# EDGAR Filing Document

**Accession Number:** 0000823535
**File Stem:** 0001379491-23-000081
**Filing Date:** 2023-2
**Character Count:** 16513
**Document Hash:** 7a5ced86819db7ff30d3cfba7088bd87
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001379491-23-000081.hdr.sgml**: 20230217

**ACCESSION NUMBER**: 0001379491-23-000081

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230217

**DATE AS OF CHANGE**: 20230217

**EFFECTIVENESS DATE**: 20230217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Variable Insurance Products Fund V
- **CENTRAL INDEX KEY:** 0000823535
- **IRS NUMBER:** 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:** 23640939

**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

### Investor Freedom 2045 Portfolio (Series ID: S000076749)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000236784 | Investor Class |  |

Fidelity® Variable Insurance Products

**Investor Freedom® 2045 Portfolio**<br>

**Summary Prospectus**

**February 17, 2023**<br>

Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, reports to shareholders, and other information about the fund (including the fund's SAI) online at institutional.fidelity.com/vipfunddocuments. You can also get this information at no cost by calling 1-866-997-1254 or by sending an e-mail request to funddocuments@fmr.com. The fund's [prospectus](https://www.sec.gov/Archives/edgar/data/0000823535/000137949123000073/filing670.htm#PRO_proofplus8305) and [SAI](https://www.sec.gov/Archives/edgar/data/0000823535/000137949123000073/filing670.htm#SAI_proofplus8306) dated February 17, 2023 are incorporated herein by reference. ![Fidelity Investments](fipro_logo.jpg)

245 Summer Street, Boston, MA 02210<br>

**Fund Summary**

**Fund:<br>VIP Investor Freedom 2045 Portfolio℠**

<br> **Investment Objective**

The fund seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

**Fee Table**

The following table describes the fees and expenses that may be incurred, directly or indirectly, when you, as a variable product owner, buy and hold interests in a separate account that invests in shares of the fund. The table does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall fees and expenses would be higher.

**Fees**

---

| | |
|:---|:---|
| **(fees paid directly from your investment)** | Not Applicable |

---

**Annual Operating Expenses**

**(expenses that you pay each year as a % of the value of your investment)**

---

| | |
|:---|:---|
| Management fee |  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses<sup>(a)</sup> | 0.00% |
| Acquired fund fees and expenses<sup>(a)</sup> | 0.69% |
| **Total annual operating expenses** | 0.69% |

---

(a) *Based on estimated amounts for the current fiscal year.*

This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. This example does not include any fees or other expenses of any variable annuity or variable life insurance product; if it did, overall expenses would be higher. For every $10,000 invested, here's how much you, as a variable product owner, would pay in total expenses if all interests in a separate account that invests in shares of the fund were redeemed at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $70 |
| 3 years | $221 |

---

**Portfolio Turnover**

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity<sup>®</sup> funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance.

**Principal Investment Strategies**

* Investing primarily in a combination of Fidelity<sup>®</sup> U.S. equity funds, international equity funds, bond funds, and short-term funds (underlying Fidelity<sup>®</sup> funds).
 

* Allocating assets according to a neutral asset allocation strategy shown in the glide path below that adjusts over time until
 it reaches an allocation similar to that of the VIP Investor Freedom Income Portfolio℠, approximately 10 to 19 years
 after the year 2045. Fidelity Management & Research Company LLC (the Adviser) may modify the fund's neutral asset allocations
 from time to time when in the interests of shareholders.
 

![](img775140980.jpg)

* The neutral asset allocation shown in the glide path depicts the allocation to U.S. equity funds, international equity funds,
 bond funds (including U.S. investment grade bond, international bond, inflation-protected bond, and long-term treasury bond),
 and short-term funds.
 

* Buying and selling futures contracts (both long and short positions) in an effort to manage cash flows efficiently, remain
 fully invested, or facilitate asset allocation.
 

* The Adviser, under normal market conditions, will make investments that are consistent with seeking high total return for
 several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.
 

* The Adviser, under normal market conditions, will use an active asset allocation strategy to increase or decrease asset class
 exposures relative to the neutral asset allocations reflected above by up to 10% for equity funds, bond funds and short-term
 funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations
 in the glide path above are referred to as neutral because they do not reflect any decisions made by the Adviser to overweight
 or underweight an asset class.
 

* The Adviser may also make active asset allocations within other asset classes (such as commodities, high yield debt (also
 referred to as junk bonds), floating rate debt, real estate debt, and emerging markets debt) from 0% to 10% of the fund's
 total assets individually, but no more than 25% in aggregate within those other asset classes. Such asset classes are not
 reflected in the neutral asset allocations reflected in the glide path above. Emerging markets include countries that have
 an emerging stock market as defined by MSCI, countries or markets with low- to middle-income economies as classified by the
 World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics.
 

* Designed for investors who anticipate retiring in or within a few years of 2045 (target retirement date) at or around age

 

**Principal Investment Risks**

*Shareholders should consider that no target date fund is intended as a complete retirement program and there is no guarantee that any single fund will provide sufficient retirement income at or through your retirement. The fund's share price fluctuates, which means you could lose money by investing in the fund, including losses near, at or after the target retirement date.*

* **Asset Allocation Risk.** 
 The fund is subject to risks resulting from the Adviser's asset allocation decisions. The selection of underlying funds and
 the allocation of the fund's assets among various asset classes could cause the fund to lose value or its results to lag relevant
 benchmarks or other funds with similar objectives. In addition, the fund's active asset allocation strategy may cause the
 fund to have a risk profile different than that portrayed above from time to time and may increase losses.
 

* **Investing in Other Funds.** 
 The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying
 funds will not meet their investment objectives.
 

* **Stock Market Volatility.** 
 The Adviser will continue to invest the fund's assets in equity funds in the years following the fund's target retirement
 date in an effort to achieve the fund's overall investment objective. Stock markets are volatile and can decline significantly
 in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including
 different market sectors, and different types of securities can react differently to these developments.
 

* **Interest Rate Changes.** 
 Interest rate increases can cause the price of a debt or money market security to decrease.
 

* **Foreign Exposure.** 
 Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse
 issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The extent
 of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can
 be less than in more developed markets. Emerging markets typically have less established legal, accounting and financial reporting
 systems than those in more developed markets, which may reduce the scope or quality of financial information available to
 investors. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be
 extremely volatile. Foreign exchange rates also can be extremely volatile.
 

* **Geographic Exposure to China.** 
 Because an underlying fund invests a meaningful portion of its assets in China, the underlying fund's performance is expected
 to be closely tied to social, political, and economic conditions in China and to be more volatile than the performance of
 more geographically diversified funds. The fund may obtain exposure to companies based or operated in China by investing through
 legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese
 company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership
 of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial
 statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's
 performance and the enforceability of the VIE's contractual arrangements with the Chinese company.
 

* **Industry Exposure.** 
 Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single
 industry or group of related industries.
 

* **Issuer-Specific Changes.** 
 The value of an individual security or particular type of security can be more volatile than, and can perform differently
 from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security
 can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality,
 also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of
 default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and
 certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory,
 market, or economic developments.
 

* **Leverage Risk.** 
 Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.
 

* **"Growth" Investing.** 
 "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than
 other types of stocks.
 

* **"Value" Investing.** 
 "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued
 by the market for long periods of time.
 

You could lose money by investing in the fund.

**Performance**

Performance history will be available for the fund after the fund has been in operation for one calendar year.

**Investment Adviser**

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager.

**Portfolio Manager(s)**

Andrew Dierdorf (Co-Portfolio Manager) has managed the fund since 2023.

Brett Sumsion (Co-Portfolio Manager) has managed the fund since 2023.

**Purchase and Sale of Shares**

Only Permitted Accounts, including separate accounts of insurance companies that have signed the appropriate agreements with the fund, can buy or sell shares. Insurance companies offer variable annuity and variable life insurance products through separate accounts.

Permitted Accounts - not variable product owners - are the shareholders of the fund. Variable product owners hold interests in separate accounts. The terms of the offering of interests in separate accounts are included in the variable annuity or variable life insurance product prospectus.

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information**

Variable product owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product, or refer to their variable annuity or variable life insurance product prospectus. Insurance company separate accounts generally do not pay tax on dividends or capital gain distributions from the fund.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include insurance companies and their affiliated broker-dealers and service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information. <br>

Fidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

Fidelity, Investor Freedom, and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC.© 2023 FMR LLC. All rights reserved.

VIP Investor Freedom 2045 Portfolio is a service mark of FMR LLC.

Any third-party marks that may appear above are the marks of their respective owners.

The term "VIP" as used in this document refers to Fidelity<sup>®</sup> Variable Insurance Products.

1.9909111.100 VIPINV-45-SUM-0223

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