N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-05361

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	December 31

Date of reporting period:	March 31, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Asset Manager Portfolio

March 31, 2009

1.799882.105

VIPAM-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 45.3%
	Shares		Value
CONSUMER DISCRETIONARY - 6.2%
Auto Components - 0.2%
Autoliv, Inc.	35,000		$ 649,950
The Goodyear Tire & Rubber Co. (a)	230,900		1,445,434
			2,095,384
Distributors - 0.1%
Genuine Parts Co.	27,500		821,150
Diversified Consumer Services - 1.2%
Apollo Group, Inc. Class A (non-vtg.) (a)	95,700		7,496,181
DeVry, Inc.	115,900		5,584,062
			13,080,243
Hotels, Restaurants & Leisure - 0.3%
California Pizza Kitchen, Inc. (a)	39,200		512,736
P.F. Chang's China Bistro, Inc. (a)	16,400		375,232
Starwood Hotels & Resorts Worldwide, Inc.	80,400		1,021,080
The Cheesecake Factory, Inc. (a)	78,700		901,115
			2,810,163
Household Durables - 0.2%
Gafisa SA sponsored ADR (d)	260,200		2,599,398
Internet & Catalog Retail - 0.9%
Amazon.com, Inc. (a)	125,800		9,238,752
Media - 1.1%
Comcast Corp. Class A (special) (non-vtg.)	407,100		5,239,377
The DIRECTV Group, Inc. (a)	301,600		6,873,464
			12,112,841
Multiline Retail - 0.6%
Target Corp.	200,700		6,902,073
Specialty Retail - 1.6%
Abercrombie & Fitch Co. Class A	43,500		1,035,300
Best Buy Co., Inc.	176,600		6,703,736
Lowe's Companies, Inc.	321,500		5,867,375
TJX Companies, Inc.	138,300		3,546,012
			17,152,423
TOTAL CONSUMER DISCRETIONARY			66,812,427
CONSUMER STAPLES - 2.8%
Food & Staples Retailing - 1.9%
Costco Wholesale Corp.	235,800		10,922,256
Wal-Mart Stores, Inc.	181,700		9,466,570
			20,388,826
Household Products - 0.6%
Procter & Gamble Co.	131,000		6,168,790
Tobacco - 0.3%
Philip Morris International, Inc.	102,400		3,643,392
TOTAL CONSUMER STAPLES			30,201,008

	Shares		Value
ENERGY - 5.7%
Energy Equipment & Services - 1.4%
National Oilwell Varco, Inc. (a)	46,300		$ 1,329,273
Noble Corp.	103,900		2,502,951
Oceaneering International, Inc. (a)	19,300		711,591
Transocean Ltd. (a)	175,000		10,297,000
			14,840,815
Oil, Gas & Consumable Fuels - 4.3%
Apache Corp.	37,200		2,384,148
Cabot Oil & Gas Corp.	54,000		1,272,780
Chesapeake Energy Corp.	255,630		4,361,048
Chevron Corp.	28,300		1,902,892
China Shenhua Energy Co. Ltd. (H Shares)	816,600		1,839,614
El Paso Corp.	375,500		2,346,875
EOG Resources, Inc.	42,600		2,332,776
Exxon Mobil Corp.	148,500		10,112,850
Hess Corp.	63,100		3,420,020
Occidental Petroleum Corp.	82,800		4,607,820
Petro-Canada	91,600		2,461,416
Petroleo Brasileiro SA - Petrobras sponsored ADR	18,300		557,601
PT Bumi Resources Tbk	3,139,300		220,184
Quicksilver Resources, Inc. (a)	50,600		280,324
Range Resources Corp.	34,700		1,428,252
SandRidge Energy, Inc. (a)	17,200		113,348
Southwestern Energy Co. (a)	169,700		5,038,393
Suncor Energy, Inc.	47,300		1,055,990
Ultra Petroleum Corp. (a)	29,200		1,047,988
XTO Energy, Inc.	100		3,062
			46,787,381
TOTAL ENERGY			61,628,196
FINANCIALS - 8.1%
Capital Markets - 1.8%
Bank of New York Mellon Corp.	93,900		2,652,675
Goldman Sachs Group, Inc.	67,900		7,198,758
Morgan Stanley	309,200		7,040,484
State Street Corp.	68,300		2,102,274
			18,994,191
Commercial Banks - 1.5%
Industrial & Commercial Bank of China	1,436,000		746,677
KeyCorp	81,300		639,831
PNC Financial Services Group, Inc.	152,900		4,478,441
Wells Fargo & Co.	765,000		10,893,600
			16,758,549
Consumer Finance - 0.1%
SLM Corp. (a)	182,800		904,860
Diversified Financial Services - 2.6%
Apollo Global Management LLC (a)(e)	315,200		788,000
Bank of America Corp.	829,900		5,659,918
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - continued
CME Group, Inc.	20,900		$ 5,149,551
IntercontinentalExchange, Inc. (a)	64,100		4,773,527
JPMorgan Chase & Co.	452,500		12,027,450
			28,398,446
Insurance - 1.9%
ACE Ltd.	82,000		3,312,800
China Life Insurance Co. Ltd. ADR (d)	112,600		5,544,424
Everest Re Group Ltd.	52,900		3,745,320
Fidelity National Financial, Inc. Class A	91,700		1,789,067
MBIA, Inc. (a)(d)	212,200		971,876
RenaissanceRe Holdings Ltd.	73,900		3,653,616
The Travelers Companies, Inc.	32,100		1,304,544
			20,321,647
Real Estate Investment Trusts - 0.2%
Simon Property Group, Inc.	67,500		2,338,200
TOTAL FINANCIALS			87,715,893
HEALTH CARE - 9.1%
Biotechnology - 4.1%
Biogen Idec, Inc. (a)	103,800		5,441,196
Celgene Corp. (a)	39,800		1,767,120
Cephalon, Inc. (a)(d)	104,700		7,130,070
Genzyme Corp. (a)	139,500		8,284,905
Gilead Sciences, Inc. (a)	291,700		13,511,544
Myriad Genetics, Inc. (a)	94,800		4,310,556
Vertex Pharmaceuticals, Inc. (a)(d)	142,500		4,094,025
			44,539,416
Health Care Equipment & Supplies - 1.3%
Baxter International, Inc.	137,100		7,022,262
Covidien Ltd.	209,900		6,977,076
			13,999,338
Health Care Providers & Services - 1.7%
Express Scripts, Inc. (a)	227,100		10,485,207
Humana, Inc. (a)	127,500		3,325,200
Medco Health Solutions, Inc. (a)	96,200		3,976,908
Tenet Healthcare Corp. (a)	317,200		367,952
			18,155,267
Pharmaceuticals - 2.0%
Abbott Laboratories	26,800		1,278,360
Elan Corp. PLC sponsored ADR (a)	230,900		1,533,176
Merck & Co., Inc.	378,000		10,111,500
Pfizer, Inc.	602,300		8,203,326
Wyeth	14,500		624,080
			21,750,442
TOTAL HEALTH CARE			98,444,463

	Shares		Value
INDUSTRIALS - 2.8%
Aerospace & Defense - 0.1%
AeroVironment, Inc. (a)	73,000		$ 1,525,700
Air Freight & Logistics - 0.3%
United Parcel Service, Inc. Class B	61,300		3,017,186
Airlines - 1.2%
AMR Corp. (a)	205,400		655,226
Continental Airlines, Inc. Class B (a)	278,900		2,457,109
Delta Air Lines, Inc. (a)	1,329,825		7,486,915
UAL Corp. (a)	411,400		1,843,072
US Airways Group, Inc. (a)	78,200		197,846
			12,640,168
Construction & Engineering - 0.0%
China Communications Construction Co. Ltd. (H Shares)	151,000		165,603
Electrical Equipment - 0.5%
Energy Conversion Devices, Inc. (a)	37,400		496,298
First Solar, Inc. (a)(d)	38,200		5,069,140
			5,565,438
Industrial Conglomerates - 0.7%
General Electric Co.	603,400		6,100,374
Textron, Inc.	240,200		1,378,748
			7,479,122
TOTAL INDUSTRIALS			30,393,217
INFORMATION TECHNOLOGY - 4.8%
Communications Equipment - 1.1%
Cisco Systems, Inc. (a)	279,500		4,687,215
QUALCOMM, Inc.	86,200		3,354,042
Research In Motion Ltd. (a)	62,700		2,700,489
Starent Networks Corp. (a)	96,000		1,517,760
			12,259,506
Computers & Peripherals - 1.0%
Apple, Inc. (a)	80,500		8,462,160
Hewlett-Packard Co.	82,300		2,638,538
			11,100,698
Internet Software & Services - 0.7%
Baidu.com, Inc. sponsored ADR (a)	14,600		2,578,360
Equinix, Inc. (a)	49,700		2,790,655
Google, Inc. Class A (sub. vtg.) (a)	4,000		1,392,240
Omniture, Inc. (a)(d)	73,300		966,827
			7,728,082
IT Services - 0.6%
Cognizant Technology Solutions Corp. Class A (a)	82,400		1,713,096
Lender Processing Services, Inc.	57,600		1,763,136
MasterCard, Inc. Class A	8,600		1,440,328
Visa, Inc.	19,100		1,061,960
			5,978,520
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 0.7%
Altera Corp.	161,100		$ 2,827,305
Entropic Communications, Inc. (a)	149,900		110,926
Intel Corp.	171,200		2,576,560
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	207,300		1,855,335
			7,370,126
Software - 0.7%
BMC Software, Inc. (a)	86,500		2,854,500
Nintendo Co. Ltd.	15,600		4,555,200
			7,409,700
TOTAL INFORMATION TECHNOLOGY			51,846,632
MATERIALS - 4.1%
Chemicals - 1.9%
Dow Chemical Co.	236,000		1,989,480
E.I. du Pont de Nemours & Co.	101,100		2,257,563
FMC Corp.	108,800		4,693,632
Potash Corp. of Saskatchewan, Inc.	3,100		250,511
Rockwood Holdings, Inc. (a)	80,700		640,758
Terra Industries, Inc.	182,500		5,126,425
The Mosaic Co.	126,200		5,297,876
			20,256,245
Containers & Packaging - 0.1%
Crown Holdings, Inc. (a)	62,600		1,422,898
Metals & Mining - 2.1%
Agnico-Eagle Mines Ltd.	52,000		2,989,758
Alcoa, Inc.	464,000		3,405,760
Barrick Gold Corp.	62,400		2,020,345
Freeport-McMoRan Copper & Gold, Inc. Class B	95,500		3,639,505
Impala Platinum Holdings Ltd.	149,900		2,503,607
Newmont Mining Corp.	174,200		7,797,192
			22,356,167
TOTAL MATERIALS			44,035,310
TELECOMMUNICATION SERVICES - 1.3%
Diversified Telecommunication Services - 0.6%
China Telecom Corp. Ltd. sponsored ADR (d)	61,900		2,564,517
Qwest Communications International, Inc.	283,900		970,938
Verizon Communications, Inc.	91,200		2,754,240
			6,289,695
Wireless Telecommunication Services - 0.7%
Sprint Nextel Corp. (a)	1,565,000		5,587,050

	Shares		Value
TIM Participacoes SA sponsored ADR (non-vtg.)	95,700		$ 1,188,594
Vivo Participacoes SA sponsored ADR	60,500		789,525
			7,565,169
TOTAL TELECOMMUNICATION SERVICES			13,854,864
UTILITIES - 0.4%
Gas Utilities - 0.1%
Questar Corp.	29,900		879,957
Independent Power Producers & Energy Traders - 0.2%
NRG Energy, Inc. (a)	132,500		2,332,000
Multi-Utilities - 0.1%
Sempra Energy	40,100		1,854,224
TOTAL UTILITIES			5,066,181
TOTAL COMMON STOCKS (Cost $553,510,225)		489,998,191
International Equity Funds - 5.0%

International Equity Funds - 5.0%
Fidelity Emerging Markets Equity Central Fund (f)	114,736		11,934,839
Fidelity International Equity Central Fund (f)	933,338		42,186,866
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $103,244,793)		54,121,705
Fixed-Income Funds - 48.5%

Fidelity Floating Rate Central Fund (f)	267,087		18,997,863
Fidelity High Income Central Fund 1 (f)	496,599		36,177,229
Fidelity VIP Investment Grade Central Fund (f)	4,918,879		468,719,962
TOTAL FIXED-INCOME FUNDS (Cost $575,574,839)		523,895,054
Money Market Funds - 2.5%
	Shares		Value
Fidelity Cash Central Fund, 0.52% (b)	1,066		$ 1,066
Fidelity Money Market Central Fund, 1.36% (b)	10,260,162		10,260,162
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)	16,866,650		16,866,650
TOTAL MONEY MARKET FUNDS (Cost $27,127,878)		27,127,878

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $1,259,457,735)

1,095,142,828

NET OTHER ASSETS - (1.3)%			(13,575,232)
NET ASSETS - 100%		$ 1,081,567,596

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 $788,000 or 0.1% of net assets.

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

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	$ 28,389
Fidelity Emerging Markets Equity Central Fund	51,631
Fidelity Floating Rate Central Fund	381,790
Fidelity High Income Central Fund 1	816,353
Fidelity International Equity Central Fund	176,735
Fidelity Money Market Central Fund	195,378
Fidelity Securities Lending Cash Central Fund	16,804
Fidelity VIP Investment Grade Central Fund	6,371,582
Total	$ 8,038,662

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 Emerging Markets Equity Central Fund	$ 12,143,658	$ -	$ -	$ 11,934,839	12.7%
Fidelity Floating Rate Central Fund	35,491,726	381,790	19,450,147	18,997,863	0.8%
Fidelity High Income Central Fund 1	27,086,222	7,781,340	-	36,177,229	9.3%
Fidelity International Equity Central Fund	49,605,349	176,735	-	42,186,866	10.0%
Fidelity VIP Investment Grade Central Fund	504,911,591	6,372,366	44,920,091	468,719,962	15.1%
Total	$ 629,238,546	$ 14,712,231	$ 64,370,238	$ 578,016,759

Other Information

The following is a summary of the inputs used, as of March 31, 2009, 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	$ 1,095,142,828	$ 1,090,367,444	$ 4,775,384	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $1,260,757,168. Net unrealized depreciation aggregated $165,614,340, of which $24,661,630 related to appreciated investment securities and $190,275,970 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.

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. 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 is subject to the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157). 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 may 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 or deemed less relevant (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, 2009

1.799876.105

VIPAMG-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 60.8%
	Shares		Value
CONSUMER DISCRETIONARY - 8.3%
Auto Components - 0.3%
Autoliv, Inc.	4,200		$ 77,994
The Goodyear Tire & Rubber Co. (a)	37,700		236,002
			313,996
Distributors - 0.1%
Genuine Parts Co.	4,400		131,384
Diversified Consumer Services - 1.6%
Apollo Group, Inc. Class A (non-vtg.) (a)	15,600		1,221,948
DeVry, Inc.	18,900		910,602
			2,132,550
Hotels, Restaurants & Leisure - 0.4%
California Pizza Kitchen, Inc. (a)	6,300		82,404
P.F. Chang's China Bistro, Inc. (a)	2,700		61,776
Starwood Hotels & Resorts Worldwide, Inc.	12,900		163,830
The Cheesecake Factory, Inc. (a)	12,600		144,270
			452,280
Household Durables - 0.3%
Gafisa SA sponsored ADR (d)	41,900		418,581
Internet & Catalog Retail - 1.1%
Amazon.com, Inc. (a)	20,300		1,490,832
Media - 1.5%
Comcast Corp. Class A (special) (non-vtg.)	66,500		855,855
The DIRECTV Group, Inc. (a)	49,300		1,123,547
			1,979,402
Multiline Retail - 0.9%
Target Corp.	32,800		1,127,992
Specialty Retail - 2.1%
Abercrombie & Fitch Co. Class A	7,000		166,600
Best Buy Co., Inc.	28,800		1,093,248
Lowe's Companies, Inc.	52,400		956,300
TJX Companies, Inc.	22,600		579,464
			2,795,612
TOTAL CONSUMER DISCRETIONARY			10,842,629
CONSUMER STAPLES - 3.8%
Food & Staples Retailing - 2.5%
Costco Wholesale Corp.	38,500		1,783,320
Wal-Mart Stores, Inc.	29,700		1,547,370
			3,330,690
Household Products - 0.8%
Procter & Gamble Co.	21,400		1,007,726
Tobacco - 0.5%
Philip Morris International, Inc.	16,400		583,512
TOTAL CONSUMER STAPLES			4,921,928

	Shares		Value
ENERGY - 7.6%
Energy Equipment & Services - 1.9%
National Oilwell Varco, Inc. (a)	7,500		$ 215,325
Noble Corp.	16,700		402,303
Oceaneering International, Inc. (a)	3,100		114,297
Transocean Ltd. (a)	28,600		1,682,824
			2,414,749
Oil, Gas & Consumable Fuels - 5.7%
Apache Corp.	6,000		384,540
Cabot Oil & Gas Corp.	8,700		205,059
Chesapeake Energy Corp.	41,800		713,108
Chevron Corp.	4,600		309,304
China Shenhua Energy Co. Ltd. (H Shares)	131,400		296,014
El Paso Corp.	60,200		376,250
EOG Resources, Inc.	6,900		377,844
Exxon Mobil Corp.	22,300		1,518,630
Hess Corp.	10,200		552,840
Occidental Petroleum Corp.	13,500		751,275
Petro-Canada	14,800		397,696
Petroleo Brasileiro SA - Petrobras sponsored ADR	2,900		88,363
PT Bumi Resources Tbk	504,400		35,379
Quicksilver Resources, Inc. (a)	12,200		67,588
Range Resources Corp.	5,600		230,496
SandRidge Energy, Inc. (a)	2,200		14,498
Southwestern Energy Co. (a)	27,700		822,413
Suncor Energy, Inc.	7,600		169,673
Ultra Petroleum Corp. (a)	4,800		172,272
			7,483,242
TOTAL ENERGY			9,897,991
FINANCIALS - 10.9%
Capital Markets - 2.3%
Bank of New York Mellon Corp.	15,100		426,575
Goldman Sachs Group, Inc.	10,900		1,155,618
Morgan Stanley	49,700		1,131,669
State Street Corp.	10,900		335,502
			3,049,364
Commercial Banks - 2.1%
Industrial & Commercial Bank of China	231,000		120,113
KeyCorp	12,600		99,162
PNC Financial Services Group, Inc.	24,700		723,463
Wells Fargo & Co.	125,000		1,780,000
			2,722,738
Consumer Finance - 0.1%
SLM Corp. (a)	29,400		145,530
Diversified Financial Services - 3.6%
Apollo Global Management LLC (a)(e)	50,700		126,750
Bank of America Corp.	135,600		924,792
Citigroup, Inc.	6,000		15,180
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - continued
CME Group, Inc.	3,400		$ 837,726
IntercontinentalExchange, Inc. (a)	10,500		781,935
JPMorgan Chase & Co.	73,900		1,964,262
			4,650,645
Insurance - 2.5%
ACE Ltd.	13,200		533,280
China Life Insurance Co. Ltd. ADR (d)	18,400		906,016
Everest Re Group Ltd.	8,700		615,960
Fidelity National Financial, Inc. Class A	14,700		286,797
MBIA, Inc. (a)(d)	34,200		156,636
RenaissanceRe Holdings Ltd.	12,100		598,224
The Travelers Companies, Inc.	5,200		211,328
			3,308,241
Real Estate Investment Trusts - 0.3%
Simon Property Group, Inc.	10,800		374,112
TOTAL FINANCIALS			14,250,630
HEALTH CARE - 12.2%
Biotechnology - 5.5%
Biogen Idec, Inc. (a)	16,700		875,414
Celgene Corp. (a)	6,400		284,160
Cephalon, Inc. (a)(d)	17,100		1,164,510
Genzyme Corp. (a)	22,800		1,354,092
Gilead Sciences, Inc. (a)	47,700		2,209,464
Myriad Genetics, Inc. (a)	14,800		672,956
Vertex Pharmaceuticals, Inc. (a)(d)	23,300		669,409
			7,230,005
Health Care Equipment & Supplies - 1.7%
Baxter International, Inc.	22,000		1,126,840
Covidien Ltd.	34,300		1,140,132
			2,266,972
Health Care Providers & Services - 2.3%
Express Scripts, Inc. (a)	37,100		1,712,907
Humana, Inc. (a)	20,500		534,640
Medco Health Solutions, Inc. (a)	15,800		653,172
Tenet Healthcare Corp. (a)	52,800		61,248
			2,961,967
Pharmaceuticals - 2.7%
Abbott Laboratories	4,400		209,880
Elan Corp. PLC sponsored ADR (a)	37,300		247,672
Merck & Co., Inc.	61,800		1,653,150
Pfizer, Inc.	96,900		1,319,778
Wyeth	2,300		98,992
			3,529,472
TOTAL HEALTH CARE			15,988,416

	Shares		Value
INDUSTRIALS - 3.8%
Aerospace & Defense - 0.2%
AeroVironment, Inc. (a)(d)	11,800		$ 246,620
Air Freight & Logistics - 0.4%
United Parcel Service, Inc. Class B	9,900		487,278
Airlines - 1.6%
AMR Corp. (a)	33,100		105,589
Continental Airlines, Inc. Class B (a)	44,900		395,569
Delta Air Lines, Inc. (a)	217,200		1,222,836
UAL Corp. (a)	66,200		296,576
US Airways Group, Inc. (a)	12,100		30,613
			2,051,183
Construction & Engineering - 0.0%
China Communications Construction Co. Ltd. (H Shares)	24,000		26,321
Electrical Equipment - 0.7%
Energy Conversion Devices, Inc. (a)	6,000		79,620
First Solar, Inc. (a)(d)	6,200		822,740
			902,360
Industrial Conglomerates - 0.9%
General Electric Co.	98,600		996,846
Textron, Inc.	38,700		222,138
			1,218,984
TOTAL INDUSTRIALS			4,932,746
INFORMATION TECHNOLOGY - 6.4%
Communications Equipment - 1.5%
Cisco Systems, Inc. (a)	45,700		766,389
QUALCOMM, Inc.	13,900		540,849
Research In Motion Ltd. (a)	10,200		439,314
Starent Networks Corp. (a)	15,500		245,055
			1,991,607
Computers & Peripherals - 1.4%
Apple, Inc. (a)	13,200		1,387,584
Hewlett-Packard Co.	13,400		429,604
			1,817,188
Internet Software & Services - 1.0%
Baidu.com, Inc. sponsored ADR (a)	2,400		423,840
Equinix, Inc. (a)	8,000		449,200
Google, Inc. Class A (sub. vtg.) (a)	700		243,642
Omniture, Inc. (a)	11,800		155,642
			1,272,324
IT Services - 0.7%
Cognizant Technology Solutions Corp. Class A (a)	13,300		276,507
Lender Processing Services, Inc.	9,300		284,673
MasterCard, Inc. Class A	1,400		234,472
Visa, Inc.	3,000		166,800
			962,452
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 0.9%
Altera Corp.	25,900		$ 454,545
Entropic Communications, Inc. (a)	24,100		17,834
Intel Corp.	27,600		415,380
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	33,400		298,930
			1,186,689
Software - 0.9%
BMC Software, Inc. (a)	13,900		458,700
Nintendo Co. Ltd.	2,500		730,000
			1,188,700
TOTAL INFORMATION TECHNOLOGY			8,418,960
MATERIALS - 5.5%
Chemicals - 2.5%
Dow Chemical Co.	38,200		322,026
E.I. du Pont de Nemours & Co.	16,400		366,212
FMC Corp.	17,800		767,892
Potash Corp. of Saskatchewan, Inc.	500		40,405
Rockwood Holdings, Inc. (a)	12,500		99,250
Terra Industries, Inc.	29,800		837,082
The Mosaic Co.	20,600		864,788
			3,297,655
Containers & Packaging - 0.2%
Crown Holdings, Inc. (a)	10,100		229,573
Metals & Mining - 2.8%
Agnico-Eagle Mines Ltd.	8,400		482,961
Alcoa, Inc.	74,400		546,096
Barrick Gold Corp.	10,000		323,773
Freeport-McMoRan Copper & Gold, Inc. Class B	15,600		594,516
Impala Platinum Holdings Ltd.	24,100		402,515
Newmont Mining Corp.	28,500		1,275,660
			3,625,521
TOTAL MATERIALS			7,152,749
TELECOMMUNICATION SERVICES - 1.7%
Diversified Telecommunication Services - 0.8%
China Telecom Corp. Ltd. sponsored ADR (d)	10,000		414,300
Qwest Communications International, Inc.	45,600		155,952
Verizon Communications, Inc.	14,900		449,980
			1,020,232
Wireless Telecommunication Services - 0.9%
Sprint Nextel Corp. (a)	255,700		912,849

	Shares		Value
TIM Participacoes SA sponsored ADR (non-vtg.)	15,400		$ 191,268
Vivo Participacoes SA sponsored ADR	9,700		126,585
			1,230,702
TOTAL TELECOMMUNICATION SERVICES			2,250,934
UTILITIES - 0.6%
Gas Utilities - 0.1%
Questar Corp.	4,800		141,264
Independent Power Producers & Energy Traders - 0.3%
NRG Energy, Inc. (a)	21,300		374,880
Multi-Utilities - 0.2%
Sempra Energy	6,500		300,560
TOTAL UTILITIES			816,704
TOTAL COMMON STOCKS (Cost $89,934,252)		79,473,687
International Equity Funds - 9.8%

Fidelity Emerging Markets Equity Central Fund (f)	14,359		1,493,623
Fidelity International Equity Central Fund (f)	250,925		11,341,800
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $25,817,148)		12,835,423
Fixed-Income Funds - 26.1%

Fidelity Floating Rate Central Fund (f)	33,646		2,393,250
Fidelity High Income Central Fund 1 (f)	59,521		4,336,070
Fidelity VIP Investment Grade Central Fund (f)	288,070		27,450,152
TOTAL FIXED-INCOME FUNDS (Cost $37,819,028)		34,179,472
Money Market Funds - 6.3%

Fidelity Cash Central Fund, 0.52% (b)	3,787,596		3,787,596
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)	4,436,350		4,436,350
TOTAL MONEY MARKET FUNDS (Cost $8,223,946)		8,223,946

TOTAL INVESTMENT PORTFOLIO - 103.0%

(Cost $161,794,374)

134,712,528

NET OTHER ASSETS - (3.0)%		(3,877,227)
NET ASSETS - 100%		$ 130,835,301

Legend

(a) Non-income producing

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

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	$ 21,893
Fidelity Emerging Markets Equity Central Fund	6,462
Fidelity Floating Rate Central Fund	48,714
Fidelity High Income Central Fund 1	98,366
Fidelity International Equity Central Fund	47,514
Fidelity Securities Lending Cash Central Fund	4,971
Fidelity VIP Investment Grade Central Fund	426,474
Total	$ 654,394

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 Emerging Markets Equity Central Fund	$ 1,519,757	$ -	$ -	$ 1,493,623	1.6%
Fidelity Floating Rate Central Fund	4,420,699	48,714	2,392,258	2,393,250	0.1%
Fidelity High Income Central Fund 1	3,472,399	695,239	-	4,336,070	1.1%
Fidelity International Equity Central Fund	13,336,235	47,514	-	11,341,800	2.7%
Fidelity VIP Investment Grade Central Fund	36,813,116	426,633	9,988,864	27,450,152	0.9%
Total	$ 59,562,206	$ 1,218,100	$ 12,381,122	$ 47,014,895

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 134,712,528	$ 133,947,149	$ 765,379	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $164,030,876. Net unrealized depreciation aggregated $29,318,348, of which $3,867,328 related to appreciated investment securities and $33,185,676 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

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, 2009

1.830285.103

VIPF2005-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 45.0%
	Shares		Value
Domestic Equity Funds - 37.2%
VIP Contrafund Portfolio Initial Class	25,044		$ 352,115
VIP Equity-Income Portfolio Initial Class	34,289		391,578
VIP Growth & Income Portfolio Initial Class	50,042		403,840
VIP Growth Portfolio Initial Class	18,342		398,214
VIP Mid Cap Portfolio Initial Class	8,925		157,791
VIP Value Portfolio Initial Class	59,186		339,728
VIP Value Strategies Portfolio Initial Class	34,707		150,973
TOTAL DOMESTIC EQUITY FUNDS			2,194,239
International Equity Funds - 7.8%
VIP Overseas Portfolio Initial Class	45,177		463,973
TOTAL EQUITY FUNDS (Cost $4,617,314)		2,658,212
Fixed-Income Funds - 40.3%
	Shares		Value
High Yield Fixed-Income Funds - 5.2%
VIP High Income Portfolio Initial Class	72,241		$ 304,856
Investment Grade Fixed-Income Funds - 35.1%
VIP Investment Grade Bond Portfolio Initial Class	181,764		2,072,108
TOTAL FIXED-INCOME FUNDS (Cost $2,666,083)		2,376,964
Short-Term Funds - 14.7%

VIP Money Market Portfolio Initial Class (Cost $869,088)	869,088		869,088
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $8,152,485)		$ 5,904,264

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 5,904,264	$ 5,904,264	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $8,330,049. Net unrealized depreciation aggregated $2,425,785, of which $4,972 related to appreciated investment securities and $2,430,757 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, 2009

1.830288.103

VIPF2010-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 48.1%
	Shares		Value
Domestic Equity Funds - 38.8%
VIP Contrafund Portfolio Initial Class	415,205		$ 5,837,775
VIP Equity-Income Portfolio Initial Class	569,346		6,501,935
VIP Growth & Income Portfolio Initial Class	831,697		6,711,795
VIP Growth Portfolio Initial Class	303,516		6,589,327
VIP Mid Cap Portfolio Initial Class	147,702		2,611,374
VIP Value Portfolio Initial Class	984,150		5,649,020
VIP Value Strategies Portfolio Initial Class	578,023		2,514,402
TOTAL DOMESTIC EQUITY FUNDS			36,415,628
International Equity Funds - 9.3%
VIP Overseas Portfolio Initial Class	847,038		8,699,078
TOTAL EQUITY FUNDS (Cost $82,239,140)		45,114,706
Fixed-Income Funds - 41.5%
	Shares		Value
High Yield Fixed-Income Funds - 5.1%
VIP High Income Portfolio Initial Class	1,147,856		$ 4,843,952
Investment Grade Fixed-Income Funds - 36.4%
VIP Investment Grade Bond Portfolio Initial Class	2,993,092		34,121,252
TOTAL FIXED-INCOME FUNDS (Cost $44,066,454)		38,965,204
Short-Term Funds - 10.4%

VIP Money Market Portfolio Initial Class (Cost $9,745,550)	9,745,550		9,745,550
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $136,051,144)		$ 93,825,460

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 93,825,460	$ 93,825,460	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $137,133,818. Net unrealized depreciation aggregated $43,308,358, of which $234,254 related to appreciated investment securities and $43,542,612 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, 2009

1.830292.103

VIPF2015-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 51.5%
	Shares		Value
Domestic Equity Funds - 41.6%
VIP Contrafund Portfolio Initial Class	251,745		$ 3,539,534
VIP Equity-Income Portfolio Initial Class	346,422		3,956,139
VIP Growth & Income Portfolio Initial Class	505,403		4,078,599
VIP Growth Portfolio Initial Class	185,062		4,017,691
VIP Mid Cap Portfolio Initial Class	89,184		1,576,780
VIP Value Portfolio Initial Class	596,613		3,424,561
VIP Value Strategies Portfolio Initial Class	347,685		1,512,429
TOTAL DOMESTIC EQUITY FUNDS			22,105,733
International Equity Funds - 9.9%
VIP Overseas Portfolio Initial Class	515,509		5,294,279
TOTAL EQUITY FUNDS (Cost $47,862,152)		27,400,012
Fixed-Income Funds - 40.5%
	Shares		Value
High Yield Fixed-Income Funds - 5.6%
VIP High Income Portfolio Initial Class	708,791		$ 2,991,097
Investment Grade Fixed-Income Funds - 34.9%
VIP Investment Grade Bond Portfolio Initial Class	1,629,256		18,573,521
TOTAL FIXED-INCOME FUNDS (Cost $24,358,420)		21,564,618
Short-Term Funds - 8.0%

VIP Money Market Portfolio Initial Class (Cost $4,233,682)	4,233,682		4,233,682
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $76,454,254)		$ 53,198,312

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 53,198,312	$ 53,198,312	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $77,015,721. Net unrealized depreciation aggregated $23,817,409, of which $200,043 related to appreciated investment securities and $24,017,452 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, 2009

1.830298.103

VIPF2020-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 64.0%
	Shares		Value
Domestic Equity Funds - 51.6%
VIP Contrafund Portfolio Initial Class	846,615		$ 11,903,405
VIP Equity-Income Portfolio Initial Class	1,164,503		13,298,622
VIP Growth & Income Portfolio Initial Class	1,697,792		13,701,178
VIP Growth Portfolio Initial Class	619,907		13,458,178
VIP Mid Cap Portfolio Initial Class	300,515		5,313,111
VIP Value Portfolio Initial Class	2,008,018		11,526,023
VIP Value Strategies Portfolio Initial Class	1,172,839		5,101,851
TOTAL DOMESTIC EQUITY FUNDS			74,302,368
International Equity Funds - 12.4%
VIP Overseas Portfolio Initial Class	1,731,418		17,781,660
TOTAL EQUITY FUNDS (Cost $168,917,681)		92,084,028
Fixed-Income Funds - 34.8%
	Shares		Value
High Yield Fixed-Income Funds - 7.6%
VIP High Income Portfolio Initial Class	2,607,329		$ 11,002,928
Investment Grade Fixed-Income Funds - 27.2%
VIP Investment Grade Bond Portfolio Initial Class	3,434,268		39,150,652
TOTAL FIXED-INCOME FUNDS (Cost $58,205,191)		50,153,580
Short-Term Funds - 1.2%

VIP Money Market Portfolio Initial Class (Cost $1,770,747)	1,770,747		1,770,747
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $228,893,619)		$ 144,008,355

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 144,008,355	$ 144,008,355	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $230,715,292. Net unrealized depreciation aggregated $86,706,937, of which $486,868 related to appreciated investment securities and $87,193,805 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, 2009

1.830299.103

VIPF2025-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 68.4%
	Shares		Value
Domestic Equity Funds - 55.2%
VIP Contrafund Portfolio Initial Class	88,135		$ 1,239,181
VIP Equity-Income Portfolio Initial Class	121,284		1,385,061
VIP Growth & Income Portfolio Initial Class	176,885		1,427,460
VIP Growth Portfolio Initial Class	64,542		1,401,212
VIP Mid Cap Portfolio Initial Class	31,227		552,100
VIP Value Portfolio Initial Class	209,005		1,199,691
VIP Value Strategies Portfolio Initial Class	122,107		531,164
TOTAL DOMESTIC EQUITY FUNDS			7,735,869
International Equity Funds - 13.2%
VIP Overseas Portfolio Initial Class	180,356		1,852,258
TOTAL EQUITY FUNDS (Cost $17,951,147)		9,588,127
Fixed-Income Funds - 31.6%
	Shares		Value
High Yield Fixed-Income Funds - 7.8%
VIP High Income Portfolio Initial Class	260,022		$ 1,097,295
Investment Grade Fixed-Income Funds - 23.8%
VIP Investment Grade Bond Portfolio Initial Class	291,894		3,327,596
TOTAL FIXED-INCOME FUNDS (Cost $5,208,926)		4,424,891
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $23,160,073)		$ 14,013,018

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 14,013,018	$ 14,013,018	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $23,434,848. Net unrealized depreciation aggregated $9,421,830, of which $37,080 related to appreciated investment securities and $9,458,910 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, 2009

1.830294.103

VIPF2030-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 78.5%
	Shares		Value
Domestic Equity Funds - 63.3%
VIP Contrafund Portfolio Initial Class	302,412		$ 4,251,909
VIP Equity-Income Portfolio Initial Class	414,804		4,737,056
VIP Growth & Income Portfolio Initial Class	606,522		4,894,631
VIP Growth Portfolio Initial Class	221,513		4,809,057
VIP Mid Cap Portfolio Initial Class	107,530		1,901,132
VIP Value Portfolio Initial Class	716,395		4,112,105
VIP Value Strategies Portfolio Initial Class	419,205		1,823,542
TOTAL DOMESTIC EQUITY FUNDS			26,529,432
International Equity Funds - 15.2%
VIP Overseas Portfolio Initial Class	618,269		6,349,629
TOTAL EQUITY FUNDS (Cost $62,294,635)		32,879,061
Fixed-Income Funds - 21.5%

High Yield Fixed-Income Funds - 8.0%
VIP High Income Portfolio Initial Class	796,911		3,362,963
Investment Grade Fixed-Income Funds - 13.5%
VIP Investment Grade Bond Portfolio Initial Class	494,151		5,633,316
TOTAL FIXED-INCOME FUNDS (Cost $10,971,520)		8,996,279
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $73,266,155)		$ 41,875,340

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 41,875,340	$ 41,875,340	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $74,521,376. Net unrealized depreciation aggregated $32,646,036, of which $98,054 related to appreciated investment securities and $32,744,090 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, 2009

1.822341.103

VIPFINC-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 19.3%
	Shares		Value
Domestic Equity Funds - 19.3%
VIP Contrafund Portfolio Initial Class	31,724		$ 446,043
VIP Equity-Income Portfolio Initial Class	43,776		499,918
VIP Growth & Income Portfolio Initial Class	63,725		514,264
VIP Growth Portfolio Initial Class	23,230		504,323
VIP Mid Cap Portfolio Initial Class	11,201		198,033
VIP Value Portfolio Initial Class	75,599		433,941
VIP Value Strategies Portfolio Initial Class	44,265		192,552
TOTAL EQUITY FUNDS (Cost $4,489,537)		2,789,074
Fixed-Income Funds - 40.9%
	Shares		Value
High Yield Fixed-Income Funds - 5.1%
VIP High Income Portfolio Initial Class	173,486		$ 732,110
Investment Grade Fixed-Income Funds - 35.8%
VIP Investment Grade Bond Portfolio Initial Class	454,622		5,182,692
TOTAL FIXED-INCOME FUNDS (Cost $6,631,460)		5,914,802
Short-Term Funds - 39.8%

VIP Money Market Portfolio Initial Class (Cost $5,748,491)	5,748,491		5,748,491
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $16,869,488)		$ 14,452,367

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 14,452,367	$ 14,452,367	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $17,015,702. Net unrealized depreciation aggregated $2,563,335, of which $32,067 related to appreciated investment securities and $2,595,402 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, 2009

1.830289.103

VIPFLI-I-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 42.7%
	Shares		Value
Domestic Equity Funds - 34.5%
VIP Contrafund Portfolio Investor Class	27,505		$ 385,346
VIP Equity-Income Portfolio Investor Class	37,797		430,502
VIP Growth & Income Portfolio Investor Class	54,968		442,493
VIP Growth Portfolio Investor Class	20,134		435,901
VIP Mid Cap Portfolio Investor Class	9,802		172,807
VIP Value Portfolio Investor Class	65,053		373,406
VIP Value Strategies Portfolio Investor Class	38,287		165,781
TOTAL DOMESTIC EQUITY FUNDS			2,406,236
International Equity Funds - 8.2%
VIP Overseas Portfolio Investor Class R	55,623		570,136
TOTAL EQUITY FUNDS (Cost $5,591,392)		2,976,372
Fixed-Income Funds - 42.7%
	Shares		Value
High Yield Fixed-Income Funds - 5.2%
VIP High Income Portfolio Investor Class	85,869		$ 361,507
Investment Grade Fixed-Income Funds - 37.5%
VIP Investment Grade Bond Portfolio Investor Class	229,426		2,608,578
TOTAL FIXED-INCOME FUNDS (Cost $3,389,902)		2,970,085
Short-Term Funds - 14.6%

VIP Money Market Portfolio Investor Class (Cost $1,018,033)	1,018,033		1,018,033
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $9,999,327)		$ 6,964,490

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 6,964,490	$ 6,964,490	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $10,073,809. Net unrealized depreciation aggregated $3,109,319, of which $3,828 related to appreciated investment securities and $3,113,147 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, 2009

1.830294.103

VIPFLI-II-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 53.8%
	Shares		Value
Domestic Equity Funds - 43.4%
VIP Contrafund Portfolio Investor Class	59,635		$ 835,482
VIP Equity-Income Portfolio Investor Class	81,973		933,677
VIP Growth & Income Portfolio Investor Class	119,361		960,854
VIP Growth Portfolio Investor Class	43,574		943,388
VIP Mid Cap Portfolio Investor Class	21,165		373,146
VIP Value Portfolio Investor Class	141,096		809,893
VIP Value Strategies Portfolio Investor Class	83,006		359,416
TOTAL DOMESTIC EQUITY FUNDS			5,215,856
International Equity Funds - 10.4%
VIP Overseas Portfolio Investor Class R	121,817		1,248,626
TOTAL EQUITY FUNDS (Cost $12,692,327)		6,464,482
Fixed-Income Funds - 41.2%
	Shares		Value
High Yield Fixed-Income Funds - 6.4%
VIP High Income Portfolio Investor Class	183,510		$ 772,575
Investment Grade Fixed-Income Funds - 34.8%
VIP Investment Grade Bond Portfolio Investor Class	367,321		4,176,436
TOTAL FIXED-INCOME FUNDS (Cost $5,678,491)		4,949,011
Short-Term Funds - 5.0%

VIP Money Market Portfolio Investor Class (Cost $605,197)	605,197		605,197
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $18,976,015)		$ 12,018,690

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 12,018,690	$ 12,018,690	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $19,137,191. Net unrealized depreciation aggregated $7,118,501, of which $17,453 related to appreciated investment securities and $7,135,954 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, 2009

1.830300.103

VIPFLI-III-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 70.5%
	Shares		Value
Domestic Equity Funds - 56.9%
VIP Contrafund Portfolio Investor Class	32,283		$ 452,281
VIP Equity-Income Portfolio Investor Class	44,334		504,962
VIP Growth & Income Portfolio Investor Class	64,582		519,884
VIP Growth Portfolio Investor Class	23,615		511,273
VIP Mid Cap Portfolio Investor Class	11,448		201,829
VIP Value Portfolio Investor Class	76,292		437,916
VIP Value Strategies Portfolio Investor Class	44,804		193,999
TOTAL DOMESTIC EQUITY FUNDS			2,822,144
International Equity Funds - 13.6%
VIP Overseas Portfolio Investor Class R	65,908		675,559
TOTAL EQUITY FUNDS (Cost $6,769,354)		3,497,703
Fixed-Income Funds - 29.5%
	Shares		Value
High Yield Fixed-Income Funds - 7.8%
VIP High Income Portfolio Investor Class	92,261		$ 388,420
Investment Grade Fixed-Income Funds - 21.7%
VIP Investment Grade Bond Portfolio Investor Class	94,586		1,075,448
TOTAL FIXED-INCOME FUNDS (Cost $1,738,575)		1,463,868
Short-Term Funds - 0.0%

VIP Money Market Portfolio Investor Class (Cost $965)	965		965
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $8,508,894)		$ 4,962,536

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 4,962,536	$ 4,962,536	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $8,594,734. Net unrealized depreciation aggregated $3,632,198, of which $10,982 related to appreciated investment securities and $3,643,180 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, 2009

1.847118.102

VF20-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 20.9%
	Shares		Value
Domestic Equity Funds - 20.9%
Fidelity 130/30 Large Cap Fund	50,092		$ 276,006
Fidelity Blue Chip Growth Fund	18,731		467,907
Fidelity Contrafund	50,330		2,130,460
Fidelity Disciplined Equity Fund	24,805		383,739
Fidelity Dividend Growth Fund	122,331		1,767,680
Fidelity Equity-Income Fund	16,326		436,720
Fidelity Equity-Income II Fund	655		7,459
Fidelity Fund	110,650		2,293,766
Fidelity Growth Company Fund	32,200		1,535,959
Fidelity Independence Fund	309		4,008
Fidelity Large Cap Stock Fund	26,091		245,781
Fidelity Large Cap Value Fund	83,019		581,966
Fidelity Leveraged Company Stock Fund	191		2,423
Fidelity Magellan Fund	2,894		129,181
Fidelity Mega Cap Stock Fund	21,064		128,493
Fidelity Mid-Cap Stock Fund	2,740		40,464
Fidelity Real Estate Investment Portfolio	14,623		146,965
Fidelity Select Air Transportation Portfolio	10,131		184,083
Fidelity Select Banking Portfolio	69,458		683,471
Fidelity Select Biotechnology Portfolio (a)	26,293		1,512,395
Fidelity Select Chemicals Portfolio	5,294		257,976
Fidelity Select Computers Portfolio (a)	2,318		62,272
Fidelity Select Construction & Housing Portfolio	17,584		364,871
Fidelity Select Consumer Discretionary Portfolio	13,886		182,601
Fidelity Select Consumer Staples Portfolio	45,479		2,079,750
Fidelity Select Defense & Aerospace Portfolio	1,260		51,681
Fidelity Select Energy Portfolio	72,351		2,057,657
Fidelity Select Energy Services Portfolio	10,272		363,831
Fidelity Select Environmental Portfolio	16,043		176,949
Fidelity Select Financial Services Portfolio	16,210		587,143
Fidelity Select Gold Portfolio	27,917		952,237
Fidelity Select Health Care Portfolio	1,074		85,798
Fidelity Select Industrials Portfolio	47,991		536,537
Fidelity Select Insurance Portfolio	9,611		259,012
Fidelity Select IT Services Portfolio (a)	34,168		389,173
Fidelity Select Leisure Portfolio	9,712		491,218
Fidelity Select Medical Delivery Portfolio	25,164		658,781
Fidelity Select Medical Equipment & Systems Portfolio	39,220		724,399
Fidelity Select Multimedia Portfolio	4,226		83,935
Fidelity Select Natural Resources Portfolio	4,769		86,983
Fidelity Select Pharmaceuticals Portfolio	180,975		1,529,237
Fidelity Select Retailing Portfolio	6,828		215,425

	Shares		Value
Fidelity Select Software & Computer Services Portfolio (a)	21,641		$ 1,047,413
Fidelity Select Technology Portfolio	16,811		708,899
Fidelity Select Telecommunications Portfolio	17,169		499,802
Fidelity Select Transportation Portfolio	8,768		222,446
Fidelity Small Cap Growth Fund (a)	9,604		77,796
Fidelity Small Cap Stock Fund	4,960		46,428
Fidelity Small Cap Value Fund	148,139		1,211,778
Fidelity Telecom and Utilities Fund	91,696		1,082,010
Spartan Extended Market Index Fund Investor Class	55,471		1,128,839
Spartan Total Market Index Fund Investor Class	101,949		2,283,664
VIP Mid Cap Portfolio Investor Class	78		1,373
TOTAL DOMESTIC EQUITY FUNDS			33,466,840
International Equity Funds - 0.0%
Fidelity International Discovery Fund	209		4,266
Fidelity International Small Cap Opportunities Fund	538		2,915
Fidelity International Value Fund	747		3,815
Fidelity Overseas Fund	411		8,783
TOTAL INTERNATIONAL EQUITY FUNDS			19,779
TOTAL EQUITY FUNDS (Cost $41,560,823)		33,486,619
Fixed-Income Funds - 49.4%

Fixed-Income Funds - 49.4%
Fidelity High Income Fund	2,353		14,662
Fidelity U.S. Bond Index Fund	7,340,498		78,910,354
TOTAL FIXED-INCOME FUNDS (Cost $78,817,616)		78,925,016
Money Market Funds - 29.7%

Fidelity Institutional Money Market Portfolio Class I	12,717,960		12,717,960
Fidelity Institutional Prime Money Market Portfolio Class I	27,808,513		27,808,513
Fidelity Select Money Market Portfolio	7,016,757		7,016,757
TOTAL MONEY MARKET FUNDS (Cost $47,543,230)		47,543,230
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $167,921,669)		$ 159,954,865

Legend

(a) Non-income producing

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 159,954,865	$ 159,954,865	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $168,093,682. Net unrealized depreciation aggregated $8,138,817, of which $1,132,260 related to appreciated investment securities and $9,271,077 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, 2009

1.847119.102

VF50-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 50.8%
	Shares		Value
Domestic Equity Funds - 45.9%
Fidelity 130/30 Large Cap Fund	167,379		$ 922,260
Fidelity Blue Chip Growth Fund	73,966		1,847,682
Fidelity Contrafund	254,849		10,787,756
Fidelity Disciplined Equity Fund	293,214		4,536,014
Fidelity Dividend Growth Fund	506,241		7,315,182
Fidelity Equity-Income Fund	60,314		1,613,409
Fidelity Equity-Income II Fund	492		5,605
Fidelity Fund	289,926		6,010,169
Fidelity Growth Company Fund	100,522		4,794,898
Fidelity Independence Fund	973		12,624
Fidelity Large Cap Stock Fund	306,396		2,886,249
Fidelity Large Cap Value Fund	807,891		5,663,316
Fidelity Leveraged Company Stock Fund	750		9,522
Fidelity Magellan Fund	3,540		158,003
Fidelity Mega Cap Stock Fund	36,334		221,638
Fidelity Mid Cap Value Fund	192,535		1,559,536
Fidelity Mid-Cap Stock Fund	6,789		100,266
Fidelity Nasdaq Composite Index Fund	12,929		261,950
Fidelity Real Estate Investment Portfolio	932		9,371
Fidelity Select Air Transportation Portfolio	44,067		800,701
Fidelity Select Banking Portfolio	253,277		2,492,248
Fidelity Select Biotechnology Portfolio (a)	86,707		4,987,382
Fidelity Select Chemicals Portfolio	23,202		1,130,656
Fidelity Select Computers Portfolio (a)	13,551		363,973
Fidelity Select Construction & Housing Portfolio	76,375		1,584,779
Fidelity Select Consumer Discretionary Portfolio	53,645		705,430
Fidelity Select Consumer Staples Portfolio	185,349		8,476,022
Fidelity Select Defense & Aerospace Portfolio	3,246		133,184
Fidelity Select Energy Portfolio	299,733		8,524,417
Fidelity Select Energy Services Portfolio	26,708		946,001
Fidelity Select Environmental Portfolio	78,191		862,449
Fidelity Select Financial Services Portfolio	62,782		2,273,971
Fidelity Select Gold Portfolio	203,299		6,934,533
Fidelity Select Health Care Portfolio	3,551		283,765
Fidelity Select Industrials Portfolio	187,050		2,091,216
Fidelity Select Insurance Portfolio	75,789		2,042,507
Fidelity Select IT Services Portfolio (a)	101,616		1,157,409
Fidelity Select Leisure Portfolio	36,391		1,840,644
Fidelity Select Medical Delivery Portfolio	84,994		2,225,137
Fidelity Select Medical Equipment & Systems Portfolio	133,738		2,470,140
Fidelity Select Multimedia Portfolio	20,049		398,183
Fidelity Select Natural Resources Portfolio	17,803		324,735

	Shares		Value
Fidelity Select Pharmaceuticals Portfolio	617,190		$ 5,215,256
Fidelity Select Retailing Portfolio	24,086		759,904
Fidelity Select Software & Computer Services Portfolio (a)	89,758		4,344,290
Fidelity Select Technology Portfolio	91,793		3,870,907
Fidelity Select Telecommunications Portfolio	78,315		2,279,740
Fidelity Select Transportation Portfolio	38,798		984,302
Fidelity Small Cap Growth Fund (a)	273,809		2,217,855
Fidelity Small Cap Stock Fund	10,046		94,034
Fidelity Small Cap Value Fund	10,644		87,067
Fidelity Telecom and Utilities Fund	370,975		4,377,502
Spartan Extended Market Index Fund Investor Class	405,003		8,241,807
Spartan Total Market Index Fund Investor Class	391,082		8,760,230
Spartan U.S. Equity Index Fund Investor Class	61,772		1,754,336
VIP Mid Cap Portfolio Investor Class	81,788		1,441,930
TOTAL DOMESTIC EQUITY FUNDS			146,194,092
International Equity Funds - 4.9%
Fidelity China Region Fund	65,761		1,119,908
Fidelity Diversified International Fund	25,068		475,540
Fidelity International Discovery Fund	24,473		499,982
Fidelity International Value Fund	18,148		92,737
Fidelity Overseas Fund	271		5,790
Spartan International Index Fund Investor Class	603,306		13,562,309
TOTAL INTERNATIONAL EQUITY FUNDS			15,756,266
TOTAL EQUITY FUNDS (Cost $211,922,887)		161,950,358
Fixed-Income Funds - 39.2%

Fixed-Income Funds - 39.2%
Fidelity High Income Fund	3,284		20,459
Fidelity U.S. Bond Index Fund	11,617,954		124,893,007
TOTAL FIXED-INCOME FUNDS (Cost $125,017,094)		124,913,466
Money Market Funds - 10.0%

Fidelity Institutional Prime Money Market Portfolio Class I (Cost $31,915,446)	31,915,446		31,915,446
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $368,855,427)		$ 318,779,270

Legend

(a) Non-income producing

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 318,779,270	$ 318,779,270	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $369,534,868. Net unrealized depreciation aggregated $50,755,598, of which $3,731,127 related to appreciated investment securities and $54,486,725 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, 2009

1.856870.101

VIPFM-60-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 61.1%
	Shares		Value
Domestic Equity Funds - 51.2%
Fidelity 130/30 Large Cap Fund	787,691		$ 4,340,175
Fidelity Blue Chip Growth Fund	88,092		2,200,539
Fidelity Contrafund	511,097		21,634,721
Fidelity Disciplined Equity Fund	113,024		1,748,478
Fidelity Dividend Growth Fund	1,733,718		25,052,221
Fidelity Equity-Income Fund	72,036		1,926,951
Fidelity Equity-Income II Fund	5,784		65,820
Fidelity Fund	615,895		12,767,508
Fidelity Growth Company Fund	341,830		16,305,290
Fidelity Independence Fund	3,061		39,726
Fidelity Large Cap Stock Fund	372,755		3,511,354
Fidelity Large Cap Value Fund	1,804,367		12,648,615
Fidelity Leveraged Company Stock Fund	115,021		1,459,612
Fidelity Magellan Fund	3,400		151,738
Fidelity Mega Cap Stock Fund	47,206		287,955
Fidelity Mid Cap Value Fund	346,856		2,809,533
Fidelity Real Estate Investment Portfolio	15,485		155,628
Fidelity Select Air Transportation Portfolio	147,040		2,671,709
Fidelity Select Banking Portfolio	833,108		8,197,785
Fidelity Select Biotechnology Portfolio (a)	234,529		13,490,128
Fidelity Select Chemicals Portfolio	64,357		3,136,098
Fidelity Select Computers Portfolio (a)	46,105		1,238,373
Fidelity Select Construction & Housing Portfolio	238,759		4,954,259
Fidelity Select Consumer Discretionary Portfolio	217,036		2,854,025
Fidelity Select Consumer Staples Portfolio	520,640		23,808,848
Fidelity Select Defense & Aerospace Portfolio	16,615		681,709
Fidelity Select Energy Portfolio	650,068		18,487,924
Fidelity Select Energy Services Portfolio	206,766		7,323,647
Fidelity Select Environmental Portfolio	201,021		2,217,261
Fidelity Select Financial Services Portfolio	233,310		8,450,505
Fidelity Select Gold Portfolio	454,909		15,516,962
Fidelity Select Health Care Portfolio	12,059		963,722
Fidelity Select Industrials Portfolio	667,870		7,466,791
Fidelity Select Insurance Portfolio	269,801		7,271,148
Fidelity Select IT Services Portfolio (a)	445,536		5,074,651
Fidelity Select Leisure Portfolio	103,548		5,237,450
Fidelity Select Medical Delivery Portfolio	151,496		3,966,153
Fidelity Select Medical Equipment & Systems Portfolio	360,921		6,666,212
Fidelity Select Multimedia Portfolio	51,634		1,025,457
Fidelity Select Natural Resources Portfolio	132,254		2,412,308
Fidelity Select Pharmaceuticals Portfolio	1,617,629		13,668,963

	Shares		Value
Fidelity Select Retailing Portfolio	96,800		$ 3,054,039
Fidelity Select Software & Computer Services Portfolio (a)	262,512		12,705,561
Fidelity Select Technology Portfolio	274,037		11,556,137
Fidelity Select Telecommunications Portfolio	219,955		6,402,887
Fidelity Select Transportation Portfolio	142,230		3,608,370
Fidelity Small Cap Growth Fund (a)	243,572		1,972,932
Fidelity Small Cap Value Fund	970,249		7,936,634
Fidelity Telecom and Utilities Fund	1,277,634		15,076,085
Fidelity Value Fund	29,658		1,012,225
Spartan Total Market Index Fund Investor Class	851,585		19,075,499
Spartan U.S. Equity Index Fund Investor Class	157,664		4,477,662
VIP Mid Cap Portfolio Investor Class	221,181		3,899,416
TOTAL DOMESTIC EQUITY FUNDS			364,665,399
International Equity Funds - 9.9%
Fidelity China Region Fund	402,795		6,859,592
Fidelity Diversified International Fund	135,722		2,574,637
Fidelity Emerging Markets Fund	91,208		1,147,396
Fidelity International Discovery Fund	551,117		11,259,311
Fidelity International Value Fund	64,630		330,257
Fidelity Overseas Fund	1,109		23,718
Spartan International Index Fund Investor Class	2,152,717		48,393,072
TOTAL INTERNATIONAL EQUITY FUNDS			70,587,983
TOTAL EQUITY FUNDS (Cost $515,748,362)		435,253,382
Fixed-Income Funds - 34.2%

Fidelity Floating Rate High Income Fund	22,815		186,851
Fidelity High Income Fund	28,580		178,054
Fidelity U.S. Bond Index Fund	22,631,244		243,285,873
TOTAL FIXED-INCOME FUNDS (Cost $243,039,938)		243,650,778
Money Market Funds - 4.7%

Fidelity Institutional Prime Money Market Portfolio Class I (Cost $33,629,362)	33,629,362		33,629,362
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $792,417,662)		$ 712,533,522

Legend

(a) Non-income producing

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 712,533,522	$ 712,533,522	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $794,283,277. Net unrealized depreciation aggregated $81,749,755, of which $12,035,110 related to appreciated investment securities and $93,784,865 related to depreciated investment securities.

Investment Valuation

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

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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
FundsManager 70% Portfolio

March 31, 2009

1.830296.103

VF70-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 70.8%
	Shares		Value
Domestic Equity Funds - 60.9%
Fidelity 130/30 Large Cap Fund	152,729		$ 841,535
Fidelity Blue Chip Growth Fund	59,355		1,482,685
Fidelity Contrafund	252,594		10,692,302
Fidelity Disciplined Equity Fund	344,243		5,325,433
Fidelity Dividend Growth Fund	639,829		9,245,533
Fidelity Equity-Income Fund	46,325		1,239,206
Fidelity Equity-Income II Fund	486		5,528
Fidelity Fund	375,361		7,781,225
Fidelity Growth Company Fund	73,377		3,500,088
Fidelity Independence Fund	558		7,248
Fidelity Large Cap Stock Fund	872,220		8,216,311
Fidelity Large Cap Value Fund	1,170,652		8,206,270
Fidelity Leveraged Company Stock Fund	944		11,980
Fidelity Magellan Fund	1,010		45,061
Fidelity Mega Cap Stock Fund	30,912		188,565
Fidelity Mid Cap Value Fund	57,342		464,466
Fidelity Mid-Cap Stock Fund	7,483		110,531
Fidelity Nasdaq Composite Index Fund	54,206		1,098,223
Fidelity Real Estate Investment Portfolio	22,189		222,999
Fidelity Select Air Transportation Portfolio	38,769		704,437
Fidelity Select Banking Portfolio	248,451		2,444,756
Fidelity Select Biotechnology Portfolio (a)	85,166		4,898,732
Fidelity Select Chemicals Portfolio	22,602		1,101,378
Fidelity Select Computers Portfolio (a)	52,077		1,398,797
Fidelity Select Construction & Housing Portfolio	84,372		1,750,725
Fidelity Select Consumer Discretionary Portfolio	46,385		609,959
Fidelity Select Consumer Staples Portfolio	243,209		11,121,963
Fidelity Select Defense & Aerospace Portfolio	3,017		123,773
Fidelity Select Energy Portfolio	331,140		9,417,636
Fidelity Select Energy Services Portfolio	17,762		629,146
Fidelity Select Environmental Portfolio	66,485		733,328
Fidelity Select Financial Services Portfolio	76,702		2,778,160
Fidelity Select Gold Portfolio	196,801		6,712,870
Fidelity Select Health Care Portfolio	3,569		285,206
Fidelity Select Industrials Portfolio	161,916		1,810,224
Fidelity Select Insurance Portfolio	95,383		2,570,569
Fidelity Select IT Services Portfolio (a)	83,981		956,543
Fidelity Select Leisure Portfolio	41,821		2,115,322
Fidelity Select Medical Delivery Portfolio	79,666		2,085,664
Fidelity Select Medical Equipment & Systems Portfolio	188,145		3,475,046
Fidelity Select Multimedia Portfolio	20,854		414,167
Fidelity Select Natural Resources Portfolio	9,538		173,965
Fidelity Select Pharmaceuticals Portfolio	575,297		4,861,256
Fidelity Select Retailing Portfolio	19,650		619,944

	Shares		Value
Fidelity Select Software & Computer Services Portfolio (a)	110,709		$ 5,358,326
Fidelity Select Technology Portfolio	93,580		3,946,248
Fidelity Select Telecommunications Portfolio	79,099		2,302,586
Fidelity Select Transportation Portfolio	72,087		1,828,841
Fidelity Small Cap Growth Fund (a)	453,131		3,670,361
Fidelity Small Cap Stock Fund	9,746		91,220
Fidelity Small Cap Value Fund	88,459		723,594
Fidelity Telecom and Utilities Fund	443,044		5,227,920
Fidelity Value Discovery Fund	2,209		19,485
Fidelity Value Fund	25,230		861,086
Spartan Extended Market Index Fund Investor Class	466,711		9,497,578
Spartan Total Market Index Fund Investor Class	401,678		8,997,594
Spartan U.S. Equity Index Fund Investor Class	312,060		8,862,501
VIP Mid Cap Portfolio Investor Class	191,427		3,374,851
TOTAL DOMESTIC EQUITY FUNDS			177,240,946
International Equity Funds - 9.1%
Fidelity China Region Fund	129,210		2,200,448
Fidelity Diversified International Fund	33,000		626,009
Fidelity Emerging Markets Fund	142,521		1,792,920
Fidelity International Discovery Fund	8,558		174,834
Fidelity International Value Fund	22,037		112,609
Fidelity Overseas Fund	805		17,204
Spartan International Index Fund Investor Class	1,062,121		23,876,469
TOTAL INTERNATIONAL EQUITY FUNDS			28,800,493
TOTAL EQUITY FUNDS (Cost $281,239,220)		206,041,439
Fixed-Income Funds - 24.1%

Fixed-Income Funds - 24.1%
Fidelity High Income Fund	105		655
Fidelity U.S. Bond Index Fund	6,505,263		69,931,574
TOTAL FIXED-INCOME FUNDS (Cost $69,856,097)		69,932,229

Money Market Funds - 5.1%

Fidelity Institutional Prime Money Market Portfolio Class I (Cost $14,916,679)	14,916,679	14,916,679

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $366,011,996)

$ 290,890,347

Legend

(a) Non-income producing

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 290,890,347	$ 290,890,347	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $366,379,266. Net unrealized depreciation aggregated $75,488,919, of which $3,141,699 related to appreciated investment securities and $78,630,618 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, 2009

1.847121.102

VF85-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 85.5%
	Shares		Value
Domestic Equity Funds - 70.5%
Fidelity 130/30 Large Cap Fund	189,404		$ 1,043,618
Fidelity Blue Chip Growth Fund	17,686		441,797
Fidelity Contrafund	76,721		3,247,590
Fidelity Disciplined Equity Fund	128,248		1,984,000
Fidelity Dividend Growth Fund	215,035		3,107,262
Fidelity Equity-Income Fund	13,118		350,912
Fidelity Equity-Income II Fund	1,281		14,580
Fidelity Growth Company Fund	43,051		2,053,542
Fidelity Independence Fund	419		5,441
Fidelity Large Cap Stock Fund	362,308		3,412,943
Fidelity Large Cap Value Fund	504,463		3,536,286
Fidelity Leveraged Company Stock Fund	8,167		103,633
Fidelity Magellan Fund	967		43,174
Fidelity Mega Cap Stock Fund	1,647		10,049
Fidelity Mid Cap Value Fund	45,464		368,257
Fidelity Mid-Cap Stock Fund	2,773		40,951
Fidelity Nasdaq Composite Index Fund	20,633		418,028
Fidelity Real Estate Investment Portfolio	11,679		117,371
Fidelity Select Air Transportation Portfolio	22,752		413,406
Fidelity Select Banking Portfolio	151,466		1,490,426
Fidelity Select Biotechnology Portfolio (a)	43,530		2,503,862
Fidelity Select Chemicals Portfolio	12,521		610,159
Fidelity Select Computers Portfolio (a)	22,019		591,431
Fidelity Select Construction & Housing Portfolio	40,406		838,434
Fidelity Select Consumer Discretionary Portfolio	23,438		308,209
Fidelity Select Consumer Staples Portfolio	124,529		5,694,706
Fidelity Select Defense & Aerospace Portfolio	3,177		130,347
Fidelity Select Energy Portfolio	168,211		4,783,932
Fidelity Select Energy Services Portfolio	10,169		360,187
Fidelity Select Environmental Portfolio	35,746		394,280
Fidelity Select Financial Services Portfolio	39,868		1,444,018
Fidelity Select Gold Portfolio	102,743		3,504,549
Fidelity Select Health Care Portfolio	2,064		164,978
Fidelity Select Industrials Portfolio	109,676		1,226,181
Fidelity Select Insurance Portfolio	34,452		928,474
Fidelity Select IT Services Portfolio (a)	75,660		861,765
Fidelity Select Leisure Portfolio	21,140		1,069,282
Fidelity Select Medical Delivery Portfolio	20,559		538,246
Fidelity Select Medical Equipment & Systems Portfolio	112,606		2,079,829
Fidelity Select Multimedia Portfolio	11,194		222,318
Fidelity Select Natural Resources Portfolio	9,538		173,965
Fidelity Select Pharmaceuticals Portfolio	308,036		2,602,908

	Shares		Value
Fidelity Select Retailing Portfolio	11,507		$ 363,059
Fidelity Select Software & Computer Services Portfolio (a)	55,979		2,709,394
Fidelity Select Technology Portfolio	27,968		1,179,424
Fidelity Select Telecommunications Portfolio	39,820		1,159,160
Fidelity Select Transportation Portfolio	38,500		976,733
Fidelity Small Cap Growth Fund (a)	108,168		876,161
Fidelity Small Cap Stock Fund	3,785		35,432
Fidelity Small Cap Value Fund	129,738		1,061,258
Fidelity Stock Selector Fund	198		3,098
Fidelity Telecom and Utilities Fund	270,855		3,196,093
Fidelity Value Discovery Fund	729		6,428
Spartan Extended Market Index Fund Investor Class	132,258		2,691,446
Spartan Total Market Index Fund Investor Class	148,968		3,336,885
Spartan U.S. Equity Index Fund Investor Class	174,059		4,943,285
VIP Mid Cap Portfolio Investor Class	53,292		939,541
TOTAL DOMESTIC EQUITY FUNDS			76,712,723
International Equity Funds - 15.0%
Fidelity China Region Fund	70,978		1,208,755
Fidelity Diversified International Fund	6,975		132,312
Fidelity Emerging Markets Fund	52,867		665,067
Fidelity International Discovery Fund	15,970		326,265
Fidelity International Value Fund	4,444		22,711
Fidelity Overseas Fund	317		6,770
Spartan International Index Fund Investor Class	620,496		13,948,741
TOTAL INTERNATIONAL EQUITY FUNDS			16,310,621
TOTAL EQUITY FUNDS (Cost $121,108,108)		93,023,344
Fixed-Income Funds - 14.5%

Fixed-Income Funds - 14.5%

Fidelity U.S. Bond Index Fund
(Cost $15,696,383)

1,467,178

15,772,157

Money Market Funds - 0.0%

Fidelity Institutional Prime Money Market Portfolio Class I (Cost $19,493)	19,493		19,493
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $136,823,984)		$ 108,814,994

Legend

(a) Non-income producing

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 108,814,994	$ 108,814,994	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $137,098,576. Net unrealized depreciation aggregated $28,283,582, of which $1,820,583 related to appreciated investment securities and $30,104,165 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, 2009

1.799863.105

VIPIGB-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Fixed-Income Central Funds - 98.0%
	Shares		Value
HIGH YIELD FIXED-INCOME FUNDS - 1.6%
Fidelity Specialized High Income Central Fund (c)	487,591		$ 37,885,795
INVESTMENT GRADE FIXED-INCOME FUNDS - 96.4%
Fidelity VIP Investment Grade Central Fund (c)	24,122,232		2,298,607,459
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $2,534,365,375)		2,336,493,254

Nonconvertible Bonds - 0.2%
	Principal Amount
CONSUMER STAPLES - 0.1%
Beverages - 0.1%
FBG Finance Ltd. 5.125% 6/15/15 (a)	$ 1,750,000		1,489,528
UTILITIES - 0.1%
Multi-Utilities - 0.1%
CMS Energy Corp. 6.55% 7/17/17	2,425,000		2,127,938
TOTAL NONCONVERTIBLE BONDS (Cost $3,752,630)		3,617,466
Asset-Backed Securities - 0.1%

Advanta Business Card Master Trust Series 2007-D1 Class D, 1.945% 1/22/13 (a)(b)	1,800,000		90,000
AmeriCredit Prime Automobile Receivables Trust Series 2007-1 Class E, 6.96% 3/31/16 (a)	968,234		242,058
Ford Credit Auto Owner Trust:
Series 2006-C Class D, 6.89% 5/15/13 (a)	725,000		369,863
Series 2007-A Class D, 7.05% 12/15/13 (a)	425,000		247,367
GS Auto Loan Trust Series 2006-1 Class D, 6.25% 1/15/14 (a)	579,634		231,854
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		340,750
TOTAL ASSET-BACKED SECURITIES (Cost $5,666,607)		1,523,695
Collateralized Mortgage Obligations - 0.8%

Private Sponsor - 0.8%
Banc of America Mortgage Securities, Inc. Series 2005-H Class 2A2, 4.8032% 9/25/35 (b)	1,915,228		611,950
Collateralized Mortgage Obligations - 0.8%
	Principal Amount		Value
CWALT, Inc.:
floater Series 2005-56:
Class 1A1, 1.2519% 11/25/35 (b)	$ 11,541,891		$ 4,550,034
Class 2A3, 3.3225% 11/25/35 (b)	2,834,460		994,208
Series 2005-56:
Class 4A1, 0.8319% 11/25/35 (b)	2,227,107		824,030
Class 5A1, 0.8419% 11/25/35 (b)	3,328,597		1,267,935
Luminent Mortgage Trust:
floater Series 2006-1 Class A1, 0.7619% 4/25/36 (b)	5,873,163		2,080,091
Series 2006-5 Class A1A, 0.7119% 7/25/36 (b)	4,809,020		1,640,868
MASTR Adjustable Rate Mortgages Trust Series 2007-3 Class 22A2, 0.7319% 5/25/47 (b)	960,000		358,403
Merrill Lynch Alternative Note Asset Trust floater Series 2007-OAR1 Class A1, 0.6919% 2/25/37 (b)	2,227,652		757,402
Residential Accredit Loans, Inc. floater Series 2005-QO5 Class A1, 2.823% 1/25/46 (b)	5,359,686		1,929,487
Structured Asset Mortgage Investments, Inc. floater Series 2006-AR6 Class 2A1, 0.7119% 7/25/46 (b)	9,624,354		3,887,175
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR2 Class 1A2, 4.6394% 3/25/35 (b)	1,461,371		605,664
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $26,602,546)		19,507,247

Cash Equivalents - 0.8%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.16%, dated 3/31/09 due 4/1/09 (Collateralized by U.S. Government Obligations) # (Cost $19,819,000)	$ 19,819,085	19,819,000

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $2,590,206,158)

2,380,960,662

NET OTHER ASSETS - 0.1%			2,149,141
NET ASSETS - 100%		$ 2,383,109,803

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 $3,013,223 or 0.1% 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
$19,819,000 due 4/01/09 at 0.16%
BNP Paribas Securities Corp.	$ 13,407,273
ING Financial Markets LLC	665,753
J.P. Morgan Securities, Inc.	5,745,974
	$ 19,819,000

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	$ 796,055
Fidelity VIP Investment Grade Central Fund	29,505,153
Total	$ 30,301,208

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	$ 35,045,212	$ 796,055	$ -	$ 37,885,795	9.7%
Fidelity VIP Investment Grade Central Fund	2,316,100,909	29,513,221	59,920,671	2,298,607,459	74.0%
Total	$ 2,351,146,121	$ 30,309,276	$ 59,920,671	$ 2,336,493,254

Other Information

The following is a summary of the inputs used, as of March 31, 2009, 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	$ 2,380,960,662	$ 2,336,493,254	$ 44,233,751	$ 233,657

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

	Investments in Securities
Beginning Balance	$ 1,645,453
Total Realized Gain (Loss)	10,940
Total Unrealized Gain (Loss)	786,926
Cost of Purchases	-
Proceeds of Sales	(25,612)
Amortization/Accretion	(1,421,696)
Transfer in/out of Level 3	(762,354)
Ending Balance	$ 233,657

The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 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, 2009, the aggregate cost of investment securities for income tax purposes was $2,535,298,894. Net unrealized depreciation aggregated $154,338,232, of which $1,102,905 related to appreciated investment securities and $155,441,137 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 2005 Portfolio

March 31, 2009

1.830286.103

VIPIFF2005-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 44.7%
	Shares		Value
Domestic Equity Funds - 36.9%
VIP Contrafund Portfolio Investor Class	26,106		$ 365,752
VIP Equity-Income Portfolio Investor Class	35,611		405,605
VIP Growth & Income Portfolio Investor Class	52,188		420,111
VIP Growth Portfolio Investor Class	19,116		413,872
VIP Mid Cap Portfolio Investor Class	9,361		165,031
VIP Value Portfolio Investor Class	61,308		351,907
VIP Value Strategies Portfolio Investor Class	36,109		156,351
TOTAL DOMESTIC EQUITY FUNDS			2,278,629
International Equity Funds - 7.8%
VIP Overseas Portfolio Investor Class R	46,815		479,857
TOTAL EQUITY FUNDS (Cost $5,141,497)		2,758,486
Fixed-Income Funds - 40.5%
	Shares		Value
High Yield Fixed-Income Funds - 5.2%
VIP High Income Portfolio Investor Class	76,395		$ 321,621
Investment Grade Fixed-Income Funds - 35.3%
VIP Investment Grade Bond Portfolio Investor Class	191,823		2,181,028
TOTAL FIXED-INCOME FUNDS (Cost $2,814,955)		2,502,649
Short-Term Funds - 14.8%

VIP Money Market Portfolio Investor Class (Cost $913,388)	913,388		913,388
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $8,869,840)		$ 6,174,523

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 6,174,523	$ 6,174,523	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $8,975,642. Net unrealized depreciation aggregated $2,801,119, of which $8,500 related to appreciated investment securities and $2,809,619 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, 2009

1.830287.103

VIPIFF2010-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 48.0%
	Shares		Value
Domestic Equity Funds - 38.8%
VIP Contrafund Portfolio Investor Class	164,714		$ 2,307,645
VIP Equity-Income Portfolio Investor Class	225,618		2,569,784
VIP Growth & Income Portfolio Investor Class	328,948		2,648,035
VIP Growth Portfolio Investor Class	120,165		2,601,574
VIP Mid Cap Portfolio Investor Class	58,666		1,034,280
VIP Value Portfolio Investor Class	388,417		2,229,513
VIP Value Strategies Portfolio Investor Class	228,270		988,410
TOTAL DOMESTIC EQUITY FUNDS			14,379,241
International Equity Funds - 9.2%
VIP Overseas Portfolio Investor Class R	335,025		3,434,003
TOTAL EQUITY FUNDS (Cost $35,086,277)		17,813,244
Fixed-Income Funds - 41.6%
	Shares		Value
High Yield Fixed-Income Funds - 5.2%
VIP High Income Portfolio Investor Class	453,461		$ 1,909,071
Investment Grade Fixed-Income Funds - 36.4%
VIP Investment Grade Bond Portfolio Investor Class	1,186,934		13,495,439
TOTAL FIXED-INCOME FUNDS (Cost $17,528,586)		15,404,510
Short-Term Funds - 10.4%

VIP Money Market Portfolio Investor Class (Cost $3,866,148)	3,866,148		3,866,148
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $56,481,011)		$ 37,083,902

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 37,083,902	$ 37,083,902	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $57,055,511. Net unrealized depreciation aggregated $19,971,609, of which $10,341 related to appreciated investment securities and $19,981,950 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, 2009

1.822893.103

VIPIFF2015-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 51.5%
	Shares		Value
Domestic Equity Funds - 41.6%
VIP Contrafund Portfolio Investor Class	212,051		$ 2,970,832
VIP Equity-Income Portfolio Investor Class	291,098		3,315,602
VIP Growth & Income Portfolio Investor Class	424,399		3,416,413
VIP Growth Portfolio Investor Class	154,993		3,355,594
VIP Mid Cap Portfolio Investor Class	75,326		1,327,993
VIP Value Portfolio Investor Class	501,159		2,876,654
VIP Value Strategies Portfolio Investor Class	294,621		1,275,709
TOTAL DOMESTIC EQUITY FUNDS			18,538,797
International Equity Funds - 9.9%
VIP Overseas Portfolio Investor Class R	432,534		4,433,478
TOTAL EQUITY FUNDS (Cost $42,676,213)		22,972,275
Fixed-Income Funds - 40.5%
	Shares		Value
High Yield-Income Funds - 5.6%
VIP High Income Portfolio Investor Class	593,457		$ 2,498,452
Investment Grade Fixed-Income Funds - 34.9%
VIP Investment Grade Bond Portfolio Investor Class	1,370,927		15,587,443
TOTAL FIXED-INCOME FUNDS (Cost $20,504,002)		18,085,895
Short-Term Funds - 8.0%

VIP Money Market Portfolio Investor Class (Cost $3,554,924)	3,554,924		3,554,924
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $66,735,139)		$ 44,613,094

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 44,613,094	$ 44,613,094	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $67,310,947. Net unrealized depreciation aggregated $22,697,853, of which $100,141 related to appreciated investment securities and $22,797,994 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, 2009

1.830296.103

VIPIFF2020-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 63.7%
	Shares		Value
Domestic Equity Funds - 51.4%
VIP Contrafund Portfolio Investor Class	304,189		$ 4,261,684
VIP Equity-Income Portfolio Investor Class	416,535		4,744,332
VIP Growth & Income Portfolio Investor Class	608,426		4,897,832
VIP Growth Portfolio Investor Class	222,458		4,816,218
VIP Mid Cap Portfolio Investor Class	108,214		1,907,805
VIP Value Portfolio Investor Class	717,722		4,119,726
VIP Value Strategies Portfolio Investor Class	421,704		1,825,978
TOTAL DOMESTIC EQUITY FUNDS			26,573,575
International Equity Funds - 12.3%
VIP Overseas Portfolio Investor Class R	619,967		6,354,661
TOTAL EQUITY FUNDS (Cost $64,617,765)		32,928,236
Fixed-Income Funds - 35.1%
	Shares		Value
High Yield Fixed-Income Funds - 7.7%
VIP High Income Portfolio Investor Class	936,762		$ 3,943,767
Investment Grade Fixed-Income Funds - 27.4%
VIP Investment Grade Bond Portfolio Investor Class	1,246,573		14,173,541
TOTAL FIXED-INCOME FUNDS (Cost $21,202,468)		18,117,308
Short-Term Funds - 1.2%

VIP Money Market Portfolio Investor Class (Cost $644,641)	644,641		644,641
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $86,464,874)		$ 51,690,185

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 51,690,185	$ 51,690,185	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $87,135,644. Net unrealized depreciation aggregated $35,445,459, of which $55,292 related to appreciated investment securities and $35,500,751 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, 2009

1.830297.103

VIPIFF2025-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 68.3%
	Shares		Value
Domestic Equity Funds - 55.1%
VIP Contrafund Portfolio Investor Class	128,424		$ 1,799,225
VIP Equity-Income Portfolio Investor Class	176,427		2,009,507
VIP Growth & Income Portfolio Investor Class	257,261		2,070,950
VIP Growth Portfolio Investor Class	94,198		2,039,386
VIP Mid Cap Portfolio Investor Class	45,537		802,820
VIP Value Portfolio Investor Class	303,488		1,742,020
VIP Value Strategies Portfolio Investor Class	177,697		769,430
TOTAL DOMESTIC EQUITY FUNDS			11,233,338

	Shares		Value
International Equity Funds - 13.2%
VIP Overseas Portfolio Investor Class R	262,502		$ 2,690,649
TOTAL EQUITY FUNDS (Cost $26,112,335)		13,923,987
Fixed-Income Funds - 31.7%

High Yield Fixed-Income Funds - 7.9%
VIP High Income Portfolio Investor Class	380,856		1,603,404
Investment Grade Fixed-Income Funds - 23.8%
VIP Investment Grade Bond Portfolio Investor Class	426,461		4,848,862
TOTAL FIXED-INCOME FUNDS (Cost $7,563,110)		6,452,266
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $33,675,445)		$ 20,376,253

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 20,376,253	$ 20,376,253	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $34,086,047. Net unrealized depreciation aggregated $13,709,794, of which $70,375 related to appreciated investment securities and $13,780,169 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, 2009

1.830291.103

VIPIFF2030-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 78.6%
	Shares		Value
Domestic Equity Funds - 63.4%
VIP Contrafund Portfolio Investor Class	166,276		$ 2,329,528
VIP Equity-Income Portfolio Investor Class	228,466		2,602,224
VIP Growth & Income Portfolio Investor Class	333,315		2,683,184
VIP Growth Portfolio Investor Class	121,866		2,638,399
VIP Mid Cap Portfolio Investor Class	58,930		1,038,930
VIP Value Portfolio Investor Class	392,661		2,253,876
VIP Value Strategies Portfolio Investor Class	230,293		997,170
TOTAL DOMESTIC EQUITY FUNDS			14,543,311
International Equity Funds - 15.2%
VIP Overseas Portfolio Investor Class R	339,480		3,479,671
TOTAL EQUITY FUNDS (Cost $34,807,697)		18,022,982
Fixed-Income Funds - 21.4%

High Yield Fixed-Income Funds - 8.0%
VIP High Income Portfolio Investor Class	433,873		1,826,605
Investment Grade Fixed-Income Funds - 13.4%
VIP Investment Grade Bond Portfolio Investor Class	269,992		3,069,809
TOTAL FIXED-INCOME FUNDS (Cost $5,963,724)		4,896,414
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $40,771,421)		$ 22,919,396

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 22,919,396	$ 22,919,396	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $41,267,278. Net unrealized depreciation aggregated $18,347,882, of which $27,027 related to appreciated investment securities and $18,374,909 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, 2009

1.830282.103

VIPIFFINC-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 19.3%
	Shares		Value
Domestic Equity Funds - 19.3%
VIP Contrafund Portfolio Investor Class	36,984		$ 518,140
VIP Equity-Income Portfolio Investor Class	50,984		580,709
VIP Growth & Income Portfolio Investor Class	74,082		596,360
VIP Growth Portfolio Investor Class	26,995		584,450
VIP Mid Cap Portfolio Investor Class	13,098		230,919
VIP Value Portfolio Investor Class	87,723		503,528
VIP Value Strategies Portfolio Investor Class	51,459		222,816
TOTAL EQUITY FUNDS (Cost $5,583,745)		3,236,922
Fixed-Income Funds - 40.9%
	Shares		Value
High Yield Fixed-Income Funds - 5.0%
VIP High Income Portfolio Investor Class	200,997		$ 846,199
Investment Grade Fixed-Income Funds - 35.9%
VIP Investment Grade Bond Portfolio Investor Class	528,698		6,011,298
TOTAL FIXED-INCOME FUNDS (Cost $7,719,145)		6,857,497
Short-Term Funds - 39.8%

VIP Money Market Portfolio Investor Class (Cost $6,657,215)	6,657,214		6,657,215
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $19,960,105)		$ 16,751,634

Other Information

The following is a summary of the inputs used, as of March 31, 2009, 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	$ 16,751,634	$ 16,751,634	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $20,174,153. Net unrealized depreciation aggregated $3,422,519, of which $17,584 related to appreciated investment securities and $3,440,103 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, 2009

1.814641.104

VIPMM-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 1.7%
	Due Date	Yield (a)	Principal Amount	Value
Florida Timber Finance III LLC
	4/7/09	0.90% (d)	$ 25,155,000	$ 25,155,000
LP Pinewood SPV LLC
	4/7/09	0.90 (d)	7,000,000	7,000,000
Roche Holdings, Inc.
	9/18/09	1.95 (e)	43,750,000	43,750,000
TOTAL CORPORATE BONDS				75,905,000
Certificates of Deposit - 44.0%

Domestic Certificates Of Deposit - 1.3%
PNC Bank NA, Pittsburgh
	4/1/09	3.09	6,000,000	6,000,000
State Street Bank & Trust Co., Boston
	5/22/09 to 6/18/09	1.00 to 1.25	50,000,000	50,000,000
				56,000,000
London Branch, Eurodollar, Foreign Banks - 13.5%
Credit Agricole SA
	4/1/09 to 8/3/09	1.10 to 1.82	176,000,000	176,000,000
Credit Industriel et Commercial
	4/1/09 to 7/2/09	1.20 to 1.50	93,000,000	93,000,000
HSBC Bank PLC
	6/3/09 to 6/22/09	1.00 to 1.05	49,000,000	49,000,000
ING Bank NV
	4/14/09 to 5/13/09	1.00 to 1.30	103,000,000	103,000,000
Landesbank Hessen-Thuringen
	4/23/09 to 6/3/09	1.30 to 1.50	22,000,000	22,000,000
National Australia Bank Ltd.
	5/11/09	1.00	52,000,000	52,000,000
UniCredit SpA
	4/14/09 to 5/7/09	1.07 to 1.50	99,000,000	99,000,000
				594,000,000
New York Branch, Yankee Dollar, Foreign Banks - 29.2%
Banco Bilbao Vizcaya Argentaria SA
	6/2/09	1.00	7,000,000	7,000,120
Bank of Montreal
	4/9/09 to 6/5/09	1.06 to 1.62 (d)	80,000,000	80,000,000
Bank of Nova Scotia
	4/15/09 to 9/9/09	1.00 to 1.57 (d)	78,000,000	78,000,000
Bank of Scotland PLC
	5/6/09	1.47 (d)	28,000,000	28,000,000
Bank Tokyo-Mitsubishi UFJ Ltd.
	4/15/09 to 5/27/09	1.10 to 1.20	104,000,000	104,000,000
Barclays Bank PLC
	4/14/09 to 5/20/09	1.19 to 1.38 (d)	48,000,000	48,000,000
Certificates of Deposit - continued
	Due Date	Yield (a)	Principal Amount	Value
BNP Paribas SA
	4/20/09 to 7/13/09	1.07 to 3.05%	$ 78,000,000	$ 78,000,000
Canadian Imperial Bank of Commerce
	5/4/09 to 9/11/09	0.80 to 1.50	36,000,000	36,000,000
Commerzbank AG
	4/20/09 to 4/27/09	1.15 to 1.25	27,000,000	27,000,000
Credit Suisse First Boston
	5/11/09	1.58 (d)	22,000,000	22,000,000
Deutsche Bank AG
	4/6/09	1.64 (d)	23,000,000	23,000,000
DnB NOR Bank ASA
	5/13/09	1.00	9,000,000	9,000,000
Intesa Sanpaolo SpA
	4/1/09 to 7/13/09	1.03 to 1.62 (d)	98,000,000	98,000,000
Landesbank Hessen-Thuringen
	5/29/09	1.50	7,000,000	7,000,000
Natixis SA
	4/14/09 to 5/6/09	1.00 to 1.20	69,000,000	69,000,000
Rabobank Nederland
	4/14/09 to 1/12/10	1.00 to 2.75	64,000,000	64,000,000
Royal Bank of Canada
	4/1/09 to 9/9/09	1.00 to 1.74 (d)	48,000,000	48,000,000
Royal Bank of Scotland PLC
	4/6/09 to 5/4/09	1.03 to 1.11	114,000,000	114,000,000
Sanpaolo IMI SpA
	4/21/09	3.15	12,000,000	12,000,000
Societe Generale
	4/27/09	1.05	51,000,000	51,000,000
Sumitomo Mitsui Banking Corp.
	4/23/09 to 8/3/09	1.15 to 1.63	87,000,000	87,000,000
Svenska Handelsbanken AB
	5/26/09	1.60 (d)	7,000,000	7,000,000
Toronto-Dominion Bank
	5/14/09 to 1/14/10	1.00 to 2.50	183,000,000	183,000,000

			1,280,000,120
TOTAL CERTIFICATES OF DEPOSIT			1,930,000,120

Commercial Paper - 21.6%

Amsterdam Funding Corp.
	4/23/09 to 5/6/09	0.50 to 0.55	42,000,000	41,982,110
Atlantic Asset Securitization Corp.
	4/7/09 to 5/21/09	0.40 to 0.70	123,970,000	123,920,866
Commercial Paper - continued
	Due Date	Yield (a)	Principal Amount	Value
Banco Bilbao Vizcaya Argentaria SA (London Branch)
	6/3/09	1.00%	$ 21,000,000	$ 20,963,360
Canadian Imperial Holdings, Inc.
	5/18/09	1.00	6,000,000	5,992,167
CVS Caremark Corp.
	6/10/09	6.10	12,000,000	12,000,000
Dakota Notes (Citibank Credit Card Issuance Trust)
	4/1/09 to 5/6/09	0.85 to 1.15	96,000,000	95,957,126
Emerald Notes (BA Credit Card Trust)
	4/2/09 to 5/1/09	1.00 to 1.71	54,000,000	53,965,738
Intesa Funding LLC
	4/20/09 to 7/6/09	1.10 to 1.80	27,000,000	26,931,822
Kitty Hawk Funding Corp.
	4/6/09 to 6/8/09	0.40 to 0.70	33,746,000	33,731,042
Market Street Funding LLC
	4/16/09 to 5/5/09	0.52 to 0.70	59,000,000	58,973,451
Nationwide Building Society
	4/9/09 to 4/27/09	1.35 to 1.49	28,000,000	27,981,312
Palisades Notes (Citibank Omni Master Trust)
	4/1/09 to 4/6/09	0.95 to 1.00	25,000,000	24,999,069
Park Avenue Receivables Corp.
	4/17/09 to 4/24/09	0.40 to 0.45	18,000,000	17,996,011
Salisbury Receivables Co. LLC
	4/1/09 to 4/21/09	0.50 to 0.65	59,000,000	58,991,986
Santander Finance, Inc.
	4/8/09 to 8/3/09	1.15 to 1.66	59,000,000	58,831,149
Sheffield Receivables Corp.
	4/21/09 to 5/6/09	0.55 to 0.65	45,000,000	44,982,986
Societe Generale North America, Inc.
	4/23/09 to 7/13/09	1.00 to 1.15	84,000,000	83,802,886
Toronto Dominion Holdings (USA)
	6/15/09	2.14	5,000,000	4,977,969
UBS Finance, Inc.
	4/14/09 to 5/7/09	0.77 to 0.80	120,000,000	119,939,094
UniCredito Italiano Bank (Ireland) PLC
	4/14/09 to 4/29/09	1.25 to 1.45	15,000,000	14,988,509
Verizon Communications, Inc.
	5/5/09 to 5/12/09	1.25	13,000,000	12,982,917
TOTAL COMMERCIAL PAPER				944,891,570
U.S. Government and Government Agency Obligations - 2.4%
	Due Date	Yield (a)	Principal Amount	Value
Other Government Related - 2.4%
Bank of America NA (FDIC Guaranteed)
	4/29/09 to 6/15/09	1.23 to 1.36% (c)(d)	$ 57,309,000	$ 57,309,000
Citibank NA (FDIC Guaranteed)
	6/30/09	1.28 (c)(d)	10,000,000	10,000,000
General Electric Capital Corp. (FDIC Guaranteed)
	4/8/09	1.46 (c)(d)	36,620,000	36,620,000
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS				103,929,000
Federal Agencies - 13.4%

Fannie Mae - 2.8%
	5/12/09 to 3/12/10	0.86 to 3.37 (d)	122,655,000	123,378,895
Federal Home Loan Bank - 5.1%
	4/13/09 to 3/26/10	0.48 to 3.16 (d)	222,890,000	222,788,301
Freddie Mac - 5.5%
	4/21/09 to 3/9/10	0.50 to 1.33 (d)	242,000,000	241,520,111
TOTAL FEDERAL AGENCIES				587,687,307
U.S. Treasury Obligations - 1.4%

U.S. Treasury Bills - 1.4%
	7/30/09 to 12/17/09	0.61 to 1.41	63,000,000	62,671,081
Bank Notes - 2.1%

Bank of America NA
	4/30/09 to 5/6/09	1.37 to 1.44 (d)	58,000,000	57,925,425
Banque Federative du Credit Mutuel
	5/28/09	1.46 (b)(d)	12,000,000	12,000,000
Societe Generale
	4/6/09	1.68 (b)(d)	22,000,000	22,000,000
TOTAL BANK NOTES				91,925,425

Medium-Term Notes - 10.2%
Due Date	Yield (a)	Principal Amount	Value
American Honda Finance Corp.
4/14/09	1.29% (b)(d)	$ 25,000,000	$ 24,996,563
AT&T, Inc.
4/2/09	1.89 (b)(d)	33,000,000	33,000,000
Australia & New Zealand Banking Group Ltd.
6/2/09	1.49 (b)(d)	24,000,000	24,000,000
Bank of America NA
4/3/09	1.63 (d)	30,000,000	30,000,000
Bank of Montreal
4/6/09	1.01 (b)(d)	14,000,000	14,000,000
BNP Paribas SA
5/13/09	1.44 (d)	20,000,000	20,000,000
BP Capital Markets PLC
6/11/09	1.44 (d)	14,000,000	14,000,000
Commonwealth Bank of Australia
4/3/09	1.63 (b)(d)	27,000,000	27,000,000
Compagnie Financiere du Credit Mutuel
4/9/09	1.49 (b)(d)	7,000,000	7,000,000
Credit Agricole SA
6/22/09	1.48 (b)(d)	31,000,000	31,000,000
General Electric Capital Corp.
4/9/09 to 4/24/09	0.56 to 0.57 (d)	13,000,000	13,000,000
ING USA Annuity & Life Insurance Co.
4/24/09	0.78 (d)(e)	3,000,000	3,000,000
Lloyds TSB Group PLC
5/7/09	1.54 (b)(d)	22,000,000	22,000,000
National Australia Bank Ltd.
6/8/09	1.51 (b)(d)	16,000,000	16,000,000
New York Life Insurance Co.
5/15/09 to 6/29/09	1.43 to 2.37 (d)(e)	24,000,000	24,000,000
Nordea Bank AB
4/24/09	1.51 (b)(d)	22,000,000	22,000,000
Royal Bank of Canada
4/15/09	0.96 (b)(d)	23,000,000	23,000,000
Security Life of Denver Insurance Co.
4/28/09	1.52 (d)(e)	2,000,000	2,000,000
Svenska Handelsbanken AB
4/6/09	1.64 (b)(d)	24,000,000	24,000,000
Transamerica Occidental Life Insurance Co.
5/1/09	1.45 (d)(e)	10,000,000	10,000,000
Verizon Communications, Inc.
4/14/09	0.66 (d)	14,000,000	14,000,000
Wells Fargo & Co.
5/1/09	3.55 (d)	13,000,000	13,000,542
Westpac Banking Corp.
4/14/09 to 6/4/09	1.46 to 1.51 (b)(d)	34,000,000	33,998,470
TOTAL MEDIUM-TERM NOTES			444,995,575
Short-Term Notes - 0.3%
Due Date	Yield (a)	Principal Amount	Value
Metropolitan Life Insurance Co.
4/1/09 to 5/1/09	1.68 to 1.73% (d)(e)	$ 15,000,000	$15,000,000

Repurchase Agreements - 3.0%
	Maturity Amount
In a joint trading account at 0.28% dated 3/31/09 due 4/1/09 (Collateralized by U.S. Government Obligations) #	$ 791,006	791,000
With:
Banc of America Securities LLC at:
0.51%, dated 3/31/09 due 4/1/09 (Collateralized by U.S. Government Obligations valued at $8,240,118, 0%, 12/1/34)	8,000,114	8,000,000
0.56%, dated 3/31/09 due 4/1/09 (Collateralized by Equity Securities valued at $6,600,113)	6,000,094	6,000,000
Barclays Capital, Inc. at:
0.65%, dated 3/10/09 due 4/14/09 (Collateralized by Equity Securities valued at $15,406,148)	14,008,847	14,000,000
1%, dated 1/27/09 due 4/6/09 (Collateralized by Equity Securities valued at $7,713,695)	7,013,417	7,000,000
Deutsche Bank Securities, Inc. at 0.8%, dated:
3/19/09 due 5/18/09 (Collateralized by Commercial Paper Obligations valued at $15,454,894, 5/18/09)	15,020,000	15,000,000
3/25/09 due 5/27/09 (Collateralized by Commercial Paper Obligations valued at $9,301,513, 5/27/09)	9,012,600	9,000,000
ING Financial Markets LLC at 0.85%, dated 3/11/09 due 4/13/09 (Collateralized by Corporate Obligations valued at $3,155,428, 5.55%, 5/4/20)	3,002,338	3,000,000
J.P. Morgan Securities, Inc. at 0.51%, dated 3/31/09 due 4/1/09 (Collateralized by U.S. Treasury Obligations valued at $3,153,240, 1.8%, 3/11/11)	3,000,043	3,000,000

	Maturity Amount	Value
Merrill Lynch, Pierce, Fenner & Smith at 0.61%, dated 3/31/09 due 4/1/09 (Collateralized by Equity Securities valued at $18,788,443)	$ 17,000,289	$ 17,000,000
RBC Capital Markets Co. at 0.66%, dated 3/31/09 due 4/1/09 (Collateralized by Equity Securities valued at $53,901,030)	49,000,902	49,000,000
TOTAL REPURCHASE AGREEMENTS		131,791,000

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $4,388,796,078)

4,388,796,078

NET OTHER ASSETS - (0.1)%			(5,291,979)
NET ASSETS - 100%		$ 4,383,504,099

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 $ 335,995,033 or 7.7% of net assets.

(c) Under the Temporary Liquidity Guarantee Program, the Federal Deposit Insurance Corporation guarantees principal and interest in the event of payment default or bankruptcy until the earlier of maturity date of the debt or until June 30, 2012. At the end of the period these securities amounted to $103,929,000 or 2.4% of net assets.

(d) 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.

(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 $97,750,000 or 2.2% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
ING USA Annuity & Life Insurance Co. 0.78%, 4/24/09	6/23/05	$ 3,000,000
Metropolitan Life Insurance Co.: 1.68%, 5/1/09	2/24/03	$ 5,000,000
1.73%, 4/1/09	3/26/02	$ 10,000,000
New York Life Insurance Co.: 1.43%, 5/15/09	5/12/08	$ 9,000,000
2.37%, 6/29/09	3/23/09	$ 15,000,000
Roche Holdings, Inc. 1.95%, 9/18/09	3/13/09	$ 43,750,000
Security Life of Denver Insurance Co. 1.52%, 4/28/09	8/26/05	$ 2,000,000
Transamerica Occidental Life Insurance Co. 1.45%, 5/1/09	4/29/08	$ 10,000,000

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

Repurchase Agreement / Counterparty	Value
$791,000 due 4/01/09 at 0.28%
BNP Paribas Securities Corp.	$ 60,487
Banc of America Securities LLC	19,713
Bank of America, NA	120,975
Barclays Capital, Inc.	164,072
Deutsche Bank Securities, Inc.	21,171
Greenwich Capital Markets, Inc.	15,122
ING Financial Markets LLC	33,341
J.P. Morgan Securities, Inc.	196,583
Merrill Lynch Government Securities, Inc.	30,244
RBC Capital Markets Corp.	23,439
Societe Generale, New York Branch	15,122
UBS Securities LLC	90,731
	$ 791,000

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 4,388,796,078	$ -	$ 4,388,796,078	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $4,388,796,078.

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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Strategic Income Portfolio

March 31, 2009

1.799886.105

VIPSI-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 28.8%
		Principal Amount (d)		Value
Convertible Bonds - 0.4%
ENERGY - 0.1%
Energy Equipment & Services - 0.0%
Cal Dive International, Inc. 3.25% 12/15/25		140,000		64,487
Oil, Gas & Consumable Fuels - 0.1%
Massey Energy Co. 3.25% 8/1/15		500,000		306,400
TOTAL ENERGY				370,887
INDUSTRIALS - 0.0%
Electrical Equipment - 0.0%
Sunpower Corp.:
0.75% 8/1/27		70,000		57,936
1.25% 2/15/27		55,000		38,844
				96,780
INFORMATION TECHNOLOGY - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Advanced Micro Devices, Inc.:
5.75% 8/15/12		95,000		42,038
6% 5/1/15		385,000		144,375
ON Semiconductor Corp. 0% 4/15/24		20,000		18,600
Spansion, Inc. 2.25% 6/15/16 (c)(g)		240,000		1,776
				206,789
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
NII Holdings, Inc. 3.125% 6/15/12		1,270,000		882,650
TOTAL CONVERTIBLE BONDS				1,557,106
Nonconvertible Bonds - 28.4%
CONSUMER DISCRETIONARY - 5.0%
Auto Components - 0.0%
Affinia Group, Inc. 9% 11/30/14		170,000		51,000
TRW Automotive, Inc.:
7% 3/15/14 (g)		20,000		8,400
7.25% 3/15/17 (g)		15,000		6,225
Visteon Corp. 7% 3/10/14		400,000		20,000
				85,625
Automobiles - 0.3%
Ford Motor Co.:
6.5% 8/1/18		273,000		79,170
7.125% 11/15/25		365,000		104,938

		Principal Amount (d)		Value
7.4% 11/1/46		$ 80,000		$ 21,200
7.45% 7/16/31		723,000		229,553
7.5% 8/1/26		265,000		72,875
8.875% 1/15/22		70,000		19,250
8.9% 1/15/32		55,000		15,950
General Motors Corp.:
6.75% 5/1/28		687,000		79,005
7.125% 7/15/13		210,000		29,925
7.2% 1/15/11		130,000		33,800
7.4% 9/1/25		369,000		42,435
7.7% 4/15/16		535,000		64,200
8.1% 6/15/24		175,000		20,563
8.25% 7/15/23		698,000		82,015
8.375% 7/15/33		830,000		99,600
8.8% 3/1/21		150,000		19,500
				1,013,979
Diversified Consumer Services - 0.0%
Affinion Group, Inc. 11.5% 10/15/15		175,000		108,500
Mac-Gray Corp. 7.625% 8/15/15		40,000		36,800
				145,300
Hotels, Restaurants & Leisure - 1.0%
Carrols Corp. 9% 1/15/13		355,000		305,300
Gaylord Entertainment Co.:
6.75% 11/15/14		130,000		79,300
8% 11/15/13		100,000		67,000
MGM Mirage, Inc.:
5.875% 2/27/14		400,000		138,000
6.625% 7/15/15		1,385,000		484,750
6.75% 9/1/12		220,000		78,100
6.75% 4/1/13		860,000		296,700
6.875% 4/1/16		180,000		63,000
7.5% 6/1/16		1,160,000		394,400
7.625% 1/15/17		867,000		303,450
Mohegan Tribal Gaming Authority 6.875% 2/15/15		160,000		40,000
Scientific Games Corp. 6.25% 12/15/12		40,000		35,200
Shingle Springs Tribal Gaming Authority 9.375% 6/15/15 (g)		100,000		38,000
Six Flags Operations, Inc. 12.25% 7/15/16 (g)		349,000		188,460
Six Flags, Inc.:
8.875% 2/1/10		580,000		63,800
9.625% 6/1/14		486,000		43,740
9.75% 4/15/13		75,000		6,375
Speedway Motorsports, Inc. 6.75% 6/1/13		95,000		79,563
Station Casinos, Inc.:
6% 4/1/12 (c)		610,000		195,200
6.5% 2/1/14 (c)		811,000		24,330
6.625% 3/15/18 (c)		830,000		24,900
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Hotels, Restaurants & Leisure - continued
Station Casinos, Inc.: - continued
6.875% 3/1/16 (c)		$ 865,000		$ 25,950
7.75% 8/15/16 (c)		920,000		294,400
Town Sports International Holdings, Inc. 11% 2/1/14		23,000		11,270
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10		65,000		54,600
Vail Resorts, Inc. 6.75% 2/15/14		225,000		193,500
Virgin River Casino Corp./RBG LLC/B&BB, Inc.:
9% 1/15/12 (c)		30,000		3,000
12.75% 1/15/13 (c)		230,000		4,600
Waterford Gaming LLC/Waterford Gaming Finance Corp. 8.625% 9/15/14 (g)		73,000		43,800
				3,580,688
Household Durables - 0.1%
K. Hovnanian Enterprises, Inc. 11.5% 5/1/13		360,000		244,800
Leisure Equipment & Products - 0.0%
Riddell Bell Holdings, Inc. 8.375% 10/1/12		40,000		30,800
Media - 3.0%
AMC Entertainment, Inc. 11% 2/1/16		120,000		108,000
BSkyB Finance UK Ltd. 5.75% 10/20/17 (Reg. S)	GBP	75,000		99,897
Cablemas SA de CV 9.375% 11/15/15 (Reg. S)		500,000		456,250
CanWest Media, Inc. 8% 9/15/12 (c)		40,000		7,600
Charter Communications Holdings I LLC/Charter Communications Holdings I Capital Corp.:
11% 10/1/15 (c)		1,057,000		113,628
11% 10/1/15 (c)		22,000		2,200
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp.:
Series B, 10.25% 9/15/10 (c)		640,000		572,800
10.25% 9/15/10 (c)		588,000		529,200
10.25% 10/1/13		425,000		380,375
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:
8.375% 4/30/14 (g)		555,000		488,400
10.875% 9/15/14 (g)		700,000		679,000

		Principal Amount (d)		Value
Clear Channel Communications, Inc.:
4.9% 5/15/15		$ 255,000		$ 35,700
5.5% 9/15/14		323,000		48,450
5.5% 12/15/16		160,000		22,400
5.75% 1/15/13		195,000		29,250
6.25% 3/15/11		10,000		2,000
6.875% 6/15/18		170,000		23,800
7.25% 10/15/27		207,000		28,980
10.75% 8/1/16 (g)		1,270,000		266,700
EchoStar Communications Corp.:
6.625% 10/1/14		790,000		705,075
7% 10/1/13		340,000		314,500
7.125% 2/1/16		2,725,000		2,445,688
Haights Cross Communications, Inc. 12.5% 8/15/11 (f)		20,000		1,600
iesy Repository GmbH 10.375% 2/15/15 (g)		50,000		39,000
Lamar Media Corp. 6.625% 8/15/15		770,000		544,775
Liberty Media Corp.:
8.25% 2/1/30		195,000		105,953
8.5% 7/15/29		230,000		128,842
MediMedia USA, Inc. 11.375% 11/15/14 (g)		50,000		32,500
Nielsen Finance LLC/Nielsen Finance Co.:
0% 8/1/16 (e)		460,000		194,350
10% 8/1/14		230,000		200,100
11.625% 2/1/14 (g)		160,000		144,800
Pearson Funding One PLC 6% 12/15/15	GBP	150,000		212,444
Rainbow National Services LLC:
8.75% 9/1/12 (g)		110,000		110,000
10.375% 9/1/14 (g)		365,000		372,300
Reed Elsevier Investments PLC 7% 12/11/17	GBP	150,000		213,175
The Reader's Digest Association, Inc. 9% 2/15/17		160,000		14,400
TL Acquisitions, Inc. 10.5% 1/15/15 (g)		1,365,000		723,450
Videotron Ltd. 6.875% 1/15/14		125,000		116,875
				10,514,457
Multiline Retail - 0.1%
Matahari Finance BV 9.5% 10/6/09		300,000		279,000
Specialty Retail - 0.4%
Claire's Stores, Inc.:
9.25% 6/1/15		150,000		45,750
10.375% 6/1/15 pay-in-kind (k)		247,191		42,672
Michaels Stores, Inc.:
0% 11/1/16 (e)		30,000		4,500
10% 11/1/14		1,150,000		546,250
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Michaels Stores, Inc.: - continued
11.375% 11/1/16		$ 59,000		$ 21,830
Staples, Inc. 9.75% 1/15/14		573,000		599,851
				1,260,853
Textiles, Apparel & Luxury Goods - 0.1%
Levi Strauss & Co.:
8.875% 4/1/16		170,000		132,600
9.75% 1/15/15		115,000		98,900
				231,500
TOTAL CONSUMER DISCRETIONARY				17,387,002
CONSUMER STAPLES - 0.4%
Beverages - 0.1%
Anheuser-Busch InBev NV 8.625% 1/30/17	EUR	100,000		140,319
Cerveceria Nacional Dominicana C por A 16% 3/27/12 (g)		200,000		130,200
				270,519
Food & Staples Retailing - 0.2%
Rite Aid Corp.:
7.5% 3/1/17		375,000		191,250
8.625% 3/1/15		55,000		12,375
9.375% 12/15/15		255,000		58,013
9.5% 6/15/17		345,000		78,488
10.375% 7/15/16		305,000		184,525
Tesco PLC 5.125% 2/24/15	EUR	50,000		66,880
Wal-Mart Stores, Inc. 5.625% 3/27/34	GBP	50,000		69,726
				661,257
Food Products - 0.1%
Gruma SA de CV 7.75%		210,000		115,500
Hines Nurseries, Inc. 10.25% 10/1/11 (c)		120,000		12,000
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11		25,000		19,250
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.:
9.25% 4/1/15		35,000		27,825
10.625% 4/1/17		65,000		45,500
Reddy Ice Holdings, Inc. 10.5% 11/1/12		130,000		65,000
Smithfield Foods, Inc. 7.75% 7/1/17		170,000		102,425
				387,500

		Principal Amount (d)		Value
Household Products - 0.0%
Central Garden & Pet Co. 9.125% 2/1/13		$ 75,000		$ 58,500
Personal Products - 0.0%
Elizabeth Arden, Inc. 7.75% 1/15/14		40,000		29,400
Tobacco - 0.0%
Philip Morris International, Inc. 5.75% 3/24/16	EUR	50,000		66,565
TOTAL CONSUMER STAPLES				1,473,741
ENERGY - 3.5%
Energy Equipment & Services - 0.1%
Complete Production Services, Inc. 8% 12/15/16		130,000		82,550
Helix Energy Solutions Group, Inc. 9.5% 1/15/16 (g)		240,000		139,200
Seabulk International, Inc. 9.5% 8/15/13		135,000		133,313
				355,063
Oil, Gas & Consumable Fuels - 3.4%
ANR Pipeline, Inc. 7.375% 2/15/24		115,000		116,150
Atlas Energy Operating Co. LLC/Financing Corp. 10.75% 2/1/18 (g)		245,000		173,950
Atlas Pipeline Partners LP 8.125% 12/15/15		840,000		478,800
Berry Petroleum Co. 8.25% 11/1/16		150,000		88,500
Chaparral Energy, Inc.:
8.5% 12/1/15		300,000		102,000
8.875% 2/1/17		250,000		82,500
Chesapeake Energy Corp.:
6.5% 8/15/17		250,000		201,250
6.875% 11/15/20		375,000		293,438
7.5% 9/15/13		40,000		36,400
7.625% 7/15/13		655,000		602,600
9.5% 2/15/15		360,000		350,100
Colorado Interstate Gas Co. 6.8% 11/15/15		260,000		243,722
Connacher Oil and Gas Ltd. 10.25% 12/15/15 (g)		270,000		83,700
Denbury Resources, Inc. 9.75% 3/1/16		105,000		100,800
Drummond Co., Inc. 7.375% 2/15/16 (g)		300,000		207,000
EXCO Resources, Inc. 7.25% 1/15/11		10,000		7,750
Gaz Capital SA (Luxembourg) 6.605% 2/13/18	EUR	50,000		46,149
Harvest Operations Corp. 7.875% 10/15/11		50,000		34,500
InterNorth, Inc. 9.625% 3/16/06 (c)		100,000		250
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
KazMunaiGaz Finance Sub BV:
8.375% 7/2/13 (g)		$ 200,000		$ 168,000
9.125% 7/2/18 (g)		130,000		95,550
Mariner Energy, Inc.:
7.5% 4/15/13		185,000		136,900
8% 5/15/17		305,000		183,000
Massey Energy Co. 6.875% 12/15/13		690,000		600,300
OPTI Canada, Inc.:
7.875% 12/15/14		555,000		238,650
8.25% 12/15/14		95,000		40,850
Peabody Energy Corp.:
7.375% 11/1/16		300,000		297,000
7.875% 11/1/26		300,000		270,000
Pemex Project Funding Master Trust 6.625% 6/15/35		170,000		123,420
Petrohawk Energy Corp.:
7.875% 6/1/15 (g)		810,000		712,800
9.125% 7/15/13		600,000		565,500
Petroleos de Venezuela SA:
5.25% 4/12/17		4,185,000		1,778,625
5.375% 4/12/27		905,000		320,370
Petroleum Development Corp. 12% 2/15/18		265,000		159,000
Plains Exploration & Production Co. 10% 3/1/16		420,000		400,050
Range Resources Corp. 7.375% 7/15/13		100,000		95,000
SandRidge Energy, Inc.:
8% 6/1/18 (g)		460,000		333,500
8.625% 4/1/15 pay-in-kind (k)		230,000		144,900
Ship Finance International Ltd. 8.5% 12/15/13		145,000		101,500
Southern Star Central Corp. 6.75% 3/1/16		90,000		75,150
Southwestern Energy Co. 7.5% 2/1/18 (g)		150,000		142,500
StatoilHydro ASA 4.375% 3/11/15	EUR	50,000		66,521
Targa Resources, Inc./Targa Resources Finance Corp. 8.5% 11/1/13		70,000		43,400
Tennessee Gas Pipeline Co.:
7% 10/15/28		20,000		17,013
7.5% 4/1/17		445,000		428,598
7.625% 4/1/37		50,000		43,145
8% 2/1/16 (g)		75,000		74,625
8.375% 6/15/32		40,000		38,057
TNK-BP Finance SA 7.5% 3/13/13 (Reg. S)		500,000		400,000
Venoco, Inc. 8.75% 12/15/11		190,000		103,550

		Principal Amount (d)		Value
W&T Offshore, Inc. 8.25% 6/15/14 (g)		$ 310,000		$ 198,400
YPF SA 10% 11/2/28		340,000		226,100
				11,871,533
TOTAL ENERGY				12,226,596
FINANCIALS - 3.2%
Capital Markets - 0.0%
VTB Capital SA 8.25% 6/30/11	EUR	100,000		123,530
Commercial Banks - 1.0%
Banca Popolare di Lodi Investor Trust III 6.742% (k)	EUR	30,000		11,422
Caja de Ahorros de Valencia, Castellon y Alicante (Bancaja) 4.375% (k)	EUR	100,000		26,563
Development Bank of Philippines 8.375% (k)		400,000		316,000
EXIM of Ukraine:
7.65% 9/7/11 (Issued by Credit Suisse London Branch for EXIM Ukraine)		1,575,000		567,000
7.75% 9/23/09 (Issued by Dresdner Bank AG for EXIM Ukraine)		480,000		348,000
Export-Import Bank of India 1.1319% 6/7/12 (k)	JPY	20,000,000		176,768
Export-Import Bank of Korea 8.125% 1/21/14		80,000		82,144
HSBK (Europe) B.V. 9.25% 10/16/13 (g)		680,000		374,000
JPMorgan Chase Bank 4.375% 11/30/21 (k)	EUR	150,000		125,836
JSC Halyk Bank of Kazakhstan (Reg. S) 8.125% 10/7/09		340,000		312,800
Rabobank Nederland 4.75% 1/15/18	EUR	250,000		330,294
Royal Bank of Scotland Group PLC 5.25% 5/15/13	EUR	150,000		189,033
Russian Standard Finance SA 6.825% 9/16/09	EUR	50,000		57,775
Standard Chartered Bank 1.838% 3/28/18 (k)	EUR	100,000		70,437
Vimpel Communications:
8% 2/11/10 (Reg. S) (Issued by UBS Luxembourg SA for Vimpel Communications)		300,000		288,750
8.375% 10/22/11 (Reg. S) (Issued by UBS Luxembourg SA for Vimpel Communications)		240,000		207,600
Wachovia Bank NA 5.25% 8/1/23	GBP	100,000		84,402
Wachovia Corp. 4.375% 8/1/16	EUR	50,000		53,859
				3,622,683
Consumer Finance - 0.6%
ACE Cash Express, Inc. 10.25% 10/1/14 (g)		80,000		20,000
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Consumer Finance - continued
Ford Motor Credit Co. LLC:
7% 10/1/13		$ 260,000		$ 173,852
7.25% 10/25/11		790,000		562,445
7.375% 2/1/11		45,000		34,007
8% 12/15/16		130,000		85,800
12% 5/15/15		820,000		615,000
GMAC LLC:
6% 4/1/11 (g)		91,000		64,610
6.75% 12/1/14 (g)		55,000		31,900
8% 11/1/31 (g)		413,000		196,175
SLM Corp.:
1.85% 12/15/10 (k)	EUR	100,000		104,553
1.98% 6/17/13 (k)	EUR	57,000		34,110
				1,922,452
Diversified Financial Services - 1.0%
Air Liquide Finance 6.125% 11/28/12	EUR	150,000		213,263
Banca Italease SpA 2.088% 6/28/16 (k)	EUR	100,000		52,543
Bank of America Corp. 4% 3/28/18 (k)	EUR	100,000		68,748
BAT International Finance PLC 5.375% 6/29/17	EUR	50,000		61,542
Dignity Finance PLC:
6.31% 12/31/23 (Reg. S)	GBP	8,492		11,885
8.151% 12/31/30	GBP	20,000		24,061
FireKeepers Development Authority 13.875% 5/1/15 (g)		100,000		61,000
Global Cash Access LLC/Global Cash Access Finance Corp. 8.75% 3/15/12		238,000		193,970
IFIL Finanziaria di Partecipazioni SpA 5.375% 6/12/17	EUR	50,000		39,239
Imperial Tobacco Finance:
7.25% 9/15/14	EUR	50,000		65,666
8.375% 2/17/16	EUR	320,000		423,428
Kreditanstalt Fuer Wiederaufbau 3.875% 1/21/19	EUR	600,000		787,251
NCO Group, Inc. 11.875% 11/15/14		120,000		24,000
OAO TMK 8.5% 9/29/09 (Issued by TMK Capital SA for OAO TMK)		400,000		382,000
Red Arrow International Leasing PLC 8.375% 6/30/12	RUB	7,953,661		171,220
Severn Trent Utilities Finance PLC 6% 1/22/18	GBP	75,000		115,805
TMK Capital SA 10% 7/29/11		800,000		544,000
Total Capital SA 4.875% 1/28/19	EUR	50,000		68,863
TransCapitalInvest Ltd. 5.381% 6/27/12 (Reg. S)	EUR	150,000		170,642

		Principal Amount (d)		Value
UT2 Funding PLC 5.321% 6/30/16	EUR	80,000		$ 9,582
WaMu Covered Bond Program:
3.875% 9/27/11	EUR	50,000		61,609
4.375% 5/19/14	EUR	50,000		56,995
				3,607,312
Insurance - 0.0%
Mapfre SA 5.921% 7/24/37 (k)	EUR	100,000		58,439
Real Estate Investment Trusts - 0.2%
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (c)(g)		$ 330,000		94,050
Senior Housing Properties Trust:
7.875% 4/15/15		180,000		147,600
8.625% 1/15/12		280,000		251,300
				492,950
Real Estate Management & Development - 0.3%
Realogy Corp.:
10.5% 4/15/14		2,905,000		813,400
11.75% 4/15/14 pay-in-kind (k)		194,356		20,440
WT Finance (Aust) Pty Ltd./Westfield Europe Finance PLC/WEA Finance 3.625% 6/27/12	EUR	75,000		77,477
				911,317
Thrifts & Mortgage Finance - 0.1%
Credit Logement SA:
2.25% 12/2/49 (k)	EUR	100,000		54,454
4.604% (k)	EUR	100,000		40,425
Nationwide Building Society 3.375% 8/17/15 (k)	EUR	200,000		217,926
				312,805
TOTAL FINANCIALS				11,051,488
HEALTH CARE - 2.1%
Health Care Equipment & Supplies - 0.1%
Biomet, Inc. 10% 10/15/17		15,000		14,925
Fresenius US Finance II, Inc. 9% 7/15/15 (g)		215,000		223,600
Invacare Corp. 9.75% 2/15/15		90,000		87,075
				325,600
Health Care Providers & Services - 1.8%
Cardinal Health 409, Inc. 9.5% 4/15/15 pay-in-kind (k)		730,000		175,200
CRC Health Group, Inc. 10.75% 2/1/16		90,000		57,600
DASA Finance Corp. 8.75% 5/29/18 (g)		165,000		132,000
DaVita, Inc. 6.625% 3/15/13		340,000		328,100
Fresenius Medical Care Capital Trust IV 7.875% 6/15/11		125,000		126,250
HCA, Inc.:
6.25% 2/15/13		110,000		82,500
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
HEALTH CARE - continued
Health Care Providers & Services - continued
HCA, Inc.: - continued
6.375% 1/15/15		$ 40,000		$ 26,200
6.5% 2/15/16		160,000		102,400
6.75% 7/15/13		110,000		82,225
9.125% 11/15/14		1,855,000		1,743,700
9.25% 11/15/16		1,595,000		1,443,475
9.875% 2/15/17 (g)		75,000		71,063
10.375% 11/15/16 pay-in-kind (k)		420,000		316,267
IASIS Healthcare LLC/IASIS Capital Corp. 8.75% 6/15/14		90,000		84,375
Rural/Metro Corp. 9.875% 3/15/15		80,000		65,200
Skilled Healthcare Group, Inc. 11% 1/15/14		78,000		77,610
Sun Healthcare Group, Inc. 9.125% 4/15/15		30,000		27,900
Team Finance LLC/Health Finance Corp. 11.25% 12/1/13		650,000		552,500
Tenet Healthcare Corp. 9.875% 7/1/14		640,000		499,200
U.S. Oncology, Inc. 9% 8/15/12		55,000		53,075
United Surgical Partners International, Inc. 8.875% 5/1/17		55,000		42,900
Vanguard Health Holding Co. II LLC 9% 10/1/14		135,000		118,463
				6,208,203
Life Sciences Tools & Services - 0.0%
Bio-Rad Laboratories, Inc. 7.5% 8/15/13		70,000		67,200
Pharmaceuticals - 0.2%
Bayer AG 2.829% 4/10/10 (k)	EUR	50,000		65,051
Bayer Capital Corp. BV 4.625% 9/26/14	EUR	100,000		133,777
Elan Finance PLC/Elan Finance Corp. 7.75% 11/15/11		65,000		54,275
Leiner Health Products, Inc. 11% 6/1/12 (c)		90,000		225
Roche Holdings, Inc. 6.5% 3/4/21	EUR	100,000		140,476
Schering-Plough Corp. 5.375% 10/1/14	EUR	130,000		174,735
				568,539
TOTAL HEALTH CARE				7,169,542
INDUSTRIALS - 1.4%
Aerospace & Defense - 0.1%
Alion Science & Technology Corp. 10.25% 2/1/15		50,000		12,500

		Principal Amount (d)		Value
Hexcel Corp. 6.75% 2/1/15		$ 100,000		$ 84,500
Orbimage Holdings, Inc. 11.3113% 7/1/12 (k)		100,000		94,500
				191,500
Airlines - 0.2%
Continental Airlines, Inc. pass-thru trust certificates 6.903% 4/19/22		50,000		28,000
Delta Air Lines, Inc.:
7.9% 12/15/09 (a)		750,000		7,500
10% 8/15/08 (a)		70,000		700
Delta Air Lines, Inc. pass-thru trust certificates:
6.821% 8/10/22		594,452		408,686
8.021% 8/10/22		307,788		166,206
Northwest Airlines Corp. 10% 2/1/09 (a)		105,000		788
Northwest Airlines, Inc.:
7.875% 3/15/08 (a)		90,000		450
8.875% 6/1/06 (a)		80,000		600
Northwest Airlines, Inc. pass-thru trust certificates:
7.027% 11/1/19		132,000		83,160
8.028% 11/1/17		70,000		40,250
				736,340
Building Products - 0.2%
Compagnie de St. Gobain 2.979% 4/11/12 (k)	EUR	100,000		110,827
Nortek, Inc.:
8.5% 9/1/14		730,000		73,000
10% 12/1/13		750,000		307,500
NTK Holdings, Inc. 0% 3/1/14 (e)		455,000		22,750
				514,077
Commercial Services & Supplies - 0.4%
ALH Finance LLC/ALH Finance Corp. 8.5% 1/15/13		10,000		8,450
Browning-Ferris Industries, Inc. 9.25% 5/1/21		100,000		100,563
Cenveo Corp. 10.5% 8/15/16 (g)		175,000		98,219
Iron Mountain, Inc.:
6.625% 1/1/16		480,000		444,000
7.75% 1/15/15		180,000		177,750
8.625% 4/1/13		185,000		185,000
West Corp. 9.5% 10/15/14		475,000		330,125
				1,344,107
Construction & Engineering - 0.0%
Blount, Inc. 8.875% 8/1/12		50,000		47,125
Obrascon Huarte Lain SA 5% 5/18/12	EUR	100,000		79,542
				126,667
Electrical Equipment - 0.0%
Coleman Cable, Inc. 9.875% 10/1/12		60,000		34,200
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
INDUSTRIALS - continued
Electrical Equipment - continued
General Cable Corp. 7.125% 4/1/17		$ 40,000		$ 33,600
Sensus Metering Systems, Inc. 8.625% 12/15/13		60,000		49,800
				117,600
Industrial Conglomerates - 0.1%
Hutchison Whampoa Finance 06 Ltd. 4.625% 9/21/16	EUR	100,000		103,496
Sequa Corp.:
11.75% 12/1/15 (g)		685,000		150,700
13.5% 12/1/15 pay-in-kind (g)		254,081		37,699
Siemens Financieringsmaatschappij NV 6.125% 9/14/66 (k)	GBP	50,000		50,122
				342,017
Machinery - 0.0%
Chart Industries, Inc. 9.125% 10/15/15		60,000		45,000
Marine - 0.1%
Navios Maritime Holdings, Inc. 9.5% 12/15/14		230,000		131,100
Ultrapetrol (Bahamas) Ltd. 9% 11/24/14		80,000		51,200
US Shipping Partners LP 13% 8/15/14 (c)		170,000		28,798
				211,098
Professional Services - 0.0%
FTI Consulting, Inc.:
7.625% 6/15/13		50,000		50,375
7.75% 10/1/16		80,000		79,800
				130,175
Road & Rail - 0.2%
Kansas City Southern de Mexico, SA de CV:
7.375% 6/1/14		100,000		78,500
7.625% 12/1/13		100,000		85,000
12.5% 4/1/16 (g)		185,000		175,750
TFM SA de CV 9.375% 5/1/12		300,000		273,000
				612,250
Trading Companies & Distributors - 0.1%
Glencore Finance (Europe) SA 7.125% 4/23/15	EUR	100,000		69,728
Penhall International Corp. 12% 8/1/14 (g)		80,000		16,000
VWR Funding, Inc. 10.25% 7/15/15 pay-in-kind		613,000		410,710
				496,438
TOTAL INDUSTRIALS				4,867,269

		Principal Amount (d)		Value
INFORMATION TECHNOLOGY - 1.6%
Communications Equipment - 0.4%
Hughes Network Systems LLC / HNS Finance Corp. 9.5% 4/15/14		$ 320,000		$ 286,400
Lucent Technologies, Inc.:
6.45% 3/15/29		1,620,000		615,600
6.5% 1/15/28		400,000		152,000
Nortel Networks Corp.:
9.0025% 7/15/11 (c)(k)		190,000		34,200
10.125% 7/15/13 (c)		190,000		34,200
10.75% 7/15/16 (c)		690,000		124,200
10.75% 7/15/16 (c)(g)		325,000		58,500
				1,305,100
Electronic Equipment & Components - 0.1%
Texas Competitive Electric Holdings Co. LLC:
10.25% 11/1/15		530,000		254,400
10.25% 11/1/15		170,000		81,600
11.25% 11/1/16 pay-in-kind		110,000		36,609
				372,609
IT Services - 0.3%
Ceridian Corp.:
11.25% 11/15/15		230,000		96,600
12.25% 11/15/15 pay-in-kind (k)		55,000		20,900
Iron Mountain, Inc. 8.75% 7/15/18		710,000		704,675
SunGard Data Systems, Inc. 9.125% 8/15/13		260,000		226,200
Unisys Corp.:
8% 10/15/12		65,000		16,331
12.5% 1/15/16		210,000		54,863
				1,119,569
Semiconductors & Semiconductor Equipment - 0.8%
Amkor Technology, Inc.:
7.125% 3/15/11		10,000		9,263
7.75% 5/15/13		65,000		52,000
9.25% 6/1/16		505,000		386,325
Avago Technologies Finance Ltd.:
6.7613% 6/1/13 (k)		44,000		35,310
10.125% 12/1/13		695,000		618,550
11.875% 12/1/15		505,000		388,850
Freescale Semiconductor, Inc.:
8.875% 12/15/14		2,685,000		523,575
9.875% 12/15/14 pay-in-kind (k)		1,550,000		94,006
MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co. 4.57% 12/15/11 (c)(k)		40,000		400
New ASAT Finance Ltd. 9.25% 2/1/11 (c)		105,000		1,575
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
NXP BV:
3.8444% 10/15/13 (k)		$ 980,000		$ 156,800
7.875% 10/15/14		735,000		169,050
9.5% 10/15/15		1,280,000		140,800
Spansion LLC 11.25% 1/15/16 (c)(g)		255,000		5,738
Viasystems, Inc. 10.5% 1/15/11		140,000		90,300
				2,672,542
Software - 0.0%
Open Solutions, Inc. 9.75% 2/1/15 (g)		50,000		7,500
TOTAL INFORMATION TECHNOLOGY				5,477,320
MATERIALS - 3.0%
Chemicals - 0.5%
America Rock Salt Co. LLC 9.5% 3/15/14		225,000		219,375
Chemtura Corp. 6.875% 6/1/16 (c)		85,000		37,400
Georgia Gulf Corp.:
7.125% 12/15/13		90,000		14,400
9.5% 10/15/14		710,000		118,925
Huntsman LLC 11.625% 10/15/10		182,000		180,180
JohnsonDiversey Holdings, Inc. 10.67% 5/15/13		235,000		176,250
MacDermid, Inc. 9.5% 4/15/17 (g)		40,000		13,800
Momentive Performance Materials, Inc.:
9.75% 12/1/14		1,200,000		354,000
10.875% 12/1/14 pay-in-kind (k)		384,846		62,902
11.5% 12/1/16		1,255,000		235,313
NOVA Chemicals Corp.:
5.72% 11/15/13 (k)		80,000		60,000
6.5% 1/15/12		280,000		246,400
Sterling Chemicals, Inc. 10.25% 4/1/15		90,000		76,500
Tronox Worldwide LLC/Tronox Worldwide Finance Corp. 9.5% 12/1/12 (c)		95,000		12,588
				1,808,033
Containers & Packaging - 0.6%
AEP Industries, Inc. 7.875% 3/15/13		40,000		23,200
Berry Plastics Holding Corp.:
8.875% 9/15/14		1,255,000		709,075
10.25% 3/1/16		270,000		116,100
BWAY Corp. 10% 10/15/10		90,000		90,675

		Principal Amount (d)		Value
Constar International, Inc. 11% 12/1/12 (c)		$ 170,000		$ 1,700
Crown Cork & Seal, Inc.:
7.375% 12/15/26		610,000		506,300
7.5% 12/15/96		160,000		115,200
8% 4/15/23		235,000		205,625
Rexam PLC 4.375% 3/15/13	EUR	100,000		111,384
Vitro SAB de CV:
8.625% 2/1/12 (c)		1,155,000		265,650
9.125% 2/1/17 (c)		120,000		27,600
				2,172,509
Metals & Mining - 1.7%
Aleris International, Inc. 9.75% 12/15/14 pay-in-kind (c)(k)		150,000		105
Compass Minerals International, Inc. 12% 6/1/13		180,000		187,200
CSN Islands VIII Corp. 9.75% 12/16/13 (g)		315,000		343,350
Evraz Group SA 8.875% 4/24/13 (g)		910,000		577,850
FMG Finance Property Ltd.:
10% 9/1/13 (g)		225,000		192,375
10.625% 9/1/16 (g)		952,000		809,200
Freeport-McMoRan Copper & Gold, Inc.:
6.875% 2/1/14		370,000		368,150
8.25% 4/1/15		510,000		484,500
8.375% 4/1/17		2,570,000		2,383,675
Gerdau AmeriSteel Corp./GUSAP Partners 10.375% 7/15/11		70,000		71,050
Gerdau SA 8.875% (g)		125,000		96,250
International Steel Group, Inc. 6.5% 4/15/14		445,000		347,100
Ispat Inland ULC 9.75% 4/1/14		20,000		18,200
RathGibson, Inc. 11.25% 2/15/14		305,000		64,050
				5,943,055
Paper & Forest Products - 0.2%
Abitibi-Consolidated, Inc. 13.75% 4/1/11 (c)(g)		440,000		374,000
Glatfelter 7.125% 5/1/16		40,000		34,000
NewPage Corp. 7.42% 5/1/12 (k)		90,000		18,000
Solo Cup Co. 8.5% 2/15/14		135,000		98,550
				524,550
TOTAL MATERIALS				10,448,147
TELECOMMUNICATION SERVICES - 5.7%
Diversified Telecommunication Services - 3.1%
Axtel SAB de CV 11% 12/15/13		55,000		46,200
Citizens Communications Co.:
7.875% 1/15/27		280,000		186,200
9% 8/15/31		220,000		150,975
Deutsche Telekom International Financial BV 6% 1/20/17	EUR	100,000		134,560
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Global Village Telecom Finance LLC 12% 6/30/11 (g)		$ 234,000		$ 234,000
Indosat Finance Co. BV 7.75% 11/5/10		75,000		72,750
Intelsat Bermuda Ltd. 12.5% 2/4/17 pay-in-kind (f)(g)		1,623,994		810,982
Intelsat Corp.:
9.25% 8/15/14 (g)		315,000		297,297
9.25% 6/15/16 (g)		560,000		519,400
Intelsat Ltd. 11.25% 6/15/16		1,680,000		1,638,000
Koninklijke KPN NV 7.5% 2/4/19	EUR	150,000		210,897
Level 3 Financing, Inc.:
8.75% 2/15/17		395,000		252,800
9.25% 11/1/14		265,000		182,850
12.25% 3/15/13		175,000		131,250
Nordic Telephone Co. Holdings ApS 8.875% 5/1/16 (g)		285,000		265,050
OTE PLC 5% 8/5/13	EUR	50,000		64,662
Qwest Communications International, Inc.:
7.25% 2/15/11		210,000		202,650
7.5% 2/15/14		480,000		415,200
7.5% 2/15/14		110,000		95,150
Sistema Capital SA 8.875% 1/28/11 (Reg. S)		295,000		261,813
Sprint Capital Corp.:
6.875% 11/15/28		2,982,000		1,819,020
6.9% 5/1/19		375,000		264,375
8.75% 3/15/32		1,206,000		808,020
Telecom Egypt SAE 11.7% 2/4/10 (k)	EGP	78,520		13,740
Telecom Italia SpA 8.25% 3/21/16	EUR	200,000		265,679
Telefonica Emisiones SAU:
5.431% 2/3/14	EUR	50,000		68,343
5.496% 4/1/16 (i)	EUR	100,000		132,705
U.S. West Communications:
7.25% 9/15/25		35,000		25,375
7.25% 10/15/35		70,000		46,900
7.5% 6/15/23		30,000		22,800
Wind Acquisition Finance SA 10.75% 12/1/15 (g)		1,135,000		1,112,300
				10,751,943
Wireless Telecommunication Services - 2.6%
Centennial Communications Corp./Centennial Cellular Operating Co. LLC/Centennial Puerto Rico Operations Corp. 8.125% 2/1/14		200,000		206,000
Cricket Communications, Inc.:
9.375% 11/1/14		234,000		222,885

		Principal Amount (d)		Value
10% 7/15/15 (g)		$ 135,000		$ 129,600
Digicel Group Ltd.:
8.875% 1/15/15 (g)		975,000		628,875
9.125% 1/15/15 pay-in-kind (g)(k)		200,000		124,000
9.25% 9/1/12 (g)		420,000		378,000
12% 4/1/14 (g)		450,000		418,500
Intelsat Jackson Holdings Ltd.:
9.5% 6/15/16 (g)		1,215,000		1,128,492
11.5% 6/15/16 (g)		560,000		529,200
Intelsat Subsidiary Holding Co. Ltd.:
8.5% 1/15/13 (g)		330,000		314,325
8.875% 1/15/15 (g)		760,000		706,800
Millicom International Cellular SA 10% 12/1/13		800,000		782,000
Mobile Telesystems Finance SA 8% 1/28/12 (g)		560,000		494,900
Nextel Communications, Inc.:
5.95% 3/15/14		460,000		255,300
7.375% 8/1/15		335,000		177,550
Pakistan Mobile Communications Ltd. 8.625% 11/13/13 (g)		750,000		390,000
Sprint Nextel Corp. 6% 12/1/16		420,000		300,300
Telecom Personal SA 9.25% 12/22/10 (g)		990,000		940,500
Verizon Wireless Capital LLC 8.75% 12/18/15	EUR	150,000		224,259
Vimpel Communications 8.375% 4/30/13 (Issued by VIP Finance Ireland Ltd. for Vimpel Communications) (g)		965,000		702,038
Vodafone Group PLC 6.25% 1/15/16	EUR	150,000		208,227
				9,261,751
TOTAL TELECOMMUNICATION SERVICES				20,013,694
UTILITIES - 2.5%
Electric Utilities - 0.5%
Edison Mission Energy:
7.5% 6/15/13		275,000		217,250
7.75% 6/15/16		70,000		52,675
Electricite de France:
6.25% 1/25/21	EUR	150,000		209,408
6.875% 12/12/22	GBP	150,000		245,947
Intergen NV 9% 6/30/17 (g)		450,000		407,250
Majapahit Holding BV 7.75% 10/17/16		200,000		146,000
National Power Corp. 6.875% 11/2/16 (g)		400,000		372,000
Vattenfall AB 6.25% 3/17/21	EUR	50,000		66,914
				1,717,444
Gas Utilities - 0.6%
Intergas Finance BV:
6.375% 5/14/17 (Reg. S)		325,000		195,000
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
UTILITIES - continued
Gas Utilities - continued
Intergas Finance BV: - continued
6.875% 11/4/11 (Reg. S) (i)		$ 820,000		$ 656,000
Southern Gas Networks PLC Class A1, 2.65% 10/21/10 (k)	EUR	100,000		127,802
Southern Natural Gas Co.:
7.35% 2/15/31		190,000		159,903
8% 3/1/32		410,000		371,549
Transportadora de Gas del Sur SA 7.875% 5/14/17 (g)		690,000		393,300
				1,903,554
Independent Power Producers & Energy Traders - 0.8%
AES Corp.:
7.75% 10/15/15		270,000		234,900
8% 10/15/17		280,000		240,800
Energy Future Holdings:
10.875% 11/1/17		745,000		480,525
12% 11/1/17 pay-in-kind (k)		370,000		144,177
Enron Corp. 7.625% 9/10/04 (c)		400,000		480
NRG Energy, Inc.:
7.25% 2/1/14		335,000		314,900
7.375% 2/1/16		805,000		744,625
7.375% 1/15/17		345,000		320,850
Reliant Energy, Inc.:
7.625% 6/15/14		245,000		200,900
7.875% 6/15/17		175,000		138,250
Tenaska Alabama Partners LP 7% 6/30/21 (g)		87,652		70,122
				2,890,529
Multi-Utilities - 0.5%
Aquila, Inc. 11.875% 7/1/12 (k)		120,000		123,600
Centrica PLC:
6.375% 3/10/22	GBP	100,000		142,112
7.125% 12/9/13	EUR	150,000		215,992
NiSource Finance Corp. 10.75% 3/15/16		1,159,000		1,173,313
RWE Finance BV 6.5% 8/10/21	EUR	50,000		70,493
Suez Environnement SA 6.25% 4/8/19	EUR	50,000		65,822
Utilicorp United, Inc. 7.95% 2/1/11 (f)		3,000		2,955
				1,794,287

		Principal Amount (d)		Value
Water Utilities - 0.1%
South East Water Ltd. Class 2A, 5.5834% 3/29/29	GBP	165,000		$ 203,264
Thames Water Utilities Cayman Finance Ltd. 6.125% 2/4/13	EUR	100,000		135,455
				338,719
TOTAL UTILITIES				8,644,533
TOTAL NONCONVERTIBLE BONDS				98,759,332
TOTAL CORPORATE BONDS (Cost $137,961,278)			100,316,438
U.S. Government and Government Agency Obligations - 21.9%

Other Government Related - 0.6%
Citigroup Funding, Inc. 2% 3/30/12 (FDIC Guaranteed) (h)		$ 500,000		501,607
General Electric Capital Corp. 1.8% 3/11/11 (FDIC Guaranteed) (h)		600,000		601,597
Morgan Stanley 3.25% 12/1/11 (FDIC Guaranteed) (h)		1,000,000		1,037,991
TOTAL OTHER GOVERNMENT RELATED				2,141,195
U.S. Government Agency Obligations - 6.6%
Fannie Mae:
1.75% 3/23/11		3,800,000		3,824,453
2% 1/9/12		1,349,000		1,362,598
2.75% 2/5/14		650,000		659,547
2.75% 3/13/14		1,310,000		1,325,637
2.875% 10/12/10		639,000		656,772
3.25% 4/9/13		100,000		104,378
3.375% 5/19/11		1,741,000		1,812,832
3.625% 8/15/11		2,000,000		2,097,358
6% 5/15/11		380,000		416,740
Federal Home Loan Bank:
2.25% 4/13/12		1,850,000		1,864,125
3.625% 10/18/13		3,865,000		4,031,365
Freddie Mac:
1.5% 1/7/11		1,760,000		1,765,329
2.125% 3/23/12		250,000		251,895
3.75% 6/28/13		50,000		53,099
5% 2/16/17		700,000		777,872
5.125% 11/17/17		985,000		1,098,928
5.25% 7/18/11		105,000		113,670
5.5% 8/23/17		700,000		801,450
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS				23,018,048
U.S. Treasury Inflation Protected Obligations - 0.2%
U.S. Treasury Inflation-Indexed Notes 2.625% 7/15/17		611,166		664,513
U.S. Government and Government Agency Obligations - continued
		Principal Amount (d)		Value
U.S. Treasury Obligations - 14.5%
U.S. Treasury Bonds:
4.375% 2/15/38		$ 675,000		$ 766,758
4.5% 5/15/38		200,000		233,500
4.75% 2/15/37		250,000		299,531
6.125% 8/15/29		4,467,000		6,080,704
6.25% 8/15/23 (j)		4,250,000		5,591,406
6.375% 8/15/27		1,007,000		1,387,457
7.25% 5/15/16		2,306,000		3,039,057
7.5% 11/15/24		465,000		700,188
7.875% 2/15/21		200,000		290,031
9% 11/15/18		4,000		6,062
9.125% 5/15/18		425,000		643,178
U.S. Treasury Notes:
0.875% 3/31/11		3,600,000		3,604,781
1.125% 1/15/12		1,350,000		1,350,844
1.25% 11/30/10		15,000		15,121
1.375% 3/15/12		585,000		589,068
1.5% 12/31/13		409,000		407,978
1.75% 11/15/11		102,000		103,977
1.75% 3/31/14		4,032,000		4,045,862
1.875% 2/28/14		15,000		15,164
2% 11/30/13		442,000		451,116
2.375% 3/31/16		1,963,000		1,975,728
2.75% 2/28/13		6,671,000		7,029,542
2.875% 6/30/10		74,000		76,064
3.125% 8/31/13		1,375,000		1,472,217
3.125% 9/30/13		1,291,000		1,382,581
3.375% 6/30/13		734,000		793,466
3.75% 11/15/18		2,979,000		3,247,348
3.875% 5/15/18		268,000		295,638
4.25% 11/15/17		521,000		591,009
4.5% 5/15/17		1,172,000		1,349,356
4.625% 7/31/12		200,000		221,859
5.125% 5/15/16		1,865,000		2,224,887
TOTAL U.S. TREASURY OBLIGATIONS				50,281,478
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $72,489,361)			76,105,234
U.S. Government Agency - Mortgage Securities - 4.4%

Fannie Mae - 2.6%
4% 9/1/13 to 10/1/20		227,064		232,813
4.402% 10/1/33 (k)		46,213		47,171
4.456% 7/1/35 (k)		42,945		43,254
4.5% 3/1/18 to 9/1/18		275,065		285,735
4.512% 11/1/36 (k)		10,478		10,694
4.533% 11/1/33 (k)		11,350		11,647

		Principal Amount (d)		Value
4.541% 10/1/35 (k)		$ 198,278		$ 201,699
4.545% 12/1/36 (k)		188,225		192,578
4.556% 2/1/35 (k)		121,833		123,831
4.591% 11/1/35 (k)		57,283		57,732
4.594% 7/1/35 (k)		94,037		95,981
4.631% 9/1/33 (k)		58,037		58,375
4.649% 10/1/35 (k)		12,921		13,050
4.667% 7/1/35 (k)		32,227		32,903
4.69% 2/1/35 (k)		132,082		134,188
4.702% 2/1/35 (k)		57,177		58,373
4.715% 11/1/35 (k)		58,749		60,126
4.77% 7/1/35 (k)		33,731		34,498
4.784% 3/1/35 (k)		58,064		59,035
4.788% 7/1/35 (k)		40,929		41,757
4.811% 6/1/35 (k)		54,031		55,183
4.823% 10/1/34 (k)		89,404		90,389
4.844% 3/1/33 (k)		24,102		24,535
4.895% 2/1/36 (k)		106,457		109,101
4.909% 1/1/35 (k)		32,637		33,139
4.918% 8/1/35 (k)		106,580		109,638
4.982% 2/1/34 (k)		66,463		68,600
4.994% 2/1/35 (k)		55,091		56,049
5% 6/1/14		8,196		8,574
5.01% 12/1/32 (k)		44,953		45,477
5.02% 5/1/35 (k)		109,648		112,693
5.045% 10/1/35 (k)		60,220		61,800
5.075% 7/1/34 (k)		82,784		84,957
5.089% 10/1/35 (k)		31,040		31,944
5.122% 10/1/35 (k)		40,986		42,100
5.155% 7/1/35 (k)		106,451		108,665
5.166% 8/1/34 (k)		61,285		62,359
5.256% 5/1/35 (k)		39,038		40,422
5.312% 3/1/36 (k)		293,787		305,309
5.336% 7/1/35 (k)		15,453		15,765
5.342% 2/1/37 (k)		27,712		28,450
5.397% 2/1/37 (k)		126,292		129,242
5.453% 2/1/37 (k)		184,222		189,664
5.498% 6/1/47 (k)		20,676		21,189
5.5% 4/1/16		25,226		26,437
5.509% 11/1/36 (k)		28,613		29,186
5.631% 4/1/36 (k)		121,859		125,906
5.633% 2/1/36 (k)		32,222		33,205
5.66% 6/1/36 (k)		69,861		72,056
5.705% 4/1/36 (k)		39,209		40,576
5.769% 3/1/36 (k)		249,727		257,564
5.793% 5/1/36 (k)		170,004		175,450
5.819% 9/1/36 (k)		50,090		51,012
5.823% 6/1/35 (k)		103,887		107,961
5.869% 5/1/36 (k)		30,317		31,208
5.883% 12/1/36 (k)		49,021		50,831
6% 5/1/12 to 6/1/23		2,023,439		2,124,144
6.01% 4/1/36 (k)		474,497		490,262
6.118% 4/1/36 (k)		49,853		51,457
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount (d)		Value
Fannie Mae - continued
6.22% 3/1/37 (k)		$ 16,976		$ 17,724
6.243% 6/1/36 (k)		8,547		8,694
6.289% 6/1/36 (k)		1,224,208		1,268,089
6.5% 4/1/12 to 9/1/32		215,801		229,496
TOTAL FANNIE MAE				8,821,942
Freddie Mac - 1.8%
3.758% 5/1/35 (k)		81,133		81,394
3.993% 7/1/33 (k)		70,936		71,340
4% 5/1/19 to 11/1/20		239,449		244,977
4.155% 6/1/33 (k)		38,128		38,095
4.329% 12/1/33 (k)		80,884		81,491
4.492% 7/1/35 (k)		57,206		57,912
4.5% 8/1/33		31,116		31,845
4.774% 3/1/35 (k)		28,624		28,926
4.789% 2/1/36 (k)		12,916		13,284
4.841% 9/1/36 (k)		30,246		30,567
4.854% 4/1/35 (k)		107,820		110,372
4.941% 1/1/35 (k)		113,775		116,058
5% 7/1/18 to 7/1/19		972,217		1,015,610
5.005% 4/1/35 (k)		115,396		118,629
5.023% 4/1/35 (k)		4,672		4,834
5.074% 7/1/35 (k)		31,323		32,279
5.203% 9/1/35 (k)		32,878		33,983
5.233% 10/1/35 (k)		51,006		52,092
5.443% 4/1/37 (k)		19,654		20,098
5.474% 3/1/37 (k)		18,658		19,013
5.483% 1/1/36 (k)		35,726		36,709
5.5% 8/1/14 to 2/1/19		393,461		412,313
5.537% 10/1/36 (k)		53,689		55,376
5.593% 3/1/36 (k)		196,459		201,799
5.684% 10/1/35 (k)		13,482		14,057
5.711% 1/1/36 (k)		17,369		17,811
5.74% 5/1/37 (k)		227,421		234,873
5.757% 3/1/37 (k)		98,940		100,215
5.78% 4/1/37 (k)		103,135		105,655
5.798% 5/1/37 (k)		132,439		136,658
5.812% 6/1/37 (k)		82,900		85,917
5.834% 5/1/37 (k)		33,728		34,473
5.846% 5/1/37 (k)		15,600		16,026
5.866% 7/1/36 (k)		657,246		675,481
5.948% 4/1/36 (k)		354,140		364,215
5.954% 6/1/37 (k)		17,500		18,062
6% 10/1/16 to 2/1/19		388,350		409,210
6% 6/1/36 (k)		33,043		34,052
6.12% 12/1/36 (k)		233,570		239,408
6.141% 2/1/37 (k)		34,384		35,471
6.142% 12/1/36 (k)		68,134		70,331
6.169% 7/1/36 (k)		245,991		253,659
6.181% 5/1/36 (k)		31,518		32,470

		Principal Amount (d)		Value
6.251% 7/1/36 (k)		$ 34,259		$ 35,298
6.339% 1/1/37 (k)		90,087		93,930
6.418% 6/1/37 (k)		9,848		10,188
6.5% 12/1/14 to 3/1/22		352,348		371,080
6.65% 8/1/37 (k)		64,291		66,674
7.524% 4/1/37 (k)		5,556		5,761
TOTAL FREDDIE MAC				6,369,971
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $14,794,991)			15,191,913
Asset-Backed Securities - 0.1%

FCC SPARC Series 2005-1 Class B, 2.982% 7/15/11 (k)	EUR	100,000		130,159
Provide Bricks 2007-1 Series 2007-1 Class B, 2.475% 1/30/40 (k)	EUR	50,000		51,924
Smile Synthetic BV Series 2005 Class C, 2.88% 1/20/15 (k)	EUR	68,730		72,137
Volkswagen Car Lease Series 9 Class B, 1.32% 4/21/12 (Reg. S) (k)	EUR	17,279		21,564
TOTAL ASSET-BACKED SECURITIES (Cost $331,461)			275,784
Collateralized Mortgage Obligations - 3.1%

Private Sponsor - 0.0%
Arkle Master Issuer PLC floater Series 2006-1X Class 5M1, 2.213% 2/17/52 (k)	EUR	50,000		45,026
Fosse Master Issuer PLC floater Series 2007-1X Class M3, 2.803% 10/18/54 (k)	EUR	50,000		55,391
Gracechurch Mortgage Financing PLC Series 2007-1X Class 2D2, 2.3% 11/20/56 (k)	EUR	50,000		53,080
TOTAL PRIVATE SPONSOR				153,497
U.S. Government Agency - 3.1%
Fannie Mae:
floater Series 2007-95 Class A1, 0.7719% 8/27/36 (k)		352,238		325,765
planned amortization class Series 2002-83 Class ME, 5% 12/25/17		450,000		476,866
Fannie Mae subordinate REMIC pass-thru certificates:
planned amortization class:
Series 2001-68 Class QZ, 5.5% 12/25/16		69,479		73,278
Series 2002-11:
Class QC, 5.5% 3/25/17		143,357		151,147
Collateralized Mortgage Obligations - continued
		Principal Amount (d)		Value
U.S. Government Agency - continued
Fannie Mae subordinate REMIC pass-thru certificates: - continued
Series 2002-11:
Class UC, 6% 3/25/17		$ 135,368		$ 143,487
Series 2002-61 Class PG, 5.5% 10/25/17		270,000		284,815
Series 2002-71 Class UC, 5% 11/25/17		430,000		453,238
Series 2002-9 Class PC, 6% 3/25/17		9,596		10,244
Series 2003-113 Class PE, 4% 11/25/18		80,000		82,623
Series 2003-122 Class OL, 4% 12/25/18		1,000,000		1,024,563
Series 2003-70 Class BJ, 5% 7/25/33		45,000		45,087
Series 2003-85 Class GD, 4.5% 9/25/18		175,000		184,490
Series 2004-80 Class LD, 4% 1/25/19		100,000		102,650
Series 2004-81:
Class KC, 4.5% 4/25/17		70,000		71,894
Class KD, 4.5% 7/25/18		165,000		173,620
Series 2005-52 Class PB, 6.5% 12/25/34		177,137		189,161
sequential payer:
Series 2002-57 Class BD, 5.5% 9/25/17		38,284		40,185
Series 2004-95 Class AN, 5.5% 1/25/25		97,751		103,341
Series 2005-117, Class JN, 4.5% 1/25/36		40,000		37,402
Series 2005-47 Class AK, 5% 6/25/20		370,000		394,817
Series 2006-72 Class CY, 6% 8/25/26		145,000		152,257
Freddie Mac planned amortization class:
Series 2101 Class PD, 6% 11/15/28		21,378		22,625
Series 2115 Class PE, 6% 1/15/14		5,842		6,133
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2577 Class FW, 1.0563% 1/15/30 (k)		252,203		251,462
Series 2630 Class FL, 1.0563% 6/15/18 (k)		4,163		4,080
Series 2861 Class GF, 0.8563% 1/15/21 (k)		127,263		127,111
planned amortization class:
Series 2376 Class JE, 5.5% 11/15/16		40,208		42,157

		Principal Amount (d)		Value
Series 2378 Class PE, 5.5% 11/15/16		$ 215,235		$ 226,011
Series 2381 Class OG, 5.5% 11/15/16		30,505		31,995
Series 2425 Class JH, 6% 3/15/17		53,112		56,037
Series 2628 Class OE, 4.5% 6/15/18		95,000		98,619
Series 2695 Class DG, 4% 10/15/18		220,000		225,206
Series 2773 Class EG, 4.5% 4/15/19		725,000		757,434
Series 2831 Class PB, 5% 7/15/19		200,000		212,224
Series 2866 Class XE, 4% 12/15/18		250,000		256,901
Series 2996 Class MK, 5.5% 6/15/35		35,484		37,217
sequential payer:
Series 2303 Class ZV, 6% 4/15/31		57,076		59,678
Series 2467 Class NB, 5% 7/15/17		95,000		99,362
Series 2570 Class CU, 4.5% 7/15/17		12,605		13,053
Series 2572 Class HK, 4% 2/15/17		16,911		17,287
Series 2617 Class GW, 3.5% 6/15/16		6,448		6,500
Series 2685 Class ND, 4% 10/15/18		85,000		86,132
Series 2860 Class CP, 4% 10/15/17		16,208		16,540
Series 2930 Class KT, 4.5% 2/15/20		450,000		460,838
Series 3401 Class EB, 5% 12/15/22		105,000		109,955
Series 3455 Class MB, 4.5% 6/15/23		1,790,000		1,816,018
Series 2715 Class NG, 4.5% 12/15/18		1,000,000		1,049,833
Series 2863 Class DB, 4% 9/15/14		11,562		11,755
Series 2975 Class NA, 5% 7/15/23		34,083		34,508
TOTAL U.S. GOVERNMENT AGENCY				10,657,601
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $10,121,148)			10,811,098
Commercial Mortgage Securities - 0.0%
		Principal Amount (d)		Value
Canary Wharf Finance II PLC Series 3MUK Class C2, 2.7513% 10/22/37 (k)	GBP	50,000		$ 21,522
London & Regional Debt Securitisation No. 1 PLC Class A, 2.4763% 10/15/14 (k)	GBP	50,000		55,313
Skyline BV floater Series 2007-1 Class B, 2.62% 7/22/43 (k)	EUR	100,000		89,770
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $328,086)			166,605
Foreign Government and Government Agency Obligations - 21.4%

Argentine Republic:
discount (with partial capitalization through 12/31/13) 8.28% 12/31/33		$ 748,774		202,169
par 2.5% 12/31/38 (f)		480,000		86,400
1.683% 8/3/12 (k)		1,510,000		717,811
7% 3/28/11		6,670,000		2,765,641
7% 9/12/13		4,495,000		1,474,485
Brazilian Federative Republic:
6% 9/15/13		150,000		145,500
7.125% 1/20/37		115,000		115,288
8.25% 1/20/34		270,000		299,025
8.75% 2/4/25		260,000		296,400
10% 1/1/12	BRL	754,000		317,417
12.25% 3/6/30		375,000		566,250
12.75% 1/15/20		105,000		152,775
Canadian Government:
4% 6/1/17	CAD	4,225,000		3,723,745
5% 6/1/14	CAD	4,350,000		3,993,634
5% 6/1/37	CAD	1,250,000		1,233,647
Central Bank of Nigeria promissory note 5.092% 1/5/10		63,195		50,118
Colombian Republic 7.375% 9/18/37		305,000		275,263
Democratic Socialist Republic of Sri Lanka 8.25% 10/24/12 (g)		465,000		330,150
Dominican Republic:
9.04% 1/23/18 (g)		595,672		467,603
9.5% 9/27/11 (Reg. S)		537,945		500,289
Ecuador Republic:
5% 2/28/25 (c)		76,000		46,360
10% 8/15/30 (Reg. S) (c)		950,000		280,250
El Salvador Republic:
7.65% 6/15/35		190,000		141,550
7.75% 1/24/23 (Reg. S)		125,000		118,438
8.25% 4/10/32 (Reg. S)		90,000		72,450
8.5% 7/25/11 (Reg. S)		115,000		115,863
French Republic:
4% 10/25/38	EUR	500,000		650,674
4.25% 10/25/18	EUR	1,410,000		1,976,158

		Principal Amount (d)		Value
Gabonese Republic 8.2% 12/12/17 (g)		$ 1,080,000		$ 788,400
Georgia Republic 7.5% 4/15/13		200,000		137,000
German Federal Republic:
1.25% 3/11/11	EUR	905,000		1,198,009
3.5% 1/4/16	EUR	150,000		209,783
3.75% 1/4/19	EUR	605,000		854,105
4% 1/4/37	EUR	600,000		804,763
4.25% 1/4/14	EUR	4,075,000		5,908,132
4.25% 7/4/39	EUR	725,000		1,028,762
5.375% 1/4/10	EUR	640,000		879,435
5.5% 1/4/31	EUR	1,160,000		1,847,937
Ghana Republic 8.5% 10/4/17 (g)		535,000		326,350
Indonesian Republic:
6.625% 2/17/37 (g)		225,000		155,250
6.875% 3/9/17 (g)		200,000		167,000
6.875% 1/17/18 (g)		400,000		326,000
7.25% 4/20/15 (g)		190,000		174,800
7.75% 1/17/38 (g)		350,000		274,750
8.5% 10/12/35 (Reg. S)		300,000		255,000
10.375% 5/4/14 (g)		280,000		293,300
11.625% 3/4/19 (g)		275,000		299,750
Islamic Republic of Pakistan 7.125% 3/31/16 (g)		300,000		147,000
Italian Republic:
3.75% 12/15/13	EUR	650,000		878,381
4.5% 3/1/19	EUR	1,365,000		1,847,588
5% 8/1/39	EUR	960,000		1,216,998
Japan Government:
1.5% 9/20/18	JPY	405,000,000		4,150,718
1.7% 12/20/16	JPY	335,000,000		3,552,827
2.5% 9/20/37	JPY	93,000,000		1,025,558
Lebanese Republic:
8.625% 6/20/13 (Reg. S)		120,000		123,600
9% 5/2/14		135,000		140,738
Pakistan International Sukuk Co. Ltd. 3.8275% 1/27/10 (k)		200,000		180,000
Peruvian Republic 7.125% 3/30/19		320,000		324,000
Philippine Republic:
9.5% 2/2/30		100,000		118,380
10.625% 3/16/25		80,000		102,200
Republic of Fiji 6.875% 9/13/11		300,000		222,000
Republic of Iraq 5.8% 1/15/28 (Reg. S)		250,000		125,000
Republic of Serbia 3.75% 11/1/24 (f)(g)		1,165,000		850,450
Russian Federation:
7.5% 3/31/30 (Reg. S)		4,449,600		4,171,500
12.75% 6/24/28 (Reg. S)		420,000		561,750
Turkish Republic:
6.75% 4/3/18		330,000		303,600
Foreign Government and Government Agency Obligations - continued
		Principal Amount (d)		Value
Turkish Republic: - continued
6.875% 3/17/36		$ 700,000		$ 551,040
7% 9/26/16		240,000		231,600
7.25% 3/5/38		425,000		348,500
7.375% 2/5/25		840,000		758,100
14% 1/19/11	TRY	205,000		122,369
UK Treasury GILT:
4.25% 12/7/27	GBP	1,095,000		1,629,394
4.25% 6/7/32	GBP	975,000		1,446,913
4.25% 12/7/55	GBP	410,000		579,856
4.5% 3/7/19	GBP	870,000		1,389,331
4.75% 6/7/10	GBP	585,000		878,892
4.75% 3/7/20	GBP	100,000		161,903
4.75% 12/7/30	GBP	800,000		1,266,756
Ukraine Government:
(Reg. S) 5.1513% 8/5/09 (k)		1,500,000		1,290,000
6.385% 6/26/12 (g)		325,000		151,938
6.75% 11/14/17 (g)		1,285,000		571,825
6.875% 3/4/11 (Reg. S)		200,000		110,000
United Mexican States:
7.5% 4/8/33		120,000		122,556
8.3% 8/15/31		115,000		127,225
Uruguay Republic:
Inflation-Indexed Bond 5% 9/14/18	UYU	2,365,581		65,998
8% 11/18/22		378,878		342,885
Venezuelan Republic:
2.1225% 4/20/11 (Reg. S) (k)		1,395,000		1,014,863
5.375% 8/7/10 (Reg. S)		135,000		115,763
7% 3/31/38		210,000		89,985
8.5% 10/8/14		670,000		412,050
9% 5/7/23 (Reg. S)		1,210,000		626,175
9.25% 9/15/27		945,000		548,100
9.375% 1/13/34		325,000		166,563
10.75% 9/19/13		1,905,000		1,376,363
13.625% 8/15/18		791,000		561,610
Vietnamese Socialist Republic:
4% 3/12/28 (f)		90,000		54,000
6.875% 1/15/16 (g)		430,000		395,600
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $85,171,369)			74,594,320

Common Stocks - 0.1%
	Shares
CONSUMER DISCRETIONARY - 0.0%
Auto Components - 0.0%
Intermet Corp. (a)(m)	6,092		0
Remy International, Inc. (a)	2,065		1,033

	Shares		Value
INDUSTRIALS - 0.1%
Airlines - 0.1%
Delta Air Lines, Inc. (a)	41,160		$ 231,731
INFORMATION TECHNOLOGY - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
ASAT Holdings Ltd. warrants 2/1/11 (a)(m)	27,300		237
UTILITIES - 0.0%
Electric Utilities - 0.0%
Portland General Electric Co.	140		2,463
TOTAL COMMON STOCKS (Cost $780,701)		235,464
Preferred Stocks - 0.0%

Convertible Preferred Stocks - 0.0%
MATERIALS - 0.0%
Chemicals - 0.0%
Celanese Corp. 4.25%	300		5,991
Nonconvertible Preferred Stocks - 0.0%
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Preferred Blocker, Inc. 7.00% (g)	67		12,395
TOTAL PREFERRED STOCKS (Cost $28,940)		18,386

Floating Rate Loans - 6.1%
	Principal Amount
CONSUMER DISCRETIONARY - 2.0%
Auto Components - 0.0%
TRW Automotive Holdings Corp. Tranche B1, term loan 2.0625% 2/9/14 (k)	$ 110,000		55,000
Visteon Corp. term loan 4.426% 6/13/13 (k)	1,140,000		159,600
			214,600
Automobiles - 0.4%
AM General LLC:
Credit-Linked Deposit 3.5231% 9/30/12 (k)	6,774		5,894
Tranche B, term loan 4.149% 9/30/13 (k)	155,507		135,291
Ford Motor Co. term loan 3.56% 12/15/13 (k)	1,385,000		664,800
General Motors Corp. term loan 8% 11/29/13 (k)	1,176,719		482,455
			1,288,440
Floating Rate Loans - continued
	Principal Amount		Value
CONSUMER DISCRETIONARY - continued
Diversified Consumer Services - 0.3%
Affinion Group Holdings, Inc. term loan 8.5225% 3/1/12 (k)	$ 220,000		$ 97,281
ServiceMaster Co.:
term loan 3.1705% 7/24/14 (k)	408,821		269,822
Tranche DD, term loan 3.02% 7/24/14 (k)	39,175		25,856
Thomson Learning, Inc. term loan 3.02% 7/5/14 (k)	817,118		557,683
			950,642
Hotels, Restaurants & Leisure - 0.2%
Green Valley Ranch Gaming LLC Tranche 1LN, term loan 3.078% 2/16/14 (k)	18,873		7,266
Las Vegas Sands LLC:
term loan 2.25% 5/23/14 (k)	9,244		4,946
Tranche B, term loan 2.27% 5/23/14 (k)	45,756		24,479
OSI Restaurant Partners, Inc.:
Credit-Linked Deposit 3.6816% 6/14/13 (k)	3,008		1,639
term loan 2.8172% 6/14/14 (k)	33,370		18,187
Six Flags, Inc. Tranche B, term loan 3.022% 4/30/15 (k)	949,631		626,757
			683,274
Media - 0.8%
Advanstar, Inc. Tranche 2LN, term loan 6.22% 11/30/14 (k)	30,000		3,000
Charter Communications Operating LLC Tranche B 1LN, term loan 3.2114% 3/6/14 (k)	1,190,211		975,973
Discovery Communications, Inc. term loan 3.22% 5/14/14 (k)	68,775		63,531
Education Media and Publishing Group Ltd.:
Tranche 1LN, term loan 7.9563% 6/12/14 (k)	892,760		549,048
Tranche 2LN, term loan 10.7563% 12/12/14 (k)	1,804,498		541,349
Idearc, Inc. term loan 3.22% 11/17/14 (k)	248,728		94,517
Univision Communications, Inc. Tranche 1LN, term loan 2.7681% 9/29/14 (k)	1,300,000		682,500
			2,909,918
Specialty Retail - 0.3%
Burlington Coat Factory Warehouse Corp. term loan 2.77% 5/28/13 (k)	241,729		103,944

	Principal Amount		Value
Michaels Stores, Inc. term loan 2.7582% 10/31/13 (k)	$ 1,438,524		$ 801,977
Toys 'R' US, Inc. term loan 3.5088% 12/8/09 (k)	74,016		33,677
			939,598
Textiles, Apparel & Luxury Goods - 0.0%
Hanesbrands, Inc. term loan 4.9094% 3/5/14 (k)	90,000		77,850
Levi Strauss & Co. term loan 2.8056% 4/4/14 (k)	100,000		56,500
			134,350
TOTAL CONSUMER DISCRETIONARY			7,120,822
CONSUMER STAPLES - 0.2%
Beverages - 0.0%
Constellation Brands, Inc. Tranche B, term loan 2.6232% 6/5/13 (k)	54,577		51,303
Food & Staples Retailing - 0.0%
Rite Aid Corp. Tranche ABL, term loan 2.2801% 6/4/14 (k)	158,400		106,524
Household Products - 0.1%
Spectrum Brands, Inc.:
Tranche B1, term loan 6.5722% 3/30/13 (k)	435,723		311,542
4.4613% 3/30/13 (k)	9,277		6,633
			318,175
Personal Products - 0.1%
Revlon Consumer Products Corp. term loan 5.0287% 1/15/12 (k)	185,000		139,675
TOTAL CONSUMER STAPLES			615,677
ENERGY - 0.1%
Energy Equipment & Services - 0.0%
Compagnie Generale de Geophysique SA term loan 4.5937% 1/12/14 (k)	32,100		28,088
Helix Energy Solutions Group, Inc. term loan 2.9404% 7/1/13 (k)	40,049		30,037
			58,125
Oil, Gas & Consumable Fuels - 0.1%
Coffeyville Resources LLC:
Credit-Linked Deposit 8.75% 12/28/10 (k)	27,568		19,849
Tranche D, term loan 8.7498% 12/28/13 (k)	88,789		63,928
Targa Resources, Inc./Targa Resources Finance Corp.:
Credit-Linked Deposit 3.22% 10/31/12 (k)	29,032		23,516
term loan 2.5266% 10/31/12 (k)	50,231		40,687
Floating Rate Loans - continued
	Principal Amount		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Venoco, Inc. Tranche 2LN, term loan 5.25% 5/7/14 (k)	$ 29,669		$ 15,428
Walter Industries, Inc. term loan 2.8292% 10/3/12 (k)	6,159		5,220
			168,628
TOTAL ENERGY			226,753
FINANCIALS - 0.4%
Consumer Finance - 0.2%
DaimlerChrysler Financial Services:
Tranche 1LN, term loan 4.56% 8/3/12 (k)	1,310,059		681,231
Tranche 2LN, term loan 7.06% 8/3/13 (k)	130,000		34,450
			715,681
Diversified Financial Services - 0.0%
Clear Channel Capital I LLC Tranche B, term loan 4.17% 1/29/16 (k)	540,000		202,500
Real Estate Management & Development - 0.2%
Realogy Corp.:
Credit-Linked Deposit 3.4363% 10/10/13 (k)	125,304		73,930
Tranche B, term loan 3.5182% 10/10/13 (k)	465,416		274,595
Tranche DD, term loan 3.919% 10/10/13 (k)	436,534		257,555
			606,080
TOTAL FINANCIALS			1,524,261
HEALTH CARE - 0.0%
Health Care Providers & Services - 0.0%
Health Management Associates, Inc. Tranche B, term loan 2.97% 2/28/14 (k)	55,736		45,146
Pharmaceuticals - 0.0%
PTS Acquisition Corp. term loan 2.7681% 4/10/14 (k)	132,257		81,338
TOTAL HEALTH CARE			126,484
INDUSTRIALS - 0.7%
Aerospace & Defense - 0.0%
DeCrane Aircraft Holdings, Inc.:
Tranche 1LN, term loan 3.2681% 2/21/13 (k)	9,258		5,092

	Principal Amount		Value
Tranche 2LN, term loan 8.4125% 2/21/14 (k)	$ 20,000		$ 5,000
Wesco Aircraft Hardware Corp. Tranche 2LN, term loan 6.27% 3/28/14 (k)	10,000		7,150
			17,242
Airlines - 0.3%
Delta Air Lines, Inc. Tranche 2LN, term loan 3.7575% 4/30/14 (k)	651,982		286,872
Northwest Airlines, Inc. term loan 2.57% 12/31/10 (k)	472,274		420,324
United Air Lines, Inc. Tranche B, term loan 2.5625% 2/1/14 (k)	801,534		376,721
			1,083,917
Commercial Services & Supplies - 0.0%
Brand Energy & Infrastructure Services, Inc. Tranche 2LN, term loan 7.125% 2/7/15 (k)	40,000		10,000
Industrial Conglomerates - 0.1%
Sequa Corp. term loan 3.7614% 12/3/14 (k)	195,000		106,275
Machinery - 0.1%
Chart Industries, Inc. Tranche B, term loan 2.5% 10/17/12 (k)	8,889		7,778
Dresser, Inc.:
Tranche 2LN, term loan 6.9875% 5/4/15 pay-in-kind (k)	230,000		92,000
Tranche B 1LN, term loan 3.4561% 5/4/14 (k)	38,823		29,117
Navistar International Corp.:
term loan 3.7681% 1/19/12 (k)	234,667		180,693
Credit-Linked Deposit 4.1482% 1/19/12 (k)	85,333		65,707
			375,295
Road & Rail - 0.1%
Swift Transportation Co., Inc. term loan 8.375% 5/10/14 (k)	880,000		451,000
Trading Companies & Distributors - 0.1%
Neff Corp. Tranche 2LN, term loan 4.0331% 11/30/14 (k)	50,000		9,500
VWR Funding, Inc. term loan 3.0181% 6/29/14 (k)	390,000		316,875
			326,375
TOTAL INDUSTRIALS			2,370,104
INFORMATION TECHNOLOGY - 1.5%
Electronic Equipment & Components - 1.1%
Flextronics International Ltd.:
Tranche B A2, term loan 2.7681% 10/1/14 (k)	138,112		89,082
Tranche B A3, term loan 2.7681% 10/1/14 (k)	161,131		103,929
Tranche B-A, term loan 3.6811% 10/1/14 (k)	306,054		197,405
Floating Rate Loans - continued
	Principal Amount		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Flextronics International Ltd.: - continued
Tranche B-A1, term loan 3.3444% 10/1/14 (k)	$ 87,946		$ 56,725
Tranche B-B, term loan 3.685% 10/1/12 (k)	235,704		182,671
Texas Competitive Electric Holdings Co. LLC:
Tranche B1, term loan 4.033% 10/10/14 (k)	1,794,237		1,175,225
Tranche B2, term loan 4.033% 10/10/14 (k)	1,608,682		1,053,687
Tranche B3, term loan 4.033% 10/10/14 (k)	1,532,990		1,004,109
			3,862,833
IT Services - 0.0%
Affiliated Computer Services, Inc. Tranche B2, term loan 2.5406% 3/20/13 (k)	184,775		172,765
Semiconductors & Semiconductor Equipment - 0.2%
Freescale Semiconductor, Inc. term loan:
2.2469% 12/1/13 (k)	1,194,369		492,677
12.5% 12/15/14	300,000		157,500
			650,177
Software - 0.2%
Kronos, Inc.:
Tranche 1LN, term loan 3.47% 6/11/14 (k)	746,830		507,845
Tranche 2LN, term loan 6.97% 6/11/15 (k)	125,000		56,250
Open Solutions, Inc. term loan 3.255% 1/23/14 (k)	19,604		9,802
			573,897
TOTAL INFORMATION TECHNOLOGY			5,259,672
MATERIALS - 0.7%
Chemicals - 0.3%
Huntsman International LLC Tranche B, term loan 2.2681% 4/19/14 (k)	385,000		252,175
Lyondell Chemical Co. term loan 9.1679% 12/15/09 (k)(n)	550,000		539,000
Momentive Performance Materials, Inc. Tranche B1, term loan 2.8125% 12/4/13 (k)	723,618		412,462
			1,203,637

	Principal Amount		Value
Containers & Packaging - 0.2%
Berry Plastics Holding Corp. Tranche C, term loan 2.5331% 4/3/15 (k)	$ 622,773		$ 417,258
Smurfit-Stone Container Enterprises, Inc. term loan 3.0767% 11/11/11 (k)	370,225		248,976
			666,234
Metals & Mining - 0.1%
Aleris International, Inc.:
Tranche 1LN, term loan 5.2% 2/12/10 (k)(n)	61,828		50,081
Tranche B 1LN, term loan:
4.25% 12/19/13 (k)	66,087		7,270
4.25% 12/19/13 (k)	33,696		2,359
Tranche C 1LN, term loan 4.25% 12/19/13 (k)	47,217		9,443
Novelis Corp. term loan 3.0013% 7/6/14 (k)	265,277		164,472
			233,625
Paper & Forest Products - 0.1%
Boise Paper Holdings LLC Tranche 2LN, term loan 9.25% 2/22/15 (k)	455,000		179,725
White Birch Paper Co. Tranche 1LN, term loan 3.97% 5/8/14 (k)	91,101		29,608
			209,333
TOTAL MATERIALS			2,312,829
TELECOMMUNICATION SERVICES - 0.4%
Diversified Telecommunication Services - 0.2%
Wind Telecomunicazioni SpA:
term loan 8.3925% 12/21/11 pay-in-kind (k)	486,662		332,608
Tranche 2, term loan 7.9913% 3/21/15 (k)	140,000		120,400
Tranche B, term loan 3.9913% 5/26/13 (k)	60,000		51,600
Tranche C, term loan 4.9913% 5/26/14 (k)	60,000		51,600
			556,208
Wireless Telecommunication Services - 0.2%
Intelsat Jackson Holdings Ltd. term loan 4.435% 2/1/14 (k)	1,080,000		777,600
Leap Wireless International, Inc. Tranche B, term loan 5.75% 6/16/13 (k)	38,900		36,761
			814,361
TOTAL TELECOMMUNICATION SERVICES			1,370,569
Floating Rate Loans - continued
	Principal Amount		Value
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
NRG Energy, Inc.:
term loan 2.72% 2/1/13 (k)	$ 223,661		$ 201,295
Credit-Linked Deposit 2.62% 2/1/13 (k)	119,502		107,552
			308,847
TOTAL FLOATING RATE LOANS (Cost $25,698,909)		21,236,018

Fixed-Income Funds - 6.0%
	Shares
Fidelity Floating Rate Central Fund (l) (Cost $24,607,521)	291,477	20,732,759
Preferred Securities - 0.7%
	Principal Amount (d)
CONSUMER DISCRETIONARY - 0.4%
Media - 0.4%
Globo Comunicacoes e Participacoes SA 9.375%	$ 1,050,000	948,688
Net Servicos de Comunicacao SA 9.25% (g)	600,000	479,145
		1,427,833
ENERGY - 0.3%
Oil, Gas & Consumable Fuels - 0.3%
Pemex Project Funding Master Trust 7.75%	1,262,000	972,803
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%

MUFG Capital Finance 2 Ltd. 4.85% (k)

EUR

50,000

35,728

TOTAL PREFERRED SECURITIES

(Cost $2,979,565)

2,436,364

Other - 0.0%

Delta Air Lines ALPA Claim (a) (Cost $5,267)	470,000	2,350

Money Market Funds - 7.1%
	Shares	Value
Fidelity Cash Central Fund, 0.52% (b) (Cost $24,611,290)	24,611,290	$ 24,611,290
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $399,909,887)		346,734,023

NET OTHER ASSETS - 0.3%			1,151,975
NET ASSETS - 100%		$ 347,885,998

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Treasury Contracts
5 CBOT 2 Year U.S. Treasury Notes Index Contracts	July 2009	$ 1,089,453	$ 6,939

The face value of futures purchased as a percentage of net assets - 0.3%

Swap Agreements
		Notional Amount	Value
Interest Rate Swaps
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 4.64% with JPMorgan Chase, Inc.	April 2038	$ 250,000	$ (70,598)
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 4.73% with Credit Suisse First Boston	April 2038	350,000	(104,903)
Receive semi-annually a fixed rate equal to 3.13% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.	Oct. 2010	1,620,000	65,519
Receive semi-annually a fixed rate equal to 3.30% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston	Sept. 2010	800,000	24,162
		$ 3,020,000	$ (85,820)

Currency Abbreviations
BRL	-	Brazilian real
CAD	-	Canadian dollar
EGP	-	Egyptian pound
EUR	-	European Monetary Unit
GBP	-	British pound
JPY	-	Japanese yen
RUB	-	Russian ruble
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 $27,406,202 or 7.9% of net assets.

(h) Under the Temporary Liquidity Guarantee Program, the Federal Deposit Insurance Corporation guarantees principal and interest in the event of payment default or bankruptcy until the earlier of maturity date of the debt or until June 30, 2012. At the end of the period these securities amounted to $2,141,195 or 0.6% of net assets.

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

(j) 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 $46,047.

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

(l) 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.

(m) 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 $237 or 0.0% of net assets.

(n) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $220,374 and $208,744, respectively. The coupon rate will be determined at time of settlement.

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.	1/7/05 - 1/13/05	$ 115,372

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	$ 62,340
Fidelity Floating Rate Central Fund	243,093
Total	$ 305,433

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	$ 10,893,188	$ 8,540,775	$ -	$ 20,732,759	0.9%

Other Information

The following is a summary of the inputs used, as of March 31, 2009, 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	$ 346,734,023	$ 45,578,243	$ 300,428,354	$ 727,426
Other Financial Instruments*	$ (85,987)	$ 6,939	$ (92,926)	$ -

*Other financial instruments include Futures Contracts, Swap Agreements and Forward Commitments.

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

	Investments in Securities
Beginning Balance	$ 2,378,321
Total Realized Gain (Loss)	228
Total Unrealized Gain (Loss)	(72,925)
Cost of Purchases	33,130
Proceeds of Sales	(8,618)
Amortization/Accretion	10,947
Transfer in/out of Level 3	(1,613,657)
Ending Balance	$ 727,426

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $398,172,382. Net unrealized depreciation aggregated $51,438,359, of which $10,023,740 related to appreciated investment securities and $61,462,099 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Swaps are marked-to-market daily based on valuations from independent pricing services or dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). 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.

The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions. Actual prices received at disposition may differ.

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/John R. Hebble
	John R. Hebble
	President and Treasurer

Date:	May 29, 2009

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

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

Date:	May 29, 2009

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	May 29, 2009