Exhibit (m)(41)

DISTRIBUTION AND SERVICE PLAN

Variable Insurance Products Fund V:  FundsManager 60% Portfolio

Service Class Shares

1.	This Distribution and Service Plan (the "Plan"), when effective in accordancewith its terms, shall be the written plan contemplated by Securities and Exchange CommissionRule 12b-1 under the Investment Company Act of 1940, as amended (the "Act") for ServiceClass shares of FundsManager 60% Portfolio ("Service Class"), a class of shares ofFundsManager 60% Portfolio (the "Fund"), a portfolio of Variable Insurance Products Fund V(the "Trust"). The Fund's shares of beneficial interest ("Shares") may from time to time beoffered to insurance companies for allocation to certain of their separate accounts established forthe purpose of funding variable annuity contracts and variable life insurance policies ("VariableProducts").

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 of the Fund's Shares.Such efforts may include, but neither are required to include nor are limited to, the following: (1)formulation and implementation of marketing and promotional activities, such as mailpromotions and television, radio, newspaper, magazine and other mass media advertising; (2)preparation, printing and distribution of sales literature; (3) preparation, printing and distributionof prospectuses of the Fund and reports to recipients other than existing insurance companyshareholders; (4) obtaining such information, analyses and reports with respect to marketing andpromotional activities as the Distributor may, from time to time, deem advisable; (5) makingpayments to insurance companies and others engaged in the sale of Shares or who engage inshareholder support services ("Investment Professionals"); and (6) providing training, marketingand support to such insurance companies and others with respect to Shares.

3.	In consideration for the services provided and the expenses incurred by theDistributor pursuant to the General Distribution Agreement and paragraph 2 hereof, all withrespect to Service Class shares, Service Class shall pay to the Distributor a fee at the annual rateof 0.00% (or such lesser amount as the Trustees may, from time to time, determine) of theaverage daily net assets of Service Class throughout the month. The determination of daily netassets shall be made at the close of business each day throughout the month and computed in themanner specified in the Fund's then current Prospectus for the determination of the net assetvalue of the Fund's Service Class Shares.

4.	The Distributor may use all or any portion of the distribution fee receivedpursuant to the Plan to compensate Investment Professionals who have engaged in the sale ofService Class Shares or in shareholder support services with respect to Service Class Sharespursuant to agreements with the Distributor, or to pay any of the expenses associated with otheractivities authorized under paragraph 2 hereof. Such services may include, but are not limited to,the following: (1) answering questions about the Fund from owners of Variable Products; (2)receiving and answering correspondence from owners of Variable Products (including requestsfor prospectuses and statements of additional information for the Fund); (3) performingsub-accounting with respect to Variable Product values allocated to the Fund; (4) preparing,printing and distributing reports of values to Variable Product owners who have values allocatedto the Fund; (5) printing and distributing prospectuses, statements of additional information, anysupplements thereto, and shareholder reports; (6) preparing, printing and distributing marketingmaterials for Variable Products; (7) assisting customers in completing applications for VariableProducts and selecting underlying mutual fund investment options; (8) preparing, printing anddistributing sub-account performance figures for sub-accounts investing in Fund Shares; and (9)providing other reasonable assistance in connection with the distribution of Fund Shares toinsurers.

5.	Separate from any payments made as described in paragraph 3 hereof, ServiceClass shall also pay to the Distributor a service fee at the annual rate of 0.25% (or such lesseramount as the Trustees may, from time to time, determine) of the average daily net assets ofService Class throughout the month. The determination of daily net assets shall be made at theclose of business each day throughout the month and computed in the manner specified in theFund's then current Prospectus for the determination of the net asset value of Service ClassShares, but shall exclude assets attributable to any other class of Shares of the Fund. Inaccordance with such terms as the Trustees may from time to time establish, the Distributor mayuse all or a portion of such service fees to compensate Investment Professionals for personalservice and/or the maintenance of shareholder accounts, or for other services for which "servicefees" lawfully may be paid in accordance with applicable rules and regulations.

6.	The Fund presently pays, and will continue to pay, a management fee to StrategicAdvisers, Inc. ("Strategic Advisers"), an affiliate of FMR, pursuant to a management agreementbetween the Fund and Strategic Advisers (the "Management Contract"). It is recognized thatStrategic Advisers 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 fee revenue, as well as its past profits or its resources from any other source, tomake payments to the Distributor with respect to any expenses incurred in connection with thedistribution of Service Class Shares, including the activities referred to in paragraph 2 hereof. Tothe extent that any payments made by the Fund to Strategic Advisers, including the payment ofmanagement fees, out of which management fees Strategic Advisers may pay fees to FMR,should be deemed to be indirect financing of any activity primarily intended to result in the saleof Service Class Shares within the meaning of Rule 12b-1, then such payment shall be deemed tobe authorized by this Plan.

7.	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.

8.	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 increase materially the fees provided for in paragraphs 3 and 5 hereof shall beeffective only upon approval by a vote of a majority of the outstanding voting securities ofService Class and (b) any material amendment of this Plan shall be effective only upon approvalin the manner provided in the first sentence of this paragraph 8.

9.	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 Service Class.

10.	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 shares of Service Class (making estimatesof such costs where necessary or desirable) and the purposes for which such expenditures weremade.

11.	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 Service Class Shares.

12.	Consistent with the limitation of shareholder liability as set forth in the Trust'sDeclaration of Trust, any obligation assumed by Service Class pursuant to this Plan and anyagreement related to this Plan shall be limited in all cases to Service Class and its assets and shallnot constitute an obligation of any shareholder of the Trust or of any other class of the Fund,series of the Trust, or class of such series.

13.	If any provision of the 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.