0000823535 2011-04-29 2012-04-28 0000823535 vipf1:S000017659Member vipf1:InitServServTwoMember 2011-04-29 2012-04-28 0000823535 vipf1:S000017659Member vipf1:InvMember 2011-04-29 2012-04-28 0000823535 vipf1:S000017667Member vipf1:InvMember 2011-04-29 2012-04-28 0000823535 vipf1:S000017667Member vipf1:InitServServTwoMember 2011-04-29 2012-04-28 2012-04-28 Variable Insurance Products Fund V 0000823535 2013-01-02 2013-01-02 2012-12-31 false Supplement to the  Fidelity® Variable Insurance Products Initial Class, Service Class, and Service Class 2 Asset Manager Portfolio April 28, 2012  Prospectus The fund may invest in Fidelity® Commodity Strategy Central Fund (commodity central fund), which in turn invests in a wholly-owned subsidiary that invests in commodity-linked derivative instruments. Until December 31, 2012, Fidelity Management & Research Company (FMR) had contractually agreed to waive the fund's management fee in an amount equal to its proportionate share of the management fee paid to FMR by the subsidiary based on the fund's proportionate ownership of the commodity central fund. This arrangement was terminated effective December 31, 2012, when Geode Capital Management, LLC, a registered commodity pool operator, was appointed as the manager of the commodity central fund and its subsidiary. Effective December 31, 2012, Geode has contractually agreed to waive the management fee it receives with respect to the commodity central fund in an amount equal to the management fee paid to Geode by the subsidiary. This reimbursement arrangement is unrelated to the expenses of the fund to which this prospectus relates. The following information replaces the similar information found under the heading "Fee Table" in the "Fund Summary" section on page 3.Annual class operating expenses (expenses that you pay each year as a % of the value of your investment)<table width="95%" border="" style="background-color: rgb(255, 255, 255);"><tr><td align="left" valign="bottom"> </td><td align="center" valign="bottom"><center>Initial Class</center> </td><td align="center" valign="bottom"> </td><td align="center" valign="bottom"><center>Service Class</center> </td><td align="center" valign="bottom"><center> </center></td><td align="center" valign="bottom"><center>Service Class 2</center> </td></tr><tr><td align="left" valign="bottom">Management fee</td><td align="right" valign="bottom">0.51%</td><td align="right" valign="bottom"> </td><td valign="bottom" align="right">0.51%</td><td align="center" valign="bottom"> </td><td valign="bottom" align="right">0.51%</td></tr><tr><td align="left" valign="bottom">Distribution and/or Service (12b-1) fees</td><td valign="bottom" align="right">None</td><td valign="bottom" align="right"> </td><td valign="bottom" align="right">0.10%</td><td align="center" valign="bottom"> </td><td valign="bottom" align="right">0.25%</td></tr><tr><td align="left" valign="bottom">Other expenses</td><td valign="bottom" align="right">0.13%</td><td valign="bottom" align="right"> </td><td valign="bottom" align="right">0.15%</td><td align="center" valign="bottom"> </td><td valign="bottom" align="right">0.15%</td></tr><tr><td align="left" valign="bottom">Total annual operating expensesA</td><td valign="bottom" align="right">0.64%</td><td valign="bottom" align="right"> </td><td valign="bottom" align="right">0.76%</td><td align="center" valign="bottom"> </td><td valign="bottom" align="right">0.91%</td></tr></table>A Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses. Supplement to the  Fidelity® Variable Insurance Products Investor Class Asset Manager Portfolio April 28, 2012  Prospectus The fund may invest in Fidelity® Commodity Strategy Central Fund (commodity central fund), which in turn invests in a wholly-owned subsidiary that invests in commodity-linked derivative instruments. Until December 31, 2012, Fidelity Management & Research Company (FMR) had contractually agreed to waive the fund's management fee in an amount equal to its proportionate share of the management fee paid to FMR by the subsidiary based on the fund's proportionate ownership of the commodity central fund. This arrangement was terminated effective December 31, 2012, when Geode Capital Management, LLC, a registered commodity pool operator, was appointed as the manager of the commodity central fund and its subsidiary. Effective December 31, 2012, Geode has contractually agreed to waive the management fee it receives with respect to the commodity central fund in an amount equal to the management fee paid to Geode by the subsidiary. This reimbursement arrangement is unrelated to the expenses of the fund to which this prospectus relates. The following information replaces the similar information found under the heading "Fee Table" in the "Fund Summary" section on page 3.Annual class operating expenses (expenses that you pay each year as a % of the value of your investment)<table width="95%" border="" style="background-color: rgb(255, 255, 255);"><tr><td align="left" valign="bottom">Management fee</td><td align="right" valign="bottom">0.51%</td></tr><tr><td align="left" valign="bottom">Distribution and/or Service (12b-1) fees</td><td align="right" valign="bottom">None</td></tr><tr><td align="left" valign="bottom">Other expenses</td><td align="right" valign="bottom">0.21%</td></tr><tr><td align="left" valign="bottom">Total annual operating expensesA</td><td align="right" valign="bottom">0.72%</td></tr></table>A Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses. Supplement to the  Fidelity® Variable Insurance Products Investor Class Asset Manager: Growth Portfolio April 28, 2012  Prospectus The fund may invest in Fidelity® Commodity Strategy Central Fund (commodity central fund), which in turn invests in a wholly-owned subsidiary that invests in commodity-linked derivative instruments. Until December 31, 2012, Fidelity Management & Research Company (FMR) had contractually agreed to waive the fund's management fee in an amount equal to its proportionate share of the management fee paid to FMR by the subsidiary based on the fund's proportionate ownership of the commodity central fund. This arrangement was terminated effective December 31, 2012, when Geode Capital Management, LLC, a registered commodity pool operator, was appointed as the manager of the commodity central fund and its subsidiary. Effective December 31, 2012, Geode has contractually agreed to waive the management fee it receives with respect to the commodity central fund in an amount equal to the management fee paid to Geode by the subsidiary. This reimbursement arrangement is unrelated to the expenses of the fund to which this prospectus relates. The following information replaces the similar information found under the heading "Fee Table" in the "Fund Summary" section on page 3.Annual class operating expenses (expenses that you pay each year as a % of the value of your investment)<table width="95%" border="" style="background-color: rgb(255, 255, 255);"><tr><td align="left" valign="bottom">Management fee</td><td align="right" valign="bottom">0.56%</td></tr><tr><td align="left" valign="bottom">Distribution and/or Service (12b-1) fees</td><td align="right" valign="bottom">None</td></tr><tr><td align="left" valign="bottom">Other expenses</td><td align="right" valign="bottom">0.25%</td></tr><tr><td align="left" valign="bottom">Acquired fund fees and expenses</td><td align="right" valign="bottom">0.01%</td></tr><tr><td align="left" valign="bottom">Total annual operating expenses A</td><td align="right" valign="bottom">0.82%</td></tr></table>A Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses. Supplement to the  Fidelity® Variable Insurance Products Initial Class, Service Class, and Service Class 2 Asset Manager: Growth Portfolio April 28, 2012  Prospectus The fund may invest in Fidelity® Commodity Strategy Central Fund (commodity central fund), which in turn invests in a wholly-owned subsidiary that invests in commodity-linked derivative instruments. Until December 31, 2012, Fidelity Management & Research Company (FMR) had contractually agreed to waive the fund's management fee in an amount equal to its proportionate share of the management fee paid to FMR by the subsidiary based on the fund's proportionate ownership of the commodity central fund. This arrangement was terminated effective December 31, 2012, when Geode Capital Management, LLC, a registered commodity pool operator, was appointed as the manager of the commodity central fund and its subsidiary. Effective December 31, 2012, Geode has contractually agreed to waive the management fee it receives with respect to the commodity central fund in an amount equal to the management fee paid to Geode by the subsidiary. This reimbursement arrangement is unrelated to the expenses of the fund to which this prospectus relates. The following information replaces the similar information found under the heading "Fee Table" in the "Fund Summary" section on page 3.Annual class operating expenses (expenses that you pay each year as a % of the value of your investment)<table width="95%" border="" style="background-color: rgb(255, 255, 255);"><tr><td align="left" valign="bottom"> </td><td align="center" valign="bottom"><center>Initial Class</center> </td><td align="center" valign="bottom"> </td><td align="center" valign="bottom"><center>Service Class</center> </td><td align="center" valign="bottom"><center> </center></td><td align="center" valign="bottom"><center>Service Class 2</center> </td></tr><tr><td align="left" valign="bottom">Management fee</td><td align="right" valign="bottom">0.56%</td><td align="right" valign="bottom"> </td><td valign="bottom" align="right">0.56%</td><td align="center" valign="bottom"> </td><td valign="bottom" align="right">0.56%</td></tr><tr><td align="left" valign="bottom">Distribution and/or Service (12b-1) fees</td><td valign="bottom" align="right">None</td><td valign="bottom" align="right"> </td><td valign="bottom" align="right">0.10%</td><td align="center" valign="bottom"> </td><td valign="bottom" align="right">0.25%</td></tr><tr><td align="left" valign="bottom">Other expenses</td><td valign="bottom" align="right">0.17%</td><td valign="bottom" align="right"> </td><td valign="bottom" align="right">0.17%</td><td align="center" valign="bottom"> </td><td valign="bottom" align="right">0.20%</td></tr><tr><td align="left" valign="bottom">Acquired fund fees and expenses</td><td align="right" valign="bottom">0.01%</td><td align="right" valign="bottom"> </td><td valign="bottom" align="right">0.01%</td><td align="center" valign="bottom"> </td><td valign="bottom" align="right">0.01%</td></tr><tr><td align="left" valign="bottom">Total annual operating expenses A</td><td valign="bottom" align="right">0.74%</td><td valign="bottom" align="right"> </td><td valign="bottom" align="right">0.84%</td><td align="center" valign="bottom"> </td><td valign="bottom" align="right">1.02%</td></tr></table>A Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses. Other