N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

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:	September 30, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Asset Manager Portfolio

September 30, 2010

1.808793.106

VIPAM-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 35.8%
	Shares		Value
CONSUMER DISCRETIONARY - 6.8%
Auto Components - 0.3%
Autoliv, Inc.	11,600		$ 757,828
BorgWarner, Inc. (a)	47,700		2,509,974
Magna International, Inc. Class A (sub. vtg.)	11,100		910,982
			4,178,784
Automobiles - 0.6%
Bayerische Motoren Werke AG (BMW)	87,797		6,157,493
Daimler AG (Germany) (a)	36,884		2,336,364
			8,493,857
Hotels, Restaurants & Leisure - 1.2%
Chipotle Mexican Grill, Inc. (a)	19,300		3,319,600
Ctrip.com International Ltd. sponsored ADR (a)	127,900		6,107,225
Las Vegas Sands Corp. (a)(d)	91,500		3,188,775
Starwood Hotels & Resorts Worldwide, Inc.	74,800		3,930,740
			16,546,340
Household Durables - 0.5%
Cyrela Brazil Realty SA	155,000		2,184,542
Gafisa SA sponsored ADR	296,000		4,585,040
			6,769,582
Internet & Catalog Retail - 1.3%
Amazon.com, Inc. (a)	64,800		10,177,488
Expedia, Inc.	102,600		2,894,346
Priceline.com, Inc. (a)	12,700		4,423,918
			17,495,752
Media - 0.1%
Discovery Communications, Inc. (a)	42,800		1,863,940
Multiline Retail - 1.0%
Dollarama, Inc.	20,500		539,028
Macy's, Inc.	365,600		8,441,704
Nordstrom, Inc.	124,700		4,638,840
			13,619,572
Specialty Retail - 0.6%
Tiffany & Co., Inc.	61,200		2,875,788
Williams-Sonoma, Inc.	152,400		4,831,080
			7,706,868
Textiles, Apparel & Luxury Goods - 1.2%
Coach, Inc.	56,200		2,414,352
Deckers Outdoor Corp. (a)	82,200		4,106,712
Fossil, Inc. (a)	59,900		3,222,021
NIKE, Inc. Class B	12,300		985,722
Phillips-Van Heusen Corp.	84,300		5,071,488
			15,800,295
TOTAL CONSUMER DISCRETIONARY			92,474,990

	Shares		Value
CONSUMER STAPLES - 0.5%
Personal Products - 0.5%
Estee Lauder Companies, Inc. Class A	50,800		$ 3,212,084
Hengan International Group Co. Ltd.	398,500		3,972,674
			7,184,758
ENERGY - 2.0%
Energy Equipment & Services - 0.8%
Dril-Quip, Inc. (a)	30,700		1,906,777
Schlumberger Ltd.	143,213		8,823,353
			10,730,130
Oil, Gas & Consumable Fuels - 1.2%
Chesapeake Energy Corp.	79,500		1,800,675
Concho Resources, Inc. (a)	62,400		4,129,008
Occidental Petroleum Corp.	16,500		1,291,950
Pioneer Natural Resources Co.	65,900		4,285,477
Southwestern Energy Co. (a)	61,800		2,066,592
Whiting Petroleum Corp. (a)	23,900		2,282,689
			15,856,391
TOTAL ENERGY			26,586,521
FINANCIALS - 4.4%
Capital Markets - 0.1%
Morgan Stanley	67,700		1,670,836
Commercial Banks - 1.9%
Huntington Bancshares, Inc.	375,400		2,128,518
Itau Unibanco Banco Multiplo SA ADR	93,300		2,255,994
PNC Financial Services Group, Inc.	70,000		3,633,700
Regions Financial Corp.	510,200		3,709,154
Wells Fargo & Co.	565,100		14,200,963
			25,928,329
Consumer Finance - 0.7%
American Express Co.	206,700		8,687,601
Diversified Financial Services - 1.5%
Apollo Global Management LLC (e)	315,200		2,206,400
Citigroup, Inc. (a)	1,327,600		5,177,640
JPMorgan Chase & Co.	341,000		12,981,870
			20,365,910
Real Estate Investment Trusts - 0.2%
Public Storage	27,700		2,688,008
TOTAL FINANCIALS			59,340,684
HEALTH CARE - 2.9%
Biotechnology - 0.5%
Dendreon Corp. (a)	11,500		473,570
Gilead Sciences, Inc. (a)	64,000		2,279,040
United Therapeutics Corp. (a)	77,200		4,323,972
			7,076,582
Health Care Equipment & Supplies - 0.6%
Edwards Lifesciences Corp. (a)	48,800		3,272,040
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Intuitive Surgical, Inc. (a)	9,100		$ 2,582,034
Volcano Corp. (a)	101,900		2,647,362
			8,501,436
Health Care Providers & Services - 1.4%
Emergency Medical Services Corp. Class A (a)	22,100		1,176,825
Express Scripts, Inc. (a)	175,200		8,532,240
HMS Holdings Corp. (a)	33,000		1,945,020
Medco Health Solutions, Inc. (a)	124,800		6,497,088
			18,151,173
Health Care Technology - 0.1%
SXC Health Solutions Corp. (a)	44,200		1,613,757
Pharmaceuticals - 0.3%
Valeant Pharmaceuticals International, Inc.	154,450		3,895,968
TOTAL HEALTH CARE			39,238,916
INDUSTRIALS - 6.3%
Aerospace & Defense - 1.0%
BE Aerospace, Inc. (a)	58,000		1,757,980
Goodrich Corp.	42,300		3,118,779
Precision Castparts Corp.	20,700		2,636,145
The Boeing Co.	92,600		6,161,604
			13,674,508
Air Freight & Logistics - 0.1%
Air Lease Corp. Class A (a)(e)	59,100		1,211,550
Airlines - 2.1%
Continental Airlines, Inc. Class B (a)	423,400		10,517,256
Delta Air Lines, Inc. (a)	1,219,225		14,191,779
Southwest Airlines Co.	264,600		3,458,322
			28,167,357
Industrial Conglomerates - 0.8%
General Electric Co.	655,800		10,656,750
Machinery - 2.0%
Caterpillar, Inc.	81,400		6,404,552
Cummins, Inc.	74,600		6,757,268
Kennametal, Inc.	131,300		4,061,109
MAN SE	35,466		3,866,413
PACCAR, Inc.	32,900		1,584,135
Parker Hannifin Corp.	62,900		4,406,774
Sandvik AB	35,500		544,168
			27,624,419

	Shares		Value
Road & Rail - 0.3%
CSX Corp.	43,300		$ 2,395,356
Union Pacific Corp.	30,700		2,511,260
			4,906,616
TOTAL INDUSTRIALS			86,241,200
INFORMATION TECHNOLOGY - 10.4%
Communications Equipment - 1.6%
Cisco Systems, Inc. (a)	544,600		11,926,740
Juniper Networks, Inc. (a)	133,300		4,045,655
Research In Motion Ltd. (a)	67,300		3,276,837
Riverbed Technology, Inc. (a)	54,200		2,470,436
			21,719,668
Computers & Peripherals - 2.9%
Apple, Inc. (a)	92,600		26,275,251
EMC Corp. (a)	283,100		5,749,761
Isilon Systems, Inc. (a)	58,200		1,296,696
NetApp, Inc. (a)	134,000		6,671,860
			39,993,568
Internet Software & Services - 2.5%
Akamai Technologies, Inc. (a)	81,900		4,109,742
Baidu.com, Inc. sponsored ADR (a)	50,700		5,202,834
eBay, Inc. (a)	202,300		4,936,120
Google, Inc. Class A (a)	23,600		12,408,644
Rackspace Hosting, Inc. (a)	26,300		683,274
Tencent Holdings Ltd.	291,500		6,371,749
			33,712,363
IT Services - 0.4%
Cognizant Technology Solutions Corp. Class A (a)	80,200		5,170,494
Semiconductors & Semiconductor Equipment - 1.7%
Altera Corp.	76,700		2,313,272
ARM Holdings PLC sponsored ADR	155,500		2,917,180
Broadcom Corp. Class A	195,800		6,929,362
Marvell Technology Group Ltd. (a)	387,200		6,779,872
NXP Semiconductors NV	119,300		1,478,127
TriQuint Semiconductor, Inc. (a)	53,400		512,640
Xilinx, Inc.	94,600		2,517,306
			23,447,759
Software - 1.3%
Citrix Systems, Inc. (a)	58,800		4,012,512
Informatica Corp. (a)	204,300		7,847,163
NCsoft Corp.	4,413		917,239
Nintendo Co. Ltd.	1,400		351,159
RealPage, Inc.	37,500		715,500
Solera Holdings, Inc.	33,800		1,492,608
Taleo Corp. Class A (a)	71,000		2,058,290
			17,394,471
TOTAL INFORMATION TECHNOLOGY			141,438,323
Common Stocks - continued
	Shares		Value
MATERIALS - 2.3%
Chemicals - 1.7%
Dow Chemical Co.	322,300		$ 8,850,358
Ferro Corp. (a)	96,900		1,249,041
FMC Corp.	57,200		3,913,052
LyondellBasell Industries NV Class A (a)	156,500		3,740,350
PPG Industries, Inc.	33,600		2,446,080
Rockwood Holdings, Inc. (a)	75,300		2,369,691
			22,568,572
Metals & Mining - 0.6%
Alcoa, Inc.	275,400		3,335,094
Freeport-McMoRan Copper & Gold, Inc.	54,500		4,653,755
			7,988,849
TOTAL MATERIALS			30,557,421
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
NII Holdings, Inc. (a)	68,900		2,831,790
TOTAL COMMON STOCKS (Cost $395,750,012)		485,894,603

U.S. Treasury Obligations - 0.1%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.12% 11/4/10 (f) (Cost $1,299,848)	$ 1,300,000	1,299,834

Equity Funds - 15.6%
	Shares
Commodity Funds - 1.0%
Fidelity Commodity Strategy Central Fund (g)	1,254,842		13,702,875
International Equity Funds - 14.6%
Fidelity Emerging Markets Equity Central Fund (g)	159,736		32,688,375
Fidelity International Equity Central Fund (g)	2,498,685		165,462,891
TOTAL INTERNATIONAL EQUITY FUNDS			198,151,266
TOTAL EQUITY FUNDS (Cost $223,716,320)		211,854,141
Fixed-Income Funds - 42.6%
	Shares		Value
Fidelity Floating Rate Central Fund (g)	404,350		$ 39,120,818
Fidelity High Income Central Fund 1 (g)	534,061		51,280,492
Fidelity VIP Investment Grade Central Fund (g)	4,407,569		488,446,833
TOTAL FIXED-INCOME FUNDS (Cost $538,508,028)		578,848,143
Money Market Funds - 6.3%

Fidelity Cash Central Fund, 0.25% (b)	53,174,307		53,174,307
Fidelity Money Market Central Fund, 0.43% (b)	30,264,171		30,264,171
Fidelity Securities Lending Cash Central Fund, 0.26% (c)(b)	2,996,250		2,996,250
TOTAL MONEY MARKET FUNDS (Cost $86,434,728)		86,434,728
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.24%, dated 9/30/10 due 10/1/10 (Collateralized by U.S. Treasury Obligations) # (Cost $38,000)	$ 38,000		38,000

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $1,245,746,936)

1,364,369,449

NET OTHER ASSETS (LIABILITIES) - (0.4)%		(6,000,834)
NET ASSETS - 100%		$ 1,358,368,615

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
148 CME E-mini MSCI EAFE Index Contracts	Dec. 2010	$ 11,518,840	$ 409,218

The face value of futures purchased as a percentage of net assets is 0.8%

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(d) Security or a portion of the security is on loan at period end.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,417,950 or 0.3% of net assets.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $1,299,834.

(g) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's web site at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at advisor.fidelity.com. In addition, each Fidelity Central Fund's financial statements are available on the SEC's web site or upon request.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$38,000 due 10/01/10 at 0.24%
BNP Paribas Securities Corp.	$ 7,144
Barclays Capital, Inc.	6,163
Credit Agricole Securities (USA) Inc.	10,491
Deutsche Bank Securities, Inc.	328
J.P. Morgan Securities, Inc.	8,367
Mizuho Securities USA, Inc.	3,934
Morgan Stanley & Co., Inc.	262
RBC Capital Markets Corp.	1,311
	$ 38,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 110,712
Fidelity Commodity Strategy Central Fund	119,378
Fidelity Emerging Markets Equity Central Fund	362,601
Fidelity Floating Central Rate Fund	630,540
Fidelity High Income Central Fund 1	3,355,551
Fidelity International Equity Central Fund	3,011,942
Fidelity Money Market Central Fund	4,693
Fidelity Securities Lending Cash Central Fund	38,045
Fidelity VIP Investment Grade Central Fund	13,675,913
Total	$ 21,309,375

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Commodity Strategy Central Fund	$ 14,116,056	$ 7,101,074	$ 7,053,476	$ 13,702,875	15.9%
Fidelity Emerging Markets Equity Central Fund	29,539,978	-	-	32,688,375	8.3%
Fidelity Floating Rate Central Fund	16,359,922	21,836,280	-	39,120,818	1.4%
Fidelity High Income Central Fund 1	55,262,376	3,355,551	10,014,368	51,280,492	8.5%
Fidelity International Equity Central Fund	162,876,514	3,011,942	-	165,462,891	9.8%
Fidelity VIP Investment Grade Central Fund	504,626,110	14,017,152	60,109,442	488,446,833	12.3%
Total	$ 782,780,956	$ 49,321,999	$ 77,177,286	$ 790,702,284

Other Information

The following is a summary of the inputs used, as of September 30, 2010, involving the Fund's assets and liabilities carried at fair 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 Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 92,474,990	$ 92,474,990	$ -	$ -
Consumer Staples	7,184,758	7,184,758	-	-
Energy	26,586,521	26,586,521	-	-
Financials	59,340,684	57,134,284	2,206,400	-
Health Care	39,238,916	39,238,916	-	-
Industrials	86,241,200	85,029,650	1,211,550	-
Information Technology	141,438,323	141,087,164	351,159	-
Materials	30,557,421	30,557,421	-	-
Telecommunication Services	2,831,790	2,831,790	-	-
U.S. Government and Government Agency Obligations	1,299,834	-	1,299,834	-
Fixed-Income Funds	578,848,143	578,848,143	-	-
Money Market Funds	86,434,728	86,434,728	-	-
Cash Equivalents	38,000	-	38,000	-
Equity Funds	211,854,141	211,854,141	-	-
Total Investments in Securities:	$ 1,364,369,449	$ 1,359,262,506	$ 5,106,943	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 409,218	$ 409,218	$ -	$ -

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $1,233,936,718. Net unrealized appreciation aggregated $130,432,731, of which $178,561,605 related to appreciated investment securities and $48,128,874 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For U.S. government and government agency obligations pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please call Fidelity at 1-800-634-9361
for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Asset Manager: Growth Portfolio

September 30, 2010

1.808789.106

VIPAMG-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 49.5%
	Shares		Value
CONSUMER DISCRETIONARY - 9.5%
Auto Components - 0.4%
Autoliv, Inc.	2,000		$ 130,660
BorgWarner, Inc. (a)	8,300		436,746
Magna International, Inc. Class A (sub. vtg.)	1,900		155,934
			723,340
Automobiles - 0.9%
Bayerische Motoren Werke AG (BMW)	15,221		1,067,499
Daimler AG (Germany) (a)	6,395		405,082
			1,472,581
Hotels, Restaurants & Leisure - 1.7%
Chipotle Mexican Grill, Inc. (a)	3,600		619,200
Ctrip.com International Ltd. sponsored ADR (a)	22,200		1,060,050
Las Vegas Sands Corp. (a)(c)	15,900		554,115
Starwood Hotels & Resorts Worldwide, Inc.	13,000		683,150
			2,916,515
Household Durables - 0.7%
Cyrela Brazil Realty SA	26,900		379,124
Gafisa SA sponsored ADR (c)	51,300		794,637
			1,173,761
Internet & Catalog Retail - 1.8%
Amazon.com, Inc. (a)	11,300		1,774,778
Expedia, Inc.	17,900		504,959
Priceline.com, Inc. (a)	2,300		801,182
			3,080,919
Media - 0.2%
Discovery Communications, Inc. (a)	7,400		322,270
Multiline Retail - 1.4%
Dollarama, Inc.	3,800		99,917
Macy's, Inc.	63,400		1,463,906
Nordstrom, Inc.	21,600		803,520
			2,367,343
Specialty Retail - 0.8%
Tiffany & Co., Inc.	10,600		498,094
Williams-Sonoma, Inc.	26,400		836,880
			1,334,974
Textiles, Apparel & Luxury Goods - 1.6%
Coach, Inc.	9,800		421,008
Deckers Outdoor Corp. (a)	14,300		714,428
Fossil, Inc. (a)	11,000		591,690
NIKE, Inc. Class B	2,100		168,294
Phillips-Van Heusen Corp.	15,600		938,496
			2,833,916
TOTAL CONSUMER DISCRETIONARY			16,225,619

	Shares		Value
CONSUMER STAPLES - 0.7%
Personal Products - 0.7%
Estee Lauder Companies, Inc. Class A	8,800		$ 556,424
Hengan International Group Co. Ltd.	69,000		687,866
			1,244,290
ENERGY - 2.7%
Energy Equipment & Services - 1.1%
Dril-Quip, Inc. (a)	5,300		329,183
Schlumberger Ltd.	24,814		1,528,791
			1,857,974
Oil, Gas & Consumable Fuels - 1.6%
Chesapeake Energy Corp.	13,800		312,570
Concho Resources, Inc. (a)	10,800		714,636
Occidental Petroleum Corp.	2,900		227,070
Pioneer Natural Resources Co.	11,400		741,342
Southwestern Energy Co. (a)	10,700		357,808
Whiting Petroleum Corp. (a)	4,100		391,591
			2,745,017
TOTAL ENERGY			4,602,991
FINANCIALS - 6.0%
Capital Markets - 0.2%
Morgan Stanley	11,800		291,224
Commercial Banks - 2.6%
Huntington Bancshares, Inc.	65,100		369,117
Itau Unibanco Banco Multiplo SA ADR	16,100		389,298
PNC Financial Services Group, Inc.	12,100		628,111
Regions Financial Corp.	88,500		643,395
Wells Fargo & Co.	98,000		2,462,740
			4,492,661
Consumer Finance - 0.9%
American Express Co.	35,800		1,504,674
Diversified Financial Services - 2.0%
Apollo Global Management LLC (d)	50,700		354,900
Citigroup, Inc. (a)	237,300		925,470
JPMorgan Chase & Co.	59,100		2,249,937
			3,530,307
Real Estate Investment Trusts - 0.3%
Public Storage	4,800		465,792
TOTAL FINANCIALS			10,284,658
HEALTH CARE - 4.0%
Biotechnology - 0.7%
Dendreon Corp. (a)	2,000		82,360
Gilead Sciences, Inc. (a)	11,300		402,393
United Therapeutics Corp. (a)	13,400		750,534
			1,235,287
Health Care Equipment & Supplies - 0.9%
Edwards Lifesciences Corp. (a)	8,600		576,630
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Intuitive Surgical, Inc. (a)	1,600		$ 453,984
Volcano Corp. (a)	17,700		459,846
			1,490,460
Health Care Providers & Services - 1.8%
Emergency Medical Services Corp. Class A (a)	4,000		213,000
Express Scripts, Inc. (a)	30,400		1,480,480
HMS Holdings Corp. (a)	5,700		335,958
Medco Health Solutions, Inc. (a)	21,700		1,129,702
			3,159,140
Health Care Technology - 0.2%
SXC Health Solutions Corp. (a)	7,600		277,479
Pharmaceuticals - 0.4%
Valeant Pharmaceuticals International, Inc.	26,506		668,608
TOTAL HEALTH CARE			6,830,974
INDUSTRIALS - 8.7%
Aerospace & Defense - 1.4%
BE Aerospace, Inc. (a)	10,000		303,100
Goodrich Corp.	7,300		538,229
Precision Castparts Corp.	3,600		458,460
The Boeing Co.	16,000		1,064,640
			2,364,429
Air Freight & Logistics - 0.1%
Air Lease Corp. Class A (a)(d)	10,900		223,450
Airlines - 2.8%
Continental Airlines, Inc. Class B (a)	71,700		1,781,028
Delta Air Lines, Inc. (a)	211,400		2,460,696
Southwest Airlines Co.	45,700		597,299
			4,839,023
Industrial Conglomerates - 1.1%
General Electric Co.	109,300		1,776,125
Machinery - 2.8%
Caterpillar, Inc.	14,100		1,109,388
Cummins, Inc.	12,900		1,168,482
Kennametal, Inc.	22,800		705,204
MAN SE	6,149		670,348
PACCAR, Inc.	5,700		274,455
Parker Hannifin Corp.	10,900		763,654
Sandvik AB	6,400		98,104
			4,789,635

	Shares		Value
Road & Rail - 0.5%
CSX Corp.	7,500		$ 414,900
Union Pacific Corp.	5,300		433,540
			848,440
TOTAL INDUSTRIALS			14,841,102
INFORMATION TECHNOLOGY - 14.5%
Communications Equipment - 2.2%
Cisco Systems, Inc. (a)	94,500		2,069,550
Juniper Networks, Inc. (a)	23,800		722,330
Research In Motion Ltd. (a)	12,400		603,756
Riverbed Technology, Inc. (a)	9,000		410,220
			3,805,856
Computers & Peripherals - 4.1%
Apple, Inc. (a)	16,100		4,568,372
EMC Corp. (a)	50,500		1,025,655
Isilon Systems, Inc. (a)	10,200		227,256
NetApp, Inc. (a)	23,700		1,180,023
			7,001,306
Internet Software & Services - 3.5%
Akamai Technologies, Inc. (a)	14,600		732,628
Baidu.com, Inc. sponsored ADR (a)	8,800		903,056
eBay, Inc. (a)	35,000		854,000
Google, Inc. Class A (a)	4,100		2,155,739
Rackspace Hosting, Inc. (a)	4,700		122,106
Tencent Holdings Ltd.	50,500		1,103,854
			5,871,383
IT Services - 0.5%
Cognizant Technology Solutions Corp. Class A (a)	13,900		896,133
Semiconductors & Semiconductor Equipment - 2.4%
Altera Corp.	13,400		404,144
ARM Holdings PLC sponsored ADR	27,500		515,900
Broadcom Corp. Class A	34,000		1,203,260
Marvell Technology Group Ltd. (a)	67,200		1,176,672
NXP Semiconductors NV	20,800		257,712
TriQuint Semiconductor, Inc. (a)	9,400		90,240
Xilinx, Inc.	17,100		455,031
			4,102,959
Software - 1.8%
Citrix Systems, Inc. (a)	10,600		723,344
Informatica Corp. (a)	35,600		1,367,396
NCsoft Corp.	769		159,836
Nintendo Co. Ltd.	200		50,166
RealPage, Inc.	7,100		135,468
Solera Holdings, Inc.	5,800		256,128
Taleo Corp. Class A (a)	12,400		359,476
			3,051,814
TOTAL INFORMATION TECHNOLOGY			24,729,451
Common Stocks - continued
	Shares		Value
MATERIALS - 3.1%
Chemicals - 2.3%
Dow Chemical Co.	55,900		$ 1,535,014
Ferro Corp. (a)	17,400		224,286
FMC Corp.	10,000		684,100
LyondellBasell Industries NV Class A (a)	27,100		647,690
PPG Industries, Inc.	5,800		422,240
Rockwood Holdings, Inc. (a)	13,100		412,257
			3,925,587
Metals & Mining - 0.8%
Alcoa, Inc.	47,800		578,858
Freeport-McMoRan Copper & Gold, Inc.	9,500		811,205
			1,390,063
TOTAL MATERIALS			5,315,650
TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
NII Holdings, Inc. (a)	11,900		489,090
TOTAL COMMON STOCKS (Cost $68,936,006)		84,563,825

U.S. Treasury Obligations - 0.3%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.14% 10/14/10 (e) (Cost $499,973)	$ 500,000	499,981

Equity Funds - 19.8%
	Shares
Commodity Funds - 0.9%
Fidelity Commodity Strategy Central Fund (f)	145,225		1,585,861
International Equity Funds - 18.9%
Fidelity Emerging Markets Equity Central Fund (f)	32,359		6,621,946
Fidelity International Equity Central Fund (f)	387,245		25,643,390
TOTAL INTERNATIONAL EQUITY FUNDS			32,265,336
TOTAL EQUITY FUNDS (Cost $38,606,355)		33,851,197
Fixed-Income Funds - 26.8%
	Shares		Value
Fidelity Floating Rate Central Fund (f)	50,582		$ 4,893,792
Fidelity High Income Central Fund 1 (f)	68,237		6,552,091
Fidelity VIP Investment Grade Central Fund (f)	309,505		34,299,398
TOTAL FIXED-INCOME FUNDS (Cost $42,220,521)		45,745,281
Money Market Funds - 4.5%

Fidelity Cash Central Fund, 0.25% (g)	6,383,802		6,383,802
Fidelity Securities Lending Cash Central Fund, 0.26% (b)(g)	1,344,750		1,344,750
TOTAL MONEY MARKET FUNDS (Cost $7,728,552)		7,728,552
Cash Equivalents - 0.1%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at:
0.24%, dated 9/30/10 due 10/1/10 (Collateralized by U.S. Treasury Obligations) #	$ 33,000		33,000
0.25%, dated 9/30/10 due 10/1/10 (Collateralized by U.S. Treasury Obligations) #	143,001		143,000
TOTAL CASH EQUIVALENTS (Cost $176,000)		176,000
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $158,167,407)			172,564,836
NET OTHER ASSETS (LIABILITIES) - (1.0)%			(1,716,905)
NET ASSETS - 100%		$ 170,847,931

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
57 CME E-mini MSCI EAFE Index Contracts	Dec. 2010	$ 4,436,310	$ 156,541

The face value of futures purchased as a percentage of net assets is 2.6%

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $578,350 or 0.3% of net assets.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $499,981.

(f) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's web site at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at advisor.fidelity.com. In addition, each Fidelity Central Fund's financial statements are available on the SEC's web site or upon request.

(g) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$33,000 due 10/01/10 at 0.24%
BNP Paribas Securities Corp.	$ 6,204
Barclays Capital, Inc.	5,352
Credit Agricole Securities (USA) Inc.	9,110
Deutsche Bank Securities, Inc.	285
J.P. Morgan Securities, Inc.	7,266
Mizuho Securities USA, Inc.	3,416
Morgan Stanley & Co., Inc.	228
RBC Capital Markets Corp.	1,139
	$ 33,000
$143,000 due 10/01/10 at 0.25%
BNP Paribas Securities Corp.	$ 70,439
Banc of America Securities LLC	32,428
Barclays Capital, Inc.	40,133
	$ 143,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 10,903
Fidelity Commodity Strategy Central Fund	13,816
Fidelity Emerging Markets Equity Central Fund	73,455
Fidelity Floating Rate Central Fund	80,793
Fidelity High Income Central Fund 1	414,379
Fidelity International Equity Central Fund	466,790
Fidelity Securities Lending Cash Central Fund	7,634
Fidelity VIP Investment Grade Central Fund	999,445
Total	$ 2,067,215

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Commodity Strategy Central Fund	$ 2,625,759	$ 13,816	$ 1,008,089	$ 1,585,861	1.1%
Fidelity Emerging Markets Equity Central Fund	5,984,150	-	-	6,621,946	1.7%
Fidelity Floating Rate Central Fund	2,194,656	2,583,138	-	4,893,792	0.2%
Fidelity High Income Central Fund 1	6,801,191	414,380	997,672	6,552,091	1.1%
Fidelity International Equity Central Fund	25,242,554	466,790	-	25,643,390	1.5%
Fidelity VIP Investment Grade Central Fund	36,173,232	999,606	5,015,091	34,299,398	0.9%
Total	$ 79,021,542	$ 4,477,730	$ 7,020,852	$ 79,596,478

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 16,225,619	$ 16,225,619	$ -	$ -
Consumer Staples	1,244,290	1,244,290	-	-
Energy	4,602,991	4,602,991	-	-
Financials	10,284,658	9,929,758	354,900	-
Health Care	6,830,974	6,830,974	-	-
Industrials	14,841,102	14,617,652	223,450	-
Information Technology	24,729,451	24,679,285	50,166	-
Materials	5,315,650	5,315,650	-	-
Telecommunication Services	489,090	489,090	-	-
U.S. Government and Government Agency Obligations	499,981	-	499,981	-
Fixed-Income Funds	45,745,281	45,745,281	-	-
Money Market Funds	7,728,552	7,728,552	-	-
Cash Equivalents	176,000	-	176,000	-
Equity Funds	33,851,197	33,851,197	-	-
Total Investments in Securities:	$ 172,564,836	$ 171,260,339	$ 1,304,497	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 156,541	$ 156,541	$ -	$ -

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $158,287,765. Net unrealized appreciation aggregated $14,277,071, of which $24,914,574 related to appreciated investment securities and $10,637,503 related to depreciated investment securities.

Investment Valuation

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For U.S. government and government, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2005 Portfolio

September 30, 2010

1.822342.105

VIPF2005-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 32.0%
	Shares		Value
Domestic Equity Funds - 32.0%
VIP Contrafund Portfolio Initial Class	14,182		$ 305,062
VIP Equity-Income Portfolio Initial Class	20,528		355,543
VIP Growth & Income Portfolio Initial Class	31,518		354,898
VIP Growth Portfolio Initial Class	10,845		354,966
VIP Mid Cap Portfolio Initial Class	4,232		127,172
VIP Value Portfolio Initial Class	30,544		305,139
VIP Value Strategies Portfolio Initial Class	15,003		128,126
TOTAL DOMESTIC EQUITY FUNDS (Cost $2,441,133)		1,930,906
International Equity Funds - 10.7%

Developed International Equity Funds - 9.3%
VIP Overseas Portfolio Initial Class	36,266		562,486
Emerging Markets Equity Funds - 1.4%
VIP Emerging Markets Portfolio Initial Class	8,735		81,414
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $762,836)		643,900
Bond Funds - 36.5%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Initial Class	51,772		$ 302,347
Investment Grade Bond Funds - 31.5%
VIP Investment Grade Bond Portfolio Initial Class	140,067		1,897,904
TOTAL BOND FUNDS (Cost $2,064,061)		2,200,251
Short-Term Funds - 20.8%

VIP Money Market Portfolio Initial Class (Cost $1,254,587)	1,254,587		1,254,587
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $6,522,617)			6,029,644
NET OTHER ASSETS (LIABILITIES) - 0.0%			(49)
NET ASSETS - 100%		$ 6,029,595

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $6,624,989. Net unrealized depreciation aggregated $595,345, of which $169,944 related to appreciated investment securities and $765,289 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2010 Portfolio

September 30, 2010

1.822344.105

VIPF2010-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 36.8%
	Shares		Value
Domestic Equity Funds - 36.8%
VIP Contrafund Portfolio Initial Class	390,280		$ 8,394,929
VIP Equity-Income Portfolio Initial Class	565,366		9,792,135
VIP Growth & Income Portfolio Initial Class	868,062		9,774,382
VIP Growth Portfolio Initial Class	298,694		9,776,247
VIP Mid Cap Portfolio Initial Class	116,087		3,488,423
VIP Value Portfolio Initial Class	840,544		8,397,032
VIP Value Strategies Portfolio Initial Class	411,544		3,514,582
TOTAL DOMESTIC EQUITY FUNDS (Cost $63,609,004)		53,137,730
International Equity Funds - 12.8%

Developed International Equity Funds - 11.2%
VIP Overseas Portfolio Initial Class	1,035,728		16,064,134
Emerging Markets Equity Funds - 1.6%
VIP Emerging Markets Portfolio Initial Class	249,613		2,326,389
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $21,096,414)		18,390,523
Bond Funds - 39.9%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Initial Class	1,238,967		$ 7,235,570
Investment Grade Bond Funds - 34.9%
VIP Investment Grade Bond Portfolio Initial Class	3,717,676		50,374,503
TOTAL BOND FUNDS (Cost $54,135,674)		57,610,073
Short-Term Funds - 10.5%

VIP Money Market Portfolio Initial Class (Cost $15,127,550)	15,127,550		15,127,550

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $153,964,461)

144,265,876

NET OTHER ASSETS (LIABILITIES) - 0.0%		(22,316)
NET ASSETS - 100%		$ 144,243,560

Other Information

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $154,827,535. Net unrealized depreciation aggregated $10,561,659, of which $6,771,907 related to appreciated investment securities and $17,333,566 related to depreciated investment securities.

Investment Valuation

Valuation techniques used to value the Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2015 Portfolio

September 30, 2010

1.822346.105

VIPF2015-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 37.9%
	Shares		Value
Domestic Equity Funds - 37.9%
VIP Contrafund Portfolio Initial Class	252,971		$ 5,441,404
VIP Equity-Income Portfolio Initial Class	366,039		6,339,789
VIP Growth & Income Portfolio Initial Class	562,015		6,328,285
VIP Growth Portfolio Initial Class	193,385		6,329,494
VIP Mid Cap Portfolio Initial Class	75,219		2,260,336
VIP Value Portfolio Initial Class	544,822		5,442,768
VIP Value Strategies Portfolio Initial Class	266,663		2,277,300
TOTAL DOMESTIC EQUITY FUNDS (Cost $38,476,980)		34,419,376
International Equity Funds - 13.1%

Developed International Equity Funds - 11.5%
VIP Overseas Portfolio Initial Class	672,169		10,425,339
Emerging Markets Equity Funds - 1.6%
VIP Emerging Markets Portfolio Initial Class	161,141		1,501,831
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $12,952,955)		11,927,170
Bond Funds - 39.7%
	Shares		Value
High Yield Bond Funds - 5.1%
VIP High Income Portfolio Initial Class	794,366		$ 4,639,099
Investment Grade Bond Funds - 34.6%
VIP Investment Grade Bond Portfolio Initial Class	2,315,929		31,380,836
TOTAL BOND FUNDS (Cost $33,701,225)		36,019,935
Short-Term Funds - 9.3%

VIP Money Market Portfolio Initial Class (Cost $8,490,174)	8,490,174		8,490,174
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $93,621,334)			90,856,655
NET OTHER ASSETS (LIABILITIES) - 0.0%			(10,594)
NET ASSETS - 100%		$ 90,846,061

Other Information

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $94,161,708. Net unrealized depreciation aggregated $3,305,053, of which $6,300,046 related to appreciated investment securities and $9,605,099 related to depreciated investment securities.

Investment Valuation

Valuation techniques used to value the Fund's investments by major category are as follows. Investments in the affiliated Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2020 Portfolio

September 30, 2010

1.822349.105

VIPF2020-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 45.4%
	Shares		Value
Domestic Equity Funds - 45.4%
VIP Contrafund Portfolio Initial Class	1,116,664		$ 24,019,451
VIP Equity-Income Portfolio Initial Class	1,617,173		28,009,435
VIP Growth & Income Portfolio Initial Class	2,483,004		27,958,630
VIP Growth Portfolio Initial Class	854,383		27,963,969
VIP Mid Cap Portfolio Initial Class	332,958		10,005,380
VIP Value Portfolio Initial Class	2,404,952		24,025,469
VIP Value Strategies Portfolio Initial Class	1,180,380		10,080,447
TOTAL DOMESTIC EQUITY FUNDS (Cost $166,928,638)		152,062,781
International Equity Funds - 15.7%

Developed International Equity Funds - 13.7%
VIP Overseas Portfolio Initial Class	2,966,307		46,007,428
Emerging Markets Equity Funds - 2.0%
VIP Emerging Markets Portfolio Initial Class	714,011		6,654,583
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $56,502,600)		52,662,011
Bond Funds - 35.6%
	Shares		Value
High Yield Bond Funds - 6.8%
VIP High Income Portfolio Initial Class	3,885,840		$ 22,693,305
Investment Grade Bond Funds - 28.8%
VIP Investment Grade Bond Portfolio Initial Class	7,121,119		96,491,160
TOTAL BOND FUNDS (Cost $112,378,354)		119,184,465
Short-Term Funds - 3.3%

VIP Money Market Portfolio Initial Class (Cost $11,144,187)	11,144,187		11,144,187

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $346,953,779)

335,053,444

NET OTHER ASSETS (LIABILITIES) - 0.0%

(54,903)

NET ASSETS - 100%

$ 334,998,541

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $349,082,780. Net unrealized depreciation aggregated $14,029,336, of which $23,284,236 related to appreciated investment securities and $37,313,572 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2025 Portfolio

September 30, 2010

1.822350.105

VIPF2025-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 51.8%
	Shares		Value
Domestic Equity Funds - 51.8%
VIP Contrafund Portfolio Initial Class	111,460		$ 2,397,494
VIP Equity-Income Portfolio Initial Class	161,514		2,797,417
VIP Growth & Income Portfolio Initial Class	247,987		2,792,338
VIP Growth Portfolio Initial Class	85,331		2,792,872
VIP Mid Cap Portfolio Initial Class	33,255		999,316
VIP Value Portfolio Initial Class	240,050		2,398,095
VIP Value Strategies Portfolio Initial Class	117,895		1,006,820
TOTAL DOMESTIC EQUITY FUNDS (Cost $17,255,173)		15,184,352
International Equity Funds - 17.9%

Developed International Equity Funds - 15.7%
VIP Overseas Portfolio Initial Class	296,499		4,598,702
Emerging Markets Equity Funds - 2.2%
VIP Emerging Markets Portfolio Initial Class	71,131		662,937
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $5,753,395)		5,261,639
Bond Funds - 30.3%
	Shares		Value
High Yield Bond Funds - 7.5%
VIP High Income Portfolio Initial Class	378,277		$ 2,209,138
Investment Grade Bond Funds - 22.8%
VIP Investment Grade Bond Portfolio Initial Class	493,044		6,680,745
TOTAL BOND FUNDS (Cost $8,463,386)		8,889,883
Short-Term Funds - 0.0%

VIP Money Market Portfolio Initial Class (Cost $11,763)	11,763		11,763

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $31,482,571)

29,347,637

NET OTHER ASSETS (LIABILITIES) - 0.0%		(2,538)
NET ASSETS - 100%		$ 29,345,099

Other Information

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $31,760,168. Net unrealized depreciation aggregated $2,412,531, of which $1,762,905 related to appreciated investment securities and $4,175,436 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2030 Portfolio

September 30, 2010

1.822347.105

VIPF2030-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 55.5%
	Shares		Value
Domestic Equity Funds - 55.5%
VIP Contrafund Portfolio Initial Class	354,167		$ 7,618,131
VIP Equity-Income Portfolio Initial Class	513,350		8,891,230
VIP Growth & Income Portfolio Initial Class	788,192		8,875,037
VIP Growth Portfolio Initial Class	271,211		8,876,738
VIP Mid Cap Portfolio Initial Class	105,476		3,169,554
VIP Value Portfolio Initial Class	762,767		7,620,047
VIP Value Strategies Portfolio Initial Class	373,938		3,193,431
TOTAL DOMESTIC EQUITY FUNDS (Cost $55,968,786)		48,244,168
International Equity Funds - 19.2%

Developed International Equity Funds - 16.8%
VIP Overseas Portfolio Initial Class	941,960		14,609,793
Emerging Markets Equity Funds - 2.4%
VIP Emerging Markets Portfolio Initial Class	226,821		2,113,970
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $18,755,888)		16,723,763
Bond Funds - 25.3%
	Shares		Value
High Yield Bond Funds - 7.5%
VIP High Income Portfolio Initial Class	1,121,144		$ 6,547,480
Investment Grade Bond Funds - 17.8%
VIP Investment Grade Bond Portfolio Initial Class	1,140,342		15,451,630
TOTAL BOND FUNDS (Cost $21,049,564)		21,999,110
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $95,770,348)			86,967,041
NET OTHER ASSETS (LIABILITIES) - 0.0%			(9,364)
NET ASSETS - 100%		$ 86,957,677

Other Information

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $96,837,414. Net unrealized depreciation aggregated $9,870,373, of which $4,761,489 related to appreciated investment securities and $14,631,862 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2035 Portfolio

September 30, 2010

1.903281.101

VF-2035-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 61.2%
	Shares		Value
Domestic Equity Funds - 61.2%
VIP Contrafund Portfolio Initial Class	1,683		$ 36,199
VIP Equity-Income Portfolio Initial Class	2,437		42,209
VIP Growth & Income Portfolio Initial Class	3,742		42,133
VIP Growth Portfolio Initial Class	1,288		42,141
VIP Mid Cap Portfolio Initial Class	501		15,062
VIP Value Portfolio Initial Class	3,624		36,208
VIP Value Strategies Portfolio Initial Class	1,777		15,175
TOTAL DOMESTIC EQUITY FUNDS (Cost $153,003)		229,127
International Equity Funds - 21.2%

Developed International Equity Funds - 18.5%
VIP Overseas Portfolio Initial Class	4,472		69,357
Emerging Markets Equity Funds - 2.7%
VIP Emerging Markets Portfolio Initial Class	1,074		10,007
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $56,479)		79,364
Bond Funds - 17.6%
	Shares		Value
High Yield Bond Funds - 7.5%
VIP High Income Portfolio Initial Class	4,826		$ 28,187
Investment Grade Bond Funds - 10.1%
VIP Investment Grade Bond Portfolio Initial Class	2,777		37,630
TOTAL BOND FUNDS (Cost $53,026)		65,817
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $262,508)			374,308
NET OTHER ASSETS (LIABILITIES) - 0.0%			(36)
NET ASSETS - 100%		$ 374,272

Other Information

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $262,564. Net unrealized appreciation aggregated $111,744, of which $111,747 related to appreciated investment securities and $3 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2040 Portfolio

September 30, 2010

1.903283.101

VF-2040-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 62.0%
	Shares		Value
Domestic Equity Funds - 62.0%
VIP Contrafund Portfolio Initial Class	1,764		$ 37,947
VIP Equity-Income Portfolio Initial Class	2,555		44,248
VIP Growth & Income Portfolio Initial Class	3,923		44,168
VIP Growth Portfolio Initial Class	1,350		44,177
VIP Mid Cap Portfolio Initial Class	525		15,789
VIP Value Portfolio Initial Class	3,799		37,957
VIP Value Strategies Portfolio Initial Class	1,863		15,907
TOTAL DOMESTIC EQUITY FUNDS (Cost $160,534)		240,193
International Equity Funds - 21.4%

Developed International Equity Funds - 18.7%
VIP Overseas Portfolio Initial Class	4,676		72,518
Emerging Markets Equity Funds - 2.7%
VIP Emerging Markets Portfolio Initial Class	1,128		10,517
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $59,035)		83,035
Bond Funds - 16.6%
	Shares		Value
High Yield Bond Funds - 8.6%
VIP High Income Portfolio Initial Class	5,684		$ 33,193
Investment Grade Bond Funds - 8.0%
VIP Investment Grade Bond Portfolio Initial Class	2,299		31,150
TOTAL BOND FUNDS (Cost $51,488)		64,343
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $271,057)			387,571
NET OTHER ASSETS (LIABILITIES) - 0.0%			(36)
NET ASSETS - 100%		$ 387,535

Other Information

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $271,094. Net unrealized appreciation aggregated $116,477, of which $116,497 related to appreciated investment securities and $20 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2045 Portfolio

September 30, 2010

1.903285.101

VF-2045-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 63.1%
	Shares		Value
Domestic Equity Funds - 63.1%
VIP Contrafund Portfolio Initial Class	1,729		$ 37,197
VIP Equity-Income Portfolio Initial Class	2,505		43,381
VIP Growth & Income Portfolio Initial Class	3,846		43,303
VIP Growth Portfolio Initial Class	1,323		43,311
VIP Mid Cap Portfolio Initial Class	516		15,510
VIP Value Portfolio Initial Class	3,724		37,206
VIP Value Strategies Portfolio Initial Class	1,830		15,627
TOTAL DOMESTIC EQUITY FUNDS (Cost $157,301)		235,535
International Equity Funds - 21.8%

Developed International Equity Funds - 19.1%
VIP Overseas Portfolio Initial Class	4,598		71,320
Emerging Markets Equity Funds - 2.7%
VIP Emerging Markets Portfolio Initial Class	1,104		10,285
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $58,008)		81,605
Bond Funds - 15.1%
	Shares		Value
High Yield Bond Funds - 10.0%
VIP High Income Portfolio Initial Class	6,414		$ 37,457
Investment Grade Bond Funds - 5.1%
VIP Investment Grade Bond Portfolio Initial Class	1,389		18,827
TOTAL BOND FUNDS (Cost $43,964)		56,284
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $259,273)			373,424
NET OTHER ASSETS (LIABILITIES) - 0.0%			(35)
NET ASSETS - 100%		$ 373,389

Other Information

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $259,331. Net unrealized appreciation aggregated $114,093, all of which was related to appreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2050 Portfolio

September 30, 2010

1.903287.101

VF-2050-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 66.0%
	Shares		Value
Domestic Equity Funds - 66.0%
VIP Contrafund Portfolio Initial Class	4,616		$ 99,299
VIP Equity-Income Portfolio Initial Class	6,689		115,849
VIP Growth & Income Portfolio Initial Class	10,270		115,640
VIP Growth Portfolio Initial Class	3,534		115,662
VIP Mid Cap Portfolio Initial Class	1,377		41,383
VIP Value Portfolio Initial Class	9,942		99,324
VIP Value Strategies Portfolio Initial Class	4,882		41,693
TOTAL DOMESTIC EQUITY FUNDS (Cost $528,673)		628,850
International Equity Funds - 23.3%

Developed International Equity Funds - 20.3%
VIP Overseas Portfolio Initial Class	12,482		193,593
Emerging Markets Equity Funds - 3.0%
VIP Emerging Markets Portfolio Initial Class	3,002		27,975
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $188,358)		221,568
Bond Funds - 10.7%
	Shares		Value
High Yield Bond Funds - 10.0%
VIP High Income Portfolio Initial Class	16,383		$ 95,678
Investment Grade Bond Funds - 0.7%
VIP Investment Grade Bond Portfolio Initial Class	493		6,686
TOTAL BOND FUNDS (Cost $91,068)		102,364
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $808,099)			952,782
NET OTHER ASSETS (LIABILITIES) - 0.0%			(38)
NET ASSETS - 100%		$ 952,744

Other Information

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $808,287. Net unrealized appreciation aggregated $144,495, of which $144,502 related to appreciated investment securities and $7 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom Income Portfolio

September 30, 2010

1.822341.105

VIPFINC-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 15.4%
	Shares		Value
Domestic Equity Funds - 15.4%
VIP Contrafund Portfolio Initial Class	21,330		$ 458,813
VIP Equity-Income Portfolio Initial Class	30,898		535,147
VIP Growth & Income Portfolio Initial Class	47,440		534,179
VIP Growth Portfolio Initial Class	16,324		534,281
VIP Mid Cap Portfolio Initial Class	6,389		192,003
VIP Value Portfolio Initial Class	45,939		458,928
VIP Value Strategies Portfolio Initial Class	22,651		193,439
TOTAL DOMESTIC EQUITY FUNDS (Cost $3,496,814)		2,906,790
International Equity Funds - 4.6%

Developed International Equity Funds - 4.0%
VIP Overseas Portfolio Initial Class	49,120		761,847
Emerging Markets Equity Funds - 0.6%
VIP Emerging Markets Portfolio Initial Class	11,864		110,576
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $772,421)		872,423
Bond Funds - 40.0%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Initial Class	162,456		$ 948,743
Investment Grade Bond Funds - 35.0%
VIP Investment Grade Bond Portfolio Initial Class	489,149		6,627,970
TOTAL BOND FUNDS (Cost $7,064,257)		7,576,713
Short-Term Funds - 40.0%

VIP Money Market Portfolio Initial Class (Cost $7,578,098)	7,578,098		7,578,098

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $18,911,590)

18,934,024

NET OTHER ASSETS (LIABILITIES) - 0.0%			(1,539)
NET ASSETS - 100%		$ 18,932,485

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $19,015,251. Net unrealized depreciation aggregated $81,227, of which $695,026 related to appreciated investment securities and $776,253 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom Lifetime Income I Portfolio

September 30, 2010

1.822343.105

VIPFLI-I-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 32.2%
	Shares		Value
Domestic Equity Funds - 32.2%
VIP Contrafund Portfolio Investor Class	23,213		$ 497,464
VIP Equity-Income Portfolio Investor Class	33,601		580,284
VIP Growth & Income Portfolio Investor Class	51,579		579,229
VIP Growth Portfolio Investor Class	17,749		579,162
VIP Mid Cap Portfolio Investor Class	6,916		207,129
VIP Value Portfolio Investor Class	49,909		498,091
VIP Value Strategies Portfolio Investor Class	24,552		208,689
TOTAL DOMESTIC EQUITY FUNDS (Cost $4,024,173)		3,150,048
International Equity Funds - 11.0%

Developed International Equity Funds - 9.6%
VIP Overseas Portfolio Investor Class R	60,556		936,807
Emerging Markets Equity Funds - 1.4%
VIP Emerging Markets Portfolio Investor Class R	14,510		134,940
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,286,672)		1,071,747
Bond Funds - 41.8%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Investor Class	84,049		$ 489,165
Investment Grade Bond Funds - 36.8%
VIP Investment Grade Bond Portfolio Investor Class	266,201		3,596,379
TOTAL BOND FUNDS (Cost $3,889,236)		4,085,544
Short-Term Funds - 15.0%

VIP Money Market Portfolio Investor Class (Cost $1,468,102)	1,468,102		1,468,102

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $10,668,183)

9,775,441

NET OTHER ASSETS (LIABILITIES) - 0.0%		(2)
NET ASSETS - 100%		$ 9,775,439

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $10,718,394. Net unrealized depreciation aggregated $942,953, of which $304,509 related to appreciated investment securities and $1,247,462 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom Lifetime Income II Portfolio

September 30, 2010

1.822345.105

VIPFLI-II-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 36.8%
	Shares		Value
Domestic Equity Funds - 36.8%
VIP Contrafund Portfolio Investor Class	38,663		$ 828,541
VIP Equity-Income Portfolio Investor Class	55,879		965,023
VIP Growth & Income Portfolio Investor Class	85,776		963,269
VIP Growth Portfolio Investor Class	29,518		963,157
VIP Mid Cap Portfolio Investor Class	11,495		344,288
VIP Value Portfolio Investor Class	83,125		829,585
VIP Value Strategies Portfolio Investor Class	40,809		346,880
TOTAL DOMESTIC EQUITY FUNDS (Cost $7,050,048)		5,240,743
International Equity Funds - 12.8%

Developed International Equity Funds - 11.2%
VIP Overseas Portfolio Investor Class R	102,644		1,587,898
Emerging Markets Equity Funds - 1.6%
VIP Emerging Markets Portfolio Investor Class R	24,689		229,611
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $2,346,803)		1,817,509
Bond Funds - 42.7%
	Shares		Value
High Yield Bond Funds - 5.5%
VIP High Income Portfolio Investor Class	134,483		$ 782,689
Investment Grade Bond Funds - 37.2%
VIP Investment Grade Bond Portfolio Investor Class	392,599		5,304,015
TOTAL BOND FUNDS (Cost $5,787,940)		6,086,704
Short-Term Funds - 7.7%

VIP Money Market Portfolio Investor Class (Cost $1,095,163)	1,095,163		1,095,163
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $16,279,954)			14,240,119
NET OTHER ASSETS (LIABILITIES) - 0.0%			0
NET ASSETS - 100%		$ 14,240,119

Other Information

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $16,396,497. Net unrealized depreciation aggregated $2,156,378, of which $431,875 related to appreciated investment securities and $2,588,253 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom Lifetime Income III Portfolio

September 30, 2010

1.822348.105

VIPFLI-III-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 52.1%
	Shares		Value
Domestic Equity Funds - 52.1%
VIP Contrafund Portfolio Investor Class	24,765		$ 530,718
VIP Equity-Income Portfolio Investor Class	35,857		619,256
VIP Growth & Income Portfolio Investor Class	55,043		618,130
VIP Growth Portfolio Investor Class	18,941		618,059
VIP Mid Cap Portfolio Investor Class	7,375		220,884
VIP Value Portfolio Investor Class	53,245		531,387
VIP Value Strategies Portfolio Investor Class	26,182		222,547
TOTAL DOMESTIC EQUITY FUNDS (Cost $4,410,690)		3,360,981
International Equity Funds - 18.1%

Developed International Equity Funds - 15.8%
VIP Overseas Portfolio Investor Class R	65,783		1,017,662
Emerging Markets Equity Funds - 2.3%
VIP Emerging Markets Portfolio Investor Class R	15,805		146,985
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,457,121)		1,164,647
Bond Funds - 29.8%
	Shares		Value
High Yield Bond Funds - 7.5%
VIP High Income Portfolio Investor Class	83,303		$ 484,821
Investment Grade Bond Funds - 22.3%
VIP Investment Grade Bond Portfolio Investor Class	106,565		1,439,687
TOTAL BOND FUNDS (Cost $1,867,546)		1,924,508

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $7,735,357)

6,450,136

NET OTHER ASSETS (LIABILITIES) - 0.0%		(1)
NET ASSETS - 100%		$ 6,450,135

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $7,777,232. Net unrealized depreciation aggregated $1,327,096, of which $148,467 related to appreciated investment securities and $1,475,563 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
FundsManager 20% Portfolio

September 30, 2010

1.837319.104

VF20-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 22.9%
	Shares		Value
Domestic Equity Funds - 16.2%
Fidelity 130/30 Large Cap Fund	2,952		$ 19,245
Fidelity Air Transportation Portfolio (a)	6,448		252,951
Fidelity Automotive Portfolio	2,779		100,018
Fidelity Banking Portfolio	126,592		2,025,472
Fidelity Biotechnology Portfolio (a)	1,153		78,777
Fidelity Blue Chip Growth Fund	8,964		357,473
Fidelity Brokerage & Investment Management Portfolio	13,843		649,530
Fidelity Chemicals Portfolio	5,653		450,642
Fidelity Communications Equipment Portfolio	27,799		663,563
Fidelity Computers Portfolio (a)	37,237		1,849,538
Fidelity Construction & Housing Portfolio	17,713		544,142
Fidelity Consumer Discretionary Portfolio	151,886		3,291,379
Fidelity Consumer Staples Portfolio	88,356		5,773,184
Fidelity Contrafund	3,242		201,526
Fidelity Defense & Aerospace Portfolio	1,185		79,223
Fidelity Disciplined Equity Fund	2,023		42,115
Fidelity Dividend Growth Fund	77,369		1,921,075
Fidelity Electronics Portfolio	6,797		271,555
Fidelity Energy Portfolio	66,389		2,802,937
Fidelity Energy Service Portfolio	26,739		1,571,690
Fidelity Environmental & Alternative Energy Portfolio	10,725		177,169
Fidelity Equity-Income Fund	658		26,399
Fidelity Equity-Income II Fund	674		11,153
Fidelity Financial Services Portfolio	15,916		898,781
Fidelity Fund	636		18,234
Fidelity Gold Portfolio	60,721		3,199,385
Fidelity Growth Company Fund	1,100		81,940
Fidelity Health Care Portfolio	9,372		1,047,784
Fidelity Independence Fund	309		6,568
Fidelity Industrial Equipment Portfolio	24,205		698,565
Fidelity Industrials Portfolio	194,171		4,003,813
Fidelity Insurance Portfolio	57,827		2,539,774
Fidelity IT Services Portfolio (a)	27,264		522,102
Fidelity Large Cap Stock Fund	79,311		1,239,632
Fidelity Large Cap Value Fund	9,669		94,467
Fidelity Leisure Portfolio	1,056		85,285
Fidelity Leveraged Company Stock Fund	192		4,602
Fidelity Magellan Fund	372		23,974
Fidelity Materials Portfolio	13,184		753,584
Fidelity Medical Delivery Portfolio (a)	31,868		1,402,203
Fidelity Medical Equipment & Systems Portfolio (a)	13,553		333,122
Fidelity Mega Cap Stock Fund	105,179		942,402
Fidelity Mid-Cap Stock Fund	1,937		48,703
Fidelity Multimedia Portfolio	14,480		556,600
Fidelity Natural Resources Portfolio	3,112		87,311
Fidelity Pharmaceuticals Portfolio	273,062		3,222,128
Fidelity Real Estate Investment Portfolio	46,242		1,103,325
Fidelity Retailing Portfolio	12,864		614,121

	Shares		Value
Fidelity Series Commodity Strategy Fund	898		$ 9,824
Fidelity Small Cap Growth Fund (a)	7,945		107,338
Fidelity Small Cap Stock Fund (a)	3,102		52,548
Fidelity Small Cap Value Fund	94,727		1,319,552
Fidelity Software & Computer Services Portfolio (a)	18,363		1,464,449
Fidelity Technology Portfolio (a)	50,448		4,245,685
Fidelity Telecom and Utilities Fund	37,889		582,355
Fidelity Telecommunications Portfolio	31,719		1,397,862
Fidelity Transportation Portfolio	7,511		372,986
Fidelity Utilities Portfolio	29,977		1,426,620
Spartan Extended Market Index Fund Investor Class	5,950		199,327
Spartan Total Market Index Fund Investor Class	3,278		108,435
VIP Mid Cap Portfolio Investor Class	79		2,359
TOTAL DOMESTIC EQUITY FUNDS			57,978,501
International Equity Funds - 6.7%
Fidelity Canada Fund	9,765		510,882
Fidelity Diversified International Fund	29,372		832,996
Fidelity Emerging Markets Fund	157,194		3,898,403
Fidelity International Capital Appreciation Fund	88,458		1,066,799
Fidelity International Discovery Fund	119,418		3,701,969
Fidelity International Small Cap Fund	39,166		772,735
Fidelity International Small Cap Opportunities Fund	258,020		2,464,093
Fidelity International Value Fund	183,674		1,452,863
Fidelity Japan Fund	22,634		233,355
Fidelity Nordic Fund	60,502		1,905,199
Fidelity Overseas Fund	417		12,561
Fidelity Pacific Basin Fund	15,878		380,586
Spartan International Index Fund Investor Class	195,808		6,612,444
TOTAL INTERNATIONAL EQUITY FUNDS			23,844,885
TOTAL EQUITY FUNDS (Cost $71,231,613)		81,823,386
Fixed-Income Funds - 53.4%

Fixed-Income Funds - 53.4%
Fidelity Floating Rate High Income Fund	682,656		6,587,627
Fidelity Focused High Income Fund	35,541		333,018
Fidelity High Income Fund	1,242,234		10,981,345
Fidelity New Markets Income Fund	250,500		4,068,127
Fidelity Real Estate Income Fund	207,496		2,104,010
Fidelity U.S. Bond Index Fund	14,254,873		166,069,268
TOTAL FIXED-INCOME FUNDS (Cost $178,284,187)		190,143,395
Money Market Funds - 23.7%
	Shares		Value
Fidelity Institutional Money Market Portfolio Class I	13,139,900		$ 13,139,900
Fidelity Institutional Prime Money Market Portfolio Class I	64,022,783		64,022,783
Fidelity Select Money Market Portfolio	7,239,789		7,239,789
TOTAL MONEY MARKET FUNDS (Cost $84,402,472)		84,402,472

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $333,918,272)

356,369,253

NET OTHER ASSETS (LIABILITIES) - 0.0%

(58,516)

NET ASSETS - 100%

$ 356,310,737

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $334,201,477. Net unrealized appreciation aggregated $22,167,776, of which $22,666,481 related to appreciated investment securities and $498,705 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
FundsManager 50% Portfolio

September 30, 2010

1.837320.104

VF50-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 53.5%
	Shares		Value
Domestic Equity Funds - 37.7%
Fidelity 130/30 Large Cap Fund	11,814		$ 77,030
Fidelity Air Transportation Portfolio (a)	24,517		961,802
Fidelity Automotive Portfolio	8,434		303,528
Fidelity Banking Portfolio	395,335		6,325,354
Fidelity Biotechnology Portfolio (a)	32,641		2,229,362
Fidelity Blue Chip Growth Fund	56,864		2,267,750
Fidelity Brokerage & Investment Management Portfolio	59,248		2,779,920
Fidelity Chemicals Portfolio	21,639		1,725,039
Fidelity Communications Equipment Portfolio	41,161		982,509
Fidelity Computers Portfolio (a)	98,541		4,894,510
Fidelity Construction & Housing Portfolio	75,487		2,318,953
Fidelity Consumer Discretionary Portfolio	211,136		4,575,322
Fidelity Consumer Staples Portfolio	263,306		17,204,388
Fidelity Contrafund	10,972		682,032
Fidelity Defense & Aerospace Portfolio	4,681		313,040
Fidelity Disciplined Equity Fund	74,058		1,541,880
Fidelity Dividend Growth Fund	402,078		9,983,587
Fidelity Electronics Portfolio	22,853		912,963
Fidelity Energy Portfolio	276,338		11,666,976
Fidelity Energy Service Portfolio	84,962		4,994,070
Fidelity Environmental & Alternative Energy Portfolio	87,398		1,443,816
Fidelity Equity-Income Fund	18,371		736,692
Fidelity Equity-Income II Fund	506		8,380
Fidelity Financial Services Portfolio	153,471		8,666,520
Fidelity Fund	16,016		458,872
Fidelity Gold Portfolio	134,078		7,064,570
Fidelity Growth Company Fund	68,420		5,095,927
Fidelity Health Care Portfolio	22,112		2,472,146
Fidelity Independence Fund	974		20,688
Fidelity Industrial Equipment Portfolio	88,607		2,557,200
Fidelity Industrials Portfolio	491,972		10,144,464
Fidelity Insurance Portfolio	129,699		5,696,389
Fidelity IT Services Portfolio (a)	106,686		2,043,036
Fidelity Large Cap Stock Fund	485,616		7,590,179
Fidelity Large Cap Value Fund	30,921		302,099
Fidelity Leisure Portfolio	37,176		3,003,042
Fidelity Leveraged Company Stock Fund	755		18,086
Fidelity Magellan Fund	2,803		180,713
Fidelity Materials Portfolio	21,391		1,222,704
Fidelity Medical Delivery Portfolio (a)	137,017		6,028,768
Fidelity Medical Equipment & Systems Portfolio (a)	135,239		3,324,185
Fidelity Mega Cap Stock Fund	349,608		3,132,491
Fidelity Mid Cap Value Fund	147,777		2,099,916
Fidelity Mid-Cap Stock Fund	5,236		131,625
Fidelity Multimedia Portfolio	64,825		2,491,855
Fidelity Nasdaq Composite Index Fund	10,108		319,000
Fidelity Natural Resources Portfolio	13,615		382,026

	Shares		Value
Fidelity Pharmaceuticals Portfolio	671,626		$ 7,925,187
Fidelity Real Estate Investment Portfolio	157,350		3,754,378
Fidelity Retailing Portfolio	66,225		3,161,593
Fidelity Series Commodity Strategy Fund	898		9,824
Fidelity Small Cap Growth Fund (a)	92,383		1,248,099
Fidelity Small Cap Stock Fund (a)	7,638		129,381
Fidelity Small Cap Value Fund	7,834		109,126
Fidelity Software & Computer Services Portfolio (a)	37,846		3,018,243
Fidelity Technology Portfolio (a)	197,662		16,635,242
Fidelity Telecom and Utilities Fund	331,074		5,088,611
Fidelity Telecommunications Portfolio	104,529		4,606,610
Fidelity Transportation Portfolio	29,792		1,479,485
Fidelity Utilities Portfolio	64,040		3,047,655
Spartan 500 Index Fund Investor Class	21,410		869,036
Spartan Extended Market Index Fund Investor Class	264,801		8,870,848
Spartan Total Market Index Fund Investor Class	285,935		9,458,724
VIP Mid Cap Portfolio Investor Class	63,078		1,889,183
TOTAL DOMESTIC EQUITY FUNDS			224,676,629
International Equity Funds - 15.8%
Fidelity Canada Fund	66,100		3,458,370
Fidelity China Region Fund	28,165		868,032
Fidelity Diversified International Fund	222,517		6,310,577
Fidelity Emerging Markets Fund	370,159		9,179,954
Fidelity International Capital Appreciation Fund	258,705		3,119,986
Fidelity International Discovery Fund	239,243		7,416,546
Fidelity International Small Cap Fund	86,276		1,702,233
Fidelity International Small Cap Opportunities Fund	631,400		6,029,874
Fidelity International Value Fund	138,338		1,094,252
Fidelity Japan Fund	106,968		1,102,837
Fidelity Nordic Fund	162,379		5,113,322
Fidelity Overseas Fund	275		8,281
Fidelity Pacific Basin Fund	35,168		842,981
Spartan International Index Fund Investor Class	1,405,758		47,472,436
TOTAL INTERNATIONAL EQUITY FUNDS			93,719,681
TOTAL EQUITY FUNDS (Cost $270,656,704)		318,396,310
Fixed-Income Funds - 42.7%

Fixed-Income Funds - 42.7%
Fidelity Floating Rate High Income Fund	1,043,279		10,067,647
Fidelity Focused High Income Fund	135,347		1,268,203
Fidelity High Income Fund	1,689,387		14,934,183
Fidelity New Markets Income Fund	297,513		4,831,605
Fixed-Income Funds - continued
	Shares		Value
Fixed-Income Funds - continued
Fidelity Real Estate Income Fund	285,807		$ 2,898,080
Fidelity U.S. Bond Index Fund	18,935,889		220,603,115
TOTAL FIXED-INCOME FUNDS (Cost $237,425,392)		254,602,833
Money Market Funds - 3.8%

Fidelity Institutional Prime Money Market Portfolio Class I (Cost $22,548,126)	22,548,126		22,548,126
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $530,630,222)			595,547,269
NET OTHER ASSETS (LIABILITIES) - 0.0%			(97,702)
NET ASSETS - 100%		$ 595,449,567

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $531,404,347. Net unrealized appreciation aggregated $64,142,922, of which $69,887,174 related to appreciated investment securities and $5,744,252 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
FundsManager 60% Portfolio

September 30, 2010

1.856868.103

VIPFM-60-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 63.1%
	Shares		Value
Domestic Equity Funds - 44.4%
Fidelity 130/30 Large Cap Fund	7,135		$ 46,518
Fidelity Air Transportation Portfolio (a)	113,795		4,464,177
Fidelity Automotive Portfolio	22,020		792,498
Fidelity Banking Portfolio	1,451,681		23,226,889
Fidelity Biotechnology Portfolio (a)	30,464		2,080,712
Fidelity Blue Chip Growth Fund	72,595		2,895,080
Fidelity Brokerage & Investment Management Portfolio	112,013		5,255,635
Fidelity Chemicals Portfolio	100,949		8,047,692
Fidelity Communications Equipment Portfolio	539,777		12,884,477
Fidelity Computers Portfolio (a)	460,018		22,849,108
Fidelity Construction & Housing Portfolio	249,876		7,676,206
Fidelity Consumer Discretionary Portfolio	1,698,201		36,800,020
Fidelity Consumer Staples Portfolio	1,219,871		79,706,363
Fidelity Contrafund	126,986		7,893,437
Fidelity Defense & Aerospace Portfolio	27,986		1,871,697
Fidelity Disciplined Equity Fund	4,423		92,077
Fidelity Dividend Growth Fund	2,448,951		60,807,462
Fidelity Electronics Portfolio	26,437		1,056,139
Fidelity Energy Portfolio	1,040,849		43,944,640
Fidelity Energy Service Portfolio	420,629		24,724,557
Fidelity Environmental & Alternative Energy Portfolio	87,696		1,448,730
Fidelity Equity-Income Fund	68,911		2,763,332
Fidelity Equity-Income II Fund	4,820		79,779
Fidelity Financial Services Portfolio	697,338		39,378,664
Fidelity Fund	1,820		52,138
Fidelity Gold Portfolio	436,972		23,024,069
Fidelity Growth Company Fund	240,304		17,897,805
Fidelity Health Care Portfolio	234,846		26,255,790
Fidelity Independence Fund	2,122		45,056
Fidelity Industrial Equipment Portfolio	663,414		19,146,125
Fidelity Industrials Portfolio	1,948,609		40,180,326
Fidelity Insurance Portfolio	711,582		31,252,683
Fidelity IT Services Portfolio (a)	425,454		8,147,439
Fidelity Large Cap Stock Fund	2,670,330		41,737,259
Fidelity Large Cap Value Fund	113,571		1,109,591
Fidelity Leisure Portfolio	138,751		11,208,300
Fidelity Leveraged Company Stock Fund	57,230		1,370,082
Fidelity Magellan Fund	2,841		183,114
Fidelity Materials Portfolio	95,566		5,462,556
Fidelity Medical Delivery Portfolio (a)	351,513		15,466,589
Fidelity Medical Equipment & Systems Portfolio (a)	333,901		8,207,297
Fidelity Mega Cap Stock Fund	3,333,506		29,868,215
Fidelity Mid Cap Value Fund	292,201		4,152,171
Fidelity Multimedia Portfolio	246,385		9,471,038
Fidelity Natural Resources Portfolio	32,149		902,097
Fidelity Pharmaceuticals Portfolio	2,513,325		29,657,231
Fidelity Real Estate Investment Portfolio	590,141		14,080,768
Fidelity Retailing Portfolio	201,235		9,606,981
Fidelity Series Commodity Strategy Fund	947		10,365

	Shares		Value
Fidelity Small Cap Growth Fund (a)	137,183		$ 1,853,343
Fidelity Small Cap Value Fund	502,887		7,005,222
Fidelity Software & Computer Services Portfolio (a)	145,740		11,622,763
Fidelity Stock Selector Fund	4,365		100,000
Fidelity Technology Portfolio (a)	748,725		63,012,657
Fidelity Telecom and Utilities Fund	1,329,288		20,431,159
Fidelity Telecommunications Portfolio	536,491		23,643,169
Fidelity Transportation Portfolio	188,736		9,372,643
Fidelity Utilities Portfolio	430,636		20,493,989
Fidelity Value Fund	24,951		1,532,476
Spartan 500 Index Fund Investor Class	2,177		88,348
Spartan Total Market Index Fund Investor Class	666,892		22,060,800
VIP Mid Cap Portfolio Investor Class	139,519		4,178,597
TOTAL DOMESTIC EQUITY FUNDS			924,676,140
International Equity Funds - 18.7%
Fidelity Canada Fund	270,444		14,149,608
Fidelity China Region Fund	111,973		3,451,006
Fidelity Diversified International Fund	801,848		22,740,418
Fidelity Emerging Markets Fund	1,333,315		33,066,206
Fidelity International Capital Appreciation Fund	993,542		11,982,120
Fidelity International Discovery Fund	2,403,863		74,519,754
Fidelity International Small Cap Fund	784,607		15,480,302
Fidelity International Small Cap Opportunities Fund	3,283,104		31,353,640
Fidelity International Value Fund	116,277		919,752
Fidelity Japan Fund	769,283		7,931,309
Fidelity Nordic Fund	1,203,614		37,901,792
Fidelity Overseas Fund	1,126		33,919
Fidelity Pacific Basin Fund	587,692		14,086,966
Spartan International Index Fund Investor Class	3,574,640		120,715,585
TOTAL INTERNATIONAL EQUITY FUNDS			388,332,377
TOTAL EQUITY FUNDS (Cost $1,109,762,435)		1,313,008,517
Fixed-Income Funds - 35.6%

Fidelity Floating Rate High Income Fund	3,005,423		29,002,334
Fidelity Focused High Income Fund	1,727,993		16,191,294
Fidelity High Income Fund	4,735,939		41,865,705
Fidelity New Markets Income Fund	1,212,880		19,697,168
Fidelity Real Estate Income Fund	1,746,977		17,714,342
Fidelity U.S. Bond Index Fund	52,815,099		615,295,904
TOTAL FIXED-INCOME FUNDS (Cost $699,228,758)		739,766,747
Money Market Funds - 1.3%
	Shares		Value
Fidelity Institutional Prime Money Market Portfolio Class I (Cost $27,978,269)	27,978,269		$ 27,978,269
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,836,969,462)			2,080,753,533
NET OTHER ASSETS (LIABILITIES) - 0.0%			(330,371)
NET ASSETS - 100%		$ 2,080,423,162

Legend

(a) Non-income producing

Other Information

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $1,838,791,691. Net unrealized appreciation aggregated $241,961,842, of which $253,759,802 related to appreciated investment securities and $11,797,960 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
FundsManager 70% Portfolio

September 30, 2010

1.837321.104

VF70-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 73.8%
	Shares		Value
Domestic Equity Funds - 52.0%
Fidelity 130/30 Large Cap Fund	10,694		$ 69,722
Fidelity Air Transportation Portfolio (a)	21,687		850,774
Fidelity Automotive Portfolio	8,748		314,844
Fidelity Banking Portfolio	327,823		5,245,164
Fidelity Biotechnology Portfolio (a)	35,484		2,423,583
Fidelity Blue Chip Growth Fund	47,931		1,911,490
Fidelity Brokerage & Investment Management Portfolio	54,277		2,546,694
Fidelity Chemicals Portfolio	22,666		1,806,957
Fidelity Communications Equipment Portfolio	40,872		975,617
Fidelity Computers Portfolio (a)	133,377		6,624,824
Fidelity Construction & Housing Portfolio	77,459		2,379,551
Fidelity Consumer Discretionary Portfolio	225,928		4,895,861
Fidelity Consumer Staples Portfolio	330,917		21,622,112
Fidelity Contrafund	9,486		589,662
Fidelity Defense & Aerospace Portfolio	3,902		260,997
Fidelity Disciplined Equity Fund	38,311		797,631
Fidelity Dividend Growth Fund	220,800		5,482,475
Fidelity Electronics Portfolio	19,773		789,912
Fidelity Energy Portfolio	307,413		12,978,977
Fidelity Energy Service Portfolio	98,653		5,798,824
Fidelity Environmental & Alternative Energy Portfolio	64,738		1,069,469
Fidelity Equity-Income Fund	42,422		1,701,128
Fidelity Equity-Income II Fund	499		8,265
Fidelity Financial Services Portfolio	178,408		10,074,694
Fidelity Fund	5,317		152,334
Fidelity Gold Portfolio	100,873		5,315,011
Fidelity Growth Company Fund	56,596		4,215,265
Fidelity Health Care Portfolio	28,431		3,178,530
Fidelity Independence Fund	559		11,877
Fidelity Industrial Equipment Portfolio	127,243		3,672,237
Fidelity Industrials Portfolio	556,797		11,481,146
Fidelity Insurance Portfolio	157,746		6,928,184
Fidelity IT Services Portfolio (a)	88,553		1,695,781
Fidelity Large Cap Stock Fund	656,728		10,264,654
Fidelity Large Cap Value Fund	74,308		725,989
Fidelity Leisure Portfolio	56,591		4,571,410
Fidelity Leveraged Company Stock Fund	951		22,755
Fidelity Magellan Fund	887		57,197
Fidelity Materials Portfolio	19,104		1,091,986
Fidelity Medical Delivery Portfolio (a)	131,901		5,803,643
Fidelity Medical Equipment & Systems Portfolio (a)	145,188		3,568,722
Fidelity Mega Cap Stock Fund	184,581		1,653,849
Fidelity Mid Cap Value Fund	46,604		662,237
Fidelity Mid-Cap Stock Fund	5,979		150,322
Fidelity Multimedia Portfolio	110,716		4,255,932
Fidelity Nasdaq Composite Index Fund	43,743		1,380,514
Fidelity Natural Resources Portfolio	7,720		216,619
Fidelity Pharmaceuticals Portfolio	702,281		8,286,918

	Shares		Value
Fidelity Real Estate Investment Portfolio	212,543		$ 5,071,286
Fidelity Retailing Portfolio	54,367		2,595,494
Fidelity Series Commodity Strategy Fund	898		9,824
Fidelity Small Cap Growth Fund (a)	293,801		3,969,253
Fidelity Small Cap Stock Fund (a)	8,025		135,945
Fidelity Small Cap Value Fund	72,056		1,003,735
Fidelity Software & Computer Services Portfolio (a)	56,434		4,500,596
Fidelity Technology Portfolio (a)	210,432		17,709,959
Fidelity Telecom and Utilities Fund	397,828		6,114,622
Fidelity Telecommunications Portfolio	101,829		4,487,594
Fidelity Transportation Portfolio	54,713		2,717,043
Fidelity Utilities Portfolio	63,314		3,013,130
Fidelity Value Discovery Fund	1,598		20,966
Fidelity Value Fund	20,429		1,254,734
Spartan 500 Index Fund Investor Class	167,220		6,787,475
Spartan Extended Market Index Fund Investor Class	349,603		11,711,707
Spartan Total Market Index Fund Investor Class	312,517		10,338,061
VIP Mid Cap Portfolio Investor Class	116,005		3,474,357
TOTAL DOMESTIC EQUITY FUNDS			255,498,120
International Equity Funds - 21.8%
Fidelity Canada Fund	71,068		3,718,286
Fidelity China Region Fund	35,472		1,093,257
Fidelity Diversified International Fund	379,342		10,758,132
Fidelity Emerging Markets Fund	355,150		8,807,727
Fidelity International Capital Appreciation Fund	390,677		4,711,561
Fidelity International Discovery Fund	306,737		9,508,832
Fidelity International Small Cap Fund	88,317		1,742,497
Fidelity International Small Cap Opportunities Fund	294,679		2,814,183
Fidelity International Value Fund	216,906		1,715,727
Fidelity Japan Fund	82,869		854,379
Fidelity Nordic Fund	214,708		6,761,159
Fidelity Overseas Fund	817		24,603
Fidelity Pacific Basin Fund	28,696		687,847
Spartan International Index Fund Investor Class	1,605,827		54,228,786
TOTAL INTERNATIONAL EQUITY FUNDS			107,426,976
TOTAL EQUITY FUNDS (Cost $315,274,051)		362,925,096
Fixed-Income Funds - 25.8%

Fixed-Income Funds - 25.8%
Fidelity Floating Rate High Income Fund	536,509		5,177,313
Fidelity Focused High Income Fund	414,931		3,887,903
Fidelity High Income Fund	893,015		7,894,250
Fidelity New Markets Income Fund	188,536		3,061,831
Fixed-Income Funds - continued
	Shares		Value
Fixed-Income Funds - continued
Fidelity Real Estate Income Fund	181,014		$ 1,835,485
Fidelity U.S. Bond Index Fund	9,017,859		105,058,054
TOTAL FIXED-INCOME FUNDS (Cost $117,728,829)		126,914,836
Money Market Funds - 0.4%

Fidelity Institutional Prime Money Market Portfolio Class I (Cost $1,882,501)	1,882,501		1,882,501

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $434,885,381)

491,722,433

NET OTHER ASSETS (LIABILITIES) - 0.0%

(80,202)

NET ASSETS - 100%

$ 491,642,231

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $435,478,111. Net unrealized appreciation aggregated $56,244,322, of which $66,177,235 related to appreciated investment securities and $9,932,913 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
FundsManager 85% Portfolio

September 30, 2010

1.837323.104

VF85-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 87.7%
	Shares		Value
Domestic Equity Funds - 62.4%
Fidelity 130/30 Large Cap Fund	6,351		$ 41,406
Fidelity Air Transportation Portfolio (a)	13,296		521,611
Fidelity Automotive Portfolio	10,664		383,800
Fidelity Banking Portfolio	210,759		3,372,152
Fidelity Biotechnology Portfolio (a)	10,476		715,522
Fidelity Blue Chip Growth Fund	15,647		623,990
Fidelity Brokerage & Investment Management Portfolio	21,790		1,022,396
Fidelity Chemicals Portfolio	14,820		1,181,471
Fidelity Communications Equipment Portfolio	25,742		614,457
Fidelity Computers Portfolio (a)	82,328		4,089,244
Fidelity Construction & Housing Portfolio	39,403		1,210,452
Fidelity Consumer Discretionary Portfolio	190,278		4,123,313
Fidelity Consumer Staples Portfolio	177,718		11,612,113
Fidelity Contrafund	6,705		416,767
Fidelity Defense & Aerospace Portfolio	4,313		288,430
Fidelity Dividend Growth Fund	2,785		69,162
Fidelity Electronics Portfolio	17,615		703,721
Fidelity Energy Portfolio	131,276		5,542,481
Fidelity Energy Service Portfolio	81,294		4,778,445
Fidelity Environmental & Alternative Energy Portfolio	32,634		539,111
Fidelity Equity-Income Fund	968		38,815
Fidelity Equity-Income II Fund	1,192		19,730
Fidelity Financial Services Portfolio	86,447		4,881,675
Fidelity Gold Portfolio	46,776		2,464,612
Fidelity Growth Company Fund	38,042		2,833,361
Fidelity Health Care Portfolio	23,268		2,601,313
Fidelity Independence Fund	420		8,916
Fidelity Industrial Equipment Portfolio	45,269		1,306,450
Fidelity Industrials Portfolio	343,437		7,081,673
Fidelity Insurance Portfolio	127,604		5,604,360
Fidelity IT Services Portfolio (a)	87,008		1,666,210
Fidelity Large Cap Stock Fund	139,997		2,188,151
Fidelity Large Cap Value Fund	8,971		87,647
Fidelity Leisure Portfolio	23,742		1,917,875
Fidelity Leveraged Company Stock Fund	3,061		73,272
Fidelity Magellan Fund	845		54,450
Fidelity Materials Portfolio	10,963		626,632
Fidelity Medical Delivery Portfolio (a)	68,485		3,013,344
Fidelity Medical Equipment & Systems Portfolio (a)	45,827		1,126,417
Fidelity Mega Cap Stock Fund	35,786		320,644
Fidelity Mid Cap Value Fund	40,323		572,990
Fidelity Mid-Cap Stock Fund	2,424		60,932
Fidelity Multimedia Portfolio	37,691		1,448,823
Fidelity Nasdaq Composite Index Fund	10,375		327,423
Fidelity Natural Resources Portfolio	8,486		238,130
Fidelity Pharmaceuticals Portfolio	410,712		4,846,396
Fidelity Real Estate Investment Portfolio	106,699		2,545,828

	Shares		Value
Fidelity Retailing Portfolio	43,714		$ 2,086,891
Fidelity Series Commodity Strategy Fund	898		9,824
Fidelity Small Cap Growth Fund (a)	70,278		949,451
Fidelity Small Cap Stock Fund (a)	3,372		57,130
Fidelity Small Cap Value Fund	114,847		1,599,820
Fidelity Software & Computer Services Portfolio (a)	7,320		583,797
Fidelity Technology Portfolio (a)	118,114		9,940,515
Fidelity Telecom and Utilities Fund	239,105		3,675,038
Fidelity Telecommunications Portfolio	58,575		2,581,382
Fidelity Transportation Portfolio	39,086		1,941,008
Fidelity Utilities Portfolio	32,596		1,551,227
Fidelity Value Discovery Fund	579		7,601
Spartan 500 Index Fund Investor Class	108,177		4,390,906
Spartan Extended Market Index Fund Investor Class	181		6,065
Spartan Total Market Index Fund Investor Class	63,032		2,085,113
VIP Mid Cap Portfolio Investor Class	26,861		804,482
TOTAL DOMESTIC EQUITY FUNDS			122,076,363
International Equity Funds - 25.3%
Fidelity Canada Fund	37,981		1,987,144
Fidelity China Region Fund	4,906		151,217
Fidelity Diversified International Fund	195,926		5,556,467
Fidelity Emerging Markets Fund	195,630		4,851,615
Fidelity International Capital Appreciation Fund	216,945		2,616,356
Fidelity International Discovery Fund	103,946		3,222,326
Fidelity International Small Cap Fund	34,015		671,125
Fidelity International Small Cap Opportunities Fund	225,355		2,152,143
Fidelity International Value Fund	6,039		47,770
Fidelity Japan Fund	33,902		349,531
Fidelity Nordic Fund	145,329		4,576,413
Fidelity Overseas Fund	321		9,682
Fidelity Pacific Basin Fund	31,255		749,185
Spartan International Index Fund Investor Class	666,102		22,494,263
TOTAL INTERNATIONAL EQUITY FUNDS			49,435,237
TOTAL EQUITY FUNDS (Cost $145,423,841)		171,511,600
Fixed-Income Funds - 12.1%

Fixed-Income Funds - 12.1%
Fidelity Floating Rate High Income Fund	139,625		1,347,380
Fidelity Focused High Income Fund	8,142		76,289
Fidelity High Income Fund	289,782		2,561,677
Fidelity New Markets Income Fund	126,218		2,049,778
Fixed-Income Funds - continued
	Shares		Value
Fixed-Income Funds - continued
Fidelity Real Estate Income Fund	23,199		$ 235,239
Fidelity U.S. Bond Index Fund	1,488,217		17,337,732
TOTAL FIXED-INCOME FUNDS (Cost $21,592,215)		23,608,095
Money Market Funds - 0.2%

Fidelity Institutional Prime Money Market Portfolio Class I (Cost $512,434)	512,434		512,434
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $167,528,490)			195,632,129
NET OTHER ASSETS (LIABILITIES) - 0.0%			(32,767)
NET ASSETS - 100%		$ 195,599,362

Legend

(a) Non-income producing

Other Information

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $167,848,850. Net unrealized appreciation aggregated $27,783,279, of which $31,495,408 related to appreciated investment securities and $3,712,129 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investment Grade Bond Portfolio

September 30, 2010

1.808780.106

VIPIGB-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Fixed-Income Central Funds - 98.7%
	Shares	Value
INVESTMENT GRADE FIXED-INCOME FUNDS - 96.9%
Fidelity VIP Investment Grade Central Fund (c)	27,280,061	$ 3,023,176,409

HIGH YIELD FIXED-INCOME FUNDS - 1.8%

Fidelity Specialized High Income Central Fund (c)

544,829

54,581,003

TOTAL FIXED-INCOME CENTRAL FUNDS

(Cost $2,859,325,865)

3,077,757,412

Nonconvertible Bonds - 0.1%
	Principal Amount
CONSUMER STAPLES - 0.1%
Beverages - 0.1%
FBG Finance Ltd. 5.125% 6/15/15 (a) (Cost $1,434,515)	$ 1,750,000		1,931,802
Asset-Backed Securities - 0.2%

Advanta Business Card Master Trust Series 2007-D1 Class D, 1.6573% 1/22/13 (a)(b)	1,800,000		0
AmeriCredit Prime Automobile Receivables Trust Series 2007-1 Class E, 6.96% 3/8/16 (a)	968,234		930,984
Ford Credit Auto Owner Trust:
Series 2006-C Class D, 6.89% 5/15/13 (a)	725,000		753,704
Series 2007-A Class D, 7.05% 12/15/13 (a)	425,000		448,535
Merrill Lynch Mortgage Investors Trust Series 2005-FM1 Class A2D, 0.6363% 5/25/36 (b)	4,701,524		4,344,746
Specialty Underwriting & Residential Finance Trust Series 2006-AB2 Class N1, 5.75% 6/25/37 (a)	180,261		0
Wachovia Auto Loan Owner Trust Series 2006-2A Class E, 7.05% 5/20/14 (a)	1,175,000		1,196,490
TOTAL ASSET-BACKED SECURITIES (Cost $9,409,075)		7,674,459

Collateralized Mortgage Obligations - 0.8%

Private Sponsor - 0.8%
CWALT, Inc.:
floater Series 2005-56:
Class 1A1, 0.9863% 11/25/35 (b)	10,576,870		5,900,836

	Principal Amount		Value
Class 2A3, 1.8858% 11/25/35 (b)	$ 2,495,449		$ 1,373,994
Series 2005-56:
Class 4A1, 0.5663% 11/25/35 (b)	1,962,439		1,105,246
Class 5A1, 0.5763% 11/25/35 (b)	3,141,039		1,640,879
Luminent Mortgage Trust:
floater Series 2006-1 Class A1, 0.4963% 4/25/36 (b)	5,256,321		2,883,618
Series 2006-5 Class A1A, 0.4463% 7/25/36 (b)	4,116,985		2,194,764
MASTR Adjustable Rate Mortgages Trust Series 2007-3 Class 22A2, 0.4663% 5/25/47 (b)	747,129		470,030
Merrill Lynch Alternative Note Asset Trust floater Series 2007-OAR1 Class A1, 0.4263% 2/25/37 (b)	1,941,331		1,278,367
Residential Accredit Loans, Inc. floater Series 2005-QO5 Class A1, 1.3858% 1/25/46 (b)	4,463,449		2,395,979
Structured Asset Mortgage Investments, Inc. floater Series 2006-AR6 Class 2A1, 0.4463% 7/25/46 (b)	8,485,054		5,046,910
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR2 Class 1A2, 2.88% 3/25/35 (b)	1,105,527		651,631
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $24,384,407)		24,942,254
Cash Equivalents - 0.3%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.3%, dated 9/30/10 due 10/1/10 (Collateralized by U.S. Government Obligations) # (Cost $10,252,000)	$ 10,252,087		10,252,000
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $2,904,805,862)			3,122,557,927
NET OTHER ASSETS (LIABILITIES) - (0.1)%			(2,929,358)
NET ASSETS - 100%		$ 3,119,628,569

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,261,515 or 0.2% of net assets.

(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(c) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's web site at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at advisor.fidelity.com. In addition, each Fidelity Central Fund's financial statements are available on the SEC's web site or upon request.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$10,252,000 due 10/01/10 at 0.30%
Bank of America NA	$ 6,401,353
Mizuho Securities USA, Inc.	3,094,270
Societe Generale, New York Branch	756,377
	$ 10,252,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Specialized High Income Central Fund	$ 2,774,106
Fidelity VIP Investment Grade Central Fund	81,404,740
Total	$ 84,178,846

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Specialized High Income Central Fund	$ 49,151,300	$ 2,774,105	$ -	$ 54,581,003	12.1%
Fidelity VIP Investment Grade Central Fund	3,022,577,174	103,345,661	280,041,534	3,023,176,409	76.4%
Total	$ 3,071,728,474	$ 106,119,766	$ 280,041,534	$ 3,077,757,412

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Corporate Bonds	$ 1,931,802	$ -	$ 1,931,802	$ -
Asset-Backed Securities	7,674,459	-	7,674,459	-
Collateralized Mortgage Obligations	24,942,254	-	24,942,254	-
Fixed-Income Funds	3,077,757,412	3,077,757,412	-	-
Cash Equivalents	10,252,000	-	10,252,000	-
Total Investments in Securities:	$ 3,122,557,927	$ 3,077,757,412	$ 44,800,515	$ -

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $2,850,035,685. Net unrealized appreciation aggregated $272,522,242, of which $276,701,983 related to appreciated investment securities and $4,179,741 related to depreciated investment securities.

Investment Valuation

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

For asset backed securities and collateralized mortgage obligations, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2005 Portfolio

September 30, 2010

1.822891.105

VIPIFF2005-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 32.0%
	Shares		Value
Domestic Equity Funds - 32.0%
VIP Contrafund Portfolio Investor Class	23,157		$ 496,247
VIP Equity-Income Portfolio Investor Class	33,490		578,369
VIP Growth & Income Portfolio Investor Class	51,408		577,317
VIP Growth Portfolio Investor Class	17,691		577,250
VIP Mid Cap Portfolio Investor Class	6,907		206,869
VIP Value Portfolio Investor Class	49,787		496,872
VIP Value Strategies Portfolio Investor Class	24,521		208,427
TOTAL DOMESTIC EQUITY FUNDS (Cost $3,938,688)		3,141,351
International Equity Funds - 10.7%

Developed International Equity Funds - 9.3%
VIP Overseas Portfolio Investor Class R	59,185		915,590
Emerging Markets Equity Funds - 1.4%
VIP Emerging Markets Portfolio Investor Class R	14,241		132,441
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,224,548)		1,048,031
Bond Funds - 36.5%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Investor Class	84,508		$ 491,839
Investment Grade Bond Funds - 31.5%
VIP Investment Grade Bond Portfolio Investor Class	228,525		3,087,374
TOTAL BOND FUNDS (Cost $3,338,320)		3,579,213
Short-Term Funds - 20.8%

VIP Money Market Portfolio Investor Class (Cost $2,040,842)	2,040,842		2,040,842
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $10,542,398)			9,809,437
NET OTHER ASSETS (LIABILITIES) - 0.0%			(2)
NET ASSETS - 100%		$ 9,809,435

Other Information

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $10,642,789. Net unrealized depreciation aggregated $833,352, of which $363,395 related to appreciated investment securities and $1,196,747 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2010 Portfolio

September 30, 2010

1.822892.105

VIPIFF2010-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 36.8%
	Shares		Value
Domestic Equity Funds - 36.8%
VIP Contrafund Portfolio Investor Class	138,503		$ 2,968,121
VIP Equity-Income Portfolio Investor Class	200,471		3,462,129
VIP Growth & Income Portfolio Investor Class	307,734		3,455,854
VIP Growth Portfolio Investor Class	105,898		3,455,456
VIP Mid Cap Portfolio Investor Class	41,181		1,233,370
VIP Value Portfolio Investor Class	297,780		2,971,849
VIP Value Strategies Portfolio Investor Class	146,191		1,242,627
TOTAL DOMESTIC EQUITY FUNDS (Cost $24,797,698)		18,789,406
International Equity Funds - 12.8%

Developed International Equity Funds - 11.2%
VIP Overseas Portfolio Investor Class R	367,377		5,683,321
Emerging Markets Equity Funds - 1.6%
VIP Emerging Markets Portfolio Investor Class R	88,443		822,521
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $8,216,414)		6,505,842
Bond Funds - 39.9%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Investor Class	439,558		$ 2,558,229
Investment Grade Bond Funds - 34.9%
VIP Investment Grade Bond Portfolio Investor Class	1,318,322		17,810,527
TOTAL BOND FUNDS (Cost $19,329,556)		20,368,756
Short-Term Funds - 10.5%

VIP Money Market Portfolio Investor Class (Cost $5,348,445)	5,348,445		5,348,445

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $57,692,113)

51,012,449

NET OTHER ASSETS (LIABILITIES) - 0.0%		6
NET ASSETS - 100%		$ 51,012,455

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $58,044,557. Net unrealized depreciation aggregated $7,032,108, of which $1,500,720 related to appreciated investment securities and $8,532,828 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2015 Portfolio

September 30, 2010

1.822893.105

VIPIFF2015-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 37.9%
	Shares		Value
Domestic Equity Funds - 37.9%
VIP Contrafund Portfolio Investor Class	178,230		$ 3,819,470
VIP Equity-Income Portfolio Investor Class	257,678		4,450,101
VIP Growth & Income Portfolio Investor Class	395,548		4,442,008
VIP Growth Portfolio Investor Class	136,117		4,441,496
VIP Mid Cap Portfolio Investor Class	52,974		1,586,579
VIP Value Portfolio Investor Class	383,195		3,824,282
VIP Value Strategies Portfolio Investor Class	188,062		1,598,525
TOTAL DOMESTIC EQUITY FUNDS (Cost $30,791,476)		24,162,461
International Equity Funds - 13.1%

Developed International Equity Funds - 11.5%
VIP Overseas Portfolio Investor Class R	473,339		7,322,549
Emerging Markets Equity Funds - 1.6%
VIP Emerging Markets Portfolio Investor Class R	113,355		1,054,201
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $10,081,831)		8,376,750
Bond Funds - 39.6%
	Shares		Value
High Yield Bond Funds - 5.1%
VIP High Income Portfolio Investor Class	559,513		$ 3,256,364
Investment Grade Bond Funds - 34.5%
VIP Investment Grade Bond Portfolio Investor Class	1,630,445		22,027,308
TOTAL BOND FUNDS (Cost $23,877,920)		25,283,672
Short-Term Funds - 9.4%

VIP Money Market Portfolio Investor Class (Cost $5,959,438)	5,959,438		5,959,438
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $70,710,665)			63,782,321
NET OTHER ASSETS (LIABILITIES) - 0.0%			0
NET ASSETS - 100%		$ 63,782,321

Other Information

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $71,104,137. Net unrealized depreciation aggregated $7,321,816, of which $2,226,727 related to appreciated investment securities and $9,548,543 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2020 Portfolio

September 30, 2010

1.822895.105

VIPIFF2020-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 45.4%
	Shares		Value
Domestic Equity Funds - 45.4%
VIP Contrafund Portfolio Investor Class	292,992		$ 6,278,813
VIP Equity-Income Portfolio Investor Class	423,965		7,321,879
VIP Growth & Income Portfolio Investor Class	650,806		7,308,552
VIP Growth Portfolio Investor Class	223,957		7,307,708
VIP Mid Cap Portfolio Investor Class	87,326		2,615,428
VIP Value Portfolio Investor Class	629,933		6,286,731
VIP Value Strategies Portfolio Investor Class	310,017		2,635,141
TOTAL DOMESTIC EQUITY FUNDS (Cost $50,433,219)		39,754,252
International Equity Funds - 15.7%

Developed International Equity Funds - 13.7%
VIP Overseas Portfolio Investor Class R	777,914		12,034,329
Emerging Markets Equity Funds - 2.0%
VIP Emerging Markets Portfolio Investor Class R	187,054		1,739,606
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $16,544,363)		13,773,935
Bond Funds - 35.6%
	Shares		Value
High Yield Bond Funds - 6.8%
VIP High Income Portfolio Investor Class	1,019,293		$ 5,932,287
Investment Grade Bond Funds - 28.8%
VIP Investment Grade Bond Portfolio Investor Class	1,867,039		25,223,693
TOTAL BOND FUNDS (Cost $29,650,427)		31,155,980
Short-Term Funds - 3.3%

VIP Money Market Portfolio Investor Class (Cost $2,913,153)	2,913,153		2,913,153

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $99,541,162)

87,597,320

NET OTHER ASSETS (LIABILITIES) - 0.0%

NET ASSETS - 100%

$ 87,597,351

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $100,193,529. Net unrealized depreciation aggregated $12,596,209, of which $2,994,590 related to appreciated investment securities and $15,590,799 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2025 Portfolio

September 30, 2010

1.822896.105

VIPIFF2025-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 51.7%
	Shares		Value
Domestic Equity Funds - 51.7%
VIP Contrafund Portfolio Investor Class	149,743		$ 3,208,995
VIP Equity-Income Portfolio Investor Class	216,810		3,744,304
VIP Growth & Income Portfolio Investor Class	332,814		3,737,496
VIP Growth Portfolio Investor Class	114,529		3,737,065
VIP Mid Cap Portfolio Investor Class	44,660		1,337,555
VIP Value Portfolio Investor Class	321,948		3,213,038
VIP Value Strategies Portfolio Investor Class	158,544		1,347,626
TOTAL DOMESTIC EQUITY FUNDS (Cost $23,529,188)		20,326,079
International Equity Funds - 17.9%

Developed International Equity Funds - 15.7%
VIP Overseas Portfolio Investor Class R	398,141		6,159,239
Emerging Markets Equity Funds - 2.2%
VIP Emerging Markets Portfolio Investor Class R	95,413		887,342
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $7,899,367)		7,046,581
Bond Funds - 30.3%
	Shares		Value
High Yield Bond Funds - 7.5%
VIP High Income Portfolio Investor Class	508,062		$ 2,956,923
Investment Grade Bond Funds - 22.8%
VIP Investment Grade Bond Portfolio Investor Class	661,889		8,942,115
TOTAL BOND FUNDS (Cost $11,295,536)		11,899,038
Short-Term Funds - 0.1%

VIP Money Market Portfolio Investor Class (Cost $15,745)	15,745		15,745

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $42,739,836)

39,287,443

NET OTHER ASSETS (LIABILITIES) - 0.0%

NET ASSETS - 100%

$ 39,287,444

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. For more information on valuation inputs please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $43,095,785. Net unrealized depreciation aggregated $3,808,342, of which $2,390,365 related to appreciated investment securities and $6,198,707 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2030 Portfolio

September 30, 2010

1.822894.105

VIPIFF2030-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 55.5%
	Shares		Value
Domestic Equity Funds - 55.5%
VIP Contrafund Portfolio Investor Class	162,028		$ 3,472,256
VIP Equity-Income Portfolio Investor Class	234,657		4,052,522
VIP Growth & Income Portfolio Investor Class	360,210		4,045,155
VIP Growth Portfolio Investor Class	123,956		4,044,689
VIP Mid Cap Portfolio Investor Class	48,235		1,444,652
VIP Value Portfolio Investor Class	348,360		3,476,629
VIP Value Strategies Portfolio Investor Class	171,238		1,455,527
TOTAL DOMESTIC EQUITY FUNDS (Cost $27,561,583)		21,991,430
International Equity Funds - 19.2%

Developed International Equity Funds - 16.8%
VIP Overseas Portfolio Investor Class R	430,724		6,663,300
Emerging Markets Equity Funds - 2.4%
VIP Emerging Markets Portfolio Investor Class R	103,603		963,508
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $9,097,545)		7,626,808
Bond Funds - 25.3%
	Shares		Value
High Yield Bond Funds - 7.5%
VIP High Income Portfolio Investor Class	512,759		$ 2,984,256
Investment Grade Bond Funds - 17.8%
VIP Investment Grade Bond Portfolio Investor Class	521,292		7,042,661
TOTAL BOND FUNDS (Cost $9,659,644)		10,026,917
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $46,318,772)			39,645,155
NET OTHER ASSETS (LIABILITIES) - 0.0%			(1)
NET ASSETS - 100%		$ 39,645,154

Other Information

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $46,657,165. Net unrealized depreciation aggregated $7,012,010, of which $1,418,004 related to appreciated investment securities and $8,430,014 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom Income Portfolio

September 30, 2010

1.822890.105

VIPIFFINC-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 15.4%
	Shares		Value
Domestic Equity Funds - 15.4%
VIP Contrafund Portfolio Investor Class	35,205		$ 754,441
VIP Equity-Income Portfolio Investor Class	50,954		879,970
VIP Growth & Income Portfolio Investor Class	78,216		878,370
VIP Growth Portfolio Investor Class	26,916		878,269
VIP Mid Cap Portfolio Investor Class	10,541		315,710
VIP Value Portfolio Investor Class	75,690		755,391
VIP Value Strategies Portfolio Investor Class	37,422		318,087
TOTAL DOMESTIC EQUITY FUNDS (Cost $5,489,463)		4,780,238
International Equity Funds - 4.6%

Developed International Equity Funds - 4.0%
VIP Overseas Portfolio Investor Class R	81,030		1,253,532
Emerging Markets Equity Funds - 0.6%
VIP Emerging Markets Portfolio Investor Class R	19,552		181,834
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,267,508)		1,435,366
Bond Funds - 40.0%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Investor Class	268,058		$ 1,560,098
Investment Grade Bond Funds - 35.0%
VIP Investment Grade Bond Portfolio Investor Class	806,722		10,898,807
TOTAL BOND FUNDS (Cost $11,660,489)		12,458,905
Short-Term Funds - 40.0%

VIP Money Market Portfolio Investor Class (Cost $12,460,997)	12,460,997		12,460,997

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $30,878,457)

31,135,506

NET OTHER ASSETS (LIABILITIES) - 0.0%

NET ASSETS - 100%

$ 31,135,550

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $31,016,358. Net unrealized appreciation aggregated $119,148, of which $1,329,323 related to appreciated investment securities and $1,210,175 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Money Market Portfolio

September 30, 2010

1.807728.106

VIPMM-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Certificates of Deposit - 46.0%
	Due Date	Yield (a)	Principal Amount	Value
London Branch, Eurodollar, Foreign Banks - 12.4%
Bank of Montreal
	10/12/10	0.42%	$ 4,000,000	$ 4,000,006
Commerzbank AG
	11/16/10 to 11/29/10	0.46 to 0.50	37,000,000	37,000,552
Credit Agricole SA
	10/12/10 to 1/4/11	0.36 to 0.70 (e)	69,000,000	69,000,000
Credit Industriel et Commercial
	11/5/10 to 12/8/10	0.40 to 0.52	50,000,000	50,000,000
Danske Bank AS
	12/3/10	0.34	8,000,000	8,000,000
HSBC Bank PLC
	11/22/10 to 12/21/10	0.58 to 0.72	23,000,000	23,000,000
HSBC Bank PLC London Branch
	12/6/10 to 8/29/11	0.50 to 0.70	6,000,000	6,000,000
ING Bank NV
	11/1/10 to 1/7/11	0.30 to 0.51	37,000,000	37,000,000
Landesbank Hessen-Thuringen
	10/4/10 to 10/6/10	0.52 to 0.68	12,000,000	12,000,000
National Australia Bank Ltd.
	10/19/10 to 12/31/10	0.32 to 0.40	23,000,000	23,000,006
Societe Generale
	11/19/10	0.35	15,000,000	15,000,000
				284,000,564
New York Branch, Yankee Dollar, Foreign Banks - 33.6%
Banco Bilbao Vizcaya Argentaria SA New York Branch
	10/7/10	0.41 (e)	16,000,000	16,000,000
Bank of Montreal
	10/18/10 to 9/6/11	0.28 to 0.50 (e)	76,000,000	76,000,000
Bank of Nova Scotia
	10/29/10 to 11/16/10	0.32 to 0.45 (e)	44,000,000	43,993,245
Bank of Tokyo-Mitsubishi
	10/8/10 to 2/10/11	0.28 to 0.62	85,000,000	85,000,000
Barclays Bank PLC New York Branch
	10/8/10 to 10/18/10	0.42 to 0.48 (e)	29,000,000	29,000,000
BNP Paribas New York Branch
	11/8/10 to 2/22/11	0.48 to 0.52	54,000,000	54,000,000
Canadian Imperial Bank of Commerce New York Branch
	10/1/10 to 11/4/10	0.29 to 0.42 (e)	64,000,000	64,000,170
Commerzbank AG New York Branch
	10/1/10 to 10/21/10	0.46 to 0.48 (e)	24,000,000	24,000,000
Credit Agricole CIB
	10/8/10 to 12/9/10	0.50 to 0.70	23,000,000	23,000,000
Credit Industriel et Commercial
	12/9/10	0.40	6,000,000	6,000,000

	Due Date	Yield (a)	Principal Amount	Value
DZ Bank
	11/9/10	0.41%	$ 11,000,000	$ 10,999,940
Intesa Sanpaolo SpA New York Branch
	1/4/11	0.35	7,000,000	7,000,000
Landesbank Baden-Wuert
	10/21/10	0.40	28,000,000	28,000,000
Natixis New York Branch
	10/7/10 to 12/22/10	0.41 to 1.79 (e)	71,000,000	71,000,000
Nordea Bank Finland PLC
	1/11/11	0.60	8,000,000	8,000,000
Rabobank Nederland
	10/5/10 to 10/19/10	0.26 (e)	11,000,000	11,000,000
Rabobank Nederland New York Branch
	10/4/10 to 9/12/11	0.26 to 0.50 (e)	65,000,000	65,000,000
Royal Bank of Canada
	10/1/10	0.85 (e)	27,000,000	27,000,000
Royal Bank of Canada New York Branch
	10/12/10 to 10/29/10	0.26 (e)	11,000,000	11,000,000
Royal Bank of Scotland PLC Connecticut Branch
	11/23/10	0.44 (e)	17,000,000	17,000,000
Skandinaviska Enskilda Banken New York Branch
	10/13/10	0.37	11,000,000	11,000,000
Societe Generale
	11/5/10 to 12/8/10	0.31 to 1.33 (e)	25,000,000	25,000,000
Sumitomo Mitsui Banking Corp.
	10/5/10 to 12/13/10	0.29 to 0.30	38,000,000	38,000,000
Toronto-Dominion Bank New York Branch
	10/4/10 to 10/28/10	0.26 to 0.32 (e)	18,000,000	17,999,957
				768,993,312
TOTAL CERTIFICATES OF DEPOSIT				1,052,993,876
Commercial Paper - 21.4%

Abbott Laboratories
	10/26/10	0.57 (e)	15,000,000	15,000,000
Banco Bilbao Vizcaya Argentaria SA (London Branch)
	10/1/10	0.35	3,000,000	3,000,000
Commerzbank U.S. Finance, Inc.
	10/22/10 to 1/4/11	0.42 to 0.60	46,000,000	45,973,159
Commonwealth Bank of Australia
	12/2/10 to 12/7/10	0.33 to 0.35 (e)	8,000,000	8,000,000
CVS Caremark Corp.
	10/1/10	0.41 (e)	8,000,000	8,000,000
Commercial Paper - continued
	Due Date	Yield (a)	Principal Amount	Value
Dakota Notes (Citibank Credit Card Issuance Trust)
	10/7/10	0.53%	$ 4,000,000	$ 3,999,647
Danske Corp.
	10/4/10 to 11/15/10	0.33 to 0.41	39,000,000	38,992,478
DnB NOR Bank ASA
	1/5/11 to 3/7/11	0.35 to 0.62	21,000,000	20,968,369
Hannover Funding Co. LLC (Liquidity Facility Norddeutsche Landesbank Girozentrale) (Liquidity Facility U.S. Bank, NA Minnesota)
	10/1/10 to 11/1/10	0.40 to 0.42	8,000,000	7,999,022
Intesa Funding LLC
	12/7/10	0.35	14,000,000	13,990,881
Landesbank Baden-Wuert
	11/1/10	0.40	28,000,000	27,990,356
Landesbank Hessen-Thuringen
	10/6/10	0.52	10,000,000	9,999,278
Manhattan Asset Funding Co. LLC (Liquidity Facility Sumitomo Mitsui Banking Corp.)
	10/18/10	0.30	1,000,000	999,858
Natexis Banques Populaires U.S. Finance Co. LLC
	10/19/10 to 12/1/10	0.50 to 0.60	34,000,000	33,981,044
Nationwide Building Society
	11/18/10 to 12/15/10	0.37 to 0.40	21,000,000	20,984,525
Norddeutsche Landesbank
	10/8/10	0.50	8,000,000	7,999,222
Nordea North America, Inc.
	11/4/10 to 3/1/11	0.35 to 0.45	12,000,000	11,989,879
Novartis Finance Corp.
	1/10/11 to 2/23/11	0.30 to 0.36	21,000,000	20,978,463
Santander Finance, Inc.
	12/3/10	0.39	13,000,000	12,991,550
Skandinaviska Enskilda Banken AB
	10/6/10 to 11/3/10	0.35 to 0.40	11,000,000	10,997,564
Societe Generale North America, Inc.
	10/19/10 to 11/3/10	0.29 to 0.51	28,000,000	27,992,752
Sumitomo Trust & Banking Co. Ltd. New York Branch
	10/12/10 to 12/13/10	0.34 to 0.35	24,000,000	23,995,022
Swedbank AB
	11/5/10	0.31	12,000,000	11,996,383
Total Capital Canada Ltd.
	6/22/11	0.43	2,000,000	1,993,693
Toyota Motor Credit Corp.
	12/16/10	0.30	18,000,000	17,988,600

	Due Date	Yield (a)	Principal Amount	Value
UniCredito Italiano Bank (Ireland) PLC
	10/4/10 to 11/1/10	0.35 to 0.42	$ 26,000,000	$ 25,995,839
Westpac Banking Corp.
	10/18/10 to 10/25/10	0.31 to 0.52 (e)	55,000,000	55,000,000
TOTAL COMMERCIAL PAPER				489,797,584
U.S. Government and Government Agency Obligations - 0.2%

Other Government Related - 0.2%
General Electric Capital Corp. (FDIC Guaranteed)
	3/11/11	0.46% (c)	4,000,000	4,023,466
Federal Agencies - 0.2%

Federal Home Loan Bank - 0.2%
	10/26/10	0.23 (e)	5,000,000	4,997,508
U.S. Treasury Obligations - 3.7%

U.S. Treasury Bills - 2.9%
	10/7/10 to 3/31/11	0.19 to 0.27 (d)	66,000,000	65,966,031
U.S. Treasury Notes - 0.8%
	3/31/11 to 9/30/11	0.21 to 0.45	18,000,000	18,074,183
TOTAL U.S. TREASURY OBLIGATIONS				84,040,214
Medium-Term Notes - 8.4%

BNP Paribas SA
	11/15/10	0.63 (e)	20,000,000	20,000,000
BP Capital Markets PLC
	12/11/10	0.42 (e)	9,684,000	9,684,000
Commonwealth Bank of Australia
	10/5/10 to 10/14/10	0.31 (b)(e)	38,000,000	38,000,000
Metropolitan Life Global Funding I
	10/1/10	1.68 (b)(e)	11,900,000	11,920,562
Metropolitan Life Insurance Co.
	10/1/10	0.93 (e)(i)	10,000,000	10,000,000
Royal Bank of Canada
	10/1/10 to 10/15/10	0.53 to 0.70 (b)(e)	50,000,000	50,000,000
Westpac Banking Corp.
	10/15/10 to 11/12/10	0.29 to 0.54 (b)(e)	54,000,000	54,000,000
TOTAL MEDIUM-TERM NOTES				193,604,562

Asset-Backed Securities - 0.5%
Due Date	Yield (a)	Principal Amount	Value
Santander Drive Auto Receivables Trust
9/15/11	0.40	$ 11,248,886	$ 11,248,886

Municipal Securities - 8.8%

ABAG Fin. Auth. for Nonprofit Corps. Rev. Series 2003, LOC Bank of America NA, VRDN
10/7/10	0.23% (e)	7,480,000		7,480,000
Arizona Health Facilities Auth. Rev. Series 2009 F, LOC Citibank NA, VRDN
10/7/10	0.26 (e)	15,600,000		15,600,000
Bi-State Dev. Agcy. Missouri Illinois Metropolitan District Rev. Series 2005 A, LOC JPMorgan Chase Bank, VRDN
10/7/10	0.28 (e)	20,000,000		20,000,000
California Health Facilities Fing. Auth. Rev. Series 2005 H, LOC Bank of America NA, VRDN
10/7/10	0.26 (e)	9,700,000		9,700,000
California Health Facilities Fing. Auth. Rev. Series 2008 E, LOC Bank of America NA, VRDN
10/7/10	0.26 (e)	6,000,000		6,000,000
Clark County Fuel Tax Participating VRDN Series BA 08 1171, (Liquidity Facility Bank of America NA)
10/7/10	0.29 (e)(g)	11,135,000		11,135,000
Colorado Hsg. Fin. Auth. Single Family Mtg. Rev. Series 2008 A3, (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN
10/7/10	0.28 (e)(f)	10,000,000		10,000,000
Denver Urban Renewal Auth. Tax Increment Rev. Series 2008 A1, LOC U.S. Bank NA, Minnesota, VRDN
10/7/10	0.27 (e)	7,000,000		7,000,000
Highlands County Health Facilities Auth. Rev., LOC Citibank NA, VRDN
10/7/10	0.27 (e)	10,000,000		10,000,000
Massachusetts Health & Edl. Facilities Auth. Rev. Participating VRDN Series Putters 3529, (Liquidity Facility JPMorgan Chase Bank)
10/7/10	0.27 (e)(g)	10,000,000		10,000,000
New York City Gen. Oblig. Series 2004 A6, LOC Landesbank Baden-Wuert, VRDN
10/7/10	0.26 (e)	14,475,000		14,475,000
North Carolina Cap. Facilities Fin. Agcy. Exempt Facilities Rev. Series 2007, LOC Bank of America NA, VRDN
10/7/10	0.27 (e)	8,000,000		8,000,000
North Carolina Med. Care Commission Health Care Facilities Rev. Series 2008 A1, LOC Branch Banking & Trust Co., VRDN
10/7/10	0.26 (e)	28,000,000		28,000,000
Ohio Hsg. Fin. Agcy. Mtg. Rev. Series B, (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN
10/7/10	0.27 (e)(f)	11,490,000		11,490,000
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Series 2008 B, (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN
10/7/10	0.27 (e)(f)	16,500,000		16,500,000
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Series 2010 A3, LOC JPMorgan Chase Bank, VRDN
10/7/10	0.26 (e)(f)	13,000,000		13,000,000
Santa Clara County Fing. Auth. Lease Rev. Series 2008 M, LOC Bank of America NA, VRDN
10/7/10	0.25 (e)	2,900,000		2,900,000
TOTAL MUNICIPAL SECURITIES			201,280,000

Repurchase Agreements - 14.7%
	Maturity Amount		Value
In a joint trading account at 0.31% dated 9/30/10 due 10/1/10 (Collateralized by U.S. Government Obligations) #	$ 29,538,255		$ 29,538,000
With:
Banc of America Securities LLC at 0.7%, dated 9/30/10 due 10/1/10 (Collateralized by Corporate Obligations valued at $1,080,021, 0.42%, 7/25/36)	1,000,019		1,000,000
Barclays Capital, Inc. at:
0.32%, dated 9/30/10 due 10/1/10 (Collateralized by Corporate Obligations valued at $17,850,159, 1.45% - 6.5%, 1/15/12 - 7/26/13)	17,000,151		17,000,000
0.5%, dated:
9/16/10 due 10/15/10 (Collateralized by Equity Securities valued at $5,401,161)	5,002,014		5,000,000
9/30/10 due 10/1/10 (Collateralized by Corporate Obligations valued at $49,680,691, 1.76% - 7.38%, 10/17/16 - 2/5/25)	46,000,639		46,000,000
0.55%, dated 9/16/10 due 10/15/10 (Collateralized by Corporate Obligations valued at $1,080,249, 9.5%, 1/15/14)	1,000,443		1,000,000
1%, dated:
8/24/10 due 8/24/11 (Collateralized by Corporate Obligations valued at $7,567,980, 0% - 6.5%, 3/31/16 - 3/14/51)	7,070,972		7,000,000
9/9/10 due 9/8/11 (Collateralized by U.S. Treasury Obligations valued at $7,564,620, 0.43% - 5.51%, 7/25/31 - 12/25/45)	7,070,778		7,000,000
Credit Suisse Securities (USA) LLC at:
0.28%, dated 9/30/10 due 10/1/10 (Collateralized by U.S. Government Obligations valued at $1,032,929, 5%, 2/20/40)	1,000,008		1,000,000
0.33%, dated 9/30/10 due 10/1/10 (Collateralized by Equity Securities valued at $23,925,038)	22,000,202		22,000,000
Deutsche Bank Securities, Inc. at:
0.24%, dated 8/17/10 due 11/15/10 (Collateralized by U.S. Government Obligations valued at $20,406,121, 3.41% - 4.5%, 8/1/40 - 9/1/40)	20,012,000		20,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
With: - continued
Deutsche Bank Securities, Inc. at:
0.41%, dated 9/28/10 due:
12/23/10 (Collateralized by Mortgage Loan Obligations valued at $3,251,032, 0.57% - 2.94%, 7/15/11 - 5/25/35)	$ 3,002,938		$ 3,000,000
12/30/10 (Collateralized by Mortgage Loan Obligations valued at $3,251,032, 0.57% - 2.94%, 7/15/11 - 5/25/35)	3,003,178		3,000,000
0.45%, dated:
8/9/10 due 11/8/10 (Collateralized by Corporate Obligations valued at $2,139,780, 0.34% - 8.75%, 7/15/11 - 9/25/37)	2,002,275		2,000,000
8/16/10 due 11/16/10 (Collateralized by Corporate Obligations valued at $2,229,450, 2.57% - 9.13%, 5/15/19 - 5/15/37)	2,002,300		2,000,000
8/30/10 due 11/29/10 (Collateralized by Corporate Obligations valued at $4,523,871, 5.65% - 5.93%, 6/1/14 - 5/15/37)	4,004,550		4,000,000
9/8/10 due 12/7/10 (Collateralized by Corporate Obligations valued at $4,314,465, 0.76% - 8.88%, 9/15/11 - 6/1/56)	4,004,500		4,000,000
0.5%, dated:
7/15/10 due 10/13/10 (Collateralized by Mortgage Loan Obligations valued at $4,346,827, 0.53% - 9.5%, 7/15/15 - 3/25/38)	4,005,000		4,000,000
7/20/10 due 10/18/10 (Collateralized by Mortgage Loan Obligations valued at $2,164,128, 0.31% - 9.5%, 9/15/12 - 6/1/56)	2,002,500		2,000,000
7/23/10 due 10/21/10 (Collateralized by Corporate Obligations valued at $4,371,698, 0.61% - 13.5%, 6/15/15 - 5/15/37)	4,005,000		4,000,000
7/27/10 due 10/25/10 (Collateralized by Mortgage Loan Obligations valued at $4,371,179, 0.76% - 6.75%, 5/21/18 - 9/25/37)	4,005,000		4,000,000
9/14/10 due 11/15/10 (Collateralized by Equity Securities valued at $2,198,800)	2,001,722		2,000,000
0.55%, dated 7/7/10 due 10/5/10 (Collateralized by Mortgage Loan Obligations valued at $4,804,942, 2.82% - 13.5%, 7/15/15 - 5/15/37)	4,005,500		4,000,000

	Maturity Amount		Value
ING Financial Markets LLC at:
0.36%, dated 9/8/10 due 10/8/10 (Collateralized by Corporate Obligations valued at $3,151,257, 4.63%, 4/1/14)	$ 3,000,900		$ 3,000,000
0.37%, dated 9/22/10 due 10/22/10 (Collateralized by Corporate Obligations valued at $1,053,487, 5.63%, 5/1/18)	1,000,308		1,000,000
J.P. Morgan Clearing Corp. at 0.75%, dated 9/7/10 due 3/7/11 (Collateralized by Equity Securities valued at $6,525,004)	6,022,625		6,000,000
J.P. Morgan Securities, Inc. at:
0.55%, dated 9/30/10 due 10/1/10 (Collateralized by Corporate Obligations valued at $86,405,785, 2% - 3.75%, 10/1/14 - 12/1/15)	80,001,222		80,000,000
0.73%, dated 9/28/10 due 3/25/11 (Collateralized by Corporate Obligations valued at $3,241,922, 11.25%, 6/1/17)	3,010,828		3,000,000
RBC Capital Markets Co. at:
0.46%, dated 9/29/10 due 10/29/10 (Collateralized by Mortgage Loan Obligations valued at $5,250,134, 0.6% - 6.08%, 10/26/36 - 1/12/37)	5,001,917		5,000,000
0.86%, dated 5/25/10 due 11/24/10 (Collateralized by Corporate Obligations valued at $2,106,658, 1.5% - 4%, 12/1/11 - 12/15/37)	2,008,743		2,000,000
RBS Securities, Inc. at:
0.67%, dated 9/17/10 due 10/18/10 (Collateralized by Corporate Obligations valued at $12,605,681, 5.34%, 12/16/16)	12,006,923		12,000,000
0.76%, dated 8/5/10 due 8/5/11 (Collateralized by Mortgage Loan Obligations valued at $7,560,306, 0.41%, 8/25/36) (e)(h)	7,053,939		7,000,000
UBS Securities LLC at:
0.4%, dated 8/27/10 due 11/29/10 (Collateralized by Corporate Obligations valued at $1,069,881, 6.7%, 1/30/18)	1,001,044		1,000,000
0.44%, dated 8/16/10 due 11/15/10 (Collateralized by Corporate Obligations valued at $3,155,830, 0.03%, 10/15/19)	3,003,337		3,000,000
0.45%, dated:
8/19/10 due 11/17/10 (Collateralized by Corporate Obligations valued at $1,083,550, 3.7% - 4.88%, 8/1/14 - 10/1/14)	1,001,125		1,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
With: - continued
UBS Securities LLC at:
0.45%, dated:
9/14/10 due 12/13/10 (Collateralized by Corporate Obligations valued at $2,161,712, 3.7% - 4.88%, 8/1/14 - 10/1/14)	$ 2,002,250		$ 2,000,000
0.5%, dated:
8/9/10 due 11/8/10 (Collateralized by Corporate Obligations valued at $4,205,690, 0.03%, 10/15/19)	4,005,056		4,000,000
8/10/10 due 11/8/10 (Collateralized by Corporate Obligations valued at $1,083,550, 3.7% - 4.88%, 8/1/14 - 10/1/14)	1,001,250		1,000,000
0.53%, dated 8/4/10 due 11/2/10 (Collateralized by Corporate Obligations valued at $1,082,680, 8.63%, 11/1/10)	1,001,325		1,000,000
0.58%, dated 7/29/10 due 10/27/10 (Collateralized by Corporate Obligations valued at $3,243,965, 5.7% - 10.75%, 12/15/13 - 12/1/34)	3,004,313		3,000,000
0.66%, dated 7/12/10 due 10/8/10 (Collateralized by Corporate Obligations valued at $2,105,970, 0.03%, 10/15/19)	2,003,227		2,000,000
0.71%, dated 7/12/10 due 10/8/10 (Collateralized by Corporate Obligations valued at $2,164,995, 1.13%, 4/14/39)	2,003,471		2,000,000
Wells Fargo Securities, LLC at 0.58%, dated 7/7/10 due 10/7/10 (Collateralized by Corporate Obligations valued at $2,102,911, 6.25%, 10/15/37)	2,002,964		2,000,000
TOTAL REPURCHASE AGREEMENTS		335,538,000
TOTAL INVESTMENT PORTFOLIO - 103.9% (Cost $2,377,524,096)			2,377,524,096
NET OTHER ASSETS (LIABILITIES) - (3.9)%			(90,273,445)
NET ASSETS - 100%		$ 2,287,250,651

Security Type Abbreviations

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $153,920,562 or 6.7% of net assets.

(c) Under the Temporary Liquidity Guarantee Program, the Federal Deposit Insurance Corporation guarantees principal and interest in the event of payment default or bankruptcy until the earlier of maturity date of the debt or until June 30, 2012. At the end of the period these securities amounted to $4,023,466 or 0.2% of net assets.

(d) Security or a portion of the security was pledged to cover open reverse repurchase agreements. At the period end, the value of securities pledged amounted to $20,999,072. The principal amount of the outstanding reverse repurchase agreement is $21,000,000.

(e) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. Due dates for these security types are the next interest rate reset date or, when applicable, the final maturity date.

(f) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(g) Provides evidence of ownership in one or more underlying municipal bonds.

(h) The maturity amount is based on the rate at period end.

(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,000,000 or 0.4% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
Metropolitan Life Insurance Co. 0.93%, 10/1/10	3/26/02	$ 10,000,000

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$29,538,000 due 10/01/10 at 0.31%
BNP Paribas Securities Corp.	$ 1,615,418
Banc of America Securities LLC	1,210,923
Bank of America NA	4,596,273
Barclays Capital, Inc.	504,818
Citibank NA	201,927
Citigroup Global Markets, Inc.	1,615,418
Credit Agricole Securities (USA) Inc.	807,709
Deutsche Bank Securities, Inc.	3,755,846
Goldman, Sachs & Co.	565,396
HSBC Securities (USA), Inc.	1,615,418
J.P. Morgan Securities, Inc.	5,193,885
Merrill Lynch Government Securities, Inc.	726,938
Morgan Stanley & Co., Inc.	605,782
RBC Capital Markets Corp.	1,635,610
RBS Securities, Inc.	807,709
UBS Securities LLC	1,534,647
Wells Fargo Securities LLC	2,544,283
	$ 29,538,000

Other Information

All investments are categorized as Level 2 under the Fair Value Hierarchy. 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, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $2,377,524,096.

Investment Valuation

Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Strategic Income Portfolio

September 30, 2010

1.808796.106

VIPSI-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 35.5%
		Principal Amount (o)		Value
Convertible Bonds - 1.3%
CONSUMER DISCRETIONARY - 0.2%
Auto Components - 0.2%
TRW Automotive, Inc. 3.5% 12/1/15 (e)		$ 921,000		$ 1,453,430
Hotels, Restaurants & Leisure - 0.0%
MGM Mirage, Inc. 4.25% 4/15/15 (e)		380,000		350,788
TOTAL CONSUMER DISCRETIONARY				1,804,218
ENERGY - 0.6%
Energy Equipment & Services - 0.0%
Cal Dive International, Inc. 3.25% 12/15/25		170,000		156,553
Oil, Gas & Consumable Fuels - 0.6%
Alpha Natural Resources, Inc. 2.375% 4/15/15		1,360,000		1,528,912
Chesapeake Energy Corp. 2.5% 5/15/37		1,350,000		1,181,655
Massey Energy Co. 3.25% 8/1/15		2,320,000		2,050,648
				4,761,215
TOTAL ENERGY				4,917,768
HEALTH CARE - 0.2%
Health Care Equipment & Supplies - 0.2%
Kinetic Concepts, Inc. 3.25% 4/15/15 (e)		1,200,000		1,203,720
TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
NII Holdings, Inc. 3.125% 6/15/12		2,610,000		2,531,700
TOTAL CONVERTIBLE BONDS				10,457,406
Nonconvertible Bonds - 34.2%
CONSUMER DISCRETIONARY - 5.6%
Auto Components - 0.5%
Affinia Group, Inc.:
9% 11/30/14		170,000		173,825
10.75% 8/15/16 (e)		55,000		60,500
Cooper-Standard Automotive, Inc. 8.5% 5/1/18 (e)		145,000		151,163
Lear Corp.:
7.875% 3/15/18		110,000		116,325
8.125% 3/15/20		125,000		133,125
RSC Equipment Rental, Inc. 10% 7/15/17 (e)		180,000		201,600
Stoneridge, Inc. 9.5% 10/15/17 (e)		200,000		206,000
Tenneco, Inc.:
7.75% 8/15/18 (e)		125,000		128,594

		Principal Amount (o)		Value
8.125% 11/15/15		$ 80,000		$ 83,700
8.625% 11/15/14		519,000		531,975
The Goodyear Tire & Rubber Co. 10.5% 5/15/16		305,000		347,700
Tower Automotive Holdings USA LLC / TA Holdings Finance, Inc. 10.625% 9/1/17 (e)		460,000		466,900
TRW Automotive, Inc.:
7% 3/15/14 (e)		20,000		21,100
7.25% 3/15/17 (e)		1,015,000		1,078,438
8.875% 12/1/17 (e)		120,000		132,000
				3,832,945
Automobiles - 0.0%
General Motors Corp.:
6.75% 5/1/28 (b)		607,000		188,170
7.7% 4/15/16 (b)		376,000		117,500
				305,670
Diversified Consumer Services - 0.1%
Mac-Gray Corp. 7.625% 8/15/15		40,000		38,900
Visant Corp. 10% 10/1/17 (e)		415,000		435,750
				474,650
Hotels, Restaurants & Leisure - 1.4%
GWR Operating Partnership LLP 10.875% 4/1/17 (e)		355,000		362,988
Harrah's Escrow Corp. 12.75% 4/15/18 (e)		620,000		576,600
Harrah's Operating Co., Inc. 11.25% 6/1/17		675,000		737,438
Landry's Restaurants, Inc. 11.625% 12/1/15		110,000		116,050
MCE Finance Ltd. 10.25% 5/15/18 (e)		620,000		690,525
MGM Mirage, Inc.:
5.875% 2/27/14		260,000		221,000
6.625% 7/15/15		860,000		720,250
6.75% 4/1/13		140,000		127,400
6.875% 4/1/16		235,000		194,463
7.5% 6/1/16		885,000		745,613
7.625% 1/15/17		372,000		316,200
9% 3/15/20 (e)		285,000		304,950
10.375% 5/15/14		100,000		111,250
11.125% 11/15/17		1,605,000		1,831,787
Mohegan Tribal Gaming Authority:
6.875% 2/15/15		155,000		85,444
11.5% 11/1/17 (e)		540,000		483,300
Roadhouse Financing, Inc. 10.75% 10/15/17 (e)		450,000		463,500
Shingle Springs Tribal Gaming Authority 9.375% 6/15/15 (e)		100,000		71,000
Speedway Motorsports, Inc. 6.75% 6/1/13		95,000		95,475
Station Casinos, Inc.:
6% 4/1/12 (b)		610,000		104
Corporate Bonds - continued
		Principal Amount (o)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Hotels, Restaurants & Leisure - continued
Station Casinos, Inc.: - continued
6.5% 2/1/14 (b)		$ 811,000		$ 2,028
6.625% 3/15/18 (b)		830,000		2,075
6.875% 3/1/16 (b)		865,000		2,163
7.75% 8/15/16 (b)		920,000		92
Town Sports International Holdings, Inc. 11% 2/1/14		23,000		21,793
Universal City Development Partners Ltd./UCDP Finance, Inc. 8.875% 11/15/15		1,180,000		1,216,875
Virgin River Casino Corp./RBG LLC/B&BB, Inc.:
9% 1/15/12 (b)		30,000		13,500
12.75% 1/15/13 (b)		230,000		288
Waterford Gaming LLC/Waterford Gaming Finance Corp. 8.625% 9/15/14 (e)		62,000		33,790
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 7.75% 8/15/20 (e)		1,495,000		1,592,175
				11,140,116
Household Durables - 0.1%
Controladora Mabe SA CV 7.875% 10/28/19 (e)		150,000		165,375
K. Hovnanian Enterprises, Inc. 10.625% 10/15/16		465,000		462,117
Reliance Intermediate Holdings LP 9.5% 12/15/19 (e)		485,000		516,525
Sealy Mattress Co. 10.875% 4/15/16 (e)		100,000		112,250
				1,256,267
Leisure Equipment & Products - 0.1%
Cedar Fair LP/Magnum Management Corp. 9.125% 8/1/18 (e)		645,000		678,863
Easton-Bell Sports, Inc. 9.75% 12/1/16		120,000		130,500
				809,363
Media - 2.9%
AMC Entertainment, Inc. 11% 2/1/16		550,000		588,500
Cablemas SA de CV 9.375% 11/15/15 (Reg. S)		545,000		574,975
CanWest Media, Inc. 8% 9/15/12 (b)		20,666		21,596
Cequel Communications Holdings I LLC/Cequel Capital Corp. 8.625% 11/15/17 (e)		525,000		535,500

		Principal Amount (o)		Value
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp. 13.5% 11/30/16		$ 400,112		$ 475,133
Clear Channel Communications, Inc.:
4.9% 5/15/15		165,000		90,544
5.5% 9/15/14		123,000		78,874
5.5% 12/15/16		115,000		58,650
5.75% 1/15/13		195,000		164,288
6.25% 3/15/11		10,000		9,925
6.875% 6/15/18		80,000		39,300
10.75% 8/1/16		2,105,000		1,647,163
11% 8/1/16 pay-in-kind (h)		325,075		244,229
Clear Channel Worldwide Holdings, Inc.:
9.25% 12/15/17		120,000		127,200
9.25% 12/15/17		2,585,000		2,759,488
EchoStar Communications Corp.:
7.125% 2/1/16		2,725,000		2,861,250
7.75% 5/31/15		1,100,000		1,177,000
Globo Comunicacoes e Participacoes SA 6.25% (d)(e)		1,000,000		1,022,500
Gray Television, Inc. 10.5% 6/29/15		160,000		160,000
Interpublic Group of Companies, Inc. 10% 7/15/17		170,000		198,900
Liberty Media Corp.:
8.25% 2/1/30		1,295,000		1,249,675
8.5% 7/15/29		230,000		221,950
MDC Partners, Inc. 11% 11/1/16 (e)		65,000		69,550
MediMedia USA, Inc. 11.375% 11/15/14 (e)		50,000		43,000
Net Servicos de Comunicacao SA 7.5% 1/27/20 (e)		485,000		552,900
Nielsen Finance LLC/Nielsen Finance Co.:
7.75% 10/15/18 (e)		630,000		625,382
10% 8/1/14		615,000		645,750
11.5% 5/1/16		315,000		357,903
11.625% 2/1/14		160,000		181,792
Rainbow National Services LLC:
8.75% 9/1/12 (e)		110,000		110,000
10.375% 9/1/14 (e)		365,000		377,775
Sinclair Television Group, Inc. 8.375% 10/15/18 (e)		300,000		302,250
The Reader's Digest Association, Inc. 9.5% 2/15/17 (e)(h)		1,040,000		1,032,200
TL Acquisitions, Inc. 10.5% 1/15/15 (e)		2,560,000		2,553,600
Univision Communications, Inc. 12% 7/1/14 (e)		1,295,000		1,414,788
Videotron Ltd. 6.875% 1/15/14		125,000		127,188
				22,700,718
Corporate Bonds - continued
		Principal Amount (o)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Multiline Retail - 0.2%
Sears Holdings Corp. 6.625% 10/15/18 (e)		$ 935,000		$ 935,000
The Bon-Ton Department Stores, Inc. 10.25% 3/15/14		430,000		423,550
				1,358,550
Specialty Retail - 0.2%
Claire's Stores, Inc.:
9.25% 6/1/15		185,000		168,581
9.625% 6/1/15 pay-in-kind (h)		287,886		253,294
Michaels Stores, Inc.:
0% 11/1/16 (c)		30,000		28,950
10% 11/1/14		65,000		68,494
Sonic Automotive, Inc. 9% 3/15/18		760,000		782,800
				1,302,119
Textiles, Apparel & Luxury Goods - 0.1%
Levi Strauss & Co.:
7.625% 5/15/20		775,000		800,188
8.875% 4/1/16		170,000		178,925
				979,113
TOTAL CONSUMER DISCRETIONARY				44,159,511
CONSUMER STAPLES - 0.4%
Beverages - 0.1%
Cerveceria Nacional Dominicana C por A:
8% 3/27/14 (Reg. S)		100,000		105,000
16% 3/27/12 (e)		500,000		456,650
				561,650
Food & Staples Retailing - 0.1%
Rite Aid Corp.:
8.625% 3/1/15		55,000		47,506
9.375% 12/15/15		140,000		120,050
9.5% 6/15/17		220,000		184,250
				351,806
Food Products - 0.1%
Hines Nurseries, Inc. 10.25% 10/1/11 (b)		120,000		1,200
JBS USA LLC/JBS USA Finance, Inc. 11.625% 5/1/14		330,000		382,371
Michael Foods Group, Inc. 9.75% 7/15/18 (e)		155,000		164,881
Smithfield Foods, Inc. 10% 7/15/14 (e)		380,000		436,506
				984,958
Household Products - 0.0%
Cellu Tissue Holdings, Inc. 11.5% 6/1/14		230,000		269,100

		Principal Amount (o)		Value
Personal Products - 0.1%
Elizabeth Arden, Inc. 7.75% 1/15/14		$ 40,000		$ 40,400
NBTY, Inc. 9% 10/1/18 (e)		425,000		448,375
Revlon Consumer Products Corp. 9.75% 11/15/15		300,000		312,000
				800,775
TOTAL CONSUMER STAPLES				2,968,289
ENERGY - 4.6%
Energy Equipment & Services - 0.2%
Complete Production Services, Inc. 8% 12/15/16		130,000		134,225
Helix Energy Solutions Group, Inc. 9.5% 1/15/16 (e)		240,000		244,800
Hercules Offshore, Inc. 10.5% 10/15/17 (e)		375,000		311,250
Pioneer Drilling Co. 9.875% 3/15/18 (e)		275,000		280,500
Pride International, Inc. 6.875% 8/15/20		260,000		280,800
				1,251,575
Oil, Gas & Consumable Fuels - 4.4%
Adaro Indonesia PT 7.625% 10/22/19 (e)		330,000		360,525
Arch Coal, Inc. 7.25% 10/1/20		140,000		147,000
Atlas Energy Operating Co. LLC/Financing Corp. 10.75% 2/1/18		245,000		271,338
Atlas Pipeline Partners LP 8.125% 12/15/15		840,000		848,400
ATP Oil & Gas Corp. 11.875% 5/1/15 (e)		2,620,000		2,259,750
Berry Petroleum Co.:
8.25% 11/1/16		150,000		153,750
10.25% 6/1/14		145,000		163,125
Chaparral Energy, Inc.:
8.5% 12/1/15		275,000		268,125
9.875% 10/1/20 (e)		155,000		158,100
Chesapeake Energy Corp.:
6.5% 8/15/17		920,000		944,196
6.875% 11/15/20		2,335,000		2,475,100
7.25% 12/15/18		515,000		556,200
7.625% 7/15/13		655,000		712,313
9.5% 2/15/15		360,000		416,700
Colorado Interstate Gas Co. 6.8% 11/15/15		260,000		306,484
Concho Resources, Inc. 8.625% 10/1/17		155,000		163,324
Connacher Oil and Gas Ltd. 10.25% 12/15/15 (e)		270,000		273,375
CONSOL Energy, Inc.:
8% 4/1/17 (e)		525,000		565,688
8.25% 4/1/20 (e)		540,000		588,600
Corporate Bonds - continued
		Principal Amount (o)		Value
Nonconvertible Bonds - continued
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Continental Resources, Inc.:
7.125% 4/1/21 (e)		$ 215,000		$ 223,600
8.25% 10/1/19		65,000		70,850
Crosstex Energy/Crosstex Energy Finance Corp. 8.875% 2/15/18		390,000		405,600
Denbury Resources, Inc.:
8.25% 2/15/20		308,000		335,720
9.75% 3/1/16		105,000		117,600
Drummond Co., Inc.:
7.375% 2/15/16		330,000		334,125
9% 10/15/14 (e)		675,000		710,438
DTEK Finance BV 9.5% 4/28/15 (e)		230,000		237,475
Energy Transfer Equity LP 7.5% 10/15/20		860,000		903,000
EXCO Resources, Inc.:
7.25% 1/15/11		10,000		10,000
7.5% 9/15/18		1,300,000		1,285,310
International Coal Group, Inc. 9.125% 4/1/18		300,000		318,750
InterNorth, Inc. 9.625% 3/16/06 (b)		100,000		0
KazMunaiGaz Finance Sub BV:
7% 5/5/20 (e)		260,000		285,350
8.375% 7/2/13 (e)		265,000		293,488
9.125% 7/2/18 (e)		330,000		403,013
11.75% 1/23/15 (e)		380,000		481,175
LINN Energy LLC:
7.75% 2/1/21 (e)		820,000		825,125
8.625% 4/15/20 (e)		780,000		826,800
Mariner Energy, Inc.:
7.5% 4/15/13		185,000		191,706
8% 5/15/17		305,000		336,263
11.75% 6/30/16		320,000		402,400
Naftogaz of Ukraine NJSC 9.5% 9/30/14		255,000		276,356
Nakilat, Inc. 6.267% 12/31/33 (Reg. S)		320,000		353,600
Newfield Exploration Co. 6.875% 2/1/20		1,025,000		1,083,938
OPTI Canada, Inc.:
7.875% 12/15/14		555,000		417,638
8.25% 12/15/14		95,000		71,488
Pan American Energy LLC 7.875% 5/7/21 (e)		170,000		176,800
Peabody Energy Corp. 7.875% 11/1/26		300,000		333,000
Pemex Project Funding Master Trust 6.625% 6/15/35		170,000		186,575

		Principal Amount (o)		Value
Petrobras International Finance Co. Ltd.:
6.875% 1/20/40		$ 145,000		$ 164,575
8.375% 12/10/18		140,000		175,276
Petrohawk Energy Corp. 7.875% 6/1/15		1,615,000		1,691,713
Petroleos de Venezuela SA:
5.25% 4/12/17		865,000		501,700
5.375% 4/12/27		3,450,000		1,673,250
5.5% 4/12/37		510,000		235,875
Petroleos Mexicanos:
5.5% 1/21/21 (e)		160,000		170,560
6% 3/5/20 (e)		245,000		270,113
6.625% (e)		310,000		313,255
6.625% 6/15/35 (e)		145,000		159,138
Petroleum Co. of Trinidad & Tobago Ltd. (Reg. S) 6% 5/8/22		300,000		304,500
Petroleum Development Corp. 12% 2/15/18		265,000		294,150
Pioneer Natural Resources Co. 7.5% 1/15/20		640,000		704,000
Plains Exploration & Production Co. 10% 3/1/16		645,000		733,688
Quicksilver Resources, Inc. 11.75% 1/1/16		335,000		392,788
Rosetta Resources, Inc. 9.5% 4/15/18		290,000		299,425
Southern Star Central Corp. 6.75% 3/1/16		90,000		90,900
Southwestern Energy Co. 7.5% 2/1/18		150,000		169,875
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 11.25% 7/15/17		290,000		337,125
Teekay Corp. 8.5% 1/15/20		295,000		320,075
Tennessee Gas Pipeline Co.:
7% 10/15/28		20,000		21,859
7.5% 4/1/17		445,000		521,615
7.625% 4/1/37		50,000		57,483
8% 2/1/16		75,000		89,250
8.375% 6/15/32		40,000		48,438
TNK-BP Finance SA 7.5% 3/13/13 (Reg. S)		290,000		315,375
Venoco, Inc. 11.5% 10/1/17		410,000		433,575
W&T Offshore, Inc. 8.25% 6/15/14 (e)		310,000		296,050
YPF SA 10% 11/2/28		525,000		577,500
				34,892,402
TOTAL ENERGY				36,143,977
FINANCIALS - 5.9%
Capital Markets - 0.1%
Equinox Holdings, Inc. 9.5% 2/1/16 (e)		460,000		470,350
Corporate Bonds - continued
		Principal Amount (o)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Capital Markets - continued
HSBC Bank PLC 5.75% 6/27/17 (d)	GBP	100,000		$ 163,173
Penson Worldwide, Inc. 12.5% 5/15/17 (e)		290,000		289,275
				922,798
Commercial Banks - 1.2%
African Export-Import Bank 8.75% 11/13/14		320,000		360,800
Akbank T. A. S. 5.125% 7/22/15 (e)		380,000		378,100
Ally Financial, Inc. 7.5% 9/15/20 (e)		1,605,000		1,689,263
Banco Bilbao Vizcaya Argentaria SA 3.5% 7/26/13	EUR	200,000		275,476
Banco Bradesco SA 5.9% 1/16/21 (e)		170,000		172,380
Banco de Credito del Peru 5.375% 9/16/20 (e)		170,000		171,921
Banco Nacional de Desenvolvimento Economico e Social 6.5% 6/10/19 (e)		100,000		115,375
BanColombia SA 6.125% 7/26/20		165,000		171,188
CIT Group, Inc.:
7% 5/1/13		123,142		123,450
7% 5/1/14		184,712		183,788
7% 5/1/15		184,712		183,327
7% 5/1/16		307,853		302,081
7% 5/1/17		430,992		421,295
Development Bank of Philippines 8.375% (h)		400,000		446,000
EXIM of Ukraine 7.65% 9/7/11 (Issued by Credit Suisse International for EXIM of Ukraine)		1,850,000		1,873,125
Export-Import Bank of India 0.73% 6/7/12 (h)	JPY	10,000,000		116,854
HSBK (Europe) B.V. 9.25% 10/16/13 (e)		655,000		727,050
Intesa Sanpaolo SpA 3.75% 11/23/16	EUR	150,000		207,359
Itau Unibanco Holding SA 5.75% 1/22/21 (e)		140,000		140,350
Kazkommerts International BV 8.5% 4/16/13 (e)		385,000		376,338
KBC IFIMA NV 1.078% 12/14/15 (h)	EUR	200,000		247,894
RSHB Capital SA 9% 6/11/14 (e)		115,000		131,710
SNS Bank NV 3.5% 9/28/20	EUR	100,000		137,025
The State Export-Import Bank of Ukraine JSC 8.4% 2/9/16 (Issued by Credit Suisse First Boston International for The State Export-Import Bank of Ukraine JSC) (d)		300,000		291,000

		Principal Amount (o)		Value
US Bank NA 4.375% 2/28/17 (h)	EUR	100,000		$ 135,259
Wells Fargo & Co. 7.98% (h)		135,000		143,100
				9,521,508
Consumer Finance - 1.7%
ACE Cash Express, Inc. 10.25% 10/1/14 (e)		80,000		68,800
Ford Motor Credit Co. LLC:
6.625% 8/15/17		810,000		860,625
7% 10/1/13		340,000		364,779
7.25% 10/25/11		790,000		829,299
7.375% 2/1/11		45,000		45,834
7.5% 8/1/12		645,000		686,925
8% 6/1/14		335,000		368,165
12% 5/15/15		1,620,000		2,037,150
General Motors Acceptance Corp.:
6.75% 12/1/14		915,000		949,313
8% 11/1/31		490,000		515,699
GMAC LLC:
6% 4/1/11		91,000		91,118
6.75% 12/1/14		280,000		291,900
8% 11/1/31		5,898,000		6,296,115
				13,405,722
Diversified Financial Services - 2.5%
Azovstal Capital BV 9.125% 2/28/11		100,000		100,870
Bank of America Corp.:
4% 3/28/18 (h)	EUR	250,000		328,058
8% (h)		350,000		359,170
8.125% (h)		480,000		494,400
Bank of Georgia JSC 9% 2/8/12 (Issued by BG Finance BV for Bank of Georgia JSC)		220,000		220,550
CCO Holdings LLC/CCO Holdings Capital Corp.:
7.875% 4/30/18 (e)		235,000		244,988
8.125% 4/30/20 (e)		565,000		600,313
City of Buenos Aires 12.5% 4/6/15 (e)		660,000		708,840
Dignity Finance PLC:
6.31% 12/31/23 (Reg. S)	GBP	15,991		29,291
8.151% 12/31/30	GBP	30,000		61,314
FireKeepers Development Authority 13.875% 5/1/15 (e)		100,000		116,500
Global Cash Access LLC/Global Cash Access Finance Corp. 8.75% 3/15/12		199,000		197,508
GMAC, Inc. 8% 3/15/20 (e)		3,940,000		4,314,300
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
7.75% 1/15/16		1,390,000		1,398,688
8% 1/15/18		1,958,000		1,970,238
Imperial Tobacco Finance 7.75% 6/24/19	GBP	100,000		193,442
Ineos Finance PLC 9% 5/15/15 (e)		215,000		225,213
Corporate Bonds - continued
		Principal Amount (o)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Diversified Financial Services - continued
International Lease Finance Corp.:
5.625% 9/20/13		$ 547,000		$ 536,744
5.65% 6/1/14		678,000		657,660
6.375% 3/25/13		344,000		345,720
6.625% 11/15/13		1,381,000		1,391,358
Landrys Holdings, Inc. 11.5% 6/1/14 (e)		270,000		251,100
LBI Escrow Corp. 8% 11/1/17 (e)		580,000		632,954
Myriad International Holding BV 6.375% 7/28/17 (e)		275,000		286,344
NCO Group, Inc. 11.875% 11/15/14		120,000		108,000
Offshore Group Investment Ltd. 11.5% 8/1/15 (e)		710,000		749,050
Rearden G Holdings Eins GmbH 7.875% 3/30/20 (e)		145,000		155,150
TMK Capital SA 10% 7/29/11		500,000		519,500
Trans Union LLC/Trans Union Financing Corp. 11.375% 6/15/18 (e)		350,000		395,500
UPC Germany GmbH 8.125% 12/1/17 (e)		560,000		581,000
WaMu Covered Bond Program:
3.875% 9/27/11	EUR	50,000		69,184
4.375% 5/19/14	EUR	100,000		143,195
Wind Acquisition Holdings Finance SA 12.25% 7/15/17 pay-in-kind (e)(h)		1,071,458		1,112,664
				19,498,806
Insurance - 0.2%
American International Group, Inc.:
5.45% 5/18/17		340,000		345,950
5.85% 1/16/18		120,000		124,200
8.25% 8/15/18		400,000		466,000
AXA SA 5.25% 4/16/40 (h)	EUR	150,000		203,125
				1,139,275
Real Estate Investment Trusts - 0.1%
Omega Healthcare Investors, Inc.:
6.75% 10/15/22 (e)		305,000		303,109
7.5% 2/15/20 (e)		385,000		404,250
Senior Housing Properties Trust 8.625% 1/15/12		280,000		295,400
				1,002,759
Real Estate Management & Development - 0.1%
CB Richard Ellis Services, Inc. 11.625% 6/15/17		425,000		491,938
Realogy Corp.:
10.5% 4/15/14		270,000		230,850
11.75% 4/15/14 pay-in-kind (h)		230,662		184,493

		Principal Amount (o)		Value
Toys 'R' Us Property Co. II LLC 8.5% 12/1/17 (e)		$ 65,000		$ 68,900
Ventas Realty LP 6.5% 6/1/16		65,000		67,600
				1,043,781
TOTAL FINANCIALS				46,534,649
HEALTH CARE - 1.4%
Health Care Equipment & Supplies - 0.0%
Invacare Corp. 9.75% 2/15/15		90,000		96,075
Health Care Providers & Services - 1.2%
Apria Healthcare Group, Inc. 11.25% 11/1/14		505,000		555,500
Capella Healthcare, Inc. 9.25% 7/1/17 (e)		280,000		299,600
Cardinal Health 409, Inc. 9.5% 4/15/15 pay-in-kind (h)		257,393		258,680
CRC Health Group, Inc. 10.75% 2/1/16		90,000		84,600
DASA Finance Corp. 8.75% 5/29/18 (e)		240,000		268,800
Gentiva Health Services, Inc. 11.5% 9/1/18 (e)		475,000		510,625
HCA, Inc.:
5.75% 3/15/14		220,000		217,800
6.25% 2/15/13		110,000		111,925
6.375% 1/15/15		75,000		74,625
6.5% 2/15/16		275,000		273,625
6.75% 7/15/13		110,000		112,200
7.25% 9/15/20		1,935,000		2,065,613
9.125% 11/15/14		580,000		609,000
9.25% 11/15/16		1,215,000		1,312,200
HealthSouth Corp. 8.125% 2/15/20		575,000		595,125
IASIS Healthcare LLC/IASIS Capital Corp. 8.75% 6/15/14		90,000		92,025
InVentiv Health, Inc. 10% 8/15/18 (e)		75,000		74,813
LifePoint Hospitals, Inc. 6.625% 10/1/20 (e)		345,000		352,763
Quintiles Transnational Holdings, Inc. 9.5% 12/30/14 (e)		390,000		400,725
Rhoen-Klinikum AG 3.875% 3/11/16	EUR	100,000		139,946
Rotech Healthcare, Inc. 10.75% 10/15/15 (e)		190,000		189,050
Skilled Healthcare Group, Inc. 11% 1/15/14		78,000		77,220
Sun Healthcare Group, Inc. 9.125% 4/15/15		30,000		31,650
Team Finance LLC/Health Finance Corp. 11.25% 12/1/13		146,000		151,475
Corporate Bonds - continued
		Principal Amount (o)		Value
Nonconvertible Bonds - continued
HEALTH CARE - continued
Health Care Providers & Services - continued
UHS Escrow Corp. 7% 10/1/18 (e)		$ 85,000		$ 87,550
United Surgical Partners International, Inc. 8.875% 5/1/17		55,000		56,100
				9,003,235
Life Sciences Tools & Services - 0.0%
Bio-Rad Laboratories, Inc. 7.5% 8/15/13		70,000		70,875
Pharmaceuticals - 0.2%
Elan Finance PLC/Elan Finance Corp. 8.75% 10/15/16 (e)		435,000		429,563
Leiner Health Products, Inc. 11% 6/1/12 (b)		90,000		5,400
Mylan, Inc.:
7.625% 7/15/17 (e)		315,000		335,475
7.875% 7/15/20 (e)		570,000		612,750
				1,383,188
TOTAL HEALTH CARE				10,553,373
INDUSTRIALS - 3.1%
Aerospace & Defense - 0.1%
Alion Science & Technology Corp.:
10.25% 2/1/15		50,000		37,500
12% 11/1/14 pay-in-kind		115,249		112,541
DigitalGlobe, Inc. 10.5% 5/1/14		185,000		207,200
GeoEye, Inc. 9.625% 10/1/15		75,000		82,125
Hexcel Corp. 6.75% 2/1/15		100,000		100,250
				539,616
Airlines - 0.8%
Air Canada 9.25% 8/1/15 (e)		370,000		376,475
American Airlines, Inc. equipment trust certificate 13% 8/1/16		308,422		363,938
American Airlines, Inc. pass-thru trust certificates 10.375% 7/2/19		399,431		475,323
Continental Airlines, Inc.:
pass-thru trust certificates 6.903% 4/19/22		49,565		47,582
3.4206% 6/2/13 (h)		2,532,916		2,292,289
Continental Airlines, Inc. 7.25% 11/10/19		390,000		425,100
Delta Air Lines, Inc.:
7.9% 12/15/09 (a)		750,000		0
9.5% 9/15/14 (e)		103,000		111,498
10% 8/15/08 (a)		70,000		0

		Principal Amount (o)		Value
Delta Air Lines, Inc. pass-thru trust certificates:
6.821% 8/10/22		$ 597,230		$ 624,106
8.021% 8/10/22		272,762		274,808
Northwest Airlines Corp. 10% 2/1/09 (a)		105,000		0
Northwest Airlines, Inc.:
7.875% 3/15/08 (a)		90,000		0
8.875% 6/1/06 (a)		80,000		0
Northwest Airlines, Inc. pass-thru trust certificates:
7.027% 11/1/19		127,179		128,451
8.028% 11/1/17		54,723		55,270
United Air Lines, Inc.:
9.875% 8/1/13 (e)		170,000		184,450
12% 11/1/13 (e)		270,000		299,025
United Air Lines, Inc. pass-thru trust certificates 9.75% 1/15/17		632,897		707,263
				6,365,578
Building Products - 0.1%
Nortek, Inc. 11% 12/1/13		753,333		802,300
Commercial Services & Supplies - 0.7%
ACCO Brands Corp. 10.625% 3/15/15		45,000		50,288
Browning-Ferris Industries, Inc. 9.25% 5/1/21		100,000		127,718
Casella Waste Systems, Inc. 11% 7/15/14		105,000		114,450
Cenveo Corp. 10.5% 8/15/16 (e)		175,000		178,938
EnergySolutions, Inc. / EnergySolutions LLC 10.75% 8/15/18 (e)		290,000		313,925
Garda World Security Corp. 9.75% 3/15/17 (e)		185,000		197,025
International Lease Finance Corp.:
4.75% 1/13/12		190,000		190,000
5% 9/15/12		205,000		203,975
6.5% 9/1/14 (e)		380,000		404,700
6.75% 9/1/16 (e)		380,000		405,650
7.125% 9/1/18 (e)		760,000		813,200
8.625% 9/15/15 (e)		655,000		700,850
8.75% 3/15/17 (e)		980,000		1,055,950
Iron Mountain, Inc.:
6.625% 1/1/16		480,000		482,400
7.75% 1/15/15		97,000		97,970
The Geo Group, Inc. 7.75% 10/15/17 (e)		220,000		232,650
				5,569,689
Construction & Engineering - 0.0%
Odebrecht Finance Ltd. 7% 4/21/20 (e)		105,000		112,350
Odebrecht Overseas Ltd. 9.625%		200,000		199,500
				311,850
Corporate Bonds - continued
		Principal Amount (o)		Value
Nonconvertible Bonds - continued
INDUSTRIALS - continued
Electrical Equipment - 0.0%
General Cable Corp. 7.125% 4/1/17		$ 40,000		$ 40,600
Sensus Metering Systems, Inc. 8.625% 12/15/13		60,000		60,900
				101,500
Industrial Conglomerates - 0.1%
Sequa Corp.:
11.75% 12/1/15 (e)		705,000		752,588
13.5% 12/1/15 pay-in-kind (e)		280,685		303,842
				1,056,430
Machinery - 0.2%
Accuride Corp. 9.5% 8/1/18 (e)		55,000		57,750
ArvinMeritor, Inc. 10.625% 3/15/18		170,000		187,850
Chart Industries, Inc. 9.125% 10/15/15		60,000		62,100
Navistar International Corp. 8.25% 11/1/21		710,000		756,150
Terex Corp. 10.875% 6/1/16		330,000		377,850
				1,441,700
Marine - 0.2%
Navios Maritime Holdings, Inc.:
8.875% 11/1/17 (e)		875,000		918,750
9.5% 12/15/14		785,000		800,700
Ultrapetrol (Bahamas) Ltd. 9% 11/24/14		95,000		95,000
				1,814,450
Road & Rail - 0.6%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 9.625% 3/15/18		200,000		210,500
Kansas City Southern de Mexico, SA de CV:
7.375% 6/1/14		100,000		104,000
7.625% 12/1/13		100,000		103,750
8% 2/1/18 (e)		2,500,000		2,700,000
12.5% 4/1/16		705,000		846,000
Kazakhstan Temir Zholy Finance BV 6.375% 10/6/20 (e)		200,000		207,250
Western Express, Inc. 12.5% 4/15/15 (e)		245,000		235,200
				4,406,700
Trading Companies & Distributors - 0.2%
Aircastle Ltd. 9.75% 8/1/18 (e)		755,000		783,313

		Principal Amount (o)		Value
Penhall International Corp. 12% 8/1/14 (b)(e)		$ 80,000		$ 48,000
VWR Funding, Inc. 10.25% 7/15/15 pay-in-kind (h)		647,482		673,381
				1,504,694
Transportation Infrastructure - 0.1%
Trico Shipping AS 11.875% 11/1/14 (e)		720,000		642,600
TOTAL INDUSTRIALS				24,557,107
INFORMATION TECHNOLOGY - 1.1%
Communications Equipment - 0.3%
Avaya, Inc. 9.75% 11/1/15		85,000		80,538
Brocade Communications Systems, Inc.:
6.625% 1/15/18		90,000		93,150
6.875% 1/15/20		170,000		175,950
Hughes Network System LLC/HNS Finance Corp. 9.5% 4/15/14		320,000		331,200
Lucent Technologies, Inc.:
6.45% 3/15/29		1,620,000		1,178,550
6.5% 1/15/28		400,000		289,000
ViaSat, Inc. 8.875% 9/15/16		105,000		112,875
				2,261,263
Electronic Equipment & Components - 0.2%
Reddy Ice Corp.:
11.25% 3/15/15		1,875,000		1,945,313
13.25% 11/1/15		130,000		117,000
				2,062,313
Internet Software & Services - 0.1%
Equinix, Inc. 8.125% 3/1/18		665,000		709,888
IT Services - 0.2%
Ceridian Corp. 11.25% 11/15/15		275,000		250,938
Fidelity National Information Services, Inc.:
7.625% 7/15/17 (e)		240,000		257,400
7.875% 7/15/20 (e)		320,000		346,400
SunGard Data Systems, Inc. 9.125% 8/15/13		260,000		266,500
Unisys Corp.:
12.5% 1/15/16		210,000		234,150
12.75% 10/15/14 (e)		32,000		37,120
14.25% 9/15/15 (e)		26,000		31,200
				1,423,708
Semiconductors & Semiconductor Equipment - 0.3%
Advanced Micro Devices, Inc.:
7.75% 8/1/20 (e)		135,000		140,063
8.125% 12/15/17		270,000		286,200
Amkor Technology, Inc. 7.375% 5/1/18 (e)		280,000		282,800
Avago Technologies Finance Ltd. 11.875% 12/1/15		505,000		542,875
Corporate Bonds - continued
		Principal Amount (o)		Value
Nonconvertible Bonds - continued
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co. 10.5% 4/15/18 (e)		$ 190,000		$ 201,400
New ASAT Finance Ltd. 9.25% 2/1/11 (b)		81,274		0
NXP BV/NXP Funding LLC 9.75% 8/1/18 (e)		275,000		292,188
Spansion LLC 11.25% 1/15/16 (b)(e)		255,000		237,734
Viasystems, Inc. 12% 1/15/15 (e)		310,000		338,288
				2,321,548
Software - 0.0%
Open Solutions, Inc. 9.75% 2/1/15 (e)		50,000		35,500
TOTAL INFORMATION TECHNOLOGY				8,814,220
MATERIALS - 2.8%
Chemicals - 0.7%
Ashland, Inc. 9.125% 6/1/17		160,000		183,008
Berry Plastics Corp. 8.25% 11/15/15		385,000		391,738
Braskem Finance Ltd. 7% 5/7/20 (e)		130,000		137,800
Chemtura Corp. 6.875% 6/1/16 (b)		85,000		97,750
Ferro Corp. 7.875% 8/15/18		105,000		108,549
Georgia Gulf Corp. 9% 1/15/17 (e)		860,000		903,000
MacDermid, Inc. 9.5% 4/15/17 (e)		40,000		41,800
Momentive Performance Materials, Inc.:
9.75% 12/1/14		530,000		542,561
10.125% 12/1/14 pay-in-kind (h)		1,118,130		1,129,311
11.5% 12/1/16		670,000		668,325
NOVA Chemicals Corp.:
3.7476% 11/15/13 (h)		105,000		100,013
6.5% 1/15/12		375,000		389,063
OXEA Finance & Cy SCA 9.5% 7/15/17 (e)		310,000		332,863
PolyOne Corp. 7.375% 9/15/20		155,000		159,263
Solutia, Inc.:
7.875% 3/15/20		175,000		190,750
8.75% 11/1/17		85,000		92,863
Sterling Chemicals, Inc. 10.25% 4/1/15		90,000		90,450

		Principal Amount (o)		Value
TPC Group LLC 8.25% 10/1/17 (e)		$ 190,000		$ 194,275
Tronox Worldwide LLC/Tronox Worldwide Finance Corp. 9.5% 12/1/12 (b)		95,000		87,756
				5,841,138
Construction Materials - 0.0%
Headwaters, Inc. 11.375% 11/1/14		80,000		85,200
SOV Housing Capital PLC 5.705% 9/10/39	GBP	100,000		174,619
				259,819
Containers & Packaging - 0.6%
AEP Industries, Inc. 7.875% 3/15/13		40,000		40,400
Ardagh Packaging Finance PLC:
7.375% 10/15/17 (e)		200,000		200,000
9.125% 10/15/20 (e)		360,000		360,000
Berry Plastics Holding Corp.:
4.1672% 9/15/14 (h)		45,000		38,700
8.875% 9/15/14		1,475,000		1,430,750
BWAY Holding Co. 10% 6/15/18 (e)		205,000		222,938
Crown Cork & Seal, Inc.:
7.375% 12/15/26		1,210,000		1,182,775
7.5% 12/15/96		160,000		123,200
Jefferson Smurfit Corp. U.S. 8.25% 10/1/12 (b)		85,000		0
Smurfit-Stone Container Enterprises, Inc. 8% 3/15/17 (b)		430,000		0
Vitro SAB de CV:
8.625% 2/1/12 (b)		2,215,000		1,052,125
9.125% 2/1/17 (b)		120,000		57,000
				4,707,888
Metals & Mining - 1.2%
Aleris International, Inc.:
6% 6/1/20 (e)		1,759		8,290
9.75% 12/15/14 pay-in-kind (b)(h)		150,000		375
CSN Islands XI Corp. 6.875% 9/21/19 (e)		365,000		396,938
Edgen Murray Corp. 12.25% 1/15/15		675,000		487,688
Evraz Group SA 8.875% 4/24/13 (e)		710,000		759,700
FMG Finance Property Ltd.:
10% 9/1/13 (e)		295,000		330,400
10.625% 9/1/16 (e)		2,707,000		3,329,610
Freeport-McMoRan Copper & Gold, Inc. 8.375% 4/1/17		1,280,000		1,428,736
Gerdau Trade, Inc. 5.75% 1/30/21 (e)		240,000		242,880
McJunkin Red Man Corp. 9.5% 12/15/16 (e)		330,000		297,825
Metinvest BV 10.25% 5/20/15 (e)		260,000		274,300
Corporate Bonds - continued
		Principal Amount (o)		Value
Nonconvertible Bonds - continued
MATERIALS - continued
Metals & Mining - continued
Novelis, Inc. 11.5% 2/15/15		$ 80,000		$ 90,400
RathGibson, Inc. 11.25% 2/15/14 (b)		304,072		3,305
Severstal Columbus LLC 10.25% 2/15/18 (e)		555,000		582,750
Southern Copper Corp. 6.75% 4/16/40		260,000		278,200
Teck Resources Ltd.:
9.75% 5/15/14		151,000		186,212
10.25% 5/15/16		296,000		359,640
10.75% 5/15/19		276,000		347,567
				9,404,816
Paper & Forest Products - 0.3%
ABI Escrow Corp. 10.25% 10/15/18 (e)(g)		1,440,000		1,479,600
Glatfelter 7.125% 5/1/16		40,000		40,800
NewPage Corp.:
6.7156% 5/1/12 (h)		90,000		40,950
11.375% 12/31/14		345,000		312,225
Solo Cup Co. 8.5% 2/15/14		135,000		115,425
Stone Container Corp. 8.375% 7/1/12 (b)		220,000		0
				1,989,000
TOTAL MATERIALS				22,202,661
TELECOMMUNICATION SERVICES - 8.0%
Diversified Telecommunication Services - 5.3%
Alestra SA de RL de CV 11.75% 8/11/14		350,000		392,875
Citizens Communications Co.:
7.125% 3/15/19		225,000		230,625
7.875% 1/15/27		280,000		275,800
9% 8/15/31		220,000		234,575
Clearwire Communications LLC/Clearwire Finance, Inc. 12% 12/1/15 (e)		1,775,000		1,917,000
Frontier Communications Corp.:
8.25% 4/15/17		1,350,000		1,461,375
8.5% 4/15/20		1,350,000		1,468,125
8.75% 4/15/22		735,000		811,220
Global Crossing Ltd. 12% 9/15/15		1,920,000		2,169,600
Indosat Palapa Co. BV 7.375% 7/29/20 (e)		145,000		159,319
Intelsat Bermuda Ltd.:
11.25% 2/4/17		3,375,000		3,628,125
12% 2/4/17 pay-in-kind (h)		4,256,533		4,562,324
Intelsat Corp.:
9.25% 8/15/14		315,000		325,238

		Principal Amount (o)		Value
9.25% 6/15/16		$ 560,000		$ 596,400
Intelsat Ltd. 11.25% 6/15/16		1,680,000		1,827,000
Nordic Telephone Co. Holdings ApS 8.875% 5/1/16 (e)		285,000		303,525
Qwest Communications International, Inc.:
7.125% 4/1/18 (e)		530,000		553,850
7.5% 2/15/14		480,000		489,600
7.5% 2/15/14		110,000		112,200
Qwest Corp. 8.375% 5/1/16		550,000		652,465
Sprint Capital Corp.:
6.875% 11/15/28		5,267,000		4,819,305
6.9% 5/1/19		1,190,000		1,195,950
8.75% 3/15/32		7,780,000		8,169,000
Telemar Norte Leste SA 5.5% 10/23/20 (e)		140,000		141,932
U.S. West Communications:
6.875% 9/15/33		200,000		197,500
7.25% 9/15/25		35,000		36,750
7.25% 10/15/35		70,000		69,125
7.5% 6/15/23		30,000		30,150
Wind Acquisition Finance SA:
11.75% 7/15/17 (e)		3,680,000		4,121,600
12% 12/1/15 (e)		1,135,000		1,203,100
				42,155,653
Wireless Telecommunication Services - 2.7%
Clearwire Escrow Corp. 12% 12/1/15 (e)		335,000		361,800
Digicel Group Ltd.:
8.875% 1/15/15 (e)		1,875,000		1,907,813
9.125% 1/15/15 pay-in-kind (e)(h)		917,000		933,048
10.5% 4/15/18 (e)		2,495,000		2,707,075
12% 4/1/14 (e)		1,145,000		1,322,475
Intelsat Jackson Holdings Ltd.:
8.5% 11/1/19 (e)		325,000		352,625
9.5% 6/15/16		1,215,000		1,293,975
11.5% 6/15/16		560,000		609,000
Intelsat Subsidiary Holding Co. Ltd.:
8.5% 1/15/13		1,430,000		1,446,159
8.875% 1/15/15		760,000		786,600
Millicom International Cellular SA 10% 12/1/13		1,580,000		1,625,425
Mobile Telesystems Finance SA 8% 1/28/12 (e)		192,000		202,560
MTS International Funding Ltd. 8.625% 6/22/20 (e)		410,000		471,500
Nextel Communications, Inc.:
5.95% 3/15/14		460,000		457,700
7.375% 8/1/15		335,000		336,675
NII Capital Corp. 10% 8/15/16		1,325,000		1,507,188
Orascom Telecom Finance SCA 7.875% 2/8/14 (e)		900,000		868,500
Corporate Bonds - continued
		Principal Amount (o)		Value
Nonconvertible Bonds - continued
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
Pakistan Mobile Communications Ltd. 8.625% 11/13/13 (e)		$ 850,000		$ 820,250
Sprint Nextel Corp. 6% 12/1/16		1,515,000		1,496,063
Telecom Personal SA 9.25% 12/22/10 (e)		425,000		433,500
Telemovil Finance Co. Ltd. 8% 10/1/17 (e)		430,000		446,125
Vimpel Communications 8.375% 4/30/13 (Issued by VIP Finance Ireland Ltd. for Vimpel Communications) (e)		555,000		600,094
				20,986,150
TOTAL TELECOMMUNICATION SERVICES				63,141,803
UTILITIES - 1.3%
Electric Utilities - 0.4%
Empresa Distribuidora y Comercializadora Norte SA 10.5% 10/9/17		105,000		111,038
Intergen NV 9% 6/30/17 (e)		1,255,000		1,327,163
Majapahit Holding BV:
7.75% 10/17/16 (Reg. S)		425,000		496,188
7.75% 1/20/20 (e)		265,000		317,338
8% 8/7/19 (e)		165,000		199,238
National Power Corp. 6.875% 11/2/16 (e)		200,000		234,000
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. 11.25% 11/1/16 pay-in-kind (h)		129,626		68,985
				2,753,950
Gas Utilities - 0.2%
Intergas Finance BV 6.375% 5/14/17 (Reg. S)		375,000		405,000
Southern Natural Gas Co.:
7.35% 2/15/31		175,000		196,114
8% 3/1/32		350,000		410,647
Transportadora de Gas del Sur SA 7.875% 5/14/17 (e)		410,000		401,800
				1,413,561
Independent Power Producers & Energy Traders - 0.5%
Energy Future Holdings Corp.:
10% 1/15/20 (e)		720,000		721,800
10.875% 11/1/17		703,000		418,285
12% 11/1/17 pay-in-kind (h)		86,676		36,317
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc. 10% 12/1/20		2,042,000		2,031,790
Enron Corp. 7.625% 9/10/04 (b)		400,000		0

		Principal Amount (o)		Value
GenOn Escrow Corp.:
9.5% 10/15/18 (e)(g)		$ 275,000		$ 266,063
9.875% 10/15/20 (e)(g)		95,000		91,438
Power Sector Assets and Liabilities Management Corp.:
7.25% 5/27/19 (e)		235,000		283,763
7.39% 12/2/24 (e)		280,000		345,800
Tenaska Alabama Partners LP 7% 6/30/21 (e)		80,827		80,019
				4,275,275
Multi-Utilities - 0.2%
Aquila, Inc. 11.875% 7/1/12 (h)		120,000		138,083
NiSource Finance Corp. 10.75% 3/15/16		1,159,000		1,531,568
Utilicorp United, Inc. 7.95% 2/1/11 (d)		3,000		3,064
				1,672,715
Water Utilities - 0.0%
South East Water Ltd. Class 2A, 5.5834% 3/29/29	GBP	165,000		274,500
TOTAL UTILITIES				10,390,001
TOTAL NONCONVERTIBLE BONDS			269,465,591
TOTAL CORPORATE BONDS (Cost $258,219,807)			279,922,997
U.S. Government and Government Agency Obligations - 22.0%

U.S. Government Agency Obligations - 2.0%
Fannie Mae:
1% 9/23/13		350,000		351,388
1.125% 7/30/12		1,370,000		1,385,004
1.25% 8/20/13		750,000		758,775
Federal Home Loan Bank:
0.875% 8/22/12		495,000		498,146
1.5% 1/16/13		940,000		958,291
1.875% 6/21/13		2,240,000		2,308,150
3.625% 10/18/13		925,000		1,003,799
Freddie Mac:
1.75% 6/15/12		5,923,000		6,050,433
4.125% 12/21/12		432,000		465,095
4.5% 1/15/14		172,000		191,630
Israeli State (guaranteed by U.S. Government through Agency for International Development) 5.5% 9/18/23		530,000		654,040
U.S. Government and Government Agency Obligations - continued
		Principal Amount (o)		Value
U.S. Government Agency Obligations - continued
Tennessee Valley Authority:
4.625% 9/15/60		$ 650,000		$ 680,943
5.25% 9/15/39		400,000		464,180
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS				15,769,874
U.S. Treasury Inflation Protected Obligations - 1.3%
U.S. Treasury Inflation-Indexed Notes 3% 7/15/12		9,643,092		10,243,759
U.S. Treasury Obligations - 16.9%
U.S. Treasury Bonds:
3.5% 2/15/39		4,030,000		3,897,768
3.875% 8/15/40		7,964,000		8,231,543
4.375% 2/15/38		675,000		760,641
4.75% 2/15/37		250,000		298,867
5.25% 2/15/29		2,825,000		3,570,534
6.25% 8/15/23		5,561,000		7,530,812
7.5% 11/15/16		2,155,000		2,886,185
7.5% 11/15/24		780,000		1,182,309
7.875% 2/15/21		200,000		296,406
8% 11/15/21		870,000		1,312,204
8.75% 5/15/20		922,000		1,418,728
U.S. Treasury Notes:
0.75% 8/15/13		5,992,000		6,014,937
0.75% 9/15/13		3,084,000		3,094,359
0.875% 1/31/12		1,407,000		1,417,168
1% 12/31/11		408,000		411,459
1.375% 11/15/12		628,000		640,168
1.375% 2/15/13		297,000		303,010
1.5% 12/31/13		409,000		419,257
1.75% 4/15/13		1,779,000		1,832,921
1.75% 7/31/15		4,750,000		4,865,425
1.875% 4/30/14		2,288,000		2,373,086
1.875% 6/30/15		779,000		802,918
1.875% 8/31/17		3,300,000		3,297,938
1.875% 9/30/17		3,000,000		2,994,375
2.375% 8/31/14		12,800,000		13,507,994
2.375% 9/30/14		2,782,000		2,936,966
2.375% 10/31/14		4,724,000		4,986,772
2.5% 3/31/15		4,688,000		4,971,858
2.5% 4/30/15		3,449,000		3,657,016
2.625% 7/31/14		5,363,000		5,709,922
2.625% 4/30/16		1,135,000		1,204,165
2.625% 8/15/20		3,500,000		3,532,267
2.75% 11/30/16		1,500,000		1,594,218
2.75% 2/15/19		2,778,000		2,882,175
3% 9/30/16		1,969,000		2,124,059
3% 2/28/17		1,500,000		1,613,555
3.125% 8/31/13		1,375,000		1,474,688

		Principal Amount (o)		Value
3.125% 9/30/13		$ 1,291,000		$ 1,386,010
3.125% 10/31/16		3,249,000		3,527,196
3.125% 1/31/17		1,636,000		1,773,143
3.125% 5/15/19		4,468,000		4,748,997
3.375% 6/30/13		734,000		790,426
3.5% 5/15/20		1,027,000		1,114,860
3.625% 8/15/19		2,209,000		2,429,555
3.75% 11/15/18		328,000		366,463
3.875% 5/15/18		218,000		246,187
4% 8/15/18		721,000		819,969
4.25% 11/15/17		1,975,000		2,285,600
4.5% 5/15/17		1,172,000		1,370,141
5.125% 5/15/16		1,865,000		2,233,919
TOTAL U.S. TREASURY OBLIGATIONS			133,141,139
Other Government Related - 1.8%
Bank of America Corp.:
2.1% 4/30/12 (FDIC Guaranteed) (f)		200,000		204,949
3.125% 6/15/12 (FDIC Guaranteed) (f)		9,000		9,378
Citibank NA 1.875% 5/7/12 (FDIC Guaranteed) (f)		1,350,000		1,378,293
Citigroup Funding, Inc.:
1.875% 10/22/12 (FDIC Guaranteed) (f)		4,000,000		4,101,452
1.875% 11/15/12 (FDIC Guaranteed) (f)		525,000		538,207
2% 3/30/12 (FDIC Guaranteed) (f)		250,000		255,275
2.125% 7/12/12 (FDIC Guaranteed) (f)		172,000		176,791
General Electric Capital Corp.:
2% 9/28/12 (FDIC Guaranteed) (f)		1,693,000		1,739,282
2.125% 12/21/12 (FDIC Guaranteed) (f)		1,000,000		1,031,819
2.625% 12/28/12 (FDIC Guaranteed) (f)		384,000		400,378
3% 12/9/11 (FDIC Guaranteed) (f)		310,000		319,430
GMAC, Inc. 1.75% 10/30/12 (FDIC Guaranteed) (f)		1,360,000		1,391,313
Goldman Sachs Group, Inc. 3.25% 6/15/12 (FDIC Guaranteed) (f)		9,000		9,410
JPMorgan Chase & Co.:
2.2% 6/15/12 (FDIC Guaranteed) (f)		530,000		545,022
U.S. Government and Government Agency Obligations - continued
		Principal Amount (o)		Value
Other Government Related - continued
JPMorgan Chase & Co.: - continued
3.125% 12/1/11 (FDIC Guaranteed) (f)		$ 50,000		$ 51,547
Morgan Stanley 3.25% 12/1/11 (FDIC Guaranteed) (f)		1,898,000		1,960,120
TOTAL OTHER GOVERNMENT RELATED				14,112,666
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $166,514,960)			173,267,438
U.S. Government Agency - Mortgage Securities - 3.4%

Fannie Mae - 2.4%
1.925% 11/1/35 (h)		42,999		44,414
2.122% 9/1/33 (h)		48,038		49,603
2.217% 10/1/34 (h)		71,975		74,635
2.229% 7/1/35 (h)		41,335		42,741
2.425% 5/1/35 (h)		23,036		24,151
2.566% 6/1/36 (h)		3,985		4,178
2.58% 10/1/35 (h)		6,104		6,340
2.639% 7/1/35 (h)		27,634		29,154
2.73% 11/1/33 (h)		10,231		10,742
2.731% 5/1/35 (h)		72,278		76,182
2.764% 9/1/34 (h)		38,073		39,824
2.776% 1/1/35 (h)		25,948		27,149
2.803% 11/1/36 (h)		6,810		7,173
2.814% 2/1/35 (h)		136,168		142,950
2.839% 9/1/36 (h)		15,780		16,613
2.842% 7/1/35 (h)		71,683		75,258
2.888% 9/1/35 (h)		77,477		81,549
2.91% 3/1/33 (h)		15,268		16,004
3% 9/1/25 (g)		1,000,000		1,014,326
3.031% 7/1/35 (h)		48,421		50,721
3.06% 4/1/36 (h)		30,671		32,339
3.097% 11/1/36 (h)		18,164		19,152
3.142% 8/1/35 (h)		76,965		81,487
3.261% 10/1/37 (h)		25,508		26,736
3.303% 10/1/35 (h)		127,492		133,260
3.36% 1/1/40 (h)		1,823,142		1,906,773
3.5% 10/1/25 (g) (n)		3,000,000		3,095,722
3.5% 10/1/25 (g) (n)		4,000,000		4,127,630
3.5% 11/1/25 (g)		6,000,000		6,172,226
3.5% 10/1/40 (g)		1,000,000		1,007,278
3.527% 6/1/47 (h)		13,026		13,619

		Principal Amount (o)		Value
3.636% 2/1/37 (h)		$ 55,299		$ 57,913
4% 9/1/13		15,615		16,312
5% 6/1/14		3,070		3,256
5.034% 2/1/34 (h)		43,527		45,530
5.539% 9/1/35 (h)		52,022		55,086
5.57% 2/1/36 (h)		9,882		10,258
5.597% 4/1/36 (h)		58,092		60,625
5.762% 5/1/36 (h)		11,828		12,328
6% 6/1/16 to 10/1/16		15,084		16,271
6.186% 3/1/37 (h)		11,865		12,673
6.5% 4/1/12 to 9/1/32		159,122		175,887
TOTAL FANNIE MAE				18,916,068
Freddie Mac - 0.3%
1.79% 3/1/37 (h)		63,558		65,467
1.866% 5/1/37 (h)		11,465		11,846
1.932% 3/1/35 (h)		17,866		18,368
2.414% 6/1/33 (h)		31,053		32,386
2.416% 5/1/37 (h)		99,843		105,074
2.452% 5/1/37 (h)		66,167		69,341
2.535% 6/1/37 (h)		27,627		29,111
2.545% 10/1/35 (h)		38,099		39,837
2.613% 12/1/33 (h)		65,416		68,681
2.625% 5/1/35 (h)		57,397		60,298
2.639% 7/1/35 (h)		35,583		37,224
2.865% 9/1/35 (h)		15,840		16,634
3.022% 7/1/35 (h)		19,125		20,218
3.065% 1/1/36 (h)		190,832		200,743
3.137% 1/1/35 (h)		79,805		83,694
3.152% 4/1/37 (h)		11,160		11,687
3.403% 3/1/37 (h)		11,022		11,393
3.513% 10/1/36 (h)		40,894		42,569
3.706% 5/1/37 (h)		7,383		7,746
3.948% 12/1/36 (h)		138,030		144,092
4.195% 4/1/34 (h)		334,112		349,869
4.317% 2/1/36 (h)		7,488		7,841
4.5% 8/1/33		24,811		26,080
4.692% 4/1/35 (h)		77,982		82,575
4.76% 1/1/37 (h)		39,421		41,214
5.084% 1/1/36 (h)		7,595		7,873
5.138% 4/1/35 (h)		2,595		2,737
5.183% 10/1/35 (h)		4,893		5,181
5.256% 7/1/36 (h)		366,471		384,454
5.527% 1/1/36 (h)		20,308		21,129
5.54% 3/1/36 (h)		99,989		103,740
6.009% 6/1/37 (h)		3,807		4,007
6.105% 6/1/37 (h)		8,852		9,342
6.194% 7/1/36 (h)		12,421		13,065
6.29% 8/1/37 (h)		21,440		22,504
6.431% 2/1/37 (h)		7,642		8,026
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount (o)		Value
Freddie Mac - continued
6.5% 12/1/14 to 3/1/22		$ 213,379		$ 231,776
7.22% 4/1/37 (h)		482		515
TOTAL FREDDIE MAC				2,398,337
Ginnie Mae - 0.7%
5.492% 4/20/60 (k)		734,424		830,703
5.5% 1/20/60 to 3/20/60 (k)		3,414,845		3,845,653
5.691% 10/20/59 (k)		1,096,286		1,225,200
TOTAL GINNIE MAE				5,901,556
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $26,715,802)			27,215,961
Asset-Backed Securities - 0.0%

Lambda Finance BV Series 2007-1X Class A2, 1.039% 9/20/31 (h) (Cost $36,952)	EUR	26,784		35,199
Collateralized Mortgage Obligations - 2.4%

Private Sponsor - 0.0%
Arkle Master Issuer PLC floater Series 2006-1X Class 5M1, 1.168% 2/17/52 (h)	EUR	50,000		65,301
Granite Mortgages PLC 1.0514% 3/20/44 (h)	GBP	30,383		44,747
TOTAL PRIVATE SPONSOR				110,048
U.S. Government Agency - 2.4%
Fannie Mae:
floater:
Series 2006-56 Class PF, 0.6063% 7/25/36 (h)		571,113		571,841
Series 2010-111 Class AF, 0.665% 10/25/40 (h)		990,000		990,662
Series 2006-127 Class FD, 0.5363% 7/25/36 (h)		520,021		517,926
Series 2006-44 Class FK, 0.6863% 6/25/36 (h)		196,845		197,005
Fannie Mae subordinate REMIC pass-thru certificates:
floater:
Series 2005-38 Class F, 0.5563% 5/25/35 (h)		1,034,845		1,031,810
Series 2005-56 Class F, 0.5463% 7/25/35 (h)		766,495		763,515
Series 2006-50 Class BF, 0.6563% 6/25/36 (h)		588,815		588,540

		Principal Amount (o)		Value
Series 2006-79 Class PF, 0.6563% 8/25/36 (h)		$ 393,895		$ 393,832
Series 2010-86 Class FE, 0.7063% 8/25/25 (h)		358,813		360,525
planned amortization class:
Series 2002-9 Class PC, 6% 3/25/17		6,000		6,475
Series 2003-113 Class PE, 4% 11/25/18		80,000		86,604
Series 2003-70 Class BJ, 5% 7/25/33		45,000		49,900
Series 2004-80 Class LD, 4% 1/25/19		100,000		105,223
Series 2004-81 Class KD, 4.5% 7/25/18		165,000		176,534
Series 2005-52 Class PB, 6.5% 12/25/34		85,351		92,371
sequential payer:
Series 2002-57 Class BD, 5.5% 9/25/17		23,436		25,692
Series 2004-95 Class AN, 5.5% 1/25/25		72,251		78,042
Series 2005-117, Class JN, 4.5% 1/25/36		40,000		42,711
Series 2006-72 Class CY, 6% 8/25/26		145,000		165,778
Series 2003-79 Class FC, 0.7063% 8/25/33 (h)		420,195		421,219
Series 2008-76 Class EF, 0.7563% 9/25/23 (h)		229,882		230,452
Freddie Mac:
floater Series 237 Class F16, 0.7573% 5/15/36 (h)		410,590		410,872
planned amortization class:
Series 2101 Class PD, 6% 11/15/28		13,420		14,791
Series 2115 Class PE, 6% 1/15/14		3,012		3,170
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2577 Class FW, 0.7573% 1/15/30 (h)		39,330		39,337
Series 2630 Class FL, 0.7573% 6/15/18 (h)		4,163		4,219
Series 3247 Class F, 0.6073% 8/15/36 (h)		585,506		583,670
Series 3255 Class FC, 0.5573% 12/15/36 (h)		653,491		650,470
Series 3279 Class FB, 0.5773% 2/15/37 (h)		183,499		183,054
Series 3325 Class NF, 0.5573% 8/15/35 (h)		658,681		656,557
Series 3346 Class FA, 0.4873% 2/15/19 (h)		1,144,562		1,144,687
Collateralized Mortgage Obligations - continued
		Principal Amount (o)		Value
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
planned amortization class:
Series 2376 Class JE, 5.5% 11/15/16		$ 25,317		$ 27,679
Series 2381 Class OG, 5.5% 11/15/16		17,826		19,433
Series 2425 Class JH, 6% 3/15/17		31,891		35,075
Series 2628 Class OE, 4.5% 6/15/18		95,000		104,154
Series 2695 Class DG, 4% 10/15/18		220,000		237,303
Series 2831 Class PB, 5% 7/15/19		200,000		221,282
Series 2866 Class XE, 4% 12/15/18		250,000		263,365
Series 2996 Class MK, 5.5% 6/15/35		26,880		29,811
Series 3122 Class FE, 0.5573% 3/15/36 (h)		530,993		531,252
Series 3147 Class PF, 0.5573% 4/15/36 (h)		445,512		445,396
sequential payer:
Series 2303 Class ZV, 6% 4/15/31		36,211		39,874
Series 2570 Class CU, 4.5% 7/15/17		5,926		6,126
Series 2572 Class HK, 4% 2/15/17		6,277		6,383
Series 2668 Class AZ, 4% 9/15/18		264,503		286,414
Series 2860 Class CP, 4% 10/15/17		5,349		5,438
Series 2887 Class EB, 4.5% 11/15/19		420,000		463,252
Series 2987 Class HE, 4.5% 6/15/20		380,000		414,070
Series 3372 Class BD, 4.5% 10/15/22		790,000		876,531
Series 2715 Class NG, 4.5% 12/15/18		1,000,000		1,096,250
Series 2863 Class DB, 4% 9/15/14		7,695		7,811
Ginnie Mae guaranteed REMIC pass-thru securities:
floater:
Series 2010-H17 Class FA, 0.5873% 7/20/60 (h)(k)		472,540		473,391
Series 2010-H19 Class FG, 0.6269% 8/20/60 (h)(k)		610,000		610,000
floater 0.5573% 1/20/31 (h)		249,093		249,294
Series 2003-42 Class FH, 0.7073% 5/20/33 (h)		111,945		112,883

		Principal Amount (o)		Value
Series 2004-59 Class FC, 0.5573% 8/16/34 (h)		$ 220,285		$ 221,047
0.5578% 9/1/60 (h)(k)		490,000		490,000
Government National Mortgage Association pass thru certificates floater Series 2010-85 Class AF, 0.6073% 12/20/39 (h)		854,454		855,745
TOTAL U.S. GOVERNMENT AGENCY				18,716,743
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $18,447,891)			18,826,791
Commercial Mortgage Securities - 0.0%

London & Regional Debt Securitisation No. 1 PLC Class A, 0.8609% 10/15/14 (h)	GBP	50,000		70,693
REC Plantation Place Ltd. Series 5 Class A, 0.9713% 7/25/16 (Reg. S) (h)	GBP	48,574		66,387
Skyline BV floater Series 2007-1 Class B, 1.126% 7/22/43 (h)	EUR	100,000		106,986
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $296,728)			244,066
Foreign Government and Government Agency Obligations - 23.2%

Arab Republic of Egypt:
5.75% 4/29/20 (e)		260,000		279,175
6.875% 4/30/40 (e)		355,000		399,375
9.8994% to 10.27% 2/1/11 to 5/31/11	EGP	6,550,000		1,097,892
Argentine Republic:
discount (with partial capitalization through 12/31/13) 8.28% 12/31/33		809,441		669,812
par 2.5% 12/31/38 (d)		680,000		275,400
0.6586% 8/3/12 (h)		1,438,750		1,304,837
7% 3/28/11		7,650,000		7,700,787
7% 9/12/13		5,890,000		5,501,260
7% 10/3/15		300,000		263,942
7% 4/17/17		350,000		286,728
Bahamian Republic 6.95% 11/20/29 (e)		240,000		249,600
Barbados Government 7.25% 12/15/21 (e)		215,000		227,900
Belarus Republic 8.75% 8/3/15		240,000		248,520
Bermuda Government 5.603% 7/20/20 (e)		185,000		199,800
Brazilian Federative Republic:
5.625% 1/7/41		570,000		619,875
6% 9/15/13		100,003		104,754
8.75% 2/4/25		185,000		271,025
11% 8/17/40		550,000		761,750
Foreign Government and Government Agency Obligations - continued
		Principal Amount (o)		Value
Brazilian Federative Republic: - continued
12.25% 3/6/30		$ 215,000		$ 408,500
12.5% 1/5/22	BRL	255,000		185,568
Buenos Aires Province 11.75% 10/5/15 (e)(g)		140,000		138,880
Bulgarian Republic 8.25% 1/15/15 (Reg. S)		140,000		164,682
Canadian Government:
2.5% 6/1/15	CAD	4,570,000		4,559,072
3.5% 6/1/20	CAD	10,650,000		11,008,503
5% 6/1/37	CAD	2,000,000		2,506,343
Cayman Island Government 5.95% 11/24/19 (e)		120,000		128,100
Chilean Republic 3.875% 8/5/20		170,000		176,800
Colombian Republic:
6.125% 1/18/41		340,000		389,300
7.375% 9/18/37		505,000		665,338
10.375% 1/28/33		240,000		385,200
11.75% 2/25/20		245,000		386,488
Congo Republic 3% 6/30/29 (d)		983,250		570,285
Croatia Republic:
6.625% 7/14/20 (e)		275,000		297,688
6.75% 11/5/19 (e)		230,000		250,889
Democratic Socialist Republic of Sri Lanka:
7.4% 1/22/15 (e)		215,000		234,888
8.25% 10/24/12 (e)		355,000		385,619
Dominican Republic:
1.5704% 8/30/24 (h)		325,000		293,313
7.5% 5/6/21 (e)		315,000		355,950
9.04% 1/23/18 (e)		309,312		366,535
Ecuador Republic 5% 2/28/25		76,000		53,200
El Salvador Republic:
7.375% 12/1/19 (e)		180,000		200,700
7.65% 6/15/35 (Reg. S)		240,000		261,000
7.75% 1/24/23 (Reg. S)		125,000		141,250
8.25% 4/10/32 (Reg. S)		90,000		102,150
French Republic:
OAT:
3.5% 4/25/20	EUR	2,400,000		3,501,735
4.5% 4/25/41	EUR	600,000		1,007,760
2% 7/12/15	EUR	1,425,000		1,964,197
4% 4/25/55	EUR	500,000		796,594
Gabonese Republic 8.2% 12/12/17 (e)		430,000		499,875
Georgia Republic 7.5% 4/15/13		690,000		707,250
German Federal Republic:
1.75% 10/9/15	EUR	9,645,000		13,315,157
3% 7/4/20	EUR	11,650,000		16,876,110
4.75% 7/4/40	EUR	1,905,000		3,554,815
Ghana Republic:
8.5% 10/4/17 (e)		335,000		383,575

		Principal Amount (o)		Value
14.25% 7/29/13	GH	280,000		$ 202,052
14.99% 3/11/13	GH	1,070,000		781,138
Government of the Democratic Socialist Republic of Sri Lanka 6.25% 10/4/20 (e)		280,000		282,100
Hungarian Republic:
4.75% 2/3/15		135,000		137,025
6.25% 1/29/20		320,000		340,400
Indonesian Republic:
5.875% 3/13/20 (e)		530,000		609,500
6.625% 2/17/37 (e)		425,000		515,313
6.875% 1/17/18 (e)		300,000		362,250
7.75% 1/17/38 (e)		410,000		557,600
8.5% 10/12/35 (Reg. S)		400,000		582,000
11.625% 3/4/19 (e)		375,000		578,438
Islamic Republic of Pakistan 7.125% 3/31/16 (e)		1,125,000		1,046,250
Italian Republic:
3.5% 6/1/14	EUR	1,050,000		1,476,736
3.75% 8/1/15	EUR	1,650,000		2,342,811
4% 9/1/20	EUR	1,950,000		2,684,764
4.25% 3/1/20	EUR	1,550,000		2,190,785
4.5% 3/1/26	EUR	1,600,000		2,201,946
5% 9/1/40	EUR	1,825,000		2,588,231
Japan Government:
0.4% 5/15/11	JPY	644,300,000		7,731,785
1.1% 6/20/20	JPY	455,000,000		5,556,178
1.9% 9/20/30	JPY	260,000,000		3,215,587
2.3% 3/20/40	JPY	170,000,000		2,265,587
Lebanese Republic 4% 12/31/17		566,250		553,509
Lithuanian Republic:
5.125% 9/14/17 (e)		140,000		138,250
6.75% 1/15/15 (e)		225,000		243,844
7.375% 2/11/20 (e)		225,000		251,438
Ontario Province 4.4% 6/2/19	CAD	800,000		835,212
Perusahaan Penerbit SBSN Indonesia 8.8% 4/23/14 (e)		175,000		210,000
Peruvian Republic:
3% 3/7/27 (d)		135,000		117,450
7.35% 7/21/25		220,000		284,900
Philippine Republic:
4% 1/15/21		140,000		139,720
6.375% 10/23/34		135,000		156,938
6.5% 1/20/20		250,000		299,375
10.625% 3/16/25		155,000		249,550
Polish Government 3.875% 7/16/15		385,000		400,785
Provincia de Cordoba 12.375% 8/17/17 (e)		375,000		375,000
Republic of Iraq 5.8% 1/15/28 (Reg. S)		750,000		646,875
Foreign Government and Government Agency Obligations - continued
		Principal Amount (o)		Value
Republic of Serbia 6.75% 11/1/24 (e)		$ 1,962,333		$ 1,927,993
Russian Federation:
3.625% 4/29/15 (e)		500,000		504,000
5% 4/29/20 (e)		900,000		937,125
7.5% 3/31/30 (Reg. S)		5,088,075		6,086,610
12.75% 6/24/28 (Reg. S)		710,000		1,292,200
Turkish Republic:
5.625% 3/30/21		365,000		397,303
6.75% 4/3/18		630,000		738,675
6.75% 5/30/40		355,000		406,120
6.875% 3/17/36		1,065,000		1,242,110
7% 9/26/16		590,000		696,200
7.25% 3/15/15		325,000		381,063
7.25% 3/5/38		650,000		788,125
7.375% 2/5/25		1,150,000		1,423,125
7.5% 7/14/17		575,000		697,935
11.875% 1/15/30		210,000		372,225
UK Treasury GILT:
2.75% 1/22/15	GBP	550,000		905,046
3.25% 12/7/11	GBP	1,750,000		2,835,761
4.25% 12/7/40	GBP	3,800,000		6,300,685
4.75% 3/7/20	GBP	4,200,000		7,572,513
Ukraine Cabinet of Ministers 6.875% 3/4/11 (Reg. S)		1,690,000		1,698,450
Ukraine Government:
6.385% 6/26/12 (e)		180,000		181,800
6.75% 11/14/17 (e)		485,000		474,694
6.875% 9/23/15 (e)		140,000		140,525
7.75% 9/23/20 (e)		140,000		140,525
United Mexican States:
4.25% 7/14/17	EUR	50,000		69,233
5.125% 1/15/20		160,000		178,800
5.625% 1/15/17		270,000		309,150
6.05% 1/11/40		900,000		1,030,500
6.75% 9/27/34		230,000		285,775
7.5% 4/8/33		120,000		159,000
8.3% 8/15/31		115,000		163,588
Uruguay Republic:
6.875% 9/28/25		140,000		167,300
7.875% 1/15/33 pay-in-kind		225,000		294,188
8% 11/18/22		553,878		713,118
Venezuelan Republic:
1.5125% 4/20/11 (Reg. S) (h)		3,410,000		3,290,650
6% 12/9/20		395,000		229,100
7% 3/31/38		310,000		170,500
8.5% 10/8/14		445,000		369,350
9% 5/7/23 (Reg. S)		1,610,000		1,084,335
9.25% 9/15/27		1,190,000		853,825
9.375% 1/13/34		475,000		314,688
10.75% 9/19/13		1,025,000		963,500

		Principal Amount (o)		Value
12.75% 8/23/22		$ 205,000		$ 175,788
13.625% 8/15/18		1,266,000		1,177,380
Vietnamese Socialist Republic:
1.2997% 3/12/16 (h)		265,435		251,499
4% 3/12/28 (d)		1,000,000		865,000
6.75% 1/29/20 (e)		290,000		319,000
6.875% 1/15/16 (e)		230,000		254,150
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $171,128,098)			182,667,288
Supranational Obligations - 0.1%

Eurasian Development Bank 7.375% 9/29/14 (e)		345,000		379,500
European Investment Bank 11.25% 12/2/11 (e)	ZMK	800,000,000		170,518
TOTAL SUPRANATIONAL OBLIGATIONS (Cost $519,242)			550,018

Common Stocks - 0.7%
	Shares
CONSUMER DISCRETIONARY - 0.2%
Auto Components - 0.0%
Intermet Corp. (a)(l)	6,092		0
Remy International, Inc. (a)	2,065		22,715
Media - 0.2%
Charter Communications, Inc. Class A (a)	4,449		144,593
Haights Cross Communications, Inc. (a)	107		793
Haights Cross Communications, Inc. warrants 3/11/13 (a)	148		409
HMH Holdings, Inc. (a)(l)	179,089		1,029,762
HMH Holdings, Inc. warrants 3/9/17 (a)	40,350		20,175
RDA Holding Co. (a)	20,449		388,531
RDA Holding Co. warrants 2/19/14 (a)(l)	510		0
SuperMedia, Inc. (a)	455		4,809
			1,589,072
TOTAL CONSUMER DISCRETIONARY			1,611,787
INDUSTRIALS - 0.2%
Aerospace & Defense - 0.0%
Alion Science & Technology Corp. warrants 3/15/17 (a)	115		575
Airlines - 0.1%
Delta Air Lines, Inc. (a)	41,915		487,891
Building Products - 0.1%
Nortek, Inc. (a)	16,991		663,499
Nortek, Inc. warrants 12/7/14 (a)	524		7,467
			670,966
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Marine - 0.0%
US Shipping Partners Corp. (a)	644		$ 0
US Shipping Partners Corp. warrants 12/31/29 (a)	6,028		0
TOTAL INDUSTRIALS			1,159,432
INFORMATION TECHNOLOGY - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
ASAT Holdings Ltd. warrants 2/1/11 (a)(l)	27,300		0
MagnaChip Semiconductor LLC (a)	21,347		2,989
Spansion, Inc. Class A (a)	11,279		168,847
			171,836
MATERIALS - 0.3%
Chemicals - 0.3%
Celanese Corp. Class A	378		12,134
Georgia Gulf Corp. (a)	39,526		645,855
LyondellBasell Industries NV:
Class A (a)	36,769		878,779
Class B (a)	33,690		803,507
			2,340,275
Containers & Packaging - 0.0%
Constar International, Inc. (a)	1,700		4,777
Metals & Mining - 0.0%
Aleris International, Inc. (l)	2,037		76,388
Rathgibson Acquisition Co. LLC Class A (a)(l)	14,800		84,656
			161,044
TOTAL MATERIALS			2,506,096
UTILITIES - 0.0%
Electric Utilities - 0.0%
Portland General Electric Co.	140		2,839
TOTAL COMMON STOCKS (Cost $7,257,880)		5,451,990
Preferred Stocks - 0.2%

Convertible Preferred Stocks - 0.0%
ENERGY - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
Chesapeake Energy Corp. 4.50%	600		51,075

	Shares		Value
Nonconvertible Preferred Stocks - 0.2%
FINANCIALS - 0.2%
Diversified Financial Services - 0.2%
GMAC, Inc. 7.00% (e)	1,572		$ 1,426,590
TOTAL PREFERRED STOCKS (Cost $886,530)		1,477,665

Floating Rate Loans - 4.7%
	Principal Amount (o)
CONSUMER DISCRETIONARY - 1.4%
Auto Components - 0.2%
Visteon Corp. term loan 4.426% 6/13/13 (b)(h)	$ 1,290,000		1,393,200
Diversified Consumer Services - 0.2%
ServiceMaster Co.:
term loan 2.7724% 7/24/14 (h)	399,343		376,381
Tranche DD, term loan 2.77% 7/24/14 (h)	41,133		38,768
Thomson Learning Tranche B, term loan 2.54% 7/5/14 (h)	804,675		723,201
Visant Corp. Tranche B, term loan 7% 12/22/16 (h)	395,000		396,975
			1,535,325
Hotels, Restaurants & Leisure - 0.0%
Green Valley Ranch Gaming LLC Tranche 1LN, term loan 2.2602% 2/16/14 (b)(h)	18,723		14,042
Las Vegas Sands LLC:
Tranche B, term loan 3.03% 11/23/16 (h)	29,489		26,798
Tranche I, term loan 3.01% 11/23/16 (h)	5,959		5,415
OSI Restaurant Partners, Inc.:
Credit-Linked Deposit 2.6774% 6/14/13 (h)	3,008		2,748
term loan 2.875% 6/14/14 (h)	31,067		28,388
			77,391
Media - 0.7%
Charter Communications Operating LLC Tranche B 1LN, term loan 2.26% 3/6/14 (h)	2,258,172		2,204,654
Education Media and Publishing Group Ltd. Tranche 1LN, term loan 5.7577% 6/12/14 (h)	1,765,390		1,624,159
Idearc, Inc. term loan 10.25% 12/31/15 (h)	89,089		69,490
Univision Communications, Inc. Tranche 1LN, term loan 2.5063% 9/29/14 (h)	2,415,419		2,128,588
			6,026,891
Floating Rate Loans - continued
	Principal Amount (o)		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - 0.3%
Burlington Coat Factory Warehouse Corp. term loan 2.535% 5/28/13 (h)	$ 421,709		$ 400,624
Michaels Stores, Inc.:
Tranche B1, term loan 2.6343% 10/31/13 (h)	575,391		555,972
Tranche B2, term loan 4.8843% 7/31/16 (h)	1,510,725		1,480,511
			2,437,107
Textiles, Apparel & Luxury Goods - 0.0%
Levi Strauss & Co. term loan 2.5063% 4/4/14 (h)	100,000		93,500
TOTAL CONSUMER DISCRETIONARY			11,563,414
CONSUMER STAPLES - 0.1%
Personal Products - 0.0%
NBTY, Inc. Tranche B, term loan 6.25% 9/22/17 (h)	130,000		131,625
Tobacco - 0.1%
Reynolds Consumer Products Holdings, Inc. term loan:
6.25% 8/6/15 (h)	235,000		234,706
6.5% 5/5/16 (h)	170,000		170,425
			405,131
TOTAL CONSUMER STAPLES			536,756
ENERGY - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
Venoco, Inc. Tranche 2LN, term loan 4.3125% 5/7/14 (h)	27,750		26,085
FINANCIALS - 0.5%
Diversified Financial Services - 0.2%
Clear Channel Capital I LLC Tranche B, term loan 3.9063% 1/29/16 (h)	2,024,758		1,581,842
Real Estate Management & Development - 0.3%
Realogy Corp.:
Credit-Linked Deposit 3.35% 10/10/13 (h)	60,523		53,866
Tranche 2LN, term loan 13.5% 10/15/17	950,000		1,016,500
Tranche B, term loan 3.2579% 10/10/13 (h)	444,016		395,174
Tranche DD, term loan 3.3092% 10/10/13 (h)	1,207,396		1,074,582
			2,540,122
TOTAL FINANCIALS			4,121,964

	Principal Amount (o)		Value
HEALTH CARE - 0.0%
Pharmaceuticals - 0.0%
PTS Acquisition Corp. term loan 2.5063% 4/10/14 (h)	$ 130,238		$ 120,796
Valeant Pharmaceuticals International:
term loan 0.75% 9/21/16 (h)	11,000		11,069
Tranche B, term loan 5.5% 9/21/16 (h)	44,000		44,275
			176,140
INDUSTRIALS - 0.8%
Aerospace & Defense - 0.0%
DeCrane Aircraft Holdings, Inc. Tranche 2LN, term loan 14.25% 2/21/14 (h)	14,470		9,984
Wesco Aircraft Hardware Corp. Tranche 2LN, term loan 6.01% 3/28/14 (h)	9,533		9,367
			19,351
Airlines - 0.4%
Delta Air Lines, Inc.:
Tranche 1LN, term loan 8.75% 9/27/13 (h)	34,650		35,040
Tranche 2LN, term loan 3.5073% 4/30/14 (h)	642,028		606,716
Northwest Airlines Corp. Tranche A, term loan 2.29% 12/31/18 (h)	799,257		671,376
United Air Lines, Inc. Tranche B, term loan 2.3125% 2/1/14 (h)	783,167		738,135
US Airways Group, Inc. term loan 2.7563% 3/23/14 (h)	715,068		620,322
			2,671,589
Commercial Services & Supplies - 0.1%
Brand Energy & Infrastructure Services, Inc. Tranche 2LN, term loan 6.425% 2/7/15 (h)	40,000		34,400
International Lease Finance Corp.:
Tranche 1LN, term loan 6.75% 3/17/15 (h)	464,000		473,280
Tranche 2LN, term loan 7% 3/17/16 (h)	341,000		346,968
			854,648
Industrial Conglomerates - 0.2%
Sequa Corp. term loan 3.775% 12/3/14 (h)	929,534		871,438
Tomkins PLC Tranche B, term loan 6.75% 9/21/16 (h)	845,000		853,450
			1,724,888
Machinery - 0.0%
Dresser, Inc. Tranche 2LN, term loan 6.1119% 5/4/15 pay-in-kind (h)	230,000		221,950
Floating Rate Loans - continued
	Principal Amount (o)		Value
INDUSTRIALS - continued
Road & Rail - 0.1%
Swift Transportation Co., Inc. term loan 8.25% 5/10/14 (h)	$ 583,070		$ 569,951
Trading Companies & Distributors - 0.0%
Neff Corp. Tranche 2LN, term loan 3.7844% 11/30/14 (b)(h)	50,000		7,500
Transportation Infrastructure - 0.0%
Trico Shipping AS term loan:
9/21/11 (h)	14,317		14,317
13.5% 9/21/11	30,683		30,683
			45,000
TOTAL INDUSTRIALS			6,114,877
INFORMATION TECHNOLOGY - 0.5%
Electronic Equipment & Components - 0.1%
Flextronics International Ltd.:
Tranche B A1, term loan 2.5073% 10/1/14 (h)	56,801		53,819
Tranche B A2, term loan 2.5063% 10/1/14 (h)	135,399		128,291
Tranche B A3, term loan 2.5094% 10/1/14 (h)	157,966		149,673
Tranche B-A, term loan 2.5093% 10/1/14 (h)	197,669		188,774
Tranche B-B, term loan 2.5094% 10/1/12 (h)	192,136		187,333
			707,890
Semiconductors & Semiconductor Equipment - 0.3%
Freescale Semiconductor, Inc. term loan 4.5094% 12/1/16 (h)	1,461,451		1,342,708
Spansion, Inc. term loan 7.5% 2/9/15 (h)	920,375		926,127
			2,268,835
Software - 0.1%
Kronos, Inc.:
Tranche 1LN, term loan 2.0394% 6/11/14 (h)	723,792		687,602
Tranche 2LN, term loan 6.2834% 6/11/15 (h)	125,000		117,500
Open Solutions, Inc. term loan 2.625% 1/23/14 (h)	19,304		16,070
			821,172
TOTAL INFORMATION TECHNOLOGY			3,797,897
MATERIALS - 0.3%
Chemicals - 0.2%
Chemtura Corp. term loan 6% 2/1/11 (h)	105,000		105,656

	Principal Amount (o)		Value
Momentive Performance Materials, Inc. Tranche B1, term loan 2.5625% 12/4/13 (h)	$ 1,419,098		$ 1,348,143
Tronox Worldwide LLC:
Tranche B 1LN, term loan 11.25% 12/24/10 (h)	102,471		103,367
Tranche B 2LN, term loan 11.25% 12/24/10 (h)	27,529		27,770
			1,584,936
Containers & Packaging - 0.1%
Berry Plastics Holding Corp. Tranche C, term loan 2.3761% 4/3/15 (h)	599,924		548,931
Metals & Mining - 0.0%
Aleris International, Inc. Tranche B 1LN, term loan 4.25% 12/19/13 (b)(h)	33,696		40
Paper & Forest Products - 0.0%
White Birch Paper Co.:
term loan 12% 12/1/10 (h)	19,555		19,360
Tranche 1LN, term loan 7% 5/8/14 (b)(h)	94,500		2,363
Tranche DD, term loan 6.7163% 12/1/10 (h)(m)	6,780		6,713
			28,436
TOTAL MATERIALS			2,162,343
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.0%
Wind Telecomunicazioni SpA:
Tranche 2LN, term loan 7.7231% 3/21/15 (h)	140,000		140,000
Tranche B 1LN, term loan 3.7231% 5/26/13 (h)	59,585		58,691
Tranche C 1LN, term loan 4.7231% 5/26/14 (h)	59,585		58,691
			257,382
Wireless Telecommunication Services - 0.3%
Digicel International Finance Ltd. term loan 2.8125% 3/30/12 (h)	1,200,096		1,179,094
Intelsat Jackson Holdings Ltd. term loan 3.5333% 2/1/14 (h)	1,080,000		1,008,450
			2,187,544
TOTAL TELECOMMUNICATION SERVICES			2,444,926
UTILITIES - 0.8%
Electric Utilities - 0.8%
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc.:
Tranche B1, term loan 3.7577% 10/10/14 (h)	2,630,662		2,042,052
Floating Rate Loans - continued
	Principal Amount (o)		Value
UTILITIES - continued
Electric Utilities - continued
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc.: - continued
Tranche B2, term loan 3.9233% 10/10/14 (h)	$ 2,088,918		$ 1,621,522
Tranche B3, term loan 3.7577% 10/10/14 (h)	3,335,635		2,585,117
			6,248,691
Independent Power Producers & Energy Traders - 0.0%
GenOn Energy, Inc. Tranche B, term loan 9/20/17 (h)	170,000		169,575
TOTAL UTILITIES			6,418,266
TOTAL FLOATING RATE LOANS (Cost $34,037,829)		37,362,668
Sovereign Loan Participations - 0.1%

Indonesian Republic loan participation - Citibank 1.25% 12/14/19 (h) (Cost $342,573)	457,918		425,864

Fixed-Income Funds - 3.1%
	Shares
Fidelity Floating Rate Central Fund (i) (Cost $21,827,940)	253,994		24,573,920
Preferred Securities - 0.3%
	Principal Amount (o)
CONSUMER DISCRETIONARY - 0.1%
Media - 0.1%
Net Servicos de Comunicacao SA 9.25% (e)	1,200,000		1,220,157
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Pemex Project Funding Master Trust 7.75%	1,488,000		1,489,694
TOTAL PREFERRED SECURITIES (Cost $2,666,791)		2,709,851
Other - 0.0%
	Shares
Other - 0.0%
Delta Air Lines ALPA Claim (a)(h)	470,000		9,400
Idearc, Inc. Claim (a)	108,228		1
TOTAL OTHER (Cost $5,274)		9,401
Money Market Funds - 5.9%

Fidelity Cash Central Fund, 0.25% (j) (Cost $46,179,395)	46,179,395		46,179,395
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.24%, dated 9/30/10 due 10/1/10 (Collateralized by U.S. Treasury Obligations) # (Cost $42,000)	42,000		42,000

TOTAL INVESTMENT PORTFOLIO - 101.6%

(Cost $755,125,692)

800,962,512

NET OTHER ASSETS (LIABILITIES) - (1.6%)		(12,992,987)
NET ASSETS - 100%		787,969,525

Swap Agreements
	Expiration Date	Notional Amount	Value
Interest Rate Swaps
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 0.682% with JPMorgan Chase, Inc.	August 2012	$ 2,800,000	$ (6,442)
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 3.27% with Credit Suisse First Boston	August 2040	744,000	6,701
Swap Agreements - continued
	Expiration Date	Notional Amount	Value
Interest Rate Swaps - continued
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 4.64% with JPMorgan Chase, Inc.	April 2038	$ 250,000	$ (66,714)
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 4.73% with Credit Suisse First Boston	April 2038	350,000	(99,248)
Receive semi-annually a fixed rate equal to 3.34291% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston	Oct. 2040	744,000	0
		$ 4,888,000	$ (165,703)

Currency Abbreviations
BRL	-	Brazilian real
CAD	-	Canadian dollar
EGP	-	Egyptian pound
EUR	-	European Monetary Unit
GBP	-	British pound
GH	-	Ghana Cedi
JPY	-	Japanese yen
ZMK	-	Zambian kwacha

Legend

(a) Non-income producing

(b) Non-income producing - Security is in default.

(c) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(d) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(f) Under the Temporary Liquidity Guarantee Program, the Federal Deposit Insurance Corporation guarantees principal and interest in the event of payment default or bankruptcy until the earlier of maturity date of the debt or until June 30, 2012. At the end of the period these securities amounted to $14,112,666 or 1.8% of net assets.

(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(h) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(i) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's web site at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at advisor.fidelity.com. In addition, each Fidelity Central Fund's financial statements are available on the SEC's web site or upon request

(j) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(k) Represents an investment in an underlying pool of reverse mortgages which typically do not require regular principal and interest payments as repayment is deferred until a maturity event.

(l) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,190,805 or 0.2% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aleris International, Inc.	6/1/10	$ 71,295
ASAT Holdings Ltd. warrants 2/1/11	11/15/07	$ 0
HMH Holdings, Inc.	5/2/08 - 3/9/10	$ 2,734,420
Intermet Corp.	11/9/05	$ 115,372
Rathgibson Acquisition Co. LLC Class A	6/9/10	$ 78,544
RDA Holding Co. warrants 2/19/14	2/27/07	$ 160,000

(m) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $3,583 and $3,547, respectively. The coupon rate will be determined at time of settlement.

(n) A portion of the security is subject to a forward commitment to sell.

(o) Principal amount is stated in United States dollars unless otherwise noted.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$42,000 due 10/01/10 at 0.24%
BNP Paribas Securities Corp.	$ 7,896
Barclays Capital, Inc.	6,812
Credit Agricole Securities (USA) Inc.	11,595
Deutsche Bank Securities, Inc.	362
J.P. Morgan Securities, Inc.	9,248
Mizuho Securities USA, Inc.	4,348
Morgan Stanley & Co., Inc.	290
RBC Capital Markets Corp.	1,449
	$ 42,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 56,126
Fidelity Floating Rate Central Fund	695,660
Total	$ 751,786

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Floating Rate Central Fund	$ 29,240,589	$ 3,646,513	$ 9,250,171	$ 24,573,920	0.9%

Other Information

The following is a summary of the inputs used, as of September 30, 2010, involving the Fund's assets and liabilities carried at fair 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 tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,611,787	$ 172,117	$ -	$ 1,439,670
Energy	51,075	-	51,075	-
Financials	1,426,590	-	1,426,590	-
Industrials	1,159,432	1,151,390	-	8,042
Information Technology	171,836	168,847	-	2,989
Materials	2,506,096	2,345,052	76,388	84,656
Utilities	2,839	2,839	-	-
Corporate Bonds	279,922,997	-	279,641,695	281,302
U.S. Government and Government Agency Obligations	173,267,438	-	173,267,438	-
U.S. Government Agency - Mortgage Securities	27,215,961	-	27,215,961	-
Asset-Backed Securities	35,199	-	35,199	-
Collateralized Mortgage Obligations	18,826,791	-	18,826,791	-
Commercial Mortgage Securities	244,066	-	244,066	-
Foreign Government and Government Agency Obligations	182,667,288	-	182,391,884	275,404
Supranational Obligations	550,018	-	550,018	-
Floating Rate Loans	37,362,668	-	37,362,628	40
Sovereign Loan Participations	425,864	-	425,864	-
Fixed-Income Funds	24,573,920	24,573,920	-	-
Preferred Securities	2,709,851	-	2,709,851	-
Other	9,401	-	-	9,401
Money Market Funds	46,179,395	46,179,395	-	-
Cash Equivalents	42,000	-	42,000	-
Total Investments in Securities:	$ 800,962,512	$ 74,593,560	$ 724,267,448	$ 2,101,504
Derivative Instruments:
Assets
Swap Agreements	$ 6,701	$ -	$ 6,701	$ -
Liabilities
Swap Agreements	$ (172,404)	$ -	$ (172,404)	$ -
Total Derivative Instruments:	$ (165,703)	$ -	$ (165,703)	$ -
Other Financial Instruments:
Forward Commitments:	$ 7,223,351	$ -	$ 7,223,351	$ -

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ 618,112
Total Realized Gain (Loss)	1,672
Total Unrealized Gain (Loss)	(8,178)
Cost of Purchases	1,917,954
Proceeds of Sales	(992,751)
Amortization/Accretion	11,979
Transfers in to Level 3	1,147,366
Transfers out of Level 3	(594,650)
Ending Balance	$ 2,101,504
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2010	$ (8,178)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $748,564,890. Net unrealized appreciation aggregated $52,397,622, of which $63,763,435 related to appreciated investment securities and $11,365,813 related to depreciated investment securities.

Investment Valuation

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, floating rate loans, foreign government and government agency obligations, preferred securities, supranational obligations and U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

For asset backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions. Swaps are marked-to-market daily based on valuations from independent pricing services or dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Pricing services utilize matrix pricing which considers comparisons to interest rate curves, credit spread curves, default possibilities and recovery rates and, as a result, swaps are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Variable Insurance Products Fund V's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Variable Insurance Products Fund V

By:	/s/John R. Hebble
	John R. Hebble
	President and Treasurer

Date:	November 29, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/John R. Hebble
	John R. Hebble
	President and Treasurer

Date:	November 29, 2010
By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	November 29, 2010