Exhibit (m)(40)

DISTRIBUTION AND SERVICE PLAN

Variable Insurance Products Fund V:  FundsManager 60% Portfolio

Investor Class Shares

	1.	This Distribution and Service Plan (the "Plan"), when effective in accordancewith its terms, shall be the written plan contemplated by Rule 12b-1 under the InvestmentCompany Act of 1940, as amended (the "Act") for the Investor Class shares of FundsManager60% ("Investor Class"), a class of shares of FundsManager 60% (the "Fund"), a series ofVariable Insurance Products Fund V (the "Trust").

	2.	The Trust has entered into a General Distribution Agreement on behalf of theFund with Fidelity Distributors Corporation (the "Distributor"), a wholly-owned subsidiary ofFidelity Management & Research Company ("FMR"), under which the Distributor uses allreasonable efforts, consistent with its other business, to secure purchasers for the Fund's sharesof beneficial interest ("Shares"). Under the agreement, the Distributor pays the expenses ofprinting and distributing any prospectuses, reports and other literature used by the Distributor,advertising, and other promotional activities in connection with the offering of Shares of theFund for sale to the public. It is recognized that Strategic Advisers, Inc. ("Strategic Advisers"),an affiliate of FMR, and/or FMR may use its revenues, including management fees paid toStrategic Advisers by the Fund, or fees paid to FMR by Strategic Advisers out of suchmanagement fees, as well as its past profits or its resources from any other source, to makepayments to the Distributor with respect to any expenses incurred in connection with thedistribution of Investor Class Shares, including the activities referred to above.

	3.	Strategic Advisers and/or FMR directly, or through the Distributor, may, subjectto the approval of the Trustees, make payments to securities dealers and other third parties whoengage in the sale of Investor Class Shares or who render shareholder support services, includingbut not limited to providing office space, equipment and telephone facilities, answering routineinquiries regarding the Fund, processing shareholder transactions and providing such othershareholder services as the Trust may reasonably request.

	4.	The Investor Class will not make separate payments as a result of this Plan toStrategic Advisers, FMR, the Distributor or any other party, it being recognized that the Fundpresently pays, and will continue to pay, a management fee to Strategic Advisers. To the extentthat any payments made by the Fund to Strategic Advisers, including payment of managementfees, out of which management fees Strategic Advisers may pay fees to FMR, should be deemedto be indirect financing of any activity primarily intended to result in the sale of Investor ClassShares within the meaning of Rule 12b-1, then such payments shall be deemed to be authorizedby this Plan.

	5.	This Plan shall become effective upon approval by a vote of a majority of theTrustees of the Trust, including a majority of the Trustees who are not "interested persons" of theTrust (as defined in the Act) and who have no direct or indirect financial interest in the operationof this Plan or in any agreement related to the Plan (the "Independent Trustees"), cast in personat a meeting called for the purpose of voting on this Plan.

	6.	This Plan shall, unless terminated as hereinafter provided, remain in effect untilApril 30, 2008, and from year to year thereafter, provided, however, that such continuance issubject to approval annually by a vote of a majority of the Trustees of the Trust, including amajority of the Independent Trustees, cast in person at a meeting called for the purpose of votingon this Plan. This Plan may be amended at any time by the Board of Trustees, provided that (a)any amendment to authorize direct payments by the Investor Class to finance any activityprimarily intended to result in the sale of Investor Class Shares, to increase materially theamount spent by the Investor Class for distribution shall be effective only upon approval by avote of a majority of the outstanding voting securities of the Investor Class, and (b) any materialamendments of this Plan shall be effective only upon approval in the manner provided in the firstsentence of this paragraph 6.

	7.	This Plan may be terminated at any time, without the payment of any penalty, bya vote of a majority of the Independent Trustees or by a vote of a majority of the outstandingvoting securities of the Investor Class.

	8.	During the existence of this Plan, the Trust shall require Strategic Advisers and/orFMR and/or Distributor to provide the Trust, for review by the Trustees, and the Trustees shallreview, at least quarterly, a written report of the amounts expended in connection with financingany activity primarily intended to result in the sale of Investor Class Shares (making estimates ofsuch costs where necessary or desirable) and the purposes for which such expenditures weremade.

	9.	This Plan does not require Strategic Advisers, FMR or Distributor to perform anyspecific type or level of distribution activities or to incur any specific level of expenses foractivities primarily intended to result in the sale of Investor Class Shares.

	10.	Consistent with the limitation of shareholder liability as set forth in the Trust'sDeclaration of Trust, any obligation assumed by the Investor Class pursuant to this Plan and anyagreement related to this Plan shall be limited in all cases to the Investor Class and its assets andshall not constitute an obligation of any shareholder of the Trust or any other class of the Fund,series of the Trust, or class of such series.

	11.	If any provision of this Plan shall be held or made invalid by a court decision,statute, rule or otherwise, the remainder of the Plan shall not be affected thereby.