497 1 main.htm

Supplement to the
Fidelity® Variable Insurance Products
Investor Class
FundsManager 20% Portfolio, FundsManager 50% Portfolio, FundsManager 70% Portfolio, and
FundsManager 85% Portfolio
April 30, 2007
Prospectus

Effective June 29, 2007, FundsManager 20% Portfolio, FundsManager 50% Portfolio, FundsManager 70% Portfolio, and FundsManager 85% Portfolio were reorganized from series of Variable Insurance Products Fund IV to series of Variable Insurance Products Fund V.

<R>The following information replaces the similar information found under the heading "Fee Table" in the "Fund Summary" section on page 6.</R>

<R>Fee Table</R>

<R>The following table describes the fees and expenses that may be incurred, directly or indirectly, when a variable product owner buys, holds, or redeems interests in a separate account that invests in a class of a fund, but does not reflect the effect of any fees or other expenses of any variable annuity or variable life insurance product.</R>

<R>Fees (paid by the variable product owner directly)</R>

<R>Investor
Class</R>

<R>Sales charge (load) on purchases and reinvested distributions</R>

<R>Not Applicable</R>

<R>Deferred sales charge (load) on redemptions</R>

<R>Not Applicable</R>

<R>Annual operating expenses (paid from class assets)</R>

<R>Investor
Class</R>

<R>VIP FundsManager 20%</R>

<R>Management fee</R>

<R>0.25%</R>

<R>Distribution and/or Service (12b-1) fees</R>

<R>None</R>

<R>Other expenses</R>

<R>0.00%</R>

<R>Acquired fund fees and expenses</R>

<R>0.44%</R>

<R>Total annual class operating expensesA</R>

<R>0.69%</R>

<R>Less Waiver</R>

<R>0.05%</R>

<R>Net expensesB</R>

<R>0.64%</R>

<R>VIP FundsManager 50%</R>

<R>Management fee</R>

<R>0.25%</R>

<R>Distribution and/or Service (12b-1) fees</R>

<R>None</R>

<R>Other expenses</R>

<R>0.00%</R>

<R>Acquired fund fees and expenses</R>

<R>0.56%</R>

<R>Total annual class operating expensesA</R>

<R>0.81%</R>

<R>Less Waiver</R>

<R>0.05%</R>

<R>Net expensesB</R>

<R>0.76%</R>

<R>VIPFM-07-02 July 18, 2007
1.833268.102</R>

<R>VIP FundsManager 70% </R>

<R>Management fee </R>

<R>0.25%</R>

<R>Distribution and/or Service (12b-1) fees</R>

<R>None</R>

<R>Other expenses</R>

<R>0.00%</R>

<R>Acquired fund fees and expenses</R>

<R>0.66%</R>

<R>Total annual class operating expensesA</R>

<R>0.91%</R>

<R>Less Waiver</R>

<R>0.05%</R>

<R>Net expensesB</R>

<R>0.86%</R>

<R>VIP FundsManager 85%</R>

<R>Management fee </R>

<R>0.25%</R>

<R>Distribution and/or Service (12b-1) fees</R>

<R>None</R>

<R>Other expenses</R>

<R>0.00%</R>

<R>Acquired fund fees and expenses</R>

<R>0.72%</R>

<R>Total annual class operating expensesA</R>

<R>0.97%</R>

<R>Less Waiver</R>

<R>0.05%</R>

<R>Net expensesB</R>

<R>0.92%</R>

<R>A Differs from the ratios of expenses to average net assets in the Financial Highlights section because the total annual operating expenses shown above include acquired fund fees and expenses.</R>

<R>B Strategic Advisers has contractually agreed to waive 0.05% of its management fee until July 31, 2008.</R>

<R>The following information replaces the similar information found on page 7.</R>

<R>Investor
Class</R>

<R>VIP FundsManager 20%</R>

<R>1 year</R>

<R>$ 70</R>

<R>3 years</R>

<R>$ 221</R>

<R>5 years</R>

<R>$ 384</R>

<R>10 years</R>

<R>$ 859</R>

<R>VIP FundsManager 50%</R>

<R>1 year</R>

<R>$ 83</R>

<R>3 years</R>

<R>$ 259</R>

<R>5 years</R>

<R>$ 450</R>

<R>10 years</R>

<R>$ 1,002</R>

<R>VIP FundsManager 70%</R>

<R>1 year</R>

<R>$ 93</R>

<R>3 years</R>

<R>$ 290</R>

<R>5 years</R>

<R>$ 504</R>

<R>10 years</R>

<R>$ 1,120</R>

<R>VIP FundsManager 85%</R>

<R>1 year</R>

<R>$ 99</R>

<R>3 years</R>

<R>$ 309</R>

<R>5 years</R>

<R>$ 536</R>

<R>10 years</R>

<R>$ 1,190</R>

The following information has been removed from the "Fund Services" section on page14.

Strategic Advisers pays FMR an administration fee for handling the business affairs for each VIP FundsManager Portfolio.

The following information replaces the similar information found on the back cover.

Investment Company Act of 1940, File Number, 811-05361

Supplement to the
Fidelity® Variable Insurance Products
Service Class and Service Class 2 FundsManager 20% Portfolio, FundsManager 50% Portfolio, FundsManager 70% Portfolio, and
FundsManager 85% Portfolio
April 30, 2007
Prospectus

Effective June 29, 2007, FundsManager 20% Portfolio, FundsManager 50% Portfolio, FundsManager 70% Portfolio, and FundsManager 85% Portfolio were reorganized from series of Variable Insurance Products Fund IV to series of Variable Insurance Products Fund V.

<R>The following information replaces the similar information under the heading "Fee Table" in the "Fund Summary" section beginning on page 6.</R>

<R>Fee Table</R>

<R>The following table describes the fees and expenses that may be incurred, directly or indirectly, when a variable product owner buys, holds, or redeems interests in a separate account that invests in a class of a fund, but does not reflect the effect of any fees or other expenses of any variable annuity or variable life insurance product. </R>

<R>Fees (paid by the variable product owner directly)</R>

<R>Service
Class</R>

<R>Service
Class 2</R>

<R>Sales charge (load) on purchases and reinvested distributions</R>

<R>Not Applicable</R>

<R>Not Applicable</R>

<R>Deferred sales charge (load) on redemptions</R>

<R>Not Applicable</R>

<R>Not Applicable</R>

<R>Annual operating expenses (paid from class assets)</R>

<R>Service
Class</R>

<R>Service
Class 2</R>

<R>VIP FundsManager 20%</R>

<R>Management fee</R>

<R>0.25%</R>

<R>0.25%</R>

<R>Distribution and/or Service (12b-1) fees</R>

<R>0.10%</R>

<R>0.25%</R>

<R>Other expenses</R>

<R>0.00%</R>

<R>0.00%</R>

<R>Acquired fund fees and expenses</R>

<R>0.44%</R>

<R>0.44%</R>

<R>Total annual class operating expensesA</R>

<R>0.79%</R>

<R>0.94%</R>

<R>Less Waiver and Reimbursement</R>

<R>0.15%</R>

<R>0.15%</R>

<R>Net ExpensesB</R>

<R>0.64%</R>

<R>0.79%</R>

<R>VIP FundsManager 50%</R>

<R>Management fee</R>

<R>0.25%</R>

<R>0.25%</R>

<R>Distribution and/or Service (12b-1) fees</R>

<R>0.10%</R>

<R>0.25%</R>

<R>Other expenses</R>

<R>0.00%</R>

<R>0.00%</R>

<R>Acquired fund fees and expenses</R>

<R>0.56%</R>

<R>0.56%</R>

<R>Total annual class operating expensesA</R>

<R>0.91%</R>

<R>1.06%</R>

<R>Less Waiver and Reimbursement</R>

<R>0.15%</R>

<R>0.15%</R>

<R>Net ExpensesB</R>

<R>0.76%</R>

<R>0.91%</R>

<R>VIP FundsManager 70%</R>

<R>Management fee</R>

<R>0.25%</R>

<R>0.25%</R>

<R>Distribution and/or Service (12b-1) fees</R>

<R>0.10%</R>

<R>0.25%</R>

<R>Other expenses</R>

<R>0.00%</R>

<R>0.00%</R>

<R>Acquired fund fees and expenses</R>

<R>0.66%</R>

<R>0.66%</R>

<R>Total annual class operating expensesA</R>

<R>1.01%</R>

<R>1.16%</R>

<R>Less Waiver and Reimbursement</R>

<R>0.15%</R>

<R>0.15%</R>

<R>Net ExpensesB</R>

<R>0.86%</R>

<R>1.01%</R>

VFMSCSC2-07-02 July 18, 2007
1.833267.102

<R>Service
Class</R>

<R>Service
Class 2</R>

<R>VIP FundsManager 85%</R>

<R>Management fee</R>

<R>0.25%</R>

<R>0.25%</R>

<R>Distribution and/or Service (12b-1) fees</R>

<R>0.10%</R>

<R>0.25%</R>

<R>Other expenses</R>

<R>0.00%</R>

<R>0.00%</R>

<R>Acquired fund fees and expenses</R>

<R>0.72%</R>

<R>0.72%</R>

<R>Total annual class operating expensesA</R>

<R>1.07%</R>

<R>1.22%</R>

<R>Less Waiver and Reimbursement</R>

<R>0.15%</R>

<R>0.15%</R>

<R>Net ExpensesB</R>

<R>0.92%</R>

<R>1.07%</R>

<R>A Differs from the ratios of expenses to average net assets in the Financial Highlights section because the total annual operating expenses shown above include acquired fund fees and expenses.</R>

<R>B Strategic Advisers has contractually agreed to waive 0.05% of its management fee until July 31, 2008. In addition, FMR has contractually agreed to reimburse 0.10% of class level expenses for Service Class and Service Class 2.</R>

<R>The following information replaces the similar information found on page 7.</R>

<R>Service
Class</R>

<R>Service
Class 2</R>

<R>VIP FundsManager 20%</R>

<R>1 year</R>

<R>$ 81</R>

<R>$ 96</R>

<R>3 years</R>

<R>$ 252</R>

<R>$ 300</R>

<R>5 years</R>

<R>$ 439</R>

<R>$ 520</R>

<R>10 years</R>

<R>$ 978</R>

<R>$ 1,155</R>

<R>VIP FundsManager 50%</R>

<R>1 year</R>

<R>$ 93</R>

<R>$ 108</R>

<R>3 years</R>

<R>$ 290</R>

<R>$ 337</R>

<R>5 years</R>

<R>$ 504</R>

<R>$ 585</R>

<R>10 years</R>

<R>$ 1,120</R>

<R>$ 1,294</R>

<R>VIP FundsManager 70%</R>

<R>1 year</R>

<R>$ 103</R>

<R>$ 118</R>

<R>3 years</R>

<R>$ 322</R>

<R>$ 368</R>

<R>5 years</R>

<R>$ 558</R>

<R>$ 638</R>

<R>10 years</R>

<R>$ 1,236</R>

<R>$ 1,409</R>

<R>VIP FundsManager 85%</R>

<R>1 year</R>

<R>$ 109</R>

<R>$ 124</R>

<R>3 years</R>

<R>$ 340</R>

<R>$ 387</R>

<R>5 years</R>

<R>$ 590</R>

<R>$ 670</R>

<R>10 years</R>

<R>$ 1,306</R>

<R>$ 1,477</R>

The following information has been removed from the "Fund Services" section on page 14.

Strategic Advisers pays FMR an administration fee for handling the business affairs for each VIP FundsManager Portfolio.

The following information replaces the similar information found on the back cover.

Investment Company Act of 1940, File Number, 811-05361