Fidelity (logo) Investments®||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| FMR LLC
82 Devonshire Street
Boston MA 02109-3614
617 563 7000

|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| May 2, 2008

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):
	Asset Manager Portfolio Asset Manager: Growth Portfolio Freedom 2005 Portfolio Freedom 2010 Portfolio Freedom 2015 Portfolio Freedom 2020 Portfolio Freedom 2025 Portfolio Freedom 2030 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 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 Money Market Portfolio Strategic Income Portfolio (the funds)
	File Nos. 033-17704 and 811-05361

__________________________________________________________________________

Ladies and Gentlemen:

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

||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||	Very truly yours,
	/s/Eric D. Roiter
	Eric D. Roiter
	Secretary