(null)


  
    NPORT-P
    false
    
      
      
        
          0000823535
          XXXXXXXX
        
      
      
      
      
        S000017667
        C000048813
        C000048815
        C000048816
        C000048814
      
      
      
    
  
  
    
      Variable Insurance Products Fund V
      811-05361
      0000823535
      S8GYVGVVOPTJ8G3T5C60
      245 Summer Street
      Boston
      
      02210
      1-800-FIDELITY
      VIP Asset Manager Growth Portfolio
      S000017667
      IFNXW0DWFYJN34DYOG57
      2022-12-31
      2022-03-31
      N
    
    
      262093652.48
      5756238.05
      256337414.43
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      801.10000000
      
        
      
      N
      
        
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Fidelity Central Investment Portfolios LLC
        S2V1M15I679NQK6BNY65
        Fidelity Real Estate Equity Central Fund
        31606V674
        
          
        
        26265.91000000
        NS
        USD
        4000035.43000000
        1.560457118167
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Central Investment Portfolios LLC
        S2V1M15I679NQK6BNY65
        Fidelity U.S. Equity Central Fund
        31606V666
        
          
        
        1113618.78510000
        NS
        USD
        137921686.53000000
        53.80474279834
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 04/21/2022
        912796G45
        
          
        
        10000.00000000
        PA
        USD
        9999.32000000
        0.003900842965
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-04-21
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fidelity Central Investment Portfolios II LLC
        0VPAEPVECBYQ0ULYZJ60
        Fidelity Inflation-Protected Bond Index Central Fund
        31607D103
        
          
        
        47992.17200000
        NS
        USD
        5002224.09000000
        1.951421762259
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICE FUTURES US
        N/A
        MSCI EAFE FUT JUN22 MFSM2
        N/A
        
          
        
        -48.00000000
        NC
        USD
        -298468.25000000
        -0.11643569498
        N/A
        DE
        CORP
        US
        N
        
        1
        
          
            
              ICE FUTURES US
              N/A
            
            Short
            
              
                MSCI EAFE INDX(UN FOR FUTURES)
                EI09MXEA
              
            
            2022-06-17
            -4848091.75000000
            USD
            -298468.25000000
          
        
        
          N
          N
          N
        
      
      
        Fidelity Central Investment Portfolios II LLC
        0VPAEPVECBYQ0ULYZJ60
        Fidelity International Credit Central Fund
        31607D202
        
          
        
        33854.46110000
        NS
        USD
        3190444.41000000
        1.244626898142
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Central Investment Portfolios LLC
        S2V1M15I679NQK6BNY65
        Fidelity International Equity Central Fund
        31606V716
        
          
        
        350880.52500000
        NS
        USD
        33466984.47000000
        13.05583289291
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Central Investment Portfolios LLC
        S2V1M15I679NQK6BNY65
        Fidelity Floating Rate Central Fund
        31606V708
        
          
        
        101605.22980000
        NS
        USD
        10135121.67000000
        3.953820667395
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 04/14/2022
        912796P29
        
          
        
        40000.00000000
        PA
        USD
        39997.96000000
        0.015603637139
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-04-14
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fidelity Central Investment Portfolios LLC
        S2V1M15I679NQK6BNY65
        Fidelity High Income Central Fund
        31606V690
        
          
        
        18034.48930000
        NS
        USD
        1995696.59000000
        0.778542841448
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 06/02/2022
        912796Q44
        
          
        
        270000.00000000
        PA
        USD
        269848.18000000
        0.105270695891
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-06-02
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fidelity Hanover Street Trust
        13LNM41WRMGAYS9Y7N22
        Fidelity Emerging Markets Debt Local Currency Central Fund
        315808709
        
          
        
        7403.37500000
        NS
        USD
        653866.08000000
        0.255080235342
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHICAGO MERCANTILE EXCH INC
        SNZ2OJLFK8MNNCLQOF39
        S and P500 EMINI FUT JUN22 ESM2
        N/A
        
          
        
        -29.00000000
        NC
        USD
        -370012.17000000
        -0.14434575257
        N/A
        DE
        CORP
        US
        N
        
        1
        
          
            
              CHICAGO MERCANTILE EXCH INC
              SNZ2OJLFK8MNNCLQOF39
            
            Short
            
              
                S and P 500 INDX
                783786106
              
            
            2022-06-17
            -6199575.33000000
            USD
            -370012.17000000
          
        
        
          N
          N
          N
        
      
      
        Fidelity Oxford Street Trust II
        549300OEP6Z1TBUGHH59
        Fidelity Commodity Strategy Central Fund
        316167303
        
          
        
        640476.84400000
        NS
        USD
        3951742.13000000
        1.541617379104
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Hanover Street Trust
        13LNM41WRMGAYS9Y7N22
        Fidelity Emerging Markets Debt Central Fund
        315808600
        
          
        
        136316.91500000
        NS
        USD
        1130067.23000000
        0.440851458423
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICE FUTURES US
        N/A
        MSCI EMGMKT FUT JUN22 MESM2
        N/A
        
          
        
        18.00000000
        NC
        USD
        77188.07000000
        0.030111901601
        N/A
        DE
        CORP
        US
        N
        
        1
        
          
            
              ICE FUTURES US
              N/A
            
            Long
            
              
                MSCI EMERGING MARKETS INDEX
                MXEF
              
            
            2022-06-17
            935761.93000000
            USD
            77188.07000000
          
        
        
          N
          N
          N
        
      
      
        Fidelity Revere Street Trust
        549300BDV45LJNXBZC55
        Fidelity Cash Central Fund
        31635A105
        
          
        
        3018385.17700000
        NS
        USD
        3018988.85000000
        1.177740228328
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Revere Street Trust
        549300BDV45LJNXBZC55
        Fidelity Securities Lending Cash Central Fund
        31635A303
        
          
        
        5593090.71000000
        NS
        USD
        5593650.02000000
        2.182143419226
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Fidelity Garrison Street Trust
        GZF76QJ38YQDHAIO0Y79
        VIP Investment Grade Central Fund
        316167204
        
          
        
        297426.95480000
        NS
        USD
        30227501.42000000
        11.79207549050
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity Central Investment Portfolios LLC
        S2V1M15I679NQK6BNY65
        Fidelity Emerging Markets Equity Central Fund
        31606V682
        
          
        
        71816.76400000
        NS
        USD
        15487285.16000000
        6.041757577386
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ISHARES CORE TOTAL USD BOND MARKET ETF
        549300G3FWQPUM47D181
        iShares 20+ Year Treasury Bond ETF
        464287432
        
          
        
        41918.00000000
        NS
        USD
        5536529.44000000
        2.159860062687
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          
        
      
      
        UST BILLS
        N/A
        UST BILLS 0% 05/26/2022
        912796Q36
        
          
        
        190000.00000000
        PA
        USD
        189916.54000000
        0.074088497936
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-05-26
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
    
    
      2022-04-30
      Laura M. Del Prato
      Laura M. Del Prato
      Laura M. Del Prato
      President and Treasurer
    
  
  XXXX

010 - Quarterly Front Cover

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:

Asset Manager: Growth Portfolio

March 31, 2022

VIPAMG-NPRT1-0522

1.799876.118

U.S. Treasury Obligations - 0.2%
	Principal Amount (a)	Value ($)
U.S. Treasury Bills, yield at date of purchase 0.11% to 0.33% 4/14/22 to 6/2/22 (b) (Cost $509,760)	510,000	509,762

Fixed-Income Funds - 22.6%
	Shares	Value ($)
Fidelity Emerging Markets Debt Central Fund (c)	136,723	1,133,437
Fidelity Emerging Markets Debt Local Currency Central Fund (c)	7,403	653,866
Fidelity Floating Rate Central Fund (c)	101,924	10,166,874
Fidelity High Income Central Fund (c)	18,106	2,003,613
Fidelity Inflation-Protected Bond Index Central Fund (c)	47,975	5,000,424
Fidelity International Credit Central Fund (c)	33,842	3,189,273
Fidelity VIP Investment Grade Central Fund (c)	297,735	30,258,796
iShares 20+ Year Treasury Bond ETF (d)	41,918	5,536,530
TOTAL FIXED-INCOME FUNDS (Cost $58,896,658)		57,942,813

Money Market Funds - 3.4%
	Shares	Value ($)
Fidelity Cash Central Fund 0.31% (e)	3,018,385	3,018,989
Fidelity Securities Lending Cash Central Fund 0.31% (e)(f)	5,634,987	5,635,550
TOTAL MONEY MARKET FUNDS (Cost $8,654,539)		8,654,539

Equity Funds - 76.0%
	Shares	Value ($)
Domestic Equity Funds - 56.9%
Fidelity Commodity Strategy Central Fund (c)(g)	640,192	3,949,985
Fidelity Real Estate Equity Central Fund (c)	26,254	3,998,278
Fidelity U.S. Equity Central Fund (c)	1,113,139	137,862,242
TOTAL DOMESTIC EQUITY FUNDS		145,810,505
International Equity Funds - 19.1%
Fidelity Emerging Markets Equity Central Fund (c)	71,780	15,479,309
Fidelity International Equity Central Fund (c)	350,746	33,454,170
TOTAL INTERNATIONAL EQUITY FUNDS		48,933,479
TOTAL EQUITY FUNDS (Cost $134,994,343)		194,743,984

TOTAL INVESTMENT IN SECURITIES - 102.2% (Cost $203,055,300)	261,851,098
NET OTHER ASSETS (LIABILITIES) - (2.2)%	(5,522,374)
NET ASSETS - 100.0%	256,328,724

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased

Equity Index Contracts
ICE E-mini MSCI Emerging Markets Index Contracts (United States)	18	Jun 2022	1,012,950	77,188	77,188

Sold

Equity Index Contracts
CME Micro E-mini S&P 500 Index Contracts (United States)	29	Jun 2022	6,569,588	(370,012)	(370,012)
ICE E-mini MSCI EAFE Index Contracts (United States)	48	Jun 2022	5,146,560	(298,468)	(298,468)

TOTAL SOLD					(668,480)

TOTAL FUTURES CONTRACTS					(591,292)
The notional amount of futures purchased as a percentage of Net Assets is 0.4%
The notional amount of futures sold as a percentage of Net Assets is 4.6%

Security Type Abbreviations

ETF

EXCHANGE-TRADED FUND

Legend

(a)	Amount is stated in United States dollars unless otherwise noted.

(b)	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 $509,762.

(c)

Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available upon request or at the SEC's website at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, other than the Commodity Strategy Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(d)	Security or a portion of the security is on loan at period end.

(e)

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.

(f)	Investment made with cash collateral received from securities on loan.

(g)	Non-income producing

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	%ownership, end of period
Fidelity Cash Central Fund 0.31%	253,014	7,876,677	5,110,702	902	-	-	3,018,989	0.0%
Fidelity Commodity Strategy Central Fund	4,419,654	34,183	1,609,172	-	378,050	727,270	3,949,985	0.7%
Fidelity Emerging Markets Debt Central Fund	1,229,893	27,880	30,368	12,415	(2,078)	(91,890)	1,133,437	0.0%
Fidelity Emerging Markets Debt Local Currency Central Fund	683,888	7,056	-	7,057	-	(37,078)	653,866	0.7%
Fidelity Emerging Markets Equity Central Fund	14,633,554	3,239,988	221,067	8	163,970	(2,337,136)	15,479,309	0.9%
Fidelity Floating Rate Central Fund	10,232,956	182,868	157,767	102,399	(554)	(90,629)	10,166,874	0.3%
Fidelity High Income Central Fund	2,077,275	41,590	30,368	26,125	(505)	(84,379)	2,003,613	0.1%
Fidelity Inflation-Protected Bond Index Central Fund	7,906,056	52,850	2,863,732	1,083	(25,260)	(69,490)	5,000,424	0.8%
Fidelity International Credit Central Fund	4,155,499	43,601	765,390	18,971	(43,786)	(200,651)	3,189,273	0.6%
Fidelity International Equity Central Fund	37,206,841	247,221	491,028	-	(27,974)	(3,480,890)	33,454,170	0.9%
Fidelity Real Estate Equity Central Fund	5,673,564	34,948	1,371,374	-	(60,492)	(278,368)	3,998,278	0.2%
Fidelity Securities Lending Cash Central Fund 0.31%	-	7,843,443	2,207,893	1,383	-	-	5,635,550	0.0%
Fidelity U.S. Equity Central Fund	147,070,309	1,190,119	2,042,286	148,953	(88,303)	(8,267,597)	137,862,242	0.6%
Fidelity VIP Investment Grade Central Fund	28,998,612	4,068,323	754,772	417,702	(21,344)	(2,032,023)	30,258,796	1.3%
Total	264,541,115	24,890,747	17,655,919	736,998	271,724	(16,242,861)	255,804,806

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

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

The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - Unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value investments by major category are as follows:

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

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Derivative Instruments

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

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

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

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

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

Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.

The Fund used futures contracts to manage its exposure to the stock market.

Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.