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)

Cynthia Lo Bessette, 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, 2020

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, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

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

Note to Shareholders
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
Liquidity Risk Management Program

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.

Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

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, 2020

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	40.9
VIP Government Money Market Portfolio Initial Class 0.01%	22.7
Fidelity Inflation-Protected Bond Index Fund	11.9
VIP Emerging Markets Portfolio Initial Class	7.8
VIP Overseas Portfolio Initial Class	5.4
Fidelity Long-Term Treasury Bond Index Fund	2.3
VIP High Income Portfolio Initial Class	2.0
VIP Growth & Income Portfolio Initial Class	1.5
VIP Equity-Income Portfolio Initial Class	1.3
VIP Growth Portfolio Initial Class	1.3
	97.1

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	7.0%
	International Equity Funds	13.2%
	Bond Funds	57.1%
	Short-Term Funds	22.7%

VIP Freedom Income Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 7.0%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	19,272	$778,416
VIP Equity-Income Portfolio Initial Class (a)	40,754	811,001
VIP Growth & Income Portfolio Initial Class (a)	49,635	927,182
VIP Growth Portfolio Initial Class (a)	9,643	796,188
VIP Mid Cap Portfolio Initial Class (a)	7,843	225,720
VIP Value Portfolio Initial Class (a)	48,768	594,967
VIP Value Strategies Portfolio Initial Class (a)	29,056	291,727
TOTAL DOMESTIC EQUITY FUNDS
(Cost $3,745,640)		4,425,201

International Equity Funds - 13.2%
VIP Emerging Markets Portfolio Initial Class (a)	446,099	4,920,471
VIP Overseas Portfolio Initial Class (a)	156,154	3,427,577
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $7,138,948)		8,348,048

Bond Funds - 57.1%
Fidelity Inflation-Protected Bond Index Fund (a)	710,662	7,589,874
Fidelity Long-Term Treasury Bond Index Fund (a)	85,579	1,451,419
VIP High Income Portfolio Initial Class (a)	250,178	1,265,900
VIP Investment Grade Bond Portfolio Initial Class (a)	1,864,700	25,919,324
TOTAL BOND FUNDS
(Cost $33,347,001)		36,226,517

Short-Term Funds - 22.7%
VIP Government Money Market Portfolio Initial Class 0.01% (a)(b)
(Cost $14,368,207)	14,368,207	14,368,207
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $58,599,796)		63,367,973
NET OTHER ASSETS (LIABILITIES) - 0.0%		(6,594)
NET ASSETS - 100%		$63,361,379

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	$6,968,463	$2,244,444	$2,036,125	$12,355	$5,173	$407,919	$7,589,874
Fidelity Long-Term Treasury Bond Index Fund	1,464,713	529,474	824,907	15,892	86,124	196,015	1,451,419
VIP Contrafund Portfolio Initial Class	646,934	618,466	539,679	4,193	62,208	(9,513)	778,416
VIP Emerging Markets Portfolio Initial Class	3,527,180	2,862,543	1,034,884	331,947	(64,379)	(369,989)	4,920,471
VIP Equity-Income Portfolio Initial Class	683,365	722,514	483,744	33,917	(32,678)	(78,456)	811,001
VIP Government Money Market Portfolio Initial Class 0.01%	13,672,664	6,428,957	5,733,414	45,627	--	--	14,368,207
VIP Growth & Income Portfolio Initial Class	779,128	819,759	546,991	43,353	49,947	(174,661)	927,182
VIP Growth Portfolio Initial Class	661,184	666,511	557,558	62,794	142,639	(116,588)	796,188
VIP High Income Portfolio Initial Class	1,164,339	530,415	344,969	9,265	(20,060)	(63,825)	1,265,900
VIP Investment Grade Bond Portfolio Initial Class	23,759,506	7,529,497	6,663,572	111,897	(36,286)	1,330,179	25,919,324
VIP Mid Cap Portfolio Initial Class	189,779	171,437	119,467	336	(7,282)	(8,747)	225,720
VIP Overseas Portfolio Initial Class	3,774,439	1,938,983	2,046,429	18,049	(130,399)	(109,017)	3,427,577
VIP Value Portfolio Initial Class	502,068	515,222	319,847	21,707	(12,757)	(89,719)	594,967
VIP Value Strategies Portfolio Initial Class	246,043	243,515	143,230	13,941	(11,340)	(43,261)	291,727
	$58,039,805	$25,821,737	$21,394,816	$725,273	$30,910	$870,337	$63,367,973

Investment Valuation

The following is a summary of the inputs used, as of June 30, 2020, 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:
Domestic Equity Funds	$4,425,201	$4,425,201	$--	$--
International Equity Funds	8,348,048	8,348,048	--	--
Bond Funds	36,226,517	36,226,517	--	--
Short-Term Funds	14,368,207	14,368,207	--	--
Total Investments in Securities:	$63,367,973	$63,367,973	$--	$--

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, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $58,599,796)	$63,367,973
Total Investment in Securities (cost $58,599,796)		$63,367,973
Cash		5
Receivable for investments sold		471,025
Receivable for fund shares sold		30,578
Total assets		63,869,581
Liabilities
Payable for investments purchased	$328,607
Payable for fund shares redeemed	172,997
Distribution and service plan fees payable	6,598
Total liabilities		508,202
Net Assets		$63,361,379
Net Assets consist of:
Paid in capital		$58,036,532
Total accumulated earnings (loss)		5,324,847
Net Assets		$63,361,379
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($15,875,476 ÷ 1,318,873 shares)		$12.04
Service Class:
Net Asset Value, offering price and redemption price per share ($26,258,933 ÷ 2,184,399 shares)		$12.02
Service Class 2:
Net Asset Value, offering price and redemption price per share ($21,226,970 ÷ 1,773,944 shares)		$11.97

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$205,113
Expenses
Distribution and service plan fees	$37,151
Independent trustees' fees and expenses	99
Total expenses		37,250
Net investment income (loss)		167,863
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	30,910
Capital gain distributions from underlying funds:
Affiliated issuers	520,160
Total net realized gain (loss)		551,070
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	870,337
Total change in net unrealized appreciation (depreciation)		870,337
Net gain (loss)		1,421,407
Net increase (decrease) in net assets resulting from operations		$1,589,270

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$167,863	$1,102,725
Net realized gain (loss)	551,070	1,094,578
Change in net unrealized appreciation (depreciation)	870,337	3,237,264
Net increase (decrease) in net assets resulting from operations	1,589,270	5,434,567
Distributions to shareholders	(966,037)	(2,106,455)
Share transactions - net increase (decrease)	4,704,225	10,073,022
Total increase (decrease) in net assets	5,327,458	13,401,134
Net Assets
Beginning of period	58,033,921	44,632,787
End of period	$63,361,379	$58,033,921

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$11.89	$11.08	$11.63	$10.98	$10.78	$11.03
Income from Investment Operations
Net investment income (loss)^A	.04	.27	.22	.19	.16	.21
Net realized and unrealized gain (loss)	.30	1.03	(.45)	.74	.32	(.25)
Total from investment operations	.34	1.30	(.23)	.93	.48	(.04)
Distributions from net investment income	–^B	(.25)	(.20)	(.18)	(.16)	(.20)
Distributions from net realized gain	(.19)	(.25)	(.13)	(.10)	(.11)	(.02)
Total distributions	(.19)	(.49)^C	(.32)^D	(.28)	(.28)^E	(.21)^F
Net asset value, end of period	$12.04	$11.89	$11.08	$11.63	$10.98	$10.78
Total Return^G,^H,^I	2.89%	11.94%	(1.96)%	8.48%	4.50%	(.34)%
Ratios to Average Net Assets^J
Expenses before reductions^K	- %^L	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^K,^L	- %^K	- %^K	-%	-%	-%
Expenses net of all reductions	- %^K,^L	- %^K	- %^K	-%	-%	-%
Net investment income (loss)	.68%^L	2.31%	1.90%	1.67%	1.48%	1.85%
Supplemental Data
Net assets, end of period (000 omitted)	$15,875	$14,870	$14,582	$16,086	$14,956	$14,548
Portfolio turnover rate^M	71%^L	40%	48%	35%	38%	36%

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

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

^C Total distributions of $.49 per share is comprised of distributions from net investment income of $.247 and distributions from net realized gain of $.245 per share.

^D 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.

^E 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.

^F 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.

^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 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 Amount represents less than .005% per share.

^L Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$11.88	$11.07	$11.63	$10.97	$10.78	$11.03
Income from Investment Operations
Net investment income (loss)^A	.03	.26	.21	.18	.15	.19
Net realized and unrealized gain (loss)	.30	1.03	(.46)	.75	.31	(.24)
Total from investment operations	.33	1.29	(.25)	.93	.46	(.05)
Distributions from net investment income	–^B	(.24)	(.19)	(.17)	(.15)	(.19)
Distributions from net realized gain	(.19)	(.25)	(.13)	(.10)	(.11)	(.02)
Total distributions	(.19)	(.48)^C	(.31)^D	(.27)	(.27)^E	(.20)^F
Net asset value, end of period	$12.02	$11.88	$11.07	$11.63	$10.97	$10.78
Total Return^G,^H,^I	2.79%	11.87%	(2.12)%	8.49%	4.32%	(.42)%
Ratios to Average Net Assets^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)	.58%^K	2.21%	1.80%	1.57%	1.38%	1.75%
Supplemental Data
Net assets, end of period (000 omitted)	$26,259	$24,831	$14,591	$11,227	$9,286	$9,825
Portfolio turnover rate^L	71%^K	40%	48%	35%	38%	36%

^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 $.238 and distributions from net realized gain of $.245 per share.

^D 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.

^E 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.

^F 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.

^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.

^K Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$11.83	$11.03	$11.59	$10.93	$10.74	$10.99
Income from Investment Operations
Net investment income (loss)^A	.03	.24	.19	.16	.13	.18
Net realized and unrealized gain (loss)	.30	1.02	(.45)	.75	.31	(.24)
Total from investment operations	.33	1.26	(.26)	.91	.44	(.06)
Distributions from net investment income	–^B	(.22)	(.17)	(.15)	(.14)	(.17)
Distributions from net realized gain	(.19)	(.25)	(.13)	(.10)	(.11)	(.02)
Total distributions	(.19)	(.46)^C	(.30)	(.25)	(.25)	(.19)
Net asset value, end of period	$11.97	$11.83	$11.03	$11.59	$10.93	$10.74
Total Return^D,^E,^F	2.80%	11.63%	(2.27)%	8.36%	4.17%	(.57)%
Ratios to Average Net Assets^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)	.43%^H	2.06%	1.65%	1.42%	1.23%	1.60%
Supplemental Data
Net assets, end of period (000 omitted)	$21,227	$18,333	$15,459	$14,911	$14,007	$13,375
Portfolio turnover rate^I	71%^H	40%	48%	35%	38%	36%

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

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

^C Total distributions of $.46 per share is comprised of distributions from net investment income of $.218 and distributions from net realized gain of $.245 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 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

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

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, 2020

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	38.9
VIP Government Money Market Portfolio Initial Class 0.01%	20.0
Fidelity Inflation-Protected Bond Index Fund	11.0
VIP Emerging Markets Portfolio Initial Class	8.4
VIP Overseas Portfolio Initial Class	7.0
Fidelity Long-Term Treasury Bond Index Fund	2.3
VIP Growth & Income Portfolio Initial Class	2.2
VIP High Income Portfolio Initial Class	2.0
VIP Equity-Income Portfolio Initial Class	1.9
VIP Growth Portfolio Initial Class	1.9
	95.6

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	10.4%
	International Equity Funds	15.4%
	Bond Funds	54.2%
	Short-Term Funds	20.0%

VIP Freedom 2005 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 10.4%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	6,762	$273,101
VIP Equity-Income Portfolio Initial Class (a)	14,299	284,544
VIP Growth & Income Portfolio Initial Class (a)	17,415	325,304
VIP Growth Portfolio Initial Class (a)	3,383	279,337
VIP Mid Cap Portfolio Initial Class (a)	2,752	79,192
VIP Value Portfolio Initial Class (a)	17,110	208,746
VIP Value Strategies Portfolio Initial Class (a)	10,195	102,355
TOTAL DOMESTIC EQUITY FUNDS
(Cost $1,285,122)		1,552,579

International Equity Funds - 15.4%
VIP Emerging Markets Portfolio Initial Class (a)	113,884	1,256,136
VIP Overseas Portfolio Initial Class (a)	47,719	1,047,434
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $2,018,993)		2,303,570

Bond Funds - 54.2%
Fidelity Inflation-Protected Bond Index Fund (a)	153,696	1,641,476
Fidelity Long-Term Treasury Bond Index Fund (a)	20,154	341,815
VIP High Income Portfolio Initial Class (a)	58,918	298,125
VIP Investment Grade Bond Portfolio Initial Class (a)	417,911	5,808,961
TOTAL BOND FUNDS
(Cost $7,410,668)		8,090,377

Short-Term Funds - 20.0%
VIP Government Money Market Portfolio Initial Class 0.01% (a)(b)
(Cost $2,984,278)	2,984,278	2,984,278
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $13,699,061)		14,930,804
NET OTHER ASSETS (LIABILITIES) - 0.0%		(462)
NET ASSETS - 100%		$14,930,342

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	$1,498,652	$341,269	$290,373	$2,698	$1,515	$90,413	$1,641,476
Fidelity Long-Term Treasury Bond Index Fund	348,058	96,331	171,298	3,804	17,849	50,875	341,815
VIP Contrafund Portfolio Initial Class	247,913	140,580	135,863	1,509	9,719	10,752	273,101
VIP Emerging Markets Portfolio Initial Class	938,675	611,772	183,000	84,311	(13,695)	(97,616)	1,256,136
VIP Equity-Income Portfolio Initial Class	261,867	176,722	111,050	12,209	(8,139)	(34,856)	284,544
VIP Government Money Market Portfolio Initial Class 0.01%	2,820,355	1,105,766	941,843	9,547	--	--	2,984,278
VIP Growth & Income Portfolio Initial Class	298,559	197,670	123,131	15,607	384	(48,178)	325,304
VIP Growth Portfolio Initial Class	253,381	157,110	142,405	22,606	25,276	(14,025)	279,337
VIP High Income Portfolio Initial Class	276,690	91,696	50,460	2,111	(3,877)	(15,924)	298,125
VIP Investment Grade Bond Portfolio Initial Class	5,329,156	1,190,217	1,014,921	24,037	(1,505)	306,014	5,808,961
VIP Mid Cap Portfolio Initial Class	72,725	42,027	28,822	121	(2,645)	(4,093)	79,192
VIP Overseas Portfolio Initial Class	1,157,412	451,146	493,905	5,279	(28,039)	(39,180)	1,047,434
VIP Value Portfolio Initial Class	192,386	128,811	71,571	7,814	(4,814)	(36,066)	208,746
VIP Value Strategies Portfolio Initial Class	94,278	64,049	34,652	5,018	(4,077)	(17,243)	102,355
	$13,790,107	$4,795,166	$3,793,294	$196,671	$(12,048)	$150,873	$14,930,804

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$1,552,579	$1,552,579	$--	$--
International Equity Funds	2,303,570	2,303,570	--	--
Bond Funds	8,090,377	8,090,377	--	--
Short-Term Funds	2,984,278	2,984,278	--	--
Total Investments in Securities:	$14,930,804	$14,930,804	$--	$--

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, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $13,699,061)	$14,930,804
Total Investment in Securities (cost $13,699,061)		$14,930,804
Cash		15
Receivable for investments sold		105,355
Receivable for fund shares sold		221
Total assets		15,036,395
Liabilities
Payable for investments purchased	$105,363
Payable for fund shares redeemed	207
Distribution and service plan fees payable	483
Total liabilities		106,053
Net Assets		$14,930,342
Net Assets consist of:
Paid in capital		$13,551,179
Total accumulated earnings (loss)		1,379,163
Net Assets		$14,930,342
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($9,390,993 ÷ 736,721 shares)		$12.75
Service Class:
Net Asset Value, offering price and redemption price per share ($5,347,653 ÷ 417,105 shares)		$12.82
Service Class 2:
Net Asset Value, offering price and redemption price per share ($191,696 ÷ 15,098 shares)		$12.70

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$46,103
Expenses
Distribution and service plan fees	$2,760
Independent trustees' fees and expenses	24
Total expenses		2,784
Net investment income (loss)		43,319
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(12,048)
Capital gain distributions from underlying funds:
Affiliated issuers	150,568
Total net realized gain (loss)		138,520
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	150,873
Total change in net unrealized appreciation (depreciation)		150,873
Net gain (loss)		289,393
Net increase (decrease) in net assets resulting from operations		$332,712

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$43,319	$260,505
Net realized gain (loss)	138,520	357,460
Change in net unrealized appreciation (depreciation)	150,873	912,000
Net increase (decrease) in net assets resulting from operations	332,712	1,529,965
Distributions to shareholders	(329,349)	(462,350)
Share transactions - net increase (decrease)	1,137,180	2,131,032
Total increase (decrease) in net assets	1,140,543	3,198,647
Net Assets
Beginning of period	13,789,799	10,591,152
End of period	$14,930,342	$13,789,799

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$12.75	$11.65	$12.39	$11.51	$11.29	$11.56
Income from Investment Operations
Net investment income (loss)^A	.04	.27	.22	.20	.17	.19
Net realized and unrealized gain (loss)	.27	1.32	(.58)	1.06	.38	(.22)
Total from investment operations	.31	1.59	(.36)	1.26	.55	(.03)
Distributions from net investment income	–^B	(.27)	(.20)	(.19)	(.18)	(.22)
Distributions from net realized gain	(.30)	(.22)	(.17)	(.19)	(.15)	(.03)
Total distributions	(.31)^C	(.49)	(.38)^D	(.38)	(.33)	(.24)^E
Net asset value, end of period	$12.75	$12.75	$11.65	$12.39	$11.51	$11.29
Total Return^F,^G,^H	2.42%	13.81%	(2.95)%	11.06%	5.00%	(.25)%
Ratios to Average Net Assets^I
Expenses before reductions^J	- %^K	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^J,^K	- %^J	- %^J	-%	-%	-%
Expenses net of all reductions	- %^J,^K	- %^J	- %^J	-%	-%	-%
Net investment income (loss)	.64%^K	2.18%	1.80%	1.65%	1.50%	1.64%
Supplemental Data
Net assets, end of period (000 omitted)	$9,391	$9,364	$8,191	$7,931	$6,363	$6,657
Portfolio turnover rate^L	53%^K	24%	32%	33%	24%	23%

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

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

^C Total distributions of $.31 per share is comprised of distributions from net investment income of $.004 and distributions from net realized gain of $.301 per share.

^D 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.

^E 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.

^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 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% per share.

^K Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$12.83	$11.72	$12.46	$11.58	$11.36	$11.63
Income from Investment Operations
Net investment income (loss)^A	.03	.26	.21	.19	.16	.18
Net realized and unrealized gain (loss)	.26	1.33	(.58)	1.06	.38	(.22)
Total from investment operations	.29	1.59	(.37)	1.25	.54	(.04)
Distributions from net investment income	–^B	(.26)	(.20)	(.18)	(.17)	(.21)
Distributions from net realized gain	(.30)	(.22)	(.17)	(.19)	(.15)	(.03)
Total distributions	(.30)	(.48)	(.37)	(.37)	(.32)	(.23)^C
Net asset value, end of period	$12.82	$12.83	$11.72	$12.46	$11.58	$11.36
Total Return^D,^E,^F	2.31%	13.71%	(3.01)%	10.90%	4.89%	(.35)%
Ratios to Average Net Assets^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)	.54%^H	2.08%	1.70%	1.55%	1.40%	1.54%
Supplemental Data
Net assets, end of period (000 omitted)	$5,348	$4,248	$2,279	$1,222	$558	$484
Portfolio turnover rate^I	53%^H	24%	32%	33%	24%	23%

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

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

^C 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.

^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.

^H Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$12.72	$11.62	$12.37	$11.50	$11.28	$11.55
Income from Investment Operations
Net investment income (loss)^A	.02	.24	.19	.17	.14	.16
Net realized and unrealized gain (loss)	.26	1.32	(.59)	1.05	.39	(.21)
Total from investment operations	.28	1.56	(.40)	1.22	.53	(.05)
Distributions from net investment income	–^B	(.24)	(.18)	(.16)	(.15)	(.19)
Distributions from net realized gain	(.30)	(.22)	(.17)	(.19)	(.15)	(.03)
Total distributions	(.30)	(.46)	(.35)	(.35)	(.31)^C	(.22)
Net asset value, end of period	$12.70	$12.72	$11.62	$12.37	$11.50	$11.28
Total Return^D,^E,^F	2.25%	13.60%	(3.24)%	10.74%	4.78%	(.49)%
Ratios to Average Net Assets^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)	.39%^H	1.93%	1.55%	1.40%	1.25%	1.39%
Supplemental Data
Net assets, end of period (000 omitted)	$192	$178	$121	$104	$83	$92
Portfolio turnover rate^I	53%^H	24%	32%	33%	24%	23%

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

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

^C 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.

^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.

^H Annualized

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

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

VIP Freedom 2010 Portfolio℠

Investment Summary (Unaudited)

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

Top Holdings as of June 30, 2020

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	35.4
VIP Government Money Market Portfolio Initial Class 0.01%	15.9
VIP Overseas Portfolio Initial Class	9.6
Fidelity Inflation-Protected Bond Index Fund	9.5
VIP Emerging Markets Portfolio Initial Class	9.5
VIP Growth & Income Portfolio Initial Class	3.3
VIP Equity-Income Portfolio Initial Class	2.9
VIP Growth Portfolio Initial Class	2.9
VIP Contrafund Portfolio Initial Class	2.8
Fidelity Long-Term Treasury Bond Index Fund	2.3
	94.1

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	15.9%
	International Equity Funds	19.1%
	Bond Funds	49.1%
	Short-Term Funds	15.9%

VIP Freedom 2010 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 15.9%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	222,417	$8,983,413
VIP Equity-Income Portfolio Initial Class (a)	470,391	9,360,776
VIP Growth & Income Portfolio Initial Class (a)	572,884	10,701,472
VIP Growth Portfolio Initial Class (a)	111,282	9,188,555
VIP Mid Cap Portfolio Initial Class (a)	90,517	2,605,086
VIP Value Portfolio Initial Class (a)	562,889	6,867,244
VIP Value Strategies Portfolio Initial Class (a)	335,366	3,367,080
TOTAL DOMESTIC EQUITY FUNDS
(Cost $36,268,075)		51,073,626

International Equity Funds - 19.1%
VIP Emerging Markets Portfolio Initial Class (a)	2,746,538	30,294,316
VIP Overseas Portfolio Initial Class (a)	1,403,064	30,797,247
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $48,265,578)		61,091,563

Bond Funds - 49.1%
Fidelity Inflation-Protected Bond Index Fund (a)	2,839,910	30,330,240
Fidelity Long-Term Treasury Bond Index Fund (a)	431,993	7,326,594
VIP High Income Portfolio Initial Class (a)	1,262,832	6,389,931
VIP Investment Grade Bond Portfolio Initial Class (a)	8,150,614	113,293,536
TOTAL BOND FUNDS
(Cost $143,566,028)		157,340,301

Short-Term Funds - 15.9%
VIP Government Money Market Portfolio Initial Class 0.01% (a)(b)
(Cost $50,768,856)	50,768,856	50,768,856
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $278,868,537)		320,274,346
NET OTHER ASSETS (LIABILITIES) - 0.0%		(59,861)
NET ASSETS - 100%		$320,214,485

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	$30,510,489	$3,134,512	$5,060,491	$51,247	$110,104	$1,635,626	$30,330,240
Fidelity Long-Term Treasury Bond Index Fund	8,205,514	1,258,388	3,672,044	83,845	566,169	968,567	7,326,594
VIP Contrafund Portfolio Initial Class	8,958,033	2,480,671	3,160,671	54,704	502,851	202,529	8,983,413
VIP Emerging Markets Portfolio Initial Class	25,368,812	11,563,157	3,527,611	2,299,395	(149,243)	(2,960,799)	30,294,316
VIP Equity-Income Portfolio Initial Class	9,461,866	3,843,542	2,416,740	442,480	(76,644)	(1,451,248)	9,360,776
VIP Government Money Market Portfolio Initial Class 0.01%	53,021,428	15,089,653	17,342,225	173,661	--	--	50,768,856
VIP Growth & Income Portfolio Initial Class	10,787,727	4,337,564	2,730,058	565,645	61,040	(1,754,801)	10,701,472
VIP Growth Portfolio Initial Class	9,155,592	3,023,984	3,333,985	819,357	533,190	(190,226)	9,188,555
VIP High Income Portfolio Initial Class	6,521,610	1,243,242	916,628	50,179	(54,191)	(404,102)	6,389,931
VIP Investment Grade Bond Portfolio Initial Class	114,073,633	13,016,603	19,767,470	517,500	(89,833)	6,060,603	113,293,536
VIP Mid Cap Portfolio Initial Class	2,627,719	920,140	688,675	4,389	(39,424)	(214,674)	2,605,086
VIP Overseas Portfolio Initial Class	35,920,663	8,595,440	11,741,946	164,944	(334,568)	(1,642,342)	30,797,247
VIP Value Portfolio Initial Class	6,951,308	3,127,554	1,733,311	283,179	(69,509)	(1,408,798)	6,867,244
VIP Value Strategies Portfolio Initial Class	3,406,361	1,629,001	888,462	181,862	(58,138)	(721,682)	3,367,080
	$324,970,755	$73,263,451	$76,980,317	$5,692,387	$901,804	$(1,881,347)	$320,274,346

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$51,073,626	$51,073,626	$--	$--
International Equity Funds	61,091,563	61,091,563	--	--
Bond Funds	157,340,301	157,340,301	--	--
Short-Term Funds	50,768,856	50,768,856	--	--
Total Investments in Securities:	$320,274,346	$320,274,346	$--	$--

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, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $278,868,537)	$320,274,346
Total Investment in Securities (cost $278,868,537)		$320,274,346
Cash		8
Receivable for investments sold		2,552,242
Receivable for fund shares sold		268,242
Total assets		323,094,838
Liabilities
Payable for investments purchased	$2,815,259
Payable for fund shares redeemed	5,223
Distribution and service plan fees payable	59,871
Total liabilities		2,880,353
Net Assets		$320,214,485
Net Assets consist of:
Paid in capital		$273,365,036
Total accumulated earnings (loss)		46,849,449
Net Assets		$320,214,485
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($17,275,996 ÷ 1,318,434 shares)		$13.10
Service Class:
Net Asset Value, offering price and redemption price per share ($26,628,611 ÷ 2,036,245 shares)		$13.08
Service Class 2:
Net Asset Value, offering price and redemption price per share ($276,309,878 ÷ 21,266,725 shares)		$12.99

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$1,024,310
Expenses
Distribution and service plan fees	$354,673
Independent trustees' fees and expenses	533
Total expenses		355,206
Net investment income (loss)		669,104
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	901,804
Capital gain distributions from underlying funds:
Affiliated issuers	4,668,077
Total net realized gain (loss)		5,569,881
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(1,881,347)
Total change in net unrealized appreciation (depreciation)		(1,881,347)
Net gain (loss)		3,688,534
Net increase (decrease) in net assets resulting from operations		$4,357,638

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$669,104	$5,909,448
Net realized gain (loss)	5,569,881	13,879,983
Change in net unrealized appreciation (depreciation)	(1,881,347)	24,820,522
Net increase (decrease) in net assets resulting from operations	4,357,638	44,609,953
Distributions to shareholders	(12,948,102)	(18,588,689)
Share transactions - net increase (decrease)	3,894,400	14,107,679
Total increase (decrease) in net assets	(4,696,064)	40,128,943
Net Assets
Beginning of period	324,910,549	284,781,606
End of period	$320,214,485	$324,910,549

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$13.42	$12.32	$13.43	$12.31	$12.15	$12.45
Income from Investment Operations
Net investment income (loss)^A	.04	.28	.22	.20	.18	.23
Net realized and unrealized gain (loss)	.17	1.65	(.75)	1.39	.45	(.26)
Total from investment operations	.21	1.93	(.53)	1.59	.63	(.03)
Distributions from net investment income	–^B	(.28)	(.22)	(.21)	(.19)	(.23)
Distributions from net realized gain	(.52)	(.55)	(.37)	(.26)	(.28)	(.04)
Total distributions	(.53)^C	(.83)	(.58)^D	(.47)	(.47)	(.27)
Net asset value, end of period	$13.10	$13.42	$12.32	$13.43	$12.31	$12.15
Total Return^E,^F,^G	1.56%	16.09%	(4.00)%	13.08%	5.45%	(.29)%
Ratios to Average Net Assets^H
Expenses before reductions^I	- %^J	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^I,^J	- %^I	- %^I	-%	-%	-%
Expenses net of all reductions	- %^I,^J	- %^I	- %^I	-%	-%	-%
Net investment income (loss)	.65%^J	2.15%	1.66%	1.56%	1.51%	1.84%
Supplemental Data
Net assets, end of period (000 omitted)	$17,276	$17,895	$16,991	$18,519	$19,569	$31,048
Portfolio turnover rate^K	46%^J	28%	31%	22%	23%	19%

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

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

^C Total distributions of $.53 per share is comprised of distributions from net investment income of $.004 and distributions from net realized gain of $.524 per share.

^D 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.

^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 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% per share.

^J Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$13.40	$12.30	$13.41	$12.30	$12.14	$12.43
Income from Investment Operations
Net investment income (loss)^A	.03	.27	.20	.19	.17	.22
Net realized and unrealized gain (loss)	.18	1.64	(.74)	1.38	.45	(.26)
Total from investment operations	.21	1.91	(.54)	1.57	.62	(.04)
Distributions from net investment income	–^B	(.27)	(.20)	(.19)	(.18)	(.22)
Distributions from net realized gain	(.52)	(.55)	(.37)	(.26)	(.28)	(.04)
Total distributions	(.53)^C	(.81)^D	(.57)	(.46)^E	(.46)	(.25)^F
Net asset value, end of period	$13.08	$13.40	$12.30	$13.41	$12.30	$12.14
Total Return^G,^H,^I	1.55%	16.00%	(4.10)%	12.90%	5.36%	(.31)%
Ratios to Average Net Assets^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)	.55%^K	2.05%	1.56%	1.46%	1.41%	1.74%
Supplemental Data
Net assets, end of period (000 omitted)	$26,629	$26,232	$23,851	$27,597	$25,360	$23,770
Portfolio turnover rate^L	46%^K	28%	31%	22%	23%	19%

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

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

^C Total distributions of $.53 per share is comprised of distributions from net investment income of $.003 and distributions from net realized gain of $.524 per share.

^D Total distributions of $.81 per share is comprised of distributions from net investment income of $.266 and distributions from net realized gain of $.546 per share.

^E 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.

^F 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.

^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.

^K Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$13.32	$12.24	$13.35	$12.24	$12.08	$12.38
Income from Investment Operations
Net investment income (loss)^A	.03	.24	.18	.17	.15	.20
Net realized and unrealized gain (loss)	.17	1.63	(.74)	1.38	.45	(.26)
Total from investment operations	.20	1.87	(.56)	1.55	.60	(.06)
Distributions from net investment income	–^B	(.25)	(.19)	(.17)	(.16)	(.20)
Distributions from net realized gain	(.52)	(.55)	(.37)	(.26)	(.28)	(.04)
Total distributions	(.53)^C	(.79)^D	(.55)^E	(.44)^F	(.44)	(.24)
Net asset value, end of period	$12.99	$13.32	$12.24	$13.35	$12.24	$12.08
Total Return^G,^H,^I	1.48%	15.75%	(4.26)%	12.80%	5.23%	(.53)%
Ratios to Average Net Assets^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)	.40%^K	1.90%	1.41%	1.31%	1.26%	1.59%
Supplemental Data
Net assets, end of period (000 omitted)	$276,310	$280,783	$243,940	$269,507	$251,795	$237,969
Portfolio turnover rate^L	46%^K	28%	31%	22%	23%	19%

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

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

^C Total distributions of $.53 per share is comprised of distributions from net investment income of $.002 and distributions from net realized gain of $.524 per share.

^D Total distributions of $.79 per share is comprised of distributions from net investment income of $.247 and distributions from net realized gain of $.546 per share.

^E 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.

^F 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.

^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.

^K Annualized

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

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

VIP Freedom 2015 Portfolio℠

Investment Summary (Unaudited)

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

Top Holdings as of June 30, 2020

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	31.6
VIP Overseas Portfolio Initial Class	12.2
VIP Government Money Market Portfolio Initial Class 0.01%	11.7
VIP Emerging Markets Portfolio Initial Class	10.5
Fidelity Inflation-Protected Bond Index Fund	8.2
VIP Growth & Income Portfolio Initial Class	4.5
VIP Equity-Income Portfolio Initial Class	3.9
VIP Growth Portfolio Initial Class	3.9
VIP Contrafund Portfolio Initial Class	3.8
VIP Value Portfolio Initial Class	2.9
	93.2

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	21.5%
	International Equity Funds	22.7%
	Bond Funds	44.1%
	Short-Term Funds	11.7%

VIP Freedom 2015 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 21.5%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	80,502	$3,251,482
VIP Equity-Income Portfolio Initial Class (a)	170,266	3,388,285
VIP Growth & Income Portfolio Initial Class (a)	207,362	3,873,527
VIP Growth Portfolio Initial Class (a)	40,278	3,325,733
VIP Mid Cap Portfolio Initial Class (a)	32,763	942,930
VIP Value Portfolio Initial Class(a)	203,747	2,485,707
VIP Value Strategies Portfolio Initial Class (a)	121,389	1,218,744
TOTAL DOMESTIC EQUITY FUNDS
(Cost $10,374,444)		18,486,408

International Equity Funds - 22.7%
VIP Emerging Markets Portfolio Initial Class (a)	820,056	9,045,220
VIP Overseas Portfolio Initial Class (a)	478,305	10,498,791
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $14,722,008)		19,544,011

Bond Funds - 44.1%
Fidelity Inflation-Protected Bond Index Fund (a)	662,007	7,070,235
Fidelity Long-Term Treasury Bond Index Fund (a)	115,958	1,966,655
VIP High Income Portfolio Initial Class (a)	338,980	1,715,238
VIP Investment Grade Bond Portfolio Initial Class (a)	1,956,482	27,195,101
TOTAL BOND FUNDS
(Cost $34,170,343)		37,947,229

Short-Term Funds - 11.7%
VIP Government Money Market Portfolio Initial Class 0.01% (a)(b)
(Cost $10,060,042)	10,060,042	10,060,042
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $69,326,837)		86,037,690
NET OTHER ASSETS (LIABILITIES) - 0.0%		(8,380)
NET ASSETS - 100%		$86,029,310

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	$1
Total	$1

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	$7,637,591	$1,814,798	$2,797,750	$12,186	$28,153	$387,443	$7,070,235
Fidelity Long-Term Treasury Bond Index Fund	2,372,970	625,661	1,461,065	22,989	171,597	257,492	1,966,655
VIP Contrafund Portfolio Initial Class	3,492,848	1,013,389	1,505,686	20,702	199,035	51,896	3,251,482
VIP Emerging Markets Portfolio Initial Class	8,292,353	4,181,835	2,395,727	730,691	(129,997)	(903,244)	9,045,220
VIP Equity-Income Portfolio Initial Class	3,689,086	1,631,837	1,339,994	167,449	(31,313)	(561,331)	3,388,285
VIP Government Money Market Portfolio Initial Class 0.01%	11,411,775	5,103,054	6,454,787	36,641	--	--	10,060,042
VIP Growth & Income Portfolio Initial Class	4,206,126	1,864,918	1,537,860	214,062	(21,860)	(637,797)	3,873,527
VIP Growth Portfolio Initial Class	3,569,954	1,221,867	1,573,769	310,084	231,150	(123,469)	3,325,733
VIP High Income Portfolio Initial Class	1,885,826	512,559	552,341	14,141	(24,370)	(106,436)	1,715,238
VIP Investment Grade Bond Portfolio Initial Class	29,453,381	7,104,142	10,802,074	129,767	(21,038)	1,460,690	27,195,101
VIP Mid Cap Portfolio Initial Class	1,024,513	421,243	396,321	1,661	(16,189)	(90,316)	942,930
VIP Overseas Portfolio Initial Class	12,877,039	3,969,103	5,613,657	57,580	(174,947)	(558,747)	10,498,791
VIP Value Portfolio Initial Class	2,710,222	1,411,882	1,053,737	107,162	(40,142)	(542,518)	2,485,707
VIP Value Strategies Portfolio Initial Class	1,328,086	740,185	542,092	68,821	(25,068)	(282,367)	1,218,744
	$93,951,770	$31,616,473	$38,026,860	$1,893,936	$145,011	$(1,648,704)	$86,037,690

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$18,486,408	$18,486,408	$--	$--
International Equity Funds	19,544,011	19,544,011	--	--
Bond Funds	37,947,229	37,947,229	--	--
Short-Term Funds	10,060,042	10,060,042	--	--
Total Investments in Securities:	$86,037,690	$86,037,690	$--	$--

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, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $69,326,837)	$86,037,690
Total Investment in Securities (cost $69,326,837)		$86,037,690
Cash		12
Receivable for investments sold		834,839
Receivable for fund shares sold		47,430
Total assets		86,919,971
Liabilities
Payable for investments purchased	$868,068
Payable for fund shares redeemed	13,755
Distribution and service plan fees payable	8,838
Total liabilities		890,661
Net Assets		$86,029,310
Net Assets consist of:
Paid in capital		$67,530,658
Total accumulated earnings (loss)		18,498,652
Net Assets		$86,029,310
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($30,203,307 ÷ 2,373,146 shares)		$12.73
Service Class:
Net Asset Value, offering price and redemption price per share ($21,805,394 ÷ 1,718,180 shares)		$12.69
Service Class 2:
Net Asset Value, offering price and redemption price per share ($34,020,609 ÷ 2,691,650 shares)		$12.64

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$272,905
Income from Fidelity Central Funds		1
Total income		272,906
Expenses
Distribution and service plan fees	$52,781
Independent trustees' fees and expenses	148
Total expenses		52,929
Net investment income (loss)		219,977
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	145,011
Capital gain distributions from underlying funds:
Affiliated issuers	1,621,031
Total net realized gain (loss)		1,766,042
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(1,648,704)
Total change in net unrealized appreciation (depreciation)		(1,648,704)
Net gain (loss)		117,338
Net increase (decrease) in net assets resulting from operations		$337,315

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$219,977	$1,707,642
Net realized gain (loss)	1,766,042	4,435,955
Change in net unrealized appreciation (depreciation)	(1,648,704)	7,447,377
Net increase (decrease) in net assets resulting from operations	337,315	13,590,974
Distributions to shareholders	(4,041,878)	(7,551,822)
Share transactions - net increase (decrease)	(4,208,100)	11,543,610
Total increase (decrease) in net assets	(7,912,663)	17,582,762
Net Assets
Beginning of period	93,941,973	76,359,211
End of period	$86,029,310	$93,941,973

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$13.20	$12.26	$13.68	$12.39	$12.24	$12.58
Income from Investment Operations
Net investment income (loss)^A	.04	.28	.20	.20	.18	.23
Net realized and unrealized gain (loss)	.07	1.86	(.87)	1.64	.50	(.27)
Total from investment operations	.11	2.14	(.67)	1.84	.68	(.04)
Distributions from net investment income	–^B	(.27)	(.22)	(.21)	(.19)	(.24)
Distributions from net realized gain	(.57)	(.94)	(.53)	(.34)	(.34)	(.07)
Total distributions	(.58)^C	(1.20)^D	(.75)	(.55)	(.53)	(.30)^E
Net asset value, end of period	$12.73	$13.20	$12.26	$13.68	$12.39	$12.24
Total Return^F,^G,^H	.78%	18.35%	(5.07)%	15.10%	5.91%	(.33)%
Ratios to Average Net Assets^I
Expenses before reductions^J	- %^K	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^J,^K	- %^J	- %^J	-%	-%	-%
Expenses net of all reductions	- %^J,^K	- %^J	- %^J	-%	-%	-%
Net investment income (loss)	.63%^K	2.22%	1.52%	1.51%	1.46%	1.82%
Supplemental Data
Net assets, end of period (000 omitted)	$30,203	$32,215	$29,361	$33,249	$32,720	$35,352
Portfolio turnover rate^L	72%^K	39%	33%	27%	24%	27%

^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 $.002 and distributions from net realized gain of $.574 per share.

^D Total distributions of $1.20 per share is comprised of distributions from net investment income of $.266 and distributions from net realized gain of $.936 per share.

^E 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.

^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.

^J Amount represents less than .005%.

^K Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$13.17	$12.24	$13.65	$12.37	$12.22	$12.56
Income from Investment Operations
Net investment income (loss)^A	.03	.27	.19	.18	.17	.22
Net realized and unrealized gain (loss)	.07	1.85	(.86)	1.64	.50	(.27)
Total from investment operations	.10	2.12	(.67)	1.82	.67	(.05)
Distributions from net investment income	–^B	(.26)	(.20)	(.19)	(.18)	(.22)
Distributions from net realized gain	(.57)	(.94)	(.53)	(.34)	(.34)	(.07)
Total distributions	(.58)^C	(1.19)^D	(.74)^E	(.54)^F	(.52)	(.29)
Net asset value, end of period	$12.69	$13.17	$12.24	$13.65	$12.37	$12.22
Total Return^G,^H,^I	.70%	18.21%	(5.11)%	14.93%	5.81%	(.44)%
Ratios to Average Net Assets^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)	.53%^K	2.12%	1.42%	1.41%	1.36%	1.72%
Supplemental Data
Net assets, end of period (000 omitted)	$21,805	$22,763	$11,777	$17,058	$14,384	$16,378
Portfolio turnover rate^L	72%^K	39%	33%	27%	24%	27%

^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 $.002 and distributions from net realized gain of $.574 per share.

^D Total distributions of $1.19 per share is comprised of distributions from net investment income of $.257 and distributions from net realized gain of $.936 per share.

^E 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.

^F 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.

^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.

^K Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$13.12	$12.20	$13.61	$12.33	$12.19	$12.52
Income from Investment Operations
Net investment income (loss)^A	.02	.25	.17	.16	.15	.20
Net realized and unrealized gain (loss)	.08	1.84	(.86)	1.63	.49	(.26)
Total from investment operations	.10	2.09	(.69)	1.79	.64	(.06)
Distributions from net investment income	–^B	(.23)	(.18)	(.17)	(.16)	(.20)
Distributions from net realized gain	(.57)	(.94)	(.53)	(.34)	(.34)	(.07)
Total distributions	(.58)^C	(1.17)	(.72)^D	(.51)	(.50)	(.27)
Net asset value, end of period	$12.64	$13.12	$12.20	$13.61	$12.33	$12.19
Total Return^E,^F,^G	.70%	17.97%	(5.28)%	14.80%	5.58%	(.51)%
Ratios to Average Net Assets^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)	.38%^I	1.97%	1.27%	1.26%	1.21%	1.57%
Supplemental Data
Net assets, end of period (000 omitted)	$34,021	$38,963	$35,222	$49,688	$50,238	$57,679
Portfolio turnover rate^J	72%^I	39%	33%	27%	24%	27%

^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 $.001 and distributions from net realized gain of $.574 per share.

^D 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.

^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 Annualized

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

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

VIP Freedom 2020 Portfolio℠

Investment Summary (Unaudited)

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

Top Holdings as of June 30, 2020

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	28.0
VIP Overseas Portfolio Initial Class	14.6
VIP Emerging Markets Portfolio Initial Class	11.5
VIP Government Money Market Portfolio Initial Class 0.01%	8.0
Fidelity Inflation-Protected Bond Index Fund	7.0
VIP Growth & Income Portfolio Initial Class	5.6
VIP Equity-Income Portfolio Initial Class	4.9
VIP Growth Portfolio Initial Class	4.8
VIP Contrafund Portfolio Initial Class	4.7
VIP Value Portfolio Initial Class	3.6
	92.7

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	26.6%
	International Equity Funds	26.1%
	Bond Funds	39.3%
	Short-Term Funds	8.0%

VIP Freedom 2020 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 26.6%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	829,244	$33,493,174
VIP Equity-Income Portfolio Initial Class (a)	1,753,949	34,903,593
VIP Growth & Income Portfolio Initial Class (a)	2,136,075	39,901,872
VIP Growth Portfolio Initial Class (a)	414,897	34,258,019
VIP Mid Cap Portfolio Initial Class (a)	337,498	9,713,188
VIP Value Portfolio Initial Class (a)	2,098,847	25,605,930
VIP Value Strategies Portfolio Initial Class (a)	1,250,441	12,554,429
TOTAL DOMESTIC EQUITY FUNDS
(Cost $122,734,986)		190,430,205

International Equity Funds - 26.1%
VIP Emerging Markets Portfolio Initial Class (a)	7,450,089	82,174,478
VIP Overseas Portfolio Initial Class (a)	4,764,860	104,588,675
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $145,441,270)		186,763,153

Bond Funds - 39.3%
Fidelity Inflation-Protected Bond Index Fund (a)	4,671,347	49,889,991
Fidelity Long-Term Treasury Bond Index Fund (a)	964,374	16,355,783
VIP High Income Portfolio Initial Class (a)	2,819,093	14,264,610
VIP Investment Grade Bond Portfolio Initial Class (a)	14,449,332	200,845,713
TOTAL BOND FUNDS
(Cost $257,664,888)		281,356,097

Short-Term Funds - 8.0%
VIP Government Money Market Portfolio Initial Class 0.01% (a)(b)
(Cost $57,487,404)	57,487,404	57,487,404
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $583,328,548)		716,036,859
NET OTHER ASSETS (LIABILITIES) - 0.0%		(110,140)
NET ASSETS - 100%		$715,926,719

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	$5
Total	$5

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	$52,304,443	$6,097,543	$11,415,252	$84,951	$289,286	$2,613,971	$49,889,991
Fidelity Long-Term Treasury Bond Index Fund	19,040,701	3,071,362	9,256,419	188,282	1,458,910	2,041,229	16,355,783
VIP Contrafund Portfolio Initial Class	34,492,277	5,609,667	9,161,051	206,769	1,582,443	969,838	33,493,174
VIP Emerging Markets Portfolio Initial Class	73,323,118	25,059,101	6,896,392	6,546,597	(322,642)	(8,988,707)	82,174,478
VIP Equity-Income Portfolio Initial Class	36,430,507	10,661,707	6,186,235	1,672,444	(234,814)	(5,767,572)	34,903,593
VIP Government Money Market Portfolio Initial Class 0.01%	64,501,175	26,078,716	33,092,487	214,836	--	--	57,487,404
VIP Growth & Income Portfolio Initial Class	41,535,914	12,553,509	7,546,314	2,138,003	(305,165)	(6,336,072)	39,901,872
VIP Growth Portfolio Initial Class	35,253,337	7,422,787	9,583,602	3,097,033	1,156,577	8,920	34,258,019
VIP High Income Portfolio Initial Class	15,132,475	2,171,333	1,968,063	115,052	(94,801)	(976,334)	14,264,610
VIP Investment Grade Bond Portfolio Initial Class	210,474,015	27,668,275	47,799,733	937,175	(318,745)	10,821,901	200,845,713
VIP Mid Cap Portfolio Initial Class	10,117,078	2,794,743	2,135,129	16,588	(138,996)	(924,508)	9,713,188
VIP Overseas Portfolio Initial Class	121,255,989	20,934,335	30,887,222	549,195	(1,224,570)	(5,489,857)	104,588,675
VIP Value Portfolio Initial Class	26,763,797	10,513,847	5,829,536	1,070,314	(299,858)	(5,542,320)	25,605,930
VIP Value Strategies Portfolio Initial Class	13,114,930	5,648,445	3,125,565	687,374	(142,573)	(2,940,808)	12,554,429
	$753,739,756	$166,285,370	$184,883,000	$17,524,613	$1,405,052	$(20,510,319)	$716,036,859

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$190,430,205	$190,430,205	$--	$--
International Equity Funds	186,763,153	186,763,153	--	--
Bond Funds	281,356,097	281,356,097	--	--
Short-Term Funds	57,487,404	57,487,404	--	--
Total Investments in Securities:	$716,036,859	$716,036,859	$--	$--

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, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $583,328,548)	$716,036,859
Total Investment in Securities (cost $583,328,548)		$716,036,859
Cash		33
Receivable for investments sold		8,261,221
Receivable for fund shares sold		132,912
Total assets		724,431,025
Liabilities
Payable for investments purchased	$7,877,365
Payable for fund shares redeemed	512,805
Distribution and service plan fees payable	114,136
Total liabilities		8,504,306
Net Assets		$715,926,719
Net Assets consist of:
Paid in capital		$566,396,926
Total accumulated earnings (loss)		149,529,793
Net Assets		$715,926,719
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($70,008,243 ÷ 5,274,375 shares)		$13.27
Service Class:
Net Asset Value, offering price and redemption price per share ($165,309,327 ÷ 12,502,737 shares)		$13.22
Service Class 2:
Net Asset Value, offering price and redemption price per share ($480,609,149 ÷ 36,505,636 shares)		$13.17

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$2,118,183
Income from Fidelity Central Funds		5
Total income		2,118,188
Expenses
Distribution and service plan fees	$677,814
Independent trustees' fees and expenses	1,203
Total expenses before reductions	679,017
Expense reductions	(2)
Total expenses after reductions		679,015
Net investment income (loss)		1,439,173
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	1,405,052
Capital gain distributions from underlying funds:
Affiliated issuers	15,406,430
Total net realized gain (loss)		16,811,482
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(20,510,319)
Total change in net unrealized appreciation (depreciation)		(20,510,319)
Net gain (loss)		(3,698,837)
Net increase (decrease) in net assets resulting from operations		$(2,259,664)

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,439,173	$13,374,034
Net realized gain (loss)	16,811,482	44,185,595
Change in net unrealized appreciation (depreciation)	(20,510,319)	70,320,158
Net increase (decrease) in net assets resulting from operations	(2,259,664)	127,879,787
Distributions to shareholders	(40,724,810)	(51,869,890)
Share transactions - net increase (decrease)	5,290,291	17,856,515
Total increase (decrease) in net assets	(37,694,183)	93,866,412
Net Assets
Beginning of period	753,620,902	659,754,490
End of period	$715,926,719	$753,620,902

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$14.01	$12.58	$14.03	$12.56	$12.44	$12.77
Income from Investment Operations
Net investment income (loss)^A	.04	.28	.21	.21	.18	.24
Net realized and unrealized gain (loss)	(.02)	2.16	(1.01)	1.84	.53	(.27)
Total from investment operations	.02	2.44	(.80)	2.05	.71	(.03)
Distributions from net investment income	–^B	(.28)	(.21)	(.21)	(.19)	(.24)
Distributions from net realized gain	(.75)	(.73)	(.44)	(.37)	(.39)	(.06)
Total distributions	(.76)^C	(1.01)	(.65)	(.58)	(.59)^D	(.30)
Net asset value, end of period	$13.27	$14.01	$12.58	$14.03	$12.56	$12.44
Total Return^E,^F,^G	.05%	20.13%	(5.86)%	16.62%	6.12%	(.27)%
Ratios to Average Net Assets^H
Expenses before reductions^I	- %^J	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^I,^J	- %^I	- %^I	-%	-%	-%
Expenses net of all reductions	- %^I,^J	- %^I	- %^I	-%	-%	-%
Net investment income (loss)	.60%^J	2.08%	1.50%	1.54%	1.50%	1.84%
Supplemental Data
Net assets, end of period (000 omitted)	$70,008	$74,801	$63,490	$75,021	$63,131	$87,496
Portfolio turnover rate^K	47%^J	31%	28%	21%	19%	17%

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

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

^C Total distributions of $.76 per share is comprised of distributions from net investment income of $.003 and distributions from net realized gain of $.754 per share.

^D 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.

^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 Amount represents less than .005%.

^J Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$13.96	$12.54	$13.99	$12.53	$12.41	$12.74
Income from Investment Operations
Net investment income (loss)^A	.03	.26	.19	.19	.17	.23
Net realized and unrealized gain (loss)	(.01)	2.16	(1.00)	1.84	.53	(.27)
Total from investment operations	.02	2.42	(.81)	2.03	.70	(.04)
Distributions from net investment income	–^B	(.27)	(.20)	(.20)	(.18)	(.23)
Distributions from net realized gain	(.75)	(.73)	(.44)	(.37)	(.39)	(.06)
Total distributions	(.76)^C	(1.00)	(.64)	(.57)	(.58)^D	(.29)
Net asset value, end of period	$13.22	$13.96	$12.54	$13.99	$12.53	$12.41
Total Return^E,^F,^G	.04%	20.01%	(5.98)%	16.47%	6.04%	(.37)%
Ratios to Average Net Assets^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)	.50%^I	1.98%	1.40%	1.44%	1.40%	1.74%
Supplemental Data
Net assets, end of period (000 omitted)	$165,309	$171,842	$132,086	$140,686	$109,279	$94,022
Portfolio turnover rate^J	47%^I	31%	28%	21%	19%	17%

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

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

^C Total distributions of $.76 per share is comprised of distributions from net investment income of $.002 and distributions from net realized gain of $.754 per share.

^D 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.

^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 Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$13.92	$12.50	$13.94	$12.49	$12.38	$12.70
Income from Investment Operations
Net investment income (loss)^A	.02	.24	.17	.17	.15	.21
Net realized and unrealized gain (loss)	(.01)	2.16	(.99)	1.83	.51	(.27)
Total from investment operations	.01	2.40	(.82)	2.00	.66	(.06)
Distributions from net investment income	–^B	(.25)	(.18)	(.17)	(.16)	(.21)
Distributions from net realized gain	(.75)	(.73)	(.44)	(.37)	(.39)	(.06)
Total distributions	(.76)^C	(.98)	(.62)	(.55)^D	(.55)	(.26)^E
Net asset value, end of period	$13.17	$13.92	$12.50	$13.94	$12.49	$12.38
Total Return^F,^G,^H	(.04)%	19.88%	(6.08)%	16.26%	5.80%	(.46)%
Ratios to Average Net Assets^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)	.35%^J	1.83%	1.25%	1.29%	1.25%	1.59%
Supplemental Data
Net assets, end of period (000 omitted)	$480,609	$506,978	$464,178	$556,429	$531,518	$549,528
Portfolio turnover rate^K	47%^J	31%	28%	21%	19%	17%

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

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

^C Total distributions of $.76 per share is comprised of distributions from net investment income of $.001 and distributions from net realized gain of $.754 per share.

^D 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.

^E 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.

^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.

^J Annualized

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

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

VIP Freedom 2025 Portfolio℠

Investment Summary (Unaudited)

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

Top Holdings as of June 30, 2020

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	25.5
VIP Overseas Portfolio Initial Class	16.5
VIP Emerging Markets Portfolio Initial Class	12.2
VIP Growth & Income Portfolio Initial Class	6.4
Fidelity Inflation-Protected Bond Index Fund	6.2
VIP Equity-Income Portfolio Initial Class	5.6
VIP Growth Portfolio Initial Class	5.5
VIP Contrafund Portfolio Initial Class	5.4
VIP Government Money Market Portfolio Initial Class 0.01%	4.8
VIP Value Portfolio Initial Class	4.1
	92.2

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	30.5%
	International Equity Funds	28.7%
	Bond Funds	36.0%
	Short-Term Funds	4.8%

VIP Freedom 2025 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 30.5%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	342,366	$13,828,166
VIP Equity-Income Portfolio Initial Class (a)	724,160	14,410,785
VIP Growth & Income Portfolio Initial Class (a)	881,927	16,474,391
VIP Growth Portfolio Initial Class (a)	171,297	14,143,957
VIP Mid Cap Portfolio Initial Class (a)	139,343	4,010,294
VIP Value Portfolio Initial Class (a)	866,559	10,572,016
VIP Value Strategies Portfolio Initial Class (a)	516,271	5,183,362
TOTAL DOMESTIC EQUITY FUNDS
(Cost $63,838,107)		78,622,971

International Equity Funds - 28.7%
VIP Emerging Markets Portfolio Initial Class (a)	2,854,305	31,482,979
VIP Overseas Portfolio Initial Class (a)	1,929,436	42,351,112
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $64,444,929)		73,834,091

Bond Funds - 36.0%
Fidelity Inflation-Protected Bond Index Fund (a)	1,498,628	16,005,351
Fidelity Long-Term Treasury Bond Index Fund (a)	346,507	5,876,761
VIP High Income Portfolio Initial Class (a)	1,012,932	5,125,435
VIP Investment Grade Bond Portfolio Initial Class (a)	4,721,666	65,631,161
TOTAL BOND FUNDS
(Cost $85,735,736)		92,638,708

Short-Term Funds - 4.8%
VIP Government Money Market Portfolio Initial Class 0.01% (a)(b)
(Cost $12,326,907)	12,326,907	12,326,907
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $226,345,679)		257,422,677
NET OTHER ASSETS (LIABILITIES) - 0.0%		(18,222)
NET ASSETS - 100%		$257,404,455

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	$3
Total	$3

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	$14,947,742	$5,383,539	$5,209,442	$25,702	$57,300	$826,212	$16,005,351
Fidelity Long-Term Treasury Bond Index Fund	6,102,626	2,426,141	3,809,795	63,697	418,977	738,812	5,876,761
VIP Contrafund Portfolio Initial Class	12,709,454	4,657,017	4,596,844	78,368	56,554	1,001,985	13,828,166
VIP Emerging Markets Portfolio Initial Class	25,230,537	14,135,470	4,753,603	2,320,560	(184,174 )	(2,945,251)	31,482,979
VIP Equity-Income Portfolio Initial Class	13,422,714	6,723,183	3,450,523	633,874	(191,890 )	(2,092,699)	14,410,785
VIP Government Money Market Portfolio Initial Class 0.01%	12,818,552	11,619,677	12,111,322	46,119	--	--	12,326,907
VIP Growth & Income Portfolio Initial Class	15,304,170	7,797,791	4,138,844	810,330	(263,345 )	(2,225,381)	16,474,391
VIP Growth Portfolio Initial Class	12,990,028	5,360,426	4,782,740	1,173,822	(44,792 )	621,035	14,143,957
VIP High Income Portfolio Initial Class	4,849,296	1,809,995	1,187,002	38,008	(38,553 )	(308,301)	5,125,435
VIP Investment Grade Bond Portfolio Initial Class	61,264,240	23,191,679	22,115,605	280,517	(66,253 )	3,357,100	65,631,161
VIP Mid Cap Portfolio Initial Class	3,727,548	1,835,613	1,165,119	6,287	(88,920 )	(298,828)	4,010,294
VIP Overseas Portfolio Initial Class	43,453,220	16,305,336	15,200,251	202,478	(495,278 )	(1,711,915)	42,351,112
VIP Value Portfolio Initial Class	9,860,799	6,070,688	3,161,145	405,659	(230,785 )	(1,967,541)	10,572,016
VIP Value Strategies Portfolio Initial Class	4,831,881	3,169,099	1,657,045	260,521	(198,237 )	(962,336)	5,183,362
	$241,512,807	$110,485,654	$87,339,280	$6,345,942	$(1,269,396)	$(5,967,108)	$257,422,677

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$78,622,971	$78,622,971	$--	$--
International Equity Funds	73,834,091	73,834,091	--	--
Bond Funds	92,638,708	92,638,708	--	--
Short-Term Funds	12,326,907	12,326,907	--	--
Total Investments in Securities:	$257,422,677	$257,422,677	$--	$--

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, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $226,345,679)	$257,422,677
Total Investment in Securities (cost $226,345,679)		$257,422,677
Cash		38
Receivable for investments sold		3,426,151
Receivable for fund shares sold		210,803
Total assets		261,059,669
Liabilities
Payable for investments purchased	$3,055,009
Payable for fund shares redeemed	570,145
Distribution and service plan fees payable	30,060
Total liabilities		3,655,214
Net Assets		$257,404,455
Net Assets consist of:
Paid in capital		$222,131,017
Total accumulated earnings (loss)		35,273,438
Net Assets		$257,404,455
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($47,360,312 ÷ 3,226,258 shares)		$14.68
Service Class:
Net Asset Value, offering price and redemption price per share ($109,449,480 ÷ 7,479,687 shares)		$14.63
Service Class 2:
Net Asset Value, offering price and redemption price per share ($100,594,663 ÷ 6,918,711 shares)		$14.54

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$674,372
Income from Fidelity Central Funds		3
Total income		674,375
Expenses
Distribution and service plan fees	$168,738
Independent trustees' fees and expenses	397
Total expenses		169,135
Net investment income (loss)		505,240
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(1,269,396)
Capital gain distributions from underlying funds:
Affiliated issuers	5,671,570
Total net realized gain (loss)		4,402,174
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(5,967,108)
Total change in net unrealized appreciation (depreciation)		(5,967,108)
Net gain (loss)		(1,564,934)
Net increase (decrease) in net assets resulting from operations		$(1,059,694)

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$505,240	$4,200,362
Net realized gain (loss)	4,402,174	10,333,454
Change in net unrealized appreciation (depreciation)	(5,967,108)	27,368,384
Net increase (decrease) in net assets resulting from operations	(1,059,694)	41,902,200
Distributions to shareholders	(9,659,948)	(10,068,406)
Share transactions - net increase (decrease)	26,638,663	23,288,175
Total increase (decrease) in net assets	15,919,021	55,121,969
Net Assets
Beginning of period	241,485,434	186,363,465
End of period	$257,404,455	$241,485,434

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$15.34	$13.21	$14.64	$12.95	$12.82	$13.16
Income from Investment Operations
Net investment income (loss)^A	.04	.30	.23	.22	.21	.26
Net realized and unrealized gain (loss)	(.10)	2.53	(1.17)	2.06	.52	(.28)
Total from investment operations	(.06)	2.83	(.94)	2.28	.73	(.02)
Distributions from net investment income	–^B	(.30)	(.21)	(.21)	(.20)	(.25)
Distributions from net realized gain	(.59)	(.41)	(.28)	(.38)	(.41)	(.07)
Total distributions	(.60)^C	(.70)^D	(.49)	(.59)	(.60)^E	(.32)
Net asset value, end of period	$14.68	$15.34	$13.21	$14.64	$12.95	$12.82
Total Return^F,^G,^H	(.49)%	21.86%	(6.52)%	17.89%	6.18%	(.18)%
Ratios to Average Net Assets^I
Expenses before reductions^J	- %^K	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^J,^K	- %^J	- %^J	-%	-%	-%
Expenses net of all reductions	- %^J,^K	- %^J	- %^J	-%	-%	-%
Net investment income (loss)	.56%^K	2.04%	1.57%	1.58%	1.65%	1.91%
Supplemental Data
Net assets, end of period (000 omitted)	$47,360	$47,253	$38,096	$37,773	$27,359	$25,152
Portfolio turnover rate^L	72%^K	51%	32%	29%	24%	20%

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

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

^C Total distributions of $.60 per share is comprised of distributions from net investment income of $.003 and distributions from net realized gain of $.593 per share.

^D Total distributions of $.70 per share is comprised of distributions from net investment income of $.298 and distributions from net realized gain of $.405 per share.

^E 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.

^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.

^J Amount represents less than .005%.

^K Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$15.30	$13.18	$14.61	$12.92	$12.79	$13.14
Income from Investment Operations
Net investment income (loss)^A	.03	.28	.21	.21	.20	.24
Net realized and unrealized gain (loss)	(.10)	2.53	(1.16)	2.06	.52	(.28)
Total from investment operations	(.07)	2.81	(.95)	2.27	.72	(.04)
Distributions from net investment income	–^B	(.28)	(.19)	(.20)	(.19)	(.23)
Distributions from net realized gain	(.59)	(.41)	(.28)	(.38)	(.41)	(.07)
Total distributions	(.60)^C	(.69)	(.48)^D	(.58)	(.59)^E	(.31)^F
Net asset value, end of period	$14.63	$15.30	$13.18	$14.61	$12.92	$12.79
Total Return^G,^H,^I	(.56)%	21.70%	(6.61)%	17.84%	6.11%	(.36)%
Ratios to Average Net Assets^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)	.46%^K	1.94%	1.47%	1.48%	1.55%	1.81%
Supplemental Data
Net assets, end of period (000 omitted)	$109,449	$96,430	$79,033	$69,430	$48,319	$36,677
Portfolio turnover rate^L	72%^K	51%	32%	29%	24%	20%

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

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

^C Total distributions of $.60 per share is comprised of distributions from net investment income of $.002 and distributions from net realized gain of $.593 per share.

^D 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.

^E 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.

^F 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.

^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.

^K Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$15.21	$13.11	$14.54	$12.87	$12.74	$13.09
Income from Investment Operations
Net investment income (loss)^A	.02	.26	.19	.18	.18	.22
Net realized and unrealized gain (loss)	(.10)	2.51	(1.16)	2.04	.52	(.28)
Total from investment operations	(.08)	2.77	(.97)	2.22	.70	(.06)
Distributions from net investment income	–^B	(.26)	(.18)	(.18)	(.17)	(.22)
Distributions from net realized gain	(.59)	(.41)	(.28)	(.38)	(.41)	(.07)
Total distributions	(.59)	(.67)	(.46)	(.55)^C	(.57)^D	(.29)
Net asset value, end of period	$14.54	$15.21	$13.11	$14.54	$12.87	$12.74
Total Return^E,^F,^G	(.58)%	21.51%	(6.78)%	17.57%	5.98%	(.50)%
Ratios to Average Net Assets^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)	.31%^I	1.79%	1.32%	1.33%	1.40%	1.66%
Supplemental Data
Net assets, end of period (000 omitted)	$100,595	$97,802	$69,234	$63,568	$59,895	$52,321
Portfolio turnover rate^J	72%^I	51%	32%	29%	24%	20%

^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.

^I Annualized

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

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

VIP Freedom 2030 Portfolio℠

Investment Summary (Unaudited)

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

Top Holdings as of June 30, 2020

	% of fund's net assets
VIP Investment Grade Bond Portfolio Initial Class	22.0
VIP Overseas Portfolio Initial Class	18.9
VIP Emerging Markets Portfolio Initial Class	13.3
VIP Growth & Income Portfolio Initial Class	7.5
VIP Equity-Income Portfolio Initial Class	6.6
VIP Growth Portfolio Initial Class	6.4
VIP Contrafund Portfolio Initial Class	6.3
Fidelity Inflation-Protected Bond Index Fund	5.4
VIP Value Portfolio Initial Class	4.8
VIP Value Strategies Portfolio Initial Class	2.4
	93.6

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	35.8%
	International Equity Funds	32.2%
	Bond Funds	31.7%
	Short-Term Funds	0.3%

VIP Freedom 2030 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 35.8%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	679,032	$27,426,092
VIP Equity-Income Portfolio Initial Class (a)	1,436,290	28,582,173
VIP Growth & Income Portfolio Initial Class (a)	1,749,197	32,675,002
VIP Growth Portfolio Initial Class (a)	339,741	28,052,396
VIP Mid Cap Portfolio Initial Class (a)	276,367	7,953,854
VIP Value Portfolio Initial Class (a)	1,718,724	20,968,432
VIP Value Strategies Portfolio Initial Class (a)	1,023,961	10,280,566
TOTAL DOMESTIC EQUITY FUNDS
(Cost $122,079,954)		155,938,515

International Equity Funds - 32.2%
VIP Emerging Markets Portfolio Initial Class (a)	5,222,074	57,599,479
VIP Overseas Portfolio Initial Class (a)	3,754,402	82,409,119
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $119,796,239)		140,008,598

Bond Funds - 31.7%
Fidelity Inflation-Protected Bond Index Fund (a)	2,228,752	23,803,069
Fidelity Long-Term Treasury Bond Index Fund (a)	585,593	9,931,657
VIP High Income Portfolio Initial Class (a)	1,711,815	8,661,783
VIP Investment Grade Bond Portfolio Initial Class (a)	6,892,037	95,799,318
TOTAL BOND FUNDS
(Cost $128,253,525)		138,195,827

Short-Term Funds - 0.3%
VIP Government Money Market Portfolio Initial Class 0.01% (a)(b)
(Cost $1,212,743)	1,212,743	1,212,743
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $371,342,461)		435,355,683
NET OTHER ASSETS (LIABILITIES) - 0.0%		(37,292)
NET ASSETS - 100%		$435,318,391

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	$3
Total	$3

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	$20,178,572	$6,590,258	$4,177,775	$35,427	$39,894	$1,172,120	$23,803,069
Fidelity Long-Term Treasury Bond Index Fund	10,995,285	2,779,959	5,877,470	109,917	824,930	1,208,953	9,931,657
VIP Contrafund Portfolio Initial Class	27,308,152	4,867,134	6,763,215	164,616	344,951	1,669,070	27,426,092
VIP Emerging Markets Portfolio Initial Class	50,118,765	18,203,240	4,285,349	4,515,432	(227,243)	(6,209,934)	57,599,479
VIP Equity-Income Portfolio Initial Class	28,841,595	8,713,128	4,104,283	1,331,460	(271,109)	(4,597,158)	28,582,173
VIP Government Money Market Portfolio Initial Class 0.01%	4,366,252	14,109,913	17,263,422	22,185	--	--	1,212,743
VIP Growth & Income Portfolio Initial Class	32,883,849	10,189,118	5,043,164	1,702,125	(431,690)	(4,923,111)	32,675,002
VIP Growth Portfolio Initial Class	27,910,845	6,442,462	7,242,518	2,465,680	234,990	706,617	28,052,396
VIP High Income Portfolio Initial Class	8,737,751	1,935,969	1,381,651	67,343	(68,196)	(562,090)	8,661,783
VIP Investment Grade Bond Portfolio Initial Class	93,622,240	22,985,334	25,577,151	421,510	(191,969)	4,960,864	95,799,318
VIP Mid Cap Portfolio Initial Class	8,009,517	2,413,891	1,601,617	13,206	(171,090)	(696,847)	7,953,854
VIP Overseas Portfolio Initial Class	90,517,049	17,463,838	20,655,151	412,786	(963,519)	(3,953,098)	82,409,119
VIP Value Portfolio Initial Class	21,188,462	8,909,057	4,411,595	852,081	(395,744)	(4,321,748)	20,968,432
VIP Value Strategies Portfolio Initial Class	10,382,762	4,761,756	2,373,089	547,218	(399,738)	(2,091,125)	10,280,566
	$435,061,096	$130,365,057	$110,757,450	$12,660,986	$(1,675,533)	$(17,637,487)	$435,355,683

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$155,938,515	$155,938,515	$--	$--
International Equity Funds	140,008,598	140,008,598	--	--
Bond Funds	138,195,827	138,195,827	--	--
Short-Term Funds	1,212,743	1,212,743	--	--
Total Investments in Securities:	$435,355,683	$435,355,683	$--	$--

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, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $371,342,461)	$435,355,683
Total Investment in Securities (cost $371,342,461)		$435,355,683
Cash		46
Receivable for investments sold		6,236,652
Receivable for fund shares sold		284,101
Total assets		441,876,482
Liabilities
Payable for investments purchased	$6,395,656
Payable for fund shares redeemed	113,308
Distribution and service plan fees payable	49,127
Total liabilities		6,558,091
Net Assets		$435,318,391
Net Assets consist of:
Paid in capital		$363,423,784
Total accumulated earnings (loss)		71,894,607
Net Assets		$435,318,391
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($95,553,879 ÷ 6,629,589 shares)		$14.41
Service Class:
Net Asset Value, offering price and redemption price per share ($172,860,397 ÷ 12,026,491 shares)		$14.37
Service Class 2:
Net Asset Value, offering price and redemption price per share ($166,904,115 ÷ 11,662,407 shares)		$14.31

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$1,122,170
Income from Fidelity Central Funds		3
Total income		1,122,173
Expenses
Distribution and service plan fees	$283,802
Independent trustees' fees and expenses	695
Total expenses before reductions	284,497
Expense reductions	(5)
Total expenses after reductions		284,492
Net investment income (loss)		837,681
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(1,675,533)
Capital gain distributions from underlying funds:
Affiliated issuers	11,538,816
Total net realized gain (loss)		9,863,283
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(17,637,487)
Total change in net unrealized appreciation (depreciation)		(17,637,487)
Net gain (loss)		(7,774,204)
Net increase (decrease) in net assets resulting from operations		$(6,936,523)

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$837,681	$7,484,193
Net realized gain (loss)	9,863,283	21,053,340
Change in net unrealized appreciation (depreciation)	(17,637,487)	52,311,125
Net increase (decrease) in net assets resulting from operations	(6,936,523)	80,848,658
Distributions to shareholders	(19,384,866)	(20,320,962)
Share transactions - net increase (decrease)	26,699,596	51,686,634
Total increase (decrease) in net assets	378,207	112,214,330
Net Assets
Beginning of period	434,940,184	322,725,854
End of period	$435,318,391	$434,940,184

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$15.28	$12.98	$14.67	$12.75	$12.68	$13.01
Income from Investment Operations
Net investment income (loss)^A	.04	.30	.20	.20	.18	.22
Net realized and unrealized gain (loss)	(.24)	2.80	(1.32)	2.41	.57	(.25)
Total from investment operations	(.20)	3.10	(1.12)	2.61	.75	(.03)
Distributions from net investment income	–^B	(.29)	(.20)	(.20)	(.19)	(.23)
Distributions from net realized gain	(.67)	(.51)	(.37)	(.49)	(.49)	(.07)
Total distributions	(.67)	(.80)	(.57)	(.69)	(.68)	(.30)
Net asset value, end of period	$14.41	$15.28	$12.98	$14.67	$12.75	$12.68
Total Return^C,^D,^E	(1.40)%	24.43%	(7.78)%	20.96%	6.61%	(.24)%
Ratios to Average Net Assets^F
Expenses before reductions^G	- %^H	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^G,^H	- %^G	- %^G	-%	-%	-%
Expenses net of all reductions	- %^G,^H	- %^G	- %^G	-%	-%	-%
Net investment income (loss)	.54%^H	2.09%	1.42%	1.48%	1.42%	1.66%
Supplemental Data
Net assets, end of period (000 omitted)	$95,554	$93,564	$71,004	$74,247	$57,779	$68,661
Portfolio turnover rate^I	53%^H	30%	29%	26%	25%	26%

^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.

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

^G Amount represents less than .005%.

^H Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$15.25	$12.95	$14.64	$12.73	$12.66	$12.99
Income from Investment Operations
Net investment income (loss)^A	.03	.29	.19	.19	.16	.21
Net realized and unrealized gain (loss)	(.24)	2.79	(1.32)	2.40	.58	(.25)
Total from investment operations	(.21)	3.08	(1.13)	2.59	.74	(.04)
Distributions from net investment income	–^B	(.28)	(.19)	(.19)	(.17)	(.22)
Distributions from net realized gain	(.67)	(.51)	(.37)	(.49)	(.49)	(.07)
Total distributions	(.67)	(.78)^C	(.56)	(.68)	(.67)^D	(.29)
Net asset value, end of period	$14.37	$15.25	$12.95	$14.64	$12.73	$12.66
Total Return^E,^F,^G	(1.48)%	24.37%	(7.88)%	20.82%	6.52%	(.34)%
Ratios to Average Net Assets^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)	.44%^I	1.99%	1.32%	1.38%	1.32%	1.56%
Supplemental Data
Net assets, end of period (000 omitted)	$172,860	$168,105	$121,155	$111,029	$70,501	$59,096
Portfolio turnover rate^J	53%^I	30%	29%	26%	25%	26%

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

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

^C Total distributions of $.78 per share is comprised of distributions from net investment income of $.276 and distributions from net realized gain of $.508 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 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 Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$15.19	$12.91	$14.60	$12.69	$12.62	$12.95
Income from Investment Operations
Net investment income (loss)^A	.02	.26	.17	.17	.14	.19
Net realized and unrealized gain (loss)	(.23)	2.78	(1.32)	2.40	.58	(.25)
Total from investment operations	(.21)	3.04	(1.15)	2.57	.72	(.06)
Distributions from net investment income	–	(.26)	(.17)	(.16)	(.15)	(.20)
Distributions from net realized gain	(.67)	(.51)	(.37)	(.49)	(.49)	(.07)
Total distributions	(.67)	(.76)^B	(.54)	(.66)^C	(.65)^D	(.27)
Net asset value, end of period	$14.31	$15.19	$12.91	$14.60	$12.69	$12.62
Total Return^E,^F,^G	(1.50)%	24.11%	(8.05)%	20.69%	6.37%	(.53)%
Ratios to Average Net Assets^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)	.29%^I	1.84%	1.17%	1.23%	1.17%	1.41%
Supplemental Data
Net assets, end of period (000 omitted)	$166,904	$173,271	$130,567	$144,577	$132,682	$133,978
Portfolio turnover rate^J	53%^I	30%	29%	26%	25%	26%

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

^B Total distributions of $.76 per share is comprised of distributions from net investment income of $.255 and distributions from net realized gain of $.507 per share.

^C 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.

^D 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.

^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 Annualized

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

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

VIP Freedom 2035 Portfolio℠

Investment Summary (Unaudited)

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

Top Holdings as of June 30, 2020

	% of fund's net assets
VIP Overseas Portfolio Initial Class	23.1
VIP Emerging Markets Portfolio Initial Class	14.9
VIP Investment Grade Bond Portfolio Initial Class	10.7
VIP Growth & Income Portfolio Initial Class	9.4
VIP Equity-Income Portfolio Initial Class	8.2
VIP Growth Portfolio Initial Class	8.1
VIP Contrafund Portfolio Initial Class	7.9
VIP Value Portfolio Initial Class	6.0
VIP Value Strategies Portfolio Initial Class	2.9
VIP Mid Cap Portfolio Initial Class	2.3
	93.5

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	44.8%
	International Equity Funds	38.0%
	Bond Funds	17.0%
	Short-Term Funds	0.2%

VIP Freedom 2035 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 44.8%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	244,825	$9,888,469
VIP Equity-Income Portfolio Initial Class (a)	517,891	10,306,028
VIP Growth & Income Portfolio Initial Class (a)	630,709	11,781,649
VIP Growth Portfolio Initial Class (a)	122,494	10,114,296
VIP Mid Cap Portfolio Initial Class (a)	99,648	2,867,871
VIP Value Portfolio Initial Class (a)	619,730	7,560,710
VIP Value Strategies Portfolio Initial Class (a)	369,207	3,706,838
TOTAL DOMESTIC EQUITY FUNDS
(Cost $54,434,146)		56,225,861

International Equity Funds - 38.0%
VIP Emerging Markets Portfolio Initial Class (a)	1,698,663	18,736,256
VIP Overseas Portfolio Initial Class (a)	1,323,341	29,047,335
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $45,117,362)		47,783,591

Bond Funds - 17.0%
Fidelity Inflation-Protected Bond Index Fund (a)	233,465	2,493,404
Fidelity Long-Term Treasury Bond Index Fund (a)	168,697	2,861,104
VIP High Income Portfolio Initial Class (a)	493,133	2,495,252
VIP Investment Grade Bond Portfolio Initial Class (a)	968,481	13,461,884
TOTAL BOND FUNDS
(Cost $20,016,444)		21,311,644

Short-Term Funds - 0.2%
VIP Government Money Market Portfolio Initial Class 0.01% (a)(b)
(Cost $249,552)	249,552	249,552
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $119,817,504)		125,570,648
NET OTHER ASSETS (LIABILITIES) - 0.0%		(18,113)
NET ASSETS - 100%		$125,552,535

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	$2,300,656	$1,072,365	$1,015,160	$3,934	$7,330	$128,213	$2,493,404
Fidelity Long-Term Treasury Bond Index Fund	2,902,617	1,309,079	1,900,942	30,118	162,302	388,048	2,861,104
VIP Contrafund Portfolio Initial Class	8,955,034	3,181,680	2,964,440	55,109	(55,792)	771,987	9,888,469
VIP Emerging Markets Portfolio Initial Class	15,062,527	7,995,004	2,404,621	1,388,059	(128,387)	(1,788,267)	18,736,256
VIP Equity-Income Portfolio Initial Class	9,457,342	4,405,950	1,914,351	445,739	(84,580)	(1,558,333)	10,306,028
VIP Government Money Market Portfolio Initial Class 0.01%	1,152,428	4,254,626	5,157,502	6,001	--	--	249,552
VIP Growth & Income Portfolio Initial Class	10,782,927	5,125,515	2,341,128	569,829	(173,877)	(1,611,788)	11,781,649
VIP Growth Portfolio Initial Class	9,152,824	3,605,176	3,021,612	825,448	(110,244)	488,152	10,114,296
VIP High Income Portfolio Initial Class	2,306,243	986,825	629,378	18,224	(26,001)	(142,437)	2,495,252
VIP Investment Grade Bond Portfolio Initial Class	11,022,934	6,067,869	4,249,325	51,012	(30,643)	651,049	13,461,884
VIP Mid Cap Portfolio Initial Class	2,626,253	1,208,776	684,969	4,421	(57,353)	(224,836)	2,867,871
VIP Overseas Portfolio Initial Class	28,742,351	9,946,704	8,199,563	133,953	(222,227)	(1,219,930)	29,047,335
VIP Value Portfolio Initial Class	6,947,673	4,149,008	1,968,195	285,256	(198,142)	(1,369,634)	7,560,710
VIP Value Strategies Portfolio Initial Class	3,404,309	2,156,737	1,025,119	183,196	(160,603)	(668,486)	3,706,838
	$114,816,118	$55,465,314	$37,476,305	$4,000,299	$(1,078,217)	$(6,156,262)	$125,570,648

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$56,225,861	$56,225,861	$--	$--
International Equity Funds	47,783,591	47,783,591	--	--
Bond Funds	21,311,644	21,311,644	--	--
Short-Term Funds	249,552	249,552	--	--
Total Investments in Securities:	$125,570,648	$125,570,648	$--	$--

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, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $119,817,504)	$125,570,648
Total Investment in Securities (cost $119,817,504)		$125,570,648
Cash		9
Receivable for investments sold		1,992,148
Receivable for fund shares sold		283,618
Total assets		127,846,423
Liabilities
Payable for investments purchased	$2,265,749
Payable for fund shares redeemed	10,011
Distribution and service plan fees payable	18,128
Total liabilities		2,293,888
Net Assets		$125,552,535
Net Assets consist of:
Paid in capital		$117,614,912
Total accumulated earnings (loss)		7,937,623
Net Assets		$125,552,535
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($13,785,783 ÷ 605,996 shares)		$22.75
Service Class:
Net Asset Value, offering price and redemption price per share ($40,598,008 ÷ 1,789,502 shares)		$22.69
Service Class 2:
Net Asset Value, offering price and redemption price per share ($71,168,744 ÷ 3,156,524 shares)		$22.55

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$268,406
Expenses
Distribution and service plan fees	$101,756
Independent trustees' fees and expenses	186
Total expenses		101,942
Net investment income (loss)		166,464
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(1,078,217)
Capital gain distributions from underlying funds:
Affiliated issuers	3,731,893
Total net realized gain (loss)		2,653,676
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(6,156,262)
Total change in net unrealized appreciation (depreciation)		(6,156,262)
Net gain (loss)		(3,502,586)
Net increase (decrease) in net assets resulting from operations		$(3,336,122)

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$166,464	$1,693,267
Net realized gain (loss)	2,653,676	4,409,706
Change in net unrealized appreciation (depreciation)	(6,156,262)	14,187,707
Net increase (decrease) in net assets resulting from operations	(3,336,122)	20,290,680
Distributions to shareholders	(4,384,477)	(4,152,908)
Share transactions - net increase (decrease)	18,473,848	33,368,834
Total increase (decrease) in net assets	10,753,249	49,506,606
Net Assets
Beginning of period	114,799,286	65,292,680
End of period	$125,552,535	$114,799,286

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$24.35	$20.07	$22.88	$19.39	$19.05	$19.52
Income from Investment Operations
Net investment income (loss)^A	.05	.48	.29	.30	.31	.39
Net realized and unrealized gain (loss)	(.76)	4.92	(2.39)	4.14	.88	(.44)
Total from investment operations	(.71)	5.40	(2.10)	4.44	1.19	(.05)
Distributions from net investment income	–	(.41)	(.26)	(.27)	(.26)	(.32)
Distributions from net realized gain	(.89)	(.71)	(.45)	(.69)	(.60)	(.10)
Total distributions	(.89)	(1.12)	(.71)	(.95)^B	(.85)^C	(.42)
Net asset value, end of period	$22.75	$24.35	$20.07	$22.88	$19.39	$19.05
Total Return^D,^E,^F	(3.06)%	27.49%	(9.30)%	23.35%	6.87%	(.31)%
Ratios to Average Net Assets^G
Expenses before reductions^H	- %^I	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^H,^I	- %^H	- %^H	-%	-%	-%
Expenses net of all reductions	- %^H,^I	- %^H	- %^H	-%	-%	-%
Net investment income (loss)	.47%^I	2.13%	1.30%	1.42%	1.65%	1.98%
Supplemental Data
Net assets, end of period (000 omitted)	$13,786	$12,846	$7,977	$6,197	$3,522	$1,545
Portfolio turnover rate^J	65%^I	29%	27%	25%	18%	22%

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

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

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

^D Total 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.

^H Amount represents less than .005%.

^I Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$24.30	$20.04	$22.84	$19.36	$19.04	$19.51
Income from Investment Operations
Net investment income (loss)^A	.04	.46	.27	.28	.29	.37
Net realized and unrealized gain (loss)	(.76)	4.90	(2.38)	4.13	.87	(.44)
Total from investment operations	(.72)	5.36	(2.11)	4.41	1.16	(.07)
Distributions from net investment income	–	(.39)	(.25)	(.25)	(.24)	(.30)
Distributions from net realized gain	(.89)	(.71)	(.45)	(.69)	(.60)	(.10)
Total distributions	(.89)	(1.10)	(.69)^B	(.93)^C	(.84)	(.40)
Net asset value, end of period	$22.69	$24.30	$20.04	$22.84	$19.36	$19.04
Total Return^D,^E,^F	(3.11)%	27.33%	(9.36)%	23.24%	6.70%	(.40)%
Ratios to Average Net Assets^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)	.37%^H	2.03%	1.20%	1.32%	1.55%	1.88%
Supplemental Data
Net assets, end of period (000 omitted)	$40,598	$30,573	$12,303	$8,385	$4,661	$2,010
Portfolio turnover rate^I	65%^H	29%	27%	25%	18%	22%

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

^B 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.

^C 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.

^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.

^H Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$24.17	$19.94	$22.73	$19.27	$18.96	$19.43
Income from Investment Operations
Net investment income (loss)^A	.02	.42	.24	.25	.26	.34
Net realized and unrealized gain (loss)	(.75)	4.88	(2.37)	4.11	.86	(.43)
Total from investment operations	(.73)	5.30	(2.13)	4.36	1.12	(.09)
Distributions from net investment income	–	(.36)	(.22)	(.22)	(.22)	(.28)
Distributions from net realized gain	(.89)	(.71)	(.45)	(.69)	(.60)	(.10)
Total distributions	(.89)	(1.07)	(.66)^B	(.90)^C	(.81)^D	(.38)
Net asset value, end of period	$22.55	$24.17	$19.94	$22.73	$19.27	$18.96
Total Return^E,^F,^G	(3.17)%	27.13%	(9.50)%	23.07%	6.52%	(.51)%
Ratios to Average Net Assets^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)	.22%^I	1.88%	1.05%	1.17%	1.40%	1.73%
Supplemental Data
Net assets, end of period (000 omitted)	$71,169	$71,380	$45,013	$41,677	$28,467	$20,005
Portfolio turnover rate^J	65%^I	29%	27%	25%	18%	22%

^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 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 Annualized

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

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, 2020

	% of fund's net assets
VIP Overseas Portfolio Initial Class	25.5
VIP Emerging Markets Portfolio Initial Class	15.8
VIP Growth & Income Portfolio Initial Class	10.4
VIP Equity-Income Portfolio Initial Class	9.1
VIP Growth Portfolio Initial Class	9.0
VIP Contrafund Portfolio Initial Class	8.8
VIP Value Portfolio Initial Class	6.7
VIP Value Strategies Portfolio Initial Class	3.3
VIP Mid Cap Portfolio Initial Class	2.5
VIP Investment Grade Bond Portfolio Initial Class	2.4
	93.5

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	49.8%
	International Equity Funds	41.3%
	Bond Funds	8.7%
	Short-Term Funds	0.2%

VIP Freedom 2040 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 49.8%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	255,141	$10,305,141
VIP Equity-Income Portfolio Initial Class (a)	539,733	10,740,692
VIP Growth & Income Portfolio Initial Class (a)	657,306	12,278,474
VIP Growth Portfolio Initial Class (a)	127,655	10,540,463
VIP Mid Cap Portfolio Initial Class (a)	103,847	2,988,712
VIP Value Portfolio Initial Class (a)	645,865	7,879,558
VIP Value Strategies Portfolio Initial Class (a)	384,770	3,863,094
TOTAL DOMESTIC EQUITY FUNDS
(Cost $54,632,281)		58,596,134

International Equity Funds - 41.3%
VIP Emerging Markets Portfolio Initial Class (a)	1,693,748	18,682,039
VIP Overseas Portfolio Initial Class (a)	1,366,756	30,000,297
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $44,381,549)		48,682,336

Bond Funds - 8.7%
Fidelity Inflation-Protected Bond Index Fund (a)	218,742	2,336,162
Fidelity Long-Term Treasury Bond Index Fund (a)	158,057	2,680,654
VIP High Income Portfolio Initial Class (a)	462,036	2,337,903
VIP Investment Grade Bond Portfolio Initial Class (a)	206,038	2,863,931
TOTAL BOND FUNDS
(Cost $9,492,117)		10,218,650

Short-Term Funds - 0.2%
VIP Government Money Market Portfolio Initial Class 0.01% (a)(b)
(Cost $233,815)	233,815	233,815
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $108,739,762)		117,730,935
NET OTHER ASSETS (LIABILITIES) - 0.0%		(8,426)
NET ASSETS - 100%		$117,722,509

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	$2,288,160	$864,918	$945,679	$3,754	$2,100	$126,663	$2,336,162
Fidelity Long-Term Treasury Bond Index Fund	2,886,614	1,056,350	1,792,157	28,742	220,458	309,389	2,680,654
VIP Contrafund Portfolio Initial Class	9,760,852	2,663,424	2,865,810	58,514	(26,542)	773,217	10,305,141
VIP Emerging Markets Portfolio Initial Class	15,885,334	6,690,174	1,886,329	1,424,694	(166,427)	(1,840,713)	18,682,039
VIP Equity-Income Portfolio Initial Class	10,308,470	3,853,469	1,676,743	473,274	(103,877)	(1,640,627)	10,740,692
VIP Government Money Market Portfolio Initial Class 0.01%	1,146,197	3,937,540	4,849,922	5,778	--	--	233,815
VIP Growth & Income Portfolio Initial Class	11,753,343	4,474,673	2,045,772	605,030	(184,878)	(1,718,892)	12,278,474
VIP Growth Portfolio Initial Class	9,976,373	3,080,644	2,890,327	876,440	(29,039)	402,812	10,540,463
VIP High Income Portfolio Initial Class	2,293,766	763,424	551,891	17,656	(27,805)	(139,591)	2,337,903
VIP Investment Grade Bond Portfolio Initial Class	2,800,670	1,522,616	1,595,199	11,823	(6,779)	142,623	2,863,931
VIP Mid Cap Portfolio Initial Class	2,862,652	1,026,999	591,006	4,694	(48,503)	(261,430)	2,988,712
VIP Overseas Portfolio Initial Class	30,936,305	7,449,642	6,818,430	140,505	(212,027)	(1,355,193)	30,000,297
VIP Value Portfolio Initial Class	7,572,990	3,689,571	1,699,792	302,877	(196,087)	(1,487,124)	7,879,558
VIP Value Strategies Portfolio Initial Class	3,710,794	1,940,872	897,774	194,512	(160,928)	(729,870)	3,863,094
	$114,182,520	$43,014,316	$31,106,831	$4,148,293	$(940,334)	$(7,418,736)	$117,730,935

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$58,596,134	$58,596,134	$--	$--
International Equity Funds	48,682,336	48,682,336	--	--
Bond Funds	10,218,650	10,218,650	--	--
Short-Term Funds	233,815	233,815	--	--
Total Investments in Securities:	$117,730,935	$117,730,935	$--	$--

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, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $108,739,762)	$117,730,935
Total Investment in Securities (cost $108,739,762)		$117,730,935
Cash		2,100
Receivable for investments sold		1,823,556
Receivable for fund shares sold		163,241
Total assets		119,719,832
Liabilities
Payable for investments purchased	$1,984,780
Payable for fund shares redeemed	2,021
Distribution and service plan fees payable	10,522
Total liabilities		1,997,323
Net Assets		$117,722,509
Net Assets consist of:
Paid in capital		$106,401,893
Total accumulated earnings (loss)		11,320,616
Net Assets		$117,722,509
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($26,397,699 ÷ 1,243,630 shares)		$21.23
Service Class:
Net Asset Value, offering price and redemption price per share ($66,935,100 ÷ 3,161,014 shares)		$21.18
Service Class 2:
Net Asset Value, offering price and redemption price per share ($24,389,710 ÷ 1,157,165 shares)		$21.08

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$238,403
Expenses
Distribution and service plan fees	$58,845
Independent trustees' fees and expenses	181
Total expenses before reductions	59,026
Expense reductions	(20)
Total expenses after reductions		59,006
Net investment income (loss)		179,397
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(940,334)
Capital gain distributions from underlying funds:
Affiliated issuers	3,909,890
Total net realized gain (loss)		2,969,556
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(7,418,736)
Total change in net unrealized appreciation (depreciation)		(7,418,736)
Net gain (loss)		(4,449,180)
Net increase (decrease) in net assets resulting from operations		$(4,269,783)

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$179,397	$1,763,499
Net realized gain (loss)	2,969,556	5,687,981
Change in net unrealized appreciation (depreciation)	(7,418,736)	16,800,663
Net increase (decrease) in net assets resulting from operations	(4,269,783)	24,252,143
Distributions to shareholders	(5,047,753)	(5,115,366)
Share transactions - net increase (decrease)	12,865,307	11,566,566
Total increase (decrease) in net assets	3,547,771	30,703,343
Net Assets
Beginning of period	114,174,738	83,471,395
End of period	$117,722,509	$114,174,738

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$23.08	$18.94	$21.76	$18.39	$18.19	$18.66
Income from Investment Operations
Net investment income (loss)^A	.04	.40	.27	.28	.23	.34
Net realized and unrealized gain (loss)	(.88)	4.88	(2.39)	3.98	.88	(.38)
Total from investment operations	(.84)	5.28	(2.12)	4.26	1.11	(.04)
Distributions from net investment income	–^B	(.39)	(.25)	(.25)	(.24)	(.31)
Distributions from net realized gain	(1.01)	(.75)	(.45)	(.64)	(.67)	(.12)
Total distributions	(1.01)	(1.14)	(.70)	(.89)	(.91)	(.43)
Net asset value, end of period	$21.23	$23.08	$18.94	$21.76	$18.39	$18.19
Total Return^C,^D,^E	(3.85)%	28.52%	(9.88)%	23.60%	6.83%	(.26)%
Ratios to Average Net Assets^F
Expenses before reductions^G	- %^H	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^G,^H	- %^G	- %^G	-%	-%	-%
Expenses net of all reductions	- %^G,^H	- %^G	- %^G	-%	-%	-%
Net investment income (loss)	.44%^H	1.86%	1.26%	1.39%	1.29%	1.80%
Supplemental Data
Net assets, end of period (000 omitted)	$26,398	$27,284	$19,652	$16,561	$11,515	$15,388
Portfolio turnover rate^I	57%^H	36%	39%	26%	36%	23%

^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 Amount represents less than .005%.

^H Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$23.04	$18.91	$21.72	$18.37	$18.17	$18.64
Income from Investment Operations
Net investment income (loss)^A	.03	.37	.25	.26	.21	.32
Net realized and unrealized gain (loss)	(.88)	4.88	(2.38)	3.96	.89	(.38)
Total from investment operations	(.85)	5.25	(2.13)	4.22	1.10	(.06)
Distributions from net investment income	–	(.37)	(.23)	(.23)	(.23)	(.29)
Distributions from net realized gain	(1.01)	(.75)	(.45)	(.64)	(.67)	(.12)
Total distributions	(1.01)	(1.12)	(.68)	(.87)	(.90)	(.41)
Net asset value, end of period	$21.18	$23.04	$18.91	$21.72	$18.37	$18.17
Total Return^B,^C,^D	(3.91)%	28.39%	(9.94)%	23.42%	6.75%	(.35)%
Ratios to Average Net Assets^E
Expenses before reductions	.10%^F	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%^F	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%^F	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	.34%^F	1.76%	1.16%	1.29%	1.19%	1.70%
Supplemental Data
Net assets, end of period (000 omitted)	$66,935	$63,170	$48,429	$45,492	$22,986	$18,401
Portfolio turnover rate^G	57%^F	36%	39%	26%	36%	23%

^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 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.

^F Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$22.95	$18.84	$21.65	$18.30	$18.12	$18.59
Income from Investment Operations
Net investment income (loss)^A	.02	.34	.22	.23	.18	.29
Net realized and unrealized gain (loss)	(.88)	4.86	(2.38)	3.95	.87	(.38)
Total from investment operations	(.86)	5.20	(2.16)	4.18	1.05	(.09)
Distributions from net investment income	–	(.34)	(.20)	(.19)	(.20)	(.27)
Distributions from net realized gain	(1.01)	(.75)	(.45)	(.64)	(.67)	(.12)
Total distributions	(1.01)	(1.09)	(.65)	(.83)	(.87)	(.38)^B
Net asset value, end of period	$21.08	$22.95	$18.84	$21.65	$18.30	$18.12
Total Return^C,^D,^E	(3.98)%	28.23%	(10.12)%	23.30%	6.53%	(.49)%
Ratios to Average Net Assets^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)	.19%^G	1.61%	1.01%	1.14%	1.04%	1.55%
Supplemental Data
Net assets, end of period (000 omitted)	$24,390	$23,721	$15,391	$16,380	$15,086	$12,468
Portfolio turnover rate^H	57%^G	36%	39%	26%	36%	23%

^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 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 Annualized

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

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, 2020

	% of fund's net assets
VIP Overseas Portfolio Initial Class	25.5
VIP Emerging Markets Portfolio Initial Class	15.8
VIP Growth & Income Portfolio Initial Class	10.4
VIP Equity-Income Portfolio Initial Class	9.1
VIP Growth Portfolio Initial Class	9.0
VIP Contrafund Portfolio Initial Class	8.8
VIP Value Portfolio Initial Class	6.7
VIP Value Strategies Portfolio Initial Class	3.3
VIP Mid Cap Portfolio Initial Class	2.5
VIP Investment Grade Bond Portfolio Initial Class	2.4
	93.5

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	49.8%
	International Equity Funds	41.3%
	Bond Funds	8.7%
	Short-Term Funds	0.2%

VIP Freedom 2045 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 49.8%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	130,419	$5,267,623
VIP Equity-Income Portfolio Initial Class (a)	275,897	5,490,352
VIP Growth & Income Portfolio Initial Class (a)	335,995	6,276,386
VIP Growth Portfolio Initial Class (a)	65,253	5,387,915
VIP Mid Cap Portfolio Initial Class (a)	53,083	1,527,731
VIP Value Portfolio Initial Class (a)	330,148	4,027,804
VIP Value Strategies Portfolio Initial Class (a)	196,683	1,974,697
TOTAL DOMESTIC EQUITY FUNDS
(Cost $29,045,462)		29,952,508

International Equity Funds - 41.3%
VIP Emerging Markets Portfolio Initial Class (a)	865,801	9,549,781
VIP Overseas Portfolio Initial Class (a)	698,653	15,335,443
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $23,353,245)		24,885,224

Bond Funds - 8.7%
Fidelity Inflation-Protected Bond Index Fund (a)	111,816	1,194,194
Fidelity Long-Term Treasury Bond Index Fund (a)	80,796	1,370,302
VIP High Income Portfolio Initial Class (a)	236,182	1,195,082
VIP Investment Grade Bond Portfolio Initial Class (a)	105,322	1,463,975
TOTAL BOND FUNDS
(Cost $4,852,910)		5,223,553

Short-Term Funds - 0.2%
VIP Government Money Market Portfolio Initial Class 0.01% (a)(b)
(Cost $119,521)	119,521	119,521
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $57,371,138)		60,180,806
NET OTHER ASSETS (LIABILITIES) - 0.0%		(9,632)
NET ASSETS - 100%		$60,171,174

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	$1,140,493	$392,367	$404,249	$1,908	$477	$65,106	$1,194,194
Fidelity Long-Term Treasury Bond Index Fund	1,438,753	481,036	815,528	14,600	89,125	176,916	1,370,302
VIP Contrafund Portfolio Initial Class	4,864,921	1,282,087	1,282,322	29,640	(10,253 )	413,190	5,267,623
VIP Emerging Markets Portfolio Initial Class	7,918,408	3,245,726	636,846	721,687	(58,199 )	(919,308)	9,549,781
VIP Equity-Income Portfolio Initial Class	5,137,967	1,808,985	594,105	239,740	(54,386 )	(808,109)	5,490,352
VIP Government Money Market Portfolio Initial Class 0.01%	571,302	1,949,972	2,401,753	2,912	--	--	119,521
VIP Growth & Income Portfolio Initial Class	5,858,089	2,100,039	744,118	306,481	(72,904 )	(864,720)	6,276,386
VIP Growth Portfolio Initial Class	4,972,337	1,505,256	1,308,683	443,967	(15,509 )	234,514	5,387,915
VIP High Income Portfolio Initial Class	1,143,288	371,892	239,144	8,943	(14,316 )	(66,638)	1,195,082
VIP Investment Grade Bond Portfolio Initial Class	1,395,945	712,664	714,964	5,989	(2,724 )	73,054	1,463,975
VIP Mid Cap Portfolio Initial Class	1,426,819	482,983	234,925	2,378	(29,167 )	(117,979)	1,527,731
VIP Overseas Portfolio Initial Class	15,418,324	3,569,784	2,927,197	71,173	(141,573 )	(583,895)	15,335,443
VIP Value Portfolio Initial Class	3,774,526	1,791,056	713,206	153,424	(88,883 )	(735,689)	4,027,804
VIP Value Strategies Portfolio Initial Class	1,849,557	942,437	380,226	98,531	(64,261 )	(372,810)	1,974,697
	$56,910,729	$20,636,284	$13,397,266	$2,101,373	$(462,573 )	$(3,506,368)	$60,180,806

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$29,952,508	$29,952,508	$--	$--
International Equity Funds	24,885,224	24,885,224	--	--
Bond Funds	5,223,553	5,223,553	--	--
Short-Term Funds	119,521	119,521	--	--
Total Investments in Securities:	$60,180,806	$60,180,806	$--	$--

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, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $57,371,138)	$60,180,806
Total Investment in Securities (cost $57,371,138)		$60,180,806
Cash		900
Receivable for investments sold		884,947
Receivable for fund shares sold		156,638
Total assets		61,223,291
Liabilities
Payable for investments purchased	$1,040,553
Payable for fund shares redeemed	1,033
Distribution and service plan fees payable	10,531
Total liabilities		1,052,117
Net Assets		$60,171,174
Net Assets consist of:
Paid in capital		$56,228,470
Total accumulated earnings (loss)		3,942,704
Net Assets		$60,171,174
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($3,701,870 ÷ 173,448 shares)		$21.34
Service Class:
Net Asset Value, offering price and redemption price per share ($8,835,293 ÷ 415,000 shares)		$21.29
Service Class 2:
Net Asset Value, offering price and redemption price per share ($47,634,011 ÷ 2,249,598 shares)		$21.17

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$120,799
Expenses
Distribution and service plan fees	$59,161
Independent trustees' fees and expenses	91
Total expenses before reductions	59,252
Expense reductions	(10)
Total expenses after reductions		59,242
Net investment income (loss)		61,557
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(462,573)
Capital gain distributions from underlying funds:
Affiliated issuers	1,980,574
Total net realized gain (loss)		1,518,001
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(3,506,368)
Total change in net unrealized appreciation (depreciation)		(3,506,368)
Net gain (loss)		(1,988,367)
Net increase (decrease) in net assets resulting from operations		$(1,926,810)

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$61,557	$806,330
Net realized gain (loss)	1,518,001	2,316,712
Change in net unrealized appreciation (depreciation)	(3,506,368)	7,695,918
Net increase (decrease) in net assets resulting from operations	(1,926,810)	10,818,960
Distributions to shareholders	(2,246,778)	(2,203,901)
Share transactions - net increase (decrease)	7,443,039	13,505,541
Total increase (decrease) in net assets	3,269,451	22,120,600
Net Assets
Beginning of period	56,901,723	34,781,123
End of period	$60,171,174	$56,901,723

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$23.08	$18.91	$21.64	$18.31	$18.03	$18.50
Income from Investment Operations
Net investment income (loss)^A	.04	.43	.27	.30	.28	.38
Net realized and unrealized gain (loss)	(.89)	4.85	(2.39)	3.93	.83	(.42)
Total from investment operations	(.85)	5.28	(2.12)	4.23	1.11	(.04)
Distributions from net investment income	–	(.37)	(.25)	(.24)	(.24)	(.33)
Distributions from net realized gain	(.89)	(.74)	(.37)	(.66)	(.59)	(.10)
Total distributions	(.89)	(1.11)	(.61)^B	(.90)	(.83)	(.43)
Net asset value, end of period	$21.34	$23.08	$18.91	$21.64	$18.31	$18.03
Total Return^C,^D,^E	(3.89)%	28.57%	(9.89)%	23.59%	6.80%	(.26)%
Ratios to Average Net Assets^F
Expenses before reductions^G	- %^H	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^G,^H	- %^G	- %^G	-%	-%	-%
Expenses net of all reductions	- %^G,^H	- %^G	- %^G	-%	-%	-%
Net investment income (loss)	.44%^H	2.01%	1.25%	1.46%	1.57%	2.01%
Supplemental Data
Net assets, end of period (000 omitted)	$3,702	$3,686	$2,583	$1,491	$789	$542
Portfolio turnover rate^I	48%^H	25%	42%	23%	19%	26%

^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.

^G Amount represents less than .005%.

^H Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$23.03	$18.88	$21.61	$18.30	$18.02	$18.49
Income from Investment Operations
Net investment income (loss)^A	.03	.41	.24	.28	.26	.36
Net realized and unrealized gain (loss)	(.88)	4.83	(2.37)	3.92	.84	(.42)
Total from investment operations	(.85)	5.24	(2.13)	4.20	1.10	(.06)
Distributions from net investment income	–	(.35)	(.23)	(.23)	(.23)	(.31)
Distributions from net realized gain	(.89)	(.74)	(.37)	(.66)	(.59)	(.10)
Total distributions	(.89)	(1.09)	(.60)	(.89)	(.82)	(.41)
Net asset value, end of period	$21.29	$23.03	$18.88	$21.61	$18.30	$18.02
Total Return^B,^C,^D	(3.91)%	28.40%	(9.97)%	23.42%	6.73%	(.37)%
Ratios to Average Net Assets^E
Expenses before reductions	.10%^F	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%^F	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%^F	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	.34%^F	1.91%	1.15%	1.36%	1.47%	1.91%
Supplemental Data
Net assets, end of period (000 omitted)	$8,835	$7,345	$3,900	$1,923	$396	$343
Portfolio turnover rate^G	48%^F	25%	42%	23%	19%	26%

^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.

^F Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$22.93	$18.80	$21.52	$18.22	$17.95	$18.43
Income from Investment Operations
Net investment income (loss)^A	.02	.37	.21	.24	.23	.33
Net realized and unrealized gain (loss)	(.90)	4.82	(2.37)	3.92	.84	(.42)
Total from investment operations	(.88)	5.19	(2.16)	4.16	1.07	(.09)
Distributions from net investment income	–	(.33)	(.20)	(.20)	(.20)	(.29)
Distributions from net realized gain	(.88)	(.74)	(.37)	(.66)	(.59)	(.10)
Total distributions	(.88)	(1.06)^B	(.56)^C	(.86)	(.80)^D	(.39)
Net asset value, end of period	$21.17	$22.93	$18.80	$21.52	$18.22	$17.95
Total Return^E,^F,^G	(4.02)%	28.25%	(10.13)%	23.30%	6.56%	(.53)%
Ratios to Average Net Assets^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)	.19%^I	1.76%	1.00%	1.21%	1.32%	1.76%
Supplemental Data
Net assets, end of period (000 omitted)	$47,634	$45,871	$28,298	$27,399	$16,671	$11,398
Portfolio turnover rate^J	48%^I	25%	42%	23%	19%	26%

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

^B Total distributions of $1.06 per share is comprised of distributions from net investment income of $.327 and distributions from net realized gain of $.737 per share.

^C 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.

^D 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.

^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 Annualized

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

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, 2020

	% of fund's net assets
VIP Overseas Portfolio Initial Class	25.5
VIP Emerging Markets Portfolio Initial Class	15.8
VIP Growth & Income Portfolio Initial Class	10.4
VIP Equity-Income Portfolio Initial Class	9.1
VIP Growth Portfolio Initial Class	9.0
VIP Contrafund Portfolio Initial Class	8.8
VIP Value Portfolio Initial Class	6.7
VIP Value Strategies Portfolio Initial Class	3.3
VIP Mid Cap Portfolio Initial Class	2.5
VIP Investment Grade Bond Portfolio Initial Class	2.4
	93.5

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	49.8%
	International Equity Funds	41.3%
	Bond Funds	8.7%
	Short-Term Funds	0.2%

VIP Freedom 2050 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 49.8%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	108,453	$4,380,434
VIP Equity-Income Portfolio Initial Class (a)	229,424	4,565,545
VIP Growth & Income Portfolio Initial Class (a)	279,402	5,219,237
VIP Growth Portfolio Initial Class (a)	54,263	4,480,468
VIP Mid Cap Portfolio Initial Class (a)	44,143	1,270,441
VIP Value Portfolio Initial Class (a)	274,538	3,349,363
VIP Value Strategies Portfolio Initial Class (a)	163,553	1,642,074
TOTAL DOMESTIC EQUITY FUNDS
(Cost $23,846,898)		24,907,562

International Equity Funds - 41.3%
VIP Emerging Markets Portfolio Initial Class (a)	719,965	7,941,217
VIP Overseas Portfolio Initial Class (a)	580,969	12,752,270
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $19,268,440)		20,693,487

Bond Funds - 8.7%
Fidelity Inflation-Protected Bond Index Fund (a)	92,981	993,036
Fidelity Long-Term Treasury Bond Index Fund (a)	67,186	1,139,481
VIP High Income Portfolio Initial Class (a)	196,398	993,775
VIP Investment Grade Bond Portfolio Initial Class (a)	87,581	1,217,375
TOTAL BOND FUNDS
(Cost $4,002,893)		4,343,667

Short-Term Funds - 0.2%
VIP Government Money Market Portfolio Initial Class 0.01% (a)(b)
(Cost $99,388)	99,388	99,388
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $47,217,619)		50,044,104
NET OTHER ASSETS (LIABILITIES) - 0.0%		(5,594)
NET ASSETS - 100%		$50,038,510

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	$904,084	$423,945	$388,235	$1,564	$530	$52,712	$993,036
Fidelity Long-Term Treasury Bond Index Fund	1,140,494	520,659	741,181	11,962	78,782	140,727	1,139,481
VIP Contrafund Portfolio Initial Class	3,856,590	1,375,288	1,155,835	24,336	(22,705 )	327,096	4,380,434
VIP Emerging Markets Portfolio Initial Class	6,276,851	3,269,733	774,393	592,542	(59,036 )	(771,938)	7,941,217
VIP Equity-Income Portfolio Initial Class	4,073,007	1,898,264	671,433	196,836	(63,985 )	(670,308)	4,565,545
VIP Government Money Market Portfolio Initial Class 0.01%	452,878	1,702,300	2,055,790	2,397	--	--	99,388
VIP Growth & Income Portfolio Initial Class	4,643,886	2,207,955	830,995	251,632	(77,836 )	(723,773)	5,219,237
VIP Growth Portfolio Initial Class	3,941,747	1,558,859	1,172,211	364,512	(40,053 )	192,126	4,480,468
VIP High Income Portfolio Initial Class	906,306	383,216	226,099	7,343	(11,718 )	(57,930)	993,775
VIP Investment Grade Bond Portfolio Initial Class	1,106,583	716,415	662,354	4,917	(534 )	57,265	1,217,375
VIP Mid Cap Portfolio Initial Class	1,131,076	513,414	243,882	1,952	(21,187 )	(108,980)	1,270,441
VIP Overseas Portfolio Initial Class	12,222,930	3,963,816	2,772,822	58,436	(145,387 )	(516,267)	12,752,270
VIP Value Portfolio Initial Class	2,992,189	1,778,182	715,700	125,967	(81,766 )	(623,542)	3,349,363
VIP Value Strategies Portfolio Initial Class	1,466,200	923,626	375,063	80,898	(54,246 )	(318,443)	1,642,074
	$45,114,821	$21,235,672	$12,785,993	$1,725,294	$(499,141 )	$(3,021,255)	$50,044,104

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$24,907,562	$24,907,562	$--	$--
International Equity Funds	20,693,487	20,693,487	--	--
Bond Funds	4,343,667	4,343,667	--	--
Short-Term Funds	99,388	99,388	--	--
Total Investments in Securities:	$50,044,104	$50,044,104	$--	$--

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, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $47,217,619)	$50,044,104
Total Investment in Securities (cost $47,217,619)		$50,044,104
Cash		616
Receivable for investments sold		774,231
Receivable for fund shares sold		59,181
Total assets		50,878,132
Liabilities
Payable for investments purchased	$831,707
Payable for fund shares redeemed	1,706
Distribution and service plan fees payable	6,209
Total liabilities		839,622
Net Assets		$50,038,510
Net Assets consist of:
Paid in capital		$46,681,122
Total accumulated earnings (loss)		3,357,388
Net Assets		$50,038,510
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($9,948,599 ÷ 518,659 shares)		$19.18
Service Class:
Net Asset Value, offering price and redemption price per share ($16,678,465 ÷ 871,996 shares)		$19.13
Service Class 2:
Net Asset Value, offering price and redemption price per share ($23,411,446 ÷ 1,228,993 shares)		$19.05

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$99,160
Expenses
Distribution and service plan fees	$33,431
Independent trustees' fees and expenses	74
Total expenses before reductions	33,505
Expense reductions	(5)
Total expenses after reductions		33,500
Net investment income (loss)		65,660
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(499,141)
Capital gain distributions from underlying funds:
Affiliated issuers	1,626,134
Total net realized gain (loss)		1,126,993
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(3,021,255)
Total change in net unrealized appreciation (depreciation)		(3,021,255)
Net gain (loss)		(1,894,262)
Net increase (decrease) in net assets resulting from operations		$(1,828,602)

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$65,660	$667,581
Net realized gain (loss)	1,126,993	2,041,696
Change in net unrealized appreciation (depreciation)	(3,021,255)	6,094,654
Net increase (decrease) in net assets resulting from operations	(1,828,602)	8,803,931
Distributions to shareholders	(1,707,447)	(1,709,491)
Share transactions - net increase (decrease)	8,464,389	10,495,898
Total increase (decrease) in net assets	4,928,340	17,590,338
Net Assets
Beginning of period	45,110,170	27,519,832
End of period	$50,038,510	$45,110,170

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$20.68	$16.88	$19.50	$16.55	$16.42	$16.86
Income from Investment Operations
Net investment income (loss)^A	.04	.37	.26	.23	.25	.32
Net realized and unrealized gain (loss)	(.80)	4.36	(2.15)	3.58	.75	(.36)
Total from investment operations	(.76)	4.73	(1.89)	3.81	1.00	(.04)
Distributions from net investment income	–^B	(.34)	(.21)	(.24)	(.25)	(.29)
Distributions from net realized gain	(.74)	(.59)	(.52)	(.63)	(.62)	(.11)
Total distributions	(.74)	(.93)	(.73)	(.86)^C	(.87)	(.40)
Net asset value, end of period	$19.18	$20.68	$16.88	$19.50	$16.55	$16.42
Total Return^D,^E,^F	(3.87)%	28.51%	(9.89)%	23.52%	6.84%	(.29)%
Ratios to Average Net Assets^G
Expenses before reductions^H	- %^I	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^H,^I	- %^H	- %^H	-%	-%	-%
Expenses net of all reductions	- %^H,^I	- %^H	- %^H	-%	-%	-%
Net investment income (loss)	.44%^I	1.96%	1.35%	1.27%	1.59%	1.89%
Supplemental Data
Net assets, end of period (000 omitted)	$9,949	$10,317	$7,056	$5,826	$4,171	$2,266
Portfolio turnover rate^J	56%^I	30%	111%	46%	26%	37%

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

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

^C 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.

^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.

^H Amount represents less than .005%.

^I Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$20.63	$16.84	$19.47	$16.52	$16.39	$16.83
Income from Investment Operations
Net investment income (loss)^A	.03	.35	.24	.21	.24	.31
Net realized and unrealized gain (loss)	(.79)	4.35	(2.15)	3.59	.74	(.37)
Total from investment operations	(.76)	4.70	(1.91)	3.80	.98	(.06)
Distributions from net investment income	–	(.32)	(.20)	(.22)	(.23)	(.27)
Distributions from net realized gain	(.74)	(.59)	(.52)	(.63)	(.62)	(.11)
Total distributions	(.74)	(.91)	(.72)	(.85)	(.85)	(.38)
Net asset value, end of period	$19.13	$20.63	$16.84	$19.47	$16.52	$16.39
Total Return^B,^C,^D	(3.89)%	28.39%	(10.03)%	23.46%	6.75%	(.38)%
Ratios to Average Net Assets^E
Expenses before reductions	.10%^F	.10%	.10%	.10%	.10%	.10%
Expenses net of fee waivers, if any	.10%^F	.10%	.10%	.10%	.10%	.10%
Expenses net of all reductions	.10%^F	.10%	.10%	.10%	.10%	.10%
Net investment income (loss)	.34%^F	1.86%	1.25%	1.17%	1.49%	1.79%
Supplemental Data
Net assets, end of period (000 omitted)	$16,678	$14,242	$10,203	$6,748	$4,205	$3,004
Portfolio turnover rate^G	56%^F	30%	111%	46%	26%	37%

^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.

^F Annualized

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

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$20.57	$16.80	$19.42	$16.47	$16.35	$16.80
Income from Investment Operations
Net investment income (loss)^A	.02	.32	.21	.18	.21	.28
Net realized and unrealized gain (loss)	(.81)	4.34	(2.13)	3.58	.74	(.37)
Total from investment operations	(.79)	4.66	(1.92)	3.76	.95	(.09)
Distributions from net investment income	–	(.30)	(.18)	(.18)	(.21)	(.25)
Distributions from net realized gain	(.73)	(.59)	(.52)	(.63)	(.62)	(.11)
Total distributions	(.73)	(.89)	(.70)	(.81)	(.83)	(.36)
Net asset value, end of period	$19.05	$20.57	$16.80	$19.42	$16.47	$16.35
Total Return^B,^C,^D	(4.01)%	28.22%	(10.13)%	23.30%	6.56%	(.58)%
Ratios to Average Net Assets^E
Expenses before reductions	.25%^F	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.25%^F	.25%	.25%	.25%	.25%	.25%
Expenses net of all reductions	.25%^F	.25%	.25%	.25%	.25%	.25%
Net investment income (loss)	.19%^F	1.71%	1.10%	1.02%	1.34%	1.64%
Supplemental Data
Net assets, end of period (000 omitted)	$23,411	$20,551	$10,262	$8,285	$9,472	$7,649
Portfolio turnover rate^G	56%^F	30%	111%	46%	26%	37%

^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.

^F Annualized

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

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, 2020

	% of fund's net assets
VIP Overseas Portfolio Initial Class	25.5
VIP Emerging Markets Portfolio Initial Class	15.8
VIP Growth & Income Portfolio Initial Class	10.4
VIP Equity-Income Portfolio Initial Class	9.1
VIP Growth Portfolio Initial Class	9.0
VIP Contrafund Portfolio Initial Class	8.8
VIP Value Portfolio Initial Class	6.7
VIP Value Strategies Portfolio Initial Class	3.3
VIP Mid Cap Portfolio Initial Class	2.5
VIP Investment Grade Bond Portfolio Initial Class	2.4
	93.5

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	49.8%
	International Equity Funds	41.3%
	Bond Funds	8.7%
	Short-Term Funds	0.2%

VIP Freedom 2055 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 49.8%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	3,766	$152,089
VIP Equity-Income Portfolio Initial Class (a)	7,966	158,518
VIP Growth & Income Portfolio Initial Class (a)	9,701	181,215
VIP Growth Portfolio Initial Class (a)	1,884	155,562
VIP Mid Cap Portfolio Initial Class (a)	1,533	44,108
VIP Value Portfolio Initial Class (a)	9,532	116,293
VIP Value Strategies Portfolio Initial Class (a)	5,679	57,015
TOTAL DOMESTIC EQUITY FUNDS
(Cost $859,367)		864,800

International Equity Funds - 41.3%
VIP Emerging Markets Portfolio Initial Class (a)	24,997	275,721
VIP Overseas Portfolio Initial Class (a)	20,172	442,762
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $711,806)		718,483

Bond Funds - 8.7%
Fidelity Inflation-Protected Bond Index Fund (a)	3,228	34,479
Fidelity Long-Term Treasury Bond Index Fund (a)	2,333	39,562
VIP High Income Portfolio Initial Class (a)	6,819	34,504
VIP Investment Grade Bond Portfolio Initial Class (a)	3,041	42,268
TOTAL BOND FUNDS
(Cost $142,416)		150,813

Short-Term Funds - 0.2%
VIP Government Money Market Portfolio Initial Class 0.01% (a)(b)
(Cost $3,451)	3,451	3,451
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $1,717,040)		1,737,547
NET OTHER ASSETS (LIABILITIES) - 0.0%		(188)
NET ASSETS - 100%		$1,737,359

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	$27,161	$15,714	$10,048	$49	$8	$1,644	$34,479
Fidelity Long-Term Treasury Bond Index Fund	34,259	19,451	20,871	373	1,936	4,787	39,562
VIP Contrafund Portfolio Initial Class	115,869	55,263	28,461	730	(1,994 )	11,412	152,089
VIP Emerging Markets Portfolio Initial Class	188,567	118,798	7,407	17,777	(3,347 )	(20,890)	275,721
VIP Equity-Income Portfolio Initial Class	122,369	70,917	11,843	5,905	(2,516 )	(20,409)	158,518
VIP Government Money Market Portfolio Initial Class 0.01%	13,605	55,488	65,642	73	--	--	3,451
VIP Growth & Income Portfolio Initial Class	139,521	80,832	14,556	7,549	(3,500 )	(21,082)	181,215
VIP Growth Portfolio Initial Class	118,429	59,380	27,512	10,936	(2,491 )	7,756	155,562
VIP High Income Portfolio Initial Class	27,229	14,402	4,987	220	(460 )	(1,680)	34,504
VIP Investment Grade Bond Portfolio Initial Class	33,246	25,951	18,728	148	(57 )	1,856	42,268
VIP Mid Cap Portfolio Initial Class	33,982	19,080	4,949	59	(725 )	(3,280)	44,108
VIP Overseas Portfolio Initial Class	367,236	154,603	59,449	1,753	(6,632 )	(12,996)	442,762
VIP Value Portfolio Initial Class	89,896	62,958	14,711	3,780	(2,952 )	(18,898)	116,293
VIP Value Strategies Portfolio Initial Class	44,049	32,727	8,257	2,427	(1,754 )	(9,750)	57,015
	$1,355,418	$785,564	$297,421	$51,779	$(24,484 )	$(81,530)	$1,737,547

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$864,800	$864,800	$--	$--
International Equity Funds	718,483	718,483	--	--
Bond Funds	150,813	150,813	--	--
Short-Term Funds	3,451	3,451	--	--
Total Investments in Securities:	$1,737,547	$1,737,547	$--	$--

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, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $1,717,040)	$1,737,547
Total Investment in Securities (cost $1,717,040)		$1,737,547
Cash		16
Receivable for investments sold		26,721
Receivable for fund shares sold		3,013
Total assets		1,767,297
Liabilities
Payable for investments purchased	$29,731
Payable for fund shares redeemed	1
Distribution and service plan fees payable	206
Total liabilities		29,938
Net Assets		$1,737,359
Net Assets consist of:
Paid in capital		$1,691,022
Total accumulated earnings (loss)		46,337
Net Assets		$1,737,359
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($351,940 ÷ 33,397 shares)		$10.54
Service Class:
Net Asset Value, offering price and redemption price per share ($612,408 ÷ 58,146 shares)		$10.53
Service Class 2:
Net Asset Value, offering price and redemption price per share ($773,011 ÷ 73,478 shares)		$10.52

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$2,992
Expenses
Distribution and service plan fees	$1,031
Independent trustees' fees and expenses	2
Total expenses		1,033
Net investment income (loss)		1,959
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(24,484)
Capital gain distributions from underlying funds:
Affiliated issuers	48,787
Total net realized gain (loss)		24,303
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(81,530)
Total change in net unrealized appreciation (depreciation)		(81,530)
Net gain (loss)		(57,227)
Net increase (decrease) in net assets resulting from operations		$(55,268)

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	For the period April 11, 2019 (commencement of operations) to December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,959	$15,338
Net realized gain (loss)	24,303	7,811
Change in net unrealized appreciation (depreciation)	(81,530)	102,037
Net increase (decrease) in net assets resulting from operations	(55,268)	125,186
Distributions to shareholders	(1,832)	(21,749)
Share transactions - net increase (decrease)	439,152	1,251,870
Total increase (decrease) in net assets	382,052	1,355,307
Net Assets
Beginning of period	1,355,307	–
End of period	$1,737,359	$1,355,307

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,	Years endedDecember 31,
	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.98	$10.00
Income from Investment Operations
Net investment income (loss)^B	.02	.16
Net realized and unrealized gain (loss)	(.45)	1.02
Total from investment operations	(.43)	1.18
Distributions from net investment income	–	(.15)
Distributions from net realized gain	(.01)	(.06)
Total distributions	(.01)	(.20)^C
Net asset value, end of period	$10.54	$10.98
Total Return^D,^E	(3.89)%	11.85%
Ratios to Average Net Assets^F
Expenses before reductions	- %^G,^H	- %^G,^H
Expenses net of fee waivers, if any	- %^G,^H	- %^G,^H
Expenses net of all reductions	- %^G,^H	- %^G,^H
Net investment income (loss)	.42%^G	2.12%^G
Supplemental Data
Net assets, end of period (000 omitted)	$352	$366
Portfolio turnover rate^I	41%^G	24%^G

^A For the period April 11, 2019 (commencement of operations) to December 31, 2019.

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

^C Total distributions of $.20 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.057 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

^G Annualized

^H Amount represents less than .005%.

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

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

VIP Freedom 2055 Portfolio Service Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.98	$10.00
Income from Investment Operations
Net investment income (loss)^B	.02	.15
Net realized and unrealized gain (loss)	(.46)	1.03
Total from investment operations	(.44)	1.18
Distributions from net investment income	–	(.14)
Distributions from net realized gain	(.01)	(.06)
Total distributions	(.01)	(.20)
Net asset value, end of period	$10.53	$10.98
Total Return^C,^D	(3.98)%	11.78%
Ratios to Average Net Assets^E
Expenses before reductions	.10%^F	.10%^F
Expenses net of fee waivers, if any	.10%^F	.10%^F
Expenses net of all reductions	.10%^F	.10%^F
Net investment income (loss)	.32%^F	2.02%^F
Supplemental Data
Net assets, end of period (000 omitted)	$612	$399
Portfolio turnover rate^G	41%^F	24%^F

^A For the period April 11, 2019 (commencement of operations) to December 31, 2019.

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

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

^F Annualized

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

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,	Years endedDecember 31,
	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.97	$10.00
Income from Investment Operations
Net investment income (loss)^B	.01	.14
Net realized and unrealized gain (loss)	(.45)	1.02
Total from investment operations	(.44)	1.16
Distributions from net investment income	–	(.13)
Distributions from net realized gain	(.01)	(.06)
Total distributions	(.01)	(.19)
Net asset value, end of period	$10.52	$10.97
Total Return^C,^D	(3.98)%	11.60%
Ratios to Average Net Assets^E
Expenses before reductions	.25%^F	.25%^F
Expenses net of fee waivers, if any	.25%^F	.25%^F
Expenses net of all reductions	.25%^F	.25%^F
Net investment income (loss)	.17%^F	1.87%^F
Supplemental Data
Net assets, end of period (000 omitted)	$773	$590
Portfolio turnover rate^G	41%^F	24%^F

^A For the period April 11, 2019 (commencement of operations) to December 31, 2019.

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

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

^F Annualized

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

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, 2020

	% of fund's net assets
VIP Overseas Portfolio Initial Class	25.5
VIP Emerging Markets Portfolio Initial Class	15.8
VIP Growth & Income Portfolio Initial Class	10.4
VIP Equity-Income Portfolio Initial Class	9.1
VIP Growth Portfolio Initial Class	9.0
VIP Contrafund Portfolio Initial Class	8.8
VIP Value Portfolio Initial Class	6.7
VIP Value Strategies Portfolio Initial Class	3.3
VIP Mid Cap Portfolio Initial Class	2.5
VIP Investment Grade Bond Portfolio Initial Class	2.4
	93.5

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	49.8%
	International Equity Funds	41.3%
	Bond Funds	8.7%
	Short-Term Funds	0.2%

VIP Freedom 2060 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 49.8%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	7,472	$301,779
VIP Equity-Income Portfolio Initial Class (a)	15,806	314,535
VIP Growth & Income Portfolio Initial Class (a)	19,249	359,566
VIP Growth Portfolio Initial Class (a)	3,738	308,670
VIP Mid Cap Portfolio Initial Class (a)	3,041	87,524
VIP Value Portfolio Initial Class (a)	18,914	230,747
VIP Value Strategies Portfolio Initial Class (a)	11,268	113,127
TOTAL DOMESTIC EQUITY FUNDS
(Cost $1,763,847)		1,715,948

International Equity Funds - 41.3%
VIP Emerging Markets Portfolio Initial Class (a)	49,600	547,087
VIP Overseas Portfolio Initial Class (a)	40,024	878,530
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $1,451,198)		1,425,617

Bond Funds - 8.7%
Fidelity Inflation-Protected Bond Index Fund (a)	6,406	68,412
Fidelity Long-Term Treasury Bond Index Fund (a)	4,629	78,500
VIP High Income Portfolio Initial Class (a)	13,530	68,463
VIP Investment Grade Bond Portfolio Initial Class (a)	6,034	83,868
TOTAL BOND FUNDS
(Cost $284,979)		299,243

Short-Term Funds - 0.2%
VIP Government Money Market Portfolio Initial Class 0.01% (a)(b)
(Cost $6,847)	6,847	6,847
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $3,506,871)		3,447,655
NET OTHER ASSETS (LIABILITIES) - 0.0%		(315)
NET ASSETS - 100%		$3,447,340

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	$25,795	$64,461	$25,032	$95	$90	$3,098	$68,412
Fidelity Long-Term Treasury Bond Index Fund	32,543	80,619	46,882	717	2,772	9,448	78,500
VIP Contrafund Portfolio Initial Class	110,037	246,605	71,573	1,620	(3,582 )	20,292	301,779
VIP Emerging Markets Portfolio Initial Class	179,077	459,697	41,622	39,431	(8,390 )	(41,675)	547,087
VIP Equity-Income Portfolio Initial Class	116,210	286,286	41,767	13,100	(5,693 )	(40,501)	314,535
VIP Government Money Market Portfolio Initial Class 0.01%	12,921	134,981	141,055	141	--	--	6,847
VIP Growth & Income Portfolio Initial Class	132,498	330,410	53,995	16,746	(6,292 )	(43,055)	359,566
VIP Growth Portfolio Initial Class	112,466	262,884	73,125	24,259	(4,815 )	11,260	308,670
VIP High Income Portfolio Initial Class	25,858	61,336	14,338	489	(879)	(3,514)	68,463
VIP Investment Grade Bond Portfolio Initial Class	31,573	92,798	43,756	327	(171)	3,424	83,868
VIP Mid Cap Portfolio Initial Class	32,271	76,413	13,439	130	(2,004 )	(5,717)	87,524
VIP Overseas Portfolio Initial Class	348,753	729,980	164,721	3,889	(9,815 )	(25,667)	878,530
VIP Value Portfolio Initial Class	85,372	231,262	42,972	8,383	(7,832 )	(35,083)	230,747
VIP Value Strategies Portfolio Initial Class	41,832	115,317	21,085	5,384	(5,365 )	(17,572)	113,127
	$1,287,206	$3,173,049	$795,362	$114,711	$(51,976 )	$(165,262)	$3,447,655

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$1,715,948	$1,715,948	$--	$--
International Equity Funds	1,425,617	1,425,617	--	--
Bond Funds	299,243	299,243	--	--
Short-Term Funds	6,847	6,847	--	--
Total Investments in Securities:	$3,447,655	$3,447,655	$--	$--

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, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $3,506,871)	$3,447,655
Total Investment in Securities (cost $3,506,871)		$3,447,655
Cash		16
Receivable for investments sold		53,291
Receivable for fund shares sold		3,067
Total assets		3,504,029
Liabilities
Payable for investments purchased	$55,788
Payable for fund shares redeemed	568
Distribution and service plan fees payable	333
Total liabilities		56,689
Net Assets		$3,447,340
Net Assets consist of:
Paid in capital		$3,446,031
Total accumulated earnings (loss)		1,309
Net Assets		$3,447,340
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($351,994 ÷ 33,347 shares)		$10.56
Service Class:
Net Asset Value, offering price and redemption price per share ($2,433,913 ÷ 230,733 shares)		$10.55
Service Class 2:
Net Asset Value, offering price and redemption price per share ($661,433 ÷ 62,767 shares)		$10.54

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$6,491
Expenses
Distribution and service plan fees	$1,650
Independent trustees' fees and expenses	4
Total expenses		1,654
Net investment income (loss)		4,837
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(51,976)
Capital gain distributions from underlying funds:
Affiliated issuers	108,220
Total net realized gain (loss)		56,244
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(165,262)
Total change in net unrealized appreciation (depreciation)		(165,262)
Net gain (loss)		(109,018)
Net increase (decrease) in net assets resulting from operations		$(104,181)

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	For the period April 11, 2019 (commencement of operations) to December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$4,837	$16,110
Net realized gain (loss)	56,244	6,977
Change in net unrealized appreciation (depreciation)	(165,262)	106,046
Net increase (decrease) in net assets resulting from operations	(104,181)	129,133
Distributions to shareholders	(2,029)	(21,614)
Share transactions - net increase (decrease)	2,266,459	1,179,572
Total increase (decrease) in net assets	2,160,249	1,287,091
Net Assets
Beginning of period	1,287,091	–
End of period	$3,447,340	$1,287,091

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,	Years endedDecember 31,
	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.99	$10.00
Income from Investment Operations
Net investment income (loss)^B	.02	.16
Net realized and unrealized gain (loss)	(.44)	1.02
Total from investment operations	(.42)	1.18
Distributions from net investment income	–	(.15)
Distributions from net realized gain	(.01)	(.05)
Total distributions	(.01)	(.19)^C
Net asset value, end of period	$10.56	$10.99
Total Return^D,^E	(3.85)%	11.86%
Ratios to Average Net Assets^F
Expenses before reductions	- %^G,^H	- %^G,^H
Expenses net of fee waivers, if any	- %^G,^H	- %^G,^H
Expenses net of all reductions	- %^G,^H	- %^G,^H
Net investment income (loss)	.46%^G	2.18%^G
Supplemental Data
Net assets, end of period (000 omitted)	$352	$366
Portfolio turnover rate^I	56%^G	23%^G

^A For the period April 11, 2019 (commencement of operations) to December 31, 2019.

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

^C Total distributions of $.19 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $.047 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 Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the underlying funds in which the Fund invests.

^G Annualized

^H Amount represents less than .005%.

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

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

VIP Freedom 2060 Portfolio Service Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.99	$10.00
Income from Investment Operations
Net investment income (loss)^B	.02	.15
Net realized and unrealized gain (loss)	(.45)	1.03
Total from investment operations	(.43)	1.18
Distributions from net investment income	–	(.14)
Distributions from net realized gain	(.01)	(.05)
Total distributions	(.01)	(.19)
Net asset value, end of period	$10.55	$10.99
Total Return^C,^D	(3.94)%	11.80%
Ratios to Average Net Assets^E
Expenses before reductions	.10%^F	.10%^F
Expenses net of fee waivers, if any	.10%^F	.10%^F
Expenses net of all reductions	.10%^F	.10%^F
Net investment income (loss)	.36%^F	2.08%^F
Supplemental Data
Net assets, end of period (000 omitted)	$2,434	$445
Portfolio turnover rate^G	56%^F	23%^F

^A For the period April 11, 2019 (commencement of operations) to December 31, 2019.

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

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

^F Annualized

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

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,	Years endedDecember 31,
	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.98	$10.00
Income from Investment Operations
Net investment income (loss)^B	.01	.14
Net realized and unrealized gain (loss)	(.44)	1.02
Total from investment operations	(.43)	1.16
Distributions from net investment income	–	(.13)
Distributions from net realized gain	(.01)	(.05)
Total distributions	(.01)	(.18)
Net asset value, end of period	$10.54	$10.98
Total Return^C,^D	(3.95)%	11.61%
Ratios to Average Net Assets^E
Expenses before reductions	.25%^F	.25%^F
Expenses net of fee waivers, if any	.25%^F	.25%^F
Expenses net of all reductions	.25%^F	.25%^F
Net investment income (loss)	.21%^F	1.93%^F
Supplemental Data
Net assets, end of period (000 omitted)	$661	$475
Portfolio turnover rate^G	56%^F	23%^F

^A For the period April 11, 2019 (commencement of operations) to December 31, 2019.

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

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

^F Annualized

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

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, 2020

	% of fund's net assets
VIP Overseas Portfolio Initial Class	25.5
VIP Emerging Markets Portfolio Initial Class	15.8
VIP Growth & Income Portfolio Initial Class	10.4
VIP Equity-Income Portfolio Initial Class	9.1
VIP Growth Portfolio Initial Class	9.0
VIP Contrafund Portfolio Initial Class	8.8
VIP Value Portfolio Initial Class	6.7
VIP Value Strategies Portfolio Initial Class	3.3
VIP Mid Cap Portfolio Initial Class	2.5
VIP Investment Grade Bond Portfolio Initial Class	2.4
	93.5

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	49.8%
	International Equity Funds	41.3%
	Bond Funds	8.7%
	Short-Term Funds	0.2%

VIP Freedom 2065 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 49.8%
	Shares	Value
VIP Contrafund Portfolio Initial Class (a)	2,321	$93,725
VIP Equity-Income Portfolio Initial Class (a)	4,889	97,286
VIP Growth & Income Portfolio Initial Class (a)	5,943	111,023
VIP Growth Portfolio Initial Class (a)	1,156	95,473
VIP Mid Cap Portfolio Initial Class (a)	934	26,879
VIP Value Portfolio Initial Class (a)	5,850	71,370
VIP Value Strategies Portfolio Initial Class (a)	3,485	34,991
TOTAL DOMESTIC EQUITY FUNDS
(Cost $527,438)		530,747

International Equity Funds - 41.3%
VIP Emerging Markets Portfolio Initial Class (a)	15,341	169,215
VIP Overseas Portfolio Initial Class (a)	12,380	271,732
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $436,287)		440,947

Bond Funds - 8.7%
Fidelity Inflation-Protected Bond Index Fund (a)	1,981	21,160
Fidelity Long-Term Treasury Bond Index Fund (a)	1,432	24,280
VIP High Income Portfolio Initial Class (a)	4,185	21,176
VIP Investment Grade Bond Portfolio Initial Class (a)	1,866	25,940
TOTAL BOND FUNDS
(Cost $86,543)		92,556

Short-Term Funds - 0.2%
VIP Government Money Market Portfolio Initial Class 0.01% (a)(b)
(Cost $2,118)	2,118	2,118
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $1,052,386)		1,066,368
NET OTHER ASSETS (LIABILITIES) - 0.0%		(86)
NET ASSETS - 100%		$1,066,282

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	$21,972	$4,524	$6,538	$35	$22	$1,180	$21,160
Fidelity Long-Term Treasury Bond Index Fund	27,720	5,778	14,223	267	2,071	2,934	24,280
VIP Contrafund Portfolio Initial Class	93,727	10,490	17,169	557	818	5,859	93,725
VIP Emerging Markets Portfolio Initial Class	152,539	37,673	1,358	13,572	(127)	(19,512)	169,215
VIP Equity-Income Portfolio Initial Class	98,985	20,829	5,945	4,509	(567 )	(16,016)	97,286
VIP Government Money Market Portfolio Initial Class 0.01%	11,006	33,186	42,074	55	--	--	2,118
VIP Growth & Income Portfolio Initial Class	112,859	24,261	7,886	5,764	(792 )	(17,419)	111,023
VIP Growth Portfolio Initial Class	95,796	15,092	18,412	8,348	(327 )	3,324	95,473
VIP High Income Portfolio Initial Class	22,026	3,636	2,907	168	(215)	(1,364)	21,176
VIP Investment Grade Bond Portfolio Initial Class	26,893	10,061	12,276	113	(59)	1,321	25,940
VIP Mid Cap Portfolio Initial Class	27,488	5,218	2,816	45	(266 )	(2,745)	26,879
VIP Overseas Portfolio Initial Class	297,059	23,246	32,913	1,339	(2,360)	(13,300)	271,732
VIP Value Portfolio Initial Class	72,718	22,949	8,240	2,886	(771)	(15,286)	71,370
VIP Value Strategies Portfolio Initial Class	35,632	12,421	4,629	1,853	(603)	(7,830)	34,991
	$1,096,420	$229,364	$177,386	$39,511	$(3,176 )	$(78,854)	$1,066,368

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$530,747	$530,747	$--	$--
International Equity Funds	440,947	440,947	--	--
Bond Funds	92,556	92,556	--	--
Short-Term Funds	2,118	2,118	--	--
Total Investments in Securities:	$1,066,368	$1,066,368	$--	$--

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, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $1,052,386)	$1,066,368
Total Investment in Securities (cost $1,052,386)		$1,066,368
Cash		17
Receivable for investments sold		16,346
Total assets		1,082,731
Liabilities
Payable for investments purchased	$16,344
Distribution and service plan fees payable	105
Total liabilities		16,449
Net Assets		$1,066,282
Net Assets consist of:
Paid in capital		$1,016,763
Total accumulated earnings (loss)		49,519
Net Assets		$1,066,282
Net Asset Value and Maximum Offering Price
Initial Class:
Net Asset Value, offering price and redemption price per share ($350,156 ÷ 33,334 shares)		$10.50
Service Class:
Net Asset Value, offering price and redemption price per share ($349,951 ÷ 33,334 shares)		$10.50
Service Class 2:
Net Asset Value, offering price and redemption price per share ($366,175 ÷ 34,908 shares)		$10.49

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$2,264
Expenses
Distribution and service plan fees	$592
Independent trustees' fees and expenses	2
Total expenses		594
Net investment income (loss)		1,670
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(3,176)
Capital gain distributions from underlying funds:
Affiliated issuers	37,247
Total net realized gain (loss)		34,071
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(78,854)
Total change in net unrealized appreciation (depreciation)		(78,854)
Net gain (loss)		(44,783)
Net increase (decrease) in net assets resulting from operations		$(43,113)

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	For the period April 11, 2019 (commencement of operations) to December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,670	$14,029
Net realized gain (loss)	34,071	10,333
Change in net unrealized appreciation (depreciation)	(78,854)	92,836
Net increase (decrease) in net assets resulting from operations	(43,113)	117,198
Distributions to shareholders	(3,699)	(20,866)
Share transactions - net increase (decrease)	16,762	1,000,000
Total increase (decrease) in net assets	(30,050)	1,096,332
Net Assets
Beginning of period	1,096,332	–
End of period	$1,066,282	$1,096,332

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,	Years endedDecember 31,
	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.96	$10.00
Income from Investment Operations
Net investment income (loss)^B	.02	.15
Net realized and unrealized gain (loss)	(.44)	1.03
Total from investment operations	(.42)	1.18
Distributions from net investment income	–	(.15)
Distributions from net realized gain	(.04)	(.07)
Total distributions	(.04)	(.22)
Net asset value, end of period	$10.50	$10.96
Total Return^C,^D	(3.88)%	11.79%
Ratios to Average Net Assets^E
Expenses before reductions	- %^F,^G	- %^F,^G
Expenses net of fee waivers, if any	- %^F,^G	- %^F,^G
Expenses net of all reductions	- %^F,^G	- %^F,^G
Net investment income (loss)	.45%^F	2.01%^F
Supplemental Data
Net assets, end of period (000 omitted)	$350	$365
Portfolio turnover rate^H	35%^F	24%^F

^A For the period April 11, 2019 (commencement of operations) to December 31, 2019.

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

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

^F Annualized

^G Amount represents less than .005%.

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

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

VIP Freedom 2065 Portfolio Service Class

	Six months ended (Unaudited) June 30,	Years endedDecember 31,
	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.96	$10.00
Income from Investment Operations
Net investment income (loss)^B	.02	.14
Net realized and unrealized gain (loss)	(.44)	1.03
Total from investment operations	(.42)	1.17
Distributions from net investment income	–	(.14)
Distributions from net realized gain	(.04)	(.07)
Total distributions	(.04)	(.21)
Net asset value, end of period	$10.50	$10.96
Total Return^C,^D	(3.88)%	11.72%
Ratios to Average Net Assets^E
Expenses before reductions	.10%^F	.10%^F
Expenses net of fee waivers, if any	.10%^F	.10%^F
Expenses net of all reductions	.10%^F	.10%^F
Net investment income (loss)	.35%^F	1.91%^F
Supplemental Data
Net assets, end of period (000 omitted)	$350	$365
Portfolio turnover rate^G	35%^F	24%^F

^A For the period April 11, 2019 (commencement of operations) to December 31, 2019.

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

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

^F Annualized

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

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,	Years endedDecember 31,
	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.96	$10.00
Income from Investment Operations
Net investment income (loss)^B	.01	.13
Net realized and unrealized gain (loss)	(.44)	1.03
Total from investment operations	(.43)	1.16
Distributions from net investment income	–	(.13)
Distributions from net realized gain	(.04)	(.07)
Total distributions	(.04)	(.20)
Net asset value, end of period	$10.49	$10.96
Total Return^C,^D	(3.97)%	11.61%
Ratios to Average Net Assets^E
Expenses before reductions	.25%^F	.25%^F
Expenses net of fee waivers, if any	.25%^F	.25%^F
Expenses net of all reductions	.25%^F	.25%^F
Net investment income (loss)	.20%^F	1.76%^F
Supplemental Data
Net assets, end of period (000 omitted)	$366	$365
Portfolio turnover rate^G	35%^F	24%^F

^A For the period April 11, 2019 (commencement of operations) to December 31, 2019.

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

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

^F Annualized

^G Amounts do not include the activity of 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, 2020

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 LLC (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.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".

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.

The Money Market Central Funds seek preservation of capital and current income and are managed by 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 Portfolio	$58,869,304	$4,763,801	$(265,132)	$4,498,669
VIP Freedom 2005 Portfolio	13,771,548	1,256,108	(96,852)	1,159,256
VIP Freedom 2010 Portfolio	280,191,820	41,191,957	(1,109,431)	40,082,526
VIP Freedom 2015 Portfolio	69,925,708	16,485,149	(373,167)	16,111,982
VIP Freedom 2020 Portfolio	586,271,292	132,584,600	(2,819,033)	129,765,567
VIP Freedom 2025 Portfolio	228,426,044	32,803,751	(3,807,118)	28,996,633
VIP Freedom 2030 Portfolio	376,100,864	66,401,694	(7,146,875)	59,254,819
VIP Freedom 2035 Portfolio	121,373,997	9,758,503	(5,561,852)	4,196,651
VIP Freedom 2040 Portfolio	110,528,543	12,005,666	(4,803,274)	7,202,392
VIP Freedom 2045 Portfolio	58,253,541	4,831,878	(2,904,613)	1,927,265
VIP Freedom 2050 Portfolio	48,262,929	4,202,023	(2,420,848)	1,781,175
VIP Freedom 2055 Portfolio	1,734,621	82,394	(79,468)	2,926
VIP Freedom 2060 Portfolio	3,555,198	117,017	(224,560)	(107,543)
VIP Freedom 2065 Portfolio	1,056,328	52,277	(42,237)	10,040

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 Portfolio	25,821,737	21,394,816
VIP Freedom 2005 Portfolio	4,795,166	3,793,294
VIP Freedom 2010 Portfolio	73,263,451	76,980,317
VIP Freedom 2015 Portfolio	31,616,473	38,026,860
VIP Freedom 2020 Portfolio	166,285,370	184,883,000
VIP Freedom 2025 Portfolio	110,485,654	87,339,280
VIP Freedom 2030 Portfolio	130,365,057	110,757,450
VIP Freedom 2035 Portfolio	55,465,314	37,476,305
VIP Freedom 2040 Portfolio	43,014,316	31,106,831
VIP Freedom 2045 Portfolio	20,636,284	13,397,266
VIP Freedom 2050 Portfolio	21,235,672	12,785,993
VIP Freedom 2055 Portfolio	785,564	297,421
VIP Freedom 2060 Portfolio	3,173,049	795,362
VIP Freedom 2065 Portfolio	229,364	177,386

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser), 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 Company LLC (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 Portfolio	$12,895	$24,256	$37,151
VIP Freedom 2005 Portfolio	2,529	231	2,760
VIP Freedom 2010 Portfolio	13,183	341,490	354,673
VIP Freedom 2015 Portfolio	10,813	41,968	52,781
VIP Freedom 2020 Portfolio	81,846	595,968	677,814
VIP Freedom 2025 Portfolio	50,239	118,499	168,738
VIP Freedom 2030 Portfolio	81,396	202,406	283,802
VIP Freedom 2035 Portfolio	17,168	84,588	101,756
VIP Freedom 2040 Portfolio	30,582	28,263	58,845
VIP Freedom 2045 Portfolio	3,861	55,300	59,161
VIP Freedom 2050 Portfolio	7,726	25,705	33,431
VIP Freedom 2055 Portfolio	222	809	1,031
VIP Freedom 2060 Portfolio	960	690	1,650
VIP Freedom 2065 Portfolio	168	424	592

Interfund Trades. 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 or class' expenses. All of the applicable expense reductions are noted in the table below.

	Custodian credits
VIP Freedom 2020 Portfolio	$2
VIP Freedom 2030 Portfolio	5
VIP Freedom 2040 Portfolio	20
VIP Freedom 2045 Portfolio	10
VIP Freedom 2050 Portfolio	5

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2020	Year ended December 31, 2019
VIP Freedom Income Portfolio
Distributions to shareholders
Initial Class	$239,071	$604,382
Service Class	418,186	816,589
Service Class 2	308,780	685,484
Total	$966,037	$2,106,455
VIP Freedom 2005 Portfolio
Distributions to shareholders
Initial Class	$223,201	$345,629
Service Class	101,634	111,078
Service Class 2	4,514	5,643
Total	$329,349	$462,350
VIP Freedom 2010 Portfolio
Distributions to shareholders
Initial Class	$759,222	$1,128,631
Service Class	1,132,746	1,532,346
Service Class 2	11,056,134	15,927,712
Total	$12,948,102	$18,588,689
VIP Freedom 2015 Portfolio
Distributions to shareholders
Initial Class	$1,429,717	$2,828,757
Service Class	1,044,981	1,385,133
Service Class 2	1,567,180	3,337,932
Total	$4,041,878	$7,551,822
VIP Freedom 2020 Portfolio
Distributions to shareholders
Initial Class	$4,083,217	$5,180,915
Service Class	9,282,788	11,014,651
Service Class 2	27,358,805	35,674,324
Total	$40,724,810	$51,869,890
VIP Freedom 2025 Portfolio
Distributions to shareholders
Initial Class	$1,839,562	$2,101,976
Service Class	4,003,621	4,196,099
Service Class 2	3,816,765	3,770,331
Total	$9,659,948	$10,068,406
VIP Freedom 2030 Portfolio
Distributions to shareholders
Initial Class	$4,193,446	$4,537,966
Service Class	7,529,473	7,768,579
Service Class 2	7,661,947	8,014,417
Total	$19,384,866	$20,320,962
VIP Freedom 2035 Portfolio
Distributions to shareholders
Initial Class	$488,108	$499,767
Service Class	1,228,409	982,997
Service Class 2	2,667,960	2,670,144
Total	$4,384,477	$4,152,908
VIP Freedom 2040 Portfolio
Distributions to shareholders
Initial Class	$1,204,936	$1,249,046
Service Class	2,785,941	2,907,956
Service Class 2	1,056,876	958,364
Total	$5,047,753	$5,115,366
VIP Freedom 2045 Portfolio
Distributions to shareholders
Initial Class	$143,001	$157,330
Service Class	290,135	276,706
Service Class 2	1,813,642	1,769,865
Total	$2,246,778	$2,203,901
VIP Freedom 2050 Portfolio
Distributions to shareholders
Initial Class	$372,659	$419,346
Service Class	580,298	591,907
Service Class 2	754,490	698,238
Total	$1,707,447	$1,709,491
VIP Freedom 2055 Portfolio^(a)
Distributions to shareholders
Initial Class	$467	$6,767
Service Class	582	7,094
Service Class 2	783	7,888
Total	$1,832	$21,749
VIP Freedom 2060 Portfolio^(a)
Distributions to shareholders
Initial Class	$233	$6,467
Service Class	1,459	7,556
Service Class 2	337	7,591
Total	$2,029	$21,614
VIP Freedom 2065 Portfolio^(a)
Distributions to shareholders
Initial Class	$1,233	$7,233
Service Class	1,233	7,000
Service Class 2	1,233	6,633
Total	$3,699	$20,866

(a) For the period April 11, 2019 (commencement of operations) to December 31, 2019.

8. Share Transactions.

Transactions for each class of shares were as follows:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2020	Year ended December 31, 2019	Six months ended June 30, 2020	Year ended December 31, 2019
VIP Freedom Income Portfolio
Initial Class
Shares sold	349,478	159,690	$4,096,035	$1,868,712
Reinvestment of distributions	20,175	52,493	239,071	604,382
Shares redeemed	(301,505)	(277,763)	(3,520,960)	(3,225,184)
Net increase (decrease)	68,148	(65,580)	$814,146	$(752,090)
Service Class
Shares sold	792,108	1,466,656	$9,311,440	$17,186,686
Reinvestment of distributions	35,320	70,561	418,186	816,589
Shares redeemed	(733,492)	(764,665)	(8,539,863)	(8,878,533)
Net increase (decrease)	93,936	772,552	$1,189,763	$9,124,742
Service Class 2
Shares sold	706,672	425,804	$8,277,141	$4,927,277
Reinvestment of distributions	26,168	59,814	308,780	685,484
Shares redeemed	(508,326)	(337,905)	(5,885,605)	(3,912,391)
Net increase (decrease)	224,514	147,713	$2,700,316	$1,700,370
VIP Freedom 2005 Portfolio
Initial Class
Shares sold	51,154	54,603	$619,763	$671,263
Reinvestment of distributions	17,686	27,967	223,201	345,629
Shares redeemed	(66,245)	(51,772)	(821,703)	(642,871)
Net increase (decrease)	2,595	30,798	$21,261	$374,021
Service Class
Shares sold	147,150	161,933	$1,848,940	$2,029,549
Reinvestment of distributions	8,003	8,907	101,634	111,078
Shares redeemed	(69,075)	(34,332)	(848,629)	(428,681)
Net increase (decrease)	86,078	136,508	$1,101,945	$1,711,946
Service Class 2
Shares sold	1,713	3,735	$21,723	$46,278
Reinvestment of distributions	359	457	4,514	5,643
Shares redeemed	(1,003)	(547)	(12,263)	(6,856)
Net increase (decrease)	1,069	3,645	$13,974	$45,065
VIP Freedom 2010 Portfolio
Initial Class
Shares sold	307,343	313,315	$3,951,717	$4,079,139
Reinvestment of distributions	58,089	88,626	759,222	1,128,631
Shares redeemed	(380,500)	(447,611)	(4,753,724)	(5,835,944)
Net increase (decrease)	(15,068)	(45,670)	$(42,785)	$(628,174)
Service Class
Shares sold	542,371	463,687	$7,070,816	$6,018,516
Reinvestment of distributions	86,800	120,448	1,132,746	1,532,346
Shares redeemed	(550,630)	(565,310)	(7,060,994)	(7,362,660)
Net increase (decrease)	78,541	18,825	$1,142,568	$188,202
Service Class 2
Shares sold	836,355	1,751,243	$10,476,266	$22,712,133
Reinvestment of distributions	852,439	1,259,766	11,056,134	15,927,712
Shares redeemed	(1,494,356)	(1,871,273)	(18,737,783)	(24,092,194)
Net increase (decrease)	194,438	1,139,736	$2,794,617	$14,547,651
VIP Freedom 2015 Portfolio
Initial Class
Shares sold	438,666	211,337	$5,484,241	$2,689,789
Reinvestment of distributions	111,697	229,337	1,429,717	2,828,757
Shares redeemed	(618,686)	(393,577)	(7,486,636)	(4,973,529)
Net increase (decrease)	(68,323)	47,097	$(572,678)	$545,017
Service Class
Shares sold	843,370	1,134,388	$10,148,174	$14,610,293
Reinvestment of distributions	81,831	111,590	1,044,981	1,385,133
Shares redeemed	(936,026)	(479,010)	(11,198,925)	(6,033,059)
Net increase (decrease)	(10,825)	766,968	$(5,770)	$9,962,367
Service Class 2
Shares sold	462,955	711,453	$5,681,001	$9,128,330
Reinvestment of distributions	123,206	272,435	1,567,180	3,337,932
Shares redeemed	(863,671)	(901,419)	(10,877,833)	(11,430,036)
Net increase (decrease)	(277,510)	82,469	$(3,629,652)	$1,036,226
VIP Freedom 2020 Portfolio
Initial Class
Shares sold	872,060	799,864	$11,262,079	$10,748,657
Reinvestment of distributions	303,585	395,520	4,083,217	5,180,915
Shares redeemed	(1,240,606)	(904,724)	(15,622,971)	(12,078,443)
Net increase (decrease)	(64,961)	290,660	$(277,675)	$3,851,129
Service Class
Shares sold	1,706,398	4,018,718	$21,736,217	$54,276,128
Reinvestment of distributions	692,745	842,399	9,282,788	11,014,651
Shares redeemed	(2,202,696)	(3,088,598)	(27,958,705)	(41,149,520)
Net increase (decrease)	196,447	1,772,519	$3,060,300	$24,141,259
Service Class 2
Shares sold	893,408	1,926,331	$11,588,417	$25,888,656
Reinvestment of distributions	2,049,349	2,749,311	27,358,805	35,674,324
Shares redeemed	(2,867,762)	(5,384,582)	(36,439,556)	(71,698,853)
Net increase (decrease)	74,995	(708,940)	$2,507,666	$(10,135,873)
VIP Freedom 2025 Portfolio
Initial Class
Shares sold	626,497	723,281	$8,969,444	$10,460,478
Reinvestment of distributions	122,965	145,797	1,839,562	2,101,976
Shares redeemed	(603,914)	(672,089)	(8,374,800)	(9,746,422)
Net increase (decrease)	145,548	196,989	$2,434,206	$2,816,032
Service Class
Shares sold	3,661,960	4,293,460	$53,324,342	$62,427,141
Reinvestment of distributions	268,519	292,315	4,003,621	4,196,099
Shares redeemed	(2,754,263)	(4,280,480)	(39,993,276)	(63,073,836)
Net increase (decrease)	1,176,216	305,295	$17,334,687	$3,549,404
Service Class 2
Shares sold	1,266,061	2,046,622	$17,525,786	$29,722,608
Reinvestment of distributions	257,368	263,268	3,816,765	3,770,331
Shares redeemed	(1,033,118)	(1,161,929)	(14,472,781)	(16,570,200)
Net increase (decrease)	490,311	1,147,961	$6,869,770	$16,922,739
VIP Freedom 2030 Portfolio
Initial Class
Shares sold	1,038,821	1,092,904	$14,777,028	$15,580,871
Reinvestment of distributions	282,959	319,112	4,193,446	4,537,966
Shares redeemed	(814,842)	(761,460)	(10,960,318)	(10,793,932)
Net increase (decrease)	506,938	650,556	$8,010,156	$9,324,905
Service Class
Shares sold	2,501,828	3,325,456	$34,522,299	$47,373,812
Reinvestment of distributions	509,092	547,589	7,529,473	7,768,579
Shares redeemed	(2,009,525)	(2,204,045)	(27,632,414)	(31,297,767)
Net increase (decrease)	1,001,395	1,669,000	$14,419,358	$23,844,624
Service Class 2
Shares sold	1,038,625	2,185,579	$14,508,942	$31,363,433
Reinvestment of distributions	520,159	568,292	7,661,947	8,014,417
Shares redeemed	(1,300,627)	(1,465,983)	(17,900,807)	(20,860,745)
Net increase (decrease)	258,157	1,287,888	$4,270,082	$18,517,105
VIP Freedom 2035 Portfolio
Initial Class
Shares sold	102,486	176,462	$2,207,662	$4,010,249
Reinvestment of distributions	20,526	22,187	488,108	499,767
Shares redeemed	(44,618)	(68,425)	(953,001)	(1,530,494)
Net increase (decrease)	78,394	130,224	$1,742,769	$2,979,522
Service Class
Shares sold	1,048,226	857,203	$22,919,384	$19,503,745
Reinvestment of distributions	51,788	43,430	1,228,409	982,997
Shares redeemed	(568,828)	(256,281)	(12,329,235)	(5,859,415)
Net increase (decrease)	531,186	644,352	$11,818,558	$14,627,327
Service Class 2
Shares sold	743,482	924,180	$16,950,096	$20,907,712
Reinvestment of distributions	113,097	119,794	2,667,960	2,670,144
Shares redeemed	(653,386)	(348,177)	(14,705,535)	(7,815,871)
Net increase (decrease)	203,193	695,797	$4,912,521	$15,761,985
VIP Freedom 2040 Portfolio
Initial Class
Shares sold	177,231	266,526	$3,652,154	$5,657,672
Reinvestment of distributions	53,888	59,099	1,204,936	1,249,046
Shares redeemed	(169,633)	(181,077)	(3,455,671)	(3,843,873)
Net increase (decrease)	61,486	144,548	$1,401,419	$3,062,845
Service Class
Shares sold	957,569	952,181	$19,074,527	$20,110,832
Reinvestment of distributions	124,818	138,170	2,785,941	2,907,956
Shares redeemed	(663,576)	(909,615)	(13,019,916)	(19,217,406)
Net increase (decrease)	418,811	180,736	$8,840,552	$3,801,382
Service Class 2
Shares sold	207,729	312,752	$4,203,786	$6,700,932
Reinvestment of distributions	47,543	45,591	1,056,876	958,364
Shares redeemed	(131,771)	(141,446)	(2,637,326)	(2,956,957)
Net increase (decrease)	123,501	216,897	$2,623,336	$4,702,339
VIP Freedom 2045 Portfolio
Initial Class
Shares sold	29,280	36,898	$582,386	$792,652
Reinvestment of distributions	6,361	7,431	143,001	157,330
Shares redeemed	(21,927)	(21,156)	(434,534)	(446,695)
Net increase (decrease)	13,714	23,173	$290,853	$503,287
Service Class
Shares sold	263,897	153,890	$5,371,143	$3,254,776
Reinvestment of distributions	12,929	13,043	290,135	276,706
Shares redeemed	(180,705)	(54,598)	(3,665,368)	(1,168,975)
Net increase (decrease)	96,121	112,335	$1,995,910	$2,362,507
Service Class 2
Shares sold	332,972	629,548	$6,709,921	$13,441,555
Reinvestment of distributions	81,220	84,121	1,813,642	1,769,865
Shares redeemed	(165,312)	(217,786)	(3,367,287)	(4,571,673)
Net increase (decrease)	248,880	495,883	$5,156,276	$10,639,747
VIP Freedom 2050 Portfolio
Initial Class
Shares sold	89,666	130,991	$1,698,069	$2,514,967
Reinvestment of distributions	18,439	21,819	372,659	419,346
Shares redeemed	(88,315)	(71,971)	(1,629,636)	(1,368,904)
Net increase (decrease)	19,790	80,839	$441,092	$1,565,409
Service Class
Shares sold	405,789	320,425	$7,660,986	$6,054,554
Reinvestment of distributions	28,785	30,958	580,298	591,907
Shares redeemed	(252,826)	(266,946)	(4,536,390)	(5,133,525)
Net increase (decrease)	181,748	84,437	$3,704,894	$1,512,936
Service Class 2
Shares sold	295,500	448,417	$5,454,714	$8,546,655
Reinvestment of distributions	37,556	36,351	754,490	698,238
Shares redeemed	(103,349)	(96,394)	(1,890,801)	(1,827,340)
Net increase (decrease)	229,707	388,374	$4,318,403	$7,417,553
VIP Freedom 2055 Portfolio^(a)
Initial Class
Shares sold	63	33,334	$600	$333,335
Shares redeemed	–	–	(1)	–
Net increase (decrease)	63	33,334	$599	$333,335
Service Class
Shares sold	28,262	36,994	$290,696	$370,685
Reinvestment of distributions	10	52	115	561
Shares redeemed	(6,475)	(697)	(54,126)	(7,241)
Net increase (decrease)	21,797	36,349	$236,685	$364,005
Service Class 2
Shares sold	19,977	53,682	$204,502	$553,200
Reinvestment of distributions	29	149	317	1,621
Shares redeemed	(330)	(29)	(2,951)	(291)
Net increase (decrease)	19,676	53,802	$201,868	$554,530
VIP Freedom 2060 Portfolio^(a)
Initial Class
Shares sold	13	33,334	$120	$333,335
Net increase (decrease)	13	33,334	$120	$333,335
Service Class
Shares sold	206,425	40,799	$2,224,233	$410,618
Reinvestment of distributions	110	119	1,226	1,289
Shares redeemed	(16,346)	(374)	(150,700)	(3,886)
Net increase (decrease)	190,189	40,544	$2,074,759	$408,021
Service Class 2
Shares sold	36,857	43,145	$362,250	$436,608
Reinvestment of distributions	9	150	104	1,625
Shares redeemed	(17,392)	(2)	(170,774)	(17)
Net increase (decrease)	19,474	43,293	$191,580	$438,216
VIP Freedom 2065 Portfolio^(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	1,576	33,333	$16,771	$333,330
Shares redeemed	(1)	–	(9)	–
Net increase (decrease)	1,575	33,333	$16,762	$333,330

(a) For the period April 11, 2019 (commencement of operations) to December 31, 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	10%

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	34%
VIP Overseas Portfolio	23%
VIP Value Portfolio	34%

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 Portfolio	20%	3	54%
VIP Freedom 2005 Portfolio	62%	1	29%
VIP Freedom 2010 Portfolio	–%	1	88%
VIP Freedom 2015 Portfolio	26%	2	36%
VIP Freedom 2020 Portfolio	–%	1	70%
VIP Freedom 2025 Portfolio	–%	3	55%
VIP Freedom 2030 Portfolio	–%	1	43%
VIP Freedom 2035 Portfolio	–%	3	57%
VIP Freedom 2040 Portfolio	–%	3	64%
VIP Freedom 2045 Portfolio	–%	3	69%
VIP Freedom 2050 Portfolio	–%	3	51%
VIP Freedom 2055 Portfolio	61%	1	30%
VIP Freedom 2060 Portfolio	31%	2	69%
VIP Freedom 2065 Portfolio	98%	–	–

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2020 to June 30, 2020).

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 January 1, 2020	Ending Account Value June 30, 2020	Expenses Paid During Period-^B January 1, 2020 to June 30, 2020
VIP Freedom Income Portfolio
Initial Class	- %-^C
Actual		$1,000.00	$1,028.90	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D
Service Class	.10%
Actual		$1,000.00	$1,027.90	$.50
Hypothetical-^E		$1,000.00	$1,024.37	$.50
Service Class 2	.25%
Actual		$1,000.00	$1,028.00	$1.26
Hypothetical-^E		$1,000.00	$1,023.62	$1.26
VIP Freedom 2005 Portfolio
Initial Class	- %-^C
Actual		$1,000.00	$1,024.20	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D
Service Class	.10%
Actual		$1,000.00	$1,023.10	$.50
Hypothetical-^E		$1,000.00	$1,024.37	$.50
Service Class 2	.25%
Actual		$1,000.00	$1,022.50	$1.26
Hypothetical-^E		$1,000.00	$1,023.62	$1.26
VIP Freedom 2010 Portfolio
Initial Class	- %-^C
Actual		$1,000.00	$1,015.60	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D
Service Class	.10%
Actual		$1,000.00	$1,015.50	$.50
Hypothetical-^E		$1,000.00	$1,024.37	$.50
Service Class 2	.25%
Actual		$1,000.00	$1,014.80	$1.25
Hypothetical-^E		$1,000.00	$1,023.62	$1.26
VIP Freedom 2015 Portfolio
Initial Class	- %-^C
Actual		$1,000.00	$1,007.80	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D
Service Class	.10%
Actual		$1,000.00	$1,007.00	$.50
Hypothetical-^E		$1,000.00	$1,024.37	$.50
Service Class 2	.25%
Actual		$1,000.00	$1,007.00	$1.25
Hypothetical-^E		$1,000.00	$1,023.62	$1.26
VIP Freedom 2020 Portfolio
Initial Class	- %-^C
Actual		$1,000.00	$1,000.50	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D
Service Class	.10%
Actual		$1,000.00	$1,000.40	$.50
Hypothetical-^E		$1,000.00	$1,024.37	$.50
Service Class 2	.25%
Actual		$1,000.00	$999.60	$1.24
Hypothetical-^E		$1,000.00	$1,023.62	$1.26
VIP Freedom 2025 Portfolio
Initial Class	- %-^C
Actual		$1,000.00	$995.10	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D
Service Class	.10%
Actual		$1,000.00	$994.40	$.50
Hypothetical-^E		$1,000.00	$1,024.37	$.50
Service Class 2	.25%
Actual		$1,000.00	$994.20	$1.24
Hypothetical-^E		$1,000.00	$1,023.62	$1.26
VIP Freedom 2030 Portfolio
Initial Class	- %-^C
Actual		$1,000.00	$986.00	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D
Service Class	.10%
Actual		$1,000.00	$985.20	$.49
Hypothetical-^E		$1,000.00	$1,024.37	$.50
Service Class 2	.25%
Actual		$1,000.00	$985.00	$1.23
Hypothetical-^E		$1,000.00	$1,023.62	$1.26
VIP Freedom 2035 Portfolio
Initial Class	- %-^C
Actual		$1,000.00	$969.40	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D
Service Class	.10%
Actual		$1,000.00	$968.90	$.49
Hypothetical-^E		$1,000.00	$1,024.37	$.50
Service Class 2	.25%
Actual		$1,000.00	$968.30	$1.22
Hypothetical-^E		$1,000.00	$1,023.62	$1.26
VIP Freedom 2040 Portfolio
Initial Class	- %-^C
Actual		$1,000.00	$961.50	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D
Service Class	.10%
Actual		$1,000.00	$960.90	$.49
Hypothetical-^E		$1,000.00	$1,024.37	$.50
Service Class 2	.25%
Actual		$1,000.00	$960.20	$1.22
Hypothetical-^E		$1,000.00	$1,023.62	$1.26
VIP Freedom 2045 Portfolio
Initial Class	- %-^C
Actual		$1,000.00	$961.10	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D
Service Class	.10%
Actual		$1,000.00	$960.90	$.49
Hypothetical-^E		$1,000.00	$1,024.37	$.50
Service Class 2	.25%
Actual		$1,000.00	$959.80	$1.22
Hypothetical-^E		$1,000.00	$1,023.62	$1.26
VIP Freedom 2050 Portfolio
Initial Class	- %-^C
Actual		$1,000.00	$961.30	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D
Service Class	.10%
Actual		$1,000.00	$961.10	$.49
Hypothetical-^E		$1,000.00	$1,024.37	$.50
Service Class 2	.25%
Actual		$1,000.00	$959.90	$1.22
Hypothetical-^E		$1,000.00	$1,023.62	$1.26
VIP Freedom 2055 Portfolio
Initial Class	- %-^C
Actual		$1,000.00	$961.10	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D
Service Class	.10%
Actual		$1,000.00	$960.20	$.49
Hypothetical-^E		$1,000.00	$1,024.37	$.50
Service Class 2	.25%
Actual		$1,000.00	$960.20	$1.22
Hypothetical-^E		$1,000.00	$1,023.62	$1.26
VIP Freedom 2060 Portfolio
Initial Class	- %-^C
Actual		$1,000.00	$961.50	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D
Service Class	.10%
Actual		$1,000.00	$960.60	$.49
Hypothetical-^E		$1,000.00	$1,024.37	$.50
Service Class 2	.25%
Actual		$1,000.00	$960.50	$1.22
Hypothetical-^E		$1,000.00	$1,023.62	$1.26
VIP Freedom 2065 Portfolio
Initial Class	- %-^C
Actual		$1,000.00	$961.20	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D
Service Class	.10%
Actual		$1,000.00	$961.20	$.49
Hypothetical-^E		$1,000.00	$1,024.37	$.50
Service Class 2	.25%
Actual		$1,000.00	$960.30	$1.22
Hypothetical-^E		$1,000.00	$1,023.62	$1.26

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

^C Amount represents less than .005%.

^D Amount represents less than $.005.

^E 5% return per year before expenses

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Funds have adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage each Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund’s Board of Trustees (the Board) has designated each Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Highly liquid investments – cash or convertible to cash within three business days or less
Moderately liquid investments – convertible to cash in three to seven calendar days
Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2018 through November 30, 2019. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.

Fidelity Investments

VIPFF2K-SANN-0820
1.819548.116

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, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Contents

Note to Shareholders
VIP Freedom Lifetime Income® I Portfolio
Investment Summary
Schedule of Investments
Financial Statements
VIP Freedom Lifetime Income® II Portfolio
Investment Summary
Schedule of Investments
Financial Statements
VIP Freedom Lifetime Income® III Portfolio
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Liquidity Risk Management Program

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.

Note to Shareholders:

VIP Freedom Lifetime Income® I Portfolio

Investment Summary (Unaudited)

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

Top Holdings as of June 30, 2020

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	40.9
VIP Government Money Market Portfolio Investor Class 0.01%	22.7
Fidelity Inflation-Protected Bond Index Fund	11.9
VIP Emerging Markets Portfolio Investor Class	7.8
VIP Overseas Portfolio Investor Class	5.4
Fidelity Long-Term Treasury Bond Index Fund	2.3
VIP High Income Portfolio Investor Class	2.0
VIP Growth & Income Portfolio Investor Class	1.5
VIP Equity-Income Portfolio Investor Class	1.3
VIP Growth Portfolio Investor Class	1.3
	97.1

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	7.0%
	International Equity Funds	13.2%
	Bond Funds	57.1%
	Short-Term Funds	22.7%

VIP Freedom Lifetime Income® I Portfolio

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 7.0%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	3,747	$150,212
VIP Equity-Income Portfolio Investor Class (a)	7,918	156,531
VIP Growth & Income Portfolio Investor Class (a)	9,632	178,954
VIP Growth Portfolio Investor Class (a)	1,872	153,660
VIP Mid Cap Portfolio Investor Class (a)	1,524	43,551
VIP Value Portfolio Investor Class (a)	9,435	114,830
VIP Value Strategies Portfolio Investor Class (a)	5,654	56,253
TOTAL DOMESTIC EQUITY FUNDS
(Cost $724,756)		853,991

International Equity Funds - 13.2%
VIP Emerging Markets Portfolio Investor Class (a)	86,490	949,663
VIP Overseas Portfolio Investor Class (a)	30,247	661,206
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $1,450,698)		1,610,869

Bond Funds - 57.1%
Fidelity Inflation-Protected Bond Index Fund (a)	137,159	1,464,855
Fidelity Long-Term Treasury Bond Index Fund (a)	16,517	280,128
VIP High Income Portfolio Investor Class (a)	48,573	244,320
VIP Investment Grade Bond Portfolio Investor Class (a)	361,449	5,002,449
TOTAL BOND FUNDS
(Cost $6,339,322)		6,991,752

Short-Term Funds - 22.7%
VIP Government Money Market Portfolio Investor Class 0.01% (a)(b)
(Cost $2,773,055)	2,773,055	2,773,055
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $11,287,831)		12,229,667
NET OTHER ASSETS (LIABILITIES) - 0.0%		2
NET ASSETS - 100%		$12,229,669

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	$1,513,526	$76,102	$211,226	$2,512	$7,290	$79,163	$1,464,855
Fidelity Long-Term Treasury Bond Index Fund	318,148	32,007	129,606	3,231	22,830	36,749	280,128
VIP Contrafund Portfolio Investor Class	140,498	94,409	95,475	855	11,923	(1,143)	150,212
VIP Emerging Markets Portfolio Investor Class	766,689	402,606	129,612	68,578	(5,484)	(84,536)	949,663
VIP Equity-Income Portfolio Investor Class	148,489	113,863	83,358	7,008	(6,371)	(16,092)	156,531
VIP Government Money Market Portfolio Investor Class 0.01%	2,969,565	548,825	745,335	9,166	--	--	2,773,055
VIP Growth & Income Portfolio Investor Class	169,215	129,125	93,928	8,955	16,202	(41,660)	178,954
VIP Growth Portfolio Investor Class	143,615	104,280	99,199	12,988	33,771	(28,807)	153,660
VIP High Income Portfolio Investor Class	252,418	51,275	43,214	1,919	(3,174)	(12,985)	244,320
VIP Investment Grade Bond Portfolio Investor Class	5,160,468	246,270	673,928	23,148	1,701	267,938	5,002,449
VIP Mid Cap Portfolio Investor Class	41,221	25,819	20,267	65	(958)	(2,264)	43,551
VIP Overseas Portfolio Investor Class	820,171	211,749	322,973	3,624	(6,498)	(41,243)	661,206
VIP Value Portfolio Investor Class	109,045	80,759	54,240	4,468	(1,798)	(18,936)	114,830
VIP Value Strategies Portfolio Investor Class	53,397	38,033	24,138	2,885	(2,536)	(8,503)	56,253
	12,606,465	2,155,122	2,726,499	149,402	66,898	127,681	12,229,667

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$853,991	$853,991	$--	$--
International Equity Funds	1,610,869	1,610,869	--	--
Bond Funds	6,991,752	6,991,752	--	--
Short-Term Funds	2,773,055	2,773,055	--	--
Total Investments in Securities:	$12,229,667	$12,229,667	$--	$--

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

VIP Freedom Lifetime Income® I Portfolio

Financial Statements

Statement of Assets and Liabilities

		June 30, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $11,287,831)	$12,229,667
Total Investment in Securities (cost $11,287,831)		$12,229,667
Receivable for investments sold		77,277
Total assets		12,306,944
Liabilities
Payable for investments purchased	$77,075
Payable for fund shares redeemed	200
Total liabilities		77,275
Net Assets		$12,229,669
Net Assets consist of:
Paid in capital		$11,092,380
Total accumulated earnings (loss)		1,137,289
Net Assets		$12,229,669
Net Asset Value, offering price and redemption price per share ($12,229,669 ÷ 1,067,987 shares)		$11.45

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$41,795
Expenses
Independent trustees' fees and expenses	$21
Total expenses		21
Net investment income (loss)		41,774
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	66,898
Capital gain distributions from underlying funds:
Affiliated issuers	107,607
Total net realized gain (loss)		174,505
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	127,681
Total change in net unrealized appreciation (depreciation)		127,681
Net gain (loss)		302,186
Net increase (decrease) in net assets resulting from operations		$343,960

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$41,774	$266,879
Net realized gain (loss)	174,505	397,275
Change in net unrealized appreciation (depreciation)	127,681	774,524
Net increase (decrease) in net assets resulting from operations	343,960	1,438,678
Distributions to shareholders	(390,599)	(402,000)
Share transactions
Proceeds from sales of shares	147,312	38,744
Reinvestment of distributions	390,599	402,000
Cost of shares redeemed	(868,068)	(1,078,502)
Net increase (decrease) in net assets resulting from share transactions	(330,157)	(637,758)
Total increase (decrease) in net assets	(376,796)	398,920
Net Assets
Beginning of period	12,606,465	12,207,545
End of period	$12,229,669	$12,606,465
Other Information
Shares
Sold	13,210	3,369
Issued in reinvestment of distributions	34,536	35,810
Redeemed	(77,310)	(96,399)
Net increase (decrease)	(29,564)	(57,220)

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$11.49	$10.57	$11.21	$10.76	$10.65	$11.01
Income from Investment Operations
Net investment income (loss)^A	.04	.24	.19	.22	.21	.23
Net realized and unrealized gain (loss)	.28	1.05	(.48)	.59	.31	(.27)
Total from investment operations	.32	1.29	(.29)	.81	.52	(.04)
Distributions from net investment income	–^B	(.25)	(.19)	(.23)	(.21)	(.24)
Distributions from net realized gain	(.36)	(.12)	(.17)	(.13)	(.20)	(.09)
Total distributions	(.36)	(.37)	(.35)^C	(.36)	(.41)	(.32)^D
Net asset value, end of period	$11.45	$11.49	$10.57	$11.21	$10.76	$10.65
Total Return^E,^F,^G	2.82%	12.28%	(2.58)%	7.62%	5.05%	(.35)%
Ratios to Average Net Assets^H
Expenses before reductions^I	- %^J	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^I,^J	- %^I	- %^I	-%	-%	-%
Expenses net of all reductions	- %^I,^J	- %^I	- %^I	-%	-%	-%
Net investment income (loss)	.68%^J	2.13%	1.69%	1.97%	1.90%	2.05%
Supplemental Data
Net assets, end of period (000 omitted)	$12,230	$12,606	$12,208	$13,690	$14,178	$13,635
Portfolio turnover rate^K	35%^J	19%	39%	9%	18%	12%

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

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

^C 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.

^D 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.

^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 Amounts do not include the activity of Underlying Funds.

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

VIP Freedom Lifetime Income® II Portfolio

Investment Summary (Unaudited)

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

Top Holdings as of June 30, 2020

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	34.4
VIP Government Money Market Portfolio Investor Class 0.01%	14.8
VIP Overseas Portfolio Investor Class	10.3
VIP Emerging Markets Portfolio Investor Class	9.7
Fidelity Inflation-Protected Bond Index Fund	9.2
VIP Growth & Income Portfolio Investor Class	3.6
VIP Equity-Income Portfolio Investor Class	3.2
VIP Growth Portfolio Investor Class	3.1
VIP Contrafund Portfolio Investor Class	3.1
VIP Value Portfolio Investor Class	2.3
	93.7

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	17.3%
	International Equity Funds	20.0%
	Bond Funds	47.9%
	Short-Term Funds	14.8%

VIP Freedom Lifetime Income® II Portfolio

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 17.3%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	24,426	$979,236
VIP Equity-Income Portfolio Investor Class (a)	51,622	1,020,570
VIP Growth & Income Portfolio Investor Class (a)	62,795	1,166,727
VIP Growth Portfolio Investor Class (a)	12,205	1,001,704
VIP Mid Cap Portfolio Investor Class (a)	9,938	283,941
VIP Value Portfolio Investor Class (a)	61,519	748,685
VIP Value Strategies Portfolio Investor Class (a)	36,860	366,753
TOTAL DOMESTIC EQUITY FUNDS
(Cost $4,585,480)		5,567,616

International Equity Funds - 20.0%
VIP Emerging Markets Portfolio Investor Class (a)	284,558	3,124,444
VIP Overseas Portfolio Investor Class (a)	150,876	3,298,143
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $5,673,080)		6,422,587

Bond Funds - 47.9%
Fidelity Inflation-Protected Bond Index Fund (a)	275,738	2,944,879
Fidelity Long-Term Treasury Bond Index Fund (a)	43,359	735,366
VIP High Income Portfolio Investor Class (a)	127,505	641,351
VIP Investment Grade Bond Portfolio Investor Class (a)	800,297	11,076,107
TOTAL BOND FUNDS
(Cost $14,014,514)		15,397,703

Short-Term Funds - 14.8%
VIP Government Money Market Portfolio Investor Class 0.01% (a)(b)
(Cost $4,762,075)	4,762,075	4,762,075
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $29,035,149)		32,149,981
NET OTHER ASSETS (LIABILITIES) - 0.0%		3
NET ASSETS - 100%		$32,149,984

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	$3,047,085	$219,062	$491,884	$5,009	$13,354	$157,262	$2,944,879
Fidelity Long-Term Treasury Bond Index Fund	848,417	99,908	369,456	8,484	61,018	95,479	735,366
VIP Contrafund Portfolio Investor Class	1,006,412	232,833	335,706	5,945	24,415	51,282	979,236
VIP Emerging Markets Portfolio Investor Class	2,712,555	1,047,413	301,190	240,939	(17,832)	(316,502)	3,124,444
VIP Equity-Income Portfolio Investor Class	1,063,521	362,432	234,252	48,745	(17,279)	(153,852)	1,020,570
VIP Government Money Market Portfolio Investor Class 0.01%	5,131,760	1,258,585	1,628,270	16,012	--	--	4,762,075
VIP Growth & Income Portfolio Investor Class	1,212,011	411,037	266,383	62,294	5,052	(194,990)	1,166,727
VIP Growth Portfolio Investor Class	1,028,754	294,484	356,767	90,346	61,847	(26,614)	1,001,704
VIP High Income Portfolio Investor Class	673,079	94,842	80,701	5,106	(4,393)	(41,476)	641,351
VIP Investment Grade Bond Portfolio Investor Class	11,482,358	924,287	1,912,012	51,184	(8,743)	590,217	11,076,107
VIP Mid Cap Portfolio Investor Class	295,228	85,894	68,047	449	(7,880)	(21,254)	283,941
VIP Overseas Portfolio Investor Class	3,937,359	743,278	1,162,885	17,230	(30,339)	(189,270)	3,298,143
VIP Value Portfolio Investor Class	780,990	304,138	170,185	31,078	(9,738)	(156,520)	748,685
VIP Value Strategies Portfolio Investor Class	382,420	161,413	89,511	20,066	(10,119)	(77,450)	366,753
	33,601,949	6,239,606	7,467,249	602,887	59,363	(283,688)	32,149,981

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$5,567,616	$5,567,616	$--	$--
International Equity Funds	6,422,587	6,422,587	--	--
Bond Funds	15,397,703	15,397,703	--	--
Short-Term Funds	4,762,075	4,762,075	--	--
Total Investments in Securities:	$32,149,981	$32,149,981	$--	$--

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

VIP Freedom Lifetime Income® II Portfolio

Financial Statements

Statement of Assets and Liabilities

		June 30, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $29,035,149)	$32,149,981
Total Investment in Securities (cost $29,035,149)		$32,149,981
Cash		4
Receivable for investments sold		286,227
Total assets		32,436,212
Liabilities
Payable for investments purchased	$285,697
Payable for fund shares redeemed	531
Total liabilities		286,228
Net Assets		$32,149,984
Net Assets consist of:
Paid in capital		$28,440,906
Total accumulated earnings (loss)		3,709,078
Net Assets		$32,149,984
Net Asset Value, offering price and redemption price per share ($32,149,984 ÷ 2,547,819 shares)		$12.62

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$100,815
Expenses
Independent trustees' fees and expenses	$54
Total expenses		54
Net investment income (loss)		100,761
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	59,363
Capital gain distributions from underlying funds:
Affiliated issuers	502,072
Total net realized gain (loss)		561,435
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(283,688)
Total change in net unrealized appreciation (depreciation)		(283,688)
Net gain (loss)		277,747
Net increase (decrease) in net assets resulting from operations		$378,508

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$100,761	$678,626
Net realized gain (loss)	561,435	1,448,306
Change in net unrealized appreciation (depreciation)	(283,688)	2,864,828
Net increase (decrease) in net assets resulting from operations	378,508	4,991,760
Distributions to shareholders	(1,378,777)	(1,824,394)
Share transactions
Proceeds from sales of shares	–	437,250
Reinvestment of distributions	1,378,777	1,824,394
Cost of shares redeemed	(1,830,475)	(2,887,417)
Net increase (decrease) in net assets resulting from share transactions	(451,698)	(625,773)
Total increase (decrease) in net assets	(1,451,967)	2,541,593
Net Assets
Beginning of period	33,601,951	31,060,358
End of period	$32,149,984	$33,601,951
Other Information
Shares
Sold	–	34,739
Issued in reinvestment of distributions	108,651	148,009
Redeemed	(149,682)	(230,952)
Net increase (decrease)	(41,031)	(48,204)

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$12.98	$11.78	$12.70	$11.72	$11.47	$11.76
Income from Investment Operations
Net investment income (loss)^A	.04	.26	.20	.21	.21	.24
Net realized and unrealized gain (loss)	.14	1.65	(.70)	1.22	.44	(.27)
Total from investment operations	.18	1.91	(.50)	1.43	.65	(.03)
Distributions from net investment income	–^B	(.27)	(.20)	(.22)	(.20)	(.24)
Distributions from net realized gain	(.54)	(.44)	(.22)	(.23)	(.20)	(.03)
Total distributions	(.54)	(.71)	(.42)	(.45)	(.40)	(.26)^C
Net asset value, end of period	$12.62	$12.98	$11.78	$12.70	$11.72	$11.47
Total Return^D,^E,^F	1.36%	16.58%	(3.96)%	12.29%	5.90%	(.23)%
Ratios to Average Net Assets^G
Expenses before reductions^H	- %^I	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^H,^I	- %^H	- %^H	-%	-%	-%
Expenses net of all reductions	- %^H,^I	- %^H	- %^H	-%	-%	-%
Net investment income (loss)	.63%^I	2.07%	1.57%	1.71%	1.84%	2.06%
Supplemental Data
Net assets, end of period (000 omitted)	$32,150	$33,602	$31,060	$34,818	$33,897	$30,348
Portfolio turnover rate^J	39%^I	24%	34%	12%	16%	14%

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

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

^C 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.

^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 Amount represents less than .005%.

^I Annualized

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

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

VIP Freedom Lifetime Income® III Portfolio

Investment Summary (Unaudited)

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

Top Holdings as of June 30, 2020

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	27.4
VIP Overseas Portfolio Investor Class	15.0
VIP Emerging Markets Portfolio Investor Class	11.7
VIP Government Money Market Portfolio Investor Class 0.01%	7.2
Fidelity Inflation-Protected Bond Index Fund	6.8
VIP Growth & Income Portfolio Investor Class	5.8
VIP Equity-Income Portfolio Investor Class	5.1
VIP Growth Portfolio Investor Class	5.0
VIP Contrafund Portfolio Investor Class	4.8
VIP Value Portfolio Investor Class	3.7
	92.5

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	27.6%
	International Equity Funds	26.7%
	Bond Funds	38.5%
	Short-Term Funds	7.2%

VIP Freedom Lifetime Income® III Portfolio

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 27.6%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	38,609	$1,547,829
VIP Equity-Income Portfolio Investor Class (a)	81,604	1,613,316
VIP Growth & Income Portfolio Investor Class (a)	99,265	1,844,344
VIP Growth Portfolio Investor Class (a)	19,293	1,583,345
VIP Mid Cap Portfolio Investor Class (a)	15,710	448,821
VIP Value Portfolio Investor Class (a)	97,249	1,183,518
VIP Value Strategies Portfolio Investor Class (a)	58,266	579,751
TOTAL DOMESTIC EQUITY FUNDS
(Cost $7,386,500)		8,800,924

International Equity Funds - 26.7%
VIP Emerging Markets Portfolio Investor Class (a)	339,165	3,724,034
VIP Overseas Portfolio Investor Class (a)	219,881	4,806,591
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $7,609,955)		8,530,625

Bond Funds - 38.5%
Fidelity Inflation-Protected Bond Index Fund (a)	202,593	2,163,693
Fidelity Long-Term Treasury Bond Index Fund (a)	42,991	729,127
VIP High Income Portfolio Investor Class (a)	126,423	635,907
VIP Investment Grade Bond Portfolio Investor Class (a)	632,690	8,756,433
TOTAL BOND FUNDS
(Cost $11,223,131)		12,285,160

Short-Term Funds - 7.2%
VIP Government Money Market Portfolio Investor Class 0.01% (a)(b)
(Cost $2,305,184)	2,305,184	2,305,184
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $28,524,770)		31,921,893
NET OTHER ASSETS (LIABILITIES) - 0.0%		(1)
NET ASSETS - 100%		$31,921,892

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	$2,228,202	$233,125	$422,189	$3,631	$12,730	$111,825	$2,163,693
Fidelity Long-Term Treasury Bond Index Fund	834,019	123,667	381,203	8,271	61,331	91,313	729,127
VIP Contrafund Portfolio Investor Class	1,567,164	234,087	373,221	9,242	25,580	94,219	1,547,829
VIP Emerging Markets Portfolio Investor Class	3,273,632	1,062,479	205,568	291,473	(9,275)	(397,234)	3,724,034
VIP Equity-Income Portfolio Investor Class	1,655,996	453,516	226,292	75,783	(11,378)	(258,526)	1,613,316
VIP Government Money Market Portfolio Investor Class 0.01%	2,556,913	1,102,081	1,353,810	8,258	--	--	2,305,184
VIP Growth & Income Portfolio Investor Class	1,887,240	539,963	285,556	96,849	(13,385)	(283,918)	1,844,344
VIP Growth Portfolio Investor Class	1,601,966	317,772	394,198	140,461	22,083	35,722	1,583,345
VIP High Income Portfolio Investor Class	661,611	88,788	69,595	5,041	(3,173)	(41,724)	635,907
VIP Investment Grade Bond Portfolio Investor Class	9,010,961	1,085,457	1,790,876	40,073	(12,232)	463,123	8,756,433
VIP Mid Cap Portfolio Investor Class	459,688	119,635	83,646	698	(9,253)	(37,603)	448,821
VIP Overseas Portfolio Investor Class	5,468,656	844,134	1,218,287	23,999	(30,750)	(257,162)	4,806,591
VIP Value Portfolio Investor Class	1,216,058	458,058	228,730	48,316	(16,579)	(245,289)	1,183,518
VIP Value Strategies Portfolio Investor Class	595,444	246,491	124,020	31,196	(21,186)	(116,978)	579,751
	33,017,550	6,909,253	7,157,191	783,291	(5,487)	(842,232)	31,921,893

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$8,800,924	$8,800,924	$--	$--
International Equity Funds	8,530,625	8,530,625	--	--
Bond Funds	12,285,160	12,285,160	--	--
Short-Term Funds	2,305,184	2,305,184	--	--
Total Investments in Securities:	$31,921,893	$31,921,893	$--	$--

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

VIP Freedom Lifetime Income® III Portfolio

Financial Statements

Statement of Assets and Liabilities

		June 30, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $28,524,770)	$31,921,893
Total Investment in Securities (cost $28,524,770)		$31,921,893
Cash		2
Receivable for investments sold		371,929
Total assets		32,293,824
Liabilities
Payable for investments purchased	$371,405
Payable for fund shares redeemed	527
Total liabilities		371,932
Net Assets		$31,921,892
Net Assets consist of:
Paid in capital		$27,824,241
Total accumulated earnings (loss)		4,097,651
Net Assets		$31,921,892
Net Asset Value, offering price and redemption price per share ($31,921,892 ÷ 2,463,722 shares)		$12.96

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$89,516
Expenses
Independent trustees' fees and expenses	$53
Total expenses		53
Net investment income (loss)		89,463
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(5,487)
Capital gain distributions from underlying funds:
Affiliated issuers	693,775
Total net realized gain (loss)		688,288
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Other affiliated issuers	(842,232)
Total change in net unrealized appreciation (depreciation)		(842,232)
Net gain (loss)		(153,944)
Net increase (decrease) in net assets resulting from operations		$(64,481)

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$89,463	$630,817
Net realized gain (loss)	688,288	1,445,798
Change in net unrealized appreciation (depreciation)	(842,232)	3,662,950
Net increase (decrease) in net assets resulting from operations	(64,481)	5,739,565
Distributions to shareholders	(1,393,197)	(1,745,003)
Share transactions
Proceeds from sales of shares	119,414	1,066,578
Reinvestment of distributions	1,393,197	1,745,003
Cost of shares redeemed	(1,150,590)	(2,257,230)
Net increase (decrease) in net assets resulting from share transactions	362,021	554,351
Total increase (decrease) in net assets	(1,095,657)	4,548,913
Net Assets
Beginning of period	33,017,549	28,468,636
End of period	$31,921,892	$33,017,549
Other Information
Shares
Sold	10,429	82,707
Issued in reinvestment of distributions	105,068	137,425
Redeemed	(91,382)	(175,466)
Net increase (decrease)	24,115	44,666

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$13.53	$11.89	$13.07	$11.79	$11.59	$11.91
Income from Investment Operations
Net investment income (loss)^A	.04	.26	.19	.22	.23	.27
Net realized and unrealized gain (loss)	(.03)	2.11	(.92)	1.62	.51	(.30)
Total from investment operations	.01	2.37	(.73)	1.84	.74	(.03)
Distributions from net investment income	–^B	(.27)	(.19)	(.23)	(.21)	(.24)
Distributions from net realized gain	(.57)	(.47)	(.26)	(.33)	(.33)	(.05)
Total distributions	(.58)^C	(.73)^D	(.45)	(.56)	(.54)	(.29)
Net asset value, end of period	$12.96	$13.53	$11.89	$13.07	$11.79	$11.59
Total Return^E,^F,^G	(.05)%	20.44%	(5.68)%	15.85%	6.83%	(.27)%
Ratios to Average Net Assets^H
Expenses before reductions^I	- %^J	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^I,^J	- %^I	- %^I	-%	-%	-%
Expenses net of all reductions	- %^I,^J	- %^I	- %^I	-%	-%	-%
Net investment income (loss)	.57%^J	2.02%	1.45%	1.74%	1.95%	2.23%
Supplemental Data
Net assets, end of period (000 omitted)	$31,922	$33,018	$28,469	$32,383	$28,081	$21,180
Portfolio turnover rate^K	44%^J	26%	35%	15%	15%	12%

^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 $.003 and distributions from net realized gain of $.573 per share.

^D Total distributions of $.73 per share is comprised of distributions from net investment income of $.266 and distributions from net realized gain of $.466 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 Amount represents less than .005%.

^J Annualized

^K Amounts do not include the activity of 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, 2020

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 LLC (FMR). Shares of each Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts.

Effective January 1, 2020, investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

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 Portfolio	$11,314,774	$956,613	$(41,720)	$914,893
VIP Freedom Lifetime Income II Portfolio	29,145,304	3,273,373	(268,696)	3,004,677
VIP Freedom Lifetime Income III Portfolio	28,670,876	3,687,595	(436,578)	3,251,017

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 Portfolio	2,155,122	2,726,499
VIP Freedom Lifetime Income II Portfolio	6,239,606	7,467,249
VIP Freedom Lifetime Income III Portfolio	6,909,253	7,157,191

4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) 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.

6. Coronavirus (COVID-19) Pandemic.

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, 2020 to June 30, 2020).

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, 2020	Ending Account Value June 30, 2020	Expenses Paid During Period-^B January 1, 2020 to June 30, 2020
VIP Freedom Lifetime Income I Portfolio	- %-^C
Actual		$1,000.00	$1,028.20	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D
VIP Freedom Lifetime Income II Portfolio	- %-^C
Actual		$1,000.00	$1,013.60	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D
VIP Freedom Lifetime Income III Portfolio	- %-^C
Actual		$1,000.00	$999.50	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^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 182/ 366 (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 represents less than .005%.

^D Amount represents less than $.01.

^E 5% return per year before expenses

Liquidity Risk Management Program

Highly liquid investments – cash or convertible to cash within three business days or less
Moderately liquid investments – convertible to cash in three to seven calendar days
Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments – cannot be sold or disposed of within seven calendar days

Fidelity Investments

VIPFLI-SANN-0820
1.816202.114

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, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Contents

Note to Shareholders
VIP Investor Freedom Income Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Investor Freedom 2005 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Investor Freedom 2010 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Investor Freedom 2015 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Investor Freedom 2020 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Investor Freedom 2025 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
VIP Investor Freedom 2030 Portfolio℠
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Shareholder Expense Example
Liquidity Risk Management Program

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.

Note to Shareholders:

VIP 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, 2020

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	40.9
VIP Government Money Market Portfolio Investor Class 0.01%	22.7
Fidelity Inflation-Protected Bond Index Fund	11.9
VIP Emerging Markets Portfolio Investor Class	7.8
VIP Overseas Portfolio Investor Class	5.4
Fidelity Long-Term Treasury Bond Index Fund	2.3
VIP High Income Portfolio Investor Class	2.0
VIP Growth & Income Portfolio Investor Class	1.5
VIP Equity-Income Portfolio Investor Class	1.3
VIP Growth Portfolio Investor Class	1.3
	97.1

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	7.0%
	International Equity Funds	13.2%
	Bond Funds	57.1%
	Short-Term Funds	22.7%

VIP Investor Freedom Income Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 7.0%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	28,198	$1,130,458
VIP Equity-Income Portfolio Investor Class (a)	59,587	1,178,032
VIP Growth & Income Portfolio Investor Class (a)	72,486	1,346,785
VIP Growth Portfolio Investor Class (a)	14,090	1,156,403
VIP Mid Cap Portfolio Investor Class (a)	11,472	327,758
VIP Value Portfolio Investor Class (a)	71,010	864,194
VIP Value Strategies Portfolio Investor Class (a)	42,549	423,359
TOTAL DOMESTIC EQUITY FUNDS
(Cost $5,213,080)		6,426,989

International Equity Funds - 13.2%
VIP Emerging Markets Portfolio Investor Class (a)	650,912	7,147,015
VIP Overseas Portfolio Investor Class (a)	227,640	4,976,211
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $10,058,504)		12,123,226

Bond Funds - 57.1%
Fidelity Inflation-Protected Bond Index Fund (a)	1,032,248	11,024,414
Fidelity Long-Term Treasury Bond Index Fund (a)	124,301	2,108,153
VIP High Income Portfolio Investor Class (a)	365,555	1,838,744
VIP Investment Grade Bond Portfolio Investor Class (a)	2,720,251	37,648,270
TOTAL BOND FUNDS
(Cost $48,307,934)		52,619,581

Short-Term Funds - 22.7%
VIP Government Money Market Portfolio Investor Class 0.01% (a)(b)
(Cost $20,869,929)	20,869,929	20,869,929
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $84,449,447)		92,039,725
NET OTHER ASSETS (LIABILITIES) - 0.0%		9
NET ASSETS - 100%		$92,039,734

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	$10,293,352	$2,303,063	$2,140,883	$17,519	$3,092	$565,790	$11,024,414
Fidelity Long-Term Treasury Bond Index Fund	2,163,699	570,338	1,026,075	22,562	134,668	265,523	2,108,153
VIP Contrafund Portfolio Investor Class	955,610	807,950	706,864	5,823	98,481	(24,719)	1,130,458
VIP Emerging Markets Portfolio Investor Class	5,214,146	3,813,718	1,246,766	467,270	(78,848)	(555,235)	7,147,015
VIP Equity-Income Portfolio Investor Class	1,009,892	955,015	626,640	47,751	(30,545)	(129,690)	1,178,032
VIP Government Money Market Portfolio Investor Class 0.01%	20,195,721	7,534,423	6,860,215	62,932	--	--	20,869,929
VIP Growth & Income Portfolio Investor Class	1,150,863	1,084,509	708,577	61,021	77,010	(257,020)	1,346,785
VIP Growth Portfolio Investor Class	976,830	878,230	734,478	88,494	231,735	(195,914)	1,156,403
VIP High Income Portfolio Investor Class	1,716,677	653,899	408,052	13,074	(28,058)	(95,722)	1,838,744
VIP Investment Grade Bond Portfolio Investor Class	35,095,954	7,798,242	6,995,287	157,722	(132,040)	1,881,401	37,648,270
VIP Mid Cap Portfolio Investor Class	280,352	223,541	152,077	440	(6,284)	(17,774)	327,758
VIP Overseas Portfolio Investor Class	5,578,241	2,382,604	2,617,128	24,695	(146,488)	(221,018)	4,976,211
VIP Value Portfolio Investor Class	741,603	680,277	408,189	30,446	(18,112)	(131,385)	864,194
VIP Value Strategies Portfolio Investor Class	363,138	320,511	180,735	19,658	(11,621)	(67,934)	423,359
Total	$85,736,078	$30,006,320	$24,811,966	$1,019,407	$92,990	$1,016,303	$92,039,725

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$6,426,989	$6,426,989	$--	$--
International Equity Funds	12,123,226	12,123,226	--	--
Bond Funds	52,619,581	52,619,581	--	--
Short-Term Funds	20,869,929	20,869,929	--	--
Total Investments in Securities:	$92,039,725	$92,039,725	$--	$--

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

VIP Investor Freedom Income Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		June 30, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $84,449,447)	$92,039,725
Total Investment in Securities (cost $84,449,447)		$92,039,725
Cash		6
Receivable for investments sold		608,583
Receivable for fund shares sold		105,975
Total assets		92,754,289
Liabilities
Payable for investments purchased	$714,555
Total liabilities		714,555
Net Assets		$92,039,734
Net Assets consist of:
Paid in capital		$83,528,518
Total accumulated earnings (loss)		8,511,216
Net Assets		$92,039,734
Net Asset Value, offering price and redemption price per share ($92,039,734 ÷ 7,682,891 shares)		$11.98

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$286,198
Expenses
Independent trustees' fees and expenses	$142
Total expenses		142
Net investment income (loss)		286,056
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	92,990
Capital gain distributions from underlying funds:
Affiliated issuers	733,209
Total net realized gain (loss)		826,199
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	1,016,303
Total change in net unrealized appreciation (depreciation)		1,016,303
Net gain (loss)		1,842,502
Net increase (decrease) in net assets resulting from operations		$2,128,558

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$286,056	$1,751,802
Net realized gain (loss)	826,199	1,993,456
Change in net unrealized appreciation (depreciation)	1,016,303	5,172,459
Net increase (decrease) in net assets resulting from operations	2,128,558	8,917,717
Distributions to shareholders	(1,873,830)	(3,443,933)
Share transactions
Proceeds from sales of shares	16,202,292	11,414,447
Reinvestment of distributions	1,873,830	3,443,933
Cost of shares redeemed	(12,027,205)	(9,344,200)
Net increase (decrease) in net assets resulting from share transactions	6,048,917	5,514,180
Total increase (decrease) in net assets	6,303,645	10,987,964
Net Assets
Beginning of period	85,736,089	74,748,125
End of period	$92,039,734	$85,736,089
Other Information
Shares
Sold	1,383,934	975,757
Issued in reinvestment of distributions	158,263	298,317
Redeemed	(1,060,148)	(805,933)
Net increase (decrease)	482,049	468,141

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$11.91	$11.10	$11.67	$11.03	$10.86	$11.11
Income from Investment Operations
Net investment income (loss)^A	.04	.26	.21	.18	.16	.19
Net realized and unrealized gain (loss)	.29	1.05	(.45)	.75	.31	(.23)
Total from investment operations	.33	1.31	(.24)	.93	.47	(.04)
Distributions from net investment income	–^B	(.25)	(.20)	(.18)	(.16)	(.19)
Distributions from net realized gain	(.26)	(.25)	(.13)	(.11)	(.14)	(.01)
Total distributions	(.26)	(.50)	(.33)	(.29)	(.30)	(.21)^C
Net asset value, end of period	$11.98	$11.91	$11.10	$11.67	$11.03	$10.86
Total Return^D,^E,^F	2.81%	12.02%	(2.03)%	8.45%	4.43%	(.37)%
Ratios to Average Net Assets^G,^H
Expenses before reductions^B	- %^I	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^B,^I	- %^B	- %^B	-%	-%	-%
Expenses net of all reductions	- %^B,^I	- %^B	- %^B	-%	-%	-%
Net investment income (loss)	.67%^I	2.19%	1.79%	1.59%	1.47%	1.68%
Supplemental Data
Net assets, end of period (000 omitted)	$92,040	$85,736	$74,748	$75,445	$67,090	$64,031
Portfolio turnover rate^H	58%^I	25%	42%	25%	25%	33%

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

^B Amount represents less than $.005 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 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.

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

^I Annualized

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

VIP 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, 2020

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	38.9
VIP Government Money Market Portfolio Investor Class 0.01%	20.0
Fidelity Inflation-Protected Bond Index Fund	11.0
VIP Emerging Markets Portfolio Investor Class	8.4
VIP Overseas Portfolio Investor Class	7.0
Fidelity Long-Term Treasury Bond Index Fund	2.3
VIP Growth & Income Portfolio Investor Class	2.2
VIP High Income Portfolio Investor Class	2.0
VIP Equity-Income Portfolio Investor Class	1.9
VIP Growth Portfolio Investor Class	1.9
	95.6

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	10.4%
	International Equity Funds	15.4%
	Bond Funds	54.2%
	Short-Term Funds	20.0%

VIP Investor Freedom 2005 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 10.4%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	14,894	$597,082
VIP Equity-Income Portfolio Investor Class (a)	31,472	622,198
VIP Growth & Income Portfolio Investor Class (a)	38,285	711,328
VIP Growth Portfolio Investor Class (a)	7,442	610,786
VIP Mid Cap Portfolio Investor Class (a)	6,059	173,113
VIP Value Portfolio Investor Class (a)	37,505	456,440
VIP Value Strategies Portfolio Investor Class (a)	22,472	223,601
TOTAL DOMESTIC EQUITY FUNDS
(Cost $2,777,689)		3,394,548

International Equity Funds - 15.4%
VIP Emerging Markets Portfolio Investor Class (a)	250,140	2,746,533
VIP Overseas Portfolio Investor Class (a)	104,716	2,289,102
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $4,251,706)		5,035,635

Bond Funds - 54.2%
Fidelity Inflation-Protected Bond Index Fund (a)	336,057	3,589,084
Fidelity Long-Term Treasury Bond Index Fund (a)	44,068	747,394
VIP High Income Portfolio Investor Class (a)	129,592	651,847
VIP Investment Grade Bond Portfolio Investor Class (a)	917,720	12,701,243
TOTAL BOND FUNDS
(Cost $16,153,658)		17,689,568

Short-Term Funds - 20.0%
VIP Government Money Market Portfolio Investor Class 0.01% (a)(b)
(Cost $6,525,050)	6,525,050	6,525,050
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $29,708,103)		32,644,801
NET OTHER ASSETS (LIABILITIES) - 0.0%		0
NET ASSETS - 100%		$32,644,801

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	$3,620,339	$631,302	$861,792	$6,149	$2,796	$196,439	$3,589,084
Fidelity Long-Term Treasury Bond Index Fund	840,932	182,289	435,137	8,695	58,305	101,005	747,394
VIP Contrafund Portfolio Investor Class	598,859	310,754	352,694	3,666	20,901	19,262	597,082
VIP Emerging Markets Portfolio Investor Class	2,269,303	1,359,393	575,465	207,639	((50,996))	(255,702)	2,746,533
VIP Equity-Income Portfolio Investor Class	632,866	388,471	291,872	30,064	((24,294))	(82,973)	622,198
VIP Government Money Market Portfolio Investor Class 0.01%	6,813,331	2,267,622	2,555,903	21,667	--	--	6,525,050
VIP Growth & Income Portfolio Investor Class	721,220	435,188	323,561	38,420	14,406	(135,925)	711,328
VIP Growth Portfolio Investor Class	612,148	354,316	369,730	55,719	71,568	(57,516)	610,786
VIP High Income Portfolio Investor Class	667,160	185,034	149,955	5,211	(10,067)	(40,325)	651,847
VIP Investment Grade Bond Portfolio Investor Class	12,873,547	2,268,861	3,084,978	59,279	(28,862)	672,675	12,701,243
VIP Mid Cap Portfolio Investor Class	175,686	91,522	75,430	277	(6,174)	(12,491)	173,113
VIP Overseas Portfolio Investor Class	2,797,249	957,986	1,263,974	12,636	(59,843)	(142,316)	2,289,102
VIP Value Portfolio Investor Class	464,741	284,645	189,158	19,168	(12,580)	(91,208)	456,440
VIP Value Strategies Portfolio Investor Class	227,569	141,228	90,960	12,376	(7,633)	(46,603)	223,601
Total	$33,314,950	$9,858,611	$10,620,609	$480,966	$(32,473)	$124,322	$32,644,801

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$3,394,548	$3,394,548	$--	$--
International Equity Funds	5,035,635	5,035,635	--	--
Bond Funds	17,689,568	17,689,568	--	--
Short-Term Funds	6,525,050	6,525,050	--	--
Total Investments in Securities:	$32,644,801	$32,644,801	$--	$--

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

VIP Investor Freedom 2005 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		June 30, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $29,708,103)	$32,644,801
Total Investment in Securities (cost $29,708,103)		$32,644,801
Receivable for investments sold		260,873
Total assets		32,905,674
Liabilities
Payable for investments purchased	$260,693
Payable for fund shares redeemed	180
Total liabilities		260,873
Net Assets		$32,644,801
Net Assets consist of:
Paid in capital		$29,327,178
Total accumulated earnings (loss)		3,317,623
Net Assets		$32,644,801
Net Asset Value, offering price and redemption price per share ($32,644,801 ÷ 2,693,478 shares)		$12.12

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$109,654
Expenses
Independent trustees' fees and expenses	$55
Total expenses		55
Net investment income (loss)		109,599
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(32,473)
Capital gain distributions from underlying funds:
Affiliated issuers	371,312
Total net realized gain (loss)		338,839
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	124,322
Total change in net unrealized appreciation (depreciation)		124,322
Net gain (loss)		463,161
Net increase (decrease) in net assets resulting from operations		$572,760

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$109,599	$675,788
Net realized gain (loss)	338,839	1,057,330
Change in net unrealized appreciation (depreciation)	124,322	2,318,952
Net increase (decrease) in net assets resulting from operations	572,760	4,052,070
Distributions to shareholders	(978,160)	(1,297,971)
Share transactions
Proceeds from sales of shares	4,121,009	6,571,294
Reinvestment of distributions	978,160	1,297,971
Cost of shares redeemed	(5,363,918)	(5,911,366)
Net increase (decrease) in net assets resulting from share transactions	(264,749)	1,957,899
Total increase (decrease) in net assets	(670,149)	4,711,998
Net Assets
Beginning of period	33,314,950	28,602,952
End of period	$32,644,801	$33,314,950
Other Information
Shares
Sold	344,771	558,684
Issued in reinvestment of distributions	81,175	110,098
Redeemed	(463,558)	(498,567)
Net increase (decrease)	(37,612)	170,215

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$12.20	$11.17	$11.85	$10.97	$10.79	$11.05
Income from Investment Operations
Net investment income (loss)^A	.04	.25	.20	.20	.17	.19
Net realized and unrealized gain (loss)	.24	1.28	(.56)	1.00	.35	(.22)
Total from investment operations	.28	1.53	(.36)	1.20	.52	(.03)
Distributions from net investment income	–^B	(.26)	(.20)	(.17)	(.16)	(.20)
Distributions from net realized gain	(.35)	(.24)	(.13)	(.14)	(.17)	(.03)
Total distributions	(.36)^C	(.50)	(.32)^D	(.32)^E	(.34)^F	(.23)
Net asset value, end of period	$12.12	$12.20	$11.17	$11.85	$10.97	$10.79
Total Return^G,^H,^I	2.28%	13.89%	(3.04)%	10.97%	4.94%	(.31)%
Ratios to Average Net Assets^J,^K
Expenses before reductions^L	- %^M	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^L,^M	- %^L	- %^L	-%	-%	-%
Expenses net of all reductions	- %^L,^M	- %^L	- %^L	-%	-%	-%
Net investment income (loss)	.67%^M	2.12%	1.70%	1.74%	1.52%	1.70%
Supplemental Data
Net assets, end of period (000 omitted)	$32,645	$33,315	$28,603	$28,889	$20,771	$20,408
Portfolio turnover rate^K	60%^M	35%	42%	28%	35%	25%

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

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

^C Total distributions of $.36 per share is comprised of distributions from net investment income of $.004 and distributions from net realized gain of $.352 per share.

^D 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.

^E 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.

^F 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.

^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 Underlying Funds.

^L Amount represents less than .005%.

^M Annualized

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

VIP 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, 2020

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	35.4
VIP Government Money Market Portfolio Investor Class 0.01%	15.9
VIP Overseas Portfolio Investor Class	9.6
Fidelity Inflation-Protected Bond Index Fund	9.4
VIP Emerging Markets Portfolio Investor Class	9.5
VIP Growth & Income Portfolio Investor Class	3.3
VIP Equity-Income Portfolio Investor Class	2.9
VIP Growth Portfolio Investor Class	2.9
VIP Contrafund Portfolio Investor Class	2.8
Fidelity Long-Term Treasury Bond Index Fund	2.3
	94.0

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	15.9%
	International Equity Funds	19.1%
	Bond Funds	49.1%
	Short-Term Funds	15.9%

VIP Investor Freedom 2010 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 15.9%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	45,777	$1,835,217
VIP Equity-Income Portfolio Investor Class (a)	96,745	1,912,646
VIP Growth & Income Portfolio Investor Class (a)	117,685	2,186,585
VIP Growth Portfolio Investor Class (a)	22,875	1,877,316
VIP Mid Cap Portfolio Investor Class (a)	18,625	532,105
VIP Value Portfolio Investor Class (a)	115,293	1,403,113
VIP Value Strategies Portfolio Investor Class (a)	69,079	687,333
TOTAL DOMESTIC EQUITY FUNDS
(Cost $8,567,160)		10,434,315

International Equity Funds - 19.1%
VIP Emerging Markets Portfolio Investor Class (a)	563,729	6,189,743
VIP Overseas Portfolio Investor Class (a)	287,707	6,289,271
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $10,563,630)		12,479,014

Bond Funds - 49.1%
Fidelity Inflation-Protected Bond Index Fund (a)	580,231	6,196,871
Fidelity Long-Term Treasury Bond Index Fund (a)	88,261	1,496,911
VIP High Income Portfolio Investor Class (a)	259,553	1,305,550
VIP Investment Grade Bond Portfolio Investor Class (a)	1,672,506	23,147,476
TOTAL BOND FUNDS
(Cost $29,334,820)		32,146,808

Short-Term Funds - 15.9%
Fidelity Cash Central Fund 0.12% (b)	6	6
VIP Government Money Market Portfolio Investor Class 0.01% (a)(c)	10,372,686	10,372,686
TOTAL SHORT-TERM FUNDS
(Cost $10,372,692)		10,372,692
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $58,838,302)		65,432,829
NET OTHER ASSETS (LIABILITIES) - 0.0%		3
NET ASSETS - 100%		$65,432,832

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	$6,257,222	$884,031	$1,295,258	$10,421	$13,072	$337,804	$6,196,871
Fidelity Long-Term Treasury Bond Index Fund	1,682,695	311,542	809,934	17,055	116,194	196,414	1,496,911
VIP Contrafund Portfolio Investor Class	1,837,015	598,756	737,849	10,968	51,946	85,349	1,835,217
VIP Emerging Markets Portfolio Investor Class	5,207,343	2,503,542	872,000	467,409	(53,732)	(595,410)	6,189,743
VIP Equity-Income Portfolio Investor Class	1,941,327	829,381	540,684	89,936	(63,402)	(253,976)	1,912,646
VIP Government Money Market Portfolio Investor Class 0.01%	10,873,753	3,421,047	3,922,114	34,167	--	--	10,372,686
VIP Growth & Income Portfolio Investor Class	2,212,360	933,725	606,714	114,934	13,608	(366,394)	2,186,585
VIP Growth Portfolio Investor Class	1,877,797	715,990	779,799	166,688	128,371	(65,043)	1,877,316
VIP High Income Portfolio Investor Class	1,335,027	288,653	224,813	10,225	(15,380)	(77,937)	1,305,550
VIP Investment Grade Bond Portfolio Investor Class	23,394,480	3,455,889	4,892,594	105,340	(32,960)	1,222,661	23,147,476
VIP Mid Cap Portfolio Investor Class	538,899	201,239	154,334	828	(14,507)	(39,192)	532,105
VIP Overseas Portfolio Investor Class	7,369,450	1,962,166	2,608,283	32,586	(104,964)	(329,098)	6,289,271
VIP Value Portfolio Investor Class	1,425,596	672,808	388,502	57,339	(16,541)	(290,248)	1,403,113
VIP Value Strategies Portfolio Investor Class	698,082	348,201	197,319	37,022	(19,160)	(142,471)	687,333
	66,651,046	17,126,970	18,030,197	1,154,918	2,545	(317,541)	65,432,823

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$10,434,315	$10,434,315	$--	$--
International Equity Funds	12,479,014	12,479,014	--	--
Bond Funds	32,146,808	32,146,808	--	--
Short-Term Funds	10,372,692	10,372,692	--	--
Total Investments in Securities:	$65,432,829	$65,432,829	$--	$--

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

VIP Investor Freedom 2010 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		June 30, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Fidelity Central Funds (cost $6)	$6
Other affiliated issuers (cost $58,838,296)	65,432,823
Total Investment in Securities (cost $58,838,302)		$65,432,829
Cash		4
Receivable for investments sold		525,458
Total assets		65,958,291
Liabilities
Payable for investments purchased	$525,031
Payable for fund shares redeemed	428
Total liabilities		525,459
Net Assets		$65,432,832
Net Assets consist of:
Paid in capital		$57,860,199
Total accumulated earnings (loss)		7,572,633
Net Assets		$65,432,832
Net Asset Value, offering price and redemption price per share ($65,432,832 ÷ 5,197,417 shares)		$12.59

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$204,672
Expenses
Independent trustees' fees and expenses	$109
Total expenses		109
Net investment income (loss)		204,563
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	2,545
Capital gain distributions from underlying funds:
Affiliated issuers	950,246
Total net realized gain (loss)		952,791
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(317,541)
Total change in net unrealized appreciation (depreciation)		(317,541)
Net gain (loss)		635,250
Net increase (decrease) in net assets resulting from operations		$839,813

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$204,563	$1,317,300
Net realized gain (loss)	952,791	2,460,577
Change in net unrealized appreciation (depreciation)	(317,541)	5,235,908
Net increase (decrease) in net assets resulting from operations	839,813	9,013,785
Distributions to shareholders	(2,310,432)	(3,875,085)
Share transactions
Proceeds from sales of shares	5,192,686	9,205,670
Reinvestment of distributions	2,310,432	3,875,085
Cost of shares redeemed	(7,250,722)	(8,020,741)
Net increase (decrease) in net assets resulting from share transactions	252,396	5,060,014
Total increase (decrease) in net assets	(1,218,223)	10,198,714
Net Assets
Beginning of period	66,651,055	56,452,341
End of period	$65,432,832	$66,651,055
Other Information
Shares
Sold	423,207	737,286
Issued in reinvestment of distributions	182,932	317,972
Redeemed	(600,687)	(651,567)
Net increase (decrease)	5,452	403,691

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$12.84	$11.79	$12.78	$11.68	$11.49	$11.77
Income from Investment Operations
Net investment income (loss)^A	.04	.27	.20	.19	.17	.21
Net realized and unrealized gain (loss)	.16	1.57	(.71)	1.32	.42	(.25)
Total from investment operations	.20	1.84	(.51)	1.51	.59	(.04)
Distributions from net investment income	–^B	(.26)	(.21)	(.19)	(.18)	(.21)
Distributions from net realized gain	(.44)	(.53)	(.27)	(.22)	(.22)	(.03)
Total distributions	(.45)^C	(.79)	(.48)	(.41)	(.40)	(.24)
Net asset value, end of period	$12.59	$12.84	$11.79	$12.78	$11.68	$11.49
Total Return^D,^E,^F	1.52%	16.10%	(4.06)%	13.05%	5.33%	(.34)%
Ratios to Average Net Assets^G,^H
Expenses before reductions^B	- %^I	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^B,^I	- %^B	- %^B	-%	-%	-%
Expenses net of all reductions	- %^B,^I	- %^B	- %^B	-%	-%	-%
Net investment income (loss)	.63%^I	2.15%	1.57%	1.55%	1.47%	1.76%
Supplemental Data
Net assets, end of period (000 omitted)	$65,433	$66,651	$56,452	$66,993	$59,504	$59,469
Portfolio turnover rate^H	53%^I	31%	35%	25%	24%	21%

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

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

^C Total distributions of $.44 per share is comprised of distributions from net investment income of $.003 and distributions from net realized gain of $.443 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.

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

^I Annualized

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

VIP 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, 2020

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	31.6
VIP Overseas Portfolio Investor Class	12.2
VIP Government Money Market Portfolio Investor Class 0.01%	11.7
VIP Emerging Markets Portfolio Investor Class	10.5
Fidelity Inflation-Protected Bond Index Fund	8.2
VIP Growth & Income Portfolio Investor Class	4.5
VIP Equity-Income Portfolio Investor Class	3.9
VIP Growth Portfolio Investor Class	3.9
VIP Contrafund Portfolio Investor Class	3.8
VIP Value Portfolio Investor Class	2.9
	93.2

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	21.5%
	International Equity Funds	22.7%
	Bond Funds	44.1%
	Short-Term Funds	11.7%

VIP Investor Freedom 2015 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 21.5%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	95,871	$3,843,455
VIP Equity-Income Portfolio Investor Class (a)	202,619	4,005,768
VIP Growth & Income Portfolio Investor Class (a)	246,473	4,579,468
VIP Growth Portfolio Investor Class (a)	47,906	3,931,627
VIP Mid Cap Portfolio Investor Class (a)	39,006	1,114,409
VIP Value Portfolio Investor Class (a)	241,465	2,938,632
VIP Value Strategies Portfolio Investor Class (a)	144,677	1,439,534
TOTAL DOMESTIC EQUITY FUNDS
(Cost $17,461,911)		21,852,893

International Equity Funds - 22.7%
VIP Emerging Markets Portfolio Investor Class (a)	973,878	10,693,185
VIP Overseas Portfolio Investor Class (a)	567,492	12,405,374
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $18,994,060)		23,098,559

Bond Funds - 44.1%
Fidelity Inflation-Protected Bond Index Fund (a)	782,603	8,358,202
Fidelity Long-Term Treasury Bond Index Fund (a)	137,084	2,324,941
VIP High Income Portfolio Investor Class (a)	403,121	2,027,697
VIP Investment Grade Bond Portfolio Investor Class (a)	2,322,914	32,149,128
TOTAL BOND FUNDS
(Cost $40,848,331)		44,859,968

Short-Term Funds - 11.7%
VIP Government Money Market Portfolio Investor Class 0.01% (a)(b)
(Cost $11,892,551)	11,892,551	11,892,551
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $89,196,853)		101,703,971
NET OTHER ASSETS (LIABILITIES) - 0.0%		7
NET ASSETS - 100%		$101,703,978

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	$8,721,790	$1,149,192	$1,989,788	$14,184	$44,581	$432,427	$8,358,202
Fidelity Long-Term Treasury Bond Index Fund	2,709,637	464,425	1,345,620	26,793	209,053	287,446	2,324,941
VIP Contrafund Portfolio Investor Class	3,988,373	898,164	1,331,113	23,634	111,423	176,608	3,843,455
VIP Emerging Markets Portfolio Investor Class	9,478,046	3,812,289	1,398,326	845,753	(59,803)	(1,139,021)	10,693,185
VIP Equity-Income Portfolio Investor Class	4,214,596	1,452,564	969,751	193,789	(69,143)	(622,498)	4,005,768
VIP Government Money Market Portfolio Investor Class 0.01%	13,031,660	4,520,443	5,659,552	40,972	--	--	11,892,551
VIP Growth & Income Portfolio Investor Class	4,803,075	1,691,362	1,146,090	247,657	(2,218)	(766,661)	4,579,468
VIP Growth Portfolio Investor Class	4,076,924	1,141,174	1,411,352	359,179	216,713	(91,832)	3,931,627
VIP High Income Portfolio Investor Class	2,149,607	392,377	365,517	16,408	(17,414)	(131,356)	2,027,697
VIP Investment Grade Bond Portfolio Investor Class	33,634,087	4,822,128	7,966,087	150,412	(60,241)	1,719,241	32,149,128
VIP Mid Cap Portfolio Investor Class	1,169,943	364,980	298,635	1,784	(31,651)	(90,228)	1,114,409
VIP Overseas Portfolio Investor Class	14,709,919	3,210,922	4,661,421	64,770	(131,018)	(723,028)	12,405,374
VIP Value Portfolio Investor Class	3,094,949	1,309,293	791,461	123,551	(38,412)	(635,737)	2,938,632
VIP Value Strategies Portfolio Investor Class	1,515,462	696,924	417,683	79,773	(35,456)	(319,713)	1,439,534
	107,298,068	25,926,237	29,752,396	2,188,659	136,414	(1,904,352)	101,703,971

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$21,852,893	$21,852,893	$--	$--
International Equity Funds	23,098,559	23,098,559	--	--
Bond Funds	44,859,968	44,859,968	--	--
Short-Term Funds	11,892,551	11,892,551	--	--
Total Investments in Securities:	$101,703,971	$101,703,971	$--	$--

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

VIP Investor Freedom 2015 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		June 30, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $89,196,853)	$101,703,971
Total Investment in Securities (cost $89,196,853)		$101,703,971
Cash		8
Receivable for investments sold		1,107,614
Total assets		102,811,593
Liabilities
Payable for investments purchased	$1,026,973
Payable for fund shares redeemed	80,642
Total liabilities		1,107,615
Net Assets		$101,703,978
Net Assets consist of:
Paid in capital		$87,121,116
Total accumulated earnings (loss)		14,582,862
Net Assets		$101,703,978
Net Asset Value, offering price and redemption price per share ($101,703,978 ÷ 8,234,231 shares)		$12.35

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$309,667
Expenses
Independent trustees' fees and expenses	$171
Total expenses		171
Net investment income (loss)		309,496
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	136,414
Capital gain distributions from underlying funds:
Affiliated issuers	1,878,992
Total net realized gain (loss)		2,015,406
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(1,904,352)
Total change in net unrealized appreciation (depreciation)		(1,904,352)
Net gain (loss)		111,054
Net increase (decrease) in net assets resulting from operations		$420,550

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$309,496	$2,107,485
Net realized gain (loss)	2,015,406	5,351,067
Change in net unrealized appreciation (depreciation)	(1,904,352)	9,647,971
Net increase (decrease) in net assets resulting from operations	420,550	17,106,523
Distributions to shareholders	(5,063,405)	(6,401,129)
Share transactions
Proceeds from sales of shares	5,256,962	6,726,362
Reinvestment of distributions	5,063,405	6,401,128
Cost of shares redeemed	(11,271,608)	(13,315,889)
Net increase (decrease) in net assets resulting from share transactions	(951,241)	(188,399)
Total increase (decrease) in net assets	(5,594,096)	10,516,995
Net Assets
Beginning of period	107,298,074	96,781,079
End of period	$101,703,978	$107,298,074
Other Information
Shares
Sold	445,512	542,979
Issued in reinvestment of distributions	404,749	528,556
Redeemed	(960,730)	(1,080,170)
Net increase (decrease)	(110,469)	(8,635)

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$12.86	$11.59	$12.72	$11.48	$11.34	$11.63
Income from Investment Operations
Net investment income (loss)^A	.04	.25	.19	.19	.17	.21
Net realized and unrealized gain (loss)	.06	1.80	(.82)	1.51	.45	(.25)
Total from investment operations	.10	2.05	(.63)	1.70	.62	(.04)
Distributions from net investment income	–^B	(.26)	(.19)	(.19)	(.18)	(.22)
Distributions from net realized gain	(.61)	(.52)	(.31)	(.27)	(.31)	(.04)
Total distributions	(.61)	(.78)	(.50)	(.46)	(.48)^C	(.25)^D
Net asset value, end of period	$12.35	$12.86	$11.59	$12.72	$11.48	$11.34
Total Return^E,^F,^G	.72%	18.24%	(5.02)%	14.99%	5.82%	(.34)%
Ratios to Average Net Assets^H,^I
Expenses before reductions^J	- %^K	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^J,^K	- %^J	- %^J	-%	-%	-%
Expenses net of all reductions	- %^J,^K	- %^J	- %^J	-%	-%	-%
Net investment income (loss)	.61%^K	2.05%	1.53%	1.52%	1.53%	1.77%
Supplemental Data
Net assets, end of period (000 omitted)	$101,704	$107,298	$96,781	$110,704	$97,672	$95,761
Portfolio turnover rate^I	51%^K	30%	33%	23%	23%	21%

^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 $.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 Underlying Funds.

^J Amount represents less than .005%.

^K Annualized

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

VIP 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, 2020

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	28.0
VIP Overseas Portfolio Investor Class	14.6
VIP Emerging Markets Portfolio Investor Class	11.5
VIP Government Money Market Portfolio Investor Class 0.01%	8.0
Fidelity Inflation-Protected Bond Index Fund	7.0
VIP Growth & Income Portfolio Investor Class	5.6
VIP Equity-Income Portfolio Investor Class	4.9
VIP Growth Portfolio Investor Class	4.8
VIP Contrafund Portfolio Investor Class	4.7
VIP Value Portfolio Investor Class	3.6
	92.7

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	26.6%
	International Equity Funds	26.1%
	Bond Funds	39.3%
	Short-Term Funds	8.0%

VIP Investor Freedom 2020 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 26.6%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	246,928	$9,899,355
VIP Equity-Income Portfolio Investor Class (a)	521,908	10,318,113
VIP Growth & Income Portfolio Investor Class (a)	634,859	11,795,680
VIP Growth Portfolio Investor Class (a)	123,389	10,126,501
VIP Mid Cap Portfolio Investor Class (a)	100,472	2,870,490
VIP Value Portfolio Investor Class (a)	621,964	7,569,298
VIP Value Strategies Portfolio Investor Class (a)	372,648	3,707,852
TOTAL DOMESTIC EQUITY FUNDS
(Cost $45,159,775)		56,287,289

International Equity Funds - 26.1%
VIP Emerging Markets Portfolio Investor Class (a)	2,212,319	24,291,264
VIP Overseas Portfolio Investor Class (a)	1,413,618	30,901,688
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $46,516,764)		55,192,952

Bond Funds - 39.3%
Fidelity Inflation-Protected Bond Index Fund (a)	1,380,852	14,747,503
Fidelity Long-Term Treasury Bond Index Fund (a)	285,068	4,834,755
VIP High Income Portfolio Investor Class (a)	838,296	4,216,627
VIP Investment Grade Bond Portfolio Investor Class (a)	4,289,748	59,370,112
TOTAL BOND FUNDS
(Cost $76,018,301)		83,168,997

Short-Term Funds - 8.0%
VIP Government Money Market Portfolio Investor Class 0.01% (a)(b)
(Cost $16,993,171)	16,993,171	16,993,171
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $184,688,011)		211,642,409
NET OTHER ASSETS (LIABILITIES) - 0.0%		9
NET ASSETS - 100%		$211,642,418

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	$15,933,740	$1,794,464	$3,833,376	$25,173	$101,786	$750,889	$14,747,503
Fidelity Long-Term Treasury Bond Index Fund	5,800,318	887,347	2,899,099	55,873	485,414	560,775	4,834,755
VIP Contrafund Portfolio Investor Class	10,507,003	1,712,813	3,033,958	61,459	214,081	499,416	9,899,355
VIP Emerging Markets Portfolio Investor Class	22,355,233	7,533,146	2,711,015	1,972,757	(134,257)	(2,751,843)	24,291,264
VIP Equity-Income Portfolio Investor Class	11,102,718	3,161,898	2,119,620	503,939	(131,486)	(1,695,397)	10,318,113
VIP Government Money Market Portfolio Investor Class 0.01%	19,648,866	7,889,141	10,544,836	62,135	--	--	16,993,171
VIP Growth & Income Portfolio Investor Class	12,653,062	3,753,817	2,580,120	644,019	(38,156)	(1,992,923)	11,795,680
VIP Growth Portfolio Investor Class	10,740,285	2,299,057	3,192,246	934,029	456,404	(176,999)	10,126,501
VIP High Income Portfolio Investor Class	4,601,437	667,965	731,326	34,754	(46,949)	(274,500)	4,216,627
VIP Investment Grade Bond Portfolio Investor Class	64,117,303	8,088,939	15,868,926	282,798	(146,501)	3,179,297	59,370,112
VIP Mid Cap Portfolio Investor Class	3,082,015	829,374	709,178	4,640	(73,153)	(258,568)	2,870,490
VIP Overseas Portfolio Investor Class	36,953,401	6,231,176	10,114,614	160,844	(311,868)	(1,856,407)	30,901,688
VIP Value Portfolio Investor Class	8,153,159	3,120,426	1,920,479	321,286	(109,693)	(1,674,115)	7,569,298
VIP Value Strategies Portfolio Investor Class	3,992,224	1,671,917	1,016,301	207,443	(127,540)	(812,448)	3,707,852
	229,640,764	49,641,480	61,275,094	5,271,149	138,082	(6,502,823)	211,642,409

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$56,287,289	$56,287,289	$--	$--
International Equity Funds	55,192,952	55,192,952	--	--
Bond Funds	83,168,997	83,168,997	--	--
Short-Term Funds	16,993,171	16,993,171	--	--
Total Investments in Securities:	$211,642,409	$211,642,409	$--	$--

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

VIP Investor Freedom 2020 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		June 30, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $184,688,011)	$211,642,409
Total Investment in Securities (cost $184,688,011)		$211,642,409
Cash		10
Receivable for investments sold		2,456,813
Receivable for fund shares sold		16,523
Total assets		214,115,755
Liabilities
Payable for investments purchased	$2,372,217
Payable for fund shares redeemed	101,120
Total liabilities		2,473,337
Net Assets		$211,642,418
Net Assets consist of:
Paid in capital		$179,987,821
Total accumulated earnings (loss)		31,654,597
Net Assets		$211,642,418
Net Asset Value, offering price and redemption price per share ($211,642,418 ÷ 16,682,640 shares)		$12.69

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$621,574
Expenses
Independent trustees' fees and expenses	$359
Total expenses		359
Net investment income (loss)		621,215
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	138,082
Capital gain distributions from underlying funds:
Affiliated issuers	4,649,575
Total net realized gain (loss)		4,787,657
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(6,502,823)
Total change in net unrealized appreciation (depreciation)		(6,502,823)
Net gain (loss)		(1,715,166)
Net increase (decrease) in net assets resulting from operations		$(1,093,951)

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$621,215	$4,371,016
Net realized gain (loss)	4,787,657	11,156,014
Change in net unrealized appreciation (depreciation)	(6,502,823)	23,119,412
Net increase (decrease) in net assets resulting from operations	(1,093,951)	38,646,442
Distributions to shareholders	(10,595,059)	(12,340,794)
Share transactions
Proceeds from sales of shares	4,467,564	22,651,711
Reinvestment of distributions	10,595,059	12,340,794
Cost of shares redeemed	(21,371,964)	(28,184,313)
Net increase (decrease) in net assets resulting from share transactions	(6,309,341)	6,808,192
Total increase (decrease) in net assets	(17,998,351)	33,113,840
Net Assets
Beginning of period	229,640,769	196,526,929
End of period	$211,642,418	$229,640,769
Other Information
Shares
Sold	368,502	1,772,927
Issued in reinvestment of distributions	817,520	988,680
Redeemed	(1,776,627)	(2,240,516)
Net increase (decrease)	(590,605)	521,091

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$13.29	$11.73	$12.94	$11.51	$11.34	$11.63
Income from Investment Operations
Net investment income (loss)^A	.04	.26	.18	.19	.17	.21
Net realized and unrealized gain (loss)	(.01)	2.04	(.94)	1.69	.47	(.25)
Total from investment operations	.03	2.30	(.76)	1.88	.64	(.04)
Distributions from net investment income	–^B	(.26)	(.19)	(.18)	(.17)	(.21)
Distributions from net realized gain	(.62)	(.48)	(.26)	(.27)	(.30)	(.04)
Total distributions	(.63)^C	(.74)	(.45)	(.45)	(.47)	(.25)
Net asset value, end of period	$12.69	$13.29	$11.73	$12.94	$11.51	$11.34
Total Return^D,^E,^F	.09%	20.11%	(5.94)%	16.55%	6.04%	(.35)%
Ratios to Average Net Assets^G,^H
Expenses before reductions^I	- %^J	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^I,^J	- %^I	- %^I	-%	-%	-%
Expenses net of all reductions	- %^I,^J	- %^I	- %^I	-%	-%	-%
Net investment income (loss)	.59%^J	2.05%	1.46%	1.52%	1.52%	1.79%
Supplemental Data
Net assets, end of period (000 omitted)	$211,642	$229,641	$196,527	$222,819	$189,814	$187,438
Portfolio turnover rate^H	47%^J	32%	33%	21%	23%	17%

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

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

^C Total distributions of $.63 per share is comprised of distributions from net investment income of $.003 and distributions from net realized gain of $.622 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.

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

^I Amount represents less than .005%.

^J Annualized

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

VIP 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, 2020

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	25.5
VIP Overseas Portfolio Investor Class	16.5
VIP Emerging Markets Portfolio Investor Class	12.2
VIP Growth & Income Portfolio Investor Class	6.4
Fidelity Inflation-Protected Bond Index Fund	6.2
VIP Equity-Income Portfolio Investor Class	5.6
VIP Growth Portfolio Investor Class	5.5
VIP Contrafund Portfolio Investor Class	5.4
VIP Government Money Market Portfolio Investor Class 0.01%	4.8
VIP Value Portfolio Investor Class	4.1
	92.2

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	30.5%
	International Equity Funds	28.7%
	Bond Funds	36.0%
	Short-Term Funds	4.8%

VIP Investor Freedom 2025 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 30.5%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	331,160	$13,276,199
VIP Equity-Income Portfolio Investor Class (a)	699,960	13,838,218
VIP Growth & Income Portfolio Investor Class (a)	851,442	15,819,798
VIP Growth Portfolio Investor Class (a)	165,479	13,580,825
VIP Mid Cap Portfolio Investor Class (a)	134,747	3,849,727
VIP Value Portfolio Investor Class (a)	834,151	10,151,621
VIP Value Strategies Portfolio Investor Class (a)	499,777	4,972,783
TOTAL DOMESTIC EQUITY FUNDS
(Cost $60,577,563)		75,489,171

International Equity Funds - 28.7%
VIP Emerging Markets Portfolio Investor Class (a)	2,753,289	30,231,114
VIP Overseas Portfolio Investor Class (a)	1,859,425	40,647,029
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $60,843,051)		70,878,143

Bond Funds - 36.0%
Fidelity Inflation-Protected Bond Index Fund (a)	1,439,017	15,368,698
Fidelity Long-Term Treasury Bond Index Fund (a)	332,722	5,642,969
VIP High Income Portfolio Investor Class (a)	978,441	4,921,559
VIP Investment Grade Bond Portfolio Investor Class (a)	4,553,508	63,020,548
TOTAL BOND FUNDS
(Cost $82,185,333)		88,953,774

Short-Term Funds - 4.8%
VIP Government Money Market Portfolio Investor Class 0.01% (a)(b)
(Cost $11,836,469)	11,836,469	11,836,469
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $215,442,416)		247,157,557
NET OTHER ASSETS (LIABILITIES) - 0.0%		30,441
NET ASSETS - 100%		$247,187,998

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	$15,396,491	$3,019,880	$3,911,472	$25,318	$77,451	$786,348	$15,368,698
Fidelity Long-Term Treasury Bond Index Fund	6,285,210	1,459,991	3,266,860	62,865	494,069	670,559	5,642,969
VIP Contrafund Portfolio Investor Class	13,089,778	2,776,063	3,542,731	79,232	156,881	796,208	13,276,199
VIP Emerging Markets Portfolio Investor Class	26,012,776	10,337,734	2,723,452	2,378,627	(257,941)	(3,138,003)	30,231,114
VIP Equity-Income Portfolio Investor Class	13,831,556	4,684,000	2,327,435	649,684	(177,374)	(2,172,529)	13,838,218
VIP Government Money Market Portfolio Investor Class 0.01%	13,203,462	9,340,284	10,707,277	44,723	--	--	11,836,469
VIP Growth & Income Portfolio Investor Class	15,763,085	5,551,052	2,895,937	830,278	(242,521)	(2,355,881)	15,819,798
VIP Growth Portfolio Investor Class	13,380,493	3,538,331	3,748,555	1,204,166	95,880	314,676	13,580,825
VIP High Income Portfolio Investor Class	4,985,872	1,096,031	810,535	39,054	(39,951)	(309,858)	4,921,559
VIP Investment Grade Bond Portfolio Investor Class	63,102,157	13,368,583	16,598,389	287,933	(129,415)	3,277,612	63,020,548
VIP Mid Cap Portfolio Investor Class	3,839,493	1,277,398	851,239	5,982	(117,875)	(298,050)	3,849,727
VIP Overseas Portfolio Investor Class	44,771,029	9,934,941	11,504,534	201,710	(526,294)	(2,028,113)	40,647,029
VIP Value Portfolio Investor Class	10,156,996	4,590,259	2,319,489	414,205	(288,260)	(1,987,885)	10,151,621
VIP Value Strategies Portfolio Investor Class	4,973,366	2,434,840	1,234,464	267,438	(227,914)	(973,045)	4,972,783
	248,791,764	73,409,387	66,442,369	6,491,215	(1,183,264)	(7,417,961)	247,157,557

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$75,489,171	$75,489,171	$--	$--
International Equity Funds	70,878,143	70,878,143	--	--
Bond Funds	88,953,774	88,953,774	--	--
Short-Term Funds	11,836,469	11,836,469	--	--
Total Investments in Securities:	$247,157,557	$247,157,557	$--	$--

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

VIP Investor Freedom 2025 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		June 30, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $215,442,416)	$247,157,557
Total Investment in Securities (cost $215,442,416)		$247,157,557
Cash		30,481
Receivable for investments sold		3,177,543
Total assets		250,365,581
Liabilities
Payable for investments purchased	$3,095,667
Payable for fund shares redeemed	81,916
Total liabilities		3,177,583
Net Assets		$247,187,998
Net Assets consist of:
Paid in capital		$210,830,075
Total accumulated earnings (loss)		36,357,923
Net Assets		$247,187,998
Net Asset Value, offering price and redemption price per share ($247,187,998 ÷ 18,021,319 shares)		$13.72

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$668,906
Expenses
Independent trustees' fees and expenses	$399
Total expenses before reductions	399
Expense reductions	(270)
Total expenses after reductions		129
Net investment income (loss)		668,777
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(1,183,264)
Capital gain distributions from underlying funds:
Affiliated issuers	5,822,309
Total net realized gain (loss)		4,639,045
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(7,417,961)
Total change in net unrealized appreciation (depreciation)		(7,417,961)
Net gain (loss)		(2,778,916)
Net increase (decrease) in net assets resulting from operations		$(2,110,139)

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$668,777	$4,653,485
Net realized gain (loss)	4,639,045	11,403,704
Change in net unrealized appreciation (depreciation)	(7,417,961)	28,219,177
Net increase (decrease) in net assets resulting from operations	(2,110,139)	44,276,366
Distributions to shareholders	(10,699,119)	(11,838,472)
Share transactions
Proceeds from sales of shares	20,860,262	20,167,839
Reinvestment of distributions	10,699,119	11,838,472
Cost of shares redeemed	(20,384,370)	(19,084,984)
Net increase (decrease) in net assets resulting from share transactions	11,175,011	12,921,327
Total increase (decrease) in net assets	(1,634,247)	45,359,221
Net Assets
Beginning of period	248,822,245	203,463,024
End of period	$247,187,998	$248,822,245
Other Information
Shares
Sold	1,549,245	1,485,846
Issued in reinvestment of distributions	758,265	877,461
Redeemed	(1,583,950)	(1,409,369)
Net increase (decrease)	723,560	953,938

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$14.38	$12.45	$13.78	$12.15	$12.04	$12.35
Income from Investment Operations
Net investment income (loss)^A	.04	.28	.20	.20	.18	.24
Net realized and unrealized gain (loss)	(.09)	2.37	(1.09)	1.94	.50	(.28)
Total from investment operations	(.05)	2.65	(.89)	2.14	.68	(.04)
Distributions from net investment income	–^B	(.28)	(.19)	(.19)	(.18)	(.23)
Distributions from net realized gain	(.61)	(.44)	(.25)	(.32)	(.39)	(.04)
Total distributions	(.61)	(.72)	(.44)	(.51)	(.57)	(.27)
Net asset value, end of period	$13.72	$14.38	$12.45	$13.78	$12.15	$12.04
Total Return^C,^D,^E	(.49)%	21.73%	(6.56)%	17.82%	6.10%	(.32)%
Ratios to Average Net Assets^F,^G
Expenses before reductions^H	- %^I	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^H,^I	- %^H	- %^H	-%	-%	-%
Expenses net of all reductions	- %^H,^I	- %^H	- %^H	-%	-%	-%
Net investment income (loss)	.56%^I	2.03%	1.44%	1.53%	1.54%	1.89%
Supplemental Data
Net assets, end of period (000 omitted)	$247,188	$248,822	$203,463	$216,200	$163,933	$156,218
Portfolio turnover rate^G	56%^I	29%	30%	17%	23%	16%

^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.

^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 Amounts do not include the activity of Underlying Funds.

^H Amount represents less than .005%.

^I Annualized

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

VIP 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, 2020

	% of fund's net assets
VIP Investment Grade Bond Portfolio Investor Class	22.0
VIP Overseas Portfolio Investor Class	18.9
VIP Emerging Markets Portfolio Investor Class	13.3
VIP Growth & Income Portfolio Investor Class	7.5
VIP Equity-Income Portfolio Investor Class	6.6
VIP Growth Portfolio Investor Class	6.4
VIP Contrafund Portfolio Investor Class	6.3
Fidelity Inflation-Protected Bond Index Fund	5.4
VIP Value Portfolio Investor Class	4.8
VIP Value Strategies Portfolio Investor Class	2.4
	93.6

Asset Allocation (% of fund's net assets)

Period end
	Domestic Equity Funds	35.8%
	International Equity Funds	32.2%
	Bond Funds	31.7%
	Short-Term Funds	0.3%

VIP Investor Freedom 2030 Portfolio℠

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 35.8%
	Shares	Value
VIP Contrafund Portfolio Investor Class (a)	420,345	$16,851,625
VIP Equity-Income Portfolio Investor Class (a)	888,471	17,565,074
VIP Growth & Income Portfolio Investor Class (a)	1,080,748	20,080,300
VIP Growth Portfolio Investor Class (a)	210,044	17,238,297
VIP Mid Cap Portfolio Investor Class (a)	171,036	4,886,503
VIP Value Portfolio Investor Class (a)	1,058,803	12,885,628
VIP Value Strategies Portfolio Investor Class (a)	634,375	6,312,027
TOTAL DOMESTIC EQUITY FUNDS
(Cost $81,881,479)		95,819,454

International Equity Funds - 32.2%
VIP Emerging Markets Portfolio Investor Class (a)	3,223,694	35,396,163
VIP Overseas Portfolio Investor Class (a)	2,315,508	50,617,008
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $75,921,788)		86,013,171

Bond Funds - 31.7%
Fidelity Inflation-Protected Bond Index Fund (a)	1,369,588	14,627,197
Fidelity Long-Term Treasury Bond Index Fund (a)	359,852	6,103,092
VIP High Income Portfolio Investor Class (a)	1,058,199	5,322,743
VIP Investment Grade Bond Portfolio Investor Class (a)	4,253,579	58,869,541
TOTAL BOND FUNDS
(Cost $78,811,972)		84,922,573

Short-Term Funds - 0.3%
VIP Government Money Market Portfolio Investor Class 0.01% (a)(b)
(Cost $745,210)	745,210	745,210
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $237,360,449)		267,500,408
NET OTHER ASSETS (LIABILITIES) - 0.0%		1
NET ASSETS - 100%		$267,500,409

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	$12,834,455	$3,762,125	$2,718,737	$21,997	$25,223	$724,131	$14,627,197
Fidelity Long-Term Treasury Bond Index Fund	6,993,520	1,500,738	3,662,499	68,335	532,492	738,841	6,103,092
VIP Contrafund Portfolio Investor Class	17,368,964	2,641,859	4,367,980	101,283	161,827	1,046,955	16,851,625
VIP Emerging Markets Portfolio Investor Class	31,901,179	10,296,828	2,704,492	2,816,826	(142,801)	(3,954,551)	35,396,163
VIP Equity-Income Portfolio Investor Class	18,352,571	4,904,715	2,623,036	830,488	(147,840)	(2,921,336)	17,565,074
VIP Government Money Market Portfolio Investor Class 0.01%	2,777,063	8,649,313	10,681,166	13,191	--	--	745,210
VIP Growth & Income Portfolio Investor Class	20,915,762	5,821,781	3,268,830	1,061,341	(240,731)	(3,147,682)	20,080,300
VIP Growth Portfolio Investor Class	17,754,769	3,655,102	4,695,053	1,539,282	161,470	362,009	17,238,297
VIP High Income Portfolio Investor Class	5,547,489	1,092,709	924,024	42,112	(51,215)	(342,216)	5,322,743
VIP Investment Grade Bond Portfolio Investor Class	59,547,523	12,306,302	15,880,632	263,318	(149,623)	3,045,971	58,869,541
VIP Mid Cap Portfolio Investor Class	5,094,512	1,365,138	1,014,926	7,647	(141,952)	(416,269)	4,886,503
VIP Overseas Portfolio Investor Class	57,600,524	9,171,648	12,916,641	250,256	(480,580)	(2,757,943)	50,617,008
VIP Value Portfolio Investor Class	13,476,998	5,177,466	2,781,182	529,476	(286,296)	(2,701,358)	12,885,628
VIP Value Strategies Portfolio Investor Class	6,599,025	2,772,554	1,484,167	341,864	(241,730)	(1,333,655)	6,312,027
	276,764,354	73,118,278	69,723,365	7,887,416	(1,001,756)	(11,657,103)	267,500,408

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Domestic Equity Funds	$95,819,454	$95,819,454	$--	$--
International Equity Funds	86,013,171	86,013,171	--	--
Bond Funds	84,922,573	84,922,573	--	--
Short-Term Funds	745,210	745,210	--	--
Total Investments in Securities:	$267,500,408	$267,500,408	$--	$--

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

VIP Investor Freedom 2030 Portfolio℠

Financial Statements

Statement of Assets and Liabilities

		June 30, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule:
Affiliated issuers (cost $237,360,449)	$267,500,408
Total Investment in Securities (cost $237,360,449)		$267,500,408
Cash		2
Receivable for investments sold		3,842,319
Receivable for fund shares sold		949
Total assets		271,343,678
Liabilities
Payable for investments purchased	$3,843,163
Payable for fund shares redeemed	106
Total liabilities		3,843,269
Net Assets		$267,500,409
Net Assets consist of:
Paid in capital		$231,350,001
Total accumulated earnings (loss)		36,150,408
Net Assets		$267,500,409
Net Asset Value, offering price and redemption price per share ($267,500,409 ÷ 19,897,885 shares)		$13.44

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Affiliated issuers		$678,426
Expenses
Independent trustees' fees and expenses	$434
Total expenses		434
Net investment income (loss)		677,992
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Affiliated issuers	(1,001,756)
Capital gain distributions from underlying funds:
Affiliated issuers	7,208,990
Total net realized gain (loss)		6,207,234
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Affiliated issuers	(11,657,103)
Total change in net unrealized appreciation (depreciation)		(11,657,103)
Net gain (loss)		(5,449,869)
Net increase (decrease) in net assets resulting from operations		$(4,771,877)

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$677,992	$4,992,047
Net realized gain (loss)	6,207,234	12,951,831
Change in net unrealized appreciation (depreciation)	(11,657,103)	34,870,344
Net increase (decrease) in net assets resulting from operations	(4,771,877)	52,814,222
Distributions to shareholders	(12,230,411)	(13,207,757)
Share transactions
Proceeds from sales of shares	14,377,408	29,079,866
Reinvestment of distributions	12,230,411	13,207,757
Cost of shares redeemed	(18,869,477)	(19,001,005)
Net increase (decrease) in net assets resulting from share transactions	7,738,342	23,286,618
Total increase (decrease) in net assets	(9,263,946)	62,893,083
Net Assets
Beginning of period	276,764,355	213,871,272
End of period	$267,500,409	$276,764,355
Other Information
Shares
Sold	1,090,053	2,169,283
Issued in reinvestment of distributions	875,477	995,777
Redeemed	(1,473,603)	(1,433,376)
Net increase (decrease)	491,927	1,731,684

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$14.26	$12.10	$13.61	$11.76	$11.68	$11.97
Income from Investment Operations
Net investment income (loss)^A	.03	.27	.18	.19	.17	.21
Net realized and unrealized gain (loss)	(.21)	2.62	(1.24)	2.23	.51	(.24)
Total from investment operations	(.18)	2.89	(1.06)	2.42	.68	(.03)
Distributions from net investment income	–^B	(.27)	(.18)	(.17)	(.17)	(.20)
Distributions from net realized gain	(.63)	(.46)	(.28)	(.39)	(.44)	(.05)
Total distributions	(.64)^C	(.73)	(.45)^D	(.57)^E	(.60)^F	(.26)^G
Net asset value, end of period	$13.44	$14.26	$12.10	$13.61	$11.76	$11.68
Total Return^H,^I,^J	(1.46)%	24.42%	(7.87)%	20.92%	6.50%	(.32)%
Ratios to Average Net Assets^K,^L
Expenses before reductions^M	- %^N	-%	-%	-%	-%	-%
Expenses net of fee waivers, if any	- %^M,^N	- %^M	- %^M	-%	-%	-%
Expenses net of all reductions	- %^M,^N	- %^M	- %^M	-%	-%	-%
Net investment income (loss)	.53%^N	2.03%	1.36%	1.46%	1.48%	1.73%
Supplemental Data
Net assets, end of period (000 omitted)	$267,500	$276,764	$213,871	$214,597	$155,533	$144,692
Portfolio turnover rate^L	54%^N	29%	24%	19%	19%	12%

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

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

^C Total distributions of $.64 per share is comprised of distributions from net investment income of $.002 and distributions from net realized gain of $.634 per share.

^D 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.

^E 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.

^F 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.

^G 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.

^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 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, 2020

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 LLC (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.

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 Portfolio	$84,952,970	$7,557,469	$(470,714)	$7,086,755
VIP Investor Freedom 2005 Portfolio	29,874,712	2,983,587	(213,498)	2,770,089
VIP Investor Freedom 2010 Portfolio	59,217,911	6,845,969	(631,051)	6,214,918
VIP Investor Freedom 2015 Portfolio	89,650,600	12,947,969	(894,598)	12,053,371
VIP Investor Freedom 2020 Portfolio	186,068,566	28,230,011	(2,656,168)	25,573,843
VIP Investor Freedom 2025 Portfolio	217,488,694	33,568,976	(3,900,113)	29,668,863
VIP Investor Freedom 2030 Portfolio	239,625,804	33,871,550	(5,996,946)	27,874,604

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 Portfolio	30,006,320	24,811,966
VIP Investor Freedom 2005 Portfolio	9,858,611	10,620,609
VIP Investor Freedom 2010 Portfolio	17,126,970	18,030,197
VIP Investor Freedom 2015 Portfolio	25,926,237	29,752,396
VIP Investor Freedom 2020 Portfolio	49,641,480	61,275,094
VIP Investor Freedom 2025 Portfolio	73,409,387	66,442,369
VIP Investor Freedom 2030 Portfolio	73,118,278	69,723,365

5. Fees and Other Transactions with Affiliates.

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. All of the applicable expense reductions are noted in the table below.

	Custodian credits
VIP Investor Freedom 2025 Portfolio	$270

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.

8. Coronavirus (COVID-19) Pandemic.

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, 2020 to June 30, 2020).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio^A,^B	Beginning Account Value January 1, 2020	Ending Account Value June 30, 2020	Expenses Paid During Period January 1, 2020 to June 30, 2020^C,^D
VIP Investor Freedom Income Portfolio	- %
Actual		$1,000.00	$1,028.10	$-
Hypothetical-^E		$1,000.00	$1,024.86	$-
VIP Investor Freedom 2005 Portfolio	- %
Actual		$1,000.00	$1,022.80	$-
Hypothetical-^E		$1,000.00	$1,024.86	$-
VIP Investor Freedom 2010 Portfolio	- %
Actual		$1,000.00	$1,015.20	$-
Hypothetical-^E		$1,000.00	$1,024.86	$-
VIP Investor Freedom 2015 Portfolio	- %
Actual		$1,000.00	$1,007.20	$-
Hypothetical-^E		$1,000.00	$1,024.86	$-
VIP Investor Freedom 2020 Portfolio	- %
Actual		$1,000.00	$1,000.90	$-
Hypothetical-^E		$1,000.00	$1,024.86	$-
VIP Investor Freedom 2025 Portfolio	- %
Actual		$1,000.00	$995.10	$-
Hypothetical-^E		$1,000.00	$1,024.86	$-
VIP Investor Freedom 2030 Portfolio	- %
Actual		$1,000.00	$985.40	$-
Hypothetical-^E		$1,000.00	$1,024.86	$-

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

^B Amount represents less than .005%.

^C Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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.

^D Amount represents less than $.005.

^E 5% return per year before expenses

Liquidity Risk Management Program

Highly liquid investments – cash or convertible to cash within three business days or less
Moderately liquid investments – convertible to cash in three to seven calendar days
Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments – cannot be sold or disposed of within seven calendar days

Fidelity Investments

VIPIFF-SANN-0820
1.833440.114

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, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

Fidelity Investments

Contents

Note to Shareholders
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
Liquidity Risk Management Program

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.

Note to Shareholders:

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, 2020

	% of fund's net assets
Fidelity U.S. Bond Index Fund	43.7
Fidelity Investments Money Market Prime Reserves Portfolio Institutional Class 0.01%	18.0
Fidelity Stock Selector All Cap Fund	12.0
Fidelity Inflation-Protected Bond Index Fund	6.1
Fidelity Cash Central Fund 0.12%	5.5
Fidelity Overseas Fund	1.9
Fidelity Emerging Markets Fund	1.5
Fidelity High Income Fund	1.3
Fidelity Gold Portfolio	1.0
Fidelity New Markets Income Fund	0.9
	91.9

Asset Allocation (% of fund's net assets)

Period end^*
	Domestic Equity Funds	16.3%
	International Equity Funds	7.3%
	Bond Funds	52.6%
	Short-Term Funds	23.5%
	Short-Term Investments	0.3%

* Futures - (3.0)%

VIP FundsManager® 20% Portfolio

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 23.6%
	Shares	Value
Fidelity Commodity Strategy Fund (a)	173,878	$1,163,245
Fidelity Contrafund (a)	267,805	3,995,657
Fidelity Emerging Asia Fund (a)	37,785	2,007,499
Fidelity Emerging Markets Discovery Fund (a)	192,516	2,562,386
Fidelity Emerging Markets Fund (a)	360,329	12,611,523
Fidelity Equity-Income Fund (a)	85,632	4,511,078
Fidelity Europe Fund (a)	44,762	1,500,884
Fidelity Gold Portfolio (a)	288,799	8,796,806
Fidelity International Capital Appreciation Fund (a)	151,792	3,436,575
Fidelity International Discovery Fund (a)	77,633	3,416,612
Fidelity International Enhanced Index Fund (a)	345,371	2,984,005
Fidelity International Small Cap Fund (a)	69,843	1,663,658
Fidelity International Small Cap Opportunities Fund (a)	85,887	1,653,316
Fidelity International Value Fund (a)	325,703	2,286,434
Fidelity Japan Fund (a)	459,737	7,240,854
Fidelity Japan Smaller Companies Fund (a)	195,777	3,048,255
Fidelity Large Cap Value Enhanced Index Fund (a)	111,850	1,292,988
Fidelity Low-Priced Stock Fund (a)	123,616	5,306,838
Fidelity Overseas Fund (a)	320,380	15,804,368
Fidelity Pacific Basin Fund (a)	43,519	1,527,094
Fidelity Real Estate Investment Portfolio (a)	106,071	4,027,501
Fidelity Stock Selector All Cap Fund (a)	2,134,862	102,153,153
Fidelity U.S. Low Volatility Equity Fund (a)	640,529	6,193,916
Fidelity Value Discovery Fund (a)	81,636	2,139,670
TOTAL EQUITY FUNDS
(Cost $186,633,004)		201,324,315

Fixed-Income Funds - 52.6%
Fidelity High Income Fund (a)	1,328,292	10,878,712
Fidelity Inflation-Protected Bond Index Fund (a)	4,861,479	51,920,592
Fidelity Long-Term Treasury Bond Index Fund (a)	309,652	5,251,697
Fidelity New Markets Income Fund (a)	559,169	7,912,248
Fidelity U.S. Bond Index Fund (a)	29,628,686	371,543,718
TOTAL FIXED-INCOME FUNDS
(Cost $405,615,693)		447,506,967

Money Market Funds - 23.5%
Fidelity Cash Central Fund 0.12% (b)	47,344,840	47,354,309
Fidelity Investments Money Market Prime Reserves Portfolio Institutional Class 0.01% (a)(c)	152,789,881	152,912,113
TOTAL MONEY MARKET FUNDS
(Cost $200,179,297)		200,266,422
	Principal Amount	Value

U.S. Treasury Obligations - 0.3%
U.S. Treasury Bills, yield at date of purchase 0.12% to 0.16% 8/13/20 to 9/17/20 (d)
(Cost $2,389,563)	2,390,000	2,389,562
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $794,817,557)		851,487,266
NET OTHER ASSETS (LIABILITIES) - 0.0%		(215,705)
NET ASSETS - 100%		$851,271,561

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
ICE E-mini MSCI EAFE Index Contracts (United States)	12	Sept. 2020	$1,067,040	$7,402	$7,402
Sold
Equity Index Contracts
CME E-mini S&P 500 Index Contracts (United States)	49	Sept. 2020	7,570,990	(222,989)	(222,989)
ICE E-mini MSCI Emerging Markets Index Contracts (United States)	321	Sept. 2020	15,820,485	(81,043)	(81,043)
JPN Nikkei 225 Index(OSE) Contracts (Japan)	14	Sept. 2020	2,887,520	111,183	111,183
TOTAL SOLD					(192,849)
TOTAL FUTURES CONTRACTS					$(185,447)

The notional amount of futures purchased as a percentage of Net Assets is 0.1%

The notional amount of futures sold as a percentage of Net Assets is 3.1%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $26,457,412.

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 $2,389,562.

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	$257,178
Total	$257,178

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases^(a)	Sales Proceeds^(a)	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Commodity Strategy Fund	$1,448,405	$--	$--	$--	$--	$(285,160)	$1,163,245
Fidelity Contrafund	4,913,777	619,963	1,923,267	34,943	146,277	238,907	3,995,657
Fidelity Diversified International Fund	3,559,565	36,879	3,127,021	--	(173,369)	(296,054)	--
Fidelity Emerging Asia Fund	1,724,288	24,751	29,518	--	(2,941)	290,919	2,007,499
Fidelity Emerging Markets Discovery Fund	2,804,685	40,614	51,634	--	(12,368)	(218,911)	2,562,386
Fidelity Emerging Markets Fund	12,656,964	175,132	212,986	--	(29,295)	21,708	12,611,523
Fidelity Equity-Income Fund	4,783,665	569,850	232,824	33,851	(23,215)	(586,398)	4,511,078
Fidelity Europe Fund	1,639,377	117,567	121,004	--	(17,621)	(117,435)	1,500,884
Fidelity Gold Portfolio	5,929,232	1,666,347	295,328	39,448	(30,355)	1,526,910	8,796,806
Fidelity High Income Fund	--	10,465,328	136,462	98,243	(631)	550,477	10,878,712
Fidelity Inflation-Protected Bond Index Fund	45,113,866	8,347,777	4,330,325	81,834	10,278	2,778,996	51,920,592
Fidelity International Capital Appreciation Fund	1,061,688	2,220,900	80,890	--	(6,186)	241,063	3,436,575
Fidelity International Discovery Fund	2,941,018	622,326	108,571	--	(12,495)	(25,666)	3,416,612
Fidelity International Enhanced Index Fund	3,212,518	341,303	213,639	--	(35,065)	(321,112)	2,984,005
Fidelity International Small Cap Fund	1,949,728	135,592	117,055	--	(20,699)	(283,908)	1,663,658
Fidelity International Small Cap Opportunities Fund	1,893,623	125,136	221,538	--	(1,629)	(142,276)	1,653,316
Fidelity International Value Fund	2,280,114	483,259	149,369	--	(31,612)	(295,958)	2,286,434
Fidelity Investments Money Market Prime Reserves Portfolio Institutional Class 0.01%	149,641,174	10,315,610	7,119,423	682,701	(514)	75,266	152,912,113
Fidelity Japan Fund	7,415,567	485,072	384,733	--	(47,585)	(227,467)	7,240,854
Fidelity Japan Smaller Companies Fund	3,373,246	--	--	--	--	(324,991)	3,048,255
Fidelity Large Cap Value Enhanced Index Fund	--	1,278,465	4,318	--	(45)	18,886	1,292,988
Fidelity Long-Term Treasury Bond Index Fund	8,167,893	502,422	4,964,843	85,256	1,108,426	437,799	5,251,697
Fidelity Low-Priced Stock Fund	4,633,556	1,529,983	234,588	--	(33,959)	(588,154)	5,306,838
Fidelity Mega Cap Stock Fund	7,094,651	232,405	6,042,374	--	(1,785,033)	500,351	--
Fidelity New Markets Income Fund	8,133,255	675,625	396,197	173,317	(26,690)	(473,745)	7,912,248
Fidelity Overseas Fund	11,587,622	5,262,619	915,469	--	(119,180)	(11,224)	15,804,368
Fidelity Pacific Basin Fund	939,343	578,438	62,418	--	(4,579)	76,310	1,527,094
Fidelity Real Estate Investment Portfolio	8,187,298	308,626	2,623,745	11,818	(1,225,934)	(618,744)	4,027,501
Fidelity Stock Selector All Cap Fund	90,810,513	15,290,332	4,814,957	--	(587,827)	1,455,092	102,153,153
Fidelity U.S. Bond Index Fund	348,364,263	37,687,181	32,464,042	4,214,810	352,307	17,604,009	371,543,718
Fidelity U.S. Low Volatility Equity Fund	--	6,081,080	76,558	1,906	(853)	190,247	6,193,916
Fidelity Value Discovery Fund	2,303,165	253,762	115,608	--	(16,178)	(285,471)	2,139,670
	$748,564,059	$106,474,344	$71,570,704	$5,458,127	$(2,628,570)	$20,904,266	$801,743,395

(a) Includes the value of shares purchased or redeemed through in-kind transactions, if applicable.

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equity Funds	$201,324,315	$201,324,315	$--	$--
Fixed-Income Funds	447,506,967	447,506,967	--	--
Money Market Funds	200,266,422	200,266,422	--	--
Other Short-Term Investments and Net Other Assets	2,389,562	--	2,389,562	--
Total Investments in Securities:	$851,487,266	$849,097,704	$2,389,562	$--
Derivative Instruments:
Assets
Futures Contracts	$118,585	$118,585	$--	$--
Total Assets	$118,585	$118,585	$--	$--
Liabilities
Futures Contracts	$(304,032)	$(304,032)	$--	$--
Total Liabilities	$(304,032)	$(304,032)	$--	$--
Total Derivative Instruments:	$(185,447)	$(185,447)	$--	$--

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, 2020. 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)	$118,585	$(304,032)
Total Equity Risk	118,585	(304,032)
Total Value of Derivatives	$118,585	$(304,032)

(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 Total accumulated earnings (loss).

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, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $2,389,563)	$2,389,562
Fidelity Central Funds (cost $47,354,309)	47,354,309
Other affiliated issuers (cost $745,073,685)	801,743,395
Total Investment in Securities (cost $794,817,557)		$851,487,266
Receivable for investments sold		186,972
Receivable for fund shares sold		722
Distributions receivable from Fidelity Central Funds		4,775
Other receivables		861
Total assets		851,680,596
Liabilities
Payable for investments purchased	$4,775
Payable for fund shares redeemed	194,178
Accrued management fee	140,785
Distribution and service plan fees payable	1,057
Payable for daily variation margin on futures contracts	68,240
Total liabilities		409,035
Net Assets		$851,271,561
Net Assets consist of:
Paid in capital		$798,685,125
Total accumulated earnings (loss)		52,586,436
Net Assets		$851,271,561
Net Asset Value and Maximum Offering Price
Service Class:
Net Asset Value, offering price and redemption price per share ($58,127 ÷ 5,111 shares)		$11.37
Service Class 2:
Net Asset Value, offering price and redemption price per share ($8,509,383 ÷ 750,786 shares)		$11.33
Investor Class:
Net Asset Value, offering price and redemption price per share ($842,704,051 ÷ 74,140,338 shares)		$11.37

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Unaffiliated issuers		$2,283
Affiliated issuers		5,411,149
Interest		4,459
Income from Fidelity Central Funds		257,178
Total income		5,675,069
Expenses
Management fee	$1,024,208
Distribution and service plan fees	10,761
Independent trustees' fees and expenses	1,365
Total expenses before reductions	1,036,334
Expense reductions	(209,467)
Total expenses after reductions		826,867
Net investment income (loss)		4,848,202
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	106,452
Fidelity Central Funds	(442)
Other affiliated issuers	(2,628,570)
Foreign currency transactions	510
Futures contracts	(5,130,053)
Capital gain distributions from underlying funds:
Affiliated issuers	46,978
Total net realized gain (loss)		(7,605,125)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(132)
Affiliated issuers	20,904,266
Assets and liabilities in foreign currencies	(11)
Futures contracts	(57,455)
Total change in net unrealized appreciation (depreciation)		20,846,668
Net gain (loss)		13,241,543
Net increase (decrease) in net assets resulting from operations		$18,089,745

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$4,848,202	$15,330,350
Net realized gain (loss)	(7,605,125)	3,695,673
Change in net unrealized appreciation (depreciation)	20,846,668	55,726,922
Net increase (decrease) in net assets resulting from operations	18,089,745	74,752,945
Distributions to shareholders	(5,095,150)	(43,905,467)
Share transactions - net increase (decrease)	17,171,557	62,132,859
Total increase (decrease) in net assets	30,166,152	92,980,337
Net Assets
Beginning of period	821,105,409	728,125,072
End of period	$851,271,561	$821,105,409

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$11.19	$10.75	$11.63	$11.04	$11.02	$11.51
Income from Investment Operations
Net investment income (loss)^A	.07	.22	.21	.16	.14	.13
Net realized and unrealized gain (loss)	.18	.86	(.40)	.65	.17	(.13)
Total from investment operations	.25	1.08	(.19)	.81	.31	–^B
Distributions from net investment income	(.02)	(.21)	(.21)	(.15)	(.14)	(.13)
Distributions from net realized gain	(.05)	(.43)	(.48)	(.07)	(.15)	(.36)
Total distributions	(.07)	(.64)	(.69)	(.22)	(.29)	(.49)
Net asset value, end of period	$11.37	$11.19	$10.75	$11.63	$11.04	$11.02
Total Return^C,^D,^E	2.23%	10.39%	(1.67)%	7.33%	2.83%	(.03)%
Ratios to Average Net Assets^F,^G,^H
Expenses before reductions	.35%^I	.35%	.35%	.35%	.35%	.35%
Expenses net of fee waivers, if any	.20%^I	.20%	.20%	.20%	.20%	.20%
Expenses net of all reductions	.20%^I	.20%	.20%	.20%	.20%	.20%
Net investment income (loss)	1.18%^I	2.01%	1.87%	1.41%	1.25%	1.16%
Supplemental Data
Net assets, end of period (000 omitted)	$58	$57	$55	$59	$60	$62
Portfolio turnover rate^H	20%^I,^J	33%	47%	61%	58%	44%

^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 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 Amounts do not include the activity of Underlying Funds.

^I Annualized

^J Portfolio turnover rate excludes certain securities received or delivered in-kind.

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$11.16	$10.72	$11.60	$11.01	$11.00	$11.49
Income from Investment Operations
Net investment income (loss)^A	.06	.20	.19	.14	.12	.11
Net realized and unrealized gain (loss)	.18	.87	(.40)	.65	.17	(.12)
Total from investment operations	.24	1.07	(.21)	.79	.29	(.01)
Distributions from net investment income	(.02)	(.20)	(.19)	(.13)	(.13)	(.12)
Distributions from net realized gain	(.05)	(.43)	(.48)	(.07)	(.15)	(.36)
Total distributions	(.07)	(.63)	(.67)	(.20)	(.28)	(.48)
Net asset value, end of period	$11.33	$11.16	$10.72	$11.60	$11.01	$11.00
Total Return^B,^C,^D	2.14%	10.26%	(1.82)%	7.19%	2.66%	(.17)%
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)	1.03%^H	1.86%	1.72%	1.26%	1.10%	1.01%
Supplemental Data
Net assets, end of period (000 omitted)	$8,509	$8,978	$8,286	$8,188	$7,529	$1,454
Portfolio turnover rate^G	20%^H,^I	33%	47%	61%	58%	44%

^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.

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

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

^H Annualized

^I Portfolio turnover rate excludes certain securities received or delivered in-kind.

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$11.18	$10.74	$11.62	$11.04	$11.01	$11.50
Income from Investment Operations
Net investment income (loss)^A	.07	.22	.21	.16	.14	.13
Net realized and unrealized gain (loss)	.19	.86	(.40)	.64	.18	(.13)
Total from investment operations	.26	1.08	(.19)	.80	.32	–^B
Distributions from net investment income	(.02)	(.21)	(.21)	(.15)	(.14)	(.13)
Distributions from net realized gain	(.05)	(.43)	(.48)	(.07)	(.15)	(.36)
Total distributions	(.07)	(.64)	(.69)	(.22)	(.29)	(.49)
Net asset value, end of period	$11.37	$11.18	$10.74	$11.62	$11.04	$11.01
Total Return^C,^D,^E	2.32%	10.40%	(1.67)%	7.24%	2.93%	(.03)%
Ratios to Average Net Assets^F,^G,^H
Expenses before reductions	.25%^I	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.20%^I	.20%	.20%	.20%	.20%	.20%
Expenses net of all reductions	.20%^I	.20%	.20%	.20%	.20%	.20%
Net investment income (loss)	1.18%^I	2.01%	1.87%	1.41%	1.25%	1.16%
Supplemental Data
Net assets, end of period (000 omitted)	$842,704	$812,070	$719,784	$777,291	$739,074	$732,911
Portfolio turnover rate^H	20%^I,^J	33%	47%	61%	58%	44%

^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.

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

^I Annualized

^J Portfolio turnover rate excludes certain securities received or delivered in-kind.

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, 2020

	% of fund's net assets
Fidelity U.S. Bond Index Fund	32.7
Fidelity Stock Selector All Cap Fund	30.1
Fidelity Inflation-Protected Bond Index Fund	5.1
Fidelity Overseas Fund	4.9
Fidelity Investments Money Market Prime Reserves Portfolio Institutional Class 0.01%	3.2
Fidelity U.S. Low Volatility Equity Fund	1.9
Fidelity Gold Portfolio	1.8
Fidelity Low-Priced Stock Fund	1.4
Fidelity Japan Smaller Companies Fund	1.4
Fidelity Japan Fund	1.3
	83.8

Asset Allocation (% of fund's net assets)

Period end^*
	Domestic Equity Funds	39.9%
	International Equity Funds	15.3%
	Bond Funds	40.9%
	Short-Term Funds	3.7%
	Short-Term Investments	0.3%
	Net Other Assets (Liabilities)^**	(0.1)%

* Futures – (2.4)%

** Net Other Assets (Liabilities) are not included in the pie chart

VIP FundsManager® 50% Portfolio

Schedule of Investments June 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 55.2%
	Shares	Value
Fidelity Commodity Strategy Fund (a)	1,226,913	$8,208,047
Fidelity Contrafund (a)	4,413,031	65,842,422
Fidelity Emerging Asia Fund (a)	309,350	16,435,782
Fidelity Emerging Markets Discovery Fund (a)	1,557,028	20,724,040
Fidelity Emerging Markets Fund (a)	1,856,677	64,983,686
Fidelity Equity-Income Fund (a)	1,340,056	70,594,158
Fidelity Europe Fund (a)	760,182	25,488,915
Fidelity Global Commodity Stock Fund (a)	2,379,456	24,817,729
Fidelity Gold Portfolio (a)	3,215,227	97,935,800
Fidelity International Capital Appreciation Fund (a)	2,589,221	58,619,958
Fidelity International Discovery Fund (a)	1,334,860	58,747,198
Fidelity International Enhanced Index Fund (a)	5,868,485	50,703,711
Fidelity International Small Cap Fund (a)	1,189,217	28,327,144
Fidelity International Small Cap Opportunities Fund (a)	1,462,723	28,157,418
Fidelity International Value Fund (a)	5,525,392	38,788,251
Fidelity Japan Fund (a)	4,545,095	71,585,249
Fidelity Japan Smaller Companies Fund (a)	4,738,235	73,774,327
Fidelity Large Cap Value Enhanced Index Fund (a)	2,521,381	29,147,162
Fidelity Low-Priced Stock Fund (a)	1,776,504	76,265,312
Fidelity Overseas Fund (a)	5,421,834	267,459,072
Fidelity Pacific Basin Fund (a)	742,716	26,061,890
Fidelity Real Estate Investment Portfolio (a)	623,892	23,689,170
Fidelity Stock Selector All Cap Fund (a)	34,072,510	1,630,369,601
Fidelity U.S. Low Volatility Equity Fund (a)	10,638,923	102,878,388
Fidelity Value Discovery Fund (a)	1,239,178	32,478,855
TOTAL EQUITY FUNDS
(Cost $2,769,668,343)		2,992,083,285

Fixed-Income Funds - 40.9%
Fidelity High Income Fund (a)	8,061,730	66,025,569
Fidelity Inflation-Protected Bond Index Fund (a)	26,076,789	278,500,106
Fidelity Long-Term Treasury Bond Index Fund (a)	2,988,113	50,678,393
Fidelity New Markets Income Fund (a)	3,396,736	48,063,816
Fidelity U.S. Bond Index Fund (a)	141,652,982	1,776,328,396
TOTAL FIXED-INCOME FUNDS
(Cost $2,024,945,789)		2,219,596,280

Money Market Funds - 3.7%
Fidelity Cash Central Fund 0.12% (b)	26,788,225	26,793,583
Fidelity Investments Money Market Prime Reserves Portfolio Institutional Class 0.01% (a)(c)	174,080,913	174,220,178
TOTAL MONEY MARKET FUNDS
(Cost $200,914,309)		201,013,761
	Principal Amount	Value

U.S. Treasury Obligations - 0.3%
U.S. Treasury Bills, yield at date of purchase 0.11% to 0.16% 8/13/20 to 9/17/20 (d)
(Cost $16,996,181)	17,000,000	16,996,423
TOTAL INVESTMENT IN SECURITIES - 100.1%
(Cost $5,012,524,622)		5,429,689,749
NET OTHER ASSETS (LIABILITIES) - (0.1)%		(2,785,665)
NET ASSETS - 100%		$5,426,904,084

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
ICE E-mini MSCI EAFE Index Contracts (United States)	1,107	Sept. 2020	$98,434,440	$759,126	$759,126
Sold
Equity Index Contracts
CME E-mini S&P 500 Index Contracts (United States)	694	Sept. 2020	107,229,940	(3,158,259)	(3,158,259)
ICE E-mini MSCI Emerging Markets Index Contracts (United States)	1,430	Sept. 2020	70,477,550	(361,032)	(361,032)
JPN Nikkei 225 Index(OSE) Contracts (Japan)	259	Sept. 2020	53,419,125	2,056,892	2,056,892
TOTAL SOLD					(1,462,399)
TOTAL FUTURES CONTRACTS					$(703,273)

The notional amount of futures purchased as a percentage of Net Assets is 1.8%

The notional amount of futures sold as a percentage of Net Assets is 4.3%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $254,048,109.

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 $16,295,596.

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	$312,779
Total	$312,779

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases^(a)	Sales Proceeds^(a)	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Commodity Strategy Fund	$10,220,184	$--	$--	$--	$--	$(2,012,137)	$8,208,047
Fidelity Contrafund	82,972,985	1,550,627	24,632,319	579,154	1,945,528	4,005,601	65,842,422
Fidelity Emerging Asia Fund	14,440,302	11,403	378,247	--	10,866	2,351,458	16,435,782
Fidelity Emerging Markets Discovery Fund	23,240,771	17,746	635,991	--	(117,035)	(1,781,451)	20,724,040
Fidelity Emerging Markets Fund	96,594,267	77,704	30,167,021	--	2,612,030	(4,133,294)	64,983,686
Fidelity Equity-Income Fund	84,762,100	1,471,860	4,819,623	580,872	(445,362)	(10,374,817)	70,594,158
Fidelity Europe Fund	37,127,713	94,802	8,103,383	--	(1,141,284)	(2,488,933)	25,488,915
Fidelity Global Commodity Stock Fund	33,832,048	110,582	2,794,528	--	(751,090)	(5,579,283)	24,817,729
Fidelity Gold Portfolio	82,267,597	710,144	4,635,419	535,739	317,501	19,275,977	97,935,800
Fidelity High Income Fund	--	64,296,075	1,767,407	612,359	47,005	3,449,896	66,025,569
Fidelity Inflation-Protected Bond Index Fund	279,161,775	14,990,686	31,515,547	466,058	300,150	15,563,042	278,500,106
Fidelity International Capital Appreciation Fund	24,027,130	33,207,970	2,159,778	--	(81,729)	3,626,365	58,619,958
Fidelity International Discovery Fund	31,736,858	27,383,464	2,601,931	--	(142,088)	2,370,895	58,747,198
Fidelity International Enhanced Index Fund	72,171,890	188,195	12,737,040	--	(3,190,472)	(5,728,862)	50,703,711
Fidelity International Small Cap Fund	41,101,797	102,884	6,233,918	--	(916,650)	(5,726,969)	28,327,144
Fidelity International Small Cap Opportunities Fund	40,064,633	100,150	8,667,056	--	1,129,801	(4,470,110)	28,157,418
Fidelity International Value Fund	52,384,726	131,953	5,141,449	--	(1,478,347)	(7,108,632)	38,788,251
Fidelity Investments Money Market Prime Reserves Portfolio Institutional Class 0.01%	186,642,484	1,462,659	13,975,104	830,907	3,630	86,509	174,220,178
Fidelity Japan Fund	95,382,678	232,582	19,374,536	--	433,715	(5,089,190)	71,585,249
Fidelity Japan Smaller Companies Fund	81,639,797	1	--	--	--	(7,865,471)	73,774,327
Fidelity Large Cap Value Enhanced Index Fund	15,723,015	16,656,259	1,069,612	--	(126,908)	(2,035,592)	29,147,162
Fidelity Long-Term Treasury Bond Index Fund	56,544,597	733,545	17,155,640	592,533	3,600,031	6,955,860	50,678,393
Fidelity Low-Priced Stock Fund	75,831,642	15,598,461	4,790,250	--	(818,128)	(9,556,413)	76,265,312
Fidelity Mega Cap Stock Fund	126,409,531	180,619	104,432,855	--	(31,524,882)	9,367,587	--
Fidelity New Markets Income Fund	53,559,909	1,237,780	3,467,324	1,102,708	(334,876)	(2,931,673)	48,063,816
Fidelity Overseas Fund	327,764,704	836,146	42,005,555	--	(563,941)	(18,572,282)	267,459,072
Fidelity Pacific Basin Fund	21,042,974	5,660,615	1,516,167	--	(116,936)	991,404	26,061,890
Fidelity Real Estate Investment Portfolio	55,585,013	137,186	19,535,004	71,526	(8,823,026)	(3,674,999)	23,689,170
Fidelity Stock Selector All Cap Fund	1,682,211,189	50,272,507	100,632,165	--	(2,870,548)	1,388,618	1,630,369,601
Fidelity U.S. Bond Index Fund	1,829,513,098	79,322,433	223,866,407	21,116,556	6,638,374	84,720,898	1,776,328,396
Fidelity U.S. Low Volatility Equity Fund	--	101,689,173	2,020,677	32,112	18,215	3,191,677	102,878,388
Fidelity Value Discovery Fund	39,745,529	393,314	2,371,048	--	(232,051)	(5,056,889)	32,478,855
	$5,653,702,936	$418,859,525	$703,203,001	$26,520,524	$(36,618,507)	$53,158,790	$5,385,899,743

(a) Includes the value of shares purchased or redeemed through in-kind transactions, if applicable.

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equity Funds	$2,992,083,285	$2,992,083,285	$--	$--
Fixed-Income Funds	2,219,596,280	2,219,596,280	--	--
Money Market Funds	201,013,761	201,013,761	--	--
Other Short-Term Investments and Net Other Assets	16,996,423	--	16,996,423	--
Total Investments in Securities:	$5,429,689,749	$5,412,693,326	$16,996,423	$--
Derivative Instruments:
Assets
Futures Contracts	$2,816,018	$2,816,018	$--	$--
Total Assets	$2,816,018	$2,816,018	$--	$--
Liabilities
Futures Contracts	$(3,519,291)	$(3,519,291)	$--	$--
Total Liabilities	$(3,519,291)	$(3,519,291)	$--	$--
Total Derivative Instruments:	$(703,273)	$(703,273)	$--	$--

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts^(a)	$2,816,018	$(3,519,291)
Total Equity Risk	2,816,018	(3,519,291)
Total Value of Derivatives	$2,816,018	$(3,519,291)

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, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $16,996,181)	$16,996,423
Fidelity Central Funds (cost $26,792,756)	26,793,583
Other affiliated issuers (cost $4,968,735,685)	5,385,899,743
Total Investment in Securities (cost $5,012,524,622)		$5,429,689,749
Cash		17,804
Receivable for investments sold		2,530,362
Receivable for fund shares sold		2,586
Distributions receivable from Fidelity Central Funds		2,113
Total assets		5,432,242,614
Liabilities
Payable for investments purchased	$2,113
Payable for fund shares redeemed	2,525,873
Accrued management fee	905,571
Distribution and service plan fees payable	13,488
Payable for daily variation margin on futures contracts	1,891,485
Total liabilities		5,338,530
Net Assets		$5,426,904,084
Net Assets consist of:
Paid in capital		$5,047,719,967
Total accumulated earnings (loss)		379,184,117
Net Assets		$5,426,904,084
Net Asset Value and Maximum Offering Price
Service Class:
Net Asset Value, offering price and redemption price per share ($57,375 ÷ 4,740 shares)		$12.10
Service Class 2:
Net Asset Value, offering price and redemption price per share ($107,514,235 ÷ 8,926,895 shares)		$12.04
Investor Class:
Net Asset Value, offering price and redemption price per share ($5,319,332,474 ÷ 439,683,861 shares)		$12.10

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

Statement of Operations

		Six months ended June 30, 2020 (Unaudited)
Investment Income
Dividends:
Unaffiliated issuers		$38,480
Affiliated issuers		25,734,091
Interest		30,398
Income from Fidelity Central Funds		312,779
Total income		26,115,748
Expenses
Management fee	$6,709,979
Distribution and service plan fees	127,287
Independent trustees' fees and expenses	9,105
Total expenses before reductions	6,846,371
Expense reductions	(1,394,773)
Total expenses after reductions		5,451,598
Net investment income (loss)		20,664,150
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,458,788
Fidelity Central Funds	(4,882)
Other affiliated issuers	(36,618,507)
Foreign currency transactions	9,152
Futures contracts	(12,799,674)
Capital gain distributions from underlying funds:
Affiliated issuers	786,433
Total net realized gain (loss)		(47,168,690)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(767)
Affiliated issuers	53,158,790
Assets and liabilities in foreign currencies	(400)
Futures contracts	860,172
Total change in net unrealized appreciation (depreciation)		54,017,795
Net gain (loss)		6,849,105
Net increase (decrease) in net assets resulting from operations		$27,513,255

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

Statement of Changes in Net Assets

	Six months ended June 30, 2020 (Unaudited)	Year ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$20,664,150	$96,631,919
Net realized gain (loss)	(47,168,690)	110,836,085
Change in net unrealized appreciation (depreciation)	54,017,795	739,786,183
Net increase (decrease) in net assets resulting from operations	27,513,255	947,254,187
Distributions to shareholders	(127,084,628)	(640,240,283)
Share transactions - net increase (decrease)	(207,408,468)	(199,067,212)
Total increase (decrease) in net assets	(306,979,841)	107,946,692
Net Assets
Beginning of period	5,733,883,925	5,625,937,233
End of period	$5,426,904,084	$5,733,883,925

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$12.28	$11.68	$13.53	$12.03	$11.85	$12.39
Income from Investment Operations
Net investment income (loss)^A	.05	.20	.19	.16	.15	.15
Net realized and unrealized gain (loss)	.05	1.76	(.86)	1.58	.35	(.13)
Total from investment operations	.10	1.96	(.67)	1.74	.50	.02
Distributions from net investment income	(.04)	(.20)	(.18)	(.15)	(.15)	(.14)
Distributions from net realized gain	(.24)	(1.15)	(1.00)	(.08)	(.16)	(.42)
Total distributions	(.28)	(1.36)^B	(1.18)	(.24)^C	(.32)^D	(.56)
Net asset value, end of period	$12.10	$12.28	$11.68	$13.53	$12.03	$11.85
Total Return^E,^F,^G	.76%	17.89%	(5.28)%	14.45%	4.31%	.06%
Ratios to Average Net Assets^H,^I,^J
Expenses before reductions	.35%^K	.35%	.35%	.35%	.35%	.35%
Expenses net of fee waivers, if any	.20%^K	.20%	.20%	.20%	.20%	.20%
Expenses net of all reductions	.20%^K	.20%	.20%	.20%	.20%	.20%
Net investment income (loss)	.77%^K	1.68%	1.52%	1.21%	1.26%	1.19%
Supplemental Data
Net assets, end of period (000 omitted)	$57	$58	$55	$64	$62	$64
Portfolio turnover rate^J	19%^K,^L	25%	80%	47%	40%	24%

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

^B Total distributions of $1.36 per share is comprised of distributions from net investment income of $.204 and distributions from net realized gain of $1.153 per share.

^C 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.

^D 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.

^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 Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 Amounts do not include the activity of Underlying Funds.

^K Annualized

^L Portfolio turnover rate excludes certain securities received or delivered in-kind.

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$12.23	$11.64	$13.48	$11.99	$11.82	$12.35
Income from Investment Operations
Net investment income (loss)^A	.04	.18	.17	.14	.13	.13
Net realized and unrealized gain (loss)	.05	1.75	(.85)	1.57	.34	(.12)
Total from investment operations	.09	1.93	(.68)	1.71	.47	.01
Distributions from net investment income	(.04)	(.19)	(.16)	(.13)	(.13)	(.12)
Distributions from net realized gain	(.24)	(1.15)	(1.00)	(.08)	(.16)	(.42)
Total distributions	(.28)	(1.34)	(1.16)	(.22)^B	(.30)^C	(.54)
Net asset value, end of period	$12.04	$12.23	$11.64	$13.48	$11.99	$11.82
Total Return^D,^E,^F	.68%	17.69%	(5.38)%	14.24%	4.08%	(.02)%
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)	.62%^J	1.53%	1.37%	1.06%	1.11%	1.04%
Supplemental Data
Net assets, end of period (000 omitted)	$107,514	$103,031	$90,234	$100,867	$90,983	$83,447
Portfolio turnover rate^I	19%^J,^K	25%	80%	47%	40%	24%

^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.

^H 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.

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

^J Annualized

^K Portfolio turnover rate excludes certain securities received or delivered in-kind.

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,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$12.28	$11.68	$13.52	$12.02	$11.85	$12.38
Income from Investment Operations
Net investment income (loss)^A	.05	.20	.19	.16	.15	.15
Net realized and unrealized gain (loss)	.05	1.76	(.85)	1.58	.34	(.12)
Total from investment operations	.10	1.96	(.66)	1.74	.49	.03
Distributions from net investment income	(.04)	(.20)	(.18)	(.15)	(.15)	(.14)
Distributions from net realized gain	(.24)	(1.15)	(1.00)	(.08)	(.16)	(.42)
Total distributions	(.28)	(1.36)^B	(1.18)	(.24)^C	(.32)^D	(.56)
Net asset value, end of period	$12.10	$12.28	$11.68	$13.52	$12.02	$11.85
Total Return^E,^F,^G	.76%	17.89%	(5.20)%	14.46%	4.22%	.14%
Ratios to Average Net Assets^H,^I,^J
Expenses before reductions	.25%^K	.25%	.25%	.25%	.25%	.25%
Expenses net of fee waivers, if any	.20%^K	.20%	.20%	.20%	.20%	.20%
Expenses net of all reductions	.20%^K	.20%	.20%	.20%	.20%	.20%
Net investment income (loss)	.77%^K	1.68%	1.52%	1.21%	1.26%	1.19%
Supplemental Data
Net assets, end of period (000 omitted)	$5,319,332	$5,630,795	$5,535,648	$6,623,127	$6,179,579	$6,046,146
Portfolio turnover rate^J	19%^K,^L	25%	80%	47%	40%	24%