Variable Insurance Products Fund V NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05361

Variable Insurance Products Fund V

(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	December 31

Date of reporting period:	December 31, 2017

This report on Form N-CSR relates solely to the Registrant’s VIP Asset Manager Portfolio, VIP Asset Manager Growth Portfolio, VIP Freedom 2005 Portfolio, VIP Freedom 2010 Portfolio, VIP Freedom 2015 Portfolio, VIP Freedom 2020 Portfolio, VIP Freedom 2025 Portfolio, VIP Freedom 2030 Portfolio, VIP Freedom 2035 Portfolio, VIP Freedom 2040 Portfolio, VIP Freedom 2045 Portfolio, VIP Freedom 2050 Portfolio, VIP Freedom Income Portfolio, VIP Freedom Lifetime Income I Portfolio, VIP Freedom Lifetime Income II Portfolio, VIP Freedom Lifetime Income III Portfolio, VIP FundsManager 20% Portfolio, VIP FundsManager 50% Portfolio, VIP FundsManager 60% Portfolio, VIP FundsManager 70% Portfolio, VIP FundsManager 85% Portfolio, VIP Investment Grade Bond Portfolio, VIP Investor Freedom 2005 Portfolio, VIP Investor Freedom 2010 Portfolio, VIP Investor Freedom 2015 Portfolio, VIP Investor Freedom 2020 Portfolio, VIP Investor Freedom 2025 Portfolio, VIP Investor Freedom 2030 Portfolio, VIP Investor Freedom Income Portfolio, VIP Strategic Income Portfolio and VIP Target Volatility Portfolio series (each, a “Fund” and collectively, the “Funds”).

Item 1.

Reports to Stockholders

Fidelity® Variable Insurance Products:

Asset Manager Portfolio

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company’s separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	14.03%	7.60%	5.21%
Service Class	13.94%	7.47%	5.09%
Service Class 2	13.74%	7.31%	4.93%
Investor Class	13.95%	7.51%	5.12%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Asset Manager Portfolio - Initial Class on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$16,613	VIP Asset Manager Portfolio - Initial Class
	$22,603	S&P 500® Index

Management's Discussion of Fund Performance

Market Recap: U.S. equities, as measured by the S&P 500^® index, gained 21.83% in 2017. Sector-wise, information technology (+39%) fared best amid strong earnings growth from many major index constituents. Materials (+24%) was helped by higher demand, especially from China, though industrials (+21%) modestly lagged. Consumer discretionary (+23%) outperformed despite online rivals to brick-and-mortar retailers. Financials edged the broader market on an uptick in interest rates that, at the same time, held back real estate (+11%) and other “bond proxy” sectors such as consumer staples (+13%) and utilities (+12%). Defensive-oriented energy (-1%) and telecommunication services (-1%) marked the only sector-level declines.

Elsewhere, the MSCI ACWI (All Country World Index) ex USA Index gained 27.40% for the year, helped partly by a generally weak U.S. dollar. Certain election results in continental Europe (+28%) suggested ebbing political uncertainty and near-term risk there, whereas the U.K. (+21%) faced more-mixed conditions ahead of its expected exit from the European Union. Japan (+24%), despite central-bank easing and recent pressure from regional yen strength, lagged the rest of the Asia-Pacific group (+26%). Commodity-price volatility slowed Canada (+17%), but emerging markets (+36%) sped ahead.

In fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index rose 3.54% in 2017. Within the Bloomberg Barclays index, investment-grade corporate credit (+6%) led all major segments, including Treasuries (+2%). Outside the index, riskier, non-core fixed-income asset classes, such as emerging-markets and U.S. high-yield debt, well outpaced the broader market, whereas Treasury Inflation-Protected Securities (TIPS) lagged, according to Bloomberg Barclays.

Comments from Portfolio Manager Geoff Stein: For the year, the fund’s share classes gained about 14%, outpacing the 12.63% return of the Fidelity Asset Manager 50% Composite Index℠. Stock picking within the U.S. equity asset class proved the principal factor fueling the fund’s outperformance. The domestic-equity portfolio outdistanced its benchmark by a sizable margin, led by picks in information technology. Security selection in U.S. investment-grade bonds and foreign developed-markets (DM) stocks also aided relative results, although not to the extent that U.S. stocks did. Overall, asset allocation had a neutral effect on relative performance. My fixed-income allocation strategy – underweighting cash and investment-grade bonds to help fund various out-of-benchmark positions – generated a positive net contribution, despite some drag from underperforming TIPS. However, this benefit was negated by my equity-allocation strategy, primarily due to poor results from a small out-of-benchmark position in commodity securities, which failed to keep pace with stock-market performance this period. Versus the Composite benchmark as of December 31, the fund is slightly underweighted in the U.S. equity asset class, marginally overweighted in foreign DM stocks and about neutral in emerging-markets equities. I increased fund exposure to commodity securities during the period.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Five Stocks as of December 31, 2017

	% of fund's net assets
Apple, Inc.	0.7
Amazon.com, Inc.	0.5
Tesla, Inc.	0.4
Bank of America Corp.	0.4
Alibaba Group Holding Ltd. sponsored ADR	0.4
	2.4

Top Five Bond Issuers as of December 31, 2017

(with maturities greater than one year)	% of fund's net assets
U.S. Treasury Obligations	17.4
Fannie Mae	3.5
Freddie Mac	2.0
Ginnie Mae	1.3
Petroleos Mexicanos	0.8
	25.0

Top Five Market Sectors as of December 31, 2017

	% of fund's net assets
Financials	14.7
Information Technology	8.1
Consumer Discretionary	7.8
Health Care	6.0
Industrials	5.5

Asset Allocation (% of fund's net assets)

As of December 31, 2017^*
	Stock Class and Equity Futures^**	53.3%
	Bond Class	39.1%
	Short-Term Class	7.6%

* Foreign investments - 21.8%

** Includes investment in Fidelity^® Commodity Strategy Central Fund of 2.1%

Asset allocations in the pie chart reflects the categorization of assets as defined in the Fund's prospectus in effect as of the time periods indicated above. Financial Statement categorizations conform to accounting standards and will differ from the pie chart. Percentages are adjusted for the effect of future contracts and swap contracts, if applicable.

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at institutional.fidelity.com.

Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.

Investments December 31, 2017

Showing Percentage of Net Assets

Fixed-Income Funds - 41.6%
	Shares	Value
Fidelity Emerging Markets Debt Central Fund (a)	608,300	$6,149,917
Fidelity Floating Rate Central Fund (a)	112,738	11,607,545
Fidelity High Income Central Fund 1 (a)	234,881	22,661,288
Fidelity Inflation-Protected Bond Index Central Fund (a)	380,805	38,335,640
Fidelity International Credit Central Fund (a)	67,835	6,770,597
Fidelity VIP Investment Grade Central Fund (a)	3,638,406	382,978,640
iShares 20+ Year Treasury Bond ETF	167,929	21,303,473
TOTAL FIXED-INCOME FUNDS
(Cost $476,324,028)		489,807,100

Money Market Funds - 5.2%
Fidelity Cash Central Fund, 1.36% (b)	9,322,028	9,323,892
Fidelity Money Market Central Fund, 1.62% (b)	51,859,811	51,864,997
TOTAL MONEY MARKET FUNDS
(Cost $61,184,279)		61,188,889

Equity Funds - 52.5%
Domestic Equity Funds - 36.5%
Fidelity Commodity Strategy Central Fund (a)	3,545,020	24,141,586
Fidelity Consumer Discretionary Central Fund (a)	133,725	39,907,667
Fidelity Consumer Staples Central Fund (a)	115,554	25,594,068
Fidelity Energy Central Fund (a)	171,496	21,953,260
Fidelity Financials Central Fund (a)	687,699	73,707,560
Fidelity Health Care Central Fund (a)	132,570	50,835,229
Fidelity Industrials Central Fund (a)	129,949	38,362,342
Fidelity Information Technology Central Fund (a)	212,809	89,977,814
Fidelity Materials Central Fund (a)	45,193	11,835,527
Fidelity Real Estate Equity Central Fund (a)	49,824	5,419,890
Fidelity Telecom Services Central Fund (a)	41,539	7,600,063
Fidelity Utilities Central Fund (a)	64,158	11,146,784
iShares S&P 500 Index ETF	108,497	29,169,419

TOTAL DOMESTIC EQUITY FUNDS		429,651,209

International Equity Funds - 16.0%
Fidelity Emerging Markets Equity Central Fund (a)	139,950	35,072,978
Fidelity International Equity Central Fund (a)	1,502,554	132,600,366
iShares Core MSCI Emerging Markets ETF	120,748	6,870,561
iShares MSCI Japan ETF	214,903	12,879,137

TOTAL INTERNATIONAL EQUITY FUNDS		187,423,042

TOTAL EQUITY FUNDS
(Cost $524,587,649)		617,074,251
TOTAL INVESTMENT IN SECURITIES - 99.3%
(Cost $1,062,095,956)		1,168,070,240
NET OTHER ASSETS (LIABILITIES) - 0.7%		8,745,760
NET ASSETS - 100%		$1,176,816,000

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$368,848
Fidelity Commodity Strategy Central Fund	179,442
Fidelity Consumer Discretionary Central Fund	2,407,716
Fidelity Consumer Staples Central Fund	2,660,506
Fidelity Emerging Markets Debt Central Fund	460,297
Fidelity Emerging Markets Equity Central Fund	2,121,646
Fidelity Energy Central Fund	693,425
Fidelity Financials Central Fund	5,392,990
Fidelity Floating Rate Central Fund	626,917
Fidelity Health Care Central Fund	1,990,793
Fidelity High Income Central Fund 1	2,286,833
Fidelity Industrials Central Fund	2,344,571
Fidelity Inflation-Protected Bond Index Central Fund	859,097
Fidelity Information Technology Central Fund	12,055,741
Fidelity International Credit Central Fund	204,576
Fidelity International Equity Central Fund	7,079,879
Fidelity Materials Central Fund	842,687
Fidelity Money Market Central Fund	690,051
Fidelity Real Estate Equity Central Fund	330,303
Fidelity Telecom Services Central Fund	864,791
Fidelity Utilities Central Fund	981,505
Fidelity VIP Investment Grade Central Fund	12,523,835
Total	$57,966,449

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund	Value, beginning of period	Purchases	Sales Proceeds	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Commodity Strategy Central Fund	$14,301,637	$15,386,116	$6,288,077	$(315,070 )	$1,056,980	$24,141,586	3.2%
Fidelity Consumer Discretionary Central Fund	45,453,380	3,709,025	15,924,045	1,248,272	5,421,035	39,907,667	2.1%
Fidelity Consumer Staples Central Fund	32,043,736	3,033,025	10,409,963	738,862	188,408	25,594,068	2.0%
Fidelity Emerging Markets Debt Central Fund	6,124,996	541,703	703,433	(1,172)	187,823	6,149,917	4.6%
Fidelity Emerging Markets Equity Central Fund	19,284,313	13,300,139	4,754,053	195,780	7,046,799	35,072,978	4.0%
Fidelity Energy Central Fund	28,888,419	2,052,812	7,529,716	62,616	(1,520,871)	21,953,260	2.0%
Fidelity Financials Central Fund	82,546,583	6,472,787	23,419,102	1,784,536	6,322,756	73,707,560	2.2%
Fidelity Floating Rate Central Fund	12,285,711	789,707	1,406,857	70,915	(131,931)	11,607,545	0.6%
Fidelity Health Care Central Fund	50,831,429	5,755,382	14,596,790	610,723	8,234,485	50,835,229	2.0%
Fidelity High Income Central Fund 1	32,013,869	2,632,040	11,797,465	2,308,736	(2,495,892)	22,661,288	4.4%
Fidelity Industrials Central Fund	41,070,736	3,469,660	10,914,735	523,935	4,212,746	38,362,342	2.2%
Fidelity Inflation-Protected Bond Index Central Fund	44,744,350	3,900,688	10,267,949	(18,200)	(23,249)	38,335,640	4.2%
Fidelity Information Technology Central Fund	86,390,878	13,315,866	34,857,780	6,213,038	18,915,812	89,977,814	2.0%
Fidelity International Credit Central Fund	-	7,220,818	440,664	2,728	(12,285)	6,770,597	6.4 %
Fidelity International Equity Central Fund	101,150,360	30,497,292	21,848,376	2,811,378	19,989,712	132,600,366	4.1%
Fidelity Materials Central Fund	12,312,600	1,125,021	3,597,784	367,730	1,627,960	11,835,527	2.3%
Fidelity Real Estate Equity Central Fund	8,276,715	416,470	3,304,199	291,260	(260,356)	5,419,890	4.1%
Fidelity Telecom Services Central Fund	11,006,724	977,699	3,699,815	167,771	(852,316)	7,600,063	2.0%
Fidelity Utilities Central Fund	12,338,358	1,309,828	3,434,873	248,768	684,703	11,146,784	2.1%
Fidelity VIP Investment Grade Central Fund	370,197,532	63,080,490	54,255,195	70,606	3,885,207	382,978,640	6.8%
Total	$1,011,262,326	$178,986,568	$243,450,871	$17,383,212	$72,477,526	$1,036,658,761

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Other Information

The information in the following tables is based on the combined investments of the Fund and its pro-rata share of the investments of Fidelity's Central Funds, other than the Commodity Strategy and Money Market Central Funds. Percentages in the below tables are adjusted for the effect of TBA Sale Commitments.

The composition of credit quality ratings as a percentage of Total Net Assets is as follows (Unaudited):

U.S. Government and U.S. Government Agency Obligations	24.2%
AAA,AA,A	2.2%
BBB	7.2%
BB	3.9%
B	1.5%
CCC,CC,C	0.2%
Not Rated	0.1%
Equities	52.8%
Short-Term Investments and Net Other Assets	7.9%
	100.0%

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	78.2%
United Kingdom	3.3%
Japan	2.5%
Cayman Islands	1.6%
Netherlands	1.6%
Germany	1.4%
Canada	1.1%
France	1.1%
Others (Individually Less Than 1%)	9.2%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $64,313,828)	$70,222,590
Fidelity Central Funds (cost $997,782,128)	1,097,847,650
Total Investment in Securities (cost $1,062,095,956)		$1,168,070,240
Receivable for investments sold		9,398,811
Receivable for fund shares sold		262,232
Distributions receivable from Fidelity Central Funds		68,397
Prepaid expenses		1,900
Other receivables		55,944
Total assets		1,177,857,524
Liabilities
Payable for investments purchased	$84,576
Payable for fund shares redeemed	291,271
Accrued management fee	479,665
Transfer agent fee payable	78,733
Distribution and service plan fees payable	4,737
Other affiliated payables	42,772
Other payables and accrued expenses	59,770
Total liabilities		1,041,524
Net Assets		$1,176,816,000
Net Assets consist of:
Paid in capital		$1,045,758,278
Undistributed net investment income		475,263
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		24,608,175
Net unrealized appreciation (depreciation) on investments		105,974,284
Net Assets		$1,176,816,000
Initial Class:
Net Asset Value, offering price and redemption price per share ($937,508,466 ÷ 61,560,789 shares)		$15.23
Service Class:
Net Asset Value, offering price and redemption price per share ($5,004,147 ÷ 331,540 shares)		$15.09
Service Class 2:
Net Asset Value, offering price and redemption price per share ($20,806,748 ÷ 1,400,094 shares)		$14.86
Investor Class:
Net Asset Value, offering price and redemption price per share ($213,496,639 ÷ 14,108,555 shares)		$15.13

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends		$1,259,542
Income from Fidelity Central Funds		23,763,274
Total income		25,022,816
Expenses
Management fee	$5,756,407
Transfer agent fees	924,551
Distribution and service plan fees	57,444
Accounting fees and expenses	480,632
Custodian fees and expenses	6,054
Independent trustees' fees and expenses	4,333
Appreciation in deferred trustee compensation account	313
Audit	61,762
Legal	9,310
Miscellaneous	9,514
Total expenses before reductions	7,310,320
Expense reductions	(26,569)	7,283,751
Net investment income (loss)		17,739,065
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	4,886,434
Fidelity Central Funds	17,393,395
Foreign currency transactions	(595)
Capital gain distributions from Fidelity Central Funds	34,203,175
Total net realized gain (loss)		56,482,409
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	6,025,755
Fidelity Central Funds	72,462,835
Assets and liabilities in foreign currencies	477
Total change in net unrealized appreciation (depreciation)		78,489,067
Net gain (loss)		134,971,476
Net increase (decrease) in net assets resulting from operations		$152,710,541

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$17,739,065	$18,253,220
Net realized gain (loss)	56,482,409	115,309,399
Change in net unrealized appreciation (depreciation)	78,489,067	(98,662,495)
Net increase (decrease) in net assets resulting from operations	152,710,541	34,900,124
Distributions to shareholders from net investment income	(21,295,471)	(16,780,341)
Distributions to shareholders from net realized gain	(129,896,975)	(51,039,372)
Total distributions	(151,192,446)	(67,819,713)
Share transactions - net increase (decrease)	33,637,892	(55,998,408)
Total increase (decrease) in net assets	35,155,987	(88,917,997)
Net Assets
Beginning of period	1,141,660,013	1,230,578,010
End of period	$1,176,816,000	$1,141,660,013
Other Information
Undistributed net investment income end of period	$475,263	$4,066,828

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP Asset Manager Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$15.29	$15.76	$17.15	$17.24	$15.17
Income from Investment Operations
Net investment income (loss)^A	.23	.24	.27	.27	.23
Net realized and unrealized gain (loss)	1.76	.18	(.22)	.72	2.15
Total from investment operations	1.99	.42	.05	.99	2.38
Distributions from net investment income	(.29)	(.23)	(.26)	(.27)	(.26)
Distributions from net realized gain	(1.76)	(.66)	(1.17)	(.81)	(.04)
Total distributions	(2.05)	(.89)	(1.44)^B	(1.08)	(.31)^C
Net asset value, end of period	$15.23	$15.29	$15.76	$17.15	$17.24
Total Return^D,^E	14.03%	3.14%	.14%	5.83%	15.71%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.61%	.62%	.62%	.61%	.62%
Expenses net of fee waivers, if any	.61%	.61%	.62%	.61%	.62%
Expenses net of all reductions	.61%	.61%	.61%	.61%	.61%
Net investment income (loss)	1.54%	1.57%	1.65%	1.54%	1.40%
Supplemental Data
Net assets, end of period (000 omitted)	$937,508	$932,248	$1,008,018	$1,117,675	$1,160,093
Portfolio turnover rate^H	26%	108%	39%	30%	41%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $1.44 per share is comprised of distributions from net investment income of $.263 and distributions from net realized gain of $1.174 per share.

^C Total distributions of $.31 per share is comprised of distributions from net investment income of $.264 and distributions from net realized gain of $.041 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses of any underlying non-money market Fidelity Central Funds ranged from less than .005% to .07%.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Asset Manager Portfolio Service Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$15.16	$15.64	$17.03	$17.13	$15.08
Income from Investment Operations
Net investment income (loss)^A	.21	.22	.25	.25	.21
Net realized and unrealized gain (loss)	1.75	.18	(.22)	.71	2.13
Total from investment operations	1.96	.40	.03	.96	2.34
Distributions from net investment income	(.27)	(.22)	(.24)	(.25)	(.24)
Distributions from net realized gain	(1.76)	(.66)	(1.17)	(.81)	(.04)
Total distributions	(2.03)	(.88)	(1.42)^B	(1.06)	(.29)^C
Net asset value, end of period	$15.09	$15.16	$15.64	$17.03	$17.13
Total Return^D,^E	13.94%	3.01%	.03%	5.69%	15.53%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.71%	.72%	.72%	.73%	.74%
Expenses net of fee waivers, if any	.71%	.71%	.72%	.73%	.73%
Expenses net of all reductions	.71%	.71%	.72%	.73%	.73%
Net investment income (loss)	1.44%	1.47%	1.54%	1.43%	1.28%
Supplemental Data
Net assets, end of period (000 omitted)	$5,004	$5,437	$5,806	$6,990	$7,970
Portfolio turnover rate^H	26%	108%	39%	30%	41%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $1.42 per share is comprised of distributions from net investment income of $.244 and distributions from net realized gain of $1.174 per share.

^C Total distributions of $.29 per share is comprised of distributions from net investment income of $.244 and distributions from net realized gain of $.041 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Asset Manager Portfolio Service Class 2

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$14.96	$15.45	$16.83	$16.94	$14.92
Income from Investment Operations
Net investment income (loss)^A	.19	.20	.23	.22	.18
Net realized and unrealized gain (loss)	1.71	.17	(.21)	.70	2.10
Total from investment operations	1.90	.37	.02	.92	2.28
Distributions from net investment income	(.25)	(.20)	(.22)	(.22)	(.22)
Distributions from net realized gain	(1.76)	(.66)	(1.17)	(.81)	(.04)
Total distributions	(2.00)^B	(.86)	(1.40)^C	(1.03)	(.26)
Net asset value, end of period	$14.86	$14.96	$15.45	$16.83	$16.94
Total Return^D,^E	13.74%	2.84%	(.06)%	5.54%	15.34%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.86%	.87%	.87%	.88%	.88%
Expenses net of fee waivers, if any	.86%	.86%	.87%	.88%	.88%
Expenses net of all reductions	.86%	.86%	.87%	.87%	.88%
Net investment income (loss)	1.29%	1.32%	1.39%	1.28%	1.14%
Supplemental Data
Net assets, end of period (000 omitted)	$20,807	$21,651	$24,520	$28,230	$31,119
Portfolio turnover rate^H	26%	108%	39%	30%	41%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $2.00 per share is comprised of distributions from net investment income of $.245 and distributions from net realized gain of $1.757 per share.

^C Total distributions of $1.40 per share is comprised of distributions from net investment income of $.221 and distributions from net realized gain of $1.174 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Asset Manager Portfolio Investor Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$15.20	$15.68	$17.07	$17.17	$15.11
Income from Investment Operations
Net investment income (loss)^A	.22	.23	.26	.25	.21
Net realized and unrealized gain (loss)	1.74	.17	(.22)	.72	2.14
Total from investment operations	1.96	.40	.04	.97	2.35
Distributions from net investment income	(.28)	(.22)	(.25)	(.26)	(.25)
Distributions from net realized gain	(1.76)	(.66)	(1.17)	(.81)	(.04)
Total distributions	(2.03)^B	(.88)	(1.43)^C	(1.07)	(.29)
Net asset value, end of period	$15.13	$15.20	$15.68	$17.07	$17.17
Total Return^D,^E	13.95%	3.01%	.07%	5.73%	15.62%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.69%	.70%	.70%	.70%	.71%
Expenses net of fee waivers, if any	.69%	.70%	.70%	.70%	.70%
Expenses net of all reductions	.69%	.69%	.69%	.69%	.70%
Net investment income (loss)	1.46%	1.49%	1.57%	1.46%	1.31%
Supplemental Data
Net assets, end of period (000 omitted)	$213,497	$182,324	$192,234	$180,160	$138,902
Portfolio turnover rate^H	26%	108%	39%	30%	41%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $2.03 per share is comprised of distributions from net investment income of $.276 and distributions from net realized gain of $1.757 per share.

^C Total distributions of $1.43 per share is comprised of distributions from net investment income of $.251 and distributions from net realized gain of $1.174 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

VIP Asset Manager Portfolio (the Fund) is a fund of Variable Insurance Products Fund V (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Commodity Strategy Central Fund	Geode Capital Management, LLC (Geode)	Seeks to provide investment returns that correspond to the performance of the commodities market.	Investment in commodity-related investments through a wholly-owned subsidiary organized under the laws of the Cayman Islands Futures	.04%
Fidelity Equity Central Funds	FMR Co., Inc. (FMRC)	Each fund seeks capital appreciation by investing primarily in common stocks, with a concentration in a particular industry.	Foreign Securities Delayed Delivery & When Issued Securities Restricted Securities	Less than .005% to .01%
Fidelity Emerging Markets Debt Central Fund	FMRC	Seeks high total return by normally investing in debt securities of issuers in emerging markets and other debt investments that are tied economically to emerging markets.	Foreign Securities Loans & Direct Debt Instruments Restricted Securities	.01%
Fidelity Emerging Markets Equity Central Fund	FMRC	Seeks capital appreciation by investing primarily in equity securities of issuers in emerging markets.	Delayed Delivery & When Issued Securities Foreign Securities Futures	.07%
Fidelity Floating Rate Central Fund	FMRC	Seeks a high level of income by normally investing in floating rate loans and other floating rate securities.	Loans & Direct Debt Instruments Restricted Securities	.06%
Fidelity International Equity Central Fund	FMRC	Seeks capital appreciation by investing primarily in non-U.S. based common stocks, including securities of issuers located in emerging markets.	Delayed Delivery & When Issued Securities Foreign Securities Futures	.01%
Fidelity High Income Central Fund 1	FMRC	Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.	Loans & Direct Debt Instruments Restricted Securities	Less than .005%
Fidelity Inflation-Protected Bond Index Central Fund	Fidelity Investment Money Management, Inc. (FIMM)	Seeks to provide investment results that correspond to the performance of the inflation-protected United States Treasury market, and may invest in derivatives.		Less than .005%
Fidelity VIP Investment Grade Central Fund	FIMM	Seeks a high level of current income by normally investing in investment-grade debt securities and repurchase agreements.	Repurchase Agreements Delayed Delivery & When Issued Securities Restricted Securities Swaps	Less than .005%
Fidelity International Credit Central Fund	FMRC	Seeks a high level of current income by normally investing in debt securities of foreign issuers, including debt securities of issuers located in emerging markets. Foreign currency exposure is hedged utilizing foreign currency contracts.	Foreign Securities Restricted Securities Options Futures Swaps	.01%
Fidelity Money Market Central Funds	FIMM	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.		Less than .005%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at institutional.fidelity.com. A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows.

Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the Fidelity Central Funds. Although not included in the Fund's expenses, the Fund indirectly bears its proportionate share of the Fidelity Central Funds' expenses through the impact of these expenses on each Fidelity Central Fund's NAV.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2017, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, foreign currency transactions, deferred trustees compensation and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$110,557,348
Gross unrealized depreciation	(867,200)
Net unrealized appreciation (depreciation)	$109,690,148
Tax Cost	$1,058,380,092

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$3,617,087
Undistributed long-term capital gain	$27,400,094
Net unrealized appreciation (depreciation) on securities and other investments	$109,690,148

The tax character of distributions paid was as follows:

	December 31, 2017	December 31, 2016
Ordinary Income	$49,614,041	$ 19,066,818
Long-term Capital Gains	101,578,405	48,752,895
Total	$151,192,446	$ 67,819,713

4. Purchases and Redemptions of Underlying Fund Shares.

Purchases and redemptions of the Underlying Fund shares, aggregated $281,766,120 and $320,378,950, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .49% of the Fund's average net assets.

The investment adviser pays a portion of the management fees received from the Fund to the Fidelity Central Funds' investment advisers, who are also affiliates, for managing the assets of the Fidelity Central Funds.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

Service Class	$5,271
Service Class 2	52,173
	$57,444

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements, equal to an annual rate of class-level average net assets . The annual rate for Investor Class is .15% and the annual rate for all other classes is .07%. For the period, transfer agent fees for each class were as follows:

Initial Class	$622,824
Service Class	3,475
Service Class 2	13,758
Investor Class	284,494
	$924,551

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $409 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3,712 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $15,919 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $354.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $10,296.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2017	Year ended December 31, 2016
From net investment income
Initial Class	$17,221,395	$13,821,541
Service Class	88,590	76,683
Service Class 2	334,864	279,837
Investor Class	3,650,622	2,602,280
Total	$21,295,471	$16,780,341
From net realized gain
Initial Class	$105,443,540	$41,681,420
Service Class	614,590	238,350
Service Class 2	2,471,533	1,029,679
Investor Class	21,367,312	8,089,923
Total	$129,896,975	$51,039,372

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2017	Year ended December 31, 2016	Year ended December 31, 2017	Year ended December 31, 2016
Initial Class
Shares sold	1,545,508	1,290,206	$23,303,863	$19,484,990
Reinvestment of distributions	8,456,436	3,880,843	122,664,935	55,502,961
Shares redeemed	(9,429,410)	(8,145,784)	(142,193,085)	(123,758,618)
Net increase (decrease)	572,534	(2,974,735)	$3,775,713	$(48,770,667)
Service Class
Shares sold	32,246	44,130	$490,318	$659,599
Reinvestment of distributions	48,970	22,215	703,180	315,033
Shares redeemed	(108,242)	(78,937)	(1,616,243)	(1,179,590)
Net increase (decrease)	(27,026)	(12,592)	$(422,745)	$(204,958)
Service Class 2
Shares sold	115,984	128,482	$1,717,563	$1,904,313
Reinvestment of distributions	198,362	93,818	2,806,397	1,309,516
Shares redeemed	(361,686)	(362,365)	(5,269,021)	(5,387,283)
Net increase (decrease)	(47,340)	(140,065)	$(745,061)	$(2,173,454)
Investor Class
Shares sold	1,515,351	742,710	$22,923,652	$11,129,163
Reinvestment of distributions	1,732,942	751,874	25,017,934	10,692,203
Shares redeemed	(1,134,202)	(1,761,126)	(16,911,601)	(26,670,695)
Net increase (decrease)	2,114,091	(266,542)	$31,029,985	$(4,849,329)

10. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were the owners of record of 39% of the total outstanding shares of the Fund and two otherwise unaffiliated shareholders were the owners of record of 28% of the total outstanding shares of the Fund.

11. Prior Fiscal Year Exchanges In-Kind.

During the prior period, the Fund exchanged investments for shares of ten Fidelity Equity Sector Central Funds all of which are affiliated investment companies managed by FMR Co., Inc. (FMRC), an affiliate of FMR. Each of the Equity Sector Central Funds seeks capital appreciation and invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund delivered investments to each Equity Sector Central Fund in exchange for shares of each respective Equity Sector Central Fund, as presented in the accompanying table. The Fund recognized net realized gain (loss) of $25,506,495 for book purposes and net realized gain (loss) of $25,026,283 for federal income tax purposes.

Fidelity Equity Sector Central Fund	Value of Investments and Cash Delivered	Shares of Equity Sector Central Funds Exchanged
Fidelity Consumer Discretionary Central Fund	$45,153,352	181,324
Fidelity Consumer Staples Central Fund	31,321,938	146,145
Fidelity Energy Central Fund	27,399,296	215,607
Fidelity Financials Central Fund	78,935,260	869,139
Fidelity Health Care Central Fund	53,120,988	160,788
Fidelity Industrials Central Fund	40,710,959	159,126
Fidelity Information Technology Central Fund	87,115,168	270,915
Fidelity Materials Central Fund	12,091,823	56,001
Fidelity Telecom Services Central Fund	10,313,634	55,191
Fidelity Utilities Central Fund	11,922,360	77,223
Total	$398,084,778	2,191,459

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund V and Shareholders of VIP Asset Manager Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of VIP Asset Manager Portfolio (the "Fund"), a fund of Variable Insurance Products Fund V, including the schedule of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
February 15, 2018

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity^® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity^® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity^® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity^® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity^® funds (2001-2005), and managed a number of Fidelity^® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity^® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity^® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity^® funds (2013-2016).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity^® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity^® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2007

Trustee

Mr. Gamper also serves as Trustee of other Fidelity^® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity^® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity^® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity^® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Mr. Kenneally also serves as Trustee of other Fidelity^® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Ms. Knowles also serves as Trustee of other Fidelity^® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity^® funds (2012-2015).

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity^® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (UK) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Ms. Dorsey also serves as an officer of other funds. Ms. Dorsey serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2008-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity^® funds (2008-2009).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity^® funds (2013-2016).

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity^® funds (2013-2016).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Initial Class	.61%
Actual		$1,000.00	$1,063.60	$3.17
Hypothetical-^C		$1,000.00	$1,022.13	$3.11
Service Class	.71%
Actual		$1,000.00	$1,063.00	$3.69
Hypothetical-^C		$1,000.00	$1,021.63	$3.62
Service Class 2	.86%
Actual		$1,000.00	$1,062.60	$4.47
Hypothetical-^C		$1,000.00	$1,020.87	$4.38
Investor Class	.69%
Actual		$1,000.00	$1,063.20	$3.59
Hypothetical-^C		$1,000.00	$1,021.73	$3.52

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in each Class' annualized expense ratio. In addition to the expenses noted above, the Fund also indirectly bears its proportional share of the expenses of the underlying Fidelity Central Funds. Annualized expenses of the underlying non-money market Fidelity Central Funds as of their most recent fiscal half year ranged from less than .005% to .07%.

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of VIP Asset Manager Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
VIP Asset Manager Portfolio
Initial Class	02/09/18	02/09/18	$0.007	$0.401
Service Class	02/09/18	02/09/18	$0.007	$0.401
Service Class 2	02/09/18	02/09/18	$0.006	$0.401
Investor Class	02/09/18	02/09/18	$0.007	$0.401

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2017, $27,400,094, or, if subsequently determined to be different, the net capital gain of such year.

A total of 4.6884% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

Initial Class designates 10%; Service Class designates 11%; Service Class 2 designates 11%; and Investor Class designates 10%; of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
VIP Asset Manager Portfolio
Initial Class	12/28/17	$0.0444	$0.0044
Service Class	12/28/17	$0.0430	$0.0044
Service Class 2	12/28/17	$0.0413	$0.0044
Investor Class	12/28/17	$0.0435	$0.0044

Board Approval of Investment Advisory Contracts and Management Fees

VIP Asset Manager Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2017 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Amendment to Group Fee Rate. The Board also approved an amendment to the management contract for the fund to add an additional breakpoint to the group fee schedule, effective October 1, 2017. The Board noted that the additional breakpoint would result in lower management fee rates as Fidelity's assets under management increase above the new breakpoint.

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain lower-priced share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for certain funds; (ix) introducing a new pricing structure for certain funds of funds that is expected to reduce overall expenses paid by shareholders; (x) rationalizing product lines and gaining increased efficiencies through proposals for fund mergers and share class consolidations; (xi) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xii) implementing enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for the fund in September 2016 and December 2016.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against one or more securities market indices, including a customized blended index representative of the fund's asset classes (each a "benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance. The fund underperformed its benchmark and peers for the one- and three-year periods ended September 30, 2016, and as a result, the Board will continue to discuss with FMR the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board.

VIP Asset Manager Portfolio

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016.

The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below the competitive median for 2016.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that an ad hoc joint committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus the assets of sector funds previously under FMR's management). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) the terms of Fidelity's contractual and voluntary expense cap and waiver arrangements with the funds; (vi) the methodology with respect to competitive fund data and peer group classifications; (vii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (viii) Fidelity's long-term expectations for its offerings in the workplace investing channel; (ix) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (x) the approach to considering "fall-out" benefits; (xi) the impact of money market reform on Fidelity's money market funds, including with respect to costs and profitability; (xii) the funds' share class structures and distribution channels, including the impact of the Department of Labor's new fiduciary rule on the funds' distribution arrangements; and (xiii) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Fidelity Investments

VIPAM-ANN-0218
1.540206.120

Fidelity® Variable Insurance Products:

Asset Manager: Growth Portfolio

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	18.73%	9.55%	5.43%
Service Class	18.70%	9.46%	5.33%
Service Class 2	18.49%	9.26%	5.13%
Investor Class	18.68%	9.47%	5.34%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Asset Manager: Growth Portfolio - Initial Class on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$16,967	VIP Asset Manager: Growth Portfolio - Initial Class
	$22,603	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Geoff Stein: For the year, most of the fund’s share classes gained roughly 19%, with all outpacing the 16.73% return of the Fidelity Asset Manager 70% Composite Index℠. Stock picking with the U.S. equity asset class proved the principal factor fueling the fund’s outperformance. The domestic-equity portfolio outdistanced its benchmark by a sizable margin, led by picks in information technology. Security selection in U.S. investment-grade bonds and foreign developed-markets (DM) stocks also aided relative results, although not to the extent that U.S. stocks did. Overall, asset allocation had a neutral effect on relative performance. My fixed-income allocation strategy – underweighting cash and investment-grade bonds to help fund various out-of-benchmark positions – generated a positive net contribution, despite some drag from underperforming TIPS. However, this benefit was negated by my equity-allocation strategy, primarily due to poor results from a small out-of-Composite position in commodity securities, which failed to keep pace with stock-market performance this period. As of December 31, the fund has roughly neutral allocations to U.S. and emerging-markets equities versus the Composite index, with a marginal overweighting in foreign DM stocks. I increased the fund's exposure to commodity securities during the period.

Investment Summary (Unaudited)

Top Ten Stocks as of December 31, 2017

	% of fund's net assets
Apple, Inc.	1.0
Amazon.com, Inc.	0.7
Tesla, Inc.	0.6
Bank of America Corp.	0.6
Alibaba Group Holding Ltd. sponsored ADR	0.6
UnitedHealth Group, Inc.	0.5
Berkshire Hathaway, Inc. Class B	0.5
Microsoft Corp.	0.5
Citigroup, Inc.	0.5
Amgen, Inc.	0.4
	5.9

Top Market Sectors as of December 31, 2017

(stocks only)	% of fund's net assets
Financials	11.4
Information Technology	10.8
Consumer Discretionary	8.5
Health Care	7.5
Industrials	6.8
Consumer Staples	4.8
Energy	3.8
Materials	3.0
Real Estate	2.7
Utilities	1.7

Asset Allocation (% of fund's net assets)

As of December 31, 2017^*
	Stock Class and Equity Futures^**	73.3%
	Bond Class	23.2%
	Short-Term Class	3.5%

* Foreign investments – 26.1%

** Includes investment in Fidelity^® Commodity Strategy Central Fund of 2.0%

Percentages in the above tables are adjusted for the effect of TBA Sale Commitments.

Investments December 31, 2017

Showing Percentage of Net Assets

U.S. Treasury Obligations - 0.0%
	Principal Amount	Value
U.S. Treasury Bills, yield at date of purchase 1.2% 2/8/18 (a)
(Cost $39,949)	40,000	39,949
	Shares	Value

Fixed-Income Funds - 25.5%
Fidelity Emerging Markets Debt Central Fund (b)	113,992	$1,152,461
Fidelity Floating Rate Central Fund (b)	21,653	2,229,350
Fidelity High Income Central Fund 1 (b)	44,864	4,328,513
Fidelity Inflation-Protected Bond Index Central Fund (b)	75,699	7,620,576
Fidelity VIP Investment Grade Central Fund (b)	371,309	39,083,985
iShares 20+ Year Treasury Bond ETF	32,586	4,133,860
TOTAL FIXED-INCOME FUNDS
(Cost $56,665,031)		58,548,745

Money Market Funds - 1.0%
Fidelity Cash Central Fund, 1.36% (c)	1,608,268	1,608,590
Fidelity Money Market Central Fund, 1.62% (c)	659,872	659,939
TOTAL MONEY MARKET FUNDS
(Cost $2,268,462)		2,268,529

Equity Funds - 72.4%
Domestic Equity Funds - 51.0%
Fidelity Commodity Strategy Central Fund (b)	678,242	4,618,829
Fidelity Consumer Discretionary Central Fund (b)	37,146	11,085,370
Fidelity Consumer Staples Central Fund (b)	32,123	7,114,905
Fidelity Energy Central Fund (b)	47,507	6,081,328
Fidelity Financials Central Fund (b)	191,194	20,492,187
Fidelity Health Care Central Fund (b)	36,790	14,107,635
Fidelity Industrials Central Fund (b)	36,062	10,645,928
Fidelity Information Technology Central Fund (b)	59,304	25,074,285
Fidelity Materials Central Fund (b)	12,472	3,266,226
Fidelity Real Estate Equity Central Fund (b)	9,569	1,040,939
Fidelity Telecom Services Central Fund (b)	11,491	2,102,367
Fidelity Utilities Central Fund (b)	17,756	3,084,957
iShares S&P 500 Index ETF	32,273	8,676,595

TOTAL DOMESTIC EQUITY FUNDS		117,391,551

International Equity Funds - 21.4%
Fidelity Emerging Markets Equity Central Fund (b)	35,536	8,905,698
Fidelity International Equity Central Fund (b)	399,706	35,274,088
iShares Core MSCI Emerging Markets ETF	45,977	2,616,091
iShares MSCI Japan ETF	40,591	2,432,619

TOTAL INTERNATIONAL EQUITY FUNDS		49,228,496

TOTAL EQUITY FUNDS
(Cost $143,067,747)		166,620,047
TOTAL INVESTMENT IN SECURITIES - 98.9%
(Cost $202,041,189)		227,477,270
NET OTHER ASSETS (LIABILITIES) - 1.1%		2,615,282
NET ASSETS - 100%		$230,092,552

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
CME E-mini S&P 500 Index Contracts (United States)	7	March 2018	$936,600	$15,423	$15,423

The notional amount of futures purchased as a percentage of Net Assets is 0.4%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

(a) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $39,949.

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$39,991
Fidelity Commodity Strategy Central Fund	33,884
Fidelity Consumer Discretionary Central Fund	666,073
Fidelity Consumer Staples Central Fund	733,603
Fidelity Emerging Markets Debt Central Fund	84,150
Fidelity Emerging Markets Equity Central Fund	542,225
Fidelity Energy Central Fund	190,201
Fidelity Financials Central Fund	1,492,250
Fidelity Floating Rate Central Fund	116,889
Fidelity Health Care Central Fund	549,953
Fidelity High Income Central Fund 1	424,050
Fidelity Industrials Central Fund	647,967
Fidelity Inflation-Protected Bond Index Central Fund	164,053
Fidelity Information Technology Central Fund	3,359,230
Fidelity International Equity Central Fund	1,862,846
Fidelity Materials Central Fund	231,492
Fidelity Money Market Central Fund	40,821
Fidelity Real Estate Equity Central Fund	62,852
Fidelity Telecom Services Central Fund	237,792
Fidelity Utilities Central Fund	270,298
Fidelity VIP Investment Grade Central Fund	1,224,476
Total	$12,975,096

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund	Value, beginning of period	Purchases	Sales Proceeds	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Commodity Strategy Central Fund	$2,521,391	$3,070,011	$1,123,895	$(52,997)	$204,319	$4,618,829	0.6%
Fidelity Consumer Discretionary Central Fund	11,565,969	1,614,261	3,842,893	236,701	1,511,332	11,085,370	0.6%
Fidelity Consumer Staples Central Fund	8,154,181	1,234,668	2,464,770	124,893	65,933	7,114,905	0.5%
Fidelity Emerging Markets Debt Central Fund	1,097,339	156,624	134,360	(160)	33,018	1,152,461	0.9%
Fidelity Emerging Markets Equity Central Fund	5,306,271	3,188,173	1,549,402	60,856	1,899,800	8,905,698	1.0%
Fidelity Energy Central Fund	7,347,281	887,384	1,815,946	33,122	(370,513)	6,081,328	0.6%
Fidelity Financials Central Fund	21,001,698	2,804,004	5,502,415	331,648	1,857,252	20,492,187	0.6%
Fidelity Floating Rate Central Fund	2,247,706	261,827	268,713	1,504	(12,974)	2,229,350	0.1%
Fidelity Health Care Central Fund	12,939,246	2,394,723	3,530,493	84,222	2,219,937	14,107,635	0.6%
Fidelity High Income Central Fund 1	5,650,274	737,012	2,015,237	87,610	(131,146)	4,328,513	0.8%
Fidelity Industrials Central Fund	10,450,444	1,499,276	2,567,507	82,217	1,181,498	10,645,928	0.6%
Fidelity Inflation-Protected Bond Index Central Fund	7,932,862	1,623,824	1,922,092	15,530	(29,548)	7,620,576	0.8%
Fidelity Information Technology Central Fund	21,983,139	4,945,247	8,353,727	1,231,885	5,267,741	25,074,285	0.6%
Fidelity International Equity Central Fund	27,783,758	7,848,800	6,313,734	278,628	5,676,636	35,274,088	1.1%
Fidelity Materials Central Fund	3,132,421	528,516	923,483	72,530	456,242	3,266,226	0.6%
Fidelity Real Estate Equity Central Fund	1,524,489	137,917	625,832	47,615	(43,250)	1,040,939	0.8%
Fidelity Telecom Services Central Fund	2,799,500	388,026	896,593	31,450	(220,016)	2,102,367	0.6%
Fidelity Utilities Central Fund	3,139,818	581,809	874,215	39,839	197,706	3,084,957	0.6%
Fidelity VIP Investment Grade Central Fund	34,782,040	8,851,356	4,939,209	(4,723)	394,521	39,083,985	0.7%
Total	$191,359,827	$42,753,458	$49,664,516	$2,702,370	$20,158,488	$207,309,627

Investment Valuation

The following is a summary of the inputs used, as of December 31, 2017, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
U.S. Government and Government Agency Obligations	$39,949	$--	$39,949	$--
Fixed-Income Funds	58,548,745	58,548,745	--	--
Money Market Funds	2,268,529	2,268,529	--	--
Equity Funds	166,620,047	166,620,047	--	--
Total Investments in Securities:	$227,477,270	$227,437,321	$39,949	$--
Derivative Instruments:
Assets
Futures Contracts	$15,423	$15,423	$--	$--
Total Assets	$15,423	$15,423	$--	$--
Total Derivative Instruments:	$15,423	$15,423	$--	$--

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2017. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts(a)	$15,423	$0
Total Equity Risk	15,423	0
Total Value of Derivatives	$15,423	$0

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).

Other Information

U.S. Government and U.S. Government Agency Obligations	14.4%
AAA,AA,A	1.1%
BBB	3.7%
BB	2.5%
B	1.4%
CCC,CC,C	0.2%
Not Rated	0.1%
Equities	70.1%
Short-Term Investments and Net Other Assets	6.5%
	100.0%

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	73.9%
United Kingdom	3.7%
Japan	3.6%
Cayman Islands	2.1%
France	1.7%
Germany	1.5%
Canada	1.4%
Netherlands	1.3%
Switzerland	1.1%
Others (Individually Less Than 1%)	9.7%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $16,304,202)	$17,899,114
Fidelity Central Funds (cost $185,736,987)	209,578,156
Total Investment in Securities (cost $202,041,189)		$227,477,270
Cash		7,708
Receivable for investments sold		2,806,244
Receivable for fund shares sold		2,874
Dividends receivable		2,450
Distributions receivable from Fidelity Central Funds		7,298
Prepaid expenses		359
Other receivables		705
Total assets		230,304,908
Liabilities
Payable for fund shares redeemed	$70,227
Accrued management fee	102,917
Transfer agent fee payable	20,389
Distribution and service plan fees payable	1,026
Payable for daily variation margin on futures contracts	3,395
Other affiliated payables	9,348
Other payables and accrued expenses	5,054
Total liabilities		212,356
Net Assets		$230,092,552
Net Assets consist of:
Paid in capital		$196,423,377
Undistributed net investment income		65,534
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		8,151,994
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		25,451,647
Net Assets		$230,092,552��
Initial Class:
Net Asset Value, offering price and redemption price per share ($106,903,009 ÷ 5,563,826 shares)		$19.21
Service Class:
Net Asset Value, offering price and redemption price per share ($3,017,638 ÷ 158,255 shares)		$19.07
Service Class 2:
Net Asset Value, offering price and redemption price per share ($3,755,389 ÷ 198,160 shares)		$18.95
Investor Class:
Net Asset Value, offering price and redemption price per share ($116,416,516 ÷ 6,094,562 shares)		$19.10

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends		$312,202
Interest		72
Income from Fidelity Central Funds		4,049,130
Total income		4,361,404
Expenses
Management fee	$1,178,285
Transfer agent fees	228,831
Distribution and service plan fees	11,627
Accounting fees and expenses	106,524
Custodian fees and expenses	3,968
Independent trustees' fees and expenses	799
Audit	57,175
Legal	6,635
Miscellaneous	1,577
Total expenses before reductions	1,595,421
Expense reductions	(4,765)	1,590,656
Net investment income (loss)		2,770,748
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	764,310
Fidelity Central Funds	2,703,400
Foreign currency transactions	2,057
Futures contracts	13,551
Capital gain distributions from Fidelity Central Funds	8,925,966
Total net realized gain (loss)		12,409,284
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	1,641,215
Fidelity Central Funds	20,156,976
Assets and liabilities in foreign currencies	317
Futures contracts	15,423
Total change in net unrealized appreciation (depreciation)		21,813,931
Net gain (loss)		34,223,215
Net increase (decrease) in net assets resulting from operations		$36,993,963

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$2,770,748	$2,606,011
Net realized gain (loss)	12,409,284	24,289,352
Change in net unrealized appreciation (depreciation)	21,813,931	(22,415,868)
Net increase (decrease) in net assets resulting from operations	36,993,963	4,479,495
Distributions to shareholders from net investment income	(2,705,207)	(2,754,661)
Distributions to shareholders from net realized gain	(28,042,611)	(3,049,866)
Total distributions	(30,747,818)	(5,804,527)
Share transactions - net increase (decrease)	19,986,287	(16,491,202)
Total increase (decrease) in net assets	26,232,432	(17,816,234)
Net Assets
Beginning of period	203,860,120	221,676,354
End of period	$230,092,552	$203,860,120
Other Information
Undistributed net investment income end of period	$65,534	$–
Distributions in excess of net investment income end of period	$–	$(7)

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP Asset Manager: Growth Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$18.81	$18.90	$19.15	$18.30	$15.14
Income from Investment Operations
Net investment income (loss)^A	.25	.24	.27	.23	.17
Net realized and unrealized gain (loss)	2.97	.20	(.27)	.85	3.22
Total from investment operations	3.22	.44	.00	1.08	3.39
Distributions from net investment income	(.24)	(.26)	(.24)	(.21)	(.18)
Distributions from net realized gain	(2.58)	(.26)	(.01)	(.02)	(.05)
Total distributions	(2.82)	(.53)^B	(.25)	(.23)	(.23)
Net asset value, end of period	$19.21	$18.81	$18.90	$19.15	$18.30
Total Return^C,^D	18.73%	2.52%	.03%	5.87%	22.41%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.69%	.71%	.70%	.70%	.72%
Expenses net of fee waivers, if any	.69%	.71%	.70%	.70%	.71%
Expenses net of all reductions	.69%	.70%	.69%	.70%	.71%
Net investment income (loss)	1.32%	1.31%	1.37%	1.19%	1.05%
Supplemental Data
Net assets, end of period (000 omitted)	$106,903	$99,882	$108,324	$122,484	$127,423
Portfolio turnover rate^G	29%	142%	49%	38%	52%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.53 per share is comprised of distributions from net investment income of $.263 and distributions from net realized gain of $.264 per share.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses of any underlying non-money market Fidelity Central Funds ranged from less than .005% to .07%.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Asset Manager: Growth Portfolio Service Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$18.68	$18.79	$19.03	$18.19	$15.04
Income from Investment Operations
Net investment income (loss)^A	.23	.22	.25	.21	.16
Net realized and unrealized gain (loss)	2.96	.18	(.26)	.84	3.19
Total from investment operations	3.19	.40	(.01)	1.05	3.35
Distributions from net investment income	(.22)	(.25)	(.22)	(.19)	(.15)
Distributions from net realized gain	(2.58)	(.26)	(.01)	(.02)	(.05)
Total distributions	(2.80)	(.51)	(.23)	(.21)	(.20)
Net asset value, end of period	$19.07	$18.68	$18.79	$19.03	$18.19
Total Return^B,^C	18.70%	2.34%	(.03)%	5.75%	22.34%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.79%	.81%	.80%	.80%	.82%
Expenses net of fee waivers, if any	.79%	.81%	.80%	.80%	.82%
Expenses net of all reductions	.79%	.80%	.79%	.80%	.81%
Net investment income (loss)	1.22%	1.21%	1.27%	1.09%	.95%
Supplemental Data
Net assets, end of period (000 omitted)	$3,018	$2,698	$2,877	$3,265	$3,191
Portfolio turnover rate^F	29%	142%	49%	38%	52%

^A Calculated based on average shares outstanding during the period.

^B Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. Based on their most recent shareholder report date, the expenses of any underlying non-money market Fidelity Central Funds ranged from less than .005% to .07%.

^E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Asset Manager: Growth Portfolio Service Class 2

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$18.58	$18.70	$18.94	$18.10	$14.97
Income from Investment Operations
Net investment income (loss)^A	.20	.19	.21	.17	.12
Net realized and unrealized gain (loss)	2.94	.18	(.25)	.84	3.18
Total from investment operations	3.14	.37	(.04)	1.01	3.30
Distributions from net investment income	(.20)	(.23)	(.19)	(.15)	(.12)
Distributions from net realized gain	(2.57)	(.26)	(.01)	(.02)	(.05)
Total distributions	(2.77)	(.49)	(.20)	(.17)	(.17)
Net asset value, end of period	$18.95	$18.58	$18.70	$18.94	$18.10
Total Return^B,^C	18.49%	2.18%	(.18)%	5.55%	22.09%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.94%	.96%	.96%	1.01%	1.03%
Expenses net of fee waivers, if any	.94%	.96%	.96%	1.01%	1.02%
Expenses net of all reductions	.94%	.95%	.95%	1.00%	1.02%
Net investment income (loss)	1.07%	1.06%	1.11%	.88%	.74%
Supplemental Data
Net assets, end of period (000 omitted)	$3,755	$3,425	$3,533	$3,573	$3,626
Portfolio turnover rate^F	29%	142%	49%	38%	52%

^A Calculated based on average shares outstanding during the period.

^B Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Asset Manager: Growth Portfolio Investor Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$18.71	$18.82	$19.06	$18.22	$15.08
Income from Investment Operations
Net investment income (loss)^A	.23	.22	.25	.21	.16
Net realized and unrealized gain (loss)	2.97	.18	(.25)	.85	3.20
Total from investment operations	3.20	.40	–	1.06	3.36
Distributions from net investment income	(.23)	(.25)	(.23)	(.20)	(.17)
Distributions from net realized gain	(2.58)	(.26)	(.01)	(.02)	(.05)
Total distributions	(2.81)	(.51)	(.24)	(.22)	(.22)
Net asset value, end of period	$19.10	$18.71	$18.82	$19.06	$18.22
Total Return^B,^C	18.68%	2.35%	.01%	5.79%	22.30%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.77%	.79%	.78%	.78%	.80%
Expenses net of fee waivers, if any	.77%	.79%	.78%	.78%	.80%
Expenses net of all reductions	.77%	.79%	.77%	.78%	.79%
Net investment income (loss)	1.24%	1.23%	1.29%	1.11%	.97%
Supplemental Data
Net assets, end of period (000 omitted)	$116,417	$97,855	$106,942	$86,687	$58,295
Portfolio turnover rate^F	29%	142%	49%	38%	52%

^A Calculated based on average shares outstanding during the period.

^B Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

VIP Asset Manager: Growth Portfolio (the Fund) is a fund of Variable Insurance Products Fund V (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio^(a)
Fidelity Commodity Strategy Central Fund	Geode Capital Management, LLC (Geode)	Seeks to provide investment returns that correspond to the performance of the commodities market.	Investment in commodity-related investments through a wholly-owned subsidiary organized under the laws of the Cayman Islands Futures	.04%
Fidelity Equity Central Funds	FMR Co., Inc. (FMRC)	Each fund seeks capital appreciation by investing primarily in common stocks, with a concentration in a particular industry.	Foreign Securities Delayed Delivery & When Issued Securities Restricted Securities	Less than .005% to .01%
Fidelity Emerging Markets Debt Central Fund	FMRC	Seeks high total return by normally investing in debt securities of issuers in emerging markets and other debt investments that are tied economically to emerging markets.	Foreign Securities Loans & Direct Debt Instruments Restricted Securities	.01%
Fidelity Emerging Markets Equity Central Fund	FMRC	Seeks capital appreciation by investing primarily in equity securities of issuers in emerging markets.	Delayed Delivery & When Issued Securities Foreign Securities Futures	.07%
Fidelity International Equity Central Fund	FMRC	Seeks capital appreciation by investing primarily in non-U.S. based common stocks, including securities of issuers located in emerging markets.	Delayed Delivery & When Issued Securities Foreign Securities Futures	.01%
Fidelity Floating Rate Central Fund	FMRC	Seeks a high level of income by normally investing in floating rate loans and other floating rate securities.	Loans & Direct Debt Instruments Restricted Securities	.06%
Fidelity High Income Central Fund 1	FMRC	Seeks a high level of income and may also seek capital appreciation by investing primarily in debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities.	Loans & Direct Debt Instruments Restricted Securities	Less than .005%
Fidelity Inflation-Protected Bond Index Central Fund	Fidelity Investment Money Management, Inc. (FIMM)	Seeks to provide investment results that correspond to the performance of the inflation-protected United States Treasury market, and may invest in derivatives.		Less than .005%
Fidelity VIP Investment Grade Central Fund	FIMM	Seeks a high level of current income by normally investing in investment-grade debt securities and repurchase agreements.	Repurchase Agreements Delayed Delivery & When Issued Securities Restricted Securities Swaps	Less than .005%
Fidelity Money Market Central Funds	FIMM	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.		Less than .005%

(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows. Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of December 31, 2017, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to short-term gain distributions from the Fidelity Central Funds, futures contracts, foreign currency transactions, market discount, deferred trustees compensation and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes as follows:

Gross unrealized appreciation	$26,603,845
Gross unrealized depreciation	(143,944)
Net unrealized appreciation (depreciation)	$26,459,901
Tax Cost	$201,017,369

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$849,512
Undistributed long-term capital gain	$6,779,023
Net unrealized appreciation (depreciation) on securities and other investments	$26,460,044

The tax character of distributions paid was as follows:

	December 31, 2017	December 31, 2016
Ordinary Income	$9,340,144	$ 2,754,661
Long-term Capital Gain	21,407,674	3,049,866
Total	$30,747,818	$ 5,804,527

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

5. Purchases and Redemptions of Underlying Fund Shares.

Purchases and redemptions of the Underlying Fund shares, aggregated $65,546,665 and $61,524,914, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .54% of the Fund's average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

Service Class	$2,727
Service Class 2	8,900
	$11,627

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements, equal to an annual rate of class-level average net assets. The annual rate for Investor Class is .15% and the annual rate for all other classes is .07%. For the period, transfer agent fees for each class were as follows:

Initial Class	$68,431
Service Class	1,798
Service Class 2	2,347
Investor Class	156,255
	$228,831

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $675 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Expense Reductions.

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $182.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,836.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2017	Year ended December 31, 2016
From net investment income
Initial Class	$1,291,934	$1,385,168
Service Class	34,278	35,308
Service Class 2	37,438	41,068
Investor Class	1,341,557	1,293,117
Total	$2,705,207	$2,754,661
From net realized gain
Initial Class	$13,574,774	$1,494,080
Service Class	360,108	39,101
Service Class 2	472,265	48,258
Investor Class	13,635,464	1,468,427
Total	$28,042,611	$3,049,866

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2017	Year ended December 31, 2016	Year ended December 31, 2017	Year ended December 31, 2016
Initial Class
Shares sold	144,059	114,709	$2,698,610	$2,127,037
Reinvestment of distributions	833,733	163,493	14,866,708	2,879,248
Shares redeemed	(724,915)	(697,163)	(13,492,453)	(12,797,939)
Net increase (decrease)	252,877	(418,961)	$4,072,865	$(7,791,654)
Service Class	��
Shares sold	13,458	4,177	$257,481	$76,368
Reinvestment of distributions	22,262	4,255	394,386	74,409
Shares redeemed	(21,883)	(17,152)	(404,975)	(309,079)
Net increase (decrease)	13,837	(8,720)	$246,892	$(158,302)
Service Class 2
Shares sold	16,878	41,188	$308,125	$738,028
Reinvestment of distributions	29,002	5,145	509,703	89,326
Shares redeemed	(32,013)	(51,021)	(580,303)	(923,678)
Net increase (decrease)	13,867	(4,688)	$237,525	$(96,324)
Investor Class
Shares sold	799,928	325,813	$14,686,256	$5,958,937
Reinvestment of distributions	843,432	157,817	14,977,021	2,761,544
Shares redeemed	(778,009)	(938,032)	(14,234,272)	(17,165,403)
Net increase (decrease)	865,351	(454,402)	$15,429,005	$(8,444,922)

11. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 86% of the total outstanding shares of the Fund.

12. Prior Fiscal Year Exchanges In-Kind.

During the prior period, the Fund exchanged investments for shares of ten Fidelity Equity Sector Central Funds all of which are affiliated investment companies managed by FMR Co., Inc. (FMRC), an affiliate of FMR. Each of the Equity Sector Central Funds seeks capital appreciation and invests primarily in securities of companies whose principal business activities fall within specific industries. The Fund delivered investments to each Equity Sector Central Fund in exchange for shares of each respective Equity Sector Central Fund, as presented in the accompanying table. The Fund recognized net realized gain (loss) of $6,509,559 for book purposes and net realized gain (loss) of $6,364,328 for federal income tax purposes.

Fidelity Equity Sector Central Fund	Value of Investments and Cash Delivered	Shares of Equity Sector Central Funds Exchanged
Fidelity Consumer Discretionary Central Fund	$11,408,638	45,814
Fidelity Consumer Staples Central Fund	7,913,934	36,926
Fidelity Energy Central Fund	6,922,823	54,476
Fidelity Financials Central Fund	19,944,118	219,601
Fidelity Health Care Central Fund	13,421,775	40,625
Fidelity Industrials Central Fund	10,286,204	40,206
Fidelity Information Technology Central Fund	22,010,889	68,450
Fidelity Materials Central Fund	3,055,172	14,150
Fidelity Telecom Services Central Fund	2,605,887	13,945
Fidelity Utilities Central Fund	3,013,136	19,516
Total	$100,582,576	553,709

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund V and Shareholders of VIP Asset Manager: Growth Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of VIP Asset Manager: Growth Portfolio (the "Fund"), a fund of Variable Insurance Products Fund V, including the schedule of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

DELOITTE & TOUCHE LLP

Boston, Massachusetts
February 15, 2018

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2007

Trustee

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
Initial Class	.68%
Actual		$1,000.00	$1,084.60	$3.57
Hypothetical-^C		$1,000.00	$1,021.78	$3.47
Service Class	.78%
Actual		$1,000.00	$1,084.40	$4.10
Hypothetical-^C		$1,000.00	$1,021.27	$3.97
Service Class 2	.93%
Actual		$1,000.00	$1,083.30	$4.88
Hypothetical-^C		$1,000.00	$1,020.52	$4.74
Investor Class	.76%
Actual		$1,000.00	$1,084.40	$3.99
Hypothetical-^C		$1,000.00	$1,021.37	$3.87

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of VIP Asset Manager: Growth Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
VIP Asset Manager: Growth Portfolio
Initial Class	02/09/18	02/09/18	$0.006	$0.634
Service Class	02/09/18	02/09/18	$0.005	$0.634
Service Class 2	02/09/18	02/09/18	$0.005	$0.634
Investor Class	02/09/18	02/09/18	$0.005	$0.634

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2017, $6,789,593, or, if subsequently determined to be different, the net capital gain of such year.

A total of 2.59% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

Initial Class designates 15%; Service Class designates 15%; Service Class 2 designates 16%; and Investor Class designates 15%; of the dividend distributed in December 2017, during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
VIP Asset Manager: Growth Portfolio
Initial Class	12/28/17	$0.0748	$0.0073
Service Class	12/28/17	$0.0730	$0.0073
Service Class 2	12/28/17	$0.0697	$0.0073
Investor Class	12/28/17	$0.0733	$0.0073

Board Approval of Investment Advisory Contracts and Management Fees

VIP Asset Manager: Growth Portfolio

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for the fund in September 2016 and December 2016.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against one or more securities market indices, including a customized blended index representative of the fund's asset classes (each a "benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance. The fund underperformed its benchmark and peers for the one- and three-year periods ended January 31, 2017, and as a result, the Board will continue to discuss with FMR the steps it is taking to address the fund's performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

VIP Asset Manager: Growth Portfolio

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expense ratio of each of Initial Class, Investor Class, and Service Class ranked below the competitive median for 2016 and the total expense ratio of Service Class 2 ranked above the competitive median for 2016. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the total expense ratio of Service Class 2 was above the competitive median because of its 12b-1 fees and that excluding 12b-1 fees of both the class and competitor classes, the total expense ratio of Service Class 2 ranked below the median. The Board noted that the fund offers multiple classes, each of which has a different 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that, although Service Class 2 was above the median of the universe presented for comparison, the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Fidelity Investments

VIPAMG-ANN-0218
1.540207.120

Fidelity® Variable Insurance Products:
Freedom Funds - Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
VIP Freedom Income Portfolio℠
Investment Summary
Investments
Financial Statements
VIP Freedom 2005 Portfolio℠
Investment Summary
Investments
Financial Statements
VIP Freedom 2010 Portfolio℠
Investment Summary
Investments
Financial Statements
VIP Freedom 2015 Portfolio℠
Investment Summary
Investments
Financial Statements
VIP Freedom 2020 Portfolio℠
Investment Summary
Investments
Financial Statements
VIP Freedom 2025 Portfolio℠
Investment Summary
Investments
Financial Statements
VIP Freedom 2030 Portfolio℠
Investment Summary
Investments
Financial Statements
VIP Freedom 2035 Portfolio℠
Investment Summary
Investments
Financial Statements
VIP Freedom 2040 Portfolio℠
Investment Summary
Investments
Financial Statements
VIP Freedom 2045 Portfolio℠
Investment Summary
Investments
Financial Statements
VIP Freedom 2050 Portfolio℠
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.

VIP Freedom Income Portfolio℠

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	8.48%	4.35%	4.02%
Service Class	8.49%	4.25%	3.91%
Service Class 2	8.36%	4.10%	3.76%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Freedom Income Portfolio℠ - Initial Class on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.

	Period Ending Values
	$14,825	VIP Freedom Income Portfolio℠ - Initial Class
	$14,811	Bloomberg Barclays U.S. Aggregate Bond Index

VIP Freedom 2005 Portfolio℠

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	11.06%	5.89%	4.31%
Service Class	10.90%	5.77%	4.20%
Service Class 2	10.74%	5.63%	4.04%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Freedom 2005 Portfolio℠ - Initial Class on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.

	Period Ending Values
	$15,247	VIP Freedom 2005 Portfolio℠ - Initial Class
	$14,811	Bloomberg Barclays U.S. Aggregate Bond Index

VIP Freedom 2010 Portfolio℠

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	13.08%	7.12%	5.17%
Service Class	12.90%	7.01%	5.06%
Service Class 2	12.80%	6.85%	4.91%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Freedom 2010 Portfolio℠ - Initial Class on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.

	Period Ending Values
	$16,556	VIP Freedom 2010 Portfolio℠ - Initial Class
	$14,811	Bloomberg Barclays U.S. Aggregate Bond Index

VIP Freedom 2015 Portfolio℠

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	15.10%	7.80%	5.34%
Service Class	14.93%	7.67%	5.23%
Service Class 2	14.80%	7.52%	5.07%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Freedom 2015 Portfolio℠ - Initial Class on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$16,827	VIP Freedom 2015 Portfolio℠ - Initial Class
	$22,603	S&P 500® Index

VIP Freedom 2020 Portfolio℠

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	16.62%	8.46%	5.30%
Service Class	16.47%	8.35%	5.19%
Service Class 2	16.26%	8.17%	5.03%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Freedom 2020 Portfolio℠ - Initial Class on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$16,761	VIP Freedom 2020 Portfolio℠ - Initial Class
	$22,603	S&P 500® Index

VIP Freedom 2025 Portfolio℠

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	17.89%	9.51%	5.81%
Service Class	17.84%	9.41%	5.71%
Service Class 2	17.57%	9.25%	5.55%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Freedom 2025 Portfolio℠ - Initial Class on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$17,592	VIP Freedom 2025 Portfolio℠ - Initial Class
	$22,603	S&P 500® Index

VIP Freedom 2030 Portfolio℠

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Initial Class	20.96%	10.44%	5.76%
Service Class	20.82%	10.32%	5.65%
Service Class 2	20.69%	10.18%	5.50%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Freedom 2030 Portfolio℠ - Initial Class on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$17,512	VIP Freedom 2030 Portfolio℠ - Initial Class
	$22,603	S&P 500® Index

VIP Freedom 2035 Portfolio℠

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Life of fund^A
Initial Class	23.35%	11.47%	14.09%
Service Class	23.24%	11.37%	13.98%
Service Class 2	23.07%	11.19%	13.81%

^A From April 8, 2009

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Freedom 2035 Portfolio℠ - Initial Class on April 8, 2009, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$31,640	VIP Freedom 2035 Portfolio℠ - Initial Class
	$38,944	S&P 500® Index

VIP Freedom 2040 Portfolio℠

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Life of fund^A
Initial Class	23.60%	11.60%	14.27%
Service Class	23.42%	11.49%	14.16%
Service Class 2	23.30%	11.33%	13.99%

^A From April 8, 2009

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Freedom 2040 Portfolio℠ - Initial Class on April 8, 2009, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$32,083	VIP Freedom 2040 Portfolio℠ - Initial Class
	$38,944	S&P 500® Index

VIP Freedom 2045 Portfolio℠

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Life of fund^A
Initial Class	23.59%	11.74%	14.40%
Service Class	23.42%	11.63%	14.29%
Service Class 2	23.30%	11.46%	14.12%

^A From April 8, 2009

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Freedom 2045 Portfolio℠ - Initial Class on April 8, 2009, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$32,397	VIP Freedom 2045 Portfolio℠ - Initial Class
	$38,944	S&P 500® Index

VIP Freedom 2050 Portfolio℠

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Life of fund^A
Initial Class	23.52%	11.80%	14.56%
Service Class	23.46%	11.69%	14.45%
Service Class 2	23.30%	11.52%	14.27%

^A From April 8, 2009

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP Freedom 2050 Portfolio℠ - Initial Class on April 8, 2009, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$32,781	VIP Freedom 2050 Portfolio℠ - Initial Class
	$38,944	S&P 500® Index

Management's Discussion of Fund Performance

Market Recap: U.S. equities, as measured by the S&P 500^® index, returned 21.83% in 2017. Sector-wise, information technology (+39%) fared best amid strong earnings growth from many major index constituents. Materials (+24%) was helped by higher demand, especially from China, though industrials (+21%) modestly lagged. Consumer discretionary (+23%) outperformed despite online rivals to brick-and-mortar retailers. Financials edged the broader market on an uptick in interest rates that, at the same time, held back real estate (+11%) and other “bond proxy” sectors such as consumer staples (+13%) and utilities (+12%). Defensive-oriented energy (-1%) and telecommunication services (-1%) marked the only sector-level declines.

Elsewhere, the MSCI ACWI (All Country World Index) ex USA Index gained 27.40% for the year, aided partly by a generally weak U.S. dollar. Certain election results in continental Europe (+28%) suggested ebbing political uncertainty and near-term risk there; meanwhile, the U.K. (+21%) faced more-mixed conditions ahead of its expected exit from the European Union. Japan (+24%), despite monetary easing and recent pressure from regional yen strength, lagged the rest of the Asia-Pacific group (+26%). Commodity-price volatility slowed Canada (+17%), but the emerging-markets (EM) group (+36%) sped ahead.

In fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index returned 3.54% in 2017. Within the Bloomberg Barclays index, investment-grade corporate credit (+6%) led all major segments, including Treasuries (+2%). Outside the index, riskier, non-core fixed-income asset classes, such as EM debt and U.S. high-yield bonds, well outpaced the broader market, whereas Treasury Inflation-Protected Securities (TIPS) lagged, according to Bloomberg Barclays.

Comments from Co-Portfolio Managers Andrew Dierdorf and Brett Sumsion: For the year ending December 31, 2017, VIP Freedom Funds share classes posted gains ranging from roughly 8% to 24%. Each Portfolio outperformed its respective Composite index by between 1 and 3 percentage points, with the gap growing as the target date increased. (For specific Portfolio results, please refer to the performance section of this report.) Given that non-U.S. equities, particularly in emerging markets, outperformed U.S. stocks, our overweighting foreign developed-markets and EM equity while underweighting U.S. stocks delivered value versus Composites. Also, both Fidelity^® VIP Overseas Portfolio (+30%), which led its specific benchmark by nearly 6 percentage points, and Fidelity^® VIP Emerging Markets Portfolio (+47%), which led by 10 percentage points, further aided our overall relative performance. In the U.S. equity asset class, allocations to mid-cap and value investments detracted. Looking at individual results, Fidelity VIP Growth & Income Portfolio (+17%), which lagged its particular benchmark by 5 percentage points, proved our biggest detractor. Collectively, though, results from underlying actively managed U.S. equity investments helped overall. In fixed income, our overall strategy of underweighting the core and overweighting the short-term fixed-income asset classes, combined with an out-of-Composite allocation to Fidelity VIP High Income Portfolio (+7.0%), added value. With an assist from Fidelity VIP Investment Grade Bond Portfolio (+4.2%), aggregate results among underlying fixed-income investments also helped. During the period, we further reduced exposure to U.S. equities and high-yield debt while increasing exposure to short-term and core fixed income, the latter move accomplished partly via establishing a position in long-term Treasuries.

VIP Freedom Income Portfolio℠

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Holdings as of December 31, 2017

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	39.1
VIP Government Money Market Portfolio Initial Class 1.08%	32.5
VIP Overseas Portfolio Initial Class	6.5
VIP Emerging Markets Portfolio Initial Class	3.8
VIP Growth & Income Portfolio Initial Class	3.0
VIP Equity-Income Portfolio Initial Class	2.6
VIP Growth Portfolio Initial Class	2.5
VIP Contrafund Portfolio Initial Class	2.4
Fidelity Long-Term Treasury Bond Index Fund Premium Class	2.1
VIP High Income Portfolio Initial Class	2.0
	96.5

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	14.0%
	International Equity Funds	10.3%
	Bond Funds	43.2%
	Short-Term Funds	32.5%

VIP Freedom Income Portfolio℠

Investments December 31, 2017

Showing Percentage of Net Assets

Domestic Equity Funds - 14.0%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	27,169	$1,030,804
VIP Equity-Income Portfolio Initial Class (a)	45,494	1,086,849
VIP Growth & Income Portfolio Initial Class (a)	54,907	1,246,930
VIP Growth Portfolio Initial Class (a)	14,172	1,049,451
VIP Mid Cap Portfolio Initial Class (a)	7,757	302,048
VIP Value Portfolio Initial Class (a)	48,808	798,503
VIP Value Strategies Portfolio Initial Class (a)	27,326	389,937
TOTAL DOMESTIC EQUITY FUNDS
(Cost $4,187,430)		5,904,522

International Equity Funds - 10.3%
VIP Emerging Markets Portfolio Initial Class (a)	131,475	1,607,941
VIP Overseas Portfolio Initial Class (a)	119,560	2,734,339
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $2,997,568)		4,342,280

Bond Funds - 43.2%
Fidelity Long-Term Treasury Bond Index Fund Premium Class (a)	68,372	907,985
VIP High Income Portfolio Initial Class (a)	154,458	841,795
VIP Investment Grade Bond Portfolio Initial Class (a)	1,290,590	16,519,556
TOTAL BOND FUNDS
(Cost $18,076,339)		18,269,336

Short-Term Funds - 32.5%
VIP Government Money Market Portfolio Initial Class 1.08% (a)(b)
(Cost $13,710,985)	13,710,985	13,710,985
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $38,972,322)		42,227,123
NET OTHER ASSETS (LIABILITIES) - 0.0%		(3,275)
NET ASSETS - 100%		$42,223,848

Legend

(a) Affiliated Fund

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Long-Term Treasury Bond Index Fund Premium Class	$--	$944,075	$32,707	$1,268	$(152)	$(3,231)	$907,985
VIP Contrafund Portfolio Initial Class	1,087,011	328,408	525,802	69,889	10,240	130,947	1,030,804
VIP Emerging Markets Portfolio Initial Class	1,742,816	453,649	1,281,800	12,685	111,560	581,716	1,607,941
VIP Equity-Income Portfolio Initial Class	1,152,940	314,545	472,272	42,520	(9,086)	100,722	1,086,849
VIP Government Money Market Portfolio Initial Class 1.08%	11,729,205	5,170,363	3,188,583	89,366	--	--	13,710,985
VIP Growth & Income Portfolio Initial Class	1,315,424	358,217	576,756	47,821	23,979	126,066	1,246,930
VIP Growth Portfolio Initial Class	1,090,861	353,727	636,160	89,082	48,265	192,758	1,049,451
VIP High Income Portfolio Initial Class	1,474,818	293,675	950,106	49,084	(35,081)	58,489	841,795
VIP Investment Grade Bond Portfolio Initial Class	14,935,903	6,225,216	4,803,649	486,722	(16,707)	178,793	16,519,556
VIP Mid Cap Portfolio Initial Class	313,674	92,229	145,037	16,830	3,183	37,999	302,048
VIP Overseas Portfolio Initial Class	2,148,058	819,426	837,421	40,114	11,611	592,665	2,734,339
VIP Value Portfolio Initial Class	849,898	238,568	375,039	33,173	9,332	75,744	798,503
VIP Value Strategies Portfolio Initial Class	411,279	208,834	193,749	107,505	(3,160)	(33,267)	389,937
Total	$38,251,887	$15,800,932	$14,019,081	$1,086,059	$153,984	$2,039,401	$42,227,123

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

VIP Freedom Income Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (cost $38,972,322) — See accompanying schedule		$42,227,123
Cash		1
Receivable for investments sold		903,528
Receivable for fund shares sold		4,701
Total assets		43,135,353
Liabilities
Payable for fund shares redeemed	$907,404
Distribution and service plan fees payable	4,101
Total liabilities		911,505
Net Assets		$42,223,848
Net Assets consist of:
Paid in capital		$38,691,550
Undistributed net investment income		6,629
Accumulated undistributed net realized gain (loss) on investments		270,868
Net unrealized appreciation (depreciation) on investments		3,254,801
Net Assets		$42,223,848
Initial Class:
Net Asset Value, offering price and redemption price per share ($16,085,980 ÷ 1,382,707 shares)		$11.63
Service Class:
Net Asset Value, offering price and redemption price per share ($11,227,345 ÷ 965,378 shares)		$11.63
Service Class 2:
Net Asset Value, offering price and redemption price per share ($14,910,523 ÷ 1,286,943 shares)		$11.59

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Income distributions from underlying funds		$674,942
Expenses
Distribution and service plan fees	$45,729
Independent trustees' fees and expenses	150
Total expenses before reductions	45,879
Expense reductions	(150)	45,729
Net investment income (loss)		629,213
Realized and Unrealized Gain (Loss)
Realized gain (loss) on sale of underlying fund shares	153,984
Capital gain distributions from underlying funds	411,117
Total net realized gain (loss)		565,101
Change in net unrealized appreciation (depreciation) on underlying funds		2,039,401
Net gain (loss)		2,604,502
Net increase (decrease) in net assets resulting from operations		$3,233,715

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$629,213	$525,036
Net realized gain (loss)	565,101	263,116
Change in net unrealized appreciation (depreciation)	2,039,401	850,893
Net increase (decrease) in net assets resulting from operations	3,233,715	1,639,045
Distributions to shareholders from net investment income	(619,471)	(525,338)
Distributions to shareholders from net realized gain	(345,560)	(394,488)
Total distributions	(965,031)	(919,826)
Share transactions - net increase (decrease)	1,706,894	(219,386)
Total increase (decrease) in net assets	3,975,578	499,833
Net Assets
Beginning of period	38,248,270	37,748,437
End of period	$42,223,848	$38,248,270
Other Information
Undistributed net investment income end of period	$6,629	$–

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP Freedom Income Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$10.98	$10.78	$11.03	$10.89	$10.57
Income from Investment Operations
Net investment income (loss)^A	.19	.16	.21	.18	.18
Net realized and unrealized gain (loss)	.74	.32	(.25)	.23	.40
Total from investment operations	.93	.48	(.04)	.41	.58
Distributions from net investment income	(.18)	(.16)	(.20)	(.17)	(.17)
Distributions from net realized gain	(.10)	(.11)	(.02)	(.10)	(.10)
Total distributions	(.28)	(.28)^B	(.21)^C	(.27)	(.26)^D
Net asset value, end of period	$11.63	$10.98	$10.78	$11.03	$10.89
Total Return^E,^F	8.48%	4.50%	(.34)%	3.78%	5.55%
Ratios to Average Net Assets^G,^H
Expenses before reductions^I	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	-%	-%	-%	-%	-%
Expenses net of all reductions	-%	-%	-%	-%	-%
Net investment income (loss)	1.67%	1.48%	1.85%	1.62%	1.67%
Supplemental Data
Net assets, end of period (000 omitted)	$16,086	$14,956	$14,548	$17,386	$16,980
Portfolio turnover rate^G	35%	38%	36%	32%	43%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.28 per share is comprised of distributions from net investment income of $.164 and distributions from net realized gain of $.113 per share.

^C Total distributions of $.21 per share is comprised of distributions from net investment income of $.198 and distributions from net realized gain of $.015 per share.

^D Total distributions of $.26 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $.097 per share.

^E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Amounts do not include the activity of the Underlying Funds.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

^I Amount represents less than .005%.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom Income Portfolio Service Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$10.97	$10.78	$11.03	$10.89	$10.58
Income from Investment Operations
Net investment income (loss)^A	.18	.15	.19	.17	.17
Net realized and unrealized gain (loss)	.75	.31	(.24)	.23	.40
Total from investment operations	.93	.46	(.05)	.40	.57
Distributions from net investment income	(.17)	(.15)	(.19)	(.16)	(.16)
Distributions from net realized gain	(.10)	(.11)	(.02)	(.10)	(.10)
Total distributions	(.27)	(.27)^B	(.20)^C	(.26)	(.26)
Net asset value, end of period	$11.63	$10.97	$10.78	$11.03	$10.89
Total Return^D,^E	8.49%	4.32%	(.42)%	3.69%	5.38%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	1.57%	1.38%	1.75%	1.52%	1.57%
Supplemental Data
Net assets, end of period (000 omitted)	$11,227	$9,286	$9,825	$6,193	$4,529
Portfolio turnover rate^F	35%	38%	36%	32%	43%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.27 per share is comprised of distributions from net investment income of $.154 and distributions from net realized gain of $.113 per share.

^C Total distributions of $.20 per share is comprised of distributions from net investment income of $.189 and distributions from net realized gain of $.015 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom Income Portfolio Service Class 2

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$10.93	$10.74	$10.99	$10.85	$10.54
Income from Investment Operations
Net investment income (loss)^A	.16	.13	.18	.15	.15
Net realized and unrealized gain (loss)	.75	.31	(.24)	.23	.40
Total from investment operations	.91	.44	(.06)	.38	.55
Distributions from net investment income	(.15)	(.14)	(.17)	(.14)	(.14)
Distributions from net realized gain	(.10)	(.11)	(.02)	(.10)	(.10)
Total distributions	(.25)	(.25)	(.19)	(.24)	(.24)
Net asset value, end of period	$11.59	$10.93	$10.74	$10.99	$10.85
Total Return^B,^C	8.36%	4.17%	(.57)%	3.54%	5.21%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	1.42%	1.23%	1.60%	1.37%	1.42%
Supplemental Data
Net assets, end of period (000 omitted)	$14,911	$14,007	$13,375	$8,860	$7,500
Portfolio turnover rate^D	35%	38%	36%	32%	43%

^A Calculated based on average shares outstanding during the period.

^B Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Amounts do not include the activity of the Underlying Funds.

^E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2005 Portfolio℠

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Holdings as of December 31, 2017

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	35.7
VIP Government Money Market Portfolio Initial Class 1.08%	26.0
VIP Overseas Portfolio Initial Class	8.7
VIP Emerging Markets Portfolio Initial Class	4.7
VIP Growth & Income Portfolio Initial Class	4.4
VIP Equity-Income Portfolio Initial Class	3.8
VIP Growth Portfolio Initial Class	3.7
VIP Contrafund Portfolio Initial Class	3.6
VIP Value Portfolio Initial Class	2.8
Fidelity Long-Term Treasury Bond Index Fund Premium Class	2.1
	95.5

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	20.8%
	International Equity Funds	13.4%
	Bond Funds	39.8%
	Short-Term Funds	26.0%

VIP Freedom 2005 Portfolio℠

Investments December 31, 2017

Showing Percentage of Net Assets

Domestic Equity Funds - 20.8%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	8,843	$335,492
VIP Equity-Income Portfolio Initial Class (a)	14,807	353,732
VIP Growth & Income Portfolio Initial Class (a)	17,864	405,682
VIP Growth Portfolio Initial Class (a)	4,614	341,649
VIP Mid Cap Portfolio Initial Class (a)	2,524	98,300
VIP Value Portfolio Initial Class (a)	15,885	259,879
VIP Value Strategies Portfolio Initial Class (a)	8,894	126,922
TOTAL DOMESTIC EQUITY FUNDS
(Cost $1,407,033)		1,921,656

International Equity Funds - 13.4%
VIP Emerging Markets Portfolio Initial Class (a)	36,099	441,488
VIP Overseas Portfolio Initial Class (a)	35,141	803,667
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $955,289)		1,245,155

Bond Funds - 39.8%
Fidelity Long-Term Treasury Bond Index Fund Premium Class (a)	14,710	195,344
VIP High Income Portfolio Initial Class (a)	33,820	184,319
VIP Investment Grade Bond Portfolio Initial Class (a)	258,360	3,307,006
TOTAL BOND FUNDS
(Cost $3,645,163)		3,686,669

Short-Term Funds - 26.0%
VIP Government Money Market Portfolio Initial Class 1.08% (a)(b)
(Cost $2,404,539)	2,404,539	2,404,539
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $8,412,024)		9,258,019
NET OTHER ASSETS (LIABILITIES) - 0.0%		65
NET ASSETS - 100%		$9,258,084

Legend

(a) Affiliated Fund

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Long-Term Treasury Bond Index Fund Premium Class	$--	$196,123	$104	$259	$(2)	$(673)	$195,344
VIP Contrafund Portfolio Initial Class	296,988	138,608	142,683	20,447	4,510	38,069	335,492
VIP Emerging Markets Portfolio Initial Class	389,706	168,788	287,832	3,183	31,903	138,923	441,488
VIP Equity-Income Portfolio Initial Class	314,972	136,852	125,587	12,601	(1,775)	29,270	353,732
VIP Government Money Market Portfolio Initial Class 1.08%	1,616,741	1,223,361	435,563	14,321	--	--	2,404,539
VIP Growth & Income Portfolio Initial Class	359,346	155,885	154,862	14,081	7,149	38,164	405,682
VIP Growth Portfolio Initial Class	298,119	146,543	175,767	25,752	29,677	43,077	341,649
VIP High Income Portfolio Initial Class	269,631	84,859	174,580	9,897	(11,627)	16,036	184,319
VIP Investment Grade Bond Portfolio Initial Class	2,446,962	1,615,191	783,680	88,947	(1,899)	30,432	3,307,006
VIP Mid Cap Portfolio Initial Class	85,709	39,373	39,382	4,878	1,308	11,292	98,300
VIP Overseas Portfolio Initial Class	580,861	287,091	235,527	11,019	4,621	166,621	803,667
VIP Value Portfolio Initial Class	232,164	101,269	98,970	10,064	6,179	19,237	259,879
VIP Value Strategies Portfolio Initial Class	112,357	75,650	51,157	31,114	(13)	(9,915)	126,922
Total	$7,003,556	$4,369,593	$2,705,694	$246,563	$70,031	$520,533	$9,258,019

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2005 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (cost $8,412,024) — See accompanying schedule		$9,258,019
Cash		2
Receivable for investments sold		435
Total assets		9,258,456
Liabilities
Payable for fund shares redeemed	$282
Distribution and service plan fees payable	90
Total liabilities		372
Net Assets		$9,258,084
Net Assets consist of:
Paid in capital		$8,323,116
Undistributed net investment income		1,697
Accumulated undistributed net realized gain (loss) on investments		87,276
Net unrealized appreciation (depreciation) on investments		845,995
Net Assets		$9,258,084
Initial Class:
Net Asset Value, offering price and redemption price per share ($7,931,489 ÷ 640,256 shares)		$12.39
Service Class:
Net Asset Value, offering price and redemption price per share ($1,222,432 ÷ 98,093 shares)		$12.46
Service Class 2:
Net Asset Value, offering price and redemption price per share ($104,163 ÷ 8,424 shares)		$12.37

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Income distributions from underlying funds		$135,181
Expenses
Distribution and service plan fees	$1,084
Independent trustees' fees and expenses	30
Total expenses before reductions	1,114
Expense reductions	(30)	1,084
Net investment income (loss)		134,097
Realized and Unrealized Gain (Loss)
Realized gain (loss) on sale of underlying fund shares	70,031
Capital gain distributions from underlying funds	111,382
Total net realized gain (loss)		181,413
Change in net unrealized appreciation (depreciation) on underlying funds		520,533
Net gain (loss)		701,946
Net increase (decrease) in net assets resulting from operations		$836,043

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$134,097	$104,440
Net realized gain (loss)	181,413	103,291
Change in net unrealized appreciation (depreciation)	520,533	132,669
Net increase (decrease) in net assets resulting from operations	836,043	340,400
Distributions to shareholders from net investment income	(132,399)	(104,710)
Distributions to shareholders from net realized gain	(127,656)	(94,196)
Total distributions	(260,055)	(198,906)
Share transactions - net increase (decrease)	1,678,577	(371,258)
Total increase (decrease) in net assets	2,254,565	(229,764)
Net Assets
Beginning of period	7,003,519	7,233,283
End of period	$9,258,084	$7,003,519
Other Information
Undistributed net investment income end of period	$1,697	$–

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP Freedom 2005 Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$11.51	$11.29	$11.56	$11.37	$10.56
Income from Investment Operations
Net investment income (loss)^A	.20	.17	.19	.20	.17
Net realized and unrealized gain (loss)	1.06	.38	(.22)	.29	.86
Total from investment operations	1.26	.55	(.03)	.49	1.03
Distributions from net investment income	(.19)	(.18)	(.22)	(.19)	(.18)
Distributions from net realized gain	(.19)	(.15)	(.03)	(.11)	(.04)
Total distributions	(.38)	(.33)	(.24)^B	(.30)	(.22)
Net asset value, end of period	$12.39	$11.51	$11.29	$11.56	$11.37
Total Return^C,^D	11.06%	5.00%	(.25)%	4.30%	9.74%
Ratios to Average Net Assets^E,^F
Expenses before reductions^G	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	-%	-%	-%	-%	-%
Expenses net of all reductions	-%	-%	-%	-%	-%
Net investment income (loss)	1.65%	1.50%	1.64%	1.71%	1.57%
Supplemental Data
Net assets, end of period (000 omitted)	$7,931	$6,363	$6,657	$8,047	$7,145
Portfolio turnover rate^E	33%	24%	23%	21%	54%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.24 per share is comprised of distributions from net investment income of $.217 and distributions from net realized gain of $.025 per share.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Amounts do not include the activity of the Underlying Funds.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

^G Amount represents less than .005%.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2005 Portfolio Service Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$11.58	$11.36	$11.63	$11.44	$10.57
Income from Investment Operations
Net investment income (loss)^A	.19	.16	.18	.19	.16
Net realized and unrealized gain (loss)	1.06	.38	(.22)	.29	.85
Total from investment operations	1.25	.54	(.04)	.48	1.01
Distributions from net investment income	(.18)	(.17)	(.21)	(.18)	(.11)
Distributions from net realized gain	(.19)	(.15)	(.03)	(.11)	(.04)
Total distributions	(.37)	(.32)	(.23)^B	(.29)	(.14)^C
Net asset value, end of period	$12.46	$11.58	$11.36	$11.63	$11.44
Total Return^D,^E	10.90%	4.89%	(.35)%	4.18%	9.60%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	1.55%	1.40%	1.54%	1.61%	1.47%
Supplemental Data
Net assets, end of period (000 omitted)	$1,222	$558	$484	$408	$125
Portfolio turnover rate^F	33%	24%	23%	21%	54%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.23 per share is comprised of distributions from net investment income of $.206 and distributions from net realized gain of $.025 per share.

^C Total distributions of $.14 per share is comprised of distributions from net investment income of $.107 and distributions from net realized gain of $.037 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2005 Portfolio Service Class 2

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$11.50	$11.28	$11.55	$11.36	$10.55
Income from Investment Operations
Net investment income (loss)^A	.17	.14	.16	.17	.15
Net realized and unrealized gain (loss)	1.05	.39	(.21)	.29	.85
Total from investment operations	1.22	.53	(.05)	.46	1.00
Distributions from net investment income	(.16)	(.15)	(.19)	(.16)	(.15)
Distributions from net realized gain	(.19)	(.15)	(.03)	(.11)	(.04)
Total distributions	(.35)	(.31)^B	(.22)	(.27)	(.19)
Net asset value, end of period	$12.37	$11.50	$11.28	$11.55	$11.36
Total Return^C,^D	10.74%	4.78%	(.49)%	4.04%	9.46%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	1.40%	1.25%	1.39%	1.46%	1.31%
Supplemental Data
Net assets, end of period (000 omitted)	$104	$83	$92	$79	$102
Portfolio turnover rate^E	33%	24%	23%	21%	54%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.31 per share is comprised of distributions from net investment income of $.152 and distributions from net realized gain of $.153 per share.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Amounts do not include the activity of the Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2010 Portfolio℠

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Holdings as of December 31, 2017

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	32.3
VIP Government Money Market Portfolio Initial Class 1.08%	20.3
VIP Overseas Portfolio Initial Class	10.7
VIP Emerging Markets Portfolio Initial Class	5.7
VIP Growth & Income Portfolio Initial Class	5.7
VIP Equity-Income Portfolio Initial Class	4.9
VIP Growth Portfolio Initial Class	4.8
VIP Contrafund Portfolio Initial Class	4.7
VIP Value Portfolio Initial Class	3.6
Fidelity Long-Term Treasury Bond Index Fund Institutional Class	2.1
	94.8

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	26.9%
	International Equity Funds	16.4%
	Bond Funds	36.4%
	Short-Term Funds	20.3%

VIP Freedom 2010 Portfolio℠

Investments December 31, 2017

Showing Percentage of Net Assets

Domestic Equity Funds - 26.9%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	390,911	$14,831,156
VIP Equity-Income Portfolio Initial Class (a)	654,521	15,636,506
VIP Growth & Income Portfolio Initial Class (a)	789,814	17,936,671
VIP Growth Portfolio Initial Class (a)	203,952	15,102,658
VIP Mid Cap Portfolio Initial Class (a)	111,593	4,345,428
VIP Value Portfolio Initial Class (a)	702,187	11,487,777
VIP Value Strategies Portfolio Initial Class (a)	393,143	5,610,145
TOTAL DOMESTIC EQUITY FUNDS
(Cost $54,502,835)		84,950,341

International Equity Funds - 16.4%
VIP Emerging Markets Portfolio Initial Class (a)	1,467,274	17,944,758
VIP Overseas Portfolio Initial Class (a)	1,472,331	33,672,209
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $35,674,932)		51,616,967

Bond Funds - 36.4%
Fidelity Long-Term Treasury Bond Index Fund Institutional Class (a)	508,173	6,748,543
VIP High Income Portfolio Initial Class (a)	1,151,645	6,276,464
VIP Investment Grade Bond Portfolio Initial Class (a)	7,957,161	101,851,657
TOTAL BOND FUNDS
(Cost $113,700,868)		114,876,664

Short-Term Funds - 20.3%
VIP Government Money Market Portfolio Initial Class 1.08% (a)(b)
(Cost $64,233,154)	64,233,154	64,233,154
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $268,111,789)		315,677,126
NET OTHER ASSETS (LIABILITIES) - 0.0%		(54,251)
NET ASSETS - 100%		$315,622,875

Legend

(a) Affiliated Fund

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Long-Term Treasury Bond Index Fund Institutional Class	$--	$6,790,180	$16,047	$9,234	$(332)	$(25,258)	$6,748,543
VIP Contrafund Portfolio Initial Class	15,787,989	1,919,459	4,957,232	997,307	487,062	1,593,878	14,831,156
VIP Emerging Markets Portfolio Initial Class	19,025,461	1,287,723	9,922,109	136,927	1,175,352	6,378,331	17,944,758
VIP Equity-Income Portfolio Initial Class	16,745,251	1,570,583	4,022,081	601,140	(12,474)	1,355,227	15,636,506
VIP Government Money Market Portfolio Initial Class 1.08%	51,864,438	19,537,298	7,168,582	413,480	--	--	64,233,154
VIP Growth & Income Portfolio Initial Class	19,104,310	1,785,734	5,139,264	679,164	853,533	1,332,358	17,936,671
VIP Growth Portfolio Initial Class	15,847,036	2,225,867	6,526,200	1,282,780	1,954,388	1,601,567	15,102,658
VIP High Income Portfolio Initial Class	11,415,346	1,038,952	6,381,637	356,229	(337,261)	541,064	6,276,464
VIP Investment Grade Bond Portfolio Initial Class	93,392,735	24,939,531	17,611,990	2,940,843	(120,549)	1,251,930	101,851,657
VIP Mid Cap Portfolio Initial Class	4,556,224	510,469	1,322,688	241,763	72,359	529,064	4,345,428
VIP Overseas Portfolio Initial Class	30,724,206	2,651,483	7,908,386	477,758	514,342	7,690,564	33,672,209
VIP Value Portfolio Initial Class	12,342,318	1,190,497	3,302,293	461,242	307,575	949,680	11,487,777
VIP Value Strategies Portfolio Initial Class	5,972,558	1,911,615	1,763,074	1,544,897	50,990	(561,944)	5,610,145
Total	$296,777,872	$67,359,391	$76,041,583	$10,142,764	$4,944,985	$22,636,461	$315,677,126

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2010 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (cost $268,111,789) — See accompanying schedule		$315,677,126
Cash		4
Receivable for fund shares sold		132,980
Total assets		315,810,110
Liabilities
Payable for investments purchased	$44,077
Payable for fund shares redeemed	85,028
Distribution and service plan fees payable	58,130
Total liabilities		187,235
Net Assets		$315,622,875
Net Assets consist of:
Paid in capital		$260,803,339
Undistributed net investment income		55,112
Accumulated undistributed net realized gain (loss) on investments		7,199,087
Net unrealized appreciation (depreciation) on investments		47,565,337
Net Assets		$315,622,875
Initial Class:
Net Asset Value, offering price and redemption price per share ($18,518,950 ÷ 1,378,884 shares)		$13.43
Service Class:
Net Asset Value, offering price and redemption price per share ($27,597,200 ÷ 2,057,609 shares)		$13.41
Service Class 2:
Net Asset Value, offering price and redemption price per share ($269,506,725 ÷ 20,192,830 shares)		$13.35

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Income distributions from underlying funds		$4,801,666
Expenses
Distribution and service plan fees	$681,862
Independent trustees' fees and expenses	1,144
Total expenses before reductions	683,006
Expense reductions	(1,144)	681,862
Net investment income (loss)		4,119,804
Realized and Unrealized Gain (Loss)
Realized gain (loss) on sale of underlying fund shares	4,944,985
Capital gain distributions from underlying funds	5,341,098
Total net realized gain (loss)		10,286,083
Change in net unrealized appreciation (depreciation) on underlying funds		22,636,461
Net gain (loss)		32,922,544
Net increase (decrease) in net assets resulting from operations		$37,042,348

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$4,119,804	$3,854,296
Net realized gain (loss)	10,286,083	4,905,136
Change in net unrealized appreciation (depreciation)	22,636,461	6,182,211
Net increase (decrease) in net assets resulting from operations	37,042,348	14,941,643
Distributions to shareholders from net investment income	(4,061,300)	(3,847,060)
Distributions to shareholders from net realized gain	(6,289,111)	(6,775,603)
Total distributions	(10,350,411)	(10,622,663)
Share transactions - net increase (decrease)	(7,792,831)	(381,624)
Total increase (decrease) in net assets	18,899,106	3,937,356
Net Assets
Beginning of period	296,723,769��	292,786,413
End of period	$315,622,875	$296,723,769
Other Information
Undistributed net investment income end of period	$55,112	$–

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP Freedom 2010 Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.31	$12.15	$12.45	$12.30	$11.15
Income from Investment Operations
Net investment income (loss)^A	.20	.18	.23	.21	.22
Net realized and unrealized gain (loss)	1.39	.45	(.26)	.34	1.27
Total from investment operations	1.59	.63	(.03)	.55	1.49
Distributions from net investment income	(.21)	(.19)	(.23)	(.21)	(.21)
Distributions from net realized gain	(.26)	(.28)	(.04)	(.20)	(.14)
Total distributions	(.47)	(.47)	(.27)	(.40)^B	(.34)^C
Net asset value, end of period	$13.43	$12.31	$12.15	$12.45	$12.30
Total Return^D,^E	13.08%	5.45%	(.29)%	4.53%	13.49%
Ratios to Average Net Assets^F,^G
Expenses before reductions^H	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	-%	-%	-%	-%	-%
Expenses net of all reductions	-%	-%	-%	-%	-%
Net investment income (loss)	1.56%	1.51%	1.84%	1.67%	1.83%
Supplemental Data
Net assets, end of period (000 omitted)	$18,519	$19,569	$31,048	$43,381	$44,430
Portfolio turnover rate^F	22%	23%	19%	19%	19%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.40 per share is comprised of distributions from net investment income of $.206 and distributions from net realized gain of $.196 per share.

^C Total distributions of $.34 per share is comprised of distributions from net investment income of $.205 and distributions from net realized gain of $.139 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

^H Amount represents less than .005%.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2010 Portfolio Service Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.30	$12.14	$12.43	$12.29	$11.14
Income from Investment Operations
Net investment income (loss)^A	.19	.17	.22	.20	.20
Net realized and unrealized gain (loss)	1.38	.45	(.26)	.33	1.28
Total from investment operations	1.57	.62	(.04)	.53	1.48
Distributions from net investment income	(.19)	(.18)	(.22)	(.19)	(.19)
Distributions from net realized gain	(.26)	(.28)	(.04)	(.20)	(.14)
Total distributions	(.46)^B	(.46)	(.25)^C	(.39)	(.33)
Net asset value, end of period	$13.41	$12.30	$12.14	$12.43	$12.29
Total Return^D,^E	12.90%	5.36%	(.31)%	4.35%	13.39%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	1.46%	1.41%	1.74%	1.57%	1.73%
Supplemental Data
Net assets, end of period (000 omitted)	$27,597	$25,360	$23,770	$28,049	$27,143
Portfolio turnover rate^G	22%	23%	19%	19%	19%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.46 per share is comprised of distributions from net investment income of $.192 and distributions from net realized gain of $.264 per share.

^C Total distributions of $.25 per share is comprised of distributions from net investment income of $.217 and distributions from net realized gain of $.036 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2010 Portfolio Service Class 2

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.24	$12.08	$12.38	$12.24	$11.10
Income from Investment Operations
Net investment income (loss)^A	.17	.15	.20	.18	.19
Net realized and unrealized gain (loss)	1.38	.45	(.26)	.33	1.27
Total from investment operations	1.55	.60	(.06)	.51	1.46
Distributions from net investment income	(.17)	(.16)	(.20)	(.18)	(.18)
Distributions from net realized gain	(.26)	(.28)	(.04)	(.20)	(.14)
Total distributions	(.44)^B	(.44)	(.24)	(.37)^C	(.32)
Net asset value, end of period	$13.35	$12.24	$12.08	$12.38	$12.24
Total Return^D,^E	12.80%	5.23%	(.53)%	4.21%	13.20%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	1.31%	1.26%	1.59%	1.42%	1.58%
Supplemental Data
Net assets, end of period (000 omitted)	$269,507	$251,795	$237,969	$224,300	$209,377
Portfolio turnover rate^F	22%	23%	19%	19%	19%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.44 per share is comprised of distributions from net investment income of $.172 and distributions from net realized gain of $.264 per share.

^C Total distributions of $.37 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.196 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2015 Portfolio℠

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Holdings as of December 31, 2017

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	28.7
VIP Government Money Market Portfolio Initial Class 1.08%	14.9
VIP Overseas Portfolio Initial Class	12.7
VIP Growth & Income Portfolio Initial Class	7.0
VIP Emerging Markets Portfolio Initial Class	6.4
VIP Equity-Income Portfolio Initial Class	6.1
VIP Growth Portfolio Initial Class	5.9
VIP Contrafund Portfolio Initial Class	5.8
VIP Value Portfolio Initial Class	4.5
VIP Value Strategies Portfolio Initial Class	2.2
	94.2

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	33.2%
	International Equity Funds	19.1%
	Bond Funds	32.8%
	Short-Term Funds	14.9%

VIP Freedom 2015 Portfolio℠

Investments December 31, 2017

Showing Percentage of Net Assets

Domestic Equity Funds - 33.2%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	152,732	$5,794,662
VIP Equity-Income Portfolio Initial Class (a)	255,731	6,109,403
VIP Growth & Income Portfolio Initial Class (a)	308,613	7,008,599
VIP Growth Portfolio Initial Class (a)	79,684	5,900,626
VIP Mid Cap Portfolio Initial Class (a)	43,606	1,698,024
VIP Value Portfolio Initial Class (a)	274,361	4,488,546
VIP Value Strategies Portfolio Initial Class (a)	153,613	2,192,051
TOTAL DOMESTIC EQUITY FUNDS
(Cost $18,514,454)		33,191,911

International Equity Funds - 19.1%
VIP Emerging Markets Portfolio Initial Class (a)	521,838	6,382,076
VIP Overseas Portfolio Initial Class (a)	555,705	12,708,972
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $12,718,802)		19,091,048

Bond Funds - 32.8%
Fidelity Long-Term Treasury Bond Index Fund Premium Class (a)	159,686	2,120,635
VIP High Income Portfolio Initial Class (a)	364,363	1,985,779
VIP Investment Grade Bond Portfolio Initial Class (a)	2,238,812	28,656,794
TOTAL BOND FUNDS
(Cost $31,812,442)		32,763,208

Short-Term Funds - 14.9%
VIP Government Money Market Portfolio Initial Class 1.08% (a)(b)
(Cost $14,959,255)	14,959,255	14,959,255
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $78,004,953)		100,005,422
NET OTHER ASSETS (LIABILITIES) - 0.0%		(10,816)
NET ASSETS - 100%		$99,994,606

Legend

(a) Affiliated Fund

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Long-Term Treasury Bond Index Fund Premium Class	$--	$2,152,272	$23,659	$2,907	$(128)	$(7,850)	$2,120,635
VIP Contrafund Portfolio Initial Class	6,252,763	1,071,599	2,354,930	397,125	235,489	589,741	5,794,662
VIP Emerging Markets Portfolio Initial Class	6,851,332	804,002	4,002,229	49,107	415,654	2,313,317	6,382,076
VIP Equity-Income Portfolio Initial Class	6,631,904	963,222	2,013,324	238,017	(67,078)	594,679	6,109,403
VIP Government Money Market Portfolio Initial Class 1.08%	11,773,611	6,333,276	3,147,632	97,296	--	--	14,959,255
VIP Growth & Income Portfolio Initial Class	7,566,308	1,079,041	2,496,721	269,660	405,162	454,809	7,008,599
VIP Growth Portfolio Initial Class	6,275,522	1,203,560	2,992,178	513,608	944,015	469,707	5,900,626
VIP High Income Portfolio Initial Class	3,741,047	507,779	2,332,772	113,919	(78,046)	147,771	1,985,779
VIP Investment Grade Bond Portfolio Initial Class	27,074,071	9,314,432	8,075,580	842,911	(20,264)	364,135	28,656,794
VIP Mid Cap Portfolio Initial Class	1,804,423	293,100	635,537	96,667	31,969	204,069	1,698,024
VIP Overseas Portfolio Initial Class	12,128,323	1,548,034	4,187,947	180,533	182,896	3,037,666	12,708,972
VIP Value Portfolio Initial Class	4,888,344	733,467	1,630,406	180,705	153,285	343,856	4,488,546
VIP Value Strategies Portfolio Initial Class	2,365,472	887,755	852,188	617,823	22,080	(231,068)	2,192,051
Total	$97,353,120	$26,891,539	$34,745,103	$3,600,278	$2,225,034	$8,280,832	$100,005,422

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2015 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (cost $78,004,953) — See accompanying schedule		$100,005,422
Receivable for investments sold		161,078
Receivable for fund shares sold		28,942
Total assets		100,195,442
Liabilities
Payable to custodian bank	$28
Payable for fund shares redeemed	189,078
Distribution and service plan fees payable	11,730
Total liabilities		200,836
Net Assets		$99,994,606
Net Assets consist of:
Paid in capital		$74,696,286
Undistributed net investment income		16,569
Accumulated undistributed net realized gain (loss) on investments		3,281,282
Net unrealized appreciation (depreciation) on investments		22,000,469
Net Assets		$99,994,606
Initial Class:
Net Asset Value, offering price and redemption price per share ($33,248,628 ÷ 2,431,074 shares)		$13.68
Service Class:
Net Asset Value, offering price and redemption price per share ($17,057,743 ÷ 1,249,427 shares)		$13.65
Service Class 2:
Net Asset Value, offering price and redemption price per share ($49,688,235 ÷ 3,651,155 shares)		$13.61

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Income distributions from underlying funds		$1,512,409
Expenses
Distribution and service plan fees	$142,746
Independent trustees' fees and expenses	374
Total expenses before reductions	143,120
Expense reductions	(374)	142,746
Net investment income (loss)		1,369,663
Realized and Unrealized Gain (Loss)
Realized gain (loss) on sale of underlying fund shares	2,225,034
Capital gain distributions from underlying funds	2,087,869
Total net realized gain (loss)		4,312,903
Change in net unrealized appreciation (depreciation) on underlying funds		8,280,832
Net gain (loss)		12,593,735
Net increase (decrease) in net assets resulting from operations		$13,963,398

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,369,663	$1,336,583
Net realized gain (loss)	4,312,903	2,355,696
Change in net unrealized appreciation (depreciation)	8,280,832	1,743,694
Net increase (decrease) in net assets resulting from operations	13,963,398	5,435,973
Distributions to shareholders from net investment income	(1,353,095)	(1,338,790)
Distributions to shareholders from net realized gain	(2,668,129)	(2,940,157)
Total distributions	(4,021,224)	(4,278,947)
Share transactions - net increase (decrease)	(7,289,087)	(13,223,604)
Total increase (decrease) in net assets	2,653,087	(12,066,578)
Net Assets
Beginning of period	97,341,519	109,408,097
End of period	$99,994,606	$97,341,519
Other Information
Undistributed net investment income end of period	$16,569	$–

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP Freedom 2015 Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.39	$12.24	$12.58	$12.43	$11.22
Income from Investment Operations
Net investment income (loss)^A	.20	.18	.23	.21	.21
Net realized and unrealized gain (loss)	1.64	.50	(.27)	.37	1.39
Total from investment operations	1.84	.68	(.04)	.58	1.60
Distributions from net investment income	(.21)	(.19)	(.24)	(.21)	(.22)
Distributions from net realized gain	(.34)	(.34)	(.07)	(.22)	(.18)
Total distributions	(.55)	(.53)	(.30)^B	(.43)	(.39)^C
Net asset value, end of period	$13.68	$12.39	$12.24	$12.58	$12.43
Total Return^D,^E	15.10%	5.91%	(.33)%	4.70%	14.41%
Ratios to Average Net Assets^F,^G
Expenses before reductions^H	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	-%	-%	-%	-%	-%
Expenses net of all reductions	-%	-%	-%	-%	-%
Net investment income (loss)	1.51%	1.46%	1.82%	1.68%	1.79%
Supplemental Data
Net assets, end of period (000 omitted)	$33,249	$32,720	$35,352	$39,455	$41,070
Portfolio turnover rate^F	27%	24%	27%	29%	29%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.30 per share is comprised of distributions from net investment income of $.236 and distributions from net realized gain of $.065 per share.

^C Total distributions of $.39 per share is comprised of distributions from net investment income of $.217 and distributions from net realized gain of $.175 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

^H Amount represents less than .005%.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2015 Portfolio Service Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.37	$12.22	$12.56	$12.41	$11.21
Income from Investment Operations
Net investment income (loss)^A	.18	.17	.22	.20	.20
Net realized and unrealized gain (loss)	1.64	.50	(.27)	.37	1.38
Total from investment operations	1.82	.67	(.05)	.57	1.58
Distributions from net investment income	(.19)	(.18)	(.22)	(.20)	(.21)
Distributions from net realized gain	(.34)	(.34)	(.07)	(.22)	(.18)
Total distributions	(.54)^B	(.52)	(.29)	(.42)	(.38)^C
Net asset value, end of period	$13.65	$12.37	$12.22	$12.56	$12.41
Total Return^D,^E	14.93%	5.81%	(.44)%	4.63%	14.24%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	1.41%	1.36%	1.72%	1.58%	1.69%
Supplemental Data
Net assets, end of period (000 omitted)	$17,058	$14,384	$16,378	$15,842	$10,762
Portfolio turnover rate^F	27%	24%	27%	29%	29%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.54 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $.343 per share.

^C Total distributions of $.38 per share is comprised of distributions from net investment income of $.207 and distributions from net realized gain of $.175 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2015 Portfolio Service Class 2

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.33	$12.19	$12.52	$12.37	$11.17
Income from Investment Operations
Net investment income (loss)^A	.16	.15	.20	.18	.18
Net realized and unrealized gain (loss)	1.63	.49	(.26)	.37	1.38
Total from investment operations	1.79	.64	(.06)	.55	1.56
Distributions from net investment income	(.17)	(.16)	(.20)	(.18)	(.19)
Distributions from net realized gain	(.34)	(.34)	(.07)	(.22)	(.18)
Total distributions	(.51)	(.50)	(.27)	(.40)	(.36)^B
Net asset value, end of period	$13.61	$12.33	$12.19	$12.52	$12.37
Total Return^C,^D	14.80%	5.58%	(.51)%	4.45%	14.10%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	1.26%	1.21%	1.57%	1.43%	1.54%
Supplemental Data
Net assets, end of period (000 omitted)	$49,688	$50,238	$57,679	$63,321	$62,652
Portfolio turnover rate^E	27%	24%	27%	29%	29%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.36 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.175 per share.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Amounts do not include the activity of the Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2020 Portfolio℠

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Holdings as of December 31, 2017

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	26.0
VIP Overseas Portfolio Initial Class	14.2
VIP Government Money Market Portfolio Initial Class 1.08%	10.8
VIP Growth & Income Portfolio Initial Class	8.0
VIP Equity-Income Portfolio Initial Class	7.0
VIP Emerging Markets Portfolio Initial Class	6.9
VIP Growth Portfolio Initial Class	6.8
VIP Contrafund Portfolio Initial Class	6.6
VIP Value Portfolio Initial Class	5.1
VIP Value Strategies Portfolio Initial Class	2.5
	93.9

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	38.0%
	International Equity Funds	21.1%
	Bond Funds	30.1%
	Short-Term Funds	10.8%

VIP Freedom 2020 Portfolio℠

Investments December 31, 2017

Showing Percentage of Net Assets

Domestic Equity Funds - 38.0%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	1,348,987	$51,180,559
VIP Equity-Income Portfolio Initial Class (a)	2,258,703	53,960,420
VIP Growth & Income Portfolio Initial Class (a)	2,725,681	61,900,208
VIP Growth Portfolio Initial Class (a)	703,800	52,116,402
VIP Mid Cap Portfolio Initial Class (a)	385,130	14,996,962
VIP Value Portfolio Initial Class (a)	2,423,235	39,644,129
VIP Value Strategies Portfolio Initial Class (a)	1,356,748	19,360,794
TOTAL DOMESTIC EQUITY FUNDS
(Cost $173,432,108)		293,159,474

International Equity Funds - 21.1%
VIP Emerging Markets Portfolio Initial Class (a)	4,366,796	53,405,909
VIP Overseas Portfolio Initial Class (a)	4,793,508	109,627,518
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $111,007,774)		163,033,427

Bond Funds - 30.1%
Fidelity Long-Term Treasury Bond Index Fund Institutional Class (a)	1,236,028	16,414,453
VIP High Income Portfolio Initial Class (a)	2,811,098	15,320,487
VIP Investment Grade Bond Portfolio Initial Class (a)	15,664,892	200,510,616
TOTAL BOND FUNDS
(Cost $231,366,774)		232,245,556

Short-Term Funds - 10.8%
VIP Government Money Market Portfolio Initial Class 1.08% (a)(b)
(Cost $83,819,484)	83,819,484	83,819,484
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $599,626,140)		772,257,941
NET OTHER ASSETS (LIABILITIES) - 0.0%		(122,205)
NET ASSETS - 100%		$772,135,736

Legend

(a) Affiliated Fund

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Long-Term Treasury Bond Index Fund Institutional Class	$--	$16,591,242	$114,246	$22,604	$(846)	$(61,697)	$16,414,453
VIP Contrafund Portfolio Initial Class	50,522,292	6,078,216	12,326,061	3,283,704	1,105,845	5,800,267	51,180,559
VIP Emerging Markets Portfolio Initial Class	52,720,468	3,422,088	24,245,915	402,293	2,476,867	19,032,401	53,405,909
VIP Equity-Income Portfolio Initial Class	53,584,365	5,394,421	9,516,373	2,012,499	(30,432)	4,528,439	53,960,420
VIP Government Money Market Portfolio Initial Class 1.08%	59,013,292	33,493,511	8,687,319	529,311	--	--	83,819,484
VIP Growth & Income Portfolio Initial Class	61,133,655	5,754,724	12,336,468	2,255,187	1,429,204	5,919,093	61,900,208
VIP Growth Portfolio Initial Class	50,713,672	7,016,307	17,436,456	4,156,431	4,744,214	7,078,665	52,116,402
VIP High Income Portfolio Initial Class	27,036,089	2,598,768	14,782,454	869,372	(375,143)	843,227	15,320,487
VIP Investment Grade Bond Portfolio Initial Class	178,808,371	55,184,757	35,615,964	5,834,398	(329,307)	2,462,759	200,510,616
VIP Mid Cap Portfolio Initial Class	14,580,493	1,605,967	3,219,372	786,434	143,474	1,886,400	14,996,962
VIP Overseas Portfolio Initial Class	97,327,014	7,203,208	21,216,836	1,560,489	1,266,130	25,048,002	109,627,518
VIP Value Portfolio Initial Class	39,495,435	4,280,638	8,276,704	1,591,191	599,742	3,545,018	39,644,129
VIP Value Strategies Portfolio Initial Class	19,112,933	6,289,931	4,456,693	5,020,734	84,526	(1,669,903)	19,360,794
Total	$704,048,079	$154,913,778	$172,230,861	$28,324,647	$11,114,274	$74,412,671	$772,257,941

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2020 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (cost $599,626,140) — See accompanying schedule		$772,257,941
Receivable for investments sold		3,404,593
Receivable for fund shares sold		839,394
Total assets		776,501,928
Liabilities
Payable to custodian bank	$46
Payable for fund shares redeemed	4,238,898
Distribution and service plan fees payable	127,248
Total liabilities		4,366,192
Net Assets		$772,135,736
Net Assets consist of:
Paid in capital		$579,304,413
Undistributed net investment income		33,445
Accumulated undistributed net realized gain (loss) on investments		20,166,077
Net unrealized appreciation (depreciation) on investments		172,631,801
Net Assets		$772,135,736
Initial Class:
Net Asset Value, offering price and redemption price per share ($75,020,547 ÷ 5,348,770 shares)		$14.03
Service Class:
Net Asset Value, offering price and redemption price per share ($140,686,147 ÷ 10,058,526 shares)		$13.99
Service Class 2:
Net Asset Value, offering price and redemption price per share ($556,429,042 ÷ 39,910,972 shares)		$13.94

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Income distributions from underlying funds		$11,461,422
Expenses
Distribution and service plan fees	$1,496,114
Independent trustees' fees and expenses	2,759
Total expenses before reductions	1,498,873
Expense reductions	(2,759)	1,496,114
Net investment income (loss)		9,965,308
Realized and Unrealized Gain (Loss)
Realized gain (loss) on sale of underlying fund shares	11,114,274
Capital gain distributions from underlying funds	16,863,225
Total net realized gain (loss)		27,977,499
Change in net unrealized appreciation (depreciation) on underlying funds		74,412,671
Net gain (loss)		102,390,170
Net increase (decrease) in net assets resulting from operations		$112,355,478

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$9,965,308	$9,290,110
Net realized gain (loss)	27,977,499	16,469,850
Change in net unrealized appreciation (depreciation)	74,412,671	14,992,190
Net increase (decrease) in net assets resulting from operations	112,355,478	40,752,150
Distributions to shareholders from net investment income	(9,886,534)	(9,284,759)
Distributions to shareholders from net realized gain	(20,593,383)	(22,826,036)
Total distributions	(30,479,917)	(32,110,795)
Share transactions - net increase (decrease)	(13,668,503)	(35,758,845)
Total increase (decrease) in net assets	68,207,058	(27,117,490)
Net Assets
Beginning of period	703,928,678	731,046,168
End of period	$772,135,736	$703,928,678
Other Information
Undistributed net investment income end of period	$33,445	$–

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP Freedom 2020 Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.56	$12.44	$12.77	$12.61	$11.21
Income from Investment Operations
Net investment income (loss)^A	.21	.18	.24	.22	.22
Net realized and unrealized gain (loss)	1.84	.53	(.27)	.38	1.56
Total from investment operations	2.05	.71	(.03)	.60	1.78
Distributions from net investment income	(.21)	(.19)	(.24)	(.22)	(.22)
Distributions from net realized gain	(.37)	(.39)	(.06)	(.23)	(.16)
Total distributions	(.58)	(.59)^B	(.30)	(.44)^C	(.38)
Net asset value, end of period	$14.03	$12.56	$12.44	$12.77	$12.61
Total Return^D,^E	16.62%	6.12%	(.27)%	4.82%	16.01%
Ratios to Average Net Assets^F,^G
Expenses before reductions^H	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	-%	-%	-%	-%	-%
Expenses net of all reductions	-%	-%	-%	-%	-%
Net investment income (loss)	1.54%	1.50%	1.84%	1.70%	1.84%
Supplemental Data
Net assets, end of period (000 omitted)	$75,021	$63,131	$87,496	$101,533	$91,328
Portfolio turnover rate^F	21%	19%	17%	15%	20%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.59 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $.393 per share.

^C Total distributions of $.44 per share is comprised of distributions from net investment income of $.216 and distributions from net realized gain of $.227 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

^H Amount represents less than .005%.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2020 Portfolio Service Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.53	$12.41	$12.74	$12.59	$11.19
Income from Investment Operations
Net investment income (loss)^A	.19	.17	.23	.20	.21
Net realized and unrealized gain (loss)	1.84	.53	(.27)	.38	1.56
Total from investment operations	2.03	.70	(.04)	.58	1.77
Distributions from net investment income	(.20)	(.18)	(.23)	(.21)	(.21)
Distributions from net realized gain	(.37)	(.39)	(.06)	(.23)	(.16)
Total distributions	(.57)	(.58)^B	(.29)	(.43)^C	(.37)
Net asset value, end of period	$13.99	$12.53	$12.41	$12.74	$12.59
Total Return^D,^E	16.47%	6.04%	(.37)%	4.66%	15.95%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	1.44%	1.40%	1.74%	1.60%	1.74%
Supplemental Data
Net assets, end of period (000 omitted)	$140,686	$109,279	$94,022	$76,679	$65,867
Portfolio turnover rate^F	21%	19%	17%	15%	20%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.58 per share is comprised of distributions from net investment income of $.182 and distributions from net realized gain of $.393 per share.

^C Total distributions of $.43 per share is comprised of distributions from net investment income of $.205 and distributions from net realized gain of $.227 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2020 Portfolio Service Class 2

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.49	$12.38	$12.70	$12.54	$11.16
Income from Investment Operations
Net investment income (loss)^A	.17	.15	.21	.18	.19
Net realized and unrealized gain (loss)	1.83	.51	(.27)	.39	1.54
Total from investment operations	2.00	.66	(.06)	.57	1.73
Distributions from net investment income	(.17)	(.16)	(.21)	(.18)	(.19)
Distributions from net realized gain	(.37)	(.39)	(.06)	(.23)	(.16)
Total distributions	(.55)^B	(.55)	(.26)^C	(.41)	(.35)
Net asset value, end of period	$13.94	$12.49	$12.38	$12.70	$12.54
Total Return^D,^E	16.26%	5.80%	(.46)%	4.60%	15.63%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	1.29%	1.25%	1.59%	1.45%	1.59%
Supplemental Data
Net assets, end of period (000 omitted)	$556,429	$531,518	$549,528	$583,496	$582,722
Portfolio turnover rate^F	21%	19%	17%	15%	20%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.55 per share is comprised of distributions from net investment income of $.174 and distributions from net realized gain of $.371 per share.

^C Total distributions of $.26 per share is comprised of distributions from net investment income of $.208 and distributions from net realized gain of $.056 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2025 Portfolio℠

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Holdings as of December 31, 2017

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	22.6
VIP Overseas Portfolio Initial Class	15.5
VIP Growth & Income Portfolio Initial Class	8.9
VIP Government Money Market Portfolio Initial Class 1.08%	8.4
VIP Equity-Income Portfolio Initial Class	7.7
VIP Growth Portfolio Initial Class	7.5
VIP Emerging Markets Portfolio Initial Class	7.4
VIP Contrafund Portfolio Initial Class	7.3
VIP Value Portfolio Initial Class	5.7
VIP Value Strategies Portfolio Initial Class	2.8
	93.8

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	42.0%
	International Equity Funds	22.9%
	Bond Funds	26.7%
	Short-Term Funds	8.4%

VIP Freedom 2025 Portfolio℠

Investments December 31, 2017

Showing Percentage of Net Assets

Domestic Equity Funds - 42.0%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	330,246	$12,529,525
VIP Equity-Income Portfolio Initial Class (a)	552,964	13,210,302
VIP Growth & Income Portfolio Initial Class (a)	667,327	15,154,989
VIP Growth Portfolio Initial Class (a)	172,291	12,758,175
VIP Mid Cap Portfolio Initial Class (a)	94,287	3,671,517
VIP Value Portfolio Initial Class (a)	593,248	9,705,542
VIP Value Strategies Portfolio Initial Class (a)	332,142	4,739,668
TOTAL DOMESTIC EQUITY FUNDS
(Cost $51,168,904)		71,769,718

International Equity Funds - 22.9%
VIP Emerging Markets Portfolio Initial Class (a)	1,030,480	12,602,774
VIP Overseas Portfolio Initial Class (a)	1,157,744	26,477,607
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $28,499,248)		39,080,381

Bond Funds - 26.7%
Fidelity Long-Term Treasury Bond Index Fund Premium Class (a)	274,897	3,650,639
VIP High Income Portfolio Initial Class (a)	621,124	3,385,124
VIP Investment Grade Bond Portfolio Initial Class (a)	3,013,911	38,578,058
TOTAL BOND FUNDS
(Cost $45,671,548)		45,613,821

Short-Term Funds - 8.4%
VIP Government Money Market Portfolio Initial Class 1.08% (a)(b)
(Cost $14,325,459)	14,325,459	14,325,459
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $139,665,159)		170,789,379
NET OTHER ASSETS (LIABILITIES) - 0.0%		(18,396)
NET ASSETS - 100%		$170,770,983

Legend

(a) Affiliated Fund

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Long-Term Treasury Bond Index Fund Premium Class	$--	$3,753,099	$88,609	$5,032	$(460)	$(13,391)	$3,650,639
VIP Contrafund Portfolio Initial Class	10,694,628	3,544,970	3,285,320	753,584	46,318	1,528,929	12,529,525
VIP Emerging Markets Portfolio Initial Class	10,724,603	3,001,018	5,844,830	93,399	432,838	4,289,145	12,602,774
VIP Equity-Income Portfolio Initial Class	11,339,849	3,605,154	2,782,521	474,241	27,511	1,020,309	13,210,302
VIP Government Money Market Portfolio Initial Class 1.08%	8,029,237	8,427,809	2,131,587	86,099	--	--	14,325,459
VIP Growth & Income Portfolio Initial Class	12,937,445	3,950,906	3,453,432	524,569	21,186	1,698,884	15,154,989
VIP Growth Portfolio Initial Class	10,740,465	3,784,348	4,463,222	929,312	206,272	2,490,312	12,758,175
VIP High Income Portfolio Initial Class	5,202,667	1,277,175	3,175,335	190,932	(125,325)	205,942	3,385,124
VIP Investment Grade Bond Portfolio Initial Class	29,846,209	17,678,796	9,272,668	1,113,402	(52,486)	378,207	38,578,058
VIP Mid Cap Portfolio Initial Class	3,086,927	994,021	885,145	176,974	9,542	466,172	3,671,517
VIP Overseas Portfolio Initial Class	20,582,747	5,993,656	6,053,304	381,259	170,965	5,783,543	26,477,607
VIP Value Portfolio Initial Class	8,358,436	2,702,374	2,294,555	392,204	19,979	919,308	9,705,542
VIP Value Strategies Portfolio Initial Class	4,045,932	2,241,679	1,209,987	1,127,554	(28,535)	(309,421)	4,739,668
Total	$135,589,145	$60,955,005	$44,940,515	$6,248,561	$727,805	$18,457,939	$170,789,379

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2025 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (cost $139,665,159) — See accompanying schedule		$170,789,379
Receivable for investments sold		1,481,963
Receivable for fund shares sold		138,304
Total assets		172,409,646
Liabilities
Payable to custodian bank	$51
Payable for fund shares redeemed	1,619,354
Distribution and service plan fees payable	19,258
Total liabilities		1,638,663
Net Assets		$170,770,983
Net Assets consist of:
Paid in capital		$137,298,872
Undistributed net investment income		17,579
Accumulated undistributed net realized gain (loss) on investments		2,330,312
Net unrealized appreciation (depreciation) on investments		31,124,220
Net Assets		$170,770,983
Initial Class:
Net Asset Value, offering price and redemption price per share ($37,772,610 ÷ 2,579,715 shares)		$14.64
Service Class:
Net Asset Value, offering price and redemption price per share ($69,430,084 ÷ 4,753,439 shares)		$14.61
Service Class 2:
Net Asset Value, offering price and redemption price per share ($63,568,289 ÷ 4,372,345 shares)		$14.54

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Income distributions from underlying funds		$2,474,057
Expenses
Distribution and service plan fees	$216,919
Independent trustees' fees and expenses	572
Total expenses before reductions	217,491
Expense reductions	(572)	216,919
Net investment income (loss)		2,257,138
Realized and Unrealized Gain (Loss)
Realized gain (loss) on sale of underlying fund shares	727,805
Capital gain distributions from underlying funds	3,774,504
Total net realized gain (loss)		4,502,309
Change in net unrealized appreciation (depreciation) on underlying funds		18,457,939
Net gain (loss)		22,960,248
Net increase (decrease) in net assets resulting from operations		$25,217,386

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$2,257,138	$1,855,371
Net realized gain (loss)	4,502,309	2,809,972
Change in net unrealized appreciation (depreciation)	18,457,939	3,009,705
Net increase (decrease) in net assets resulting from operations	25,217,386	7,675,048
Distributions to shareholders from net investment income	(2,239,558)	(1,853,875)
Distributions to shareholders from net realized gain	(4,161,373)	(3,655,485)
Total distributions	(6,400,931)	(5,509,360)
Share transactions - net increase (decrease)	16,381,610	19,256,705
Total increase (decrease) in net assets	35,198,065	21,422,393
Net Assets
Beginning of period	135,572,918	114,150,525
End of period	$170,770,983	$135,572,918
Other Information
Undistributed net investment income end of period	$17,579	$–

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP Freedom 2025 Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.95	$12.82	$13.16	$12.99	$11.20
Income from Investment Operations
Net investment income (loss)^A	.22	.21	.26	.24	.25
Net realized and unrealized gain (loss)	2.06	.52	(.28)	.41	1.97
Total from investment operations	2.28	.73	(.02)	.65	2.22
Distributions from net investment income	(.21)	(.20)	(.25)	(.22)	(.23)
Distributions from net realized gain	(.38)	(.41)	(.07)	(.26)	(.20)
Total distributions	(.59)	(.60)^B	(.32)	(.48)	(.43)
Net asset value, end of period	$14.64	$12.95	$12.82	$13.16	$12.99
Total Return^C,^D	17.89%	6.18%	(.18)%	5.06%	19.95%
Ratios to Average Net Assets^E,^F
Expenses before reductions^G	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	-%	-%	-%	-%	-%
Expenses net of all reductions	-%	-%	-%	-%	-%
Net investment income (loss)	1.58%	1.65%	1.91%	1.78%	2.03%
Supplemental Data
Net assets, end of period (000 omitted)	$37,773	$27,359	$25,152	$26,137	$24,548
Portfolio turnover rate^E	29%	24%	20%	29%	30%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.60 per share is comprised of distributions from net investment income of $.196 and distributions from net realized gain of $.405 per share.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Amounts do not include the activity of the Underlying Funds.

^G Amount represents less than .005%.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2025 Portfolio Service Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.92	$12.79	$13.14	$12.97	$11.18
Income from Investment Operations
Net investment income (loss)^A	.21	.20	.24	.22	.23
Net realized and unrealized gain (loss)	2.06	.52	(.28)	.42	1.98
Total from investment operations	2.27	.72	(.04)	.64	2.21
Distributions from net investment income	(.20)	(.19)	(.23)	(.21)	(.22)
Distributions from net realized gain	(.38)	(.41)	(.07)	(.26)	(.20)
Total distributions	(.58)	(.59)^B	(.31)^C	(.47)	(.42)
Net asset value, end of period	$14.61	$12.92	$12.79	$13.14	$12.97
Total Return^D,^E	17.84%	6.11%	(.36)%	4.98%	19.89%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	1.48%	1.55%	1.81%	1.68%	1.93%
Supplemental Data
Net assets, end of period (000 omitted)	$69,430	$48,319	$36,677	$30,291	$21,780
Portfolio turnover rate^F	29%	24%	20%	29%	30%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.59 per share is comprised of distributions from net investment income of $.185 and distributions from net realized gain of $.405 per share.

^C Total distributions of $.31 per share is comprised of distributions from net investment income of $.234 and distributions from net realized gain of $.072 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2025 Portfolio Service Class 2

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.87	$12.74	$13.09	$12.92	$11.14
Income from Investment Operations
Net investment income (loss)^A	.18	.18	.22	.20	.22
Net realized and unrealized gain (loss)	2.04	.52	(.28)	.42	1.96
Total from investment operations	2.22	.70	(.06)	.62	2.18
Distributions from net investment income	(.18)	(.17)	(.22)	(.19)	(.20)
Distributions from net realized gain	(.38)	(.41)	(.07)	(.26)	(.20)
Total distributions	(.55)^B	(.57)^C	(.29)	(.45)	(.40)
Net asset value, end of period	$14.54	$12.87	$12.74	$13.09	$12.92
Total Return^D,^E	17.57%	5.98%	(.50)%	4.85%	19.71%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	1.33%	1.40%	1.66%	1.53%	1.78%
Supplemental Data
Net assets, end of period (000 omitted)	$63,568	$59,895	$52,321	$49,366	$46,379
Portfolio turnover rate^F	29%	24%	20%	29%	30%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.55 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.378 per share.

^C Total distributions of $.57 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $.405 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2030 Portfolio℠

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Holdings as of December 31, 2017

	% of fund's net assets
VIP Overseas Portfolio Initial Class	18.3
VIP Investment Grade Bond Portfolio Initial Class	15.7
VIP Growth & Income Portfolio Initial Class	10.7
VIP Equity-Income Portfolio Initial Class	9.4
VIP Growth Portfolio Initial Class	9.0
VIP Contrafund Portfolio Initial Class	8.9
VIP Emerging Markets Portfolio Initial Class	8.4
VIP Value Portfolio Initial Class	6.9
VIP Value Strategies Portfolio Initial Class	3.4
VIP Mid Cap Portfolio Initial Class	2.6
	93.3

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	50.9%
	International Equity Funds	26.7%
	Bond Funds	19.8%
	Short-Term Funds	2.6%

VIP Freedom 2030 Portfolio℠

Investments December 31, 2017

Showing Percentage of Net Assets

Domestic Equity Funds - 50.9%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	772,740	$29,317,748
VIP Equity-Income Portfolio Initial Class (a)	1,293,806	30,909,026
VIP Growth & Income Portfolio Initial Class (a)	1,561,152	35,453,755
VIP Growth Portfolio Initial Class (a)	403,212	29,857,823
VIP Mid Cap Portfolio Initial Class (a)	220,611	8,590,580
VIP Value Portfolio Initial Class (a)	1,388,085	22,709,068
VIP Value Strategies Portfolio Initial Class (a)	777,234	11,091,130
TOTAL DOMESTIC EQUITY FUNDS
(Cost $117,400,912)		167,929,130

International Equity Funds - 26.7%
VIP Emerging Markets Portfolio Initial Class (a)	2,266,238	27,716,095
VIP Overseas Portfolio Initial Class (a)	2,646,841	60,533,247
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $64,215,964)		88,249,342

Bond Funds - 19.8%
Fidelity Long-Term Treasury Bond Index Fund Institutional Class (a)	521,988	6,931,994
VIP High Income Portfolio Initial Class (a)	1,198,043	6,529,336
VIP Investment Grade Bond Portfolio Initial Class (a)	4,044,627	51,771,229
TOTAL BOND FUNDS
(Cost $65,173,138)		65,232,559

Short-Term Funds - 2.6%
VIP Government Money Market Portfolio Initial Class 1.08% (a)(b)
(Cost $8,479,638)	8,479,638	8,479,638
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $255,269,652)		329,890,669
NET OTHER ASSETS (LIABILITIES) - 0.0%		(37,950)
NET ASSETS - 100%		$329,852,719

Legend

(a) Affiliated Fund

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Long-Term Treasury Bond Index Fund Institutional Class	$--	$6,971,027	$13,752	$9,410	$(68)	$(25,213)	$6,931,994
VIP Contrafund Portfolio Initial Class	25,204,207	6,695,422	6,216,915	1,711,360	101,530	3,533,504	29,317,748
VIP Emerging Markets Portfolio Initial Class	23,398,414	4,966,074	10,704,073	196,581	840,807	9,214,873	27,716,095
VIP Equity-Income Portfolio Initial Class	26,731,774	6,960,984	5,192,590	1,070,700	36,601	2,372,257	30,909,026
VIP Government Money Market Portfolio Initial Class 1.08%	2,064,694	7,332,152	917,208	49,365	--	--	8,479,638
VIP Growth & Income Portfolio Initial Class	30,497,948	7,531,862	6,522,303	1,187,839	47,774	3,898,474	35,453,755
VIP Growth Portfolio Initial Class	25,300,570	7,220,705	8,884,136	2,121,946	687,413	5,533,271	29,857,823
VIP High Income Portfolio Initial Class	10,002,566	2,056,973	5,689,549	351,811	(177,273)	336,619	6,529,336
VIP Investment Grade Bond Portfolio Initial Class	32,920,874	29,545,995	11,002,971	1,395,323	(201,525)	508,856	51,771,229
VIP Mid Cap Portfolio Initial Class	7,274,102	1,887,969	1,664,232	403,579	21,203	1,071,538	8,590,580
VIP Overseas Portfolio Initial Class	48,363,345	10,947,548	12,285,752	832,109	215,308	13,292,798	60,533,247
VIP Value Portfolio Initial Class	19,702,852	5,166,223	4,332,577	876,964	45,836	2,126,734	22,709,068
VIP Value Strategies Portfolio Initial Class	9,534,740	4,621,334	2,304,180	2,573,137	644	(761,408)	11,091,130
Total	$260,996,086	$101,904,268	$75,730,238	$12,780,124	$1,618,250	$41,102,303	$329,890,669

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2030 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (cost $255,269,652) — See accompanying schedule		$329,890,669
Receivable for investments sold		404,985
Receivable for fund shares sold		940,471
Total assets		331,236,125
Liabilities
Payable to custodian bank	$40
Payable for investments purchased	724,127
Payable for fund shares redeemed	620,778
Distribution and service plan fees payable��	38,461
Total liabilities		1,383,406
Net Assets		$329,852,719
Net Assets consist of:
Paid in capital		$250,678,263
Undistributed net investment income		28,337
Accumulated undistributed net realized gain (loss) on investments		4,525,102
Net unrealized appreciation (depreciation) on investments		74,621,017
Net Assets		$329,852,719
Initial Class:
Net Asset Value, offering price and redemption price per share ($74,246,891 ÷ 5,060,595 shares)		$14.67
Service Class:
Net Asset Value, offering price and redemption price per share ($111,028,876 ÷ 7,581,850 shares)		$14.64
Service Class 2:
Net Asset Value, offering price and redemption price per share ($144,576,952 ÷ 9,905,444 shares)		$14.60

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Income distributions from underlying funds		$4,352,000
Expenses
Distribution and service plan fees	$436,536
Independent trustees' fees and expenses	1,078
Total expenses before reductions	437,614
Expense reductions	(1,078)	436,536
Net investment income (loss)		3,915,464
Realized and Unrealized Gain (Loss)
Realized gain (loss) on sale of underlying fund shares	1,618,250
Capital gain distributions from underlying funds	8,428,124
Total net realized gain (loss)		10,046,374
Change in net unrealized appreciation (depreciation) on underlying funds		41,102,303
Net gain (loss)		51,148,677
Net increase (decrease) in net assets resulting from operations		$55,064,141

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$3,915,464	$3,357,939
Net realized gain (loss)	10,046,374	7,020,803
Change in net unrealized appreciation (depreciation)	41,102,303	6,366,214
Net increase (decrease) in net assets resulting from operations	55,064,141	16,744,956
Distributions to shareholders from net investment income	(3,887,127)	(3,361,127)
Distributions to shareholders from net realized gain	(10,287,699)	(10,242,697)
Total distributions	(14,174,826)	(13,603,824)
Share transactions - net increase (decrease)	28,000,979	(3,913,592)
Total increase (decrease) in net assets	68,890,294	(772,460)
Net Assets
Beginning of period	260,962,425	261,734,885
End of period	$329,852,719	$260,962,425
Other Information
Undistributed net investment income end of period	$28,337	$–

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP Freedom 2030 Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.75	$12.68	$13.01	$12.84	$10.88
Income from Investment Operations
Net investment income (loss)^A	.20	.18	.22	.22	.22
Net realized and unrealized gain (loss)	2.41	.57	(.25)	.41	2.12
Total from investment operations	2.61	.75	(.03)	.63	2.34
Distributions from net investment income	(.20)	(.19)	(.23)	(.21)	(.21)
Distributions from net realized gain	(.49)	(.49)	(.07)	(.25)	(.17)
Total distributions	(.69)	(.68)	(.30)	(.46)	(.38)
Net asset value, end of period	$14.67	$12.75	$12.68	$13.01	$12.84
Total Return^B,^C	20.96%	6.61%	(.24)%	4.96%	21.66%
Ratios to Average Net Assets^D,^E
Expenses before reductions^F	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	-%	-%	-%	-%	-%
Expenses net of all reductions	-%	-%	-%	-%	-%
Net investment income (loss)	1.48%	1.42%	1.66%	1.70%	1.88%
Supplemental Data
Net assets, end of period (000 omitted)	$74,247	$57,779	$68,661	$72,243	$64,173
Portfolio turnover rate^D	26%	25%	26%	18%	30%

^A Calculated based on average shares outstanding during the period.

^B Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Amounts do not include the activity of the Underlying Funds.

^F Amount represents less than .005%.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2030 Portfolio Service Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.73	$12.66	$12.99	$12.82	$10.87
Income from Investment Operations
Net investment income (loss)^A	.19	.16	.21	.21	.21
Net realized and unrealized gain (loss)	2.40	.58	(.25)	.41	2.11
Total from investment operations	2.59	.74	(.04)	.62	2.32
Distributions from net investment income	(.19)	(.17)	(.22)	(.19)	(.20)
Distributions from net realized gain	(.49)	(.49)	(.07)	(.25)	(.17)
Total distributions	(.68)	(.67)^B	(.29)	(.45)^C	(.37)
Net asset value, end of period	$14.64	$12.73	$12.66	$12.99	$12.82
Total Return^D,^E	20.82%	6.52%	(.34)%	4.86%	21.50%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	1.38%	1.32%	1.56%	1.60%	1.78%
Supplemental Data
Net assets, end of period (000 omitted)	$111,029	$70,501	$59,096	$53,484	$46,868
Portfolio turnover rate^F	26%	25%	26%	18%	30%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.67 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.494 per share.

^C Total distributions of $.45 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.254 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2030 Portfolio Service Class 2

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.69	$12.62	$12.95	$12.78	$10.83
Income from Investment Operations
Net investment income (loss)^A	.17	.14	.19	.19	.19
Net realized and unrealized gain (loss)	2.40	.58	(.25)	.41	2.11
Total from investment operations	2.57	.72	(.06)	.60	2.30
Distributions from net investment income	(.16)	(.15)	(.20)	(.18)	(.18)
Distributions from net realized gain	(.49)	(.49)	(.07)	(.25)	(.17)
Total distributions	(.66)^B	(.65)^C	(.27)	(.43)	(.35)
Net asset value, end of period	$14.60	$12.69	$12.62	$12.95	$12.78
Total Return^D,^E	20.69%	6.37%	(.53)%	4.74%	21.41%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	1.23%	1.17%	1.41%	1.45%	1.63%
Supplemental Data
Net assets, end of period (000 omitted)	$144,577	$132,682	$133,978	$151,268	$131,930
Portfolio turnover rate^F	26%	25%	26%	18%	30%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.66 per share is comprised of distributions from net investment income of $.162 and distributions from net realized gain of $.494 per share.

^C Total distributions of $.65 per share is comprised of distributions from net investment income of $.153 and distributions from net realized gain of $.494 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2035 Portfolio℠

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Holdings as of December 31, 2017

	% of fund's net assets
VIP Overseas Portfolio Initial Class	21.0
VIP Growth & Income Portfolio Initial Class	12.5
VIP Equity-Income Portfolio Initial Class	10.9
VIP Growth Portfolio Initial Class	10.5
VIP Contrafund Portfolio Initial Class	10.3
VIP Emerging Markets Portfolio Initial Class	9.3
VIP Value Portfolio Initial Class	8.0
VIP Investment Grade Bond Portfolio Initial Class	4.0
VIP Value Strategies Portfolio Initial Class	3.9
VIP Mid Cap Portfolio Initial Class	3.0
	93.4

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	59.1%
	International Equity Funds	30.3%
	Bond Funds	8.1%
	Short-Term Funds	2.5%

VIP Freedom 2035 Portfolio℠

Investments December 31, 2017

Showing Percentage of Net Assets

Domestic Equity Funds - 59.1%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	152,932	$5,802,256
VIP Equity-Income Portfolio Initial Class (a)	256,068	6,117,469
VIP Growth & Income Portfolio Initial Class (a)	308,962	7,016,521
VIP Growth Portfolio Initial Class (a)	79,803	5,909,386
VIP Mid Cap Portfolio Initial Class (a)	43,661	1,700,145
VIP Value Portfolio Initial Class (a)	274,729	4,494,560
VIP Value Strategies Portfolio Initial Class (a)	153,839	2,195,286
TOTAL DOMESTIC EQUITY FUNDS
(Cost $29,080,151)		33,235,623

International Equity Funds - 30.3%
VIP Emerging Markets Portfolio Initial Class (a)	426,202	5,212,454
VIP Overseas Portfolio Initial Class (a)	516,862	11,820,636
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $13,692,172)		17,033,090

Bond Funds - 8.1%
Fidelity Long-Term Treasury Bond Index Fund Premium Class (a)	88,648	1,177,241
VIP High Income Portfolio Initial Class (a)	204,055	1,112,102
VIP Investment Grade Bond Portfolio Initial Class (a)	177,009	2,265,710
TOTAL BOND FUNDS
(Cost $4,537,374)		4,555,053

Short-Term Funds - 2.5%
VIP Government Money Market Portfolio Initial Class 1.08% (a)(b)
(Cost $1,444,288)	1,444,288	1,444,288
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $48,753,985)		56,268,054
NET OTHER ASSETS (LIABILITIES) - 0.0%		(8,983)
NET ASSETS - 100%		$56,259,071

Legend

(a) Affiliated Fund

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Long-Term Treasury Bond Index Fund Premium Class	$--	$1,188,709	$7,330	$1,581	$(115)	$(4,023)	$1,177,241
VIP Contrafund Portfolio Initial Class	4,004,596	2,091,000	918,817	297,781	12,289	613,188	5,802,256
VIP Emerging Markets Portfolio Initial Class	3,541,873	1,677,881	1,652,263	34,770	97,664	1,547,299	5,212,454
VIP Equity-Income Portfolio Initial Class	4,245,376	2,344,352	901,555	193,163	(5,193)	434,489	6,117,469
VIP Government Money Market Portfolio Initial Class 1.08%	289,799	1,288,150	133,661	7,702	--	--	1,444,288
VIP Growth & Income Portfolio Initial Class	4,843,512	2,566,502	1,101,686	210,583	4,401	703,792	7,016,521
VIP Growth Portfolio Initial Class	4,023,678	2,188,598	1,370,705	355,605	16,271	1,051,544	5,909,386
VIP High Income Portfolio Initial Class	1,403,189	533,948	842,682	57,109	(34,633)	52,280	1,112,102
VIP Investment Grade Bond Portfolio Initial Class	826,788	2,709,998	1,263,250	69,931	(19,041)	11,215	2,265,710
VIP Mid Cap Portfolio Initial Class	1,156,101	636,800	288,851	68,262	4,974	191,121	1,700,145
VIP Overseas Portfolio Initial Class	7,677,049	3,742,705	1,884,303	157,750	11,373	2,273,812	11,820,636
VIP Value Portfolio Initial Class	3,129,086	1,705,595	712,049	167,587	10,680	361,248	4,494,560
VIP Value Strategies Portfolio Initial Class	1,515,148	1,175,431	377,764	434,082	(10,013)	(107,516)	2,195,286
Total	$36,656,195	$23,849,669	$11,454,916	$2,055,906	$88,657	$7,128,449	$56,268,054

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2035 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (cost $48,753,985) — See accompanying schedule		$56,268,054
Receivable for investments sold		69,606
Receivable for fund shares sold		177,421
Total assets		56,515,081
Liabilities
Payable for fund shares redeemed	$246,935
Distribution and service plan fees payable	9,075
Total liabilities		256,010
Net Assets		$56,259,071
Net Assets consist of:
Paid in capital		$48,044,702
Accumulated undistributed net realized gain (loss) on investments		700,300
Net unrealized appreciation (depreciation) on investments		7,514,069
Net Assets		$56,259,071
Initial Class:
Net Asset Value, offering price and redemption price per share ($6,197,132 ÷ 270,847 shares)		$22.88
Service Class:
Net Asset Value, offering price and redemption price per share ($8,385,271 ÷ 367,099 shares)		$22.84
Service Class 2:
Net Asset Value, offering price and redemption price per share ($41,676,668 ÷ 1,833,364 shares)		$22.73

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Income distributions from underlying funds		$638,903
Expenses
Distribution and service plan fees	$92,677
Independent trustees' fees and expenses	162
Total expenses before reductions	92,839
Expense reductions	(162)	92,677
Net investment income (loss)		546,226
Realized and Unrealized Gain (Loss)
Realized gain (loss) on sale of underlying fund shares	88,657
Capital gain distributions from underlying funds	1,417,003
Total net realized gain (loss)		1,505,660
Change in net unrealized appreciation (depreciation) on underlying funds		7,128,449
Net gain (loss)		8,634,109
Net increase (decrease) in net assets resulting from operations		$9,180,335

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$546,226	$415,410
Net realized gain (loss)	1,505,660	818,866
Change in net unrealized appreciation (depreciation)	7,128,449	945,659
Net increase (decrease) in net assets resulting from operations	9,180,335	2,179,935
Distributions to shareholders from net investment income	(542,643)	(416,037)
Distributions to shareholders from net realized gain	(1,421,671)	(791,246)
Total distributions	(1,964,314)	(1,207,283)
Share transactions - net increase (decrease)	12,393,101	12,117,540
Total increase (decrease) in net assets	19,609,122	13,090,192
Net Assets
Beginning of period	36,649,949	23,559,757
End of period	$56,259,071	$36,649,949

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP Freedom 2035 Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$19.39	$19.05	$19.52	$19.16	$15.76
Income from Investment Operations
Net investment income (loss)^A	.30	.31	.39	.39	.66
Net realized and unrealized gain (loss)	4.14	.88	(.44)	.55	3.24
Total from investment operations	4.44	1.19	(.05)	.94	3.90
Distributions from net investment income	(.27)	(.26)	(.32)	(.29)	(.29)
Distributions from net realized gain	(.69)	(.60)	(.10)	(.29)	(.20)
Total distributions	(.95)^B	(.85)^C	(.42)	(.58)	(.50)^D
Net asset value, end of period	$22.88	$19.39	$19.05	$19.52	$19.16
Total Return^E,^F	23.35%	6.87%	(.31)%	4.93%	24.84%
Ratios to Average Net Assets^G,^H
Expenses before reductions^I	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	-%	-%	-%	-%	-%
Expenses net of all reductions	-%	-%	-%	-%	-%
Net investment income (loss)	1.42%	1.65%	1.98%	2.02%	3.72%
Supplemental Data
Net assets, end of period (000 omitted)	$6,197	$3,522	$1,545	$539	$1,054
Portfolio turnover rate^G	25%	18%	22%	26%	31%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.95 per share is comprised of distributions from net investment income of $.266 and distributions from net realized gain of $.685 per share.

^C Total distributions of $.85 per share is comprised of distributions from net investment income of $.255 and distributions from net realized gain of $.599 per share.

^D Total distributions of $.50 per share is comprised of distributions from net investment income of $.292 and distributions from net realized gain of $.204 per share.

^E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Amounts do not include the activity of the Underlying Funds.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

^I Amount represents less than .005%.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2035 Portfolio Service Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$19.36	$19.04	$19.51	$19.15	$15.76
Income from Investment Operations
Net investment income (loss)^A	.28	.29	.37	.38	.64
Net realized and unrealized gain (loss)	4.13	.87	(.44)	.55	3.24
Total from investment operations	4.41	1.16	(.07)	.93	3.88
Distributions from net investment income	(.25)	(.24)	(.30)	(.28)	(.28)
Distributions from net realized gain	(.69)	(.60)	(.10)	(.29)	(.20)
Total distributions	(.93)^B	(.84)	(.40)	(.57)	(.49)^C
Net asset value, end of period	$22.84	$19.36	$19.04	$19.51	$19.15
Total Return^D,^E	23.24%	6.70%	(.40)%	4.87%	24.72%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	1.32%	1.55%	1.88%	1.92%	3.62%
Supplemental Data
Net assets, end of period (000 omitted)	$8,385	$4,661	$2,010	$1,639	$289
Portfolio turnover rate^F	25%	18%	22%	26%	31%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.93 per share is comprised of distributions from net investment income of $.248 and distributions from net realized gain of $.685 per share.

^C Total distributions of $.49 per share is comprised of distributions from net investment income of $.283 and distributions from net realized gain of $.204 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2035 Portfolio Service Class 2

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$19.27	$18.96	$19.43	$19.09	$15.73
Income from Investment Operations
Net investment income (loss)^A	.25	.26	.34	.34	.62
Net realized and unrealized gain (loss)	4.11	.86	(.43)	.54	3.22
Total from investment operations	4.36	1.12	(.09)	.88	3.84
Distributions from net investment income	(.22)	(.22)	(.28)	(.26)	(.27)
Distributions from net realized gain	(.69)	(.60)	(.10)	(.29)	(.20)
Total distributions	(.90)^B	(.81)^C	(.38)	(.54)^D	(.48)^E
Net asset value, end of period	$22.73	$19.27	$18.96	$19.43	$19.09
Total Return^F,^G	23.07%	6.52%	(.51)%	4.65%	24.50%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	1.17%	1.40%	1.73%	1.77%	3.48%
Supplemental Data
Net assets, end of period (000 omitted)	$41,677	$28,467	$20,005	$13,035	$4,423
Portfolio turnover rate^H	25%	18%	22%	26%	31%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.90 per share is comprised of distributions from net investment income of $.217 and distributions from net realized gain of $.685 per share.

^C Total distributions of $.81 per share is comprised of distributions from net investment income of $.215 and distributions from net realized gain of $.599 per share.

^D Total distributions of $.54 per share is comprised of distributions from net investment income of $.257 and distributions from net realized gain of $.287 per share.

^E Total distributions of $.48 per share is comprised of distributions from net investment income of $.271 and distributions from net realized gain of $.204 per share.

^F Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^H Amounts do not include the activity of the Underlying Funds.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2040 Portfolio℠

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Holdings as of December 31, 2017

	% of fund's net assets
VIP Overseas Portfolio Initial Class	21.4
VIP Growth & Income Portfolio Initial Class	12.8
VIP Equity-Income Portfolio Initial Class	11.1
VIP Growth Portfolio Initial Class	10.7
VIP Contrafund Portfolio Initial Class	10.5
VIP Emerging Markets Portfolio Initial Class	9.4
VIP Value Portfolio Initial Class	8.2
VIP Value Strategies Portfolio Initial Class	4.0
VIP Mid Cap Portfolio Initial Class	3.1
VIP Government Money Market Portfolio Initial Class 1.08%	2.6
	93.8

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	60.4%
	International Equity Funds	30.8%
	Bond Funds	6.2%
	Short-Term Funds	2.6%

VIP Freedom 2040 Portfolio℠

Investments December 31, 2017

Showing Percentage of Net Assets

Domestic Equity Funds - 60.4%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	217,927	$8,268,140
VIP Equity-Income Portfolio Initial Class (a)	364,890	8,717,213
VIP Growth & Income Portfolio Initial Class (a)	440,253	9,998,142
VIP Growth Portfolio Initial Class (a)	113,720	8,420,941
VIP Mid Cap Portfolio Initial Class (a)	62,209	2,422,433
VIP Value Portfolio Initial Class (a)	391,504	6,405,011
VIP Value Strategies Portfolio Initial Class (a)	219,230	3,128,405
TOTAL DOMESTIC EQUITY FUNDS
(Cost $39,924,003)		47,360,285

International Equity Funds - 30.8%
VIP Emerging Markets Portfolio Initial Class (a)	603,105	7,375,970
VIP Overseas Portfolio Initial Class (a)	734,829	16,805,546
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $19,121,291)		24,181,516

Bond Funds - 6.2%
Fidelity Long-Term Treasury Bond Index Fund Premium Class (a)	124,237	1,649,863
VIP High Income Portfolio Initial Class (a)	284,394	1,549,948
VIP Investment Grade Bond Portfolio Initial Class (a)	131,652	1,685,150
TOTAL BOND FUNDS
(Cost $4,874,334)		4,884,961

Short-Term Funds - 2.6%
VIP Government Money Market Portfolio Initial Class 1.08% (a)(b)
(Cost $2,012,872)	2,012,872	2,012,872
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $65,932,500)		78,439,634
NET OTHER ASSETS (LIABILITIES) - 0.0%		(6,780)
NET ASSETS - 100%		$78,432,854

Legend

(a) Affiliated Fund

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Long-Term Treasury Bond Index Fund Premium Class	$--	$1,659,429	$4,387	$2,217	$(17)	$(5,162)	$1,649,863
VIP Contrafund Portfolio Initial Class	5,431,982	3,258,050	1,311,827	416,603	22,360	867,575	8,268,140
VIP Emerging Markets Portfolio Initial Class	4,801,933	2,606,128	2,369,330	49,180	124,481	2,212,758	7,375,970
VIP Equity-Income Portfolio Initial Class	5,760,933	3,629,535	1,281,164	272,522	7,990	599,919	8,717,213
VIP Government Money Market Portfolio Initial Class 1.08%	392,159	1,868,663	247,950	10,833	--	--	2,012,872
VIP Growth & Income Portfolio Initial Class	6,572,775	3,979,805	1,559,762	295,946	13,468	991,856	9,998,142
VIP Growth Portfolio Initial Class	5,454,291	3,322,515	1,881,212	492,645	67,321	1,458,026	8,420,941
VIP High Income Portfolio Initial Class	1,899,084	789,725	1,164,157	79,857	(39,869)	65,165	1,549,948
VIP Investment Grade Bond Portfolio Initial Class	994,640	2,518,782	1,821,866	71,640	(20,922)	14,516	1,685,150
VIP Mid Cap Portfolio Initial Class	1,568,257	977,172	404,142	94,839	6,505	274,641	2,422,433
VIP Overseas Portfolio Initial Class	10,414,948	5,943,881	2,824,721	225,291	86,736	3,184,702	16,805,546
VIP Value Portfolio Initial Class	4,245,762	2,641,384	1,007,770	239,483	13,446	512,189	6,405,011
VIP Value Strategies Portfolio Initial Class	2,055,047	1,762,327	534,149	602,661	(16,644)	(138,176)	3,128,405
Total	$49,591,811	$34,957,396	$16,412,437	$2,853,717	$264,855	$10,038,009	$78,439,634

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2040 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (cost $65,932,500) — See accompanying schedule		$78,439,634
Cash		1
Receivable for investments sold		204,161
Receivable for fund shares sold		207,761
Total assets		78,851,557
Liabilities
Payable for fund shares redeemed	$411,802
Distribution and service plan fees payable	6,901
Total liabilities		418,703
Net Assets		$78,432,854
Net Assets consist of:
Paid in capital		$65,073,731
Accumulated undistributed net realized gain (loss) on investments		851,989
Net unrealized appreciation (depreciation) on investments		12,507,134
Net Assets		$78,432,854
Initial Class:
Net Asset Value, offering price and redemption price per share ($16,561,329 ÷ 761,218 shares)		$21.76
Service Class:
Net Asset Value, offering price and redemption price per share ($45,491,856 ÷ 2,094,466 shares)		$21.72
Service Class 2:
Net Asset Value, offering price and redemption price per share ($16,379,669 ÷ 756,658 shares)		$21.65

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Income distributions from underlying funds		$881,521
Expenses
Distribution and service plan fees	$73,260
Independent trustees' fees and expenses	228
Total expenses before reductions	73,488
Expense reductions	(228)	73,260
Net investment income (loss)		808,261
Realized and Unrealized Gain (Loss)
Realized gain (loss) on sale of underlying fund shares	264,855
Capital gain distributions from underlying funds	1,972,196
Total net realized gain (loss)		2,237,051
Change in net unrealized appreciation (depreciation) on underlying funds		10,038,009
Net gain (loss)		12,275,060
Net increase (decrease) in net assets resulting from operations		$13,083,321

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$808,261	$590,455
Net realized gain (loss)	2,237,051	924,175
Change in net unrealized appreciation (depreciation)	10,038,009	1,852,193
Net increase (decrease) in net assets resulting from operations	13,083,321	3,366,823
Distributions to shareholders from net investment income	(803,474)	(591,022)
Distributions to shareholders from net realized gain	(1,932,423)	(1,738,101)
Total distributions	(2,735,897)	(2,329,123)
Share transactions - net increase (decrease)	18,498,572	2,291,978
Total increase (decrease) in net assets	28,845,996	3,329,678
Net Assets
Beginning of period	49,586,858	46,257,180
End of period	$78,432,854	$49,586,858

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP Freedom 2040 Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$18.39	$18.19	$18.66	$18.35	$15.03
Income from Investment Operations
Net investment income (loss)^A	.28	.23	.34	.34	.38
Net realized and unrealized gain (loss)	3.98	.88	(.38)	.56	3.41
Total from investment operations	4.26	1.11	(.04)	.90	3.79
Distributions from net investment income	(.25)	(.24)	(.31)	(.28)	(.27)
Distributions from net realized gain	(.64)	(.67)	(.12)	(.31)	(.19)
Total distributions	(.89)	(.91)	(.43)	(.59)	(.47)^B
Net asset value, end of period	$21.76	$18.39	$18.19	$18.66	$18.35
Total Return^C,^D	23.60%	6.83%	(.26)%	4.91%	25.29%
Ratios to Average Net Assets^E,^F
Expenses before reductions^G	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	-%	-%	-%	-%	-%
Expenses net of all reductions	-%	-%	-%	-%	-%
Net investment income (loss)	1.39%	1.29%	1.80%	1.82%	2.26%
Supplemental Data
Net assets, end of period (000 omitted)	$16,561	$11,515	$15,388	$15,234	$10,262
Portfolio turnover rate^E	26%	36%	23%	19%	36%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.47 per share is comprised of distributions from net investment income of $.272 and distributions from net realized gain of $.193 per share.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Amounts do not include the activity of the Underlying Funds.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

^G Amount represents less than .005%.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2040 Portfolio Service Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$18.37	$18.17	$18.64	$18.33	$15.02
Income from Investment Operations
Net investment income (loss)^A	.26	.21	.32	.32	.36
Net realized and unrealized gain (loss)	3.96	.89	(.38)	.56	3.40
Total from investment operations	4.22	1.10	(.06)	.88	3.76
Distributions from net investment income	(.23)	(.23)	(.29)	(.27)	(.26)
Distributions from net realized gain	(.64)	(.67)	(.12)	(.31)	(.19)
Total distributions	(.87)	(.90)	(.41)	(.57)^B	(.45)
Net asset value, end of period	$21.72	$18.37	$18.17	$18.64	$18.33
Total Return^C,^D	23.42%	6.75%	(.35)%	4.83%	25.16%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	1.29%	1.19%	1.70%	1.72%	2.16%
Supplemental Data
Net assets, end of period (000 omitted)	$45,492	$22,986	$18,401	$12,905	$9,076
Portfolio turnover rate^E	26%	36%	23%	19%	36%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.57 per share is comprised of distributions from net investment income of $.266 and distributions from net realized gain of $.305 per share.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Amounts do not include the activity of the Underlying Funds.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2040 Portfolio Service Class 2

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$18.30	$18.12	$18.59	$18.29	$15.00
Income from Investment Operations
Net investment income (loss)^A	.23	.18	.29	.29	.34
Net realized and unrealized gain (loss)	3.95	.87	(.38)	.56	3.39
Total from investment operations	4.18	1.05	(.09)	.85	3.73
Distributions from net investment income	(.19)	(.20)	(.27)	(.25)	(.25)
Distributions from net realized gain	(.64)	(.67)	(.12)	(.31)	(.19)
Total distributions	(.83)	(.87)	(.38)^B	(.55)^C	(.44)
Net asset value, end of period	$21.65	$18.30	$18.12	$18.59	$18.29
Total Return^D,^E	23.30%	6.53%	(.49)%	4.70%	24.99%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	1.14%	1.04%	1.55%	1.57%	2.01%
Supplemental Data
Net assets, end of period (000 omitted)	$16,380	$15,086	$12,468	$8,341	$2,815
Portfolio turnover rate^F	26%	36%	23%	19%	36%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.38 per share is comprised of distributions from net investment income of $.268 and distributions from net realized gain of $.116 per share.

^C Total distributions of $.55 per share is comprised of distributions from net investment income of $.249 and distributions from net realized gain of $.305 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2045 Portfolio℠

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Holdings as of December 31, 2017

	% of fund's net assets
VIP Overseas Portfolio Initial Class	21.4
VIP Growth & Income Portfolio Initial Class	12.8
VIP Equity-Income Portfolio Initial Class	11.1
VIP Growth Portfolio Initial Class	10.7
VIP Contrafund Portfolio Initial Class	10.5
VIP Emerging Markets Portfolio Initial Class	9.4
VIP Value Portfolio Initial Class	8.2
VIP Value Strategies Portfolio Initial Class	4.0
VIP Mid Cap Portfolio Initial Class	3.1
VIP Government Money Market Portfolio Initial Class 1.08%	2.6
	93.8

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	60.4%
	International Equity Funds	30.8%
	Bond Funds	6.2%
	Short-Term Funds	2.6%

VIP Freedom 2045 Portfolio℠

Investments December 31, 2017

Showing Percentage of Net Assets

Domestic Equity Funds - 60.4%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	85,621	$3,248,457
VIP Equity-Income Portfolio Initial Class (a)	143,356	3,424,784
VIP Growth & Income Portfolio Initial Class (a)	172,967	3,928,070
VIP Growth Portfolio Initial Class (a)	44,679	3,308,459
VIP Mid Cap Portfolio Initial Class (a)	24,444	951,854
VIP Value Portfolio Initial Class (a)	153,823	2,516,540
VIP Value Strategies Portfolio Initial Class (a)	86,137	1,229,177
TOTAL DOMESTIC EQUITY FUNDS
(Cost $16,467,098)		18,607,341

International Equity Funds - 30.8%
VIP Emerging Markets Portfolio Initial Class (a)	236,990	2,898,390
VIP Overseas Portfolio Initial Class (a)	288,691	6,602,357
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $7,785,419)		9,500,747

Bond Funds - 6.2%
Fidelity Long-Term Treasury Bond Index Fund Premium Class (a)	47,230	627,220
VIP High Income Portfolio Initial Class (a)	111,737	608,966
VIP Investment Grade Bond Portfolio Initial Class (a)	53,330	682,629
TOTAL BOND FUNDS
(Cost $1,912,424)		1,918,815

Short-Term Funds - 2.6%
VIP Government Money Market Portfolio Initial Class 1.08% (a)(b)
(Cost $790,864)	790,864	790,864
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $26,955,805)		30,817,767
NET OTHER ASSETS (LIABILITIES) - 0.0%		(5,543)
NET ASSETS - 100%		$30,812,224

Legend

(a) Affiliated Fund

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Long-Term Treasury Bond Index Fund Premium Class	$--	$631,227	$1,781	$845	$(9)	$(2,217)	$627,220
VIP Contrafund Portfolio Initial Class	1,956,413	1,385,914	413,015	155,864	5,321	313,824	3,248,457
VIP Emerging Markets Portfolio Initial Class	1,728,645	1,129,040	799,837	18,727	38,316	802,226	2,898,390
VIP Equity-Income Portfolio Initial Class	2,074,263	1,526,869	399,543	102,971	2,810	220,385	3,424,784
VIP Government Money Market Portfolio Initial Class 1.08%	141,204	722,507	72,847	3,990	--	--	790,864
VIP Growth & Income Portfolio Initial Class	2,366,521	1,683,663	493,487	111,289	1,665	369,708	3,928,070
VIP Growth Portfolio Initial Class	1,965,381	1,419,360	621,083	182,325	6,398	538,403	3,308,459
VIP High Income Portfolio Initial Class	683,745	329,223	410,934	30,474	(16,014)	22,946	608,966
VIP Investment Grade Bond Portfolio Initial Class	358,109	1,003,188	674,645	27,362	(9,401)	5,378	682,629
VIP Mid Cap Portfolio Initial Class	564,733	413,904	129,521	35,186	1,990	100,748	951,854
VIP Overseas Portfolio Initial Class	3,750,979	2,566,905	875,654	86,504	17,045	1,143,082	6,602,357
VIP Value Portfolio Initial Class	1,528,805	1,119,552	321,570	91,827	6,361	183,392	2,516,540
VIP Value Strategies Portfolio Initial Class	740,112	721,783	173,761	223,414	(6,981)	(51,976)	1,229,177
Total	$17,858,910	$14,653,135	$5,387,678	$1,070,778	$47,501	$3,645,899	$30,817,767

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2045 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (cost $26,955,805) — See accompanying schedule		$30,817,767
Cash		1
Receivable for fund shares sold		101,905
Total assets		30,919,673
Liabilities
Payable for investments purchased	$84,995
Payable for fund shares redeemed	16,862
Distribution and service plan fees payable	5,592
Total liabilities		107,449
Net Assets		$30,812,224
Net Assets consist of:
Paid in capital		$26,624,510
Accumulated undistributed net realized gain (loss) on investments		325,752
Net unrealized appreciation (depreciation) on investments		3,861,962
Net Assets		$30,812,224
Initial Class:
Net Asset Value, offering price and redemption price per share ($1,490,769 ÷ 68,886 shares)		$21.64
Service Class:
Net Asset Value, offering price and redemption price per share ($1,922,570 ÷ 88,957 shares)		$21.61
Service Class 2:
Net Asset Value, offering price and redemption price per share ($27,398,885 ÷ 1,273,325 shares)		$21.52

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Income distributions from underlying funds		$337,031
Expenses
Distribution and service plan fees	$53,710
Independent trustees' fees and expenses	82
Total expenses before reductions	53,792
Expense reductions	(82)	53,710
Net investment income (loss)		283,321
Realized and Unrealized Gain (Loss)
Realized gain (loss) on sale of underlying fund shares	47,501
Capital gain distributions from underlying funds	733,747
Total net realized gain (loss)		781,248
Change in net unrealized appreciation (depreciation) on underlying funds		3,645,899
Net gain (loss)		4,427,147
Net increase (decrease) in net assets resulting from operations		$4,710,468

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$283,321	$196,879
Net realized gain (loss)	781,248	460,205
Change in net unrealized appreciation (depreciation)	3,645,899	388,595
Net increase (decrease) in net assets resulting from operations	4,710,468	1,045,679
Distributions to shareholders from net investment income	(281,848)	(197,162)
Distributions to shareholders from net realized gain	(750,257)	(427,063)
Total distributions	(1,032,105)	(624,225)
Share transactions - net increase (decrease)	9,278,407	5,151,619
Total increase (decrease) in net assets	12,956,770	5,573,073
Net Assets
Beginning of period	17,855,454	12,282,381
End of period	$30,812,224	$17,855,454

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP Freedom 2045 Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$18.31	$18.03	$18.50	$18.18	$14.83
Income from Investment Operations
Net investment income (loss)^A	.30	.28	.38	.40	.52
Net realized and unrealized gain (loss)	3.93	.83	(.42)	.50	3.33
Total from investment operations	4.23	1.11	(.04)	.90	3.85
Distributions from net investment income	(.24)	(.24)	(.33)	(.28)	(.29)
Distributions from net realized gain	(.66)	(.59)	(.10)	(.30)	(.21)
Total distributions	(.90)	(.83)	(.43)	(.58)	(.50)
Net asset value, end of period	$21.64	$18.31	$18.03	$18.50	$18.18
Total Return^B,^C	23.59%	6.80%	(.26)%	4.95%	26.07%
Ratios to Average Net Assets^D,^E
Expenses before reductions^F	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	-%	-%	-%	-%	-%
Expenses net of all reductions	-%	-%	-%	-%	-%
Net investment income (loss)	1.46%	1.57%	2.01%	2.14%	3.13%
Supplemental Data
Net assets, end of period (000 omitted)	$1,491	$789	$542	$342	$272
Portfolio turnover rate^D	23%	19%	26%	19%	42%

^A Calculated based on average shares outstanding during the period.

^B Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Amounts do not include the activity of the Underlying Funds.

^E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

^F Amount represents less than .005%.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2045 Portfolio Service Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$18.30	$18.02	$18.49	$18.18	$14.83
Income from Investment Operations
Net investment income (loss)^A	.28	.26	.36	.38	.51
Net realized and unrealized gain (loss)	3.92	.84	(.42)	.49	3.33
Total from investment operations	4.20	1.10	(.06)	.87	3.84
Distributions from net investment income	(.23)	(.23)	(.31)	(.27)	(.27)
Distributions from net realized gain	(.66)	(.59)	(.10)	(.30)	(.21)
Total distributions	(.89)	(.82)	(.41)	(.56)^B	(.49)^C
Net asset value, end of period	$21.61	$18.30	$18.02	$18.49	$18.18
Total Return^D,^E	23.42%	6.73%	(.37)%	4.83%	25.96%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	1.36%	1.47%	1.91%	2.04%	3.03%
Supplemental Data
Net assets, end of period (000 omitted)	$1,923	$396	$343	$364	$169
Portfolio turnover rate^F	23%	19%	26%	19%	42%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.56 per share is comprised of distributions from net investment income of $.266 and distributions from net realized gain of $.298 per share.

^C Total distributions of $.49 per share is comprised of distributions from net investment income of $.271 and distributions from net realized gain of $.214 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2045 Portfolio Service Class 2

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$18.22	$17.95	$18.43	$18.13	$14.81
Income from Investment Operations
Net investment income (loss)^A	.24	.23	.33	.35	.49
Net realized and unrealized gain (loss)	3.92	.84	(.42)	.49	3.31
Total from investment operations	4.16	1.07	(.09)	.84	3.80
Distributions from net investment income	(.20)	(.20)	(.29)	(.25)	(.27)
Distributions from net realized gain	(.66)	(.59)	(.10)	(.30)	(.21)
Total distributions	(.86)	(.80)^B	(.39)	(.54)^C	(.48)
Net asset value, end of period	$21.52	$18.22	$17.95	$18.43	$18.13
Total Return^D,^E	23.30%	6.56%	(.53)%	4.68%	25.76%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	1.21%	1.32%	1.76%	1.89%	2.88%
Supplemental Data
Net assets, end of period (000 omitted)	$27,399	$16,671	$11,398	$7,363	$2,493
Portfolio turnover rate^F	23%	19%	26%	19%	42%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.80 per share is comprised of distributions from net investment income of $.202 and distributions from net realized gain of $.594 per share.

^C Total distributions of $.54 per share is comprised of distributions from net investment income of $.245 and distributions from net realized gain of $.298 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2050 Portfolio℠

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Holdings as of December 31, 2017

	% of fund's net assets
VIP Overseas Portfolio Initial Class	21.4
VIP Growth & Income Portfolio Initial Class	12.8
VIP Equity-Income Portfolio Initial Class	11.1
VIP Growth Portfolio Initial Class	10.7
VIP Contrafund Portfolio Initial Class	10.5
VIP Emerging Markets Portfolio Initial Class	9.4
VIP Value Portfolio Initial Class	8.2
VIP Value Strategies Portfolio Initial Class	4.0
VIP Mid Cap Portfolio Initial Class	3.1
VIP Government Money Market Portfolio Initial Class 1.08%	2.6
	93.8

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	60.4%
	International Equity Funds	30.8%
	Bond Funds	6.2%
	Short-Term Funds	2.6%

VIP Freedom 2050 Portfolio℠

Investments December 31, 2017

Showing Percentage of Net Assets

Domestic Equity Funds - 60.4%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	57,964	$2,199,150
VIP Equity-Income Portfolio Initial Class (a)	97,054	2,318,618
VIP Growth & Income Portfolio Initial Class (a)	117,112	2,659,604
VIP Growth Portfolio Initial Class (a)	30,243	2,239,463
VIP Mid Cap Portfolio Initial Class (a)	16,547	644,349
VIP Value Portfolio Initial Class (a)	104,123	1,703,449
VIP Value Strategies Portfolio Initial Class (a)	58,299	831,927
TOTAL DOMESTIC EQUITY FUNDS
(Cost $10,585,876)		12,596,560

International Equity Funds - 30.8%
VIP Emerging Markets Portfolio Initial Class (a)	160,402	1,961,713
VIP Overseas Portfolio Initial Class (a)	195,422	4,469,313
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $5,014,932)		6,431,026

Bond Funds - 6.2%
Fidelity Long-Term Treasury Bond Index Fund Premium Class (a)	33,650	446,878
VIP High Income Portfolio Initial Class (a)	75,621	412,135
VIP Investment Grade Bond Portfolio Initial Class (a)	34,371	439,955
TOTAL BOND FUNDS
(Cost $1,291,591)		1,298,968

Short-Term Funds - 2.6%
VIP Government Money Market Portfolio Initial Class 1.08% (a)(b)
(Cost $535,216)	535,216	535,216
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $17,427,615)		20,861,770
NET OTHER ASSETS (LIABILITIES) - 0.0%		(2,211)
NET ASSETS - 100%		$20,859,559

Legend

(a) Affiliated Fund

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Long-Term Treasury Bond Index Fund Premium Class	$--	$451,058	$2,537	$607	$(23)	$(1,620)	$446,878
VIP Contrafund Portfolio Initial Class	1,955,701	808,001	842,856	132,873	8,731	269,573	2,199,150
VIP Emerging Markets Portfolio Initial Class	1,726,669	621,633	1,119,141	14,260	83,802	648,750	1,961,713
VIP Equity-Income Portfolio Initial Class	2,073,929	915,654	854,698	82,500	6,317	177,416	2,318,618
VIP Government Money Market Portfolio Initial Class 1.08%	141,074	566,454	172,312	3,236	--	--	535,216
VIP Growth & Income Portfolio Initial Class	2,366,147	1,003,051	1,010,808	91,861	9,034	292,180	2,659,604
VIP Growth Portfolio Initial Class	1,963,657	838,038	1,039,272	166,062	32,013	445,027	2,239,463
VIP High Income Portfolio Initial Class	683,379	195,797	478,545	22,867	(16,676)	28,180	412,135
VIP Investment Grade Bond Portfolio Initial Class	357,768	722,736	640,318	20,422	(6,012)	5,781	439,955
VIP Mid Cap Portfolio Initial Class	564,488	250,498	253,668	31,521	1,204	81,827	644,349
VIP Overseas Portfolio Initial Class	3,748,920	1,373,331	1,687,476	62,282	48,089	986,449	4,469,313
VIP Value Portfolio Initial Class	1,528,757	661,683	653,489	66,718	9,026	157,472	1,703,449
VIP Value Strategies Portfolio Initial Class	739,912	487,726	333,588	201,029	(7,370)	(54,753)	831,927
Total	$17,850,401	$8,895,660	$9,088,708	$896,238	$168,135	$3,036,282	$20,861,770

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2050 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (cost $17,427,615) — See accompanying schedule		$20,861,770
Cash		1
Receivable for investments sold		73,683
Receivable for fund shares sold		38,732
Total assets		20,974,186
Liabilities
Payable for fund shares redeemed	$112,380
Distribution and service plan fees payable	2,247
Total liabilities		114,627
Net Assets		$20,859,559
Net Assets consist of:
Paid in capital		$17,102,993
Accumulated undistributed net realized gain (loss) on investments		322,411
Net unrealized appreciation (depreciation) on investments		3,434,155
Net Assets		$20,859,559
Initial Class:
Net Asset Value, offering price and redemption price per share ($5,826,484 ÷ 298,749 shares)		$19.50
Service Class:
Net Asset Value, offering price and redemption price per share ($6,747,810 ÷ 346,659 shares)		$19.47
Service Class 2:
Net Asset Value, offering price and redemption price per share ($8,285,265 ÷ 426,643 shares)		$19.42

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Income distributions from underlying funds		$249,340
Expenses
Distribution and service plan fees	$27,935
Independent trustees' fees and expenses	72
Total expenses before reductions	28,007
Expense reductions	(72)	27,935
Net investment income (loss)		221,405
Realized and Unrealized Gain (Loss)
Realized gain (loss) on sale of underlying fund shares	168,135
Capital gain distributions from underlying funds	646,898
Total net realized gain (loss)		815,033
Change in net unrealized appreciation (depreciation) on underlying funds		3,036,282
Net gain (loss)		3,851,315
Net increase (decrease) in net assets resulting from operations		$4,072,720

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$221,405	$210,402
Net realized gain (loss)	815,033	432,372
Change in net unrealized appreciation (depreciation)	3,036,282	383,679
Net increase (decrease) in net assets resulting from operations	4,072,720	1,026,453
Distributions to shareholders from net investment income	(219,958)	(230,375)
Distributions to shareholders from net realized gain	(674,377)	(498,719)
Total distributions	(894,335)	(729,094)
Share transactions - net increase (decrease)	(166,904)	4,632,146
Total increase (decrease) in net assets	3,011,481	4,929,505
Net Assets
Beginning of period	17,848,078	12,918,573
End of period	$20,859,559	$17,848,078

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP Freedom 2050 Portfolio Initial Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$16.55	$16.42	$16.86	$16.55	$13.41
Income from Investment Operations
Net investment income (loss)^A	.23	.25	.32	.35	.37
Net realized and unrealized gain (loss)	3.58	.75	(.36)	.47	3.16
Total from investment operations	3.81	1.00	(.04)	.82	3.53
Distributions from net investment income	(.24)	(.25)	(.29)	(.25)	(.22)
Distributions from net realized gain	(.63)	(.62)	(.11)	(.27)	(.18)
Total distributions	(.86)^B	(.87)	(.40)	(.51)^C	(.39)^D
Net asset value, end of period	$19.50	$16.55	$16.42	$16.86	$16.55
Total Return^E,^F	23.52%	6.84%	(.29)%	5.01%	26.44%
Ratios to Average Net Assets^G,^H
Expenses before reductions^I	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	-%	-%	-%	-%	-%
Expenses net of all reductions	-%	-%	-%	-%	-%
Net investment income (loss)	1.27%	1.59%	1.89%	2.06%	2.42%
Supplemental Data
Net assets, end of period (000 omitted)	$5,826	$4,171	$2,266	$1,684	$880
Portfolio turnover rate^G	46%	26%	37%	22%	59%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.86 per share is comprised of distributions from net investment income of $.237 and distributions from net realized gain of $.625 per share.

^C Total distributions of $.51 per share is comprised of distributions from net investment income of $.248 and distributions from net realized gain of $.266 per share.

^D Total distributions of $.39 per share is comprised of distributions from net investment income of $.218 and distributions from net realized gain of $.175 per share.

^E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Amounts do not include the activity of the Underlying Funds.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

^I Amount represents less than .005%.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2050 Portfolio Service Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$16.52	$16.39	$16.83	$16.54	$13.41
Income from Investment Operations
Net investment income (loss)^A	.21	.24	.31	.33	.35
Net realized and unrealized gain (loss)	3.59	.74	(.37)	.46	3.17
Total from investment operations	3.80	.98	(.06)	.79	3.52
Distributions from net investment income	(.22)	(.23)	(.27)	(.24)	(.21)
Distributions from net realized gain	(.63)	(.62)	(.11)	(.27)	(.18)
Total distributions	(.85)	(.85)	(.38)	(.50)^B	(.39)
Net asset value, end of period	$19.47	$16.52	$16.39	$16.83	$16.54
Total Return^C,^D	23.46%	6.75%	(.38)%	4.81%	26.32%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	1.17%	1.49%	1.79%	1.96%	2.32%
Supplemental Data
Net assets, end of period (000 omitted)	$6,748	$4,205	$3,004	$2,878	$1,892
Portfolio turnover rate^E	46%	26%	37%	22%	59%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.50 per share is comprised of distributions from net investment income of $.236 and distributions from net realized gain of $.266 per share.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Amounts do not include the activity of the Underlying Funds.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom 2050 Portfolio Service Class 2

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$16.47	$16.35	$16.80	$16.51	$13.39
Income from Investment Operations
Net investment income (loss)^A	.18	.21	.28	.30	.33
Net realized and unrealized gain (loss)	3.58	.74	(.37)	.47	3.16
Total from investment operations	3.76	.95	(.09)	.77	3.49
Distributions from net investment income	(.18)	(.21)	(.25)	(.22)	(.19)
Distributions from net realized gain	(.63)	(.62)	(.11)	(.27)	(.18)
Total distributions	(.81)	(.83)	(.36)	(.48)^B	(.37)
Net asset value, end of period	$19.42	$16.47	$16.35	$16.80	$16.51
Total Return^C,^D	23.30%	6.56%	(.58)%	4.71%	26.13%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	1.02%	1.34%	1.64%	1.81%	2.17%
Supplemental Data
Net assets, end of period (000 omitted)	$8,285	$9,472	$7,649	$6,436	$1,666
Portfolio turnover rate^E	46%	26%	37%	22%	59%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.48 per share is comprised of distributions from net investment income of $.218 and distributions from net realized gain of $.266 per share.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Amounts do not include the activity of the Underlying Funds.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

VIP Freedom Income Portfolio, VIP Freedom 2005 Portfolio, VIP Freedom 2010 Portfolio, VIP Freedom 2015 Portfolio, VIP Freedom 2020 Portfolio, VIP Freedom 2025 Portfolio, VIP Freedom 2030 Portfolio, VIP Freedom 2035 Portfolio, VIP Freedom 2040 Portfolio, VIP Freedom 2045 Portfolio and VIP Freedom 2050 Portfolio (the Funds) are funds of Variable Insurance Products Fund V (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in a combination of other VIP equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR). Shares of each Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. Each Fund offers three classes of shares: Initial Class shares, Service Class shares and Service Class 2 shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2017, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, losses deferred due to wash sales, and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation)
VIP Freedom Income	$39,085,766	$3,242,615	$(101,258)	$3,141,357
VIP Freedom 2005	8,448,865	835,411	(26,257)	809,154
VIP Freedom 2010	268,946,023	47,445,863	(714,760)	46,731,103
VIP Freedom 2015	78,254,825	21,787,903	(37,306)	21,750,597
VIP Freedom 2020	601,463,520	172,477,859	(1,683,438)	170,794,421
VIP Freedom 2025	140,292,043	30,997,665	(500,329)	30,497,336
VIP Freedom 2030	257,867,879	72,878,816	(856,026)	72,022,790
VIP Freedom 2035	48,981,191	7,420,625	(133,762)	7,286,863
VIP Freedom 2040	66,392,894	12,200,738	(153,998)	12,046,740
VIP Freedom 2045	27,078,635	3,808,146	(69,014)	3,739,132
VIP Freedom 2050	17,616,034	3,303,789	(58,053)	3,245,736

The tax-based components of distributable earnings as of period end were as follows for each Fund:

	Undistributed ordinary income	Undistributed long-term capital gain	Net unrealized appreciation (depreciation) on securities and other investments
VIP Freedom Income	$6,629	$384,312	$3,141,357
VIP Freedom 2005	4,719	121,096	809,154
VIP Freedom 2010	55,113	8,033,320	46,731,103
VIP Freedom 2015	20,888	3,526,835	21,750,597
VIP Freedom 2020	33,445	22,003,457	170,794,421
VIP Freedom 2025	41,315	2,933,461	30,497,336
VIP Freedom 2030	37,832	7,113,834	72,022,790
VIP Freedom 2035	–	927,502	7,286,863
VIP Freedom 2040	–	1,312,383	12,046,740
VIP Freedom 2045	–	448,581	3,739,132
VIP Freedom 2050	–	510,829	3,245,736

The tax character of distributions paid was as follows:

December 31, 2017
	Ordinary Income	Long-term Capital Gains	Total
VIP Freedom Income	$763,674	$201,357	$965,031
VIP Freedom 2005	175,944	84,111	260,055
VIP Freedom 2010	5,680,207	4,670,205	10,350,412
VIP Freedom 2015	1,977,451	2,043,773	4,021,224
VIP Freedom 2020	15,172,840	15,307,077	30,479,917
VIP Freedom 2025	3,532,316	2,868,615	6,400,931
VIP Freedom 2030	6,767,841	7,406,985	14,174,826
VIP Freedom 2035	1,067,053	897,261	1,964,314
VIP Freedom 2040	1,556,542	1,179,355	2,735,897
VIP Freedom 2045	565,328	466,777	1,032,105
VIP Freedom 2050	423,738	470,597	894,335

December 31, 2016
	Ordinary Income	Long-term Capital Gains	Total
VIP Freedom Income	$549,618	$370,208	$919,826
VIP Freedom 2005	110,063	88,843	198,906
VIP Freedom 2010	4,206,310	6,416,353	10,622,663
VIP Freedom 2015	1,463,330	2,815,617	4,278,947
VIP Freedom 2020	10,118,098	21,992,697	32,110,795
VIP Freedom 2025	1,988,676	3,520,684	5,509,360
VIP Freedom 2030	3,604,952	9,998,872	13,603,824
VIP Freedom 2035	466,068	741,215	1,207,283
VIP Freedom 2040	636,039	1,693,084	2,329,123
VIP Freedom 2045	224,194	400,031	624,225
VIP Freedom 2050	255,894	473,200	729,094

3. Purchases and Redemptions of Underlying Fund Shares.

Purchases and redemptions of the Underlying Fund shares, are noted in the table below.

	Purchases ($)	Redemptions ($)
VIP Freedom Income	15,800,932	14,019,081
VIP Freedom 2005	4,369,593	2,705,694
VIP Freedom 2010	67,359,391	76,041,583
VIP Freedom 2015	26,891,539	34,745,103
VIP Freedom 2020	154,913,778	172,230,861
VIP Freedom 2025	60,955,005	44,940,515
VIP Freedom 2030	101,904,268	75,730,238
VIP Freedom 2035	23,849,669	11,454,916
VIP Freedom 2040	34,957,396	16,412,437
VIP Freedom 2045	14,653,135	5,387,678
VIP Freedom 2050	8,895,660	9,088,708

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR Co., Inc. (the investment adviser), an affiliate of FMR, provides the Funds with investment management related services. The Funds do not pay any fees for these services.

Other Transactions. The investment adviser has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of each Fund. Pursuant to this agreement, FMR pays all expenses of each Fund, excluding distribution and service plan fees, compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Funds have adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.

For the period, total fees, all of which were reallowed to insurance companies for the distribution of shares and providing shareholder support services were as follows:

	Service Class	Service Class 2	Total
VIP Freedom Income	$10,758	$34,971	$45,729
VIP Freedom 2005	853	231	1,084
VIP Freedom 2010	26,257	655,605	681,862
VIP Freedom 2015	16,839	125,907	142,746
VIP Freedom 2020	128,931	1,367,183	1,496,114
VIP Freedom 2025	61,283	155,636	216,919
VIP Freedom 2030	88,860	347,676	436,536
VIP Freedom 2035	6,252	86,425	92,677
VIP Freedom 2040��	33,520	39,740	73,260
VIP Freedom 2045	981	52,729	53,710
VIP Freedom 2050	5,592	22,343	27,935

5. Expense Reductions.

FMR voluntarily agreed to reimburse funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

The following classes of each applicable Fund were in reimbursement during the period:

	Expense Limitations	Reimbursement
VIP Freedom Income
Initial Class	-%	$58
Service Class	.10%	40
Service Class 2	.25%	52
VIP Freedom 2005
Initial Class	-%	$27
Service Class	.10%	3
Service Class 2	.25%	–
VIP Freedom 2010
Initial Class	-%	$73
Service Class	.10%	97
Service Class 2	.25%	974
VIP Freedom 2015
Initial Class	-%	$124
Service Class	.10%	63
Service Class 2	.25%	187
VIP Freedom 2020
Initial Class	-%	$260
Service Class	.10%	477
Service Class 2	.25%	2,022
VIP Freedom 2025
Initial Class	-%	$121
Service Class	.10%	224
Service Class 2	.25%	227
VIP Freedom 2030
Initial Class	-%	$245
Service Class	.10%	325
Service Class 2	.25%	508
VIP Freedom 2035
Initial Class	-%	$15
Service Class	.10%	22
Service Class 2	.25%	125
VIP Freedom 2040
Initial Class	-%	$50
Service Class	.10%	121
Service Class 2	.25%	57
VIP Freedom 2045
Initial Class	-%	$4
Service Class	.10%	3
Service Class 2	.25%	75
VIP Freedom 2050
Initial Class	-%	$19
Service Class	.10%	21
Service Class 2	.25%	32

6. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2017	Year ended December 31, 2016
VIP Freedom Income
From net investment income
Initial Class	$245,249	$220,141
Service Class	182,242	130,970
Service Class 2	191,980	174,227
Total	$619,471	$525,338
From net realized gain
Initial Class	$130,464	$151,734
Service Class	91,120	96,512
Service Class 2	123,976	146,242
Total	$345,560	$394,488
VIP Freedom 2005
From net investment income
Initial Class	$117,398	$96,263
Service Class	13,679	7,367
Service Class 2	1,322	1,080
Total	$132,399	$104,710
From net realized gain
Initial Class	$111,476	$90,225
Service Class	14,672	3,196
Service Class 2	1,508	775
Total	$127,656	$94,196
VIP Freedom 2010
From net investment income
Initial Class	$277,746	$292,496
Service Class	371,542	365,828
Service Class 2	3,412,012	3,188,736
Total	$4,061,300	$3,847,060
From net realized gain
Initial Class	$389,757	$700,050
Service Class	563,752	546,307
Service Class 2	5,335,602	5,529,246
Total	$6,289,111	$6,775,603
VIP Freedom 2015
From net investment income
Initial Class	$491,317	$495,718
Service Class	247,128	207,514
Service Class 2	614,650	635,558
Total	$1,353,095	$1,338,790
From net realized gain
Initial Class	$867,181	$958,661
Service Class	447,160	433,634
Service Class 2	1,353,788	1,547,862
Total	$2,668,129	$2,940,157
VIP Freedom 2020
From net investment income
Initial Class	$1,093,675	$953,227
Service Class	1,966,503	1,579,133
Service Class 2	6,826,356	6,752,399
Total	$9,886,534	$9,284,759
From net realized gain
Initial Class	$1,906,359	$2,655,976
Service Class	3,390,053	2,958,700
Service Class 2	15,296,971	17,211,360
Total	$20,593,383	$22,826,036
VIP Freedom 2025
From net investment income
Initial Class	$527,487	$407,709
Service Class	959,236	683,183
Service Class 2	752,835	762,983
Total	$2,239,558	$1,853,875
From net realized gain
Initial Class	$868,126	$804,552
Service Class	1,583,861	1,158,551
Service Class 2	1,709,386	1,692,382
Total	$4,161,373	$3,655,485
VIP Freedom 2030
From net investment income
Initial Class	$978,373	$825,677
Service Class	1,347,092	947,582
Service Class 2	1,561,662	1,587,868
Total	$3,887,127	$3,361,127
From net realized gain
Initial Class	$2,303,629	$2,670,167
Service Class	2,973,121	2,365,309
Service Class 2	5,010,949	5,207,221
Total	$10,287,699	$10,242,697
VIP Freedom 2035
From net investment income
Initial Class	$70,187	$44,374
Service Class	88,032	57,433
Service Class 2	384,424	314,230
Total	$542,643	$416,037
From net realized gain
Initial Class	$140,451	$48,263
Service Class	204,558	71,396
Service Class 2	1,076,662	671,587
Total	$1,421,671	$791,246
VIP Freedom 2040
From net investment income
Initial Class	$184,505	$149,654
Service Class	478,145	275,255
Service Class 2	140,824	166,113
Total	$803,474	$591,022
From net realized gain
Initial Class	$430,744	$564,542
Service Class	997,542	710,866
Service Class 2	504,137	462,693
Total	$1,932,423	$1,738,101
VIP Freedom 2045
From net investment income
Initial Class	$16,172	$10,191
Service Class	19,063	4,839
Service Class 2	246,613	182,132
Total	$281,848	$197,162
From net realized gain
Initial Class	$33,609	$17,640
Service Class	31,431	10,413
Service Class 2	685,217	399,010
Total	$750,257	$427,063
VIP Freedom 2050
From net investment income
Initial Class	$69,125	$58,745
Service Class	75,422	55,931
Service Class 2	75,411	115,699
Total	$219,958	$230,375
From net realized gain
Initial Class	$167,295	$91,976
Service Class	177,468	113,641
Service Class 2	329,614	293,102
Total	$674,377	$498,719

7. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2017	Year ended December 31, 2016	Year ended December 31, 2017	Year ended December 31, 2016
VIP Freedom Income
Initial Class
Shares sold	293,531	238,623	$3,367,839	$2,599,080
Reinvestment of distributions	32,689	34,697	375,713	371,875
Shares redeemed	(306,177)	(260,150)	(3,513,364)	(2,862,948)
Net increase (decrease)	20,043	13,170	$230,188	$108,007
Service Class
Shares sold	508,631	427,065	$5,845,958	$4,715,200
Reinvestment of distributions	23,774	21,244	273,362	227,482
Shares redeemed	(413,202)	(513,568)	(4,752,400)	(5,636,282)
Net increase (decrease)	119,203	(65,259)	$1,366,920	$(693,600)
Service Class 2
Shares sold	385,129	376,872	$4,396,219	$4,077,451
Reinvestment of distributions	27,648	30,096	315,956	320,469
Shares redeemed	(407,047)	(371,087)	(4,602,389)	(4,031,713)
Net increase (decrease)	5,730	35,881	$109,786	$366,207
VIP Freedom 2005
Initial Class
Shares sold	147,674	22,843	$1,796,599	$254,337
Reinvestment of distributions	18,899	16,816	228,874	186,488
Shares redeemed	(78,937)	(76,505)	(965,531)	(874,219)
Net increase (decrease)	87,636	(36,846)	$1,059,942	$(433,394)
Service Class
Shares sold	110,712	36,168	$1,346,116	$414,552
Reinvestment of distributions	2,332	933	28,351	10,563
Shares redeemed	(63,106)	(31,547)	(770,786)	(353,555)
Net increase (decrease)	49,938	5,554	$603,681	$71,560
Service Class 2
Shares sold	2,646	3,360	$32,004	$38,227
Reinvestment of distributions	235	167	2,830	1,855
Shares redeemed	(1,659)	(4,519)	(19,880)	(49,506)
Net increase (decrease)	1,222	(992)	$14,954	$(9,424)
VIP Freedom 2010
Initial Class
Shares sold	355,606	362,079	$4,619,619	$4,388,638
Reinvestment of distributions	51,552	86,236	667,503	992,546
Shares redeemed	(617,919)	(1,413,420)	(8,096,481)	(17,415,136)
Net increase (decrease)	(210,761)	(965,105)	$(2,809,359)	$(12,033,952)
Service Class
Shares sold	613,852	585,805	$7,896,480	$7,162,282
Reinvestment of distributions	72,433	78,462	935,294	912,135
Shares redeemed	(691,276)	(559,667)	(8,862,469)	(6,807,582)
Net increase (decrease)	(4,991)	104,600	$(30,695)	$1,266,835
Service Class 2
Shares sold	923,947	1,781,102	$11,906,015	$21,634,099
Reinvestment of distributions	680,272	756,343	8,747,614	8,717,982
Shares redeemed	(1,987,454)	(1,653,406)	(25,606,406)	(19,966,588)
Net increase (decrease)	(383,235)	884,039	$(4,952,777)	$10,385,493
VIP Freedom 2015
Initial Class
Shares sold	119,565	276,668	$1,582,374	$3,360,686
Reinvestment of distributions	104,146	126,060	1,358,498	1,454,379
Shares redeemed	(434,408)	(648,371)	(5,715,907)	(7,871,386)
Net increase (decrease)	(210,697)	(245,643)	$(2,775,035)	$(3,056,321)
Service Class
Shares sold	525,227	315,507	$6,789,935	$3,830,050
Reinvestment of distributions	53,299	55,771	694,288	641,148
Shares redeemed	(492,331)	(547,859)	(6,446,194)	(6,493,430)
Net increase (decrease)	86,195	(176,581)	$1,038,029	$(2,022,232)
Service Class 2
Shares sold	642,081	583,101	$8,345,564	$7,041,234
Reinvestment of distributions	152,186	191,141	1,968,438	2,183,420
Shares redeemed	(1,218,651)	(1,431,879)	(15,866,083)	(17,369,705)
Net increase (decrease)	(424,384)	(657,637)	$(5,552,081)	$(8,145,051)
VIP Freedom 2020
Initial Class
Shares sold	1,055,267	1,058,900	$14,118,345	$13,010,277
Reinvestment of distributions	224,853	313,703	3,000,034	3,609,203
Shares redeemed	(957,719)	(3,378,132)	(12,901,746)	(42,069,326)
Net increase (decrease)	322,401	(2,005,529)	$4,216,633	$(25,449,846)
Service Class
Shares sold	3,660,093	2,582,454	$48,649,057	$31,914,018
Reinvestment of distributions	402,089	390,901	5,356,556	4,537,833
Shares redeemed	(2,726,653)	(1,824,251)	(36,633,358)	(22,407,487)
Net increase (decrease)	1,335,529	1,149,104	$17,372,255	$14,044,364
Service Class 2
Shares sold	1,175,113	1,534,169	$15,699,528	$18,728,543
Reinvestment of distributions	1,676,903	2,088,466	22,123,327	23,963,759
Shares redeemed	(5,501,937)	(5,467,717)	(73,080,246)	(67,045,665)
Net increase (decrease)	(2,649,921)	(1,845,082)	$(35,257,391)	$(24,353,363)
VIP Freedom 2025
Initial Class
Shares sold	595,839	467,685	$8,237,329	$5,899,090
Reinvestment of distributions	100,153	101,988	1,395,613	1,212,261
Shares redeemed	(228,576)	(419,854)	(3,190,637)	(5,312,842)
Net increase (decrease)	467,416	149,819	$6,442,305	$1,798,509
Service Class
Shares sold	1,823,019	1,232,836	$25,287,132	$15,444,865
Reinvestment of distributions	182,732	154,524	2,543,097	1,841,734
Shares redeemed	(991,180)	(515,800)	(13,974,658)	(6,519,276)
Net increase (decrease)	1,014,571	871,560	$13,855,571	$10,767,323
Service Class 2
Shares sold	1,292,225	1,417,713	$17,812,495	$17,844,228
Reinvestment of distributions	179,466	208,614	2,462,221	2,455,365
Shares redeemed	(1,754,914)	(1,078,378)	(24,190,982)	(13,608,720)
Net increase (decrease)	(283,223)	547,949	$(3,916,266)	$6,690,873
VIP Freedom 2030
Initial Class
Shares sold	1,092,781	1,071,396	$15,118,240	$13,176,145
Reinvestment of distributions	239,670	308,303	3,282,002	3,495,844
Shares redeemed	(804,646)	(2,262,505)	(11,216,758)	(28,416,103)
Net increase (decrease)	527,805	(882,806)	$7,183,484	$(11,744,114)
Service Class
Shares sold	2,991,525	1,425,672	$41,438,157	$17,612,601
Reinvestment of distributions	314,598	290,315	4,320,213	3,312,891
Shares redeemed	(1,263,919)	(844,184)	(17,341,408)	(10,499,420)
Net increase (decrease)	2,042,204	871,803	$28,416,962	$10,426,072
Service Class 2
Shares sold	1,854,818	1,630,873	$25,505,152	$20,002,625
Reinvestment of distributions	486,626	601,993	6,572,611	6,795,089
Shares redeemed	(2,895,582)	(2,388,823)	(39,677,230)	(29,393,264)
Net increase (decrease)	(554,138)	(155,957)	$(7,599,467)	$(2,595,550)
VIP Freedom 2035
Initial Class
Shares sold	124,799	121,608	$2,780,437	$2,243,324
Reinvestment of distributions	9,786	5,187	210,638	92,637
Shares redeemed	(45,395)	(26,211)	(980,553)	(486,337)
Net increase (decrease)	89,190	100,584	$2,010,522	$1,849,624
Service Class
Shares sold	169,721	151,694	$3,619,279	$2,890,722
Reinvestment of distributions	13,698	7,266	292,590	128,829
Shares redeemed	(57,075)	(23,808)	(1,180,081)	(451,245)
Net increase (decrease)	126,344	135,152	$2,731,788	$2,568,306
Service Class 2
Shares sold	735,396	625,457	$15,625,496	$11,554,431
Reinvestment of distributions	69,106	57,121	1,461,086	985,817
Shares redeemed	(448,068)	(260,883)	(9,435,791)	(4,840,638)
Net increase (decrease)	356,434	421,695	$7,650,791	$7,699,610
VIP Freedom 2040
Initial Class
Shares sold	265,813	280,422	$5,363,355	$4,944,964
Reinvestment of distributions	30,326	44,347	615,249	714,196
Shares redeemed	(161,045)	(544,549)	(3,233,889)	(9,830,127)
Net increase (decrease)	135,094	(219,780)	$2,744,715	$(4,170,967)
Service Class
Shares sold	1,108,841	496,602	$22,535,004	$8,748,639
Reinvestment of distributions	72,159	60,554	1,475,687	986,121
Shares redeemed	(338,036)	(318,385)	(6,876,084)	(5,702,806)
Net increase (decrease)	842,964	238,771	$17,134,607	$4,031,954
Service Class 2
Shares sold	224,919	276,006	$4,501,983	$4,913,304
Reinvestment of distributions	32,420	38,832	644,961	628,806
Shares redeemed	(324,956)	(178,793)	(6,527,694)	(3,111,119)
Net increase (decrease)	(67,617)	136,045	$(1,380,750)	$2,430,991
VIP Freedom 2045
Initial Class
Shares sold	32,752	24,104	$676,065	$430,904
Reinvestment of distributions	2,452	1,683	49,781	27,831
Shares redeemed	(9,404)	(12,755)	(190,642)	(224,795)
Net increase (decrease)	25,800	13,032	$535,204	$233,940
Service Class
Shares sold	77,197	11,892	$1,573,429	$216,172
Reinvestment of distributions	2,448	931	50,494	15,252
Shares redeemed	(12,312)	(10,212)	(243,713)	(175,969)
Net increase (decrease)	67,333	2,611	$1,380,210	$55,455
Service Class 2
Shares sold	585,284	412,208	$11,866,438	$7,248,526
Reinvestment of distributions	46,595	35,612	931,830	581,142
Shares redeemed	(273,338)	(167,941)	(5,435,275)	(2,967,444)
Net increase (decrease)	358,541	279,879	$7,362,993	$4,862,224
VIP Freedom 2050
Initial Class
Shares sold	87,242	148,055	$1,592,168	$2,398,472
Reinvestment of distributions	13,043	10,095	236,420	150,721
Shares redeemed	(53,636)	(44,082)	(983,739)	(701,862)
Net increase (decrease)	46,649	114,068	$844,849	$1,847,331
Service Class
Shares sold	183,141	110,732	$3,380,759	$1,749,114
Reinvestment of distributions	13,917	11,500	252,890	169,572
Shares redeemed	(104,937)	(50,924)	(1,983,735)	(800,809)
Net increase (decrease)	92,121	71,308	$1,649,914	$1,117,877
Service Class 2
Shares sold	170,001	214,205	$3,050,110	$3,397,931
Reinvestment of distributions	22,932	28,037	405,025	408,801
Shares redeemed	(341,246)	(134,974)	(6,116,802)	(2,139,794)
Net increase (decrease)	(148,313)	107,268	$(2,661,667)	$1,666,938

8. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

The Funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Funds within their principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the following Funds were the owners of record of 10% or more of the total outstanding shares of the Underlying Funds.

Fund	VIP Freedom 2020 Portfolio
VIP Emerging Markets Portfolio	14%
VIP Value Portfolio	11%

The Funds, in aggregate, were the owners of record of more than 20% of the total outstanding shares of the following Underlying Funds.

Fund	% of shares held
VIP Emerging Markets Portfolio	36%
VIP Value Portfolio	30%

In addition, at the end of the period the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders each were owners of record of more than 10%, respectively, of the outstanding shares of the following Funds:

	Affiliated %	Number of Unaffiliated Shareholders	Unaffiliated Shareholders %
VIP Freedom Income	30%	3	39%
VIP Freedom 2005	85%	–	–%
VIP Freedom 2010	–%	1	89%
VIP Freedom 2015	27%	3	46%
VIP Freedom 2020	–%	1	73%
VIP Freedom 2025	12%	2	49%
VIP Freedom 2030	–%	1	44%
VIP Freedom 2035	–%	5	88%
VIP Freedom 2040	–%	3	71%
VIP Freedom 2045	–%	3	85%
VIP Freedom 2050	–%	5	91%

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund V and the Shareholders of VIP Freedom Income Portfolio, VIP Freedom 2005 Portfolio, VIP Freedom 2010 Portfolio, VIP Freedom 2015 Portfolio, VIP Freedom 2020 Portfolio, VIP Freedom 2025 Portfolio, VIP Freedom 2030 Portfolio, VIP Freedom 2035 Portfolio, VIP Freedom 2040 Portfolio, VIP Freedom 2045 Portfolio and VIP Freedom 2050 Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of VIP Freedom Income Portfolio, VIP Freedom 2005 Portfolio, VIP Freedom 2010 Portfolio, VIP Freedom 2015 Portfolio, VIP Freedom 2020 Portfolio, VIP Freedom 2025 Portfolio, VIP Freedom 2030 Portfolio, VIP Freedom 2035 Portfolio, VIP Freedom 2040 Portfolio, VIP Freedom 2045 Portfolio and VIP Freedom 2050 Portfolio (the "Funds"), each a fund of the Variable Insurance Products Fund V, including the schedules of investments, as of December 31, 2017, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2017, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
February 20, 2018

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity^® fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMRC has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMRC, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 238 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity^® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity^® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity^® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2007

Trustee

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table for each Class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a Class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each Class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.

	Annualized Expense Ratio-^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
VIP Freedom Income
Initial Class	- %
Actual		$1,000.00	$1,034.90	$-
Hypothetical-^C		$1,000.00	$1,025.21	$-
Service Class	.10%
Actual		$1,000.00	$1,034.90	$.51
Hypothetical-^C		$1,000.00	$1,024.70	$.51
Service Class 2	.25%
Actual		$1,000.00	$1,034.40	$1.28
Hypothetical-^C		$1,000.00	$1,023.95	$1.28
VIP Freedom 2005
Initial Class	- %
Actual		$1,000.00	$1,045.40	$-
Hypothetical-^C		$1,000.00	$1,025.21	$-
Service Class	.10%
Actual		$1,000.00	$1,044.20	$.52
Hypothetical-^C		$1,000.00	$1,024.70	$.51
Service Class 2	.25%
Actual		$1,000.00	$1,044.00	$1.29
Hypothetical-^C		$1,000.00	$1,023.95	$1.28
VIP Freedom 2010
Initial Class	- %
Actual		$1,000.00	$1,053.50	$-
Hypothetical-^C		$1,000.00	$1,025.21	$-
Service Class	.10%
Actual		$1,000.00	$1,053.40	$.52
Hypothetical-^C		$1,000.00	$1,024.70	$.51
Service Class 2	.25%
Actual		$1,000.00	$1,052.90	$1.29
Hypothetical-^C		$1,000.00	$1,023.95	$1.28
VIP Freedom 2015
Initial Class	- %
Actual		$1,000.00	$1,062.60	$-
Hypothetical-^C		$1,000.00	$1,025.21	$-
Service Class	.10%
Actual		$1,000.00	$1,061.70	$.52
Hypothetical-^C		$1,000.00	$1,024.70	$.51
Service Class 2	.25%
Actual		$1,000.00	$1,061.00	$1.30
Hypothetical-^C		$1,000.00	$1,023.95	$1.28
VIP Freedom 2020
Initial Class	- %
Actual		$1,000.00	$1,069.10	$-
Hypothetical-^C		$1,000.00	$1,025.21	$-
Service Class	.10%
Actual		$1,000.00	$1,068.40	$.52
Hypothetical-^C		$1,000.00	$1,024.70	$.51
Service Class 2	.25%
Actual		$1,000.00	$1,067.00	$1.30
Hypothetical-^C		$1,000.00	$1,023.95	$1.28
VIP Freedom 2025
Initial Class	- %
Actual		$1,000.00	$1,074.10	$-
Hypothetical-^C		$1,000.00	$1,025.21	$-
Service Class	.10%
Actual		$1,000.00	$1,074.20	$.52
Hypothetical-^C		$1,000.00	$1,024.70	$.51
Service Class 2	.25%
Actual		$1,000.00	$1,072.90	$1.31
Hypothetical-^C		$1,000.00	$1,023.95	$1.28
VIP Freedom 2030
Initial Class	- %
Actual		$1,000.00	$1,086.20	$-
Hypothetical-^C		$1,000.00	$1,025.21	$-
Service Class	.10%
Actual		$1,000.00	$1,085.50	$.53
Hypothetical-^C		$1,000.00	$1,024.70	$.51
Service Class 2	.25%
Actual		$1,000.00	$1,085.60	$1.31
Hypothetical-^C		$1,000.00	$1,023.95	$1.28
VIP Freedom 2035
Initial Class	- %
Actual		$1,000.00	$1,096.70	$-
Hypothetical-^C		$1,000.00	$1,025.21	$-
Service Class	.10%
Actual		$1,000.00	$1,096.50	$.53
Hypothetical-^C		$1,000.00	$1,024.70	$.51
Service Class 2	.25%
Actual		$1,000.00	$1,095.60	$1.32
Hypothetical-^C		$1,000.00	$1,023.95	$1.28
VIP Freedom 2040
Initial Class	- %
Actual		$1,000.00	$1,098.60	$-
Hypothetical-^C		$1,000.00	$1,025.21	$-
Service Class	.10%
Actual		$1,000.00	$1,098.00	$.53
Hypothetical-^C		$1,000.00	$1,024.70	$.51
Service Class 2	.25%
Actual		$1,000.00	$1,096.90	$1.32
Hypothetical-^C		$1,000.00	$1,023.95	$1.28
VIP Freedom 2045
Initial Class	- %
Actual		$1,000.00	$1,098.30	$-
Hypothetical-^C		$1,000.00	$1,025.21	$-
Service Class	.10%
Actual		$1,000.00	$1,097.80	$.53
Hypothetical-^C		$1,000.00	$1,024.70	$.51
Service Class 2	.25%
Actual		$1,000.00	$1,096.80	$1.32
Hypothetical-^C		$1,000.00	$1,023.95	$1.28
VIP Freedom 2050
Initial Class	- %
Actual		$1,000.00	$1,098.20	$-
Hypothetical-^C		$1,000.00	$1,025.21	$-
Service Class	.10%
Actual		$1,000.00	$1,098.10	$.53
Hypothetical-^C		$1,000.00	$1,024.70	$.51
Service Class 2	.25%
Actual		$1,000.00	$1,096.90	$1.32
Hypothetical-^C		$1,000.00	$1,023.95	$1.28

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
VIP Freedom Income Portfolio
Initial Class	02/16/18	02/16/18	$0.002	$0.110
Service Class	02/16/18	02/16/18	$0.002	$0.110
Service Class 2	02/16/18	02/16/18	$0.002	$0.110
VIP Freedom 2005 Portfolio
Initial Class	02/16/18	02/16/18	$0.003	$0.158
Service Class	02/16/18	02/16/18	$0.003	$0.158
Service Class 2	02/16/18	02/16/18	$0.003	$0.158
VIP Freedom 2010 Portfolio
Initial Class	02/16/18	02/16/18	$0.003	$0.342
Service Class	02/16/18	02/16/18	$0.003	$0.342
Service Class 2	02/16/18	02/16/18	$0.003	$0.342
VIP Freedom 2015 Portfolio
Initial Class	02/16/18	02/16/18	$0.003	$0.493
Service Class	02/16/18	02/16/18	$0.003	$0.493
Service Class 2	02/16/18	02/16/18	$0.003	$0.493
VIP Freedom 2020 Portfolio
Initial Class	02/16/18	02/16/18	$0.001	$0.401
Service Class	02/16/18	02/16/18	$0.001	$0.401
Service Class 2	02/16/18	02/16/18	$0.001	$0.401
VIP Freedom 2025 Portfolio
Initial Class	02/16/18	02/16/18	$0.002	$0.250
Service Class	02/16/18	02/16/18	$0.002	$0.250
Service Class 2	02/16/18	02/16/18	$0.002	$0.250
VIP Freedom 2030 Portfolio
Initial Class	02/16/18	02/16/18	$0.002	$0.309
Service Class	02/16/18	02/16/18	$0.002	$0.309
Service Class 2	02/16/18	02/16/18	$0.002	$0.309
VIP Freedom 2035 Portfolio
Initial Class	02/16/18	02/16/18	$0.000	$0.364
Service Class	02/16/18	02/16/18	$0.000	$0.364
Service Class 2	02/16/18	02/16/18	$0.000	$0.364
VIP Freedom 2040 Portfolio
Initial Class	02/16/18	02/16/18	$0.000	$0.363
Service Class	02/16/18	02/16/18	$0.000	$0.363
Service Class 2	02/16/18	02/16/18	$0.000	$0.363
VIP Freedom 2045 Portfolio
Initial Class	02/16/18	02/16/18	$0.000	$0.290
Service Class	02/16/18	02/16/18	$0.000	$0.290
Service Class 2	02/16/18	02/16/18	$0.000	$0.290
VIP Freedom 2050 Portfolio
Initial Class	02/16/18	02/16/18	$0.000	$0.449
Service Class	02/16/18	02/16/18	$0.000	$0.449
Service Class 2	02/16/18	02/16/18	$0.000	$0.449

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended December 31, 2017, or, if subsequently determined to be different, the net capital gain of such year.

VIP Freedom Income Portfolio	$388,817
VIP Freedom 2005 Portfolio	$122,041
VIP Freedom 2010 Portfolio	$8,079,826
VIP Freedom 2015 Portfolio	$3,542,284
VIP Freedom 2020 Portfolio	$22,059,992
VIP Freedom 2025 Portfolio	$2,949,019
VIP Freedom 2030 Portfolio	$7,134,541
VIP Freedom 2035 Portfolio	$939,863
VIP Freedom 2040 Portfolio	$1,334,475
VIP Freedom 2045 Portfolio	$456,096
VIP Freedom 2050 Portfolio	$511,636

A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax

VIP Freedom Income Portfolio	12.78%
VIP Freedom 2005 Portfolio	9.46%
VIP Freedom 2010 Portfolio	7.39%
VIP Freedom 2015 Portfolio	5.58%
VIP Freedom 2020 Portfolio	4.59%
VIP Freedom 2025 Portfolio	3.78%
VIP Freedom 2030 Portfolio	2.06%

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:

	December 2017
VIP Freedom Income Portfolio
Initial Class	11%
Service Class	12%
Service Class 2	13%
VIP Freedom 2005 Portfolio
Initial Class	16%
Service Class	16%
Service Class 2	18%
VIP Freedom 2010 Portfolio
Initial Class	20%
Service Class	21%
Service Class 2	23%
VIP Freedom 2015 Portfolio
Initial Class	24%
Service Class	25%
Service Class 2	27%
VIP Freedom 2020 Portfolio
Initial Class	26%
Service Class	27%
Service Class 2	30%
VIP Freedom 2025 Portfolio
Initial Class	28%
Service Class	29%
Service Class 2	32%
VIP Freedom 2030 Portfolio
Initial Class	33%
Service Class	34%
Service Class 2	37%
VIP Freedom 2035 Portfolio
Initial Class	38%
Service Class	40%
Service Class 2	43%
VIP Freedom 2040 Portfolio
Initial Class	39%
Service Class	41%
Service Class 2	45%
VIP Freedom 2045 Portfolio
Initial Class	40%
Service Class	41%
Service Class 2	44%
VIP Freedom 2050 Portfolio
Initial Class	40%
Service Class	42%
Service Class 2	46%

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
VIP Freedom Income Portfolio
Initial Class	12/22/17	$0.0168	$0.0015
Service Class	12/22/17	$0.0160	$0.0015
Service Class 2	12/22/17	$0.0146	$0.0015
VIP Freedom 2005 Portfolio
Initial Class	12/22/17	$0.0222	$0.0021
Service Class	12/22/17	$0.0212	$0.0021
Service Class 2	12/22/17	$0.0197	$0.0021
VIP Freedom 2010 Portfolio
Initial Class	12/22/17	$0.0329	$0.0028
Service Class	12/22/17	$0.0313	$0.0028
Service Class 2	12/22/17	$0.0290	$0.0028
VIP Freedom 2015 Portfolio
Initial Class	12/22/17	$0.0374	$0.0033
Service Class	12/22/17	$0.0358	$0.0033
Service Class 2	12/22/17	$0.0330	$0.0033
VIP Freedom 2020 Portfolio
Initial Class	12/22/17	$0.0437	$0.0038
Service Class	12/22/17	$0.0419	$0.0038
Service Class 2	12/22/17	$0.0388	$0.0038
VIP Freedom 2025 Portfolio
Initial Class	12/22/17	$0.0478	$0.0043
Service Class	12/22/17	$0.0459	$0.0043
Service Class 2	12/22/17	$0.0425	$0.0043
VIP Freedom 2030 Portfolio
Initial Class	12/22/17	$0.0554	$0.0049
Service Class	12/22/17	$0.0534	$0.0049
Service Class 2	12/22/17	$0.0494	$0.0049
VIP Freedom 2035 Portfolio
Initial Class	12/22/17	$0.0966	$0.0085
Service Class	12/22/17	$0.0931	$0.0085
Service Class 2	12/22/17	$0.0871	$0.0085
VIP Freedom 2040 Portfolio
Initial Class	12/22/17	$0.0902	$0.0082
Service Class	12/22/17	$0.0871	$0.0082
Service Class 2	12/22/17	$0.0797	$0.0082
VIP Freedom 2045 Portfolio
Initial Class	12/22/17	$0.0914	$0.0080
Service Class	12/22/17	$0.0890	$0.0080
Service Class 2	12/22/17	$0.0830	$0.0080
VIP Freedom 2050 Portfolio
Initial Class	12/22/17	$0.0861	$0.0076
Service Class	12/22/17	$0.0829	$0.0076
Service Class 2	12/22/17	$0.0755	$0.0076

Board Approval of Investment Advisory Contracts and Management Fees

VIP Freedom Funds

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract (the Advisory Contract) with FMR Co., Inc. (FMRC), an affiliate of Fidelity Management & Research Company (FMR), and the administration agreement between FMRC and FMR for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts and administration agreements throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contract and administration agreement, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contract and administration agreement. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contract and administration agreement. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts and administration agreements. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2017 meeting, the Board unanimously determined to renew each fund's Advisory Contract and administration agreement. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of each fund and its shareholders and that the fact that no fees are payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. In reaching its determination, the Board was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of FMRC, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups with responsibility for the underlying Fidelity funds in which each fund invests. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the investment adviser about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against one or more securities market indices, including a customized blended index representative of the fund's asset classes (each a "benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the investment adviser the reasons for such underperformance. VIP Freedom 2050 Portfolio underperformed its benchmark for the one- and three-year periods ended January 31, 2017, and as a result, the Board will continue to discuss with FMRC the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses, including acquired fund fees and expenses, but after transaction costs, if any) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses, including acquired fund fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; the extent to which particular underlying funds affected performance; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board noted that the funds do not pay FMRC a management fee for investment advisory services, and that each fund bears indirectly the fees and expenses, including the management fees, paid by the underlying Fidelity funds in which it invests. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and considered by the Board.

VIP Freedom 2005 Portfolio

VIP Freedom 2010 Portfolio

VIP Freedom 2015 Portfolio

VIP Freedom 2020 Portfolio

VIP Freedom 2025 Portfolio

VIP Freedom 2030 Portfolio

VIP Freedom 2035 Portfolio

VIP Freedom 2040 Portfolio

VIP Freedom 2045 Portfolio

VIP Freedom 2050 Portfolio

VIP Freedom Income Portfolio

The Board noted that each fund's management fee rate of 0.00% ranked below the median of its Total Mapped Group and below the median of its ASPG for 2016. The Board further noted that many peer funds pay fund-level expenses, including management fees, to which the funds are not subject.

The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures, and that while the funds do not pay a management fee, they indirectly bear a portion of the management fees paid by the Fidelity funds in which they invest, some of which are subject to the group fee. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of the total expense ratio of each class of each fund, the Board considered fund-paid 12b-1 fees and noted that each fund invests in a class of shares of the underlying Fidelity fund that does not charge a 12b-1 fee to avoid charging fund-paid 12b-1 fees at both fund levels. The Board considered that the funds do not pay transfer agent fees. Instead, the applicable class of each underlying Fidelity fund bears its pro rata portion of each fund's transfer agent fee according to the percentage of each fund's assets invested in that underlying fund. The Board further noted that FMR pays all other expenses of each fund, with limited exceptions, pursuant to the administration agreement between FMRC and FMR with respect to each fund.

The Board noted that each fund offers multiple classes, each of which has a different 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes of each fund vary primarily by the level of their 12b-1 fees.

The Board noted that the total expense ratio of each class of each fund ranked below the competitive median for 2016.

In considering the total expense ratio of each class of each fund, the Board also considered an alternative competitive analysis that included both top level (i.e., direct) fund fees and acquired fund fees and expenses for the class and the other funds and classes to which it is compared. The Board noted that, under this alternative competitive analysis, the total expense ratio of each of Initial Class and Service Class of each fund ranked below the competitive median for 2016. The Board noted that the total expense ratio of Service Class 2 of each of VIP Freedom 2005 Portfolio, VIP Freedom 2010 Portfolio, VIP Freedom 2015 Portfolio, VIP Freedom 2020 Portfolio, VIP Freedom 2025 Portfolio, and VIP Freedom Income Portfolio ranked below the competitive median for 2016, the total expense ratio of Service Class 2 of VIP Freedom 2030 Portfolio ranked equal to the competitive median for 2016, and the total expense ratio of Service Class 2 of each other fund ranked above the competitive median for 2016. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that, for each fund for which Service Class 2 was above the competitive median, the class was above median because of its 12b-1 fees.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that, although some classes were above the median of the universe presented for comparison, the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, including the Fidelity funds in which the funds invest.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund were not relevant to the renewal of each fund's Advisory Contract because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions.

Economies of Scale. The Board concluded that because the funds do not pay management fees and FMR pays all other expenses of each fund, with limited exceptions, economies of scale cannot be realized by the funds, but may be realized by the other Fidelity funds in which each fund invests, many of which may benefit from breakpoints under the group fee arrangement.

Fidelity Investments

VIPFF2K-ANN-0218
1.826371.113

Fidelity® Variable Insurance Products:
Freedom Lifetime Income Funds - Portfolios I, II & III

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
VIP Freedom Lifetime Income® I Portfolio
Investment Summary
Investments
Financial Statements
VIP Freedom Lifetime Income® II Portfolio
Investment Summary
Investments
Financial Statements
VIP Freedom Lifetime Income® III Portfolio
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.

VIP Freedom Lifetime Income® I Portfolio

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
VIP Freedom Lifetime Income® I Portfolio	7.62%	5.34%	4.33%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Freedom Lifetime Income® I Portfolio on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.

	Period Ending Values
	$15,273	VIP Freedom Lifetime Income® I Portfolio
	$14,811	Bloomberg Barclays U.S. Aggregate Bond Index

VIP Freedom Lifetime Income® II Portfolio

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
VIP Freedom Lifetime Income® II Portfolio	12.29%	7.04%	4.85%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Freedom Lifetime Income® II Portfolio on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.

	Period Ending Values
	$16,063	VIP Freedom Lifetime Income® II Portfolio
	$14,811	Bloomberg Barclays U.S. Aggregate Bond Index

VIP Freedom Lifetime Income® III Portfolio

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
VIP Freedom Lifetime Income® III Portfolio	15.85%	9.37%	5.59%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Freedom Lifetime Income® III Portfolio on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$17,231	VIP Freedom Lifetime Income® III Portfolio
	$22,603	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Co-Portfolio Managers Andrew Dierdorf and Brett Sumsion: For the year, VIP Freedom Lifetime Income Funds posted gains ranging from roughly 8% to 16%. Each Portfolio finished ahead of its respective Composite benchmark by about a percentage point. (For specific Portfolio results, please refer to the performance section of this report.) Versus Composite benchmarks, most of the value was attributable to results among underlying investments. Top-down asset allocation decisions – in particular, underweighting the U.S. investment-grade debt asset class to fund an allocation to out-of-Composite U.S. high-yield debt – also helped overall. Within the U.S. equity asset class, though, allocations to mid-cap and value investments detracted. Looking at individual results, Fidelity^® VIP Growth & Income Portfolio (+17%), the Funds' largest U.S. equity investment, lagged its particular benchmark by 5 percentage points and proved our biggest detractor. Collectively, though, results from underlying actively managed U.S. equity investments helped overall. In the non-U.S. equity asset class, Fidelity^® VIP Overseas Portfolio (+30%), which led its specific benchmark by nearly 6 percentage points, and Portfolio Fidelity VIP Emerging Markets Portfolio (+47%), which led by 10 percentage points, aided our relative performance. In fixed income, our overall strategy of underweighting the core fixed-income asset class, combined with an out-of-Composite allocation to Fidelity VIP High Income Portfolio (+7.0%), added value. With an assist from Fidelity VIP Investment Grade Bond Portfolio (+4.2%), aggregate results among underlying fixed-income investments also helped.

VIP Freedom Lifetime Income® I Portfolio

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Holdings as of December 31, 2017

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	59.7
VIP Government Money Market Portfolio Investor Class 1.06%	14.9
VIP High Income Portfolio Investor Class	4.9
VIP Overseas Portfolio Investor Class	4.4
VIP Growth & Income Portfolio Investor Class	3.2
VIP Equity-Income Portfolio Investor Class	2.7
VIP Growth Portfolio Investor Class	2.7
VIP Contrafund Portfolio Investor Class	2.6
VIP Value Portfolio Investor Class	2.0
VIP Emerging Markets Portfolio Investor Class	1.1
	98.2

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	15.0%
	International Equity Funds	5.5%
	Bond Funds	64.6%
	Short-Term Funds	14.9%

VIP Freedom Lifetime Income® I Portfolio

Investments December 31, 2017

Showing Percentage of Net Assets

Domestic Equity Funds - 15.0%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	9,484	$357,908
VIP Equity-Income Portfolio Investor Class (a)	15,820	376,040
VIP Growth & Income Portfolio Investor Class (a)	19,297	436,501
VIP Growth Portfolio Investor Class (a)	4,947	364,765
VIP Mid Cap Portfolio Investor Class (a)	2,721	105,369
VIP Value Portfolio Investor Class (a)	17,023	277,982
VIP Value Strategies Portfolio Investor Class (a)	9,616	136,359
TOTAL DOMESTIC EQUITY FUNDS
(Cost $1,484,615)		2,054,924

International Equity Funds - 5.5%
VIP Emerging Markets Portfolio Investor Class (a)	12,922	157,262
VIP Overseas Portfolio Investor Class (a)	26,345	600,411
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $581,751)		757,673

Bond Funds - 64.6%
VIP High Income Portfolio Investor Class (a)	124,641	676,798
VIP Investment Grade Bond Portfolio Investor Class (a)	640,765	8,169,760
TOTAL BOND FUNDS
(Cost $8,850,353)		8,846,558

Short-Term Funds - 14.9%
VIP Government Money Market Portfolio Investor Class 1.06% (a)(b)
(Cost $2,031,025)	2,031,025	2,031,025
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $12,947,744)		13,690,180
NET OTHER ASSETS (LIABILITIES) - 0.0%		120
NET ASSETS - 100%		$13,690,300

Legend

(a) Affiliated Fund

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
VIP Contrafund Portfolio Investor Class	$399,233	$27,421	$119,009	$24,511	$10,533	$39,730	$357,908
VIP Emerging Markets Portfolio Investor Class	167,232	2,358	74,107	1,120	14,245	47,534	157,262
VIP Equity-Income Portfolio Investor Class	423,425	18,125	97,856	14,498	(8,564)	40,910	376,040
VIP Government Money Market Portfolio Investor Class 1.06%	2,113,593	162,116	244,684	13,529	--	--	2,031,025
VIP Growth & Income Portfolio Investor Class	483,127	19,918	119,164	16,429	25,394	27,226	436,501
VIP Growth Portfolio Investor Class	400,697	34,894	156,417	31,927	60,877	24,714	364,765
VIP High Income Portfolio Investor Class	719,740	42,829	96,947	36,261	(11,585)	22,761	676,798
VIP Investment Grade Bond Portfolio Investor Class	8,218,190	815,710	972,987	232,214	(5,950)	114,797	8,169,760
VIP Mid Cap Portfolio Investor Class	115,197	6,828	30,988	5,987	1,755	12,577	105,369
VIP Overseas Portfolio Investor Class	674,479	13,007	248,815	8,110	(3,561)	165,301	600,411
VIP Value Portfolio Investor Class	312,052	14,759	79,512	10,838	10,709	19,974	277,982
VIP Value Strategies Portfolio Investor Class	151,076	40,486	41,660	38,630	1,461	(15,004)	136,359
Total	$14,178,041	$1,198,451	$2,282,146	$434,054	$95,314	$500,520	$13,690,180

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

VIP Freedom Lifetime Income® I Portfolio

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (cost $12,947,744) — See accompanying schedule		$13,690,180
Receivable for investments sold		226
Dividends receivable		119
Total assets		13,690,525
Liabilities
Payable for fund shares redeemed	$225
Total liabilities		225
Net Assets		$13,690,300
Net Assets consist of:
Paid in capital		$12,812,190
Undistributed net investment income		1,555
Accumulated undistributed net realized gain (loss) on investments		134,119
Net unrealized appreciation (depreciation) on investments		742,436
Net Assets, for 1,221,475 shares outstanding		$13,690,300
Net Asset Value, offering price and redemption price per share ($13,690,300 ÷ 1,221,475 shares)		$11.21

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Income distributions from underlying funds		$274,731
Expenses
Independent trustees' fees and expenses	$52
Total expenses before reductions	52
Expense reductions	(52)	–
Net investment income (loss)		274,731
Realized and Unrealized Gain (Loss)
Realized gain (loss) on sale of underlying fund shares	95,314
Capital gain distributions from underlying funds	159,323
Total net realized gain (loss)		254,637
Change in net unrealized appreciation (depreciation) on underlying funds		500,520
Net gain (loss)		755,157
Net increase (decrease) in net assets resulting from operations		$1,029,888

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$274,731	$269,646
Net realized gain (loss)	254,637	110,478
Change in net unrealized appreciation (depreciation)	500,520	305,791
Net increase (decrease) in net assets resulting from operations	1,029,888	685,915
Distributions to shareholders from net investment income	(273,176)	(271,204)
Distributions to shareholders from net realized gain	(170,356)	(256,261)
Total distributions	(443,532)	(527,465)
Share transactions
Proceeds from sales of shares	112,904	1,395,743
Reinvestment of distributions	443,532	527,465
Cost of shares redeemed	(1,630,553)	(1,539,041)
Net increase (decrease) in net assets resulting from share transactions	(1,074,117)	384,167
Total increase (decrease) in net assets	(487,761)	542,617
Net Assets
Beginning of period	14,178,061	13,635,444
End of period	$13,690,300	$14,178,061
Other Information
Undistributed net investment income end of period	$1,555	$–
Shares
Sold	9,946	129,750
Issued in reinvestment of distributions	40,052	50,452
Redeemed	(146,477)	(142,283)
Net increase (decrease)	(96,479)	37,919

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP Freedom Lifetime Income I Portfolio

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$10.76	$10.65	$11.01	$10.95	$10.26
Income from Investment Operations
Net investment income (loss)^A	.22	.21	.23	.21	.19
Net realized and unrealized gain (loss)	.59	.31	(.27)	.29	.83
Total from investment operations	.81	.52	(.04)	.50	1.02
Distributions from net investment income	(.23)	(.21)	(.24)	(.20)	(.20)
Distributions from net realized gain	(.13)	(.20)	(.09)	(.25)	(.13)
Total distributions	(.36)	(.41)	(.32)^B	(.44)^C	(.33)
Net asset value, end of period	$11.21	$10.76	$10.65	$11.01	$10.95
Total Return^D,^E	7.62%	5.05%	(.35)%	4.68%	9.96%
Ratios to Average Net Assets^F,^G
Expenses before reductions^H	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	-%	-%	-%	-%	-%
Expenses net of all reductions	-%	-%	-%	-%	-%
Net investment income (loss)	1.97%	1.90%	2.05%	1.89%	1.81%
Supplemental Data
Net assets, end of period (000 omitted)	$13,690	$14,178	$13,635	$14,663	$12,991
Portfolio turnover rate^G	9%	18%	12%	12%	22%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.32 per share is comprised of distributions from net investment income of $.235 and distributions from net realized gain of $.088 per share.

^C Total distributions of $.44 per share is comprised of distributions from net investment income of $.196 and distributions from net realized gain of $.248 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the underlying funds in which the Fund invests.

^G Amount does not include the portfolio activity of any Underlying Funds.

^H Amount represents less than .005%.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom Lifetime Income® II Portfolio

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Holdings as of December 31, 2017

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	37.4
VIP Government Money Market Portfolio Investor Class 1.06%	12.0
VIP Overseas Portfolio Investor Class	9.7
VIP Growth & Income Portfolio Investor Class	7.1
VIP Equity-Income Portfolio Investor Class	6.1
VIP Growth Portfolio Investor Class	6.0
VIP Contrafund Portfolio Investor Class	5.9
VIP High Income Portfolio Investor Class	4.9
VIP Value Portfolio Investor Class	4.5
VIP Emerging Markets Portfolio Investor Class	2.5
	96.1

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	33.5%
	International Equity Funds	12.2%
	Bond Funds	42.3%
	Short-Term Funds	12.0%

VIP Freedom Lifetime Income® II Portfolio

Investments December 31, 2017

Showing Percentage of Net Assets

Domestic Equity Funds - 33.5%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	53,875	$2,033,226
VIP Equity-Income Portfolio Investor Class (a)	89,872	2,136,266
VIP Growth & Income Portfolio Investor Class (a)	109,628	2,479,792
VIP Growth Portfolio Investor Class (a)	28,102	2,071,970
VIP Mid Cap Portfolio Investor Class (a)	15,458	598,516
VIP Value Portfolio Investor Class (a)	96,703	1,579,165
VIP Value Strategies Portfolio Investor Class (a)	54,625	774,587
TOTAL DOMESTIC EQUITY FUNDS
(Cost $8,987,344)		11,673,522

International Equity Funds - 12.2%
VIP Emerging Markets Portfolio Investor Class (a)	72,313	880,044
VIP Overseas Portfolio Investor Class (a)	147,427	3,359,858
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $3,336,948)		4,239,902

Bond Funds - 42.3%
VIP High Income Portfolio Investor Class (a)	314,389	1,707,134
VIP Investment Grade Bond Portfolio Investor Class (a)	1,021,778	13,027,669
TOTAL BOND FUNDS
(Cost $14,765,498)		14,734,803

Short-Term Funds - 12.0%
VIP Government Money Market Portfolio Investor Class 1.06% (a)(b)
(Cost $4,169,506)	4,169,506	4,169,506
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $31,259,296)		34,817,733
NET OTHER ASSETS (LIABILITIES) - 0.0%		248
NET ASSETS - 100%		$34,817,981

Legend

(a) Affiliated Fund

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
VIP Contrafund Portfolio Investor Class	$1,957,270	$196,739	$392,872	$126,704	$17,845	$254,244	$2,033,226
VIP Emerging Markets Portfolio Investor Class	814,237	34,698	297,318	6,069	39,743	288,684	880,044
VIP Equity-Income Portfolio Investor Class	2,075,331	223,223	341,395	77,268	10,963	168,144	2,136,266
VIP Government Money Market Portfolio Investor Class 1.06%	3,697,673	976,150	504,317	26,409	--	--	4,169,506
VIP Growth & Income Portfolio Investor Class	2,367,908	229,642	409,634	86,209	24,306	267,570	2,479,792
VIP Growth Portfolio Investor Class	1,965,053	229,747	587,120	160,289	70,839	393,451	2,071,970
VIP High Income Portfolio Investor Class	1,717,108	180,119	215,632	91,058	(8,598)	34,137	1,707,134
VIP Investment Grade Bond Portfolio Investor Class	13,182,658	1,341,315	1,674,240	371,287	(6,774)	184,710	13,027,669
VIP Mid Cap Portfolio Investor Class	564,866	60,297	107,123	30,252	5,081	75,395	598,516
VIP Overseas Portfolio Investor Class	3,284,173	158,265	934,070	45,464	(20,274)	871,764	3,359,858
VIP Value Portfolio Investor Class	1,529,673	166,389	281,343	61,196	12,909	151,537	1,579,165
VIP Value Strategies Portfolio Investor Class	740,710	241,986	148,006	195,038	(1,373)	(58,730)	774,587
Total	$33,896,660	$4,038,570	$5,893,070	$1,277,243	$144,667	$2,630,906	$34,817,733

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

VIP Freedom Lifetime Income® II Portfolio

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (cost $31,259,296) — See accompanying schedule		$34,817,733
Cash		4
Receivable for investments sold		574
Dividends receivable		244
Total assets		34,818,555
Liabilities
Payable for fund shares redeemed	$574
Total liabilities		574
Net Assets		$34,817,981
Net Assets consist of:
Paid in capital		$30,866,464
Undistributed net investment income		2,558
Accumulated undistributed net realized gain (loss) on investments		390,522
Net unrealized appreciation (depreciation) on investments		3,558,437
Net Assets, for 2,740,777 shares outstanding		$34,817,981
Net Asset Value, offering price and redemption price per share ($34,817,981 ÷ 2,740,777 shares)		$12.70

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Income distributions from underlying funds		$594,293
Expenses
Independent trustees' fees and expenses	$129
Total expenses before reductions	129
Expense reductions	(129)	–
Net investment income (loss)		594,293
Realized and Unrealized Gain (Loss)
Realized gain (loss) on sale of underlying fund shares	144,667
Capital gain distributions from underlying funds	682,950
Total net realized gain (loss)		827,617
Change in net unrealized appreciation (depreciation) on underlying funds		2,630,906
Net gain (loss)		3,458,523
Net increase (decrease) in net assets resulting from operations		$4,052,816

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$594,293	$575,236
Net realized gain (loss)	827,617	427,307
Change in net unrealized appreciation (depreciation)	2,630,906	804,519
Net increase (decrease) in net assets resulting from operations	4,052,816	1,807,062
Distributions to shareholders from net investment income	(591,734)	(579,748)
Distributions to shareholders from net realized gain	(628,990)	(527,727)
Total distributions	(1,220,724)	(1,107,475)
Share transactions
Proceeds from sales of shares	1,177,281	4,134,149
Reinvestment of distributions	1,220,724	1,107,475
Cost of shares redeemed	(4,308,811)	(2,392,038)
Net increase (decrease) in net assets resulting from share transactions	(1,910,806)	2,849,586
Total increase (decrease) in net assets	921,286	3,549,173
Net Assets
Beginning of period	33,896,695	30,347,522
End of period	$34,817,981	$33,896,695
Other Information
Undistributed net investment income end of period	$2,558	$–
Shares
Sold	97,365	354,202
Issued in reinvestment of distributions	98,613	98,848
Redeemed	(348,172)	(206,893)
Net increase (decrease)	(152,194)	246,157

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP Freedom Lifetime Income II Portfolio

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$11.72	$11.47	$11.76	$11.43	$10.36
Income from Investment Operations
Net investment income (loss)^A	.21	.21	.24	.23	.20
Net realized and unrealized gain (loss)	1.22	.44	(.27)	.35	1.12
Total from investment operations	1.43	.65	(.03)	.58	1.32
Distributions from net investment income	(.22)	(.20)	(.24)	(.21)	(.21)
Distributions from net realized gain	(.23)	(.20)	(.03)	(.04)	(.05)
Total distributions	(.45)	(.40)	(.26)^B	(.25)	(.25)^C
Net asset value, end of period	$12.70	$11.72	$11.47	$11.76	$11.43
Total Return^D,^E	12.29%	5.90%	(.23)%	5.06%	12.76%
Ratios to Average Net Assets^F,^G
Expenses before reductions^H	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	-%	-%	-%	-%	-%
Expenses net of all reductions	-%	-%	-%	-%	-%
Net investment income (loss)	1.71%	1.84%	2.06%	1.97%	1.86%
Supplemental Data
Net assets, end of period (000 omitted)	$34,818	$33,897	$30,348	$29,531	$23,071
Portfolio turnover rate^G	12%	16%	14%	9%	13%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.26 per share is comprised of distributions from net investment income of $.238 and distributions from net realized gain of $.026 per share.

^C Total distributions of $.25 per share is comprised of distributions from net investment income of $.206 and distributions from net realized gain of $.045 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Amount does not include the portfolio activity of any Underlying Funds.

^H Amount represents less than .005%.

See accompanying notes which are an integral part of the financial statements.

VIP Freedom Lifetime Income® III Portfolio

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Holdings as of December 31, 2017

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	29.9
VIP Overseas Portfolio Investor Class	12.7
VIP Growth & Income Portfolio Investor Class	9.4
VIP Equity-Income Portfolio Investor Class	8.1
VIP Growth Portfolio Investor Class	7.8
VIP Contrafund Portfolio Investor Class	7.7
VIP High Income Portfolio Investor Class	6.6
VIP Value Portfolio Investor Class	6.0
VIP Government Money Market Portfolio Investor Class 1.06%	3.4
VIP Emerging Markets Portfolio Investor Class	3.3
	94.9

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	44.1%
	International Equity Funds	16.0%
	Bond Funds	36.5%
	Short-Term Funds	3.4%

VIP Freedom Lifetime Income® III Portfolio

Investments December 31, 2017

Showing Percentage of Net Assets

Domestic Equity Funds - 44.1%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	65,959	$2,489,286
VIP Equity-Income Portfolio Investor Class (a)	110,028	2,615,358
VIP Growth & Income Portfolio Investor Class (a)	134,210	3,035,821
VIP Growth Portfolio Investor Class (a)	34,408	2,536,867
VIP Mid Cap Portfolio Investor Class (a)	18,924	732,753
VIP Value Portfolio Investor Class (a)	118,391	1,933,329
VIP Value Strategies Portfolio Investor Class (a)	66,876	948,299
TOTAL DOMESTIC EQUITY FUNDS
(Cost $11,436,471)		14,291,713

International Equity Funds - 16.0%
VIP Emerging Markets Portfolio Investor Class (a)	88,535	1,077,469
VIP Overseas Portfolio Investor Class (a)	180,515	4,113,938
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $4,052,544)		5,191,407

Bond Funds - 36.5%
VIP High Income Portfolio Investor Class (a)	390,460	2,120,198
VIP Investment Grade Bond Portfolio Investor Class (a)	759,737	9,686,654
TOTAL BOND FUNDS
(Cost $11,860,657)		11,806,852

Short-Term Funds - 3.4%
VIP Government Money Market Portfolio Investor Class 1.06% (a)(b)
(Cost $1,093,268)	1,093,268	1,093,268
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $28,442,940)		32,383,240
NET OTHER ASSETS (LIABILITIES) - 0.0%		65
NET ASSETS - 100%		$32,383,305

Legend

(a) Affiliated Fund

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
VIP Contrafund Portfolio Investor Class	$2,246,867	$317,745	$402,824	$152,169	$18,108	$309,390	$2,489,286
VIP Emerging Markets Portfolio Investor Class	935,244	77,092	330,279	7,367	35,691	359,721	1,077,469
VIP Equity-Income Portfolio Investor Class	2,382,199	340,049	323,174	93,315	(843)	217,127	2,615,358
VIP Government Money Market Portfolio Investor Class 1.06%	633,736	530,743	71,211	6,132	--	--	1,093,268
VIP Growth & Income Portfolio Investor Class	2,718,041	360,168	395,142	103,823	25,555	327,199	3,035,821
VIP Growth Portfolio Investor Class	2,256,268	360,843	639,334	191,489	45,469	513,621	2,536,867
VIP High Income Portfolio Investor Class	1,998,435	260,814	169,468	112,463	(22,522)	52,939	2,120,198
VIP Investment Grade Bond Portfolio Investor Class	7,884,126	2,397,648	698,806	262,155	(5,870)	109,556	9,686,654
VIP Mid Cap Portfolio Investor Class	648,479	93,100	105,884	36,190	824	96,234	732,753
VIP Overseas Portfolio Investor Class	3,771,393	330,501	1,015,466	55,515	15,281	1,012,229	4,113,938
VIP Value Portfolio Investor Class	1,755,819	243,582	263,341	74,624	8,767	188,502	1,933,329
VIP Value Strategies Portfolio Investor Class	850,287	310,715	141,620	233,188	(8,666)	(62,417)	948,299
Total	$28,080,894	$5,623,000	$4,556,549	$1,328,430	$111,794	$3,124,101	$32,383,240

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

VIP Freedom Lifetime Income® III Portfolio

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value (cost $28,442,940) — See accompanying schedule		$32,383,240
Cash		2
Receivable for investments sold		535
Dividends receivable		64
Total assets		32,383,841
Liabilities
Payable for fund shares redeemed	$536
Total liabilities		536
Net Assets		$32,383,305
Net Assets consist of:
Paid in capital		$28,016,124
Undistributed net investment income		1
Accumulated undistributed net realized gain (loss) on investments		426,880
Net unrealized appreciation (depreciation) on investments		3,940,300
Net Assets, for 2,476,827 shares outstanding		$32,383,305
Net Asset Value, offering price and redemption price per share ($32,383,305 ÷ 2,476,827 shares)		$13.07

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Income distributions from underlying funds		$544,485
Expenses
Independent trustees' fees and expenses	$115
Total expenses before reductions	115
Expense reductions	(115)	–
Net investment income (loss)		544,485
Realized and Unrealized Gain (Loss)
Realized gain (loss) on sale of underlying fund shares	111,794
Capital gain distributions from underlying funds	783,945
Total net realized gain (loss)		895,739
Change in net unrealized appreciation (depreciation) on underlying funds		3,124,101
Net gain (loss)		4,019,840
Net increase (decrease) in net assets resulting from operations		$4,564,325

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$544,485	$480,153
Net realized gain (loss)	895,739	513,489
Change in net unrealized appreciation (depreciation)	3,124,101	700,735
Net increase (decrease) in net assets resulting from operations	4,564,325	1,694,377
Distributions to shareholders from net investment income	(543,806)	(481,855)
Distributions to shareholders from net realized gain	(812,703)	(622,404)
Total distributions	(1,356,509)	(1,104,259)
Share transactions
Proceeds from sales of shares	1,985,174	6,572,340
Reinvestment of distributions	1,356,509	1,104,259
Cost of shares redeemed	(2,247,094)	(1,365,643)
Net increase (decrease) in net assets resulting from share transactions	1,094,589	6,310,956
Total increase (decrease) in net assets	4,302,405	6,901,074
Net Assets
Beginning of period	28,080,900	21,179,826
End of period	$32,383,305	$28,080,900
Other Information
Undistributed net investment income end of period	$1	$–
Shares
Sold	164,920	572,132
Issued in reinvestment of distributions	108,141	100,721
Redeemed	(177,878)	(118,190)
Net increase (decrease)	95,183	554,663

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP Freedom Lifetime Income III Portfolio

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$11.79	$11.59	$11.91	$11.74	$9.99
Income from Investment Operations
Net investment income (loss)^A	.22	.23	.27	.25	.23
Net realized and unrealized gain (loss)	1.62	.51	(.30)	.37	1.81
Total from investment operations	1.84	.74	(.03)	.62	2.04
Distributions from net investment income	(.23)	(.21)	(.24)	(.22)	(.20)
Distributions from net realized gain	(.33)	(.33)	(.05)	(.23)	(.09)
Total distributions	(.56)	(.54)	(.29)	(.45)	(.29)
Net asset value, end of period	$13.07	$11.79	$11.59	$11.91	$11.74
Total Return^B,^C	15.85%	6.83%	(.27)%	5.30%	20.43%
Ratios to Average Net Assets^D,^E
Expenses before reductions^F	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	-%	-%	-%	-%	-%
Expenses net of all reductions	-%	-%	-%	-%	-%
Net investment income (loss)	1.74%	1.95%	2.23%	2.07%	2.07%
Supplemental Data
Net assets, end of period (000 omitted)	$32,383	$28,081	$21,180	$17,037	$12,661
Portfolio turnover rate^E	15%	15%	12%	18%	19%

^A Calculated based on average shares outstanding during the period.

^B Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the underlying funds in which the Fund invests.

^E Amount does not include the portfolio activity of any Underlying Funds.

^F Amount represents less than .005%.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended December 31, 2017

1. Organization.

VIP Freedom Lifetime Income I Portfolio, VIP Freedom Lifetime Income II Portfolio, and VIP Freedom Lifetime Income III Portfolio (the Funds) are funds of Variable Insurance Products Fund V (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in a combination of other VIP equity, bond, and short-term funds (the Underlying Funds) managed by Fidelity Management & Research Company (FMR). Shares of each Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts.

2. Significant Accounting Policies.

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation)
VIP Freedom Lifetime Income I	$12,991,267	$823,787	$(124,874)	$698,913
VIP Freedom Lifetime Income II	31,379,416	3,727,135	(288,818)	3,438,317
VIP Freedom Lifetime Income III	28,565,795	4,097,830	(280,385)	3,817,445

The tax-based components of distributable earnings as of period end were as follows for each Fund:

	Undistributed ordinary income	Undistributed long-term capital gain	Net unrealized appreciation (depreciation) on securities and other investments
VIP Freedom Lifetime Income I	$ 2,698	$ 176,499	$ 698,913
VIP Freedom Lifetime Income II	4,828	508,374	3,438,317
VIP Freedom Lifetime Income III	-	549,734	3,817,445

The tax character of distributions paid was as follows:

December 31, 2017
	Ordinary Income	Long-term Capital Gains	Total
VIP Freedom Lifetime Income I	$320,892	$122,640	$443,532
VIP Freedom Lifetime Income II	805,936	414,788	1,220,724
VIP Freedom Lifetime Income III	785,498	571,011	1,356,509

December 31, 2016
	Ordinary Income	Long-term Capital Gains	Total
VIP Freedom Lifetime Income I	$285,411	$242,054	$527,465
VIP Freedom Lifetime Income II	599,641	507,834	1,107,475
VIP Freedom Lifetime Income III	502,907	601,352	1,104,259

3. Purchases and Redemptions of Underlying Fund Shares.

Purchases and redemptions of the Underlying Fund shares are noted in the table below.

	Purchases ($)	Redemptions ($)
VIP Freedom Lifetime Income I	1,198,451	2,282,146
VIP Freedom Lifetime Income II	4,038,570	5,893,070
VIP Freedom Lifetime Income III	5,623,000	4,556,549

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR Co., Inc. (the investment adviser), an affiliate of FMR, provides the Funds with investment management related services. The Funds do not pay any fees for these services.

Other Transactions. The investment adviser has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of each Fund. Pursuant to this agreement, FMR pays all expenses of each Fund, excluding compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.

5. Expense Reductions.

FMR voluntarily agreed to reimburse each Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

The following Funds were in reimbursement during the period:

	Expense Limitations	Reimbursement
VIP Freedom Lifetime Income I	-%	$52
VIP Freedom Lifetime Income II	-%	$129
VIP Freedom Lifetime Income III	-%	$115

6. Other.

At the end of the period, the investment adviser or its affiliates were owners of record of all of the outstanding shares of the Funds.

Report of Independent Registered Public Accounting Firm

To the Trustees of Variable Insurance Products Fund V and the Shareholders of VIP Freedom Lifetime Income I Portfolio, VIP Freedom Lifetime Income II Portfolio and VIP Freedom Lifetime Income III Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of VIP Freedom Lifetime Income I Portfolio, VIP Freedom Lifetime Income II Portfolio and VIP Freedom Lifetime Income III Portfolio (the "Funds"), each a fund of the Variable Insurance Products Fund V, including the schedules of investments, as of December 31, 2017, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2017, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
February 16, 2018
We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trusts and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity^® fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMRC has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMRC, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 238 funds..

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trusts or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Albert R. Gamper, Jr. (1942)

Year of Election or Appointment: 2007

Trustee

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Vice Chairman of the Independent Trustees

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Chairman of the Independent Trustees

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Marc R. Bryant (1966)

Year of Election or Appointment: 2015

Secretary and Chief Legal Officer (CLO)

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2010

Assistant Treasurer

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2013

President and Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2014

Chief Financial Officer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

John B. McGinty, Jr. (1962)

Year of Election or Appointment: 2016

Chief Compliance Officer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2015

Assistant Secretary

Nancy D. Prior (1967)

Year of Election or Appointment: 2014

Vice President

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Deputy Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 to December 31, 2017).

Actual Expenses

The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.

	Annualized Expense Ratio^A	Beginning Account Value July 1, 2017	Ending Account Value December 31, 2017	Expenses Paid During Period-^B July 1, 2017 to December 31, 2017
VIP Freedom Lifetime Income I	- %
Actual		$1,000.00	$1,031.40	$-
Hypothetical-^C		$1,000.00	$1,025.21	$-
VIP Freedom Lifetime Income II	- %
Actual		$1,000.00	$1,052.80	$-
Hypothetical-^C		$1,000.00	$1,025.21	$-
VIP Freedom Lifetime Income III	- %
Actual		$1,000.00	$1,066.50	$-
Hypothetical-^C		$1,000.00	$1,025.21	$-

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Fund's annualized expense ratio.

^C 5% return per year before expenses

Distributions (Unaudited)

	Pay Date	Record Date	Dividends	Capital Gains
VIP Freedom Lifetime Income I	02/16/2018	02/16/2018	$0.002	$0.150
VIP Freedom Lifetime Income II	02/16/2018	02/16/2018	$0.001	$0.190
VIP Freedom Lifetime Income III	02/16/2018	02/16/2018	$0.000	$0.226

VIP Freedom Lifetime Income I	$178,802
VIP Freedom Lifetime Income II	$512,235
VIP Freedom Lifetime Income III	$551,481

A percentage of the dividends distributed during the fiscal year for the following funds were derived from interest on U.S. Government securities which is generally exempt from state income tax:

VIP Freedom Lifetime Income I	11.53%
VIP Freedom Lifetime Income II	6.17%
VIP Freedom Lifetime Income III	3.62%

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:

VIP Freedom Lifetime Income I
December 2017	10%
VIP Freedom Lifetime Income II
December 2017	21%
VIP Freedom Lifetime Income III
December 2017	27%

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
VIP Freedom Lifetime Income I	12/22/2017	$0.0085	$0.0008
VIP Freedom Lifetime Income II	12/22/2017	$0.0213	$0.0020
VIP Freedom Lifetime Income III	12/22/2017	$0.0287	$0.0027

Board Approval of Investment Advisory Contracts and Management Fees

VIP Freedom Lifetime Income Funds

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contract and administration agreement, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contract and administration agreement. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contract and administration agreement. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts and administration agreements. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to all of the Fidelity funds.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses, including acquired fund fees and expenses, but after transaction costs, if any) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses, including acquired fund fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; the extent to which particular underlying funds affected performance; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

VIP Freedom Lifetime Income I Portfolio

VIP Freedom Lifetime Income II Portfolio

VIP Freedom Lifetime Income III Portfolio

The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures, and that while the funds do not pay a management fee, they indirectly bear a portion of the management fees paid by the Fidelity funds in which they invest, some of which are subject to the group fee. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each fund's total expense ratio, the Board considered that the funds do not pay transfer agent fees. Instead, the applicable class of each underlying Fidelity fund bears its pro rata portion of each fund's transfer agent fee according to the percentage of each fund's assets invested in that underlying fund. The Board further noted that FMR pays all other expenses of each fund, with limited exceptions, pursuant to the administration agreement between FMRC and FMR with respect to each fund.

The Board noted that each fund's total expense ratio ranked below the competitive median for 2016.

In considering each fund's total expense ratio, the Board also considered an alternative competitive analysis that included both top level (i.e., direct) fund fees and acquired fund fees and expenses for the fund and the other funds and classes to which it is compared. The Board noted that, under this alternative competitive analysis, each fund's total expense ratio ranked below the competitive median for 2016.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, including the Fidelity funds in which the funds invest.

Fidelity Investments

VIPFLI-ANN-0218
1.816199.112

Fidelity® Variable Insurance Products:
FundsManager - 20%, 50%, 60%, 70%, 85% Portfolio

Annual Report

December 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
VIP FundsManager® 20% Portfolio
Investment Summary
Investments
Financial Statements
VIP FundsManager® 50% Portfolio
Investment Summary
Investments
Financial Statements
VIP FundsManager® 60% Portfolio
Investment Summary
Investments
Financial Statements
VIP FundsManager® 70% Portfolio
Investment Summary
Investments
Financial Statements
VIP FundsManager® 85% Portfolio
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.

VIP FundsManager® 20% Portfolio

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Service Class	7.33%	3.94%	3.61%
Service Class 2	7.19%	3.79%	3.45%
Investor Class	7.24%	3.95%	3.60%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP FundsManager® 20% Portfolio - Investor Class on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. Aggregate Bond Index performed over the same period.

	Period Ending Values
	$14,247	VIP FundsManager® 20% Portfolio - Investor Class
	$14,811	Bloomberg Barclays U.S. Aggregate Bond Index

VIP FundsManager® 50% Portfolio

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Service Class	14.45%	7.60%	5.02%
Service Class 2	14.24%	7.42%	4.86%
Investor Class	14.46%	7.60%	5.01%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP FundsManager® 50% Portfolio - Investor Class on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$16,306	VIP FundsManager® 50% Portfolio - Investor Class
	$22,603	S&P 500® Index

VIP FundsManager® 60% Portfolio

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Service Class	16.99%	9.01%	5.52%
Service Class 2	16.76%	8.83%	5.36%
Investor Class	16.99%	9.01%	5.52%

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in VIP FundsManager® 60% Portfolio - Investor Class on August 22, 2007, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$17,111	VIP FundsManager® 60% Portfolio - Investor Class
	$22,603	S&P 500® Index

VIP FundsManager® 70% Portfolio

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Service Class	19.11%	9.99%	5.52%
Service Class 2	18.94%	9.82%	5.36%
Investor Class	19.21%	9.99%	5.52%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP FundsManager® 70% Portfolio - Investor Class on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$17,114	VIP FundsManager® 70% Portfolio - Investor Class
	$22,603	S&P 500® Index

VIP FundsManager® 85% Portfolio

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2017	Past 1 year	Past 5 years	Past 10 years
Service Class	23.05%	11.94%	5.78%
Service Class 2	22.90%	11.76%	5.62%
Investor Class	23.13%	11.93%	5.77%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP FundsManager® 85% Portfolio - Investor Class on December 31, 2007.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$17,526	VIP FundsManager® 85% Portfolio - Investor Class
	$22,603	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Geoff Stein: For the year, the Portfolios' share classes posted gains ranging from about 7% to 23%, outpacing their respective Composite benchmarks. Aided by a growth-stock tailwind and positive stock market momentum, U.S. equity selection was the principal factor fueling the Portfolios' outperformance. Among underlying U.S. equity funds, Fidelity^® Select^® Technology Portfolio was the top contributor by a sizable margin. Security selection in foreign developed-markets (DM) stocks also notably contributed versus Composites; here the leading contributor was Fidelity^® Overseas Fund. Picks among emerging-markets (EM) equities were also modestly additive. Asset allocation contributed as well. Our overall equity strategy – moderately overweighting foreign DM equities, maintaining about an equal weighting in U.S. stocks and holding a small out-of-benchmark position in EM equities – aided relative performance. Contributions came from our DM and EM exposures, as foreign stocks outperformed U.S. equities for the year in U.S.-dollar terms. On the downside, exposure to commodities detracted for the period. Our overall fixed-income strategy – underweighting investment-grade bonds to help fund out-of-index positions in bank loans, Treasury Inflation-Protected Securities (TIPS), long-term Treasuries and EM debt – was also a net contributor, despite the fact that TIPS underperformed investment-grade bonds this period. At period end, each Portfolio’s total equity allocation was slightly above target, reflecting a moderately increased allocation to commodities to help hedge against the possibility of higher inflation in 2018. Similarly, in fixed income we increased exposure to TIPS.

Note to shareholders: On December 31, 2017, Geoff Stein became sole Portfolio Manager of the fund, after having served as Co-Manager alongside Xuehai En since July 20, 2017.

VIP FundsManager® 20% Portfolio

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Holdings as of December 31, 2017

	% of fund's net assets
Fidelity U.S. Bond Index Fund Institutional Premium Class	43.5
Fidelity Investments Money Market Prime Reserves Portfolio - Institutional Class 1.47%	17.6
Fidelity Investments Money Market Government Portfolio Institutional Class 1.19%	9.9
Fidelity Inflation-Protected Bond Index Fund Institutional Class	3.7
Fidelity Overseas Fund	2.3
Fidelity Technology Portfolio	2.0
Fidelity Long-Term Treasury Bond Index Fund Institutional Class	1.8
iShares S&P 500 Index ETF	1.5
Fidelity Floating Rate High Income Fund	1.0
Fidelity Mega Cap Stock Fund	1.0
	84.3

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	13.8%
	International Equity Funds	8.1%
	Bond Funds	50.5%
	Short-Term Funds	27.6%

VIP FundsManager® 20% Portfolio

Investments December 31, 2017

Showing Percentage of Net Assets

Equity Funds - 21.9%
	Shares	Value
Fidelity Air Transportation Portfolio (a)	6,470	$545,347
Fidelity Banking Portfolio (a)	36,486	1,290,495
Fidelity Biotechnology Portfolio (a)	2,958	648,913
Fidelity Brokerage and Investment Management Portfolio (a)	3,484	284,833
Fidelity Chemicals Portfolio (a)	1,620	288,919
Fidelity Commodity Strategy Fund (a)	594,739	6,280,442
Fidelity Construction and Housing Portfolio (a)	6,307	409,106
Fidelity Consumer Discretionary Portfolio (a)	137,779	5,710,919
Fidelity Consumer Staples Portfolio (a)	45,341	4,194,088
Fidelity Contrafund (a)	24,860	3,044,565
Fidelity Defense and Aerospace Portfolio (a)	11,403	1,903,687
Fidelity Diversified International Fund (a)	169,391	6,779,012
Fidelity Emerging Asia Fund (a)	17,581	791,868
Fidelity Emerging Markets Discovery Fund (a)	92,368	1,418,774
Fidelity Emerging Markets Fund (a)	178,782	5,855,111
Fidelity Energy Portfolio (a)	75,020	3,352,628
Fidelity Equity-Income Fund (a)	83,006	5,038,472
Fidelity Europe Fund (a)	61,293	2,594,533
Fidelity Extended Market Index Fund Premium Class (a)	360	22,360
Fidelity Financial Services Portfolio (a)	58,372	6,667,195
Fidelity Global Commodity Stock Fund (a)	492,071	6,485,492
Fidelity Health Care Portfolio (a)	31,807	7,117,118
Fidelity Industrial Equipment Portfolio (a)	30,718	1,351,273
Fidelity Industrials Portfolio (a)	70,854	2,606,708
Fidelity Insurance Portfolio (a)	8,720	693,241
Fidelity International Capital Appreciation Fund (a)	74,332	1,565,433
Fidelity International Discovery Fund (a)	123,674	5,646,974
Fidelity International Enhanced Index Fund (a)	515,603	5,228,217
Fidelity International Small Cap Fund (a)	100,773	3,013,116
Fidelity International Small Cap Opportunities Fund (a)	144,500	2,794,621
Fidelity International Value Fund (a)	408,369	3,699,827
Fidelity Japan Smaller Companies Fund (a)	198,247	3,758,756
Fidelity Leisure Portfolio (a)	2,408	399,725
Fidelity Low-Priced Stock Fund (a)	93,250	5,084,008
Fidelity Materials Portfolio (a)	20,499	1,864,826
Fidelity Medical Equipment and Systems Portfolio (a)	14,063	617,066
Fidelity Mega Cap Stock Fund (a)	436,026	7,599,940
Fidelity Multimedia Portfolio (a)	5,953	473,209
Fidelity Natural Gas Portfolio (a)	162	3,887
Fidelity Overseas Fund (a)	351,474	17,819,753
Fidelity Pacific Basin Fund (a)	39,063	1,385,939
Fidelity Real Estate Investment Portfolio (a)	49,416	2,065,589
Fidelity Technology Portfolio (a)	88,113	15,749,249
Fidelity Telecommunications Portfolio (a)	16,521	973,395
Fidelity Transportation Portfolio (a)	3,864	402,893
Fidelity Utilities Portfolio (a)	20,488	1,634,310
Fidelity Value Discovery Fund (a)	89,423	2,587,016
iShares S&P 500 Index ETF	44,341	11,921,078
TOTAL EQUITY FUNDS
(Cost $144,364,512)		171,663,926

Fixed-Income Funds - 50.5%
Fidelity Floating Rate High Income Fund (a)	812,360	7,814,907
Fidelity Focused High Income Fund (a)	31	272
Fidelity Inflation-Protected Bond Index Fund Institutional Class (a)	2,994,840	29,469,230
Fidelity Long-Term Treasury Bond Index Fund Institutional Class (a)	1,064,744	14,139,803
Fidelity New Markets Income Fund (a)	245,663	3,984,659
Fidelity U.S. Bond Index Fund Institutional Premium Class (a)	29,465,239	341,502,115
TOTAL FIXED-INCOME FUNDS
(Cost $387,167,370)		396,910,986

Money Market Funds - 27.6%
Fidelity Cash Central Fund, 1.36% (b)	777,872	778,027
Fidelity Investments Money Market Government Portfolio Institutional Class 1.19% (a)(c)	77,831,034	77,831,034
Fidelity Investments Money Market Prime Reserves Portfolio - Institutional Class 1.47%(a)(c)	138,451,857	138,479,547
TOTAL MONEY MARKET FUNDS
(Cost $217,088,597)		217,088,608
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $748,620,479)		785,663,520
NET OTHER ASSETS (LIABILITIES) - 0.0%		(125,295)
NET ASSETS - 100%		$785,538,225

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

(a) Affiliated Fund

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$1,616
Total	$1,616

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Air Transportation Portfolio	$217,023	$1,059,779	$865,927	$53,583	$74,392	$60,080	$545,347
Fidelity Banking Portfolio	5,859,884	50,313	4,794,646	33,278	1,421,332	(1,246,388)	1,290,495
Fidelity Biotechnology Portfolio	3,995,109	2,586,889	7,151,443	9,019	998,509	219,849	648,913
Fidelity Blue Chip Growth Fund	78,789	365,121	483,928	1,518	38,698	1,320	--
Fidelity Brokerage and Investment Management Portfolio	--	1,783,976	1,749,672	43,591	207,472	43,057	284,833
Fidelity Canada Fund	431,959	9,971	465,770	--	18,882	4,958	--
Fidelity Chemicals Portfolio	4,668,023	982,311	6,191,356	116,414	1,068,016	(238,075)	288,919
Fidelity Commodity Strategy Fund	--	6,102,724	33,442	17,296	(782)	211,942	6,280,442
Fidelity Construction and Housing Portfolio	135,549	423,411	139,335	39,401	46,436	(56,955)	409,106
Fidelity Consumer Discretionary Portfolio	9,184,960	591,898	5,276,125	222,752	877,842	332,344	5,710,919
Fidelity Consumer Staples Portfolio	7,454,481	512,069	4,134,645	391,750	995,799	(633,616)	4,194,088
Fidelity Contrafund	--	3,176,169	15,885	162,089	(543)	(115,176)	3,044,565
Fidelity Defense and Aerospace Portfolio	4,323,196	497,279	4,156,302	87,227	1,019,051	220,463	1,903,687
Fidelity Diversified International Fund	144,810	7,659,317	1,160,388	341,472	90,293	44,980	6,779,012
Fidelity Dividend Growth Fund	23,130	1,485	26,325	1,485	10,913	(9,203)	--
Fidelity Emerging Asia Fund	1,838,989	16,845	1,661,710	6,824	399,209	198,535	791,868
Fidelity Emerging Markets Discovery Fund	--	1,405,184	7,525	31,145	(110)	21,225	1,418,774
Fidelity Emerging Markets Fund	3,077,400	1,263,986	30,516	33,644	(130)	1,544,371	5,855,111
Fidelity Energy Portfolio	7,227,726	1,017,695	4,602,763	60,595	(140,821)	(149,209)	3,352,628
Fidelity Energy Service Portfolio	914,248	1,125,117	1,658,008	--	(350,928)	(30,429)	--
Fidelity Environmental and Alternative Energy Portfolio	39,354	347,966	415,257	1,337	30,343	(2,406)	--
Fidelity Equity Dividend Income Fund	747,422	615,011	1,399,453	1,632	134,012	(96,992)	--
Fidelity Equity-Income Fund	--	6,144,360	1,115,311	139,533	(2,830)	12,253	5,038,472
Fidelity Europe Fund	154,384	2,330,534	194,795	63,934	4,480	299,930	2,594,533
Fidelity Extended Market Index Fund Premium Class	18,920	1,192	--	1,192	--	2,248	22,360
Fidelity Financial Services Portfolio	6,733,933	2,261,555	3,366,539	308,245	209,718	828,528	6,667,195
Fidelity Floating Rate High Income Fund	17,235,740	1,154,214	10,566,758	515,904	169,060	(177,349)	7,814,907
Fidelity Focused High Income Fund	254	11	--	11	--	7	272
Fidelity Global Commodity Stock Fund	2,019,156	4,300,672	290,349	86,486	(18,980)	474,993	6,485,492
Fidelity Gold Portfolio	138,494	333	146,674	333	(225,753)	233,600	--
Fidelity Health Care Portfolio	3,540,892	7,294,215	4,358,505	169,839	156,675	483,841	7,117,118
Fidelity Health Care Services Portfolio	--	2,029,677	2,027,272	--	(2,405)	--	--
Fidelity Industrial Equipment Portfolio	2,440,483	135,703	1,434,636	118,667	103,118	106,605	1,351,273
Fidelity Industrials Portfolio	2,323,025	2,560,603	2,410,630	95,181	1,464,357	(1,330,647)	2,606,708
Fidelity Inflation-Protected Bond Index Fund Institutional Class	15,155,316	28,167,553	13,999,249	352,636	309,519	(163,909)	29,469,230
Fidelity Insurance Portfolio	7,140,619	1,384,171	8,282,332	87,614	2,609,447	(2,158,664)	693,241
Fidelity International Capital Appreciation Fund	2,601,628	70,311	1,867,360	50,270	299,167	461,687	1,565,433
Fidelity International Discovery Fund	414,483	5,588,874	377,298	274,771	19,997	918	5,646,974
Fidelity International Enhanced Index Fund	--	5,044,870	27,590	84,323	(260)	211,197	5,228,217
Fidelity International Index Fund Premium Class	7,080,181	2,224,696	11,129,472	5,592	2,098,371	(273,776)	--
Fidelity International Real Estate Fund	11,653	305	14,198	305	4,235	(1,995)	--
Fidelity International Small Cap Fund	7,733,455	246,783	6,807,306	100,287	1,055,076	785,108	3,013,116
Fidelity International Small Cap Opportunities Fund	2,531,502	2,089,673	2,726,870	55,602	220,642	679,674	2,794,621
Fidelity International Value Fund	--	3,734,439	19,647	60,341	(163)	(14,802)	3,699,827
Fidelity Investments Money Market Government Portfolio Institutional Class 1.19%	101,890,397	69,890,785	93,950,148	758,648	--	--	77,831,034
Fidelity Investments Money Market Prime Reserves Portfolio - Institutional Class 1.47%	--	164,559,425	26,079,885	375,755	(4)	11	138,479,547
Fidelity Investments Money Market Treasury Portfolio Institutional Class 0.90%	116,570,396	670,340	117,240,736	674,617	--	--	--
Fidelity IT Services Portfolio	65,643	--	68,478	--	52,762	(49,927)	--
Fidelity Japan Fund	2,486,628	124,140	3,338,942	--	636,459	91,715	--
Fidelity Japan Smaller Companies Fund	2,086,539	1,071,347	16,721	148,264	(392)	617,983	3,758,756
Fidelity Large Cap Stock Fund	1,276,920	400,187	1,734,146	2,271	85,785	(28,746)	--
Fidelity Leisure Portfolio	--	1,584,782	1,280,090	23,568	75,295	19,738	399,725
Fidelity Long-Term Treasury Bond Index Fund Institutional Class	--	8,570,293	75,245	62,519	(1,113)	175,049	14,139,803
Fidelity Long-Term Treasury Bond Index Fund Premium Class	1,805,127	3,760,035	114,218	67,178	(1,822)	21,697	--
Fidelity Low-Priced Stock Fund	--	4,957,685	15,885	43,605	1	142,207	5,084,008
Fidelity Materials Portfolio	119,193	1,781,041	59,616	76,270	4,139	20,069	1,864,826
Fidelity Medical Equipment and Systems Portfolio	8,268,474	2,475,475	11,749,879	53,440	1,453,808	169,188	617,066
Fidelity Mega Cap Stock Fund	--	7,560,790	24,246	152,397	(116)	63,512	7,599,940
Fidelity Multimedia Portfolio	744,989	979,642	1,303,508	39,546	18,476	33,610	473,209
Fidelity Natural Gas Portfolio	4,608	147	--	147	--	(868)	3,887
Fidelity New Markets Income Fund	3,949,714	1,015,528	1,119,664	218,556	(14,067)	153,148	3,984,659
Fidelity Nordic Fund	1,250,724	600,591	1,941,024	--	85,607	4,102	--
Fidelity OTC Portfolio	71,053	267,984	364,934	1,627	35,915	(10,018)	--
Fidelity Overseas Fund	12,997,931	8,985,148	8,580,680	281,819	746,304	3,671,050	17,819,753
Fidelity Pacific Basin Fund	1,672,908	75,057	947,107	58,021	227,364	357,717	1,385,939
Fidelity Real Estate Investment Portfolio	2,932,384	900,650	1,746,172	61,589	111,566	(132,839)	2,065,589
Fidelity Retailing Portfolio	2,789,498	--	2,950,289	--	1,123,994	(963,203)	--
Fidelity Semiconductors Portfolio	5,490,805	176,078	6,173,206	176,078	1,887,187	(1,380,864)	--
Fidelity Series Commodity Strategy Fund	3,652,915	127,462	3,594,023	--	(96,731)	(89,623)	--
Fidelity Small Cap Value Fund	137,907	471,419	638,213	11,018	27,099	1,788	--
Fidelity Software and IT Services Portfolio	5,570,581	29,852	6,168,923	16,958	1,237,086	(668,596)	--
Fidelity Stock Selector Large Cap Value Fund	171,165	231,833	418,011	67	16,674	(1,661)	--
Fidelity Technology Portfolio	16,396,670	5,196,882	13,167,350	1,482,507	3,863,536	3,459,511	15,749,249
Fidelity Telecom and Utilities Fund	--	301,106	302,085	3,464	979	--	--
Fidelity Telecommunications Portfolio	3,838,407	595,872	3,265,492	209,782	343,285	(538,677)	973,395
Fidelity Transportation Portfolio	1,965,389	120,251	1,912,090	35,278	299,455	(70,112)	402,893
Fidelity U.S. Bond Index Fund Institutional Premium Class	319,312,189	47,360,866	27,751,691	8,356,253	(421,807)	3,002,558	341,502,115
Fidelity Utilities Portfolio	1,633,602	1,319,058	1,404,544	87,029	126,152	(39,958)	1,634,310
Fidelity Value Discovery Fund	--	2,794,352	304,182	18,660	2,261	94,585	2,587,016
Total	$746,788,926	$447,315,363	$457,384,635	$17,724,049	$27,336,493	$8,908,268	$772,964,415

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

VIP FundsManager® 20% Portfolio

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $11,554,090)	$11,921,078
Fidelity Central Funds (cost $778,027)	778,027
Affiliated issuers (cost $736,288,362)	772,964,415
Total Investment in Securities (cost $748,620,479)		$785,663,520
Cash		5,914
Receivable for investments sold		45,245
Receivable for fund shares sold		1,908
Dividends receivable		175
Distributions receivable from Fidelity Central Funds		797
Total assets		785,717,559
Liabilities
Payable for fund shares redeemed	$47,883
Accrued management fee	130,433
Distribution and service plan fees payable	1,018
Total liabilities		179,334
Net Assets		$785,538,225
Net Assets consist of:
Paid in capital		$718,001,972
Undistributed net investment income		594,616
Accumulated undistributed net realized gain (loss) on investments		29,898,596
Net unrealized appreciation (depreciation) on investments		37,043,041
Net Assets		$785,538,225
Service Class:
Net Asset Value, offering price and redemption price per share ($59,065 ÷ 5,080 shares)		$11.63
Service Class 2:
Net Asset Value, offering price and redemption price per share ($8,188,287 ÷ 705,976 shares)		$11.60
Investor Class:
Net Asset Value, offering price and redemption price per share ($777,290,873 ÷ 66,882,496 shares)		$11.62

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends:
Unaffiliated issuers		$56,429
Affiliated issuers		12,068,075
Income from Fidelity Central Funds		1,616
Total income		12,126,120
Expenses
Management fee	$1,877,513
Distribution and service plan fees	19,947
Independent trustees' fees and expenses	2,793
Total expenses before reductions	1,900,253
Expense reductions	(384,091)	1,516,162
Net investment income (loss)		10,609,958
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Affiliated issuers	27,336,493
Realized gain distributions from underlying funds:
Affiliated issuers	5,655,974
Total net realized gain (loss)		32,992,467
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	366,988
Other affiliated issuers	8,908,268
Total change in net unrealized appreciation (depreciation)		9,275,256
Net gain (loss)		42,267,723
Net increase (decrease) in net assets resulting from operations		$52,877,681

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$10,609,958	$9,357,962
Net realized gain (loss)	32,992,467	2,694,630
Change in net unrealized appreciation (depreciation)	9,275,256	8,292,412
Net increase (decrease) in net assets resulting from operations	52,877,681	20,345,004
Distributions to shareholders from net investment income	(10,031,370)	(9,356,440)
Distributions to shareholders from net realized gain	(4,376,254)	(9,720,501)
Total distributions	(14,407,624)	(19,076,941)
Share transactions - net increase (decrease)	405,746	10,967,655
Total increase (decrease) in net assets	38,875,803	12,235,718
Net Assets
Beginning of period	746,662,422	734,426,704
End of period	$785,538,225	$746,662,422
Other Information
Undistributed net investment income end of period	$594,616	$16,026

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP FundsManager 20% Portfolio Service Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$11.04	$11.02	$11.51	$11.33	$11.10
Income from Investment Operations
Net investment income (loss)^A	.16	.14	.13	.15	.14
Net realized and unrealized gain (loss)	.65	.17	(.13)	.32	.47
Total from investment operations	.81	.31	–^B	.47	.61
Distributions from net investment income	(.15)	(.14)	(.13)	(.15)	(.14)
Distributions from net realized gain	(.07)	(.15)	(.36)	(.15)	(.24)
Total distributions	(.22)	(.29)	(.49)	(.29)^C	(.38)
Net asset value, end of period	$11.63	$11.04	$11.02	$11.51	$11.33
Total Return^D,^E	7.33%	2.83%	(.03)%	4.21%	5.53%
Ratios to Average Net Assets^F,^G,^H
Expenses before reductions	.35%	.35%	.35%	.35%	.35%
Expenses net of fee waivers, if any	.20%	.20%	.20%	.20%	.20%
Expenses net of all reductions	.20%	.20%	.20%	.20%	.20%
Net investment income (loss)	1.41%	1.25%	1.16%	1.31%	1.23%
Supplemental Data
Net assets, end of period (000 omitted)	$59	$60	$62	$68	$72
Portfolio turnover rate^F,^I	61%	58%	44%	28%	25%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.005 per share.

^C Total distributions of $.29 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $.147 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

^G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

VIP FundsManager 20% Portfolio Service Class 2

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$11.01	$11.00	$11.49	$11.32	$11.08
Income from Investment Operations
Net investment income (loss)^A	.14	.12	.11	.13	.12
Net realized and unrealized gain (loss)	.65	.17	(.12)	.32	.48
Total from investment operations	.79	.29	(.01)	.45	.60
Distributions from net investment income	(.13)	(.13)	(.12)	(.13)	(.12)
Distributions from net realized gain	(.07)	(.15)	(.36)	(.15)	(.24)
Total distributions	(.20)	(.28)	(.48)	(.28)	(.36)
Net asset value, end of period	$11.60	$11.01	$11.00	$11.49	$11.32
Total Return^B,^C	7.19%	2.66%	(.17)%	3.98%	5.46%
Ratios to Average Net Assets^D,^E,^F
Expenses before reductions	.50%	.50%	.50%	.50%	.50%
Expenses net of fee waivers, if any	.35%	.35%	.35%	.35%	.35%
Expenses net of all reductions	.35%	.35%	.35%	.35%	.35%
Net investment income (loss)	1.26%	1.10%	1.01%	1.16%	1.08%
Supplemental Data
Net assets, end of period (000 omitted)	$8,188	$7,529	$1,454	$1,426	$1,197
Portfolio turnover rate^D,^G	61%	58%	44%	28%	25%

^A Calculated based on average shares outstanding during the period.

^B Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Amounts do not include the activity of the Underlying Funds.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

VIP FundsManager 20% Portfolio Investor Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$11.04	$11.01	$11.50	$11.33	$11.09
Income from Investment Operations
Net investment income (loss)^A	.16	.14	.13	.15	.14
Net realized and unrealized gain (loss)	.64	.18	(.13)	.31	.48
Total from investment operations	.80	.32	–^B	.46	.62
Distributions from net investment income	(.15)	(.14)	(.13)	(.15)	(.14)
Distributions from net realized gain	(.07)	(.15)	(.36)	(.15)	(.24)
Total distributions	(.22)	(.29)	(.49)	(.29)^C	(.38)
Net asset value, end of period	$11.62	$11.04	$11.01	$11.50	$11.33
Total Return^D,^E	7.24%	2.93%	(.03)%	4.12%	5.62%
Ratios to Average Net Assets^F,^G,^H
Expenses before reductions	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.20%	.20%	.20%	.20%	.20%
Expenses net of all reductions	.20%	.20%	.20%	.20%	.20%
Net investment income (loss)	1.41%	1.25%	1.16%	1.31%	1.23%
Supplemental Data
Net assets, end of period (000 omitted)	$777,291	$739,074	$732,911	$760,583	$694,546
Portfolio turnover rate^F,^I	61%	58%	44%	28%	25%

^A Calculated based on average shares outstanding during the period.

^B Amount represents less than $.005 per share.

^C Total distributions of $.29 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $.147 per share.

^D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Amounts do not include the activity of the Underlying Funds.

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

VIP FundsManager® 50% Portfolio

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Holdings as of December 31, 2017

	% of fund's net assets
Fidelity U.S. Bond Index Fund Institutional Premium Class	33.4
Fidelity Technology Portfolio	6.3
Fidelity Overseas Fund	6.2
Fidelity Investments Money Market Prime Reserves Portfolio - Institutional Class 1.47%	4.0
Fidelity Inflation-Protected Bond Index Fund Institutional Premium Class	3.4
iShares S&P 500 Index ETF	3.0
Fidelity Health Care Portfolio	2.8
Fidelity Financial Services Portfolio	2.7
Fidelity Consumer Discretionary Portfolio	2.3
Fidelity Investments Money Market Government Portfolio Institutional Class 1.19%	2.3
	66.4

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	36.2%
	International Equity Funds	17.3%
	Bond Funds	40.1%
	Short-Term Funds	6.4%

VIP FundsManager® 50% Portfolio

Investments December 31, 2017

Showing Percentage of Net Assets

Equity Funds - 53.5%
	Shares	Value
Fidelity Air Transportation Portfolio (a)	174,961	$14,747,470
Fidelity Banking Portfolio (a)	979,320	34,638,556
Fidelity Biotechnology Portfolio (a)	89,101	19,549,696
Fidelity Brokerage and Investment Management Portfolio (a)	95,456	7,804,487
Fidelity Chemicals Portfolio (a)	41,150	7,337,432
Fidelity Commodity Strategy Fund (a)	6,306,247	66,593,972
Fidelity Construction and Housing Portfolio (a)	170,997	11,092,599
Fidelity Consumer Discretionary Portfolio (a)	3,708,387	153,712,647
Fidelity Consumer Staples Portfolio (a)	1,215,840	112,465,179
Fidelity Contrafund (a)	666,983	81,685,393
Fidelity Defense and Aerospace Portfolio (a)	303,892	50,734,762
Fidelity Diversified International Fund (a)	2,989,855	119,653,990
Fidelity Emerging Asia Fund (a)	223,915	10,085,110
Fidelity Emerging Markets Discovery Fund (a)	1,174,303	18,037,291
Fidelity Emerging Markets Fund (a)	2,275,863	74,534,500
Fidelity Energy Portfolio (a)	2,017,227	90,149,858
Fidelity Equity-Income Fund (a)	1,553,085	94,272,283
Fidelity Europe Fund (a)	1,079,836	45,709,460
Fidelity Financial Services Portfolio (a)	1,574,434	179,831,845
Fidelity Global Commodity Stock Fund (a)	5,227,927	68,904,073
Fidelity Health Care Portfolio (a)	850,351	190,274,554
Fidelity Industrial Equipment Portfolio (a)	822,965	36,202,251
Fidelity Industrials Portfolio (a)	1,895,622	69,739,946
Fidelity Insurance Portfolio (a)	237,462	18,878,213
Fidelity International Capital Appreciation Fund (a)	1,312,740	27,646,304
Fidelity International Discovery Fund (a)	2,179,562	99,518,789
Fidelity International Enhanced Index Fund (a)	9,086,875	92,140,913
Fidelity International Small Cap Fund (a)	1,783,792	53,335,370
Fidelity International Small Cap Opportunities Fund (a)	2,560,530	49,520,645
Fidelity International Value Fund (a)	7,177,557	65,028,668
Fidelity Japan Smaller Companies Fund (a)	3,240,330	61,436,651
Fidelity Leisure Portfolio (a)	63,265	10,502,583
Fidelity Low-Priced Stock Fund (a)	1,747,923	95,296,782
Fidelity Materials Portfolio (a)	550,290	50,059,868
Fidelity Medical Equipment and Systems Portfolio (a)	376,703	16,529,722
Fidelity Mega Cap Stock Fund (a)	8,126,725	141,648,822
Fidelity Multimedia Portfolio (a)	158,259	12,580,033
Fidelity Overseas Fund (a)	8,177,567	414,602,655
Fidelity Pacific Basin Fund (a)	686,215	24,346,923
Fidelity Real Estate Investment Portfolio (a)	1,320,900	55,213,638
Fidelity Technology Portfolio (a)	2,358,750	421,603,033
Fidelity Telecommunications Portfolio (a)	445,375	26,241,468
Fidelity Transportation Portfolio (a)	106,829	11,140,085
Fidelity Utilities Portfolio (a)	547,789	43,697,149
Fidelity Value Discovery Fund (a)	1,636,658	47,348,530
iShares S&P 500 Index ETF	743,100	199,782,435
TOTAL EQUITY FUNDS
(Cost $2,995,147,802)		3,595,856,633

Fixed-Income Funds - 40.1%
Fidelity Floating Rate High Income Fund (a)	6,914,299	66,515,556
Fidelity Inflation-Protected Bond Index Fund Institutional Premium Class (a)	23,401,347	230,269,258
Fidelity Long-Term Treasury Bond Index Fund Institutional Class (a)	9,053,774	120,234,118
Fidelity New Markets Income Fund (a)	2,072,613	33,617,791
Fidelity U.S. Bond Index Fund Institutional Premium Class (a)	193,777,686	2,245,883,377
TOTAL FIXED-INCOME FUNDS
(Cost $2,683,938,600)		2,696,520,100

Money Market Funds - 6.4%
Fidelity Cash Central Fund, 1.36% (b)	5,605,797	5,606,918
Fidelity Investments Money Market Government Portfolio Institutional Class 1.19% (a)(c)	153,462,044	153,462,044
Fidelity Investments Money Market Prime Reserves Portfolio - Institutional Class 1.47%(a)(c)	273,722,266	273,777,011
TOTAL MONEY MARKET FUNDS
(Cost $432,845,973)		432,845,973
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $6,111,932,375)		6,725,222,706
NET OTHER ASSETS (LIABILITIES) - 0.0%		(1,164,313)
NET ASSETS - 100%		$6,724,058,393

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

(a) Affiliated Fund

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$16,072
Total	$16,072

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity 500 Index Fund Premium Class	$249,570	$4,308	$293,946	$4,307	$113,768	$(73,700)	$--
Fidelity Air Transportation Portfolio	3,228,213	19,963,062	10,953,738	1,345,019	922,701	1,587,232	14,747,470
Fidelity Banking Portfolio	104,055,617	902,402	76,481,392	884,569	17,413,537	(11,251,608)	34,638,556
Fidelity Biotechnology Portfolio	41,944,342	45,763,929	82,152,041	273,984	7,918,372	6,075,094	19,549,696
Fidelity Blue Chip Growth Fund	16,782,049	1,776,665	19,807,552	--	3,387,640	(2,138,802)	--
Fidelity Blue Chip Value Fund	27,131,447	55,482	28,990,027	55,483	5,349,491	(3,546,393)	--
Fidelity Brokerage and Investment Management Portfolio	--	20,094,329	14,908,149	679,753	1,436,341	1,181,966	7,804,487
Fidelity Canada Fund	3,879,221	4,359	4,028,163	--	93,865	50,718	--
Fidelity Chemicals Portfolio	85,242,958	15,766,536	109,606,671	2,427,556	20,212,175	(4,277,566)	7,337,432
Fidelity Commodity Strategy Fund	--	65,369,768	660,918	169,188	(9,897)	1,895,019	66,593,972
Fidelity Computers Portfolio	1,168,396	26,902	1,416,087	26,902	911,140	(690,351)	--
Fidelity Construction and Housing Portfolio	26,588,220	1,844,113	20,498,761	1,838,957	5,351,588	(2,192,561)	11,092,599
Fidelity Consumer Discretionary Portfolio	171,405,349	8,665,585	52,373,522	5,991,664	5,285,317	20,729,918	153,712,647
Fidelity Consumer Finance Portfolio	701,339	839	802,410	839	130,602	(30,370)	--
Fidelity Consumer Staples Portfolio	139,005,855	10,038,643	42,374,074	9,807,417	2,129,997	3,664,758	112,465,179
Fidelity Contrafund	1,293,886	85,466,882	2,145,686	4,367,415	173,726	(3,103,415)	81,685,393
Fidelity Defense and Aerospace Portfolio	54,020,556	18,716,786	40,371,335	1,902,580	8,208,590	10,160,165	50,734,762
Fidelity Diversified International Fund	129,527,483	31,825,390	68,968,750	6,040,661	6,780,730	20,489,137	119,653,990
Fidelity Dividend Growth Fund	186,138	11,951	211,849	11,951	87,821	(74,061)	--
Fidelity Emerging Asia Fund	31,034,521	92,009	33,875,499	87,111	9,071,663	3,762,416	10,085,110
Fidelity Emerging Markets Discovery Fund	--	17,942,051	172,539	395,660	(1,008)	268,787	18,037,291
Fidelity Emerging Markets Fund	14,874,494	51,730,589	722,951	429,234	1,287	8,651,081	74,534,500
Fidelity Energy Portfolio	124,120,912	9,991,320	39,154,828	1,553,436	(2,812,288)	(1,995,258)	90,149,858
Fidelity Energy Service Portfolio	19,278,754	18,005,043	30,631,416	--	(5,737,250)	(915,131)	--
Fidelity Environmental and Alternative Energy Portfolio	1,547,624	322,152	2,160,975	52,571	389,416	(98,217)	--
Fidelity Equity Dividend Income Fund	26,433,566	5,869,741	33,396,731	135,875	3,672,827	(2,579,403)	--
Fidelity Equity-Income Fund	--	98,283,986	4,195,981	3,785,716	13,126	171,152	94,272,283
Fidelity Europe Fund	76,981,504	19,062,625	73,124,842	1,125,598	10,479,100	12,311,073	45,709,460
Fidelity Financial Services Portfolio	153,956,544	24,201,656	23,343,326	7,643,121	1,708,508	23,308,463	179,831,845
Fidelity Floating Rate High Income Fund	127,474,793	6,849,703	67,671,544	4,129,563	(89,395)	(48,001)	66,515,556
Fidelity Focused High Income Fund	14,455	--	14,574	43	805	(686)	--
Fidelity Global Commodity Stock Fund	16,240,624	52,115,424	3,355,430	920,923	(19,605)	3,923,060	68,904,073
Fidelity Gold Portfolio	116,855	282	123,757	281	(201,269)	207,889	--
Fidelity Growth Company Fund	219,137	--	292,995	--	194,477	(120,619)	--
Fidelity Health Care Portfolio	157,486,394	32,743,876	31,740,494	4,537,691	1,085,756	30,699,022	190,274,554
Fidelity Health Care Services Portfolio	--	15,694,980	15,592,652	--	(102,328)	--	--
Fidelity Industrial Equipment Portfolio	41,713,050	2,585,382	12,547,523	2,098,646	964,338	3,487,004	36,202,251
Fidelity Industrials Portfolio	96,905,765	8,477,913	44,860,089	3,718,971	3,604,598	5,611,759	69,739,946
Fidelity Inflation-Protected Bond Index Fund Institutional Premium Class	125,010,867	220,859,689	116,754,750	2,774,222	2,626,785	(1,473,333)	230,269,258
Fidelity Insurance Portfolio	99,364,695	2,825,770	89,877,967	2,365,592	18,377,857	(11,812,142)	18,878,213
Fidelity International Capital Appreciation Fund	25,295,025	903,245	5,281,392	889,759	(56,724)	6,786,150	27,646,304
Fidelity International Discovery Fund	69,246,416	30,143,129	17,037,084	4,853,190	1,320,129	15,846,199	99,518,789
Fidelity International Enhanced Index Fund	--	88,876,724	915,441	1,489,464	(8,487)	4,188,117	92,140,913
Fidelity International Index Fund Institutional Class	123,719,149	5,628,044	158,438,185	102,829	37,788,468	(8,697,476)	--
Fidelity International Real Estate Fund	156,000	4,077	190,064	4,077	45,811	(15,824)	--
Fidelity International Small Cap Fund	74,906,791	3,988,988	45,073,209	1,779,185	7,189,324	12,323,476	53,335,370
Fidelity International Small Cap Opportunities Fund	43,846,051	8,710,650	17,143,618	987,384	1,964,351	12,143,211	49,520,645
Fidelity International Value Fund	--	65,943,327	643,464	1,062,939	(3,234)	(267,961)	65,028,668
Fidelity Investments Money Market Government Portfolio Institutional Class 1.19%	555,451,428	212,083,109	614,072,493	4,358,620	--	--	153,462,044
Fidelity Investments Money Market Prime Reserves Portfolio - Institutional Class 1.47%	--	283,933,886	10,156,856	719,656	(19)	--	273,777,011
Fidelity IT Services Portfolio	412,811	--	427,291	--	182,351	(167,871)	--
Fidelity Japan Fund	23,157,911	997,198	30,810,463	--	6,540,104	115,250	--
Fidelity Japan Smaller Companies Fund	59,270,110	6,552,208	22,013,471	2,624,861	5,584,627	12,043,177	61,436,651
Fidelity Large Cap Stock Fund	30,702,635	2,233,933	36,131,962	392,029	8,847,279	(5,651,885)	--
Fidelity Leisure Portfolio	--	21,529,874	12,139,767	618,796	684,491	427,985	10,502,583
Fidelity Long-Term Treasury Bond Index Fund Institutional Class	--	64,630,038	1,326,667	554,495	3,313	2,045,489	120,234,118
Fidelity Long-Term Treasury Bond Index Fund Premium Class	28,589,507	28,086,822	2,253,792	830,423	(29,270)	488,678	--
Fidelity Low-Priced Stock Fund	--	93,133,447	802,538	1,172,994	9,044	2,956,829	95,296,782
Fidelity Magellan Fund	14,042	853	17,321	853	4,568	(2,142)	--
Fidelity Materials Portfolio	5,687,581	50,410,563	6,263,855	2,025,441	673,226	(447,647)	50,059,868
Fidelity Medical Equipment and Systems Portfolio	92,407,877	25,321,816	123,455,492	1,288,421	15,896,485	6,359,036	16,529,722
Fidelity Mega Cap Stock Fund	--	141,902,075	1,207,473	4,110,887	8,038	946,182	141,648,822
Fidelity Multimedia Portfolio	13,759,157	15,105,518	17,309,154	839,834	134,695	889,817	12,580,033
Fidelity Nasdaq Composite Index Fund	774,368	--	844,893	--	464,773	(394,248)	--
Fidelity Natural Gas Portfolio	--	900,000	934,863	--	34,863	--	--
Fidelity Natural Resources Portfolio	--	1,000,000	1,082,362	--	82,362	--	--
Fidelity New Markets Income Fund	34,628,992	2,910,981	5,298,526	1,970,118	(61,141)	1,437,485	33,617,791
Fidelity Nordic Fund	21,365,927	289,290	25,264,755	--	4,739,588	(1,130,050)	--
Fidelity OTC Portfolio	11,540,314	936,020	13,772,955	3,161	2,936,162	(1,639,541)	--
Fidelity Overseas Fund	236,201,143	166,701,824	62,483,363	4,983,898	(258,862)	74,441,913	414,602,655
Fidelity Pacific Basin Fund	9,498,141	11,986,764	239,029	1,018,647	(1,458)	3,102,505	24,346,923
Fidelity Real Estate Investment Portfolio	25,996,290	45,516,425	15,261,495	1,085,780	800,911	(1,838,493)	55,213,638
Fidelity Retailing Portfolio	41,290,828	67	44,118,120	--	13,744,538	(10,917,313)	--
Fidelity Semiconductors Portfolio	87,001,142	3,083,314	100,771,335	3,083,156	31,808,292	(21,121,413)	--
Fidelity Series Commodity Strategy Fund	30,864,013	2,106,128	31,316,072	--	(862,000)	(792,069)	--
Fidelity Small Cap Growth Fund	117,200	7,212	146,738	7,212	40,418	(18,092)	--
Fidelity Small Cap Stock Fund	429,507	13,701	466,679	13,701	72,306	(48,835)	--
Fidelity Small Cap Value Fund	1,516,313	365,132	1,987,178	41,751	155,434	(49,701)	--
Fidelity Software and IT Services Portfolio	127,217,968	1,330,819	143,378,552	1,252,888	27,716,122	(12,886,357)	--
Fidelity Stock Selector Large Cap Value Fund	87,157,908	2,175,257	94,816,447	29,037	15,252,019	(9,768,737)	--
Fidelity Technology Portfolio	302,461,967	185,427,472	213,314,640	35,965,912	51,430,949	95,597,285	421,603,033
Fidelity Telecom and Utilities Fund	--	2,335,508	2,343,130	26,865	7,622	--	--
Fidelity Telecommunications Portfolio	71,488,029	18,876,963	59,431,155	5,213,556	6,065,144	(10,757,513)	26,241,468
Fidelity Transportation Portfolio	11,275,523	4,822,849	6,967,726	613,379	439,007	1,570,432	11,140,085
Fidelity U.S. Bond Index Fund Institutional Premium Class	2,061,937,825	311,351,992	144,693,677	55,068,176	(742,515)	18,029,752	2,245,883,377
Fidelity Utilities Portfolio	27,533,820	34,547,272	18,505,347	2,344,573	1,542,267	(1,420,863)	43,697,149
Fidelity Value Discovery Fund	15,576,127	31,461,951	2,798,474	535,332	43,421	3,065,505	47,348,530
Total	$6,271,681,029	$2,892,218,587	$3,314,004,497	$215,545,778	$371,353,696	$298,584,538	$6,519,833,353

Investment Valuation

See accompanying notes which are an integral part of the financial statements.

VIP FundsManager® 50% Portfolio

Financial Statements

Statement of Assets and Liabilities

		December 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $193,625,260)	$199,782,435
Fidelity Central Funds (cost $5,606,918)	5,606,918
Affiliated issuers (cost $5,912,700,197)	6,519,833,353
Total Investment in Securities (cost $6,111,932,375)		$6,725,222,706
Receivable for investments sold		1,379,774
Receivable for fund shares sold		108,502
Dividends receivable		462
Distributions receivable from Fidelity Central Funds		5,698
Total assets		6,726,717,142
Liabilities
Payable for fund shares redeemed	$1,530,975
Accrued management fee	1,115,178
Distribution and service plan fees payable	12,596
Total liabilities		2,658,749
Net Assets		$6,724,058,393
Net Assets consist of:
Paid in capital		$5,664,774,447
Undistributed net investment income		4,157,131
Accumulated undistributed net realized gain (loss) on investments		441,836,484
Net unrealized appreciation (depreciation) on investments		613,290,331
Net Assets		$6,724,058,393
Service Class:
Net Asset Value, offering price and redemption price per share ($64,115 ÷ 4,740 shares)		$13.53
Service Class 2:
Net Asset Value, offering price and redemption price per share ($100,867,277 ÷ 7,481,843 shares)		$13.48
Investor Class:
Net Asset Value, offering price and redemption price per share ($6,623,127,001 ÷ 489,792,290 shares)		$13.52

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended December 31, 2017
Investment Income
Dividends:
Unaffiliated issuers		$945,729
Affiliated issuers		91,584,869
Income from Fidelity Central Funds		16,072
Total income		92,546,670
Expenses
Management fee	$16,349,412
Distribution and service plan fees	244,291
Independent trustees' fees and expenses	24,273
Total expenses before reductions	16,617,976
Expense reductions	(3,373,225)	13,244,751
Net investment income (loss)		79,301,919
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Affiliated issuers	371,353,696
Realized gain distributions from underlying funds:
Affiliated issuers	123,960,909
Total net realized gain (loss)		495,314,605
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	6,157,175
Other affiliated issuers	298,584,538
Total change in net unrealized appreciation (depreciation)		304,741,713
Net gain (loss)		800,056,318
Net increase (decrease) in net assets resulting from operations		$879,358,237

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended December 31, 2017	Year ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$79,301,919	$78,758,773
Net realized gain (loss)	495,314,605	4,639,676
Change in net unrealized appreciation (depreciation)	304,741,713	184,370,983
Net increase (decrease) in net assets resulting from operations	879,358,237	267,769,432
Distributions to shareholders from net investment income	(75,263,279)	(78,022,461)
Distributions to shareholders from net realized gain	(40,613,695)	(85,338,168)
Total distributions	(115,876,974)	(163,360,629)
Share transactions - net increase (decrease)	(310,047,364)	36,558,395
Total increase (decrease) in net assets	453,433,899	140,967,198
Net Assets
Beginning of period	6,270,624,494	6,129,657,296
End of period	$6,724,058,393	$6,270,624,494
Other Information
Undistributed net investment income end of period	$4,157,131	$118,491

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

VIP FundsManager 50% Portfolio Service Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.03	$11.85	$12.39	$12.01	$10.62
Income from Investment Operations
Net investment income (loss)^A	.16	.15	.15	.17	.15
Net realized and unrealized gain (loss)	1.58	.35	(.13)	.45	1.42
Total from investment operations	1.74	.50	.02	.62	1.57
Distributions from net investment income	(.15)	(.15)	(.14)	(.14)	(.12)
Distributions from net realized gain	(.08)	(.16)	(.42)	(.10)	(.07)
Total distributions	(.24)^B	(.32)^C	(.56)	(.24)	(.18)^D
Net asset value, end of period	$13.53	$12.03	$11.85	$12.39	$12.01
Total Return^E,^F	14.45%	4.31%	.06%	5.18%	14.79%
Ratios to Average Net Assets^G,^H,^I
Expenses before reductions	.35%	.35%	.35%	.35%	.35%
Expenses net of fee waivers, if any	.20%	.20%	.20%	.20%	.20%
Expenses net of all reductions	.20%	.20%	.20%	.20%	.20%
Net investment income (loss)	1.21%	1.26%	1.19%	1.38%	1.33%
Supplemental Data
Net assets, end of period (000 omitted)	$64	$62	$64	$73	$80
Portfolio turnover rate^G,^J	47%	40%	24%	25%	15%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.24 per share is comprised of distributions from net investment income of $.154 and distributions from net realized gain of $.083 per share.

^C Total distributions of $.32 per share is comprised of distributions from net investment income of $.152 and distributions from net realized gain of $.164 per share.

^D Total distributions of $.18 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.065 per share.

^E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Amounts do not include the activity of the Underlying Funds.

^H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

^J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

VIP FundsManager 50% Portfolio Service Class 2

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$11.99	$11.82	$12.35	$11.98	$10.59
Income from Investment Operations
Net investment income (loss)^A	.14	.13	.13	.15	.13
Net realized and unrealized gain (loss)	1.57	.34	(.12)	.44	1.42
Total from investment operations	1.71	.47	.01	.59	1.55
Distributions from net investment income	(.13)	(.13)	(.12)	(.12)	(.10)
Distributions from net realized gain	(.08)	(.16)	(.42)	(.10)	(.07)
Total distributions	(.22)^B	(.30)^C	(.54)	(.22)	(.16)^D
Net asset value, end of period	$13.48	$11.99	$11.82	$12.35	$11.98
Total Return^E,^F	14.24%	4.08%	(.02)%	4.95%	14.66%
Ratios to Average Net Assets^G,^H,^I
Expenses before reductions	.50%	.50%	.50%	.50%	.50%
Expenses net of fee waivers, if any	.35%	.35%	.35%	.35%	.35%
Expenses net of all reductions	.35%	.35%	.35%	.35%	.35%
Net investment income (loss)	1.06%	1.11%	1.04%	1.23%	1.18%
Supplemental Data
Net assets, end of period (000 omitted)	$100,867	$90,983	$83,447	$88,771	$89,164
Portfolio turnover rate^G,^J	47%	40%	24%	25%	15%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $.22 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.083 per share.

^C Total distributions of $.30 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $.164 per share.

^D Total distributions of $.16 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.065 per share.

^E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Amounts do not include the activity of the Underlying Funds.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

^J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.

VIP FundsManager 50% Portfolio Investor Class

Years ended December 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.02	$11.85	$12.38	$12.01	$10.61
Income from Investment Operations
Net investment income (loss)^A	.16	.15	.15	.17	.15
Net realized and unrealized gain (loss)	1.58	.34	(.12)	.44	1.43
Total from investment operations	1.74	.49	.03	.61	1.58
Distributions from net investment income	(.15)	(.15)	(.14)	(.14)	(.12)
Distributions from net realized gain	(.08)	(.16)	(.42)	(.10)	(.07)
Total distributions	(.24)^B	(.32)^C	(.56)	(.24)	(.18)^D
Net asset value, end of period	$13.52	$12.02	$11.85	$12.38	$12.01
Total Return^E,^F	14.46%	4.22%	.14%	5.10%	14.90%
Ratios to Average Net Assets^G,^H,^I
Expenses before reductions	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.20%	.20%	.20%	.20%	.20%
Expenses net of all reductions	.20%	.20%	.20%	.20%	.20%
Net investment income (loss)	1.21%	1.26%	1.19%	1.38%	1.33%
Supplemental Data
Net assets, end of period (000 omitted)	$6,623,127	$6,179,579	$6,046,146	$5,085,755	$3,319,291
Portfolio turnover rate^G,^J	47%	40%	24%	25%	15%