UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05361

Variable Insurance Products Fund V
(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	December 31

Date of reporting period:	June 30, 2008

This report on Form N-CSR relates solely to the Registrant's 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, 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 and Money Market Portfolio series (each, a "Fund" and collectively, the "Funds").

Item 1. Reports to Stockholders

Fidelity® Variable Insurance Products:
Freedom Funds -
Income, 2005, 2010, 2015, 2020, 2025, 2030

Semiannual Report

June 30, 2008
(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Freedom Income Portfolio	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
Freedom 2005 Portfolio	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
Freedom 2010 Portfolio	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
Freedom 2015 Portfolio	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
Freedom 2020 Portfolio	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
Freedom 2025 Portfolio	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
Freedom 2030 Portfolio	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
Notes	<Click Here>	Notes to the financial statements.
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2008 to June 30, 2008).

Actual Expenses

The first line of the accompanying table for each class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, each Fund, as a shareholder in underlying Fidelity Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value January 1, 2008	Ending Account Value June 30, 2008	Expenses Paid During Period* January 1, 2008 to June 30, 2008
VIP Freedom Income
Initial Class
Actual	$ 1,000.00	$ 985.20	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.86	$ .00
Service Class
Actual	$ 1,000.00	$ 983.30	$ .49
Hypothetical^A	$ 1,000.00	$ 1,024.37	$ .50
Service Class 2
Actual	$ 1,000.00	$ 983.30	$ 1.23
Hypothetical^A	$ 1,000.00	$ 1,023.62	$ 1.26
VIP Freedom 2005
Initial Class
Actual	$ 1,000.00	$ 948.90	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.86	$ .00
Service Class
Actual	$ 1,000.00	$ 948.00	$ .48
Hypothetical^A	$ 1,000.00	$ 1,024.37	$ .50
Service Class 2
Actual	$ 1,000.00	$ 947.10	$ 1.21
Hypothetical^A	$ 1,000.00	$ 1,023.62	$ 1.26
VIP Freedom 2010
Initial Class
Actual	$ 1,000.00	$ 945.50	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.86	$ .00
Service Class
Actual	$ 1,000.00	$ 945.40	$ .48
Hypothetical^A	$ 1,000.00	$ 1,024.37	$ .50
Service Class 2
Actual	$ 1,000.00	$ 944.40	$ 1.21
Hypothetical^A	$ 1,000.00	$ 1,023.62	$ 1.26
	Beginning Account Value January 1, 2008	Ending Account Value June 30, 2008	Expenses Paid During Period* January 1, 2008 to June 30, 2008
VIP Freedom 2015
Initial Class
Actual	$ 1,000.00	$ 937.90	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.86	$ .00
Service Class
Actual	$ 1,000.00	$ 937.90	$ .48
Hypothetical^A	$ 1,000.00	$ 1,024.37	$ .50
Service Class 2
Actual	$ 1,000.00	$ 936.90	$ 1.20
Hypothetical^A	$ 1,000.00	$ 1,023.62	$ 1.26
VIP Freedom 2020
Initial Class
Actual	$ 1,000.00	$ 922.80	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.86	$ .00
Service Class
Actual	$ 1,000.00	$ 922.00	$ .48
Hypothetical^A	$ 1,000.00	$ 1,024.37	$ .50
Service Class 2
Actual	$ 1,000.00	$ 921.90	$ 1.19
Hypothetical^A	$ 1,000.00	$ 1,023.62	$ 1.26
VIP Freedom 2025
Initial Class
Actual	$ 1,000.00	$ 918.60	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.86	$ .00
Service Class
Actual	$ 1,000.00	$ 918.50	$ .48
Hypothetical^A	$ 1,000.00	$ 1,024.37	$ .50
Service Class 2
Actual	$ 1,000.00	$ 917.60	$ 1.19
Hypothetical^A	$ 1,000.00	$ 1,023.62	$ 1.26
VIP Freedom 2030
Initial Class
Actual	$ 1,000.00	$ 906.10	$ .00
Hypothetical^A	$ 1,000.00	$ 1,024.86	$ .00
Service Class
Actual	$ 1,000.00	$ 906.10	$ .47
Hypothetical^A	$ 1,000.00	$ 1,024.37	$ .50
Service Class 2
Actual	$ 1,000.00	$ 905.10	$ 1.18
Hypothetical^A	$ 1,000.00	$ 1,023.62	$ 1.26

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which the Fund invests are not included in each class' annualized expense ratio.

Semiannual Report

	Annualized Expense Ratio
VIP Freedom Income
Initial Class	.00%
Service Class	.10%
Service Class 2	.25%
VIP Freedom 2005
Initial Class	.00%
Service Class	.10%
Service Class 2	.25%
VIP Freedom 2010
Initial Class	.00%
Service Class	.10%
Service Class 2	.25%
VIP Freedom 2015
Initial Class	.00%
Service Class	.10%
Service Class 2	.25%
VIP Freedom 2020
Initial Class	.00%
Service Class	.10%
Service Class 2	.25%
VIP Freedom 2025
Initial Class	.00%
Service Class	.10%
Service Class 2	.25%
VIP Freedom 2030
Initial Class	.00%
Service Class	.10%
Service Class 2	.25%

Semiannual Report

VIP Freedom Income Portfolio

Investment Changes (Unaudited)

Fund Holdings as of June 30, 2008
	% of fund's investments	% of fund's investments 6 months ago
Domestic Equity Funds
VIP Contrafund Portfolio Initial Class	3.0	3.2
VIP Equity-Income Portfolio Initial Class	3.2	3.3
VIP Growth & Income Portfolio Initial Class	3.4	3.6
VIP Growth Portfolio Initial Class	3.7	3.9
VIP Mid Cap Portfolio Initial Class	1.3	1.3
VIP Value Portfolio Initial Class	2.8	2.8
VIP Value Strategies Portfolio Initial Class	1.2	1.1
	18.6	19.2
High Yield Fixed-Income Funds
VIP High Income Portfolio Initial Class	5.1	4.9
Investment Grade Fixed-Income Funds
VIP Investment Grade Bond Portfolio Initial Class	35.2	35.7
Short-Term Funds
VIP Money Market Portfolio Initial Class	41.1	40.2
	100.0	100.0

Asset Allocation (% of fund's investments)
Current
	Domestic Equity Funds	18.6%
	High Yield Fixed-Income Funds	5.1%
	Investment Grade Fixed-Income Funds	35.2%
	Short-Term Funds	41.1%

fid137

Six months ago
	Domestic Equity Funds	19.2%
	High Yield Fixed-Income Funds	4.9%
	Investment Grade Fixed-Income Funds	35.7%
	Short-Term Funds	40.2%

fid143

The six months ago allocation is based on the fund's holdings as of December 31, 2007. The current allocation is based on the fund's holdings as of June 30, 2008.

Semiannual Report

VIP Freedom Income Portfolio

Investments June 30, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 18.6%
	Shares		Value
Domestic Equity Funds - 18.6%
VIP Contrafund Portfolio Initial Class	21,118		$ 503,864
VIP Equity-Income Portfolio Initial Class	25,808		526,736
VIP Growth & Income Portfolio Initial Class	42,105		570,096
VIP Growth Portfolio Initial Class	15,107		612,155
VIP Mid Cap Portfolio Initial Class	7,625		217,451
VIP Value Portfolio Initial Class	41,723		469,804
VIP Value Strategies Portfolio Initial Class	21,978		192,092
TOTAL EQUITY FUNDS (Cost $3,357,717)		3,092,198
Fixed-Income Funds - 40.3%

High Yield Fixed-Income Funds - 5.1%
VIP High Income Portfolio Initial Class	141,218		843,069
Investment Grade Fixed-Income Funds - 35.2%
VIP Investment Grade Bond Portfolio Initial Class	477,320		5,851,948
TOTAL FIXED-INCOME FUNDS (Cost $6,844,724)		6,695,017
Short-Term Funds - 41.1%

VIP Money Market Portfolio Initial Class (Cost $6,819,388)	6,819,388		6,819,389
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $17,021,829)		$ 16,606,604

Other Information

The following is a summary of the inputs used, as of June 30, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 16,606,604	$ 16,606,604	$ -	$ -

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2008 (Unaudited)

Assets
Investment in securities, at value (cost $17,021,829) - See accompanying schedule		$ 16,606,604
Receivable for investments sold		170
Receivable for fund shares sold		1,046,743
Total assets		17,653,517

Liabilities
Payable to custodian bank	$ 124
Payable for investments purchased	1,043,022
Payable for fund shares redeemed	4,407
Distribution fees payable	1,209
Total liabilities		1,048,762

Net Assets		$ 16,604,755
Net Assets consist of:
Paid in capital		$ 16,551,927
Undistributed net investment income		328,037
Accumulated undistributed net realized gain (loss) on investments		140,016
Net unrealized appreciation (depreciation) on investments		(415,225)
Net Assets		$ 16,604,755

Initial Class: Net Asset Value, offering price and redemption price per share ($10,951,882 ÷ 1,040,254 shares)		$ 10.53

Service Class: Net Asset Value, offering price and redemption price per share ($387,612 ÷ 36,831 shares)		$ 10.52

Service Class 2: Net Asset Value, offering price and redemption price per share ($5,265,261 ÷ 501,898 shares)		$ 10.49

Statement of Operations

Six months ended June 30, 2008 (Unaudited)

Investment Income
Income distributions from underlying funds		$ 338,915

Expenses
Distribution fees	7,069
Independent trustees' compensation	36
Total expenses before reductions	7,105
Expense reductions	(36)	7,069
Net investment income (loss)		331,846
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares	(8,162)
Capital gain distributions from underlying funds	156,150	147,988
Change in net unrealized appreciation (depreciation) on underlying funds		(692,669)
Net gain (loss)		(544,681)
Net increase (decrease) in net assets resulting from operations		$ (212,835)

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

	Six months ended June 30, 2008 (Unaudited)	Year ended December 31, 2007
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 331,846	$ 536,242
Net realized gain (loss)	147,988	254,116
Change in net unrealized appreciation (depreciation)	(692,669)	20,918
Net increase (decrease) in net assets resulting from operations	(212,835)	811,276
Distributions to shareholders from net investment income	(7,619)	(536,930)
Distributions to shareholders from net realized gain	(159,999)	(143,697)
Total distributions	(167,618)	(680,627)
Share transactions - net increase (decrease)	2,947,070	3,057,630
Total increase (decrease) in net assets	2,566,617	3,188,279

Net Assets
Beginning of period	14,038,138	10,849,859
End of period (including undistributed net investment income of $328,037 and undistributed net investment income of $3,810, respectively)	$ 16,604,755	$ 14,038,138

Financial Highlights - Initial Class

	Six months ended June 30, 2008	Years ended December 31,
	(Unaudited)	2007	2006	2005^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.80	$ 10.71	$ 10.36	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.22	.43	.40	.16
Net realized and unrealized gain (loss)	(.38)	.22	.32	.30
Total from investment operations	(.16)	.65	.72	.46
Distributions from net investment income	(.01)	(.44)	(.32)	(.10)
Distributions from net realized gain	(.11)	(.12)	(.05)	-
Total distributions	(.11)^I	(.56)	(.37)	(.10)
Net asset value, end of period	$ 10.53	$ 10.80	$ 10.71	$ 10.36
Total Return^{B, C, D}	(1.48)%	6.10%	6.94%	4.58%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.00%^A	.00%	.00%	.00%^A
Expenses net of fee waivers, if any	.00%^A	.00%	.00%	.00%^A
Expenses net of all reductions	.00%^A	.00%	.00%	.00%^A
Net investment income (loss)	4.16%^A	3.93%	3.75%	2.34%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 10,952	$ 10,035	$ 9,398	$ 5,954
Portfolio turnover rate	38%^A	56%	44%	12%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period April 26, 2005 (commencement of operations) to December 31, 2005.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class but do not include expenses of the investment companies in which the Fund invests.

^I Total distributions of $.11 per share is comprised of distributions from net investment income of $.005 and distributions from net realized gain of $.105 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Service Class

	Six months ended June 30, 2008	Years ended December 31,
	(Unaudited)	2007	2006	2005^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.81	$ 10.71	$ 10.36	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.22	.42	.39	.16
Net realized and unrealized gain (loss)	(.40)	.23	.32	.29
Total from investment operations	(.18)	.65	.71	.45
Distributions from net investment income	(.01)	(.43)	(.31)	(.09)
Distributions from net realized gain	(.11)	(.12)	(.05)	-
Total distributions	(.11)^I	(.55)	(.36)	(.09)
Net asset value, end of period	$ 10.52	$ 10.81	$ 10.71	$ 10.36
Total Return^{B, C, D}	(1.67)%	6.10%	6.83%	4.51%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.10%^A	.10%	.10%	.10%^A
Expenses net of fee waivers, if any	.10%^A	.10%	.10%	.10%^A
Expenses net of all reductions	.10%^A	.10%	.10%	.10%^A
Net investment income (loss)	4.06%^A	3.83%	3.65%	2.24%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 388	$ 414	$ 391	$ 366
Portfolio turnover rate	38%^A	56%	44%	12%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower had certain expenses not been reduced during the periods shown.

^E Calculated based on average shares outstanding during the period.

^F Amounts do not include the activity of the underlying funds.

^G For the period April 26, 2005 (commencement of operations) to December 31, 2005.

^I Total distributions of $.11 per share is comprised of distributions from net investment income of $.005 and distributions from net realized gain of $.105 per share.

Financial Highlights - Service Class 2

	Six months ended June 30, 2008	Years ended December 31,
	(Unaudited)	2007	2006	2005^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.78	$ 10.69	$ 10.36	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.21	.40	.37	.15
Net realized and unrealized gain (loss)	(.39)	.23	.32	.29
Total from investment operations	(.18)	.63	.69	.44
Distributions from net investment income	(.01)	(.42)	(.31)	(.08)
Distributions from net realized gain	(.11)	(.12)	(.05)	-
Total distributions	(.11)^I	(.54)	(.36)	(.08)
Net asset value, end of period	$ 10.49	$ 10.78	$ 10.69	$ 10.36
Total Return^{B, C, D}	(1.67)%	5.92%	6.61%	4.41%
Ratios to Average Net Assets^{F, H}
Expenses before reductions	.25%^A	.25%	.25%	.25%^A
Expenses net of fee waivers, if any	.25%^A	.25%	.25%	.25%^A
Expenses net of all reductions	.25%^A	.25%	.25%	.25%^A
Net investment income (loss)	3.91%^A	3.68%	3.50%	2.09%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 5,265	$ 3,589	$ 1,061	$ 365
Portfolio turnover rate	38%^A	56%	44%	12%^A