245 Summer Street

Fidelity® Investments

Boston, MA 02210

May 1, 2023

U.S. Securities & Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Attention: File Room

RE: Variable Insurance Products Fund V (the trust): File Nos. 033-17704 and 811-05361  Investment Grade Bond II Portfolio  Asset Manager Portfolio  Asset Manager: Growth Portfolio  Bond Index Portfolio  Freedom 2005 Portfolio  Freedom 2010 Portfolio  Freedom 2015 Portfolio  Freedom 2020 Portfolio  Freedom 2025 Portfolio  Freedom 2030 Portfolio  Freedom 2035 Portfolio  Freedom 2040 Portfolio  Freedom 2045 Portfolio  Freedom 2050 Portfolio  Freedom 2055 Portfolio  Freedom 2060 Portfolio  Freedom 2065 Portfolio  Freedom Income Portfolio  Freedom Lifetime Income I Portfolio  Freedom Lifetime Income II Portfolio  Freedom Lifetime Income III Portfolio  FundsManager 20% Portfolio  FundsManager 50% Portfolio  FundsManager 60% Portfolio  FundsManager 70% Portfolio  FundsManager 85% Portfolio Government Money Market Portfolio Investment Grade Bond Portfolio Investor Freedom 2005 Portfolio Investor Freedom 2010 Portfolio Investor Freedom 2015 Portfolio Investor Freedom 2020 Portfolio Investor Freedom 2025 Portfolio Investor Freedom 2030 Portfolio Investor Freedom Income Portfolio Strategic Income Portfolio Target Volatility Portfolio (the fund(s))

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Ladies and Gentlemen:

Transmitted herewith pursuant to Rule 497(j) under the Securities Act of 1933 is certification that the Prospectus(es) and Statement(s) of Additional Information with respect to the above referenced fund(s) do not differ from those filed in the most recent post-effective amendment, which was filed electronically.

Very truly yours,

/s/Margaret Carey

Margaret Carey

Secretary of the Trust