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 811-5361

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)

Eric D. Roiter, 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:	March 31, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Asset Manager Portfolio

March 31, 2008

1.799882.104

VIPAM-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 45.4%
	Shares		Value
CONSUMER DISCRETIONARY - 1.4%
Diversified Consumer Services - 0.2%
Sotheby's Class A (ltd. vtg.)	132,800		$ 3,839,248
Hotels, Restaurants & Leisure - 0.2%
McDonald's Corp.	52,600		2,933,502
Household Durables - 0.2%
Gafisa SA ADR (d)	99,800		3,329,328
Internet & Catalog Retail - 0.4%
Priceline.com, Inc. (a)(d)	54,400		6,574,784
Media - 0.1%
Focus Media Holding Ltd. ADR (a)	58,800		2,066,820
Textiles, Apparel & Luxury Goods - 0.3%
Crocs, Inc. (a)(d)	298,200		5,209,554
Lululemon Athletica, Inc.	39,100		1,111,613
			6,321,167
TOTAL CONSUMER DISCRETIONARY			25,064,849
CONSUMER STAPLES - 0.1%
Food & Staples Retailing - 0.1%
Costco Wholesale Corp.	32,300		2,098,531
ENERGY - 13.8%
Energy Equipment & Services - 2.8%
Atwood Oceanics, Inc. (a)	97,900		8,979,388
Cameron International Corp. (a)	117,300		4,884,372
FMC Technologies, Inc. (a)	92,600		5,268,014
Nabors Industries Ltd. (a)	154,400		5,214,088
National Oilwell Varco, Inc. (a)	82,600		4,822,188
Oceaneering International, Inc. (a)	90,700		5,714,100
Transocean, Inc. (a)	64,083		8,664,022
Weatherford International Ltd. (a)	96,300		6,978,861
			50,525,033
Oil, Gas & Consumable Fuels - 11.0%
Apache Corp.	112,900		13,640,578
Arch Coal, Inc.	258,700		11,253,450
Cabot Oil & Gas Corp.	205,000		10,422,200
Chesapeake Energy Corp.	285,600		13,180,440
China Shenhua Energy Co. Ltd. (H Shares)	716,100		2,861,529
EOG Resources, Inc.	102,600		12,312,000
Hess Corp.	135,000		11,904,300
Peabody Energy Corp.	222,600		11,352,600
Petroplus Holdings AG (a)	87,580		5,388,046
PT Bumi Resources Tbk	3,139,300		2,109,880
Quicksilver Resources, Inc. (a)	453,000		16,548,090
Range Resources Corp.	219,300		13,914,585
SandRidge Energy, Inc.	17,200		673,380
Southwestern Energy Co. (a)	303,600		10,228,284
Sunoco, Inc.	22,800		1,196,316
Tesoro Corp.	61,100		1,833,000
Ultra Petroleum Corp. (a)	327,700		25,396,750
Valero Energy Corp.	395,900		19,442,649

	Shares		Value
Williams Companies, Inc.	191,000		$ 6,299,180
XTO Energy, Inc.	102,600		6,346,836
			196,304,093
TOTAL ENERGY			246,829,126
FINANCIALS - 4.1%
Capital Markets - 0.7%
GLG Partners, Inc.	149,500		1,774,565
Goldman Sachs Group, Inc.	32,300		5,342,097
Morgan Stanley	41,900		1,914,830
Och-Ziff Capital Management Group LLC Class A	201,200		4,225,200
			13,256,692
Commercial Banks - 0.9%
Banco do Brasil SA	298,500		3,932,824
Industrial & Commercial Bank of China	1,259,000		876,777
Uniao de Bancos Brasileiros SA (Unibanco) GDR	95,600		11,150,784
			15,960,385
Diversified Financial Services - 1.3%
Apollo Global Management LLC (e)	315,200		4,255,200
Bovespa Holding SA	69,700		943,341
CME Group, Inc.	21,800		10,226,380
JPMorgan Chase & Co.	170,700		7,331,565
			22,756,486
Insurance - 0.3%
Principal Financial Group, Inc.	85,500		4,764,060
Real Estate Investment Trusts - 0.9%
Annaly Capital Management, Inc.	242,900		3,721,228
General Growth Properties, Inc.	59,600		2,274,932
SL Green Realty Corp.	101,900		8,301,793
Taubman Centers, Inc.	26,400		1,375,440
			15,673,393
Thrifts & Mortgage Finance - 0.0%
Freddie Mac	29,700		752,004
TOTAL FINANCIALS			73,163,020
HEALTH CARE - 3.0%
Biotechnology - 1.2%
Celgene Corp. (a)	230,600		14,133,474
Genentech, Inc. (a)	82,400		6,689,232
			20,822,706
Health Care Equipment & Supplies - 0.3%
Beckman Coulter, Inc.	76,900		4,963,895
Becton, Dickinson & Co.	14,000		1,201,900
			6,165,795
Health Care Providers & Services - 0.9%
Express Scripts, Inc. (a)	91,400		5,878,848
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Medco Health Solutions, Inc. (a)	144,400		$ 6,323,276
Tenet Healthcare Corp. (a)	723,200		4,093,312
			16,295,436
Pharmaceuticals - 0.6%
Allergan, Inc.	60,400		3,405,956
Elan Corp. PLC sponsored ADR (a)	230,900		4,816,574
Merck & Co., Inc.	61,800		2,345,310
			10,567,840
TOTAL HEALTH CARE			53,851,777
INDUSTRIALS - 5.6%
Aerospace & Defense - 2.7%
General Dynamics Corp.	105,000		8,753,850
Honeywell International, Inc.	78,000		4,400,760
L-3 Communications Holdings, Inc.	105,000		11,480,700
Lockheed Martin Corp.	85,300		8,470,290
Precision Castparts Corp.	34,100		3,480,928
Raytheon Co.	160,400		10,363,444
			46,949,972
Commercial Services & Supplies - 0.3%
EnergySolutions, Inc.	11,400		261,516
Manpower, Inc.	90,600		5,097,156
			5,358,672
Construction & Engineering - 0.0%
China Communications Construction Co. Ltd. (H Shares)	151,000		333,710
Electrical Equipment - 1.1%
ABB Ltd. sponsored ADR	257,600		6,934,592
Alstom SA	27,400		5,939,590
First Solar, Inc. (a)	28,400		6,564,376
			19,438,558
Industrial Conglomerates - 0.1%
McDermott International, Inc. (a)	31,600		1,732,312
Machinery - 1.0%
Caterpillar, Inc.	48,500		3,797,065
Cummins, Inc.	146,200		6,845,084
Eaton Corp.	97,100		7,735,957
			18,378,106
Marine - 0.4%
DryShips, Inc.	121,400		7,273,074
TOTAL INDUSTRIALS			99,464,404

	Shares		Value
INFORMATION TECHNOLOGY - 3.4%
Communications Equipment - 1.8%
Cisco Systems, Inc. (a)	163,600		$ 3,941,124
Harris Corp.	74,400		3,610,632
Infinera Corp.	84,600		1,015,200
Juniper Networks, Inc. (a)	236,600		5,915,000
Research In Motion Ltd. (a)	144,000		16,161,120
Starent Networks Corp.	75,100		1,013,850
			31,656,926
Computers & Peripherals - 0.2%
Apple, Inc. (a)	29,000		4,161,500
Internet Software & Services - 0.1%
Google, Inc. Class A (sub. vtg.) (a)	5,600		2,466,632
Semiconductors & Semiconductor Equipment - 0.2%
Cree, Inc. (a)	115,600		3,232,176
Entropic Communications, Inc.	149,900		583,111
			3,815,287
Software - 1.1%
Nintendo Co. Ltd.	36,000		18,834,422
TOTAL INFORMATION TECHNOLOGY			60,934,767
MATERIALS - 13.5%
Chemicals - 7.0%
CF Industries Holdings, Inc.	29,000		3,004,980
FMC Corp.	76,200		4,228,338
Monsanto Co.	242,100		26,994,150
Potash Corp. of Saskatchewan, Inc.	232,200		36,039,763
Terra Industries, Inc. (a)	91,400		3,247,442
The Mosaic Co. (a)	448,300		45,995,580
Uralkali JSC:
ADR (a)(e)	22,600		926,600
unit (a)	107,500		4,407,500
			124,844,353
Metals & Mining - 6.5%
ArcelorMittal SA (NY Reg.) Class A	104,500		8,548,100
BHP Billiton Ltd. sponsored ADR	104,200		6,861,570
Companhia Vale do Rio Doce sponsored ADR	231,100		8,005,304
Fording Canadian Coal Trust	143,500		7,511,874
Freeport-McMoRan Copper & Gold, Inc. Class B	256,400		24,670,808
Goldcorp, Inc.	448,800		17,438,761
Impala Platinum Holdings Ltd.	210,700		8,131,725
Kinross Gold Corp.	543,900		12,132,583
Nucor Corp.	141,900		9,612,306
RTI International Metals, Inc. (a)	33,600		1,519,056
Steel Dynamics, Inc.	324,400		10,718,176
			115,150,263
TOTAL MATERIALS			239,994,616
Common Stocks - continued
	Shares		Value
UTILITIES - 0.5%
Electric Utilities - 0.0%
Entergy Corp.	3,000		$ 327,240
Independent Power Producers & Energy Traders - 0.5%
Constellation Energy Group, Inc.	6,400		564,928
NRG Energy, Inc. (a)	205,300		8,004,647
			8,569,575
TOTAL UTILITIES			8,896,815
TOTAL COMMON STOCKS (Cost $699,913,455)		810,297,905
U.S. Treasury Obligations - 0.2%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 1.24% to 3.19% 4/10/08 to 6/12/08 (f) (Cost $2,965,928)	$ 2,970,000		2,969,160
Equity Funds - 4.2%
	Shares
International Equity Funds - 4.2%
Fidelity International Equity Central Fund (Cost $88,376,766) (g)	890,000	75,899,201
Fixed-Income Funds - 42.5%

Fidelity Floating Rate Central Fund (g)	517,744		46,011,909
Fidelity High Income Central Fund 1 (g)	287,744		26,699,801
Fidelity VIP Investment Grade Central Fund (g)	6,707,558		685,981,918
TOTAL FIXED-INCOME FUNDS (Cost $770,469,155)		758,693,628
Money Market Funds - 7.2%

Fidelity Cash Central Fund, 2.69% (b)	60,228,874		60,228,874
Fidelity Money Market Central Fund, 3.45% (b)	64,260,162		64,260,162
Fidelity Securities Lending Cash Central Fund, 2.84% (b)(c)	4,940,750		4,940,750
TOTAL MONEY MARKET FUNDS (Cost $129,429,786)		129,429,786

TOTAL INVESTMENT PORTFOLIO - 99.5%

(Cost $1,691,155,090)

1,777,289,680

NET OTHER ASSETS - 0.5%			8,139,532
NET ASSETS - 100%		$ 1,785,429,212

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
49 Dow Jones Euro Stoxx 50 Index Contracts (Germany)	June 2008	$ 2,745,201	$ 137,539
24 FTSE 100 Index Contracts (United Kingdom)	June 2008	2,718,502	(6,262)
615 S&P 500 E-Mini Index Contracts	June 2008	40,713,000	956,878
23 TOPIX 150 Index Contracts (Japan)	June 2008	2,804,484	40,740
TOTAL EQUITY INDEX CONTRACTS		$ 48,981,187	$ 1,128,895

The face value of futures purchased as a percentage of net assets - 2.9%

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 $5,181,800 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 $2,969,160.

(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.

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	$ 267,576
Fidelity Floating Rate Central Fund	886,801
Fidelity High Income Central Fund 1	563,040
Fidelity International Equity Central Fund	445,000
Fidelity Money Market Central Fund	685,920
Fidelity Securities Lending Cash Central Fund	26,098
Fidelity VIP Investment Grade Central Fund	8,812,613
Total	$ 11,687,048

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	$ 49,563,633	$ -	$ -	$ 46,011,909	1.9%
Fidelity High Income Central Fund 1	27,775,965	-	-	26,699,801	10.3%
Fidelity International Equity Central Fund	86,481,300	-	-	75,899,201	9.9%
Fidelity VIP Investment Grade Central Fund	770,811,422	30,320,346	113,702,786	685,981,918	18.7%
Total	$ 934,632,320	$ 30,320,346	$ 113,702,786	$ 834,592,829

Other Information

The following is a summary of the inputs used, as of March 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the 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	$ 1,777,289,680	$ 1,774,320,520	$ 2,969,160	$ 0
Other Financial Instruments*	$ 1,128,895	$ 1,128,895	$ 0	$ 0

*Other financial instruments include futures.

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,672,073,619. Net unrealized appreciation aggregated $105,216,061, of which $175,070,910 related to appreciated investment securities and $69,854,849 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

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. 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. 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 value.

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. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

March 31, 2008

1.799876.104

VIPAMG-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 58.4%
	Shares		Value
CONSUMER DISCRETIONARY - 1.8%
Diversified Consumer Services - 0.3%
Sotheby's Class A (ltd. vtg.)	21,600		$ 624,456
Hotels, Restaurants & Leisure - 0.2%
McDonald's Corp.	8,700		485,199
Household Durables - 0.2%
Gafisa SA ADR (d)	16,000		533,760
Internet & Catalog Retail - 0.5%
Priceline.com, Inc. (a)	9,000		1,087,740
Media - 0.1%
Focus Media Holding Ltd. ADR (a)	9,200		323,380
Textiles, Apparel & Luxury Goods - 0.5%
Crocs, Inc. (a)(d)	48,400		845,548
Lululemon Athletica, Inc.	6,300		179,109
			1,024,657
TOTAL CONSUMER DISCRETIONARY			4,079,192
CONSUMER STAPLES - 0.2%
Food & Staples Retailing - 0.2%
Costco Wholesale Corp.	5,200		337,844
ENERGY - 17.5%
Energy Equipment & Services - 3.7%
Atwood Oceanics, Inc. (a)	15,800		1,449,176
Cameron International Corp. (a)	18,500		770,340
FMC Technologies, Inc. (a)	14,900		847,661
Nabors Industries Ltd. (a)	24,900		840,873
National Oilwell Varco, Inc. (a)	13,200		770,616
Oceaneering International, Inc. (a)	14,700		926,100
Transocean, Inc. (a)	10,424		1,409,325
Weatherford International Ltd. (a)	15,800		1,145,026
			8,159,117
Oil, Gas & Consumable Fuels - 13.8%
Apache Corp.	18,200		2,198,924
Arch Coal, Inc.	41,600		1,809,600
Cabot Oil & Gas Corp.	28,800		1,464,192
Chesapeake Energy Corp.	44,000		2,030,600
China Shenhua Energy Co. Ltd. (H Shares)	114,900		459,139
EOG Resources, Inc.	16,500		1,980,000
Hess Corp.	21,800		1,922,324
Peabody Energy Corp.	35,900		1,830,900
Petroplus Holdings AG (a)	14,342		882,340
PT Bumi Resources Tbk	504,400		339,000
Quicksilver Resources, Inc. (a)	74,000		2,703,220
Range Resources Corp.	34,600		2,195,370
SandRidge Energy, Inc.	2,200		86,130
Southwestern Energy Co. (a)	48,800		1,644,072
Sunoco, Inc.	4,000		209,880
Tesoro Corp.	10,000		300,000
Ultra Petroleum Corp. (a)	45,700		3,541,750
Valero Energy Corp.	63,900		3,138,129

	Shares		Value
Williams Companies, Inc.	30,400		$ 1,002,592
XTO Energy, Inc.	16,600		1,026,876
			30,765,038
TOTAL ENERGY			38,924,155
FINANCIALS - 5.3%
Capital Markets - 1.0%
GLG Partners, Inc.	24,000		284,880
Goldman Sachs Group, Inc.	5,300		876,567
Morgan Stanley	6,700		306,190
Och-Ziff Capital Management Group LLC Class A	32,400		680,400
			2,148,037
Commercial Banks - 1.1%
Banco do Brasil SA	48,000		632,414
Industrial & Commercial Bank of China	202,000		140,674
Uniao de Bancos Brasileiros SA (Unibanco) GDR	14,700		1,714,608
			2,487,696
Diversified Financial Services - 1.7%
Apollo Global Management LLC (e)	50,700		684,450
Bovespa Holding SA	10,600		143,464
CME Group, Inc.	3,600		1,688,760
JPMorgan Chase & Co.	27,400		1,176,830
			3,693,504
Insurance - 0.3%
Principal Financial Group, Inc.	13,700		763,364
Real Estate Investment Trusts - 1.1%
Annaly Capital Management, Inc.	40,600		621,992
General Growth Properties, Inc.	9,600		366,432
SL Green Realty Corp.	16,300		1,327,961
Taubman Centers, Inc.	4,200		218,820
			2,535,205
Thrifts & Mortgage Finance - 0.1%
Freddie Mac	4,800		121,536
TOTAL FINANCIALS			11,749,342
HEALTH CARE - 3.9%
Biotechnology - 1.5%
Celgene Corp. (a)	37,600		2,304,504
Genentech, Inc. (a)	13,200		1,071,576
			3,376,080
Health Care Equipment & Supplies - 0.4%
Beckman Coulter, Inc.	12,700		819,785
Becton, Dickinson & Co.	2,400		206,040
			1,025,825
Health Care Providers & Services - 1.2%
Express Scripts, Inc. (a)	14,700		945,504
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Medco Health Solutions, Inc. (a)	23,400		$ 1,024,686
Tenet Healthcare Corp. (a)	116,300		658,258
			2,628,448
Pharmaceuticals - 0.8%
Allergan, Inc.	9,700		546,983
Elan Corp. PLC sponsored ADR (a)	37,300		778,078
Merck & Co., Inc.	9,900		375,705
			1,700,766
TOTAL HEALTH CARE			8,731,119
INDUSTRIALS - 7.2%
Aerospace & Defense - 3.4%
General Dynamics Corp.	16,800		1,400,616
Honeywell International, Inc.	12,500		705,250
L-3 Communications Holdings, Inc.	17,200		1,880,648
Lockheed Martin Corp.	13,800		1,370,340
Precision Castparts Corp.	5,400		551,232
Raytheon Co.	25,800		1,666,938
			7,575,024
Commercial Services & Supplies - 0.4%
EnergySolutions, Inc.	1,400		32,116
Manpower, Inc.	14,600		821,396
			853,512
Construction & Engineering - 0.0%
China Communications Construction Co. Ltd. (H Shares)	24,000		53,040
Electrical Equipment - 1.4%
ABB Ltd. sponsored ADR	42,400		1,141,408
Alstom SA	4,400		953,803
First Solar, Inc. (a)	4,600		1,063,244
			3,158,455
Industrial Conglomerates - 0.1%
McDermott International, Inc. (a)	5,800		317,956
Machinery - 1.4%
Caterpillar, Inc.	8,100		634,149
Cummins, Inc.	23,800		1,114,316
Eaton Corp.	15,600		1,242,852
			2,991,317
Marine - 0.5%
DryShips, Inc.	19,500		1,168,245
TOTAL INDUSTRIALS			16,117,549

	Shares		Value
INFORMATION TECHNOLOGY - 4.4%
Communications Equipment - 2.3%
Cisco Systems, Inc. (a)	26,700		$ 643,203
Harris Corp.	12,100		587,213
Infinera Corp.	12,600		151,200
Juniper Networks, Inc. (a)	38,100		952,500
Research In Motion Ltd. (a)	23,200		2,603,736
Starent Networks Corp.	12,100		163,350
			5,101,202
Computers & Peripherals - 0.3%
Apple, Inc. (a)	4,800		688,800
Internet Software & Services - 0.2%
Google, Inc. Class A (sub. vtg.) (a)	900		396,423
Semiconductors & Semiconductor Equipment - 0.3%
Cree, Inc. (a)	18,500		517,260
Entropic Communications, Inc.	24,100		93,749
			611,009
Software - 1.3%
Nintendo Co. Ltd.	5,800		3,034,435
TOTAL INFORMATION TECHNOLOGY			9,831,869
MATERIALS - 17.4%
Chemicals - 9.1%
CF Industries Holdings, Inc.	4,700		487,014
FMC Corp.	12,200		676,978
Monsanto Co.	39,600		4,415,400
Potash Corp. of Saskatchewan, Inc.	37,600		5,835,896
Terra Industries, Inc. (a)	14,700		522,291
The Mosaic Co. (a)	72,900		7,479,540
Uralkali JSC:
GDR (a)(e)	2,800		114,800
GDR (Reg. S) (a)	17,300		709,300
			20,241,219
Metals & Mining - 8.3%
ArcelorMittal SA (NY Reg.) Class A	17,100		1,398,780
BHP Billiton Ltd. sponsored ADR	16,800		1,106,280
Companhia Vale do Rio Doce sponsored ADR	37,400		1,295,536
Fording Canadian Coal Trust	23,000		1,203,994
Freeport-McMoRan Copper & Gold, Inc. Class B	41,400		3,983,508
Goldcorp, Inc.	72,200		2,805,433
Impala Platinum Holdings Ltd.	33,900		1,308,332
Kinross Gold Corp.	87,400		1,949,601
Nucor Corp.	22,700		1,537,698
RTI International Metals, Inc. (a)	5,400		244,134
Steel Dynamics, Inc.	52,000		1,718,080
			18,551,376
TOTAL MATERIALS			38,792,595
Common Stocks - continued
	Shares		Value
UTILITIES - 0.7%
Electric Utilities - 0.0%
Entergy Corp.	600		$ 65,448
Independent Power Producers & Energy Traders - 0.7%
Constellation Energy Group, Inc.	1,300		114,751
NRG Energy, Inc. (a)	33,600		1,310,064
			1,424,815
TOTAL UTILITIES			1,490,263
TOTAL COMMON STOCKS (Cost $112,625,844)		130,053,928
Nonconvertible Preferred Stocks - 0.1%

FINANCIALS - 0.1%
Diversified Financial Services - 0.1%
Istituto Finanziario Industriale SpA (IFI) (a) (Cost $213,299)	5,500		151,298
U.S. Treasury Obligations - 0.4%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 1.59% 6/5/08 (f) (Cost $897,391)	$ 900,000		897,928
Fixed-Income Funds - 27.4%
	Shares
High Yield Fixed-Income Funds - 4.1%
Fidelity Floating Rate Central Fund (g)	64,488		5,731,049
Fidelity High Income Central Fund 1 (g)	35,216		3,267,659
TOTAL HIGH YIELD FIXED-INCOME FUNDS			8,998,708
Investment Grade Fixed-Income Funds - 23.3%
Fidelity VIP Investment Grade Central Fund (g)	507,889		51,941,786
TOTAL FIXED-INCOME FUNDS (Cost $61,503,678)		60,940,494
Money Market Funds - 5.5%

Fidelity Cash Central Fund, 2.69% (b)	11,175,638		11,175,638
Fidelity Securities Lending Cash Central Fund, 2.84% (b)(c)	1,174,250		1,174,250
TOTAL MONEY MARKET FUNDS (Cost $12,349,888)		12,349,888
Equity Funds - 8.0%
	Shares		Value
International Equity Funds - 8.0%
Fidelity International Equity Central Fund (g) (Cost $20,646,497)	208,200		$ 17,755,295

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $208,236,597)

222,148,831

NET OTHER ASSETS - 0.2%			540,619
NET ASSETS - 100%		$ 222,689,450

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
12 Dow Jones Euro Stoxx 50 Index Contracts (Germany)	June 2008	$ 638,611	$ 33,683
6 FTSE 100 Index Contracts (United Kingdom)	June 2008	681,190	(1,565)
116 S&P 500 E-Mini Index Contracts	June 2008	7,679,200	129,758
5 TOPIX 150 Index Contracts (Japan)	June 2008	600,813	8,857
TOTAL EQUITY INDEX CONTRACTS		$ 9,599,814	$ 170,733

The face value of futures purchased as a percentage of net assets - 4.3%

Legend

(a) Non-income producing

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

(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 $897,928.

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	$ 107,287
Fidelity Floating Rate Central Fund	110,456
Fidelity High Income Central Fund 1	68,908
Fidelity International Equity Central Fund	104,100
Fidelity Securities Lending Cash Central Fund	7,770
Fidelity VIP Investment Grade Central Fund	630,559
Total	$ 1,029,080

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	$ 6,173,436	$ -	$ -	$ 5,731,049	0.2%
Fidelity High Income Central Fund 1	3,399,366	-	-	3,267,659	1.3%
Fidelity International Equity Central Fund	20,230,794	-	-	17,755,295	2.3%
Fidelity VIP Investment Grade Central Fund	51,321,331	741,257	-	51,941,786	1.4%
Total	$ 81,124,927	$ 741,257	$ -	$ 78,695,789

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 222,148,831	$ 221,250,903	$ 897,928	$ -
Other Financial Instruments*	$ 170,733	$ 170,733	$ -	$ -

*Other financial instruments include futures.

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $207,806,230. Net unrealized appreciation aggregated $14,342,601, of which $26,398,440 related to appreciated investment securities and $12,055,839 related to depreciated investment securities.

Investment Valuation

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. 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. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. 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 value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2005 Portfolio

March 31, 2008

1.830285.102

VIPF2005-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 45.7%
	Shares		Value
Domestic Equity Funds - 36.6%
VIP Contrafund Portfolio Initial Class	19,786		$ 474,854
VIP Equity-Income Portfolio Initial Class	23,842		514,261
VIP Growth & Income Portfolio Initial Class	39,301		540,386
VIP Growth Portfolio Initial Class	14,177		553,206
VIP Mid Cap Portfolio Initial Class	7,150		197,407
VIP Value Portfolio Initial Class	38,504		443,948
VIP Value Strategies Portfolio Initial Class	20,082		181,544
TOTAL DOMESTIC EQUITY FUNDS			2,905,606
International Equity Funds - 9.1%
VIP Overseas Portfolio Initial Class	35,482		720,643
TOTAL EQUITY FUNDS (Cost $3,801,388)		3,626,249
Fixed-Income Funds - 41.0%
	Shares		Value
High Yield Fixed-Income Funds - 5.1%
VIP High Income Portfolio Initial Class	68,725		$ 401,356
Investment Grade Fixed-Income Funds - 35.9%
VIP Investment Grade Bond Portfolio Initial Class	230,297		2,846,473
TOTAL FIXED-INCOME FUNDS (Cost $3,285,205)		3,247,829
Short-Term Funds - 13.3%

VIP Money Market Portfolio Initial Class (Cost $1,050,958)	1,050,958		1,050,958
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $8,137,551)		$ 7,925,036

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 7,925,036	$ 7,925,036	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $8,137,663. Net unrealized depreciation aggregated $212,627, of which $165,169 related to appreciated investment securities and $377,796 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date. 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 value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2010 Portfolio

March 31, 2008

1.830288.102

VIPF2010-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 48.2%
	Shares		Value
Domestic Equity Funds - 38.3%
VIP Contrafund Portfolio Initial Class	304,280		$ 7,302,713
VIP Equity-Income Portfolio Initial Class	373,318		8,052,475
VIP Growth & Income Portfolio Initial Class	608,331		8,364,545
VIP Growth Portfolio Initial Class	217,892		8,502,163
VIP Mid Cap Portfolio Initial Class	110,519		3,051,429
VIP Value Portfolio Initial Class	602,488		6,946,689
VIP Value Strategies Portfolio Initial Class	316,947		2,865,197
TOTAL DOMESTIC EQUITY FUNDS			45,085,211
International Equity Funds - 9.9%
VIP Overseas Portfolio Initial Class	573,081		11,639,272
TOTAL EQUITY FUNDS (Cost $62,682,657)		56,724,483
Fixed-Income Funds - 41.5%
	Shares		Value
High Yield Fixed-Income Funds - 5.1%
VIP High Income Portfolio Initial Class	1,023,396		$ 5,976,632
Investment Grade Fixed-Income Funds - 36.4%
VIP Investment Grade Bond Portfolio Initial Class	3,461,555		42,784,822
TOTAL FIXED-INCOME FUNDS (Cost $49,566,267)		48,761,454
Short-Term Funds - 10.3%

VIP Money Market Portfolio Initial Class (Cost $12,111,388)	12,111,388		12,111,388
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $124,360,312)		$ 117,597,325

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 117,597,325	$ 117,597,325	$ 0	$ 0

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $124,362,889. Net unrealized depreciation aggregated $6,765,564, of which $1,173,179 related to appreciated investment securities and $7,938,743 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2015 Portfolio

March 31, 2008

1.830292.102

VIPF2015-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 54.0%
	Shares		Value
Domestic Equity Funds - 42.9%
VIP Contrafund Portfolio Initial Class	175,198		$ 4,204,758
VIP Equity-Income Portfolio Initial Class	215,066		4,638,964
VIP Growth & Income Portfolio Initial Class	350,708		4,822,240
VIP Growth Portfolio Initial Class	125,541		4,898,615
VIP Mid Cap Portfolio Initial Class	63,564		1,754,990
VIP Value Portfolio Initial Class	347,031		4,001,267
VIP Value Strategies Portfolio Initial Class	182,492		1,649,726
TOTAL DOMESTIC EQUITY FUNDS			25,970,560
International Equity Funds - 11.1%
VIP Overseas Portfolio Initial Class	331,022		6,723,050
TOTAL EQUITY FUNDS (Cost $36,107,920)		32,693,610
Fixed-Income Funds - 39.5%

High Yield Fixed-Income Funds - 6.0%
VIP High Income Portfolio Initial Class	622,259		3,633,995
Investment Grade Fixed-Income Funds - 33.5%
VIP Investment Grade Bond Portfolio Initial Class	1,639,899		20,269,148
TOTAL FIXED-INCOME FUNDS (Cost $24,413,546)		23,903,143
Short-Term Funds - 6.5%

VIP Money Market Portfolio Initial Class (Cost $3,966,393)	3,966,393		3,966,393
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $64,487,859)		$ 60,563,146

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 60,563,146	$ 60,563,146	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $64,488,251. Net unrealized depreciation aggregated $3,925,105, of which $769,578 related to appreciated investment securities and $4,694,683 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2020 Portfolio

March 31, 2008

1.830298.102

VIPF2020-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 66.2%
	Shares		Value
Domestic Equity Funds - 52.6%
VIP Contrafund Portfolio Initial Class	629,802		$ 15,115,249
VIP Equity-Income Portfolio Initial Class	773,146		16,676,760
VIP Growth & Income Portfolio Initial Class	1,260,813		17,336,185
VIP Growth Portfolio Initial Class	451,067		17,600,650
VIP Mid Cap Portfolio Initial Class	228,553		6,310,350
VIP Value Portfolio Initial Class	1,246,419		14,371,207
VIP Value Strategies Portfolio Initial Class	656,972		5,939,025
TOTAL DOMESTIC EQUITY FUNDS			93,349,426
International Equity Funds - 13.6%
VIP Overseas Portfolio Initial Class	1,189,045		24,149,495
TOTAL EQUITY FUNDS (Cost $131,575,029)		117,498,921
Fixed-Income Funds - 33.3%
	Shares		Value
High Yield Fixed-Income Funds - 7.7%
VIP High Income Portfolio Initial Class	2,329,063		$ 13,601,726
Investment Grade Fixed-Income Funds - 25.6%
VIP Investment Grade Bond Portfolio Initial Class	3,680,029		45,485,158
TOTAL FIXED-INCOME FUNDS (Cost $60,711,858)		59,086,884
Short-Term Funds - 0.5%

VIP Money Market Portfolio Initial Class (Cost $972,539)	972,539		972,539
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $193,259,426)		$ 177,558,344

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 177,558,344	$ 177,558,344	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $193,259,855. Net unrealized depreciation aggregated $15,701,511, of which $2,099,095 related to appreciated investment securities and $17,800,606 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2025 Portfolio

March 31, 2008

1.830299.102

VIPF2025-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 69.5%
	Shares		Value
Domestic Equity Funds - 55.3%
VIP Contrafund Portfolio Initial Class	74,467		$ 1,787,207
VIP Equity-Income Portfolio Initial Class	91,885		1,981,964
VIP Growth & Income Portfolio Initial Class	149,327		2,053,245
VIP Growth Portfolio Initial Class	53,190		2,075,474
VIP Mid Cap Portfolio Initial Class	27,034		746,395
VIP Value Portfolio Initial Class	148,199		1,708,734
VIP Value Strategies Portfolio Initial Class	77,989		705,019
TOTAL DOMESTIC EQUITY FUNDS			11,058,038
International Equity Funds - 14.2%
VIP Overseas Portfolio Initial Class	140,478		2,853,112
TOTAL EQUITY FUNDS (Cost $15,546,065)		13,911,150
Fixed-Income Funds - 30.5%
	Shares		Value
High Yield Fixed-Income Funds - 7.8%
VIP High Income Portfolio Initial Class	265,546		$ 1,550,787
Investment Grade Fixed-Income Funds - 22.7%
VIP Investment Grade Bond Portfolio Initial Class	367,722		4,545,049
TOTAL FIXED-INCOME FUNDS (Cost $6,278,693)		6,095,836
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $21,824,758)		$ 20,006,986

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 20,006,986	$ 20,006,986	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $21,824,991. Net unrealized depreciation aggregated $1,818,005, of which $299,974 related to appreciated investment securities and $2,117,979 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2030 Portfolio

March 31, 2008

1.830294.102

VIPF2030-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 80.6%
	Shares		Value
Domestic Equity Funds - 64.0%
VIP Contrafund Portfolio Initial Class	259,892		$ 6,237,417
VIP Equity-Income Portfolio Initial Class	317,588		6,850,377
VIP Growth & Income Portfolio Initial Class	519,431		7,142,174
VIP Growth Portfolio Initial Class	186,181		7,264,787
VIP Mid Cap Portfolio Initial Class	94,278		2,603,019
VIP Value Portfolio Initial Class	512,756		5,912,076
VIP Value Strategies Portfolio Initial Class	269,468		2,435,988
TOTAL DOMESTIC EQUITY FUNDS			38,445,838
International Equity Funds - 16.6%
VIP Overseas Portfolio Initial Class	491,772		9,987,885
TOTAL EQUITY FUNDS (Cost $53,918,121)		48,433,723
Fixed-Income Funds - 19.4%

High Yield Fixed-Income Funds - 7.9%
VIP High Income Portfolio Initial Class	805,593		4,704,665
Investment Grade Fixed-Income Funds - 11.5%
VIP Investment Grade Bond Portfolio Initial Class	560,146		6,923,405
TOTAL FIXED-INCOME FUNDS (Cost $12,136,391)		11,628,070
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $66,054,512)		$ 60,061,793

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 60,061,793	$ 60,061,793	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $66,054,745. Net unrealized depreciation aggregated $5,992,952, of which $1,024,888 related to appreciated investment securities and $7,017,840 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom Income Portfolio

March 31, 2008

1.830282.102

VIPFINC-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 18.7%
	Shares		Value
Domestic Equity Funds - 18.7%
VIP Contrafund Portfolio Initial Class	21,784		$ 522,823
VIP Equity-Income Portfolio Initial Class	26,625		574,306
VIP Growth & Income Portfolio Initial Class	43,452		597,464
VIP Growth Portfolio Initial Class	15,604		608,869
VIP Mid Cap Portfolio Initial Class	7,879		217,535
VIP Value Portfolio Initial Class	43,065		496,542
VIP Value Strategies Portfolio Initial Class	22,679		205,016
TOTAL EQUITY FUNDS (Cost $3,476,438)		3,222,555
Fixed-Income Funds - 40.5%
	Shares		Value
High Yield Fixed-Income Funds - 5.0%
VIP High Income Portfolio Initial Class	145,986		$ 852,559
Investment Grade Fixed-Income Funds - 35.5%
VIP Investment Grade Bond Portfolio Initial Class	493,806		6,103,438
TOTAL FIXED-INCOME FUNDS (Cost $7,080,595)		6,955,997
Short-Term Funds - 40.8%

VIP Money Market Portfolio Initial Class (Cost $7,006,213)	7,006,213		7,006,213
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $17,563,246)		$ 17,184,765

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 17,184,765	$ 17,184,765	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $17,563,827. Net unrealized depreciation aggregated $379,062, of which $95,228 related to appreciated investment securities and $474,290 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom Lifetime Income I Portfolio

March 31, 2008

1.830289.102

VIPFLI-I-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 42.7%
	Shares		Value
Domestic Equity Funds - 33.8%
VIP Contrafund Portfolio Investor Class	26,566		$ 635,451
VIP Equity-Income Portfolio Investor Class	32,065		690,046
VIP Growth & Income Portfolio Investor Class	52,868		724,287
VIP Growth Portfolio Investor Class	19,109		743,514
VIP Mid Cap Portfolio Investor Class	9,614		264,677
VIP Value Portfolio Investor Class	51,674		595,282
VIP Value Strategies Portfolio Investor Class	27,278		245,501
TOTAL DOMESTIC EQUITY FUNDS			3,898,758
International Equity Funds - 8.9%
VIP Overseas Portfolio Investor Class R	50,928		1,031,295
TOTAL EQUITY FUNDS (Cost $5,424,654)		4,930,053
Fixed-Income Funds - 44.8%
	Shares		Value
High Yield Fixed-Income Funds - 5.1%
VIP High Income Portfolio Investor Class	100,272		$ 584,588
Investment Grade Fixed-Income Funds - 39.7%
VIP Investment Grade Bond Portfolio Investor Class	371,275		4,581,531
TOTAL FIXED-INCOME FUNDS (Cost $5,237,978)		5,166,119
Short-Term Funds - 12.5%

VIP Money Market Portfolio Investor Class (Cost $1,442,808)	1,442,808		1,442,808
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $12,105,440)		$ 11,538,980

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 11,538,980	$ 11,538,980	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $12,105,472. Net unrealized depreciation aggregated $566,492, of which $127,082 related to appreciated investment securities and $693,574 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom Lifetime Income II Portfolio

March 31, 2008

1.830295.102

VIPFLI-II-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 57.6%
	Shares		Value
Domestic Equity Funds - 45.7%
VIP Contrafund Portfolio Investor Class	64,731		$ 1,548,362
VIP Equity-Income Portfolio Investor Class	78,317		1,685,376
VIP Growth & Income Portfolio Investor Class	128,962		1,766,780
VIP Growth Portfolio Investor Class	46,484		1,808,678
VIP Mid Cap Portfolio Investor Class	23,464		645,972
VIP Value Portfolio Investor Class	126,117		1,452,867
VIP Value Strategies Portfolio Investor Class	66,374		597,364
TOTAL DOMESTIC EQUITY FUNDS			9,505,399
International Equity Funds - 11.9%
VIP Overseas Portfolio Investor Class R	122,992		2,490,585
TOTAL EQUITY FUNDS (Cost $13,394,520)		11,995,984
Fixed-Income Funds - 38.9%
	Shares		Value
High Yield Fixed-Income Funds - 6.9%
VIP High Income Portfolio Investor Class	246,657		$ 1,438,011
Investment Grade Fixed-Income Funds - 32.0%
VIP Investment Grade Bond Portfolio Investor Class	538,689		6,647,423
TOTAL FIXED-INCOME FUNDS (Cost $8,227,996)		8,085,434
Short-Term Funds - 3.5%

VIP Money Market Portfolio Investor Class (Cost $728,271)	728,271		728,271
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $22,350,787)		$ 20,809,689

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 20,809,689	$ 20,809,689	$ 0	$ 0

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $22,350,952. Net unrealized depreciation aggregated $1,541,263, of which $265,801 related to appreciated investment securities and $1,807,064 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom Lifetime Income III Portfolio

March 31, 2008

1.830300.102

VIPFLI-III-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 73.4%
	Shares		Value
Domestic Equity Funds - 58.1%
VIP Contrafund Portfolio Investor Class	39,547		$ 945,969
VIP Equity-Income Portfolio Investor Class	47,782		1,028,267
VIP Growth & Income Portfolio Investor Class	78,714		1,078,384
VIP Growth Portfolio Investor Class	28,409		1,105,379
VIP Mid Cap Portfolio Investor Class	14,295		393,547
VIP Value Portfolio Investor Class	77,022		887,294
VIP Value Strategies Portfolio Investor Class	40,500		364,500
TOTAL DOMESTIC EQUITY FUNDS			5,803,340
International Equity Funds - 15.3%
VIP Overseas Portfolio Investor Class R	75,292		1,524,668
TOTAL EQUITY FUNDS (Cost $8,012,565)		7,328,008
Fixed-Income Funds - 26.6%
	Shares		Value
High Yield Fixed-Income Funds - 7.8%
VIP High Income Portfolio Investor Class	133,855		$ 780,377
Investment Grade Fixed-Income Funds - 18.8%
VIP Investment Grade Bond Portfolio Investor Class	152,418		1,880,837
TOTAL FIXED-INCOME FUNDS (Cost $2,734,456)		2,661,214
Short-Term Funds - 0.0%

VIP Money Market Portfolio Investor Class (Cost $2,051)	2,051		2,051
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $10,749,072)		$ 9,991,273

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 9,991,273	$ 9,991,273	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $10,749,177. Net unrealized depreciation aggregated $757,904, of which $194,380 related to appreciated investment securities and $952,284 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
FundsManager 20% Portfolio

March 31, 2008

1.847118.101

VF20-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 19.4%
	Shares		Value
Domestic Equity Funds - 17.0%
Fidelity Contrafund	32,437		$ 2,084,388
Fidelity Equity-Income II Fund	149,043		3,068,788
Fidelity Fund	100,586		3,555,722
Fidelity Growth Company Fund	989		72,485
Fidelity Large Cap Stock Fund	50,827		853,389
Fidelity Leveraged Company Stock Fund	35,789		1,055,074
Fidelity Mid-Cap Stock Fund	2,834		71,949
Fidelity Real Estate Investment Portfolio	12,862		349,332
Fidelity Small Cap Growth Fund	14,800		197,721
Fidelity Small Cap Stock Fund	4,576		71,576
Fidelity Small Cap Value Fund	1,307		15,669
Fidelity Stock Selector Fund	97,773		2,580,217
VIP Growth & Income Portfolio Investor Class	340,926		4,670,683
VIP Growth Portfolio Investor Class	117,776		4,582,669
TOTAL DOMESTIC EQUITY FUNDS			23,229,662
International Equity Funds - 2.4%
Fidelity International Discovery Fund	18,561		707,933
Fidelity International Real Estate Fund	87,984		1,077,798
Fidelity Overseas Fund	32,978		1,411,146
TOTAL INTERNATIONAL EQUITY FUNDS			3,196,877
TOTAL EQUITY FUNDS (Cost $29,563,609)		26,426,539
Fixed-Income Funds - 51.5%
	Shares		Value
Fixed-Income Funds - 51.5%
Fidelity Capital & Income Fund	673,100		$ 5,499,229
Fidelity Floating Rate High Income Fund	300,115		2,749,058
Fidelity New Markets Income Fund	282,568		4,080,281
Fidelity Strategic Real Return Fund	132,901		1,358,248
Fidelity U.S. Bond Index Fund	5,159,990		56,553,491
TOTAL FIXED-INCOME FUNDS (Cost $70,102,377)		70,240,307
Money Market Funds - 29.1%

Fidelity Institutional Money Market Portfolio Class I	10,452,376		10,452,376
Fidelity Institutional Prime Money Market Portfolio Class I	29,194,030		29,194,030
TOTAL MONEY MARKET FUNDS (Cost $39,646,406)		39,646,406
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $139,312,392)		$ 136,313,252

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 136,313,252	$ 136,313,252	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $139,314,065. Net unrealized depreciation aggregated $3,000,813, of which $984,146 related to appreciated investment securities and $3,984,959 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
FundsManager 50% Portfolio

March 31, 2008

1.847119.101

VF50-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 49.6%
	Shares		Value
Domestic Equity Funds - 43.7%
Fidelity Contrafund	184,999		$ 11,888,010
Fidelity Equity-Income II Fund	1,291,613		26,594,315
Fidelity Fund	406,527		14,370,736
Fidelity Growth & Income Portfolio	532,761		13,026,006
Fidelity Growth Company Fund	2,680		196,475
Fidelity Large Cap Stock Fund	748,732		12,571,217
Fidelity Large Cap Value Fund	750,450		9,628,274
Fidelity Leveraged Company Stock Fund	226,782		6,685,546
Fidelity Mid Cap Value Fund	420,809		6,068,067
Fidelity Mid-Cap Stock Fund	7,680		194,989
Fidelity Nasdaq Composite Index Fund	67,522		2,041,181
Fidelity New Millennium Fund	139,286		3,572,684
Fidelity Real Estate Investment Portfolio	106,112		2,882,010
Fidelity Small Cap Growth Fund	5,869		78,404
Fidelity Small Cap Stock Fund	12,397		193,896
Fidelity Small Cap Value Fund	9,688		116,162
Fidelity Stock Selector Fund	493,589		13,025,814
Fidelity Value Discovery Fund	170,097		2,711,341
Spartan Total Market Index Fund Investor Class	174,356		6,452,925
Spartan U.S. Equity Index Fund Investor Class	48,574		2,282,505
VIP Growth & Income Portfolio Investor Class	1,249,178		17,113,744
VIP Growth Portfolio Investor Class	351,515		13,677,463
TOTAL DOMESTIC EQUITY FUNDS			165,371,764

	Shares		Value
International Equity Funds - 5.9%
Fidelity International Discovery Fund	204,627		$ 7,804,465
Fidelity International Real Estate Fund	404,543		4,955,649
Fidelity Overseas Fund	227,511		9,735,178
TOTAL INTERNATIONAL EQUITY FUNDS			22,495,292
TOTAL EQUITY FUNDS (Cost $213,106,678)		187,867,056
Fixed-Income Funds - 40.7%

Fixed-Income Funds - 40.7%
Fidelity Capital & Income Fund	1,854,854		15,154,160
Fidelity Floating Rate High Income Fund	413,203		3,784,939
Fidelity New Markets Income Fund	518,918		7,493,180
Fidelity Strategic Real Return Fund	366,664		3,747,310
Fidelity U.S. Bond Index Fund	11,301,040		123,859,401
TOTAL FIXED-INCOME FUNDS (Cost $153,701,098)		154,038,990
Money Market Funds - 9.7%

Fidelity Institutional Prime Money Market Portfolio Class I (Cost $36,669,960)	36,669,960	36,669,960
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $403,477,736)		$ 378,576,006

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 378,576,006	$ 378,576,006	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $403,483,408. Net unrealized depreciation aggregated $24,907,402, of which $3,082,088 related to appreciated investment securities and $27,989,490 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
FundsManager 60% Portfolio

March 31, 2008

1.856870.100

VIPFM-60-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 60.1%
	Shares		Value
Domestic Equity Funds - 47.8%
Fidelity Contrafund	168,731		$ 10,842,652
Fidelity Equity-Income II Fund	1,118,276		23,025,312
Fidelity Fund	213,746		7,555,918
Fidelity Growth & Income Portfolio	366,867		8,969,894
Fidelity Large Cap Stock Fund	139,439		2,341,185
Fidelity Large Cap Value Fund	614,693		7,886,513
Fidelity Leveraged Company Stock Fund	205,865		6,068,892
Fidelity Mid Cap Value Fund	378,243		5,454,264
Fidelity New Millennium Fund	172,342		4,420,559
Fidelity Real Estate Investment Portfolio	95,338		2,589,383
Fidelity Small Cap Value Fund	123,191		1,477,060
Fidelity Stock Selector Fund	425,649		11,232,882
Fidelity Value Discovery Fund	230,901		3,680,558
Spartan Total Market Index Fund Investor Class	105,462		3,903,146
Spartan U.S. Equity Index Fund Investor Class	54,615		2,566,355
VIP Growth & Income Portfolio Investor Class	668,652		9,160,536
VIP Growth Portfolio Investor Class	286,302		11,140,027
TOTAL DOMESTIC EQUITY FUNDS			122,315,136

	Shares		Value
International Equity Funds - 12.3%
Fidelity Emerging Markets Fund	45,255		$ 1,327,781
Fidelity International Discovery Fund	189,573		7,230,312
Fidelity International Real Estate Fund	436,027		5,341,331
Fidelity Overseas Fund	412,921		17,668,904
TOTAL INTERNATIONAL EQUITY FUNDS			31,568,328
TOTAL EQUITY FUNDS (Cost $164,705,732)		153,883,464
Fixed-Income Funds - 35.1%

Fixed-Income Funds - 35.1%
Fidelity Capital & Income Fund	1,250,089		10,213,229
Fidelity Floating Rate High Income Fund	278,432		2,550,440
Fidelity New Markets Income Fund	349,882		5,052,297
Fidelity Strategic Real Return Fund	247,920		2,533,737
Fidelity U.S. Bond Index Fund	6,342,879		69,517,955
TOTAL FIXED-INCOME FUNDS (Cost $90,047,706)		89,867,658
Money Market Funds - 4.8%

Fidelity Institutional Prime Money Market Portfolio Class I (Cost $12,365,224)	12,365,224		12,365,224
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $267,118,662)		$ 256,116,346

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 256,116,346	$ 256,116,346	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $267,118,683. Net unrealized depreciation aggregated $11,002,337, of which $1,766,164 related to appreciated investment securities and $12,768,501 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
FundsManager 70% Portfolio

March 31, 2008

1.847120.101

VF70-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 70.5%
	Shares		Value
Domestic Equity Funds - 59.2%
Fidelity Contrafund	211,372		$ 13,582,788
Fidelity Equity-Income II Fund	2,107,863		43,400,902
Fidelity Fund	450,895		15,939,152
Fidelity Growth & Income Portfolio	865,622		21,164,448
Fidelity Growth Company Fund	3,054		223,890
Fidelity Large Cap Stock Fund	1,511,067		25,370,815
Fidelity Large Cap Value Fund	1,339,461		17,185,289
Fidelity Leveraged Company Stock Fund	213,579		6,296,310
Fidelity Mid Cap Value Fund	885,764		12,772,722
Fidelity Mid-Cap Stock Fund	8,751		222,192
Fidelity Nasdaq Composite Index Fund	235,661		7,124,045
Fidelity New Millennium Fund	224,810		5,766,369
Fidelity Real Estate Investment Portfolio	161,580		4,388,521
Fidelity Small Cap Growth Fund	3,357		44,855
Fidelity Small Cap Stock Fund	14,128		220,957
Fidelity Small Cap Value Fund	32,957		395,158
Fidelity Stock Selector Fund	547,380		14,445,361
Fidelity Value Discovery Fund	243,511		3,881,559
Fidelity Value Strategies Fund	222,883		5,674,604
Spartan Total Market Index Fund Investor Class	173,299		6,413,805
Spartan U.S. Equity Index Fund Investor Class	268,078		12,596,987
VIP Growth & Income Portfolio Investor Class	1,458,814		19,985,753
VIP Growth Portfolio Investor Class	530,972		20,660,112
TOTAL DOMESTIC EQUITY FUNDS			257,756,594

	Shares		Value
International Equity Funds - 11.3%
Fidelity Emerging Markets Fund	152,184		$ 4,465,081
Fidelity International Discovery Fund	408,987		15,598,765
Fidelity International Real Estate Fund	739,335		9,056,854
Fidelity Overseas Fund	467,734		20,014,334
TOTAL INTERNATIONAL EQUITY FUNDS			49,135,034
TOTAL EQUITY FUNDS (Cost $345,519,906)		306,891,628
Fixed-Income Funds - 25.5%

Fixed-Income Funds - 25.5%
Fidelity Capital & Income Fund	2,119,177		17,313,680
Fidelity Floating Rate High Income Fund	472,143		4,324,828
Fidelity New Markets Income Fund	592,924		8,561,818
Fidelity Strategic Real Return Fund	418,826		4,280,400
Fidelity U.S. Bond Index Fund	6,958,716		76,267,524
TOTAL FIXED-INCOME FUNDS (Cost $111,518,654)		110,748,250
Money Market Funds - 4.0%

Fidelity Institutional Prime Money Market Portfolio Class I (Cost $17,523,594)	17,523,594		17,523,594
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $474,562,154)		$ 435,163,472

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 435,163,472	$ 435,163,472	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $474,568,929. Net unrealized depreciation aggregated $39,405,457, of which $4,227,722 related to appreciated investment securities and $43,633,179 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
FundsManager 85% Portfolio

March 31, 2008

1.847121.101

VF85-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 86.8%
	Shares		Value
Domestic Equity Funds - 70.5%
Fidelity 100 Index Fund	406,145		$ 3,874,626
Fidelity Contrafund	63,107		4,055,254
Fidelity Equity-Income II Fund	813,598		16,751,992
Fidelity Fund	211,720		7,484,314
Fidelity Growth & Income Portfolio	394,679		9,649,891
Fidelity Growth Company Fund	1,175		86,106
Fidelity Large Cap Stock Fund	731,409		12,280,354
Fidelity Large Cap Value Fund	662,363		8,498,119
Fidelity Leveraged Company Stock Fund	65,313		1,925,434
Fidelity Mid Cap Value Fund	319,415		4,605,969
Fidelity Mid-Cap Stock Fund	3,366		85,454
Fidelity Nasdaq Composite Index Fund	135,720		4,102,821
Fidelity New Millennium Fund	109,412		2,806,429
Fidelity Real Estate Investment Portfolio	62,287		1,691,707
Fidelity Small Cap Stock Fund	5,434		84,991
Fidelity Small Cap Value Fund	77,521		929,477
Fidelity Stock Selector Fund	196,459		5,184,552
Fidelity Value Discovery Fund	95,989		1,530,062
Fidelity Value Strategies Fund	151,206		3,849,716
Spartan Total Market Index Fund Investor Class	141,188		5,225,372
Spartan U.S. Equity Index Fund Investor Class	171,085		8,039,292

	Shares		Value
VIP Growth & Income Portfolio Investor Class	552,737		$ 7,572,493
VIP Growth Portfolio Investor Class	216,078		8,407,586
TOTAL DOMESTIC EQUITY FUNDS			118,722,011
International Equity Funds - 16.3%
Fidelity Emerging Markets Fund	58,682		1,721,741
Fidelity International Discovery Fund	338,018		12,892,003
Fidelity International Real Estate Fund	285,104		3,492,528
Fidelity Overseas Fund	220,483		9,434,447
TOTAL INTERNATIONAL EQUITY FUNDS			27,540,719
TOTAL EQUITY FUNDS (Cost $163,120,205)		146,262,730
Fixed-Income Funds - 13.2%

Fixed-Income Funds - 13.2%
Fidelity Capital & Income Fund	408,723		3,339,267
Fidelity New Markets Income Fund	228,735		3,302,938
Fidelity Strategic Real Return Fund	161,526		1,650,797
Fidelity U.S. Bond Index Fund	1,274,733		13,971,078
TOTAL FIXED-INCOME FUNDS (Cost $22,393,267)		22,264,080
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $185,513,472)		$ 168,526,810

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 168,526,810	$ 168,526,810	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $185,516,166. Net unrealized depreciation aggregated $16,989,356, of which $1,788,907 related to appreciated investment securities and $18,778,263 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investment Grade Bond Portfolio

March 31, 2008

1.799863.104

VIPIGB-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Fixed-Income Central Funds - 98.8%
	Shares		Value
Investment Grade Fixed-Income Funds - 97.5%
Fidelity VIP Investment Grade Central Fund (c)	25,988,410		$ 2,657,834,718
High Yield Fixed-Income Funds - 1.3%
Fidelity Specialized High Income Central Fund (c)	374,069		35,435,603
TOTAL FIXED-INCOME FUNDS (Cost $2,718,168,651)		2,693,270,321
Nonconvertible Bonds - 0.1%
	Principal Amount
UTILITIES - 0.1%
Multi-Utilities - 0.1%
CMS Energy Corp. 6.55% 7/17/17	$ 2,425,000		2,346,241
TOTAL NONCONVERTIBLE BONDS (Cost $2,389,444)			2,346,241
Asset-Backed Securities - 0.2%

Advanta Business Card Master Trust Series 2007-D1 Class D, 3.9356% 1/22/13 (a)(b)	1,800,000		1,510,003
AmeriCredit Prime Automobile Receivables Trust Series 2007-1 Class E, 6.96% 3/31/16 (a)	1,045,000		909,568
Ford Credit Auto Owner Trust:
Series 2006-C Class D, 6.89% 5/15/13 (a)	725,000		495,828
Series 2007-A Class D, 7.05% 12/15/13 (a)	425,000		281,945
GS Auto Loan Trust Series 2006-1 Class D, 6.25% 1/15/14 (a)	1,018,400		930,716
Specialty Underwriting & Residential Finance Trust Series 2006-AB2 Class N1, 5.75% 6/25/37 (a)	180,261		1,803
Wachovia Auto Loan Owner Trust Series 2006-2A Class E, 7.05% 5/20/14 (a)	1,175,000		853,755
WaMu Asset-Backed Certificates Series 2006-HE5 Class B1, 5.0988% 10/25/36 (a)(b)	1,025,000		41,051
TOTAL ASSET-BACKED SECURITIES (Cost $7,050,832)			5,024,669
Collateralized Mortgage Obligations - 0.1%
	Principal Amount		Value
Private Sponsor - 0.0%
Nomura Home Equity Loan Trust floater Series 2006-FM2 Class B1, 4.8988% 7/25/36 (a)(b)	$ 3,535,000		$ 267,545
Structured Asset Securities Corp. floater Series 2006-BC5 Class B, 5.0988% 12/25/36 (a)(b)	810,000		24,948
TOTAL PRIVATE SPONSOR			292,493
U.S. Government Agency - 0.1%
Fannie Mae subordinate REMIC pass-thru certificates planned amortization class Series 2003-128 Class NE, 4% 12/25/16	3,576,143		3,579,584
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $7,261,180)			3,872,077
Cash Equivalents - 0.5%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 2.75%, dated 3/31/08 due 4/1/08 (Collateralized by U.S. Government Obligations) # (Cost $13,795,000)	$ 13,796,054		13,795,000

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $2,748,665,107)

2,718,308,308

NET OTHER ASSETS - 0.3%			7,982,313
NET ASSETS - 100%		$ 2,726,290,621

Swap Agreements
	Expiration Date	Notional Amount
Credit Default Swaps
Receive quarterly notional amount multiplied by .72% and pay Bank of America upon credit event of Alleghany Energy Supply Co. LLC, par value of the notional amount of Alleghany Energy Supply Co. LLC 8.25% 4/15/12	June 2012	$ 1,900,000	(68,573)
Swap Agreements
	Expiration Date	Notional Amount	Value
Receive quarterly notional amount multiplied by .78% and pay Deutsche Bank upon credit event of Allegheny Energy Supply Co. LLC, par value of the notional amount of Allegheny Energy Supply Co. LLC 8.25% 4/15/12	June 2012	1,865,000	$ (62,948)
		$ 3,765,000	$ (131,521)

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 $5,317,162 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
$13,795,000 due 4/01/08 at 2.75%
BNP Paribas Securities Corp.	$ 1,301,801
Banc of America Securities LLC	1,703,383
Barclays Capital, Inc.	9,986,677
Deutsche Bank Securities, Inc.	803,139
	$ 13,795,000

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	$ 634,874
Fidelity VIP Investment Grade Central Fund	31,484,957
Total	$ 32,119,831

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	$ 35,871,563	$ 634,874	$ -	$ 35,435,603	9.9%
Fidelity VIP Investment Grade Central Fund	2,517,706,878	146,855,120	-	2,657,834,718	72.5%
Total	$ 2,553,578,441	$ 147,489,994	$ -	$ 2,693,270,321

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 2,718,308,308	$ 2,693,270,321	$ 24,702,640	$ 335,347
Other Financial Instruments*	$ (131,521)	$ -	$ (131,521)	$ -

*Other financial instruments include swaps.

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

	Investments in Securities
Beginning Balance	$ 505,793
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(176,902)
Cost of Purchases	84
Proceeds of Sales	-
Amortization/Accretion	6,372
Transfer in/out of Level 3	-
Ending Balance	$ 335,347

The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities or Other Financial Instruments 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 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $2,689,417,381. Net unrealized appreciation aggregated $28,890,927, of which $39,760,922 related to appreciated investment securities and $10,869,995 related to depreciated investment securities.

Investment Valuation

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 the determination of fair value may include current market trading activity, interest rates, credit quality and default rates. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2005 Portfolio

March 31, 2008

1.830286.102

VIPIFF2005-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 46.3%
	Shares		Value
Domestic Equity Funds - 37.1%
VIP Contrafund Portfolio Investor Class	20,208		$ 483,374
VIP Equity-Income Portfolio Investor Class	24,487		526,968
VIP Growth & Income Portfolio Investor Class	40,271		551,718
VIP Growth Portfolio Investor Class	14,499		564,167
VIP Mid Cap Portfolio Investor Class	7,307		201,165
VIP Value Portfolio Investor Class	39,454		454,505
VIP Value Strategies Portfolio Investor Class	20,805		187,246
TOTAL DOMESTIC EQUITY FUNDS			2,969,143
International Equity Funds - 9.2%
VIP Overseas Portfolio Investor Class R	36,160		732,231
TOTAL EQUITY FUNDS (Cost $4,158,347)		3,701,374
Fixed-Income Funds - 40.9%
	Shares		Value
High Yield Fixed-Income Funds - 5.0%
VIP High Income Portfolio Investor Class	69,316		$ 404,114
Investment Grade Fixed-Income Funds - 35.9%
VIP Investment Grade Bond Portfolio Investor Class	232,560		2,869,794
TOTAL FIXED-INCOME FUNDS (Cost $3,304,178)		3,273,908
Short-Term Funds - 12.8%

VIP Money Market Portfolio Investor Class (Cost $1,022,435)	1,022,435		1,022,435
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $8,484,960)		$ 7,997,717

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 7,997,717	$ 7,997,717	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $8,484,972. Net unrealized depreciation aggregated $487,255, of which $87,615 related to appreciated investment securities and $574,870 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2010 Portfolio

March 31, 2008

1.830287.102

VIPIFF2010-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 48.1%
	Shares		Value
Domestic Equity Funds - 38.2%
VIP Contrafund Portfolio Investor Class	145,608		$ 3,482,943
VIP Equity-Income Portfolio Investor Class	177,538		3,820,619
VIP Growth & Income Portfolio Investor Class	290,757		3,983,366
VIP Growth Portfolio Investor Class	104,176		4,053,471
VIP Mid Cap Portfolio Investor Class	52,630		1,448,903
VIP Value Portfolio Investor Class	286,392		3,299,240
VIP Value Strategies Portfolio Investor Class	151,058		1,359,524
TOTAL DOMESTIC EQUITY FUNDS			21,448,066
International Equity Funds - 9.9%
VIP Overseas Portfolio Investor Class R	274,811		5,564,920
TOTAL EQUITY FUNDS (Cost $30,476,935)		27,012,986
Fixed-Income Funds - 41.6%
	Shares		Value
High Yield Fixed-Income Funds - 5.1%
VIP High Income Portfolio Investor Class	490,384		$ 2,858,938
Investment Grade Fixed-Income Funds - 36.5%
VIP Investment Grade Bond Portfolio Investor Class	1,663,553		20,528,241
TOTAL FIXED-INCOME FUNDS (Cost $23,709,965)		23,387,179
Short-Term Funds - 10.3%

VIP Money Market Portfolio Investor Class (Cost $5,810,365)	5,810,365		5,810,365
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $59,997,265)		$ 56,210,530

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 56,210,530	$ 56,210,530	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $59,997,442. Net unrealized depreciation aggregated $3,786,912, of which $504,670 related to appreciated investment securities and $4,291,582 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2015 Portfolio

March 31, 2008

1.830290.102

VIPIFF2015-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 53.8%
	Shares		Value
Domestic Equity Funds - 42.7%
VIP Contrafund Portfolio Investor Class	170,911		$ 4,088,183
VIP Equity-Income Portfolio Investor Class	208,142		4,479,224
VIP Growth & Income Portfolio Investor Class	341,177		4,674,129
VIP Growth Portfolio Investor Class	122,666		4,772,920
VIP Mid Cap Portfolio Investor Class	62,028		1,707,623
VIP Value Portfolio Investor Class	335,437		3,864,230
VIP Value Strategies Portfolio Investor Class	177,166		1,594,497
TOTAL DOMESTIC EQUITY FUNDS			25,180,806
International Equity Funds - 11.1%
VIP Overseas Portfolio Investor Class R	324,167		6,564,390
TOTAL EQUITY FUNDS (Cost $35,246,025)		31,745,196
Fixed-Income Funds - 39.6%
	Shares		Value
High Yield Fixed-Income Funds - 6.0%
VIP High Income Portfolio Investor Class	606,172		$ 3,533,985
Investment Grade Fixed-Income Funds - 33.6%
VIP Investment Grade Bond Portfolio Investor Class	1,605,129		19,807,286
TOTAL FIXED-INCOME FUNDS (Cost $23,658,075)		23,341,271
Short-Term Funds - 6.6%

VIP Money Market Portfolio Investor Class (Cost $3,893,551)	3,893,551		3,893,551
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $62,797,651)		$ 58,980,018

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 58,980,018	$ 58,980,018	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $62,797,704. Net unrealized depreciation aggregated $3,817,686, of which $679,276 related to appreciated investment securities and $4,496,962 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2020 Portfolio

March 31, 2008

1.830296.102

VIPIFF2020-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 66.1%
	Shares		Value
Domestic Equity Funds - 52.5%
VIP Contrafund Portfolio Investor Class	268,501		$ 6,422,553
VIP Equity-Income Portfolio Investor Class	327,035		7,037,800
VIP Growth & Income Portfolio Investor Class	535,949		7,342,496
VIP Growth Portfolio Investor Class	192,424		7,487,227
VIP Mid Cap Portfolio Investor Class	97,145		2,674,406
VIP Value Portfolio Investor Class	527,094		6,072,127
VIP Value Strategies Portfolio Investor Class	277,718		2,499,458
TOTAL DOMESTIC EQUITY FUNDS			39,536,067
International Equity Funds - 13.6%
VIP Overseas Portfolio Investor Class R	507,445		10,275,768
TOTAL EQUITY FUNDS (Cost $55,556,685)		49,811,835
Fixed-Income Funds - 33.4%
	Shares		Value
High Yield Fixed-Income Funds - 7.7%
VIP High Income Portfolio Investor Class	989,509		$ 5,768,840
Investment Grade Fixed-Income Funds - 25.7%
VIP Investment Grade Bond Portfolio Investor Class	1,571,462		19,391,844
TOTAL FIXED-INCOME FUNDS (Cost $25,738,696)		25,160,684
Short-Term Funds - 0.5%

VIP Money Market Portfolio Investor Class (Cost $410,134)	410,134		410,134
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $81,705,515)		$ 75,382,653

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 75,382,653	$ 75,382,653	$ 0	$ 0

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $81,706,296. Net unrealized depreciation aggregated $6,323,643, of which $911,377 related to appreciated investment securities and $7,235,020 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2025 Portfolio

March 31, 2008

1.830297.102

VIPIFF2025-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 69.3%
	Shares		Value
Domestic Equity Funds - 55.0%
VIP Contrafund Portfolio Investor Class	98,290		$ 2,351,089
VIP Equity-Income Portfolio Investor Class	119,648		2,574,816
VIP Growth & Income Portfolio Investor Class	196,160		2,687,391
VIP Growth Portfolio Investor Class	70,374		2,738,243
VIP Mid Cap Portfolio Investor Class	35,607		980,256
VIP Value Portfolio Investor Class	192,881		2,221,990
VIP Value Strategies Portfolio Investor Class	101,780		916,019
TOTAL DOMESTIC EQUITY FUNDS			14,469,804
International Equity Funds - 14.3%
VIP Overseas Portfolio Investor Class R	185,944		3,765,371
TOTAL EQUITY FUNDS (Cost $20,630,055)		18,235,175
Fixed-Income Funds - 30.7%

High Yield Fixed-Income Funds - 7.7%
VIP High Income Portfolio Investor Class	349,566		2,037,967
Investment Grade Fixed-Income Funds - 23.0%
VIP Investment Grade Bond Portfolio Investor Class	490,056		6,047,288
TOTAL FIXED-INCOME FUNDS (Cost $8,308,191)		8,085,255
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $28,938,246)		$ 26,320,430

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 26,320,430	$ 26,320,430	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $28,938,347. Net unrealized depreciation aggregated $2,617,917, of which $290,977 related to appreciated investment securities and $2,908,894 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2030 Portfolio

March 31, 2008

1.830291.102

VIPIFF2030-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 80.8%
	Shares		Value
Domestic Equity Funds - 64.2%
VIP Contrafund Portfolio Investor Class	143,643		$ 3,435,949
VIP Equity-Income Portfolio Investor Class	176,056		3,788,715
VIP Growth & Income Portfolio Investor Class	287,291		3,935,885
VIP Growth Portfolio Investor Class	102,853		4,002,018
VIP Mid Cap Portfolio Investor Class	52,026		1,432,279
VIP Value Portfolio Investor Class	283,814		3,269,533
VIP Value Strategies Portfolio Investor Class	149,813		1,348,319
TOTAL DOMESTIC EQUITY FUNDS			21,212,698
International Equity Funds - 16.6%
VIP Overseas Portfolio Investor Class R	271,324		5,494,317
TOTAL EQUITY FUNDS (Cost $30,131,142)		26,707,015
Fixed-Income Funds - 19.2%
	Shares		Value
High Yield Fixed-Income Funds - 7.8%
VIP High Income Portfolio Investor Class	442,947		$ 2,582,383
Investment Grade Fixed-Income Funds - 11.4%
VIP Investment Grade Bond Portfolio Investor Class	305,107		3,765,024
TOTAL FIXED-INCOME FUNDS (Cost $6,589,120)		6,347,407
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $36,720,262)		$ 33,054,422

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 33,054,422	$ 33,054,422	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $36,720,735. Net unrealized depreciation aggregated $3,666,313, of which $372,631 related to appreciated investment securities and $4,038,944 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom Income Portfolio

March 31, 2008

1.830283.102

VIPIFFINC-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 18.6%
	Shares		Value
Domestic Equity Funds - 18.6%
VIP Contrafund Portfolio Investor Class	26,659		$ 637,674
VIP Equity-Income Portfolio Investor Class	32,655		702,737
VIP Growth & Income Portfolio Investor Class	53,324		730,538
VIP Growth Portfolio Investor Class	19,074		742,171
VIP Mid Cap Portfolio Investor Class	9,679		266,475
VIP Value Portfolio Investor Class	52,692		607,010
VIP Value Strategies Portfolio Investor Class	27,825		250,423
TOTAL EQUITY FUNDS (Cost $4,429,434)		3,937,028
Fixed-Income Funds - 40.6%
	Shares		Value
High Yield Fixed-Income Funds - 5.0%
VIP High Income Portfolio Investor Class	180,035		$ 1,049,605
Investment Grade Fixed-Income Funds - 35.6%
VIP Investment Grade Bond Portfolio Investor Class	609,527		7,521,563
TOTAL FIXED-INCOME FUNDS (Cost $8,675,217)		8,571,168
Short-Term Funds - 40.8%

VIP Money Market Portfolio Investor Class (Cost $8,625,518)	8,625,516		8,625,515
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $21,730,169)		$ 21,133,711

The following is a summary of the inputs used, as of March 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the 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	$ 21,133,711	$ 21,133,711	$ -	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $21,730,174. Net unrealized depreciation aggregated $596,463, of which $104,826 related to appreciated investment securities and $701,289 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Money Market Portfolio

March 31, 2008

1.814641.103

VIPMM-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 0.4%
	Due Date	Yield (a)	Principal Amount	Value
Bell Trace Obligated Group
	4/30/08	2.66% (c)	$ 14,055,000	$ 14,055,000
Certificates of Deposit - 27.5%

London Branch, Eurodollar, Foreign Banks - 12.6%
Banco Bilbao Vizcaya Argentaria SA
	6/19/08	2.52	4,000,000	4,000,000
Banco Santander SA
	4/7/08 to 7/15/08	3.50 to 5.16	44,000,000	44,007,408
Bank of Scotland PLC
	6/19/08	2.58	30,000,000	30,000,000
Credit Agricole SA
	4/4/08 to 5/29/08	3.10 to 4.90	99,000,000	99,000,000
Credit Industriel et Commercial
	4/14/08 to 6/30/08	2.65 to 5.20	86,000,000	86,000,000
ING Bank NV
	5/19/08 to 6/17/08	2.80 to 3.08	108,000,000	108,000,000
Intesa Sanpaolo SpA
	7/9/08	3.50	1,000,000	1,002,634
National Australia Bank Ltd.
	6/16/08	2.57	4,000,000	4,003,214
Royal Bank of Scotland PLC
	7/9/08	3.50	3,000,000	3,006,444
Societe Generale
	4/17/08 to 7/7/08	3.95 to 4.60	19,000,000	19,000,000
UniCredit SpA
	6/16/08 to 8/19/08	2.86 to 3.00	54,000,000	54,000,000
				452,019,700
New York Branch, Yankee Dollar, Foreign Banks - 14.9%
Abbey National Treasury Services plc
	5/19/08	3.27 (c)	4,000,000	4,000,000
Banco Bilbao Vizcaya Argentaria SA
	6/18/08	2.50	3,000,000	3,001,292
Bank of Scotland PLC
	4/3/08 to 9/8/08	2.58 to 4.92 (c)	105,000,000	105,000,000
Barclays Bank PLC
	6/4/08 to 9/10/08	2.60 to 3.00	70,000,000	70,000,000
BNP Paribas SA
	4/25/08 to 10/2/08	2.65 to 3.15	53,000,000	53,000,000
Canadian Imperial Bank of Commerce
	7/1/08	2.90	14,000,000	14,000,000
Credit Suisse First Boston
	4/28/08	3.33 (c)	25,000,000	25,000,000
Credit Suisse Group
	6/5/08	5.40	27,000,000	27,000,000

	Due Date	Yield (a)	Principal Amount	Value
Deutsche Bank AG
	4/4/08 to 4/18/08	4.75 to 5.31% (c)	$ 41,000,000	$ 41,000,000
Intesa Sanpaolo SpA
	6/19/08 to 6/20/08	2.54 to 2.55	24,000,000	24,000,000
Natexis Banques Populaires NY
	4/25/08	3.27	27,000,000	27,000,000
Royal Bank of Scotland PLC
	5/12/08	4.96	12,000,000	12,000,000
Societe Generale
	4/24/08 to 6/9/08	2.90 to 3.30	77,000,000	77,000,000
Svenska Handelsbanken AB
	6/3/08	4.89	20,000,000	20,000,171
UBS AG
	6/9/08	4.92	10,000,000	10,000,000
UniCredit SpA
	4/7/08 to 10/1/08	2.75 to 4.67	19,000,000	19,000,307
				531,001,770
TOTAL CERTIFICATES OF DEPOSIT				983,021,470
Commercial Paper - 20.1%

American Water Capital Corp.
	4/3/08 to 4/23/08	3.42 to 3.53	3,750,000	3,744,696
Citigroup Funding, Inc.
	4/24/08 to 6/9/08	3.07 to 4.46	47,000,000	46,790,809
Dakota Notes (Citibank Credit Card Issuance Trust)
	4/1/08 to 5/9/08	3.25 to 4.04	43,000,000	42,897,039
Devon Energy Corp.
	4/11/08 to 4/24/08	3.32 to 3.33	9,000,000	8,988,244
Dominion Resources, Inc.
	4/1/08	3.46	1,000,000	1,000,000
Dow Chemical Co.
	4/24/08 to 5/2/08	3.40 to 3.50	7,831,000	7,811,634
Duke Energy Corp.
	4/14/08 to 4/18/08	3.11 to 4.24	4,000,000	3,994,304
Edison Asset Securitization LLC
	9/4/08	2.79	6,000,000	5,928,500
Emerald Notes (BA Credit Card Trust)
	4/3/08 to 6/12/08	3.12 to 4.59	36,900,000	36,805,706
Falcon Asset Securitization Corp.
	4/24/08	3.53	1,000,000	997,764
General Electric Capital Corp.
	9/2/08	2.73	14,000,000	13,838,899
Govco, Inc.
	4/22/08 to 5/30/08	2.66 to 3.48	14,000,000	13,944,646
Home Depot, Inc.
	5/12/08	3.15	2,000,000	1,992,848
Commercial Paper - continued
	Due Date	Yield (a)	Principal Amount	Value
Intesa Funding LLC
	4/22/08	3.42%	$ 4,000,000	$ 3,992,090
ITT Corp.
	4/17/08 to 5/23/08	3.11 to 3.40	8,000,000	7,975,486
JPMorgan Chase & Co.
	8/4/08	2.92	12,000,000	11,880,208
Kellogg Co.
	4/9/08 to 5/16/08	3.29 to 3.49	5,750,000	5,731,990
Kitty Hawk Funding Corp.
	4/17/08 to 5/22/08	2.58 to 2.83	25,000,000	24,928,182
Lloyds TSB Bank PLC
	6/3/08	2.60	15,000,000	14,932,144
Michigan Gen. Oblig.
	9/2/08	3.75	7,500,000	7,500,000
Mont Blanc Capital Corp.
	4/23/08	3.38	2,000,000	1,995,906
Morgan Stanley
	6/13/08	5.29	7,000,000	6,927,750
National Grid USA
	4/3/08 to 5/30/08	3.52 to 5.03	9,000,000	8,978,029
Nationwide Building Society
	4/28/08 to 5/19/08	2.95 to 4.15	24,600,000	24,515,925
Nissan Motor Acceptance Corp.
	4/7/08	3.36	1,000,000	999,442
Norddeutsche Landesbank Girozentrale
	4/15/08	4.00	1,000,000	998,460
Norfolk Southern Corp.
	5/19/08	3.02	2,000,000	1,992,000
Palisades Notes (Citibank Omni Master Trust)
	5/15/08 to 5/19/08	3.12 to 3.22	40,000,000	39,840,539
Rockies Express Pipeline LLC
	4/1/08 to 5/6/08	3.11 to 3.55	8,000,000	7,983,693
Santander Finance, Inc.
	6/9/08 to 9/24/08	2.49 to 4.92	45,000,000	44,517,467
Sheffield Receivables Corp.
	4/2/08 to 5/8/08	2.61 to 3.31	113,000,000	112,834,013
Societe Generale North America, Inc.
	4/15/08 to 5/5/08	3.31 to 3.95	47,000,000	46,898,193
Textron Financial Corp.
	4/4/08 to 5/6/08	3.11 to 3.37	13,000,000	12,978,056
Thames Asset Global Securities No. 1, Inc.
	4/3/08 to 6/25/08	2.66 to 4.66	96,000,000	95,813,833
Transocean, Inc.
	4/4/08 to 4/24/08	3.00 to 4.26	6,500,000	6,491,589
Tyco Electronics Group SA
	4/22/08 to 5/23/08	3.02 to 3.52	4,000,000	3,987,250
UniCredito Italiano Bank (Ireland) PLC
	4/18/08 to 6/17/08	2.85 to 4.63	12,000,000	11,954,682

	Due Date	Yield (a)	Principal Amount	Value
Variable Funding Capital Co. LLC
	4/24/08 to 5/9/08	2.61 to 3.18%	$ 13,000,000	$ 12,966,499
Virginia Electric & Power Co.
	4/1/08	3.47	1,000,000	1,000,000
Xcel Energy, Inc.
	5/1/08	3.43	1,000,000	997,167
XTO Energy, Inc.
	4/7/08 to 4/29/08	3.39 to 3.51	7,500,000	7,493,067
TOTAL COMMERCIAL PAPER				717,838,749
Federal Agencies - 1.1%

Freddie Mac - 1.1%
	4/18/08 to 4/21/08	2.54 to 2.75 (c)	38,000,000	37,997,944
U.S. Treasury Obligations - 1.0%

U.S. Treasury Bills - 1.0%
	6/26/08 to 10/2/08	1.20 to 1.51	36,295,000	36,113,598
Master Notes - 2.8%

Asset Funding Co. III LLC
	4/7/08 to 4/14/08	3.15 to 4.58 (c)(e)	45,000,000	45,000,000
Bear Stearns International Ltd.
	4/1/08	3.37 (c)	13,000,000	13,000,000
Goldman Sachs Group, Inc.
	6/16/08 to 7/15/08	3.19 to 3.23 (e)	33,000,000	33,000,000
Lehman Brothers Holdings, Inc.
	4/1/08 to 4/11/08	3.11 to 3.15 (c)(e)	9,000,000	9,000,000
TOTAL MASTER NOTES				100,000,000
Medium-Term Notes - 30.5%

Abbey National Treasury Services plc
	4/2/08	4.68 (c)	2,000,000	1,998,223
AIG Matched Funding Corp.
	4/1/08 to 5/20/08	3.17 to 4.90 (b)(c)	23,000,000	23,000,000
	5/15/08	3.06 (c)	12,000,000	12,000,000
Allstate Life Global Funding Trusts
	6/20/08	3.33 (c)	1,000,000	1,000,000
American Honda Finance Corp.
	5/5/08 to 6/18/08	2.89 to 3.23 (b)(c)	13,000,000	13,000,000
Medium-Term Notes - continued
	Due Date	Yield (a)	Principal Amount	Value
AT&T, Inc.
	12/5/08	3.14% (b)(c)	$ 33,000,000	$ 33,000,000
Australia & New Zealand Banking Group Ltd.
	4/23/08 to 6/2/08	2.62 to 3.35 (b)(c)	29,000,000	29,000,000
Bancaja US Debt SAU
	4/23/08	4.10 (b)(c)	8,000,000	8,000,000
Banco Santander Totta SA
	4/16/08	2.83 (b)(c)	15,000,000	15,000,000
Banesto SA
	4/18/08	3.94 (b)(c)	12,000,000	12,000,000
Bank of America NA
	4/25/08 to 7/3/08	3.10 to 3.33 (c)	59,000,000	58,999,407
Bank of New York Co., Inc.
	4/28/08	2.71 (b)(c)	15,000,000	15,000,000
Banque Federative du Credit Mutuel
	4/14/08	2.90 (b)(c)	12,000,000	12,000,000
Bayerische Landesbank Girozentrale
	4/15/08 to 5/19/08	3.11 to 4.30 (c)	25,000,000	25,000,000
Beta Finance, Inc./Beta Finance Corp.
	4/9/08 to 4/15/08	4.20 to 4.48 (b)(c)	6,000,000	5,999,331
BMW U.S. Capital LLC
	4/15/08	2.84 (c)	2,000,000	2,000,000
BNP Paribas SA
	4/2/08 to 5/13/08	3.06 to 4.03 (c)	24,000,000	23,997,559
BNP Paribas US Medium-Term Note Program LLC
	6/16/08	2.79 (c)	6,000,000	5,998,048
BP Capital Markets plc
	6/11/08	3.04 (c)	13,000,000	13,000,000
Caja de Ahorros y Pensiones de Barcelona
	4/23/08	3.85 (b)(c)	19,000,000	19,000,000
Caja Madrid SA
	4/21/08	4.04 (c)	7,000,000	7,000,000
Calyon
	4/30/08	2.66 (c)	18,000,000	17,993,716
CC USA, Inc.
	4/9/08	4.48 (b)(c)	4,000,000	3,999,574
Citigroup Funding, Inc.
	5/13/08 to 5/14/08	3.07 (c)	36,000,000	36,000,000
Commonwealth Bank of Australia
	4/3/08 to 4/24/08	2.62 to 4.71 (b)(c)	48,430,000	48,430,973
Compagnie Financiere du Credit Mutuel
	6/9/08	3.20 (b)(c)	7,000,000	7,000,000
Credit Agricole SA
	4/23/08 to 6/23/08	2.57 to 3.84 (b)(c)	56,000,000	56,000,000

	Due Date	Yield (a)	Principal Amount	Value
Cullinan Finance Corp.
	4/15/08	5.36% (b)	$ 11,000,000	$ 11,000,000
Cullinan Finance Ltd./Corp.
	5/27/08	5.35 (b)	13,000,000	13,000,000
DnB NOR Bank ASA
	4/25/08	2.60 (b)(c)	27,000,000	26,999,978
Dorada Finance, Inc.
	4/9/08	4.48 (b)(c)	3,000,000	2,999,680
General Electric Capital Corp.
	4/9/08 to 6/12/08	2.62 to 3.08 (c)	16,000,000	15,999,842
HBOS Treasury Services PLC
	4/9/08 to 6/24/08	2.67 to 3.06 (b)(c)	30,600,000	30,599,775
HSBC Finance Corp.
	4/7/08 to 4/24/08	2.60 to 3.10 (c)	26,000,000	26,000,000
HSBC USA, Inc.
	4/15/08	2.83 (c)	5,000,000	5,000,000
HSH Nordbank AG
	4/21/08 to 4/23/08	2.61 to 2.66 (b)(c)	20,000,000	19,999,997
ING USA Annuity & Life Insurance Co.
	4/24/08	5.14 (c)(e)	3,000,000	3,000,000
Intesa Bank Ireland PLC
	4/25/08	2.61 (b)(c)	20,000,000	20,000,000
Links Finance LLC
	4/14/08 to 4/21/08	3.86 to 4.35 (b)(c)	10,000,000	9,999,707
Merrill Lynch & Co., Inc.
	4/4/08 to 4/15/08	2.96 to 3.19 (c)	13,000,000	13,000,869
Metropolitan Life Global Funding I
	4/7/08 to 4/28/08	2.79 to 3.13 (b)(c)	8,884,000	8,884,000
Monumental Global Funding 2007
	5/29/08	3.24 (b)(c)	6,000,000	6,000,000
Morgan Stanley
	4/1/08 to 4/28/08	2.29 to 3.19 (c)	23,000,000	23,000,081
National Australia Bank Ltd.
	6/6/08	3.22 (b)(c)	16,000,000	16,000,000
National Rural Utils. Coop. Finance Corp.
	4/4/08	3.12 (c)	1,000,000	1,000,000
New York Life Insurance Co.
	5/30/08 to 6/30/08	2.86 to 3.15 (c)(e)	39,000,000	39,000,000
Pacific Life Global Funding
	4/4/08	3.18 (b)(c)	3,000,000	3,000,596
PNC Bank NA, Pittsburgh
	5/6/08	3.35 (c)	7,000,000	7,000,000
Medium-Term Notes - continued
	Due Date	Yield (a)	Principal Amount	Value
RACERS
	4/22/08	2.75% (b)(c)	$ 15,000,000	$ 15,000,000
Royal Bank of Canada
	4/30/08	2.65 (c)	5,000,000	4,998,284
Royal Bank of Scotland PLC
	4/11/08 to 4/21/08	2.61 to 4.45 (b)(c)	12,000,000	11,999,935
Security Life of Denver Insurance Co.
	4/28/08	2.93 (c)(e)	2,000,000	2,000,000
Sigma Finance, Inc.
	6/30/08	2.64 (b)(c)	23,000,000	22,999,434
	8/1/08	5.4 (b)	12,000,000	12,000,000
Skandinaviska Enskilda Banken AB
	6/9/08 to 6/23/08	2.59 to 2.98 (b)(c)	26,000,000	25,998,875
Societe Generale
	4/2/08	3.12 (b)(c)	9,000,000	9,000,130
Southern Co.
	6/20/08	2.56 (c)	2,000,000	2,000,000
Svenska Handelsbanken AB
	4/7/08	4.21 (b)(c)	24,000,000	24,000,000
UniCredito Italiano Bank (Ireland) PLC
	4/9/08 to 4/15/08	2.84 to 4.43 (b)(c)	50,500,000	50,493,032
Verizon Communications, Inc.
	6/16/08	2.88 (c)	14,000,000	14,000,000
Wachovia Bank NA
	4/25/08 to 4/28/08	2.64 to 3.40 (c)	21,000,000	20,999,691
WestLB AG
	4/10/08 to 6/30/08	2.75 to 3.13 (b)(c)	13,000,000	13,000,000
Westpac Banking Corp.
	5/6/08 to 6/4/08	3.28 to 4.69 (b)(c)	47,000,000	46,992,672
	6/11/08	3.00 (c)	8,000,000	8,003,640
TOTAL MEDIUM-TERM NOTES				1,090,387,049
Short-Term Notes - 1.2%

Jackson National Life Insurance Co.
	4/2/08	4.81 (c)(e)	7,000,000	7,000,000
Metropolitan Life Insurance Co.
	4/2/08 to 5/1/08	3.53 to 4.85 (c)(e)	15,000,000	15,000,000
Monumental Life Insurance Co.
	4/1/08	3.26 to 3.29 (c)(e)	10,000,000	10,000,000
Transamerica Occidental Life Insurance Co.
	5/1/08	3.41 (c)(e)	10,000,000	10,000,000
TOTAL SHORT-TERM NOTES				42,000,000
Asset-Backed Securities - 0.4%
	Due Date	Yield (a)	Principal Amount	Value

Master Funding Trust I
	4/25/08 to 6/25/08	2.58 to 2.80% (b)(c)	$ 14,000,000	$ 14,000,000
Municipal Securities - 0.4%

Texas Gen. Oblig. Series E, 2.65%, VRDN
	4/7/08	2.65 (c)	13,560,000	13,560,000

Repurchase Agreements - 16.8%
	Maturity Amount
In a joint trading account at 2.88% dated 3/31/08 due 4/1/08 (Collateralized by U.S. Government Obligations) #	$ 997,080		997,000
With:
Banc of America Securities LLC At 3.25%, dated 3/31/08 due 4/1/08 (Collateralized by Equity Securities valued at $16,801,532)	16,001,444		16,000,000
Barclays Capital, Inc. At 3.2%, dated 3/31/08 due 4/1/08 (Collateralized by Equity Securities valued at $94,508,408)	90,008,000		90,000,000
Deutsche Bank Securities, Inc. At 3.2%, dated 3/31/08 due 4/1/08 (Collateralized by Corporate Obligations valued at $19,382,216, 5.75% - 12.5%, 12/1/09 - 10/1/17)	19,001,689		19,000,000
Dresdner Kleinwort Securities LLC At 3.25%, dated 3/28/08 due 4/4/08 (Collateralized by Corporate Obligations valued at $15,300,974, 3.5% - 5.35%, 12/8/09 - 12/31/49) (c)(d)	15,009,479		15,000,000
Goldman Sachs & Co. At:
3.06%, dated 2/14/08 due 8/13/08 (Collateralized by Commercial Paper Obligations valued at $21,505,573, 4/29/08)	21,323,085		21,000,000
3.2%, dated 2/4/08 due 5/5/08 (Collateralized by Corporate Obligations valued at $14,352,240, 2.89% - 5.54%, 10/25/36 - 3/23/51)	14,113,068		14,000,000
3.43%, dated 1/24/08 due 4/23/08 (Collateralized by Corporate Obligations valued at $14,795,376, 4%, 11/15/29)	14,120,050		14,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
With: - continued
Goldman Sachs & Co. At:
4.17%, dated 1/15/08 due 4/15/08 (Collateralized by Commercial Paper Obligations valued at $13,378,269, 4/28/08)	$ 13,137,031		$ 13,000,000
4.88%, dated 1/3/08 due 4/2/08 (Collateralized by Corporate Obligations valued at $27,629,477, 3.75%, 2/15/30)	26,317,200		26,000,000
Lehman Brothers, Inc. At:
3.22%, dated 3/31/08 due 4/1/08 (Collateralized by Corporate Obligations valued at $116,550,551, 1.33% - 11%, 10/1/09 - 12/31/38)	111,009,928		111,000,000
3.3%, dated 1/29/08 due 4/29/08 (Collateralized by Corporate Obligations valued at $14,361,316, 7.06%, 12/20/37)	14,116,783		14,000,000
4.6%, dated 1/7/08 due 4/8/08 (Collateralized by Corporate Obligations valued at $7,218,878, 7.06%, 12/20/37)	7,082,289		7,000,000
UBS Warburg LLC At:
2.8%, dated 3/25/08 due 4/30/08 (Collateralized by Corporate Obligations valued at $51,024,326, 2.91% - 5.7%, 5/25/35 - 3/20/36)	50,140,000		50,000,000
3.2%, dated 3/31/08 due 4/1/08:
(Collateralized by Corporate Obligations valued at $35,702,169, 5.35% - 7.7%, 7/30/10 - 3/15/12)	35,003,111		35,000,000
(Collateralized by Municipal Bond Obligations valued at $82,621,945, 5.28%, 12/1/38 - 12/1/43)	81,007,200		81,000,000
Wachovia Securities, Inc. At:
3.06%, dated 3/10/08 due 6/10/08 (Collateralized by Mortgage Loan Obligations valued at $22,091,234, 3.45% - 5.98%, 8/25/35 - 10/15/48)	21,164,220		21,000,000
3.18%, dated:
8/24/07 due 8/22/08 (Collateralized by Mortgage Loan Obligations valued at $21,072,302, 3.37% - 5.72%, 6/15/19 - 4/15/47) (c)(d)	20,643,067		20,000,000
2/19/08 due 5/19/08 (Collateralized by Mortgage Loan Obligations valued at $22,131,495, 2.91% - 5.72%, 4/7/08 - 2/15/38)	21,166,950		21,000,000

	Maturity Amount		Value
3.2%, dated 2/27/08 due 5/27/08 (Collateralized by Corporate Obligations valued at $11,254,917, 0% - 5.74%, 7/30/09 - 12/28/38)	$ 11,087,983		$ 11,000,000
TOTAL REPURCHASE AGREEMENTS		599,997,000

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $3,648,970,810)

3,648,970,810

NET OTHER ASSETS - (2.2)%			(80,088,238)
NET ASSETS - 100%		$ 3,568,882,572

Security Type Abbreviation

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 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 $714,397,689 or 20.0% of net assets.

(c) 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.

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

(e) 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 $173,000,000 or 4.8% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
Asset Funding Co. III LLC: 3.15%, 4/7/08	11/7/06	$ 13,000,000
3.16%, 4/7/08	8/29/06	$ 13,000,000
4.58%, 4/14/08	10/10/07	$ 19,000,000
Goldman Sachs Group, Inc.: 3.19%, 7/15/08	2/14/08	$ 20,000,000
3.23%, 6/16/08	2/14/08	$ 13,000,000
ING USA Annuity & Life Insurance Co. 5.14%, 4/24/08	6/23/05	$ 3,000,000
Jackson National Life Insurance Co. 4.81%, 4/2/08	3/31/03	$ 7,000,000
Lehman Brothers Holdings, Inc.: 3.11%, 4/11/08	1/10/07	$ 6,000,000
3.15%, 4/1/08	12/11/06	$ 3,000,000
Security	Acquisition Date	Cost
Metropolitan Life Insurance Co.: 3.53%, 5/1/08	2/24/03	$ 5,000,000
4.85%, 4/2/08	3/26/02	$ 10,000,000
Monumental Life Insurance Co.: 3.26%, 4/1/08	9/17/98	$ 5,000,000
3.29%, 4/1/08	3/12/99	$ 5,000,000
New York Life Insurance Co.: 2.86%, 6/30/08	3/28/08	$ 30,000,000
3.15%, 5/30/08	11/9/07	$ 9,000,000
Security Life of Denver Insurance Co. 2.93%, 4/28/08	8/26/05	$ 2,000,000
Transamerica Occidental Life Insurance Co. 3.41%, 5/1/08	4/28/00	$ 10,000,000

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

Repurchase Agreement / Counterparty	Value
$997,000 due 4/01/08 at 2.88%
BNP Paribas Securities Corp.	$ 277,401
Bank of America, NA	166,441
Barclays Capital, Inc.	44,384
Deutsche Bank Securities, Inc.	51,061
Dresdner Kleinwort Securities LLC	13,871
ING Financial Markets LLC	83,220
J.P. Morgan Securities, Inc.	166,441
Societe Generale, New York Branch	55,480
UBS Securities LLC	138,701
	$ 997,000

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 3,648,970,810	$ -	$ 3,648,970,810	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $3,648,970,810.

Quarterly Report

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Security transactions are accounted for as of trade date.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Strategic Income Portfolio

March 31, 2008

1.799886.104

VIPSI-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 29.1%
		Principal Amount (d)		Value
Convertible Bonds - 0.0%
INFORMATION TECHNOLOGY - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
ON Semiconductor Corp. 0% 4/15/24		$ 20,000		$ 18,076
Spansion, Inc. 2.25% 6/15/16 (g)		240,000		109,896
				127,972
Nonconvertible Bonds - 29.1%
CONSUMER DISCRETIONARY - 5.1%
Auto Components - 0.1%
Affinia Group, Inc. 9% 11/30/14		170,000		150,450
Visteon Corp. 7% 3/10/14		400,000		250,000
				400,450
Automobiles - 0.2%
DaimlerChrysler NA Holding Corp. 4.375% 3/16/10	EUR	100,000		155,923
General Motors Corp.:
7.125% 7/15/13		330,000		254,100
7.2% 1/15/11		345,000		288,075
General Motors Nova Scotia Finance Co. 8.875% 7/10/23	GBP	40,000		53,244
				751,342
Diversified Consumer Services - 0.1%
Affinion Group, Inc. 11.5% 10/15/15		175,000		168,875
Hotels, Restaurants & Leisure - 1.2%
Cap Cana SA 9.625% 11/3/13 (g)		100,000		92,000
Carrols Corp. 9% 1/15/13		355,000		319,500
Gaylord Entertainment Co.:
6.75% 11/15/14		130,000		114,400
8% 11/15/13		100,000		93,000
Mandalay Resort Group:
6.375% 12/15/11		80,000		76,000
6.5% 7/31/09		20,000		19,925
MGM Mirage, Inc.:
6% 10/1/09		40,000		39,700
6.625% 7/15/15		235,000		202,688
6.75% 9/1/12		335,000		309,456
6.75% 4/1/13		50,000		45,500
6.875% 4/1/16		75,000		65,063
7.5% 6/1/16		110,000		99,550
8.5% 9/15/10		50,000		51,500
Mohegan Tribal Gaming Authority 6.875% 2/15/15		100,000		80,500
OSI Restaurant Partners, Inc. 10% 6/15/15 (g)		705,000		440,625
Scientific Games Corp. 6.25% 12/15/12		40,000		37,000

		Principal Amount (d)		Value
Shingle Springs Tribal Gaming Authority 9.375% 6/15/15 (g)		$ 100,000		$ 86,000
Six Flags, Inc.:
8.875% 2/1/10		580,000		394,400
9.625% 6/1/14		75,000		42,000
9.75% 4/15/13		470,000		267,900
Speedway Motorsports, Inc. 6.75% 6/1/13		95,000		92,625
Station Casinos, Inc.:
6.5% 2/1/14		671,000		402,600
6.625% 3/15/18		765,000		439,875
6.875% 3/1/16		690,000		407,100
Town Sports International Holdings, Inc. 0% 2/1/14 (e)		23,000		20,815
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10		45,000		46,350
Vail Resorts, Inc. 6.75% 2/15/14		225,000		220,219
Virgin River Casino Corp./RBG LLC/B&BB, Inc.:
0% 1/15/13 (e)		230,000		126,500
9% 1/15/12		30,000		22,200
Waterford Gaming LLC/Waterford Gaming Finance Corp. 8.625% 9/15/14 (g)		83,000		74,700
				4,729,691
Household Durables - 0.0%
Urbi, Desarrollos Urbanos, SA de CV 8.5% 4/19/16 (g)		140,000		141,400
Leisure Equipment & Products - 0.0%
Riddell Bell Holdings, Inc. 8.375% 10/1/12		40,000		32,300
Media - 2.7%
AMC Entertainment, Inc. 11% 2/1/16		120,000		110,400
BSkyB Finance UK Ltd. 5.75% 10/20/17 (Reg. S)	GBP	75,000		136,678
Cablemas SA de CV 9.375% 11/15/15 (Reg. S)		500,000		546,250
CanWest Media, Inc. 8% 9/15/12		40,000		38,400
Charter Communications Holdings I LLC/Charter Communications Holdings I Capital Corp.:
11% 10/1/15		865,000		605,500
11% 10/1/15		85,000		59,075
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp.:
Series B, 10.25% 9/15/10		180,000		164,700
10.25% 9/15/10		130,000		119,600
Charter Communications Operating LLC/Charter Communications Operating Capital Corp. 10.875% 9/15/14 (g)		255,000		251,813
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Media - continued
CSC Holdings, Inc.:
6.75% 4/15/12		$ 70,000		$ 67,550
7.625% 7/15/18		264,000		240,900
7.875% 2/15/18		346,000		318,320
EchoStar Communications Corp.:
6.375% 10/1/11		45,000		43,200
6.625% 10/1/14		790,000		722,850
7.125% 2/1/16		1,995,000		1,855,350
Haights Cross Communications, Inc. 0% 8/15/11 (e)		20,000		15,800
iesy Repository GmbH 10.375% 2/15/15 (g)		50,000		45,250
Lamar Media Corp. 6.625% 8/15/15		770,000		677,600
Liberty Media Corp.:
5.7% 5/15/13		300,000		264,000
8.25% 2/1/30		805,000		675,568
8.5% 7/15/29		1,045,000		892,874
MediMedia USA, Inc. 11.375% 11/15/14 (g)		50,000		51,000
PanAmSat Corp.:
9% 8/15/14		405,000		409,050
9% 6/15/16		190,000		191,900
Rainbow National LLC & RNS Co. Corp.:
8.75% 9/1/12 (g)		110,000		112,200
10.375% 9/1/14 (g)		385,000		412,913
The Reader's Digest Association, Inc. 9% 2/15/17 (g)		160,000		113,600
TL Acquisitions, Inc. 10.5% 1/15/15 (g)		1,290,000		1,115,850
Videotron Ltee 6.875% 1/15/14		125,000		115,000
WPP Group plc 6% 4/4/17	GBP	75,000		137,370
				10,510,561
Specialty Retail - 0.6%
AutoNation, Inc.:
6.2575% 4/15/13 (i)		60,000		48,600
7% 4/15/14		255,000		230,138
Burlington Coat Factory Warehouse Corp. 11.125% 4/15/14		365,000		284,700
Claire's Stores, Inc.:
9.25% 6/1/15		425,000		266,688
9.625% 6/1/15 pay-in-kind		360,000		198,900
Michaels Stores, Inc.:
0% 11/1/16 (e)		30,000		13,650
10% 11/1/14		595,000		519,138
11.375% 11/1/16		535,000		418,638

		Principal Amount (d)		Value
Toys 'R' US, Inc. 7.875% 4/15/13		$ 195,000		$ 147,225
				2,127,677
Textiles, Apparel & Luxury Goods - 0.2%
Levi Strauss & Co.:
8.875% 4/1/16		385,000		366,713
9.75% 1/15/15		575,000		569,250
				935,963
TOTAL CONSUMER DISCRETIONARY				19,798,259
CONSUMER STAPLES - 0.5%
Beverages - 0.0%
Cerveceria Nacional Dominicana C por A 16% 3/27/12 (g)		100,000		94,520
Food & Staples Retailing - 0.1%
Rite Aid Corp.:
9.375% 12/15/15		170,000		131,750
9.5% 6/15/17		345,000		267,375
				399,125
Food Products - 0.2%
Bertin Ltda. 10.25% 10/5/16 (g)		100,000		101,250
Gruma SA de CV 7.75%		385,000		380,188
Hines Nurseries, Inc. 10.25% 10/1/11		120,000		75,600
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11		25,000		23,688
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp. 9.25% 4/1/15		35,000		30,975
Reddy Ice Holdings, Inc. 0% 11/1/12 (e)		130,000		107,900
Smithfield Foods, Inc. 7.75% 7/1/17		170,000		164,900
				884,501
Household Products - 0.1%
Central Garden & Pet Co. 9.125% 2/1/13		75,000		60,375
Procter & Gamble Co. 4.875% 10/24/11	EUR	100,000		159,930
				220,305
Personal Products - 0.0%
Elizabeth Arden, Inc. 7.75% 1/15/14		40,000		38,500
Tobacco - 0.1%
BAT Holdings BV 4.375% 9/15/14	EUR	115,000		165,313
TOTAL CONSUMER STAPLES				1,802,264
ENERGY - 3.4%
Energy Equipment & Services - 0.2%
CHC Helicopter Corp. 7.375% 5/1/14		240,000		240,000
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
ENERGY - continued
Energy Equipment & Services - continued
Complete Production Services, Inc. 8% 12/15/16		$ 130,000		$ 125,450
Helix Energy Solutions Group, Inc. 9.5% 1/15/16 (g)		240,000		239,400
Ocean Rig Norway AS 8.375% 7/1/13 (g)		60,000		66,900
Seabulk International, Inc. 9.5% 8/15/13		135,000		142,256
				814,006
Oil, Gas & Consumable Fuels - 3.2%
ANR Pipeline, Inc. 7.375% 2/15/24		115,000		127,650
Atlas Energy Operating Co. LLC/Financing Corp. 10.75% 2/1/18 (g)		245,000		248,675
Atlas Pipeline Partners LP 8.125% 12/15/15		365,000		368,650
Berry Petroleum Co. 8.25% 11/1/16		150,000		153,750
Chaparral Energy, Inc.:
8.5% 12/1/15		300,000		261,000
8.875% 2/1/17		250,000		216,875
Chesapeake Energy Corp.:
6.5% 8/15/17		460,000		442,750
6.875% 11/15/20		390,000		378,300
7.5% 9/15/13		40,000		40,850
7.5% 6/15/14		35,000		35,875
7.625% 7/15/13		1,000,000		1,025,000
Colorado Interstate Gas Co. 6.8% 11/15/15		260,000		271,318
Connacher Oil and Gas Ltd. 10.25% 12/15/15 (g)		270,000		272,025
Drummond Co., Inc. 7.375% 2/15/16 (g)		140,000		127,400
ENI SpA 4.75% 11/14/17	EUR	300,000		472,818
EXCO Resources, Inc. 7.25% 1/15/11		10,000		9,725
Gaz Capital SA (Luxembourg):
6.58% 10/31/13	GBP	50,000		91,982
6.605% 2/13/18	EUR	50,000		70,777
Harvest Operations Corp. 7.875% 10/15/11		50,000		46,375
InterNorth, Inc. 9.625% 3/16/06 (c)		100,000		17,000
Mariner Energy, Inc. 8% 5/15/17		80,000		77,200
Massey Energy Co. 6.875% 12/15/13		715,000		688,188
OPTI Canada, Inc. 7.875% 12/15/14		310,000		303,025
Peabody Energy Corp.:
7.375% 11/1/16		300,000		309,000
7.875% 11/1/26		300,000		297,000

		Principal Amount (d)		Value
Pemex Project Funding Master Trust:
5.75% 3/1/18 (g)		$ 110,000		$ 112,200
6.625% 6/15/35		170,000		174,675
6.625% 6/15/35 (g)		75,000		77,438
Petrohawk Energy Corp. 9.125% 7/15/13		600,000		615,000
Petroleos de Venezuela SA:
5.25% 4/12/17		1,105,000		721,013
5.375% 4/12/27		1,230,000		707,250
Petroleum Development Corp. 12% 2/15/18 (g)		265,000		274,275
Petrozuata Finance, Inc.:
7.63% 4/1/09 (g)		275,953		275,263
8.22% 4/1/17 (g)		519,845		528,942
Range Resources Corp. 7.375% 7/15/13		100,000		101,500
Ship Finance International Ltd. 8.5% 12/15/13		145,000		147,175
Southern Star Central Corp. 6.75% 3/1/16		90,000		86,400
Southwestern Energy Co. 7.5% 2/1/18 (g)		150,000		155,250
Targa Resources, Inc./Targa Resources Finance Corp. 8.5% 11/1/13		70,000		64,225
Tennessee Gas Pipeline Co.:
7% 10/15/28		20,000		19,928
7.5% 4/1/17		445,000		480,290
7.625% 4/1/37		50,000		52,364
8.375% 6/15/32		40,000		45,578
TNK-BP Finance SA:
6.125% 3/20/12		300,000		285,000
6.875% 7/18/11 (g)		300,000		295,140
Venoco, Inc. 8.75% 12/15/11		190,000		172,900
W&T Offshore, Inc. 8.25% 6/15/14 (g)		310,000		294,500
YPF SA 10% 11/2/28		340,000		358,700
				12,398,214
TOTAL ENERGY				13,212,220
FINANCIALS - 4.5%
Capital Markets - 0.1%
Lehman Brothers Holdings, Inc. 5.375% 10/17/12	EUR	100,000		139,256
Macquarie Bank Ltd. 5.404% 6/20/13 (i)	EUR	100,000		157,723
Nuveen Investments, Inc. 10.5% 11/15/15 (g)		140,000		118,300
				415,279
Commercial Banks - 1.4%
Alliance & Leicester PLC 4.25% 12/30/08	GBP	70,000		132,504
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Commercial Banks - continued
Allied Irish Banks PLC 5.158% 6/12/13 (i)	EUR	150,000		$ 234,091
Banca Popolare di Bergamo 8.364% (i)	EUR	125,000		203,693
Banca Popolare di Lodi Investor Trust III 6.742% (i)	EUR	50,000		69,206
Bancaja Emisiones SA 4.625% (i)	EUR	100,000		106,666
Banco de Credito Del Peru 7.17% 10/15/22 (g)(i)	PEN	730,000		263,087
City of Kiev 8.75% 8/8/08 (Issued by Dresdner Bank AG for City of Kiev)		$ 100,000		100,500
Development Bank of Philippines 8.375% (i)		300,000		311,250
Eksportfinans AS 4.375% 9/20/10	EUR	200,000		318,382
Ex-Im Ukraine 7.65% 9/7/11 (Issued by Credit Suisse London Branch for Ex-Im Ukraine)		600,000		601,500
EXIM of Ukraine 7.75% 9/23/09 (Issued by Dresdner Bank AG for EXIM Ukraine)		200,000		203,000
Export-Import Bank of India 1.4769% 6/7/12 (i)	JPY	20,000,000		199,829
Intesa Sanpaolo SpA 6.375% 11/12/17 (i)	GBP	100,000		197,433
Kyivstar GSM:
7.75% 4/27/12 (Issued by Dresdner Bank AG for Kyivstar GSM) (g)		625,000		628,125
10.375% 8/17/09 (Issued by Dresdner Bank AG for Kyivstar GSM) (g)		400,000		419,000
Rabobank Nederland 4.125% 4/4/12	EUR	500,000		780,752
Russian Standard Finance SA 6.825% 9/16/09	EUR	50,000		73,807
Standard Chartered Bank 5.018% 3/28/18 (i)	EUR	100,000		138,274
UBS Luxembourg SA (Reg. S) 8.375% 10/22/11		100,000		103,880
Vimpel Communications 8% 2/11/10 (Issued by UBS Luxembourg SA for Vimpel Communications)		200,000		205,260
				5,290,239
Consumer Finance - 0.3%
ACE Cash Express, Inc. 10.25% 10/1/14 (g)		80,000		76,000
Ford Motor Credit Co. LLC:
7% 10/1/13		180,000		140,400
7.875% 6/15/10		165,000		143,870
9.875% 8/10/11		380,000		338,866

		Principal Amount (d)		Value
GE Capital European Funding 4.75% 9/28/12	EUR	100,000		$ 155,988
General Motors Acceptance Corp.:
6.875% 9/15/11		$ 175,000		134,313
6.875% 8/28/12		190,000		144,387
SLM Corp.:
4.756% 6/15/09 (i)	EUR	50,000		69,561
4.806% 12/15/10 (i)	EUR	100,000		126,507
				1,329,892
Diversified Financial Services - 1.6%
AB Svensk Exportkredit 4.5% 6/7/10	EUR	200,000		317,886
BA Covered Bond 4.125% 4/5/12	EUR	300,000		464,099
Banca Italease SpA 4.574% 2/2/10 (i)	EUR	200,000		266,935
C10-EUR CAPITAL SPV Ltd. 6.277% 5/9/49 (i)	EUR	65,000		81,482
Canada Housing Trust No.1 4.65% 9/15/09	CAD	550,000		548,736
CCO Holdings LLC/CCO Holdings Capital Corp. 8.75% 11/15/13		260,000		222,950
CEMEX Finance Europe BV 4.75% 3/5/14	EUR	50,000		67,597
Dexia Municipal Agency 4.5% 11/13/17	EUR	600,000		951,422
GE Capital UK Funding 5.875% 11/1/12	GBP	450,000		913,780
Getin Finance PLC 6.359% 5/13/09 (i)	EUR	50,000		76,444
Global Cash Access LLC/Global Cash Access Finance Corp. 8.75% 3/15/12		238,000		232,645
IFIL Finanziaria di Partecipazioni SpA 5.375% 6/12/17	EUR	50,000		70,058
KAR Holdings, Inc.:
8.75% 5/1/14		120,000		106,800
10% 5/1/15		120,000		105,600
NCO Group, Inc. 11.875% 11/15/14		160,000		124,800
OAO TMK 8.5% 9/29/09 (Issued by TMK Capital SA for OAO TMK)		900,000		919,080
Pakistan International Sukuk Co. Ltd. 5.35% 1/27/10 (i)		200,000		194,000
TransCapitalInvest Ltd. 5.381% 6/27/12 (Reg. S)	EUR	150,000		227,567
WaMu Covered Bond Program 4.375% 5/19/14	EUR	200,000		301,080
				6,192,961
Insurance - 0.1%
Eureko BV 5.125% (i)	EUR	100,000		133,407
JPMorgan Bank Luxembourg SA 5% (i)	EUR	100,000		128,009
Muenchener Rueckversicherungs-Gesellschaft AG 5.767% (i)	EUR	100,000		135,539
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Insurance - continued
Old Mutual plc 4.5% 1/18/17 (i)	EUR	50,000		$ 70,011
Resolution PLC 6.5864% (i)	GBP	80,000		102,864
				569,830
Real Estate Investment Trusts - 0.2%
BF Saul REIT 7.5% 3/1/14		$ 95,000		87,400
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (g)		330,000		287,100
Senior Housing Properties Trust:
7.875% 4/15/15		180,000		180,900
8.625% 1/15/12		280,000		287,700
				843,100
Real Estate Management & Development - 0.6%
American Real Estate Partners/American Real Estate Finance Corp. 7.125% 2/15/13		115,000		104,363
Inversiones y Representaciones SA 8.5% 2/2/17 (g)		350,000		284,375
Realogy Corp.:
10.5% 4/15/14		1,605,000		1,071,338
11% 4/15/14 pay-in-kind		1,020,000		581,400
12.375% 4/15/15		115,000		50,025
WT Finance (Aust) Pty Ltd./Westfield Europe Finance PLC/WEA Finance 3.625% 6/27/12	EUR	75,000		103,967
				2,195,468
Thrifts & Mortgage Finance - 0.2%
Compagnie de Financement Foncier 4.625% 9/23/17	EUR	325,000		521,705
Residential Capital Corp.:
6% 2/22/11		45,000		22,050
6.5975% 4/17/09 (i)		20,000		11,400
7.625% 11/21/08		40,000		27,600
Residential Capital LLC:
6.1925% 5/22/09 (i)		105,000		59,850
8% 6/1/12 (i)		130,000		63,700
				706,305
TOTAL FINANCIALS				17,543,074
HEALTH CARE - 1.7%
Health Care Equipment & Supplies - 0.1%
Bausch & Lomb, Inc. 9.875% 11/1/15 (g)		420,000		425,250
Invacare Corp. 9.75% 2/15/15		90,000		90,225
				515,475
Health Care Providers & Services - 1.5%
Cardinal Health, Inc. 9.5% 4/15/15 pay-in-kind (g)		730,000		598,600

		Principal Amount (d)		Value
CRC Health Group, Inc. 10.75% 2/1/16		$ 90,000		$ 85,500
DaVita, Inc. 6.625% 3/15/13		340,000		331,500
Fresenius Medical Care Capital Trust IV 7.875% 6/15/11		125,000		129,688
HCA, Inc.:
9.125% 11/15/14		725,000		743,125
9.25% 11/15/16		650,000		671,125
9.625% 11/15/16 pay-in-kind		330,000		340,725
IASIS Healthcare LLC/IASIS Capital Corp. 8.75% 6/15/14		90,000		88,650
Rural/Metro Corp. 9.875% 3/15/15		80,000		69,600
Skilled Healthcare Group, Inc. 11% 1/15/14		78,000		81,900
Sun Healthcare Group, Inc. 9.125% 4/15/15		30,000		29,325
Team Finance LLC/Health Finance Corp. 11.25% 12/1/13		650,000		611,000
Tenet Healthcare Corp.:
9.25% 2/1/15		610,000		570,350
9.875% 7/1/14		1,120,000		1,078,000
U.S. Oncology, Inc. 9% 8/15/12		150,000		148,500
Vanguard Health Holding Co. I, LLC 0% 10/1/15 (e)		40,000		30,400
Vanguard Health Holding Co. II LLC 9% 10/1/14		355,000		340,800
				5,948,788
Life Sciences Tools & Services - 0.0%
Bio-Rad Laboratories, Inc. 7.5% 8/15/13		70,000		71,050
Pharmaceuticals - 0.1%
Elan Finance PLC/Elan Finance Corp. 7.75% 11/15/11		65,000		60,775
Leiner Health Products, Inc. 11% 6/1/12 (c)		90,000		900
Schering-Plough Corp. 5.375% 10/1/14	EUR	130,000		195,232
				256,907
TOTAL HEALTH CARE				6,792,220
INDUSTRIALS - 1.8%
Aerospace & Defense - 0.1%
Alion Science & Technology Corp. 10.25% 2/1/15		50,000		28,500
Hexcel Corp. 6.75% 2/1/15		100,000		97,000
Orbimage Holdings, Inc. 14.2175% 7/1/12 (i)		100,000		105,000
				230,500
Airlines - 0.3%
Continental Airlines, Inc. 6.903% 4/19/22		50,000		40,500
Delta Air Lines, Inc.:
7.9% 12/15/09 (a)		750,000		30,000
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
INDUSTRIALS - continued
Airlines - continued
Delta Air Lines, Inc.: - continued
10% 8/15/08 (a)		$ 70,000		$ 2,800
Delta Air Lines, Inc. pass-thru trust certificates:
6.821% 8/10/22 (g)		637,210		634,912
8.021% 8/10/22 (g)		305,371		283,995
Northwest Airlines Corp. 10% 2/1/09 (a)		105,000		2,100
Northwest Airlines, Inc.:
7.875% 3/15/49 (a)		90,000		2,700
8.875% 6/1/06 (a)		80,000		1,600
Northwest Airlines, Inc. pass-thru trust certificates:
7.027% 11/1/19		132,000		125,730
8.028% 11/1/17		70,000		63,000
				1,187,337
Building Products - 0.1%
Compagnie de St. Gobain 4.847% 4/11/12 (i)	EUR	100,000		148,499
NTK Holdings, Inc. 0% 3/1/14 (e)		455,000		222,950
				371,449
Commercial Services & Supplies - 0.4%
ALH Finance LLC/ALH Finance Corp. 8.5% 1/15/13		10,000		9,075
Allied Security Escrow Corp. 11.375% 7/15/11		100,000		86,000
Allied Waste North America, Inc. 7.125% 5/15/16		295,000		293,525
Browning-Ferris Industries, Inc.:
7.4% 9/15/35		75,000		67,500
9.25% 5/1/21		100,000		100,250
FTI Consulting, Inc.:
7.625% 6/15/13		50,000		51,500
7.75% 10/1/16		80,000		82,800
Mac-Gray Corp. 7.625% 8/15/15		40,000		38,000
Rental Service Corp. 9.5% 12/1/14		265,000		222,600
West Corp. 9.5% 10/15/14		475,000		425,125
				1,376,375
Construction & Engineering - 0.0%
Blount, Inc. 8.875% 8/1/12		50,000		49,125
Obrascon Huarte Lain SA 5% 5/18/12	EUR	100,000		149,400
				198,525
Electrical Equipment - 0.0%
Coleman Cable, Inc. 9.875% 10/1/12		60,000		50,400

		Principal Amount (d)		Value
General Cable Corp. 7.125% 4/1/17		$ 40,000		$ 38,400
Sensus Metering Systems, Inc. 8.625% 12/15/13		60,000		57,000
				145,800
Industrial Conglomerates - 0.1%
Hutchison Whampoa Finance 06 Ltd. 4.625% 9/21/16	EUR	150,000		205,387
Siemens Financieringsmaatschap NV 6.125% 9/14/66 (i)	GBP	50,000		89,926
				295,313
Machinery - 0.3%
Chart Industries, Inc. 9.125% 10/15/15		60,000		58,800
RBS Global, Inc. / Rexnord Corp.:
8.875% 9/1/16		85,000		75,650
9.5% 8/1/14		705,000		655,650
11.75% 8/1/16		300,000		267,000
				1,057,100
Marine - 0.1%
CMA CGM SA 5.5% 5/16/12 (Reg. S)	EUR	50,000		67,187
Navios Maritime Holdings, Inc. 9.5% 12/15/14		230,000		225,400
Ultrapetrol (Bahamas) Ltd. 9% 11/24/14		80,000		72,000
US Shipping Partners LP 13% 8/15/14		170,000		154,700
				519,287
Road & Rail - 0.2%
Kansas City Southern de Mexico, SA de CV:
7.375% 6/1/14 (g)		100,000		92,250
7.625% 12/1/13		100,000		94,000
Kansas City Southern Railway Co.:
7.5% 6/15/09		340,000		343,400
9.5% 10/1/08		45,000		46,125
TFM SA de CV 9.375% 5/1/12		300,000		312,000
				887,775
Trading Companies & Distributors - 0.2%
Glencore Finance (Europe) SA:
5.375% 9/30/11	EUR	50,000		75,931
6.5% 2/27/19	GBP	200,000		342,708
Penhall International Corp. 12% 8/1/14 (g)		80,000		64,000
VWR Funding, Inc. 10.25% 7/15/15		435,000		404,550
				887,189
TOTAL INDUSTRIALS				7,156,650
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
INFORMATION TECHNOLOGY - 3.3%
Communications Equipment - 0.6%
Hughes Network Systems LLC / HNS Finance Corp. 9.5% 4/15/14		$ 320,000		$ 318,400
Lucent Technologies, Inc.:
6.45% 3/15/29		820,000		584,250
6.5% 1/15/28		395,000		281,438
Nortel Networks Corp.:
8.5075% 7/15/11 (i)		190,000		163,400
10.125% 7/15/13		190,000		174,325
10.75% 7/15/16		690,000		631,350
				2,153,163
Electronic Equipment & Instruments - 0.4%
NXP BV 9.5% 10/15/15		1,330,000		1,097,250
Texas Competitive Electric Holdings Co. LLC Series A, 10.25% 11/1/15 (g)		565,000		563,588
				1,660,838
IT Services - 0.6%
Ceridian Corp.:
11.25% 11/15/15 (g)		230,000		197,800
12.25% 11/15/15 pay-in-kind (g)		200,000		166,000
Iron Mountain, Inc.:
6.625% 1/1/16		480,000		457,200
7.75% 1/15/15		180,000		180,900
8.625% 4/1/13		185,000		186,850
8.75% 7/15/18		785,000		814,438
SunGard Data Systems, Inc. 9.125% 8/15/13		260,000		263,900
Unisys Corp.:
8% 10/15/12		65,000		55,900
12.5% 1/15/16		210,000		206,850
				2,529,838
Office Electronics - 0.4%
Xerox Capital Trust I 8% 2/1/27		480,000		472,800
Xerox Corp.:
6.4% 3/15/16		600,000		616,656
7.625% 6/15/13		290,000		298,700
				1,388,156
Semiconductors & Semiconductor Equipment - 1.3%
Amkor Technology, Inc. 9.25% 6/1/16		600,000		577,500
ASML Holding NV 5.75% 6/13/17	EUR	200,000		264,624
Avago Technologies Finance Ltd.:
8.5756% 6/1/13 (i)		44,000		43,890
10.125% 12/1/13		695,000		736,700
11.875% 12/1/15		505,000		535,300

		Principal Amount (d)		Value
Freescale Semiconductor, Inc.:
8.875% 12/15/14		$ 1,520,000		$ 1,189,400
9.125% 12/15/14 pay-in-kind		1,750,000		1,275,400
10.125% 12/15/16		355,000		239,625
MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co. 6.05% 12/15/11 (i)		40,000		28,400
New ASAT Finance Ltd. 9.25% 2/1/11		105,000		78,750
Viasystems, Inc. 10.5% 1/15/11		140,000		134,400
				5,103,989
Software - 0.0%
Open Solutions, Inc. 9.75% 2/1/15 (g)		50,000		39,500
TOTAL INFORMATION TECHNOLOGY				12,875,484
MATERIALS - 2.8%
Chemicals - 0.6%
America Rock Salt Co. LLC 9.5% 3/15/14		225,000		230,625
Bayer AG 4.698% 4/10/10 (i)	EUR	50,000		77,935
Georgia Gulf Corp. 9.5% 10/15/14		110,000		85,250
Huntsman LLC 11.625% 10/15/10		182,000		192,465
JohnsonDiversey Holdings, Inc. 10.67% 5/15/13		235,000		225,013
MacDermid, Inc. 9.5% 4/15/17 (g)		40,000		36,400
Momentive Performance Materials, Inc.:
9.75% 12/1/14		495,000		444,263
10.125% 12/1/14 pay-in-kind		520,000		449,800
11.5% 12/1/16		345,000		263,925
SABIC Europe BV 4.5% 11/28/13	EUR	50,000		71,506
Sterling Chemicals, Inc. 10.25% 4/1/15 (g)		90,000		90,000
				2,167,182
Construction Materials - 0.0%
Lafarge SA 6.625% 11/29/17	GBP	100,000		185,381
Containers & Packaging - 0.6%
AEP Industries, Inc. 7.875% 3/15/13		40,000		36,400
Berry Plastics Holding Corp.:
8.875% 9/15/14		365,000		317,550
10.25% 3/1/16		270,000		207,900
BWAY Corp. 10% 10/15/10		90,000		85,275
Constar International, Inc. 11% 12/1/12		170,000		102,000
Crown Cork & Seal, Inc.:
7.5% 12/15/96		160,000		122,800
8% 4/15/23		235,000		217,963
Owens-Brockway Glass Container, Inc.:
6.75% 12/1/14		105,000		105,263
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
MATERIALS - continued
Containers & Packaging - continued
Owens-Brockway Glass Container, Inc.: - continued
8.25% 5/15/13		$ 195,000		$ 202,800
Rexam PLC 4.375% 3/15/13	EUR	100,000		138,950
Tekni-Plex, Inc. 10.875% 8/15/12		60,000		62,100
Vitro SAB de CV:
8.625% 2/1/12		635,000		581,025
9.125% 2/1/17		120,000		99,000
				2,279,026
Metals & Mining - 1.5%
Aleris International, Inc. 9% 12/15/14		150,000		109,500
CAP SA 7.375% 9/15/36 (g)		100,000		95,800
Compass Minerals International, Inc. 0% 6/1/13 (e)		360,000		370,800
Corporacion Nacional del Cobre (Codelco) 6.15% 10/24/36 (g)		175,000		174,475
CSN Islands VIII Corp. 9.75% 12/16/13 (g)		315,000		359,888
CSN Islands X Corp. (Reg. S) 9.5%		30,000		31,425
Evraz Group SA 8.25% 11/10/15 (Reg. S)		300,000		294,000
FMG Finance Property Ltd.:
10% 9/1/13 (g)		225,000		238,500
10.625% 9/1/16 (g)		557,000		619,663
Freeport-McMoRan Copper & Gold, Inc.:
6.875% 2/1/14		370,000		378,325
8.25% 4/1/15		510,000		536,775
8.375% 4/1/17		1,115,000		1,181,900
8.3944% 4/1/15 (i)		515,000		507,275
Gerdau AmeriSteel Corp./GUSAP Partners 10.375% 7/15/11		70,000		73,500
Gerdau SA 8.875% (g)		125,000		132,188
International Steel Group, Inc. 6.5% 4/15/14		445,000		455,013
Ispat Inland ULC 9.75% 4/1/14		20,000		21,500
PNA Intermediate Holding Corp. 10.065% 2/15/13 pay-in-kind (i)		90,000		72,000
RathGibson, Inc. 11.25% 2/15/14		305,000		297,375
				5,949,902
Paper & Forest Products - 0.1%
Abitibi-Consolidated, Inc. 13.75% 4/1/11 (g)		285,000		287,850

		Principal Amount (d)		Value
Glatfelter 7.125% 5/1/16		$ 40,000		$ 39,000
NewPage Corp. 9.4894% 5/1/12 (i)		90,000		88,650
				415,500
TOTAL MATERIALS				10,996,991
TELECOMMUNICATION SERVICES - 3.3%
Diversified Telecommunication Services - 1.6%
British Telecommunications PLC 7.75% 12/7/16	GBP	60,000		131,722
Citizens Communications Co.:
7.875% 1/15/27		370,000		316,350
9% 8/15/31		445,000		389,375
Deutsche Telekom International Finance BV 6.625% 7/11/11 (i)	EUR	50,000		82,030
Embarq Corp.:
7.082% 6/1/16		55,000		52,071
7.995% 6/1/36		478,000		436,537
Indosat Finance Co. BV 7.75% 11/5/10		250,000		253,750
Intelsat Ltd.:
9.25% 6/15/16		120,000		121,200
11.25% 6/15/16		970,000		984,550
Level 3 Financing, Inc. 8.75% 2/15/17		560,000		421,400
Nordic Telephone Co. Holdings ApS 8.875% 5/1/16 (g)		285,000		277,875
NTL Cable PLC:
8.75% 4/15/14		215,000		191,888
9.125% 8/15/16		105,000		95,550
Qwest Corp. 7.5% 10/1/14		50,000		48,500
Telecom Egypt SAE 9.672% 2/4/10 (i)	EGP	157,040		29,480
Telecom Italia SpA 6.375% 6/24/19	GBP	50,000		90,939
Telefonica Emisiones SAU 5.375% 2/2/26	GBP	50,000		83,068
U.S. West Communications:
6.875% 9/15/33		1,620,000		1,296,000
7.25% 10/15/35		70,000		58,100
Wind Acquisition Finance SA 10.75% 12/1/15 (g)		865,000		882,300
				6,242,685
Wireless Telecommunication Services - 1.7%
American Tower Corp. 7.125% 10/15/12		685,000		700,413
Centennial Cellular Operating Co./Centennial Communications Corp. 10.125% 6/15/13		440,000		437,800
Centennial Communications Corp./Centennial Cellular Operating Co. LLC/Centennial Puerto Rico Operations Corp. 8.125% 2/1/14		270,000		252,450
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
Cricket Communications, Inc.:
9.375% 11/1/14		$ 415,000		$ 392,175
9.375% 11/1/14 (g)		175,000		165,375
Digicel Group Ltd. 9.25% 9/1/12 (g)		300,000		297,750
Intelsat Subsidiary Holding Co. Ltd.:
8.25% 1/15/13		235,000		237,350
8.625% 1/15/15 (i)		274,000		276,740
MetroPCS Wireless, Inc. 9.25% 11/1/14		785,000		722,200
Millicom International Cellular SA 10% 12/1/13		1,130,000		1,203,450
Nextel Communications, Inc.:
5.95% 3/15/14		500,000		370,000
7.375% 8/1/15		730,000		562,100
Pakistan Mobile Communications Ltd. 8.625% 11/13/13 (g)		350,000		309,750
Telecom Personal SA 9.25% 12/22/10 (g)		715,000		735,521
				6,663,074
TOTAL TELECOMMUNICATION SERVICES				12,905,759
UTILITIES - 2.7%
Electric Utilities - 1.0%
Abu Dhabi National Energy Co. Pjsc 4.375% 10/28/13	EUR	100,000		146,021
AES Gener SA 7.5% 3/25/14		200,000		211,000
Chivor SA E.S.P. 9.75% 12/30/14 (g)		200,000		218,500
Edison Mission Energy:
7.5% 6/15/13		780,000		797,550
7.75% 6/15/16		275,000		284,625
Energy Future Holdings:
10.875% 11/1/17 (g)		900,000		909,000
11.25% 11/1/17 pay-in-kind (g)		460,000		453,100
Intergen NV 9% 6/30/17 (g)		450,000		465,750
National Power Corp. 6.875% 11/2/16 (g)		400,000		404,000
				3,889,546
Gas Utilities - 0.5%
Intergas Finance BV:
6.375% 5/14/17 (Reg. S)		600,000		525,000
6.875% 11/4/11 (Reg. S)		475,000		465,500
Southern Natural Gas Co.:
7.35% 2/15/31		190,000		196,584
8% 3/1/32		410,000		451,053

		Principal Amount (d)		Value
Transportadora de Gas del Sur SA 7.875% 5/14/17 (g)		$ 535,000		$ 430,675
				2,068,812
Independent Power Producers & Energy Traders - 1.1%
AES Corp.:
7.75% 10/15/15		1,105,000		1,113,288
8% 10/15/17		790,000		796,913
Enron Corp. 7.625% 9/10/04 (c)		400,000		70,000
NRG Energy, Inc.:
7.25% 2/1/14		325,000		319,313
7.375% 2/1/16		580,000		565,500
Reliant Energy, Inc.:
7.625% 6/15/14		270,000		267,300
7.875% 6/15/17		1,220,000		1,220,000
Tenaska Alabama Partners LP 7% 6/30/21 (g)		91,526		86,034
				4,438,348
Multi-Utilities - 0.1%
Aquila, Inc. 14.875% 7/1/12		120,000		147,600
Utilicorp United, Inc. 9.95% 2/1/11 (i)		3,000		3,090
Veolia Environnement 6.125% 10/29/37	GBP	50,000		95,381
				246,071
TOTAL UTILITIES				10,642,777
TOTAL NONCONVERTIBLE BONDS				113,725,698
TOTAL CORPORATE BONDS (Cost $120,106,498)			113,853,670
U.S. Government and Government Agency Obligations - 21.1%

U.S. Government Agency Obligations - 4.3%
Fannie Mae:
3.25% 2/10/10		4,115,000		4,187,008
3.625% 2/12/13		1,085,000		1,103,742
3.875% 12/10/09		3,360,000		3,449,250
4.25% 5/15/09		40,000		40,882
4.875% 5/18/12		1,250,000		1,337,719
5.125% 9/2/08		950,000		960,701
6% 5/15/11		900,000		983,948
Freddie Mac:
3.5% 5/29/13		1,800,000		1,811,930
3.625% 9/15/08		1,382,000		1,389,803
4.125% 11/30/09		1,400,000		1,442,122
5.25% 7/18/11		5,000		5,376
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS				16,712,481
U.S. Government and Government Agency Obligations - continued
		Principal Amount (d)		Value
U.S. Treasury Inflation Protected Obligations - 0.4%
U.S. Treasury Inflation-Indexed Notes 2% 4/15/12		$ 1,560,060		$ 1,679,024
U.S. Treasury Obligations - 16.4%
U.S. Treasury Bonds:
4.75% 2/15/37		250,000		268,887
6.125% 8/15/29		6,971,000		8,728,452
6.25% 8/15/23		4,200,000		5,169,608
U.S. Treasury Notes:
1.75% 3/31/10 (m)		7,372,000		7,387,512
2% 2/28/10 (m)		6,311,000		6,354,333
2.125% 1/31/10		695,000		700,919
2.75% 2/28/13 (m)		12,741,000		12,908,924
3.5% 2/15/18		805,000		809,654
3.875% 10/31/12		2,000,000		2,126,094
4.25% 11/15/17		4,550,000		4,854,636
4.5% 5/15/17		1,000,000		1,086,719
4.625% 7/31/12		200,000		218,625
4.75% 8/15/17		6,447,000		7,132,999
5.125% 5/15/16		5,515,000		6,282,793
TOTAL U.S. TREASURY OBLIGATIONS				64,030,155
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $80,863,861)			82,421,660
U.S. Government Agency - Mortgage Securities - 10.6%

Fannie Mae - 7.9%
3.599% 9/1/33 (i)		36,684		36,652
3.718% 6/1/33 (i)		116,559		116,615
3.785% 6/1/33 (i)		127,234		126,675
3.887% 5/1/33 (i)		36,412		36,302
3.908% 5/1/34 (i)		56,135		56,130
3.928% 9/1/33 (i)		109,153		109,111
3.935% 5/1/34 (i)		39,499		39,475
3.957% 8/1/33 (i)		50,347		50,350
3.964% 9/1/33 (i)		61,325		61,218
3.999% 4/1/34 (i)		120,289		120,400
4% 9/1/13 to 10/1/20		268,006		262,787
4% 3/1/34 (i)		112,221		112,304
4.025% 3/1/34 (i)		214,856		214,826
4.026% 6/1/34 (i)		84,673		84,649
4.114% 4/1/34 (i)		133,476		133,184
4.116% 5/1/34 (i)		110,592		110,510

		Principal Amount (d)		Value
4.175% 9/1/33 (i)		$ 75,086		$ 75,061
4.189% 11/1/34 (i)		105,901		105,733
4.191% 6/1/34 (i)		94,222		94,206
4.255% 6/1/33 (i)		119,068		119,021
4.269% 8/1/33 (i)		50,828		50,697
4.31% 1/1/35 (i)		104,406		105,621
4.343% 10/1/19 (i)		11,395		11,517
4.373% 1/1/34 (i)		151,068		150,916
4.405% 10/1/33 (i)		58,000		58,869
4.428% 11/1/33 (i)		12,180		12,209
4.44% 1/1/34 (i)		62,171		61,954
4.457% 8/1/35 (i)		174,922		174,296
4.473% 12/1/34 (i)		7,865		7,965
4.487% 1/1/35 (i)		66,538		67,460
4.49% 3/1/35 (i)		309,570		310,121
4.5% 3/1/18 to 9/1/18		325,385		326,378
4.517% 5/1/35 (i)		481,285		481,910
4.558% 5/1/35 (i)		151,110		151,021
4.571% 1/1/35 (i)		102,262		103,682
4.612% 2/1/36 (i)		160,929		162,476
4.641% 8/1/35 (i)		130,672		131,578
4.644% 10/1/34 (i)		37,948		38,444
4.668% 6/1/35 (i)		40,287		40,280
4.687% 9/1/34 (i)		161,939		164,168
4.692% 2/1/35 (i)		165,663		168,191
4.709% 8/1/35 (i)		60,289		60,313
4.717% 2/1/35 (i)		81,560		82,825
4.721% 12/1/35 (i)		367,361		372,127
4.733% 5/1/35 (i)		79,266		79,445
4.75% 7/1/35 (i)		43,421		44,127
4.759% 8/1/34 (i)		192,939		193,043
4.76% 1/1/35 (i)		57,785		58,567
4.764% 3/1/35 (i)		68,600		69,695
4.769% 7/1/35 (i)		43,799		44,542
4.772% 12/1/35 (i)		37,272		37,344
4.788% 6/1/35 (i)		63,782		64,765
4.788% 7/1/35 (i)		50,756		51,626
4.807% 4/1/35 (i)		98,624		99,071
4.826% 9/1/34 (i)		51,202		51,882
4.832% 10/1/34 (i)		114,469		115,986
4.835% 9/1/34 (i)		110,532		112,027
4.845% 1/1/35 (i)		43,598		43,782
4.85% 7/1/34 (i)		45,108		45,315
4.854% 7/1/35 (i)		73,456		74,754
4.883% 5/1/35 (i)		16,184		16,466
4.884% 11/1/35 (i)		93,844		94,297
4.885% 10/1/35 (i)		16,833		16,825
4.904% 3/1/33 (i)		35,556		36,085
4.932% 8/1/34 (i)		110,189		111,727
4.952% 3/1/35 (i)		63,165		64,195
4.971% 2/1/35 (i)		66,556		67,644
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount (d)		Value
Fannie Mae - continued
4.981% 11/1/35 (i)		$ 82,679		$ 82,924
4.996% 2/1/34 (i)		85,501		87,274
5% 6/1/14 to 2/1/38 (h)		11,568,540		11,466,970
5% 4/1/23 (h)		1,000,000		1,009,375
5% 1/1/38		1,450,000		1,435,726
5.019% 12/1/32 (i)		77,257		78,515
5.019% 5/1/35 (i)		126,059		128,375
5.037% 10/1/35 (i)		74,000		75,459
5.087% 7/1/34 (i)		18,337		18,591
5.106% 10/1/35 (i)		38,249		39,038
5.128% 8/1/34 (i)		74,640		75,761
5.131% 10/1/35 (i)		45,335		46,186
5.137% 8/1/36 (i)		243,136		244,449
5.165% 3/1/36 (i)		126,509		129,187
5.204% 7/1/35 (i)		150,291		153,412
5.21% 5/1/35 (i)		54,577		55,660
5.264% 12/1/36 (i)		26,661		27,160
5.278% 7/1/35 (i)		318,545		324,881
5.294% 4/1/36 (i)		50,915		51,576
5.305% 3/1/36 (i)		340,098		347,963
5.312% 7/1/35 (i)		20,857		21,281
5.326% 2/1/36 (i)		14,735		14,804
5.357% 1/1/36 (i)		134,321		135,137
5.37% 2/1/36 (i)		83,535		84,101
5.37% 2/1/37 (i)		30,843		31,514
5.372% 3/1/37 (i)		407,748		415,157
5.395% 2/1/37 (i)		156,778		159,907
5.459% 2/1/37 (i)		218,515		223,517
5.485% 6/1/47 (i)		24,361		24,864
5.5% 12/1/13 to 6/1/20 (h)		3,339,961		3,432,961
5.523% 11/1/36 (i)		39,461		40,158
5.59% 2/1/36 (i)		38,548		39,542
5.616% 4/1/37 (i)		146,116		149,290
5.649% 4/1/36 (i)		139,061		142,727
5.665% 6/1/36 (i)		85,818		88,006
5.788% 5/1/36 (i)		29,225		29,952
5.79% 3/1/36 (i)		296,881		304,796
5.796% 1/1/36 (i)		30,412		31,242
5.826% 5/1/36 (i)		211,730		217,455
5.865% 6/1/35 (i)		118,336		121,326
5.884% 9/1/36 (i)		64,096		65,417
5.893% 12/1/36 (i)		56,122		57,785
5.923% 5/1/36 (i)		96,170		98,799
5.966% 5/1/36 (i)		34,836		35,878
6% 5/1/12 to 6/1/30		1,022,318		1,058,603
6.011% 4/1/36 (i)		559,570		575,500
6.104% 3/1/37 (i)		61,536		63,536
6.159% 4/1/36 (i)		63,277		65,185
6.224% 6/1/36 (i)		10,185		10,336
6.226% 3/1/37 (i)		19,986		20,653

		Principal Amount (d)		Value
6.5% 4/1/12 to 9/1/32		$ 262,578		$ 274,104
7.5% 5/1/37		41,621		44,024
TOTAL FANNIE MAE				30,909,476
Freddie Mac - 2.7%
3.378% 7/1/33 (i)		93,907		93,371
3.986% 5/1/33 (i)		156,322		156,369
4% 5/1/19 to 11/1/20		275,878		268,856
4.004% 4/1/34 (i)		196,323		195,284
4.079% 7/1/35 (i)		79,101		78,857
4.17% 1/1/35 (i)		169,636		169,560
4.493% 6/1/35 (i)		403,708		403,035
4.5% 2/1/18 to 8/1/33		331,876		331,291
4.641% 6/1/33 (i)		50,660		50,308
4.679% 5/1/35 (i)		108,575		107,987
4.697% 9/1/36 (i)		35,553		35,568
4.787% 2/1/36 (i)		16,036		16,270
4.807% 3/1/35 (i)		33,360		33,729
4.869% 10/1/35 (i)		67,411		67,785
4.949% 10/1/36 (i)		72,404		73,197
5% 7/1/18 to 7/1/19		1,169,966		1,190,448
5.022% 4/1/35 (i)		4,696		4,779
5.025% 4/1/35 (i)		131,065		133,605
5.027% 1/1/37 (i)		295,320		299,644
5.031% 7/1/35 (i)		189,787		192,486
5.112% 4/1/35 (i)		133,516		134,085
5.117% 7/1/35 (i)		45,321		46,193
5.276% 12/1/33 (i)		140,094		140,421
5.332% 9/1/35 (i)		39,941		40,700
5.43% 3/1/37 (i)		25,534		25,964
5.493% 1/1/36 (i)		39,629		40,501
5.5% 8/1/14 to 6/1/20		1,085,378		1,115,790
5.515% 4/1/37 (i)		32,526		33,141
5.591% 3/1/36 (i)		235,128		240,197
5.754% 5/1/37 (i)		274,024		279,897
5.763% 10/1/35 (i)		15,814		16,166
5.77% 1/1/36 (i)		23,566		24,075
5.778% 3/1/37 (i)		131,333		133,811
5.794% 4/1/37 (i)		128,157		130,905
5.816% 5/1/37 (i)		151,132		154,348
5.829% 5/1/37 (i)		41,692		42,571
5.85% 5/1/37 (i)		22,805		23,255
5.851% 6/1/37 (i)		94,237		96,357
5.872% 7/1/36 (i)		768,008		787,402
5.945% 4/1/36 (i)		437,068		448,165
6% 10/1/16 to 2/1/19		493,596		513,297
6.016% 6/1/36 (i)		44,220		45,359
6.042% 1/1/37 (i)		117,735		120,161
6.124% 12/1/36 (i)		290,850		297,068
6.141% 2/1/37 (i)		34,750		35,649
6.188% 7/1/36 (i)		169,776		174,785
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount (d)		Value
Freddie Mac - continued
6.224% 5/1/36 (i)		$ 35,524		$ 36,547
6.257% 6/1/37 (i)		25,822		26,551
6.287% 12/1/36 (i)		84,728		87,232
6.342% 7/1/36 (i)		45,821		47,207
6.417% 6/1/37 (i)		9,941		10,263
6.487% 9/1/36 (i)		217,966		225,140
6.5% 12/1/14 to 3/1/36		784,524		819,065
6.656% 8/1/37 (i)		68,997		71,347
7.581% 4/1/37 (i)		10,000		10,340
TOTAL FREDDIE MAC				10,376,384
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $40,459,133)			41,285,860
Asset-Backed Securities - 0.2%

FCC SPARC Series 2005-1 Class B, 4.946% 7/15/11 (i)	EUR	100,000		151,151
Provide Bricks Series 2007-1 Class B, 4.965% 1/30/40 (i)	EUR	50,000		74,384
Smile Synthetic BV Series 2005 Class C, 4.816% 1/20/15 (i)	EUR	78,164		113,332
South East Water Ltd. Class 2A, 5.5834% 3/29/29	GBP	165,000		304,483
Volkswagen Car Lease Series 9 Class B, 4.477% 4/21/12 (Reg. S) (i)	EUR	41,787		64,600
TOTAL ASSET-BACKED SECURITIES (Cost $719,047)			707,950
Collateralized Mortgage Obligations - 3.4%

Private Sponsor - 0.1%
Arkle Master Issuer PLC:
floater Series 2006-1X Class 5M1, 4.625% 2/17/52 (i)	EUR	50,000		68,276
Series 2006-1X Class 2C, 4.705% 2/17/52 (i)	EUR	50,000		77,004
Fosse Master Issuer PLC floater Series 2007-1X Class M3, 4.859% 10/18/54 (i)	EUR	50,000		74,613
Gracechurch Mortgage Financing PLC Series 2007-1X Class 2D2, 4.984% 11/20/56 (i)	EUR	50,000		72,916
TOTAL PRIVATE SPONSOR				292,809
U.S. Government Agency - 3.3%
Fannie Mae:
floater Series 2007-95 Class A1, 2.8488% 8/27/36 (i)		621,856		617,503
planned amortization class Series 2002-83 Class ME, 5% 12/25/17		450,000		452,184

		Principal Amount (d)		Value
Fannie Mae subordinate REMIC pass-thru certificates:
planned amortization class:
Series 2001-68 Class QZ, 5.5% 12/25/16		$ 77,857		$ 79,486
Series 2002-11:
Class QC, 5.5% 3/25/17		184,503		188,388
Class UC, 6% 3/25/17		128,558		132,757
Series 2002-18 Class PC, 5.5% 4/25/17		855,000		874,196
Series 2002-61 Class PG, 5.5% 10/25/17		270,000		277,357
Series 2002-71 Class UC, 5% 11/25/17		430,000		435,178
Series 2002-9 Class PC, 6% 3/25/17		12,192		12,535
Series 2003-113:
Class PD, 4% 2/25/17		260,000		260,872
Class PE, 4% 11/25/18		80,000		77,118
Series 2003-122 Class OL, 4% 12/25/18		1,000,000		969,177
Series 2003-70 Class BJ, 5% 7/25/33		45,000		43,375
Series 2003-85 Class GD, 4.5% 9/25/18		175,000		174,885
Series 2004-80 Class LD, 4% 1/25/19		100,000		99,810
Series 2004-81:
Class KC, 4.5% 4/25/17		70,000		70,931
Class KD, 4.5% 7/25/18		165,000		166,910
Series 2005-52 Class PB, 6.5% 12/25/34		238,441		245,897
sequential payer:
Series 2002-57 Class BD, 5.5% 9/25/17		48,175		49,294
Series 2003-18 Class EY, 5% 6/25/17		161,757		163,962
Series 2004-95 Class AN, 5.5% 1/25/25		114,750		116,934
Series 2005-117, Class JN, 4.5% 1/25/36		40,000		36,211
Series 2005-47 Class AK, 5% 6/25/20		370,000		371,704
Series 2006-72 Class CY, 6% 8/25/26		145,000		149,345
Freddie Mac planned amortization class:
Series 2101 Class PD, 6% 11/15/28		24,332		24,961
Series 2115 Class PE, 6% 1/15/14		8,214		8,455
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2577 Class FW, 3.3175% 1/15/30 (i)		331,567		329,372
Collateralized Mortgage Obligations - continued
		Principal Amount (d)		Value
U.S. Government Agency - continued
Freddie Mac Multi-class participation certificates guaranteed: - continued
Series 2630 Class FL, 3.3175% 6/15/18 (i)		$ 4,163		$ 4,209
Series 2861 Class GF, 3.1175% 1/15/21 (i)		211,622		210,616
planned amortization class:
Series 2376 Class JE, 5.5% 11/15/16		50,412		51,942
Series 2378 Class PE, 5.5% 11/15/16		288,836		295,812
Series 2381 Class OG, 5.5% 11/15/16		39,574		40,529
Series 2390 Class CH, 5.5% 12/15/16		129,322		132,442
Series 2425 Class JH, 6% 3/15/17		68,349		70,688
Series 2628:
Class OE, 4.5% 6/15/18		95,000		95,615
Class OP, 3.5% 11/15/13		36,115		35,948
Series 2695 Class DG, 4% 10/15/18		220,000		213,168
Series 2770 Class UD, 4.5% 5/15/17		340,000		344,893
Series 2773 Class EG, 4.5% 4/15/19		725,000		717,891
Series 2831 Class PB, 5% 7/15/19		200,000		201,561
Series 2866 Class XE, 4% 12/15/18		250,000		249,802
Series 2996 Class MK, 5.5% 6/15/35		41,443		42,622
sequential payer:
Series 2303 Class ZV, 6% 4/15/31		67,806		69,614
Series 2467 Class NB, 5% 7/15/17		95,000		96,488
Series 2546 Class C, 5% 12/15/17		155,000		157,144
Series 2569 Class HB, 5% 9/15/16		304,324		308,364
Series 2570 Class CU, 4.5% 7/15/17		16,282		16,364
Series 2572 Class HK, 4% 2/15/17		23,259		23,205
Series 2617 Class GW, 3.5% 6/15/16		18,567		18,598
Series 2685 Class ND, 4% 10/15/18		85,000		82,418
Series 2773 Class TA, 4% 11/15/17		140,006		140,206
Series 2849 Class AL, 5% 5/15/18		74,888		76,016

		Principal Amount (d)		Value
Series 2860 Class CP, 4% 10/15/17		$ 22,633		$ 22,636
Series 2930 Class KT, 4.5% 2/15/20		450,000		434,582
Series 2937 Class HJ, 5% 10/15/19		79,751		80,944
Series 3266:
Class C, 5% 2/15/20		90,321		91,679
Class D, 5% 1/15/22		900,000		904,012
Series 3401 Class EB, 5% 12/15/22		105,000		102,722
Series 2715 Class NG, 4.5% 12/15/18		1,000,000		991,699
Series 2863 Class DB, 4% 9/15/14		12,542		12,455
Series 2975 Class NA, 5% 7/15/23		75,262		76,256
TOTAL U.S. GOVERNMENT AGENCY				12,841,937
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $12,784,728)			13,134,746
Commercial Mortgage Securities - 0.1%

Canary Wharf Finance II plc Series 3MUK Class C2, 6.8256% 10/22/37 (i)	GBP	50,000		78,795
Skyline BV floater Series 2007-1 Class B, 4.903% 7/22/43 (i)	EUR	100,000		142,863
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $237,522)			221,658
Foreign Government and Government Agency Obligations - 21.9%

Arab Republic of Egypt 8.75% 7/18/12 (g)	EGP	1,460,000		271,535
Argentine Republic:
discount (with partial capitalization through 12/31/13) 8.28% 12/31/33		243,125		199,970
3% 4/30/13 (i)		1,215,000		995,601
3.092% 8/3/12 (i)		600,000		508,579
7% 3/28/11		3,795,000		3,430,047
7% 9/12/13		2,575,000		2,112,358
Brazilian Federative Republic:
6% 9/15/13		183,333		183,095
7.125% 1/20/37		345,000		371,565
8.25% 1/20/34		380,000		455,050
8.75% 2/4/25		255,000		313,650
10% 1/1/10	BRL	154,000		83,422
12.25% 3/6/30		495,000		821,700
12.75% 1/15/20		235,000		365,425
Foreign Government and Government Agency Obligations - continued
		Principal Amount (d)		Value
British Columbia Province 5.7% 6/18/29	CAD	750,000		$ 841,430
Canadian Government:
3.75% 6/1/12	CAD	4,670,000		4,698,659
4% 6/1/17	CAD	4,600,000		4,679,310
Central Bank of Nigeria promissory note 5.092% 1/5/10		$ 108,525		102,848
Chilean Republic 5.5% 1/15/13		125,000		132,163
Colombian Republic:
7.375% 9/18/37		405,000		434,363
11.75% 2/25/20		95,000		140,125
Democratic Socialist Republic of Sri Lanka 8.25% 10/24/12 (g)		165,000		148,913
Dominican Republic:
9.04% 1/23/18 (g)		486,375		513,125
9.5% 9/27/11		242,075		253,574
Ecuador Republic:
10% 8/15/30 (Reg. S)		650,000		630,500
euro par 5% 2/28/25		76,000		51,680
French Republic:
stripped principal 0% 10/25/17		2,550,000		2,724,854
3.15% 7/25/32	EUR	557,215		1,038,482
3.75% 1/12/13	EUR	1,800,000		2,836,649
4.25% 4/25/19	EUR	500,000		791,115
Gabonese Republic 8.2% 12/12/17 (g)		630,000		661,500
German Federal Republic:
3.75% 1/4/15	EUR	3,000,000		4,728,933
3.75% 1/4/17	EUR	750,000		1,169,174
4% 12/11/09	EUR	1,680,000		2,667,828
4% 1/4/37	EUR	1,500,000		2,159,572
4.25% 10/12/12	EUR	620,000		1,003,670
5.25% 1/4/11	EUR	850,000		1,401,172
Ghana Republic 8.5% 10/4/17 (g)		435,000		451,856
Greek Government 4.1% 8/20/12	EUR	1,375,000		2,169,273
Indonesian Republic:
6.625% 2/17/37 (g)		225,000		208,125
6.75% 3/10/14 (Reg. S)		165,000		173,250
6.875% 1/17/18 (g)		75,000		78,750
7.5% 1/15/16 (g)		115,000		124,775
7.75% 1/17/38 (g)		125,000		129,375
8.5% 10/12/35		200,000		225,000
Islamic Republic of Pakistan:
6.75% 2/19/09		570,000		562,875
7.125% 3/31/16 (g)		200,000		174,000
Italian Republic 4.25% 10/15/12	EUR	1,375,000		2,196,622
Japan Government:
0.5% 7/20/20 (i)	JPY	50,000,000		461,403
0.92% 11/20/20 (i)	JPY	200,000,000		1,890,555

		Principal Amount (d)		Value
1.1% 12/20/12	JPY	285,000,000		$ 2,906,037
1.5% 3/20/14	JPY	185,000,000		1,932,121
2.5% 9/20/37	JPY	268,000,000		2,745,249
Real Return Bond 1.1% 12/10/16	JPY	125,250,000		1,254,577
Lebanese Republic:
7.125% 3/5/10		$ 40,000		39,200
7.875% 5/20/11 (Reg. S)		270,000		262,238
8.1563% 11/30/09 (g)(i)		115,000		113,275
8.1563% 11/30/09 (Reg. S) (i)		535,000		526,975
8.625% 6/20/13 (Reg. S)		345,000		340,688
10.125% 8/6/08		500,000		503,750
Peruvian Republic 0% 1/5/09	PEN	300,000		105,956
Philippine Republic:
9.5% 2/2/30		305,000		398,422
9.875% 1/15/19		135,000		173,475
10.625% 3/16/25		305,000		426,238
Republic of Fiji 6.875% 9/13/11		200,000		176,000
Republic of Serbia 3.75% 11/1/24 (f)(g)		215,000		197,263
Russian Federation:
7.5% 3/31/30 (Reg. S)		2,846,650		3,277,206
12.75% 6/24/28 (Reg. S)		440,000		793,650
Turkish Republic:
6.75% 4/3/18		455,000		451,588
6.875% 3/17/36		700,000		628,250
7% 9/26/16		340,000		347,650
7.25% 3/5/38		250,000		235,313
7.375% 2/5/25		415,000		415,000
11.875% 1/15/30		315,000		467,775
14% 1/19/11	TRY	185,000		125,050
UK Treasury GILT:
stripped principal 0% 3/7/18		2,900,000		3,734,557
4.5% 12/7/42	GBP	500,000		1,015,936
5.75% 12/7/09	GBP	500,000		1,022,980
8.75% 8/25/17	GBP	550,000		1,454,862
UK Treasury GILT 9%, 7/12/11	GBP	250,000		573,051
Ukraine Government:
6.385% 6/26/12		180,000		181,800
6.75% 11/14/17 (g)		760,000		749,512
United Mexican States:
6.75% 9/27/34		80,000		89,104
7.5% 4/8/33		195,000		236,204
8.3% 8/15/31		245,000		321,269
Uruguay Republic:
5% 9/14/18	UYU	2,187,636		116,926
8% 11/18/22		238,878		255,599
Venezuelan Republic:
4.8938% 4/20/11 (i)		565,000		477,425
7% 3/31/38		215,000		149,748
8.5% 10/8/14		565,000		524,038
9.25% 9/15/27		1,210,000		1,149,500
Foreign Government and Government Agency Obligations - continued
		Principal Amount (d)		Value
Venezuelan Republic: - continued
9.375% 1/13/34		$ 225,000		$ 208,688
10.75% 9/19/13		940,000		965,850
13.625% 8/15/18		446,000		541,890
Vietnamese Socialist Republic par 4% 3/12/28 (f)		90,000		77,850
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $83,906,677)			85,457,230
Supranational Obligations - 0.0%

Inter-American Development Bank 6.625% 4/17/17 (Cost $92,436)	PEN	300,000		109,033
Common Stocks - 0.1%
		Shares
CONSUMER DISCRETIONARY - 0.0%
Auto Components - 0.0%
Intermet Corp. (a)(k)		6,092		0
Remy International, Inc. (a)		2,065		55,755
				55,755
Hotels, Restaurants & Leisure - 0.0%
Centerplate, Inc. unit		10,000		98,500
TOTAL CONSUMER DISCRETIONARY				154,255
INDUSTRIALS - 0.1%
Airlines - 0.1%
Delta Air Lines, Inc. (a)		29,356		252,462
Northwest Airlines Corp. (a)		7,828		70,374
				322,836
INFORMATION TECHNOLOGY - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
ASAT Holdings Ltd. warrants 2/1/11 (a)(k)		27,300		391
UTILITIES - 0.0%
Electric Utilities - 0.0%
Portland General Electric Co.		140		3,157
TOTAL COMMON STOCKS (Cost $893,795)			480,639
Preferred Stocks - 0.1%

Convertible Preferred Stocks - 0.0%
MATERIALS - 0.0%
Chemicals - 0.0%
Celanese Corp. 4.25%		300		15,132

		Shares		Value
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.0%
Media - 0.0%
Spanish Broadcasting System, Inc. Class B, 10.75%		63		$ 44,100
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
Rural Cellular Corp. 12.25% pay-in-kind		255		318,750
TOTAL NONCONVERTIBLE PREFERRED STOCKS				362,850
TOTAL PREFERRED STOCKS (Cost $357,080)			377,982

Floating Rate Loans - 2.4%
		Principal Amount (d)
CONSUMER DISCRETIONARY - 0.7%
Auto Components - 0.0%
Lear Corp. term loan 6.76% 4/25/12 (i)		$ 128,830		118,524
Automobiles - 0.2%
AM General LLC:
Tranche B, term loan 6.7423% 9/30/13 (i)		179,516		158,423
6% 9/30/12 (i)		6,774		5,978
Ford Motor Co. term loan 5.8% 12/15/13 (i)		645,665		529,446
General Motors Corp. term loan 7.0556% 11/29/13 (i)		59,400		52,569
				746,416
Diversified Consumer Services - 0.0%
Affinion Group Holdings, Inc. term loan 9.2669% 3/1/12 (i)		220,000		171,600
Hotels, Restaurants & Leisure - 0.0%
Green Valley Ranch Gaming LLC Tranche 1LN, term loan 4.9316% 2/16/14 (i)		19,073		15,067
OSI Restaurant Partners, Inc.:
Credit-Linked Deposit 4.92% 6/14/13 (i)		3,008		2,301
term loan 5% 6/14/14 (i)		35,488		27,148
Six Flags, Inc. Tranche B, term loan 4.99% 4/30/15 (i)		49,625		40,196
				84,712
Media - 0.2%
Advanstar, Inc. Tranche 2LN, term loan 7.6713% 11/30/14 (i)		30,000		21,000
Discovery Communications, Inc. term loan 4.6963% 5/14/14 (i)		69,475		63,917
Floating Rate Loans - continued
		Principal Amount (d)		Value
CONSUMER DISCRETIONARY - continued
Media - continued
PanAmSat Corp. term loan:
9.25% 8/15/14		$ 320,000		$ 288,291
9.25% 6/15/16		280,000		243,933
				617,141
Multiline Retail - 0.0%
Neiman Marcus Group, Inc. term loan 4.7581% 4/6/13 (i)		98,734		91,329
Specialty Retail - 0.2%
Claire's Stores, Inc. term loan 5.8287% 5/29/14 (i)		267,975		198,302
Michaels Stores, Inc. term loan 5.3447% 10/31/13 (i)		287,814		238,886
Sally Holdings LLC Tranche B, term loan 5.6% 11/16/13 (i)		49,250		45,433
Toys 'R' US, Inc. term loan 6.26% 12/9/08 (i)		290,000		258,100
				740,721
Textiles, Apparel & Luxury Goods - 0.1%
Hanesbrands, Inc.:
term loan 6.9938% 3/5/14 (i)		90,000		87,075
Tranche B 1LN, term loan 4.8908% 9/5/13 (i)		188,277		181,216
				268,291
TOTAL CONSUMER DISCRETIONARY				2,838,734
CONSUMER STAPLES - 0.1%
Beverages - 0.0%
Constellation Brands, Inc. Tranche B, term loan 4.9123% 6/5/13 (i)		64,000		61,120
Food & Staples Retailing - 0.1%
Rite Aid Corp. Tranche ABL, term loan 4.7% 6/4/14 (i)		160,000		144,400
TOTAL CONSUMER STAPLES				205,520
ENERGY - 0.1%
Energy Equipment & Services - 0.0%
Compagnie Generale de Geophysique SA term loan 4.7038% 1/12/14 (i)		35,500		33,548
Helix Energy Solutions Group, Inc. term loan 5.7932% 7/1/13 (i)		40,463		38,643
				72,191
Oil, Gas & Consumable Fuels - 0.1%
Coffeyville Resources LLC:
Credit-Linked Deposit 7.9788% 12/28/10 (i)		27,568		24,535
Tranche D, term loan 7.98% 12/28/13 (i)		89,458		79,618

		Principal Amount (d)		Value
SandRidge Energy, Inc. term loan 8.625% 4/1/15 (i)		$ 230,000		$ 227,125
Targa Resources, Inc./Targa Resources Finance Corp.:
Credit-Linked Deposit 4.57% 10/31/12 (i)		29,032		27,581
term loan 6.83% 10/31/12 (i)		51,440		48,868
Venoco, Inc. Tranche 2LN, term loan 7.125% 5/7/14 (i)		30,000		25,500
				433,227
TOTAL ENERGY				505,418
FINANCIALS - 0.1%
Real Estate Management & Development - 0.1%
Realogy Corp.:
Tranche B, term loan 7.505% 10/10/13 (i)		359,706		285,966
Credit-Linked Deposit 7.9663% 10/10/13 (i)		96,844		76,991
				362,957
HEALTH CARE - 0.1%
Health Care Equipment & Supplies - 0.0%
Bausch & Lomb, Inc. term loan:
5.9463% 4/26/15 (i)		47,880		46,683
6.5106% 4/26/15 (l)		12,000		11,700
				58,383
Health Care Providers & Services - 0.1%
Community Health Systems, Inc.:
term loan 5.335% 7/25/14 (i)		344,669		317,096
Tranche DD, term loan 7/25/14 (l)		17,633		16,223
Health Management Associates, Inc. Tranche B, term loan 4.4463% 2/28/14 (i)		58,309		50,437
				383,756
TOTAL HEALTH CARE				442,139
INDUSTRIALS - 0.2%
Aerospace & Defense - 0.0%
DeCrane Aircraft Holdings, Inc.:
Tranche 1LN, term loan 7.3963% 2/21/13 (i)		9,412		8,094
Tranche 2LN, term loan 11.6463% 2/21/14 (i)		20,000		16,400
Wesco Aircraft Hardware Corp.:
Tranche 1LN, term loan 4.95% 9/29/13 (i)		19,450		18,332
Tranche 2LN, term loan 8.45% 3/28/14 (i)		10,000		9,350
				52,176
Floating Rate Loans - continued
		Principal Amount (d)		Value
INDUSTRIALS - continued
Commercial Services & Supplies - 0.1%
Allied Waste Industries, Inc.:
Credit-Linked Deposit 6.1% 3/28/14 (i)		$ 28,213		$ 26,732
term loan 4.3294% 3/28/14 (i)		46,926		44,463
ARAMARK Corp.:
term loan 4.5713% 1/26/14 (i)		107,784		100,509
Credit-Linked Deposit 6.71% 1/26/14 (i)		6,848		6,385
Brand Energy & Infrastructure Services, Inc. Tranche 2LN, term loan 9.2375% 2/7/15 (i)		40,000		31,600
				209,689
Industrial Conglomerates - 0.0%
Walter Industries, Inc. term loan 4.73% 10/3/12 (i)		9,687		8,888
Machinery - 0.1%
Chart Industries, Inc. Tranche B, term loan 7.1484% 10/17/12 (i)		8,889		8,489
Dresser, Inc.:
Tranche 2LN, term loan 8.82% 5/4/15 pay-in-kind (i)		230,000		208,150
Tranche B 1LN, term loan 5.5565% 5/4/14 (i)		39,285		36,731
Navistar International Corp.:
term loan 6.5013% 1/19/12 (i)		124,667		107,837
Credit-Linked Deposit 6.8812% 1/19/12 (i)		45,333		39,213
				400,420
Trading Companies & Distributors - 0.0%
Neff Corp. Tranche 2LN, term loan 8.4038% 11/30/14 (i)		50,000		33,750
VWR Funding, Inc. term loan 5.2% 6/29/14 (i)		90,000		75,150
				108,900
TOTAL INDUSTRIALS				780,073
INFORMATION TECHNOLOGY - 0.4%
Electronic Equipment & Instruments - 0.2%
Flextronics International Ltd.:
Tranche B-A, term loan 7.3944% 10/1/14 (i)		309,938		281,268
Tranche B-A1, term loan 7.455% 10/1/14 (i)		89,063		80,824
Tranche B-B, term loan 7.455% 10/1/12 (i)		359,000		333,870
				695,962
IT Services - 0.0%
Affiliated Computer Services, Inc. Tranche B2, term loan 4.8195% 3/20/13 (i)		186,913		178,501

		Principal Amount (d)		Value
Semiconductors & Semiconductor Equipment - 0.1%
Freescale Semiconductor, Inc. term loan 5.01% 12/1/13 (i)		$ 694,459		$ 586,818
Software - 0.1%
Kronos, Inc.:
Tranche 1LN, term loan 4.9463% 6/11/14 (i)		226,632		181,306
Tranche 2LN, term loan 8.4463% 6/11/15 (i)		100,000		70,000
Open Solutions, Inc. term loan 5.845% 1/23/14 (i)		19,854		16,280
				267,586
TOTAL INFORMATION TECHNOLOGY				1,728,867
MATERIALS - 0.3%
Chemicals - 0.0%
Celanese Holding LLC:
Revolving Credit-Linked Deposit 4.8694% 4/2/13 (i)		12,308		10,400
term loan 6.4788% 4/2/14 (i)		67,185		62,902
Momentive Performance Materials, Inc. Tranche B1, term loan 4.9375% 12/4/13 (i)		58,618		52,023
				125,325
Containers & Packaging - 0.1%
Berry Plastics Holding Corp. Tranche C, term loan 5.095% 4/3/15 (i)		267,300		227,205
Metals & Mining - 0.1%
Aleris International, Inc. term loan 4.6291% 12/19/13 (i)		148,125		122,203
Novelis Corp. term loan 4.7% 7/6/14 (i)		267,975		239,168
				361,371
Paper & Forest Products - 0.1%
Boise Paper Holdings LLC Tranche 2LN, term loan 9.625% 2/22/15 (i)		455,000		429,975
TOTAL MATERIALS				1,143,876
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.1%
Intelsat Bermuda Ltd. term loan 5.64% 2/1/14 (i)		100,000		99,625
Paetec Communications, Inc. Tranche B, term loan 5.23% 2/28/13 (i)		19,232		17,981
Wind Telecomunicazioni SpA:
term loan 11.2013% 12/12/11 pay-in-kind (i)		245,060		210,087
Tranche 2, term loan 11.32% 3/21/15 (i)		140,000		138,600
Floating Rate Loans - continued
		Principal Amount (d)		Value
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Wind Telecomunicazioni SpA: - continued
Tranche B, term loan 5.01% 9/21/13 (i)		$ 60,000		$ 56,400
Tranche C, term loan 5.76% 9/21/14 (i)		60,000		56,400
				579,093
Wireless Telecommunication Services - 0.2%
Intelsat Subsidiary Holding Co. Ltd. term loan:
8.5% 1/15/13		225,000		204,707
8.875% 1/15/15		315,000		276,986
Leap Wireless International, Inc. Tranche B, term loan 5.6963% 6/16/13 (i)		39,300		37,286
MetroPCS Wireless, Inc. Tranche B, term loan 5.3173% 11/3/13 (i)		78,800		72,299
				591,278
TOTAL TELECOMMUNICATION SERVICES				1,170,371
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
NRG Energy, Inc.:
term loan 6.58% 2/1/13 (i)		244,683		228,778
4.35% 2/1/13 (i)		119,502		111,734
				340,512
TOTAL FLOATING RATE LOANS (Cost $10,584,878)			9,518,467
Sovereign Loan Participations - 0.0%

Indonesian Republic loan participation - Deutsche Bank 1.407% 3/28/13 (i) (Cost $16,351)	JPY	2,029,270		18,321
Fixed-Income Funds - 2.5%
		Shares
Fidelity Floating Rate Central Fund (j) (Cost $11,092,716)		110,596		9,828,667
Preferred Securities - 0.8%
		Principal Amount (d)		Value
CONSUMER DISCRETIONARY - 0.4%
Media - 0.4%
Globo Comunicacoes e Participacoes SA 9.375%		$ 1,000,000		$ 1,041,050
Net Servicos de Comunicacao SA 9.25% (g)		500,000		521,894
				1,562,944
ENERGY - 0.4%
Oil, Gas & Consumable Fuels - 0.4%
Pemex Project Funding Master Trust 7.75%		1,438,000		1,462,938
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
MUFG Capital Finance 2 Ltd. 4.85% (i)	EUR	50,000		61,524
TOTAL PREFERRED SECURITIES (Cost $3,058,576)			3,087,406
Other - 0.0%

Delta Air Lines ALPA Claim (a) (Cost $5,821)		470,000		12,925
Money Market Funds - 11.7%
		Shares
Fidelity Cash Central Fund, 2.69% (b) (Cost $45,596,936)		45,596,936		45,596,936
TOTAL INVESTMENT PORTFOLIO - 104.0% (Cost $410,776,055)				406,113,150
NET OTHER ASSETS - (4.0)%				(15,466,325)
NET ASSETS - 100%			$ 390,646,825

Swap Agreements
	Expiration Date	Notional Amount
Interest Rate Swaps
Receive semi-annually a fixed rate equal to 5.37% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston	July 2009	$ 1,600,000	$ 65,855

Currency Abbreviations
BRL	-	Brazilian real
CAD	-	Canadian dollar
EGP	-	Egyptian pound
EUR	-	European Monetary Unit
GBP	-	British pound
JPY	-	Japanese yen
PEN	-	Peruvian new sol
TRY	-	New Turkish Lira
UYU	-	Uruguay peso

Legend

(a) Non-income producing

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

(e) 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.

(f) 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.

(g) 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 $23,366,599 or 6.0% of net assets.

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

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

(j) 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.

(k) 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 $391 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
ASAT Holdings Ltd. warrants 2/1/11	11/15/07	$ 0
Intermet Corp.	11/9/05	$ 115,372

(l) Position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $23,633 and $21,896, respectively. The coupon rate will be determined at time of settlement.

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

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	$ 386,773
Fidelity Floating Rate Central Fund	256,093
Total	$ 642,866

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	$ 18,711,933	$ 499,775	$ 7,959,399	$ 9,828,667	0.4%

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 406,113,150	$ 55,905,851	$ 350,207,299	$ -
Other Financial Instruments*	$ 65,855	$ -	$ 65,855	$ -

*Other financial instruments include swaps.

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $410,403,803. Net unrealized depreciation aggregated $4,290,653, of which $8,062,093 related to appreciated investment securities and $12,352,746 related to depreciated investment securities.

Investment Valuation

Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. 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. 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. Swaps are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. 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 value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within 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/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	May 30, 2008

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/ Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	May 30, 2008

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer

Date:	May 30, 2008