Supplement to the

Fidelity® Variable Insurance Products

Asset Manager^SM Portfolio, Asset Manager: Growth® Portfolio, Investment Grade Bond Portfolio,

Money Market Portfolio, and Strategic Income Portfolio

Funds of Variable Insurance Products Fund V

Investor Class

STATEMENT OF ADDITIONAL INFORMATION

April 30, 2008

Effective July 1, 2008, Richard Habermann no longer serves as co-manager of VIP Asset Manager Portfolio and VIP Asset Manager: Growth Portfolio and all references to Mr. Habermann in the "Management Contracts" section beginning on page 42 are no longer applicable.

<R>The following information replaces similar information found in the "Management Contracts" section beginning on page 42.</R>

<R>Sub-Advisers - FMR U.K., FIIA, FIIA(U.K.)L, and FIJ. On behalf of each fund, FMR has entered into sub-advisory agreements with FMR U.K. On behalf of VIP Strategic Income, FMR has entered into a sub-advisory agreement with FIIA. On behalf of VIP Strategic Income, FIIA, in turn, has entered into a sub-advisory agreement with FIIA(U.K.)L and FIJ. Pursuant to the sub-advisory agreements, FMR may receive from the sub-advisers investment research and advice on issuers outside the United States (non-discretionary services) and FMR may grant the sub-advisers investment management authority and the authority to buy and sell securities if FMR believes it would be beneficial to the funds (discretionary services). FMR, and FIIA, and not the funds, pay the sub-advisers.</R>

The following information supplements similar information found in the "Management Contracts" section beginning on page 51.

The following table provides information relating to other accounts managed by Ms. Bewick as of April 30, 2008:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	5	none	none
Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none
Assets Managed (in millions)	$ 19,284	none	none
Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none

* Includes VIP Strategic Income ($398 (in millions) assets managed).

As of April 30, 2008, the dollar range of shares of VIP Strategic Income beneficially owned by Ms. Bewick was none.

The following information supplements similar information found in the "Management Contracts" section beginning on page 52.

The following table provides information relating to other accounts managed by Dr. Irving as of April 30, 2008:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	10	7	2
Number of Accounts Managed with Performance-Based Advisory Fees	none	none	1
Assets Managed (in millions)	$ 28,181	$ 7,150	$ 514
Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	$ 506

* Includes VIP Strategic Income ($121 (in millions) assets managed).

As of April 30, 2008, the dollar range of shares of VIP Strategic Income beneficially owned by Dr. Irving was none.

<R>VINVB-08-03 July 11, 2008
1.869875.102</R>

Supplement to the

Fidelity® Variable Insurance Products

Asset Manager^SM Portfolio, Asset Manager: Growth® Portfolio, Investment Grade Bond Portfolio,
Money Market Portfolio, and Strategic Income Portfolio

Funds of Variable Insurance Products Fund V

Initial Class, Service Class, and Service Class 2

STATEMENT OF ADDITIONAL INFORMATION

April 30, 2008

Effective July 1, 2008, Richard Habermann no longer serves as co-manager of VIP Asset Manager and VIP Asset Manager: Growth and all references to Mr. Habermann in the "Management Contracts" section beginning on page 47 are no longer applicable.

<R>The following information replaces similar information found in the "Management Contracts" section on page 47.</R>

<R>Sub-Advisers - FMR U.K., FIIA, FIIA(U.K.)L, and FIJ. On behalf of each fund, FMR has entered into sub-advisory agreements with FMR U.K. On behalf of VIP Strategic Income, FMR has entered into a sub-advisory agreement with FIIA. On behalf of VIP Strategic Income, FIIA, in turn, has entered into a sub-advisory agreement with FIIA(U.K.)L and FIJ. Pursuant to the sub-advisory agreements, FMR may receive from the sub-advisers investment research and advice on issuers outside the United States (non-discretionary services) and FMR may grant the sub-advisers investment management authority and the authority to buy and sell securities if FMR believes it would be beneficial to the funds (discretionary services). FMR and FIIA, and not the funds, pay the sub-advisers.</R>

The following information supplements similar information found in the "Management Contracts" section beginning on page 51.

The following table provides information relating to other accounts managed by Ms. Bewick as of April 30, 2008:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	5	none	none
Number of Accounts Managed with Performance-Based Advisory Fees	none	none	none
Assets Managed (in millions)	$ 19,284	none	none
Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	none

* Includes VIP Strategic Income ($398 (in millions) assets managed).

As of April 30, 2008, the dollar range of shares of VIP Strategic Income beneficially owned by Ms. Bewick was none.

The following information supplements similar information found in the "Management Contracts" section beginning on page 52.

The following table provides information relating to other accounts managed by Dr. Irving as of April 30, 2008:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	10	7	2
Number of Accounts Managed with Performance-Based Advisory Fees	none	none	1
Assets Managed (in millions)	$ 28,181	$ 7,150	$ 514
Assets Managed with Performance-Based Advisory Fees (in millions)	none	none	$ 506

* Includes VIP Strategic Income ($121 (in millions) assets managed).

As of April 30, 2008, the dollar range of shares of VIP Strategic Income beneficially owned by Dr. Irving was none.

<R>VINSCSC2B-08-03 July 11, 2008
1.869876.102</R>