0000722574-14-000328.txt : 20140801 0000722574-14-000328.hdr.sgml : 20140801 20140801073907 ACCESSION NUMBER: 0000722574-14-000328 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20140801 DATE AS OF CHANGE: 20140801 EFFECTIVENESS DATE: 20140801 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: 141008050 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 0000823535 S000017670 Freedom 2010 Portfolio C000048824 Initial Class C000048825 Service Class C000048826 Service Class 2 497K 1 main.htm

Supplement to the
Fidelity® Variable Insurance Products
Freedom 2010 Portfolio
Initial Class, Service Class, and Service Class 2
April 30, 2014
Summary Prospectus
As Revised May 19, 2014

Notwithstanding any information in the prospectus to the contrary, effective on or about August 1, 2014 Strategic Advisers, Inc. may vary asset allocations within the asset classes identified in the prospectus (domestic equity funds, international equity funds, bond funds and short-term funds) from the target asset allocations in each fund's fund summary. Strategic Advisers may utilize this strategy to allow portfolio managers to express their cyclical asset class views within predefined risk parameters. In implementing this strategy, Strategic Advisers, Inc. may vary exposure to asset classes as follows:

Asset Class
Range

Equity Funds (domestic and international)

+/- 10% (aggregate limit)

Bond Funds

+/- 10%

Short Term Debt Funds

+/- 10%

As a result of this strategy, the asset allocations shown in the prospectus are referred to as "neutral" allocations because they do not reflect any decisions made by Strategic Advisers to overweight or underweight a particular asset class.

The following information supplements information under "Principal Investment Risks" in the "Fund Summary" section of the prospectus.

Active Allocation Risk. Strategic Advisers has discretion to increase or decrease the exposure to the asset classes listed above. This strategy may not be successful in adding value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed above from time to time. 

VIPF2010-SUM-14-01		August 1, 2014
1.9859674.100