Variable Insurance Products Fund V NCSRS Certified semi-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, MA 02210

(Address of principal executive offices) (Zip code)

William C. Coffey, 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:	June 30, 2019

Item 1.

Reports to Stockholders

Fidelity® Variable Insurance Products:
Freedom Funds - Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065

Semi-Annual Report

June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, and if your insurance carrier elects to participate, you may not be receiving paper copies of the Fund’s shareholder reports from the insurance company that offers your variable insurance product unless you specifically request paper copies from your financial professional or the administrator of your variable insurance product. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically, by contacting your financial professional or the administrator of your variable insurance product. If you own a Fidelity-administered variable insurance product, please visit fidelity.com/mailpreferences to make your election or call 1-800-343-3548.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial professional or the administrator of your variable insurance product. If you own a Fidelity-administered variable insurance product, please visit fidelity.com/mailpreferences to make your election or call 1-800-343-3548. Your election to receive reports in paper will apply to all funds available under your variable insurance product.

Contents

VIP Freedom Income Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Freedom 2005 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Freedom 2010 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Freedom 2015 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Freedom 2020 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Freedom 2025 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Freedom 2030 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Freedom 2035 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Freedom 2040 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Freedom 2045 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Freedom 2050 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Freedom 2055 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Freedom 2060 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Freedom 2065 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
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 Funds. This report is not authorized for distribution to prospective investors in the Funds 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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 Funds nor Fidelity Distributors Corporation is a bank.

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 June 30, 2019

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	36.4
VIP Government Money Market Portfolio Initial Class 2.18%	24.2
Fidelity Inflation-Protected Bond Index Fund	12.4
VIP Overseas Portfolio Initial Class	5.7
Fidelity Long-Term Treasury Bond Index Fund	5.4
VIP Emerging Markets Portfolio Initial Class	4.5
VIP Growth & Income Portfolio Initial Class	2.0
VIP High Income Portfolio Initial Class	1.9
VIP Equity-Income Portfolio Initial Class	1.7
VIP Growth Portfolio Initial Class	1.7
	95.9

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	9.5%
	International Equity Funds	10.2%
	Bond Funds	56.1%
	Short-Term Funds	24.2%

VIP Freedom Income Portfolio℠

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 9.5%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	22,748	$775,494
VIP Equity-Income Portfolio Initial Class (a)	37,030	815,781
VIP Growth & Income Portfolio Initial Class (a)	46,443	933,049
VIP Growth Portfolio Initial Class (a)	11,051	793,592
VIP Mid Cap Portfolio Initial Class (a)	7,220	227,807
VIP Value Portfolio Initial Class (a)	41,317	600,338
VIP Value Strategies Portfolio Initial Class (a)	24,118	293,998
TOTAL DOMESTIC EQUITY FUNDS
(Cost $3,373,986)		4,440,059

International Equity Funds - 10.2%
VIP Emerging Markets Portfolio Initial Class (a)	175,627	2,096,992
VIP Overseas Portfolio Initial Class (a)	123,087	2,691,923
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $3,559,853)		4,788,915

Bond Funds - 56.1%
Fidelity Inflation-Protected Bond Index Fund (a)	580,809	5,837,135
Fidelity Long-Term Treasury Bond Index Fund (a)	182,980	2,532,446
VIP High Income Portfolio Initial Class (a)	164,294	895,403
VIP Investment Grade Bond Portfolio Initial Class (a)	1,300,557	17,050,296
TOTAL BOND FUNDS
(Cost $25,262,497)		26,315,280

Short-Term Funds - 24.2%
VIP Government Money Market Portfolio Initial Class 2.18% (a)(b)
(Cost $11,346,984)	11,346,984	11,346,984
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $43,543,320)		46,891,238
NET OTHER ASSETS (LIABILITIES) - 0.0%		(4,763)
NET ASSETS - 100%		$46,886,475

Legend

(a) Affiliated Fund

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

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. Certain Underlying Funds incurred name changes since their most recent shareholder report. The names of the Underlying Funds are those in effect at period end.

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Inflation-Protected Bond Index Fund	$5,558,889	$753,549	$799,425	$11,929	$(3,124)	$327,246	$5,837,135
Fidelity Long-Term Treasury Bond Index Fund	2,416,430	430,264	535,270	35,146	(2,515)	223,537	2,532,446
VIP Contrafund Portfolio Initial Class	777,375	192,398	251,078	92,702	10,963	45,836	775,494
VIP Emerging Markets Portfolio Initial Class	1,924,333	301,665	499,609	--	9,609	360,994	2,096,992
VIP Equity-Income Portfolio Initial Class	815,517	172,301	242,057	55,895	(3,326)	73,346	815,781
VIP Government Money Market Portfolio Initial Class 2.18%	10,796,712	2,019,302	1,469,030	118,547	--	--	11,346,984
VIP Growth & Income Portfolio Initial Class	929,808	249,965	292,201	99,811	10,873	34,604	933,049
VIP Growth Portfolio Initial Class	794,386	158,558	270,218	52,571	20,827	90,039	793,592
VIP High Income Portfolio Initial Class	878,850	113,467	178,915	7,425	(5,032)	87,033	895,403
VIP Investment Grade Bond Portfolio Initial Class	16,234,694	2,172,822	2,358,012	72,158	3,214	997,578	17,050,296
VIP Mid Cap Portfolio Initial Class	225,069	63,960	74,574	25,174	(558)	13,910	227,807
VIP Overseas Portfolio Initial Class	2,395,553	529,443	578,453	90,239	10,347	335,033	2,691,923
VIP Value Portfolio Initial Class	598,228	127,209	194,321	39,439	6,315	62,907	600,338
VIP Value Strategies Portfolio Initial Class	291,463	71,290	100,372	29,143	(3,662)	35,279	293,998
Total	$44,637,307	$7,356,193	$7,843,535	$730,179	$53,931	$2,687,342	$46,891,238

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.

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

VIP Freedom Income Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $43,543,320)	$46,891,238
Total Investment in Securities (cost $43,543,320)		$46,891,238
Cash		4
Receivable for investments sold		739,133
Receivable for fund shares sold		237,978
Total assets		47,868,353
Liabilities
Payable for investments purchased	$179,967
Payable for fund shares redeemed	797,133
Distribution and service plan fees payable	4,778
Total liabilities		981,878
Net Assets		$46,886,475
Net Assets consist of:
Paid in capital		$43,016,039
Total distributable earnings (loss)		3,870,436
Net Assets		$46,886,475
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($14,537,811 ÷ 1,241,779 shares)		$11.71
Service Class:
Net Asset Value, offering price and redemption price per share ($14,764,887 ÷ 1,262,474 shares)		$11.70
Service Class 2:
Net Asset Value, offering price and redemption price per share ($17,583,777 ÷ 1,510,355 shares)		$11.64

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$272,292
Expenses
Distribution and service plan fees	$27,972
Independent trustees' fees and expenses	83
Total expenses before reductions	28,055
Expense reductions	(1)
Total expenses after reductions		28,054
Net investment income (loss)		244,238
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	53,931
Capital gain distributions from underlying funds:
Affiliated issuers	457,887
Total net realized gain (loss)		511,818
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	2,687,342
Total change in net unrealized appreciation (depreciation)		2,687,342
Net gain (loss)		3,199,160
Net increase (decrease) in net assets resulting from operations		$3,443,398

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$244,238	$775,122
Net realized gain (loss)	511,818	862,037
Change in net unrealized appreciation (depreciation)	2,687,342	(2,594,225)
Net increase (decrease) in net assets resulting from operations	3,443,398	(957,066)
Distributions to shareholders	(946,463)	(1,201,731)
Share transactions - net increase (decrease)	(243,247)	4,567,736
Total increase (decrease) in net assets	2,253,688	2,408,939
Net Assets
Beginning of period	44,632,787	42,223,848
End of period	$46,886,475	$44,632,787

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

Financial Highlights

VIP Freedom Income Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.08	$11.63	$10.98	$10.78	$11.03	$10.89
Income from Investment Operations
Net investment income (loss)^A	.07	.22	.19	.16	.21	.18
Net realized and unrealized gain (loss)	.80	(.45)	.74	.32	(.25)	.23
Total from investment operations	.87	(.23)	.93	.48	(.04)	.41
Distributions from net investment income	(.01)	(.20)	(.18)	(.16)	(.20)	(.17)
Distributions from net realized gain	(.23)	(.13)	(.10)	(.11)	(.02)	(.10)
Total distributions	(.24)	(.32)^B	(.28)	(.28)^C	(.21)^D	(.27)
Net asset value, end of period	$11.71	$11.08	$11.63	$10.98	$10.78	$11.03
Total Return^E,^F,^G	7.95%	(1.96)%	8.48%	4.50%	(.34)%	3.78%
Ratios to Average Net Assets^H,^I
Expenses before reductions^J	- %^K	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^J,^K	- %^J	-%	-%	-%	-%
Expenses net of all reductions	- %^J,^K	- %^J	-%	-%	-%	-%
Net investment income (loss)	1.20%^K	1.90%	1.67%	1.48%	1.85%	1.62%
Supplemental Data
Net assets, end of period (000 omitted)	$14,538	$14,582	$16,086	$14,956	$14,548	$17,386
Portfolio turnover rate^H	32%^K	48%	35%	38%	36%	32%

^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 $.197 and distributions from net realized gain of $.125 per share.

^C 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.

^D 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.

^E Total returns for periods of less than one year are not annualized.

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

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

^H 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 represents less than .005%.

^K Annualized

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

VIP Freedom Income Portfolio Service Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.07	$11.63	$10.97	$10.78	$11.03	$10.89
Income from Investment Operations
Net investment income (loss)^A	.06	.21	.18	.15	.19	.17
Net realized and unrealized gain (loss)	.81	(.46)	.75	.31	(.24)	.23
Total from investment operations	.87	(.25)	.93	.46	(.05)	.40
Distributions from net investment income	(.01)	(.19)	(.17)	(.15)	(.19)	(.16)
Distributions from net realized gain	(.23)	(.13)	(.10)	(.11)	(.02)	(.10)
Total distributions	(.24)	(.31)^B	(.27)	(.27)^C	(.20)^D	(.26)
Net asset value, end of period	$11.70	$11.07	$11.63	$10.97	$10.78	$11.03
Total Return^E,^F,^G	7.94%	(2.12)%	8.49%	4.32%	(.42)%	3.69%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.10%^J	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%^J	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%^J	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	1.10%^J	1.80%	1.57%	1.38%	1.75%	1.52%
Supplemental Data
Net assets, end of period (000 omitted)	$14,765	$14,591	$11,227	$9,286	$9,825	$6,193
Portfolio turnover rate^H	32%^J	48%	35%	38%	36%	32%

^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 $.189 and distributions from net realized gain of $.125 per share.

^C 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.

^D 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.

^E Total returns for periods of less than one year are not annualized.

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

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

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

^J Annualized

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

VIP Freedom Income Portfolio Service Class 2

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.03	$11.59	$10.93	$10.74	$10.99	$10.85
Income from Investment Operations
Net investment income (loss)^A	.05	.19	.16	.13	.18	.15
Net realized and unrealized gain (loss)	.80	(.45)	.75	.31	(.24)	.23
Total from investment operations	.85	(.26)	.91	.44	(.06)	.38
Distributions from net investment income	(.01)	(.17)	(.15)	(.14)	(.17)	(.14)
Distributions from net realized gain	(.23)	(.13)	(.10)	(.11)	(.02)	(.10)
Total distributions	(.24)	(.30)	(.25)	(.25)	(.19)	(.24)
Net asset value, end of period	$11.64	$11.03	$11.59	$10.93	$10.74	$10.99
Total Return^B,^C,^D	7.77%	(2.27)%	8.36%	4.17%	(.57)%	3.54%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.25%^G	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%^G	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%^G	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	.95%^G	1.65%	1.42%	1.23%	1.60%	1.37%
Supplemental Data
Net assets, end of period (000 omitted)	$17,584	$15,459	$14,911	$14,007	$13,375	$8,860
Portfolio turnover rate^E	32%^G	48%	35%	38%	36%	32%

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

^B Total returns for periods of less than one year are not annualized.

^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 Annualized

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 June 30, 2019

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	33.2
VIP Government Money Market Portfolio Initial Class 2.18%	20.4
Fidelity Inflation-Protected Bond Index Fund	11.2
VIP Overseas Portfolio Initial Class	7.5
Fidelity Long-Term Treasury Bond Index Fund	5.7
VIP Emerging Markets Portfolio Initial Class	5.4
VIP Growth & Income Portfolio Initial Class	3.1
VIP Equity-Income Portfolio Initial Class	2.7
VIP Growth Portfolio Initial Class	2.6
VIP Contrafund Portfolio Initial Class	2.5
	94.3

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	14.6%
	International Equity Funds	12.9%
	Bond Funds	52.1%
	Short-Term Funds	20.4%

VIP Freedom 2005 Portfolio℠

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 14.6%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	9,288	$316,625
VIP Equity-Income Portfolio Initial Class (a)	15,119	333,061
VIP Growth & Income Portfolio Initial Class (a)	18,962	380,943
VIP Growth Portfolio Initial Class (a)	4,512	324,018
VIP Mid Cap Portfolio Initial Class (a)	2,948	93,002
VIP Value Portfolio Initial Class (a)	16,868	245,096
VIP Value Strategies Portfolio Initial Class (a)	9,846	120,025
TOTAL DOMESTIC EQUITY FUNDS
(Cost $1,448,758)		1,812,770

International Equity Funds - 12.9%
VIP Emerging Markets Portfolio Initial Class (a)	56,461	674,139
VIP Overseas Portfolio Initial Class (a)	42,535	930,237
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $1,306,110)		1,604,376

Bond Funds - 52.1%
Fidelity Inflation-Protected Bond Index Fund (a)	137,804	1,384,929
Fidelity Long-Term Treasury Bond Index Fund (a)	50,843	703,674
VIP High Income Portfolio Initial Class (a)	44,763	243,959
VIP Investment Grade Bond Portfolio Initial Class (a)	314,307	4,120,566
TOTAL BOND FUNDS
(Cost $6,180,346)		6,453,128

Short-Term Funds - 20.4%
VIP Government Money Market Portfolio Initial Class 2.18% (a)(b)
(Cost $2,522,038)	2,522,038	2,522,038
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $11,457,252)		12,392,312
NET OTHER ASSETS (LIABILITIES) - 0.0%		(255)
NET ASSETS - 100%		$12,392,057

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 Inflation-Protected Bond Index Fund	$1,168,011	$204,242	$61,284	$2,708	$(4)	$73,964	$1,384,929
Fidelity Long-Term Treasury Bond Index Fund	602,614	124,474	84,992	9,381	889	60,689	703,674
VIP Contrafund Portfolio Initial Class	295,967	73,313	75,149	35,787	937	21,557	316,625
VIP Emerging Markets Portfolio Initial Class	561,918	92,718	91,826	--	(1,091)	112,420	674,139
VIP Equity-Income Portfolio Initial Class	310,461	63,092	67,874	21,581	(2,038)	29,420	333,061
VIP Government Money Market Portfolio Initial Class 2.18%	2,110,882	501,706	90,550	25,071	--	--	2,522,038
VIP Growth & Income Portfolio Initial Class	353,946	91,808	82,363	38,534	1,155	16,397	380,943
VIP Growth Portfolio Initial Class	302,425	61,422	83,135	20,296	2,648	40,658	324,018
VIP High Income Portfolio Initial Class	210,244	28,819	15,757	1,857	(590)	21,243	243,959
VIP Investment Grade Bond Portfolio Initial Class	3,485,414	609,891	208,238	15,860	3,194	230,305	4,120,566
VIP Mid Cap Portfolio Initial Class	85,985	23,830	21,927	9,718	(464)	5,578	93,002
VIP Overseas Portfolio Initial Class	764,364	170,427	119,299	29,167	687	114,058	930,237
VIP Value Portfolio Initial Class	227,869	45,768	55,415	15,228	579	26,295	245,096
VIP Value Strategies Portfolio Initial Class	111,217	26,621	30,126	11,251	(1,293)	13,606	120,025
Total	$10,591,317	$2,118,131	$1,087,935	$236,439	$4,609	$766,190	$12,392,312

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

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $11,457,252)	$12,392,312
Total Investment in Securities (cost $11,457,252)		$12,392,312
Cash		14
Receivable for investments sold		109,213
Receivable for fund shares sold		220
Total assets		12,501,759
Liabilities
Payable for investments purchased	$107,146
Payable for fund shares redeemed	2,271
Distribution and service plan fees payable	285
Total liabilities		109,702
Net Assets		$12,392,057
Net Assets consist of:
Paid in capital		$11,266,345
Total distributable earnings (loss)		1,125,712
Net Assets		$12,392,057
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($9,148,803 ÷ 731,543 shares)		$12.51
Service Class:
Net Asset Value, offering price and redemption price per share ($3,081,140 ÷ 244,998 shares)		$12.58
Service Class 2:
Net Asset Value, offering price and redemption price per share ($162,114 ÷ 13,008 shares)		$12.46

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$65,336
Expenses
Distribution and service plan fees	$1,535
Independent trustees' fees and expenses	21
Total expenses		1,556
Net investment income (loss)		63,780
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	4,609
Capital gain distributions from underlying funds:
Affiliated issuers	171,103
Total net realized gain (loss)		175,712
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	766,190
Total change in net unrealized appreciation (depreciation)		766,190
Net gain (loss)		941,902
Net increase (decrease) in net assets resulting from operations		$1,005,682

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$63,780	$180,555
Net realized gain (loss)	175,712	182,314
Change in net unrealized appreciation (depreciation)	766,190	(677,125)
Net increase (decrease) in net assets resulting from operations	1,005,682	(314,256)
Distributions to shareholders	(188,153)	(312,530)
Share transactions - net increase (decrease)	983,376	1,959,854
Total increase (decrease) in net assets	1,800,905	1,333,068
Net Assets
Beginning of period	10,591,152	9,258,084
End of period	$12,392,057	$10,591,152

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

Financial Highlights

VIP Freedom 2005 Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.65	$12.39	$11.51	$11.29	$11.56	$11.37
Income from Investment Operations
Net investment income (loss)^A	.07	.22	.20	.17	.19	.20
Net realized and unrealized gain (loss)	1.00	(.58)	1.06	.38	(.22)	.29
Total from investment operations	1.07	(.36)	1.26	.55	(.03)	.49
Distributions from net investment income	(.01)	(.20)	(.19)	(.18)	(.22)	(.19)
Distributions from net realized gain	(.20)	(.17)	(.19)	(.15)	(.03)	(.11)
Total distributions	(.21)	(.38)^B	(.38)	(.33)	(.24)^C	(.30)
Net asset value, end of period	$12.51	$11.65	$12.39	$11.51	$11.29	$11.56
Total Return^D,^E,^F	9.25%	(2.95)%	11.06%	5.00%	(.25)%	4.30%
Ratios to Average Net Assets^G,^H
Expenses before reductions^I	- %^J	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^I,^J	- %^I	-%	-%	-%	-%
Expenses net of all reductions	- %^I,^J	- %^I	-%	-%	-%	-%
Net investment income (loss)	1.13%^J	1.80%	1.65%	1.50%	1.64%	1.71%
Supplemental Data
Net assets, end of period (000 omitted)	$9,149	$8,191	$7,931	$6,363	$6,657	$8,047
Portfolio turnover rate^G	19%^J	32%	33%	24%	23%	21%

^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 $.204 and distributions from net realized gain of $.172 per share.

^C 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.

^D Total returns for periods of less than one year are not annualized.

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

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

^G 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%.

^J Annualized

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

VIP Freedom 2005 Portfolio Service Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.72	$12.46	$11.58	$11.36	$11.63	$11.44
Income from Investment Operations
Net investment income (loss)^A	.06	.21	.19	.16	.18	.19
Net realized and unrealized gain (loss)	1.01	(.58)	1.06	.38	(.22)	.29
Total from investment operations	1.07	(.37)	1.25	.54	(.04)	.48
Distributions from net investment income	(.01)	(.20)	(.18)	(.17)	(.21)	(.18)
Distributions from net realized gain	(.20)	(.17)	(.19)	(.15)	(.03)	(.11)
Total distributions	(.21)	(.37)	(.37)	(.32)	(.23)^B	(.29)
Net asset value, end of period	$12.58	$11.72	$12.46	$11.58	$11.36	$11.63
Total Return^C,^D,^E	9.19%	(3.01)%	10.90%	4.89%	(.35)%	4.18%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.10%^H	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%^H	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%^H	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	1.03%^H	1.70%	1.55%	1.40%	1.54%	1.61%
Supplemental Data
Net assets, end of period (000 omitted)	$3,081	$2,279	$1,222	$558	$484	$408
Portfolio turnover rate^F	19%^H	32%	33%	24%	23%	21%

^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 returns for periods of less than one year are not annualized.

^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.

^H Annualized

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

VIP Freedom 2005 Portfolio Service Class 2

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.62	$12.37	$11.50	$11.28	$11.55	$11.36
Income from Investment Operations
Net investment income (loss)^A	.05	.19	.17	.14	.16	.17
Net realized and unrealized gain (loss)	1.00	(.59)	1.05	.39	(.21)	.29
Total from investment operations	1.05	(.40)	1.22	.53	(.05)	.46
Distributions from net investment income	(.01)	(.18)	(.16)	(.15)	(.19)	(.16)
Distributions from net realized gain	(.20)	(.17)	(.19)	(.15)	(.03)	(.11)
Total distributions	(.21)	(.35)	(.35)	(.31)^B	(.22)	(.27)
Net asset value, end of period	$12.46	$11.62	$12.37	$11.50	$11.28	$11.55
Total Return^C,^D,^E	9.08%	(3.24)%	10.74%	4.78%	(.49)%	4.04%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.25%^H	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%^H	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%^H	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	.88%^H	1.55%	1.40%	1.25%	1.39%	1.46%
Supplemental Data
Net assets, end of period (000 omitted)	$162	$121	$104	$83	$92	$79
Portfolio turnover rate^F	19%^H	32%	33%	24%	23%	21%

^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 for periods of less than one year are not annualized.

^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 Annualized

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 June 30, 2019

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	29.9
VIP Government Money Market Portfolio Initial Class 2.18%	16.0
VIP Overseas Portfolio Initial Class	9.6
Fidelity Inflation-Protected Bond Index Fund	9.6
VIP Emerging Markets Portfolio Initial Class	6.5
Fidelity Long-Term Treasury Bond Index Fund	5.6
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
	92.7

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	20.8%
	International Equity Funds	16.1%
	Bond Funds	47.1%
	Short-Term Funds	16.0%

VIP Freedom 2010 Portfolio℠

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 20.8%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	329,686	$11,239,007
VIP Equity-Income Portfolio Initial Class (a)	536,649	11,822,384
VIP Growth & Income Portfolio Initial Class (a)	673,057	13,521,707
VIP Growth Portfolio Initial Class (a)	160,164	11,501,362
VIP Mid Cap Portfolio Initial Class (a)	104,628	3,301,014
VIP Value Portfolio Initial Class (a)	598,741	8,699,707
VIP Value Strategies Portfolio Initial Class (a)	349,488	4,260,256
TOTAL DOMESTIC EQUITY FUNDS
(Cost $44,539,916)		64,345,437

International Equity Funds - 16.1%
VIP Emerging Markets Portfolio Initial Class (a)	1,677,433	20,028,548
VIP Overseas Portfolio Initial Class (a)	1,368,307	29,924,876
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $36,212,244)		49,953,424

Bond Funds - 47.1%
Fidelity Inflation-Protected Bond Index Fund (a)	2,950,655	29,654,087
Fidelity Long-Term Treasury Bond Index Fund (a)	1,258,913	17,423,356
VIP High Income Portfolio Initial Class (a)	1,152,259	6,279,812
VIP Investment Grade Bond Portfolio Initial Class (a)	7,052,513	92,458,447
TOTAL BOND FUNDS
(Cost $139,824,665)		145,815,702

Short-Term Funds - 16.0%
VIP Government Money Market Portfolio Initial Class 2.18% (a)(b)
(Cost $49,609,612)	49,609,612	49,609,612
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $270,186,437)		309,724,175
NET OTHER ASSETS (LIABILITIES) - 0.0%		(56,506)
NET ASSETS - 100%		$309,667,669

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 Inflation-Protected Bond Index Fund	$26,944,479	$2,895,915	$1,812,842	$59,746	$8,990	$1,617,545	$29,654,087
Fidelity Long-Term Treasury Bond Index Fund	16,064,831	2,163,666	2,338,022	239,952	18,161	1,514,720	17,423,356
VIP Contrafund Portfolio Initial Class	11,143,332	1,804,434	2,507,431	1,348,433	104,759	693,913	11,239,007
VIP Emerging Markets Portfolio Initial Class	17,870,664	1,435,969	2,733,610	--	121,071	3,334,454	20,028,548
VIP Equity-Income Portfolio Initial Class	11,688,933	1,373,554	2,234,160	813,247	(25,766)	1,019,823	11,822,384
VIP Government Money Market Portfolio Initial Class 2.18%	44,438,615	7,704,101	2,533,104	506,815	--	--	49,609,612
VIP Growth & Income Portfolio Initial Class	13,324,664	2,320,163	2,750,195	1,452,018	120,536	506,539	13,521,707
VIP Growth Portfolio Initial Class	11,386,681	1,328,893	2,798,736	764,776	309,368	1,275,156	11,501,362
VIP High Income Portfolio Initial Class	5,754,870	327,278	353,859	51,401	(16,816)	568,339	6,279,812
VIP Investment Grade Bond Portfolio Initial Class	83,971,336	9,051,816	5,917,970	380,747	54,262	5,299,003	92,458,447
VIP Mid Cap Portfolio Initial Class	3,239,460	623,829	747,488	366,195	(11,170)	196,383	3,301,014
VIP Overseas Portfolio Initial Class	26,238,744	3,469,249	3,580,544	1,001,975	65,391	3,732,036	29,924,876
VIP Value Portfolio Initial Class	8,579,645	1,001,909	1,865,794	573,808	106,297	877,650	8,699,707
VIP Value Strategies Portfolio Initial Class	4,189,520	638,676	1,016,407	423,969	12,924	435,543	4,260,256
Total	$284,835,774	$36,139,452	$33,190,162	$7,983,082	$868,007	$21,071,104	$309,724,175

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

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $270,186,437)	$309,724,175
Total Investment in Securities (cost $270,186,437)		$309,724,175
Cash		8
Receivable for investments sold		2,911,558
Receivable for fund shares sold		433,900
Total assets		313,069,641
Liabilities
Payable for investments purchased	$3,295,358
Payable for fund shares redeemed	49,853
Distribution and service plan fees payable	56,761
Total liabilities		3,401,972
Net Assets		$309,667,669
Net Assets consist of:
Paid in capital		$262,534,837
Total distributable earnings (loss)		47,132,832
Net Assets		$309,667,669
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($17,781,461 ÷ 1,359,080 shares)		$13.08
Service Class:
Net Asset Value, offering price and redemption price per share ($26,112,064 ÷ 1,999,650 shares)		$13.06
Service Class 2:
Net Asset Value, offering price and redemption price per share ($265,774,144 ÷ 20,474,960 shares)		$12.98

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$1,632,716
Expenses
Distribution and service plan fees	$332,004
Independent trustees' fees and expenses	539
Total expenses		332,543
Net investment income (loss)		1,300,173
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	868,007
Capital gain distributions from underlying funds:
Affiliated issuers	6,350,366
Total net realized gain (loss)		7,218,373
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	21,071,104
Total change in net unrealized appreciation (depreciation)		21,071,104
Net gain (loss)		28,289,477
Net increase (decrease) in net assets resulting from operations		$29,589,650

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,300,173	$4,364,951
Net realized gain (loss)	7,218,373	12,280,938
Change in net unrealized appreciation (depreciation)	21,071,104	(29,098,703)
Net increase (decrease) in net assets resulting from operations	29,589,650	(12,452,814)
Distributions to shareholders	(11,875,466)	(12,948,073)
Share transactions - net increase (decrease)	7,171,879	(5,440,382)
Total increase (decrease) in net assets	24,886,063	(30,841,269)
Net Assets
Beginning of period	284,781,606	315,622,875
End of period	$309,667,669	$284,781,606

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

Financial Highlights

VIP Freedom 2010 Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$12.32	$13.43	$12.31	$12.15	$12.45	$12.30
Income from Investment Operations
Net investment income (loss)^A	.07	.22	.20	.18	.23	.21
Net realized and unrealized gain (loss)	1.21	(.75)	1.39	.45	(.26)	.34
Total from investment operations	1.28	(.53)	1.59	.63	(.03)	.55
Distributions from net investment income	(.01)	(.22)	(.21)	(.19)	(.23)	(.21)
Distributions from net realized gain	(.51)	(.37)	(.26)	(.28)	(.04)	(.20)
Total distributions	(.52)	(.58)^B	(.47)	(.47)	(.27)	(.40)^C
Net asset value, end of period	$13.08	$12.32	$13.43	$12.31	$12.15	$12.45
Total Return^D,^E,^F	10.60%	(4.00)%	13.08%	5.45%	(.29)%	4.53%
Ratios to Average Net Assets^G,^H
Expenses before reductions^I	- %^J	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^I,^J	- %^I	-%	-%	-%	-%
Expenses net of all reductions	- %^I,^J	- %^I	-%	-%	-%	-%
Net investment income (loss)	1.09%^J	1.66%	1.56%	1.51%	1.84%	1.67%
Supplemental Data
Net assets, end of period (000 omitted)	$17,781	$16,991	$18,519	$19,569	$31,048	$43,381
Portfolio turnover rate^G	22%^J	31%	22%	23%	19%	19%

^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 $.216 and distributions from net realized gain of $.367 per share.

^C 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.

^D Total returns for periods of less than one year are not annualized.

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

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

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

^I Amount represents less than .005%.

^J Annualized

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

VIP Freedom 2010 Portfolio Service Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$12.30	$13.41	$12.30	$12.14	$12.43	$12.29
Income from Investment Operations
Net investment income (loss)^A	.06	.20	.19	.17	.22	.20
Net realized and unrealized gain (loss)	1.22	(.74)	1.38	.45	(.26)	.33
Total from investment operations	1.28	(.54)	1.57	.62	(.04)	.53
Distributions from net investment income	(.01)	(.20)	(.19)	(.18)	(.22)	(.19)
Distributions from net realized gain	(.51)	(.37)	(.26)	(.28)	(.04)	(.20)
Total distributions	(.52)	(.57)	(.46)^B	(.46)	(.25)^C	(.39)
Net asset value, end of period	$13.06	$12.30	$13.41	$12.30	$12.14	$12.43
Total Return^D,^E,^F	10.61%	(4.10)%	12.90%	5.36%	(.31)%	4.35%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.10%^I	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%^I	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%^I	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	.99%^I	1.56%	1.46%	1.41%	1.74%	1.57%
Supplemental Data
Net assets, end of period (000 omitted)	$26,112	$23,851	$27,597	$25,360	$23,770	$28,049
Portfolio turnover rate^G	22%^I	31%	22%	23%	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 for periods of less than one year are not annualized.

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

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

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

^I Annualized

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

VIP Freedom 2010 Portfolio Service Class 2

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$12.24	$13.35	$12.24	$12.08	$12.38	$12.24
Income from Investment Operations
Net investment income (loss)^A	.05	.18	.17	.15	.20	.18
Net realized and unrealized gain (loss)	1.21	(.74)	1.38	.45	(.26)	.33
Total from investment operations	1.26	(.56)	1.55	.60	(.06)	.51
Distributions from net investment income	–^B	(.19)	(.17)	(.16)	(.20)	(.18)
Distributions from net realized gain	(.51)	(.37)	(.26)	(.28)	(.04)	(.20)
Total distributions	(.52)^C	(.55)^D	(.44)^E	(.44)	(.24)	(.37)^F
Net asset value, end of period	$12.98	$12.24	$13.35	$12.24	$12.08	$12.38
Total Return^G,^H,^I	10.48%	(4.26)%	12.80%	5.23%	(.53)%	4.21%
Ratios to Average Net Assets^J,^K
Expenses before reductions	.25%^L	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%^L	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%^L	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	.84%^L	1.41%	1.31%	1.26%	1.59%	1.42%
Supplemental Data
Net assets, end of period (000 omitted)	$265,774	$243,940	$269,507	$251,795	$237,969	$224,300
Portfolio turnover rate^J	22%^L	31%	22%	23%	19%	19%

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

^B Amount represents less than $.005 per share.

^C Total distributions of $.52 per share is comprised of distributions from net investment income of $.004 and distributions from net realized gain of $.511 per share.

^D Total distributions of $.55 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.367 per share.

^E 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.

^F 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.

^G Total returns for periods of less than one year are not annualized.

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

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

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

^K 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.

^L Annualized

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 June 30, 2019

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	26.3
VIP Government Money Market Portfolio Initial Class 2.18%	12.0
VIP Overseas Portfolio Initial Class	11.8
Fidelity Inflation-Protected Bond Index Fund	8.2
VIP Emerging Markets Portfolio Initial Class	7.3
VIP Growth & Income Portfolio Initial Class	5.7
Fidelity Long-Term Treasury Bond Index Fund	5.5
VIP Equity-Income Portfolio Initial Class	4.9
VIP Growth Portfolio Initial Class	4.8
VIP Contrafund Portfolio Initial Class	4.7
	91.2

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	26.9%
	International Equity Funds	19.1%
	Bond Funds	42.0%
	Short-Term Funds	12.0%

VIP Freedom 2015 Portfolio℠

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 26.9%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	112,354	$3,830,132
VIP Equity-Income Portfolio Initial Class (a)	182,884	4,028,937
VIP Growth & Income Portfolio Initial Class (a)	229,369	4,608,033
VIP Growth Portfolio Initial Class (a)	54,582	3,919,536
VIP Mid Cap Portfolio Initial Class (a)	35,655	1,124,922
VIP Value Portfolio Initial Class (a)	204,043	2,964,748
VIP Value Strategies Portfolio Initial Class (a)	119,100	1,451,829
TOTAL DOMESTIC EQUITY FUNDS
(Cost $12,241,646)		21,928,137

International Equity Funds - 19.1%
VIP Emerging Markets Portfolio Initial Class (a)	496,065	5,923,010
VIP Overseas Portfolio Initial Class (a)	441,730	9,660,636
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $10,491,328)		15,583,646

Bond Funds - 42.0%
Fidelity Inflation-Protected Bond Index Fund (a)	666,573	6,699,060
Fidelity Long-Term Treasury Bond Index Fund (a)	323,101	4,471,719
VIP High Income Portfolio Initial Class (a)	300,278	1,636,514
VIP Investment Grade Bond Portfolio Initial Class (a)	1,633,453	21,414,569
TOTAL BOND FUNDS
(Cost $32,254,268)		34,221,862

Short-Term Funds - 12.0%
VIP Government Money Market Portfolio Initial Class 2.18% (a)(b)
(Cost $9,825,243)	9,825,243	9,825,243
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $64,812,485)		81,558,888
NET OTHER ASSETS (LIABILITIES) - 0.0%		(8,747)
NET ASSETS - 100%		$81,550,141

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 Inflation-Protected Bond Index Fund	$6,176,291	$1,054,295	$904,968	$13,755	$4,651	$368,791	$6,699,060
Fidelity Long-Term Treasury Bond Index Fund	4,197,239	810,432	935,388	62,860	10,169	389,267	4,471,719
VIP Contrafund Portfolio Initial Class	3,837,163	771,752	1,052,694	464,285	56,317	217,594	3,830,132
VIP Emerging Markets Portfolio Initial Class	5,345,935	658,937	1,116,086	--	57,650	976,574	5,923,010
VIP Equity-Income Portfolio Initial Class	4,025,054	656,908	994,846	280,029	(14,697)	356,518	4,028,937
VIP Government Money Market Portfolio Initial Class 2.18%	8,875,763	2,154,363	1,204,883	101,855	--	--	9,825,243
VIP Growth & Income Portfolio Initial Class	4,588,440	989,829	1,186,060	499,975	47,979	167,845	4,608,033
VIP Growth Portfolio Initial Class	3,920,972	611,503	1,159,225	263,331	242,402	303,884	3,919,536
VIP High Income Portfolio Initial Class	1,555,904	168,263	235,246	13,620	(2,254)	149,847	1,636,514
VIP Investment Grade Bond Portfolio Initial Class	19,767,364	3,326,045	2,937,047	90,210	17,054	1,241,153	21,414,569
VIP Mid Cap Portfolio Initial Class	1,114,665	260,742	313,789	126,096	2,446	60,858	1,124,922
VIP Overseas Portfolio Initial Class	8,569,131	1,492,772	1,644,300	327,199	55,053	1,187,980	9,660,636
VIP Value Portfolio Initial Class	2,954,070	467,139	795,172	197,578	58,724	279,987	2,964,748
VIP Value Strategies Portfolio Initial Class	1,441,899	276,707	420,952	145,982	20,250	133,925	1,451,829
Total	$76,369,890	$13,699,687	$14,900,656	$2,586,775	$555,744	$5,834,223	$81,558,888

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

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $64,812,485)	$81,558,888
Total Investment in Securities (cost $64,812,485)		$81,558,888
Receivable for investments sold		952,342
Receivable for fund shares sold		2,876
Total assets		82,514,106
Liabilities
Payable to custodian bank	$9
Payable for investments purchased	742,811
Payable for fund shares redeemed	212,334
Distribution and service plan fees payable	8,811
Total liabilities		963,965
Net Assets		$81,550,141
Net Assets consist of:
Paid in capital		$61,975,949
Total distributable earnings (loss)		19,574,192
Net Assets		$81,550,141
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($31,085,954 ÷ 2,431,342 shares)		$12.79
Service Class:
Net Asset Value, offering price and redemption price per share ($13,603,806 ÷ 1,066,432 shares)		$12.76
Service Class 2:
Net Asset Value, offering price and redemption price per share ($36,860,381 ÷ 2,901,391 shares)		$12.70

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$417,985
Expenses
Distribution and service plan fees	$52,526
Independent trustees' fees and expenses	146
Total expenses		52,672
Net investment income (loss)		365,313
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	555,744
Capital gain distributions from underlying funds:
Affiliated issuers	2,168,790
Total net realized gain (loss)		2,724,534
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	5,834,223
Total change in net unrealized appreciation (depreciation)		5,834,223
Net gain (loss)		8,558,757
Net increase (decrease) in net assets resulting from operations		$8,924,070

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$365,313	$1,236,262
Net realized gain (loss)	2,724,534	5,724,555
Change in net unrealized appreciation (depreciation)	5,834,223	(11,088,289)
Net increase (decrease) in net assets resulting from operations	8,924,070	(4,127,472)
Distributions to shareholders	(5,513,941)	(5,006,805)
Share transactions - net increase (decrease)	1,780,801	(14,501,118)
Total increase (decrease) in net assets	5,190,930	(23,635,395)
Net Assets
Beginning of period	76,359,211	99,994,606
End of period	$81,550,141	$76,359,211

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

Financial Highlights

VIP Freedom 2015 Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$12.26	$13.68	$12.39	$12.24	$12.58	$12.43
Income from Investment Operations
Net investment income (loss)^A	.06	.20	.20	.18	.23	.21
Net realized and unrealized gain (loss)	1.36	(.87)	1.64	.50	(.27)	.37
Total from investment operations	1.42	(.67)	1.84	.68	(.04)	.58
Distributions from net investment income	(.01)	(.22)	(.21)	(.19)	(.24)	(.21)
Distributions from net realized gain	(.89)	(.53)	(.34)	(.34)	(.07)	(.22)
Total distributions	(.89)^B	(.75)	(.55)	(.53)	(.30)^C	(.43)
Net asset value, end of period	$12.79	$12.26	$13.68	$12.39	$12.24	$12.58
Total Return^D,^E,^F	12.03%	(5.07)%	15.10%	5.91%	(.33)%	4.70%
Ratios to Average Net Assets^G,^H
Expenses before reductions^I	- %^J	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^I,^J	- %^I	-%	-%	-%	-%
Expenses net of all reductions	- %^I,^J	- %^I	-%	-%	-%	-%
Net investment income (loss)	1.04%^J	1.52%	1.51%	1.46%	1.82%	1.68%
Supplemental Data
Net assets, end of period (000 omitted)	$31,086	$29,361	$33,249	$32,720	$35,352	$39,455
Portfolio turnover rate^G	34%^J	33%	27%	24%	27%	29%

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

^B Total distributions of $.89 per share is comprised of distributions from net investment income of $.006 and distributions from net realized gain of $.887 per share.

^C 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.

^D Total returns for periods of less than one year are not annualized.

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

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

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

^I Amount represents less than .005%.

^J Annualized

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

VIP Freedom 2015 Portfolio Service Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$12.24	$13.65	$12.37	$12.22	$12.56	$12.41
Income from Investment Operations
Net investment income (loss)^A	.06	.19	.18	.17	.22	.20
Net realized and unrealized gain (loss)	1.35	(.86)	1.64	.50	(.27)	.37
Total from investment operations	1.41	(.67)	1.82	.67	(.05)	.57
Distributions from net investment income	(.01)	(.20)	(.19)	(.18)	(.22)	(.20)
Distributions from net realized gain	(.89)	(.53)	(.34)	(.34)	(.07)	(.22)
Total distributions	(.89)^B	(.74)^C	(.54)^D	(.52)	(.29)	(.42)
Net asset value, end of period	$12.76	$12.24	$13.65	$12.37	$12.22	$12.56
Total Return^E,^F,^G	11.96%	(5.11)%	14.93%	5.81%	(.44)%	4.63%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.10%^J	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%^J	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%^J	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	.94%^J	1.42%	1.41%	1.36%	1.72%	1.58%
Supplemental Data
Net assets, end of period (000 omitted)	$13,604	$11,777	$17,058	$14,384	$16,378	$15,842
Portfolio turnover rate^H	34%^J	33%	27%	24%	27%	29%

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

^B Total distributions of $.89 per share is comprised of distributions from net investment income of $.005 and distributions from net realized gain of $.887 per share.

^C Total distributions of $.74 per share is comprised of distributions from net investment income of $.203 and distributions from net realized gain of $.532 per share.

^D 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.

^E Total returns for periods of less than one year are not annualized.

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

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

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

^J Annualized

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

VIP Freedom 2015 Portfolio Service Class 2

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$12.20	$13.61	$12.33	$12.19	$12.52	$12.37
Income from Investment Operations
Net investment income (loss)^A	.05	.17	.16	.15	.20	.18
Net realized and unrealized gain (loss)	1.34	(.86)	1.63	.49	(.26)	.37
Total from investment operations	1.39	(.69)	1.79	.64	(.06)	.55
Distributions from net investment income	–^B	(.18)	(.17)	(.16)	(.20)	(.18)
Distributions from net realized gain	(.89)	(.53)	(.34)	(.34)	(.07)	(.22)
Total distributions	(.89)	(.72)^C	(.51)	(.50)	(.27)	(.40)
Net asset value, end of period	$12.70	$12.20	$13.61	$12.33	$12.19	$12.52
Total Return^D,^E,^F	11.81%	(5.28)%	14.80%	5.58%	(.51)%	4.45%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.25%^I	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%^I	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%^I	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	.79%^I	1.27%	1.26%	1.21%	1.57%	1.43%
Supplemental Data
Net assets, end of period (000 omitted)	$36,860	$35,222	$49,688	$50,238	$57,679	$63,321
Portfolio turnover rate^G	34%^I	33%	27%	24%	27%	29%

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

^B Amount represents less than $.005 per share.

^C Total distributions of $.72 per share is comprised of distributions from net investment income of $.183 and distributions from net realized gain of $.532 per share.

^D Total returns for periods of less than one year are not annualized.

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

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

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

^I Annualized

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 June 30, 2019

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	23.3
VIP Overseas Portfolio Initial Class	13.7
VIP Government Money Market Portfolio Initial Class 2.18%	8.5
VIP Emerging Markets Portfolio Initial Class	8.0
Fidelity Inflation-Protected Bond Index Fund	7.1
VIP Growth & Income Portfolio Initial Class	6.8
VIP Equity-Income Portfolio Initial Class	5.9
VIP Growth Portfolio Initial Class	5.7
VIP Contrafund Portfolio Initial Class	5.6
Fidelity Long-Term Treasury Bond Index Fund	5.3
	89.9

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	32.1%
	International Equity Funds	21.7%
	Bond Funds	37.7%
	Short-Term Funds	8.5%

VIP Freedom 2020 Portfolio℠

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 32.1%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	1,177,999	$40,157,991
VIP Equity-Income Portfolio Initial Class (a)	1,917,487	42,242,247
VIP Growth & Income Portfolio Initial Class (a)	2,404,846	48,313,363
VIP Growth Portfolio Initial Class (a)	572,278	41,095,278
VIP Mid Cap Portfolio Initial Class (a)	373,821	11,794,044
VIP Value Portfolio Initial Class (a)	2,139,301	31,084,048
VIP Value Strategies Portfolio Initial Class (a)	1,248,698	15,221,629
TOTAL DOMESTIC EQUITY FUNDS
(Cost $146,335,613)		229,908,600

International Equity Funds - 21.7%
VIP Emerging Markets Portfolio Initial Class (a)	4,784,173	57,123,026
VIP Overseas Portfolio Initial Class (a)	4,493,722	98,277,690
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $110,932,977)		155,400,716

Bond Funds - 37.7%
Fidelity Inflation-Protected Bond Index Fund (a)	5,082,708	51,081,212
Fidelity Long-Term Treasury Bond Index Fund (a)	2,737,142	37,882,044
VIP High Income Portfolio Initial Class (a)	2,556,350	13,932,108
VIP Investment Grade Bond Portfolio Initial Class (a)	12,738,899	167,006,966
TOTAL BOND FUNDS
(Cost $259,601,945)		269,902,330

Short-Term Funds - 8.5%
VIP Government Money Market Portfolio Initial Class 2.18% (a)(b)
(Cost $60,788,622)	60,788,622	60,788,622
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $577,659,157)		716,000,268
NET OTHER ASSETS (LIABILITIES) - 0.0%		(114,650)
NET ASSETS - 100%		$715,885,618

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 Inflation-Protected Bond Index Fund	$46,635,006	$6,003,988	$4,389,737	$104,174	$26,069	$2,805,886	$51,081,212
Fidelity Long-Term Treasury Bond Index Fund	34,996,167	5,429,757	5,914,730	527,393	67,770	3,303,080	37,882,044
VIP Contrafund Portfolio Initial Class	39,199,577	5,866,175	7,714,623	4,808,894	467,697	2,339,165	40,157,991
VIP Emerging Markets Portfolio Initial Class	50,295,333	4,139,431	7,100,961	--	365,054	9,424,169	57,123,026
VIP Equity-Income Portfolio Initial Class	41,119,044	4,494,799	6,883,198	2,900,577	92,338	3,419,264	42,242,247
VIP Government Money Market Portfolio Initial Class 2.18%	53,825,731	11,390,864	4,427,973	622,762	--	--	60,788,622
VIP Growth & Income Portfolio Initial Class	46,875,944	7,809,086	8,553,723	5,178,623	389,154	1,792,902	48,313,363
VIP Growth Portfolio Initial Class	40,055,816	4,160,287	8,733,759	2,727,566	1,595,229	4,017,705	41,095,278
VIP High Income Portfolio Initial Class	13,332,850	823,710	1,481,705	115,524	(33,758)	1,291,011	13,932,108
VIP Investment Grade Bond Portfolio Initial Class	152,308,072	19,520,095	14,585,323	699,879	61,517	9,702,605	167,006,966
VIP Mid Cap Portfolio Initial Class	11,378,471	2,112,162	2,338,378	1,306,106	(44,348)	686,137	11,794,044
VIP Overseas Portfolio Initial Class	84,951,612	10,978,773	10,070,958	3,292,335	305,770	12,112,493	98,277,690
VIP Value Portfolio Initial Class	30,175,011	3,268,571	5,832,074	2,046,497	427,665	3,044,875	31,084,048
VIP Value Strategies Portfolio Initial Class	14,722,394	2,092,753	3,170,226	1,512,096	73,361	1,503,347	15,221,629
Total	$659,871,028	$88,090,451	$91,197,368	$25,842,426	$3,793,518	$55,442,639	$716,000,268

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

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $577,659,157)	$716,000,268
Total Investment in Securities (cost $577,659,157)		$716,000,268
Receivable for investments sold		8,782,190
Receivable for fund shares sold		664,331
Total assets		725,446,789
Liabilities
Payable to custodian bank	$36
Payable for investments purchased	8,235,894
Payable for fund shares redeemed	1,210,184
Distribution and service plan fees payable	115,057
Total liabilities		9,561,171
Net Assets		$715,885,618
Net Assets consist of:
Paid in capital		$550,508,297
Total distributable earnings (loss)		165,377,321
Net Assets		$715,885,618
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($69,785,002 ÷ 5,169,359 shares)		$13.50
Service Class:
Net Asset Value, offering price and redemption price per share ($145,752,800 ÷ 10,834,191 shares)		$13.45
Service Class 2:
Net Asset Value, offering price and redemption price per share ($500,347,816 ÷ 37,343,728 shares)		$13.40

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$3,475,143
Expenses
Distribution and service plan fees	$682,249
Independent trustees' fees and expenses	1,263
Total expenses before reductions	683,512
Expense reductions	(1)
Total expenses after reductions		683,511
Net investment income (loss)		2,791,632
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	3,793,518
Capital gain distributions from underlying funds:
Affiliated issuers	22,367,283
Total net realized gain (loss)		26,160,801
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	55,442,639
Total change in net unrealized appreciation (depreciation)		55,442,639
Net gain (loss)		81,603,440
Net increase (decrease) in net assets resulting from operations		$84,395,072

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$2,791,632	$9,617,498
Net realized gain (loss)	26,160,801	37,298,755
Change in net unrealized appreciation (depreciation)	55,442,639	(89,733,329)
Net increase (decrease) in net assets resulting from operations	84,395,072	(42,817,076)
Distributions to shareholders	(35,522,123)	(33,509,898)
Share transactions - net increase (decrease)	7,258,179	(36,054,272)
Total increase (decrease) in net assets	56,131,128	(112,381,246)
Net Assets
Beginning of period	659,754,490	772,135,736
End of period	$715,885,618	$659,754,490

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

Financial Highlights

VIP Freedom 2020 Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$12.58	$14.03	$12.56	$12.44	$12.77	$12.61
Income from Investment Operations
Net investment income (loss)^A	.07	.21	.21	.18	.24	.22
Net realized and unrealized gain (loss)	1.53	(1.01)	1.84	.53	(.27)	.38
Total from investment operations	1.60	(.80)	2.05	.71	(.03)	.60
Distributions from net investment income	(.01)	(.21)	(.21)	(.19)	(.24)	(.22)
Distributions from net realized gain	(.68)	(.44)	(.37)	(.39)	(.06)	(.23)
Total distributions	(.68)^B	(.65)	(.58)	(.59)^C	(.30)	(.44)^D
Net asset value, end of period	$13.50	$12.58	$14.03	$12.56	$12.44	$12.77
Total Return^E,^F,^G	13.06%	(5.86)%	16.62%	6.12%	(.27)%	4.82%
Ratios to Average Net Assets^H,^I
Expenses before reductions^J	- %^K	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^J,^K	- %^J	-%	-%	-%	-%
Expenses net of all reductions	- %^J,^K	- %^J	-%	-%	-%	-%
Net investment income (loss)	1.00%^K	1.50%	1.54%	1.50%	1.84%	1.70%
Supplemental Data
Net assets, end of period (000 omitted)	$69,785	$63,490	$75,021	$63,131	$87,496	$101,533
Portfolio turnover rate^H	25%^K	28%	21%	19%	17%	15%

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

^B Total distributions of $.68 per share is comprised of distributions from net investment income of $.005 and distributions from net realized gain of $.676 per share.

^C 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.

^D 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.

^E Total returns for periods of less than one year are not annualized.

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

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

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

^J Amount represents less than .005%.

^K Annualized

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

VIP Freedom 2020 Portfolio Service Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$12.54	$13.99	$12.53	$12.41	$12.74	$12.59
Income from Investment Operations
Net investment income (loss)^A	.06	.19	.19	.17	.23	.20
Net realized and unrealized gain (loss)	1.53	(1.00)	1.84	.53	(.27)	.38
Total from investment operations	1.59	(.81)	2.03	.70	(.04)	.58
Distributions from net investment income	–^B	(.20)	(.20)	(.18)	(.23)	(.21)
Distributions from net realized gain	(.68)	(.44)	(.37)	(.39)	(.06)	(.23)
Total distributions	(.68)	(.64)	(.57)	(.58)^C	(.29)	(.43)^D
Net asset value, end of period	$13.45	$12.54	$13.99	$12.53	$12.41	$12.74
Total Return^E,^F,^G	13.01%	(5.98)%	16.47%	6.04%	(.37)%	4.66%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.10%^J	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%^J	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%^J	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	.90%^J	1.40%	1.44%	1.40%	1.74%	1.60%
Supplemental Data
Net assets, end of period (000 omitted)	$145,753	$132,086	$140,686	$109,279	$94,022	$76,679
Portfolio turnover rate^H	25%^J	28%	21%	19%	17%	15%

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

^B Amount represents less than $.005 per share.

^C 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.

^D 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.

^E Total returns for periods of less than one year are not annualized.

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

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

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

^J Annualized

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

VIP Freedom 2020 Portfolio Service Class 2

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$12.50	$13.94	$12.49	$12.38	$12.70	$12.54
Income from Investment Operations
Net investment income (loss)^A	.05	.17	.17	.15	.21	.18
Net realized and unrealized gain (loss)	1.53	(.99)	1.83	.51	(.27)	.39
Total from investment operations	1.58	(.82)	2.00	.66	(.06)	.57
Distributions from net investment income	–^B	(.18)	(.17)	(.16)	(.21)	(.18)
Distributions from net realized gain	(.68)	(.44)	(.37)	(.39)	(.06)	(.23)
Total distributions	(.68)	(.62)	(.55)^C	(.55)	(.26)^D	(.41)
Net asset value, end of period	$13.40	$12.50	$13.94	$12.49	$12.38	$12.70
Total Return^E,^F,^G	12.95%	(6.08)%	16.26%	5.80%	(.46)%	4.60%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.25%^J	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%^J	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%^J	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	.75%^J	1.25%	1.29%	1.25%	1.59%	1.45%
Supplemental Data
Net assets, end of period (000 omitted)	$500,348	$464,178	$556,429	$531,518	$549,528	$583,496
Portfolio turnover rate^H	25%^J	28%	21%	19%	17%	15%

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

^B Amount represents less than $.005 per share.

^C 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.

^D 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.

^E Total returns for periods of less than one year are not annualized.

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

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

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

^J Annualized

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 June 30, 2019

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	20.0
VIP Overseas Portfolio Initial Class	15.3
VIP Emerging Markets Portfolio Initial Class	8.5
VIP Growth & Income Portfolio Initial Class	7.7
VIP Equity-Income Portfolio Initial Class	6.7
VIP Growth Portfolio Initial Class	6.5
VIP Contrafund Portfolio Initial Class	6.4
Fidelity Inflation-Protected Bond Index Fund	6.1
VIP Government Money Market Portfolio Initial Class 2.18%	5.8
Fidelity Long-Term Treasury Bond Index Fund	5.8
	88.8

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	36.6%
	International Equity Funds	23.8%
	Bond Funds	33.8%
	Short-Term Funds	5.8%

VIP Freedom 2025 Portfolio℠

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 36.6%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	409,732	$13,967,778
VIP Equity-Income Portfolio Initial Class (a)	666,941	14,692,705
VIP Growth & Income Portfolio Initial Class (a)	836,450	16,804,273
VIP Growth Portfolio Initial Class (a)	199,050	14,293,755
VIP Mid Cap Portfolio Initial Class (a)	130,020	4,102,143
VIP Value Portfolio Initial Class (a)	744,088	10,811,595
VIP Value Strategies Portfolio Initial Class (a)	434,318	5,294,331
TOTAL DOMESTIC EQUITY FUNDS
(Cost $64,932,120)		79,966,580

International Equity Funds - 23.8%
VIP Emerging Markets Portfolio Initial Class (a)	1,560,622	18,633,828
VIP Overseas Portfolio Initial Class (a)	1,523,079	33,309,733
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $41,756,824)		51,943,561

Bond Funds - 33.8%
Fidelity Inflation-Protected Bond Index Fund (a)	1,326,605	13,332,380
Fidelity Long-Term Treasury Bond Index Fund (a)	911,593	12,616,443
VIP High Income Portfolio Initial Class (a)	763,339	4,160,196
VIP Investment Grade Bond Portfolio Initial Class (a)	3,334,222	43,711,647
TOTAL BOND FUNDS
(Cost $70,860,595)		73,820,666

Short-Term Funds - 5.8%
VIP Government Money Market Portfolio Initial Class 2.18% (a)(b)
(Cost $12,630,377)	12,630,377	12,630,377
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $190,179,916)		218,361,184
NET OTHER ASSETS (LIABILITIES) - 0.0%		(24,096)
NET ASSETS - 100%		$218,337,088

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 Inflation-Protected Bond Index Fund	$11,255,169	$2,952,362	$1,602,041	$26,581	$18,096	$708,794	$13,332,380
Fidelity Long-Term Treasury Bond Index Fund	10,798,802	3,118,666	2,429,045	171,697	98,497	1,029,523	12,616,443
VIP Contrafund Portfolio Initial Class	12,599,083	3,312,270	2,884,213	1,576,434	(13,520)	954,158	13,967,778
VIP Emerging Markets Portfolio Initial Class	15,194,863	3,067,891	2,671,711	--	26,425	3,016,360	18,633,828
VIP Equity-Income Portfolio Initial Class	13,216,056	3,001,359	2,691,556	950,980	(168,459)	1,335,305	14,692,705
VIP Government Money Market Portfolio Initial Class 2.18%	10,181,722	3,754,254	1,305,599	125,356	--	--	12,630,377
VIP Growth & Income Portfolio Initial Class	15,065,873	4,274,839	3,250,532	1,697,702	(35,217)	749,310	16,804,273
VIP Growth Portfolio Initial Class	12,874,256	2,796,722	3,242,144	894,179	124,017	1,740,904	14,293,755
VIP High Income Portfolio Initial Class	3,614,393	660,889	470,031	32,582	926	354,019	4,160,196
VIP Investment Grade Bond Portfolio Initial Class	36,858,138	9,657,949	5,313,448	173,907	75,119	2,433,889	43,711,647
VIP Mid Cap Portfolio Initial Class	3,660,458	1,101,712	867,265	428,199	(25,317)	232,555	4,102,143
VIP Overseas Portfolio Initial Class	26,646,015	6,594,630	3,994,482	1,052,548	(134,978)	4,198,548	33,309,733
VIP Value Portfolio Initial Class	9,699,719	2,166,346	2,197,075	670,924	(49,767)	1,192,372	10,811,595
VIP Value Strategies Portfolio Initial Class	4,734,870	1,218,603	1,176,801	495,728	(42,150)	559,809	5,294,331
Total	$186,399,417	$47,678,492	$34,095,943	$8,296,817	$(126,328)	$18,505,546	$218,361,184

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

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $190,179,916)	$218,361,184
Total Investment in Securities (cost $190,179,916)		$218,361,184
Receivable for investments sold		2,659,464
Receivable for fund shares sold		46,696
Total assets		221,067,344
Liabilities
Payable to custodian bank	$37
Payable for investments purchased	2,306,379
Payable for fund shares redeemed	399,626
Distribution and service plan fees payable	24,214
Total liabilities		2,730,256
Net Assets		$218,337,088
Net Assets consist of:
Paid in capital		$183,094,458
Total distributable earnings (loss)		35,242,630
Net Assets		$218,337,088
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($42,709,024 ÷ 2,912,242 shares)		$14.67
Service Class:
Net Asset Value, offering price and redemption price per share ($96,580,099 ÷ 6,605,788 shares)		$14.62
Service Class 2:
Net Asset Value, offering price and redemption price per share ($79,047,965 ÷ 5,437,408 shares)		$14.54

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$990,863
Expenses
Distribution and service plan fees	$139,528
Independent trustees' fees and expenses	370
Total expenses before reductions	139,898
Expense reductions	(2)
Total expenses after reductions		139,896
Net investment income (loss)		850,967
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(126,328)
Capital gain distributions from underlying funds:
Affiliated issuers	7,305,954
Total net realized gain (loss)		7,179,626
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	18,505,546
Total change in net unrealized appreciation (depreciation)		18,505,546
Net gain (loss)		25,685,172
Net increase (decrease) in net assets resulting from operations		$26,536,139

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$850,967	$2,640,503
Net realized gain (loss)	7,179,626	5,550,104
Change in net unrealized appreciation (depreciation)	18,505,546	(21,448,498)
Net increase (decrease) in net assets resulting from operations	26,536,139	(13,257,891)
Distributions to shareholders	(5,452,795)	(6,054,958)
Share transactions - net increase (decrease)	10,890,279	34,905,331
Total increase (decrease) in net assets	31,973,623	15,592,482
Net Assets
Beginning of period	186,363,465	170,770,983
End of period	$218,337,088	$186,363,465

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

Financial Highlights

VIP Freedom 2025 Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$13.21	$14.64	$12.95	$12.82	$13.16	$12.99
Income from Investment Operations
Net investment income (loss)^A	.07	.23	.22	.21	.26	.24
Net realized and unrealized gain (loss)	1.77	(1.17)	2.06	.52	(.28)	.41
Total from investment operations	1.84	(.94)	2.28	.73	(.02)	.65
Distributions from net investment income	(.01)	(.21)	(.21)	(.20)	(.25)	(.22)
Distributions from net realized gain	(.38)	(.28)	(.38)	(.41)	(.07)	(.26)
Total distributions	(.38)^B	(.49)	(.59)	(.60)^C	(.32)	(.48)
Net asset value, end of period	$14.67	$13.21	$14.64	$12.95	$12.82	$13.16
Total Return^D,^E,^F	14.13%	(6.52)%	17.89%	6.18%	(.18)%	5.06%
Ratios to Average Net Assets^G,^H
Expenses before reductions^I	- %^J	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^I,^J	- %^I	-%	-%	-%	-%
Expenses net of all reductions	- %^I,^J	- %^I	-%	-%	-%	-%
Net investment income (loss)	.95%^J	1.57%	1.58%	1.65%	1.91%	1.78%
Supplemental Data
Net assets, end of period (000 omitted)	$42,709	$38,096	$37,773	$27,359	$25,152	$26,137
Portfolio turnover rate^G	33%^J	32%	29%	24%	20%	29%

^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 $.005 and distributions from net realized gain of $.377 per share.

^C 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.

^D Total returns for periods of less than one year are not annualized.

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

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

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

^I Amount represents less than .005%.

^J Annualized

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

VIP Freedom 2025 Portfolio Service Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$13.18	$14.61	$12.92	$12.79	$13.14	$12.97
Income from Investment Operations
Net investment income (loss)^A	.06	.21	.21	.20	.24	.22
Net realized and unrealized gain (loss)	1.76	(1.16)	2.06	.52	(.28)	.42
Total from investment operations	1.82	(.95)	2.27	.72	(.04)	.64
Distributions from net investment income	–^B	(.19)	(.20)	(.19)	(.23)	(.21)
Distributions from net realized gain	(.38)	(.28)	(.38)	(.41)	(.07)	(.26)
Total distributions	(.38)	(.48)^C	(.58)	(.59)^D	(.31)^E	(.47)
Net asset value, end of period	$14.62	$13.18	$14.61	$12.92	$12.79	$13.14
Total Return^F,^G,^H	13.99%	(6.61)%	17.84%	6.11%	(.36)%	4.98%
Ratios to Average Net Assets^I,^J
Expenses before reductions	.10%^K	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%^K	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%^K	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	.85%^K	1.47%	1.48%	1.55%	1.81%	1.68%
Supplemental Data
Net assets, end of period (000 omitted)	$96,580	$79,033	$69,430	$48,319	$36,677	$30,291
Portfolio turnover rate^I	33%^K	32%	29%	24%	20%	29%

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

^B Amount represents less than $.005 per share.

^C Total distributions of $.48 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $.284 per share.

^D 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.

^E 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.

^F Total returns for periods of less than one year are not annualized.

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

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

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

^J 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.

^K Annualized

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

VIP Freedom 2025 Portfolio Service Class 2

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$13.11	$14.54	$12.87	$12.74	$13.09	$12.92
Income from Investment Operations
Net investment income (loss)^A	.05	.19	.18	.18	.22	.20
Net realized and unrealized gain (loss)	1.76	(1.16)	2.04	.52	(.28)	.42
Total from investment operations	1.81	(.97)	2.22	.70	(.06)	.62
Distributions from net investment income	–^B	(.18)	(.18)	(.17)	(.22)	(.19)
Distributions from net realized gain	(.38)	(.28)	(.38)	(.41)	(.07)	(.26)
Total distributions	(.38)	(.46)	(.55)^C	(.57)^D	(.29)	(.45)
Net asset value, end of period	$14.54	$13.11	$14.54	$12.87	$12.74	$13.09
Total Return^E,^F,^G	13.97%	(6.78)%	17.57%	5.98%	(.50)%	4.85%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.25%^J	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%^J	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%^J	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	.70%^J	1.32%	1.33%	1.40%	1.66%	1.53%
Supplemental Data
Net assets, end of period (000 omitted)	$79,048	$69,234	$63,568	$59,895	$52,321	$49,366
Portfolio turnover rate^H	33%^J	32%	29%	24%	20%	29%

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

^B Amount represents less than $.005 per share.

^C 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.

^D 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.

^E Total returns for periods of less than one year are not annualized.

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

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

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

^J Annualized

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 June 30, 2019

	% of fund's net assets
VIP Overseas Portfolio Initial Class	17.8
VIP Investment Grade Bond Portfolio Initial Class	15.7
VIP Emerging Markets Portfolio Initial Class	9.5
VIP Growth & Income Portfolio Initial Class	9.2
VIP Equity-Income Portfolio Initial Class	8.1
VIP Growth Portfolio Initial Class	7.8
VIP Contrafund Portfolio Initial Class	7.7
VIP Value Portfolio Initial Class	5.9
Fidelity Long-Term Treasury Bond Index Fund	5.8
Fidelity Inflation-Protected Bond Index Fund	3.8
	91.3

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	43.9%
	International Equity Funds	27.3%
	Bond Funds	27.2%
	Short-Term Funds	1.6%

VIP Freedom 2030 Portfolio℠

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 43.9%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	876,939	$29,894,851
VIP Equity-Income Portfolio Initial Class (a)	1,427,432	31,446,324
VIP Growth & Income Portfolio Initial Class (a)	1,790,210	35,965,321
VIP Growth Portfolio Initial Class (a)	426,020	30,592,525
VIP Mid Cap Portfolio Initial Class (a)	278,270	8,779,407
VIP Value Portfolio Initial Class (a)	1,592,527	23,139,415
VIP Value Strategies Portfolio Initial Class (a)	929,536	11,331,046
TOTAL DOMESTIC EQUITY FUNDS
(Cost $134,410,083)		171,148,889

International Equity Funds - 27.3%
VIP Emerging Markets Portfolio Initial Class (a)	3,108,782	37,118,862
VIP Overseas Portfolio Initial Class (a)	3,171,632	69,363,592
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $84,139,068)		106,482,454

Bond Funds - 27.2%
Fidelity Inflation-Protected Bond Index Fund (a)	1,466,560	14,738,930
Fidelity Long-Term Treasury Bond Index Fund (a)	1,625,683	22,499,457
VIP High Income Portfolio Initial Class (a)	1,339,942	7,302,681
VIP Investment Grade Bond Portfolio Initial Class (a)	4,676,449	61,308,245
TOTAL BOND FUNDS
(Cost $101,424,613)		105,849,313

Short-Term Funds - 1.6%
VIP Government Money Market Portfolio Initial Class 2.18% (a)(b)
(Cost $6,174,957)	6,174,957	6,174,957
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $326,148,721)		389,655,613
NET OTHER ASSETS (LIABILITIES) - 0.0%		(43,469)
NET ASSETS - 100%		$389,612,144

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 Inflation-Protected Bond Index Fund	$9,366,342	$5,248,203	$559,765	$25,034	$4,570	$679,580	$14,738,930
Fidelity Long-Term Treasury Bond Index Fund	18,682,874	5,157,131	3,300,596	297,522	47,421	1,912,627	22,499,457
VIP Contrafund Portfolio Initial Class	26,476,567	5,937,338	4,472,020	3,319,557	61,140	1,891,826	29,894,851
VIP Emerging Markets Portfolio Initial Class	29,466,989	4,994,505	3,231,203	--	3,121	5,885,450	37,118,862
VIP Equity-Income Portfolio Initial Class	27,771,525	5,224,654	3,977,754	2,002,568	(124,711)	2,552,610	31,446,324
VIP Government Money Market Portfolio Initial Class 2.18%	5,112,251	1,506,179	443,473	61,475	--	--	6,174,957
VIP Growth & Income Portfolio Initial Class	31,657,753	7,493,580	4,662,906	3,575,066	29,551	1,447,343	35,965,321
VIP Growth Portfolio Initial Class	27,054,161	4,643,590	4,999,346	1,882,949	197,704	3,696,416	30,592,525
VIP High Income Portfolio Initial Class	6,199,045	1,009,151	512,534	55,741	1,079	605,940	7,302,681
VIP Investment Grade Bond Portfolio Initial Class	48,475,361	13,954,183	4,482,943	230,096	57,586	3,304,058	61,308,245
VIP Mid Cap Portfolio Initial Class	7,691,303	1,955,914	1,299,411	901,727	(28,154)	459,755	8,779,407
VIP Overseas Portfolio Initial Class	54,474,278	11,227,716	4,614,775	2,154,480	70,450	8,205,923	69,363,592
VIP Value Portfolio Initial Class	20,382,444	3,606,661	3,233,265	1,412,824	(4,089)	2,387,664	23,139,415
VIP Value Strategies Portfolio Initial Class	9,948,865	2,095,748	1,790,813	1,043,888	(60,870)	1,138,116	11,331,046
Total	$322,759,758	$74,054,553	$41,580,804	$16,962,927	$254,798	$34,167,308	$389,655,613

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

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $326,148,721)	$389,655,613
Total Investment in Securities (cost $326,148,721)		$389,655,613
Cash		2
Receivable for investments sold		4,901,840
Receivable for fund shares sold		471,406
Total assets		395,028,861
Liabilities
Payable for investments purchased	$5,342,108
Payable for fund shares redeemed	30,996
Distribution and service plan fees payable	43,613
Total liabilities		5,416,717
Net Assets		$389,612,144
Net Assets consist of:
Paid in capital		$312,670,914
Total distributable earnings (loss)		76,941,230
Net Assets		$389,612,144
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($85,078,476 ÷ 5,862,437 shares)		$14.51
Service Class:
Net Asset Value, offering price and redemption price per share ($150,140,578 ÷ 10,371,850 shares)		$14.48
Service Class 2:
Net Asset Value, offering price and redemption price per share ($154,393,090 ÷ 10,707,907 shares)		$14.42

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$1,640,102
Expenses
Distribution and service plan fees	$249,346
Independent trustees' fees and expenses	642
Total expenses before reductions	249,988
Expense reductions	(1)
Total expenses after reductions		249,987
Net investment income (loss)		1,390,115
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	254,798
Capital gain distributions from underlying funds:
Affiliated issuers	15,322,825
Total net realized gain (loss)		15,577,623
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	34,167,308
Total change in net unrealized appreciation (depreciation)		34,167,308
Net gain (loss)		49,744,931
Net increase (decrease) in net assets resulting from operations		$51,135,046

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,390,115	$4,424,541
Net realized gain (loss)	15,577,623	12,450,028
Change in net unrealized appreciation (depreciation)	34,167,308	(45,281,433)
Net increase (decrease) in net assets resulting from operations	51,135,046	(28,406,864)
Distributions to shareholders	(11,882,118)	(13,079,327)
Share transactions - net increase (decrease)	27,633,362	34,359,326
Total increase (decrease) in net assets	66,886,290	(7,126,865)
Net Assets
Beginning of period	322,725,854	329,852,719
End of period	$389,612,144	$322,725,854

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

Financial Highlights

VIP Freedom 2030 Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$12.98	$14.67	$12.75	$12.68	$13.01	$12.84
Income from Investment Operations
Net investment income (loss)^A	.06	.20	.20	.18	.22	.22
Net realized and unrealized gain (loss)	1.95	(1.32)	2.41	.57	(.25)	.41
Total from investment operations	2.01	(1.12)	2.61	.75	(.03)	.63
Distributions from net investment income	–^B	(.20)	(.20)	(.19)	(.23)	(.21)
Distributions from net realized gain	(.47)	(.37)	(.49)	(.49)	(.07)	(.25)
Total distributions	(.48)^C	(.57)	(.69)	(.68)	(.30)	(.46)
Net asset value, end of period	$14.51	$12.98	$14.67	$12.75	$12.68	$13.01
Total Return^D,^E,^F	15.70%	(7.78)%	20.96%	6.61%	(.24)%	4.96%
Ratios to Average Net Assets^G,^H
Expenses before reductions^I	- %^J	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^I,^J	- %^I	-%	-%	-%	-%
Expenses net of all reductions	- %^I,^J	- %^I	-%	-%	-%	-%
Net investment income (loss)	.91%^J	1.42%	1.48%	1.42%	1.66%	1.70%
Supplemental Data
Net assets, end of period (000 omitted)	$85,078	$71,004	$74,247	$57,779	$68,661	$72,243
Portfolio turnover rate^G	23%^J	29%	26%	25%	26%	18%

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

^B Amount represents less than $.005 per share.

^C Total distributions of $.48 per share is comprised of distributions from net investment income of $.003 and distributions from net realized gain of $.473 per share.

^D Total returns for periods of less than one year are not annualized.

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

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

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

^I Amount represents less than .005%.

^J Annualized

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

VIP Freedom 2030 Portfolio Service Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$12.95	$14.64	$12.73	$12.66	$12.99	$12.82
Income from Investment Operations
Net investment income (loss)^A	.06	.19	.19	.16	.21	.21
Net realized and unrealized gain (loss)	1.95	(1.32)	2.40	.58	(.25)	.41
Total from investment operations	2.01	(1.13)	2.59	.74	(.04)	.62
Distributions from net investment income	–^B	(.19)	(.19)	(.17)	(.22)	(.19)
Distributions from net realized gain	(.47)	(.37)	(.49)	(.49)	(.07)	(.25)
Total distributions	(.48)^C	(.56)	(.68)	(.67)^D	(.29)	(.45)^E
Net asset value, end of period	$14.48	$12.95	$14.64	$12.73	$12.66	$12.99
Total Return^F,^G,^H	15.73%	(7.88)%	20.82%	6.52%	(.34)%	4.86%
Ratios to Average Net Assets^I,^J
Expenses before reductions	.10%^K	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%^K	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%^K	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	.81%^K	1.32%	1.38%	1.32%	1.56%	1.60%
Supplemental Data
Net assets, end of period (000 omitted)	$150,141	$121,155	$111,029	$70,501	$59,096	$53,484
Portfolio turnover rate^I	23%^K	29%	26%	25%	26%	18%

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

^B Amount represents less than $.005 per share.

^C Total distributions of $.48 per share is comprised of distributions from net investment income of $.002 and distributions from net realized gain of $.473 per share.

^D 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.

^E 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.

^F Total returns for periods of less than one year are not annualized.

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

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

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

^K Annualized

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

VIP Freedom 2030 Portfolio Service Class 2

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$12.91	$14.60	$12.69	$12.62	$12.95	$12.78
Income from Investment Operations
Net investment income (loss)^A	.05	.17	.17	.14	.19	.19
Net realized and unrealized gain (loss)	1.93	(1.32)	2.40	.58	(.25)	.41
Total from investment operations	1.98	(1.15)	2.57	.72	(.06)	.60
Distributions from net investment income	–	(.17)	(.16)	(.15)	(.20)	(.18)
Distributions from net realized gain	(.47)	(.37)	(.49)	(.49)	(.07)	(.25)
Total distributions	(.47)	(.54)	(.66)^B	(.65)^C	(.27)	(.43)
Net asset value, end of period	$14.42	$12.91	$14.60	$12.69	$12.62	$12.95
Total Return^D,^E,^F	15.60%	(8.05)%	20.69%	6.37%	(.53)%	4.74%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.25%^I	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%^I	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%^I	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	.66%^I	1.17%	1.23%	1.17%	1.41%	1.45%
Supplemental Data
Net assets, end of period (000 omitted)	$154,393	$130,567	$144,577	$132,682	$133,978	$151,268
Portfolio turnover rate^G	23%^I	29%	26%	25%	26%	18%

^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 for periods of less than one year are not annualized.

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

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

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

^I Annualized

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 June 30, 2019

	% of fund's net assets
VIP Overseas Portfolio Initial Class	21.2
VIP Growth & Income Portfolio Initial Class	11.2
VIP Emerging Markets Portfolio Initial Class	10.7
VIP Equity-Income Portfolio Initial Class	9.8
VIP Growth Portfolio Initial Class	9.6
VIP Contrafund Portfolio Initial Class	9.3
VIP Value Portfolio Initial Class	7.2
Fidelity Long-Term Treasury Bond Index Fund	5.7
VIP Value Strategies Portfolio Initial Class	3.6
VIP Investment Grade Bond Portfolio Initial Class	3.4
	91.7

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	53.5%
	International Equity Funds	31.9%
	Bond Funds	13.0%
	Short-Term Funds	1.6%

VIP Freedom 2035 Portfolio℠

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 53.5%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	237,020	$8,080,013
VIP Equity-Income Portfolio Initial Class (a)	385,807	8,499,330
VIP Growth & Income Portfolio Initial Class (a)	483,853	9,720,611
VIP Growth Portfolio Initial Class (a)	115,145	8,268,559
VIP Mid Cap Portfolio Initial Class (a)	75,208	2,372,802
VIP Value Portfolio Initial Class (a)	430,422	6,254,025
VIP Value Strategies Portfolio Initial Class (a)	251,229	3,062,481
TOTAL DOMESTIC EQUITY FUNDS
(Cost $44,519,336)		46,257,821

International Equity Funds - 31.9%
VIP Emerging Markets Portfolio Initial Class (a)	777,199	9,279,757
VIP Overseas Portfolio Initial Class (a)	838,057	18,328,306
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $24,405,968)		27,608,063

Bond Funds - 13.0%
Fidelity Inflation-Protected Bond Index Fund (a)	175,559	1,764,368
Fidelity Long-Term Treasury Bond Index Fund (a)	360,722	4,992,388
VIP High Income Portfolio Initial Class (a)	297,320	1,620,393
VIP Investment Grade Bond Portfolio Initial Class (a)	222,626	2,918,621
TOTAL BOND FUNDS
(Cost $10,651,474)		11,295,770

Short-Term Funds - 1.6%
VIP Government Money Market Portfolio Initial Class 2.18% (a)(b)
(Cost $1,370,159)	1,370,159	1,370,159
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $80,946,937)		86,531,813
NET OTHER ASSETS (LIABILITIES) - 0.0%		(12,987)
NET ASSETS - 100%		$86,518,826

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 Inflation-Protected Bond Index Fund	$1,331,683	$480,623	$139,388	$3,336	$1,939	$89,511	$1,764,368
Fidelity Long-Term Treasury Bond Index Fund	3,777,714	1,512,025	728,639	63,880	15,848	415,440	4,992,388
VIP Contrafund Portfolio Initial Class	6,455,849	2,065,281	946,269	830,754	(52,558)	557,710	8,080,013
VIP Emerging Markets Portfolio Initial Class	6,668,984	1,833,842	604,438	--	3,101	1,378,268	9,279,757
VIP Equity-Income Portfolio Initial Class	6,771,588	1,884,233	776,416	501,219	(29,093)	649,018	8,499,330
VIP Government Money Market Portfolio Initial Class 2.18%	1,033,239	432,455	95,535	13,198	--	--	1,370,159
VIP Growth & Income Portfolio Initial Class	7,719,464	2,480,777	853,481	894,750	(32,918)	406,769	9,720,611
VIP Growth Portfolio Initial Class	6,596,682	1,734,038	1,055,058	471,250	6,625	986,272	8,268,559
VIP High Income Portfolio Initial Class	1,270,383	336,366	114,805	11,546	514	127,935	1,620,393
VIP Investment Grade Bond Portfolio Initial Class	1,404,797	1,539,802	155,631	7,585	1,286	128,367	2,918,621
VIP Mid Cap Portfolio Initial Class	1,873,529	646,324	254,451	225,690	(13,262)	120,662	2,372,802
VIP Overseas Portfolio Initial Class	13,005,806	4,123,299	888,903	527,598	5,020	2,083,084	18,328,306
VIP Value Portfolio Initial Class	4,969,245	1,332,490	649,157	353,599	(18,462)	619,909	6,254,025
VIP Value Strategies Portfolio Initial Class	2,424,204	726,837	359,159	261,261	(29,633)	300,232	3,062,481
Total	$65,303,167	$21,128,392	$7,621,330	$4,165,666	$(141,593)	$7,863,177	$86,531,813

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

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $80,946,937)	$86,531,813
Total Investment in Securities (cost $80,946,937)		$86,531,813
Cash		8
Receivable for investments sold		1,059,750
Receivable for fund shares sold		94,069
Total assets		87,685,640
Liabilities
Payable for investments purchased	$1,129,814
Payable for fund shares redeemed	23,973
Distribution and service plan fees payable	13,027
Total liabilities		1,166,814
Net Assets		$86,518,826
Net Assets consist of:
Paid in capital		$77,475,360
Total distributable earnings (loss)		9,043,466
Net Assets		$86,518,826
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($10,678,467 ÷ 467,417 shares)		$22.85
Service Class:
Net Asset Value, offering price and redemption price per share ($19,128,109 ÷ 839,209 shares)		$22.79
Service Class 2:
Net Asset Value, offering price and redemption price per share ($56,712,250 ÷ 2,502,417 shares)		$22.66

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$342,370
Expenses
Distribution and service plan fees	$72,770
Independent trustees' fees and expenses	135
Total expenses before reductions	72,905
Expense reductions	(3)
Total expenses after reductions		72,902
Net investment income (loss)		269,468
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(141,593)
Capital gain distributions from underlying funds:
Affiliated issuers	3,823,296
Total net realized gain (loss)		3,681,703
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	7,863,177
Total change in net unrealized appreciation (depreciation)		7,863,177
Net gain (loss)		11,544,880
Net increase (decrease) in net assets resulting from operations		$11,814,348

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$269,468	$726,293
Net realized gain (loss)	3,681,703	2,289,869
Change in net unrealized appreciation (depreciation)	7,863,177	(9,792,370)
Net increase (decrease) in net assets resulting from operations	11,814,348	(6,776,208)
Distributions to shareholders	(2,291,333)	(1,917,705)
Share transactions - net increase (decrease)	11,703,131	17,727,522
Total increase (decrease) in net assets	21,226,146	9,033,609
Net Assets
Beginning of period	65,292,680	56,259,071
End of period	$86,518,826	$65,292,680

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

Financial Highlights

VIP Freedom 2035 Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$20.07	$22.88	$19.39	$19.05	$19.52	$19.16
Income from Investment Operations
Net investment income (loss)^A	.10	.29	.30	.31	.39	.39
Net realized and unrealized gain (loss)	3.36	(2.39)	4.14	.88	(.44)	.55
Total from investment operations	3.46	(2.10)	4.44	1.19	(.05)	.94
Distributions from net investment income	(.01)	(.26)	(.27)	(.26)	(.32)	(.29)
Distributions from net realized gain	(.68)	(.45)	(.69)	(.60)	(.10)	(.29)
Total distributions	(.68)^B	(.71)	(.95)^C	(.85)^D	(.42)	(.58)
Net asset value, end of period	$22.85	$20.07	$22.88	$19.39	$19.05	$19.52
Total Return^E,^F,^G	17.49%	(9.30)%	23.35%	6.87%	(.31)%	4.93%
Ratios to Average Net Assets^H,^I
Expenses before reductions^J	- %^K	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^J,^K	- %^J	-%	-%	-%	-%
Expenses net of all reductions	- %^J,^K	- %^J	-%	-%	-%	-%
Net investment income (loss)	.88%^K	1.30%	1.42%	1.65%	1.98%	2.02%
Supplemental Data
Net assets, end of period (000 omitted)	$10,678	$7,977	$6,197	$3,522	$1,545	$539
Portfolio turnover rate^H	20%^K	27%	25%	18%	22%	26%

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

^B Total distributions of $.68 per share is comprised of distributions from net investment income of $.005 and distributions from net realized gain of $.677 per share.

^C 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.

^D 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.

^E Total returns for periods of less than one year are not annualized.

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

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

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

^J Amount represents less than .005%.

^K Annualized

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

VIP Freedom 2035 Portfolio Service Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$20.04	$22.84	$19.36	$19.04	$19.51	$19.15
Income from Investment Operations
Net investment income (loss)^A	.09	.27	.28	.29	.37	.38
Net realized and unrealized gain (loss)	3.34	(2.38)	4.13	.87	(.44)	.55
Total from investment operations	3.43	(2.11)	4.41	1.16	(.07)	.93
Distributions from net investment income	–^B	(.25)	(.25)	(.24)	(.30)	(.28)
Distributions from net realized gain	(.68)	(.45)	(.69)	(.60)	(.10)	(.29)
Total distributions	(.68)	(.69)^C	(.93)^D	(.84)	(.40)	(.57)
Net asset value, end of period	$22.79	$20.04	$22.84	$19.36	$19.04	$19.51
Total Return^E,^F,^G	17.35%	(9.36)%	23.24%	6.70%	(.40)%	4.87%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.10%^J	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%^J	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%^J	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	.78%^J	1.20%	1.32%	1.55%	1.88%	1.92%
Supplemental Data
Net assets, end of period (000 omitted)	$19,128	$12,303	$8,385	$4,661	$2,010	$1,639
Portfolio turnover rate^H	20%^J	27%	25%	18%	22%	26%

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

^B Amount represents less than $.005 per share.

^C Total distributions of $.69 per share is comprised of distributions from net investment income of $.245 and distributions from net realized gain of $.447 per share.

^D 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.

^E Total returns for periods of less than one year are not annualized.

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

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

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

^J Annualized

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

VIP Freedom 2035 Portfolio Service Class 2

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$19.94	$22.73	$19.27	$18.96	$19.43	$19.09
Income from Investment Operations
Net investment income (loss)^A	.07	.24	.25	.26	.34	.34
Net realized and unrealized gain (loss)	3.33	(2.37)	4.11	.86	(.43)	.54
Total from investment operations	3.40	(2.13)	4.36	1.12	(.09)	.88
Distributions from net investment income	–	(.22)	(.22)	(.22)	(.28)	(.26)
Distributions from net realized gain	(.68)	(.45)	(.69)	(.60)	(.10)	(.29)
Total distributions	(.68)	(.66)^B	(.90)^C	(.81)^D	(.38)	(.54)^E
Net asset value, end of period	$22.66	$19.94	$22.73	$19.27	$18.96	$19.43
Total Return^F,^G,^H	17.27%	(9.50)%	23.07%	6.52%	(.51)%	4.65%
Ratios to Average Net Assets^I,^J
Expenses before reductions	.25%^K	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%^K	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%^K	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	.63%^K	1.05%	1.17%	1.40%	1.73%	1.77%
Supplemental Data
Net assets, end of period (000 omitted)	$56,712	$45,013	$41,677	$28,467	$20,005	$13,035
Portfolio turnover rate^I	20%^K	27%	25%	18%	22%	26%

^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 $.215 and distributions from net realized gain of $.447 per share.

^C 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.

^D 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.

^E 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.

^F Total returns for periods of less than one year are not annualized.

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

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

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

^K Annualized

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 June 30, 2019

	% of fund's net assets
VIP Overseas Portfolio Initial Class	22.6
VIP Growth & Income Portfolio Initial Class	12.1
VIP Emerging Markets Portfolio Initial Class	11.4
VIP Equity-Income Portfolio Initial Class	10.6
VIP Growth Portfolio Initial Class	10.3
VIP Contrafund Portfolio Initial Class	10.1
VIP Value Portfolio Initial Class	7.8
Fidelity Long-Term Treasury Bond Index Fund	4.4
VIP Value Strategies Portfolio Initial Class	3.8
VIP Mid Cap Portfolio Initial Class	2.9
	96.0

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	57.6%
	International Equity Funds	34.0%
	Bond Funds	7.6%
	Short-Term Funds	0.8%

VIP Freedom 2040 Portfolio℠

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 57.6%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	306,420	$10,445,863
VIP Equity-Income Portfolio Initial Class (a)	498,771	10,987,934
VIP Growth & Income Portfolio Initial Class (a)	625,516	12,566,617
VIP Growth Portfolio Initial Class (a)	148,859	10,689,579
VIP Mid Cap Portfolio Initial Class (a)	97,223	3,067,395
VIP Value Portfolio Initial Class (a)	556,438	8,085,041
VIP Value Strategies Portfolio Initial Class (a)	324,780	3,959,068
TOTAL DOMESTIC EQUITY FUNDS
(Cost $55,985,412)		59,801,497

International Equity Funds - 34.0%
VIP Emerging Markets Portfolio Initial Class (a)	992,904	11,855,273
VIP Overseas Portfolio Initial Class (a)	1,072,719	23,460,368
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $30,351,464)		35,315,641

Bond Funds - 7.6%
Fidelity Inflation-Protected Bond Index Fund (a)	104,784	1,053,082
Fidelity Long-Term Treasury Bond Index Fund (a)	326,587	4,519,964
VIP High Income Portfolio Initial Class (a)	330,096	1,799,021
VIP Investment Grade Bond Portfolio Initial Class (a)	39,391	516,418
TOTAL BOND FUNDS
(Cost $7,386,991)		7,888,485

Short-Term Funds - 0.8%
VIP Government Money Market Portfolio Initial Class 2.18% (a)(b)
(Cost $826,968)	826,968	826,968
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $94,550,835)		103,832,591
NET OTHER ASSETS (LIABILITIES) - 0.0%		(6,553)
NET ASSETS - 100%		$103,826,038

Legend

(a) Affiliated Fund

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

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	$12
Total	$12

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 Inflation-Protected Bond Index Fund	$846,949	$285,116	$134,270	$2,023	$1,732	$53,555	$1,053,082
Fidelity Long-Term Treasury Bond Index Fund	3,642,903	1,367,405	880,975	58,794	17,463	373,168	4,519,964
VIP Contrafund Portfolio Initial Class	8,755,524	2,493,073	1,452,052	1,106,276	(17,191)	666,509	10,445,863
VIP Emerging Markets Portfolio Initial Class	8,991,467	2,276,372	1,221,080	--	43,067	1,765,447	11,855,273
VIP Equity-Income Portfolio Initial Class	9,183,603	2,374,790	1,379,398	667,501	(15,783)	824,722	10,987,934
VIP Government Money Market Portfolio Initial Class 2.18%	664,513	261,316	98,861	8,100	--	--	826,968
VIP Growth & Income Portfolio Initial Class	10,469,252	3,086,078	1,474,322	1,191,557	(32,410)	518,019	12,566,617
VIP Growth Portfolio Initial Class	8,946,473	2,049,751	1,606,479	627,564	15,259	1,284,575	10,689,579
VIP High Income Portfolio Initial Class	1,501,228	363,347	212,210	13,375	1,040	145,616	1,799,021
VIP Investment Grade Bond Portfolio Initial Class	415,244	202,654	130,080	1,977	1,276	27,324	516,418
VIP Mid Cap Portfolio Initial Class	2,539,360	793,382	405,771	300,567	(11,205)	151,629	3,067,395
VIP Overseas Portfolio Initial Class	17,494,999	5,301,496	2,037,849	696,820	7,405	2,694,317	23,460,368
VIP Value Portfolio Initial Class	6,738,731	1,622,010	1,066,226	470,897	(19,629)	810,155	8,085,041
VIP Value Strategies Portfolio Initial Class	3,286,361	884,650	567,261	347,928	(2,156)	357,474	3,959,068
Total	$83,476,607	$23,361,440	$12,666,834	$5,493,379	$(11,132)	$9,672,510	$103,832,591

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

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $94,550,835)	$103,832,591
Total Investment in Securities (cost $94,550,835)		$103,832,591
Cash		2,100
Receivable for investments sold		982,954
Receivable for fund shares sold		415,500
Total assets		105,233,145
Liabilities
Payable for investments purchased	$1,297,308
Payable for fund shares redeemed	101,125
Distribution and service plan fees payable	8,674
Total liabilities		1,407,107
Net Assets		$103,826,038
Net Assets consist of:
Paid in capital		$90,390,357
Total distributable earnings (loss)		13,435,681
Net Assets		$103,826,038
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($24,170,387 ÷ 1,119,567 shares)		$21.59
Service Class:
Net Asset Value, offering price and redemption price per share ($60,643,685 ÷ 2,815,293 shares)		$21.54
Service Class 2:
Net Asset Value, offering price and redemption price per share ($19,011,966 ÷ 886,161 shares)		$21.45

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$407,651
Income from Fidelity Central Funds		12
Total income		407,663
Expenses
Distribution and service plan fees	$48,947
Independent trustees' fees and expenses	167
Total expenses before reductions	49,114
Expense reductions	(7)
Total expenses after reductions		49,107
Net investment income (loss)		358,556
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(11,132)
Capital gain distributions from underlying funds:
Affiliated issuers	5,085,728
Total net realized gain (loss)		5,074,596
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	9,672,510
Total change in net unrealized appreciation (depreciation)		9,672,510
Net gain (loss)		14,747,106
Net increase (decrease) in net assets resulting from operations		$15,105,662

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$358,556	$991,875
Net realized gain (loss)	5,074,596	2,739,651
Change in net unrealized appreciation (depreciation)	9,672,510	(12,897,888)
Net increase (decrease) in net assets resulting from operations	15,105,662	(9,166,362)
Distributions to shareholders	(3,171,356)	(2,691,387)
Share transactions - net increase (decrease)	8,420,337	16,896,290
Total increase (decrease) in net assets	20,354,643	5,038,541
Net Assets
Beginning of period	83,471,395	78,432,854
End of period	$103,826,038	$83,471,395

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

Financial Highlights

VIP Freedom 2040 Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$18.94	$21.76	$18.39	$18.19	$18.66	$18.35
Income from Investment Operations
Net investment income (loss)^A	.09	.27	.28	.23	.34	.34
Net realized and unrealized gain (loss)	3.28	(2.39)	3.98	.88	(.38)	.56
Total from investment operations	3.37	(2.12)	4.26	1.11	(.04)	.90
Distributions from net investment income	(.01)	(.25)	(.25)	(.24)	(.31)	(.28)
Distributions from net realized gain	(.71)	(.45)	(.64)	(.67)	(.12)	(.31)
Total distributions	(.72)	(.70)	(.89)	(.91)	(.43)	(.59)
Net asset value, end of period	$21.59	$18.94	$21.76	$18.39	$18.19	$18.66
Total Return^B,^C,^D	18.05%	(9.88)%	23.60%	6.83%	(.26)%	4.91%
Ratios to Average Net Assets^E,^F
Expenses before reductions^G	- %^H	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^G,^H	- %^G	-%	-%	-%	-%
Expenses net of all reductions	- %^G,^H	- %^G	-%	-%	-%	-%
Net investment income (loss)	.86%^H	1.26%	1.39%	1.29%	1.80%	1.82%
Supplemental Data
Net assets, end of period (000 omitted)	$24,170	$19,652	$16,561	$11,515	$15,388	$15,234
Portfolio turnover rate^E	27%^H	39%	26%	36%	23%	19%

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

^B Total returns for periods of less than one year are not annualized.

^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%.

^H Annualized

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

VIP Freedom 2040 Portfolio Service Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$18.91	$21.72	$18.37	$18.17	$18.64	$18.33
Income from Investment Operations
Net investment income (loss)^A	.08	.25	.26	.21	.32	.32
Net realized and unrealized gain (loss)	3.27	(2.38)	3.96	.89	(.38)	.56
Total from investment operations	3.35	(2.13)	4.22	1.10	(.06)	.88
Distributions from net investment income	–^B	(.23)	(.23)	(.23)	(.29)	(.27)
Distributions from net realized gain	(.71)	(.45)	(.64)	(.67)	(.12)	(.31)
Total distributions	(.72)^C	(.68)	(.87)	(.90)	(.41)	(.57)^D
Net asset value, end of period	$21.54	$18.91	$21.72	$18.37	$18.17	$18.64
Total Return^E,^F,^G	17.96%	(9.94)%	23.42%	6.75%	(.35)%	4.83%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.10%^J	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%^J	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%^J	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	.76%^J	1.16%	1.29%	1.19%	1.70%	1.72%
Supplemental Data
Net assets, end of period (000 omitted)	$60,644	$48,429	$45,492	$22,986	$18,401	$12,905
Portfolio turnover rate^H	27%^J	39%	26%	36%	23%	19%

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

^B Amount represents less than $.005 per share.

^C Total distributions of $.72 per share is comprised of distributions from net investment income of $.004 and distributions from net realized gain of $.712 per share.

^D 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.

^E Total returns for periods of less than one year are not annualized.

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

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

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

^J Annualized

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

VIP Freedom 2040 Portfolio Service Class 2

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$18.84	$21.65	$18.30	$18.12	$18.59	$18.29
Income from Investment Operations
Net investment income (loss)^A	.06	.22	.23	.18	.29	.29
Net realized and unrealized gain (loss)	3.26	(2.38)	3.95	.87	(.38)	.56
Total from investment operations	3.32	(2.16)	4.18	1.05	(.09)	.85
Distributions from net investment income	–	(.20)	(.19)	(.20)	(.27)	(.25)
Distributions from net realized gain	(.71)	(.45)	(.64)	(.67)	(.12)	(.31)
Total distributions	(.71)	(.65)	(.83)	(.87)	(.38)^B	(.55)^C
Net asset value, end of period	$21.45	$18.84	$21.65	$18.30	$18.12	$18.59
Total Return^D,^E,^F	17.89%	(10.12)%	23.30%	6.53%	(.49)%	4.70%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.25%^I	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%^I	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%^I	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	.61%^I	1.01%	1.14%	1.04%	1.55%	1.57%
Supplemental Data
Net assets, end of period (000 omitted)	$19,012	$15,391	$16,380	$15,086	$12,468	$8,341
Portfolio turnover rate^G	27%^I	39%	26%	36%	23%	19%

^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 for periods of less than one year are not annualized.

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

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

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

^I Annualized

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 June 30, 2019

	% of fund's net assets
VIP Overseas Portfolio Initial Class	22.6
VIP Growth & Income Portfolio Initial Class	12.1
VIP Emerging Markets Portfolio Initial Class	11.4
VIP Equity-Income Portfolio Initial Class	10.6
VIP Growth Portfolio Initial Class	10.3
VIP Contrafund Portfolio Initial Class	10.1
VIP Value Portfolio Initial Class	7.8
Fidelity Long-Term Treasury Bond Index Fund	4.4
VIP Value Strategies Portfolio Initial Class	3.8
VIP Mid Cap Portfolio Initial Class	2.9
	96.0

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	57.6%
	International Equity Funds	34.0%
	Bond Funds	7.6%
	Short-Term Funds	0.8%

VIP Freedom 2045 Portfolio℠

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 57.6%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	133,099	$4,537,358
VIP Equity-Income Portfolio Initial Class (a)	216,651	4,772,818
VIP Growth & Income Portfolio Initial Class (a)	271,705	5,458,558
VIP Growth Portfolio Initial Class (a)	64,660	4,643,222
VIP Mid Cap Portfolio Initial Class (a)	42,231	1,332,390
VIP Value Portfolio Initial Class (a)	241,700	3,511,900
VIP Value Strategies Portfolio Initial Class (a)	141,075	1,719,701
TOTAL DOMESTIC EQUITY FUNDS
(Cost $25,151,043)		25,975,947

International Equity Funds - 34.0%
VIP Emerging Markets Portfolio Initial Class (a)	431,316	5,149,911
VIP Overseas Portfolio Initial Class (a)	465,988	10,191,157
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $13,610,689)		15,341,068

Bond Funds - 7.6%
Fidelity Inflation-Protected Bond Index Fund (a)	45,516	457,436
Fidelity Long-Term Treasury Bond Index Fund (a)	141,862	1,963,368
VIP High Income Portfolio Initial Class (a)	143,387	781,456
VIP Investment Grade Bond Portfolio Initial Class (a)	17,111	224,321
TOTAL BOND FUNDS
(Cost $3,207,605)		3,426,581

Short-Term Funds - 0.8%
VIP Government Money Market Portfolio Initial Class 2.18% (a)(b)
(Cost $359,216)	359,216	359,216
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $42,328,553)		45,102,812
NET OTHER ASSETS (LIABILITIES) - 0.0%		(6,916)
NET ASSETS - 100%		$45,095,896

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 Inflation-Protected Bond Index Fund	$352,900	$119,275	$38,445	$863	$680	$23,026	$457,436
Fidelity Long-Term Treasury Bond Index Fund	1,518,153	571,707	295,596	25,068	7,386	161,718	1,963,368
VIP Contrafund Portfolio Initial Class	3,648,605	1,038,547	431,395	464,951	(10,884)	292,485	4,537,358
VIP Emerging Markets Portfolio Initial Class	3,745,635	949,673	313,287	--	18,762	749,128	5,149,911
VIP Equity-Income Portfolio Initial Class	3,827,063	986,336	386,287	280,519	(14,062)	359,768	4,772,818
VIP Government Money Market Portfolio Initial Class 2.18%	276,899	109,415	27,098	3,454	--	--	359,216
VIP Growth & Income Portfolio Initial Class	4,362,874	1,282,415	394,904	500,777	(10,957)	219,130	5,458,558
VIP Growth Portfolio Initial Class	3,728,207	853,914	493,735	263,745	7,246	547,590	4,643,222
VIP High Income Portfolio Initial Class	625,306	150,314	56,431	5,621	(1,276)	63,543	781,456
VIP Investment Grade Bond Portfolio Initial Class	173,048	84,524	45,528	826	524	11,753	224,321
VIP Mid Cap Portfolio Initial Class	1,058,265	329,541	115,577	126,316	(5,949)	66,110	1,332,390
VIP Overseas Portfolio Initial Class	7,291,740	2,202,599	456,903	292,835	10,043	1,143,678	10,191,157
VIP Value Portfolio Initial Class	2,808,230	674,719	306,673	197,898	(16,200)	351,824	3,511,900
VIP Value Strategies Portfolio Initial Class	1,369,542	368,444	169,511	146,219	(13,162)	164,388	1,719,701
Total	$34,786,467	$9,721,423	$3,531,370	$2,309,092	$(27,849)	$4,154,141	$45,102,812

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

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $42,328,553)	$45,102,812
Total Investment in Securities (cost $42,328,553)		$45,102,812
Cash		899
Receivable for investments sold		443,234
Receivable for fund shares sold		118,410
Total assets		45,665,355
Liabilities
Payable for investments purchased	$545,280
Payable for fund shares redeemed	16,354
Distribution and service plan fees payable	7,825
Total liabilities		569,459
Net Assets		$45,095,896
Net Assets consist of:
Paid in capital		$40,500,715
Total distributable earnings (loss)		4,595,181
Net Assets		$45,095,896
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($3,028,471 ÷ 140,361 shares)		$21.58
Service Class:
Net Asset Value, offering price and redemption price per share ($5,508,134 ÷ 255,833 shares)		$21.53
Service Class 2:
Net Asset Value, offering price and redemption price per share ($36,559,291 ÷ 1,706,368 shares)		$21.43

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$171,741
Expenses
Distribution and service plan fees	$43,322
Independent trustees' fees and expenses	71
Total expenses before reductions	43,393
Expense reductions	(10)
Total expenses after reductions		43,383
Net investment income (loss)		128,358
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(27,849)
Capital gain distributions from underlying funds:
Affiliated issuers	2,137,351
Total net realized gain (loss)		2,109,502
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	4,154,141
Total change in net unrealized appreciation (depreciation)		4,154,141
Net gain (loss)		6,263,643
Net increase (decrease) in net assets resulting from operations		$6,392,001

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$128,358	$370,026
Net realized gain (loss)	2,109,502	1,143,788
Change in net unrealized appreciation (depreciation)	4,154,141	(5,241,844)
Net increase (decrease) in net assets resulting from operations	6,392,001	(3,728,030)
Distributions to shareholders	(1,298,052)	(958,451)
Share transactions - net increase (decrease)	5,220,824	8,655,380
Total increase (decrease) in net assets	10,314,773	3,968,899
Net Assets
Beginning of period	34,781,123	30,812,224
End of period	$45,095,896	$34,781,123

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

Financial Highlights

VIP Freedom 2045 Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$18.91	$21.64	$18.31	$18.03	$18.50	$18.18
Income from Investment Operations
Net investment income (loss)^A	.09	.27	.30	.28	.38	.40
Net realized and unrealized gain (loss)	3.28	(2.39)	3.93	.83	(.42)	.50
Total from investment operations	3.37	(2.12)	4.23	1.11	(.04)	.90
Distributions from net investment income	–	(.25)	(.24)	(.24)	(.33)	(.28)
Distributions from net realized gain	(.70)	(.37)	(.66)	(.59)	(.10)	(.30)
Total distributions	(.70)	(.61)^B	(.90)	(.83)	(.43)	(.58)
Net asset value, end of period	$21.58	$18.91	$21.64	$18.31	$18.03	$18.50
Total Return^C,^D,^E	18.09%	(9.89)%	23.59%	6.80%	(.26)%	4.95%
Ratios to Average Net Assets^F,^G
Expenses before reductions^H	- %^I	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^H,^I	- %^H	-%	-%	-%	-%
Expenses net of all reductions	- %^H,^I	- %^H	-%	-%	-%	-%
Net investment income (loss)	.85%^I	1.25%	1.46%	1.57%	2.01%	2.14%
Supplemental Data
Net assets, end of period (000 omitted)	$3,028	$2,583	$1,491	$789	$542	$342
Portfolio turnover rate^F	18%^I	42%	23%	19%	26%	19%

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

^B Total distributions of $.61 per share is comprised of distributions from net investment income of $.246 and distributions from net realized gain of $.366 per share.

^C Total returns for periods of less than one year are not annualized.

^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%.

^I Annualized

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

VIP Freedom 2045 Portfolio Service Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$18.88	$21.61	$18.30	$18.02	$18.49	$18.18
Income from Investment Operations
Net investment income (loss)^A	.08	.24	.28	.26	.36	.38
Net realized and unrealized gain (loss)	3.27	(2.37)	3.92	.84	(.42)	.49
Total from investment operations	3.35	(2.13)	4.20	1.10	(.06)	.87
Distributions from net investment income	–	(.23)	(.23)	(.23)	(.31)	(.27)
Distributions from net realized gain	(.70)	(.37)	(.66)	(.59)	(.10)	(.30)
Total distributions	(.70)	(.60)	(.89)	(.82)	(.41)	(.56)^B
Net asset value, end of period	$21.53	$18.88	$21.61	$18.30	$18.02	$18.49
Total Return^C,^D,^E	18.00%	(9.97)%	23.42%	6.73%	(.37)%	4.83%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.10%^H	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%^H	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%^H	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	.75%^H	1.15%	1.36%	1.47%	1.91%	2.04%
Supplemental Data
Net assets, end of period (000 omitted)	$5,508	$3,900	$1,923	$396	$343	$364
Portfolio turnover rate^F	18%^H	42%	23%	19%	26%	19%

^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 returns for periods of less than one year are not annualized.

^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 Annualized

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

VIP Freedom 2045 Portfolio Service Class 2

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$18.80	$21.52	$18.22	$17.95	$18.43	$18.13
Income from Investment Operations
Net investment income (loss)^A	.06	.21	.24	.23	.33	.35
Net realized and unrealized gain (loss)	3.27	(2.37)	3.92	.84	(.42)	.49
Total from investment operations	3.33	(2.16)	4.16	1.07	(.09)	.84
Distributions from net investment income	–	(.20)	(.20)	(.20)	(.29)	(.25)
Distributions from net realized gain	(.70)	(.37)	(.66)	(.59)	(.10)	(.30)
Total distributions	(.70)	(.56)^B	(.86)	(.80)^C	(.39)	(.54)^D
Net asset value, end of period	$21.43	$18.80	$21.52	$18.22	$17.95	$18.43
Total Return^E,^F,^G	17.95%	(10.13)%	23.30%	6.56%	(.53)%	4.68%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.25%^J	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%^J	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%^J	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	.60%^J	1.00%	1.21%	1.32%	1.76%	1.89%
Supplemental Data
Net assets, end of period (000 omitted)	$36,559	$28,298	$27,399	$16,671	$11,398	$7,363
Portfolio turnover rate^H	18%^J	42%	23%	19%	26%	19%

^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 $.198 and distributions from net realized gain of $.366 per share.

^C 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.

^D 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.

^E Total returns for periods of less than one year are not annualized.

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

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

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

^J Annualized

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 June 30, 2019

	% of fund's net assets
VIP Overseas Portfolio Initial Class	22.6
VIP Growth & Income Portfolio Initial Class	12.1
VIP Emerging Markets Portfolio Initial Class	11.4
VIP Equity-Income Portfolio Initial Class	10.6
VIP Growth Portfolio Initial Class	10.3
VIP Contrafund Portfolio Initial Class	10.1
VIP Value Portfolio Initial Class	7.8
Fidelity Long-Term Treasury Bond Index Fund	4.4
VIP Value Strategies Portfolio Initial Class	3.8
VIP Mid Cap Portfolio Initial Class	2.9
	96.0

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	57.6%
	International Equity Funds	34.0%
	Bond Funds	7.6%
	Short-Term Funds	0.8%

VIP Freedom 2050 Portfolio℠

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 57.6%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	111,231	$3,791,874
VIP Equity-Income Portfolio Initial Class (a)	181,055	3,988,650
VIP Growth & Income Portfolio Initial Class (a)	227,065	4,561,737
VIP Growth Portfolio Initial Class (a)	54,036	3,880,347
VIP Mid Cap Portfolio Initial Class (a)	35,293	1,113,492
VIP Value Portfolio Initial Class (a)	201,990	2,934,909
VIP Value Strategies Portfolio Initial Class (a)	117,897	1,437,162
TOTAL DOMESTIC EQUITY FUNDS
(Cost $20,547,767)		21,708,171

International Equity Funds - 34.0%
VIP Emerging Markets Portfolio Initial Class (a)	360,460	4,303,888
VIP Overseas Portfolio Initial Class (a)	389,608	8,520,732
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $11,136,104)		12,824,620

Bond Funds - 7.6%
Fidelity Inflation-Protected Bond Index Fund (a)	38,038	382,280
Fidelity Long-Term Treasury Bond Index Fund (a)	118,825	1,644,535
VIP High Income Portfolio Initial Class (a)	119,140	649,315
VIP Investment Grade Bond Portfolio Initial Class (a)	14,299	187,466
TOTAL BOND FUNDS
(Cost $2,616,542)		2,863,596

Short-Term Funds - 0.8%
VIP Government Money Market Portfolio Initial Class 2.18% (a)(b)
(Cost $296,444)	296,444	296,444
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $34,596,857)		37,692,831
NET OTHER ASSETS (LIABILITIES) - 0.0%		(3,520)
NET ASSETS - 100%		$37,689,311

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 Inflation-Protected Bond Index Fund	$279,207	$117,813	$34,367	$714	$784	$18,843	$382,280
Fidelity Long-Term Treasury Bond Index Fund	1,203,830	555,929	256,455	20,775	11,118	130,113	1,644,535
VIP Contrafund Portfolio Initial Class	2,887,236	1,078,552	402,501	380,789	(1,906)	230,493	3,791,874
VIP Emerging Markets Portfolio Initial Class	2,963,555	995,372	282,513	--	13,937	613,537	4,303,888
VIP Equity-Income Portfolio Initial Class	3,028,406	1,034,272	354,854	229,759	(5,653)	286,479	3,988,650
VIP Government Money Market Portfolio Initial Class 2.18%	216,345	104,276	24,177	2,821	--	--	296,444
VIP Growth & Income Portfolio Initial Class	3,452,313	1,322,999	379,805	410,142	(8,205)	174,435	4,561,737
VIP Growth Portfolio Initial Class	2,950,203	929,533	452,625	216,012	11,027	442,209	3,880,347
VIP High Income Portfolio Initial Class	503,336	157,123	62,151	4,578	(109)	51,116	649,315
VIP Investment Grade Bond Portfolio Initial Class	122,044	94,176	38,680	678	525	9,401	187,466
VIP Mid Cap Portfolio Initial Class	837,767	337,646	109,527	103,457	(2,852)	50,458	1,113,492
VIP Overseas Portfolio Initial Class	5,771,597	2,274,070	471,568	239,963	7,703	938,930	8,520,732
VIP Value Portfolio Initial Class	2,222,322	726,436	285,464	162,085	(1,492)	273,107	2,934,909
VIP Value Strategies Portfolio Initial Class	1,084,047	386,520	155,149	119,759	(2,023)	123,767	1,437,162
Total	$27,522,208	$10,114,717	$3,309,836	$1,891,532	$22,854	$3,342,888	$37,692,831

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

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $34,596,857)	$37,692,831
Total Investment in Securities (cost $34,596,857)		$37,692,831
Cash		615
Receivable for investments sold		395,001
Receivable for fund shares sold		67,646
Total assets		38,156,093
Liabilities
Payable for investments purchased	$443,060
Payable for fund shares redeemed	19,580
Distribution and service plan fees payable	4,142
Total liabilities		466,782
Net Assets		$37,689,311
Net Assets consist of:
Paid in capital		$33,499,560
Total distributable earnings (loss)		4,189,751
Net Assets		$37,689,311
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($8,836,894 ÷ 455,690 shares)		$19.39
Service Class:
Net Asset Value, offering price and redemption price per share ($13,663,960 ÷ 706,460 shares)		$19.34
Service Class 2:
Net Asset Value, offering price and redemption price per share ($15,188,457 ÷ 787,903 shares)		$19.28

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$140,878
Expenses
Distribution and service plan fees	$22,377
Independent trustees' fees and expenses	58
Total expenses before reductions	22,435
Expense reductions	(8)
Total expenses after reductions		22,427
Net investment income (loss)		118,451
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	22,854
Capital gain distributions from underlying funds:
Affiliated issuers	1,750,654
Total net realized gain (loss)		1,773,508
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	3,342,888
Total change in net unrealized appreciation (depreciation)		3,342,888
Net gain (loss)		5,116,396
Net increase (decrease) in net assets resulting from operations		$5,234,847

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$118,451	$316,361
Net realized gain (loss)	1,773,508	346,981
Change in net unrealized appreciation (depreciation)	3,342,888	(3,681,069)
Net increase (decrease) in net assets resulting from operations	5,234,847	(3,017,727)
Distributions to shareholders	(844,095)	(939,841)
Share transactions - net increase (decrease)	5,778,727	10,617,841
Total increase (decrease) in net assets	10,169,479	6,660,273
Net Assets
Beginning of period	27,519,832	20,859,559
End of period	$37,689,311	$27,519,832

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

Financial Highlights

VIP Freedom 2050 Portfolio Initial Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$16.88	$19.50	$16.55	$16.42	$16.86	$16.55
Income from Investment Operations
Net investment income (loss)^A	.08	.26	.23	.25	.32	.35
Net realized and unrealized gain (loss)	2.93	(2.15)	3.58	.75	(.36)	.47
Total from investment operations	3.01	(1.89)	3.81	1.00	(.04)	.82
Distributions from net investment income	–^B	(.21)	(.24)	(.25)	(.29)	(.25)
Distributions from net realized gain	(.49)	(.52)	(.63)	(.62)	(.11)	(.27)
Total distributions	(.50)^C	(.73)	(.86)^D	(.87)	(.40)	(.51)^E
Net asset value, end of period	$19.39	$16.88	$19.50	$16.55	$16.42	$16.86
Total Return^F,^G,^H	18.02%	(9.89)%	23.52%	6.84%	(.29)%	5.01%
Ratios to Average Net Assets^I,^J
Expenses before reductions^K	- %^L	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^K,^L	- %^K	-%	-%	-%	-%
Expenses net of all reductions	- %^K,^L	- %^K	-%	-%	-%	-%
Net investment income (loss)	.84%^L	1.35%	1.27%	1.59%	1.89%	2.06%
Supplemental Data
Net assets, end of period (000 omitted)	$8,837	$7,056	$5,826	$4,171	$2,266	$1,684
Portfolio turnover rate^I	20%^L	111%	46%	26%	37%	22%

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

^B Amount represents less than $.005 per share.

^C Total distributions of $.50 per share is comprised of distributions from net investment income of $.004 and distributions from net realized gain of $.493 per share.

^D 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.

^E 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.

^F Total returns for periods of less than one year are not annualized.

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

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

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

^K Amount represents less than .005%.

^L Annualized

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

VIP Freedom 2050 Portfolio Service Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$16.84	$19.47	$16.52	$16.39	$16.83	$16.54
Income from Investment Operations
Net investment income (loss)^A	.07	.24	.21	.24	.31	.33
Net realized and unrealized gain (loss)	2.93	(2.15)	3.59	.74	(.37)	.46
Total from investment operations	3.00	(1.91)	3.80	.98	(.06)	.79
Distributions from net investment income	–^B	(.20)	(.22)	(.23)	(.27)	(.24)
Distributions from net realized gain	(.49)	(.52)	(.63)	(.62)	(.11)	(.27)
Total distributions	(.50)^C	(.72)	(.85)	(.85)	(.38)	(.50)^D
Net asset value, end of period	$19.34	$16.84	$19.47	$16.52	$16.39	$16.83
Total Return^E,^F,^G	17.99%	(10.03)%	23.46%	6.75%	(.38)%	4.81%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.10%^J	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%^J	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%^J	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	.74%^J	1.25%	1.17%	1.49%	1.79%	1.96%
Supplemental Data
Net assets, end of period (000 omitted)	$13,664	$10,203	$6,748	$4,205	$3,004	$2,878
Portfolio turnover rate^H	20%^J	111%	46%	26%	37%	22%

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

^B Amount represents less than $.005 per share.

^C Total distributions of $.50 per share is comprised of distributions from net investment income of $.002 and distributions from net realized gain of $.493 per share.

^D 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.

^E Total returns for periods of less than one year are not annualized.

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

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

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

^J Annualized

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

VIP Freedom 2050 Portfolio Service Class 2

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$16.80	$19.42	$16.47	$16.35	$16.80	$16.51
Income from Investment Operations
Net investment income (loss)^A	.05	.21	.18	.21	.28	.30
Net realized and unrealized gain (loss)	2.92	(2.13)	3.58	.74	(.37)	.47
Total from investment operations	2.97	(1.92)	3.76	.95	(.09)	.77
Distributions from net investment income	–	(.18)	(.18)	(.21)	(.25)	(.22)
Distributions from net realized gain	(.49)	(.52)	(.63)	(.62)	(.11)	(.27)
Total distributions	(.49)	(.70)	(.81)	(.83)	(.36)	(.48)^B
Net asset value, end of period	$19.28	$16.80	$19.42	$16.47	$16.35	$16.80
Total Return^C,^D,^E	17.90%	(10.13)%	23.30%	6.56%	(.58)%	4.71%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.25%^H	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%^H	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%^H	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	.59%^H	1.10%	1.02%	1.34%	1.64%	1.81%
Supplemental Data
Net assets, end of period (000 omitted)	$15,188	$10,262	$8,285	$9,472	$7,649	$6,436
Portfolio turnover rate^F	20%^H	111%	46%	26%	37%	22%

^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 for periods of less than one year are not annualized.

^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 Annualized

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

VIP Freedom 2055 Portfolio℠

Investment Summary (Unaudited)

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

Top Holdings as of June 30, 2019

	% of fund's net assets
VIP Overseas Portfolio Initial Class	22.6
VIP Growth & Income Portfolio Initial Class	12.1
VIP Emerging Markets Portfolio Initial Class	11.4
VIP Equity-Income Portfolio Initial Class	10.6
VIP Growth Portfolio Initial Class	10.3
VIP Contrafund Portfolio Initial Class	10.1
VIP Value Portfolio Initial Class	7.8
Fidelity Long-Term Treasury Bond Index Fund	4.4
VIP Value Strategies Portfolio Initial Class	3.8
VIP Mid Cap Portfolio Initial Class	2.9
	96.0

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	57.6%
	International Equity Funds	34.0%
	Bond Funds	7.6%
	Short-Term Funds	0.8%

VIP Freedom 2055 Portfolio℠

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 57.6%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	3,031	$103,330
VIP Equity-Income Portfolio Initial Class (a)	4,934	108,694
VIP Growth & Income Portfolio Initial Class (a)	6,188	124,308
VIP Growth Portfolio Initial Class (a)	1,473	105,741
VIP Mid Cap Portfolio Initial Class (a)	962	30,338
VIP Value Portfolio Initial Class (a)	5,504	79,977
VIP Value Strategies Portfolio Initial Class (a)	3,213	39,164
TOTAL DOMESTIC EQUITY FUNDS
(Cost $580,641)		591,552

International Equity Funds - 34.0%
VIP Emerging Markets Portfolio Initial Class (a)	9,823	117,282
VIP Overseas Portfolio Initial Class (a)	10,617	232,199
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $337,709)		349,481

Bond Funds - 7.6%
Fidelity Inflation-Protected Bond Index Fund (a)	1,037	10,417
Fidelity Long-Term Treasury Bond Index Fund (a)	3,238	44,815
VIP High Income Portfolio Initial Class (a)	3,247	17,694
VIP Investment Grade Bond Portfolio Initial Class (a)	390	5,108
TOTAL BOND FUNDS
(Cost $74,317)		78,034

Short-Term Funds - 0.8%
VIP Government Money Market Portfolio Initial Class 2.18% (a)(b)
(Cost $8,078)	8,078	8,078
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $1,000,745)		1,027,145
NET OTHER ASSETS (LIABILITIES) - 0.0%		(81)
NET ASSETS - 100%		$1,027,064

Legend

(a) Affiliated Fund

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

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	$17
Total	$17

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 Inflation-Protected Bond Index Fund	$--	$10,606	$481	$10	$10	$282	$10,417
Fidelity Long-Term Treasury Bond Index Fund	--	45,530	3,922	273	230	2,977	44,815
VIP Contrafund Portfolio Initial Class	--	105,058	4,679	--	41	2,910	103,330
VIP Emerging Markets Portfolio Initial Class	--	115,453	17	--	(1)	1,847	117,282
VIP Equity-Income Portfolio Initial Class	--	110,459	4,279	--	(2)	2,516	108,694
VIP Government Money Market Portfolio Initial Class 2.18%	--	8,385	307	37	--	--	8,078
VIP Growth & Income Portfolio Initial Class	--	126,062	3,817	--	83	1,980	124,308
VIP Growth Portfolio Initial Class	--	107,459	3,825	--	45	2,062	105,741
VIP High Income Portfolio Initial Class	--	17,902	521	--	(4)	317	17,694
VIP Investment Grade Bond Portfolio Initial Class	--	5,205	244	--	3	144	5,108
VIP Mid Cap Portfolio Initial Class	--	30,616	268	--	--	(10)	30,338
VIP Overseas Portfolio Initial Class	--	222,312	33	--	(1)	9,921	232,199
VIP Value Portfolio Initial Class	--	81,043	2,162	--	(5)	1,101	79,977
VIP Value Strategies Portfolio Initial Class	--	39,617	814	--	8	353	39,164
Total	$--	$1,025,707	$25,369	$320	$407	$26,400	$1,027,145

Investment Valuation

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

VIP Freedom 2055 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $1,000,745)	$1,027,145
Total Investment in Securities (cost $1,000,745)		$1,027,145
Cash		17
Receivable for investments sold		11,106
Total assets		1,038,268
Liabilities
Payable for investments purchased	$11,106
Distribution and service plan fees payable	98
Total liabilities		11,204
Net Assets		$1,027,064
Net Assets consist of:
Paid in capital		$1,000,176
Total distributable earnings (loss)		26,888
Net Assets		$1,027,064
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($342,385 ÷ 33,334 shares)		$10.27
Service Class:
Net Asset Value, offering price and redemption price per share ($342,310 ÷ 33,334 shares)		$10.27
Service Class 2:
Net Asset Value, offering price and redemption price per share ($342,369 ÷ 33,350 shares)		$10.27

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

Statement of Operations

		For the period April 11, 2019 (commencement of operations) to June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$320
Income from Fidelity Central Funds		17
Total income		337
Expenses
Distribution and service plan fees	$255
Independent trustees' fees and expenses	1
Total expenses		256
Net investment income (loss)		81
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	407
Total net realized gain (loss)		407
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	26,400
Total change in net unrealized appreciation (depreciation)		26,400
Net gain (loss)		26,807
Net increase (decrease) in net assets resulting from operations		$26,888

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

Statement of Changes in Net Assets

	For the period April 11, 2019 (commencement of operations) to June 30, 2019 (Unaudited)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$81
Net realized gain (loss)	407
Change in net unrealized appreciation (depreciation)	26,400
Net increase (decrease) in net assets resulting from operations	26,888
Share transactions - net increase (decrease)	1,000,176
Total increase (decrease) in net assets	1,027,064
Net Assets
Beginning of period	–
End of period	$1,027,064

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

Financial Highlights

VIP Freedom 2055 Portfolio Initial Class

	Six months ended (Unaudited) June 30,
	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.00
Income from Investment Operations
Net investment income (loss)^B	–^C
Net realized and unrealized gain (loss)	.27
Total from investment operations	.27
Net asset value, end of period	$10.27
Total Return^D,^E	2.70%
Ratios to Average Net Assets^F,^G
Expenses before reductions	- %^H
Expenses net of fee waivers, if any	- %^H
Expenses net of all reductions	- %^H
Net investment income (loss)	.15%^H
Supplemental Data
Net assets, end of period (000 omitted)	$342
Portfolio turnover rate^F	3%^I

^A For the period April 11, 2019 (commencement of operations) to June 30, 2019.

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

^C Amount represents less than $.005 per share.

^D Total returns for periods of less than one year are not annualized.

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

^F 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.

^H Annualized

^I Amount not annualized.

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

VIP Freedom 2055 Portfolio Service Class

	Six months ended (Unaudited) June 30,
	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.00
Income from Investment Operations
Net investment income (loss)^B	–^C
Net realized and unrealized gain (loss)	.27
Total from investment operations	.27
Net asset value, end of period	$10.27
Total Return^D,^E	2.70%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.10%^H
Expenses net of fee waivers, if any	.10%^H
Expenses net of all reductions	.10%^H
Net investment income (loss)	.05%^H
Supplemental Data
Net assets, end of period (000 omitted)	$342
Portfolio turnover rate^F	3%^I

^A For the period April 11, 2019 (commencement of operations) to June 30, 2019.

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

^C Amount represents less than $.005 per share.

^D Total returns for periods of less than one year are not annualized.

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

^F 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.

^H Annualized

^I Amount not annualized.

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

VIP Freedom 2055 Portfolio Service Class 2

	Six months ended (Unaudited) June 30,
	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.00
Income from Investment Operations
Net investment income (loss)^B	–^C
Net realized and unrealized gain (loss)	.27
Total from investment operations	.27
Net asset value, end of period	$10.27
Total Return^D,^E	2.70%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.25%^H
Expenses net of fee waivers, if any	.25%^H
Expenses net of all reductions	.25%^H
Net investment income (loss)	(.10)%^H
Supplemental Data
Net assets, end of period (000 omitted)	$342
Portfolio turnover rate^F	3%^I

^A For the period April 11, 2019 (commencement of operations) to June 30, 2019.

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

^C Amount represents less than $.005 per share.

^D Total returns for periods of less than one year are not annualized.

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

^F 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.

^H Annualized

^I Amount not annualized.

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

VIP Freedom 2060 Portfolio℠

Investment Summary (Unaudited)

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

Top Holdings as of June 30, 2019

	% of fund's net assets
VIP Overseas Portfolio Initial Class	22.6
VIP Growth & Income Portfolio Initial Class	12.1
VIP Emerging Markets Portfolio Initial Class	11.4
VIP Equity-Income Portfolio Initial Class	10.6
VIP Growth Portfolio Initial Class	10.3
VIP Contrafund Portfolio Initial Class	10.1
VIP Value Portfolio Initial Class	7.8
Fidelity Long-Term Treasury Bond Index Fund	4.4
VIP Value Strategies Portfolio Initial Class	3.8
VIP Mid Cap Portfolio Initial Class	2.9
	96.0

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	57.6%
	International Equity Funds	34.0%
	Bond Funds	7.6%
	Short-Term Funds	0.8%

VIP Freedom 2060 Portfolio℠

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 57.6%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	3,031	$103,312
VIP Equity-Income Portfolio Initial Class (a)	4,933	108,673
VIP Growth & Income Portfolio Initial Class (a)	6,187	124,287
VIP Growth Portfolio Initial Class (a)	1,472	105,723
VIP Mid Cap Portfolio Initial Class (a)	961	30,333
VIP Value Portfolio Initial Class (a)	5,504	79,967
VIP Value Strategies Portfolio Initial Class (a)	3,212	39,157
TOTAL DOMESTIC EQUITY FUNDS
(Cost $580,541)		591,452

International Equity Funds - 34.0%
VIP Emerging Markets Portfolio Initial Class (a)	9,821	117,262
VIP Overseas Portfolio Initial Class (a)	10,615	232,157
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $337,651)		349,419

Bond Funds - 7.6%
Fidelity Inflation-Protected Bond Index Fund (a)	1,036	10,415
Fidelity Long-Term Treasury Bond Index Fund (a)	3,238	44,808
VIP High Income Portfolio Initial Class (a)	3,246	17,691
VIP Investment Grade Bond Portfolio Initial Class (a)	390	5,108
TOTAL BOND FUNDS
(Cost $74,303)		78,022

Short-Term Funds - 0.8%
VIP Government Money Market Portfolio Initial Class 2.18% (a)(b)
(Cost $8,077)	8,077	8,077
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $1,000,572)		1,026,970
NET OTHER ASSETS (LIABILITIES) - 0.0%		(81)
NET ASSETS - 100%		$1,026,889

Legend

(a) Affiliated Fund

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

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	$17
Total	$17

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 Inflation-Protected Bond Index Fund	$--	$10,604	$481	$10	$10	$282	$10,415
Fidelity Long-Term Treasury Bond Index Fund	--	45,521	3,922	273	232	2,977	44,808
VIP Contrafund Portfolio Initial Class	--	105,041	4,679	--	41	2,909	103,312
VIP Emerging Markets Portfolio Initial Class	--	115,433	17	--	(1)	1,847	117,262
VIP Equity-Income Portfolio Initial Class	--	110,440	4,258	--	(25)	2,516	108,673
VIP Government Money Market Portfolio Initial Class 2.18%	--	8,384	307	37	--	--	8,077
VIP Growth & Income Portfolio Initial Class	--	126,040	3,816	--	83	1,980	124,287
VIP Growth Portfolio Initial Class	--	107,441	3,824	--	45	2,061	105,723
VIP High Income Portfolio Initial Class	--	17,899	521	--	(4)	317	17,691
VIP Investment Grade Bond Portfolio Initial Class	--	5,205	244	--	3	144	5,108
VIP Mid Cap Portfolio Initial Class	--	30,610	267	--	--	(10)	30,333
VIP Overseas Portfolio Initial Class	--	222,270	33	--	(1)	9,921	232,157
VIP Value Portfolio Initial Class	--	81,029	2,182	--	19	1,101	79,967
VIP Value Strategies Portfolio Initial Class	--	39,610	814	--	8	353	39,157
Total	$--	1,025,527	$25,365	$320	$410	$26,398	$1,026,970

Investment Valuation

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

VIP Freedom 2060 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $1,000,572)	$1,026,970
Total Investment in Securities (cost $1,000,572)		$1,026,970
Cash		17
Receivable for investments sold		11,102
Total assets		1,038,089
Liabilities
Payable for investments purchased	$11,102
Distribution and service plan fees payable	98
Total liabilities		11,200
Net Assets		$1,026,889
Net Assets consist of:
Paid in capital		$1,000,000
Total distributable earnings (loss)		26,889
Net Assets		$1,026,889
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($342,386 ÷ 33,334 shares)		$10.27
Service Class:
Net Asset Value, offering price and redemption price per share ($342,310 ÷ 33,334 shares)		$10.27
Service Class 2:
Net Asset Value, offering price and redemption price per share ($342,193 ÷ 33,333 shares)		$10.27

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

Statement of Operations

		For the period April 11, 2019 (commencement of operations) to June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$320
Income from Fidelity Central Funds		17
Total income		337
Expenses
Distribution and service plan fees	$255
Independent trustees' fees and expenses	1
Total expenses		256
Net investment income (loss)		81
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	410
Total net realized gain (loss)		410
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	26,398
Total change in net unrealized appreciation (depreciation)		26,398
Net gain (loss)		26,808
Net increase (decrease) in net assets resulting from operations		$26,889

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

Statement of Changes in Net Assets

	For the period April 11, 2019 (commencement of operations) to June 30, 2019 (Unaudited)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$81
Net realized gain (loss)	410
Change in net unrealized appreciation (depreciation)	26,398
Net increase (decrease) in net assets resulting from operations	26,889
Share transactions - net increase (decrease)	1,000,000
Total increase (decrease) in net assets	1,026,889
Net Assets
Beginning of period	–
End of period	$1,026,889

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

Financial Highlights

VIP Freedom 2060 Portfolio Initial Class

	Six months ended (Unaudited) June 30,
	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.00
Income from Investment Operations
Net investment income (loss)^B	–^C
Net realized and unrealized gain (loss)	.27
Total from investment operations	.27
Net asset value, end of period	$10.27
Total Return^D,^E	2.70%
Ratios to Average Net Assets^F,^G
Expenses before reductions	- %^H
Expenses net of fee waivers, if any	- %^H
Expenses net of all reductions	- %^H
Net investment income (loss)	.15%^H
Supplemental Data
Net assets, end of period (000 omitted)	$342
Portfolio turnover rate^F	3%^I

^A For the period April 11, 2019 (commencement of operations) to June 30, 2019.

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

^C Amount represents less than $.005 per share.

^D Total returns for periods of less than one year are not annualized.

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

^F 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.

^H Annualized

^I Amount not annualized.

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

VIP Freedom 2060 Portfolio Service Class

	Six months ended (Unaudited) June 30,
	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.00
Income from Investment Operations
Net investment income (loss)^B	–^C
Net realized and unrealized gain (loss)	.27
Total from investment operations	.27
Net asset value, end of period	$10.27
Total Return^D,^E	2.70%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.10%^H
Expenses net of fee waivers, if any	.10%^H
Expenses net of all reductions	.10%^H
Net investment income (loss)	.05%^H
Supplemental Data
Net assets, end of period (000 omitted)	$342
Portfolio turnover rate^F	3%^I

^A For the period April 11, 2019 (commencement of operations) to June 30, 2019.

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

^C Amount represents less than $.005 per share.

^D Total returns for periods of less than one year are not annualized.

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

^F 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.

^H Annualized

^I Amount not annualized.

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

VIP Freedom 2060 Portfolio Service Class 2

	Six months ended (Unaudited) June 30,
	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.00
Income from Investment Operations
Net investment income (loss)^B	–^C
Net realized and unrealized gain (loss)	.27
Total from investment operations	.27
Net asset value, end of period	$10.27
Total Return^D,^E	2.70%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.25%^H
Expenses net of fee waivers, if any	.25%^H
Expenses net of all reductions	.25%^H
Net investment income (loss)	(.10)%^H
Supplemental Data
Net assets, end of period (000 omitted)	$342
Portfolio turnover rate^F	3%^I

^A For the period April 11, 2019 (commencement of operations) to June 30, 2019.

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

^C Amount represents less than $.005 per share.

^D Total returns for periods of less than one year are not annualized.

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

^F 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.

^H Annualized

^I Amount not annualized.

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

VIP Freedom 2065 Portfolio℠

Investment Summary (Unaudited)

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

Top Holdings as of June 30, 2019

	% of fund's net assets
VIP Overseas Portfolio Initial Class	22.6
VIP Growth & Income Portfolio Initial Class	12.1
VIP Emerging Markets Portfolio Initial Class	11.4
VIP Equity-Income Portfolio Initial Class	10.6
VIP Growth Portfolio Initial Class	10.3
VIP Contrafund Portfolio Initial Class	10.1
VIP Value Portfolio Initial Class	7.8
Fidelity Long-Term Treasury Bond Index Fund	4.4
VIP Value Strategies Portfolio Initial Class	3.8
VIP Mid Cap Portfolio Initial Class	2.9
	96.0

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	57.6%
	International Equity Funds	34.0%
	Bond Funds	7.6%
	Short-Term Funds	0.8%

VIP Freedom 2065 Portfolio℠

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 57.6%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	3,031	$103,314
VIP Equity-Income Portfolio Initial Class (a)	4,933	108,673
VIP Growth & Income Portfolio Initial Class (a)	6,187	124,287
VIP Growth Portfolio Initial Class (a)	1,472	105,723
VIP Mid Cap Portfolio Initial Class (a)	961	30,333
VIP Value Portfolio Initial Class (a)	5,503	79,964
VIP Value Strategies Portfolio Initial Class (a)	3,212	39,157
TOTAL DOMESTIC EQUITY FUNDS
(Cost $580,543)		591,451

International Equity Funds - 34.0%
VIP Emerging Markets Portfolio Initial Class (a)	9,821	117,263
VIP Overseas Portfolio Initial Class (a)	10,615	232,156
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $337,649)		349,419

Bond Funds - 7.6%
Fidelity Inflation-Protected Bond Index Fund (a)	1,036	10,416
Fidelity Long-Term Treasury Bond Index Fund (a)	3,238	44,808
VIP High Income Portfolio Initial Class (a)	3,246	17,691
VIP Investment Grade Bond Portfolio Initial Class (a)	390	5,108
TOTAL BOND FUNDS
(Cost $74,303)		78,023

Short-Term Funds - 0.8%
VIP Government Money Market Portfolio Initial Class 2.18% (a)(b)
(Cost $8,077)	8,077	8,077
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $1,000,572)		1,026,970
NET OTHER ASSETS (LIABILITIES) - 0.0%		(81)
NET ASSETS - 100%		$1,026,889

Legend

(a) Affiliated Fund

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

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	$17
Total	$17

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 Inflation-Protected Bond Index Fund	$--	$10,605	$481	$10	$10	$282	$10,416
Fidelity Long-Term Treasury Bond Index Fund	--	45,522	3,922	273	231	2,977	44,808
VIP Contrafund Portfolio Initial Class	--	105,040	4,701	--	66	2,909	103,314
VIP Emerging Markets Portfolio Initial Class	--	115,434	17	--	(1)	1,847	117,263
VIP Equity-Income Portfolio Initial Class	--	110,440	4,258	--	(25)	2,516	108,673
VIP Government Money Market Portfolio Initial Class 2.18%	--	8,384	307	37	--	--	8,077
VIP Growth & Income Portfolio Initial Class	--	126,040	3,816	--	83	1,980	124,287
VIP Growth Portfolio Initial Class	--	107,441	3,824	--	45	2,061	105,723
VIP High Income Portfolio Initial Class	--	17,899	521	--	(4)	317	17,691
VIP Investment Grade Bond Portfolio Initial Class	--	5,205	244	--	3	144	5,108
VIP Mid Cap Portfolio Initial Class	--	30,610	267	--	--	(10)	30,333
VIP Overseas Portfolio Initial Class	--	222,269	33	--	(1)	9,921	232,156
VIP Value Portfolio Initial Class	--	81,030	2,162	--	(5)	1,101	79,964
VIP Value Strategies Portfolio Initial Class	--	39,610	814	--	8	353	39,157
Total	$--	$1,025,529	$25,367	$320	$410	$26,398	$1,026,970

Investment Valuation

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

VIP Freedom 2065 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $1,000,572)	$1,026,970
Total Investment in Securities (cost $1,000,572)		$1,026,970
Cash		17
Receivable for investments sold		11,103
Total assets		1,038,090
Liabilities
Payable for investments purchased	$11,103
Distribution and service plan fees payable	98
Total liabilities		11,201
Net Assets		$1,026,889
Net Assets consist of:
Paid in capital		$1,000,000
Total distributable earnings (loss)		26,889
Net Assets		$1,026,889
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($342,384 ÷ 33,334 shares)		$10.27
Service Class:
Net Asset Value, offering price and redemption price per share ($342,311 ÷ 33,334 shares)		$10.27
Service Class 2:
Net Asset Value, offering price and redemption price per share ($342,194 ÷ 33,333 shares)		$10.27

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

Statement of Operations

		For the period April 11, 2019 (commencement of operations) to June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$320
Income from Fidelity Central Funds		17
Total income		337
Expenses
Distribution and service plan fees	$255
Independent trustees' fees and expenses	1
Total expenses		256
Net investment income (loss)		81
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	410
Total net realized gain (loss)		410
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	26,398
Total change in net unrealized appreciation (depreciation)		26,398
Net gain (loss)		26,808
Net increase (decrease) in net assets resulting from operations		$26,889

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

Statement of Changes in Net Assets

	For the period April 11, 2019 (commencement of operations) to June 30, 2019 (Unaudited)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$81
Net realized gain (loss)	410
Change in net unrealized appreciation (depreciation)	26,398
Net increase (decrease) in net assets resulting from operations	26,889
Share transactions - net increase (decrease)	1,000,000
Total increase (decrease) in net assets	1,026,889
Net Assets
Beginning of period	–
End of period	$1,026,889

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

Financial Highlights

VIP Freedom 2065 Portfolio Initial Class

	Six months ended (Unaudited) June 30,
	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.00
Income from Investment Operations
Net investment income (loss)^B	–^C
Net realized and unrealized gain (loss)	.27
Total from investment operations	.27
Net asset value, end of period	$10.27
Total Return^D,^E	2.70%
Ratios to Average Net Assets^F,^G
Expenses before reductions	- %^H
Expenses net of fee waivers, if any	- %^H
Expenses net of all reductions	- %^H
Net investment income (loss)	.15%^H
Supplemental Data
Net assets, end of period (000 omitted)	$342
Portfolio turnover rate^F	3%^I

^A For the period April 11, 2019 (commencement of operations) to June 30, 2019.

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

^C Amount represents less than $.005 per share.

^D Total returns for periods of less than one year are not annualized.

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

^F 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.

^H Annualized

^I Amount not annualized.

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

VIP Freedom 2065 Portfolio Service Class

	Six months ended (Unaudited) June 30,
	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.00
Income from Investment Operations
Net investment income (loss)^B	–^C
Net realized and unrealized gain (loss)	.27
Total from investment operations	.27
Net asset value, end of period	$10.27
Total Return^D,^E	2.70%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.10%^H
Expenses net of fee waivers, if any	.10%^H
Expenses net of all reductions	.10%^H
Net investment income (loss)	.05%^H
Supplemental Data
Net assets, end of period (000 omitted)	$342
Portfolio turnover rate^F	3%^I

^A For the period April 11, 2019 (commencement of operations) to June 30, 2019.

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

^C Amount represents less than $.005 per share.

^D Total returns for periods of less than one year are not annualized.

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

^F 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.

^H Annualized

^I Amount not annualized.

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

VIP Freedom 2065 Portfolio Service Class 2

	Six months ended (Unaudited) June 30,
	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.00
Income from Investment Operations
Net investment income (loss)^B	–^C
Net realized and unrealized gain (loss)	.27
Total from investment operations	.27
Net asset value, end of period	$10.27
Total Return^D,^E	2.70%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.25%^H
Expenses net of fee waivers, if any	.25%^H
Expenses net of all reductions	.25%^H
Net investment income (loss)	(.10)%^H
Supplemental Data
Net assets, end of period (000 omitted)	$342
Portfolio turnover rate^F	3%^I

^A For the period April 11, 2019 (commencement of operations) to June 30, 2019.

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

^C Amount represents less than $.005 per share.

^D Total returns for periods of less than one year are not annualized.

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

^F 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.

^H Annualized

^I Amount not annualized.

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

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2019

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, VIP Freedom 2050 Portfolio, VIP Freedom 2055 Portfolio, VIP Freedom 2060 Portfolio and VIP Freedom 2065 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. Investments in Fidelity Central Funds.

The Funds may invest 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 Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

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 are available on the SEC website or upon request.

3. 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)

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. 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.

Distributions are declared and recorded on the ex-dividend date. Income 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 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 Income	$43,701,370	$3,223,440	$(33,572)	$3,189,868
VIP Freedom 2005	11,500,945	912,033	(20,666)	891,367
VIP Freedom 2010	271,012,465	38,814,447	(102,737)	38,711,710
VIP Freedom 2015	65,024,312	16,534,576	-	16,534,576
VIP Freedom 2020	579,142,261	136,894,342	(36,335)	136,858,007
VIP Freedom 2025	191,199,049	28,006,311	(844,176)	27,162,135
VIP Freedom 2030	329,285,258	61,689,128	(1,318,773)	60,370,355
VIP Freedom 2035	81,435,389	6,553,419	(1,456,995)	5,096,424
VIP Freedom 2040	95,682,724	9,872,880	(1,723,013)	8,149,867
VIP Freedom 2045	42,721,169	3,276,770	(895,127)	2,381,643
VIP Freedom 2050	35,288,160	3,110,989	(706,318)	2,404,671
VIP Freedom 2055	1,000,745	26,410	(10)	26,400
VIP Freedom 2060	1,000,572	26,408	(10)	26,398
VIP Freedom 2065	1,000,572	26,408	(10)	26,398

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

	Purchases ($)	Sales ($)
VIP Freedom Income	7,356,193	7,843,535
VIP Freedom 2005	2,118,131	1,087,935
VIP Freedom 2010	36,139,452	33,190,162
VIP Freedom 2015	13,699,687	14,900,656
VIP Freedom 2020	88,090,451	91,197,368
VIP Freedom 2025	47,678,492	34,095,943
VIP Freedom 2030	74,054,553	41,580,804
VIP Freedom 2035	21,128,392	7,621,330
VIP Freedom 2040	23,361,440	12,666,834
VIP Freedom 2045	9,721,423	3,531,370
VIP Freedom 2050	10,114,717	3,309,836
VIP Freedom 2055	1,025,707	25,369
VIP Freedom 2060	1,025,527	25,365
VIP Freedom 2065	1,025,529	25,367

5. 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.

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	$7,296	$20,676	$27,972
VIP Freedom 2005	1,367	168	1,535
VIP Freedom 2010	12,436	319,568	332,004
VIP Freedom 2015	6,560	45,966	52,526
VIP Freedom 2020	70,165	612,084	682,249
VIP Freedom 2025	45,207	94,321	139,528
VIP Freedom 2030	68,684	180,662	249,346
VIP Freedom 2035	8,348	64,422	72,770
VIP Freedom 2040	27,385	21,562	48,947
VIP Freedom 2045	2,435	40,887	43,322
VIP Freedom 2050	6,176	16,201	22,377
VIP Freedom 2055	73	182	255
VIP Freedom 2060	73	182	255
VIP Freedom 2065	73	182	255

Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Expense Reductions.

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. During the period, these credits reduced expenses by the following amounts:

VIP Freedom Income	$1
VIP Freedom 2005	–
VIP Freedom 2010	–
VIP Freedom 2015	–
VIP Freedom 2020	1
VIP Freedom 2025	2
VIP Freedom 2030	1
VIP Freedom 2035	3
VIP Freedom 2040	7
VIP Freedom 2045	10
VIP Freedom 2050	8
VIP Freedom 2055	–
VIP Freedom 2060	–
VIP Freedom 2065	–

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2019	Year ended December 31, 2018
VIP Freedom Income
Distributions to shareholders
Initial Class	$294,639	$420,878
Service Class	314,329	385,427
Service Class 2	337,495	395,426
Total	$946,463	$1,201,731
VIP Freedom 2005
Distributions to shareholders
Initial Class	$144,416	$258,157
Service Class	41,546	51,048
Service Class 2	2,191	3,325
Total	$188,153	$312,530
VIP Freedom 2010
Distributions to shareholders
Initial Class	$723,834	$758,703
Service Class	970,777	1,137,110
Service Class 2	10,180,855	11,052,260
Total	$11,875,466	$12,948,073
VIP Freedom 2015
Distributions to shareholders
Initial Class	$2,092,468	$1,802,834
Service Class	885,004	832,792
Service Class 2	2,536,469	2,371,179
Total	$5,513,941	$5,006,805
VIP Freedom 2020
Distributions to shareholders
Initial Class	$3,442,097	$3,352,052
Service Class	7,133,054	6,513,520
Service Class 2	24,946,972	23,644,326
Total	$35,522,123	$33,509,898
VIP Freedom 2025
Distributions to shareholders
Initial Class	$1,134,905	$1,349,128
Service Class	2,331,388	2,547,973
Service Class 2	1,986,502	2,157,857
Total	$5,452,795	$6,054,958
VIP Freedom 2030
Distributions to shareholders
Initial Class	$2,613,445	$3,042,550
Service Class	4,473,441	4,696,349
Service Class 2	4,795,232	5,340,428
Total	$11,882,118	$13,079,327
VIP Freedom 2035
Distributions to shareholders
Initial Class	$273,176	$247,192
Service Class	481,948	343,755
Service Class 2	1,536,209	1,326,758
Total	$2,291,333	$1,917,705
VIP Freedom 2040
Distributions to shareholders
Initial Class	$761,335	$634,494
Service Class	1,827,014	1,550,658
Service Class 2	583,007	506,235
Total	$3,171,356	$2,691,387
VIP Freedom 2045
Distributions to shareholders
Initial Class	$93,313	$69,896
Service Class	154,869	90,779
Service Class 2	1,049,870	797,776
Total	$1,298,052	$958,451
VIP Freedom 2050
Distributions to shareholders
Initial Class	$210,388	$255,154
Service Class	311,086	346,833
Service Class 2	322,621	337,854
Total	$844,095	$939,841

8. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2019	Year ended December 31, 2018	Six months ended June 30, 2019	Year ended December 31, 2018
VIP Freedom Income
Initial Class
Shares sold	45,246	143,533	$512,933	$1,648,762
Reinvestment of distributions	26,354	37,714	294,639	420,878
Shares redeemed	(146,126)	(247,649)	(1,653,577)	(2,847,333)
Net increase (decrease)	(74,526)	(66,402)	$(846,005)	$(777,693)
Service Class
Shares sold	254,284	973,224	$2,888,597	$11,152,634
Reinvestment of distributions	28,140	34,689	314,328	385,427
Shares redeemed	(337,861)	(655,380)	(3,830,577)	(7,481,128)
Net increase (decrease)	(55,437)	352,533	$(627,652)	$4,056,933
Service Class 2
Shares sold	258,135	528,012	$2,937,950	$6,016,466
Reinvestment of distributions	30,323	35,599	337,495	395,426
Shares redeemed	(179,820)	(448,837)	(2,045,035)	(5,123,396)
Net increase (decrease)	108,638	114,774	$1,230,410	$1,288,496
VIP Freedom 2005
Initial Class
Shares sold	38,754	105,064	$470,186	$1,288,409
Reinvestment of distributions	12,136	21,872	144,416	258,157
Shares redeemed	(22,675)	(63,864)	(273,945)	(773,489)
Net increase (decrease)	28,215	63,072	$340,657	$773,077
Service Class
Shares sold	64,812	132,554	$785,708	$1,608,380
Reinvestment of distributions	3,471	4,326	41,546	51,048
Shares redeemed	(17,804)	(40,454)	(216,670)	(496,286)
Net increase (decrease)	50,479	96,426	$610,584	$1,163,142
Service Class 2
Shares sold	2,575	2,704	$31,582	$32,853
Reinvestment of distributions	185	282	2,191	3,325
Shares redeemed	(136)	(1,026)	(1,639)	(12,543)
Net increase (decrease)	2,624	1,960	$32,134	$23,635
VIP Freedom 2010
Initial Class
Shares sold	130,188	228,818	$1,650,588	$2,956,785
Reinvestment of distributions	58,327	59,765	723,833	758,703
Shares redeemed	(208,607)	(288,295)	(2,635,054)	(3,812,474)
Net increase (decrease)	(20,092)	288	$(260,633)	$(96,986)
Service Class
Shares sold	218,255	462,369	$2,761,098	$6,024,668
Reinvestment of distributions	78,352	89,500	970,777	1,137,110
Shares redeemed	(235,836)	(670,599)	(2,979,569)	(8,760,414)
Net increase (decrease)	60,771	(118,730)	$752,306	$(1,598,636)
Service Class 2
Shares sold	653,981	1,155,394	$8,293,156	$14,913,352
Reinvestment of distributions	826,368	873,942	10,180,854	11,052,260
Shares redeemed	(937,940)	(2,289,615)	(11,793,805)	(29,710,372)
Net increase (decrease)	542,409	(260,279)	$6,680,205	$(3,744,760)
VIP Freedom 2015
Initial Class
Shares sold	109,669	207,456	$1,367,216	$2,757,979
Reinvestment of distributions	173,218	140,633	2,092,468	1,802,834
Shares redeemed	(245,917)	(384,791)	(3,059,841)	(5,062,235)
Net increase (decrease)	36,970	(36,702)	$399,843	$(501,422)
Service Class
Shares sold	359,160	319,457	$4,472,342	$4,207,645
Reinvestment of distributions	73,383	64,742	885,003	832,792
Shares redeemed	(328,148)	(671,589)	(4,084,293)	(8,843,274)
Net increase (decrease)	104,395	(287,390)	$1,273,052	$(3,802,837)
Service Class 2
Shares sold	224,070	322,638	$2,788,271	$4,231,239
Reinvestment of distributions	211,021	184,861	2,536,469	2,371,179
Shares redeemed	(420,391)	(1,271,963)	(5,216,834)	(16,799,277)
Net increase (decrease)	14,700	(764,464)	$107,906	$(10,196,859)
VIP Freedom 2020
Initial Class
Shares sold	341,295	633,516	$4,450,769	$8,668,718
Reinvestment of distributions	270,605	254,642	3,442,097	3,352,052
Shares redeemed	(491,217)	(1,188,252)	(6,402,611)	(16,225,986)
Net increase (decrease)	120,683	(300,094)	$1,490,255	$(4,205,216)
Service Class
Shares sold	1,388,002	3,465,754	$18,052,481	$46,904,393
Reinvestment of distributions	562,544	496,300	7,133,054	6,513,520
Shares redeemed	(1,650,126)	(3,486,809)	(21,440,658)	(47,311,839)
Net increase (decrease)	300,420	475,245	$3,744,877	$6,106,074
Service Class 2
Shares sold	725,908	1,497,510	$9,443,987	$20,212,007
Reinvestment of distributions	1,973,653	1,800,230	24,946,971	23,644,326
Shares redeemed	(2,495,414)	(6,069,131)	(32,367,912)	(81,811,463)
Net increase (decrease)	204,147	(2,771,391)	$2,023,046	$(37,955,130)
VIP Freedom 2025
Initial Class
Shares sold	320,455	723,469	$4,492,376	$10,454,088
Reinvestment of distributions	82,299	98,699	1,134,904	1,349,128
Shares redeemed	(374,233)	(518,162)	(5,316,319)	(7,396,670)
Net increase (decrease)	28,521	304,006	$310,961	$4,406,546
Service Class
Shares sold	1,512,290	2,326,774	$21,180,011	$33,257,110
Reinvestment of distributions	169,555	187,306	2,331,387	2,547,973
Shares redeemed	(1,074,233)	(1,269,343)	(15,093,123)	(18,184,694)
Net increase (decrease)	607,612	1,244,737	$8,418,275	$17,620,389
Service Class 2
Shares sold	733,925	1,516,737	$10,229,692	$21,697,707
Reinvestment of distributions	145,212	158,995	1,986,503	2,157,857
Shares redeemed	(722,168)	(767,638)	(10,055,152)	(10,977,168)
Net increase (decrease)	156,969	908,094	$2,161,043	$12,878,396
VIP Freedom 2030
Initial Class
Shares sold	656,668	1,209,298	$9,140,634	$17,482,887
Reinvestment of distributions	192,165	223,670	2,613,445	3,042,550
Shares redeemed	(458,491)	(1,021,468)	(6,340,464)	(14,616,765)
Net increase (decrease)	390,342	411,500	$5,413,615	$5,908,672
Service Class
Shares sold	1,778,845	4,045,164	$24,632,244	$58,000,154
Reinvestment of distributions	329,657	347,245	4,473,441	4,696,349
Shares redeemed	(1,092,748)	(2,618,163)	(15,009,256)	(37,091,461)
Net increase (decrease)	1,015,754	1,774,246	$14,096,429	$25,605,042
Service Class 2
Shares sold	995,909	1,728,723	$13,802,374	$24,708,299
Reinvestment of distributions	354,677	393,082	4,795,232	5,340,428
Shares redeemed	(759,041)	(1,910,887)	(10,474,288)	(27,203,115)
Net increase (decrease)	591,545	210,918	$8,123,318	$2,845,612
VIP Freedom 2035
Initial Class
Shares sold	96,467	151,159	$2,127,690	$3,409,052
Reinvestment of distributions	12,789	11,820	273,176	247,192
Shares redeemed	(39,217)	(36,448)	(857,677)	(826,262)
Net increase (decrease)	70,039	126,531	$1,543,189	$2,829,982
Service Class
Shares sold	287,285	386,324	$6,220,096	$8,712,756
Reinvestment of distributions	22,605	16,571	481,948	343,755
Shares redeemed	(84,645)	(156,030)	(1,865,145)	(3,501,172)
Net increase (decrease)	225,245	246,865	$4,836,899	$5,555,339
Service Class 2
Shares sold	338,472	770,320	$7,366,857	$17,199,008
Reinvestment of distributions	72,429	63,442	1,536,209	1,326,758
Shares redeemed	(166,018)	(409,592)	(3,580,023)	(9,183,565)
Net increase (decrease)	244,883	424,170	$5,323,043	$9,342,201
VIP Freedom 2040
Initial Class
Shares sold	141,469	364,491	$2,895,632	$7,871,098
Reinvestment of distributions	37,746	32,084	761,335	634,494
Shares redeemed	(97,244)	(120,197)	(2,022,458)	(2,620,656)
Net increase (decrease)	81,971	276,378	$1,634,509	$5,884,936
Service Class
Shares sold	567,557	1,417,373	$11,686,128	$29,755,656
Reinvestment of distributions	90,761	78,325	1,827,014	1,550,658
Shares redeemed	(404,492)	(1,028,697)	(8,162,224)	(21,529,509)
Net increase (decrease)	253,826	467,001	$5,350,918	$9,776,805
Service Class 2
Shares sold	128,609	254,502	$2,656,422	$5,419,677
Reinvestment of distributions	29,063	25,385	583,007	506,235
Shares redeemed	(88,278)	(219,778)	(1,804,519)	(4,691,363)
Net increase (decrease)	69,394	60,109	$1,434,910	$1,234,549
VIP Freedom 2045
Initial Class
Shares sold	11,111	74,448	$229,913	$1,585,912
Reinvestment of distributions	4,629	3,584	93,313	69,896
Shares redeemed	(11,940)	(10,357)	(239,986)	(221,735)
Net increase (decrease)	3,800	67,675	$83,240	$1,434,073
Service Class
Shares sold	62,977	328,346	$1,288,954	$6,850,686
Reinvestment of distributions	7,697	4,723	154,869	90,779
Shares redeemed	(21,385)	(215,482)	(441,730)	(4,468,647)
Net increase (decrease)	49,289	117,587	$1,002,093	$2,472,818
Service Class 2
Shares sold	260,468	561,056	$5,342,543	$11,973,883
Reinvestment of distributions	52,389	40,445	1,049,870	797,776
Shares redeemed	(111,324)	(369,991)	(2,256,922)	(8,023,170)
Net increase (decrease)	201,533	231,510	$4,135,491	$4,748,489
VIP Freedom 2050
Initial Class
Shares sold	63,137	156,786	$1,173,886	$3,003,153
Reinvestment of distributions	11,611	14,287	210,388	255,154
Shares redeemed	(37,088)	(51,792)	(689,585)	(998,792)
Net increase (decrease)	37,660	119,281	$694,689	$2,259,515
Service Class
Shares sold	183,902	1,543,438	$3,387,063	$28,607,576
Reinvestment of distributions	17,206	19,518	311,086	346,833
Shares redeemed	(100,459)	(1,303,804)	(1,866,715)	(24,048,031)
Net increase (decrease)	100,649	259,152	$1,831,434	$4,906,378
Service Class 2
Shares sold	208,694	295,752	$3,848,470	$5,607,175
Reinvestment of distributions	17,894	18,935	322,621	337,854
Shares redeemed	(49,597)	(130,418)	(918,487)	(2,493,081)
Net increase (decrease)	176,991	184,269	$3,252,604	$3,451,948
VIP Freedom 2055^(a)
Initial Class
Shares sold	33,334	–	$333,335	$–
Net increase (decrease)	33,334	–	$333,335	$–
Service Class
Shares sold	33,334	–	$333,335	$–
Net increase (decrease)	33,334	–	$333,335	$–
Service Class 2
Shares sold	33,350	–	$333,506	$–
Net increase (decrease)	33,350	–	$333,506	$–
VIP Freedom 2060^(a)
Initial Class
Shares sold	33,334	–	$333,335	$–
Net increase (decrease)	33,334	–	$333,335	$–
Service Class
Shares sold	33,334	–	$333,335	$–
Net increase (decrease)	33,334	–	$333,335	$–
Service Class 2
Shares sold	33,333	–	$333,330	$–
Net increase (decrease)	33,333	–	$333,330	$–
VIP Freedom 2065^(a)
Initial Class
Shares sold	33,334	–	$333,335	$–
Net increase (decrease)	33,334	–	$333,335	$–
Service Class
Shares sold	33,334	–	$333,335	$–
Net increase (decrease)	33,334	–	$333,335	$–
Service Class 2
Shares sold	33,333	–	$333,330	$–
Net increase (decrease)	33,333	–	$333,330	$–

(a) For the period April 11, 2019 (commencement of operations) to June 30, 2019.

9. 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	13%

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	38%
VIP Value Portfolio	31%

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	25%	2	39%
VIP Freedom 2005	73%	1	23%
VIP Freedom 2010	–%	1	88%
VIP Freedom 2015	29%	3	41%
VIP Freedom 2020	–%	1	70%
VIP Freedom 2025	–%	1	37%
VIP Freedom 2030	–%	1	43%
VIP Freedom 2035	–%	5	81%
VIP Freedom 2040	–%	4	74%
VIP Freedom 2045	–%	3	72%
VIP Freedom 2050	–%	5	83%
VIP Freedom 2055	100%	–	–
VIP Freedom 2060	100%	–	–
VIP Freedom 2065	100%	–	–

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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2019 to June 30, 2019) for each fund, with the exception of VIP Freedom 2055 Portfolio, VIP Freedom 2060 Portfolio and VIP Freedom 2065 Portfolio and for the period (April 11, 2019 to June 30, 2019) for VIP Freedom 2055 Portfolio, VIP Freedom 2060 Portfolio and VIP Freedom 2065 Portfolio. The hypothetical expense Example is based on an investment of $1,000 invested for one-half year period (January 1, 2019 to June 30, 2019).

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.

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	Ending Account Value June 30, 2019	Expenses Paid During Period
VIP Freedom Income
Initial Class	- %-^B
Actual		$1,000.00	$1,079.40	$--^C,^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D,^F
Service Class	.10%
Actual		$1,000.00	$1,079.40	$.52-^C
Hypothetical-^E		$1,000.00	$1,024.30	$.50-^F
Service Class 2	.25%
Actual		$1,000.00	$1,077.70	$1.29-^C
Hypothetical-^E		$1,000.00	$1,023.55	$1.25-^F
VIP Freedom 2005
Initial Class	- %-^B
Actual		$1,000.00	$1,092.50	$--^C,^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D,^F
Service Class	.10%
Actual		$1,000.00	$1,091.90	$.52-^C
Hypothetical-^E		$1,000.00	$1,024.30	$.50-^F
Service Class 2	.25%
Actual		$1,000.00	$1,090.80	$1.30-^C
Hypothetical-^E		$1,000.00	$1,023.55	$1.25-^F
VIP Freedom 2010
Initial Class	- %-^B
Actual		$1,000.00	$1,106.00	$--^C,^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D,^F
Service Class	.10%
Actual		$1,000.00	$1,106.10	$.52-^C
Hypothetical-^E		$1,000.00	$1,024.30	$.50-^F
Service Class 2	.25%
Actual		$1,000.00	$1,104.80	$1.30-^C
Hypothetical-^E		$1,000.00	$1,023.55	$1.25-^F
VIP Freedom 2015
Initial Class	- %-^B
Actual		$1,000.00	$1,120.30	$--^C,^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D,^F
Service Class	.10%
Actual		$1,000.00	$1,119.60	$.53-^C
Hypothetical-^E		$1,000.00	$1,024.30	$.50-^F
Service Class 2	.25%
Actual		$1,000.00	$1,118.10	$1.31-^C
Hypothetical-^E		$1,000.00	$1,023.55	$1.25-^F
VIP Freedom 2020
Initial Class	- %-^B
Actual		$1,000.00	$1,130.60	$--^C,^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D,^F
Service Class	.10%
Actual		$1,000.00	$1,130.10	$.53-^C
Hypothetical-^E		$1,000.00	$1,024.30	$.50-^F
Service Class 2	.25%
Actual		$1,000.00	$1,129.50	$1.32-^C
Hypothetical-^E		$1,000.00	$1,023.55	$1.25-^F
VIP Freedom 2025
Initial Class	- %-^B
Actual		$1,000.00	$1,141.30	$--^C,^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D,^F
Service Class	.10%
Actual		$1,000.00	$1,139.90	$.53-^C
Hypothetical-^E		$1,000.00	$1,024.30	$.50-^F
Service Class 2	.25%
Actual		$1,000.00	$1,139.70	$1.33-^C
Hypothetical-^E		$1,000.00	$1,023.55	$1.25-^F
VIP Freedom 2030
Initial Class	- %-^B
Actual		$1,000.00	$1,157.00	$--^C,^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D,^F
Service Class	.10%
Actual		$1,000.00	$1,157.30	$.53-^C
Hypothetical-^E		$1,000.00	$1,024.30	$.50-^F
Service Class 2	.25%
Actual		$1,000.00	$1,156.00	$1.34-^C
Hypothetical-^E		$1,000.00	$1,023.55	$1.25-^F
VIP Freedom 2035
Initial Class	- %-^B
Actual		$1,000.00	$1,174.90	$--^C,^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D,^F
Service Class	.10%
Actual		$1,000.00	$1,173.50	$.54-^C
Hypothetical-^E		$1,000.00	$1,024.30	$.50-^F
Service Class 2	.25%
Actual		$1,000.00	$1,172.70	$1.35-^C
Hypothetical-^E		$1,000.00	$1,023.55	$1.25-^F
VIP Freedom 2040
Initial Class	- %-^B
Actual		$1,000.00	$1,180.50	$--^C,^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D,^F
Service Class	.10%
Actual		$1,000.00	$1,179.60	$.54-^C
Hypothetical-^E		$1,000.00	$1,024.30	$.50-^F
Service Class 2	.25%
Actual		$1,000.00	$1,178.90	$1.35-^C
Hypothetical-^E		$1,000.00	$1,023.55	$1.25-^F
VIP Freedom 2045
Initial Class	- %-^B
Actual		$1,000.00	$1,180.90	$--^C,^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D,^F
Service Class	.10%
Actual		$1,000.00	$1,180.00	$.54-^C
Hypothetical-^E		$1,000.00	$1,024.30	$.50-^F
Service Class 2	.25%
Actual		$1,000.00	$1,179.50	$1.35-^C
Hypothetical-^E		$1,000.00	$1,023.55	$1.25-^F
VIP Freedom 2050
Initial Class	- %-^B
Actual		$1,000.00	$1,180.20	$--^C,^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D,^F
Service Class	.10%
Actual		$1,000.00	$1,179.90	$.54-^C
Hypothetical-^E		$1,000.00	$1,024.30	$.50-^F
Service Class 2	.25%
Actual		$1,000.00	$1,179.00	$1.35-^C
Hypothetical-^E		$1,000.00	$1,023.55	$1.25-^F
VIP Freedom 2055
Initial Class	- %-^B
Actual		$1,000.00	$1,027.00	$--^C,^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D,^F
Service Class	.10%
Actual		$1,000.00	$1,027.00	$.22-^C
Hypothetical-^E		$1,000.00	$1,024.30	$.50-^F
Service Class 2	.25%
Actual		$1,000.00	$1,027.00	$.56-^C
Hypothetical-^E		$1,000.00	$1,023.55	$1.25-^F
VIP Freedom 2060
Initial Class	- %-^B
Actual		$1,000.00	$1,027.00	$--^C,^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D,^F
Service Class	.10%
Actual		$1,000.00	$1,027.00	$.22-^C
Hypothetical-^E		$1,000.00	$1,024.30	$.50-^F
Service Class 2	.25%
Actual		$1,000.00	$1,027.00	$.56-^C
Hypothetical-^E		$1,000.00	$1,023.55	$1.25-^F
VIP Freedom 2065
Initial Class	- %-^B
Actual		$1,000.00	$1,027.00	$--^C,^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D,^F
Service Class	.10%
Actual		$1,000.00	$1,027.00	$.22-^C
Hypothetical-^E		$1,000.00	$1,024.30	$.50-^F
Service Class 2	.25%
Actual		$1,000.00	$1,027.00	$.56-^C
Hypothetical-^E		$1,000.00	$1,023.55	$1.25-^F

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

^B Amount represents less than .005%.

^C Actual expenses are equal to each Class’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period) for each fund, with the exception of VIP Freedom 2055 Portfolio, VIP Freedom 2060 Portfolio and VIP Freedom 2065 Portfolio and multiplied by 81/365 (to reflect the period April 11, 2019 to June 30, 2019) for VIP Freedom 2055 Portfolio, VIP Freedom 2060 Portfolio and VIP Freedom 2065 Portfolio. The fees and expenses of the underlying funds in which each Fund invests are not included in each Class’ annualized expense ratio.

^D Amount represents less than $.005.

^E 5% return per year before expenses

^F Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The fees and expenses of the underlying funds in which each Fund invests are not included in each Class' annualized expense ratio.

Board Approval of Investment Advisory Contracts and Management Fees

VIP Freedom 2055 Fund
VIP Freedom 2060 Fund
VIP Freedom 2065 Fund

On January 17, 2019, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract (the Advisory Contract) with FMR Co., Inc. (FMRC), an affiliate of Fidelity Management & Research Company (FMR) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

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 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.

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.

Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by Fidelity under the Advisory Contract and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.

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 and 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 Performance. Each fund is a new fund and therefore had no historical performance for the Board to review at the time it approved each fund's Advisory Contract. The Board considered FMRC's strength in managing asset allocation funds, which the Board is familiar with through its supervision of other target date funds.

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

Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the funds will not pay FMRC a management fee for investment advisory services and that each fund will bear indirectly the fees and expenses, including the management fees, paid by the underlying Fidelity funds in which it invests, and that information about such expenses will be disclosed in each fund's prospectus. In reviewing the Advisory Contracts, the Board also considered the projected total expense ratio of each class of each fund. The Board noted that each fund's proposed management fee rate ranks below the median of its competitor funds. The Board also considered that the projected total expense ratio of each class of each fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.

Based on its review, the Board concluded that each fund does not pay a management fee and concluded that the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

Costs of the Services and Profitability. Each fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of each fund at the time it approved the Advisory Contract. In connection with its future renewal of each fund's Advisory Contracts, the Board will consider the level of Fidelity's profits in respect of all the Fidelity funds.

Economies of Scale. The Board concluded that because the funds do not pay management fees and FMRC or an affiliate will bear all expenses of each fund, with limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to approve each fund's Advisory Contracts.

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 arrangements are fair and reasonable, and that each fund's Advisory Contract should be approved.

Fidelity Investments

VIPFF2K-SANN-0819
1.819548.115

Fidelity® Variable Insurance Products:
Freedom Lifetime Income Funds - Portfolios I, II & III

Freedom Lifetime Income I Portfolio

Freedom Lifetime Income II Portfolio

Freedom Lifetime Income III Portfolio

Semi-Annual Report

June 30, 2019

Contents

Freedom Lifetime Income I Portfolio
Investment Summary
Schedule of Investments
Financial Statements
Freedom Lifetime Income II Portfolio
Investment Summary
Schedule of Investments
Financial Statements
Freedom Lifetime Income III Portfolio
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example

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.

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 June 30, 2019

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	35.6
VIP Government Money Market Portfolio Investor Class 2.16%	23.8
Fidelity Inflation-Protected Bond Index Fund	12.4
VIP Overseas Portfolio Investor Class	5.8
Fidelity Long-Term Treasury Bond Index Fund	5.5
VIP Emerging Markets Portfolio Investor Class	4.7
VIP Growth & Income Portfolio Investor Class	2.1
VIP High Income Portfolio Investor Class	2.0
VIP Equity-Income Portfolio Investor Class	1.9
VIP Growth Portfolio Investor Class	1.8
	95.6

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	10.2%
	International Equity Funds	10.5%
	Bond Funds	55.5%
	Short-Term Funds	23.8%

Freedom Lifetime Income I Portfolio

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 10.2%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	6,685	$226,270
VIP Equity-Income Portfolio Investor Class (a)	10,874	238,131
VIP Growth & Income Portfolio Investor Class (a)	13,619	272,381
VIP Growth Portfolio Investor Class (a)	3,242	231,518
VIP Mid Cap Portfolio Investor Class (a)	2,122	66,468
VIP Value Portfolio Investor Class (a)	12,080	175,153
VIP Value Strategies Portfolio Investor Class (a)	7,089	85,780
TOTAL DOMESTIC EQUITY FUNDS
(Cost $1,003,751)		1,295,701

International Equity Funds - 10.5%
VIP Emerging Markets Portfolio Investor Class (a)	49,698	590,912
VIP Overseas Portfolio Investor Class (a)	34,037	741,335
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $1,143,987)		1,332,247

Bond Funds - 55.5%
Fidelity Inflation-Protected Bond Index Fund (a)	155,277	1,560,529
Fidelity Long-Term Treasury Bond Index Fund (a)	50,269	695,720
VIP High Income Portfolio Investor Class (a)	46,892	254,153
VIP Investment Grade Bond Portfolio Investor Class (a)	344,878	4,504,113
TOTAL BOND FUNDS
(Cost $6,712,792)		7,014,515

Short-Term Funds - 23.8%
VIP Government Money Market Portfolio Investor Class 2.16% (a)(b)
(Cost $3,006,172)	3,006,172	3,006,172
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $11,866,702)		12,648,635
NET OTHER ASSETS (LIABILITIES) - 0.0%		12
NET ASSETS - 100%		$12,648,647

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 Inflation-Protected Bond Index Fund	$1,490,170	$61,951	$79,074	$3,216	$(125)	$87,607	$1,560,529
Fidelity Long-Term Treasury Bond Index Fund	668,624	53,802	88,730	9,784	3,803	58,221	695,720
VIP Contrafund Portfolio Investor Class	241,292	31,500	63,433	28,777	4,118	12,793	226,270
VIP Emerging Markets Portfolio Investor Class	555,428	26,375	97,287	--	(352 )	106,748	590,912
VIP Equity-Income Portfolio Investor Class	253,181	18,556	54,711	17,338	(2,406)	23,511	238,131
VIP Government Money Market Portfolio Investor Class 2.16%	2,850,429	282,569	126,826	31,275	--	--	3,006,172
VIP Growth & Income Portfolio Investor Class	288,609	39,462	69,211	30,920	4,415	9,106	272,381
VIP Growth Portfolio Investor Class	246,633	21,095	69,831	16,287	19,518	14,103	231,518
VIP High Income Portfolio Investor Class	249,193	6,228	24,846	2,207	(632)	24,210	254,153
VIP Investment Grade Bond Portfolio Investor Class	4,316,950	169,924	251,265	18,974	2,750	265,754	4,504,113
VIP Mid Cap Portfolio Investor Class	70,167	11,028	18,695	7,814	(589)	4,557	66,468
VIP Overseas Portfolio Investor Class	700,163	74,221	131,556	26,381	(10,456 )	108,963	741,335
VIP Value Portfolio Investor Class	185,960	15,293	47,118	12,183	4,000	17,018	175,153
VIP Value Strategies Portfolio Investor Class	90,745	10,986	25,525	9,054	(137)	9,711	85,780
Total	$12,207,544	$822,990	$1,148,108	$214,210	$23,907	$742,302	$12,648,635

Investment Valuation

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

Freedom Lifetime Income I Portfolio

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $11,866,702)	$12,648,635
Total Investment in Securities (cost $11,866,702)		$12,648,635
Receivable for investments sold		95,453
Total assets		12,744,088
Liabilities
Payable for investments purchased	$95,233
Payable for fund shares redeemed	208
Total liabilities		95,441
Net Assets		$12,648,647
Net Assets consist of:
Paid in capital		$11,654,414
Total distributable earnings (loss)		994,233
Net Assets, for 1,117,702 shares outstanding		$12,648,647
Net Asset Value, offering price and redemption price per share ($12,648,647 ÷ 1,117,702 shares)		$11.32

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$73,689
Expenses
Independent trustees' fees and expenses	$23
Total expenses		23
Net investment income (loss)		73,666
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	23,907
Capital gain distributions from underlying funds:
Affiliated issuers	140,521
Total net realized gain (loss)		164,428
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	742,302
Total change in net unrealized appreciation (depreciation)		742,302
Net gain (loss)		906,730
Net increase (decrease) in net assets resulting from operations		$980,396

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$73,666	$217,615
Net realized gain (loss)	164,428	161,810
Change in net unrealized appreciation (depreciation)	742,302	(702,805)
Net increase (decrease) in net assets resulting from operations	980,396	(323,380)
Distributions to shareholders	(133,413)	(407,480)
Share transactions
Proceeds from sales of shares	–	122,823
Reinvestment of distributions	133,413	407,480
Cost of shares redeemed	(539,294)	(1,282,198)
Net increase (decrease) in net assets resulting from share transactions	(405,881)	(751,895)
Total increase (decrease) in net assets	441,102	(1,482,755)
Net Assets
Beginning of period	12,207,545	13,690,300
End of period	$12,648,647	$12,207,545
Other Information
Shares
Sold	–	11,285
Issued in reinvestment of distributions	12,353	38,126
Redeemed	(49,422)	(116,115)
Net increase (decrease)	(37,069)	(66,704)

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

Financial Highlights

VIP Freedom Lifetime Income I Portfolio

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$10.57	$11.21	$10.76	$10.65	$11.01	$10.95
Income from Investment Operations
Net investment income (loss)^A	.06	.19	.22	.21	.23	.21
Net realized and unrealized gain (loss)	.81	(.48)	.59	.31	(.27)	.29
Total from investment operations	.87	(.29)	.81	.52	(.04)	.50
Distributions from net investment income	(.01)	(.19)	(.23)	(.21)	(.24)	(.20)
Distributions from net realized gain	(.11)	(.17)	(.13)	(.20)	(.09)	(.25)
Total distributions	(.12)	(.35)^B	(.36)	(.41)	(.32)^C	(.44)^D
Net asset value, end of period	$11.32	$10.57	$11.21	$10.76	$10.65	$11.01
Total Return^E,^F,^G	8.26%	(2.58)%	7.62%	5.05%	(.35)%	4.68%
Ratios to Average Net Assets^H
Expenses before reductions^I	- %^J	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^I,^J	- %^I	-%	-%	-%	-%
Expenses net of all reductions	- %^I,^J	- %^I	-%	-%	-%	-%
Net investment income (loss)	1.18%^J	1.69%	1.97%	1.90%	2.05%	1.89%
Supplemental Data
Net assets, end of period (000 omitted)	$12,649	$12,208	$13,690	$14,178	$13,635	$14,663
Portfolio turnover rate ^K	13%^J	39%	9%	18%	12%	12%

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

^B Total distributions of $.35 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.166 per share.

^C 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.

^D 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.

^E Total returns for periods of less than one year are not annualized.

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

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

^H 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.

^I Amount represents less than .005%.

^J Annualized

^K Amount does not include the portfolio activity of any Underlying Funds.

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

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 June 30, 2019

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	29.1
VIP Government Money Market Portfolio Investor Class 2.16%	15.1
VIP Overseas Portfolio Investor Class	10.2
Fidelity Inflation-Protected Bond Index Fund	9.2
VIP Emerging Markets Portfolio Investor Class	6.6
Fidelity Long-Term Treasury Bond Index Fund	5.5
VIP Growth & Income Portfolio Investor Class	4.7
VIP Equity-Income Portfolio Investor Class	4.1
VIP Growth Portfolio Investor Class	4.0
VIP Contrafund Portfolio Investor Class	3.9
	92.4

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	22.3%
	International Equity Funds	16.8%
	Bond Funds	45.8%
	Short-Term Funds	15.1%

Freedom Lifetime Income II Portfolio

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 22.3%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	38,164	$1,291,866
VIP Equity-Income Portfolio Investor Class (a)	62,081	1,359,564
VIP Growth & Income Portfolio Investor Class (a)	77,753	1,555,062
VIP Growth Portfolio Investor Class (a)	18,510	1,321,821
VIP Mid Cap Portfolio Investor Class (a)	12,111	379,451
VIP Value Portfolio Investor Class (a)	68,963	999,969
VIP Value Strategies Portfolio Investor Class (a)	40,472	489,714
TOTAL DOMESTIC EQUITY FUNDS
(Cost $5,995,731)		7,397,447

International Equity Funds - 16.8%
VIP Emerging Markets Portfolio Investor Class (a)	185,161	2,201,558
VIP Overseas Portfolio Investor Class (a)	155,813	3,393,609
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $4,733,500)		5,595,167

Bond Funds - 45.8%
Fidelity Inflation-Protected Bond Index Fund (a)	304,641	3,061,640
Fidelity Long-Term Treasury Bond Index Fund (a)	132,163	1,829,139
VIP High Income Portfolio Investor Class (a)	123,673	670,309
VIP Investment Grade Bond Portfolio Investor Class (a)	739,861	9,662,583
TOTAL BOND FUNDS
(Cost $14,576,342)		15,223,671

Short-Term Funds - 15.1%
VIP Government Money Market Portfolio Investor Class 2.16% (a)(b)
(Cost $5,012,911)	5,012,911	5,012,911
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $30,318,484)		33,229,196
NET OTHER ASSETS (LIABILITIES) - 0.0%		27
NET ASSETS - 100%		$33,229,223

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 Inflation-Protected Bond Index Fund	$2,822,838	$240,361	$171,527	$6,249	$1,031	$168,937	$3,061,640
Fidelity Long-Term Treasury Bond Index Fund	1,713,886	190,183	237,829	25,559	10,317	152,582	1,829,139
VIP Contrafund Portfolio Investor Class	1,297,650	176,303	273,514	158,736	3,772	87,655	1,291,866
VIP Emerging Markets Portfolio Investor Class	1,990,354	102,159	276,267	--	(3,730)	389,042	2,201,558
VIP Equity-Income Portfolio Investor Class	1,361,598	104,965	221,782	95,651	(27,325)	142,108	1,359,564
VIP Government Money Market Portfolio Investor Class 2.16%	4,556,649	685,460	229,198	51,404	--	--	5,012,911
VIP Growth & Income Portfolio Investor Class	1,552,214	228,102	297,083	170,574	15,401	56,428	1,555,062
VIP Growth Portfolio Investor Class	1,326,379	119,186	307,369	89,843	61,101	122,524	1,321,821
VIP High Income Portfolio Investor Class	641,108	16,207	47,899	5,509	(1,771)	62,664	670,309
VIP Investment Grade Bond Portfolio Investor Class	8,923,139	764,827	594,587	40,024	4,987	564,217	9,662,583
VIP Mid Cap Portfolio Investor Class	376,845	63,480	81,848	43,105	(3,642)	24,616	379,451
VIP Overseas Portfolio Investor Class	3,010,218	340,543	392,254	116,217	(2,855)	437,957	3,393,609
VIP Value Portfolio Investor Class	999,910	90,843	204,774	67,208	6,063	107,927	999,969
VIP Value Strategies Portfolio Investor Class	487,570	61,694	111,115	49,942	(8,798)	60,363	489,714
Total	$31,060,358	$3,184,313	$3,447,046	$920,021	$54,551	$2,377,020	$33,229,196

Investment Valuation

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

Freedom Lifetime Income II Portfolio

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $30,318,484)	$33,229,196
Total Investment in Securities (cost $30,318,484)		$33,229,196
Cash		4
Receivable for investments sold		335,189
Total assets		33,564,389
Liabilities
Payable for investments purchased	$334,617
Payable for fund shares redeemed	549
Total liabilities		335,166
Net Assets		$33,229,223
Net Assets consist of:
Paid in capital		$29,430,603
Total distributable earnings (loss)		3,798,620
Net Assets, for 2,631,633 shares outstanding		$33,229,223
Net Asset Value, offering price and redemption price per share ($33,229,223 ÷ 2,631,633 shares)		$12.63

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$174,146
Expenses
Independent trustees' fees and expenses	$59
Total expenses		59
Net investment income (loss)		174,087
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	54,551
Capital gain distributions from underlying funds:
Affiliated issuers	745,875
Total net realized gain (loss)		800,426
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	2,377,020
Total change in net unrealized appreciation (depreciation)		2,377,020
Net gain (loss)		3,177,446
Net increase (decrease) in net assets resulting from operations		$3,351,533

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$174,087	$524,737
Net realized gain (loss)	800,426	1,204,246
Change in net unrealized appreciation (depreciation)	2,377,020	(3,024,745)
Net increase (decrease) in net assets resulting from operations	3,351,533	(1,295,762)
Distributions to shareholders	(1,094,894)	(1,113,788)
Share transactions
Proceeds from sales of shares	130,681	129,007
Reinvestment of distributions	1,094,894	1,113,788
Cost of shares redeemed	(1,313,349)	(2,590,868)
Net increase (decrease) in net assets resulting from share transactions	(87,774)	(1,348,073)
Total increase (decrease) in net assets	2,168,865	(3,757,623)
Net Assets
Beginning of period	31,060,358	34,817,981
End of period	$33,229,223	$31,060,358
Other Information
Shares
Sold	10,881	10,479
Issued in reinvestment of distributions	91,546	92,701
Redeemed	(107,848)	(206,903)
Net increase (decrease)	(5,421)	(103,723)

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

Financial Highlights

VIP Freedom Lifetime Income II Portfolio

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.78	$12.70	$11.72	$11.47	$11.76	$11.43
Income from Investment Operations
Net investment income (loss)^A	.07	.20	.21	.21	.24	.23
Net realized and unrealized gain (loss)	1.20	(.70)	1.22	.44	(.27)	.35
Total from investment operations	1.27	(.50)	1.43	.65	(.03)	.58
Distributions from net investment income	(.01)	(.20)	(.22)	(.20)	(.24)	(.21)
Distributions from net realized gain	(.41)	(.22)	(.23)	(.20)	(.03)	(.04)
Total distributions	(.42)	(.42)	(.45)	(.40)	(.26)^B	(.25)
Net asset value, end of period	$12.63	$11.78	$12.70	$11.72	$11.47	$11.76
Total Return^C,^D,^E	10.96%	(3.96)%	12.29%	5.90%	(.23)%	5.06%
Ratios to Average Net Assets^F
Expenses before reductions^G	- %^H	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^G,^H	- %^G	-%	-%	-%	-%
Expenses net of all reductions	- %^G,^H	- %^G	-%	-%	-%	-%
Net investment income (loss)	1.07%^H	1.57%	1.71%	1.84%	2.06%	1.97%
Supplemental Data
Net assets, end of period (000 omitted)	$33,229	$31,060	$34,818	$33,897	$30,348	$29,531
Portfolio turnover rate^I	20%^H	34%	12%	16%	14%	9%

^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 returns for periods of less than one year are not annualized.

^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 represents less than .005%.

^H Annualized

^I Amount does not include the portfolio activity of any Underlying Funds.

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

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 June 30, 2019

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	22.9
VIP Overseas Portfolio Investor Class	14.1
VIP Emerging Markets Portfolio Investor Class	8.1
VIP Government Money Market Portfolio Investor Class 2.16%	7.7
VIP Growth & Income Portfolio Investor Class	6.9
Fidelity Inflation-Protected Bond Index Fund	7.0
VIP Equity-Income Portfolio Investor Class	6.1
VIP Growth Portfolio Investor Class	5.9
VIP Contrafund Portfolio Investor Class	5.8
Fidelity Long-Term Treasury Bond Index Fund	5.2
	89.7

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	33.1%
	International Equity Funds	22.2%
	Bond Funds	37.0%
	Short-Term Funds	7.7%

Freedom Lifetime Income III Portfolio

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 33.1%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	54,301	$1,838,098
VIP Equity-Income Portfolio Investor Class (a)	88,329	1,934,405
VIP Growth & Income Portfolio Investor Class (a)	110,626	2,212,520
VIP Growth Portfolio Investor Class (a)	26,337	1,880,714
VIP Mid Cap Portfolio Investor Class (a)	17,231	539,856
VIP Value Portfolio Investor Class (a)	98,120	1,422,738
VIP Value Strategies Portfolio Investor Class (a)	57,582	696,745
TOTAL DOMESTIC EQUITY FUNDS
(Cost $8,893,032)		10,525,076

International Equity Funds - 22.2%
VIP Emerging Markets Portfolio Investor Class (a)	215,708	2,564,770
VIP Overseas Portfolio Investor Class (a)	205,653	4,479,128
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $5,980,433)		7,043,898

Bond Funds - 37.0%
Fidelity Inflation-Protected Bond Index Fund (a)	219,089	2,201,847
Fidelity Long-Term Treasury Bond Index Fund (a)	119,312	1,651,273
VIP High Income Portfolio Investor Class (a)	112,817	611,468
VIP Investment Grade Bond Portfolio Investor Class (a)	557,117	7,275,947
TOTAL BOND FUNDS
(Cost $11,247,953)		11,740,535

Short-Term Funds - 7.7%
VIP Government Money Market Portfolio Investor Class 2.16% (a)(b)
(Cost $2,445,281)	2,445,281	2,445,281
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $28,566,699)		31,754,790
NET OTHER ASSETS (LIABILITIES) - 0.0%		17
NET ASSETS - 100%		$31,754,807

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 Inflation-Protected Bond Index Fund	$1,955,119	$251,546	$125,005	$4,409	$1,062	$119,125	$2,201,847
Fidelity Long-Term Treasury Bond Index Fund	1,484,199	235,747	214,056	22,572	9,692	135,691	1,651,273
VIP Contrafund Portfolio Investor Class	1,743,110	256,599	285,375	216,346	2,742	121,022	1,838,098
VIP Emerging Markets Portfolio Investor Class	2,184,562	169,424	218,038	--	354	428,468	2,564,770
VIP Equity-Income Portfolio Investor Class	1,829,047	165,231	215,375	130,381	(20,168)	175,670	1,934,405
VIP Government Money Market Portfolio Investor Class 2.16%	2,097,777	454,067	106,563	24,299	--	--	2,445,281
VIP Growth & Income Portfolio Investor Class	2,085,255	334,279	302,777	232,496	12,447	83,316	2,212,520
VIP Growth Portfolio Investor Class	1,781,720	179,528	330,203	122,456	22,486	227,183	1,880,714
VIP High Income Portfolio Investor Class	593,106	32,907	69,917	4,878	(2,453)	57,825	611,468
VIP Investment Grade Bond Portfolio Investor Class	6,454,380	852,590	451,338	29,304	3,056	417,259	7,275,947
VIP Mid Cap Portfolio Investor Class	505,352	91,809	85,136	58,756	(5,583)	33,414	539,856
VIP Overseas Portfolio Investor Class	3,757,947	494,155	326,261	147,296	(22,981)	576,268	4,479,128
VIP Value Portfolio Investor Class	1,342,879	138,423	212,545	91,605	(912)	154,893	1,422,738
VIP Value Strategies Portfolio Investor Class	654,186	91,399	118,124	68,071	(12,268)	81,552	696,745
Total	$28,468,639	$3,747,704	$3,060,713	$1,152,869	$(12,526)	$2,611,686	$31,754,790

Investment Valuation

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

Freedom Lifetime Income III Portfolio

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $28,566,699)	$31,754,790
Total Investment in Securities (cost $28,566,699)		$31,754,790
Cash		1
Receivable for investments sold		361,690
Total assets		32,116,481
Liabilities
Payable for investments purchased	$361,151
Payable for fund shares redeemed	523
Total liabilities		361,674
Net Assets		$31,754,807
Net Assets consist of:
Paid in capital		$27,492,027
Total distributable earnings (loss)		4,262,780
Net Assets, for 2,442,452 shares outstanding		$31,754,807
Net Asset Value, offering price and redemption price per share ($31,754,807 ÷ 2,442,452 shares)		$13.00

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$147,345
Expenses
Independent trustees' fees and expenses	$55
Total expenses		55
Net investment income (loss)		147,290
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(12,526)
Capital gain distributions from underlying funds:
Affiliated issuers	1,005,524
Total net realized gain (loss)		992,998
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	2,611,686
Total change in net unrealized appreciation (depreciation)		2,611,686
Net gain (loss)		3,604,684
Net increase (decrease) in net assets resulting from operations		$3,751,974

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$147,290	$451,662
Net realized gain (loss)	992,998	1,178,701
Change in net unrealized appreciation (depreciation)	2,611,686	(3,363,895)
Net increase (decrease) in net assets resulting from operations	3,751,974	(1,733,532)
Distributions to shareholders	(1,049,961)	(1,072,881)
Share transactions
Proceeds from sales of shares	536,844	37,402
Reinvestment of distributions	1,049,961	1,072,881
Cost of shares redeemed	(1,002,647)	(2,218,539)
Net increase (decrease) in net assets resulting from share transactions	584,158	(1,108,256)
Total increase (decrease) in net assets	3,286,171	(3,914,669)
Net Assets
Beginning of period	28,468,636	32,383,305
End of period	$31,754,807	$28,468,636
Other Information
Shares
Sold	42,223	2,966
Issued in reinvestment of distributions	85,711	87,419
Redeemed	(80,423)	(172,271)
Net increase (decrease)	47,511	(81,886)

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

Financial Highlights

VIP Freedom Lifetime Income III Portfolio

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.89	$13.07	$11.79	$11.59	$11.91	$11.74
Income from Investment Operations
Net investment income (loss)^A	.06	.19	.22	.23	.27	.25
Net realized and unrealized gain (loss)	1.49	(.92)	1.62	.51	(.30)	.37
Total from investment operations	1.55	(.73)	1.84	.74	(.03)	.62
Distributions from net investment income	(.01)	(.19)	(.23)	(.21)	(.24)	(.22)
Distributions from net realized gain	(.44)	(.26)	(.33)	(.33)	(.05)	(.23)
Total distributions	(.44)^B	(.45)	(.56)	(.54)	(.29)	(.45)
Net asset value, end of period	$13.00	$11.89	$13.07	$11.79	$11.59	$11.91
Total Return^C,^D,^E	13.27%	(5.68)%	15.85%	6.83%	(.27)%	5.30%
Ratios to Average Net Assets^F
Expenses before reductions^G	- %^H	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^G,^H	- %^G	-%	-%	-%	-%
Expenses net of all reductions	- %^G,^H	- %^G	-%	-%	-%	-%
Net investment income (loss)	.97%^H	1.45%	1.74%	1.95%	2.23%	2.07%
Supplemental Data
Net assets, end of period (000 omitted)	$31,755	$28,469	$32,383	$28,081	$21,180	$17,037
Portfolio turnover rate^I	20%^H	35%	15%	15%	12%	18%

^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 $.005 and distributions from net realized gain of $.436 per share.

^C Total returns for periods of less than one year are not annualized.

^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 represents less than .005%.

^H Annualized

^I Amount does not include the portfolio activity of any Underlying Funds.

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

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2019

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	$11,891,139	$766,054	$(8,558)	$757,496
VIP Freedom Lifetime Income II	30,412,535	2,891,839	(75,178)	2,816,661
VIP Freedom Lifetime Income III	28,666,194	3,173,675	(85,079)	3,088,596

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

	Purchases ($)	Sales ($)
VIP Freedom Lifetime Income I	822,990	1,148,108
VIP Freedom Lifetime Income II	3,184,313	3,447,046
VIP Freedom Lifetime Income III	3,747,704	3,060,713

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.

5. 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.

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 (January 1, 2019 to June 30, 2019).

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 January 1, 2019	Ending Account Value June 30, 2019	Expenses Paid During Period-^B January 1, 2019 to June 30, 2019
VIP Freedom Lifetime Income I	- %-^C
Actual		$1,000.00	$1,082.60	$--^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D
VIP Freedom Lifetime Income II	- %-^C
Actual		$1,000.00	$1,109.60	$--^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D
VIP Freedom Lifetime Income III	- %-^C
Actual		$1,000.00	$1,132.70	$--^D
Hypothetical-^E		$1,000.00	$1,024.79	$--^D

^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 181/ 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 Amount represent less than .005%.

^D Amount represent less than $.01

^E 5% return per year before expenses

Fidelity Investments

VIPFLI-SANN-0819
1.816202.113

Fidelity® Variable Insurance Products:
Investor Freedom Funds - Income, 2005, 2010, 2015, 2020, 2025, 2030

Investor Freedom Income® Portfolio

Investor Freedom® 2005 Portfolio

Investor Freedom® 2010 Portfolio

Investor Freedom® 2015 Portfolio

Investor Freedom® 2020 Portfolio

Investor Freedom® 2025 Portfolio

Investor Freedom® 2030 Portfolio

Semi-Annual Report

June 30, 2019

Contents

Investor Freedom Income® Portfolio
Investment Summary
Schedule of Investments
Financial Statements
Investor Freedom® 2005 Portfolio
Investment Summary
Schedule of Investments
Financial Statements
Investor Freedom® 2010 Portfolio
Investment Summary
Schedule of Investments
Financial Statements
Investor Freedom® 2015 Portfolio
Investment Summary
Schedule of Investments
Financial Statements
Investor Freedom® 2020 Portfolio
Investment Summary
Schedule of Investments
Financial Statements
Investor Freedom® 2025 Portfolio
Investment Summary
Schedule of Investments
Financial Statements
Investor Freedom® 2030 Portfolio
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example

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.

Investor 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 June 30, 2019

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	36.4
VIP Government Money Market Portfolio Investor Class 2.16%	24.2
Fidelity Inflation-Protected Bond Index Fund	12.4
VIP Overseas Portfolio Investor Class	5.7
Fidelity Long-Term Treasury Bond Index Fund	5.4
VIP Emerging Markets Portfolio Investor Class	4.5
VIP Growth & Income Portfolio Investor Class	2.0
VIP High Income Portfolio Investor Class	1.9
VIP Equity-Income Portfolio Investor Class	1.7
VIP Growth Portfolio Investor Class	1.7
	95.9

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	9.5%
	International Equity Funds	10.2%
	Bond Funds	56.1%
	Short-Term Funds	24.2%

Investor Freedom Income® Portfolio

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 9.5%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	39,595	$1,340,297
VIP Equity-Income Portfolio Investor Class (a)	64,408	1,410,537
VIP Growth & Income Portfolio Investor Class (a)	80,670	1,613,392
VIP Growth Portfolio Investor Class (a)	19,204	1,371,380
VIP Mid Cap Portfolio Investor Class (a)	12,566	393,694
VIP Value Portfolio Investor Class (a)	71,550	1,037,477
VIP Value Strategies Portfolio Investor Class (a)	41,991	508,086
TOTAL DOMESTIC EQUITY FUNDS
(Cost $5,639,312)		7,674,863

International Equity Funds - 10.2%
VIP Emerging Markets Portfolio Investor Class (a)	304,817	3,624,271
VIP Overseas Portfolio Investor Class (a)	213,605	4,652,314
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $6,115,414)		8,276,585

Bond Funds - 56.1%
Fidelity Inflation-Protected Bond Index Fund (a)	1,003,841	10,088,598
Fidelity Long-Term Treasury Bond Index Fund (a)	316,254	4,376,949
VIP High Income Portfolio Investor Class (a)	285,525	1,547,547
VIP Investment Grade Bond Portfolio Investor Class (a)	2,256,403	29,468,629
TOTAL BOND FUNDS
(Cost $43,708,642)		45,481,723

Short-Term Funds - 24.2%
VIP Government Money Market Portfolio Investor Class 2.16% (a)(b)
(Cost $19,611,312)	19,611,312	19,611,312
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $75,074,680)		81,044,483
NET OTHER ASSETS (LIABILITIES) - 0.0%		75
NET ASSETS - 100%		$81,044,558

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 Inflation-Protected Bond Index Fund	$9,286,291	$947,461	$695,696	$20,214	$(222)	$550,764	$10,088,598
Fidelity Long-Term Treasury Bond Index Fund	4,098,628	576,347	677,088	59,745	5,652	373,410	4,376,949
VIP Contrafund Portfolio Investor Class	1,333,876	280,631	369,151	160,898	16,655	78,286	1,340,297
VIP Emerging Markets Portfolio Investor Class	3,132,987	499,349	625,600	--	14,850	602,685	3,624,271
VIP Equity-Income Portfolio Investor Class	1,399,645	214,563	322,166	96,951	(7,168)	125,663	1,410,537
VIP Government Money Market Portfolio Investor Class 2.16%	18,049,119	2,743,327	1,181,134	198,913	--	--	19,611,312
VIP Growth & Income Portfolio Investor Class	1,595,493	355,499	413,521	172,894	15,773	60,148	1,613,392
VIP Growth Portfolio Investor Class	1,363,415	220,287	400,023	91,066	24,876	162,825	1,371,380
VIP High Income Portfolio Investor Class	1,471,917	126,793	190,262	12,969	(12,091)	151,190	1,547,547
VIP Investment Grade Bond Portfolio Investor Class	27,089,462	2,836,718	2,163,764	119,294	7,434	1,698,779	29,468,629
VIP Mid Cap Portfolio Investor Class	387,877	94,205	110,756	43,692	(3,299)	25,667	393,694
VIP Overseas Portfolio Investor Class	4,009,769	755,997	697,335	152,281	13,086	570,797	4,652,314
VIP Value Portfolio Investor Class	1,027,990	172,325	280,320	68,122	9,484	107,998	1,037,477
VIP Value Strategies Portfolio Investor Class	501,654	101,720	148,572	50,623	(6,791)	60,075	508,086
	$74,748,123	$9,925,222	$8,275,388	$1,247,662	$78,239	$4,568,287	$81,044,483

Investment Valuation

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

Investor Freedom Income® Portfolio

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $75,074,680)	$81,044,483
Total Investment in Securities (cost $75,074,680)		$81,044,483
Cash		6
Receivable for investments sold		487,132
Receivable for fund shares sold		83,583
Total assets		81,615,204
Liabilities
Payable for investments purchased	$570,629
Payable for fund shares redeemed	17
Total liabilities		570,646
Net Assets		$81,044,558
Net Assets consist of:
Paid in capital		$73,990,741
Total distributable earnings (loss)		7,053,817
Net Assets, for 6,908,383 shares outstanding		$81,044,558
Net Asset Value, offering price and redemption price per share ($81,044,558 ÷ 6,908,383 shares)		$11.73

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$457,155
Expenses
Independent trustees' fees and expenses	$139
Total expenses before reductions	139
Expense reductions	(3)
Total expenses after reductions		136
Net investment income (loss)		457,019
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	78,239
Capital gain distributions from underlying funds:
Affiliated issuers	790,507
Total net realized gain (loss)		868,746
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	4,568,287
Total change in net unrealized appreciation (depreciation)		4,568,287
Net gain (loss)		5,437,033
Net increase (decrease) in net assets resulting from operations		$5,894,052

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$457,019	$1,373,446
Net realized gain (loss)	868,746	1,601,394
Change in net unrealized appreciation (depreciation)	4,568,287	(4,530,970)
Net increase (decrease) in net assets resulting from operations	5,894,052	(1,556,130)
Distributions to shareholders	(1,622,932)	(2,200,376)
Share transactions
Proceeds from sales of shares	5,153,938	16,526,354
Reinvestment of distributions	1,622,932	2,200,376
Cost of shares redeemed	(4,751,557)	(15,667,188)
Net increase (decrease) in net assets resulting from share transactions	2,025,313	3,059,542
Total increase (decrease) in net assets	6,296,433	(696,964)
Net Assets
Beginning of period	74,748,125	75,445,089
End of period	$81,044,558	$74,748,125
Other Information
Shares
Sold	450,482	1,436,706
Issued in reinvestment of distributions	144,905	196,661
Redeemed	(419,705)	(1,363,220)
Net increase (decrease)	175,682	270,147

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

Financial Highlights

VIP Investor Freedom Income Portfolio

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.10	$11.67	$11.03	$10.86	$11.11	$10.97
Income from Investment Operations
Net investment income (loss)^A	.07	.21	.18	.16	.19	.17
Net realized and unrealized gain (loss)	.56	(.45)	.75	.31	(.23)	.25
Total from investment operations	.63	(.24)	.93	.47	(.04)	.42
Distributions from net investment income	(.01)	(.20)	(.18)	(.16)	(.19)	(.17)
Distributions from net realized gain	(.24)	(.13)	(.11)	(.14)	(.01)	(.10)
Total distributions	(.24)^B	(.33)	(.29)	(.30)	(.21)^C	(.28)^D
Net asset value, end of period	$11.73	$11.10	$11.67	$11.03	$10.86	$11.11
Total Return^E,^F,^G	7.97%	(2.03)%	8.45%	4.43%	(.37)%	3.80%
Ratios to Average Net Assets^H,^I
Expenses before reductions^J	- %^K	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^J,^K	- %^J	-%	-%	-%	-%
Expenses net of all reductions	- %^J,^K	- %^J	-%	-%	-%	-%
Net investment income (loss)	1.19%^K	1.79%	1.59%	1.47%	1.68%	1.57%
Supplemental Data
Net assets, end of period (000 omitted)	$81,045	$74,748	$75,445	$67,090	$64,031	$66,121
Portfolio turnover rate^I	21%^K	42%	25%	25%	33%	26%

^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 $.008 and distributions from net realized gain of $.235 per share.

^C Total distributions of $.21 per share is comprised of distributions from net investment income of $.194 and distributions from net realized gain of $.015 per share.

^D Total distributions of $.28 per share is comprised of distributions from net investment income of $.170 and distributions from net realized gain of $.105 per share.

^E Total returns for periods of less than one year are not annualized.

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

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

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

^J Amount represents less than .005%.

^K Annualized

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

Investor 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 June 30, 2019

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	33.2
VIP Government Money Market Portfolio Investor Class 2.16%	20.4
Fidelity Inflation-Protected Bond Index Fund	11.2
VIP Overseas Portfolio Investor Class	7.5
Fidelity Long-Term Treasury Bond Index Fund	5.7
VIP Emerging Markets Portfolio Investor Class	5.4
VIP Growth & Income Portfolio Investor Class	3.1
VIP Equity-Income Portfolio Investor Class	2.7
VIP Growth Portfolio Investor Class	2.6
VIP Contrafund Portfolio Investor Class	2.5
	94.3

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	14.6%
	International Equity Funds	12.9%
	Bond Funds	52.1%
	Short-Term Funds	20.4%

Investor Freedom® 2005 Portfolio

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 14.6%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	24,747	$837,701
VIP Equity-Income Portfolio Investor Class (a)	40,256	881,609
VIP Growth & Income Portfolio Investor Class (a)	50,420	1,008,401
VIP Growth Portfolio Investor Class (a)	12,003	857,127
VIP Mid Cap Portfolio Investor Class (a)	7,854	246,069
VIP Value Portfolio Investor Class (a)	44,720	648,445
VIP Value Strategies Portfolio Investor Class (a)	26,245	317,565
TOTAL DOMESTIC EQUITY FUNDS
(Cost $3,840,528)		4,796,917

International Equity Funds - 12.9%
VIP Emerging Markets Portfolio Investor Class (a)	149,961	1,783,036
VIP Overseas Portfolio Investor Class (a)	112,963	2,460,342
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $3,362,913)		4,243,378

Bond Funds - 52.1%
Fidelity Inflation-Protected Bond Index Fund (a)	364,518	3,663,405
Fidelity Long-Term Treasury Bond Index Fund (a)	134,492	1,861,371
VIP High Income Portfolio Investor Class (a)	119,064	645,327
VIP Investment Grade Bond Portfolio Investor Class (a)	834,588	10,899,723
TOTAL BOND FUNDS
(Cost $16,397,388)		17,069,826

Short-Term Funds - 20.4%
VIP Government Money Market Portfolio Investor Class 2.16% (a)(b)
(Cost $6,671,157)	6,671,157	6,671,157
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $30,271,986)		32,781,278
NET OTHER ASSETS (LIABILITIES) - 0.0%		24
NET ASSETS - 100%		$32,781,302

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 Inflation-Protected Bond Index Fund	$3,133,834	$714,801	$382,902	$7,242	$2,361	$195,311	$3,663,405
Fidelity Long-Term Treasury Bond Index Fund	1,618,090	412,343	334,096	25,130	2,056	162,978	1,861,371
VIP Contrafund Portfolio Investor Class	813,919	233,577	269,002	98,967	5,080	54,127	837,701
VIP Emerging Markets Portfolio Investor Class	1,469,835	365,392	345,683	--	6,990	286,502	1,783,036
VIP Equity-Income Portfolio Investor Class	854,035	195,126	240,515	59,630	(7,223)	80,186	881,609
VIP Government Money Market Portfolio Investor Class 2.16%	5,702,655	1,609,055	640,553	66,511	--	--	6,671,157
VIP Growth & Income Portfolio Investor Class	973,548	290,145	301,243	106,343	5,512	40,439	1,008,401
VIP Growth Portfolio Investor Class	831,938	200,993	291,999	56,013	11,909	104,286	857,127
VIP High Income Portfolio Investor Class	567,506	100,705	78,466	5,031	(3,807)	59,389	645,327
VIP Investment Grade Bond Portfolio Investor Class	9,414,760	2,069,761	1,212,607	41,811	23,084	604,725	10,899,723
VIP Mid Cap Portfolio Investor Class	236,688	75,536	79,572	26,872	(3,061)	16,478	246,069
VIP Overseas Portfolio Investor Class	2,052,764	561,292	458,496	78,587	2,055	302,727	2,460,342
VIP Value Portfolio Investor Class	627,279	151,339	202,378	41,900	1,928	70,277	648,445
VIP Value Strategies Portfolio Investor Class	306,107	85,257	106,602	31,136	(5,640)	38,443	317,565
	$28,602,958	$7,065,322	$4,944,114	$645,173	$41,244	$2,015,868	$32,781,278

Investment Valuation

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

Investor Freedom® 2005 Portfolio

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $30,271,986)	$32,781,278
Total Investment in Securities (cost $30,271,986)		$32,781,278
Receivable for investments sold		287,557
Total assets		33,068,835
Liabilities
Payable for investments purchased	$287,352
Payable for fund shares redeemed	181
Total liabilities		287,533
Net Assets		$32,781,302
Net Assets consist of:
Paid in capital		$29,697,132
Total distributable earnings (loss)		3,084,170
Net Assets, for 2,740,659 shares outstanding		$32,781,302
Net Asset Value, offering price and redemption price per share ($32,781,302 ÷ 2,740,659 shares)		$11.96

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$174,032
Expenses
Independent trustees' fees and expenses	$55
Total expenses before reductions	55
Expense reductions	(3)
Total expenses after reductions		52
Net investment income (loss)		173,980
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	41,244
Capital gain distributions from underlying funds:
Affiliated issuers	471,141
Total net realized gain (loss)		512,385
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	2,015,868
Total change in net unrealized appreciation (depreciation)		2,015,868
Net gain (loss)		2,528,253
Net increase (decrease) in net assets resulting from operations		$2,702,233

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$173,980	$499,576
Net realized gain (loss)	512,385	603,123
Change in net unrealized appreciation (depreciation)	2,015,868	(1,965,122)
Net increase (decrease) in net assets resulting from operations	2,702,233	(862,423)
Distributions to shareholders	(586,984)	(802,075)
Share transactions
Proceeds from sales of shares	4,644,351	6,573,311
Reinvestment of distributions	586,984	802,075
Cost of shares redeemed	(3,168,234)	(5,996,830)
Net increase (decrease) in net assets resulting from share transactions	2,063,101	1,378,556
Total increase (decrease) in net assets	4,178,350	(285,942)
Net Assets
Beginning of period	28,602,952	28,888,894
End of period	$32,781,302	$28,602,952
Other Information
Shares
Sold	400,059	563,917
Issued in reinvestment of distributions	51,580	71,230
Redeemed	(271,855)	(512,846)
Net increase (decrease)	179,784	122,301

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

Financial Highlights

VIP Investor Freedom 2005 Portfolio

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.17	$11.85	$10.97	$10.79	$11.05	$10.90
Income from Investment Operations
Net investment income (loss)^A	.07	.20	.20	.17	.19	.19
Net realized and unrealized gain (loss)	.72	(.56)	1.00	.35	(.22)	.27
Total from investment operations	.79	(.36)	1.20	.52	(.03)	.46
Distributions from net investment income	(.01)	(.20)	(.17)	(.16)	(.20)	(.18)
Distributions from net realized gain	(.23)	(.13)	(.14)	(.17)	(.03)	(.14)
Total distributions	(.23)^B	(.32)^C	(.32)^D	(.34)^E	(.23)	(.31)^F
Net asset value, end of period	$11.96	$11.17	$11.85	$10.97	$10.79	$11.05
Total Return^G,^H,^I	9.25%	(3.04)%	10.97%	4.94%	(.31)%	4.25%
Ratios to Average Net Assets^J,^K
Expenses before reductions^L	- %^M	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^L,^M	- %^L	-%	-%	-%	-%
Expenses net of all reductions	- %^L,^M	- %^L	-%	-%	-%	-%
Net investment income (loss)	1.12%^M	1.70%	1.74%	1.52%	1.70%	1.71%
Supplemental Data
Net assets, end of period (000 omitted)	$32,781	$28,603	$28,889	$20,771	$20,408	$22,437
Portfolio turnover rate^K	32%^M	42%	28%	35%	25%	30%

^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 $.006 and distributions from net realized gain of $.225 per share.

^C Total distributions of $.32 per share is comprised of distributions from net investment income of $.196 and distributions from net realized gain of $.125 per share.

^D Total distributions of $.32 per share is comprised of distributions from net investment income of $.171 and distributions from net realized gain of $.144 per share.

^E Total distributions of $.34 per share is comprised of distributions from net investment income of $.163 and distributions from net realized gain of $.173 per share.

^F Total distributions of $.31 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.135 per share.

^G Total returns for periods of less than one year are not annualized.

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

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

^J 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.

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

^L Amount represents less than .005%..

^M Annualized

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

Investor 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 June 30, 2019

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	29.9
VIP Government Money Market Portfolio Investor Class 2.16%	16.0
VIP Overseas Portfolio Investor Class	9.6
Fidelity Inflation-Protected Bond Index Fund	9.6
VIP Emerging Markets Portfolio Investor Class	6.5
Fidelity Long-Term Treasury Bond Index Fund	5.6
VIP Growth & Income Portfolio Investor Class	4.4
VIP Equity-Income Portfolio Investor Class	3.8
VIP Growth Portfolio Investor Class	3.7
VIP Contrafund Portfolio Investor Class	3.6
	92.7

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	20.8%
	International Equity Funds	16.1%
	Bond Funds	47.1%
	Short-Term Funds	16.0%

Investor Freedom® 2010 Portfolio

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 20.8%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	64,756	$2,191,975
VIP Equity-Income Portfolio Investor Class (a)	105,335	2,306,844
VIP Growth & Income Portfolio Investor Class (a)	131,929	2,638,575
VIP Growth Portfolio Investor Class (a)	31,407	2,242,805
VIP Mid Cap Portfolio Investor Class (a)	20,550	643,843
VIP Value Portfolio Investor Class (a)	117,015	1,696,714
VIP Value Strategies Portfolio Investor Class (a)	68,672	830,929
TOTAL DOMESTIC EQUITY FUNDS
(Cost $10,020,596)		12,551,685

International Equity Funds - 16.1%
VIP Emerging Markets Portfolio Investor Class (a)	328,519	3,906,096
VIP Overseas Portfolio Investor Class (a)	267,967	5,836,316
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $7,667,955)		9,742,412

Bond Funds - 47.1%
Fidelity Inflation-Protected Bond Index Fund (a)	575,447	5,783,239
Fidelity Long-Term Treasury Bond Index Fund (a)	245,519	3,397,984
VIP High Income Portfolio Investor Class (a)	225,964	1,224,726
VIP Investment Grade Bond Portfolio Investor Class (a)	1,380,675	18,031,616
TOTAL BOND FUNDS
(Cost $27,204,072)		28,437,565

Short-Term Funds - 16.0%
Fidelity Cash Central Fund 2.42% (b)	6	6
VIP Government Money Market Portfolio Investor Class 2.16% (a)(c)	9,674,930	9,674,930
TOTAL SHORT-TERM FUNDS
(Cost $9,674,936)		9,674,936
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $54,567,559)		60,406,598
NET OTHER ASSETS (LIABILITIES) - 0.0%		47
NET ASSETS - 100%		$60,406,645

Legend

(a) Affiliated Fund

(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 are available on the SEC's website or upon request.

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 Inflation-Protected Bond Index Fund	$5,334,804	$688,756	$561,519	$11,793	$1,755	$319,443	$5,783,239
Fidelity Long-Term Treasury Bond Index Fund	3,178,496	497,634	580,281	47,323	4,363	297,772	3,397,984
VIP Contrafund Portfolio Investor Class	2,231,630	409,077	604,073	272,152	22,607	132,734	2,191,975
VIP Emerging Markets Portfolio Investor Class	3,441,030	457,026	666,322	--	33,603	640,759	3,906,096
VIP Equity-Income Portfolio Investor Class	2,341,596	298,826	529,662	163,986	(53,004)	249,088	2,306,844
VIP Government Money Market Portfolio Investor Class 2.16%	8,807,628	1,706,273	838,971	99,144	--	--	9,674,930
VIP Growth & Income Portfolio Investor Class	2,669,264	516,454	670,050	292,447	27,556	95,351	2,638,575
VIP Growth Portfolio Investor Class	2,281,026	313,370	664,454	154,030	90,287	222,576	2,242,805
VIP High Income Portfolio Investor Class	1,140,366	87,066	112,298	10,042	(5,663)	115,255	1,224,726
VIP Investment Grade Bond Portfolio Investor Class	16,626,255	2,173,631	1,829,103	74,529	18,539	1,042,294	18,031,616
VIP Mid Cap Portfolio Investor Class	648,952	139,034	180,175	73,901	(5,804)	41,836	643,843
VIP Overseas Portfolio Investor Class	5,192,080	829,680	932,647	199,507	10,743	736,460	5,836,316
VIP Value Portfolio Investor Class	1,719,885	236,525	454,828	115,225	24,394	170,738	1,696,714
VIP Value Strategies Portfolio Investor Class	839,277	145,852	242,555	85,622	(10,218)	98,573	830,929
	$56,452,289	$8,499,204	$8,866,938	$1,599,701	$159,158	$4,162,879	$60,406,592

Investment Valuation

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

Investor Freedom® 2010 Portfolio

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Fidelity Central Funds (cost $6)	$6
Other affiliated issuers (cost $54,567,553)	60,406,592
Total Investment in Securities (cost $54,567,559)		$60,406,598
Cash		5
Receivable for investments sold		654,223
Total assets		61,060,826
Liabilities
Payable for investments purchased	$589,104
Payable for fund shares redeemed	65,077
Total liabilities		654,181
Net Assets		$60,406,645
Net Assets consist of:
Paid in capital		$53,011,773
Total distributable earnings (loss)		7,394,872
Net Assets, for 4,830,207 shares outstanding		$60,406,645
Net Asset Value, offering price and redemption price per share ($60,406,645 ÷ 4,830,207 shares)		$12.51

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$320,670
Expenses
Independent trustees' fees and expenses	$107
Total expenses		107
Net investment income (loss)		320,563
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	159,158
Capital gain distributions from underlying funds:
Affiliated issuers	1,279,031
Total net realized gain (loss)		1,438,189
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	4,162,879
Total change in net unrealized appreciation (depreciation)		4,162,879
Net gain (loss)		5,601,068
Net increase (decrease) in net assets resulting from operations		$5,921,631

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$320,563	$999,354
Net realized gain (loss)	1,438,189	2,507,752
Change in net unrealized appreciation (depreciation)	4,162,879	(5,883,280)
Net increase (decrease) in net assets resulting from operations	5,921,631	(2,376,174)
Distributions to shareholders	(2,431,306)	(2,387,666)
Share transactions
Proceeds from sales of shares	3,099,663	6,494,790
Reinvestment of distributions	2,431,306	2,387,666
Cost of shares redeemed	(5,066,990)	(14,659,514)
Net increase (decrease) in net assets resulting from share transactions	463,979	(5,777,058)
Total increase (decrease) in net assets	3,954,304	(10,540,898)
Net Assets
Beginning of period	56,452,341	66,993,239
End of period	$60,406,645	$56,452,341
Other Information
Shares
Sold	255,822	517,467
Issued in reinvestment of distributions	205,001	197,092
Redeemed	(418,890)	(1,168,511)
Net increase (decrease)	41,933	(453,952)

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

Financial Highlights

VIP Investor Freedom 2010 Portfolio

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.79	$12.78	$11.68	$11.49	$11.77	$11.64
Income from Investment Operations
Net investment income (loss)^A	.07	.20	.19	.17	.21	.20
Net realized and unrealized gain (loss)	.65	(.71)	1.32	.42	(.25)	.33
Total from investment operations	.72	(.51)	1.51	.59	(.04)	.53
Distributions from net investment income	(.01)	(.21)	(.19)	(.18)	(.21)	(.19)
Distributions from net realized gain	(.51)	(.27)	(.22)	(.22)	(.03)	(.20)
Total distributions	(.51)^B	(.48)	(.41)	(.40)	(.24)	(.40)^C
Net asset value, end of period	$12.51	$11.79	$12.78	$11.68	$11.49	$11.77
Total Return^D,^E,^F	10.68%	(4.06)%	13.05%	5.33%	(.34)%	4.56%
Ratios to Average Net Assets^G,^H
Expenses before reductions^I	- %^J	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^J	- %^I	-%	-%	-%	-%
Expenses net of all reductions	- %^J	- %^I	-%	-%	-%	-%
Net investment income (loss)	1.09%^J	1.57%	1.55%	1.47%	1.76%	1.66%
Supplemental Data
Net assets, end of period (000 omitted)	$60,407	$56,452	$66,993	$59,504	$59,469	$62,339
Portfolio turnover rate^H	29%^J	35%	25%	24%	21%	27%

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

^B Total distributions of $.51 per share is comprised of distributions from net investment income of $.006 and distributions from net realized gain of $.505 per share.

^C Total distributions of $.40 per share is comprised of distributions from net investment income of $.192 and distributions from net realized gain of $.204 per share.

^D Total returns for periods of less than one year are not annualized.

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

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

^G 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.

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

^I Amount represents less than .005%..

^J Annualized

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

Investor 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 June 30, 2019

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	26.3
VIP Government Money Market Portfolio Investor Class 2.16%	12.0
VIP Overseas Portfolio Investor Class	11.8
Fidelity Inflation-Protected Bond Index Fund	8.2
VIP Emerging Markets Portfolio Investor Class	7.3
VIP Growth & Income Portfolio Investor Class	5.7
Fidelity Long-Term Treasury Bond Index Fund	5.5
VIP Equity-Income Portfolio Investor Class	4.9
VIP Growth Portfolio Investor Class	4.8
VIP Contrafund Portfolio Investor Class	4.7
	91.2

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	26.9%
	International Equity Funds	19.1%
	Bond Funds	42.0%
	Short-Term Funds	12.0%

Investor Freedom® 2015 Portfolio

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 26.9%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	145,047	$4,909,830
VIP Equity-Income Portfolio Investor Class (a)	235,941	5,167,104
VIP Growth & Income Portfolio Investor Class (a)	295,503	5,910,062
VIP Growth Portfolio Investor Class (a)	70,350	5,023,669
VIP Mid Cap Portfolio Investor Class (a)	46,029	1,442,091
VIP Value Portfolio Investor Class (a)	262,097	3,800,410
VIP Value Strategies Portfolio Investor Class (a)	153,815	1,861,159
TOTAL DOMESTIC EQUITY FUNDS
(Cost $22,051,982)		28,114,325

International Equity Funds - 19.1%
VIP Emerging Markets Portfolio Investor Class (a)	638,579	7,592,698
VIP Overseas Portfolio Investor Class (a)	568,599	12,384,082
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $15,439,387)		19,976,780

Bond Funds - 42.0%
Fidelity Inflation-Protected Bond Index Fund (a)	854,463	8,587,351
Fidelity Long-Term Treasury Bond Index Fund (a)	414,174	5,732,164
VIP High Income Portfolio Investor Class (a)	387,051	2,097,818
VIP Investment Grade Bond Portfolio Investor Class (a)	2,101,898	27,450,786
TOTAL BOND FUNDS
(Cost $41,997,721)		43,868,119

Short-Term Funds - 12.0%
VIP Government Money Market Portfolio Investor Class 2.16% (a)(b)
(Cost $12,594,535)	12,594,535	12,594,535
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $92,083,625)		104,553,759
NET OTHER ASSETS (LIABILITIES) - 0.0%		78
NET ASSETS - 100%		$104,553,837

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 Inflation-Protected Bond Index Fund	$7,817,585	$990,068	$694,477	$17,392	$3,013	$471,162	$8,587,351
Fidelity Long-Term Treasury Bond Index Fund	5,319,291	795,563	894,693	79,487	9,581	502,422	5,732,164
VIP Contrafund Portfolio Investor Class	4,901,480	763,484	1,102,004	594,002	59,312	287,558	4,909,830
VIP Emerging Markets Portfolio Investor Class	6,598,806	742,964	1,040,128	--	40,347	1,250,709	7,592,698
VIP Equity-Income Portfolio Investor Class	5,142,912	532,256	940,920	357,921	(85,103)	517,959	5,167,104
VIP Government Money Market Portfolio Investor Class 2.16%	11,248,273	2,217,100	870,838	127,617	--	--	12,594,535
VIP Growth & Income Portfolio Investor Class	5,862,583	982,437	1,206,279	638,294	56,687	214,634	5,910,062
VIP Growth Portfolio Investor Class	5,009,972	552,908	1,229,457	336,199	245,269	444,977	5,023,669
VIP High Income Portfolio Investor Class	1,971,533	118,676	180,395	17,080	(9,440)	197,444	2,097,818
VIP Investment Grade Bond Portfolio Investor Class	25,003,143	3,182,985	2,342,790	111,244	10,335	1,597,113	27,450,786
VIP Mid Cap Portfolio Investor Class	1,424,940	268,626	330,952	161,303	(8,973)	88,450	1,442,091
VIP Overseas Portfolio Investor Class	10,860,253	1,465,418	1,511,239	414,558	31,342	1,538,308	12,384,082
VIP Value Portfolio Investor Class	3,777,351	422,235	828,433	251,495	49,335	379,922	3,800,410
VIP Value Strategies Portfolio Investor Class	1,842,963	271,463	447,946	186,889	(21,298)	215,977	1,861,159
	$96,781,085	$13,306,183	$13,620,551	$3,293,481	$380,407	$7,706,635	$104,553,759

Investment Valuation

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

Investor Freedom® 2015 Portfolio

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $92,083,625)	$104,553,759
Total Investment in Securities (cost $92,083,625)		$104,553,759
Cash		9
Receivable for investments sold		1,173,567
Receivable for fund shares sold		26
Total assets		105,727,361
Liabilities
Payable for investments purchased	$1,116,044
Payable for fund shares redeemed	57,480
Total liabilities		1,173,524
Net Assets		$104,553,837
Net Assets consist of:
Paid in capital		$88,753,236
Total distributable earnings (loss)		15,800,601
Net Assets, for 8,402,115 shares outstanding		$104,553,837
Net Asset Value, offering price and redemption price per share ($104,553,837 ÷ 8,402,115 shares)		$12.44

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$522,712
Expenses
Independent trustees' fees and expenses	$184
Total expenses before reductions	184
Expense reductions	(10)
Total expenses after reductions		174
Net investment income (loss)		522,538
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	380,407
Capital gain distributions from underlying funds:
Affiliated issuers	2,770,769
Total net realized gain (loss)		3,151,176
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	7,706,635
Total change in net unrealized appreciation (depreciation)		7,706,635
Net gain (loss)		10,857,811
Net increase (decrease) in net assets resulting from operations		$11,380,349

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$522,538	$1,631,054
Net realized gain (loss)	3,151,176	4,288,402
Change in net unrealized appreciation (depreciation)	7,706,635	(11,234,682)
Net increase (decrease) in net assets resulting from operations	11,380,349	(5,315,226)
Distributions to shareholders	(4,100,072)	(4,274,043)
Share transactions
Proceeds from sales of shares	2,859,816	8,909,312
Reinvestment of distributions	4,100,072	4,274,043
Cost of shares redeemed	(6,467,407)	(17,517,259)
Net increase (decrease) in net assets resulting from share transactions	492,481	(4,333,904)
Total increase (decrease) in net assets	7,772,758	(13,923,173)
Net Assets
Beginning of period	96,781,079	110,704,252
End of period	$104,553,837	$96,781,079
Other Information
Shares
Sold	236,223	707,025
Issued in reinvestment of distributions	348,646	356,487
Redeemed	(536,089)	(1,411,157)
Net increase (decrease)	48,780	(347,645)

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

Financial Highlights

VIP Investor Freedom 2015 Portfolio

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.59	$12.72	$11.48	$11.34	$11.63	$11.48
Income from Investment Operations
Net investment income (loss)^A	.06	.19	.19	.17	.21	.19
Net realized and unrealized gain (loss)	.79	(.82)	1.51	.45	(.25)	.34
Total from investment operations	.85	(.63)	1.70	.62	(.04)	.53
Distributions from net investment income	(.01)	(.19)	(.19)	(.18)	(.22)	(.19)
Distributions from net realized gain	(.50)	(.31)	(.27)	(.31)	(.04)	(.19)
Total distributions	(.50)^B	(.50)	(.46)	(.48)^C	(.25)^D	(.38)
Net asset value, end of period	$12.44	$11.59	$12.72	$11.48	$11.34	$11.63
Total Return^E,^F,^G	11.91%	(5.02)%	14.99%	5.82%	(.34)%	4.65%
Ratios to Average Net Assets^H,^I
Expenses before reductions^J	- %^K	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^J,^K	- %^J	-%	-%	-%	-%
Expenses net of all reductions	- %^J,^K	- %^J	-%	-%	-%	-%
Net investment income (loss)	1.03%^K	1.53%	1.52%	1.53%	1.77%	1.67%
Supplemental Data
Net assets, end of period (000 omitted)	$104,554	$96,781	$110,704	$97,672	$95,761	$101,740
Portfolio turnover rate^I	26%^K	33%	23%	23%	21%	20%

^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 $.006 and distributions from net realized gain of $.495 per share.

^C Total distributions of $.48 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.306 per share.

^D Total distributions of $.25 per share is comprised of distributions from net investment income of $.215 and distributions from net realized gain of $.037 per share.

^E Total returns for periods of less than one year are not annualized.

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

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

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

^J Amount represents less than .005%.

^K Annualized

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

Investor 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 June 30, 2019

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	23.3
VIP Overseas Portfolio Investor Class	13.7
VIP Government Money Market Portfolio Investor Class 2.16%	8.5
VIP Emerging Markets Portfolio Investor Class	8.0
Fidelity Inflation-Protected Bond Index Fund	7.1
VIP Growth & Income Portfolio Investor Class	6.8
VIP Equity-Income Portfolio Investor Class	5.9
VIP Growth Portfolio Investor Class	5.7
VIP Contrafund Portfolio Investor Class	5.6
Fidelity Long-Term Treasury Bond Index Fund	5.3
	89.9

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	32.1%
	International Equity Funds	21.7%
	Bond Funds	37.7%
	Short-Term Funds	8.5%

Investor Freedom® 2020 Portfolio

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 32.1%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	353,740	$11,974,089
VIP Equity-Income Portfolio Investor Class (a)	575,409	12,601,467
VIP Growth & Income Portfolio Investor Class (a)	720,663	14,413,252
VIP Growth Portfolio Investor Class (a)	171,568	12,251,705
VIP Mid Cap Portfolio Investor Class (a)	112,252	3,516,854
VIP Value Portfolio Investor Class (a)	639,193	9,268,292
VIP Value Strategies Portfolio Investor Class (a)	375,115	4,538,892
TOTAL DOMESTIC EQUITY FUNDS
(Cost $54,448,834)		68,564,551

International Equity Funds - 21.7%
VIP Emerging Markets Portfolio Investor Class (a)	1,432,456	17,031,902
VIP Overseas Portfolio Investor Class (a)	1,345,415	29,303,136
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $36,557,710)		46,335,038

Bond Funds - 37.7%
Fidelity Inflation-Protected Bond Index Fund (a)	1,515,467	15,230,443
Fidelity Long-Term Treasury Bond Index Fund (a)	816,116	11,295,039
VIP High Income Portfolio Investor Class (a)	766,431	4,154,054
VIP Investment Grade Bond Portfolio Investor Class (a)	3,812,794	49,795,093
TOTAL BOND FUNDS
(Cost $76,976,122)		80,474,629

Short-Term Funds - 8.5%
VIP Government Money Market Portfolio Investor Class 2.16% (a)(b)
(Cost $18,124,598)	18,124,598	18,124,598
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $186,107,264)		213,498,816
NET OTHER ASSETS (LIABILITIES) - 0.0%		127
NET ASSETS - 100%		$213,498,943

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 Inflation-Protected Bond Index Fund	$13,830,873	$2,156,453	$1,596,792	$30,868	$7,161	$832,748	$15,230,443
Fidelity Long-Term Treasury Bond Index Fund	10,345,069	1,946,451	1,998,150	156,107	73,102	928,567	11,295,039
VIP Contrafund Portfolio Investor Class	11,741,959	2,009,812	2,595,976	1,451,330	46,063	772,231	11,974,089
VIP Emerging Markets Portfolio Investor Class	14,679,352	1,890,930	2,414,157	--	75,648	2,800,129	17,031,902
VIP Equity-Income Portfolio Investor Class	12,320,288	1,513,677	2,265,690	874,650	(233,413)	1,266,605	12,601,467
VIP Government Money Market Portfolio Investor Class 2.16%	16,050,848	3,708,907	1,635,157	183,000	--	--	18,124,598
VIP Growth & Income Portfolio Investor Class	14,044,444	2,581,014	2,846,980	1,559,645	105,320	529,454	14,413,252
VIP Growth Portfolio Investor Class	12,001,835	1,497,322	2,904,641	821,487	455,092	1,202,097	12,251,705
VIP High Income Portfolio Investor Class	3,971,755	320,786	514,153	34,792	(27,738)	403,404	4,154,054
VIP Investment Grade Bond Portfolio Investor Class	45,382,844	6,925,183	5,423,106	204,496	(6,253)	2,916,425	49,795,093
VIP Mid Cap Portfolio Investor Class	3,412,665	699,683	781,889	394,153	(48,340)	234,735	3,516,854
VIP Overseas Portfolio Investor Class	25,282,123	3,901,949	3,553,080	984,961	56,296	3,615,848	29,303,136
VIP Value Portfolio Investor Class	9,048,663	1,146,608	1,953,408	614,520	14,135	1,012,294	9,268,292
VIP Value Strategies Portfolio Investor Class	4,414,230	720,572	1,058,050	456,654	(77,066)	539,206	4,538,892
	$196,526,948	$31,019,347	$31,541,229	$7,766,663	$440,007	$17,053,743	$213,498,816

Investment Valuation

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

Investor Freedom® 2020 Portfolio

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $186,107,264)	$213,498,816
Total Investment in Securities (cost $186,107,264)		$213,498,816
Cash		9
Receivable for investments sold		2,549,122
Total assets		216,047,947
Liabilities
Payable for investments purchased	$2,389,134
Payable for fund shares redeemed	159,870
Total liabilities		2,549,004
Net Assets		$213,498,943
Net Assets consist of:
Paid in capital		$178,676,834
Total distributable earnings (loss)		34,822,109
Net Assets, for 16,694,876 shares outstanding		$213,498,943
Net Asset Value, offering price and redemption price per share ($213,498,943 ÷ 16,694,876 shares)		$12.79

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$1,024,393
Expenses
Independent trustees' fees and expenses	$376
Total expenses before reductions	376
Expense reductions	(1)
Total expenses after reductions		375
Net investment income (loss)		1,024,018
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	440,007
Capital gain distributions from underlying funds:
Affiliated issuers	6,742,270
Total net realized gain (loss)		7,182,277
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	17,053,743
Total change in net unrealized appreciation (depreciation)		17,053,743
Net gain (loss)		24,236,020
Net increase (decrease) in net assets resulting from operations		$25,260,038

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,024,018	$3,180,273
Net realized gain (loss)	7,182,277	7,746,863
Change in net unrealized appreciation (depreciation)	17,053,743	(23,616,279)
Net increase (decrease) in net assets resulting from operations	25,260,038	(12,689,143)
Distributions to shareholders	(7,475,888)	(7,620,061)
Share transactions
Proceeds from sales of shares	9,054,016	15,428,542
Reinvestment of distributions	7,475,888	7,620,061
Cost of shares redeemed	(17,342,040)	(29,031,427)
Net increase (decrease) in net assets resulting from share transactions	(812,136)	(5,982,824)
Total increase (decrease) in net assets	16,972,014	(26,292,028)
Net Assets
Beginning of period	196,526,929	222,818,957
End of period	$213,498,943	$196,526,929
Other Information
Shares
Sold	727,399	1,207,536
Issued in reinvestment of distributions	620,406	627,536
Redeemed	(1,405,083)	(2,303,495)
Net increase (decrease)	(57,278)	(468,423)

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

Financial Highlights

VIP Investor Freedom 2020 Portfolio

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.73	$12.94	$11.51	$11.34	$11.63	$11.47
Income from Investment Operations
Net investment income (loss)^A	.06	.18	.19	.17	.21	.20
Net realized and unrealized gain (loss)	1.00	(.94)	1.69	.47	(.25)	.34
Total from investment operations	1.06	(.76)	1.88	.64	(.04)	.54
Distributions from net investment income	–^B	(.19)	(.18)	(.17)	(.21)	(.19)
Distributions from net realized gain	(.45)	(.26)	(.27)	(.30)	(.04)	(.19)
Total distributions	(.45)	(.45)	(.45)	(.47)	(.25)	(.38)
Net asset value, end of period	$12.79	$11.73	$12.94	$11.51	$11.34	$11.63
Total Return^C,^D,^E	13.13%	(5.94)%	16.55%	6.04%	(.35)%	4.75%
Ratios to Average Net Assets^F,^G
Expenses before reductions^H	- %^I	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^H,^I	- %^H	-%	-%	-%	-%
Expenses net of all reductions	- %^H,^I	- %^H	-%	-%	-%	-%
Net investment income (loss)	.99%^I	1.46%	1.52%	1.52%	1.79%	1.74%
Supplemental Data
Net assets, end of period (000 omitted)	$213,499	$196,527	$222,819	$189,814	$187,438	$191,764
Portfolio turnover rate^G	30%^I	33%	21%	23%	17%	13%

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

^B Amount represents less than $.005 per share.

^C Total returns for periods of less than one year are not annualized.

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

^H Amount represents less than .005%.

^I Annualized

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

Investor 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 June 30, 2019

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	20.0
VIP Overseas Portfolio Investor Class	15.3
VIP Emerging Markets Portfolio Investor Class	8.5
VIP Growth & Income Portfolio Investor Class	7.7
VIP Equity-Income Portfolio Investor Class	6.7
VIP Growth Portfolio Investor Class	6.5
VIP Contrafund Portfolio Investor Class	6.4
Fidelity Inflation-Protected Bond Index Fund	6.1
VIP Government Money Market Portfolio Investor Class 2.16%	5.8
Fidelity Long-Term Treasury Bond Index Fund	5.8
	88.8

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	36.6%
	International Equity Funds	23.8%
	Bond Funds	33.8%
	Short-Term Funds	5.8%

Investor Freedom® 2025 Portfolio

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 36.6%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	442,657	$14,983,950
VIP Equity-Income Portfolio Investor Class (a)	720,045	15,768,978
VIP Growth & Income Portfolio Investor Class (a)	901,800	18,036,003
VIP Growth Portfolio Investor Class (a)	214,695	15,331,338
VIP Mid Cap Portfolio Investor Class (a)	140,463	4,400,718
VIP Value Portfolio Investor Class (a)	799,852	11,597,853
VIP Value Strategies Portfolio Investor Class (a)	469,395	5,679,681
TOTAL DOMESTIC EQUITY FUNDS
(Cost $69,532,418)		85,798,521

International Equity Funds - 23.8%
VIP Emerging Markets Portfolio Investor Class (a)	1,681,292	19,990,560
VIP Overseas Portfolio Investor Class (a)	1,640,730	35,735,094
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $44,662,408)		55,725,654

Bond Funds - 33.8%
Fidelity Inflation-Protected Bond Index Fund (a)	1,423,122	14,302,381
Fidelity Long-Term Treasury Bond Index Fund (a)	977,901	13,534,156
VIP High Income Portfolio Investor Class (a)	823,415	4,462,907
VIP Investment Grade Bond Portfolio Investor Class (a)	3,590,510	46,892,067
TOTAL BOND FUNDS
(Cost $76,018,758)		79,191,511

Short-Term Funds - 5.8%
VIP Government Money Market Portfolio Investor Class 2.16% (a)(b)
(Cost $13,549,055)	13,549,055	13,549,055
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $203,762,639)		234,264,741
NET OTHER ASSETS (LIABILITIES) - 0.0%		30,596
NET ASSETS - 100%		$234,295,337

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 Inflation-Protected Bond Index Fund	$12,164,496	$2,288,087	$919,971	$28,213	$8,547	$761,222	$14,302,381
Fidelity Long-Term Treasury Bond Index Fund	12,456,679	2,436,601	2,552,786	185,367	84,091	1,109,571	13,534,156
VIP Contrafund Portfolio Investor Class	13,653,819	2,496,808	2,171,649	1,692,347	18,161	986,811	14,983,950
VIP Emerging Markets Portfolio Investor Class	16,748,437	1,886,824	1,930,294	--	(869)	3,286,462	19,990,560
VIP Equity-Income Portfolio Investor Class	14,326,232	2,097,147	1,899,214	1,019,940	(94,423)	1,339,236	15,768,978
VIP Government Money Market Portfolio Investor Class 2.16%	10,952,186	3,236,868	639,999	131,658	--	--	13,549,055
VIP Growth & Income Portfolio Investor Class	16,331,074	3,313,297	2,378,153	1,818,699	51,033	718,752	18,036,003
VIP Growth Portfolio Investor Class	13,955,937	1,930,802	2,548,025	957,920	145,162	1,847,462	15,331,338
VIP High Income Portfolio Investor Class	3,946,494	390,261	257,726	34,466	(5,891)	389,769	4,462,907
VIP Investment Grade Bond Portfolio Investor Class	40,234,077	7,166,129	3,186,696	182,585	26,571	2,651,986	46,892,067
VIP Mid Cap Portfolio Investor Class	3,967,900	851,539	640,594	459,628	(24,553)	246,426	4,400,718
VIP Overseas Portfolio Investor Class	29,071,336	4,916,705	2,594,415	1,136,099	28,924	4,312,544	35,735,094
VIP Value Portfolio Investor Class	10,521,830	1,506,990	1,652,514	716,586	(78,945)	1,300,492	11,597,853
VIP Value Strategies Portfolio Investor Class	5,132,548	913,501	917,947	532,499	(85,865)	637,444	5,679,681
	$203,463,045	$35,431,559	$24,289,983	$8,896,007	$71,943	$19,588,177	$234,264,741

Investment Valuation

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

Investor Freedom® 2025 Portfolio

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $203,762,639)	$234,264,741
Total Investment in Securities (cost $203,762,639)		$234,264,741
Cash		30,481
Receivable for investments sold		2,715,377
Receivable for fund shares sold		150,699
Total assets		237,161,298
Liabilities
Payable for investments purchased	$2,865,857
Payable for fund shares redeemed	104
Total liabilities		2,865,961
Net Assets		$234,295,337
Net Assets consist of:
Paid in capital		$195,659,190
Total distributable earnings (loss)		38,636,147
Net Assets, for 17,026,279 shares outstanding		$234,295,337
Net Asset Value, offering price and redemption price per share ($234,295,337 ÷ 17,026,279 shares)		$13.76

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$1,046,370
Expenses
Independent trustees' fees and expenses	$397
Total expenses before reductions	397
Expense reductions	(2)
Total expenses after reductions		395
Net investment income (loss)		1,045,975
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	102,412
Capital gain distributions from underlying funds:
Affiliated issuers	7,849,637
Total net realized gain (loss)		7,952,049
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	19,588,177
Total change in net unrealized appreciation (depreciation)		19,588,177
Net gain (loss)		27,540,226
Net increase (decrease) in net assets resulting from operations		$28,586,201

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,045,975	$3,127,819
Net realized gain (loss)	7,952,049	7,064,030
Change in net unrealized appreciation (depreciation)	19,588,177	(24,711,367)
Net increase (decrease) in net assets resulting from operations	28,586,201	(14,519,518)
Distributions to shareholders	(6,679,341)	(6,951,203)
Share transactions
Proceeds from sales of shares	11,033,997	20,745,247
Reinvestment of distributions	6,679,341	6,951,203
Cost of shares redeemed	(8,787,885)	(18,962,480)
Net increase (decrease) in net assets resulting from share transactions	8,925,453	8,733,970
Total increase (decrease) in net assets	30,832,313	(12,736,751)
Net Assets
Beginning of period	203,463,024	216,199,775
End of period	$234,295,337	$203,463,024
Other Information
Shares
Sold	836,199	1,524,182
Issued in reinvestment of distributions	516,178	540,861
Redeemed	(669,919)	(1,406,532)
Net increase (decrease)	682,458	658,511

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

Financial Highlights

VIP Investor Freedom 2025 Portfolio

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$12.45	$13.78	$12.15	$12.04	$12.35	$12.16
Income from Investment Operations
Net investment income (loss)^A	.06	.20	.20	.18	.24	.21
Net realized and unrealized gain (loss)	1.25	(1.09)	1.94	.50	(.28)	.40
Total from investment operations	1.31	(.89)	2.14	.68	(.04)	.61
Distributions from net investment income	–^B	(.19)	(.19)	(.18)	(.23)	(.20)
Distributions from net realized gain	(.41)	(.25)	(.32)	(.39)	(.04)	(.22)
Total distributions	(.41)	(.44)	(.51)	(.57)	(.27)	(.42)
Net asset value, end of period	$13.76	$12.45	$13.78	$12.15	$12.04	$12.35
Total Return^C,^D,^E	14.05%	(6.56)%	17.82%	6.10%	(.32)%	5.04%
Ratios to Average Net Assets^F,^G
Expenses before reductions^H	- %^I	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^H,^I	- %^H	-%	-%	-%	-%
Expenses net of all reductions	- %^H,^I	- %^H	-%	-%	-%	-%
Net investment income (loss)	.94%^I	1.44%	1.53%	1.54%	1.89%	1.71%
Supplemental Data
Net assets, end of period (000 omitted)	$234,295	$203,463	$216,200	$163,933	$156,218	$139,907
Portfolio turnover rate^G	22%^I	30%	17%	23%	16%	13%

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

^B Amount represents less than $.005 per share.

^C Total returns for periods of less than one year are not annualized.

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

^H Amount represents less than .005%.

^I Annualized

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

Investor 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 June 30, 2019

	% of fund's net assets
VIP Overseas Portfolio Investor Class	17.8
VIP Investment Grade Bond Portfolio Investor Class	15.7
VIP Emerging Markets Portfolio Investor Class	9.5
VIP Growth & Income Portfolio Investor Class	9.2
VIP Equity-Income Portfolio Investor Class	8.1
VIP Growth Portfolio Investor Class	7.8
VIP Contrafund Portfolio Investor Class	7.7
VIP Value Portfolio Investor Class	5.9
Fidelity Long-Term Treasury Bond Index Fund	5.8
Fidelity Inflation-Protected Bond Index Fund	3.8
	91.3

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	43.9%
	International Equity Funds	27.3%
	Bond Funds	27.2%
	Short-Term Funds	1.6%

Investor Freedom® 2030 Portfolio

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 43.9%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	566,170	$19,164,844
VIP Equity-Income Portfolio Investor Class (a)	920,954	20,168,893
VIP Growth & Income Portfolio Investor Class (a)	1,153,420	23,068,399
VIP Growth Portfolio Investor Class (a)	274,600	19,609,181
VIP Mid Cap Portfolio Investor Class (a)	179,656	5,628,614
VIP Value Portfolio Investor Class (a)	1,023,025	14,833,856
VIP Value Strategies Portfolio Investor Class (a)	600,364	7,264,403
TOTAL DOMESTIC EQUITY FUNDS
(Cost $94,608,263)		109,738,190

International Equity Funds - 27.3%
VIP Emerging Markets Portfolio Investor Class (a)	2,002,147	23,805,529
VIP Overseas Portfolio Investor Class (a)	2,042,495	44,485,531
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $56,644,998)		68,291,060

Bond Funds - 27.2%
Fidelity Inflation-Protected Bond Index Fund (a)	940,454	9,451,560
Fidelity Long-Term Treasury Bond Index Fund (a)	1,042,337	14,425,937
VIP High Income Portfolio Investor Class (a)	863,885	4,682,258
VIP Investment Grade Bond Portfolio Investor Class (a)	3,009,936	39,309,764
TOTAL BOND FUNDS
(Cost $64,943,450)		67,869,519

Short-Term Funds - 1.6%
VIP Government Money Market Portfolio Investor Class 2.16% (a)(b)
(Cost $3,959,119)	3,959,119	3,959,119
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $220,155,830)		249,857,888
NET OTHER ASSETS (LIABILITIES) - 0.0%		87
NET ASSETS - 100%		$249,857,975

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 Inflation-Protected Bond Index Fund	$6,047,950	$3,317,927	$357,966	$16,218	$1,552	$442,097	$9,451,560
Fidelity Long-Term Treasury Bond Index Fund	12,785,537	2,941,662	2,573,092	195,775	95,446	1,176,384	14,425,937
VIP Contrafund Portfolio Investor Class	17,564,794	3,276,102	2,945,925	2,209,449	(24,135)	1,294,008	19,164,844
VIP Emerging Markets Portfolio Investor Class	19,368,781	2,670,216	2,107,941	--	46,633	3,827,840	23,805,529
VIP Equity-Income Portfolio Investor Class	18,429,766	2,700,713	2,549,620	1,331,696	(271,376)	1,859,410	20,168,893
VIP Government Money Market Portfolio Investor Class 2.16%	3,216,944	1,021,275	279,100	39,258	--	--	3,959,119
VIP Growth & Income Portfolio Investor Class	21,009,916	4,061,134	2,968,540	2,374,493	(39,061)	1,004,950	23,068,399
VIP Growth Portfolio Investor Class	17,953,464	2,405,045	3,309,511	1,250,665	208,091	2,352,092	19,609,181
VIP High Income Portfolio Investor Class	4,105,549	520,181	344,614	36,041	(184)	401,326	4,682,258
VIP Investment Grade Bond Portfolio Investor Class	32,122,841	7,847,363	2,860,757	149,568	48,223	2,152,094	39,309,764
VIP Mid Cap Portfolio Investor Class	5,097,231	1,094,334	843,528	600,113	(58,106)	338,683	5,628,614
VIP Overseas Portfolio Investor Class	36,039,068	6,108,213	3,067,688	1,427,202	(39,247)	5,445,185	44,485,531
VIP Value Portfolio Investor Class	13,533,236	1,811,392	2,076,198	935,584	(151,276)	1,716,702	14,833,856
VIP Value Strategies Portfolio Investor Class	6,596,221	1,135,967	1,171,274	695,225	(61,080)	764,569	7,264,403
	$213,871,298	$40,911,524	$27,455,754	$11,261,287	$(244,520)	$22,775,340	$249,857,888

Investment Valuation

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

Investor Freedom® 2030 Portfolio

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $220,155,830)	$249,857,888
Total Investment in Securities (cost $220,155,830)		$249,857,888
Cash		2
Receivable for investments sold		3,282,202
Receivable for fund shares sold		92,941
Total assets		253,233,033
Liabilities
Payable for investments purchased	$3,374,954
Payable for fund shares redeemed	104
Total liabilities		3,375,058
Net Assets		$249,857,975
Net Assets consist of:
Paid in capital		$210,190,456
Total distributable earnings (loss)		39,667,519
Net Assets, for 18,449,759 shares outstanding		$249,857,975
Net Asset Value, offering price and redemption price per share ($249,857,975 ÷ 18,449,759 shares)		$13.54

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$1,068,879
Expenses
Independent trustees' fees and expenses	$421
Total expenses before reductions	421
Expense reductions	(14)
Total expenses after reductions		407
Net investment income (loss)		1,068,472
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(244,520)
Capital gain distributions from underlying funds:
Affiliated issuers	10,192,408
Total net realized gain (loss)		9,947,888
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	22,775,340
Total change in net unrealized appreciation (depreciation)		22,775,340
Net gain (loss)		32,723,228
Net increase (decrease) in net assets resulting from operations		$33,791,700

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,068,472	$3,068,579
Net realized gain (loss)	9,947,888	8,010,774
Change in net unrealized appreciation (depreciation)	22,775,340	(29,586,033)
Net increase (decrease) in net assets resulting from operations	33,791,700	(18,506,680)
Distributions to shareholders	(7,670,411)	(7,556,870)
Share transactions
Proceeds from sales of shares	13,610,167	35,664,187
Reinvestment of distributions	7,670,411	7,556,870
Cost of shares redeemed	(11,415,164)	(17,883,056)
Net increase (decrease) in net assets resulting from share transactions	9,865,414	25,338,001
Total increase (decrease) in net assets	35,986,703	(725,549)
Net Assets
Beginning of period	213,871,272	214,596,821
End of period	$249,857,975	$213,871,272
Other Information
Shares
Sold	1,050,143	2,653,286
Issued in reinvestment of distributions	604,445	599,010
Redeemed	(879,103)	(1,342,744)
Net increase (decrease)	775,485	1,909,552

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

Financial Highlights

VIP Investor Freedom 2030 Portfolio

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$12.10	$13.61	$11.76	$11.68	$11.97	$11.81
Income from Investment Operations
Net investment income (loss)^A	.06	.18	.19	.17	.21	.19
Net realized and unrealized gain (loss)	1.38	(1.24)	2.23	.51	(.24)	.38
Total from investment operations	1.44	(1.06)	2.42	.68	(.03)	.57
Distributions from net investment income	–^B	(.18)	(.17)	(.17)	(.20)	(.18)
Distributions from net realized gain	(.43)	(.28)	(.39)	(.44)	(.05)	(.22)
Total distributions	(.43)	(.45)^C	(.57)^D	(.60)^E	(.26)^F	(.41)^G
Net asset value, end of period	$13.54	$12.10	$13.61	$11.76	$11.68	$11.97
Total Return^H,^I,^J	15.73%	(7.87)%	20.92%	6.50%	(.32)%	4.83%
Ratios to Average Net Assets^K,^L
Expenses before reductions^M	- %^N	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^M,^N	- %^M	-%	-%	-%	-%
Expenses net of all reductions	- %^M,^N	- %^M	-%	-%	-%	-%
Net investment income (loss)	9.55%^N	1.36%	1.46%	1.48%	1.73%	1.58%
Supplemental Data
Net assets, end of period (000 omitted)	$249,858	$213,871	$214,597	$155,533	$144,692	$131,425
Portfolio turnover rate^L	23%^N	24%	19%	19%	12%	13%

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

^B Amount represents less than $.005 per share.

^C Total distributions of $.45 per share is comprised of distributions from net investment income of $.176 and distributions from net realized gain of $.278 per share.

^D Total distributions of $.57 per share is comprised of distributions from net investment income of $.174 and distributions from net realized gain of $.391 per share.

^E Total distributions of $.60 per share is comprised of distributions from net investment income of $.167 and distributions from net realized gain of $.435 per share.

^F Total distributions of $.26 per share is comprised of distributions from net investment income of $.202 and distributions from net realized gain of $.053 per share.

^G Total distributions of $.41 per share is comprised of distributions from net investment income of $.182 and distributions from net realized gain of $.224 per share.

^H Total returns for periods of less than one year are not annualized.

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

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

^K 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.

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

^M Amount represents less than .005%.

^N Annualized

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

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2019

1. Organization.

VIP Investor Freedom Income 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 and VIP Investor Freedom 2030 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. Investments in Fidelity Central Funds.

The Funds may invest 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 Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

3. 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)

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 Investor Freedom Income	$75,275,698	$5,801,794	$(33,009)	$5,768,785
VIP Investor Freedom 2005	30,363,621	2,453,437	(35,780)	2,417,657
VIP Investor Freedom 2010	54,765,744	5,822,850	(181,996)	5,640,854
VIP Investor Freedom 2015	92,422,521	12,378,660	(247,422)	12,131,238
VIP Investor Freedom 2020	187,011,816	27,129,052	(642,052)	26,487,000
VIP Investor Freedom 2025	204,616,163	30,408,979	(760,401)	29,648,578
VIP Investor Freedom 2030	221,344,677	30,209,781	(1,696,570)	28,513,211

4. Purchases and Sales of Investments

Purchases and sales of securities, other than short-term securities, are noted in the table below.

	Purchases ($)	Sales ($)
VIP Investor Freedom Income	9,925,222	8,275,388
VIP Investor Freedom 2005	7,065,322	4,944,114
VIP Investor Freedom 2010	8,499,204	8,866,938
VIP Investor Freedom 2015	13,306,183	13,620,551
VIP Investor Freedom 2020	31,019,347	31,541,229
VIP Investor Freedom 2025	35,431,559	24,289,983
VIP Investor Freedom 2030	40,911,524	27,455,754

5. 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. During the period, the investment adviser reimbursed VIP Investor Freedom 2025 Portfolio for certain losses in the amount of $30,468.

6. Expense Reductions.

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

VIP Investor Freedom Income	$3
VIP Investor Freedom 2005	3
VIP Investor Freedom 2015	10
VIP Investor Freedom 2020	1
VIP Investor Freedom 2025	2
VIP Investor Freedom 2030	14

7. 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.

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 (January 1, 2019 to June 30, 2019).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value January 1, 2019	Ending Account Value June 30, 2019	Expenses Paid During Period-^B January 1, 2019 to June 30, 2019
VIP Investor Freedom Income	- %
Actual		$1,000.00	$1,079.70	$-
Hypothetical-^C		$1,000.00	$1,024.79	$-
VIP Investor Freedom 2005	- %
Actual		$1,000.00	$1,092.50	$-
Hypothetical-^C		$1,000.00	$1,024.79	$-
VIP Investor Freedom 2010	- %
Actual		$1,000.00	$1,106.80	$-
Hypothetical-^C		$1,000.00	$1,024.79	$-
VIP Investor Freedom 2015	- %
Actual		$1,000.00	$1,119.10	$-
Hypothetical-^C		$1,000.00	$1,024.79	$-
VIP Investor Freedom 2020	- %
Actual		$1,000.00	$1,131.30	$-
Hypothetical-^C		$1,000.00	$1,024.79	$-
VIP Investor Freedom 2025	- %
Actual		$1,000.00	$1,140.50	$-
Hypothetical-^C		$1,000.00	$1,024.79	$-
VIP Investor Freedom 2030	- %
Actual		$1,000.00	$1,157.30	$-
Hypothetical-^C		$1,000.00	$1,024.79	$-

^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 181/365 (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

Fidelity Investments

VIPIFF-SANN-0819
1.833440.113

Fidelity® Variable Insurance Products:
FundsManager - 20%, 50%, 60%, 70%, 85% Portfolio

FundsManager 20% Portfolio

FundsManager 50% Portfolio

FundsManager 60% Portfolio

FundsManager 70% Portfolio

FundsManager 85% Portfolio

Semi-Annual Report

June 30, 2019

Contents

VIP FundsManager® 20% Portfolio
Investment Summary
Schedule of Investments
Financial Statements
VIP FundsManager® 50% Portfolio
Investment Summary
Schedule of Investments
Financial Statements
VIP FundsManager® 60% Portfolio
Investment Summary
Schedule of Investments
Financial Statements
VIP FundsManager® 70% Portfolio
Investment Summary
Schedule of Investments
Financial Statements
VIP FundsManager® 85% Portfolio
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example

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

Investment Summary (Unaudited)

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

Top Holdings as of June 30, 2019

	% of fund's net assets
Fidelity U.S. Bond Index Fund	41.5
Fidelity Investments Money Market Prime Reserves Portfolio Institutional Class 2.42%	16.4
Fidelity Stock Selector All Cap Fund	11.9
Fidelity Cash Central Fund 2.42%	10.3
Fidelity Inflation-Protected Bond Index Fund	4.5
Fidelity Long-Term Treasury Bond Index Fund	2.0
Fidelity Emerging Markets Fund	1.4
Fidelity Overseas Fund	1.4
Fidelity New Markets Income Fund	1.0
Fidelity Floating Rate High Income Fund	1.0
	91.4

Asset Allocation (% of fund's net assets)

Period end^*
	Domestic Equity Funds	16.4%
	International Equity Funds	6.7%
	Bond Funds	50.0%
	Short-Term Funds	26.7%
	Short-Term Investments	0.2%

* Futures - (2.9)%

VIP FundsManager® 20% Portfolio

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 23.1%
	Shares	Value
Fidelity Contrafund (a)	357,556	$4,712,590
Fidelity Diversified International Fund (a)	86,711	3,230,836
Fidelity Emerging Asia Fund (a)	34,366	1,506,592
Fidelity Emerging Markets Discovery Fund (a)	184,834	2,532,233
Fidelity Emerging Markets Fund (a)	343,640	11,054,906
Fidelity Equity-Income Fund (a)	77,153	4,502,638
Fidelity Europe Fund (a)	40,850	1,493,068
Fidelity Global Commodity Stock Fund (a)	300,255	3,786,212
Fidelity International Capital Appreciation Fund (a)	43,601	957,037
Fidelity International Discovery Fund (a)	62,425	2,661,823
Fidelity International Enhanced Index Fund (a)	312,495	2,968,698
Fidelity International Small Cap Fund (a)	66,078	1,758,333
Fidelity International Small Cap Opportunities Fund (a)	88,603	1,653,332
Fidelity International Value Fund (a)	256,630	2,081,266
Fidelity Japan Fund (a)	425,403	6,312,978
Fidelity Japan Smaller Companies Fund (a)	182,710	3,016,543
Fidelity Low-Priced Stock Fund (a)	88,106	4,281,073
Fidelity Mega Cap Stock Fund (a)	414,937	6,518,665
Fidelity Overseas Fund (a)	213,483	10,398,774
Fidelity Pacific Basin Fund (a)	26,304	822,271
Fidelity Real Estate Investment Portfolio (a)	165,018	7,419,218
Fidelity Stock Selector All Cap Fund (a)	1,965,758	90,464,194
Fidelity Value Discovery Fund (a)	76,428	2,170,554
TOTAL EQUITY FUNDS
(Cost $168,922,091)		176,303,834

Fixed-Income Funds - 50.0%
Fidelity Floating Rate High Income Fund (a)	806,553	7,646,125
Fidelity Inflation-Protected Bond Index Fund (a)	3,434,875	34,520,495
Fidelity Long-Term Treasury Bond Index Fund (a)	1,105,548	15,300,778
Fidelity New Markets Income Fund (a)	506,493	7,693,625
Fidelity U.S. Bond Index Fund (a)	26,840,360	316,447,838
TOTAL FIXED-INCOME FUNDS
(Cost $363,580,231)		381,608,861

Money Market Funds - 26.7%
Fidelity Cash Central Fund 2.42% (b)	78,650,147	78,665,877
Fidelity Investments Money Market Prime Reserves Portfolio Institutional Class 2.42% (a)(c)	124,994,264	125,031,762
TOTAL MONEY MARKET FUNDS
(Cost $203,685,703)		203,697,639
	Principal Amount	Value

U.S. Treasury Obligations - 0.2%
U.S. Treasury Bills, yield at date of purchase 2.11% to 2.39% 7/18/19 to 9/26/19 (d)
(Cost $1,156,001)	1,160,000	1,156,180
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $737,344,026)		762,766,514
NET OTHER ASSETS (LIABILITIES) - 0.0%		(99,248)
NET ASSETS - 100%		$762,667,266

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
ICE E-mini MSCI Emerging Markets Index Contracts (United States)	100	Sept. 2019	$5,267,000	$193,262	$193,262
Sold
Equity Index Contracts
CME E-mini S&P 500 Index Contracts (United States)	82	Sept. 2019	12,071,220	(91,699)	(91,699)
ICE E-mini MSCI EAFE Index Contracts (United States)	156	Sept. 2019	15,001,740	(422,343)	(422,343)
TOTAL SOLD					( 514,042)
TOTAL FUTURES CONTRACTS					$(320,780)

The notional amount of futures purchased as a percentage of Net Assets is 0.7%

The notional amount of futures sold as a percentage of Net Assets is 3.6%

Legend

(a) Affiliated Fund

(d) 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 $1,156,180.

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	$306,386
Total	$306,386

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 Contrafund	$4,232,782	$193,316	$514,618	$39,954	$(16,316)	$817,426	$4,712,590
Fidelity Diversified International Fund	4,430,870	37,283	1,823,045	--	(429,348)	1,015,076	3,230,836
Fidelity Emerging Asia Fund	--	1,444,577	56,456	--	460	118,011	1,506,592
Fidelity Emerging Markets Discovery Fund	--	2,527,132	98,605	--	438	103,268	2,532,233
Fidelity Emerging Markets Fund	--	10,467,024	408,328	--	3,441	992,769	11,054,906
Fidelity Equity-Income Fund	4,206,824	218,073	514,617	64,712	(39,249)	631,607	4,502,638
Fidelity Europe Fund	1,656,737	31,830	425,858	--	(68,643)	299,002	1,493,068
Fidelity Floating Rate High Income Fund	7,365,560	465,123	407,778	191,942	(3,581)	226,801	7,646,125
Fidelity Global Commodity Stock Fund	3,425,312	136,594	203,888	--	(3,562)	431,756	3,786,212
Fidelity Inflation-Protected Bond Index Fund	30,747,046	12,186,554	9,892,535	53,576	(287,033)	1,766,463	34,520,495
Fidelity International Capital Appreciation Fund	1,057,683	19,336	312,699	--	30,831	161,886	957,037
Fidelity International Discovery Fund	3,659,396	43,331	1,503,780	--	(329,046)	791,922	2,661,823
Fidelity International Enhanced Index Fund	3,432,947	53,539	885,259	--	(127,203)	494,674	2,968,698
Fidelity International Small Cap Fund	1,437,579	206,427	75,073	--	1,497	187,903	1,758,333
Fidelity International Small Cap Opportunities Fund	1,812,941	33,797	429,528	--	61,868	174,254	1,653,332
Fidelity International Value Fund	2,313,061	41,579	510,435	--	(93,540)	330,601	2,081,266
Fidelity Investments Money Market Government Portfolio Institutional Class 2.30%	83,379,133	9,869,593	93,248,726	679,398	--	--	--
Fidelity Investments Money Market Prime Reserves Portfolio Institutional Class 2.42%	122,641,026	11,592,065	9,213,571	1,492,481	501	11,741	125,031,762
Fidelity Japan Fund	5,766,339	296,745	492,869	--	(7,432)	750,195	6,312,978
Fidelity Japan Smaller Companies Fund	2,766,230	--	--	--	--	250,313	3,016,543
Fidelity Long-Term Treasury Bond Index Fund	20,962,126	4,693,371	11,348,246	208,322	(374,578)	1,368,105	15,300,778
Fidelity Low-Priced Stock Fund	4,156,325	153,307	514,563	--	(47,310)	533,314	4,281,073
Fidelity Mega Cap Stock Fund	6,104,354	230,109	771,001	--	(80,703)	1,035,906	6,518,665
Fidelity New Markets Income Fund	3,447,653	4,266,741	386,145	174,141	(9,075)	374,451	7,693,625
Fidelity Overseas Fund	5,037,536	4,984,681	1,177,791	--	(105,759)	1,660,107	10,398,774
Fidelity Pacific Basin Fund	849,900	17,192	182,907	--	4,752	133,334	822,271
Fidelity Real Estate Investment Portfolio	744,366	6,558,406	151,733	21,202	3,977	264,202	7,419,218
Fidelity Stock Selector All Cap Fund	81,595,573	3,000,433	9,678,451	(3,617)	(547,186)	16,093,825	90,464,194
Fidelity U.S. Bond Index Fund	317,264,615	24,678,911	39,392,152	4,444,493	(406,581)	14,303,045	316,447,838
Fidelity Value Discovery Fund	2,090,155	76,215	256,153	--	(8,570)	268,907	2,170,554
	$726,584,069	$98,523,284	$184,876,810	$7,366,604	$(2,876,950)	$45,590,864	$682,944,457

Investment Valuation

The following is a summary of the inputs used, as of June 30, 2019, 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:
Equity Funds	$176,303,834	$176,303,834	$--	$--
Fixed-Income Funds	381,608,861	381,608,861	--	--
Money Market Funds	203,697,639	203,697,639	--	--
Other Short-Term Investments	1,156,180	--	1,156,180	--
Total Investments in Securities:	$762,766,514	$761,610,334	$1,156,180	$--
Derivative Instruments:
Assets
Futures Contracts	$193,262	$193,262	$--	$--
Total Assets	$193,262	$193,262	$--	$--
Liabilities
Futures Contracts	$(514,042)	$(514,042)	$--	$--
Total Liabilities	$(514,042)	$(514,042)	$--	$--
Total Derivative Instruments:	$(320,780)	$(320,780)	$--	$--

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2019. 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)	$193,262	$(514,042)
Total Equity Risk	193,262	(514,042)
Total Value of Derivatives	$193,262	$(514,042)

(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 distributable earnings.

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

VIP FundsManager® 20% Portfolio

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $1,156,001)	$1,156,180
Fidelity Central Funds (cost $78,665,877)	78,665,877
Other affiliated issuers (cost $657,522,148)	682,944,457
Total Investment in Securities (cost $737,344,026)		$762,766,514
Receivable for investments sold		55,950
Receivable for fund shares sold		8,057
Distributions receivable from Fidelity Central Funds		178,654
Total assets		763,009,175
Liabilities
Payable for fund shares redeemed	$72,305
Accrued management fee	125,531
Distribution and service plan fees payable	1,163
Payable for daily variation margin on futures contracts	142,910
Total liabilities		341,909
Net Assets		$762,667,266
Net Assets consist of:
Paid in capital		$736,464,685
Total distributable earnings (loss)		26,202,581
Net Assets		$762,667,266
Net Asset Value and Maximum Offering Price
Service Class:
Net Asset Value, offering price and redemption price per share ($56,370 ÷ 5,127 shares)		$10.99
Service Class 2:
Net Asset Value, offering price and redemption price per share ($9,396,097 ÷ 857,559 shares)		$10.96
Investor Class:
Net Asset Value, offering price and redemption price per share ($753,214,799 ÷ 68,550,689 shares)		$10.99

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$7,283,253
Interest		16,734
Income from Fidelity Central Funds		306,386
Total income		7,606,373
Expenses
Management fee	$921,177
Distribution and service plan fees	11,044
Independent trustees' fees and expenses	1,348
Miscellaneous	97
Total expenses before reductions	933,666
Expense reductions	(189,107)
Total expenses after reductions		744,559
Net investment income (loss)		6,861,814
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	650
Affiliated issuers	(2,876,950)
Foreign currency transactions	(19)
Futures contracts	(1,889,247)
Capital gain distributions from underlying funds:
Affiliated issuers	83,351
Total net realized gain (loss)		(4,682,215)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	196
Fidelity Central Funds	(89)
Other affiliated issuers	45,590,864
Futures contracts	(399,935)
Total change in net unrealized appreciation (depreciation)		45,191,036
Net gain (loss)		40,508,821
Net increase (decrease) in net assets resulting from operations		$47,370,635

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$6,861,814	$14,334,846
Net realized gain (loss)	(4,682,215)	30,241,630
Change in net unrealized appreciation (depreciation)	45,191,036	(57,132,369)
Net increase (decrease) in net assets resulting from operations	47,370,635	(12,555,893)
Distributions to shareholders	(29,912,416)	(46,235,998)
Share transactions - net increase (decrease)	17,083,975	1,378,738
Total increase (decrease) in net assets	34,542,194	(57,413,153)
Net Assets
Beginning of period	728,125,072	785,538,225
End of period	$762,667,266	$728,125,072

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

Financial Highlights

VIP FundsManager 20% Portfolio Service Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$10.75	$11.63	$11.04	$11.02	$11.51	$11.33
Income from Investment Operations
Net investment income (loss)^A	.10	.21	.16	.14	.13	.15
Net realized and unrealized gain (loss)	.59	(.40)	.65	.17	(.13)	.32
Total from investment operations	.69	(.19)	.81	.31	–^B	.47
Distributions from net investment income	(.02)	(.21)	(.15)	(.14)	(.13)	(.15)
Distributions from net realized gain	(.43)	(.48)	(.07)	(.15)	(.36)	(.15)
Total distributions	(.45)	(.69)	(.22)	(.29)	(.49)	(.29)^C
Net asset value, end of period	$10.99	$10.75	$11.63	$11.04	$11.02	$11.51
Total Return^D,^E,^F	6.57%	(1.67)%	7.33%	2.83%	(.03)%	4.21%
Ratios to Average Net Assets^G,^H,^I
Expenses before reductions	.35%^J	.35%	.35%	.35%	.35%	.35%
Expenses net of fee waivers, if any	.20%^J	.20%	.20%	.20%	.20%	.20%
Expenses net of all reductions	.20%^J	.20%	.20%	.20%	.20%	.20%
Net investment income (loss)	1.86%^J	1.87%	1.41%	1.25%	1.16%	1.31%
Supplemental Data
Net assets, end of period (000 omitted)	$56	$55	$59	$60	$62	$68
Portfolio turnover rate^G,^H	28%^J	47%	61%	58%	44%	28%

^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 for periods of less than one year are not annualized.

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

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

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

^H Amount does not include the portfolio activity 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 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 but do not include expenses of the underlying funds in which the Fund invests.

^J Annualized

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

VIP FundsManager 20% Portfolio Service Class 2

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$10.72	$11.60	$11.01	$11.00	$11.49	$11.32
Income from Investment Operations
Net investment income (loss)^A	.09	.19	.14	.12	.11	.13
Net realized and unrealized gain (loss)	.60	(.40)	.65	.17	(.12)	.32
Total from investment operations	.69	(.21)	.79	.29	(.01)	.45
Distributions from net investment income	(.02)	(.19)	(.13)	(.13)	(.12)	(.13)
Distributions from net realized gain	(.43)	(.48)	(.07)	(.15)	(.36)	(.15)
Total distributions	(.45)	(.67)	(.20)	(.28)	(.48)	(.28)
Net asset value, end of period	$10.96	$10.72	$11.60	$11.01	$11.00	$11.49
Total Return^B,^C,^D	6.58%	(1.82)%	7.19%	2.66%	(.17)%	3.98%
Ratios to Average Net Assets^E,^F,^G
Expenses before reductions	.50%^H	.50%	.50%	.50%	.50%	.50%
Expenses net of fee waivers, if any	.35%^H	.35%	.35%	.35%	.35%	.35%
Expenses net of all reductions	.35%^H	.35%	.35%	.35%	.35%	.35%
Net investment income (loss)	1.71%^H	1.72%	1.26%	1.10%	1.01%	1.16%
Supplemental Data
Net assets, end of period (000 omitted)	$9,396	$8,286	$8,188	$7,529	$1,454	$1,426
Portfolio turnover rate^E,^F	28%^H	47%	61%	58%	44%	28%

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

^B Total returns for periods of less than one year are not annualized.

^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 Amount does not include the portfolio activity of any underlying Fidelity Central 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 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 but do not include expenses of the underlying funds in which the Fund invests.

^H Annualized

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

VIP FundsManager 20% Portfolio Investor Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$10.74	$11.62	$11.04	$11.01	$11.50	$11.33
Income from Investment Operations
Net investment income (loss)^A	.10	.21	.16	.14	.13	.15
Net realized and unrealized gain (loss)	.60	(.40)	.64	.18	(.13)	.31
Total from investment operations	.70	(.19)	.80	.32	–^B	.46
Distributions from net investment income	(.02)	(.21)	(.15)	(.14)	(.13)	(.15)
Distributions from net realized gain	(.43)	(.48)	(.07)	(.15)	(.36)	(.15)
Total distributions	(.45)	(.69)	(.22)	(.29)	(.49)	(.29)^C
Net asset value, end of period	$10.99	$10.74	$11.62	$11.04	$11.01	$11.50
Total Return^D,^E,^F	6.68%	(1.67)%	7.24%	2.93%	(.03)%	4.12%
Ratios to Average Net Assets^G,^H,^I
Expenses before reductions	.25%^J	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.20%^J	.20%	.20%	.20%	.20%	.20%
Expenses net of all reductions	.20%^J	.20%	.20%	.20%	.20%	.20%
Net investment income (loss)	1.86%^J	1.87%	1.41%	1.25%	1.16%	1.31%
Supplemental Data
Net assets, end of period (000 omitted)	$753,215	$719,784	$777,291	$739,074	$732,911	$760,583
Portfolio turnover rate^G,^H	28%^J	47%	61%	58%	44%	28%

^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 for periods of less than one year are not annualized.

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

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

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

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

^J Annualized

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 June 30, 2019

	% of fund's net assets
Fidelity U.S. Bond Index Fund	31.3
Fidelity Stock Selector All Cap Fund	27.7
Fidelity Cash Central Fund 2.42%	6.0
Fidelity Overseas Fund	5.2
Fidelity Inflation-Protected Bond Index Fund	4.0
Fidelity Mega Cap Stock Fund	2.2
Fidelity Investments Money Market Prime Reserves Portfolio Institutional Class 2.42%	2.2
Fidelity Long-Term Treasury Bond Index Fund	1.9
Fidelity Emerging Markets Fund	1.6
Fidelity Japan Fund	1.6
	83.7

Asset Allocation (% of fund's net assets)

Period end^*
	Domestic Equity Funds	37.2%
	International Equity Funds	15.3%
	Bond Funds	39.2%
	Short-Term Funds	8.2%
	Short-Term Investments	0.1%

* Futures - (1.8)%

VIP FundsManager® 50% Portfolio

Schedule of Investments June 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 52.5%
	Shares	Value
Fidelity Contrafund (a)	6,597,258	$86,951,860
Fidelity Emerging Asia Fund (a)	318,452	13,960,916
Fidelity Emerging Markets Discovery Fund (a)	1,701,088	23,304,900
Fidelity Emerging Markets Fund (a)	2,909,077	93,585,017
Fidelity Equity-Income Fund (a)	1,490,579	86,990,173
Fidelity Europe Fund (a)	939,476	34,337,847
Fidelity Global Commodity Stock Fund (a)	4,479,947	56,492,126
Fidelity International Capital Appreciation Fund (a)	1,000,385	21,958,450
Fidelity International Discovery Fund (a)	674,273	28,750,983
Fidelity International Enhanced Index Fund (a)	7,134,790	67,780,504
Fidelity International Small Cap Fund (a)	1,412,565	37,588,358
Fidelity International Small Cap Opportunities Fund (a)	1,901,067	35,473,905
Fidelity International Value Fund (a)	5,995,751	48,625,540
Fidelity Japan Fund (a)	6,230,805	92,465,145
Fidelity Japan Smaller Companies Fund (a)	4,421,975	73,006,814
Fidelity Large Cap Value Enhanced Index Fund (a)	1,268,237	16,461,713
Fidelity Low-Priced Stock Fund (a)	1,595,428	77,521,835
Fidelity Mega Cap Stock Fund (a)	8,076,351	126,879,480
Fidelity Overseas Fund (a)	6,168,498	300,467,526
Fidelity Pacific Basin Fund (a)	598,768	18,717,474
Fidelity Real Estate Investment Portfolio (a)	1,253,147	56,341,498
Fidelity Stock Selector All Cap Fund (a)	35,061,781	1,613,543,179
Fidelity Value Discovery Fund (a)	1,446,868	41,091,050
TOTAL EQUITY FUNDS
(Cost $2,905,454,703)		3,052,296,293

Fixed-Income Funds - 39.2%
Fidelity Floating Rate High Income Fund (a)	6,092,157	57,753,652
Fidelity Inflation-Protected Bond Index Fund (a)	23,265,927	233,822,567
Fidelity Long-Term Treasury Bond Index Fund (a)	7,957,418	110,130,668
Fidelity New Markets Income Fund (a)	3,748,804	56,944,337
Fidelity U.S. Bond Index Fund (a)	154,371,476	1,820,039,701
TOTAL FIXED-INCOME FUNDS
(Cost $2,208,362,249)		2,278,690,925

Money Market Funds - 8.2%
Fidelity Cash Central Fund 2.42% (b)	351,026,114	351,096,319
Fidelity Investments Money Market Prime Reserves Portfolio Institutional Class 2.42%(a)(c)	125,845,654	125,883,408
TOTAL MONEY MARKET FUNDS
(Cost $476,966,274)		476,979,727
	Principal Amount	Value

U.S. Treasury Obligations - 0.1%
U.S. Treasury Bills, yield at date of purchase 2.36% to 2.39% 7/18/19 to 8/15/19 (d)
(Cost $10,104,361)	10,120,000	10,106,480
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $5,600,887,587)		5,818,073,425
NET OTHER ASSETS (LIABILITIES) - 0.0%		(1,408,160)
NET ASSETS - 100%		$5,816,665,265

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
ICE E-mini MSCI Emerging Markets Index Contracts (United States)	1,788	Sept. 2019	$94,173,960	$3,451,144	$3,451,144
Sold
Equity Index Contracts
ICE E-mini MSCI EAFE Index Contracts (United States)	1,289	Sept. 2019	123,956,685	(2,228,058)	(2,228,058)
JPN Nikkei 225 Index(OSE) Contracts (Japan)	388	Sept. 2019	76,509,577	(1,529,710)	(1,529,710)
TOTAL SOLD					( 3,757,768)
TOTAL FUTURES CONTRACTS					$(306,624)

The notional amount of futures purchased as a percentage of Net Assets is 1.6%

The notional amount of futures sold as a percentage of Net Assets is 3.4%

Legend

(a) Affiliated Fund

(d) 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 $6,901,548.

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	$2,671,591
Total	$2,671,591

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 Contrafund	$81,424,422	$849,387	$10,650,614	$772,689	$(311,218)	$15,639,883	$86,951,860
Fidelity Diversified International Fund	84,215,670	5,025,865	100,676,840	--	6,561,730	4,873,575	--
Fidelity Emerging Asia Fund	4,851,952	8,645,086	1,123,212	--	52,892	1,534,198	13,960,916
Fidelity Emerging Markets Discovery Fund	8,544,213	15,128,185	1,964,458	--	(243,345)	1,840,305	23,304,900
Fidelity Emerging Markets Fund	12,349,217	81,204,719	8,809,234	--	444,579	8,395,736	93,585,017
Fidelity Equity-Income Fund	84,419,412	1,374,844	10,650,874	1,297,885	(818,148)	12,664,939	86,990,173
Fidelity Europe Fund	31,465,933	2,181,658	4,523,415	--	49,750	5,163,921	34,337,847
Fidelity Floating Rate High Income Fund	58,727,834	1,566,140	4,327,009	1,510,009	30,374	1,756,313	57,753,652
Fidelity Global Commodity Stock Fund	54,096,716	56,147	4,326,946	--	(176,249)	6,842,458	56,492,126
Fidelity Inflation-Protected Bond Index Fund	230,889,750	57,615,414	65,543,106	392,416	(2,178,823)	13,039,332	233,822,567
Fidelity International Capital Appreciation Fund	20,110,027	450,832	3,079,600	--	455,258	4,021,933	21,958,450
Fidelity International Discovery Fund	68,569,273	5,090,464	55,222,224	--	10,278,396	35,074	28,750,983
Fidelity International Enhanced Index Fund	65,120,150	3,609,692	9,021,755	--	(723,551)	8,795,968	67,780,504
Fidelity International Small Cap Fund	30,103,155	8,236,434	5,010,976	--	259,193	4,000,552	37,588,358
Fidelity International Small Cap Opportunities Fund	32,767,889	2,203,997	4,717,573	--	517,094	4,702,498	35,473,905
Fidelity International Value Fund	44,604,317	3,857,851	5,088,082	--	(513,168)	5,764,622	48,625,540
Fidelity Investments Money Market Government Portfolio Institutional Class 2.30%	272,552,553	1,719,322	274,271,875	1,751,732	--	--	--
Fidelity Investments Money Market Prime Reserves Portfolio Institutional Class 2.42%	190,683,915	2,237,263	67,056,579	1,979,235	6,237	12,572	125,883,408
Fidelity Japan Fund	106,111,858	93,261	26,337,698	--	(287,632)	12,885,356	92,465,145
Fidelity Japan Smaller Companies Fund	66,948,708	--	--	--	--	6,058,106	73,006,814
Fidelity Large Cap Value Enhanced Index Fund	16,385,760	15,737	2,121,757	--	(158,588)	2,340,561	16,461,713
Fidelity Long-Term Treasury Bond Index Fund	146,915,068	44,280,034	87,326,676	1,394,190	(2,108,451)	8,370,693	110,130,668
Fidelity Low-Priced Stock Fund	78,901,999	76,336	10,650,252	--	(1,030,941)	10,224,693	77,521,835
Fidelity Mega Cap Stock Fund	123,459,126	114,457	15,983,841	--	(1,805,646)	21,095,384	126,879,480
Fidelity New Markets Income Fund	27,136,859	31,139,376	4,158,150	1,343,805	(233,103)	3,059,355	56,944,337
Fidelity Overseas Fund	230,833,465	59,578,578	40,383,375	--	2,770,916	47,667,942	300,467,526
Fidelity Pacific Basin Fund	16,637,686	1,332,438	2,429,928	--	(388,076)	3,565,354	18,717,474
Fidelity Real Estate Investment Portfolio	13,774,581	41,913,227	1,891,807	161,616	107,482	2,438,015	56,341,498
Fidelity Stock Selector All Cap Fund	1,501,902,653	79,839,470	248,202,898	(38,370)	(11,506,688)	291,510,642	1,613,543,179
Fidelity U.S. Bond Index Fund	1,852,773,265	123,015,884	237,738,771	26,209,529	(1,572,163)	83,561,486	1,820,039,701
Fidelity Value Discovery Fund	41,266,067	38,116	5,328,951	--	(179,531)	5,295,349	41,091,050
	$5,598,543,493	$582,490,214	$1,318,618,476	$36,774,736	$(2,701,420)	$597,156,815	$5,456,870,626

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equity Funds	$3,052,296,293	$3,052,296,293	$--	$--
Fixed-Income Funds	2,278,690,925	2,278,690,925	--	--
Money Market Funds	476,979,727	476,979,727	--	--
Other Short-Term Investments	10,106,480	--	10,106,480	--
Total Investments in Securities:	$5,818,073,425	$5,807,966,945	$10,106,480	$--
Derivative Instruments:
Assets
Futures Contracts	$3,451,144	$3,451,144	$--	$--
Total Assets	$3,451,144	$3,451,144	$--	$--
Liabilities
Futures Contracts	$(3,757,768)	$(3,757,768)	$--	$--
Total Liabilities	$(3,757,768)	$(3,757,768)	$--	$--
Total Derivative Instruments:	$(306,624)	$(306,624)	$--	$--

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts^(a)	$3,451,144	$(3,757,768)
Total Equity Risk	3,451,144	(3,757,768)
Total Value of Derivatives	$3,451,144	$(3,757,768)

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

VIP FundsManager® 50% Portfolio

Financial Statements

Statement of Assets and Liabilities

		June 30, 2019 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $10,104,361)	$10,106,480
Fidelity Central Funds (cost $351,095,492)	351,096,319
Other affiliated issuers (cost $5,239,687,734)	5,456,870,626
Total Investment in Securities (cost $5,600,887,587)		$5,818,073,425
Receivable for investments sold		5,936,079
Receivable for fund shares sold		7,781
Distributions receivable from Fidelity Central Funds		948,334
Total assets		5,824,965,619
Liabilities
Payable for fund shares redeemed	$6,480,092
Accrued management fee	962,364
Distribution and service plan fees payable	12,053
Payable for daily variation margin on futures contracts	845,845
Total liabilities		8,300,354
Net Assets		$5,816,665,265
Net Assets consist of:
Paid in capital		$5,592,108,853
Total distributable earnings (loss)		224,556,412
Net Assets		$5,816,665,265
Net Asset Value and Maximum Offering Price
Service Class:
Net Asset Value, offering price and redemption price per share ($55,674 ÷ 4,738 shares)		$11.75
Service Class 2:
Net Asset Value, offering price and redemption price per share ($97,771,079 ÷ 8,361,320 shares)		$11.69
Investor Class:
Net Asset Value, offering price and redemption price per share ($5,718,838,512 ÷ 487,012,751 shares)		$11.74

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

Statement of Operations

		Six months ended June 30, 2019 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$35,134,202
Interest		156,228
Income from Fidelity Central Funds		2,671,591
Total income		37,962,021
Expenses
Management fee	$7,236,162
Distribution and service plan fees	118,438
Independent trustees' fees and expenses	10,606
Total expenses before reductions	7,365,206
Expense reductions	(1,497,831)
Total expenses after reductions		5,867,375
Net investment income (loss)		32,094,646
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(15,023)
Affiliated issuers	(2,701,420)
Foreign currency transactions	515
Futures contracts	(13,106,562)
Capital gain distributions from underlying funds:
Affiliated issuers	1,640,534
Total net realized gain (loss)		(14,181,956)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	2,332
Affiliated issuers	597,156,815
Futures contracts	(2,937,809)
Total change in net unrealized appreciation (depreciation)		594,221,338
Net gain (loss)		580,039,382
Net increase (decrease) in net assets resulting from operations		$612,134,028

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

Statement of Changes in Net Assets

	Six months ended June 30, 2019 (Unaudited)	Year ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$32,094,646	$96,931,670
Net realized gain (loss)	(14,181,956)	581,129,126
Change in net unrealized appreciation (depreciation)	594,221,338	(990,632,455)
Net increase (decrease) in net assets resulting from operations	612,134,028	(312,571,659)
Distributions to shareholders	(559,319,202)	(574,970,718)
Share transactions - net increase (decrease)	137,913,206	(210,578,783)
Total increase (decrease) in net assets	190,728,032	(1,098,121,160)
Net Assets
Beginning of period	5,625,937,233	6,724,058,393
End of period	$5,816,665,265	$5,625,937,233

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

Financial Highlights

VIP FundsManager 50% Portfolio Service Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.68	$13.53	$12.03	$11.85	$12.39	$12.01
Income from Investment Operations
Net investment income (loss)^A	.06	.19	.16	.15	.15	.17
Net realized and unrealized gain (loss)	1.19	(.86)	1.58	.35	(.13)	.45
Total from investment operations	1.25	(.67)	1.74	.50	.02	.62
Distributions from net investment income	(.03)	(.18)	(.15)	(.15)	(.14)	(.14)
Distributions from net realized gain	(1.15)	(1.00)	(.08)	(.16)	(.42)	(.10)
Total distributions	(1.18)	(1.18)	(.24)^B	(.32)^C	(.56)	(.24)
Net asset value, end of period	$11.75	$11.68	$13.53	$12.03	$11.85	$12.39
Total Return^D,^E,^F	11.21%	(5.28)%	14.45%	4.31%	.06%	5.18%
Ratios to Average Net Assets^G,^H,^I
Expenses before reductions	.35%^J	.35%	.35%	.35%	.35%	.35%
Expenses net of fee waivers, if any	.20%^J	.20%	.20%	.20%	.20%	.20%
Expenses net of all reductions	.20%^J	.20%	.20%	.20%	.20%	.20%
Net investment income (loss)	1.11%^J	1.52%	1.21%	1.26%	1.19%	1.38%
Supplemental Data
Net assets, end of period (000 omitted)	$56	$55	$64	$62	$64	$73
Portfolio turnover rate^G,^H	21%^J	80%	47%	40%	24%	25%

^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 returns for periods of less than one year are not annualized.

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

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

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

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

^J Annualized

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

VIP FundsManager 50% Portfolio Service Class 2

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.64	$13.48	$11.99	$11.82	$12.35	$11.98
Income from Investment Operations
Net investment income (loss)^A	.06	.17	.14	.13	.13	.15
Net realized and unrealized gain (loss)	1.17	(.85)	1.57	.34	(.12)	.44
Total from investment operations	1.23	(.68)	1.71	.47	.01	.59
Distributions from net investment income	(.03)	(.16)	(.13)	(.13)	(.12)	(.12)
Distributions from net realized gain	(1.15)	(1.00)	(.08)	(.16)	(.42)	(.10)
Total distributions	(1.18)	(1.16)	(.22)^B	(.30)^C	(.54)	(.22)
Net asset value, end of period	$11.69	$11.64	$13.48	$11.99	$11.82	$12.35
Total Return^D,^E,^F	11.05%	(5.38)%	14.24%	4.08%	(.02)%	4.95%
Ratios to Average Net Assets^G,^H,^I
Expenses before reductions	.50%^J	.50%	.50%	.50%	.50%	.50%
Expenses net of fee waivers, if any	.35%^J	.35%	.35%	.35%	.35%	.35%
Expenses net of all reductions	.35%^J	.35%	.35%	.35%	.35%	.35%
Net investment income (loss)	.96%^J	1.37%	1.06%	1.11%	1.04%	1.23%
Supplemental Data
Net assets, end of period (000 omitted)	$97,771	$90,234	$100,867	$90,983	$83,447	$88,771
Portfolio turnover rate^G,^H	21%^J	80%	47%	40%	24%	25%

^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 returns for periods of less than one year are not annualized.

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

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

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

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

^J Annualized

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

VIP FundsManager 50% Portfolio Investor Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2019	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$11.68	$13.52	$12.02	$11.85	$12.38	$12.01
Income from Investment Operations
Net investment income (loss)^A	.06	.19	.16	.15	.15	.17
Net realized and unrealized gain (loss)	1.18	(.85)	1.58	.34	(.12)	.44
Total from investment operations	1.24	(.66)	1.74	.49	.03	.61
Distributions from net investment income	(.03)	(.18)	(.15)	(.15)	(.14)	(.14)
Distributions from net realized gain	(1.15)	(1.00)	(.08)	(.16)	(.42)	(.10)
Total distributions	(1.18)	(1.18)	(.24)^B	(.32)^C	(.56)	(.24)
Net asset value, end of period	$11.74	$11.68	$13.52	$12.02	$11.85	$12.38
Total Return^D,^E,^F	11.11%	(5.20)%	14.46%	4.22%	.14%	5.10%
Ratios to Average Net Assets^G,^H,^I
Expenses before reductions	.25%^J	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.20%^J	.20%	.20%	.20%	.20%	.20%
Expenses net of all reductions	.20%^J	.20%	.20%	.20%	.20%	.20%
Net investment income (loss)	1.11%^J	1.52%	1.21%	1.26%	1.19%	1.38%
Supplemental Data
Net assets, end of period (000 omitted)	$5,718,839	$5,535,648	$6,623,127	$6,179,579	$6,046,146	$5,085,755
Portfolio turnover rate^G,^H	21%^J	80%	47%	40%	24%	25%