# EDGAR Filing Document

**Accession Number:** 0000823535
**File Stem:** 0000823535-25-000399
**Filing Date:** 2025-11
**Character Count:** 2339
**Document Hash:** e351841adc026ab623a3ef9a01aa60a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000823535-25-000399.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0000823535-25-000399

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Variable Insurance Products Fund V
- **CENTRAL INDEX KEY:** 0000823535

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-17704
- **FILM NUMBER:** 251481838

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY BOSTON STREET TRUST
- **DATE OF NAME CHANGE:** 19951101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPARTAN U S TREASURY MONEY MARKET FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY U S TREASURY MONEY MARKET FUND L P
- **DATE OF NAME CHANGE:** 19900828

## Series and Classes Contracts Data

### Target Volatility Portfolio (Series ID: S000039767)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000123283 | Service Class   |  |
| C000123284 | Service Class 2 |  |

**Supplement to the**

**Fidelity® Variable Insurance Products**

**Target Volatility Portfolio**

**Service Class and Service Class 2**

**April 30, 2025**

**Summary Prospectus**

*On November 13, 2025, the Board of Trustees approved a plan of liquidation for Target Volatility Portfolio ("the fund"). Following Board approval, the fund will no longer pursue its stated investment objective and fund assets will be managed to provide for sufficient liquidity prior to liquidation. The fund is expected to liquidate on or about January 28, 2026. New positions in the fund may continue to be opened and existing shareholders may continue to hold their shares and purchase additional shares through the reinvestment of dividend and capital gain distributions until the fund's liquidation.*

VIPTV-SUSTK-1125-100 1.9921853.100 November 14, 2025