Variable Insurance Products Fund V

02/27/2026 | Press release | Distributed by Public on 02/27/2026 08:35

Summary Prospectus by Investment Company (Form 497K)

Supplement to the
Fidelity® Variable Insurance Products
Strategic Income Portfolio
Investor Class
April 30, 2025
Summary Prospectus
Effective February 28, 2026, Daniel Ushakov no longer serves as Co-Portfolio Manager of the fund.
It is expected that Mr. O'Neil will transition off the fund effective on or about September 30, 2026. Celso Munoz will become a Co-Lead Portfolio Manager for the fund effective January 1, 2026.
Effective January 1, 2026, the following information supplements information found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.
Celso Munoz (Co-Lead Portfolio Manager) has managed the fund since 2026.
VIPSI-INV-SUSTK-0226-103
1.9897491.103
February 27, 2026
Supplement to the
Fidelity® Variable Insurance Products
Strategic Income Portfolio
Initial Class, Service Class, and Service Class 2
April 30, 2025
Summary Prospectus
Effective February 28, 2026, Daniel Ushakov no longer serves as Co-Portfolio Manager of the fund.
It is expected that Mr. O'Neil will transition off the fund effective on or about September 30, 2026. Celso Munoz will become a Co-Lead Portfolio Manager for the fund effective January 1, 2026.
Effective January 1, 2026, the following information supplements information found in the "Fund Summary" section under the "Portfolio Manager(s)" heading.
Celso Munoz (Co-Lead Portfolio Manager) has managed the fund since 2026.
VIPSI-SUSTK-0226-103
1.9897492.103
February 27, 2026
Variable Insurance Products Fund V published this content on February 27, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT) on February 27, 2026 at 14:35 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]