Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Fidelity VIP Freedom 2040 Service 2 Release date as of 2024-10-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-10-31 Out of 194 Target-Date 2040 Funds Morningstar® Style Box™ What is this? As of 2024-09-30 As of 2024-09-30 Total Fund Assets ($ Mil) 349.85 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. The fund invests in a combination of Fidelity® U.S. equity funds, international equity funds, bond funds, and short-term funds. The adviser allocates assets according to a neutral asset allocation strategy that adjusts over time until it reaches an allocation similar to that of the VIP Freedom Income Portfolio℠, approximately 10 to 19 years after the year 2040.

Morningstar Category: Target-Date 2040 Target-date portfolios provide diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years 2036-2040) for retirement. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Management adjusts the allocation among asset classes to more-conservative mixes as the target date approaches, following a preset glide path. A target-date portfolio is part of a series of funds offering multiple retirement dates to investors.

Investment Risks Fund of Funds: An investment option with mutual funds in its portfolio may be subject to the expenses of those mutual funds in addition to those of the investment option itself.

Target Asset Allocation Allocation Bonds US Stocks Non-US Stocks Cash Other Years Until Retirement

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 42.4 Non-U.S. Stocks 41.4 Bonds 12.9 Cash 2.8 Other 0.4 Data through 2024-09-30 Morningstar Equity Sectors % of Stocks Cyclical 33.77 Basic Materials 5.66 Consumer Cyclical 9.66 Financial Services 17.37 Real Estate 1.08 Sensitive 46.84 Communication Services 6.12 Energy 3.26 Industrials 15.27 Technology 22.19 Defensive 19.37 Consumer Defensive 4.36 Healthcare 13.04 Utilities 1.97 Data through 2024-09-30 Morningstar Fixed-Income Sectors % Fund Government 68.68 Corporate 7.28 Securitized 6.88 Municipal 0.00 Cash & Equivalents 15.39 Derivative 1.77 Data through 2024-09-30 Credit Analysis % Bonds AAA 93.89 AA 2.23 A 3.84 BBB 4.17 BB 0.85 B 0.92 Below B 0.00 Not Rated -5.89 Data through 2024-09-30 Holding Status Total Number of Stock Holdings 0 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 94.36 Turnover % (as of 2023-12-31) 28.00 30 Day SEC Yield % --- Top Holdings Sector Country Maturity Date Market Value ($000) % of Net Assets Fidelity VIP Overseas Initial --- USA --- 95,764 26.44 Fidelity VIP Growth Initial --- USA --- 49,819 13.76 Fidelity VIP Emerging Markets Initial --- USA --- 49,661 13.71 Fidelity VIP Growth & Income Initial --- USA --- 32,893 9.08 Fidelity VIP Contrafund Initial --- USA --- 30,010 8.29 Fidelity Long-Term Trs Bd Index --- USA --- 23,877 6.59 Fidelity VIP Equity-Income Initial --- USA --- 23,736 6.55 Fidelity VIP Value Initial --- USA --- 16,744 4.62 Fidelity VIP Investment Grd Bd II Initl --- USA --- 10,853 3.00 Fidelity VIP Value Strategies Initial --- USA --- 8,385 2.32 Data through 2024-09-30

Principal Risks    Prepayment (Call), Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Growth Investing, Value Investing, Issuer, Interest Rate, Market/Market Volatility, Equity Securities, Underlying Fund/Fund of Funds, Leverage, China Region, Management, Target Date Show Risk Definitions

Other Information Inception Date: 2009-04-08 Portfolio Manager(s) Andrew J Dierdorf   (2011-06-30) Andrew Dierdorf is co-manager of each fund, which he has managed since October 2009 (other than Fidelity Freedom® Index 2055 Fund, Fidelity Freedom® Index 2060 Fund, and Fidelity Freedom® Index 2065 Fund). He has managed Fidelity Freedom® Index 2055 Fund since June 2011, Fidelity Freedom® Index 2060 Fund since August 2014, and Fidelity Freedom® Index 2065 Fund since June 2019. He also manages other funds. Since joining Fidelity Investments in 2004, Mr. Dierdorf has worked as a portfolio manager. Brett F. Sumsion   (2014-01-21) Brett Sumsion is co-manager of each fund, which he has managed since January 2014 (other than Fidelity Freedom® Index 2060 Fund and Fidelity Freedom® Index 2065 Fund). He has managed Fidelity Freedom® Index 2060 Fund since August 2014 and Fidelity Freedom® Index 2065 Fund since June 2019. He also manages other funds. Since joining Fidelity Investments in 2014, Mr. Sumsion has worked as a portfolio manager. Mr. Sumsion earned his bachelor of arts degree from Brigham Young University and his MBA from The Wharton School at the University of Pennsylvania. He is a CFA charterholder. Investment Advisor(s) Fidelity Management & Research Company LLC Issuer Fidelity Investments Subadvisor(s) ---

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