N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-05361

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	December 31

Date of reporting period:	September 30, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Asset Manager Portfolio

September 30, 2009

1.808793.105

VIPAM-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 48.8%
	Shares		Value
CONSUMER DISCRETIONARY - 4.5%
Auto Components - 0.9%
Autoliv, Inc.	161,400		$ 5,423,040
BorgWarner, Inc.	50,500		1,528,130
The Goodyear Tire & Rubber Co. (a)	230,900		3,932,227
TRW Automotive Holdings Corp. (a)	61,700		1,033,475
			11,916,872
Hotels, Restaurants & Leisure - 0.7%
Ctrip.com International Ltd. sponsored ADR (a)	156,900		9,224,151
Household Durables - 0.5%
Gafisa SA sponsored ADR (a)(d)	239,200		7,262,112
Internet & Catalog Retail - 1.4%
Amazon.com, Inc. (a)	99,200		9,261,312
B2W Companhia Global Do Varejo	101,000		2,841,641
Priceline.com, Inc. (a)(d)	39,100		6,483,562
			18,586,515
Multiline Retail - 0.6%
Target Corp.	161,000		7,515,480
Specialty Retail - 0.3%
TJX Companies, Inc.	100,800		3,744,720
Textiles, Apparel & Luxury Goods - 0.1%
Fuqi International, Inc. (a)(d)	59,700		1,748,016
TOTAL CONSUMER DISCRETIONARY			59,997,866
CONSUMER STAPLES - 0.9%
Food & Staples Retailing - 0.7%
Costco Wholesale Corp.	148,100		8,361,726
Wal-Mart Stores, Inc.	13,900		682,351
			9,044,077
Personal Products - 0.2%
Hengan International Group Co. Ltd.	392,000		2,369,703
TOTAL CONSUMER STAPLES			11,413,780
ENERGY - 6.9%
Energy Equipment & Services - 2.8%
Halliburton Co.	68,000		1,844,160
Noble Corp.	72,600		2,755,896
Pride International, Inc. (a)	132,800		4,042,432
Schlumberger Ltd.	59,400		3,540,240
Seadrill Ltd.	120,400		2,513,761
Seahawk Drilling, Inc. (a)	44,980		1,398,428
Smith International, Inc.	45,000		1,291,500
Transocean Ltd. (a)	137,400		11,751,822
Weatherford International Ltd. (a)	389,800		8,080,554
			37,218,793
Oil, Gas & Consumable Fuels - 4.1%
Arch Coal, Inc.	199,200		4,408,296
Chesapeake Energy Corp.	427,130		12,130,492
Concho Resources, Inc. (a)	122,800		4,460,096

	Shares		Value
EXCO Resources, Inc. (a)	124,100		$ 2,319,429
Occidental Petroleum Corp.	93,300		7,314,720
Peabody Energy Corp.	124,400		4,630,168
Quicksilver Resources, Inc. (a)(d)	143,200		2,032,008
Range Resources Corp.	52,600		2,596,336
SandRidge Energy, Inc. (a)	207,400		2,687,904
Southwestern Energy Co. (a)	189,100		8,070,788
Suncor Energy, Inc.	114,212		3,990,218
Ultra Petroleum Corp. (a)	27,200		1,331,712
			55,972,167
TOTAL ENERGY			93,190,960
FINANCIALS - 12.0%
Capital Markets - 1.5%
Morgan Stanley	420,200		12,975,776
State Street Corp.	60,500		3,182,300
The Blackstone Group LP	283,700		4,028,540
			20,186,616
Commercial Banks - 3.2%
China Construction Bank Corp. (H Shares)	2,812,000		2,245,972
PNC Financial Services Group, Inc.	247,500		12,026,025
Wells Fargo & Co.	1,001,300		28,216,635
			42,488,632
Diversified Financial Services - 4.6%
Apollo Global Management LLC (a)(e)	315,200		1,576,000
Bank of America Corp.	1,498,101		25,347,869
CME Group, Inc.	23,600		7,273,284
Hong Kong Exchange & Clearing Ltd.	247,700		4,490,561
IntercontinentalExchange, Inc. (a)	49,500		4,810,905
JPMorgan Chase & Co.	429,000		18,798,780
Singapore Exchange Ltd.	8,000		47,809
			62,345,208
Insurance - 2.6%
Assurant, Inc.	33,400		1,070,804
Assured Guaranty Ltd.	85,900		1,668,178
Hartford Financial Services Group, Inc.	471,300		12,489,450
Lincoln National Corp.	265,500		6,879,105
MBIA, Inc. (a)(d)	197,900		1,535,704
Principal Financial Group, Inc.	60,000		1,643,400
Prudential Financial, Inc.	47,800		2,385,698
XL Capital Ltd. Class A	424,400		7,410,024
			35,082,363
Real Estate Investment Trusts - 0.0%
Segro PLC	106,100		623,244
Real Estate Management & Development - 0.1%
Indiabulls Real Estate Ltd.	208,031		1,184,515
TOTAL FINANCIALS			161,910,578
Common Stocks - continued
	Shares		Value
HEALTH CARE - 4.2%
Biotechnology - 1.4%
Dendreon Corp. (a)	68,600		$ 1,920,114
Gilead Sciences, Inc. (a)	81,600		3,800,928
Myriad Genetics, Inc. (a)	102,800		2,816,720
United Therapeutics Corp. (a)	125,600		6,153,144
Vertex Pharmaceuticals, Inc. (a)	94,700		3,589,130
			18,280,036
Health Care Providers & Services - 2.0%
Express Scripts, Inc. (a)	209,200		16,229,736
Humana, Inc. (a)	187,100		6,978,830
Medco Health Solutions, Inc. (a)	66,000		3,650,460
			26,859,026
Health Care Technology - 0.3%
Cerner Corp. (a)	57,700		4,315,960
Life Sciences Tools & Services - 0.5%
Illumina, Inc. (a)	63,500		2,698,750
Life Technologies Corp. (a)	100,800		4,692,240
			7,390,990
TOTAL HEALTH CARE			56,846,012
INDUSTRIALS - 4.9%
Aerospace & Defense - 0.1%
AeroVironment, Inc. (a)	35,700		1,002,813
Air Freight & Logistics - 0.1%
United Parcel Service, Inc. Class B	34,800		1,965,156
Airlines - 2.4%
AMR Corp. (a)	637,900		5,071,305
Continental Airlines, Inc. Class B (a)	299,200		4,918,848
Delta Air Lines, Inc. (a)	1,935,425		17,341,408
Southwest Airlines Co.	488,300		4,687,680
			32,019,241
Building Products - 0.0%
Armstrong World Industries, Inc. (a)	1,900		65,474
Electrical Equipment - 0.3%
First Solar, Inc. (a)(d)	23,000		3,515,780
Industrial Conglomerates - 0.4%
Textron, Inc.	276,800		5,253,664
Machinery - 0.0%
SmartHeat, Inc. (a)	35,700		423,759
Road & Rail - 1.6%
CSX Corp.	221,500		9,271,990
Union Pacific Corp.	216,000		12,603,600
			21,875,590
TOTAL INDUSTRIALS			66,121,477
INFORMATION TECHNOLOGY - 10.1%
Communications Equipment - 1.3%
Ciena Corp. (a)	215,900		3,514,852

	Shares		Value
Juniper Networks, Inc. (a)	223,500		$ 6,038,970
QUALCOMM, Inc.	44,100		1,983,618
Research In Motion Ltd. (a)	31,900		2,154,845
Riverbed Technology, Inc. (a)	165,000		3,623,400
			17,315,685
Computers & Peripherals - 1.7%
Apple, Inc. (a)	103,600		19,204,332
Seagate Technology	284,600		4,328,766
			23,533,098
Electronic Equipment & Components - 0.4%
Agilent Technologies, Inc. (a)	167,800		4,669,874
Itron, Inc. (a)	15,700		1,006,998
			5,676,872
Internet Software & Services - 3.9%
Baidu.com, Inc. sponsored ADR (a)	20,900		8,172,945
eBay, Inc. (a)	306,700		7,241,187
Google, Inc. Class A (a)	44,700		22,164,495
NetEase.com, Inc. sponsored ADR (a)(d)	164,200		7,500,656
Tencent Holdings Ltd.	483,400		7,865,386
			52,944,669
IT Services - 0.3%
Visa, Inc. Class A	60,800		4,201,888
Semiconductors & Semiconductor Equipment - 1.4%
Broadcom Corp. Class A (a)	135,400		4,155,426
Intel Corp.	80,600		1,577,342
Marvell Technology Group Ltd. (a)	325,600		5,271,464
NVIDIA Corp. (a)	331,900		4,988,457
PMC-Sierra, Inc. (a)	300,200		2,869,912
			18,862,601
Software - 1.1%
Citrix Systems, Inc. (a)	164,500		6,453,335
Informatica Corp. (a)	126,800		2,863,144
Rovi Corp. (a)	128,300		4,310,880
Taleo Corp. Class A (a)	28,650		648,636
			14,275,995
TOTAL INFORMATION TECHNOLOGY			136,810,808
MATERIALS - 5.1%
Chemicals - 3.2%
Ashland, Inc.	75,800		3,276,076
Cabot Corp.	91,500		2,114,565
Dow Chemical Co.	675,200		17,602,464
Potash Corp. of Saskatchewan, Inc.	10,500		952,602
Rockwood Holdings, Inc. (a)	124,700		2,565,079
Terra Industries, Inc.	237,500		8,234,125
The Mosaic Co.	115,500		5,552,085
Westlake Chemical Corp.	101,900		2,618,830
			42,915,826
Construction Materials - 0.4%
Vulcan Materials Co.	104,000		5,623,280
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - 0.4%
Owens-Illinois, Inc. (a)	133,700		$ 4,933,530
Metals & Mining - 1.0%
Agnico-Eagle Mines Ltd. (Canada)	61,300		4,146,411
Alcoa, Inc.	426,400		5,594,368
Freeport-McMoRan Copper & Gold, Inc.	62,900		4,315,569
			14,056,348
Paper & Forest Products - 0.1%
Sino-Forest Corp. (a)	106,200		1,677,573
TOTAL MATERIALS			69,206,557
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
Vivo Participacoes SA sponsored ADR	85,800		2,166,450
UTILITIES - 0.0%
Independent Power Producers & Energy Traders - 0.0%
Dynegy, Inc. Class A (a)	131,700		335,835
TOTAL COMMON STOCKS (Cost $509,424,872)		658,000,323
International Equity Funds - 6.0%

Fidelity Emerging Markets Equity Central Fund (f)	114,736		19,436,278
Fidelity International Equity Central Fund (f)	952,036		61,929,969
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $104,288,526)		81,366,247
Fixed-Income Funds - 44.1%

Fidelity Floating Rate Central Fund (f)	173,730		15,779,879
Fidelity High Income Central Fund 1 (f)	592,455		52,426,321
Fidelity VIP Investment Grade Central Fund (f)	5,033,127		526,364,439
TOTAL FIXED-INCOME FUNDS (Cost $585,387,056)		594,570,639
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 0.25% (b)	15,136,426		15,136,426
Fidelity Money Market Central Fund, 0.60% (b)	260,162		260,162
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(c)	21,703,500		21,703,500
TOTAL MONEY MARKET FUNDS (Cost $37,100,088)		37,100,088
Cash Equivalents - 0.0%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.03%, dated 9/30/09 due 10/1/09 (Collateralized by U.S. Treasury Obligations) # (Cost $40,000)	$ 40,000		$ 40,000

TOTAL INVESTMENT PORTFOLIO - 101.6%

(Cost $1,236,240,542)

1,371,077,297

NET OTHER ASSETS - (1.6)%			(21,342,618)
NET ASSETS - 100%		$ 1,349,734,679

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 $1,576,000 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.

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

Repurchase Agreement / Counterparty	Value
$40,000 due 10/01/09 at 0.03%
BNP Paribas Securities Corp.	$ 1,289
Barclays Capital, Inc.	10,051
Credit Suisse Securities (USA) LLC	8,033
HSBC Securities (USA), Inc.	15,470
Morgan Stanley & Co., Inc.	5,157
	$ 40,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 66,166
Fidelity Emerging Markets Equity Central Fund	267,335
Fidelity Floating Rate Central Fund	812,112
Fidelity High Income Central Fund 1	2,814,636
Fidelity International Equity Central Fund	1,220,467
Fidelity Money Market Central Fund	203,798
Fidelity Securities Lending Cash Central Fund	159,490
Fidelity VIP Investment Grade Central Fund	17,887,070
Total	$ 23,431,074

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	$ -	$ -	$ 19,436,278	10.7%
Fidelity Floating Rate Central Fund	35,491,726	812,105	27,955,275	15,779,879	0.5%
Fidelity High Income Central Fund 1	27,086,222	15,319,730	-	52,426,321	10.3%
Fidelity International Equity Central Fund	49,605,349	1,220,467	-	61,929,969	9.7%
Fidelity VIP Investment Grade Central Fund	504,911,591	17,888,608	44,920,091	526,364,439	13.8%
Total	$ 629,238,546	$ 35,240,910	$ 72,875,366	$ 675,936,886

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy with the exception of Cash Equivalents, which are categorized as Level 2. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $1,234,399,350. Net unrealized appreciation aggregated $136,677,947, of which $195,538,774 related to appreciated investment securities and $58,860,827 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. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Asset Manager: Growth Portfolio

September 30, 2009

1.808789.105

VIPAMG-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 63.7%
	Shares		Value
CONSUMER DISCRETIONARY - 5.8%
Auto Components - 1.1%
Autoliv, Inc.	26,700		$ 897,120
BorgWarner, Inc.	8,400		254,184
The Goodyear Tire & Rubber Co. (a)	37,700		642,031
TRW Automotive Holdings Corp. (a)	10,200		170,850
			1,964,185
Hotels, Restaurants & Leisure - 0.9%
Ctrip.com International Ltd. sponsored ADR (a)	25,900		1,522,661
Household Durables - 0.7%
Gafisa SA sponsored ADR (a)(c)	40,100		1,217,436
Internet & Catalog Retail - 1.8%
Amazon.com, Inc. (a)	16,500		1,540,440
B2W Companhia Global Do Varejo	16,800		472,669
Priceline.com, Inc. (a)(c)	6,400		1,061,248
			3,074,357
Multiline Retail - 0.7%
Target Corp.	26,700		1,246,356
Specialty Retail - 0.4%
TJX Companies, Inc.	16,900		627,835
Textiles, Apparel & Luxury Goods - 0.2%
Fuqi International, Inc. (a)(c)	9,500		278,160
TOTAL CONSUMER DISCRETIONARY			9,930,990
CONSUMER STAPLES - 1.1%
Food & Staples Retailing - 0.9%
Costco Wholesale Corp.	24,600		1,388,916
Wal-Mart Stores, Inc.	2,400		117,816
			1,506,732
Personal Products - 0.2%
Hengan International Group Co. Ltd.	64,000		386,890
TOTAL CONSUMER STAPLES			1,893,622
ENERGY - 9.0%
Energy Equipment & Services - 3.6%
Halliburton Co.	11,300		306,456
Noble Corp.	11,700		444,132
Pride International, Inc. (a)	22,000		669,680
Schlumberger Ltd.	10,000		596,000
Seadrill Ltd.	19,800		413,393
Seahawk Drilling, Inc. (a)	7,446		231,496
Smith International, Inc.	7,400		212,380
Transocean Ltd. (a)	22,800		1,950,084
Weatherford International Ltd. (a)	64,700		1,341,231
			6,164,852
Oil, Gas & Consumable Fuels - 5.4%
Arch Coal, Inc.	32,800		725,864
Chesapeake Energy Corp.	70,800		2,010,720

	Shares		Value
Concho Resources, Inc. (a)	20,300		$ 737,296
EXCO Resources, Inc. (a)	20,500		383,145
Occidental Petroleum Corp.	15,400		1,207,360
Peabody Energy Corp.	20,500		763,010
Quicksilver Resources, Inc. (a)(c)	23,700		336,303
Range Resources Corp.	8,700		429,432
SandRidge Energy, Inc. (a)	34,400		445,824
Southwestern Energy Co. (a)	31,400		1,340,152
Suncor Energy, Inc.	19,248		672,466
Ultra Petroleum Corp. (a)	4,500		220,320
			9,271,892
TOTAL ENERGY			15,436,744
FINANCIALS - 15.7%
Capital Markets - 2.0%
Morgan Stanley	69,700		2,152,336
State Street Corp.	10,100		531,260
The Blackstone Group LP	46,900		665,980
			3,349,576
Commercial Banks - 4.1%
China Construction Bank Corp. (H Shares)	463,000		369,803
PNC Financial Services Group, Inc.	40,900		1,987,331
Wells Fargo & Co.	166,000		4,677,879
			7,035,013
Diversified Financial Services - 6.0%
Apollo Global Management LLC (a)(d)	50,700		253,500
Bank of America Corp.	248,383		4,202,640
CME Group, Inc.	4,000		1,232,760
Hong Kong Exchange & Clearing Ltd.	40,800		739,665
IntercontinentalExchange, Inc. (a)	8,200		796,958
JPMorgan Chase & Co.	71,200		3,119,984
			10,345,507
Insurance - 3.4%
Assurant, Inc.	5,500		176,330
Assured Guaranty Ltd.	14,100		273,822
Hartford Financial Services Group, Inc.	78,000		2,067,000
Lincoln National Corp.	43,700		1,132,267
MBIA, Inc. (a)(c)	34,200		265,392
Principal Financial Group, Inc.	9,900		271,161
Prudential Financial, Inc.	7,800		389,298
XL Capital Ltd. Class A	68,800		1,201,248
			5,776,518
Real Estate Investment Trusts - 0.1%
Segro PLC	17,600		103,385
Real Estate Management & Development - 0.1%
Indiabulls Real Estate Ltd.	34,218		194,835
TOTAL FINANCIALS			26,804,834
Common Stocks - continued
	Shares		Value
HEALTH CARE - 5.5%
Biotechnology - 1.8%
Dendreon Corp. (a)	11,200		$ 313,488
Gilead Sciences, Inc. (a)	13,700		638,146
Myriad Genetics, Inc. (a)	17,000		465,800
United Therapeutics Corp. (a)	21,000		1,028,790
Vertex Pharmaceuticals, Inc. (a)	15,700		595,030
			3,041,254
Health Care Providers & Services - 2.6%
Express Scripts, Inc. (a)	34,700		2,692,026
Humana, Inc. (a)	31,000		1,156,300
Medco Health Solutions, Inc. (a)	10,900		602,879
			4,451,205
Health Care Technology - 0.4%
Cerner Corp. (a)	9,600		718,080
Life Sciences Tools & Services - 0.7%
Illumina, Inc. (a)	10,400		442,000
Life Technologies Corp. (a)	16,800		782,040
			1,224,040
TOTAL HEALTH CARE			9,434,579
INDUSTRIALS - 6.4%
Aerospace & Defense - 0.1%
AeroVironment, Inc. (a)	6,000		168,540
Air Freight & Logistics - 0.2%
United Parcel Service, Inc. Class B	5,700		321,879
Airlines - 3.1%
AMR Corp. (a)	105,200		836,340
Continental Airlines, Inc. Class B (a)	49,400		812,136
Delta Air Lines, Inc. (a)	318,800		2,856,448
Southwest Airlines Co.	80,600		773,760
			5,278,684
Building Products - 0.0%
Armstrong World Industries, Inc. (a)	1,800		62,028
Electrical Equipment - 0.4%
First Solar, Inc. (a)(c)	3,800		580,868
Industrial Conglomerates - 0.5%
Textron, Inc.	43,300		821,834
Machinery - 0.0%
SmartHeat, Inc. (a)	4,600		54,602
Road & Rail - 2.1%
CSX Corp.	36,900		1,544,634
Union Pacific Corp.	35,900		2,094,765
			3,639,399
TOTAL INDUSTRIALS			10,927,834
INFORMATION TECHNOLOGY - 13.3%
Communications Equipment - 1.7%
Ciena Corp. (a)	35,700		581,196

	Shares		Value
Juniper Networks, Inc. (a)	36,400		$ 983,528
QUALCOMM, Inc.	7,300		328,354
Research In Motion Ltd. (a)	5,300		358,015
Riverbed Technology, Inc. (a)	27,200		597,312
			2,848,405
Computers & Peripherals - 2.3%
Apple, Inc. (a)	17,100		3,169,827
Seagate Technology	46,900		713,349
			3,883,176
Electronic Equipment & Components - 0.6%
Agilent Technologies, Inc. (a)	27,700		770,891
Itron, Inc. (a)	2,600		166,764
			937,655
Internet Software & Services - 5.1%
Baidu.com, Inc. sponsored ADR (a)	3,400		1,329,570
eBay, Inc. (a)	50,900		1,201,749
Google, Inc. Class A (a)	7,400		3,669,290
NetEase.com, Inc. sponsored ADR (a)(c)	27,200		1,242,496
Tencent Holdings Ltd.	79,200		1,288,661
			8,731,766
IT Services - 0.4%
Visa, Inc. Class A	10,100		698,011
Semiconductors & Semiconductor Equipment - 1.8%
Broadcom Corp. Class A (a)	22,300		684,387
Intel Corp.	13,300		260,281
Marvell Technology Group Ltd. (a)	53,600		867,784
NVIDIA Corp. (a)	54,800		823,644
PMC-Sierra, Inc. (a)	49,400		472,264
			3,108,360
Software - 1.4%
Citrix Systems, Inc. (a)	27,000		1,059,210
Informatica Corp. (a)	20,900		471,922
Rovi Corp. (a)	21,200		712,320
Taleo Corp. Class A (a)	7,700		174,328
			2,417,780
TOTAL INFORMATION TECHNOLOGY			22,625,153
MATERIALS - 6.7%
Chemicals - 4.1%
Ashland, Inc.	12,400		535,928
Cabot Corp.	15,100		348,961
Dow Chemical Co.	111,900		2,917,233
Potash Corp. of Saskatchewan, Inc.	1,700		154,231
Rockwood Holdings, Inc. (a)	20,500		421,685
Terra Industries, Inc.	39,300		1,362,531
The Mosaic Co.	19,100		918,137
Westlake Chemical Corp.	16,900		434,330
			7,093,036
Construction Materials - 0.5%
Vulcan Materials Co. (c)	16,900		913,783
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - 0.5%
Owens-Illinois, Inc. (a)	22,100		$ 815,490
Metals & Mining - 1.4%
Agnico-Eagle Mines Ltd. (Canada)	10,200		689,941
Alcoa, Inc.	71,500		938,080
Freeport-McMoRan Copper & Gold, Inc.	10,400		713,544
			2,341,565
Paper & Forest Products - 0.2%
Sino-Forest Corp. (a)	17,500		276,436
TOTAL MATERIALS			11,440,310
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
Vivo Participacoes SA sponsored ADR	14,100		356,025
UTILITIES - 0.0%
Independent Power Producers & Energy Traders - 0.0%
Dynegy, Inc. Class A (a)	21,600		55,080
TOTAL COMMON STOCKS (Cost $84,410,972)		108,905,171
International Equity Funds - 11.2%
	Shares
Fidelity Emerging Markets Equity Central Fund (e)	20,559		3,482,695
Fidelity International Equity Central Fund (e)	239,942		15,608,234
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $25,677,289)		19,090,929
Fixed-Income Funds - 24.5%

Fidelity Floating Rate Central Fund (e)	23,306		2,116,844
Fidelity High Income Central Fund 1 (e)	72,914		6,452,155
Fidelity VIP Investment Grade Central Fund (e)	318,226		33,280,117
TOTAL FIXED-INCOME FUNDS (Cost $40,842,849)		41,849,116
Money Market Funds - 3.2%

Fidelity Cash Central Fund, 0.25% (f)	872,606		872,606
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(f)	4,625,150		4,625,150
TOTAL MONEY MARKET FUNDS (Cost $5,497,756)		5,497,756
Cash Equivalents - 0.0%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.03%, dated 9/30/09 due 10/1/09 (Collateralized by U.S. Treasury Obligations) # (Cost $32,000)	$ 32,000		$ 32,000

TOTAL INVESTMENT PORTFOLIO - 102.6%

(Cost $156,460,866)

175,374,972

NET OTHER ASSETS - (2.6)%		(4,524,466)
NET ASSETS - 100%		$ 170,850,506

Legend

(a) Non-income producing

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

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $253,500 or 0.1% of net assets.

(e) 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.

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

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

Repurchase Agreement / Counterparty	Value
$32,000 due 10/01/09 at 0.03%
BNP Paribas Securities Corp.	$ 1,031
Barclays Capital, Inc.	8,041
Credit Suisse Securities (USA) LLC	6,426
HSBC Securities (USA), Inc.	12,377
Morgan Stanley & Co., Inc.	4,125
	$ 32,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 30,183
Fidelity Emerging Markets Equity Central Fund	40,214
Fidelity Floating Rate Central Fund	103,946
Fidelity High Income Central Fund 1	343,429
Fidelity International Equity Central Fund	321,583
Fidelity Securities Lending Cash Central Fund	44,236
Fidelity VIP Investment Grade Central Fund	1,134,899
Total	$ 2,018,490

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	$ 900,860	$ -	$ 3,482,695	1.9%
Fidelity Floating Rate Central Fund	4,420,699	103,945	3,341,714	2,116,844	0.1%
Fidelity High Income Central Fund 1	3,472,399	1,746,178	-	6,452,155	1.3%
Fidelity International Equity Central Fund	13,336,235	321,583	892,785	15,608,234	2.4%
Fidelity VIP Investment Grade Central Fund	36,813,116	3,422,594	9,988,864	33,280,117	0.9%
Total	$ 59,562,206	$ 6,495,160	$ 14,223,363	$ 60,940,045

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy with the exception of Cash Equivalents which are categorized as Level 2. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $158,078,736. Net unrealized appreciation aggregated $17,296,236, of which $29,565,991 related to appreciated investment securities and $12,269,755 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2005 Portfolio

September 30, 2009

1.822342.104

VIPF2005-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 47.3%
	Shares		Value
Domestic Equity Funds - 39.6%
VIP Contrafund Portfolio Initial Class	20,222		$ 400,794
VIP Equity-Income Portfolio Initial Class	28,214		466,099
VIP Growth & Income Portfolio Initial Class	43,852		467,457
VIP Growth Portfolio Initial Class	16,467		468,162
VIP Mid Cap Portfolio Initial Class	6,814		168,296
VIP Value Portfolio Initial Class	53,721		492,087
VIP Value Strategies Portfolio Initial Class	30,427		227,293
TOTAL DOMESTIC EQUITY FUNDS			2,690,188
International Equity Funds - 7.7%
VIP Overseas Portfolio Initial Class	35,353		527,468
TOTAL EQUITY FUNDS (Cost $4,140,653)		3,217,656
Fixed-Income Funds - 35.5%
	Shares		Value
High Yield Fixed-Income Funds - 5.0%
VIP High Income Portfolio Initial Class	63,395		$ 342,330
Investment Grade Fixed-Income Funds - 30.5%
VIP Investment Grade Bond Portfolio Initial Class	161,645		2,072,285
TOTAL FIXED-INCOME FUNDS (Cost $2,387,437)		2,414,615
Short-Term Funds - 17.2%

VIP Money Market Portfolio Initial Class (Cost $1,165,637)	1,165,637		1,165,637
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $7,693,727)		$ 6,797,908

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $7,829,010. Net unrealized depreciation aggregated $1,031,102, of which $125,098 related to appreciated investment securities and $1,156,200 related to depreciated investment securities.

Investment Valuation

Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2010 Portfolio

September 30, 2009

1.822344.104

VIPF2010-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 51.6%
	Shares		Value
Domestic Equity Funds - 41.6%
VIP Contrafund Portfolio Initial Class	388,999		$ 7,709,960
VIP Equity-Income Portfolio Initial Class	542,774		8,966,625
VIP Growth & Income Portfolio Initial Class	843,554		8,992,284
VIP Growth Portfolio Initial Class	316,764		9,005,605
VIP Mid Cap Portfolio Initial Class	131,050		3,236,934
VIP Value Portfolio Initial Class	997,295		9,135,226
VIP Value Strategies Portfolio Initial Class	561,753		4,196,293
TOTAL DOMESTIC EQUITY FUNDS			51,242,927
International Equity Funds - 10.0%
VIP Overseas Portfolio Initial Class	823,158		12,281,521
TOTAL EQUITY FUNDS (Cost $81,356,607)		63,524,448
Fixed-Income Funds - 37.8%
	Shares		Value
High Yield Fixed-Income Funds - 5.0%
VIP High Income Portfolio Initial Class	1,153,843		$ 6,230,750
Investment Grade Fixed-Income Funds - 32.8%
VIP Investment Grade Bond Portfolio Initial Class	3,149,558		40,377,334
TOTAL FIXED-INCOME FUNDS (Cost $46,091,008)		46,608,084
Short-Term Funds - 10.6%

VIP Money Market Portfolio Initial Class (Cost $13,049,309)	13,049,309		13,049,309
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $140,496,924)		$ 123,181,841

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $141,493,063. Net unrealized depreciation aggregated $18,311,222, of which $3,987,448 related to appreciated investment securities and $22,298,670 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2015 Portfolio

September 30, 2009

1.822346.104

VIPF2015-QTLY-1109

Investments September 30, 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 Initial Class	246,323		$ 4,882,118
VIP Equity-Income Portfolio Initial Class	343,555		5,675,528
VIP Growth & Income Portfolio Initial Class	533,932		5,691,714
VIP Growth Portfolio Initial Class	200,487		5,699,837
VIP Mid Cap Portfolio Initial Class	83,032		2,050,886
VIP Value Portfolio Initial Class	635,457		5,820,784
VIP Value Strategies Portfolio Initial Class	352,828		2,635,625
TOTAL DOMESTIC EQUITY FUNDS			32,456,492
International Equity Funds - 10.4%
VIP Overseas Portfolio Initial Class	522,280		7,792,415
TOTAL EQUITY FUNDS (Cost $48,893,987)		40,248,907
Fixed-Income Funds - 37.5%
	Shares		Value
High Yield Fixed-Income Funds - 5.3%
VIP High Income Portfolio Initial Class	734,289		$ 3,965,163
Investment Grade Fixed-Income Funds - 32.2%
VIP Investment Grade Bond Portfolio Initial Class	1,878,802		24,086,238
TOTAL FIXED-INCOME FUNDS (Cost $27,638,442)		28,051,401
Short-Term Funds - 8.7%

VIP Money Market Portfolio Initial Class (Cost $6,560,335)	6,560,335		6,560,335
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $83,092,764)		$ 74,860,643

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $83,625,247. Net unrealized depreciation aggregated $8,764,604, of which $3,513,816 related to appreciated investment securities and $12,278,420 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2020 Portfolio

September 30, 2009

1.822349.104

VIPF2020-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 65.7%
	Shares		Value
Domestic Equity Funds - 52.9%
VIP Contrafund Portfolio Initial Class	933,313		$ 18,498,272
VIP Equity-Income Portfolio Initial Class	1,302,468		21,516,778
VIP Growth & Income Portfolio Initial Class	2,024,201		21,577,987
VIP Growth Portfolio Initial Class	760,044		21,608,056
VIP Mid Cap Portfolio Initial Class	314,345		7,764,334
VIP Value Portfolio Initial Class	2,344,254		21,473,363
VIP Value Strategies Portfolio Initial Class	1,298,384		9,698,927
TOTAL DOMESTIC EQUITY FUNDS			122,137,717
International Equity Funds - 12.8%
VIP Overseas Portfolio Initial Class	1,972,212		29,425,398
TOTAL EQUITY FUNDS (Cost $186,070,371)		151,563,115
Fixed-Income Funds - 32.3%
	Shares		Value
High Yield Fixed-Income Funds - 7.2%
VIP High Income Portfolio Initial Class	3,073,393		$ 16,596,322
Investment Grade Fixed-Income Funds - 25.1%
VIP Investment Grade Bond Portfolio Initial Class	4,507,042		57,780,280
TOTAL FIXED-INCOME FUNDS (Cost $73,799,883)		74,376,602
Short-Term Funds - 2.0%

VIP Money Market Portfolio Initial Class (Cost $4,695,182)	4,695,182		4,695,182
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $264,565,436)		$ 230,634,899

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $266,342,728. Net unrealized depreciation aggregated $35,707,829, of which $11,378,208 related to appreciated investment securities and $47,086,037 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2025 Portfolio

September 30, 2009

1.822350.104

VIPF2025-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 71.6%
	Shares		Value
Domestic Equity Funds - 57.7%
VIP Contrafund Portfolio Initial Class	96,679		$ 1,916,168
VIP Equity-Income Portfolio Initial Class	134,933		2,229,096
VIP Growth & Income Portfolio Initial Class	209,706		2,235,470
VIP Growth Portfolio Initial Class	78,736		2,238,459
VIP Mid Cap Portfolio Initial Class	32,593		805,055
VIP Value Portfolio Initial Class	234,284		2,146,038
VIP Value Strategies Portfolio Initial Class	130,650		975,952
TOTAL DOMESTIC EQUITY FUNDS			12,546,238
International Equity Funds - 13.9%
VIP Overseas Portfolio Initial Class	203,216		3,031,986
TOTAL EQUITY FUNDS (Cost $19,715,631)		15,578,224
Fixed-Income Funds - 28.4%
	Shares		Value
High Yield Fixed-Income Funds - 7.6%
VIP High Income Portfolio Initial Class	306,358		$ 1,654,335
Investment Grade Fixed-Income Funds - 20.8%
VIP Investment Grade Bond Portfolio Initial Class	352,592		4,520,234
TOTAL FIXED-INCOME FUNDS (Cost $6,218,017)		6,174,569
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $25,933,648)		$ 21,752,793

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $26,187,178. Net unrealized depreciation aggregated $4,434,385, of which $795,195 related to appreciated investment securities and $5,229,580 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2030 Portfolio

September 30, 2009

1.822347.104

VIPF2030-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 79.9%
	Shares		Value
Domestic Equity Funds - 64.4%
VIP Contrafund Portfolio Initial Class	334,807		$ 6,635,869
VIP Equity-Income Portfolio Initial Class	467,252		7,719,011
VIP Growth & Income Portfolio Initial Class	726,125		7,740,488
VIP Growth Portfolio Initial Class	272,636		7,751,028
VIP Mid Cap Portfolio Initial Class	112,887		2,788,307
VIP Value Portfolio Initial Class	817,806		7,491,101
VIP Value Strategies Portfolio Initial Class	456,086		3,406,959
TOTAL DOMESTIC EQUITY FUNDS			43,532,763
International Equity Funds - 15.5%
VIP Overseas Portfolio Initial Class	704,623		10,512,975
TOTAL EQUITY FUNDS (Cost $68,641,281)		54,045,738
Fixed-Income Funds - 20.1%
	Shares		Value
High Yield Fixed-Income Funds - 7.6%
VIP High Income Portfolio Initial Class	957,573		$ 5,170,892
Investment Grade Fixed-Income Funds - 12.5%
VIP Investment Grade Bond Portfolio Initial Class	658,272		8,439,050
TOTAL FIXED-INCOME FUNDS (Cost $13,863,034)		13,609,942
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $82,504,315)		$ 67,655,680

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $83,661,671. Net unrealized depreciation aggregated $16,005,991, of which $2,345,551 related to appreciated investment securities and $18,351,542 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2035 Portfolio

September 30, 2009

1.903281.100

VF-2035-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 84.6%
	Shares		Value
Domestic Equity Funds - 67.4%
VIP Contrafund Portfolio Initial Class	2,162		$ 42,855
VIP Equity-Income Portfolio Initial Class	3,085		50,963
VIP Growth & Income Portfolio Initial Class	4,410		47,009
VIP Growth Portfolio Initial Class	1,644		46,741
VIP Mid Cap Portfolio Initial Class	721		17,812
VIP Value Portfolio Initial Class	5,207		47,693
VIP Value Strategies Portfolio Initial Class	2,849		21,281
TOTAL DOMESTIC EQUITY FUNDS			274,354
International Equity Funds - 17.2%
VIP Overseas Portfolio Initial Class	4,694		70,033
TOTAL EQUITY FUNDS (Cost $249,941)		344,387
Fixed-Income Funds - 15.4%
	Shares		Value
High Yield Fixed-Income Funds - 7.1%
VIP High Income Portfolio Initial Class	5,307		$ 28,656
Investment Grade Fixed-Income Funds - 8.3%
VIP Investment Grade Bond Portfolio Initial Class	2,641		33,853
TOTAL FIXED-INCOME FUNDS (Cost $52,906)		62,509
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $302,847)		$ 406,896

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $302,847. Net unrealized appreciation aggregated $104,049, all of which was related to appreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2040 Portfolio

September 30, 2009

1.903283.100

VF-2040-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 86.0%
	Shares		Value
Domestic Equity Funds - 68.5%
VIP Contrafund Portfolio Initial Class	2,210		$ 43,802
VIP Equity-Income Portfolio Initial Class	3,154		52,096
VIP Growth & Income Portfolio Initial Class	4,508		48,054
VIP Growth Portfolio Initial Class	1,681		47,780
VIP Mid Cap Portfolio Initial Class	736		18,180
VIP Value Portfolio Initial Class	5,322		48,749
VIP Value Strategies Portfolio Initial Class	2,908		21,723
TOTAL DOMESTIC EQUITY FUNDS			280,384
International Equity Funds - 17.5%
VIP Overseas Portfolio Initial Class	4,796		71,563
TOTAL EQUITY FUNDS (Cost $255,434)		351,947
Fixed-Income Funds - 14.0%
	Shares		Value
High Yield Fixed-Income Funds - 8.7%
VIP High Income Portfolio Initial Class	6,598		$ 35,629
Investment Grade Fixed-Income Funds - 5.3%
VIP Investment Grade Bond Portfolio Initial Class	1,674		21,465
TOTAL FIXED-INCOME FUNDS (Cost $47,422)		57,094
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $302,856)		$ 409,041

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $302,856. Net unrealized appreciation aggregated $106,185, all of which was related to appreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2045 Portfolio

September 30, 2009

1.903285.100

VF-2045-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 86.6%
	Shares		Value
Domestic Equity Funds - 69.0%
VIP Contrafund Portfolio Initial Class	2,229		$ 44,171
VIP Equity-Income Portfolio Initial Class	3,179		52,516
VIP Growth & Income Portfolio Initial Class	4,544		48,442
VIP Growth Portfolio Initial Class	1,694		48,166
VIP Mid Cap Portfolio Initial Class	741		18,302
VIP Value Portfolio Initial Class	5,366		49,157
VIP Value Strategies Portfolio Initial Class	2,927		21,867
TOTAL DOMESTIC EQUITY FUNDS			282,621
International Equity Funds - 17.6%
VIP Overseas Portfolio Initial Class	4,848		72,326
TOTAL EQUITY FUNDS (Cost $257,609)		354,947
Fixed-Income Funds - 13.4%
	Shares		Value
High Yield Fixed-Income Funds - 9.3%
VIP High Income Portfolio Initial Class	7,057		$ 38,107
Investment Grade Fixed-Income Funds - 4.1%
VIP Investment Grade Bond Portfolio Initial Class	1,311		16,808
TOTAL FIXED-INCOME FUNDS (Cost $45,246)		54,915
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $302,855)		$ 409,862

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $302,855. Net unrealized appreciation aggregated $107,007, all of which was related to appreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2050 Portfolio

September 30, 2009

1.903287.100

VF-2050-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 90.4%
	Shares		Value
Domestic Equity Funds - 69.9%
VIP Contrafund Portfolio Initial Class	2,341		$ 46,392
VIP Equity-Income Portfolio Initial Class	3,337		55,124
VIP Growth & Income Portfolio Initial Class	4,779		50,945
VIP Growth Portfolio Initial Class	1,783		50,679
VIP Mid Cap Portfolio Initial Class	781		19,289
VIP Value Portfolio Initial Class	5,621		51,491
VIP Value Strategies Portfolio Initial Class	3,072		22,945
TOTAL DOMESTIC EQUITY FUNDS			296,865
International Equity Funds - 20.5%
VIP Overseas Portfolio Initial Class	5,846		87,218
TOTAL EQUITY FUNDS (Cost $280,709)		384,083
Fixed-Income Funds - 9.6%
	Shares		Value
High Yield Fixed-Income Funds - 9.2%
VIP High Income Portfolio Initial Class	7,265		$ 39,231
Investment Grade Fixed-Income Funds - 0.4%
VIP Investment Grade Bond Portfolio Initial Class	134		1,721
TOTAL FIXED-INCOME FUNDS (Cost $32,897)		40,952
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $313,606)		$ 425,035

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $313,606. Net unrealized appreciation aggregated $111,429, of which $111,430 related to appreciated investment securities and $1 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom Income Portfolio

September 30, 2009

1.822341.104

VIPFINC-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 21.1%
	Shares		Value
Domestic Equity Funds - 21.1%
VIP Contrafund Portfolio Initial Class	29,175		$ 578,250
VIP Equity-Income Portfolio Initial Class	40,705		672,449
VIP Growth & Income Portfolio Initial Class	63,261		674,362
VIP Growth Portfolio Initial Class	23,759		675,455
VIP Mid Cap Portfolio Initial Class	9,832		242,852
VIP Value Portfolio Initial Class	81,296		744,676
VIP Value Strategies Portfolio Initial Class	45,063		336,623
TOTAL EQUITY FUNDS (Cost $4,489,478)		3,924,667
Fixed-Income Funds - 38.8%
	Shares		Value
High Yield Fixed-Income Funds - 5.0%
VIP High Income Portfolio Initial Class	173,310		$ 935,874
Investment Grade Fixed-Income Funds - 33.8%
VIP Investment Grade Bond Portfolio Initial Class	490,547		6,288,807
TOTAL FIXED-INCOME FUNDS (Cost $7,093,022)		7,224,681
Short-Term Funds - 40.1%

VIP Money Market Portfolio Initial Class (Cost $7,458,511)	7,458,511		7,458,511
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $19,041,011)		$ 18,607,859

Other Information

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $19,167,239. Net unrealized depreciation aggregated $559,380, of which $533,329 related to appreciated investment securities and $1,092,709 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom Lifetime Income I Portfolio

September 30, 2009

1.822343.104

VIPFLI-I-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 43.7%
	Shares		Value
Domestic Equity Funds - 35.3%
VIP Contrafund Portfolio Investor Class	24,228		$ 478,496
VIP Equity-Income Portfolio Investor Class	33,786		556,452
VIP Growth & Income Portfolio Investor Class	52,297		555,918
VIP Growth Portfolio Investor Class	19,657		557,282
VIP Mid Cap Portfolio Investor Class	8,206		202,032
VIP Value Portfolio Investor Class	51,757		473,055
VIP Value Strategies Portfolio Investor Class	26,751		198,761
TOTAL DOMESTIC EQUITY FUNDS			3,021,996
International Equity Funds - 8.4%
VIP Overseas Portfolio Investor Class R	48,602		723,191
TOTAL EQUITY FUNDS (Cost $5,194,893)		3,745,187
Fixed-Income Funds - 41.2%
	Shares		Value
High Yield Fixed-Income Funds - 5.1%
VIP High Income Portfolio Investor Class	80,206		$ 432,310
Investment Grade Fixed-Income Funds - 36.1%
VIP Investment Grade Bond Portfolio Investor Class	241,827		3,092,970
TOTAL FIXED-INCOME FUNDS (Cost $3,540,067)		3,525,280
Short-Term Funds - 15.1%

VIP Money Market Portfolio Investor Class (Cost $1,289,528)	1,289,528		1,289,528
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $10,024,488)		$ 8,559,995

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $10,076,476. Net unrealized depreciation aggregated $1,516,481, of which $74,762 related to appreciated investment securities and $1,591,243 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom Lifetime Income II Portfolio

September 30, 2009

1.822345.104

VIPFLI-II-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 52.0%
	Shares		Value
Domestic Equity Funds - 41.7%
VIP Contrafund Portfolio Investor Class	45,463		$ 897,902
VIP Equity-Income Portfolio Investor Class	63,341		1,043,228
VIP Growth & Income Portfolio Investor Class	98,048		1,042,252
VIP Growth Portfolio Investor Class	36,853		1,044,791
VIP Mid Cap Portfolio Investor Class	15,385		378,779
VIP Value Portfolio Investor Class	97,126		887,727
VIP Value Strategies Portfolio Investor Class	50,157		372,669
TOTAL DOMESTIC EQUITY FUNDS			5,667,348
International Equity Funds - 10.3%
VIP Overseas Portfolio Investor Class R	94,409		1,404,812
TOTAL EQUITY FUNDS (Cost $10,356,979)		7,072,160
Fixed-Income Funds - 41.6%
	Shares		Value
High Yield Fixed-Income Funds - 5.9%
VIP High Income Portfolio Investor Class	150,074		$ 808,900
Investment Grade Fixed-Income Funds - 35.7%
VIP Investment Grade Bond Portfolio Investor Class	379,029		4,847,775
TOTAL FIXED-INCOME FUNDS (Cost $5,702,186)		5,656,675
Short-Term Funds - 6.4%

VIP Money Market Portfolio Investor Class (Cost $866,643)	866,643		866,643
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $16,925,808)		$ 13,595,478

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $17,025,796. Net unrealized depreciation aggregated $3,430,318, of which $108,262 related to appreciated investment securities and $3,538,580 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom Lifetime Income III Portfolio

September 30, 2009

1.822348.104

VIPFLI-III-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 70.4%
	Shares		Value
Domestic Equity Funds - 56.4%
VIP Contrafund Portfolio Investor Class	30,018		$ 592,857
VIP Equity-Income Portfolio Investor Class	41,816		688,714
VIP Growth & Income Portfolio Investor Class	64,728		688,056
VIP Growth Portfolio Investor Class	24,329		689,741
VIP Mid Cap Portfolio Investor Class	10,161		250,155
VIP Value Portfolio Investor Class	64,127		586,116
VIP Value Strategies Portfolio Investor Class	33,123		246,105
TOTAL DOMESTIC EQUITY FUNDS			3,741,744
International Equity Funds - 14.0%
VIP Overseas Portfolio Investor Class R	62,332		927,494
TOTAL EQUITY FUNDS (Cost $6,533,468)		4,669,238
Fixed-Income Funds - 29.6%
	Shares		Value
High Yield Fixed-Income Funds - 7.6%
VIP High Income Portfolio Investor Class	93,790		$ 505,526
Investment Grade Fixed-Income Funds - 22.0%
VIP Investment Grade Bond Portfolio Investor Class	113,908		1,456,884
TOTAL FIXED-INCOME FUNDS (Cost $1,996,106)		1,962,410
Short-Term Funds - 0.0%

VIP Money Market Portfolio Investor Class (Cost $1,336)	1,336		1,336
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $8,530,910)		$ 6,632,984

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $8,583,690. Net unrealized depreciation aggregated $1,950,706, of which $76,437 related to appreciated investment securities and $2,027,143 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
FundsManager 20% Portfolio

September 30, 2009

1.837319.103

VF20-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 22.0%
	Shares		Value
Domestic Equity Funds - 20.2%
Fidelity 130/30 Large Cap Fund	4,308		$ 27,485
Fidelity Blue Chip Growth Fund	14,253		498,842
Fidelity Contrafund	787		42,853
Fidelity Disciplined Equity Fund	3,302		67,087
Fidelity Dividend Growth Fund	95,785		2,156,126
Fidelity Equity-Income Fund	21,664		824,086
Fidelity Equity-Income II Fund	664		10,523
Fidelity Fund	106,832		2,929,332
Fidelity Growth Company Fund	32,200		2,074,027
Fidelity Independence Fund	309		5,811
Fidelity Large Cap Stock Fund	39,353		563,541
Fidelity Large Cap Value Fund	63,201		608,624
Fidelity Leveraged Company Stock Fund	192		4,198
Fidelity Magellan Fund	2,899		180,024
Fidelity Mega Cap Stock Fund	21,310		177,723
Fidelity Mid-Cap Stock Fund	2,740		61,614
Fidelity Real Estate Investment Portfolio	14,824		275,582
Fidelity Select Air Transportation Portfolio (a)	10,131		296,234
Fidelity Select Automotive Portfolio	1,996		56,603
Fidelity Select Banking Portfolio	73,231		1,138,011
Fidelity Select Biotechnology Portfolio (a)	17,452		1,159,319
Fidelity Select Brokerage & Investment Management Portfolio	23,533		1,167,232
Fidelity Select Chemicals Portfolio	5,922		422,633
Fidelity Select Computers Portfolio (a)	30,586		1,283,092
Fidelity Select Construction & Housing Portfolio	25,485		727,089
Fidelity Select Consumer Staples Portfolio	62,670		3,714,469
Fidelity Select Defense & Aerospace Portfolio	1,804		101,392
Fidelity Select Electronics Portfolio	6,044		230,036
Fidelity Select Energy Portfolio (a)	69,092		2,906,686
Fidelity Select Energy Services Portfolio	4,583		258,029
Fidelity Select Environmental Portfolio	16,043		238,713
Fidelity Select Financial Services Portfolio	34,435		2,045,772
Fidelity Select Gold Portfolio	6,557		272,849
Fidelity Select Health Care Portfolio	3,298		331,098
Fidelity Select Industrial Equipment Portfolio	12,789		306,428
Fidelity Select Industrials Portfolio	114,813		1,935,753
Fidelity Select Insurance Portfolio	13,495		547,372
Fidelity Select IT Services Portfolio (a)	42,394		680,421
Fidelity Select Materials Portfolio	4,437		220,897
Fidelity Select Medical Delivery Portfolio (a)	37,423		1,415,727
Fidelity Select Medical Equipment & Systems Portfolio	20,944		488,420
Fidelity Select Multimedia Portfolio	5,320		164,402
Fidelity Select Natural Resources Portfolio (a)	4,769		129,043
Fidelity Select Pharmaceuticals Portfolio	179,797		1,797,967

	Shares		Value
Fidelity Select Software & Computer Services Portfolio (a)	23,755		$ 1,584,475
Fidelity Select Technology Portfolio	36,615		2,481,023
Fidelity Select Telecommunications Portfolio	24,804		932,141
Fidelity Select Transportation Portfolio	10,626		380,076
Fidelity Select Utilities Portfolio	7,755		336,258
Fidelity Small Cap Growth Fund (a)	9,604		113,620
Fidelity Small Cap Stock Fund	4,960		75,048
Fidelity Telecom and Utilities Fund	57,255		758,053
Spartan Extended Market Index Fund Investor Class	52,659		1,545,532
Spartan Total Market Index Fund Investor Class	91,312		2,766,760
VIP Mid Cap Portfolio Investor Class	78		1,918
TOTAL DOMESTIC EQUITY FUNDS			45,518,069
International Equity Funds - 0.1%
Fidelity Emerging Markets Fund	5,790		121,650
Fidelity International Discovery Fund	209		6,188
Fidelity International Small Cap Opportunities Fund	538		4,437
Fidelity International Value Fund	747		5,936
Fidelity Overseas Fund	411		12,867
TOTAL INTERNATIONAL EQUITY FUNDS			151,078
Sector Funds - Consumer Discretionary - 0.9%
Fidelity Select Consumer Discretionary Portfolio	38,776		682,465
Fidelity Select Leisure Portfolio	12,456		808,281
Fidelity Select Retailing Portfolio	13,533		566,637
TOTAL SECTOR FUNDS - CONSUMER DISCRETIONARY			2,057,383
Small Value Funds - 0.8%
Fidelity Small Cap Value Fund	148,596		1,827,725
TOTAL EQUITY FUNDS (Cost $43,787,564)		49,554,255
Fixed-Income Funds - 49.6%

Fixed-Income Funds - 49.6%
Fidelity High Income Fund	880,948		7,179,727
Fidelity U.S. Bond Index Fund	9,358,611		104,254,930
TOTAL FIXED-INCOME FUNDS (Cost $107,228,873)		111,434,657
Money Market Funds - 28.4%
	Shares		Value
Fidelity Institutional Money Market Portfolio Class I	12,760,472		$ 12,760,472
Fidelity Institutional Prime Money Market Portfolio Class I	44,111,986		44,111,986
Fidelity Select Money Market Portfolio	7,038,175		7,038,175
TOTAL MONEY MARKET FUNDS (Cost $63,910,633)		63,910,633
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $214,927,070)		$ 224,899,545

Legend

(a) Non-income producing

Other Information

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $215,108,588. Net unrealized appreciation aggregated $9,790,957, of which $12,305,258 related to appreciated investment securities and $2,514,301 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
FundsManager 50% Portfolio

September 30, 2009

1.837320.103

VF50-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 53.0%
	Shares		Value
Domestic Equity Funds - 47.0%
Fidelity 130/30 Large Cap Fund	15,240		$ 97,230
Fidelity Blue Chip Growth Fund	74,233		2,598,141
Fidelity Contrafund	72,869		3,968,443
Fidelity Disciplined Equity Fund	96,390		1,958,649
Fidelity Dividend Growth Fund	626,334		14,098,767
Fidelity Equity-Income Fund	88,868		3,380,540
Fidelity Equity-Income II Fund	499		7,907
Fidelity Fund	292,820		8,029,132
Fidelity Growth Company Fund	89,464		5,762,392
Fidelity Independence Fund	973		18,303
Fidelity Large Cap Stock Fund	363,872		5,210,649
Fidelity Large Cap Value Fund	625,320		6,021,834
Fidelity Leveraged Company Stock Fund	753		16,501
Fidelity Magellan Fund	3,546		220,189
Fidelity Mega Cap Stock Fund	36,757		306,553
Fidelity Mid Cap Value Fund	192,535		2,356,632
Fidelity Mid-Cap Stock Fund	6,789		152,674
Fidelity Nasdaq Composite Index Fund	12,929		364,609
Fidelity Real Estate Investment Portfolio	945		17,572
Fidelity Select Air Transportation Portfolio (a)	44,067		1,288,525
Fidelity Select Automotive Portfolio	7,423		210,514
Fidelity Select Banking Portfolio	292,861		4,551,058
Fidelity Select Biotechnology Portfolio (a)	84,703		5,626,800
Fidelity Select Brokerage & Investment Management Portfolio	64,328		3,190,659
Fidelity Select Chemicals Portfolio	24,995		1,783,883
Fidelity Select Computers Portfolio (a)	92,945		3,899,056
Fidelity Select Construction & Housing Portfolio	103,001		2,938,607
Fidelity Select Consumer Discretionary Portfolio	147,764		2,600,642
Fidelity Select Consumer Staples Portfolio	265,223		15,719,769
Fidelity Select Defense & Aerospace Portfolio	6,028		338,813
Fidelity Select Electronics Portfolio	17,612		670,317
Fidelity Select Energy Portfolio (a)	334,833		14,086,427
Fidelity Select Energy Services Portfolio	8,815		496,270
Fidelity Select Environmental Portfolio	71,956		1,070,709
Fidelity Select Financial Services Portfolio	142,383		8,458,978
Fidelity Select Gold Portfolio	98,421		4,095,314
Fidelity Select Health Care Portfolio	10,063		1,010,271
Fidelity Select Industrial Equipment Portfolio	83,153		1,992,335
Fidelity Select Industrials Portfolio	429,467		7,240,818
Fidelity Select Insurance Portfolio	83,326		3,379,701
Fidelity Select IT Services Portfolio (a)	139,901		2,245,412
Fidelity Select Leisure Portfolio	45,659		2,962,797
Fidelity Select Materials Portfolio	7,544		375,601
Fidelity Select Medical Delivery Portfolio (a)	92,865		3,513,065
Fidelity Select Medical Equipment & Systems Portfolio	176,488		4,115,709

	Shares		Value
Fidelity Select Multimedia Portfolio	25,475		$ 787,188
Fidelity Select Natural Resources Portfolio (a)	17,803		481,762
Fidelity Select Pharmaceuticals Portfolio	603,120		6,031,205
Fidelity Select Retailing Portfolio	56,743		2,375,820
Fidelity Select Software & Computer Services Portfolio (a)	106,424		7,098,481
Fidelity Select Technology Portfolio	161,089		10,915,396
Fidelity Select Telecommunications Portfolio	102,874		3,865,995
Fidelity Select Transportation Portfolio	47,767		1,708,625
Fidelity Select Utilities Portfolio	31,349		1,359,301
Fidelity Small Cap Growth Fund (a)	273,809		3,239,164
Fidelity Small Cap Stock Fund	10,046		152,002
Fidelity Small Cap Value Fund	10,677		131,323
Fidelity Telecom and Utilities Fund	418,405		5,539,687
Spartan Extended Market Index Fund Investor Class	340,292		9,987,563
Spartan Total Market Index Fund Investor Class	367,331		11,130,120
Spartan U.S. Equity Index Fund Investor Class	27,597		1,036,528
VIP Mid Cap Portfolio Investor Class	81,788		2,013,630
TOTAL DOMESTIC EQUITY FUNDS			220,302,557
International Equity Funds - 6.0%
Fidelity China Region Fund	64,576		1,691,251
Fidelity Diversified International Fund	44,805		1,229,008
Fidelity Emerging Markets Fund	92,858		1,950,952
Fidelity International Capital Appreciation Fund	282,703		3,154,968
Fidelity International Discovery Fund	61,387		1,818,902
Fidelity International Value Fund	18,148		144,278
Fidelity Overseas Fund	271		8,482
Spartan International Index Fund Investor Class	543,258		18,220,875
TOTAL INTERNATIONAL EQUITY FUNDS			28,218,716
TOTAL EQUITY FUNDS (Cost $225,214,071)		248,521,273
Fixed-Income Funds - 38.3%

Fixed-Income Funds - 38.3%
Fidelity Floating Rate High Income Fund	103,109		962,008
Fidelity High Income Fund	932,307		7,598,301
Fidelity New Markets Income Fund	137,459		2,096,247
Fidelity U.S. Bond Index Fund	15,159,285		168,874,438
TOTAL FIXED-INCOME FUNDS (Cost $172,843,726)		179,530,994
Money Market Funds - 8.7%
	Shares		Value
Fidelity Institutional Prime Money Market Portfolio Class I (Cost $40,852,778)	40,852,778		$ 40,852,778
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $438,910,575)		$ 468,905,045

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $439,555,680. Net unrealized appreciation aggregated $29,349,365, of which $48,964,628 related to appreciated investment securities and $19,615,263 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
FundsManager 60% Portfolio

September 30, 2009

1.856868.102

VIPFM-60-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 63.4%
	Shares		Value
Domestic Equity Funds - 51.8%
Fidelity 130/30 Large Cap Fund	7,066		$ 45,084
Fidelity Blue Chip Growth Fund	86,322		3,021,256
Fidelity Contrafund	311,192		16,947,513
Fidelity Disciplined Equity Fund	113,024		2,296,644
Fidelity Dividend Growth Fund	1,167,676		26,284,381
Fidelity Equity-Income Fund	183,254		6,970,988
Fidelity Equity-Income II Fund	5,859		92,865
Fidelity Fund	594,465		16,300,217
Fidelity Growth Company Fund	286,398		18,446,873
Fidelity Independence Fund	3,061		57,599
Fidelity Large Cap Stock Fund	766,199		10,971,963
Fidelity Large Cap Value Fund	245,284		2,362,084
Fidelity Leveraged Company Stock Fund	115,445		2,529,402
Fidelity Magellan Fund	3,406		211,458
Fidelity Mega Cap Stock Fund	47,755		398,279
Fidelity Mid Cap Value Fund	346,856		4,245,516
Fidelity Real Estate Investment Portfolio	15,698		291,825
Fidelity Select Air Transportation Portfolio (a)	147,040		4,299,438
Fidelity Select Automotive Portfolio	6,169		174,945
Fidelity Select Banking Portfolio	1,045,384		16,245,271
Fidelity Select Biotechnology Portfolio (a)	193,034		12,823,216
Fidelity Select Brokerage & Investment Management Portfolio	84,288		4,180,668
Fidelity Select Chemicals Portfolio	66,461		4,743,287
Fidelity Select Computers Portfolio (a)	361,176		15,151,339
Fidelity Select Construction & Housing Portfolio	325,162		9,276,880
Fidelity Select Consumer Discretionary Portfolio	376,678		6,629,538
Fidelity Select Consumer Staples Portfolio	765,549		45,374,108
Fidelity Select Defense & Aerospace Portfolio	32,848		1,846,405
Fidelity Select Electronics Portfolio	6,578		250,353
Fidelity Select Energy Portfolio (a)	822,923		34,620,371
Fidelity Select Energy Services Portfolio (a)	180,504		10,162,396
Fidelity Select Environmental Portfolio	185,593		2,761,628
Fidelity Select Financial Services Portfolio	400,738		23,807,838
Fidelity Select Gold Portfolio	273,129		11,364,908
Fidelity Select Health Care Portfolio	123,350		12,383,101
Fidelity Select Industrial Equipment Portfolio	100,278		2,402,653
Fidelity Select Industrials Portfolio	1,444,277		24,350,517
Fidelity Select Insurance Portfolio	294,250		11,934,786
Fidelity Select IT Services Portfolio (a)	674,861		10,831,517
Fidelity Select Leisure Portfolio	131,344		8,522,890
Fidelity Select Materials Portfolio	3,680		183,250
Fidelity Select Medical Delivery Portfolio (a)	173,435		6,561,029
Fidelity Select Medical Equipment & Systems Portfolio	397,773		9,276,061
Fidelity Select Multimedia Portfolio	82,939		2,562,830

	Shares		Value
Fidelity Select Natural Resources Portfolio (a)	38,505		$ 1,041,957
Fidelity Select Pharmaceuticals Portfolio	1,365,899		13,658,990
Fidelity Select Retailing Portfolio	160,180		6,706,733
Fidelity Select Software & Computer Services Portfolio (a)	169,422		11,300,450
Fidelity Select Technology Portfolio	516,022		34,965,677
Fidelity Select Telecommunications Portfolio	301,792		11,341,330
Fidelity Select Transportation Portfolio	192,273		6,877,612
Fidelity Select Utilities Portfolio	31,974		1,386,390
Fidelity Small Cap Growth Fund (a)	243,572		2,881,454
Fidelity Small Cap Value Fund	973,238		11,970,825
Fidelity Telecom and Utilities Fund	1,533,491		20,303,420
Fidelity Value Fund	29,658		1,636,227
Spartan Total Market Index Fund Investor Class	817,486		24,769,813
Spartan U.S. Equity Index Fund Investor Class	11,370		427,050
VIP Mid Cap Portfolio Investor Class	221,181		5,445,470
TOTAL DOMESTIC EQUITY FUNDS			558,908,568
International Equity Funds - 11.6%
Fidelity China Region Fund	391,875		10,263,203
Fidelity Diversified International Fund	157,043		4,307,695
Fidelity Emerging Markets Fund	147,183		3,092,312
Fidelity International Capital Appreciation Fund	605,165		6,753,640
Fidelity International Discovery Fund	970,588		28,758,533
Fidelity International Value Fund	64,630		513,806
Fidelity Overseas Fund	1,109		34,745
Spartan International Index Fund Investor Class	2,119,354		71,083,137
TOTAL INTERNATIONAL EQUITY FUNDS			124,807,071
TOTAL EQUITY FUNDS (Cost $560,939,667)		683,715,639
Fixed-Income Funds - 32.3%

Fidelity Floating Rate High Income Fund	23,138		215,873
Fidelity High Income Fund	1,754,864		14,302,138
Fidelity U.S. Bond Index Fund	30,007,643		334,285,145
TOTAL FIXED-INCOME FUNDS (Cost $334,780,475)		348,803,156

Money Market Funds - 4.3%

Fidelity Institutional Prime Money Market Portfolio Class I (Cost $46,377,902)	46,377,902	46,377,902
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $942,098,044)		$ 1,078,896,697

Legend

(a) Non-income producing

Other Information

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $943,797,684. Net unrealized appreciation aggregated $135,099,013, of which $160,946,695 related to appreciated investment securities and $25,847,682 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
FundsManager 70% Portfolio

September 30, 2009

1.837321.103

VF70-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 72.3%
	Shares		Value
Domestic Equity Funds - 61.0%
Fidelity 130/30 Large Cap Fund	13,207		$ 84,258
Fidelity Blue Chip Growth Fund	59,568		2,084,896
Fidelity Contrafund	66,224		3,606,573
Fidelity Disciplined Equity Fund	300,052		6,097,053
Fidelity Dividend Growth Fund	420,478		9,464,963
Fidelity Equity-Income Fund	200,106		7,612,027
Fidelity Equity-Income II Fund	492		7,799
Fidelity Fund	379,108		10,395,129
Fidelity Growth Company Fund	70,270		4,526,117
Fidelity Independence Fund	558		10,508
Fidelity Large Cap Stock Fund	875,084		12,531,207
Fidelity Large Cap Value Fund	443,293		4,268,908
Fidelity Leveraged Company Stock Fund	948		20,760
Fidelity Magellan Fund	1,011		62,796
Fidelity Mega Cap Stock Fund	31,272		260,809
Fidelity Mid Cap Value Fund	57,342		701,860
Fidelity Mid-Cap Stock Fund	7,483		168,303
Fidelity Nasdaq Composite Index Fund	54,206		1,528,623
Fidelity Real Estate Investment Portfolio	22,494		418,156
Fidelity Select Air Transportation Portfolio (a)	38,769		1,133,613
Fidelity Select Automotive Portfolio	7,002		198,568
Fidelity Select Banking Portfolio	270,539		4,204,177
Fidelity Select Biotechnology Portfolio (a)	82,493		5,480,018
Fidelity Select Brokerage & Investment Management Portfolio	55,420		2,748,838
Fidelity Select Chemicals Portfolio	23,783		1,697,372
Fidelity Select Computers Portfolio (a)	129,677		5,439,936
Fidelity Select Construction & Housing Portfolio	103,547		2,954,198
Fidelity Select Consumer Discretionary Portfolio	150,450		2,647,915
Fidelity Select Consumer Staples Portfolio	305,988		18,135,904
Fidelity Select Defense & Aerospace Portfolio	4,865		273,465
Fidelity Select Electronics Portfolio	14,239		541,948
Fidelity Select Energy Portfolio (a)	349,863		14,718,741
Fidelity Select Energy Services Portfolio (a)	64		3,588
Fidelity Select Environmental Portfolio	61,369		913,171
Fidelity Select Financial Services Portfolio	134,120		7,968,056
Fidelity Select Gold Portfolio	101,739		4,233,353
Fidelity Select Health Care Portfolio	15,601		1,566,219
Fidelity Select Industrial Equipment Portfolio	77,470		1,856,192
Fidelity Select Industrials Portfolio	480,686		8,104,373
Fidelity Select Insurance Portfolio	100,408		4,072,544
Fidelity Select IT Services Portfolio (a)	109,269		1,753,765
Fidelity Select Leisure Portfolio	49,013		3,180,479
Fidelity Select Materials Portfolio	8,098		403,210

	Shares		Value
Fidelity Select Medical Delivery Portfolio (a)	110,890		$ 4,194,981
Fidelity Select Medical Equipment & Systems Portfolio	180,107		4,200,103
Fidelity Select Multimedia Portfolio	24,493		756,846
Fidelity Select Natural Resources Portfolio (a)	9,538		258,087
Fidelity Select Pharmaceuticals Portfolio	551,026		5,510,255
Fidelity Select Retailing Portfolio	55,630		2,329,243
Fidelity Select Software & Computer Services Portfolio (a)	123,920		8,265,473
Fidelity Select Technology Portfolio	157,975		10,704,382
Fidelity Select Telecommunications Portfolio	98,052		3,684,812
Fidelity Select Transportation Portfolio	78,308		2,801,080
Fidelity Select Utilities Portfolio	20,015		867,838
Fidelity Small Cap Growth Fund (a)	453,131		5,360,540
Fidelity Small Cap Stock Fund	9,746		147,452
Fidelity Small Cap Value Fund	88,731		1,091,397
Fidelity Telecom and Utilities Fund	477,877		6,327,087
Fidelity Value Discovery Fund	2,225		27,617
Fidelity Value Fund	25,230		1,391,916
Spartan Extended Market Index Fund Investor Class	455,868		13,379,740
Spartan Total Market Index Fund Investor Class	381,419		11,557,006
Spartan U.S. Equity Index Fund Investor Class	262,015		9,841,269
VIP Mid Cap Portfolio Investor Class	142,824		3,516,325
TOTAL DOMESTIC EQUITY FUNDS			254,293,837
International Equity Funds - 11.3%
Fidelity China Region Fund	124,300		3,255,414
Fidelity Diversified International Fund	47,179		1,294,133
Fidelity Emerging Markets Fund	193,052		4,056,018
Fidelity International Capital Appreciation Fund	356,214		3,975,346
Fidelity International Discovery Fund	55,134		1,633,631
Fidelity International Value Fund	22,037		175,194
Fidelity Overseas Fund	805		25,202
Spartan International Index Fund Investor Class	969,587		32,519,933
TOTAL INTERNATIONAL EQUITY FUNDS			46,934,871
TOTAL EQUITY FUNDS (Cost $283,709,446)		301,228,708
Fixed-Income Funds - 23.7%

Fixed-Income Funds - 23.7%
Fidelity Floating Rate High Income Fund	267,764		2,498,241
Fidelity High Income Fund	555,357		4,526,157
Fixed-Income Funds - continued
	Shares		Value
Fixed-Income Funds - continued
Fidelity New Markets Income Fund	176,364		$ 2,689,555
Fidelity U.S. Bond Index Fund	7,972,903		88,818,135
TOTAL FIXED-INCOME FUNDS (Cost $94,734,851)		98,532,088
Money Market Funds - 4.0%
	Shares		Value
Fidelity Institutional Prime Money Market Portfolio Class I (Cost $16,696,264)	16,696,264	$ 16,696,264
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $395,140,561)		$ 416,457,060

Legend

(a) Non-income producing

Other Information

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $395,479,092. Net unrealized appreciation aggregated $20,977,968, of which $50,175,372 related to appreciated investment securities and $29,197,404 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
FundsManager 85% Portfolio

September 30, 2009

1.837323.103

VF85-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 86.7%
	Shares		Value
Domestic Equity Funds - 70.5%
Fidelity 130/30 Large Cap Fund	7,213		$ 46,018
Fidelity Blue Chip Growth Fund	17,750		621,238
Fidelity Contrafund	13,326		725,707
Fidelity Dividend Growth Fund	276,183		6,216,872
Fidelity Equity-Income Fund	100,815		3,835,021
Fidelity Equity-Income II Fund	1,298		20,570
Fidelity Growth Company Fund	43,051		2,772,927
Fidelity Independence Fund	419		7,889
Fidelity Large Cap Stock Fund	463,881		6,642,778
Fidelity Large Cap Value Fund	74,523		717,652
Fidelity Leveraged Company Stock Fund	8,197		179,588
Fidelity Magellan Fund	969		60,166
Fidelity Mega Cap Stock Fund	1,666		13,899
Fidelity Mid Cap Value Fund	45,464		556,477
Fidelity Mid-Cap Stock Fund	2,773		62,355
Fidelity Nasdaq Composite Index Fund	20,633		581,855
Fidelity Real Estate Investment Portfolio	11,839		220,088
Fidelity Select Air Transportation Portfolio (a)	22,752		665,272
Fidelity Select Automotive Portfolio	9,538		270,503
Fidelity Select Banking Portfolio	139,218		2,163,448
Fidelity Select Biotechnology Portfolio (a)	38,029		2,526,295
Fidelity Select Brokerage & Investment Management Portfolio	34,643		1,718,283
Fidelity Select Chemicals Portfolio	13,921		993,517
Fidelity Select Computers Portfolio (a)	70,490		2,957,053
Fidelity Select Construction & Housing Portfolio	52,884		1,508,784
Fidelity Select Consumer Discretionary Portfolio	68,501		1,205,612
Fidelity Select Consumer Staples Portfolio	157,604		9,341,216
Fidelity Select Defense & Aerospace Portfolio	4,808		270,235
Fidelity Select Electronics Portfolio	10,842		412,650
Fidelity Select Energy Portfolio (a)	188,820		7,943,654
Fidelity Select Energy Services Portfolio	7,437		418,681
Fidelity Select Environmental Portfolio	32,948		490,272
Fidelity Select Financial Services Portfolio	67,796		4,027,763
Fidelity Select Gold Portfolio	54,651		2,274,039
Fidelity Select Health Care Portfolio	15,249		1,530,882
Fidelity Select Industrial Equipment Portfolio	40,511		970,647
Fidelity Select Industrials Portfolio	228,776		3,857,167
Fidelity Select Insurance Portfolio	38,524		1,562,529
Fidelity Select IT Services Portfolio (a)	98,921		1,587,677
Fidelity Select Leisure Portfolio	25,682		1,666,513
Fidelity Select Materials Portfolio	3,706		184,507
Fidelity Select Medical Delivery Portfolio (a)	31,920		1,207,528
Fidelity Select Medical Equipment & Systems Portfolio	95,187		2,219,758
Fidelity Select Multimedia Portfolio	14,394		444,764

	Shares		Value
Fidelity Select Natural Resources Portfolio (a)	9,538		$ 258,087
Fidelity Select Pharmaceuticals Portfolio	342,143		3,421,433
Fidelity Select Retailing Portfolio	27,484		1,150,774
Fidelity Select Software & Computer Services Portfolio (a)	62,187		4,147,890
Fidelity Select Technology Portfolio	66,381		4,497,973
Fidelity Select Telecommunications Portfolio	51,326		1,928,836
Fidelity Select Transportation Portfolio	43,909		1,570,615
Fidelity Select Utilities Portfolio	8,940		387,653
Fidelity Small Cap Growth Fund (a)	108,168		1,279,628
Fidelity Small Cap Stock Fund	3,785		57,273
Fidelity Small Cap Value Fund	130,138		1,600,695
Fidelity Stock Selector Fund	198		4,090
Fidelity Telecom and Utilities Fund	262,463		3,475,014
Fidelity Value Discovery Fund	734		9,110
Spartan Extended Market Index Fund Investor Class	86,960		2,552,290
Spartan Total Market Index Fund Investor Class	132,820		4,024,457
Spartan U.S. Equity Index Fund Investor Class	149,226		5,604,937
VIP Mid Cap Portfolio Investor Class	53,292		1,312,053
TOTAL DOMESTIC EQUITY FUNDS			114,983,157
International Equity Funds - 16.2%
Fidelity China Region Fund	58,918		1,543,053
Fidelity Diversified International Fund	40,817		1,119,616
Fidelity Emerging Markets Fund	88,100		1,850,980
Fidelity International Capital Appreciation Fund	221,758		2,474,819
Fidelity International Discovery Fund	21,042		623,466
Fidelity International Value Fund	4,444		35,333
Fidelity Overseas Fund	317		9,918
Spartan International Index Fund Investor Class	560,552		18,800,922
TOTAL INTERNATIONAL EQUITY FUNDS			26,458,107
TOTAL EQUITY FUNDS (Cost $123,693,930)		141,441,264
Fixed-Income Funds - 13.3%

Fixed-Income Funds - 13.3%
Fidelity High Income Fund	202,428		1,649,792
Fidelity New Markets Income Fund	105,677		1,611,581
Fidelity U.S. Bond Index Fund	1,646,835		18,345,745
TOTAL FIXED-INCOME FUNDS (Cost $20,604,931)		21,607,118
Money Market Funds - 0.0%
	Shares		Value
Fidelity Institutional Prime Money Market Portfolio Class I (Cost $43,564)	43,564		$ 43,564
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $144,342,425)		$ 163,091,946

Legend

(a) Non-income producing

Other Information

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $144,780,254. Net unrealized appreciation aggregated $18,311,692, of which $26,451,951 related to appreciated investment securities and $8,140,259 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investment Grade Bond Portfolio

September 30, 2009

1.808780.105

VIPIGB-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Fixed-Income Central Funds - 97.9%
	Shares	Value
HIGH YIELD FIXED-INCOME FUNDS - 1.5%
Fidelity Specialized High Income Central Fund (c)	506,721	$ 46,922,363
INVESTMENT GRADE FIXED-INCOME FUNDS - 96.4%
Fidelity VIP Investment Grade Central Fund (c)	27,571,001	2,883,375,288

TOTAL FIXED-INCOME CENTRAL FUNDS

(Cost $2,885,070,085)

2,930,297,651

Nonconvertible Bonds - 0.1%
	Principal Amount
CONSUMER STAPLES - 0.1%
Beverages - 0.1%
FBG Finance Ltd. 5.125% 6/15/15 (a) (Cost $1,384,209)	$ 1,750,000		1,824,818
Asset-Backed Securities - 0.1%

Advanta Business Card Master Trust Series 2007-D1 Class D, 1.6463% 1/22/13 (a)(b)	1,800,000		0
AmeriCredit Prime Automobile Receivables Trust Series 2007-1 Class E, 6.96% 3/31/16 (a)	968,234		700,945
Ford Credit Auto Owner Trust:
Series 2006-C Class D, 6.89% 5/15/13 (a)	725,000		729,921
Series 2007-A Class D, 7.05% 12/15/13 (a)	425,000		420,741
GS Auto Loan Trust Series 2006-1 Class D, 6.25% 1/15/14 (a)	253,212		251,881
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		1,020,850
TOTAL ASSET-BACKED SECURITIES (Cost $5,343,477)		3,126,141
Collateralized Mortgage Obligations - 0.9%
	Principal Amount		Value
Private Sponsor - 0.9%
Banc of America Mortgage Securities, Inc. Series 2005-H Class 2A2, 4.7967% 9/25/35 (b)	$ 1,728,501		$ 737,420
CWALT, Inc.:
floater Series 2005-56:
Class 1A1, 0.9763% 11/25/35 (b)	11,293,173		6,406,635
Class 2A3, 2.5508% 11/25/35 (b)	2,693,154		1,466,004
Series 2005-56:
Class 4A1, 0.5563% 11/25/35 (b)	2,159,647		1,200,911
Class 5A1, 0.5663% 11/25/35 (b)	3,284,114		1,852,897
Luminent Mortgage Trust:
floater Series 2006-1 Class A1, 0.4863% 4/25/36 (b)	5,625,381		2,925,412
Series 2006-5 Class A1A, 0.4363% 7/25/36 (b)	4,556,207		2,375,566
MASTR Adjustable Rate Mortgages Trust Series 2007-3 Class 22A2, 0.4563% 5/25/47 (b)	960,000		368,475
Merrill Lynch Alternative Note Asset Trust floater Series 2007-OAR1 Class A1, 0.4163% 2/25/37 (b)	2,129,296		1,125,907
Residential Accredit Loans, Inc. floater Series 2005-QO5 Class A1, 2.0508% 1/25/46 (b)	5,032,387		2,717,000
Structured Asset Mortgage Investments, Inc. floater Series 2006-AR6 Class 2A1, 0.4363% 7/25/46 (b)	9,165,338		4,755,789
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR2 Class 1A2, 4.6335% 3/25/35 (b)	1,305,067		779,640
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $25,688,401)		26,711,656

Cash Equivalents - 1.0%
	Maturity Amount	Value
Investments in repurchase agreements in a joint trading account at 0.07%, dated 9/30/09 due 10/1/09 (Collateralized by U.S. Government Obligations) # (Cost $28,971,000)	$ 28,971,058	$ 28,971,000

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $2,946,457,172)

2,990,931,266

NET OTHER ASSETS - 0.0%			708,669
NET ASSETS - 100%		$ 2,991,639,935

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 $4,950,959 or 0.2% of net assets.

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

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

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

Repurchase Agreement / Counterparty	Value
$28,971,000 due 10/01/09 at 0.07%
BNP Paribas Securities Corp.	$ 11,127,922
Banc of America Securities LLC	1,236,436
Barclays Capital, Inc.	4,265,704
Societe Generale, New York Branch	1,213,015
UBS Securities LLC	9,891,487
Wachovia Capital Markets LLC	1,236,436
	$ 28,971,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Specialized High Income Central Fund	$ 2,468,209
Fidelity VIP Investment Grade Central Fund	88,309,144
Total	$ 90,777,353

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	$ 2,468,149	$ -	$ 46,922,363	11.0%
Fidelity VIP Investment Grade Central Fund	2,316,100,909	388,596,881	69,952,334	2,883,375,288	75.5%
Total	$ 2,351,146,121	$ 391,065,030	$ 69,952,334	$ 2,930,297,651

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities 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:
Corporate Bonds	$ 1,824,818	$ -	$ 1,824,818	$ -
Asset-Backed Securities	3,126,141	-	3,124,338	1,803
Collateralized Mortgage Obligations	26,711,656	-	26,711,656	-
Fixed-Income Funds	2,930,297,651	2,930,297,651	-	-
Cash Equivalents	28,971,000	-	28,971,000	-
Total Investments in Securities:	$ 2,990,931,266	$ 2,930,297,651	$ 60,631,812	$ 1,803

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

Investments in Securities:
Beginning Balance	$ 1,645,454
Total Realized Gain (Loss)	(1,350,704)
Total Unrealized Gain (Loss)	1,329,192
Cost of Purchases	-
Proceeds of Sales	(166,918)
Amortization/Accretion	10,783
Transfers in/out of Level 3	(1,466,004)
Ending Balance	$ 1,803
The change in unrealized gain (loss) attributable to Level 3 securities at September 30, 2009	$ 2,383

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $2,891,326,259. Net unrealized appreciation aggregated $99,605,007, of which $105,632,587 related to appreciated investment securities and $6,027,580 related to depreciated investment securities.

Investment Valuation

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

For asset backed securities and collateralized mortgage obligations, pricing services generally utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and types as well as dealer supplied prices. Investments in open-end mutual 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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2005 Portfolio

September 30, 2009

1.822891.104

VIPIFF2005-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 47.0%
	Shares		Value
Domestic Equity Funds - 39.2%
VIP Contrafund Portfolio Investor Class	26,268		$ 518,792
VIP Equity-Income Portfolio Investor Class	36,610		602,970
VIP Growth & Income Portfolio Investor Class	56,826		604,061
VIP Growth Portfolio Investor Class	21,367		605,747
VIP Mid Cap Portfolio Investor Class	8,843		217,712
VIP Value Portfolio Investor Class	67,451		616,503
VIP Value Strategies Portfolio Investor Class	37,744		280,435
TOTAL DOMESTIC EQUITY FUNDS			3,446,220
International Equity Funds - 7.8%
VIP Overseas Portfolio Investor Class R	45,828		681,920
TOTAL EQUITY FUNDS (Cost $5,290,903)		4,128,140
Fixed-Income Funds - 35.9%
	Shares		Value
High Yield Fixed-Income Funds - 5.0%
VIP High Income Portfolio Investor Class	82,138		$ 442,724
Investment Grade Fixed-Income Funds - 30.9%
VIP Investment Grade Bond Portfolio Investor Class	212,321		2,715,585
TOTAL FIXED-INCOME FUNDS (Cost $3,096,477)		3,158,309
Short-Term Funds - 17.1%

VIP Money Market Portfolio Investor Class (Cost $1,506,792)	1,506,792		1,506,792
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $9,894,172)		$ 8,793,241

Other Information

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $9,996,971. Net unrealized depreciation aggregated $1,203,730, of which $285,042 related to appreciated investment securities and $1,488,772 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2010 Portfolio

September 30, 2009

1.822892.104

VIPIFF2010-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 51.5%
	Shares		Value
Domestic Equity Funds - 41.5%
VIP Contrafund Portfolio Investor Class	147,365		$ 2,910,459
VIP Equity-Income Portfolio Investor Class	205,413		3,383,156
VIP Growth & Income Portfolio Investor Class	318,876		3,389,657
VIP Growth Portfolio Investor Class	119,896		3,399,066
VIP Mid Cap Portfolio Investor Class	49,601		1,221,167
VIP Value Portfolio Investor Class	376,102		3,437,576
VIP Value Strategies Portfolio Investor Class	212,335		1,577,647
TOTAL DOMESTIC EQUITY FUNDS			19,318,728
International Equity Funds - 10.0%
VIP Overseas Portfolio Investor Class R	311,482		4,634,851
TOTAL EQUITY FUNDS (Cost $33,759,373)		23,953,579
Fixed-Income Funds - 37.9%
	Shares		Value
High Yield Fixed-Income Funds - 5.1%
VIP High Income Portfolio Investor Class	436,089		$ 2,350,517
Investment Grade Fixed-Income Funds - 32.8%
VIP Investment Grade Bond Portfolio Investor Class	1,192,057		15,246,412
TOTAL FIXED-INCOME FUNDS (Cost $17,566,248)		17,596,929
Short-Term Funds - 10.6%

VIP Money Market Portfolio Investor Class (Cost $4,922,557)	4,922,557		4,922,557
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $56,248,178)		$ 46,473,065

Other Information

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $56,663,834. Net unrealized depreciation aggregated $10,190,769, of which $628,480 related to appreciated investment securities and $10,819,249 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2015 Portfolio

September 30, 2009

1.822893.104

VIPIFF2015-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 53.9%
	Shares		Value
Domestic Equity Funds - 43.5%
VIP Contrafund Portfolio Investor Class	191,863		$ 3,789,286
VIP Equity-Income Portfolio Investor Class	267,320		4,402,765
VIP Growth & Income Portfolio Investor Class	414,984		4,411,285
VIP Growth Portfolio Investor Class	156,039		4,423,698
VIP Mid Cap Portfolio Investor Class	64,615		1,590,828
VIP Value Portfolio Investor Class	497,774		4,549,657
VIP Value Strategies Portfolio Investor Class	280,056		2,080,815
TOTAL DOMESTIC EQUITY FUNDS			25,248,334
International Equity Funds - 10.4%
VIP Overseas Portfolio Investor Class R	406,753		6,052,481
TOTAL EQUITY FUNDS (Cost $41,607,362)		31,300,815
Fixed-Income Funds - 37.3%
	Shares		Value
High Yield Fixed-Income Funds - 5.3%
VIP High Income Portfolio Investor Class	570,665		$ 3,075,884
Investment Grade Fixed-Income Funds - 32.0%
VIP Investment Grade Bond Portfolio Investor Class	1,455,213		18,612,176
TOTAL FIXED-INCOME FUNDS (Cost $21,531,228)		21,688,060
Short-Term Funds - 8.8%

VIP Money Market Portfolio Investor Class (Cost $5,093,486)	5,093,486		5,093,486
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $68,232,076)		$ 58,082,361

Other Information

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $68,675,124. Net unrealized depreciation aggregated $10,592,763, of which $1,561,921 related to appreciated investment securities and $12,154,684 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2020 Portfolio

September 30, 2009

1.822895.104

VIPIFF2020-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 65.7%
	Shares		Value
Domestic Equity Funds - 53.0%
VIP Contrafund Portfolio Investor Class	303,838		$ 6,000,805
VIP Equity-Income Portfolio Investor Class	423,612		6,976,895
VIP Growth & Income Portfolio Investor Class	657,581		6,990,090
VIP Growth Portfolio Investor Class	247,227		7,008,887
VIP Mid Cap Portfolio Investor Class	102,236		2,517,057
VIP Value Portfolio Investor Class	761,096		6,956,422
VIP Value Strategies Portfolio Investor Class	426,569		3,169,406
TOTAL DOMESTIC EQUITY FUNDS			39,619,562
International Equity Funds - 12.7%
VIP Overseas Portfolio Investor Class R	641,247		9,541,756
TOTAL EQUITY FUNDS (Cost $66,366,776)		49,161,318
Fixed-Income Funds - 32.2%
	Shares		Value
High Yield Fixed-Income Funds - 7.2%
VIP High Income Portfolio Investor Class	998,477		$ 5,381,789
Investment Grade Fixed-Income Funds - 25.0%
VIP Investment Grade Bond Portfolio Investor Class	1,463,780		18,721,742
TOTAL FIXED-INCOME FUNDS (Cost $24,218,053)		24,103,531
Short-Term Funds - 2.1%

VIP Money Market Portfolio Investor Class (Cost $1,525,204)	1,525,204		1,525,204
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $92,110,033)		$ 74,790,053

Other Information

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $92,773,266. Net unrealized depreciation aggregated $17,983,213, of which $1,714,943 related to appreciated investment securities and $19,698,156 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2025 Portfolio

September 30, 2009

1.822896.104

VIPIFF2025-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 71.7%
	Shares		Value
Domestic Equity Funds - 57.7%
VIP Contrafund Portfolio Investor Class	132,666		$ 2,620,157
VIP Equity-Income Portfolio Investor Class	184,985		3,046,708
VIP Growth & Income Portfolio Investor Class	287,196		3,052,890
VIP Growth Portfolio Investor Class	107,954		3,060,491
VIP Mid Cap Portfolio Investor Class	44,687		1,100,190
VIP Value Portfolio Investor Class	321,787		2,941,129
VIP Value Strategies Portfolio Investor Class	180,567		1,341,615
TOTAL DOMESTIC EQUITY FUNDS			17,163,180

	Shares		Value
International Equity Funds - 14.0%
VIP Overseas Portfolio Investor Class R	278,637		$ 4,146,114
TOTAL EQUITY FUNDS (Cost $27,458,566)		21,309,294
Fixed-Income Funds - 28.3%

High Yield Fixed-Income Funds - 7.6%
VIP High Income Portfolio Investor Class	419,654		2,261,936
Investment Grade Fixed-Income Funds - 20.7%
VIP Investment Grade Bond Portfolio Investor Class	481,618		6,159,895
TOTAL FIXED-INCOME FUNDS (Cost $8,452,360)		8,421,831
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $35,910,926)		$ 29,731,125

Other Information

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $36,229,763. Net unrealized depreciation aggregated $6,498,638, of which $1,205,591 related to appreciated investment securities and $7,704,229 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2030 Portfolio

September 30, 2009

1.822894.104

VIPIFF2030-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 80.0%
	Shares		Value
Domestic Equity Funds - 64.5%
VIP Contrafund Portfolio Investor Class	162,592		$ 3,211,184
VIP Equity-Income Portfolio Investor Class	226,681		3,733,443
VIP Growth & Income Portfolio Investor Class	351,900		3,740,698
VIP Growth Portfolio Investor Class	132,293		3,750,511
VIP Mid Cap Portfolio Investor Class	54,773		1,348,517
VIP Value Portfolio Investor Class	398,986		3,646,730
VIP Value Strategies Portfolio Investor Class	224,701		1,669,527
TOTAL DOMESTIC EQUITY FUNDS			21,100,610

	Shares		Value
International Equity Funds - 15.5%
VIP Overseas Portfolio Investor Class R	341,995		$ 5,088,887
TOTAL EQUITY FUNDS (Cost $35,208,566)		26,189,497
Fixed-Income Funds - 20.0%

High Yield Fixed-Income Funds - 7.7%
VIP High Income Portfolio Investor Class	464,237		2,502,239
Investment Grade Fixed-Income Funds - 12.3%
VIP Investment Grade Bond Portfolio Investor Class	315,756		4,038,524
TOTAL FIXED-INCOME FUNDS (Cost $6,714,386)		6,540,763
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $41,922,952)		$ 32,730,260

Other Information

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $42,310,879. Net unrealized depreciation aggregated $9,580,619, of which $931,856 related to appreciated investment securities and $10,512,475 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom Income Portfolio

September 30, 2009

1.822890.104

VIPIFFINC-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 21.1%
	Shares		Value
Domestic Equity Funds - 21.1%
VIP Contrafund Portfolio Investor Class	34,636		$ 684,053
VIP Equity-Income Portfolio Investor Class	48,270		795,003
VIP Growth & Income Portfolio Investor Class	74,927		796,475
VIP Growth Portfolio Investor Class	28,180		798,904
VIP Mid Cap Portfolio Investor Class	11,661		287,100
VIP Value Portfolio Investor Class	96,208		879,337
VIP Value Strategies Portfolio Investor Class	53,225		395,465
TOTAL EQUITY FUNDS (Cost $5,661,743)		4,636,337
Fixed-Income Funds - 38.8%
	Shares		Value
High Yield Fixed-Income Funds - 5.0%
VIP High Income Portfolio Investor Class	205,255		$ 1,106,324
Investment Grade Fixed-Income Funds - 33.8%
VIP Investment Grade Bond Portfolio Investor Class	581,589		7,438,526
TOTAL FIXED-INCOME FUNDS (Cost $8,421,324)		8,544,850
Short-Term Funds - 40.1%

VIP Money Market Portfolio Investor Class (Cost $8,818,454)	8,818,454		8,818,454
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $22,901,521)		$ 21,999,641

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $23,064,415. Net unrealized depreciation aggregated $1,064,774, of which $543,848 related to appreciated investment securities and $1,608,622 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Money Market Portfolio

September 30, 2009

1.807728.105

VIPMM-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 0.9%
	Due Date	Yield (a)	Principal Amount	Value
Florida Timber Finance III LLC
	10/7/09	0.35% (d)	$ 25,155,000	$ 25,155,000
LP Pinewood SPV LLC
	10/7/09	0.35 (d)	7,000,000	7,000,000
TOTAL CORPORATE BONDS				32,155,000
Certificates of Deposit - 46.0%

London Branch, Eurodollar, Foreign Banks - 17.9%
Banco Bilbao Vizcaya Argentaria SA
	1/25/10 to 1/29/10	0.31	30,000,000	30,000,000
Bayerische Hypo-und Vereinsbank AG
	10/27/09	0.50	13,000,000	13,000,000
Calyon SA
	11/9/09	1.10	10,000,000	10,000,000
Commonwealth Bank of Australia
	11/18/09 to 12/31/09	0.50 to 0.65	22,000,000	22,000,080
Credit Agricole SA
	10/22/09 to 5/20/10	0.60 to 1.10	143,000,000	143,000,000
Credit Industriel et Commercial
	10/1/09 to 1/4/10	0.35 to 0.54	73,000,000	73,000,000
Danske Bank AS
	10/6/09 to 10/20/09	0.25 to 0.40	36,000,000	36,000,039
HSBC Bank PLC
	10/29/09 to 11/27/09	0.50 to 1.00	28,000,000	28,000,000
ING Bank NV
	10/6/09 to 1/8/10	0.39 to 0.58	91,000,000	91,000,000
Landesbank Baden-Wuert
	10/26/09	0.36	20,000,000	20,000,139
Landesbank Hessen-Thuringen
	10/2/09 to 2/1/10	0.53 to 0.70	63,000,000	63,000,000
National Australia Bank Ltd.
	10/19/09 to 3/22/10	0.40 to 1.10	61,000,000	61,000,000
UniCredit SpA
	10/13/09	0.60	39,000,000	39,000,000
				629,000,258
New York Branch, Yankee Dollar, Foreign Banks - 28.1%
Bank of Montreal
	12/16/09	0.50	7,000,000	7,000,000
Bank of Nova Scotia
	10/14/09 to 12/8/09	0.36 to 0.67 (d)	57,000,000	57,000,000

	Due Date	Yield (a)	Principal Amount	Value
Bank Tokyo-Mitsubishi UFJ Ltd.
	11/9/09 to 1/25/10	0.40 to 0.51%	$ 110,000,000	$ 110,000,000
BNP Paribas SA
	10/16/09 to 4/20/10	0.56 to 1.18	131,000,000	131,000,000
Calyon New York Branch
	12/8/09	0.46 (d)	30,000,000	30,000,000
Canadian Imperial Bank of Commerce
	10/22/09	1.00	13,000,000	13,000,000
Commerzbank AG
	10/8/09 to 11/2/09	0.50 to 0.60	48,000,000	48,000,000
Deutsche Bank AG
	10/5/09	0.81 (d)	23,000,000	23,000,000
Fortis Banque SA
	10/13/09 to 10/23/09	0.20 to 0.40	15,000,000	15,000,000
Intesa Sanpaolo SpA
	10/19/09 to 1/6/10	0.25 to 0.72	65,000,000	65,000,000
Natexis Banques Populaires NY
	11/19/09	0.93 (d)	8,000,000	8,000,000
Natixis New York Branch
	12/22/09	0.64 (d)	18,000,000	18,000,000
Natixis SA
	11/10/09 to 11/30/09	0.40 to 0.50	24,000,000	24,000,000
Rabobank Nederland
	10/19/09 to 5/18/10	0.50 to 1.20	53,000,000	53,023,090
Royal Bank of Canada
	10/1/09	0.90 (d)	27,000,000	27,000,000
Royal Bank of Scotland PLC
	10/15/09 to 3/16/10	0.38 to 0.80	112,000,000	112,000,000
Skandinaviska Enskilda Banken AB
	10/5/09	0.30	17,000,000	17,000,000
Societe Generale
	10/13/09 to 11/5/09	0.20 to 1.03 (d)	61,000,000	61,000,000
Sumitomo Mitsui Banking Corp.
	10/15/09 to 1/4/10	0.30 to 0.40	12,000,000	12,000,000
Toronto-Dominion Bank
	10/13/09 to 4/16/10	0.50 to 1.90 (d)	133,000,000	133,000,000
UBS AG
	11/25/09	0.44	23,000,000	23,000,000
				987,023,090
TOTAL CERTIFICATES OF DEPOSIT				1,616,023,348
Commercial Paper - 17.5%
	Due Date	Yield (a)	Principal Amount	Value
Banco Bilbao Vizcaya Argentaria SA (London Branch)
	11/23/09	0.40%	$ 7,000,000	$ 6,995,878
Bayerische Landesbank
	10/19/09	0.42	23,500,000	23,495,065
Caisse Nationale des Caisses d' Epargne et de Prevoyance
	10/2/09 to 11/19/09	0.45 to 0.75	5,000,000	4,997,921
Commerzbank U.S. Finance, Inc.
	10/23/09 to 1/14/10	0.25 to 0.53	88,000,000	87,949,756
CVS Caremark Corp.
	10/6/09 to 11/4/09	0.40 to 1.10	13,000,000	12,996,535
Dakota Notes (Citibank Credit Card Issuance Trust)
	10/5/09 to 10/22/09	0.26 to 0.60	80,000,000	79,988,984
Danske Corp.
	11/3/09	0.21	17,000,000	16,996,727
Emerald Notes (BA Credit Card Trust)
	10/1/09 to 10/30/09	0.80 to 1.20	46,000,000	45,989,446
Groupe BPCE
	11/2/09 to 12/8/09	0.48 to 0.51	39,000,000	38,974,530
HVB U.S. Finance, Inc.
	10/2/09 to 11/10/09	0.50 to 0.55	45,000,000	44,983,306
Intesa Funding LLC
	10/27/09 to 1/15/10	0.62 to 1.17	13,000,000	12,983,611
Irish Republic
	10/22/09 to 12/15/09	0.38 to 0.55	25,000,000	24,991,000
Landesbank Hessen-Thuringen
	10/7/09 to 1/5/10	0.58 to 0.60	15,000,000	14,985,020
Natexis Banques Populaires U.S. Finance Co. LLC
	11/2/09 to 1/8/10	0.45 to 0.65	40,000,000	39,964,767
Nationwide Building Society
	10/13/09 to 10/30/09	0.51 to 0.53	37,000,000	36,989,442
Palisades Notes (Citibank Omni Master Trust)
	10/1/09 to 10/7/09	0.90	33,000,000	32,996,600
Pfizer, Inc.
	4/20/10 to 4/30/10	0.60 to 0.65	15,000,000	14,946,207
Sanpaolo IMI U.S. Financial Co.
	11/27/09 to 12/11/09	0.58 to 0.65	9,000,000	8,990,399
Time Warner Cable, Inc.
	10/8/09 to 10/20/09	0.42 to 0.43	26,500,000	26,495,801

	Due Date	Yield (a)	Principal Amount	Value
Toronto Dominion Holdings (USA)
	3/8/10	0.55%	$ 2,000,000	$ 1,995,172
UniCredito Italiano Bank (Ireland) PLC
	11/23/09	0.45	3,000,000	2,998,013
Westpac Banking Corp.
	12/11/09 to 5/10/10	0.31 to 0.70 (d)	35,000,000	34,952,731
TOTAL COMMERCIAL PAPER				616,656,911
U.S. Government and Government Agency Obligations - 3.0%

Other Government Related - 3.0%
Bank of America NA (FDIC Guaranteed)
	10/29/09 to 12/14/09	0.33 to 0.55 (c)(d)	57,309,000	57,309,000
Citibank NA (FDIC Guaranteed)
	12/30/09	0.33 (c)(d)	10,000,000	10,000,000
General Electric Capital Corp. (FDIC Guaranteed)
	10/8/09	0.60 (c)(d)	36,620,000	36,620,000
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS				103,929,000
Federal Agencies - 14.6%

Fannie Mae - 2.7%
	11/9/09 to 3/12/10	0.40 to 0.97 (d)	93,655,000	94,198,924
Federal Home Loan Bank - 5.8%
	11/19/09 to 10/18/10	0.40 to 1.15 (d)	204,990,000	205,006,475
Freddie Mac - 6.1%
	11/2/09 to 12/10/09	0.27 to 0.86 (d)	214,000,000	213,895,923
TOTAL FEDERAL AGENCIES				513,101,322
U.S. Treasury Obligations - 2.2%

U.S. Treasury Bills - 2.2%
	10/22/09 to 9/23/10	0.40 to 1.01	76,000,000	75,822,468
Bank Notes - 0.6%

Societe Generale
	12/4/09	0.76 (b)(d)	22,000,000	22,000,000
Medium-Term Notes - 9.3%
	Due Date	Yield (a)	Principal Amount	Value
AT&T, Inc.
	10/2/09	1.05% (b)(d)	$ 33,000,000	$ 33,000,000
Bank of America NA
	10/5/09	0.80 (d)	30,000,000	30,000,000
Bank of Montreal
	10/5/09	0.77 (b)(d)	14,000,000	14,000,000
Banque Federative du Credit Mutuel
	11/28/09	0.72 (b)(d)	12,000,000	12,000,000
BNP Paribas SA
	11/13/09	0.68 (d)	20,000,000	20,000,000
BP Capital Markets PLC
	12/11/09	0.42 (d)	14,000,000	14,000,000
Cellco Partnership
	12/29/09	0.78 (b)(d)	14,000,000	14,000,000
Commonwealth Bank of Australia
	10/6/09	0.80 (b)(d)	27,000,000	27,000,000
General Electric Capital Corp.
	10/5/09	0.61 (d)	1,000,000	1,000,072
Lloyds TSB Group PLC
	11/9/09	0.49 (b)(d)	22,000,000	22,000,000
Metropolitan Life Global Funding I
	1/5/10	1.20 (b)(d)	6,000,000	6,000,000
National Australia Bank Ltd.
	10/6/09	0.48 (b)(d)	16,000,000	16,000,000
New York Life Insurance Co.
	11/30/09 to 12/29/09	1.41 to 1.43 (d)(f)	24,000,000	24,000,000
Nordea Bank AB
	10/26/09	0.87 (b)(d)	22,000,000	22,000,000
Procter & Gamble International Funding SCA
	11/7/09	0.48 (d)	7,000,000	7,000,000
Royal Bank of Canada
	10/15/09	0.66 (b)(d)	23,000,000	23,000,000
Verizon Communications, Inc.
	12/15/09	0.70 (d)	14,000,000	14,000,000
Westpac Banking Corp.
	10/2/09	0.49 (b)(d)	27,000,000	26,999,992
TOTAL MEDIUM-TERM NOTES (Cost $326,000,064)				326,000,064
Short-Term Notes - 0.3%

Metropolitan Life Insurance Co.
	10/1/09	2.10 (d)(f)	10,000,000	10,000,000
Asset-Backed Securities - 0.8%

Bank of America Auto Trust
	9/15/10	0.40 (b)	3,000,000	3,000,000

	Due Date	Yield (a)	Principal Amount	Value
BMW Vehicle Lease Trust
	6/15/10	0.79%	$ 3,734,651	$ 3,734,651
Harley-Davidson Motor Trust
	5/17/10	1.49	2,545,809	2,545,809
Honda Auto Receivables Owner Trust
	5/17/10 to 7/15/10	0.75 to 1.32	10,216,202	10,216,202
John Deere Owner Trust 2009
	7/2/10	1.13	4,983,322	4,983,322
Volkswagen Auto Lease Trust
	5/17/10	1.45	4,076,516	4,076,516
TOTAL ASSET-BACKED SECURITIES				28,556,500

Repurchase Agreements - 5.0%
	Maturity Amount
In a joint trading account at 0.07% dated 9/30/09 due 10/1/09 (Collateralized by U.S. Government Obligations) #	$ 663,001		663,000
With:
Barclays Capital, Inc. at:
0.4%, dated 9/30/09 due 10/1/09:
(Collateralized by Equity Securities valued at $45,100,511)	41,000,456		41,000,000
(Collateralized by U.S. Government Obligations valued at $31,930,355, 0.74% - 7%, 3/20/31 - 8/20/39)	31,000,344		31,000,000
0.48%, dated 9/14/09 due 10/14/09 (Collateralized by Equity Securities valued at $8,802,013)	8,003,200		8,000,000
0.5%, dated 8/21/09 due 11/19/09 (Collateralized by Corporate Obligations valued at $1,050,598, 6.5%, 5/9/67)	1,001,250		1,000,000
0.65%, dated 9/25/09 due 12/22/09 (Collateralized by Mortgage Loan Obligations valued at $3,150,342, 6%, 8/10/45)	3,004,767		3,000,000
Citigroup Global Markets, Inc. at 0.53%, dated 9/29/09 due 10/6/09 (Collateralized by Equity Securities valued at $3,301,215)	3,000,309		3,000,000
Deutsche Bank Securities, Inc. at:
0.3%, dated 9/16/09 due 11/16/09 (Collateralized by Commercial Paper Obligations valued at $2,113,886, 11/16/09)	2,001,017		2,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
With: - continued
0.35%, dated 8/25/09 due 11/25/09 (Collateralized by Commercial Paper Obligations valued at $5,202,769, 11/13/09)	$ 5,004,472		$ 5,000,000
0.38%, dated:
8/17/09 due 11/13/09 (Collateralized by Commercial Paper Obligations valued at $6,233,846, 11/13/09)	6,005,573		6,000,000
8/18/09 due 11/16/09 (Collateralized by Commercial Paper Obligations valued at $3,143,406, 10/13/09)	3,002,850		3,000,000
0.55%, dated 7/1/09 due 10/1/09 (Collateralized by Commercial Paper Obligations valued at $3,094,344, 10/26/09)	3,004,217		3,000,000
Goldman Sachs & Co. at 0.32%, dated 9/29/09 due 10/6/09 (Collateralized by Commercial Paper Obligations valued at $18,540,351, 12/10/09 - 2/2/10) (d)(e)	18,001,120		18,000,000
ING Financial Markets LLC at 0.35%, dated:
9/24/09 due 11/23/09 (Collateralized by Corporate Obligations valued at $2,103,979, 5.15%, 1/15/14)	2,001,167		2,000,000
9/29/09 due 10/29/09 (Collateralized by Corporate Obligations valued at $4,204,484, 5.88%, 5/15/13)	4,001,167		4,000,000
J.P. Morgan Securities, Inc. at 0.6%, dated 9/30/09 due 10/1/09 (Collateralized by Corporate Obligations valued at $1,050,810, 1.41%, 1/30/16)	1,000,017		1,000,000
Merrill Lynch, Pierce, Fenner & Smith at 0.4%, dated 8/24/09 due 11/24/09 (Collateralized by Equity Securities valued at $12,105,989) (d)(e)	11,011,244		11,000,000
Morgan Stanley & Co. at:
0.42%, dated 8/20/09 due 11/18/09 (Collateralized by Equity Securities valued at $18,709,166)	17,017,850		17,000,000

	Maturity Amount		Value
0.47%, dated 9/29/09 due 1/4/10 (Collateralized by Equity Securities valued at $12,100,366)	$ 11,013,930		$ 11,000,000
UBS Securities LLC at 0.35%, dated 9/30/09 due 1/4/10 (Collateralized by Corporate Obligations valued at $5,254,632, 4.4% - 8.75%, 10/15/09 - 6/1/14)	5,004,667		5,000,000
TOTAL REPURCHASE AGREEMENTS		175,663,000

TOTAL INVESTMENT PORTFOLIO - 100.2%
(Cost $3,519,907,613)

3,519,907,613

NET OTHER ASSETS - (0.2)%		(7,526,655)
NET ASSETS - 100%		$ 3,512,380,958

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 $240,999,992 or 6.9% 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 3.0% 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) The maturity amount is based on the rate at period end.

(f) 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 $34,000,000 or 1.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
Metropolitan Life Insurance Co. 2.1%, 10/1/09	3/26/02	$ 10,000,000
New York Life Insurance Co.: 1.41%, 11/30/09	5/8/09	$ 9,000,000
1.43%, 12/29/09	3/23/09	$ 15,000,000

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

Repurchase Agreement / Counterparty	Value
$663,000 due 10/01/09 at 0.07%
Banc of America Securities LLC	$ 45,611
Bank of America, NA	97,430
Barclays Capital, Inc.	58,980
Citigroup Global Markets, Inc.	23,592
Credit Suisse Securities (USA) LLC	31,456
Deutsche Bank Securities, Inc.	31,456
Greenwich Capital Markets, Inc.	31,456
ING Financial Markets LLC	47,184
J.P. Morgan Securities, Inc.	194,241
Merrill Lynch Government Securities, Inc.	7,864
Mizuho Securities USA, Inc.	44,038
Morgan Stanley & Co., Inc.	23,592
RBC Capital Markets Corp.	10,223
Societe Generale, New York Branch	15,877
	$ 663,000

Other Information

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2009, the cost of investment securities for income tax purposes was $3,519,907,613.

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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Strategic Income Portfolio

September 30, 2009

1.808796.105

VIPSI-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 32.7%
		Principal Amount (c)		Value
Convertible Bonds - 0.6%
ENERGY - 0.1%
Energy Equipment & Services - 0.0%
Cal Dive International, Inc. 3.25% 12/15/25		$ 170,000		$ 149,855
Oil, Gas & Consumable Fuels - 0.1%
Massey Energy Co. 3.25% 8/1/15		500,000		396,600
TOTAL ENERGY				546,455
INDUSTRIALS - 0.0%
Electrical Equipment - 0.0%
SunPower Corp.:
0.75% 8/1/27		70,000		66,500
1.25% 2/15/27		55,000		48,263
				114,763
INFORMATION TECHNOLOGY - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Advanced Micro Devices, Inc.:
5.75% 8/15/12		95,000		79,681
6% 5/1/15		385,000		287,788
ON Semiconductor Corp. 0% 4/15/24		20,000		20,288
Spansion, Inc. 2.25% 6/15/16 (b)(f)		240,000		96,000
				483,757
TELECOMMUNICATION SERVICES - 0.4%
Wireless Telecommunication Services - 0.4%
NII Holdings, Inc. 3.125% 6/15/12		2,610,000		2,280,488
TOTAL CONVERTIBLE BONDS				3,425,463
Nonconvertible Bonds - 32.1%
CONSUMER DISCRETIONARY - 5.9%
Auto Components - 0.3%
Affinia Group, Inc.:
9% 11/30/14		170,000		161,500
10.75% 8/15/16 (f)		55,000		58,713
RSC Equipment Rental, Inc. 10% 7/15/17 (f)		180,000		193,500
Tenneco, Inc. 8.125% 11/15/15		80,000		77,600
The Goodyear Tire & Rubber Co. 10.5% 5/15/16		305,000		330,925
TRW Automotive, Inc.:
7% 3/15/14 (f)		20,000		18,200

		Principal Amount (c)		Value
7.25% 3/15/17 (f)		$ 1,015,000		$ 893,200
Visteon Corp. 7% 3/10/14 (b)		400,000		98,000
				1,831,638
Automobiles - 0.1%
General Motors Corp.:
6.75% 5/1/28 (b)		657,000		98,550
7.125% 7/15/13 (b)		170,000		24,650
7.2% 1/15/11 (b)		85,000		12,750
7.4% 9/1/25 (b)		369,000		55,350
7.7% 4/15/16 (b)		535,000		81,588
8.1% 6/15/24 (b)		175,000		26,688
8.25% 7/15/23 (b)		698,000		108,190
8.375% 7/15/33 (b)		720,000		117,000
8.8% 3/1/21 (b)		50,000		7,625
				532,391
Diversified Consumer Services - 0.0%
Affinion Group, Inc. 11.5% 10/15/15		175,000		179,375
Mac-Gray Corp. 7.625% 8/15/15		40,000		39,400
				218,775
Hotels, Restaurants & Leisure - 1.7%
American Casino & Entertainment Properties LLC 11% 6/15/14 (f)		330,000		293,700
Carrols Corp. 9% 1/15/13		355,000		355,000
Harrah's Operating Co., Inc. 11.25% 6/1/17 (f)		1,400,000		1,414,000
MGM Mirage, Inc.:
5.875% 2/27/14		455,000		348,075
6.625% 7/15/15		1,765,000		1,350,225
6.75% 9/1/12		400,000		342,000
6.75% 4/1/13		760,000		619,400
6.875% 4/1/16		235,000		179,775
7.5% 6/1/16		1,830,000		1,409,100
7.625% 1/15/17		702,000		544,050
10.375% 5/15/14 (f)		175,000		187,250
11.125% 11/15/17 (f)		795,000		874,500
Mohegan Tribal Gaming Authority 6.875% 2/15/15		195,000		132,113
Scientific Games Corp. 6.25% 12/15/12		40,000		38,900
Shingle Springs Tribal Gaming Authority 9.375% 6/15/15 (f)		100,000		71,000
Six Flags Operations, Inc. 12.25% 7/15/16 (b)(f)		349,000		315,845
Six Flags, Inc.:
8.875% 2/1/10 (b)		580,000		104,400
9.625% 6/1/14 (b)		486,000		89,910
9.75% 4/15/13 (b)		75,000		13,500
Speedway Motorsports, Inc. 6.75% 6/1/13		95,000		93,100
Station Casinos, Inc.:
6% 4/1/12 (b)		610,000		183,000
Corporate Bonds - continued
		Principal Amount (c)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Hotels, Restaurants & Leisure - continued
Station Casinos, Inc.: - continued
6.5% 2/1/14 (b)		$ 811,000		$ 32,440
6.625% 3/15/18 (b)		830,000		33,200
6.875% 3/1/16 (b)		865,000		34,600
7.75% 8/15/16 (b)		920,000		289,800
Town Sports International Holdings, Inc. 11% 2/1/14		23,000		11,960
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10		65,000		65,000
Vail Resorts, Inc. 6.75% 2/15/14		225,000		221,063
Virgin River Casino Corp./RBG LLC/B&BB, Inc.:
9% 1/15/12 (b)		30,000		3,000
12.75% 1/15/13 (b)		230,000		4,600
Waterford Gaming LLC/Waterford Gaming Finance Corp. 8.625% 9/15/14 (f)		69,000		41,400
				9,695,906
Household Durables - 0.1%
Reliance Intermediate Holdings LP 9.5% 12/15/19 (f)		485,000		500,763
Sealy Mattress Co. 10.875% 4/15/16 (f)		110,000		121,138
				621,901
Leisure Equipment & Products - 0.0%
Riddell Bell Holdings, Inc. 8.375% 10/1/12		40,000		36,000
Media - 2.8%
AMC Entertainment, Inc. 11% 2/1/16		120,000		127,200
Cablemas SA de CV 9.375% 11/15/15 (Reg. S)		500,000		542,500
CanWest Media, Inc. 8% 9/15/12 (b)		40,000		23,400
Charter Communications Holdings I LLC/Charter Communications Holdings I Capital Corp.:
11% 10/1/15 (b)		1,057,000		195,545
11% 10/1/15 (b)		22,000		3,850
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp.:
Series B, 10.25% 9/15/10 (b)		640,000		707,200
10.25% 9/15/10 (b)		588,000		661,500
10.25% 10/1/13 (b)		425,000		469,625
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:
10.375% 4/30/14 (f)(i)		555,000		566,100
12.875% 9/15/14 (f)		1,065,000		1,155,525

		Principal Amount (c)		Value
Clear Channel Communications, Inc.:
4.9% 5/15/15		$ 165,000		$ 62,700
5.5% 9/15/14		123,000		54,274
5.5% 12/15/16		115,000		43,125
5.75% 1/15/13		195,000		101,400
6.25% 3/15/11		10,000		6,950
6.875% 6/15/18		80,000		30,000
10.75% 8/1/16		1,920,000		1,075,200
11.75% 8/1/16 pay-in-kind (e)		290,000		97,176
EchoStar Communications Corp.:
6.625% 10/1/14		790,000		768,275
7% 10/1/13		340,000		340,000
7.125% 2/1/16		2,725,000		2,704,563
7.75% 5/31/15		630,000		642,600
Haights Cross Communications, Inc. 12.5% 8/15/11 (e)		20,000		1,200
iesy Repository GmbH 10.375% 2/15/15 (f)		50,000		52,500
Interpublic Group of Companies, Inc. 10% 7/15/17 (f)		170,000		182,750
Liberty Media Corp.:
8.25% 2/1/30		1,295,000		1,068,375
8.5% 7/15/29		230,000		189,750
MediMedia USA, Inc. 11.375% 11/15/14 (f)		50,000		42,500
Nielsen Finance LLC/Nielsen Finance Co.:
0% 8/1/16 (d)		460,000		363,400
10% 8/1/14		615,000		621,150
11.5% 5/1/16		315,000		333,900
11.625% 2/1/14		160,000		170,000
Rainbow National Services LLC:
8.75% 9/1/12 (f)		110,000		111,100
10.375% 9/1/14 (f)		365,000		382,338
The Reader's Digest Association, Inc. 9% 2/15/17 (b)		160,000		3,200
TL Acquisitions, Inc. 10.5% 1/15/15 (f)		1,840,000		1,745,792
Univision Communications, Inc. 12% 7/1/14 (f)		490,000		526,750
Videotron Ltd. 6.875% 1/15/14		125,000		122,500
				16,295,913
Multiline Retail - 0.2%
Matahari Finance BV 9.5% 10/6/09		300,000		300,000
Matahari International Finance Co. BV 10.75% 8/7/12		350,000		355,250
Neiman Marcus Group, Inc. 9% 10/15/15 pay-in-kind (e)		348,287		290,428
The Bon-Ton Department Stores, Inc. 10.25% 3/15/14		450,000		328,500
				1,274,178
Corporate Bonds - continued
		Principal Amount (c)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Specialty Retail - 0.6%
Burlington Coat Factory Warehouse Corp. 11.125% 4/15/14		$ 610,000		$ 597,800
Claire's Stores, Inc.:
9.25% 6/1/15		185,000		129,500
10.375% 6/1/15 pay-in-kind (i)		260,191		146,966
Michaels Stores, Inc.:
0% 11/1/16 (d)		30,000		19,500
10% 11/1/14		1,750,000		1,715,000
11.375% 11/1/16		59,000		55,460
Staples, Inc. 9.75% 1/15/14		433,000		520,136
				3,184,362
Textiles, Apparel & Luxury Goods - 0.1%
Levi Strauss & Co.:
8.875% 4/1/16		170,000		171,700
9.75% 1/15/15		115,000		118,450
				290,150
TOTAL CONSUMER DISCRETIONARY				33,981,214
CONSUMER STAPLES - 0.6%
Beverages - 0.1%
Anheuser-Busch InBev SA NV 8.625% 1/30/17	EUR	100,000		180,956
Cerveceria Nacional Dominicana C por A:
8% 3/27/14 (Reg. S)		100,000		99,500
16% 3/27/12 (f)		300,000		251,550
				532,006
Food & Staples Retailing - 0.3%
Rite Aid Corp.:
7.5% 3/1/17		375,000		330,938
8.625% 3/1/15		55,000		44,756
9.375% 12/15/15		255,000		206,550
9.5% 6/15/17		345,000		275,138
10.375% 7/15/16		765,000		753,525
Wal-Mart Stores, Inc. 4.875% 9/21/29	EUR	100,000		144,965
				1,755,872
Food Products - 0.2%
Ciliandra Perkasa Finance Co. Pte. Ltd. 10.75% 12/8/11 (Reg. S)		200,000		205,500
Hines Nurseries, Inc. 10.25% 10/1/11 (b)		120,000		12,000
JBS USA LLC/JBS USA Finance, Inc. 11.625% 5/1/14 (f)		330,000		356,400
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11		25,000		24,750

		Principal Amount (c)		Value
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.:
9.25% 4/1/15		$ 35,000		$ 35,525
10.625% 4/1/17		65,000		66,381
Reddy Ice Holdings, Inc. 10.5% 11/1/12 (e)		130,000		99,775
Smithfield Foods, Inc.:
7.75% 7/1/17		170,000		137,275
10% 7/15/14 (f)		380,000		397,100
				1,334,706
Household Products - 0.0%
Central Garden & Pet Co. 9.125% 2/1/13		75,000		75,000
Personal Products - 0.0%
Elizabeth Arden, Inc. 7.75% 1/15/14		40,000		37,600
TOTAL CONSUMER STAPLES				3,735,184
ENERGY - 3.7%
Energy Equipment & Services - 0.0%
Complete Production Services, Inc. 8% 12/15/16		130,000		118,300
Helix Energy Solutions Group, Inc. 9.5% 1/15/16 (f)		240,000		241,200
				359,500
Oil, Gas & Consumable Fuels - 3.7%
Atlas Energy Operating Co. LLC/Financing Corp. 10.75% 2/1/18 (f)		245,000		254,188
Atlas Pipeline Partners LP 8.125% 12/15/15		840,000		663,600
Berry Petroleum Co.:
8.25% 11/1/16		150,000		144,000
10.25% 6/1/14		145,000		152,250
Chaparral Energy, Inc.:
8.5% 12/1/15		300,000		237,000
8.875% 2/1/17		250,000		198,750
Chesapeake Energy Corp.:
6.5% 8/15/17		250,000		228,750
6.875% 11/15/20		1,940,000		1,726,600
7.25% 12/15/18		360,000		340,200
7.5% 9/15/13		40,000		39,800
7.625% 7/15/13		655,000		655,000
9.5% 2/15/15		360,000		378,900
Colorado Interstate Gas Co. 6.8% 11/15/15		260,000		289,132
Concho Resources, Inc. 8.625% 10/1/17		155,000		159,263
Connacher Oil and Gas Ltd. 10.25% 12/15/15 (f)		270,000		220,050
Continental Resources, Inc. 8.25% 10/1/19 (f)		65,000		66,625
Corporate Bonds - continued
		Principal Amount (c)		Value
Nonconvertible Bonds - continued
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Denbury Resources, Inc. 9.75% 3/1/16		$ 105,000		$ 111,300
Drummond Co., Inc. 7.375% 2/15/16 (f)		300,000		258,000
EXCO Resources, Inc. 7.25% 1/15/11		10,000		9,913
Gaz Capital SA (Luxembourg) 6.605% 2/13/18	EUR	50,000		72,409
Harvest Operations Corp. 7.875% 10/15/11		50,000		48,250
InterNorth, Inc. 9.625% 3/16/06 (b)		100,000		60
KazMunaiGaz Finance Sub BV:
8.375% 7/2/13 (f)		400,000		424,000
9.125% 7/2/18 (f)		230,000		249,550
11.75% 1/23/15 (f)		380,000		449,350
Mariner Energy, Inc.:
7.5% 4/15/13		185,000		178,525
8% 5/15/17		305,000		279,838
11.75% 6/30/16		320,000		344,800
Massey Energy Co. 6.875% 12/15/13		560,000		540,400
OPTI Canada, Inc.:
7.875% 12/15/14		555,000		424,575
8.25% 12/15/14		95,000		74,100
Peabody Energy Corp. 7.875% 11/1/26		300,000		285,000
Pemex Project Funding Master Trust 6.625% 6/15/35		170,000		164,209
Petrohawk Energy Corp.:
7.875% 6/1/15		810,000		797,850
9.125% 7/15/13		600,000		616,500
Petroleos de Venezuela SA:
5.25% 4/12/17		4,970,000		3,068,975
5.375% 4/12/27		965,000		463,200
Petroleum Co. of Trinidad & Tobago Ltd. (Reg. S) 6% 5/8/22		200,000		184,000
Petroleum Development Corp. 12% 2/15/18		265,000		261,025
Plains Exploration & Production Co. 10% 3/1/16		645,000		693,375
Quicksilver Resources, Inc. 11.75% 1/1/16		335,000		369,338
Range Resources Corp. 7.375% 7/15/13		100,000		101,000
Ras Laffan Liquid Natural Gas Co. Ltd. III 6.75% 9/30/19 (f)		500,000		560,642
SandRidge Energy, Inc.:
8% 6/1/18 (f)		460,000		441,600
8.625% 4/1/15 pay-in-kind (i)		565,000		559,350
Ship Finance International Ltd. 8.5% 12/15/13		145,000		137,750

		Principal Amount (c)		Value
Southern Star Central Corp. 6.75% 3/1/16		$ 90,000		$ 85,950
Southwestern Energy Co. 7.5% 2/1/18		150,000		152,250
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 11.25% 7/15/17 (f)		290,000		304,500
Targa Resources, Inc./Targa Resources Finance Corp. 8.5% 11/1/13		70,000		65,800
Tennessee Gas Pipeline Co.:
7% 10/15/28		20,000		21,311
7.5% 4/1/17		445,000		498,767
7.625% 4/1/37		50,000		56,817
8% 2/1/16		75,000		85,688
8.375% 6/15/32		40,000		48,024
TNK-BP Finance SA 7.5% 3/13/13 (Reg. S)		975,000		983,531
Venoco, Inc. 8.75% 12/15/11		190,000		191,900
W&T Offshore, Inc. 8.25% 6/15/14 (f)		310,000		280,550
YPF SA 10% 11/2/28		600,000		579,000
				21,277,080
TOTAL ENERGY				21,636,580
FINANCIALS - 5.5%
Capital Markets - 0.2%
3i Group PLC 1.003% 6/8/12 (i)	EUR	50,000		61,163
Credit Suisse Group Finance Guernsey Ltd. 3.625% 1/23/18 (i)	EUR	100,000		141,658
Morgan Stanley 4% 11/17/15	EUR	100,000		140,061
Royal Bank of Scotland PLC 5.375% 9/30/19	EUR	150,000		223,445
Santander Issuances, SA Unipersonal 4.5% 9/30/19 (i)	EUR	100,000		141,767
UBS AG London Branch 6.375% 7/20/16	GBP	150,000		258,929
VTB Capital SA 4.25% 2/15/16	EUR	100,000		142,543
				1,109,566
Commercial Banks - 1.6%
Australia & New Zealand Banking Group Ltd. 5.125% 9/10/19	EUR	100,000		147,216
Banco Comercial Portugues SA 3.75% 10/8/16	EUR	250,000		363,842
Banco Santander SA 3.875% 5/27/14	EUR	100,000		152,007
Barclays Bank PLC 10% 5/21/21	GBP	50,000		101,897
BNP Paribas Public Sector SCF 3.625% 6/16/14	EUR	300,000		450,516
Central American Bank 5.375% 9/24/14 (f)		200,000		199,500
Commonwealth Bank of Australia 5.5% 8/6/19	EUR	350,000		532,144
Credit Agricole SA 5% (i)	GBP	150,000		202,906
Corporate Bonds - continued
		Principal Amount (c)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Commercial Banks - continued
Development Bank of Philippines 8.375% (i)		$ 400,000		$ 402,000
DnB NOR Bank ASA 4.5% 5/29/14	EUR	150,000		229,660
Eurasian Development Bank 7.375% 9/29/14 (f)		445,000		459,463
EXIM of Ukraine 7.65% 9/7/11 (Issued by Credit Suisse London Branch for EXIM Ukraine)		1,375,000		1,223,750
Export-Import Bank of India 0.8813% 6/7/12 (i)	JPY	20,000,000		214,196
HSBK (Europe) B.V. 9.25% 10/16/13 (f)		880,000		864,600
Intesa Sanpaolo SpA 5% 9/23/19	EUR	200,000		294,052
JSC Halyk Bank of Kazakhstan (Reg. S) 8.125% 10/7/09		340,000		338,300
KBC IFIMA NV 4.5% 9/17/14	EUR	150,000		219,671
Rabobank Nederland:
1.046% 7/28/15 (i)	EUR	100,000		141,273
4% 9/10/15	GBP	350,000		557,390
RSHB Capital SA 9% 6/11/14 (f)		115,000		125,776
Santander Finance Preferred SA Unipersonal 7.3% 7/29/19 (i)	GBP	100,000		170,389
Societe Generale SCF 4% 7/7/16	EUR	250,000		377,667
Standard Chartered Bank 5.875% 9/26/17 (Reg. S)	EUR	200,000		302,642
Svenska Handelsbanken AB 5.5% 5/26/16	GBP	150,000		251,236
US Bank NA, Cincinnati 4.375% 2/28/17 (i)	EUR	100,000		135,990
Wachovia Bank NA:
5.25% 8/1/23	GBP	100,000		140,779
6% 5/23/13	EUR	150,000		237,368
Wachovia Corp. 4.375% 8/1/16	EUR	50,000		73,471
Wells Fargo & Co. 7.98% (i)		135,000		122,850
Westpac Banking Corp. 4.25% 9/22/16	EUR	200,000		293,415
Zions Bancorp 7.75% 9/23/14		235,000		210,325
				9,536,291
Consumer Finance - 1.8%
ACE Cash Express, Inc. 10.25% 10/1/14 (f)		80,000		53,700
American Express Credit Corp. 5.375% 10/1/14	GBP	200,000		320,557
Ford Motor Credit Co. LLC:
7% 10/1/13		340,000		319,129
7.25% 10/25/11		790,000		767,255
7.375% 2/1/11		45,000		44,765
7.5% 8/1/12		645,000		622,425

		Principal Amount (c)		Value
8% 6/1/14		$ 335,000		$ 318,230
8% 12/15/16		1,645,000		1,526,175
12% 5/15/15		1,620,000		1,782,000
General Motors Acceptance Corp.:
6.75% 12/1/14		55,000		46,750
8% 11/1/31		490,000		391,735
GMAC LLC:
6% 4/1/11 (f)		91,000		85,313
6.75% 12/1/14 (f)		280,000		238,000
8% 11/1/31 (f)		4,478,000		3,604,790
SLM Corp. 0.973% 12/15/10 (i)	EUR	100,000		129,259
				10,250,083
Diversified Financial Services - 0.9%
Bank of America Corp.:
4% 3/28/18 (i)	EUR	150,000		189,154
6.125% 9/15/21	GBP	150,000		243,444
8% (i)		350,000		308,000
8.125% (i)		480,000		422,400
BAT International Finance PLC 5.375% 6/29/17	EUR	50,000		76,801
CIT Group, Inc.:
0.7044% 2/13/12 (i)		90,000		58,500
5% 2/13/14		250,000		159,695
5% 2/1/15		205,000		130,175
5.125% 9/30/14		115,000		73,600
5.4% 2/13/12		310,000		203,461
5.4% 3/7/13		195,000		125,029
5.4% 1/30/16		110,000		69,345
5.6% 4/27/11		35,000		23,831
5.85% 9/15/16		85,000		53,975
7.625% 11/30/12		340,000		221,446
Cloverie PLC 7.5% 7/24/39 (i)	EUR	50,000		79,977
Dignity Finance PLC:
6.31% 12/31/23 (Reg. S)	GBP	8,332		14,362
8.151% 12/31/30	GBP	30,000		52,104
EnBW International Finance BV 6.125% 7/7/39	EUR	50,000		79,821
FireKeepers Development Authority 13.875% 5/1/15 (f)		100,000		106,250
Global Cash Access LLC/Global Cash Access Finance Corp. 8.75% 3/15/12		238,000		233,240
Imperial Tobacco Finance 8.375% 2/17/16	EUR	210,000		360,571
International Lease Finance Corp. 6.625% 11/15/13		125,000		99,115
Linde Finance BV 6.75% 12/8/15	EUR	100,000		168,918
NCO Group, Inc. 11.875% 11/15/14		120,000		87,600
Red Arrow International Leasing PLC 8.375% 6/30/12	RUB	6,532,605		206,687
SES Global Americas Holdings GP 4.875% 7/9/14	EUR	50,000		76,157
Corporate Bonds - continued
		Principal Amount (c)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Diversified Financial Services - continued
Severn Trent Utilities Finance PLC 5.25% 3/11/16	EUR	150,000		$ 230,195
TMK Capital SA 10% 7/29/11		700,000		690,200
TransCapitalInvest Ltd. 5.381% 6/27/12 (Reg. S)	EUR	50,000		72,678
WaMu Covered Bond Program:
3.875% 9/27/11	EUR	50,000		74,411
4.375% 5/19/14	EUR	50,000		74,270
				5,065,412
Insurance - 0.2%
Eureko BV:
5.125% (i)	EUR	200,000		196,082
7.375% 6/16/14	EUR	180,000		291,054
Mapfre SA 5.921% 7/24/37 (i)	EUR	200,000		240,499
Old Mutual PLC 4.5% 1/18/17 (i)	EUR	100,000		119,844
Society of Lloyd's 5.625% 11/17/24 (i)	EUR	200,000		249,662
				1,097,141
Real Estate Investment Trusts - 0.2%
Rouse Co. 5.375% 11/26/13 (b)		335,000		285,588
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (b)(f)		515,000		443,544
Senior Housing Properties Trust:
7.875% 4/15/15		180,000		171,000
8.625% 1/15/12		280,000		285,600
Ventas Realty LP 6.5% 6/1/16		65,000		62,725
				1,248,457
Real Estate Management & Development - 0.5%
CB Richard Ellis Services, Inc. 11.625% 6/15/17 (f)		425,000		459,000
Hammerson PLC 4.875% 6/19/15	EUR	50,000		67,848
Realogy Corp.:
10.5% 4/15/14		2,950,000		2,138,750
11.75% 4/15/14 pay-in-kind (i)		205,774		120,345
WT Finance (Aust) Pty Ltd./Westfield Europe Finance PLC/WEA Finance 3.625% 6/27/12	EUR	75,000		105,463
				2,891,406
Thrifts & Mortgage Finance - 0.1%
Credit Logement SA:
1.373% (i)	EUR	100,000		105,065
4.604% (i)	EUR	100,000		117,888
Nationwide Building Society 3.375% 8/17/15 (i)	EUR	200,000		274,348
				497,301
TOTAL FINANCIALS				31,695,657

		Principal Amount (c)		Value
HEALTH CARE - 1.2%
Health Care Equipment & Supplies - 0.0%
Biomet, Inc. 10% 10/15/17		$ 15,000		$ 15,938
Invacare Corp. 9.75% 2/15/15		90,000		94,950
				110,888
Health Care Providers & Services - 1.0%
Apria Healthcare Group, Inc. 11.25% 11/1/14 (f)		505,000		545,400
Cardinal Health 409, Inc. 10.25% 4/15/15 pay-in-kind (i)		730,000		599,974
CRC Health Group, Inc. 10.75% 2/1/16		90,000		63,450
DaVita, Inc. 6.625% 3/15/13		340,000		335,750
Fresenius Medical Care Capital Trust IV 7.875% 6/15/11		125,000		127,188
HCA, Inc.:
5.75% 3/15/14		220,000		192,500
6.25% 2/15/13		110,000		105,050
6.375% 1/15/15		75,000		66,188
6.5% 2/15/16		275,000		243,375
6.75% 7/15/13		110,000		105,325
9.125% 11/15/14		465,000		478,950
9.25% 11/15/16		760,000		780,900
IASIS Healthcare LLC/IASIS Capital Corp. 8.75% 6/15/14		90,000		89,775
Rural/Metro Corp. 9.875% 3/15/15		80,000		77,600
Skilled Healthcare Group, Inc. 11% 1/15/14		78,000		80,730
Sun Healthcare Group, Inc. 9.125% 4/15/15		30,000		29,850
Team Finance LLC/Health Finance Corp. 11.25% 12/1/13		650,000		684,125
Tenet Healthcare Corp.:
9.25% 2/1/15		85,000		88,188
9.875% 7/1/14		805,000		813,050
United Surgical Partners International, Inc. 8.875% 5/1/17		55,000		52,250
				5,559,618
Life Sciences Tools & Services - 0.0%
Bio-Rad Laboratories, Inc. 7.5% 8/15/13		70,000		71,750
Pharmaceuticals - 0.2%
Elan Finance PLC/Elan Finance Corp.:
7.75% 11/15/11		65,000		66,138
8.75% 10/15/16 (f)		435,000		429,563
Leiner Health Products, Inc. 11% 6/1/12 (b)		90,000		225
Pfizer, Inc. 5.75% 6/3/21	EUR	200,000		327,538
Corporate Bonds - continued
		Principal Amount (c)		Value
Nonconvertible Bonds - continued
HEALTH CARE - continued
Pharmaceuticals - continued
Roche Holdings, Inc. 6.5% 3/4/21	EUR	100,000		$ 172,942
Schering-Plough Corp. 5.375% 10/1/14	EUR	180,000		284,732
				1,281,138
TOTAL HEALTH CARE				7,023,394
INDUSTRIALS - 2.0%
Aerospace & Defense - 0.1%
Alion Science & Technology Corp. 10.25% 2/1/15		50,000		36,000
DigitalGlobe, Inc. 10.5% 5/1/14 (f)		185,000		197,025
Hexcel Corp. 6.75% 2/1/15		100,000		95,250
Orbimage Holdings, Inc. 12.5% 7/1/12 (i)		100,000		102,500
				430,775
Airlines - 0.3%
American Airlines, Inc. 13% 8/1/16 (f)		355,000		385,175
American Airlines, Inc. pass-thru trust certificates 10.375% 7/2/19		405,000		435,375
Continental Airlines, Inc. pass-thru trust certificates 6.903% 4/19/22		50,000		41,500
Delta Air Lines, Inc.:
7.9% 12/15/09 (a)		750,000		7,500
9.5% 9/15/14 (f)		115,000		114,856
10% 8/15/08 (a)		70,000		700
Delta Air Lines, Inc. pass-thru trust certificates:
6.821% 8/10/22		573,356		530,354
8.021% 8/10/22		294,327		212,651
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		131,587		112,507
8.028% 11/1/17		65,855		52,025
				1,894,481
Building Products - 0.3%
Compagnie de St. Gobain 8.25% 7/28/14	EUR	100,000		170,300
Nortek, Inc.:
8.5% 9/1/14		730,000		503,700
10% 12/1/13		750,000		765,000

		Principal Amount (c)		Value
NTK Holdings, Inc. 10.75% 3/1/14		$ 455,000		$ 12,513
Voto-Votorantim Overseas Trading Operations V Ltd. 6.625% 9/25/19 (f)		220,000		218,900
				1,670,413
Commercial Services & Supplies - 0.3%
ACCO Brands Corp. 10.625% 3/15/15 (f)		45,000		47,025
ALH Finance LLC/ALH Finance Corp. 8.5% 1/15/13		10,000		9,500
Browning-Ferris Industries, Inc. 9.25% 5/1/21		100,000		122,495
Casella Waste Systems, Inc. 11% 7/15/14 (f)		105,000		110,250
Cenveo Corp. 10.5% 8/15/16 (f)		175,000		164,500
GeoEye, Inc. 9.625% 10/1/15 (f)		75,000		75,938
International Lease Financial Corp. 5% 9/15/12		185,000		148,459
Iron Mountain, Inc.:
6.625% 1/1/16		480,000		463,200
7.75% 1/15/15		180,000		181,350
West Corp. 9.5% 10/15/14		475,000		463,125
				1,785,842
Construction & Engineering - 0.1%
Blount, Inc. 8.875% 8/1/12		50,000		50,875
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17 (f)		645,000		691,763
				742,638
Electrical Equipment - 0.1%
Areva SA 4.875% 9/23/24	EUR	100,000		147,962
Coleman Cable, Inc. 9.875% 10/1/12		60,000		57,000
General Cable Corp. 7.125% 4/1/17		40,000		38,100
Sensus Metering Systems, Inc. 8.625% 12/15/13		60,000		61,200
				304,262
Industrial Conglomerates - 0.2%
Hutchison Whampoa Finance 06 Ltd. 4.625% 9/21/16	EUR	200,000		288,981
Sequa Corp.:
11.75% 12/1/15 (f)		685,000		537,725
13.5% 12/1/15 pay-in-kind (f)		271,521		201,944
Siemens Financieringsmaatschappij NV 6.125% 9/14/66 (i)	GBP	50,000		74,667
				1,103,317
Machinery - 0.1%
Chart Industries, Inc. 9.125% 10/15/15		60,000		58,800
Terex Corp. 10.875% 6/1/16		330,000		358,050
				416,850
Corporate Bonds - continued
		Principal Amount (c)		Value
Nonconvertible Bonds - continued
INDUSTRIALS - continued
Marine - 0.1%
Navios Maritime Holdings, Inc. 9.5% 12/15/14		$ 785,000		$ 741,825
Ultrapetrol (Bahamas) Ltd. 9% 11/24/14		95,000		83,125
US Shipping Partners LP 13% 8/15/14 (b)		170,000		221
				825,171
Road & Rail - 0.3%
Kansas City Southern de Mexico, SA de CV:
7.375% 6/1/14		100,000		93,250
7.625% 12/1/13		100,000		95,000
12.5% 4/1/16 (f)		555,000		618,825
Swift Transportation Co., Inc. 12.5% 5/15/17 (f)		90,000		67,950
TFM SA de CV 9.375% 5/1/12		670,000		676,700
				1,551,725
Trading Companies & Distributors - 0.1%
Glencore Finance (Europe) SA 7.125% 4/23/15	EUR	100,000		149,036
Penhall International Corp. 12% 8/1/14 (f)		80,000		32,000
VWR Funding, Inc. 11.25% 7/15/15 pay-in-kind (e)		613,000		549,018
				730,054
TOTAL INDUSTRIALS				11,455,528
INFORMATION TECHNOLOGY - 1.9%
Communications Equipment - 0.5%
Hughes Network System LLC/HNS Finance Corp. 9.5% 4/15/14		320,000		321,600
Lucent Technologies, Inc.:
6.45% 3/15/29		1,620,000		1,233,225
6.5% 1/15/28		400,000		304,500
Nortel Networks Corp.:
9.0025% 7/15/11 (b)(i)		190,000		107,350
10.125% 7/15/13 (b)		190,000		109,250
10.75% 7/15/16 (b)		1,015,000		583,625
				2,659,550
Computers & Peripherals - 0.0%
Seagate Technology International 10% 5/1/14 (f)		95,000		102,838
IT Services - 0.2%
Ceridian Corp.:
11.25% 11/15/15		525,000		471,188
12.25% 11/15/15 pay-in-kind (i)		55,000		46,200

		Principal Amount (c)		Value
SunGard Data Systems, Inc. 9.125% 8/15/13		$ 260,000		$ 265,200
Unisys Corp.:
12.5% 1/15/16		210,000		181,650
12.75% 10/15/14 (f)		32,000		33,920
14.25% 9/15/15 (f)		26,000		26,780
				1,024,938
Semiconductors & Semiconductor Equipment - 1.2%
Amkor Technology, Inc.:
7.125% 3/15/11		10,000		10,050
7.75% 5/15/13		65,000		64,675
9.25% 6/1/16		505,000		516,363
Avago Technologies Finance Ltd.:
5.8606% 6/1/13 (i)		44,000		43,120
10.125% 12/1/13		695,000		731,488
11.875% 12/1/15		505,000		550,450
Freescale Semiconductor, Inc.:
8.875% 12/15/14		1,815,000		1,388,475
9.875% 12/15/14 pay-in-kind (i)		1,626,531		1,074,120
MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co. 4.57% 12/15/11 (b)(i)		40,000		24
New ASAT Finance Ltd. 9.25% 2/1/11 (b)		105,000		131
NXP BV:
3.2594% 10/15/13 (i)		1,180,000		849,600
7.875% 10/15/14		1,038,000		814,830
9.5% 10/15/15		1,100,000		731,500
Spansion LLC 11.25% 1/15/16 (b)(f)		255,000		257,550
Viasystems, Inc. 10.5% 1/15/11		140,000		138,075
				7,170,451
Software - 0.0%
Open Solutions, Inc. 9.75% 2/1/15 (f)		50,000		34,500
TOTAL INFORMATION TECHNOLOGY				10,992,277
MATERIALS - 3.4%
Chemicals - 0.6%
Ashland, Inc. 9.125% 6/1/17 (f)		160,000		171,200
Chemtura Corp. 6.875% 6/1/16 (b)		85,000		89,250
JohnsonDiversey Holdings, Inc. 10.67% 5/15/13		235,000		223,250
MacDermid, Inc. 9.5% 4/15/17 (f)		40,000		36,800
Momentive Performance Materials, Inc.:
9.75% 12/1/14		1,200,000		930,000
10.875% 12/1/14 pay-in-kind (i)		1,005,772		697,147
11.5% 12/1/16		1,255,000		822,025
Corporate Bonds - continued
		Principal Amount (c)		Value
Nonconvertible Bonds - continued
MATERIALS - continued
Chemicals - continued
NOVA Chemicals Corp.:
4.5375% 11/15/13 (i)		$ 105,000		$ 92,138
6.5% 1/15/12		375,000		368,438
Sterling Chemicals, Inc. 10.25% 4/1/15		90,000		85,500
Tronox Worldwide LLC/Tronox Worldwide Finance Corp. 9.5% 12/1/12 (b)		95,000		36,575
				3,552,323
Construction Materials - 0.1%
Lafarge SA 8.75% 5/30/17	GBP	200,000		355,141
SOV Housing Capital PLC 5.705% 9/10/39	GBP	100,000		164,324
				519,465
Containers & Packaging - 0.8%
AEP Industries, Inc. 7.875% 3/15/13		40,000		38,400
Berry Plastics Holding Corp.:
4.174% 9/15/14 (i)		45,000		34,650
8.875% 9/15/14		1,255,000		1,185,975
10.25% 3/1/16		820,000		697,000
Cellu Tissue Holdings, Inc. 11.5% 6/1/14		230,000		243,800
Crown Cork & Seal, Inc.:
7.375% 12/15/26		1,210,000		1,067,825
7.5% 12/15/96		160,000		120,800
8% 4/15/23		235,000		224,425
Jefferson Smurfit Corp. U.S. 8.25% 10/1/12 (b)		85,000		60,562
Rexam PLC 4.375% 3/15/13	EUR	100,000		146,080
Smurfit-Stone Container Enterprises, Inc. 8% 3/15/17 (b)		220,000		156,200
Vitro SAB de CV:
8.625% 2/1/12 (b)		1,610,000		776,825
9.125% 2/1/17 (b)		120,000		57,900
				4,810,442
Metals & Mining - 1.7%
Aleris International, Inc. 9% 12/15/14 pay-in-kind (b)(i)		150,000		150
ArcelorMittal SA 8.25% 6/3/13	EUR	50,000		80,819
CSN Islands VIII Corp. 9.75% 12/16/13 (f)		315,000		371,700
CSN Islands XI Corp. 6.875% 9/21/19 (f)		215,000		215,968
Evraz Group SA 8.875% 4/24/13 (f)		685,000		661,881
FMG Finance Property Ltd.:
10% 9/1/13 (f)		295,000		311,225
10.625% 9/1/16 (f)		1,717,000		1,854,360

		Principal Amount (c)		Value
Freeport-McMoRan Copper & Gold, Inc.:
8.25% 4/1/15		$ 510,000		$ 541,238
8.375% 4/1/17		2,570,000		2,746,688
International Steel Group, Inc. 6.5% 4/15/14		445,000		463,913
Ispat Inland ULC 9.75% 4/1/14		20,000		20,950
Novelis, Inc. 11.5% 2/15/15 (f)		80,000		81,600
RathGibson, Inc. 11.25% 2/15/14 (b)		305,000		112,850
Steel Dynamics, Inc.:
6.75% 4/1/15		290,000		276,950
7.375% 11/1/12		60,000		60,000
8.25% 4/15/16 (e)(f)		60,000		59,700
Teck Resources Ltd.:
9.75% 5/15/14		405,000		444,488
10.25% 5/15/16		515,000		579,375
10.75% 5/15/19		600,000		696,000
				9,579,855
Paper & Forest Products - 0.2%
Glatfelter 7.125% 5/1/16		40,000		37,600
NewPage Corp.:
6.7331% 5/1/12 (i)		90,000		54,900
11.375% 12/31/14 (f)		345,000		339,825
Solo Cup Co. 8.5% 2/15/14		135,000		128,925
Stone Container Corp. 8.375% 7/1/12 (b)		220,000		157,025
Verso Paper Holdings LLC/ Verso Paper, Inc. 11.5% 7/1/14 (f)		250,000		260,000
				978,275
TOTAL MATERIALS				19,440,360
TELECOMMUNICATION SERVICES - 6.1%
Diversified Telecommunication Services - 3.6%
Alestra SA de RL de CV 11.75% 8/11/14 (f)		250,000		275,625
Citizens Communications Co.:
7.875% 1/15/27		280,000		253,400
9% 8/15/31		220,000		215,600
Deutsche Telekom International Financial BV 7.5% 1/24/33	EUR	120,000		214,436
Global Crossing Ltd. 12% 9/15/15 (f)		1,010,000		1,055,450
Global Village Telecom Finance LLC 12% 6/30/11 (f)		581,750		596,294
Intelsat Bermuda Ltd. 12.5% 2/4/17 pay-in-kind (e)(f)		2,825,493		2,581,598
Intelsat Corp.:
9.25% 8/15/14		315,000		322,875
9.25% 6/15/16		560,000		576,800
Intelsat Ltd. 11.25% 6/15/16		1,680,000		1,801,800
Koninklijke KPN NV 5.625% 9/30/24	EUR	200,000		298,736
Corporate Bonds - continued
		Principal Amount (c)		Value
Nonconvertible Bonds - continued
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Nordic Telephone Co. Holdings ApS 8.875% 5/1/16 (f)		$ 285,000		$ 294,975
Qwest Communications International, Inc.:
7.5% 2/15/14		480,000		474,000
7.5% 2/15/14		110,000		108,625
Qwest Corp. 8.375% 5/1/16 (f)		550,000		566,500
Sistema Capital SA 8.875% 1/28/11 (Reg. S)		395,000		406,850
Sprint Capital Corp.:
6.875% 11/15/28		3,602,000		3,007,670
6.9% 5/1/19		375,000		335,625
8.75% 3/15/32		2,740,000		2,589,300
Telecom Egypt SAE 11.2% 2/4/10 (i)	EGP	39,260		6,779
Telecom Italia SpA 7.375% 12/15/17	GBP	200,000		349,583
Telefonica Emisiones SAU 5.496% 4/1/16	EUR	150,000		237,092
U.S. West Communications:
7.25% 9/15/25		35,000		29,925
7.25% 10/15/35		70,000		56,000
7.5% 6/15/23		30,000		25,950
Wind Acquisition Finance SA:
10.75% 12/1/15 (f)		1,135,000		1,231,475
11.75% 7/15/17 (f)		2,780,000		3,127,500
				21,040,463
Wireless Telecommunication Services - 2.5%
Centennial Communications Corp./Centennial Cellular Operating Co. LLC/Centennial Puerto Rico Operations Corp. 8.125% 2/1/14		200,000		203,000
Cricket Communications, Inc.:
9.375% 11/1/14		234,000		237,510
10% 7/15/15		135,000		139,050
Digicel Group Ltd.:
8.875% 1/15/15 (f)		1,575,000		1,468,688
9.125% 1/15/15 pay-in-kind (f)(i)		200,000		187,500
9.25% 9/1/12 (f)		620,000		629,300
12% 4/1/14 (f)		1,145,000		1,276,675
Intelsat Jackson Holdings Ltd.:
9.5% 6/15/16		1,215,000		1,275,750
11.5% 6/15/16		560,000		596,400
Intelsat Subsidiary Holding Co. Ltd.:
8.5% 1/15/13		1,430,000		1,447,875
8.875% 1/15/15		760,000		773,300
Millicom International Cellular SA 10% 12/1/13		610,000		632,875

		Principal Amount (c)		Value
Mobile Telesystems Finance SA 8% 1/28/12 (f)		$ 560,000		$ 583,800
Nextel Communications, Inc.:
5.95% 3/15/14		460,000		407,100
7.375% 8/1/15		335,000		300,663
NII Capital Corp. 10% 8/15/16 (f)		1,120,000		1,162,000
Orascom Telecom Finance SCA 7.875% 2/8/14 (f)		200,000		191,000
Pakistan Mobile Communications Ltd. 8.625% 11/13/13 (f)		850,000		739,500
Sprint Nextel Corp. 6% 12/1/16		420,000		374,850
Telecom Personal SA 9.25% 12/22/10 (f)		620,000		641,700
Vimpel Communications 8.375% 4/30/13 (Issued by VIP Finance Ireland Ltd. for Vimpel Communications) (f)		830,000		865,275
				14,133,811
TOTAL TELECOMMUNICATION SERVICES				35,174,274
UTILITIES - 1.8%
Electric Utilities - 0.5%
Edison Mission Energy:
7.5% 6/15/13		275,000		256,438
7.75% 6/15/16		70,000		60,900
Enel Finance International SA:
5% 9/14/22	EUR	100,000		146,390
5.75% 9/14/40	GBP	100,000		160,059
Intergen NV 9% 6/30/17 (f)		450,000		463,500
Majapahit Holding BV:
7.75% 10/17/16		325,000		343,688
8% 8/7/19 (f)		165,000		176,798
National Power Corp. 6.875% 11/2/16 (f)		400,000		418,000
Texas Competitive Electric Holdings Co. LLC/ Texas Competitive Electric Holdings Finance, Inc.:
Series A, 10.25% 11/1/15		530,000		382,925
Series B, 10.25% 11/1/15		170,000		120,700
11.25% 11/1/16 pay-in-kind		116,187		75,179
				2,604,577
Gas Utilities - 0.5%
Bord Gais Eireann 5.75% 6/16/14	EUR	100,000		155,745
Intergas Finance BV:
6.375% 5/14/17 (Reg. S)		525,000		493,500
6.875% 11/4/11 (Reg. S)		1,020,000		1,030,200
Southern Gas Networks PLC Class A1, 1.194% 10/21/10 (i)	EUR	100,000		142,976
Southern Natural Gas Co.:
7.35% 2/15/31		190,000		205,055
8% 3/1/32		410,000		484,782
Transportadora de Gas del Sur SA 7.875% 5/14/17 (f)		690,000		589,950
				3,102,208
Corporate Bonds - continued
		Principal Amount (c)		Value
Nonconvertible Bonds - continued
UTILITIES - continued
Independent Power Producers & Energy Traders - 0.4%
Energy Future Holdings:
10.875% 11/1/17		$ 1,942,000		$ 1,475,920
12% 11/1/17 pay-in-kind (i)		392,200		242,772
Enron Corp. 7.625% 9/10/04 (b)		400,000		0
RRI Energy, Inc.:
7.625% 6/15/14		245,000		240,406
7.875% 6/15/17		175,000		170,844
Tenaska Alabama Partners LP 7% 6/30/21 (f)		85,348		76,814
				2,206,756
Multi-Utilities - 0.3%
Aquila, Inc. 11.875% 7/1/12 (i)		120,000		138,572
Centrica PLC 6.375% 3/10/22	GBP	100,000		173,164
NiSource Finance Corp. 10.75% 3/15/16		1,159,000		1,362,639
Utilicorp United, Inc. 7.95% 2/1/11 (e)		3,000		3,195
Veolia Environnement 4.375% 12/11/20	EUR	100,000		139,201
				1,816,771
Water Utilities - 0.1%
South East Water Ltd. Class 2A, 5.5834% 3/29/29	GBP	165,000		255,774
Thames Water Utilities Cayman Finance Ltd. 6.125% 2/4/13	EUR	250,000		393,445
				649,219
TOTAL UTILITIES				10,379,531
TOTAL NONCONVERTIBLE BONDS				185,513,999
TOTAL CORPORATE BONDS (Cost $184,136,380)			188,939,462
U.S. Government and Government Agency Obligations - 24.5%

U.S. Government Agency Obligations - 4.6%
Fannie Mae:
1.75% 8/10/12		3,488,000		3,503,895
2% 1/9/12		1,349,000		1,372,191
2.5% 5/15/14		1,539,000		1,535,663
2.75% 3/13/14		760,000		771,735
3.25% 4/9/13		100,000		105,117
6% 5/15/11		380,000		411,436
Federal Home Loan Bank:
1.625% 7/27/11		2,800,000		2,832,105
1.625% 9/26/12		500,000		498,733
3.625% 10/18/13		3,865,000		4,071,028

		Principal Amount (c)		Value
Freddie Mac:
1.75% 6/15/12		$ 5,283,000		$ 5,311,066
2.125% 3/23/12		250,000		254,631
2.125% 9/21/12		2,000,000		2,025,492
2.5% 4/23/14		680,000		681,158
3.75% 6/28/13		50,000		53,052
3.75% 3/27/19		30,000		30,015
5% 2/16/17		700,000		773,281
5.125% 11/17/17		985,000		1,094,415
5.5% 8/23/17		700,000		796,837
Tennessee Valley Authority 5.25% 9/15/39		400,000		422,049
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS				26,543,899
U.S. Treasury Inflation Protected Obligations - 0.7%
U.S. Treasury Inflation-Indexed Bonds 2.5% 1/15/29		1,309,032		1,410,608
U.S. Treasury Inflation-Indexed Notes:
1.375% 7/15/18		805,959		800,632
1.875% 7/15/19		2,208,922		2,279,538

TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS

4,490,778

U.S. Treasury Obligations - 17.7%
U.S. Treasury Bonds:
3.5% 2/15/39		4,030,000		3,650,930
4.25% 5/15/39		3,968,000		4,105,019
4.375% 2/15/38		675,000		711,071
4.5% 5/15/38		480,000		516,525
4.5% 8/15/39		2,000,000		2,156,250
4.75% 2/15/37		250,000		278,945
6.25% 8/15/23		3,961,000		4,964,868
7.5% 11/15/16		2,155,000		2,778,099
7.5% 11/15/24		780,000		1,097,728
7.875% 2/15/21		200,000		278,812
8.75% 5/15/20		922,000		1,347,560
U.S. Treasury Notes:
0.875% 3/31/11		1,480,000		1,484,971
1% 9/30/11		15,494,000		15,506,070
1.125% 1/15/12		2,000,000		2,000,000
1.25% 11/30/10		1,015,000		1,023,960
1.375% 9/15/12		100,000		99,828
1.5% 12/31/13		409,000		400,469
1.75% 11/15/11		102,000		103,538
1.875% 6/15/12		128,000		130,000
1.875% 2/28/14		15,000		14,870
1.875% 4/30/14		2,678,000		2,646,199
2% 11/30/13		442,000		442,621
2.25% 5/31/14		3,295,000		3,305,040
2.375% 8/31/14		2,750,000		2,760,313
2.5% 3/31/13		866,000		890,965
U.S. Government and Government Agency Obligations - continued
		Principal Amount (c)		Value
U.S. Treasury Obligations - continued
U.S. Treasury Notes: - continued
2.625% 6/30/14		$ 4,500,000		$ 4,580,154
2.625% 7/31/14		2,200,000		2,236,782
2.625% 4/30/16		2,935,000		2,896,936
2.75% 7/31/10		606,000		618,002
2.75% 2/28/13		5,774,000		5,994,584
2.75% 2/15/19		2,778,000		2,651,037
3% 8/31/16		5,546,000		5,578,932
3% 9/30/16		3,172,000		3,184,637
3.125% 8/31/13		1,375,000		1,441,065
3.125% 9/30/13		1,291,000		1,352,827
3.125% 5/15/19		2,513,000		2,472,752
3.375% 6/30/13		734,000		776,951
3.625% 5/15/13		1,050,000		1,120,137
3.625% 8/15/19		1,755,000		1,801,343
3.75% 11/15/18		328,000		339,403
3.875% 10/31/12		2,531,000		2,717,069
3.875% 5/15/18		268,000		280,877
4.25% 11/15/17		1,975,000		2,128,063
4.5% 2/28/11		3,500,000		3,691,408
4.5% 5/15/17		1,172,000		1,286,361
4.625% 7/31/12		180,000		196,538
5.125% 5/15/16		1,865,000		2,127,266
TOTAL U.S. TREASURY OBLIGATIONS				102,167,775
Other Government Related - 1.5%
Bank of America Corp. 2.1% 4/30/12 (FDIC Guaranteed) (g)		200,000		202,806
Citibank NA:
1.5% 7/12/11 (FDIC Guaranteed) (g)		330,000		332,123
1.875% 5/7/12 (FDIC Guaranteed) (g)		1,350,000		1,358,940
Citigroup Funding, Inc.:
1.875% 11/15/12 (FDIC Guaranteed) (g)		525,000		525,000
2% 3/30/12 (FDIC Guaranteed) (g)		250,000		252,740
2.125% 7/12/12 (FDIC Guaranteed) (g)		172,000		173,899
General Electric Capital Corp.:
1.8% 3/11/11 (FDIC Guaranteed) (g)		600,000		607,453
2% 9/28/12 (FDIC Guaranteed) (g)		1,693,000		1,702,435
2.625% 12/28/12 (FDIC Guaranteed) (g)		384,000		393,428

		Principal Amount (c)		Value
JPMorgan Chase & Co. 1.902% 12/26/12 (FDIC Guaranteed) (g)		$ 1,000,000		$ 1,013,383
Morgan Stanley 3.25% 12/1/11 (FDIC Guaranteed) (g)		1,898,000		1,974,451
TOTAL OTHER GOVERNMENT RELATED				8,536,658
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $139,336,617)			141,739,110
U.S. Government Agency - Mortgage Securities - 2.7%

Fannie Mae - 1.8%
3.205% 9/1/33 (i)		55,875		56,949
3.321% 9/1/34 (i)		55,335		56,976
3.34% 11/1/35 (i)		56,619		58,016
3.615% 7/1/35 (i)		38,458		39,369
3.995% 10/1/34 (i)		79,211		80,952
4% 9/1/13		25,196		25,829
4.051% 11/1/36 (i)		9,718		10,064
4.106% 3/1/35 (i)		1,345,996		1,393,740
4.216% 8/1/35 (i)		98,632		103,373
4.224% 4/1/35 (i)		67,677		70,184
4.27% 1/1/35 (i)		29,750		30,648
4.29% 6/1/36 (i)		7,668		7,957
4.344% 3/1/34 (i)		38,616		39,690
4.4% 2/1/35 (i)		175,307		182,112
4.411% 11/1/36 (i)		25,370		26,357
4.428% 10/1/35 (i)		11,587		11,881
4.539% 11/1/33 (i)		10,740		11,263
4.597% 7/1/35 (i)		102,084		105,787
4.639% 7/1/35 (i)		28,692		29,719
4.649% 11/1/35 (i)		167,102		172,281
4.651% 4/1/36 (i)		37,422		39,154
4.717% 11/1/35 (i)		51,620		53,897
4.726% 9/1/35 (i)		100,099		104,198
4.741% 2/1/35 (i)		292,125		298,921
4.781% 7/1/35 (i)		35,166		36,273
4.785% 3/1/33 (i)		19,325		19,946
4.897% 2/1/36 (i)		119,863		124,406
4.97% 12/1/32 (i)		36,422		37,312
4.996% 2/1/34 (i)		53,555		55,687
5% 6/1/14		7,462		7,841
5% 10/1/24 (h)		100,000		104,843
5.006% 10/1/35 (i)		188,499		195,041
5.019% 5/1/35 (i)		88,071		90,538
5.125% 10/1/35 (i)		552,625		572,292
5.128% 7/1/35 (i)		64,659		66,289
5.181% 6/1/35 (i)		638,603		658,791
5.261% 5/1/35 (i)		36,589		38,736
5.27% 2/1/37 (i)		193,387		200,176
5.302% 9/1/36 (i)		47,071		48,895
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount (c)		Value
Fannie Mae - continued
5.313% 3/1/36 (i)		$ 267,945		$ 281,608
5.338% 2/1/37 (i)		119,157		122,978
5.498% 6/1/47 (i)		20,604		21,310
5.5% 4/1/16		18,467		19,093
5.5% 10/19/24 (h)		300,000		317,167
5.5% 10/19/24 (h)		1,500,000		1,585,834
5.608% 4/1/36 (i)		107,526		113,304
5.633% 2/1/36 (i)		26,665		27,692
5.788% 3/1/36 (i)		209,786		220,419
5.844% 6/1/35 (i)		86,412		91,515
5.862% 5/1/36 (i)		27,265		28,879
6% 5/1/12 to 6/1/23		1,815,629		1,944,898
6% 4/1/36 (i)		394,764		413,806
6.22% 3/1/37 (i)		16,955		17,993
6.5% 4/1/12 to 9/1/32		196,312		211,514
TOTAL FANNIE MAE				10,684,393
Freddie Mac - 0.9%
2.853% 7/1/33 (i)		62,039		63,541
2.872% 6/1/33 (i)		35,881		36,538
2.997% 5/1/35 (i)		77,226		79,099
3.374% 7/1/35 (i)		46,297		47,768
3.752% 9/1/36 (i)		29,952		30,784
3.819% 12/1/33 (i)		73,586		75,408
4.084% 4/1/35 (i)		95,263		99,147
4.46% 10/1/35 (i)		50,730		52,405
4.477% 4/1/34 (i)		506,839		526,123
4.5% 8/1/33		28,857		29,453
4.746% 1/1/35 (i)		95,331		98,878
4.746% 3/1/35 (i)		28,261		28,742
4.79% 2/1/36 (i)		10,996		11,517
4.971% 10/1/36 (i)		48,777		51,063
5.027% 4/1/35 (i)		101,824		106,370
5.034% 4/1/35 (i)		3,519		3,698
5.1% 4/1/35 (i)		526,295		541,115
5.109% 7/1/35 (i)		25,442		26,397
5.297% 9/1/35 (i)		28,205		29,451
5.446% 3/1/37 (i)		17,263		17,769
5.479% 4/1/37 (i)		18,051		18,645
5.5% 8/1/14 to 2/1/19		327,010		348,077
5.524% 1/1/36 (i)		31,614		33,079
5.589% 3/1/36 (i)		163,652		172,028
5.684% 10/1/35 (i)		11,723		12,415
5.687% 1/1/36 (i)		15,559		16,253
5.736% 5/1/37 (i)		210,006		218,540
5.737% 5/1/37 (i)		33,706		34,776
5.768% 3/1/37 (i)		83,751		85,001
5.769% 4/1/37 (i)		93,147		95,939
5.777% 5/1/37 (i)		113,374		117,745
5.82% 7/1/36 (i)		585,040		610,311

		Principal Amount (c)		Value
5.823% 6/1/37 (i)		$ 70,515		$ 73,749
5.847% 5/1/37 (i)		15,508		16,050
5.954% 6/1/37 (i)		17,436		18,461
6% 10/1/16 to 2/1/19		336,094		361,224
6.04% 12/1/36 (i)		198,125		203,542
6.085% 6/1/36 (i)		57,431		60,187
6.151% 1/1/37 (i)		66,714		70,576
6.19% 2/1/37 (i)		23,115		24,043
6.237% 7/1/36 (i)		31,093		32,676
6.42% 6/1/37 (i)		9,804		10,404
6.5% 12/1/14 to 3/1/22		301,554		323,106
6.661% 8/1/37 (i)		60,794		64,517
7.347% 4/1/37 (i)		4,357		4,624
TOTAL FREDDIE MAC				4,981,234
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $15,321,125)			15,665,627
Asset-Backed Securities - 0.1%

Smile Synthetic BV Series 2005 Class C, 1.339% 1/20/15 (i)	EUR	65,328		66,499
Tesco Property Finance 2 PLC 6.0517% 10/13/39	GBP	250,000		408,052
VCL No. 11 Ltd. Class A, 1.529% 8/21/15 (i)	EUR	100,000		146,550
Volkswagen Car Lease Series 9 Class B, 0.581% 4/21/12 (Reg. S) (i)	EUR	8,552		12,317
TOTAL ASSET-BACKED SECURITIES (Cost $663,086)			633,418
Collateralized Mortgage Obligations - 0.7%

Private Sponsor - 0.0%
Arkle Master Issuer PLC floater Series 2006-1X Class 5M1, 1.143% 2/17/52 (i)	EUR	50,000		53,911
Fosse Master Issuer PLC floater Series 2007-1X Class M3, 1.319% 10/18/54 (i)	EUR	50,000		69,179
Gracechurch Mortgage Financing PLC Series 2007-1X Class 2D2, 1.259% 11/20/56 (i)	EUR	50,000		64,902
TOTAL PRIVATE SPONSOR				187,992
U.S. Government Agency - 0.7%
Fannie Mae floater Series 2007-95 Class A1, 0.4963% 8/27/36 (i)		278,652		259,146
Fannie Mae subordinate REMIC pass-thru certificates:
planned amortization class:
Series 2002-9 Class PC, 6% 3/25/17		8,279		8,854
Collateralized Mortgage Obligations - continued
		Principal Amount (c)		Value
U.S. Government Agency - continued
Fannie Mae subordinate REMIC pass-thru certificates: - continued
Series 2003-113 Class PE, 4% 11/25/18		$ 80,000		$ 82,155
Series 2003-70 Class BJ, 5% 7/25/33		45,000		47,281
Series 2003-85 Class GD, 4.5% 9/25/18		175,000		184,060
Series 2004-80 Class LD, 4% 1/25/19		100,000		103,881
Series 2004-81:
Class KC, 4.5% 4/25/17		59,319		61,434
Class KD, 4.5% 7/25/18		165,000		173,627
Series 2005-52 Class PB, 6.5% 12/25/34		138,994		149,436
sequential payer:
Series 2002-57 Class BD, 5.5% 9/25/17		32,726		35,199
Series 2004-95 Class AN, 5.5% 1/25/25		89,251		95,274
Series 2005-117, Class JN, 4.5% 1/25/36		40,000		40,342
Series 2006-72 Class CY, 6% 8/25/26		145,000		158,484
Freddie Mac planned amortization class:
Series 2101 Class PD, 6% 11/15/28		18,058		19,207
Series 2115 Class PE, 6% 1/15/14		4,722		4,989
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2577 Class FW, 0.7434% 1/15/30 (i)		143,516		143,822
Series 2630 Class FL, 0.7434% 6/15/18 (i)		4,163		4,162
Series 2861 Class GF, 0.5434% 1/15/21 (i)		47,515		47,527
planned amortization class:
Series 2376 Class JE, 5.5% 11/15/16		34,880		37,074
Series 2381 Class OG, 5.5% 11/15/16		25,350		27,351
Series 2425 Class JH, 6% 3/15/17		44,716		48,105
Series 2628 Class OE, 4.5% 6/15/18		95,000		101,150
Series 2695 Class DG, 4% 10/15/18		220,000		226,583
Series 2831 Class PB, 5% 7/15/19		200,000		214,039

		Principal Amount (c)		Value
Series 2866 Class XE, 4% 12/15/18		$ 250,000		$ 260,203
Series 2996 Class MK, 5.5% 6/15/35		32,434		34,548
sequential payer:
Series 2303 Class ZV, 6% 4/15/31		45,713		48,817
Series 2570 Class CU, 4.5% 7/15/17		9,899		10,245
Series 2572 Class HK, 4% 2/15/17		12,670		12,971
Series 2617 Class GW, 3.5% 6/15/16		936		934
Series 2860 Class CP, 4% 10/15/17		11,809		12,076
Series 2715 Class NG, 4.5% 12/15/18		1,000,000		1,063,708
Series 2863 Class DB, 4% 9/15/14		10,063		10,325
Series 2975 Class NA, 5% 7/15/23		14,543		14,543
TOTAL U.S. GOVERNMENT AGENCY				3,741,552
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,698,265)			3,929,544
Commercial Mortgage Securities - 0.0%

Enterprise Inns PLC 6.5% 12/6/18	GBP	65,000		82,482
London & Regional Debt Securitisation No. 1 PLC Class A, 1.2021% 10/15/14 (i)	GBP	50,000		63,666
Skyline BV floater Series 2007-1 Class B, 1.194% 7/22/43 (i)	EUR	100,000		98,729
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $311,475)			244,877
Foreign Government and Government Agency Obligations - 20.4%

Argentine Republic:
discount (with partial capitalization through 12/31/13) 8.28% 12/31/33		820,829		554,060
par 2.5% 12/31/38 (e)		480,000		160,800
7% 3/28/11		8,285,000		7,526,462
7% 9/12/13		5,830,000		4,542,866
Barbados Government 7.25% 12/15/21 (f)		100,000		101,250
Brazilian Federative Republic:
6% 9/15/13		133,333		138,667
8% 1/15/18		94,444		109,319
8.25% 1/20/34		270,000		356,400
8.75% 2/4/25		235,000		311,375
12.25% 3/6/30		300,000		528,000
Foreign Government and Government Agency Obligations - continued
		Principal Amount (c)		Value
Brazilian Federative Republic: - continued
12.75% 1/15/20		$ 85,000		$ 137,700
Canadian Government:
3% 6/1/14	CAD	6,000,000		5,738,085
3.75% 9/1/11	CAD	2,350,000		2,298,170
4% 6/1/16	CAD	4,475,000		4,478,344
5% 6/1/37	CAD	1,700,000		1,900,411
Central Bank of Nigeria promissory note 5.092% 1/5/10		16,113		8,148
Colombian Republic 7.375% 9/18/37		405,000		457,650
Congo Republic 3% 6/30/29 (e)		375,250		183,873
Democratic Socialist Republic of Sri Lanka 8.25% 10/24/12 (f)		465,000		471,975
Dominican Republic:
2.125% 8/30/24 (i)		325,000		243,750
9.04% 1/23/18 (f)		609,881		646,474
9.5% 9/27/11 (Reg. S)		566,489		589,149
Ecuador Republic 5% 2/28/25		76,000		42,248
El Salvador Republic:
7.65% 6/15/35 (Reg. S)		190,000		190,000
7.75% 1/24/23 (Reg. S)		125,000		134,688
8.25% 4/10/32 (Reg. S)		90,000		95,850
8.5% 7/25/11 (Reg. S)		115,000		121,900
French Republic 3.75% 10/25/19	EUR	1,900,000		2,830,237
Gabonese Republic 8.2% 12/12/17 (f)		730,000		753,725
Georgia Republic 7.5% 4/15/13		400,000		397,000
German Federal Republic:
1.25% 9/16/11	EUR	250,000		365,712
3% 3/12/10	EUR	2,800,000		4,141,736
3.5% 7/4/19	EUR	5,090,000		7,618,984
4.25% 7/4/14	EUR	2,880,000		4,561,647
4.75% 7/4/40	EUR	2,740,000		4,568,559
Ghana Republic 8.5% 10/4/17 (f)		635,000		638,175
Greek Government:
4.6% 9/20/40	EUR	205,000		273,111
5.5% 8/20/14	EUR	720,000		1,155,373
6% 7/19/19	EUR	325,000		530,924
Indonesian Republic:
6.625% 2/17/37 (f)		225,000		222,480
6.875% 3/9/17 (f)		200,000		215,500
6.875% 1/17/18 (f)		400,000		431,000
7.25% 4/20/15 (f)		190,000		209,475
7.75% 1/17/38 (f)		450,000		499,500
8.5% 10/12/35 (Reg. S)		300,000		362,250
11.625% 3/4/19 (f)		475,000		669,750
Islamic Republic of Pakistan 7.125% 3/31/16 (f)		900,000		814,500
Italian Republic:
3.5% 6/1/14	EUR	950,000		1,431,589
4.25% 3/1/20	EUR	380,000		563,260
5% 9/1/40	EUR	1,450,000		2,185,672

		Principal Amount (c)		Value
Japan Government:
0.4% 5/15/11	JPY	150,000,000		1,676,335
0.6% 4/15/10	JPY	660,000,000		7,370,859
2.5% 9/20/37	JPY	433,000,000		5,133,758
Lebanese Republic:
8.625% 6/20/13 (Reg. S)		120,000		130,800
9% 5/2/14		135,000		148,838
Pakistan International Sukuk Co. Ltd. 3.1456% 1/27/10 (i)		300,000		300,000
Perusahaan Penerbit SBSN Indonesia 8.8% 4/23/14 (f)		175,000		201,250
Peruvian Republic 7.35% 7/21/25		470,000		548,725
Philippine Republic:
9.5% 2/2/30		100,000		133,000
10.625% 3/16/25		80,000		112,504
Polish Government 6.375% 7/15/19		325,000		363,188
Republic of Fiji 6.875% 9/13/11		200,000		193,500
Republic of Iraq 5.8% 1/15/28 (Reg. S)		750,000		570,000
Republic of Serbia 3.75% 11/1/24 (e)(f)		1,140,000		1,122,900
Russian Federation:
7.5% 3/31/30 (Reg. S)		5,155,900		5,626,376
12.75% 6/24/28 (Reg. S)		620,000		1,038,500
Turkish Republic:
6.75% 4/3/18		430,000		452,575
6.875% 3/17/36		850,000		850,000
7% 9/26/16		390,000		419,250
7.25% 3/5/38		550,000		567,875
7.375% 2/5/25		990,000		1,074,150
UK Treasury GILT:
2.25% 3/7/14	GBP	760,000		1,198,506
3.75% 9/7/19	GBP	2,845,000		4,572,004
4.25% 12/7/55	GBP	560,000		932,161
5.75% 12/7/09	GBP	1,850,000		2,985,635
Ukraine Cabinet of Ministers:
6.875% 3/4/11 (Reg. S)		600,000		556,500
7.65% 6/11/13 (f)		100,000		89,750
Ukraine Government:
6.385% 6/26/12 (f)		650,000		570,375
6.75% 11/14/17 (f)		485,000		380,725
United Mexican States:
5.95% 3/19/19		184,000		194,580
7.5% 4/8/33		120,000		143,400
8.3% 8/15/31		115,000		148,212
Uruguay Republic:
Inflation-Indexed Bond 5% 9/14/18	UYU	2,467,689		115,855
6.875% 9/28/25		215,000		221,988
Foreign Government and Government Agency Obligations - continued
		Principal Amount (c)		Value
Uruguay Republic: - continued
8% 11/18/22		$ 453,878		$ 508,343
Venezuelan Republic:
1.505% 4/20/11 (Reg. S) (i)		1,735,000		1,544,150
5.375% 8/7/10 (Reg. S)		455,000		442,488
7% 3/31/38		310,000		188,325
8.5% 10/8/14		845,000		756,275
9% 5/7/23 (Reg. S)		1,360,000		1,022,720
9.25% 9/15/27		1,215,000		978,075
9.375% 1/13/34		375,000		287,813
10.75% 9/19/13		2,255,000		2,232,450
13.625% 8/15/18		1,226,000		1,250,520
Vietnamese Socialist Republic:
4% 3/12/28 (e)		730,000		562,100
6.875% 1/15/16 (f)		230,000		241,500
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $112,589,425)			117,666,606

Common Stocks - 0.3%
	Shares
CONSUMER DISCRETIONARY - 0.0%
Auto Components - 0.0%
Intermet Corp. (a)(l)	6,092	0
Remy International, Inc. (a)	2,065	7,124

7,124

INDUSTRIALS - 0.1%
Airlines - 0.1%
Delta Air Lines, Inc. (a)	41,890		375,334
INFORMATION TECHNOLOGY - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
ASAT Holdings Ltd. warrants 2/1/11 (a)(l)	27,300		57
MATERIALS - 0.2%
Chemicals - 0.2%
Georgia Gulf Corp. (a)(f)	39,526		1,067,202
Containers & Packaging - 0.0%
Constar International, Inc. (a)	1,700		28,985
TOTAL MATERIALS			1,096,187
UTILITIES - 0.0%
Electric Utilities - 0.0%
Portland General Electric Co.	140		2,761
TOTAL COMMON STOCKS (Cost $1,483,804)		1,481,463
Preferred Stocks - 0.1%
	Shares		Value
Convertible Preferred Stocks - 0.0%
MATERIALS - 0.0%
Chemicals - 0.0%
Celanese Corp. 4.25%	300		$ 9,687
Nonconvertible Preferred Stocks - 0.1%
FINANCIALS - 0.1%
Diversified Financial Services - 0.1%
Preferred Blocker, Inc. 7.00% (f)	1,062		600,030
TOTAL PREFERRED STOCKS (Cost $507,040)		609,717

Floating Rate Loans - 5.7%
	Principal Amount (c)
CONSUMER DISCRETIONARY - 2.2%
Auto Components - 0.2%
TRW Automotive Holdings Corp. Tranche B1, term loan 6.25% 2/9/14 (i)	$ 137,161		136,818
Visteon Corp. term loan 4.426% 6/13/13 (b)(i)	1,290,000		1,019,100
			1,155,918
Automobiles - 0.3%
AM General LLC:
Credit-Linked Deposit 3.2406% 9/30/12 (i)	6,774		6,232
Tranche B, term loan 3.2687% 9/30/13 (i)	148,766		136,865
Ford Motor Co. term loan 3.494% 12/15/13 (i)	1,375,378		1,210,333
			1,353,430
Diversified Consumer Services - 0.2%
Affinion Group Holdings, Inc. term loan 8.2731% 3/1/12 (i)	230,483		198,878
Cengage Learning, Inc. Tranche B, term loan 2.75% 7/5/14 (i)	812,970		731,673
ServiceMaster Co.:
term loan 2.777% 7/24/14 (i)	406,713		361,974
Tranche DD, term loan 2.75% 7/24/14 (i)	38,958		34,673
			1,327,198
Hotels, Restaurants & Leisure - 0.2%
Green Valley Ranch Gaming LLC Tranche 1LN, term loan 2.4474% 2/16/14 (i)	18,773		13,610
Las Vegas Sands LLC:
term loan 2.04% 5/23/14 (i)	9,244		7,673
Tranche B, term loan 2.04% 5/23/14 (i)	45,756		37,977
OSI Restaurant Partners, Inc.:
Credit-Linked Deposit 2.5512% 6/14/13 (i)	3,008		2,541
Floating Rate Loans - continued
	Principal Amount (c)		Value
CONSUMER DISCRETIONARY - continued
Hotels, Restaurants & Leisure - continued
OSI Restaurant Partners, Inc.: - continued
term loan 2.5679% 6/14/14 (i)	$ 33,185		$ 28,042
Six Flags, Inc. Tranche B, term loan 2.5951% 4/30/15 (i)	1,004,631		979,515
			1,069,358
Media - 1.0%
Charter Communications Operating LLC Tranche B 1LN, term loan 6.25% 3/6/14 (i)	2,284,185		2,158,554
Education Media and Publishing Group Ltd.:
Tranche 1LN, term loan 5.2628% 6/12/14 (i)	2,104,026		1,741,082
Tranche 2LN, term loan 17.5% 12/12/14 (i)	1,959,566		450,700
Idearc, Inc. Tranche B, term loan 3.4179% 11/17/14 (b)(i)	242,076		101,672
The Reader's Digest Association, Inc. term loan 4.4898% 3/2/14 (b)(i)	300,000		136,500
Univision Communications, Inc. Tranche 1LN, term loan 2.5325% 9/29/14 (i)	1,625,000		1,365,000
			5,953,508
Specialty Retail - 0.3%
Burlington Coat Factory Warehouse Corp. term loan 2.565% 5/28/13 (i)	427,745		389,248
Michaels Stores, Inc. Tranche B1, term loan 2.5381% 10/31/13 (i)	1,431,166		1,273,738
			1,662,986
Textiles, Apparel & Luxury Goods - 0.0%
Hanesbrands, Inc. Tranche 2LN, term loan 4.2538% 3/5/14 (i)	90,000		87,300
Levi Strauss & Co. term loan 2.5225% 4/4/14 (i)	100,000		91,250
			178,550
TOTAL CONSUMER DISCRETIONARY			12,700,948
CONSUMER STAPLES - 0.2%
Food & Staples Retailing - 0.0%
Rite Aid Corp. Tranche ABL, term loan 2.0034% 6/4/14 (i)	157,600		137,900
Household Products - 0.1%
Spectrum Brands, Inc. Credit-Linked Deposit:
Tranche B1, term loan 8.0009% 6/30/12 (i)	435,693		414,997
4.65% 6/30/12 (i)	9,277		8,837
			423,834

	Principal Amount (c)		Value
Personal Products - 0.1%
Revlon Consumer Products Corp. term loan 4.3368% 1/15/12 (i)	$ 310,000		$ 299,925
TOTAL CONSUMER STAPLES			861,659
ENERGY - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
Coffeyville Resources LLC:
Credit-Linked Deposit 8.75% 12/28/10 (i)	11,027		10,696
Tranche D, term loan 8.4985% 12/28/13 (i)	88,346		85,695
Venoco, Inc. Tranche 2LN, term loan 4.25% 5/7/14 (i)	29,669		25,219
			121,610
FINANCIALS - 0.6%
Consumer Finance - 0.2%
DaimlerChrysler Financial Services Tranche 1LN, term loan 4.25% 8/3/12 (i)	975,084		926,330
Diversified Financial Services - 0.1%
CIT Group, Inc. term loan 13% 1/20/12 (i)	160,000		164,000
Clear Channel Capital I LLC Tranche B, term loan 3.8963% 1/29/16 (i)	540,000		410,400
			574,400
Real Estate Management & Development - 0.3%
Realogy Corp.:
Credit-Linked Deposit 3.3088% 10/10/13 (i)	124,571		104,951
Tranche 2LN, term loan 13.5% 10/15/17	790,000		817,650
Tranche B, term loan 3.2544% 10/10/13 (i)	462,691		389,817
Tranche DD, term loan 3.3845% 10/10/13 (i)	434,318		364,827
			1,677,245
TOTAL FINANCIALS			3,177,975
HEALTH CARE - 0.0%
Pharmaceuticals - 0.0%
PTS Acquisition Corp. term loan 2.4963% 4/10/14 (i)	131,584		114,478
INDUSTRIALS - 0.6%
Aerospace & Defense - 0.0%
DeCrane Aircraft Holdings, Inc.:
Tranche 1LN, term loan 6.0719% 2/21/13 (i)	9,258		7,036
Floating Rate Loans - continued
	Principal Amount (c)		Value
INDUSTRIALS - continued
Aerospace & Defense - continued
DeCrane Aircraft Holdings, Inc.: - continued
Tranche 2LN, term loan 10.3219% 2/21/14 (i)	$ 20,000		$ 9,000
Wesco Aircraft Hardware Corp. Tranche 2LN, term loan 6% 3/28/14 (i)	10,000		7,750
			23,786
Airlines - 0.2%
Delta Air Lines, Inc.:
Tranche 1LN, term loan 8.75% 9/27/13 (i)	35,000		35,131
Tranche 2LN, term loan 3.4994% 4/30/14 (i)	648,664		543,256
United Air Lines, Inc. Tranche B, term loan 2.25% 2/1/14 (i)	794,563		595,922
			1,174,309
Commercial Services & Supplies - 0.0%
Brand Energy & Infrastructure Services, Inc. Tranche 2LN, term loan 6.3625% 2/7/15 (i)	40,000		31,400
Industrial Conglomerates - 0.1%
Sequa Corp. term loan 3.8435% 12/3/14 (i)	219,806		191,232
Machinery - 0.1%
Chart Industries, Inc. Tranche B, term loan 2.25% 10/17/12 (i)	8,889		8,733
Dresser, Inc. Tranche 2LN, term loan 5.9938% 5/4/15 pay-in-kind (i)	230,000		198,950
Navistar International Corp.:
term loan 3.4963% 1/19/12 (i)	234,667		227,627
Credit-Linked Deposit 3.5406% 1/19/12 (i)	85,333		82,773
			518,083
Road & Rail - 0.2%
Swift Transportation Co., Inc. term loan 3.5625% 5/10/14 (i)	1,343,854		1,238,026
Trading Companies & Distributors - 0.0%
Neff Corp. Tranche 2LN, term loan 3.7438% 11/30/14 (i)	50,000		11,000
TOTAL INDUSTRIALS			3,187,836
INFORMATION TECHNOLOGY - 0.5%
Electronic Equipment & Components - 0.2%
Flextronics International Ltd.:
Tranche B A1, term loan 2.7594% 10/1/14 (i)	87,500		78,750

	Principal Amount (c)		Value
Tranche B A2, term loan 2.4963% 10/1/14 (i)	$ 162,669		$ 146,402
Tranche B A3, term loan 2.4963% 10/1/14 (i)	189,780		170,802
Tranche B-A, term loan 2.6866% 10/1/14 (i)	304,500		274,050
Tranche B-B, term loan 2.8469% 10/1/12 (i)	194,117		180,043
			850,047
IT Services - 0.0%
Affiliated Computer Services, Inc. Tranche B2, term loan 2.2461% 3/20/13 (i)	184,063		182,912
Semiconductors & Semiconductor Equipment - 0.2%
Freescale Semiconductor, Inc. term loan:
2.0113% 12/1/13 (i)	1,184,769		944,853
12.5% 12/15/14	298,500		299,993
			1,244,846
Software - 0.1%
Kronos, Inc.:
Tranche 1LN, term loan 2.2825% 6/11/14 (i)	731,659		687,759
Tranche 2LN, term loan 6.0325% 6/11/15 (i)	125,000		108,125
Open Solutions, Inc. term loan 2.625% 1/23/14 (i)	19,504		15,603
			811,487
TOTAL INFORMATION TECHNOLOGY			3,089,292
MATERIALS - 0.5%
Chemicals - 0.3%
Lyondell Chemical Co. term loan 9.1679% 12/15/09 (i)(m)	550,000		573,375
Momentive Performance Materials, Inc. Tranche B1, term loan 2.5% 12/4/13 (i)	1,238,842		1,053,015
			1,626,390
Containers & Packaging - 0.1%
Berry Plastics Holding Corp. Tranche C, term loan 2.2997% 4/3/15 (i)	619,595		551,440
Smurfit-Stone Container Enterprises, Inc. term loan 2.9233% 11/11/11 (i)	370,222		357,264
			908,704
Metals & Mining - 0.0%
Aleris International, Inc.:
Tranche 1LN, term loan 5.2% 2/12/10 (i)(m)	61,828		62,446
Tranche B 1LN, term loan:
4.25% 12/19/13 (b)(i)	33,696		3,033
Floating Rate Loans - continued
	Principal Amount (c)		Value
MATERIALS - continued
Metals & Mining - continued
Aleris International, Inc.: - continued
12.5% 12/19/13 (i)	$ 70,646		$ 30,000
Tranche C 1LN, term loan 4.25% 12/19/13 (i)	46,855		31,862
			127,341
Paper & Forest Products - 0.1%
Boise Paper Holdings LLC Tranche 2LN, term loan 9.25% 2/22/15 (i)	455,000		425,425
White Birch Paper Co. Tranche 1LN, term loan 3.35% 5/8/14 (i)	91,101		31,999
			457,424
TOTAL MATERIALS			3,119,859
TELECOMMUNICATION SERVICES - 0.2%
Diversified Telecommunication Services - 0.0%
Wind Telecomunicazioni SpA:
Tranche 2LN, term loan 7.9256% 3/21/15 (i)	140,000		140,000
Tranche B 1LN, term loan 3.9256% 5/26/13 (i)	60,000		57,000
Tranche C 1LN, term loan 4.9256% 5/26/14 (i)	60,000		57,000
			254,000
Wireless Telecommunication Services - 0.2%
Intelsat Jackson Holdings Ltd. term loan 3.2531% 2/1/14 (i)	1,080,000		969,300
TOTAL TELECOMMUNICATION SERVICES			1,223,300
UTILITIES - 0.9%
Electric Utilities - 0.9%
Texas Competitive Electric Holdings Co. LLC/ Texas Competitive Electric Holdings Finance, Inc.:
Tranche B1, term loan 3.7538% 10/10/14 (i)	3,221,521		2,496,679
Tranche B2, term loan 3.7539% 10/10/14 (i)	1,780,516		1,388,803
Tranche B3, term loan 3.7539% 10/10/14 (i)	2,005,209		1,549,024
			5,434,506
TOTAL FLOATING RATE LOANS (Cost $28,820,465)		33,031,463
Sovereign Loan Participations - 0.1%

Indonesian Republic loan participation - Citibank 0.3939% 12/14/19 (i) (Cost $349,243)	480,405		408,344

Fixed-Income Funds - 5.3%
	Shares	Value
Fidelity Floating Rate Central Fund (j) (Cost $28,863,133)	340,572	$ 30,934,155

Preferred Securities - 0.6%
	Principal Amount (c)
CONSUMER DISCRETIONARY - 0.4%
Media - 0.4%
Globo Comunicacoes e Participacoes SA 9.375%	$ 1,150,000		1,171,382
Net Servicos de Comunicacao SA 9.25% (f)	900,000		905,659
			2,077,041
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Pemex Project Funding Master Trust 7.75%	1,156,000		1,133,636
TOTAL PREFERRED SECURITIES (Cost $3,171,968)		3,210,677

Other - 0.0%

Delta Air Lines ALPA Claim (a)
(Cost $3,553)

470,000

3,525

Money Market Funds - 9.2%
	Shares
Fidelity Cash Central Fund, 0.25% (k) (Cost $53,080,319)	53,080,319	53,080,319

TOTAL INVESTMENT PORTFOLIO - 102.4%

(Cost $572,335,898)

591,578,307

NET OTHER ASSETS - (2.4)%			(13,906,449)
NET ASSETS - 100%		$ 577,671,858

Swap Agreements
	Expiration Date	Notional Amount	Value
Interest Rate Swaps
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 4.64% with JPMorgan Chase, Inc.	April 2038	$ 250,000	$ (36,289)
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	(56,348)
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	21,544
		$ 1,400,000	$ (71,093)

Currency Abbreviations
CAD	-	Canadian dollar
EGP	-	Egyptian pound
EUR	-	European Monetary Unit
GBP	-	British pound
JPY	-	Japanese yen
RUB	-	Russian ruble
UYU	-	Uruguay peso

Legend

(a) Non-income producing

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

(d) 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.

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

(f) 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 $60,551,603 or 10.5% of net assets.

(g) 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 $8,536,658 or 1.5% of net assets.

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

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

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

(k) 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.

(l) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $57 or 0.0% of net assets.

Additional information on each holding is as follows:

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

(m) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $220,374 and $228,534, respectively. The coupon rate will be determined at time of settlement.

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	$ 140,177
Fidelity Floating Rate Central Fund	815,397
Total	$ 955,574

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	$ 12,796,386	$ -	$ 30,934,155	1.1%
Total	$ 10,893,188	$ 12,796,386	$ -	$ 30,934,155

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 7,124	$ -	$ -	$ 7,124
Financials	600,030	-	600,030	-
Industrials	375,334	375,334	-	-
Information Technology	57	-	57	-
Materials	1,105,874	28,985	1,076,889	-
Utilities	2,761	2,761	-	-
Corporate Bonds	188,939,462	-	188,706,934	232,528
U.S. Government and Government Agency Obligations	141,739,110	-	141,739,110	-
U.S. Government Agency - Mortgage Securities	15,665,627	-	15,665,627	-
Asset-Backed Securities	633,418	-	420,369	213,049
Collateralized Mortgage Obligations	3,929,544	-	1,981,818	1,947,726
Commercial Mortgage Securities	244,877	-	244,877	-
Foreign Government and Government Agency Obligations	117,666,606	-	117,624,358	42,248
Floating Rate Loans	33,031,463	-	32,580,763	450,700
Sovereign Loan Participations	408,344	-	408,344	-
Fixed-Income Funds	30,934,155	30,934,155	-	-
Preferred Securities	3,210,677	-	3,210,677	-
Money Market Funds	53,080,319	53,080,319	-	-
Equity Funds	3,525	-	-	3,525
Total Investments in Securities:	$ 591,578,307	$ 84,421,554	$ 504,259,853	$ 2,896,900
Derivative Instruments:
Assets
Swap Agreements	$ 21,544	$ -	$ 21,544	$ -
Liabilities
Swap Agreements	$ (92,637)	$ -	$ (92,637)	$ -
Total Derivative Instruments:	$ (71,093)	$ -	$ (71,093)	$ -

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

Investments in Securities:
Beginning Balance	$ 2,378,321
Total Realized Gain (Loss)	187,139
Total Unrealized Gain (Loss)	(274,055)
Cost of Purchases	334,763
Proceeds of Sales	(2,160,357)
Amortization/Accretion	20,579
Transfers in/out of Level 3	2,410,510
Ending Balance	$ 2,896,900
The change in unrealized gain (loss) attributable to Level 3 securities at September 30, 2009	$ (195,732)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities and Derivative Instruments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $568,728,866. Net unrealized appreciation aggregated $22,849,441, of which $40,833,509 related to appreciated investment securities and $17,984,068 related to depreciated investment securities.

Investment Valuation

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

For asset backed securities, collateralized mortgage obligations, commercial mortgage securities, U.S. government agency mortgage securities, pricing services generally utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and types as well as dealer supplied prices. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price.

Swaps are marked-to-market daily based on 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.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Variable Insurance Products Fund V

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

Date:	November 30, 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:	November 30, 2009

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

Date:	November 30, 2009