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82 Devonshire Street
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| August 17, 2007

U.S. Securities & Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Attn: Sally Samuels

RE:	Variable Insurance Products Fund V (the trust):
	FundsManager 60% Portfolio (the fund)
	File Nos. (033-17704) and (811-05361)
	Post-Effective Amendment No. 31

Ladies and Gentlemen:

Pursuant to Rule 8b-16 under the Investment Company Act of 1940, as amended, Regulation S-T and Rule 485(b) under the Securities Act of 1933, as amended, transmitted herewith on behalf of the trust is Post-Effective Amendment No. 31 to the trust's current effective Registration Statement on Form N-1A. This transmission contains a conformed signature page, the manually signed original of which, executed pursuant to Powers of Attorney dated April 1, 2007 and May 17, 2007, is maintained at the offices of the trust. This filing also includes a conformed copy of the manually signed consent of the trust's independent registered public accounting firms, the original of which are maintained at the offices of the trust.

This filing contains Prospectuses and Statements of Additional Information for FundsManager 60% Portfolio. The fund's Prospectus and SAI, as filed herein, have been tagged to indicate modifications and editorial changes made since the filing of Post-Effective Amendment No. 29. The funds may be marketed through banks, savings and loan associations, or credit unions.

This filing also serves to reflect Staff comments on Post-Effective Amendment No. 29, updated standard disclosure, and implement editorial changes.

An effective date of August 19, 2007 is elected by the Trust pursuant to Rule 485(b).

Please contact Jamie Plourde at (617) 563-1375 in connection with any questions or comments regarding this filing.

|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||	Sincerely,
	/s/ Jamie Dastous
	Jamie Dastous
	Legal Product Group