026, as amended or supplemented. The SAI may be obtained, free of charge, in the same manner as the prospectus.

Edgar Contract Identifier: C000024030

FPRA-ISP-0426

1.9905478.102