Fidelity (logo) Investments®||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| Fidelity Management & Research Company
82 Devonshire Street
Boston MA 02109-3614
617 563 7000

|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| May 6, 2009

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/ Scott C. Goebel
	Scott C. Goebel
	Secretary of the Trust