Important information to help you understand and vote on the proposal

Please read the full text of the proxy statement. We have provided a brief overview of the proposal to be voted upon below. Your vote is important. We appreciate you placing your trust in Fidelity and look forward to helping you achieve your financial goals.

What proposal am I being asked to vote on?

As more fully described in the Proposal in the attached proxy statement, shareholders of each fund are being asked to approve an amended and restated management contract between the fund and Fidelity Management & Research Company LLC (FMR).

Has the Board of Trustees approved the proposal?

Yes. The Board of Trustees has carefully reviewed the proposal and approved the amended and restated management contracts. The Board of Trustees unanimously recommends that you vote in favor of your fund's amended and restated management contract by approving the Proposal.

Why is Fidelity proposing that shareholders approve amended and restated management contracts for the VIP Freedom Funds?

The VIP Freedom Funds invest in other mutual funds managed by Fidelity. Shareholders of the VIP Freedom Funds are not charged a management fee for their investments in the VIP Freedom Funds. Instead, shareholders of the VIP Freedom Funds pay fees indirectly through their funds' holdings in the various underlying funds that are managed by Fidelity.

The current structure of the VIP Freedom Funds leads to fluctuations in fund expenses because the fees that a VIP Freedom Fund shareholder pays indirectly will vary depending on each VIP Freedom Fund's investments in underlying funds. In an effort to achieve more stable and predictable expenses for VIP Freedom Fund shareholders, Fidelity is proposing a new pricing structure for each fund that will reduce the overall expenses that VIP Freedom Fund shareholders pay and provide for less fluctuation in fund expenses. Under the new structure, each VIP Freedom Fund will charge shareholders for all of its operating expenses directly and will transition its investments to underlying funds (Series Funds) that do not have management fees or other expenses, with limited exceptions.

How will shareholders of the VIP Freedom Funds benefit from the new pricing structure?

If shareholders of each VIP Freedom Fund approve the new pricing structure, overall expenses for each VIP Freedom Fund will decrease by at least 0.02% per year, compared to each VIP Freedom Fund's total annual operating expenses as of December 31, 2025. The new pricing structure would also lead to more stable and predictable total expenses than shareholders experience today.

Under the current structure, a VIP Freedom Fund's decision to sell one underlying fund and buy another can result in shifting expense levels for that VIP Freedom Fund. For example, if, in response to market conditions, Fidelity allocates more of a VIP Freedom Fund's assets to underlying funds with higher total expenses, a VIP Freedom Fund shareholder's overall expenses would increase. Under the new structure, each VIP Freedom Fund would invest in Series Funds that do not have management fees or other expenses, with certain limited exceptions, so investment decisions would generally not affect the overall expenses that VIP Freedom Fund shareholders pay.

What if there are not enough votes to reach quorum by the scheduled shareholder meeting date or if the proposal is not approved?

To facilitate receiving a sufficient number of votes, we may need to take further action. Broadridge Financial Solutions, Inc., a proxy solicitation firm, or Fidelity, may contact you by mail or telephone. Therefore, we encourage shareholders to vote as soon as they receive the enclosed proxy materials to avoid additional mailings or telephone calls.

Is approval of my fund's management contract contingent on approval by shareholders of other funds?

In order for the contract amendments to take effect, shareholders of each fund within a product line (for these purposes, the VIP Freedom, VIP Investor Freedom, and VIP Freedom Lifetime Income funds are three distinct product lines) must approve the proposal. If shareholders of one or more of the funds within a product line do not approve the proposal, no fund within that product line will amend its management contract.

Who will bear the expenses associated with the proposal?

FMR will bear the expenses associated with the proposal.

What role does the Board play?

The Trustees serve as representatives of the funds' shareholders. Members of the Board are fiduciaries and have an obligation to serve the best interests of shareholders. In addition, the Trustees review fund performance, oversee fund activities, and review contractual arrangements with companies that provide services to the funds.

Individual Accounts:			Shareholders should sign exactly as their names appear on the account registration shown on the card or form.
Joint Accounts:			Either owner may sign, but the name of the person signing should conform exactly to a name shown in the registration.
All Other Accounts:			The person signing must indicate his or her capacity. For example, a trustee for a trust or other entity should sign, "Ann B. Collins, Trustee."

						1.9922904.100 VIPFF26-PXL-0826

Your vote is important - please vote your shares promptly.

The Meeting will be held in a virtual format only. Variable product owners, who have a voting interest in variable accounts holding shares of the trust, are invited to attend the Meeting by means of remote audio communication. You will not be able to attend the Meeting in person. To virtually attend the Meeting, you must register at https://viewproxy.com/fidelityfunds/broadridgevsm/. You will be required to enter your name, an email address, and the control number found on your proxy card, voting instruction form or notice you previously received. If you have lost or misplaced your control number, call Fidelity at 1-877-208-0098 to verify your identity and obtain your control number. Requests for registration must be received no later than 5:00 p.m. ET on Tuesday, October 13, 2026. Once your registration is approved, you will receive an email confirming your registration with an event link and optional dial-in information to attend the Meeting. You may vote during the Meeting at www.proxyvote.com/proxy. You will need your control number to vote.

Questions from shareholders to be considered at the Meeting must be submitted to Broadridge at https://viewproxy.com/fidelityfunds/broadridgevsm/ no later than 8:00 a.m. ET on Tuesday, October 13, 2026.

Any variable product owner who does not expect to virtually attend the Meeting and vote is urged to indicate voting instructions on the enclosed proxy card or voting instruction form, date and sign it, and return it in the envelope provided, which needs no postage if mailed in the United States. In order to avoid unnecessary expense, we ask your cooperation in responding promptly, no matter how large or small your voting interest may be. Please contact your insurance company for additional information regarding voting deadlines.

INSTRUCTIONS FOR EXECUTING PROXY CARD OR VOTING INSTRUCTION FORM

The following general rules for executing proxy cards or voting instruction forms may be of assistance to you and help avoid the time and expense involved in validating your vote if you fail to execute your proxy card or voting instruction form properly.

PROXY STATEMENT

SPECIAL MEETING OF SHAREHOLDERS OF

VARIABLE INSURANCE PRODUCTS FUND V:

FREEDOM RETIREMENT PORTFOLIO (FORMERLY 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

INITIAL CLASS, SERVICE CLASS, AND SERVICE CLASS 2

INVESTOR FREEDOM^® RETIREMENT PORTFOLIO (FORMERLY 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

FREEDOM LIFETIME INCOME I PORTFOLIO

FREEDOM LIFETIME INCOME II PORTFOLIO

FREEDOM LIFETIME INCOME III PORTFOLIO

TO BE HELD ON October 14, 2026

This Proxy Statement is furnished in connection with a solicitation of proxies made by, and on behalf of, the Board of Trustees of Variable Insurance Products Fund V (the trust) to be used at the Special Meeting of Shareholders of the above-named funds (the funds or the VIP Freedom Funds) and at any adjournments thereof (the Meeting), to be held on October 14, 2026 at 8:00 a.m. ET. The Board of Trustees and Fidelity Management & Research Company LLC (FMR or the Adviser), each fund's investment adviser, have determined that the Meeting will be held in a virtual format only. The Meeting will be accessible solely by means of remote audio communication. You will not be able to attend the meeting in person.

The purpose of the Meeting is set forth in the accompanying Notice. The solicitation is being made primarily by the mailing of this Proxy Statement and the accompanying proxy or voting instruction form on or about August 17, 2026. Supplementary solicitations may be made by mail, telephone, facsimile, electronic means or by personal interview by representatives of the trust. In addition, Broadridge Financial Solutions, Inc. (Broadridge) may be paid on a per-call basis to solicit shareholders by telephone on behalf of each fund at an anticipated cost of approximately $3,000 per fund. The funds may also arrange to have votes recorded by telephone. Broadridge may be paid on a per-call basis for vote-by-phone solicitations on behalf of each fund at an anticipated cost of approximately $1,500 per fund.

FMR will bear the expenses in connection with preparing this Proxy Statement and its enclosures and all solicitations, including reimbursing insurance companies and others for their reasonable expenses in forwarding solicitation materials to the beneficial owners of shares.

The principal business address of FMR is 245 Summer Street, Boston, Massachusetts 02210. The principal business address of Fidelity Distributors Company LLC (FDC), each fund's principal underwriter and distribution agent, is 900 Salem Street, Smithfield, Rhode Island 02917.

All proxies solicited by the Board of Trustees that are properly executed and received by the Secretary prior to the Meeting, and are not revoked, will be voted at the Meeting. Shares represented by such proxies will be voted in accordance with the instructions thereon. If no specification is made on a properly executed proxy or voting instruction form, it will be voted FOR the matters specified on the proxy or voting instruction form. All shares that are voted and votes to ABSTAIN will be counted towards establishing a quorum. Most insurance company variable accounts will vote all of their shares in the same proportion as the voting instructions actually received from variable product owners. See page 5.

One-third of each fund's outstanding voting securities entitled to vote constitutes a quorum for the transaction of business at the Meeting. If a quorum is not present at the Meeting, or if a quorum is present at the Meeting but sufficient votes to approve the proposed item are not received, or if other matters arise requiring shareholder attention, the persons named as proxy agents may propose one or more adjournments of the Meeting to permit further solicitation of proxies. Any such adjournment will require the affirmative vote of a majority of those shares present at the Meeting or represented by proxy. When voting on a proposed adjournment, the persons named as proxy agents will vote FOR the proposed adjournment all shares that they are entitled to vote with respect to the item, unless directed to vote AGAINST the item, in which case such shares will be voted AGAINST the proposed adjournment with respect to that item. A shareholder vote may be taken on the item in this Proxy Statement prior to such adjournment if sufficient votes have been received and it is otherwise appropriate.

Information regarding the number of shares of each class, as applicable, of each fund issued and outstanding is provided in Appendix A.

Information regarding record and/or beneficial ownership of each class, as applicable, of each fund is included in Appendix B.

FMR has advised the trust that certain shares are registered to FMR or an FMR affiliate. To the extent that FMR and/or another entity or entities of which FMR LLC is the ultimate parent has discretion to vote, these shares will be voted at the Meeting FOR the proposal. Otherwise, these shares will be voted in accordance with the plan or agreement governing the shares. Although the terms of the plans and agreements vary, generally the shares must be voted either (i) in accordance with instructions received from shareholders or (ii) in accordance with instructions received from shareholders and, for shareholders who do not vote, in the same proportion as certain other shareholders have voted.

Shareholders of record at the close of business on August 17, 2026 will be entitled to vote at the Meeting. Each such shareholder will be entitled to one vote for each dollar of net asset value held on that date, with fractional dollar amounts entitled to a proportional fractional vote.

Shares of the trust are currently sold only to life insurance companies. Each company holds its shares in a separate account (the Variable Account), which serves as the funding vehicle for its variable insurance products. In accordance with its view of present applicable law, each company will vote its shares held in its respective Variable Account at the Meeting in accordance with instructions received from persons having a voting interest in the Variable Account. Those persons who have a voting interest at the close of business on August 17, 2026, will be entitled to submit instructions to their company.

Fund shares held in a Variable Account for which no timely instructions are received will be voted by most companies in proportion to the voting instructions that are received with respect to all contracts participating in a Variable Account. This means that a small number of votes could determine the outcome.

Accordingly, if you wish to vote, you should complete the enclosed proxy card or voting instruction form as a participant in a Variable Account. All forms which are properly executed and received prior to the Meeting, and which are not revoked, will be voted as described above. If the enclosed voting instruction form is executed and returned, it may nevertheless be revoked at any time prior to the Meeting by written notification received by your company, by execution of a later-dated form received by your company, or by attending the virtual Meeting and voting.

For a free copy of each fund's Form N-CSR for the fiscal year ended December 31, 2025 call 1-877-208-0098, visit Fidelity's web site at institutional.fidelity.com, or write to FDC at 900 Salem Street, Smithfield, Rhode Island 02917.

VOTE REQUIRED: For each fund, approval of the proposal requires the affirmative vote of a "majority of the outstanding voting securities" of the appropriate fund. Under the Investment Company Act of 1940 (1940 Act), the vote of a "majority of the outstanding voting securities" means the affirmative vote of the lesser of (a) 67% or more of the voting securities present at the Meeting or represented by proxy if the holders of more than 50% of the outstanding voting securities are present or represented by proxy or (b) more than 50% of the outstanding voting securities. With respect to the proposal, votes to ABSTAIN will have the same effect as votes cast AGAINST the proposal.

PROPOSAL 1

TO APPROVE AN AMENDED AND RESTATED MANAGEMENT CONTRACT BETWEEN the FUND AND FMR

Introduction. The VIP Freedom Funds invest in other mutual funds managed by Fidelity. Shareholders of the VIP Freedom Funds are not charged a management fee for their investments in the VIP Freedom Funds. Instead, shareholders of the VIP Freedom Funds pay fees indirectly through their funds' holdings in the various underlying funds that are managed by Fidelity.

The current structure of the VIP Freedom Funds leads to fluctuations in fund expenses because the fees that a VIP Freedom Fund shareholder pays indirectly will vary depending on each VIP Freedom Fund's investments in underlying funds. In an effort to achieve more stable and predictable expenses for VIP Freedom Fund shareholders, Fidelity is proposing a new pricing structure for each fund that will reduce the overall expenses that VIP Freedom Fund shareholders pay and provide for less fluctuation in fund expenses. Under the new structure, each VIP Freedom Fund will charge shareholders for all of its operating expenses directly and will transition its investments to underlying funds (Series Funds) that do not have management fees or other expenses, with certain limited exceptions. As part of the transition to Series Funds, the VIP Freedom Funds' glide paths and strategic asset allocations would be changed to align with those of other target date products managed by FMR.

If shareholders of each VIP Freedom Fund approve the new pricing structure, overall expenses for each VIP Freedom Fund will decrease by at least 0.02% per year, compared to each VIP Freedom Fund's total annual operating expenses as of December 31, 2025. The new pricing structure would also lead to more stable and predictable total expenses than shareholders experience today. Under the current structure, a VIP Freedom Fund's decision to sell one underlying fund and buy another can result in shifting expense levels for that VIP Freedom Fund. For example, if in response to market conditions, Fidelity allocates more of a VIP Freedom Fund's assets to underlying funds with higher total expenses, a VIP Freedom Fund shareholder's overall expenses would increase. Under the new structure, each VIP Freedom Fund would invest in Series Funds that do not have management fees or other expenses, with certain limited exceptions, so investment decisions would generally not affect the overall expenses that VIP Freedom Fund shareholders pay.

To implement this new structure, Fidelity has proposed that each VIP Freedom Fund's shareholders adopt an amended and restated management contract with FMR (each a New Advisory Contract, and collectively, the New Advisory Contracts). The Board of Trustees, including the Independent Trustees, has approved, and recommends that shareholders of each VIP Freedom Fund approve the New Advisory Contracts with FMR. If shareholders of each of the funds within a product line (for these purposes, the VIP Freedom, VIP Investor Freedom, and VIP Freedom Lifetime Income funds are three distinct product lines) do not approve the New Advisory Contracts, the Current Advisory Contracts (as defined below) for all of the funds in the product line will remain in effect.

New Advisory Contracts. Each New Advisory Contract adds: (i) a provision establishing the management fee payable by the VIP Freedom Fund; (ii) a provision stating that in the case of initiation or termination of the New Advisory Contract during any month, the fee for that month will be reduced proportionately on the basis of the number of business days during which it is in effect, and the fee computed upon the average net assets for the business days it is so in effect for that month; and (iii) a provision stating that in the event that the VIP Freedom Fund shall issue any additional classes of shares, the New Advisory Contract may be modified by mutual consent of the parties to set forth the management fee to be paid to the Adviser with respect to those additional classes of shares. Under the New Advisory Contract, any differences in the management fees of a fund's classes will not be the result of any differences in advisory or custodial fees or other expenses related to the management of the fund's assets. The New Advisory Contracts also state the expenses related to the operation of each VIP Freedom Fund will be paid by the VIP Freedom Fund and FMR.

For the VIP Freedom and VIP Investor Freedom funds, each class's management fee will be set each fiscal year based on a defined fee schedule in which the management fee paid by the class declines as the fund approaches the target year indicated in its name and then will continue to decline for a period after the target year is reached. For the VIP Freedom Retirement and VIP Investor Freedom Retirement funds, the management fee for each class will be fixed at the lowest level that will ultimately apply to the other funds in the respective product line.

Each class of the VIP Freedom Lifetime Income II and VIP Freedom Lifetime Income III funds will have a management fee that declines on an annual basis. The management fee for each class of VIP Freedom Lifetime Income I, which has reached its final allocation, will be fixed at the lowest level that will ultimately apply to the other funds in the product line.

Current Management Fees. Under the current management contracts (each a Current Advisory Contract and collectively, the Current Advisory Contracts), the VIP Freedom Funds do not pay a management fee to FMR. The total management fee paid by each fund for the fiscal year ended December 31, 2025 was $0.

Comparison of Management Fees. With respect to each of the funds, Appendix C shows the aggregate amount paid to FMR under of the Current Advisory Contract for the fiscal year ended December 31, 2025, the amount FMR would have been paid if the New Advisory Contract had been in effect, and the difference between the two, expressed as a percentage of the aggregate amount paid under the Current Advisory Contract. Appendix D contains an example for each fund comparing the costs of investing under the Current Advisory Contract and the New Advisory Contract.

Proposed Amendments to Current Advisory Contracts. A copy of the form of the New Advisory Contract applicable to each fund is included as Appendix E. Except for the changes discussed above, the form of New Advisory Contract is substantially identical to the Current Advisory Contracts. For a detailed discussion of the Current Advisory Contracts, please refer to the section entitled "Current Advisory Contracts." If this proposal is approved by shareholders, the New Advisory Contracts will take effect the first day of the first month following approval or at a later time as FMR may deem appropriate under the circumstances, and will remain in effect through September 30, 2027, and thereafter, but only as long as their continuance is approved at least annually by (i) the vote of a majority of the Independent Trustees and (ii) the vote of either a majority of the Trustees or by the vote of a majority of the outstanding voting securities of each of the funds. If this proposal is not approved by shareholders, the Current Advisory Contracts will continue in effect through September 30, 2027, assuming the Current Advisory Contracts are renewed by the Board of Trustees for another year, and thereafter only as long as their continuance is approved at least annually as above. If shareholders of one or more of the funds within a product line do not approve the proposal, the Current Advisory Contracts for all of the funds in the product line will remain in effect.

Impact of Adding a Management Fee. If the proposal is approved for each of the funds in a product line, the Adviser will receive a management fee, payable monthly by each class of each of the funds in the product line as soon as practicable after the last day of each month at a specific annual rate for each class. The New Advisory Contracts provide the annual rate for each class of each of the funds as shown in Appendix E. For the VIP Freedom and VIP Investor Freedom funds, each class's annual rate is set by referring to the fund's target date such that the class's management fees are reduced as the fund approaches, and then passes, its target date. For the VIP Freedom Retirement and VIP Investor Freedom Retirement funds, the management fee for each class will be fixed at the lowest level that will ultimately apply to the other funds in the respective product line. Each class of VIP Freedom Lifetime Income and VIP Freedom Lifetime Income II funds will have a management fee that declines on an annual basis. The management fee for each class of VIP Freedom Lifetime Income I, which has reached its final allocation, will be fixed at the lowest level that will ultimately apply to the other funds in the product line. Currently, FMR pays all of the operating expenses of the funds, except as outlined in the "Current Advisory Contracts - Management Related Expenses" section below. Under the New Advisory Contracts, FMR or an affiliate undertakes to pay all operating expenses of the funds, except taxes, Independent Trustee fees and expenses, interest expenses, Rule 12b-1 fees, if any, expenses of printing and mailing proxy materials, expenses incidental to holding shareholder meetings, and extraordinary expenses (such as litigation expenses). For information about the services provided under the Current Advisory Contracts, please refer to the section entitled "Current Advisory Contracts."

If the proposal is approved by shareholders of each of the funds in a product line, the increase in a fund's management fee will be more than offset by the decrease in the fund's acquired fund fees and expenses from transitioning the fund's holdings from the existing underlying funds to the Series Funds. The combined effect will be a reduction in total expenses for each fund by at least 0.02% annually relative to each fund's expenses as of December 31, 2025. Appendix F shows each fund's total annual operating expenses as of December 31, 2025, each fund's expected total annual operating expenses if the proposal is approved, and the expense reduction.

Fidelity expects that the proposed structure will result in more stable total expenses for the funds. Today, investment decisions may result in shifting expense levels for the funds. With the New Advisory Contracts and the transition to underlying Series Funds, investment decisions will not impact total expenses because the Series Funds do not charge a management fee and most of the expenses associated with the Series Funds are borne by FMR.

Matters Considered By the Board. Disclosure regarding matters considered by the Board in approving the New Advisory Contracts is included in Appendix J.

The Board of Trustees unanimously recommends that shareholders of each fund vote FOR the proposal. If the proposal is not approved by shareholders of each fund within a product line, the Current Advisory Contract for each fund in the product line will remain in effect.

OTHER BUSINESS

The Board knows of no other business to be brought before the Meeting. However, if any other matters properly come before the Meeting, it is the intention that proxies that do not contain specific instructions to the contrary will be voted on such matters in accordance with the judgment of the persons therein designated.

ACTIVITIES AND MANAGEMENT OF FMR

FMR, originally organized as a corporation in 1946, serves as investment adviser to a number of investment companies. Information concerning the advisory fees and average net assets of funds with investment objectives similar to the VIP Freedom Funds and advised by FMR is contained in the Table of Average Net Assets and Advisory Fees in Appendix G.

The Directors of FMR are Abigail P. Johnson, Chairman of the Board, and Peter S. Lynch, Vice Chairman. Ms. Johnson is also a Trustee of the funds and other funds advised by FMR, and Chairman of the Board, Chief Executive Officer, and a Director of FMR LLC. Mr. Lynch is also a member of the Advisory Board of other funds advised by FMR. The principal business address of each of the Directors of FMR is 245 Summer Street, Boston, Massachusetts 02210. The President of FMR is Bart Grenier.

FMR LLC, as successor by merger to FMR Corp., is the ultimate parent company of FMR. The voting common shares of FMR LLC are divided into two series. Series B is held predominantly by members of the Johnson family, including Abigail P. Johnson, directly or through trusts, and is entitled to 49% of the vote on any matter acted upon by the voting common shares. Series A is held predominantly by non-Johnson family member employees of FMR LLC and its affiliates and is entitled to 51% of the vote on any such matter. The Johnson family group and all other Series B shareholders have entered into a shareholders' voting agreement under which all Series B shares will be voted in accordance with the majority vote of Series B shares. Under the 1940 Act, control of a company is presumed where one individual or group of individuals owns more than 25% of the voting securities of that company. Therefore, through their ownership of voting common shares and the execution of the shareholders' voting agreement, members of the Johnson family may be deemed, under the 1940 Act, to form a controlling group with respect to FMR LLC. Certain Trustees and officers of the funds hold non-voting common shares of FMR LLC.

At present, the primary business activities of FMR LLC and its subsidiaries are: (i) the provision of investment advisory, management, shareholder, investment information and assistance and certain fiduciary services for individual and institutional investors; (ii) the provision of securities brokerage services; (iii) the management and development of real estate; and (iv) the investment in and operation of a number of emerging businesses.

During the period January 1, 2025 through December 31, 2025, no transactions were entered into by Trustees of the trust involving more than 1% of the voting common, non-voting common and equivalent stock, or preferred stock of FMR LLC.

CURRENT ADVISORY CONTRACTS

Each of the funds has entered into a Current Advisory Contract with FMR, pursuant to which FMR furnishes investment advisory and other services. Information regarding the date of each fund's Current Advisory Contract and the date each Current Advisory Contract was last submitted to a vote of shareholders is provided in Appendix H.

Management Services. Under the terms of its management contract with each fund, FMR acts as investment adviser and, subject to the supervision of the Board of Trustees, has overall responsibility for directing the investments of the fund in accordance with its investment objective, policies and limitations. FMR is authorized, in its discretion, to allocate each fund's assets among the underlying Fidelity^® funds in which the fund may invest. FMR also provides each fund with all necessary office facilities and personnel for servicing the fund's investments, compensates all officers of each fund and all Trustees who are interested persons of the trust or of FMR, and compensates all personnel of each fund or FMR performing services relating to research, statistical and investment activities.

In addition, FMR or its affiliates, subject to the supervision of the Board of Trustees, provide the management and administrative services necessary for the operation of each fund. These services include providing facilities for maintaining each fund's organization; supervising relations with custodians, transfer and pricing agents, accountants, underwriters and other persons dealing with each fund; preparing all general shareholder communications and conducting shareholder relations; maintaining each fund's records and the registration of each fund's shares under federal securities laws and making necessary filings under state securities laws; developing management and shareholder services for each fund; and furnishing reports, evaluations and analyses on a variety of subjects to the Trustees.

Management-Related Expenses. Under the terms of each fund's management contract, FMR undertakes to pay, either itself or through an affiliated company, all expenses involved in the operation of the fund, except the following, which shall be paid by the fund: (i) taxes; (ii) the fees and expenses of all Trustees of the fund who are not "interested persons" of the fund or of FMR, (iii) interest expenses with respect to borrowings by the fund; and (iv) such non-recurring and extraordinary expenses as may arise, including actions, suits or proceedings to which the fund is or is threatened to be a party and the legal obligation that the fund may have to indemnify the fund's Trustees and officers with respect thereto. Each fund shall also pay its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable. Additionally, it is understood that service charges billed directly to shareholders of the fund, including charges for exchanges, redemptions, sub-accounting or other services, shall not be payable by FMR, but may be received and retained by FMR or its affiliates. Specific expenses payable by FMR include legal expenses, fees of the custodian and auditor, and each fund's proportionate share of insurance premiums and Investment Company Institute dues. FMR also is responsible for the payment of any costs associated with the transfer agency services and pricing and bookkeeping services agreements.

Additionally, each fund (except Freedom 2055 Portfolio, Freedom 2060 Portfolio, Freedom 2065 Portfolio, Freedom 2070 Portfolio, Investor Freedom^® 2035 Portfolio, Investor Freedom^® 2040 Portfolio, Investor Freedom^® 2045 Portfolio, and Investor Freedom^® 2050 Portfolio) pays redemption fees and other shareholder charges associated with investments in other mutual funds.

Additionally, each of Freedom 2055 Portfolio, Freedom 2060 Portfolio, Freedom 2065 Portfolio, Freedom 2070 Portfolio, Investor Freedom^® 2035 Portfolio, Investor Freedom^® 2040 Portfolio, Investor Freedom^® 2045 Portfolio, and Investor Freedom^® 2050 Portfolio pay (i) expenses of printing and mailing proxy materials to shareholders of the fund; and (ii) all other expenses incidental to holding meetings of the fund's shareholders, including proxy solicitations therefor.

Additionally, each of Freedom 2070 Portfolio, Investor Freedom^® 2035 Portfolio, Investor Freedom^® 2040 Portfolio, Investor Freedom^® 2045 Portfolio, and Investor Freedom^® 2050 Portfolio pay Rule 12b-1 fees, if any.

Management Fees. Each fund does not pay a fee to FMR for the services provided under each management contract.

FMR may, from time to time, voluntarily reimburse all or a portion of a fund's or, in the case of a multiple class fund, a class's operating expenses. FMR retains the ability to be repaid for these expense reimbursements in the amount that expenses fall below the limit prior to the end of the fiscal year.

Expense reimbursements will increase returns, and repayment of the reimbursement will decrease returns.

PORTFOLIO TRANSACTIONS

Orders for the purchase or sale of portfolio securities (normally, shares of underlying Fidelity^® funds) are placed on behalf of a fund by FMR (either itself or through its affiliates) pursuant to authority contained in the management contract.

The Adviser may be responsible for the placement of portfolio securities transactions for other investment companies and investment accounts for which it has or its affiliates have investment discretion.

A fund will not incur any commissions or sales charges when it invests in underlying Fidelity^® funds, but it may incur such costs if it invests directly in other types of securities.

Purchases and sales of equity securities on a securities exchange or OTC are effected through brokers who receive compensation for their services. Generally, compensation relating to securities traded on foreign exchanges will be higher than compensation relating to securities traded on U.S. exchanges and may not be subject to negotiation. Compensation may also be paid in connection with principal transactions (in both OTC securities and securities listed on an exchange) and agency OTC transactions executed with an electronic communications network (ECN) or an alternative trading system. Equity securities may be purchased from underwriters at prices that include underwriting fees.

Purchases and sales of fixed-income securities are generally made with an issuer or a primary market-maker acting as principal. Although there is no stated brokerage commission paid by a fund for any fixed-income security, the price paid by a fund to an underwriter includes the disclosed underwriting fee and prices in secondary trades usually include an undisclosed dealer commission or markup reflecting the spread between the bid and ask prices of the fixed-income security. New issues of equity and fixed-income securities may also be purchased in underwritten fixed price offerings.

The Trustees of each fund periodically review the Adviser's performance of its responsibilities in connection with the placement of portfolio securities transactions on behalf of each fund. The Trustees also review the compensation paid by each fund over representative periods of time to determine if it was reasonable in relation to the benefits to the fund.

For the fiscal year(s) ended December 31, 2025, 2024, and 2023, each of the funds paid no brokerage commissions.

During the fiscal year ended December 31, 2025, each of the funds paid no brokerage commissions to firms for providing research or brokerage services.

During the twelve-month period ended September 30, 2025, each of the funds did not allocate brokerage commissions to firms for providing research or brokerage services.

DISTRIBUTION SERVICES

Each fund has entered into a distribution agreement with FDC, an affiliate of FMR. The principal business address of FDC is 900 Salem Street, Smithfield, Rhode Island 02917. FDC is a broker-dealer registered under the Securities Exchange Act of 1934 and a member of the Financial Industry Regulatory Authority, Inc.

A fund's distribution agreement calls for FDC to use all reasonable efforts, consistent with its other business, to secure purchasers for shares of the funds, which are continuously offered.

Promotional and administrative expenses in connection with the offer and sale of shares are paid by FMR.

The Trustees have approved Distribution and Service Plans with respect to shares of each fund (the Plans) pursuant to Rule 12b-1 under the 1940 Act (the Rule).

The Rule provides in substance that a fund may not engage directly or indirectly in financing any activity that is primarily intended to result in the sale of shares of the fund except pursuant to a plan approved on behalf of the fund under the Rule.

The Plans, as approved by the Trustees, allow shares of the funds and/or FMR to incur certain expenses that might be considered to constitute direct or indirect payment by the funds of distribution expenses.

The Plan adopted for each fund or class, as applicable, is described in the prospectus.

Appendix I includes the sales charge revenue collected and retained by FDC and fees FDC received from each VIP Freedom Fund pursuant to Distribution and Service Plans under Rule 12b-1 for the fiscal year ended December 31, 2025.

FDC received no payments from the VIP Investor Freedom and VIP Freedom Lifetime Income funds pursuant to Distribution and Service Plans under Rule 12b-1. The Plans for these funds do not authorize payments by the funds other than those that are to be made to FMR under their Current Advisory Contracts.

TRANSFER AND SERVICE AGENT SERVICES

Each fund has entered into a transfer agent agreement with Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of FMR, which is located at 245 Summer Street, Boston, Massachusetts 02210. Under the terms of each agreement, FIIOC (or an agent, including an affiliate) performs transfer agency services.

For providing transfer agency services, FIIOC receives no fees from a fund; however, each underlying Fidelity^® fund bears its pro rata portion of the transfer agent fees applicable to a fund according to the percentage of a fund invested in each underlying fund.

FIIOC may collect fees charged in connection with providing certain types of services such as exchanges, closing out fund balances, checkwriting, wire transactions, and providing historical account research, as applicable.

FIIOC bears the expense of typesetting, printing, and mailing prospectuses, statements of additional information, and all other reports, notices, and statements to existing shareholders (including variable product owners), with the exception of proxy statements.

FIIOC or an affiliate may make payments out of its own resources to intermediaries (including affiliates of FIIOC) for transfer agency and related recordkeeping services with respect to variable product owners' accounts.

For Investor Freedom^® Retirement 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, Freedom Lifetime Income I Portfolio, Freedom Lifetime Income II Portfolio, and Freedom Lifetime Income III Portfolio, FIIOC or an affiliate may make payments out of its own resources to Fidelity Investments Life Insurance Company (FILI) for transfer agency and related separate account services with respect to insurance contract owners' accounts, in amounts that do not exceed the total transfer agent fee paid by a fund or class, as applicable.

Each fund has entered into a service agent agreement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR (or an agent, including an affiliate). Under the terms of the agreement, FSC calculates the NAV and dividends for shares, maintains each fund's portfolio and general accounting records, and administers each fund's securities lending program, if applicable.

For providing pricing and bookkeeping services, FSC receives a monthly fee based on each fund's average daily net assets throughout the month.

FMR bears the cost of pricing and bookkeeping services under the terms of its management contract with each fund.

SECURITIES LENDING

During the fiscal year, the securities lending agent, or the investment adviser (where the fund does not use a securities lending agent) monitors loan opportunities for each fund, negotiates the terms of the loans with borrowers, monitors the value of securities on loan and the value of the corresponding collateral, communicates with borrowers and the fund's custodian regarding marking to market the collateral, selects securities to be loaned and allocates those loan opportunities among lenders, and arranges for the return of the loaned securities upon the termination of the loan.

The funds had no securities lending activity during the most recently-completed fiscal year end and did not pay any securities lending agent fees to National Financial Services LLC.

SUBMISSION OF CERTAIN SHAREHOLDER PROPOSALS

The trust does not hold annual shareholder meetings. Shareholders wishing to submit proposals for inclusion in a proxy statement for a subsequent shareholder meeting should send their written proposals to the Secretary of the funds, attention "Fund Shareholder Meetings," 245 Summer Street, Mailzone V10A, Boston, Massachusetts 02210. Proposals must be received a reasonable time before a

fund begins to print and send its proxy materials to be considered for inclusion in the proxy materials for the meeting. Timely submission of a proposal does not, however, necessarily mean the proposal will be included. With respect to proposals submitted on an untimely basis and presented at a shareholder meeting, persons named as proxy agents will vote in their discretion.

NOTICE TO INSURANCE COMPANIES

Please advise the trust, in care of Client Services at 1-877-208-0098, whether other persons are beneficial owners of shares for which proxies are being solicited and, if so, the number of copies of the Proxy Statement and Annual Reports you wish to receive in order to supply copies to the variable contract owners of the respective shares.

APPENDIX A

Information regarding the number of shares of each fund and class, if applicable, issued and outstanding is provided in the table below.

APPENDIX B

As of June 30, 2026, approximately 1.20% of VIP Freedom 2060 Portfolio's, 3.34% of VIP Freedom 2065 Portfolio's, 15.55% of VIP Freedom 2070 Portfolio's, 3.08% of VIP Investor Freedom 2035 Portfolio's, 4.25% of VIP Investor Freedom 2040 Portfolio's, 12.45% of VIP Investor Freedom 2045 Portfolio's, and 7.73% of VIP Investor Freedom 2050 Portfolio's total outstanding shares, respectively, was held by FMR and/or another entity or entities of which FMR LLC is the ultimate parent. By virtue of her ownership interest in FMR LLC, as described in the "Activities and Management of FMR" section, Ms. Abigail P. Johnson may be deemed to be a beneficial owner of these shares. As of the above date, with the exception of Ms. Johnson's deemed ownership of VIP Freedom 2060 Portfolio's, VIP Freedom 2065 Portfolio's, VIP Freedom 2070 Portfolio's, VIP Investor Freedom 2035 Portfolio's, VIP Investor Freedom 2040 Portfolio's, VIP Investor Freedom 2045 Portfolio's, and VIP Investor Freedom 2050 Portfolio's shares, the Trustees, Members of the Advisory Board (if any), and officers of the funds owned, in the aggregate, less than 1% of each class's total outstanding shares, with respect to each fund.

As of June 30, 2026, the following owned of record and/or beneficially 5% or more of the outstanding shares:

As of June 30, 2026, the following owned of record and/or beneficially 25% or more of the outstanding shares:

A shareholder owning of record or beneficially more than 25% of a fund's outstanding shares may be considered a controlling person. That shareholder's vote could have a more significant effect on matters presented at a shareholders' meeting than votes of other shareholders.

APPENDIX C

The table below shows the aggregate amount paid to FMR under the Current Advisory Contract for the fiscal year ended December 31, 2025, the amount FMR would have been paid if the New Advisory Contract had been in effect, and the difference between the two, expressed as a percentage of the aggregate amount paid under the Current Advisory Contract.