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, 2008

This report on Form N-Q relates solely to the Registrant's Asset Manager Portfolio, Asset Manager: Growth Portfolio, Investment Grade Bond Portfolio, Money Market Portfolio and Strategic Income Portfolio series (each, a "Fund" and collectively, the "Funds").

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Asset Manager Portfolio

September 30, 2008

1.808793.104

VIPAM-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 39.9%
	Shares		Value
CONSUMER DISCRETIONARY - 1.1%
Automobiles - 0.2%
Toyota Motor Corp. sponsored ADR	43,500		$ 3,732,300
Hotels, Restaurants & Leisure - 0.2%
Darden Restaurants, Inc.	100,800		2,885,904
Household Durables - 0.3%
Gafisa SA sponsored ADR (d)	84,200		2,163,940
Newell Rubbermaid, Inc.	125,000		2,157,500
			4,321,440
Internet & Catalog Retail - 0.1%
Priceline.com, Inc. (a)	12,800		875,904
Media - 0.2%
The DIRECTV Group, Inc. (a)	124,600		3,260,782
Textiles, Apparel & Luxury Goods - 0.1%
Lululemon Athletica, Inc. (a)	39,100		900,473
TOTAL CONSUMER DISCRETIONARY			15,976,803
CONSUMER STAPLES - 0.9%
Food & Staples Retailing - 0.8%
Costco Wholesale Corp.	82,800		5,376,204
Wal-Mart Stores, Inc.	108,800		6,516,032
			11,892,236
Food Products - 0.1%
Smithfield Foods, Inc. (a)	67,900		1,078,252
Tyson Foods, Inc. Class A	50,500		602,970
			1,681,222
TOTAL CONSUMER STAPLES			13,573,458
ENERGY - 12.4%
Energy Equipment & Services - 2.3%
Atwood Oceanics, Inc. (a)	121,200		4,411,680
BJ Services Co.	167,700		3,208,101
ENSCO International, Inc.	61,700		3,555,771
FMC Technologies, Inc. (a)	29,300		1,363,915
Halliburton Co.	43,600		1,412,204
Nabors Industries Ltd. (a)	154,400		3,847,648
National Oilwell Varco, Inc. (a)	54,800		2,752,604
Schlumberger Ltd. (NY Shares)	56,100		4,380,849
Transocean, Inc. (a)	36,183		3,974,341
Weatherford International Ltd. (a)	192,600		4,841,964
			33,749,077
Oil, Gas & Consumable Fuels - 10.1%
Alpha Natural Resources, Inc. (a)	132,900		6,835,047
Apache Corp.	30,000		3,128,400
Arch Coal, Inc.	209,400		6,887,166
Cabot Oil & Gas Corp.	205,000		7,408,700
Chesapeake Energy Corp.	535,800		19,213,788
China Shenhua Energy Co. Ltd. (H Shares)	716,100		1,756,571
EOG Resources, Inc.	79,100		7,076,286

	Shares		Value
Hess Corp.	161,700		$ 13,272,336
Occidental Petroleum Corp.	25,200		1,775,340
Peabody Energy Corp.	208,500		9,382,500
Petroplus Holdings AG	87,580		3,350,459
PT Bumi Resources Tbk	3,139,300		1,026,613
Quicksilver Resources, Inc. (a)	567,800		11,145,914
Range Resources Corp.	219,300		9,401,391
SandRidge Energy, Inc.	17,200		337,120
Southwestern Energy Co. (a)	577,900		17,649,066
Ultra Petroleum Corp. (a)	358,300		19,828,322
Valero Energy Corp.	162,700		4,929,810
Walter Industries, Inc.	43,200		2,049,840
XTO Energy, Inc.	116,200		5,405,624
			151,860,293
TOTAL ENERGY			185,609,370
FINANCIALS - 3.8%
Capital Markets - 0.7%
Bank of New York Mellon Corp.	86,500		2,818,170
Goldman Sachs Group, Inc.	33,600		4,300,800
Morgan Stanley	55,800		1,283,400
T. Rowe Price Group, Inc.	34,400		1,847,624
			10,249,994
Commercial Banks - 1.4%
Banco do Brasil SA	298,500		3,511,672
BB&T Corp.	37,800		1,428,840
Fifth Third Bancorp	64,300		765,170
Industrial & Commercial Bank of China	1,259,000		760,948
U.S. Bancorp, Delaware	126,600		4,560,132
Uniao de Bancos Brasileiros SA (Unibanco) GDR	45,200		4,561,584
Wells Fargo & Co.	129,200		4,848,876
Zions Bancorp	30,600		1,184,220
			21,621,442
Diversified Financial Services - 0.8%
Apollo Global Management LLC (e)	315,200		4,018,800
Bank of America Corp.	87,200		3,052,000
Citigroup, Inc.	115,500		2,368,905
JPMorgan Chase & Co.	71,500		3,339,050
			12,778,755
Insurance - 0.2%
AMBAC Financial Group, Inc.	442,300		1,030,559
MBIA, Inc.	109,600		1,304,240
			2,334,799
Real Estate Investment Trusts - 0.7%
General Growth Properties, Inc.	133,200		2,011,320
SL Green Realty Corp.	81,700		5,294,160
Taubman Centers, Inc. (d)	50,900		2,545,000
			9,850,480
TOTAL FINANCIALS			56,835,470
Common Stocks - continued
	Shares		Value
HEALTH CARE - 2.9%
Biotechnology - 0.8%
Biogen Idec, Inc. (a)	40,700		$ 2,046,803
BioMarin Pharmaceutical, Inc. (a)	60,200		1,594,698
Celgene Corp. (a)	124,700		7,891,016
			11,532,517
Health Care Equipment & Supplies - 0.5%
Baxter International, Inc.	35,100		2,303,613
Covidien Ltd.	111,300		5,983,488
			8,287,101
Health Care Providers & Services - 1.1%
Express Scripts, Inc. (a)	75,300		5,558,646
Tenet Healthcare Corp. (a)	723,200		4,013,760
UnitedHealth Group, Inc.	249,500		6,334,805
			15,907,211
Pharmaceuticals - 0.5%
Abbott Laboratories	61,700		3,552,686
Elan Corp. PLC sponsored ADR (a)	230,900		2,463,703
Johnson & Johnson	27,900		1,932,912
			7,949,301
TOTAL HEALTH CARE			43,676,130
INDUSTRIALS - 4.5%
Aerospace & Defense - 0.5%
General Dynamics Corp.	26,600		1,958,292
Precision Castparts Corp.	17,500		1,378,650
Raytheon Co.	88,100		4,714,231
			8,051,173
Airlines - 1.8%
AMR Corp. (a)	278,600		2,735,852
Continental Airlines, Inc. Class B (a)	282,400		4,710,432
Delta Air Lines, Inc. (a)	525,900		3,917,955
Northwest Airlines Corp. (a)	827,300		7,470,519
Southwest Airlines Co.	206,200		2,991,962
UAL Corp.	568,714		4,998,996
			26,825,716
Construction & Engineering - 0.0%
China Communications Construction Co. Ltd. (H Shares) (a)	151,000		132,571
Electrical Equipment - 0.5%
ABB Ltd. sponsored ADR	130,300		2,527,820
Alstom SA	54,800		4,158,356
GrafTech International Ltd. (a)	68,200		1,030,502
			7,716,678
Machinery - 0.9%
Caterpillar, Inc.	53,300		3,176,680
Cummins, Inc.	149,000		6,514,280
Eaton Corp.	27,500		1,544,950
SPX Corp.	19,800		1,524,600
			12,760,510

	Shares		Value
Marine - 0.2%
DryShips, Inc.	76,800		$ 2,725,632
Road & Rail - 0.6%
CSX Corp.	38,800		2,117,316
Norfolk Southern Corp.	104,900		6,945,429
			9,062,745
TOTAL INDUSTRIALS			67,275,025
INFORMATION TECHNOLOGY - 3.0%
Communications Equipment - 1.0%
Cisco Systems, Inc. (a)	437,800		9,876,768
Juniper Networks, Inc. (a)	33,500		705,845
QUALCOMM, Inc.	84,200		3,618,074
Research In Motion Ltd. (a)	8,200		560,060
Starent Networks Corp. (a)	75,100		971,794
			15,732,541
Computers & Peripherals - 0.4%
Apple, Inc. (a)	52,000		5,910,320
Internet Software & Services - 0.1%
Omniture, Inc. (a)	92,500		1,698,300
IT Services - 0.5%
MasterCard, Inc. Class A	19,100		3,387,003
Visa, Inc.	77,700		4,770,003
			8,157,006
Semiconductors & Semiconductor Equipment - 0.5%
Cree, Inc. (a)	55,900		1,273,402
Entropic Communications, Inc.	149,900		211,359
Intel Corp.	179,200		3,356,416
MEMC Electronic Materials, Inc. (a)	89,600		2,532,096
			7,373,273
Software - 0.5%
Nintendo Co. Ltd.	16,100		6,835,416
TOTAL INFORMATION TECHNOLOGY			45,706,856
MATERIALS - 10.9%
Chemicals - 6.2%
CF Industries Holdings, Inc.	80,100		7,325,946
FMC Corp.	135,800		6,978,762
Monsanto Co.	196,700		19,469,366
Potash Corp. of Saskatchewan, Inc.	158,300		20,897,184
Terra Industries, Inc.	196,700		5,782,980
The Mosaic Co.	453,700		30,860,675
Uralkali JSC GDR (Reg. S)	52,300		1,655,252
			92,970,165
Metals & Mining - 4.7%
ArcelorMittal SA (NY Shares) Class A	104,500		5,160,210
Barrick Gold Corp.	156,100		5,715,161
BHP Billiton Ltd. sponsored ADR	62,100		3,228,579
Cleveland-Cliffs, Inc.	30,400		1,609,376
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Companhia Vale do Rio Doce sponsored ADR	170,400		$ 3,263,160
Freeport-McMoRan Copper & Gold, Inc. Class B	265,400		15,087,990
Goldcorp, Inc.	213,800		6,722,929
Impala Platinum Holdings Ltd.	210,700		4,299,496
Kinross Gold Corp.	302,000		4,848,910
Newmont Mining Corp.	180,500		6,996,180
Nucor Corp.	83,500		3,298,250
Steel Dynamics, Inc.	299,500		5,118,455
United States Steel Corp.	70,100		5,440,461
			70,789,157
TOTAL MATERIALS			163,759,322
TELECOMMUNICATION SERVICES - 0.0%
Wireless Telecommunication Services - 0.0%
TIM Participacoes SA sponsored ADR (non-vtg.)	33,800		705,068
UTILITIES - 0.4%
Independent Power Producers & Energy Traders - 0.3%
NRG Energy, Inc. (a)	164,200		4,063,950
Multi-Utilities - 0.1%
Sempra Energy	35,200		1,776,544
TOTAL UTILITIES			5,840,494
TOTAL COMMON STOCKS (Cost $671,864,376)		598,957,996

U.S. Treasury Obligations - 0.4%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 1.59% to 1.79% 10/2/08 to 12/4/08 (f) (Cost $5,434,748)	$ 5,450,000	5,443,473

International Equity Funds - 4.1%
	Shares
International Equity Funds
Fidelity International Equity Central Fund (g) (Cost $91,335,655)	923,829		62,007,379
Fixed-Income Funds - 48.7%

Fidelity Floating Rate Central Fund (g)	533,362		45,229,107
Fidelity High Income Central Fund 1 (g)	299,840		25,639,359
Fidelity VIP Investment Grade Central Fund (g)	6,808,012		660,309,089
TOTAL FIXED-INCOME FUNDS (Cost $782,586,824)		731,177,555
Money Market Funds - 7.6%
	Shares		Value
Fidelity Cash Central Fund, 1.92% (b)	46,326,561		$ 46,326,561
Fidelity Money Market Central Fund, 3.13% (b)	64,260,162		64,260,162
Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)	2,853,750		2,853,750
TOTAL MONEY MARKET FUNDS (Cost $113,440,473)		113,440,473

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $1,664,662,076)

1,511,026,876

NET OTHER ASSETS - (0.7)%			(10,063,861)
NET ASSETS - 100%		$ 1,500,963,015

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
1,301 CME E-mini S&P 500 Index Contracts	Dec. 2008	$ 75,939,370	$ (1,884,928)

The face value of futures purchased as a percentage of net assets - 5.1%

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 $4,018,800 or 0.3% of net assets.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $5,443,473.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,028,514
Fidelity Floating Rate Central Fund	2,304,579
Fidelity High Income Central Fund 1	1,670,803
Fidelity International Equity Central Fund	1,896,399
Fidelity Money Market Central Fund	1,630,357
Fidelity Securities Lending Cash Central Fund	88,388
Fidelity VIP Investment Grade Central Fund	25,725,999
Total	$ 34,345,039

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Floating Rate Central Fund	$ 49,563,633	$ 1,417,776	$ -	$ 45,229,107	1.8%
Fidelity High Income Central Fund 1	27,775,965	1,107,762	-	25,639,359	10.3%
Fidelity International Equity Central Fund	86,481,300	2,958,887	-	62,007,379	10.0%
Fidelity VIP Investment Grade Central Fund	770,811,422	75,114,238	148,257,958	660,309,089	18.3%
Total	$ 934,632,320	$ 80,598,663	$ 148,257,958	$ 793,184,934

Other Information

The following is a summary of the inputs used, as of September 30, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 1,511,026,876	$ 1,481,607,721	$ 29,419,155	$ -
Other Financial Instruments*	$ (1,884,928)	$ (1,884,928)	$ -	$ -

*Other financial instruments include Futures Contracts

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,647,596,338. Net unrealized depreciation aggregated $136,569,462, of which $56,141,309 related to appreciated investment securities and $192,710,771 related to depreciated investment securities.

Investment Valuation

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

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

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

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

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

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Asset Manager: Growth Portfolio

September 30, 2008

1.808789.104

VIPAMG-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 48.3%
	Shares		Value
CONSUMER DISCRETIONARY - 1.3%
Automobiles - 0.3%
Toyota Motor Corp. sponsored ADR	7,000		$ 600,600
Hotels, Restaurants & Leisure - 0.2%
Darden Restaurants, Inc.	16,100		460,943
Household Durables - 0.3%
Gafisa SA sponsored ADR (d)	13,600		349,520
Newell Rubbermaid, Inc.	20,000		345,200
			694,720
Internet & Catalog Retail - 0.1%
Priceline.com, Inc. (a)	2,400		164,232
Media - 0.3%
The DIRECTV Group, Inc. (a)	19,800		518,166
Textiles, Apparel & Luxury Goods - 0.1%
Lululemon Athletica, Inc. (a)	6,300		145,089
TOTAL CONSUMER DISCRETIONARY			2,583,750
CONSUMER STAPLES - 1.1%
Food & Staples Retailing - 1.0%
Costco Wholesale Corp.	13,300		863,569
Wal-Mart Stores, Inc.	17,400		1,042,086
			1,905,655
Food Products - 0.1%
Smithfield Foods, Inc. (a)	10,800		171,504
Tyson Foods, Inc. Class A	8,100		96,714
			268,218
TOTAL CONSUMER STAPLES			2,173,873
ENERGY - 14.9%
Energy Equipment & Services - 2.7%
Atwood Oceanics, Inc. (a)	19,600		713,440
BJ Services Co.	26,900		514,597
ENSCO International, Inc.	9,800		564,774
FMC Technologies, Inc. (a)	4,800		223,440
Halliburton Co.	7,000		226,730
Nabors Industries Ltd. (a)	24,900		620,508
National Oilwell Varco, Inc. (a)	8,700		437,001
Schlumberger Ltd. (NY Shares)	8,900		695,001
Transocean, Inc. (a)	5,924		650,692
Weatherford International Ltd. (a)	31,600		794,424
			5,440,607
Oil, Gas & Consumable Fuels - 12.2%
Alpha Natural Resources, Inc. (a)	21,200		1,090,316
Apache Corp.	4,900		510,972
Arch Coal, Inc.	33,700		1,108,393
Cabot Oil & Gas Corp.	28,800		1,040,832
Chesapeake Energy Corp.	83,900		3,008,654
China Shenhua Energy Co. Ltd. (H Shares)	114,900		281,846
EOG Resources, Inc.	12,800		1,145,088

	Shares		Value
Hess Corp.	26,000		$ 2,134,080
Occidental Petroleum Corp.	4,000		281,800
Peabody Energy Corp.	33,600		1,512,000
Petroplus Holdings AG	14,342		548,667
PT Bumi Resources Tbk	504,400		164,949
Quicksilver Resources, Inc. (a)	92,400		1,813,812
Range Resources Corp.	34,600		1,483,302
SandRidge Energy, Inc.	2,200		43,120
Southwestern Energy Co. (a)	92,900		2,837,166
Ultra Petroleum Corp. (a)	57,100		3,159,914
Valero Energy Corp.	26,700		809,010
Walter Industries, Inc.	5,700		270,465
XTO Energy, Inc.	18,700		869,924
			24,114,310
TOTAL ENERGY			29,554,917
FINANCIALS - 4.5%
Capital Markets - 0.8%
Bank of New York Mellon Corp.	13,800		449,604
Goldman Sachs Group, Inc.	4,900		627,200
Morgan Stanley	8,900		204,700
T. Rowe Price Group, Inc.	5,500		295,405
			1,576,909
Commercial Banks - 1.7%
Banco do Brasil SA	48,000		564,691
BB&T Corp.	6,000		226,800
Fifth Third Bancorp	10,300		122,570
Industrial & Commercial Bank of China	202,000		122,090
U.S. Bancorp, Delaware	20,200		727,604
Uniao de Bancos Brasileiros SA (Unibanco) GDR	6,600		666,072
Wells Fargo & Co.	20,600		773,118
Zions Bancorp	4,900		189,630
			3,392,575
Diversified Financial Services - 1.0%
Apollo Global Management LLC (e)	50,700		646,425
Bank of America Corp.	13,900		486,500
Citigroup, Inc.	18,400		377,384
JPMorgan Chase & Co.	11,400		532,380
			2,042,689
Insurance - 0.2%
AMBAC Financial Group, Inc.	70,600		164,498
MBIA, Inc.	17,500		208,250
			372,748
Real Estate Investment Trusts - 0.8%
General Growth Properties, Inc.	21,400		323,140
SL Green Realty Corp.	13,100		848,880
Taubman Centers, Inc. (d)	8,100		405,000
			1,577,020
TOTAL FINANCIALS			8,961,941
Common Stocks - continued
	Shares		Value
HEALTH CARE - 3.5%
Biotechnology - 0.9%
Biogen Idec, Inc. (a)	6,500		$ 326,885
BioMarin Pharmaceutical, Inc. (a)	9,600		254,304
Celgene Corp. (a)	20,600		1,303,568
			1,884,757
Health Care Equipment & Supplies - 0.7%
Baxter International, Inc.	5,600		367,528
Covidien Ltd.	17,700		951,552
			1,319,080
Health Care Providers & Services - 1.3%
Express Scripts, Inc. (a)	12,100		893,222
Tenet Healthcare Corp. (a)	116,300		645,465
UnitedHealth Group, Inc.	39,800		1,010,522
			2,549,209
Pharmaceuticals - 0.6%
Abbott Laboratories	9,900		570,042
Elan Corp. PLC sponsored ADR (a)	37,300		397,991
Johnson & Johnson	4,500		311,760
			1,279,793
TOTAL HEALTH CARE			7,032,839
INDUSTRIALS - 5.5%
Aerospace & Defense - 0.7%
General Dynamics Corp.	4,300		316,566
Precision Castparts Corp.	2,900		228,462
Raytheon Co.	14,100		754,491
			1,299,519
Airlines - 2.2%
AMR Corp. (a)	44,500		436,990
Continental Airlines, Inc. Class B (a)	45,200		753,936
Delta Air Lines, Inc. (a)	84,200		627,290
Northwest Airlines Corp. (a)	132,400		1,195,572
Southwest Airlines Co.	32,900		477,379
UAL Corp.	88,100		774,399
			4,265,566
Construction & Engineering - 0.0%
China Communications Construction Co. Ltd. (H Shares) (a)	24,000		21,071
Electrical Equipment - 0.6%
ABB Ltd. sponsored ADR	22,000		426,800
Alstom SA	8,800		667,765
GrafTech International Ltd. (a)	10,900		164,699
			1,259,264
Machinery - 1.1%
Caterpillar, Inc.	8,800		524,480
Cummins, Inc.	24,200		1,058,024

	Shares		Value
Eaton Corp.	4,500		$ 252,810
SPX Corp.	3,200		246,400
			2,081,714
Marine - 0.2%
DryShips, Inc.	12,300		436,527
Road & Rail - 0.7%
CSX Corp.	6,200		338,334
Norfolk Southern Corp.	16,800		1,112,328
			1,450,662
TOTAL INDUSTRIALS			10,814,323
INFORMATION TECHNOLOGY - 3.7%
Communications Equipment - 1.3%
Cisco Systems, Inc. (a)	70,600		1,592,736
Juniper Networks, Inc. (a)	5,600		117,992
Nortel Networks Corp. (a)	144		317
QUALCOMM, Inc.	13,400		575,798
Research In Motion Ltd. (a)	1,300		88,790
Starent Networks Corp. (a)	12,100		156,574
			2,532,207
Computers & Peripherals - 0.5%
Apple, Inc. (a)	8,400		954,744
Internet Software & Services - 0.1%
Omniture, Inc. (a)	14,800		271,728
IT Services - 0.7%
MasterCard, Inc. Class A	3,100		549,723
Visa, Inc.	12,500		767,375
			1,317,098
Semiconductors & Semiconductor Equipment - 0.6%
Cree, Inc. (a)	8,900		202,742
Entropic Communications, Inc.	24,100		33,981
Intel Corp.	28,600		535,678
MEMC Electronic Materials, Inc. (a)	14,400		406,944
			1,179,345
Software - 0.5%
Nintendo Co. Ltd.	2,600		1,103,856
TOTAL INFORMATION TECHNOLOGY			7,358,978
MATERIALS - 13.2%
Chemicals - 7.5%
CF Industries Holdings, Inc.	12,900		1,179,834
FMC Corp.	21,700		1,115,163
Monsanto Co.	32,400		3,206,952
Potash Corp. of Saskatchewan, Inc.	25,300		3,339,853
Terra Industries, Inc.	31,600		929,040
The Mosaic Co.	72,400		4,924,648
Uralkali JSC GDR (Reg. S)	8,400		265,853
			14,961,343
Metals & Mining - 5.7%
ArcelorMittal SA (NY Shares) Class A	17,100		844,398
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Barrick Gold Corp.	25,100		$ 918,966
BHP Billiton Ltd. sponsored ADR	10,000		519,900
Cleveland-Cliffs, Inc.	4,800		254,112
Companhia Vale do Rio Doce sponsored ADR	27,700		530,455
Freeport-McMoRan Copper & Gold, Inc. Class B	42,800		2,433,180
Goldcorp, Inc.	32,000		1,006,238
Impala Platinum Holdings Ltd.	33,900		691,756
Kinross Gold Corp.	48,800		783,533
Newmont Mining Corp.	29,000		1,124,040
Nucor Corp.	13,300		525,350
Steel Dynamics, Inc.	48,100		822,029
United States Steel Corp.	11,400		884,754
			11,338,711
TOTAL MATERIALS			26,300,054
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
TIM Participacoes SA sponsored ADR (non-vtg.)	5,400		112,644
UTILITIES - 0.5%
Independent Power Producers & Energy Traders - 0.3%
NRG Energy, Inc. (a)	27,000		668,250
Multi-Utilities - 0.2%
Sempra Energy	5,600		282,632
TOTAL UTILITIES			950,882
TOTAL COMMON STOCKS (Cost $107,735,024)		95,844,201

U.S. Treasury Obligations - 0.8%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 1.59% to 1.68% 10/16/08 to 12/4/08 (f) (Cost $1,496,174)	$ 1,500,000	1,498,327

International Equity Funds - 8.4%
	Shares
Fidelity International Equity Central Fund (g) (Cost $24,264,155)	248,368		16,670,479
Fixed-Income Funds - 27.6%

Fidelity Floating Rate Central Fund (g)	66,433		5,633,546
Fidelity High Income Central Fund 1 (g)	36,696		3,137,877

	Shares		Value
Fidelity VIP Investment Grade Central Fund (g)	475,321		$ 46,101,345
TOTAL FIXED-INCOME FUNDS (Cost $58,551,610)		54,872,768
Money Market Funds - 14.8%

Fidelity Cash Central Fund, 1.92% (b)	28,853,942		28,853,942
Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)	582,250		582,250
TOTAL MONEY MARKET FUNDS (Cost $29,436,192)		29,436,192

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $221,483,155)

198,321,967

NET OTHER ASSETS - 0.1%			228,227
NET ASSETS - 100%		$ 198,550,194

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
356 CME E-mini S&P 500 Index Contracts	Dec. 2008	$ 20,779,720	$ (515,783)

The face value of futures purchased as a percentage of net assets - 10.5%

Legend

(a) Non-income producing

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $1,498,327.

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	$ 392,762
Fidelity Floating Rate Central Fund	287,049
Fidelity High Income Central Fund 1	204,481
Fidelity International Equity Central Fund	484,110
Fidelity Securities Lending Cash Central Fund	23,501
Fidelity VIP Investment Grade Central Fund	1,868,812
Total	$ 3,260,715

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Floating Rate Central Fund	$ 6,173,436	$ 146,600	$ -	$ 5,633,546	0.2%
Fidelity High Income Central Fund 1	3,399,366	112,994	-	3,137,877	1.3%
Fidelity International Equity Central Fund	20,230,794	3,617,662	-	16,670,479	2.7%
Fidelity VIP Investment Grade Central Fund	51,321,331	1,768,975	4,507,196	46,101,345	1.3%
Total	$ 81,124,927	$ 5,646,231	$ 4,507,196	$ 71,543,247

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 198,321,967	$ 192,955,787	$ 5,366,180	$ -
Other Financial Instruments*	$ (515,783)	$ (515,783)	$ -	$ -

*Other financial instruments include Futures Contracts

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $221,297,800. Net unrealized depreciation aggregated $22,975,833, of which $8,862,585 related to appreciated investment securities and $31,838,418 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investment Grade Bond Portfolio

September 30, 2008

1.808780.104

VIPIGB-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Fixed-Income Funds - 99.4%
	Shares	Value
Fidelity Specialized High Income Central Fund (c)	466,174	$ 40,496,492
Fidelity VIP Investment Grade Central Fund (c)	26,832,131	2,602,448,346

TOTAL FIXED-INCOME FUNDS (Cost $2,811,153,748)		2,642,944,838
Nonconvertible Bonds - 0.1%
	Principal Amount
UTILITIES - 0.1%
Multi-Utilities - 0.1%
CMS Energy Corp. 6.55% 7/17/17 (Cost $2,390,624)	$ 2,425,000		2,118,938
Asset-Backed Securities - 0.2%

Advanta Business Card Master Trust Series 2007-D1 Class D, 4.5875% 1/22/13 (a)(b)	1,800,000		630,000
AmeriCredit Prime Automobile Receivables Trust Series 2007-1 Class E, 6.96% 3/31/16 (a)	1,025,082		778,512
Ford Credit Auto Owner Trust:
Series 2006-C Class D, 6.89% 5/15/13 (a)	725,000		656,597
Series 2007-A Class D, 7.05% 12/15/13 (a)	425,000		371,253
GS Auto Loan Trust Series 2006-1 Class D, 6.25% 1/15/14 (a)	692,208		655,528
Luminent Mortgage Trust Series 2006-5 Class A1A, 3.3969% 7/25/36 (b)	3,951,661		2,389,263
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		616,587
WaMu Asset-Backed Certificates Series 2006-HE5 Class B1, 5.7069% 10/25/36 (a)(b)	1,025,000		164,666
TOTAL ASSET-BACKED SECURITIES (Cost $9,187,870)		6,264,209
Collateralized Mortgage Obligations - 0.3%
	Principal Amount		Value
Private Sponsor - 0.2%
Luminent Mortgage Trust floater Series 2006-1 Class A1, 3.4469% 4/25/36 (b)	$ 6,060,718		$ 3,674,405
Nomura Home Equity Loan Trust floater Series 2006-FM2 Class B1, 5.5069% 7/25/36 (a)(b)	1,777,196		15,391
Structured Asset Securities Corp. floater Series 2006-BC5 Class B, 5.7069% 12/25/36 (a)(b)	810,000		27,702
TOTAL PRIVATE SPONSOR			3,717,498
U.S. Government Agency - 0.1%
Fannie Mae subordinate REMIC pass-thru certificates planned amortization class Series 2003-128 Class NE, 4% 12/25/16	3,576,143		3,555,377
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $10,520,365)		7,272,875

Cash Equivalents - 0.2%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 2.19%, dated 9/30/08 due 10/1/08 (Collateralized by U.S. Government Obligations) # (Cost $4,010,000)	$ 4,010,244	4,010,000

TOTAL INVESTMENT
PORTFOLIO - 100.2%

(Cost $2,837,262,607)

2,662,610,860

NET OTHER ASSETS - (0.2)%			(4,422,770)
NET ASSETS - 100%		$ 2,658,188,090

Swap Agreements
	Expiration Date	Notional Amount	Value
Credit Default Swaps
Receive quarterly notional amount multiplied by .72% and pay Bank of America upon credit event of Alleghany Energy Supply Co. LLC, par value of the notional amount of Alleghany Energy Supply Co. LLC 8.25% 4/15/12	June 2012	$ 1,900,000	$ (72,574)
Receive quarterly notional amount multiplied by .78% and pay Deutsche Bank upon credit event of Allegheny Energy Supply Co. LLC, par value of the notional amount of Allegheny Energy Supply Co. LLC 8.25% 4/15/12	June 2012	1,865,000	(67,432)
		$ 3,765,000	$ (140,006)

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,918,039 or 0.1% of net assets.

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

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

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

Repurchase Agreement / Counterparty	Value
$4,010,000 due 10/01/08 at 2.19%
Bank of America, NA	$ 2,750,994
Barclays Capital, Inc.	169,862
Societe Generale, New York Branch	375,136
UBS Securities LLC	714,008
	$ 4,010,000

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	$ 2,165,798
Fidelity VIP Investment Grade Central Fund	96,007,433
Total	$ 98,173,231

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Specialized High Income Central Fund	$ 35,871,563	$ 9,418,617	$ -	$ 40,496,492	10.4%
Fidelity VIP Investment Grade Central Fund	2,517,706,878	316,602,375	84,923,212	2,602,448,346	72.0%
Total	$ 2,553,578,441	$ 326,020,992	$ 84,923,212	$ 2,642,944,838

Other Information

The following is a summary of the inputs used, as of September 30, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 2,662,610,860	$ 2,642,944,838	$ 19,456,460	$ 209,562
Other Financial Instruments*	$ (140,006)	$ -	$ (140,006)	$ -

*Other financial instruments include Swap Agreements.

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

	Investments in Securities
Beginning Balance	$ 505,793
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	273,153
Cost of Purchases	85
Proceeds of Sales	-
Amortization/Accretion	(569,469)
Transfer in/out of Level 3	-
Ending Balance	$ 209,562

The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities or Other Financial Instruments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $2,778,007,429. Net unrealized depreciation aggregated $115,396,569, of which $147,632 related to appreciated investment securities and $115,544,201 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Money Market Portfolio

September 30, 2008

1.807728.104

VIPMM-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Certificates of Deposit - 38.6%
	Due Date	Yield (a)	Principal Amount	Value
Domestic Certificates Of Deposit - 0.4%
Bank of America NA
	2/11/09	3.00%	$ 9,000,000	$ 9,000,000
PNC Bank NA, Pittsburgh
	4/1/09	3.09	6,000,000	6,000,000
				15,000,000
London Branch, Eurodollar, Foreign Banks - 8.9%
Barclays Bank PLC
	10/24/08 to 12/29/08	3.20 to 4.50	46,000,000	46,000,000
Calyon SA
	10/1/08 to 12/18/08	2.98 to 3.30	33,000,000	33,000,000
Credit Agricole SA
	11/3/08 to 2/2/09	2.82 to 3.22	63,000,000	63,000,000
Credit Industriel et Commercial
	10/7/08 to 12/5/08	3.00 to 8.50	59,000,000	59,000,000
Landesbank Hessen-Thuringen
	11/13/08 to 11/26/08	2.90 to 2.95	37,000,000	37,000,000
National Australia Bank Ltd.
	10/27/08 to 12/29/08	2.85 to 3.16	34,500,000	34,498,798
Royal Bank of Scotland PLC
	1/16/09	3.12	15,000,000	15,000,439
Societe Generale
	10/9/08	2.90	3,000,000	3,000,000
UniCredit SpA
	11/7/08 to 12/11/08	2.93 to 3.00	58,000,000	58,000,000
				348,499,237
New York Branch, Yankee Dollar, Foreign Banks - 29.3%
Abbey National Treasury Services PLC
	11/19/08	3.01 (c)	4,000,000	4,000,000
Banco Bilbao Vizcaya Argentaria SA
	10/28/08 to 10/30/08	3.00	5,000,000	5,000,020
Banco Santander SA
	10/20/08 to 2/13/09	2.75 to 3.19	43,000,000	43,000,000
Bank of Montreal
	10/7/08 to 12/5/08	2.99 to 3.74 (c)	80,000,000	80,000,000
Bank of Nova Scotia
	10/15/08 to 12/5/08	3.09 to 3.11 (c)	49,000,000	49,000,000
Bank of Scotland PLC
	10/3/08 to 11/6/08	2.67 to 3.01 (c)	69,000,000	69,000,000
Bank Tokyo-Mitsubishi UFJ Ltd.
	10/8/08 to 11/24/08	2.85 to 4.50	128,000,000	128,000,000
Barclays Bank PLC
	10/3/08 to 2/26/09	2.99 to 3.32 (c)	106,000,000	106,000,000

	Due Date	Yield (a)	Principal Amount	Value
BNP Paribas SA
	10/2/08 to 4/23/09	2.65 to 3.12%	$ 112,000,000	$ 112,000,000
Calyon SA
	2/9/09	3.15	22,000,000	22,000,000
Commerzbank AG
	10/16/08	2.80	11,000,000	11,000,000
Credit Suisse First Boston
	10/27/08 to 11/11/08	2.89 to 3.15 (c)	47,000,000	47,000,000
Deutsche Bank AG
	10/6/08	3.00 (c)	23,000,000	23,000,000
Intesa Sanpaolo SpA
	10/1/08 to 3/9/09	2.80 to 3.56 (c)	131,000,000	130,999,669
Natixis SA
	11/17/08	2.95	3,000,000	3,000,000
Rabobank Nederland
	4/14/09 to 4/20/09	2.63 to 2.75	17,000,000	17,000,000
Royal Bank of Canada
	11/19/08 to 1/1/09	3.01 to 3.21 (c)	36,000,000	36,000,000
Royal Bank of Scotland PLC
	10/24/08 to 3/9/09	2.80 to 4.26 (c)	126,000,000	126,000,000
San Paolo IMI SpA
	4/21/09	3.15	12,000,000	12,000,000
Societe Generale
	10/14/08 to 12/17/08	2.82 to 3.28	52,000,000	52,000,000
Sumitomo Mitsui Banking Corp.
	10/31/08 to 11/7/08	2.85	31,000,000	31,000,000
Svenska Handelsbanken AB
	11/26/08	3.16 (c)	7,000,000	7,000,000
Toronto-Dominion Bank
	2/17/09	3.03	11,000,000	11,000,000
UniCredit SpA
	10/1/08	2.75	12,000,000	12,000,000
				1,136,999,689
TOTAL CERTIFICATES OF DEPOSIT				1,500,498,926
Commercial Paper - 23.6%

American Water Capital Corp.
	10/6/08	2.96	3,000,000	2,998,771
Atlantic Asset Securitization Corp.
	10/6/08 to 11/5/08	2.68 to 4.27	87,000,000	86,892,763
Banco Bilbao Vizcaya Argentaria SA (London Branch)
	1/8/09 to 2/26/09	3.11 to 3.17	72,000,000	71,246,269
Bank of Scotland PLC
	10/1/08	7.95	7,000,000	7,000,000
Commercial Paper - continued
	Due Date	Yield (a)	Principal Amount	Value
CBA Finance, Inc.
	11/18/08	2.84%	$ 7,000,000	$ 6,973,773
Covidien International Finance SA
	10/10/08	2.91	1,000,000	999,275
CVS Caremark Corp.
	10/14/08	2.96 to 3.01	6,000,000	5,993,572
Dakota Notes (Citibank Credit Card Issuance Trust)
	10/1/08 to 11/13/08	2.74 to 6.25	40,000,000	39,942,422
Dominion Resources, Inc.
	10/1/08 to 10/9/08	2.91 to 6.11	14,000,000	13,997,831
Dow Chemical Co.
	10/8/08	3.01	2,000,000	1,998,833
Duke Energy Corp.
	10/2/08 to 10/6/08	6.03 to 6.11	8,000,000	7,997,296
Emerald Notes (BA Credit Card Trust)
	10/21/08 to 11/18/08	3.02 to 3.04	20,000,000	19,958,780
General Electric Capital Corp.
	2/3/09	2.90	11,000,000	10,890,764
Govco, Inc.
	10/14/08	2.75	2,000,000	1,998,028
Ingersoll Rand Global Holding Co. Ltd.
	10/10/08	2.93	4,000,000	3,997,080
International Lease Financial Corp.
	10/1/08	3.01	4,000,000	4,000,000
Intesa Funding LLC
	12/3/08	3.00	15,000,000	14,922,431
ITT Corp.
	10/6/08 to 10/7/08	2.93 to 2.96	4,000,000	3,998,206
JPMorgan Chase & Co.
	12/4/08	2.74	13,000,000	12,937,600
Kitty Hawk Funding Corp.
	10/10/08	2.73	8,000,000	7,994,580
Natexis Banques Populaires US Finance Co. LLC
	10/10/08 to 3/9/09	2.77 to 3.16	95,000,000	94,436,151
National Grid USA
	10/9/08	3.01	4,000,000	3,997,333
Nationwide Building Society
	10/27/08 to 1/23/09	2.80 to 3.40	30,000,000	29,804,595
Nissan Motor Acceptance Corp.
	10/1/08 to 10/17/08	3.01	3,000,000	2,998,667
Pacific Gas & Electric Co.
	10/1/08 to 10/2/08	6.16 to 7.25	7,000,000	6,999,317
Palisades Notes (Citibank Omni Master Trust)
	10/1/08 to 12/8/08	2.92 to 6.75	32,000,000	31,919,206
Rockies Express Pipeline LLC
	10/1/08 to 10/2/08	2.96 to 3.06	6,000,000	5,999,915

	Due Date	Yield (a)	Principal Amount	Value
Salisbury Receivables Co. LLC
	10/1/08 to 10/6/08	2.54 to 6.00%	$ 49,000,000	$ 48,997,334
Santander Finance, Inc.
	10/14/08	2.75	11,000,000	10,989,156
Sheffield Receivables Corp.
	10/6/08 to 10/27/08	2.53 to 4.51	54,000,000	53,947,614
Societe Generale North America, Inc.
	10/31/08 to 12/4/08	2.85 to 2.90	45,000,000	44,846,051
Spectra Energy Capital, LLC
	10/10/08	2.98	1,000,000	999,258
Textron Financial Corp.
	10/2/08	6.11	9,000,000	8,998,475
Thames Asset Global Securities No. 1, Inc.
	10/1/08 to 12/9/08	2.53 to 6.00	185,396,000	185,236,771
Transocean, Inc.
	10/2/08 to 10/15/08	2.99 to 3.01	6,000,000	5,996,273
UniCredito Italiano Bank (Ireland) PLC
	10/31/08 to 3/18/09	3.00 to 3.15	35,000,000	34,703,822
Virginia Electric & Power Co.
	10/1/08 to 10/2/08	2.95 to 6.11	2,000,000	1,999,831
WellPoint, Inc.
	10/2/08 to 10/8/08	3.01	5,000,000	4,998,917
XTO Energy, Inc.
	10/1/08 to 10/10/08	3.01 to 7.00	11,000,000	10,992,500
TOTAL COMMERCIAL PAPER				915,599,460
Federal Agencies - 3.2%

Fannie Mae - 0.6%
	11/12/08	2.75 (c)	23,655,000	23,643,456
Federal Home Loan Bank - 1.4%
	10/13/08 to 1/1/09	2.41 to 3.88 (c)	55,890,000	55,816,041
Freddie Mac - 1.2%
	10/20/08 to 3/31/09	2.72 to 3.17 (c)	46,000,000	45,887,630
TOTAL FEDERAL AGENCIES				125,347,127

U.S. Treasury Obligations - 0.7%
Due Date	Yield (a)	Principal Amount	Value

U.S. Treasury Bills - 0.7%
	1/8/09 to 4/2/09	1.55 to 1.66%	$ 25,970,000	$ 25,794,150
Bank Notes - 1.5%

Bank of America NA
	11/6/08	3.00 (c)	23,000,000	23,000,000
Banque Federative du Credit Mutuel
	11/28/08	2.96 (b)(c)	12,000,000	12,000,000
Societe Generale
	12/4/08	3.29 (b)(c)	22,000,000	22,000,000
TOTAL BANK NOTES				57,000,000
Master Notes - 1.1%

Asset Funding Co. III LLC
	10/6/08 to 10/14/08	2.55 to 3.14 (c)(d)	41,000,000	41,000,000
Medium-Term Notes - 17.7%

Abbey National Treasury Services PLC
	10/2/08	2.73 (c)	2,000,000	1,999,990
Allstate Life Global Funding Trusts
	12/22/08	3.45 (c)	1,000,000	1,000,000
American Honda Finance Corp.
	10/14/08 to 12/18/08	2.92 to 3.01 (b)(c)	38,000,000	37,948,451
AT&T, Inc.
	12/5/08	3.23 (b)(c)	33,000,000	33,000,000
Australia & New Zealand Banking Group Ltd.
	10/23/08 to 12/2/08	3.02 to 3.22 (b)(c)	29,000,000	29,000,000
Bank of America NA
	10/3/08	2.99 (c)	30,000,000	30,000,000
Bank of Montreal
	10/6/08	2.99 (b)(c)	14,000,000	14,000,000
Bayerische Landesbank Girozentrale
	10/15/08	2.83 (c)	10,000,000	10,000,000
BNP Paribas SA
	11/13/08	3.01 (c)	20,000,000	20,000,000
BP Capital Markets PLC
	12/11/08	2.92 (c)	14,000,000	14,000,000
Caja Madrid SA
	10/20/08	2.94 (b)(c)	7,000,000	7,000,000
Commonwealth Bank of Australia
	10/3/08 to 10/24/08	2.99 to 3.21 (b)(c)	48,430,000	48,430,212
Medium-Term Notes - continued
	Due Date	Yield (a)	Principal Amount	Value
Compagnie Financiere du Credit Mutuel
	12/9/08	3.02% (b)(c)	$ 7,000,000	$ 7,000,000
Credit Agricole SA
	12/22/08	3.43 (b)(c)	31,000,000	31,000,000
DnB NOR Bank ASA
	10/27/08	3.22 (b)(c)	27,000,000	26,999,995
General Electric Capital Corp.
	10/9/08 to 12/12/08	2.51 to 3.22 (c)	16,000,000	15,999,955
HSH Nordbank AG
	10/23/08	3.26 (b)(c)	6,000,000	6,000,000
ING USA Annuity & Life Insurance Co.
	12/24/08	3.46 (c)(d)	3,000,000	3,000,000
Intesa Bank Ireland PLC
	10/27/08	3.23 (b)(c)	20,000,000	20,000,000
Jackson National Life Insurance Co.
	12/8/08	3.32 (b)(c)	5,500,000	5,500,000
Lloyds TSB Group PLC
	11/7/08	3.10 (b)(c)	22,000,000	22,000,000
Merrill Lynch & Co., Inc.
	10/6/08 to 10/15/08	2.57 to 2.65 (c)	13,000,000	13,000,133
Metropolitan Life Global Funding I
	10/6/08	2.54 (b)(c)	3,884,000	3,884,000
Morgan Stanley
	10/1/08 to 10/27/08	1.78 to 3.80 (c)	23,000,000	23,000,020
National Australia Bank Ltd.
	12/8/08	3.03 (b)(c)	16,000,000	16,000,000
New York Life Insurance Co.
	11/28/08 to 12/29/08	2.98 to 3.93 (c)(d)	39,000,000	39,000,000
Nordea Bank AB
	10/24/08	3.15 (b)(c)	22,000,000	22,000,000
Pacific Life Global Funding
	10/6/08	2.56 (b)(c)	3,000,000	3,000,272
PNC Bank NA, Pittsburgh
	11/4/08	3.03 (c)	7,000,000	7,000,000
Royal Bank of Canada
	10/15/08	2.89 (b)(c)	23,000,000	23,000,000
Security Life of Denver Insurance Co.
	11/28/08	3.07 (c)(d)	2,000,000	2,000,000
Svenska Handelsbanken AB
	10/6/08	3.00 (b)(c)	24,000,000	24,000,000
Transamerica Occidental Life Insurance Co.
	11/3/08	3.08 (c)(d)	10,000,000	10,000,000
UniCredito Italiano Bank (Ireland) PLC
	10/8/08	2.52 (b)(c)	9,000,000	9,000,000
Verizon Communications, Inc.
	12/15/08	2.90 (c)	14,000,000	14,000,000
Medium-Term Notes - continued
	Due Date	Yield (a)	Principal Amount	Value
Wachovia Bank NA
	10/27/08	2.87% (c)	$ 13,000,000	$ 13,000,000
Wells Fargo & Co.
	5/1/09	3.55 (c)	13,000,000	13,003,828
WestLB AG
	10/10/08	2.56 (b)(c)	6,000,000	6,000,000
Westpac Banking Corp.
	10/14/08 to 12/4/08	2.95 to 3.09 (b)(c)	56,000,000	55,993,941
	12/11/08	2.88 (c)	8,000,000	8,001,286
TOTAL MEDIUM-TERM NOTES				688,762,083
Short-Term Notes - 0.4%

Metropolitan Life Insurance Co.
	10/2/08 to 11/3/08	3.07 to 3.09 (c)(d)	15,000,000	15,000,000
Municipal Securities - 1.4%

Miami-Dade County School District TAN
	10/3/08	5.78 to 6.34	54,500,000	54,462,500

Repurchase Agreements - 12.3%
	Maturity Amount
In a joint trading account at 2.14% dated 9/30/08 due 10/1/08 (Collateralized by U.S. Government Obligations) #	199,012		199,000
With:
Banc of America Securities LLC:
at:
7.2%, dated 9/30/08 due 10/1/08 (Collateralized by Corporate Obligations valued at $67,213,440, 7.25% - 11.5%, 2/4/17)	64,012,800		64,000,000
7.25%, dated 9/30/08 due 10/1/08 (Collateralized by Corporate Obligations valued at $35,707,929, 5.5% - 8.28%, 4/1/09 - 10/15/30)	34,006,847		34,000,000
at 7.25%, dated 9/30/08 due 10/1/08 (Collateralized by Equity Securities valued at $4,200,849)	4,000,806		4,000,000
Barclays Capital, Inc. at:
3%, dated 7/17/08 due 10/17/08 (Collateralized by Equity Securities valued at $7,392,886)	7,053,667		7,000,000
7.2%, dated 9/30/08 due 10/1/08 (Collateralized by Equity Securities valued at $33,606,730)	32,006,400		32,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
Citigroup Global Markets, Inc. at 7.2%, dated 9/30/08 due 10/1/08 (Collateralized by Corporate Obligations valued at $76,665,331, 6.45% - 8.15%, 5/2/12 - 3/19/38)	$ 73,014,600		$ 73,000,000
Credit Suisse First Boston, Inc. at 7.2%, dated 9/30/08 due 10/1/08 (Collateralized by Equity Securities valued at $31,505,670)	30,006,000		30,000,000
Deutsche Bank Securities, Inc. at:
2.6%, dated 9/2/08 due 10/2/08 (Collateralized by Corporate Obligations valued at $7,365,395, 7.38% - 13.11%, 4/1/12 - 12/15/26)	7,015,167		7,000,000
2.63%, dated 9/4/08 due 10/6/08 (Collateralized by Corporate Obligations valued at $13,677,493, 2% - 3.25%, 8/1/15 - 4/15/21)	13,030,391		13,000,000
7.2%, dated 9/30/08 due 10/1/08 (Collateralized by Corporate Obligations valued at:
$118,673,730, 2.94% - 9%, 7/27/09 - 8/15/31)	113,022,600		113,000,000
$36,758,175, 1.5% 12/15/37)	35,007,000		35,000,000
ING Financial Markets LLC at 2.69%, dated 9/10/08 due 10/10/08 (Collateralized by Corporate Obligations valued at $8,413,743, 4.88% - 5.8%, 6/7/12 - 2/15/36)	8,017,933		8,000,000
Merrill Lynch, Pierce, Fenner & Smith at 7.15%, dated 9/30/08 due 10/1/08 (Collateralized by U.S. Government Obligations valued at $12,364,462, 2.99% - 3.39%, 7/15/34 - 5/1/36)	12,002,383		12,000,000
UBS Warburg LLC:
at 3.05%, dated 7/24/08 due 10/22/08 (Collateralized by Corporate Obligations valued at $4,224,411, 6.13%- 7.25%, 8/15/13 - 1/15/18)	4,030,500		4,000,000
at 3%, dated 7/8/08 due 10/6/08 (Collateralized by U.S. Government Obligations valued at $16,434,313, 6%, 1/15/38 - 1/15/38)	16,120,000		16,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
Wachovia Securities, Inc. at:
2.74%, dated 9/11/08 due 10/7/08 (Collateralized by Corporate Obligations valued at $12,619,180, 4.13% - 5.75%, 12/15/09 - 12/15/17)	$ 12,023,747		$ 12,000,000
2.92%, dated 9/10/08 due 10/7/08 (Collateralized by Commercial Paper Obligations valued at $13,412,808, 10/6/08)	13,028,470		13,000,000
TOTAL REPURCHASE AGREEMENTS		477,199,000

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $3,900,663,246)

3,900,663,246

NET OTHER ASSETS - (0.5)%			(17,779,547)
NET ASSETS - 100%		$ 3,882,883,699

Security Type Abbreviation

TAN - TAX ANTICIPATION NOTE

Legend

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $484,756,871 or 12.5% of net assets.

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

(d) 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 $110,000,000 or 2.8% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
Asset Funding Co. III LLC: 2.55%, 10/6/08	11/7/06	$ 13,000,000
2.56%, 10/6/08	8/29/06	$ 13,000,000
3.14%, 10/14/08	7/11/08	$ 15,000,000
ING USA Annuity & Life Insurance Co. 3.46%, 12/24/08	6/23/05	$ 3,000,000
Metropolitan Life Insurance Co.: 3.07%, 10/2/08	3/26/02	$ 10,000,000
3.09%, 11/3/08	2/24/03	$ 5,000,000
New York Life Insurance Co.: 2.98%, 11/28/08	5/12/08	$ 9,000,000
3.93%, 12/29/08	3/28/08	$ 30,000,000
Security Life of Denver Insurance Co. 3.07%, 11/28/08	8/26/05	$ 2,000,000
Transamerica Occidental Life Insurance Co. 3.08%, 11/3/08	4/29/08	$ 10,000,000

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

Repurchase Agreement / Counterparty	Value
$199,000 due 10/01/08 at 2.14%
ABN AMRO Bank N.V., New York Branch	$ 5,817
Banc of America Securities LLC	45,373
Barclays Capital, Inc.	93,595
Deutsche Bank Securities, Inc.	5,817
ING Financial Markets LLC	5,817
J.P. Morgan Securities, Inc.	11,518
RBC Capital Markets Corp.	9,307
Societe Generale, New York Branch	11,634
UBS Securities LLC	10,122
	$ 199,000

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 3,900,663,246	$ -	$ 3,900,663,246	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $3,900,663,246.

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. Investments in open-end mutual funds, are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Strategic Income Portfolio

September 30, 2008

1.808796.104

VIPSI-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 25.7%
		Principal Amount (d)		Value
Convertible Bonds - 0.2%
INFORMATION TECHNOLOGY - 0.2%
Semiconductors & Semiconductor Equipment - 0.2%
Advanced Micro Devices, Inc.:
5.75% 8/15/12		$ 385,000		$ 219,450
6% 5/1/15		1,405,000		649,813
ON Semiconductor Corp. 0% 4/15/24		20,000		18,684
Spansion, Inc. 2.25% 6/15/16 (g)		240,000		70,104
				958,051
Nonconvertible Bonds - 25.5%
CONSUMER DISCRETIONARY - 4.4%
Auto Components - 0.1%
Affinia Group, Inc. 9% 11/30/14		170,000		125,800
Visteon Corp. 7% 3/10/14		400,000		196,000
				321,800
Automobiles - 0.2%
Ford Motor Co.:
7.125% 11/15/25		15,000		6,132
7.4% 11/1/46		80,000		29,200
7.45% 7/16/31		553,000		237,790
7.5% 8/1/26		35,000		14,175
8.875% 1/15/22		70,000		31,150
8.9% 1/15/32		30,000		15,000
General Motors Corp.:
6.75% 5/1/28		127,000		40,640
7.125% 7/15/13		210,000		96,600
7.4% 9/1/25		244,000		87,840
8.25% 7/15/23		258,000		101,265
				659,792
Diversified Consumer Services - 0.1%
Affinion Group, Inc. 11.5% 10/15/15		175,000		162,750
Mac-Gray Corp. 7.625% 8/15/15		40,000		38,000
				200,750
Hotels, Restaurants & Leisure - 1.1%
Cap Cana SA 9.625% 11/3/13 (g)		100,000		59,000
Carrols Corp. 9% 1/15/13		355,000		298,200
Gaylord Entertainment Co.:
6.75% 11/15/14		130,000		110,500
8% 11/15/13		100,000		88,500
MGM Mirage, Inc.:
5.875% 2/27/14		185,000		130,425
6.625% 7/15/15		235,000		162,150

		Principal Amount (d)		Value
6.75% 4/1/13		$ 50,000		$ 39,500
6.875% 4/1/16		75,000		51,750
7.5% 6/1/16		290,000		207,350
7.625% 1/15/17		162,000		116,640
Mohegan Tribal Gaming Authority 6.875% 2/15/15		100,000		69,000
OSI Restaurant Partners, Inc. 10% 6/15/15		885,000		398,250
Scientific Games Corp. 6.25% 12/15/12		40,000		35,200
Shingle Springs Tribal Gaming Authority 9.375% 6/15/15 (g)		100,000		67,000
Six Flags Operations, Inc. 12.25% 7/15/16 (g)		349,000		319,335
Six Flags, Inc.:
8.875% 2/1/10		580,000		435,000
9.625% 6/1/14		46,000		25,760
Speedway Motorsports, Inc. 6.75% 6/1/13		95,000		88,825
Station Casinos, Inc.:
6% 4/1/12		400,000		226,000
6.5% 2/1/14		811,000		251,410
6.625% 3/15/18		830,000		257,300
6.875% 3/1/16		865,000		268,150
7.75% 8/15/16		680,000		368,900
Town Sports International Holdings, Inc. 0% 2/1/14 (e)		23,000		20,470
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10		45,000		44,888
Vail Resorts, Inc. 6.75% 2/15/14		225,000		207,000
Virgin River Casino Corp./RBG LLC/B&BB, Inc.:
0% 1/15/13 (e)		230,000		80,500
9% 1/15/12		30,000		19,500
Waterford Gaming LLC/Waterford Gaming Finance Corp. 8.625% 9/15/14 (g)		78,000		61,620
				4,508,123
Household Durables - 0.0%
K. Hovnanian Enterprises, Inc. 11.5% 5/1/13 (g)		20,000		19,600
Urbi, Desarrollos Urbanos, SA de CV 8.5% 4/19/16 (g)		140,000		124,600
				144,200
Leisure Equipment & Products - 0.0%
Riddell Bell Holdings, Inc. 8.375% 10/1/12		40,000		33,400
Media - 2.5%
AMC Entertainment, Inc. 11% 2/1/16		120,000		117,900
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Media - continued
BSkyB Finance UK Ltd. 5.75% 10/20/17 (Reg. S)	GBP	75,000		$ 117,687
Cablemas SA de CV 9.375% 11/15/15 (Reg. S)		$ 600,000		606,000
CanWest Media, Inc. 8% 9/15/12		40,000		32,800
Charter Communications Holdings I LLC/Charter Communications Holdings I Capital Corp.:
11% 10/1/15		1,057,000		708,190
11% 10/1/15		22,000		14,740
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp.:
Series B, 10.25% 9/15/10		640,000		569,600
10.25% 9/15/10		193,000		173,700
10.25% 10/1/13		425,000		357,000
Charter Communications Operating LLC/Charter Communications Operating Capital Corp. 10.875% 9/15/14 (g)		255,000		249,900
Clear Channel Communications, Inc.:
4.9% 5/15/15		255,000		75,863
5.5% 9/15/14		343,000		106,330
5.5% 12/15/16		160,000		59,200
5.75% 1/15/13		195,000		86,775
6.875% 6/15/18		185,000		70,300
7.25% 10/15/27		207,000		76,590
10.75% 8/1/16 (g)		750,000		411,563
CSC Holdings, Inc.:
6.75% 4/15/12		70,000		64,400
7.625% 7/15/18		264,000		229,680
7.875% 2/15/18		346,000		307,940
EchoStar Communications Corp.:
6.375% 10/1/11		45,000		41,400
6.625% 10/1/14		790,000		628,050
7.125% 2/1/16		1,995,000		1,605,975
Haights Cross Communications, Inc. 0% 8/15/11 (e)		20,000		13,000
iesy Repository GmbH 10.375% 2/15/15 (g)		50,000		48,000
Lamar Media Corp. 6.625% 8/15/15		770,000		642,950
Liberty Media Corp.:
8.25% 2/1/30		195,000		131,582
8.5% 7/15/29		230,000		162,530
MediMedia USA, Inc. 11.375% 11/15/14 (g)		50,000		49,250
Nielsen Finance LLC/Nielsen Finance Co. 0% 8/1/16 (e)		460,000		301,300

		Principal Amount (d)		Value
Rainbow National LLC & RNS Co. Corp.:
8.75% 9/1/12 (g)		$ 110,000		$ 112,200
10.375% 9/1/14 (g)		385,000		404,250
The Reader's Digest Association, Inc. 9% 2/15/17		160,000		90,400
TL Acquisitions, Inc. 10.5% 1/15/15 (g)		1,290,000		1,032,000
Videotron Ltd. 6.875% 1/15/14		125,000		115,000
WPP Group PLC 6% 4/4/17	GBP	75,000		117,797
				9,931,842
Multiline Retail - 0.1%
Matahari Finance BV 9.5% 10/6/09		300,000		296,074
Specialty Retail - 0.2%
Claire's Stores, Inc.:
9.25% 6/1/15		150,000		69,000
10.375% 6/1/15 pay-in-kind		235,000		58,780
Michaels Stores, Inc.:
0% 11/1/16 (e)		30,000		7,800
10% 11/1/14		810,000		506,250
11.375% 11/1/16		419,000		197,978
Toys 'R' US, Inc. 7.875% 4/15/13		185,000		146,150
				985,958
Textiles, Apparel & Luxury Goods - 0.1%
Levi Strauss & Co.:
8.875% 4/1/16		170,000		136,850
9.75% 1/15/15		115,000		101,200
				238,050
TOTAL CONSUMER DISCRETIONARY				17,319,989
CONSUMER STAPLES - 0.3%
Beverages - 0.0%
Cerveceria Nacional Dominicana C por A 16% 3/27/12 (g)		100,000		72,420
Food & Staples Retailing - 0.1%
Rite Aid Corp.:
9.375% 12/15/15		170,000		86,700
9.5% 6/15/17		345,000		175,950
Tesco PLC 5.875% 9/12/16	EUR	100,000		134,625
				397,275
Food Products - 0.2%
Bertin Ltda. 10.25% 10/5/16 (g)		100,000		82,000
Gruma SA de CV 7.75%		385,000		369,600
Hines Nurseries, Inc. 10.25% 10/1/11 (c)		120,000		12,000
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11		25,000		24,500
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
CONSUMER STAPLES - continued
Food Products - continued
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.:
9.25% 4/1/15		$ 35,000		$ 28,525
10.625% 4/1/17		65,000		48,750
Reddy Ice Holdings, Inc. 0% 11/1/12 (e)		130,000		105,300
Smithfield Foods, Inc. 7.75% 7/1/17		170,000		142,800
				813,475
Household Products - 0.0%
Central Garden & Pet Co. 9.125% 2/1/13		75,000		61,500
Personal Products - 0.0%
Elizabeth Arden, Inc. 7.75% 1/15/14		40,000		37,500
TOTAL CONSUMER STAPLES				1,382,170
ENERGY - 3.0%
Energy Equipment & Services - 0.1%
Complete Production Services, Inc. 8% 12/15/16		130,000		120,900
Helix Energy Solutions Group, Inc. 9.5% 1/15/16 (g)		240,000		230,400
Seabulk International, Inc. 9.5% 8/15/13		135,000		140,400
				491,700
Oil, Gas & Consumable Fuels - 2.9%
ANR Pipeline, Inc. 7.375% 2/15/24		115,000		127,650
Atlas Energy Operating Co. LLC/Financing Corp. 10.75% 2/1/18 (g)		245,000		220,500
Atlas Pipeline Partners LP 8.125% 12/15/15		365,000		339,450
Berry Petroleum Co. 8.25% 11/1/16		150,000		126,000
Chaparral Energy, Inc.:
8.5% 12/1/15		300,000		232,500
8.875% 2/1/17		250,000		193,750
Chesapeake Energy Corp.:
6.5% 8/15/17		460,000		409,400
6.875% 11/15/20		390,000		333,450
7.5% 9/15/13		40,000		39,000
7.5% 6/15/14		35,000		33,513
7.625% 7/15/13		1,000,000		955,000

		Principal Amount (d)		Value
Colorado Interstate Gas Co. 6.8% 11/15/15		$ 260,000		$ 246,312
Connacher Oil and Gas Ltd. 10.25% 12/15/15 (g)		270,000		265,950
Drummond Co., Inc. 7.375% 2/15/16 (g)		140,000		116,200
EXCO Resources, Inc. 7.25% 1/15/11		10,000		9,500
Gaz Capital SA (Luxembourg):
6.58% 10/31/13	GBP	50,000		67,020
6.605% 2/13/18	EUR	50,000		53,695
Harvest Operations Corp. 7.875% 10/15/11		50,000		44,000
InterNorth, Inc. 9.625% 3/16/06 (c)		100,000		1,880
KazMunaiGaz Finance Sub BV 9.125% 7/2/18 (g)		130,000		114,400
Mariner Energy, Inc. 8% 5/15/17		80,000		67,600
Massey Energy Co. 6.875% 12/15/13		715,000		645,288
OPTI Canada, Inc. 7.875% 12/15/14		265,000		233,200
Peabody Energy Corp.:
7.375% 11/1/16		300,000		282,000
7.875% 11/1/26		300,000		270,000
Pemex Project Funding Master Trust:
6.625% 6/15/35		170,000		154,275
6.625% 6/15/35 (g)		75,000		68,063
Petrohawk Energy Corp.:
7.875% 6/1/15 (g)		510,000		443,700
9.125% 7/15/13		600,000		558,000
Petroleos de Venezuela SA:
5.25% 4/12/17		3,030,000		1,636,200
5.375% 4/12/27		770,000		334,950
Petroleum Development Corp. 12% 2/15/18		265,000		265,000
Range Resources Corp. 7.375% 7/15/13		100,000		95,500
SandRidge Energy, Inc. 8.625% 4/1/15 pay-in-kind (g)		230,000		207,000
Ship Finance International Ltd. 8.5% 12/15/13		145,000		140,650
Southern Star Central Corp. 6.75% 3/1/16		90,000		82,575
Southwestern Energy Co. 7.5% 2/1/18 (g)		150,000		144,750
Targa Resources, Inc./Targa Resources Finance Corp. 8.5% 11/1/13		70,000		60,200
Tennessee Gas Pipeline Co.:
7% 10/15/28		20,000		17,139
7.5% 4/1/17		445,000		433,464
7.625% 4/1/37		50,000		44,377
8.375% 6/15/32		40,000		38,318
TNK-BP Finance SA:
6.875% 7/18/11 (g)		300,000		256,500
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
TNK-BP Finance SA: - continued
7.5% 3/13/13 (Reg. S)		$ 300,000		$ 231,000
Venoco, Inc. 8.75% 12/15/11		190,000		163,400
W&T Offshore, Inc. 8.25% 6/15/14 (g)		310,000		257,300
YPF SA 10% 11/2/28		340,000		311,100
				11,370,719
TOTAL ENERGY				11,862,419
FINANCIALS - 3.0%
Capital Markets - 0.2%
Bank of Scotland 6.125% 2/5/13	EUR	142,000		178,802
Goldman Sachs Group, Inc. 5.375% 2/15/13	EUR	65,000		75,438
Merrill Lynch & Co., Inc. 4.625% 10/2/13	EUR	100,000		108,638
Morgan Stanley 3.75% 3/1/13	EUR	100,000		120,821
VTB Capital SA 8.25% 6/30/11	EUR	100,000		117,951
				601,650
Commercial Banks - 1.0%
Alliance & Leicester PLC 4.25% 12/30/08	GBP	70,000		123,296
Anglo Irish Bank Corp. PLC 5.505% 6/25/14 (i)	EUR	120,000		125,475
Banca Popolare di Lodi Investor Trust III 6.742% (i)	EUR	50,000		54,455
Bancaja Emisiones SA 4.625% (i)	EUR	100,000		64,650
Banco de Credito Del Peru 7.17% 10/15/22 (g)(i)	PEN	730,000		206,823
Bank of Scotland PLC 5.625% 5/23/13	EUR	50,000		63,428
Credit Agricole SA 5.971% 2/1/18	EUR	100,000		135,513
Development Bank of Philippines 8.375% (i)		400,000		380,000
EXIM of Ukraine 7.65% 9/7/11 (Issued by Credit Suisse London Branch for EXIM Ukraine)		975,000		692,250
EXIM of Ukraine 7.75% 9/23/09 (Issued by Dresdner Bank AG for EXIM Ukraine)		150,000		133,500
Export-Import Bank of India 1.3925% 6/7/12 (i)	JPY	20,000,000		176,287
Halifax PLC 4.75% 3/24/09	EUR	100,000		136,402
HBOS PLC 6.305% 10/18/17 (i)	GBP	50,000		80,757
HSBK (Europe) B.V. 9.25% 10/16/13 (g)		280,000		205,800
JSC Halyk Bank of Kazakhstan (Reg. S) 8.125% 10/7/09		135,000		127,575

		Principal Amount (d)		Value
Kyivstar GSM 10.375% 8/17/09 (Issued by Dresdner Bank AG for Kyivstar GSM) (g)		$ 200,000		$ 198,000
Russian Standard Finance SA 6.825% 9/16/09	EUR	50,000		57,128
St. George Bank Ltd. 6.5% 6/24/13	EUR	100,000		140,677
Standard Chartered Bank 5.419% 3/28/18 (i)	EUR	100,000		122,251
UBS Luxembourg SA (Reg. S) 8.375% 10/22/11		460,000		391,000
Vimpel Communications:
8% 2/11/10 (Issued by UBS Luxembourg SA for Vimpel Communications)		200,000		190,000
10% 6/16/09 (Issued by UBS Luxembourg SA for Vimpel Communications)		230,000		222,502
				4,027,769
Consumer Finance - 0.2%
ACE Cash Express, Inc. 10.25% 10/1/14 (g)		80,000		57,600
Ford Motor Credit Co. LLC:
7% 10/1/13		95,000		58,383
7.25% 10/25/11		170,000		108,102
7.375% 2/1/11		45,000		29,902
7.8% 6/1/12		190,000		123,500
8% 12/15/16		95,000		60,325
General Motors Acceptance Corp.:
6.875% 8/28/12		105,000		41,735
7% 2/1/12		325,000		132,473
GMAC LLC:
6% 4/1/11		311,000		147,328
6.625% 5/15/12		40,000		16,000
SLM Corp.:
5.158% 12/15/10 (i)	EUR	100,000		101,348
5.288% 6/17/13 (i)	EUR	57,000		52,608
				929,304
Diversified Financial Services - 0.8%
Banca Italease SpA 5.669% 6/28/16 (i)	EUR	100,000		120,933
Bank of America Corp. 7% 7/31/28	GBP	100,000		177,308
BAT International Finance PLC 5.375% 6/29/17	EUR	50,000		63,848
C10-EUR CAPITAL SPV Ltd. 6.277% 5/9/49 (i)	EUR	65,000		66,237
CCO Holdings LLC/CCO Holdings Capital Corp. 8.75% 11/15/13		260,000		225,550
CEMEX Finance Europe BV 4.75% 3/5/14	EUR	50,000		53,973
Citigroup, Inc. 4.25% 2/25/30 (i)	EUR	47,000		40,265
Dignity Finance PLC:
6.31% 12/31/23 (Reg. S)	GBP	8,645		14,245
8.151% 12/31/30	GBP	20,000		34,216
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Diversified Financial Services - continued
FireKeepers Development Authority 13.875% 5/1/15 (g)		$ 100,000		$ 87,000
Getin Finance PLC 6.967% 5/13/09 (i)	EUR	50,000		66,143
Global Cash Access LLC/Global Cash Access Finance Corp. 8.75% 3/15/12		238,000		211,820
IFIL Finanziaria di Partecipazioni SpA 5.375% 6/12/17	EUR	50,000		58,428
Imperial Tobacco Finance:
5.5% 11/22/16	GBP	50,000		75,761
7.25% 9/15/14	EUR	50,000		68,953
NCO Group, Inc. 11.875% 11/15/14		120,000		90,000
OAO TMK 8.5% 9/29/09 (Issued by TMK Capital SA for OAO TMK)		800,000		728,000
Pakistan International Sukuk Co. Ltd. 5.3569% 1/27/10 (i)		200,000		170,000
Red Arrow International Leasing PLC 8.375% 6/30/12	RUB	6,713,586		238,035
TMK Capital SA 10% 7/29/11		300,000		254,280
TransCapitalInvest Ltd. 5.381% 6/27/12 (Reg. S)	EUR	150,000		190,771
UT2 Funding PLC 5.321% 6/30/16	EUR	80,000		79,162
WaMu Covered Bond Program:
3.875% 9/27/11	EUR	50,000		61,316
4.375% 5/19/14	EUR	50,000		58,597
				3,234,841
Insurance - 0.1%
Corporacion Mapfre SA 5.921% 7/24/37 (i)	EUR	100,000		117,134
Old Mutual PLC 4.5% 1/18/17 (i)	EUR	50,000		61,907
Resolution PLC 6.5864% (i)	GBP	80,000		59,030
				238,071
Real Estate Investment Trusts - 0.2%
BF Saul REIT 7.5% 3/1/14		95,000		84,550
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (g)		330,000		224,400
Senior Housing Properties Trust:
7.875% 4/15/15		180,000		175,950
8.625% 1/15/12		280,000		280,000
				764,900
Real Estate Management & Development - 0.3%
Inversiones y Representaciones SA 8.5% 2/2/17 (g)		165,000		102,300
Realogy Corp.:
10.5% 4/15/14		1,775,000		798,750

		Principal Amount (d)		Value
11.75% 4/15/14 pay-in-kind		$ 755,000		$ 237,951
WT Finance (Aust) Pty Ltd./Westfield Europe Finance PLC/WEA Finance 3.625% 6/27/12	EUR	75,000		92,013
				1,231,014
Thrifts & Mortgage Finance - 0.2%
Credit Logement SA:
4.604% (i)	EUR	100,000		117,381
5.558% 12/2/49 (i)	EUR	100,000		128,064
Irish Nationwide Building Society 5.089% 5/18/09 (i)	EUR	300,000		402,467
Nationwide Building Society 3.375% 8/17/15 (i)	EUR	200,000		242,703
				890,615
TOTAL FINANCIALS				11,918,164
HEALTH CARE - 1.4%
Health Care Equipment & Supplies - 0.1%
Bausch & Lomb, Inc. 9.875% 11/1/15 (g)		420,000		399,000
Invacare Corp. 9.75% 2/15/15		90,000		88,200
				487,200
Health Care Providers & Services - 1.2%
Cardinal Health 409, Inc. 9.5% 4/15/15 pay-in-kind		730,000		556,625
CRC Health Group, Inc. 10.75% 2/1/16		90,000		65,700
DASA Finance Corp. 8.75% 5/29/18 (g)		140,000		112,000
DaVita, Inc. 6.625% 3/15/13		340,000		319,600
Fresenius Medical Care Capital Trust IV 7.875% 6/15/11		125,000		125,000
HCA, Inc.:
9.125% 11/15/14		725,000		705,063
9.25% 11/15/16		650,000		632,125
9.625% 11/15/16 pay-in-kind		60,000		56,850
IASIS Healthcare LLC/IASIS Capital Corp. 8.75% 6/15/14		90,000		83,700
Rural/Metro Corp. 9.875% 3/15/15		80,000		72,000
Skilled Healthcare Group, Inc. 11% 1/15/14		78,000		77,220
Sun Healthcare Group, Inc. 9.125% 4/15/15		30,000		28,050
Team Finance LLC/Health Finance Corp. 11.25% 12/1/13		650,000		674,375
Tenet Healthcare Corp.:
9.25% 2/1/15		105,000		99,225
9.875% 7/1/14		710,000		678,050
U.S. Oncology, Inc. 9% 8/15/12		150,000		145,500
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
HEALTH CARE - continued
Health Care Providers & Services - continued
Vanguard Health Holding Co. I, LLC 0% 10/1/15 (e)		$ 40,000		$ 34,700
Vanguard Health Holding Co. II LLC 9% 10/1/14		355,000		343,463
				4,809,246
Life Sciences Tools & Services - 0.0%
Bio-Rad Laboratories, Inc. 7.5% 8/15/13		70,000		69,125
Pharmaceuticals - 0.1%
Bayer AG 5.062% 4/10/10 (i)	EUR	50,000		69,591
Elan Finance PLC/Elan Finance Corp. 7.75% 11/15/11		65,000		58,500
Leiner Health Products, Inc. 11% 6/1/12 (c)		90,000		4,500
Schering-Plough Corp. 5.375% 10/1/14	EUR	130,000		170,269
				302,860
TOTAL HEALTH CARE				5,668,431
INDUSTRIALS - 1.9%
Aerospace & Defense - 0.1%
Alion Science & Technology Corp. 10.25% 2/1/15		50,000		32,000
Hexcel Corp. 6.75% 2/1/15		100,000		97,000
Orbimage Holdings, Inc. 12.6538% 7/1/12 (i)		100,000		103,500
				232,500
Airlines - 0.2%
Continental Airlines, Inc. pass-thru trust certificates 6.903% 4/19/22		50,000		31,500
Delta Air Lines, Inc.:
7.9% 12/15/09 (a)		750,000		9,375
10% 8/15/08 (a)		70,000		875
Delta Air Lines, Inc. pass-thru trust certificates:
6.821% 8/10/22		612,383		459,287
8.021% 8/10/22		321,249		228,087
Northwest Airlines Corp. 10% 2/1/09 (a)		105,000		1,050
Northwest Airlines, Inc.:
7.875% 3/15/08 (a)		90,000		450
8.875% 6/1/06 (a)		80,000		800
Northwest Airlines, Inc. pass-thru trust certificates:
7.027% 11/1/19		132,000		87,120
8.028% 11/1/17		70,000		43,400
				861,944

		Principal Amount (d)		Value
Building Products - 0.3%
Compagnie de St. Gobain 5.212% 4/11/12 (i)	EUR	100,000		$ 130,707
Nortek, Inc.:
8.5% 9/1/14		$ 730,000		412,450
10% 12/1/13 (g)		325,000		287,625
NTK Holdings, Inc. 0% 3/1/14 (e)		455,000		197,925
				1,028,707
Commercial Services & Supplies - 0.4%
ALH Finance LLC/ALH Finance Corp. 8.5% 1/15/13		10,000		9,325
Allied Waste North America, Inc. 7.125% 5/15/16		170,000		158,525
Browning-Ferris Industries, Inc. 9.25% 5/1/21		100,000		103,000
Cenveo Corp. 10.5% 8/15/16 (g)		175,000		161,875
Iron Mountain, Inc.:
6.625% 1/1/16		480,000		451,200
7.75% 1/15/15		180,000		178,200
8.625% 4/1/13		185,000		182,225
West Corp. 9.5% 10/15/14		475,000		380,000
				1,624,350
Construction & Engineering - 0.0%
Blount, Inc. 8.875% 8/1/12		50,000		49,750
Obrascon Huarte Lain SA 5% 5/18/12	EUR	100,000		118,005
				167,755
Electrical Equipment - 0.1%
Coleman Cable, Inc. 9.875% 10/1/12		60,000		54,600
General Cable Corp. 7.125% 4/1/17		40,000		37,200
Sensus Metering Systems, Inc. 8.625% 12/15/13		60,000		55,800
SGL Carbon AG 6.215% 5/15/15 (i)	EUR	100,000		126,657
				274,257
Industrial Conglomerates - 0.3%
Hutchison Whampoa Finance 06 Ltd. 4.625% 9/21/16	EUR	100,000		120,174
Sequa Corp.:
11.75% 12/1/15 (g)		685,000		575,400
13.5% 12/1/15 pay-in-kind (g)		237,762		197,224
Siemens Financieringsmaatschappij NV 6.125% 9/14/66 (i)	GBP	50,000		76,623
				969,421
Machinery - 0.1%
Chart Industries, Inc. 9.125% 10/15/15		60,000		59,400
RBS Global, Inc. / Rexnord Corp.:
8.875% 9/1/16		85,000		75,225
9.5% 8/1/14		380,000		349,600
				484,225
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
INDUSTRIALS - continued
Marine - 0.1%
CMA CGM SA 5.5% 5/16/12 (Reg. S)	EUR	150,000		$ 149,143
Navios Maritime Holdings, Inc. 9.5% 12/15/14		$ 230,000		202,400
Ultrapetrol (Bahamas) Ltd. 9% 11/24/14		80,000		72,000
US Shipping Partners LP 13% 8/15/14		170,000		71,400
				494,943
Professional Services - 0.0%
FTI Consulting, Inc.:
7.625% 6/15/13		50,000		51,000
7.75% 10/1/16		80,000		81,600
				132,600
Road & Rail - 0.2%
Kansas City Southern de Mexico, SA de CV:
7.375% 6/1/14		100,000		96,500
7.625% 12/1/13		100,000		96,000
Kansas City Southern Railway Co. 7.5% 6/15/09		340,000		340,000
TFM SA de CV 9.375% 5/1/12		300,000		307,500
				840,000
Trading Companies & Distributors - 0.1%
Glencore Finance (Europe) SA 7.125% 4/23/15	EUR	100,000		126,380
Penhall International Corp. 12% 8/1/14 (g)		80,000		51,200
VWR Funding, Inc. 10.25% 7/15/15		250,000		210,000
				387,580
TOTAL INDUSTRIALS				7,498,282
INFORMATION TECHNOLOGY - 2.7%
Communications Equipment - 0.5%
Hughes Network Systems LLC / HNS Finance Corp. 9.5% 4/15/14		320,000		310,400
Lucent Technologies, Inc.:
6.45% 3/15/29		820,000		500,200
6.5% 1/15/28		400,000		244,000
Nortel Networks Corp.:
7.0406% 7/15/11 (i)		190,000		122,550
10.125% 7/15/13		190,000		114,950
10.75% 7/15/16		690,000		393,300
10.75% 7/15/16 (g)		325,000		185,250
				1,870,650

		Principal Amount (d)		Value
Electronic Equipment & Components - 0.1%
Texas Competitive Electric Holdings Co. LLC Series A, 10.25% 11/1/15 (g)		$ 565,000		$ 509,913
IT Services - 0.4%
Ceridian Corp.:
11.25% 11/15/15 (g)		230,000		186,300
12.25% 11/15/15 pay-in-kind (g)(i)		55,000		44,000
Iron Mountain, Inc. 8.75% 7/15/18		785,000		796,775
SunGard Data Systems, Inc. 9.125% 8/15/13		260,000		234,650
Unisys Corp.:
8% 10/15/12		65,000		52,650
12.5% 1/15/16		210,000		199,500
				1,513,875
Office Electronics - 0.3%
Xerox Capital Trust I 8% 2/1/27		480,000		436,479
Xerox Corp.:
6.4% 3/15/16		600,000		567,156
7.625% 6/15/13		290,000		288,550
				1,292,185
Semiconductors & Semiconductor Equipment - 1.4%
Amkor Technology, Inc. 9.25% 6/1/16		395,000		335,750
ASML Holding NV 5.75% 6/13/17	EUR	200,000		220,324
Avago Technologies Finance Ltd.:
8.3106% 6/1/13 (i)		44,000		43,560
10.125% 12/1/13		695,000		701,950
11.875% 12/1/15		505,000		520,150
Freescale Semiconductor, Inc.:
8.875% 12/15/14		2,175,000		1,500,750
9.125% 12/15/14 pay-in-kind		1,550,000		976,500
MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co. 6.0688% 12/15/11 (i)		40,000		13,600
New ASAT Finance Ltd. 9.25% 2/1/11		105,000		44,100
NXP BV:
7.875% 10/15/14		120,000		81,600
9.5% 10/15/15		1,305,000		678,600
Spansion LLC 11.25% 1/15/16 (g)		255,000		146,625
Viasystems, Inc. 10.5% 1/15/11		140,000		131,600
				5,395,109
Software - 0.0%
Open Solutions, Inc. 9.75% 2/1/15 (g)		50,000		29,000
TOTAL INFORMATION TECHNOLOGY				10,610,732
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
MATERIALS - 2.9%
Chemicals - 0.7%
America Rock Salt Co. LLC 9.5% 3/15/14		$ 225,000		$ 234,000
Georgia Gulf Corp.:
7.125% 12/15/13		80,000		46,400
9.5% 10/15/14		375,000		236,250
Huntsman LLC 11.625% 10/15/10		182,000		182,000
JohnsonDiversey Holdings, Inc. 10.67% 5/15/13		235,000		227,950
MacDermid, Inc. 9.5% 4/15/17 (g)		40,000		33,600
Momentive Performance Materials, Inc.:
9.75% 12/1/14		1,075,000		838,500
10.875% 12/1/14 pay-in-kind		285,000		206,183
11.5% 12/1/16		1,370,000		931,600
Sterling Chemicals, Inc. 10.25% 4/1/15		90,000		90,000
Tronox Worldwide LLC/Tronox Worldwide Finance Corp. 9.5% 12/1/12		95,000		31,350
				3,057,833
Containers & Packaging - 0.6%
AEP Industries, Inc. 7.875% 3/15/13		40,000		29,200
Berry Plastics Holding Corp.:
8.875% 9/15/14		540,000		402,300
10.25% 3/1/16		270,000		164,700
BWAY Corp. 10% 10/15/10		90,000		86,400
Constar International, Inc. 11% 12/1/12		170,000		25,500
Crown Cork & Seal, Inc.:
7.5% 12/15/96		160,000		114,400
8% 4/15/23		235,000		198,575
Crown European Holdings SA 6.25% 9/1/11	EUR	150,000		198,113
Owens-Brockway Glass Container, Inc.:
6.75% 12/1/14		105,000		100,800
8.25% 5/15/13		195,000		194,025
Rexam PLC 4.375% 3/15/13	EUR	100,000		127,876
Vitro SAB de CV:
8.625% 2/1/12		745,000		573,650
9.125% 2/1/17		120,000		76,800
				2,292,339
Metals & Mining - 1.4%
Aleris International, Inc. 9% 12/15/14		150,000		91,500
Compass Minerals International, Inc. 12% 6/1/13		220,000		220,000

		Principal Amount (d)		Value
CSN Islands VIII Corp. 9.75% 12/16/13 (g)		$ 315,000		$ 326,025
Evraz Group SA 8.875% 4/24/13 (g)		755,000		581,350
FMG Finance Property Ltd.:
10% 9/1/13 (g)		225,000		211,500
10.625% 9/1/16 (g)		557,000		537,505
Freeport-McMoRan Copper & Gold, Inc.:
6.875% 2/1/14		370,000		378,325
8.25% 4/1/15		510,000		501,075
8.375% 4/1/17		1,970,000		1,935,525
Gerdau AmeriSteel Corp./GUSAP Partners 10.375% 7/15/11		70,000		72,363
Gerdau SA 8.875% (g)		125,000		120,000
International Steel Group, Inc. 6.5% 4/15/14		445,000		444,244
Ispat Inland ULC 9.75% 4/1/14		20,000		21,000
RathGibson, Inc. 11.25% 2/15/14		305,000		277,550
				5,717,962
Paper & Forest Products - 0.2%
Abitibi-Consolidated, Inc. 13.75% 4/1/11 (g)		440,000		440,000
Glatfelter 7.125% 5/1/16		40,000		37,600
NewPage Corp. 9.0506% 5/1/12 (i)		90,000		83,700
Solo Cup Co. 8.5% 2/15/14		135,000		108,000
				669,300
TOTAL MATERIALS				11,737,434
TELECOMMUNICATION SERVICES - 3.9%
Diversified Telecommunication Services - 1.5%
British Telecommunications PLC 7.75% 12/7/16	GBP	60,000		113,458
Citizens Communications Co.:
7.875% 1/15/27		280,000		218,400
9% 8/15/31		220,000		168,300
Indosat Finance Co. BV 7.75% 11/5/10		250,000		243,750
Intelsat Bermuda Ltd. 12.5% 2/4/17 pay-in-kind (g)		1,528,465		1,152,505
Intelsat Corp.:
9.25% 8/15/14 (g)		315,000		296,888
9.25% 6/15/16 (g)		280,000		260,764
Intelsat Ltd. 11.25% 6/15/16		970,000		948,175
Level 3 Financing, Inc.:
8.75% 2/15/17		20,000		13,800
12.25% 3/15/13		80,000		70,400
Nordic Telephone Co. Holdings ApS 8.875% 5/1/16 (g)		285,000		267,900
Sistema Capital SA 8.875% 1/28/11 (Reg. S)		140,000		124,600
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Sprint Capital Corp.:
6.875% 11/15/28		$ 485,000		$ 327,375
8.75% 3/15/32		1,181,000		921,180
Telecom Egypt SAE 9.672% 2/4/10 (i)	EGP	117,780		21,173
U.S. West Communications 7.25% 10/15/35		15,000		10,500
Wind Acquisition Finance SA 10.75% 12/1/15 (g)		865,000		873,650
				6,032,818
Wireless Telecommunication Services - 2.4%
American Tower Corp. 7.125% 10/15/12		685,000		676,438
Centennial Communications Corp./Centennial Cellular Operating Co. LLC/Centennial Puerto Rico Operations Corp. 8.125% 2/1/14		270,000		267,300
Cricket Communications, Inc.:
9.375% 11/1/14		415,000		402,550
9.375% 11/1/14		175,000		169,750
10% 7/15/15 (g)		275,000		259,875
Digicel Group Ltd.:
8.875% 1/15/15 (g)		400,000		328,000
9.125% 1/15/15 pay-in-kind (g)(i)		200,000		164,000
9.25% 9/1/12 (g)		300,000		297,000
Intelsat Jackson Holdings Ltd.:
9.5% 6/15/16 (g)		1,180,000		1,115,100
11.5% 6/15/16 (g)		40,000		38,400
Intelsat Subsidiary Holding Co. Ltd.:
8.5% 1/15/13 (g)		225,000		211,500
8.875% 1/15/15 (g)		725,000		674,250
MetroPCS Wireless, Inc. 9.25% 11/1/14		785,000		733,975
Millicom International Cellular SA 10% 12/1/13		1,095,000		1,144,275
Nextel Communications, Inc.:
5.95% 3/15/14		815,000		546,050
7.375% 8/1/15		1,345,000		887,700
Pakistan Mobile Communications Ltd. 8.625% 11/13/13 (g)		550,000		313,500

		Principal Amount (d)		Value
Telecom Personal SA 9.25% 12/22/10 (g)		$ 1,065,000		$ 1,027,725
Vimpel Communications 8.375% 4/30/13 (Issued by VIP Finance Ireland Ltd. for Vimpel Communications) (g)		400,000		308,000
				9,565,388
TOTAL TELECOMMUNICATION SERVICES				15,598,206
UTILITIES - 2.0%
Electric Utilities - 0.8%
AES Gener SA 7.5% 3/25/14		200,000		200,000
Chivor SA E.S.P. 9.75% 12/30/14 (g)		200,000		201,000
Edison Mission Energy:
7.5% 6/15/13		780,000		752,700
7.75% 6/15/16		275,000		262,625
Energy Future Holdings:
10.875% 11/1/17 (g)		330,000		298,650
11.25% 11/1/17 pay-in-kind (g)(i)		460,000		386,400
Intergen NV 9% 6/30/17 (g)		450,000		441,000
Majapahit Holding BV 7.75% 10/17/16		200,000		174,000
National Power Corp. 6.875% 11/2/16 (g)		400,000		360,000
				3,076,375
Gas Utilities - 0.5%
Intergas Finance BV:
6.375% 5/14/17 (Reg. S)		325,000		242,125
6.875% 11/4/11 (Reg. S)		620,000		542,066
Southern Natural Gas Co.:
7.35% 2/15/31		190,000		166,589
8% 3/1/32		410,000		381,530
Transportadora de Gas del Sur SA 7.875% 5/14/17 (g)		665,000		472,150
				1,804,460
Independent Power Producers & Energy Traders - 0.7%
AES Corp.:
7.75% 10/15/15		1,105,000		1,016,600
8% 10/15/17		790,000		728,775
Enron Corp. 7.625% 9/10/04 (c)		400,000		8,000
NRG Energy, Inc.:
7.25% 2/1/14		325,000		297,375
7.375% 2/1/16		580,000		524,900
Reliant Energy, Inc.:
7.625% 6/15/14		250,000		188,750
7.875% 6/15/17		145,000		107,300
Tenaska Alabama Partners LP 7% 6/30/21 (g)		89,700		77,142
				2,948,842
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
UTILITIES - continued
Multi-Utilities - 0.0%
Aquila, Inc. 11.875% 7/1/12 (f)(i)		$ 120,000		$ 132,000
Utilicorp United, Inc. 7.95% 2/1/11 (f)		3,000		2,970
				134,970
TOTAL UTILITIES				7,964,647
TOTAL NONCONVERTIBLE BONDS				101,560,474
TOTAL CORPORATE BONDS (Cost $121,582,398)			102,518,525
U.S. Government and Government Agency Obligations - 19.3%

U.S. Government Agency Obligations - 6.5%
Fannie Mae:
2.5% 4/9/10		30,000		29,705
2.875% 10/12/10		989,000		984,476
3% 7/12/10		1,000,000		997,722
3.25% 2/10/10		3,115,000		3,118,433
3.25% 8/12/10		1,309,000		1,312,050
3.25% 4/9/13		100,000		97,336
3.375% 5/19/11		941,000		942,931
3.625% 8/15/11		2,000,000		2,013,846
3.875% 12/10/09		3,360,000		3,390,993
3.875% 7/12/13		522,000		520,703
4.25% 5/15/09		40,000		40,222
4.875% 5/18/12		1,250,000		1,298,275
6% 5/15/11		380,000		405,668
Federal Home Loan Bank:
3.625% 12/17/10		850,000		853,943
3.625% 10/18/13		1,800,000		1,750,707
Freddie Mac:
3.25% 7/16/10		252,000		252,475
3.75% 6/28/13		300,000		297,669
3.875% 6/29/11		734,000		744,026
4.125% 11/30/09		1,400,000		1,415,270
4.5% 1/15/14		1,791,000		1,829,231
4.875% 6/13/18		1,716,000		1,739,193
5% 2/16/17		900,000		912,068
5.25% 7/18/11		5,000		5,249
5.5% 8/23/17		900,000		952,224
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS				25,904,415
U.S. Treasury Obligations - 12.8%
U.S. Treasury Bonds:
4.375% 2/15/38		1,355,000		1,372,255

		Principal Amount (d)		Value
4.5% 5/15/38		$ 350,000		$ 361,320
4.75% 2/15/37		250,000		267,422
6.125% 8/15/29		6,621,000		8,160,899
6.25% 8/15/23 (h)		4,200,000		5,042,953
U.S. Treasury Notes:
1.75% 3/31/10		3,118,000		3,110,935
2.375% 8/31/10		1,000,000		1,007,656
2.75% 7/31/10		609,000		618,468
2.75% 2/28/13		9,651,000		9,601,232
2.875% 6/30/10		74,000		75,220
3.125% 8/31/13		3,600,000		3,627,562
3.375% 11/30/12		996,000		1,019,966
3.375% 6/30/13		734,000		748,737
3.875% 5/15/18		538,000		541,530
4% 8/15/18		221,000		224,142
4.25% 11/15/17		1,200,000		1,243,687
4.5% 5/15/17		1,000,000		1,053,828
4.625% 7/31/12		200,000		214,281
4.75% 8/15/17		6,296,000		6,749,016
5.125% 5/15/16		5,515,000		6,069,087
TOTAL U.S. TREASURY OBLIGATIONS				51,110,196
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $76,693,203)			77,014,611
U.S. Government Agency - Mortgage Securities - 7.9%

Fannie Mae - 4.5%
3.724% 9/1/33 (i)		28,452		28,462
3.907% 5/1/34 (i)		35,671		36,036
3.918% 5/1/34 (i)		46,582		47,115
3.978% 9/1/33 (i)		49,495		49,191
4% 9/1/13 to 10/1/20		248,995		240,153
4.101% 5/1/34 (i)		95,246		96,356
4.111% 9/1/33 (i)		84,306		84,895
4.171% 8/1/33 (i)		35,669		35,762
4.207% 9/1/33 (i)		62,287		62,868
4.21% 5/1/35 (i)		962,046		950,501
4.246% 8/1/35 (i)		155,089		156,145
4.251% 6/1/33 (i)		89,795		89,861
4.254% 8/1/33 (i)		40,383		40,233
4.287% 11/1/34 (i)		83,671		83,592
4.342% 10/1/19 (i)		10,181		10,244
4.393% 10/1/33 (i)		49,995		49,763
4.406% 6/1/33 (i)		90,650		90,948
4.414% 5/1/35 (i)		124,023		124,053
4.483% 11/1/33 (i)		11,352		11,498
4.487% 12/1/34 (i)		6,507		6,507
4.493% 1/1/35 (i)		56,256		56,817
4.5% 3/1/18 to 9/1/18		301,142		297,183
4.506% 3/1/35 (i)		263,458		266,748
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount (d)		Value
Fannie Mae - continued
4.579% 1/1/35 (i)		$ 100,246		$ 101,283
4.663% 8/1/34 (i)		154,008		153,548
4.693% 2/1/35 (i)		68,727		69,569
4.702% 2/1/35 (i)		146,710		147,093
4.728% 2/1/36 (i)		135,973		137,671
4.731% 10/1/35 (i)		14,721		14,654
4.741% 1/1/35 (i)		53,634		54,028
4.75% 7/1/35 (i)		36,016		36,057
4.761% 7/1/35 (i)		38,998		39,061
4.775% 3/1/35 (i)		61,513		61,679
4.786% 7/1/35 (i)		47,761		47,841
4.812% 6/1/35 (i)		56,271		56,421
4.824% 9/1/34 (i)		42,056		42,456
4.833% 10/1/34 (i)		98,091		99,275
4.835% 4/1/35 (i)		79,868		80,964
4.85% 7/1/34 (i)		41,421		41,923
4.85% 1/1/35 (i)		34,060		34,294
4.868% 7/1/35 (i)		63,877		64,300
4.874% 5/1/35 (i)		15,300		15,498
4.881% 3/1/33 (i)		27,030		27,160
4.889% 11/1/35 (i)		82,315		83,436
4.934% 5/1/35 (i)		62,755		62,862
4.947% 8/1/35 (i)		116,181		118,938
4.984% 2/1/34 (i)		77,867		78,183
4.984% 3/1/35 (i)		57,934		58,480
4.985% 2/1/35 (i)		61,695		62,373
5% 6/1/14		8,911		8,928
5.002% 5/1/35 (i)		113,254		114,230
5.011% 12/1/32 (i)		69,126		69,975
5.047% 10/1/35 (i)		67,213		67,623
5.072% 7/1/34 (i)		15,887		16,074
5.08% 3/1/37 (i)		663,402		667,382
5.096% 10/1/35 (i)		33,940		34,179
5.128% 10/1/35 (i)		43,270		43,513
5.169% 3/1/36 (i)		120,196		120,983
5.172% 8/1/34 (i)		66,098		67,137
5.179% 7/1/35 (i)		135,593		136,473
5.224% 5/1/35 (i)		45,606		45,955
5.266% 12/1/36 (i)		23,832		24,198
5.274% 7/1/35 (i)		297,425		299,842
5.306% 3/1/36 (i)		308,266		310,883
5.336% 7/1/35 (i)		19,182		19,446
5.343% 2/1/37 (i)		27,717		28,188
5.347% 2/1/36 (i)		12,405		12,579
5.389% 2/1/37 (i)		143,588		145,977
5.4% 4/1/36 (i)		42,180		43,366
5.469% 2/1/37 (i)		199,403		203,426
5.5% 12/1/13 to 6/1/20 (m)		4,673,150		4,752,618
5.502% 6/1/47 (i)		20,752		21,111
5.518% 11/1/36 (i)		32,827		33,423
5.577% 4/1/37 (i)		118,963		120,761

		Principal Amount (d)		Value
5.63% 4/1/36 (i)		$ 130,440		$ 132,272
5.632% 2/1/36 (i)		35,864		36,340
5.659% 6/1/36 (i)		76,031		77,035
5.784% 5/1/36 (i)		24,093		24,402
5.785% 3/1/36 (i)		277,743		281,806
5.8% 1/1/36 (i)		28,268		28,520
5.808% 5/1/36 (i)		188,196		190,953
5.813% 6/1/35 (i)		105,293		107,813
5.822% 9/1/36 (i)		55,685		56,703
5.892% 12/1/36 (i)		51,728		52,551
5.902% 5/1/36 (i)		95,490		96,986
5.954% 5/1/36 (i)		32,492		33,061
6% 5/1/12 to 6/1/23		2,192,403		2,241,910
6.013% 4/1/36 (i)		526,665		535,853
6.081% 3/1/37 (i)		59,727		60,778
6.156% 4/1/36 (i)		56,187		57,192
6.226% 3/1/37 (i)		19,972		20,240
6.252% 6/1/36 (i)		8,635		8,793
6.313% 6/1/36 (i)		1,338,227		1,364,953
6.5% 4/1/12 to 9/1/32		231,968		239,992
7.5% 5/1/37		38,876		41,120
TOTAL FANNIE MAE				17,801,521
Freddie Mac - 3.4%
3.792% 5/1/35 (i)		90,810		90,954
3.995% 7/1/33 (i)		76,035		76,274
4% 5/1/19 to 11/1/20		254,046		242,860
4.008% 4/1/34 (i)		164,222		162,946
4.298% 1/1/35 (i)		136,064		137,845
4.363% 6/1/33 (i)		41,027		41,010
4.492% 7/1/35 (i)		60,570		60,448
4.5% 8/1/33		32,501		30,701
4.557% 5/1/33 (i)		115,998		116,356
4.666% 9/1/36 (i)		30,537		30,539
4.79% 2/1/36 (i)		14,316		14,309
4.801% 3/1/35 (i)		31,066		31,265
4.885% 10/1/35 (i)		57,455		58,515
5% 7/1/18 to 9/1/38 (m)		6,560,829		6,415,704
5.009% 4/1/35 (i)		123,190		123,433
5.022% 4/1/35 (i)		4,683		4,674
5.027% 4/1/35 (i)		117,375		118,291
5.028% 7/1/35 (i)		184,161		186,035
5.034% 1/1/37 (i)		283,625		287,247
5.037% 10/1/36 (i)		58,836		59,962
5.103% 7/1/35 (i)		36,119		36,260
5.203% 9/1/35 (i)		33,117		33,273
5.277% 12/1/33 (i)		94,461		94,940
5.415% 3/1/37 (i)		19,680		19,699
5.454% 4/1/37 (i)		23,050		23,092
5.481% 1/1/36 (i)		38,288		38,660
5.5% 8/1/14 to 6/1/20		950,140		966,746
5.592% 3/1/36 (i)		221,144		223,198
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount (d)		Value
Freddie Mac - continued
5.735% 10/1/35 (i)		$ 14,426		$ 14,572
5.735% 1/1/36 (i)		20,468		20,673
5.752% 5/1/37 (i)		241,500		246,287
5.776% 3/1/37 (i)		115,976		117,519
5.793% 4/1/37 (i)		114,102		115,791
5.797% 5/1/37 (i)		139,829		142,546
5.811% 6/1/37 (i)		88,674		89,742
5.829% 5/1/37 (i)		40,106		40,720
5.832% 5/1/37 (i)		17,424		17,491
5.872% 7/1/36 (i)		763,077		772,446
5.949% 4/1/36 (i)		397,648		402,997
6% 10/1/16 to 2/1/19		436,894		451,236
6.006% 6/1/36 (i)		39,495		40,012
6.083% 6/1/37 (i)		21,901		22,163
6.141% 2/1/37 (i)		34,566		34,979
6.143% 12/1/36 (i)		259,499		262,696
6.182% 7/1/36 (i)		266,254		270,744
6.218% 5/1/36 (i)		34,500		35,074
6.273% 12/1/36 (i)		76,839		78,078
6.292% 1/1/37 (i)		90,622		91,626
6.383% 7/1/36 (i)		40,579		41,244
6.417% 6/1/37 (i)		9,888		10,047
6.479% 9/1/36 (i)		189,748		193,310
6.5% 12/1/14 to 3/1/22		394,558		408,828
6.641% 8/1/37 (i)		66,887		68,060
7.513% 4/1/37 (i)		6,771		6,945
TOTAL FREDDIE MAC				13,721,062
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $31,475,822)			31,522,583
Asset-Backed Securities - 0.2%

FCC SPARC Series 2005-1 Class B, 4.987% 7/15/11 (i)	EUR	100,000		136,860
Provide Bricks Series 2007-1 Class B, 5.322% 1/30/40 (i)	EUR	50,000		66,002
Smile Synthetic BV Series 2005 Class C, 5.328% 1/20/15 (i)	EUR	73,340		92,353
South East Water Ltd. Class 2A, 5.5834% 3/29/29	GBP	165,000		262,214
Southern Gas Networks PLC Class A1, 5.198% 10/21/10 (i)	EUR	100,000		137,349
Volkswagen Car Lease Series 9 Class B, 4.713% 4/21/12 (Reg. S) (i)	EUR	28,219		38,800
TOTAL ASSET-BACKED SECURITIES (Cost $835,866)			733,578
Collateralized Mortgage Obligations - 3.4%
		Principal Amount (d)		Value
Private Sponsor - 0.1%
Arkle Master Issuer PLC:
floater Series 2006-1X Class 5M1, 5.234% 2/17/52 (i)	EUR	50,000		$ 58,721
Series 2006-1X Class 2C, 5.314% 2/17/52 (i)	EUR	25,000		35,007
Fosse Master Issuer PLC floater Series 2007-1X Class M3, 5.307% 10/18/54 (i)	EUR	50,000		63,223
Gracechurch Mortgage Financing PLC Series 2007-1X Class 2D2, 5.363% 11/20/56 (i)	EUR	50,000		62,400
TOTAL PRIVATE SPONSOR				219,351
U.S. Government Agency - 3.3%
Fannie Mae:
floater Series 2007-95 Class A1, 3.4569% 8/27/36 (i)		$ 470,787		465,491
planned amortization class Series 2002-83 Class ME, 5% 12/25/17		450,000		437,948
Fannie Mae subordinate REMIC pass-thru certificates:
planned amortization class:
Series 2001-68 Class QZ, 5.5% 12/25/16		78,653		79,385
Series 2002-11:
Class QC, 5.5% 3/25/17		162,281		164,020
Class UC, 6% 3/25/17		111,875		113,160
Series 2002-18 Class PC, 5.5% 4/25/17		855,000		869,170
Series 2002-61 Class PG, 5.5% 10/25/17		270,000		271,627
Series 2002-71 Class UC, 5% 11/25/17		430,000		425,755
Series 2002-9 Class PC, 6% 3/25/17		10,674		10,794
Series 2003-113:
Class PD, 4% 2/25/17		260,000		259,229
Class PE, 4% 11/25/18		80,000		74,204
Series 2003-122 Class OL, 4% 12/25/18		1,000,000		937,904
Series 2003-70 Class BJ, 5% 7/25/33		45,000		42,180
Series 2003-85 Class GD, 4.5% 9/25/18		175,000		167,993
Series 2004-80 Class LD, 4% 1/25/19		100,000		98,233
Series 2004-81:
Class KC, 4.5% 4/25/17		70,000		70,074
Class KD, 4.5% 7/25/18		165,000		161,623
Series 2005-52 Class PB, 6.5% 12/25/34		206,460		212,928
sequential payer:
Series 2002-57 Class BD, 5.5% 9/25/17		42,785		43,218
Collateralized Mortgage Obligations - continued
		Principal Amount (d)		Value
U.S. Government Agency - continued
Fannie Mae subordinate REMIC pass-thru certificates: - continued
sequential payer:
Series 2003-18 Class EY, 5% 6/25/17		$ 140,250		$ 140,192
Series 2004-95 Class AN, 5.5% 1/25/25		106,250		107,473
Series 2005-117, Class JN, 4.5% 1/25/36		40,000		35,120
Series 2005-47 Class AK, 5% 6/25/20		370,000		360,770
Series 2006-72 Class CY, 6% 8/25/26		145,000		143,658
Freddie Mac planned amortization class:
Series 2101 Class PD, 6% 11/15/28		22,705		22,841
Series 2115 Class PE, 6% 1/15/14		6,902		7,102
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2577 Class FW, 2.9875% 1/15/30 (i)		296,959		294,294
Series 2630 Class FL, 2.9875% 6/15/18 (i)		4,163		4,204
Series 2861 Class GF, 2.7875% 1/15/21 (i)		178,270		177,629
planned amortization class:
Series 2376 Class JE, 5.5% 11/15/16		44,292		44,545
Series 2378 Class PE, 5.5% 11/15/16		249,244		250,945
Series 2381 Class OG, 5.5% 11/15/16		34,688		34,927
Series 2390 Class CH, 5.5% 12/15/16		112,244		113,072
Series 2425 Class JH, 6% 3/15/17		59,449		60,058
Series 2628 Class OE, 4.5% 6/15/18		95,000		92,885
Series 2695 Class DG, 4% 10/15/18		220,000		205,513
Series 2773 Class EG, 4.5% 4/15/19		725,000		683,814
Series 2831 Class PB, 5% 7/15/19		200,000		195,222
Series 2866 Class XE, 4% 12/15/18		250,000		245,858
Series 2996 Class MK, 5.5% 6/15/35		38,346		38,935

		Principal Amount (d)		Value
sequential payer:
Series 2303 Class ZV, 6% 4/15/31		$ 61,159		$ 60,755
Series 2467 Class NB, 5% 7/15/17		95,000		94,552
Series 2546 Class C, 5% 12/15/17		155,000		154,086
Series 2569 Class HB, 5% 9/15/16		250,975		252,317
Series 2570 Class CU, 4.5% 7/15/17		14,443		14,463
Series 2572 Class HK, 4% 2/15/17		19,947		19,923
Series 2617 Class GW, 3.5% 6/15/16		12,363		12,366
Series 2685 Class ND, 4% 10/15/18		85,000		79,055
Series 2773 Class TA, 4% 11/15/17		129,081		127,533
Series 2849 Class AL, 5% 5/15/18		74,361		74,006
Series 2860 Class CP, 4% 10/15/17		19,171		19,157
Series 2930 Class KT, 4.5% 2/15/20		450,000		410,736
Series 2937 Class HJ, 5% 10/15/19		71,809		72,209
Series 3266:
Class C, 5% 2/15/20		80,330		80,125
Class D, 5% 1/15/22		900,000		863,719
Series 3401 Class EB, 5% 12/15/22		105,000		98,179
Series 3455 Class MB, 4.5% 6/15/23		1,790,000		1,637,519
Series 2715 Class NG, 4.5% 12/15/18		1,000,000		946,760
Series 2863 Class DB, 4% 9/15/14		11,825		11,557
Series 2975 Class NA, 5% 7/15/23		55,397		56,029
TOTAL U.S. GOVERNMENT AGENCY				13,249,039
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $13,499,692)			13,468,390
Commercial Mortgage Securities - 0.1%
		Principal Amount (d)		Value
Canary Wharf Finance II PLC Series 3MUK Class C2, 6.3469% 10/22/37 (i)	GBP	50,000		$ 62,230
London & Regional Debt Securitisation No. 1 PLC Class A, 6.0294% 10/15/14 (i)	GBP	50,000		78,638
Skyline BV floater Series 2007-1 Class B, 5.207% 7/22/43 (i)	EUR	100,000		112,584
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $327,651)			253,452
Foreign Government and Government Agency Obligations - 20.8%

Arab Republic of Egypt 8.75% 7/18/12 (g)	EGP	1,960,000		287,601
Argentine Republic:
discount (with partial capitalization through 12/31/13) 8.28% 12/31/33		$ 490,671		279,683
par 1.33% 12/31/38 (f)		650,000		162,500
7% 3/28/11		5,610,000		4,144,855
7% 9/12/13		3,930,000		2,656,352
Brazilian Federative Republic:
6% 9/15/13		166,667		160,000
8.25% 1/20/34		330,000		373,725
8.75% 2/4/25		315,000		368,550
10% 1/1/10	BRL	499,000		249,068
12.25% 3/6/30		510,000		791,775
12.75% 1/15/20		160,000		234,400
British Columbia Province 5.7% 6/18/29	CAD	750,000		757,772
Canadian Government:
3.75% 6/1/09	CAD	2,650,000		2,503,832
4% 6/1/17	CAD	145,000		139,288
5% 6/1/14	CAD	3,200,000		3,265,118
5% 6/1/37	CAD	1,250,000		1,327,614
5.75% 6/1/29	CAD	900,000		1,015,485
Central Bank of Nigeria promissory note 5.092% 1/5/10		78,493		67,150
Colombian Republic:
7.375% 9/18/37		305,000		305,000
11.75% 3/1/10	COP	140,000,000		65,106
Democratic Socialist Republic of Sri Lanka 8.25% 10/24/12 (g)		265,000		217,300
Dominican Republic:
9.04% 1/23/18 (g)		541,024		509,915
9.5% 9/27/11 (Reg. S)		365,583		361,927
Ecuador Republic:
5% 2/28/25		76,000		45,220
10% 8/15/30 (Reg. S)		775,000		558,000
12% 11/15/12 (Reg. S)		175,440		159,650
French Republic:
3.5% 4/25/15	EUR	1,300,000		1,762,714

		Principal Amount (d)		Value
4% 4/25/18	EUR	2,490,000		$ 3,408,513
Gabonese Republic 8.2% 12/12/17 (g)		730,000		678,900
Georgia Republic 7.5% 4/15/13		100,000		84,500
German Federal Republic:
2.5% 10/8/10	EUR	2,000,000		2,763,487
3.5% 4/12/13	EUR	2,500,000		3,481,555
3.75% 7/4/13	EUR	180,000		253,575
4% 4/13/12	EUR	680,000		967,538
4.25% 7/4/39	EUR	830,000		1,100,125
4.75% 7/4/34	EUR	260,000		370,289
5% 1/4/12	EUR	90,000		131,775
5.5% 1/4/31	EUR	860,000		1,341,145
5.625% 1/4/28	EUR	1,250,000		1,967,687
Ghana Republic 8.5% 10/4/17 (g)		535,000		454,750
Greek Government 4.5% 9/20/37	EUR	450,000		550,578
Indonesian Republic:
6.625% 2/17/37 (g)		$ 225,000		173,250
7.75% 1/17/38 (g)		225,000		196,875
8.5% 10/12/35 (Reg. S)		200,000		192,000
Islamic Republic of Pakistan:
6.75% 2/19/09		885,000		761,100
7.125% 3/31/16 (g)		300,000		138,000
Italian Republic 4.5% 8/1/18	EUR	2,935,000		4,056,078
Japan Government:
0.75% 7/20/20 (i)	JPY	50,000,000		422,283
1.1% 12/20/12	JPY	381,000,000		3,598,240
1.5% 3/20/14	JPY	60,000,000		577,059
1.7% 12/20/16	JPY	445,000,000		4,305,720
2.1% 9/20/27	JPY	60,000,000		563,373
2.5% 9/20/37	JPY	10,000,000		97,790
Lebanese Republic:
6.1088% 11/30/09 (Reg. S) (i)		555,000		538,350
7.5% 8/2/11		325,000		316,875
7.875% 5/20/11 (Reg. S)		235,000		232,063
8.625% 6/20/13 (Reg. S)		470,000		464,125
9% 5/2/14		135,000		135,000
Ontario Province 4.2% 3/8/18	CAD	850,000		770,414
Philippine Republic:
9.5% 2/2/30		210,000		258,825
10.625% 3/16/25		205,000		271,113
Polish Government 5.625% 6/20/18	EUR	635,000		925,074
Republic of Fiji 6.875% 9/13/11		200,000		176,000
Republic of Serbia 3.75% 11/1/24 (f)(g)		765,000		654,075
Russian Federation:
7.5% 3/31/30 (Reg. S)		3,003,700		3,060,170
12.75% 6/24/28 (Reg. S)		440,000		706,156
Turkish Republic:
6.75% 4/3/18		555,000		520,313
6.875% 3/17/36		700,000		613,410
7% 9/26/16		340,000		329,800
Foreign Government and Government Agency Obligations - continued
		Principal Amount (d)		Value
Turkish Republic: - continued
7.25% 3/5/38		$ 425,000		$ 385,688
7.375% 2/5/25		690,000		660,675
11.875% 1/15/30		290,000		419,427
14% 1/19/11	TRY	350,000		249,099
UK Treasury GILT:
4.5% 3/7/19	GBP	100,000		176,696
4.5% 12/7/42	GBP	727,000		1,285,755
4.75% 6/7/10	GBP	1,100,000		1,979,270
4.75% 12/7/30	GBP	878,000		1,573,573
5% 3/7/25	GBP	290,000		532,378
6% 12/7/28	GBP	85,000		176,973
8% 6/7/21	GBP	1,000,000		2,346,782
Ukraine Government:
6.385% 6/26/12 (g)		625,000		521,875
6.75% 11/14/17 (g)		1,135,000		811,525
United Mexican States:
7.5% 4/8/33		145,000		158,413
8.3% 8/15/31		115,000		135,988
Uruguay Republic:
Inflation-Indexed Bond 5% 9/14/18	UYU	2,300,649		107,990
8% 11/18/22		378,878		375,089
Venezuelan Republic:
3.7906% 4/20/11 (Reg. S) (i)		870,000		715,575
5.375% 8/7/10 (Reg. S)		580,000		516,200
7% 3/31/38		240,000		138,000
8.5% 10/8/14		540,000		434,700
9% 5/7/23 (Reg. S)		620,000		424,700
9.25% 9/15/27		1,160,000		870,000
9.375% 1/13/34		325,000		221,000
10.75% 9/19/13		1,365,000		1,242,150
13.625% 8/15/18		656,000		682,240
Vietnamese Socialist Republic:
4% 3/12/28 (f)		90,000		72,900
6.875% 1/15/16 (g)		330,000		305,250
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $89,108,973)			82,897,459
Supranational Obligations - 0.1%

European Investment Bank 4.75% 10/15/17 (Cost $188,629)	EUR	120,000		171,103

Common Stocks - 0.1%
	Shares
CONSUMER DISCRETIONARY - 0.0%
Auto Components - 0.0%
Intermet Corp. (a)(k)	6,092		0
Remy International, Inc. (a)	2,065		41,300
			41,300

	Shares		Value
Hotels, Restaurants & Leisure - 0.0%
Centerplate, Inc. unit	10,000		$ 30,000
TOTAL CONSUMER DISCRETIONARY			71,300
INDUSTRIALS - 0.1%
Airlines - 0.1%
Delta Air Lines, Inc. (a)	29,356		218,702
Northwest Airlines Corp. (a)	8,418		76,015
			294,717
INFORMATION TECHNOLOGY - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
ASAT Holdings Ltd. warrants 2/1/11 (a)(k)	27,300		347
UTILITIES - 0.0%
Electric Utilities - 0.0%
Portland General Electric Co.	140		3,312
TOTAL COMMON STOCKS (Cost $896,647)		369,676
Convertible Preferred Stocks - 0.0%

MATERIALS - 0.0%
Chemicals - 0.0%
Celanese Corp. 4.25% (a)	300		10,713
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $7,500)		10,713

Floating Rate Loans - 2.1%
		Principal Amount (d)
CONSUMER DISCRETIONARY - 0.6%
Automobiles - 0.1%
AM General LLC:
Tranche B, term loan 5.8241% 9/30/13 (i)		$ 169,498		140,683
5.4875% 9/30/12 (i)		6,774		5,623
Ford Motor Co. term loan 5.49% 12/15/13 (i)		100,000		66,000
				212,306
Diversified Consumer Services - 0.0%
Affinion Group Holdings, Inc. term loan 9.8675% 3/1/12 (i)		220,000		180,400
Hotels, Restaurants & Leisure - 0.0%
Green Valley Ranch Gaming LLC Tranche 1LN, term loan 5.7069% 2/16/14 (i)		18,973		12,712
OSI Restaurant Partners, Inc.:
Credit-Linked Deposit 5.0688% 6/14/13 (i)		3,008		2,015
Floating Rate Loans - continued
		Principal Amount (d)		Value
CONSUMER DISCRETIONARY - continued
Hotels, Restaurants & Leisure - continued
OSI Restaurant Partners, Inc.: - continued
term loan 6% 6/14/14 (i)		$ 35,303		$ 23,653
Six Flags, Inc. Tranche B, term loan 5.6% 4/30/15 (i)		49,375		37,525
				75,905
Media - 0.3%
Advanstar, Inc. Tranche 2LN, term loan 8.7619% 11/30/14 (i)		30,000		16,500
Discovery Communications, Inc. term loan 5.7619% 5/14/14 (i)		69,125		63,595
Education Media and Publishing Group Ltd. Tranche 2LN, term loan 11.9875% 12/12/14 (i)		1,759,848		1,319,886
				1,399,981
Specialty Retail - 0.1%
Michaels Stores, Inc. term loan 4.8631% 10/31/13 (i)		286,357		210,472
Toys 'R' US, Inc. term loan 5.4863% 12/8/09 (i)		75,000		65,250
				275,722
Textiles, Apparel & Luxury Goods - 0.1%
Hanesbrands, Inc.:
term loan 6.545% 3/5/14 (i)		90,000		82,350
Tranche B 1LN, term loan 4.7091% 9/5/13 (i)		188,277		169,449
				251,799
TOTAL CONSUMER DISCRETIONARY				2,396,113
CONSUMER STAPLES - 0.0%
Beverages - 0.0%
Constellation Brands, Inc. Tranche B, term loan 4.2389% 6/5/13 (i)		63,956		58,200
Food & Staples Retailing - 0.0%
Rite Aid Corp. Tranche ABL, term loan 5.0137% 6/4/14 (i)		159,200		127,360
TOTAL CONSUMER STAPLES				185,560
ENERGY - 0.1%
Energy Equipment & Services - 0.0%
Compagnie Generale de Geophysique SA term loan 5.2987% 1/12/14 (i)		35,300		32,123
Helix Energy Solutions Group, Inc. term loan 5.1057% 7/1/13 (i)		40,256		37,036
				69,159
Oil, Gas & Consumable Fuels - 0.1%
Coffeyville Resources LLC:
Credit-Linked Deposit 5.5413% 12/28/10 (i)		27,568		24,535

		Principal Amount (d)		Value
Tranche D, term loan 5.5426% 12/28/13 (i)		$ 89,235		$ 79,419
Targa Resources, Inc./Targa Resources Finance Corp.:
Credit-Linked Deposit 5.76% 10/31/12 (i)		29,032		26,419
term loan 5.9699% 10/31/12 (i)		50,835		46,260
Venoco, Inc. Tranche 2LN, term loan 6.8125% 5/7/14 (i)		30,000		27,300
Walter Industries, Inc. term loan 5.19% 10/3/12 (i)		6,191		5,448
				209,381
TOTAL ENERGY				278,540
HEALTH CARE - 0.1%
Health Care Equipment & Supplies - 0.0%
Bausch & Lomb, Inc. term loan:
4.71% 4/26/15 (l)		12,000		11,340
7.0119% 4/26/15 (i)		47,640		45,020
				56,360
Health Care Providers & Services - 0.1%
Community Health Systems, Inc.:
term loan 5.28% 7/25/14 (i)		344,669		305,032
Tranche DD, term loan 7/25/14 (l)		17,633		15,606
Health Management Associates, Inc. Tranche B, term loan 5.5119% 2/28/14 (i)		56,438		46,844
				367,482
TOTAL HEALTH CARE				423,842
INDUSTRIALS - 0.3%
Aerospace & Defense - 0.0%
DeCrane Aircraft Holdings, Inc.:
Tranche 1LN, term loan 5.5413% 2/21/13 (i)		9,258		7,962
Tranche 2LN, term loan 9.7913% 2/21/14 (i)		20,000		16,800
Wesco Aircraft Hardware Corp.:
Tranche 1LN, term loan 5.96% 9/29/13 (i)		19,450		17,700
Tranche 2LN, term loan 9.46% 3/28/14 (i)		10,000		8,800
				51,262
Airlines - 0.1%
Delta Air Lines, Inc. Tranche 2LN, term loan 6.95% 4/30/14 (i)		123,602		85,285
Northwest Airlines, Inc. term loan 4.75% 8/21/13 (i)		257,576		208,636
United Air Lines, Inc. Tranche B, term loan 5.457% 2/1/14 (i)		370,959		222,576
				516,497
Floating Rate Loans - continued
		Principal Amount (d)		Value
INDUSTRIALS - continued
Commercial Services & Supplies - 0.1%
Allied Waste Industries, Inc.:
Credit-Linked Deposit 3.9613% 3/28/14 (i)		$ 27,923		$ 26,806
term loan 5.57% 3/28/14 (i)		39,073		37,510
ARAMARK Corp.:
Credit-Linked Deposit 5.79% 1/26/14 (i)		6,848		5,923
term loan 5.6369% 1/26/14 (i)		107,784		93,233
Brand Energy & Infrastructure Services, Inc. Tranche 2LN, term loan 8.8125% 2/7/15 (i)		40,000		36,000
				199,472
Machinery - 0.1%
Chart Industries, Inc. Tranche B, term loan 5.2578% 10/17/12 (i)		8,889		8,000
Dresser, Inc.:
Tranche 2LN, term loan 8.5569% 5/4/15 pay-in-kind (i)		230,000		209,300
Tranche B 1LN, term loan 5.096% 5/4/14 (i)		38,823		35,717
Navistar International Corp.:
term loan 6.1914% 1/19/12 (i)		124,667		107,213
Credit-Linked Deposit 6.0463% 1/19/12 (i)		45,333		38,987
				399,217
Trading Companies & Distributors - 0.0%
Neff Corp. Tranche 2LN, term loan 6.3969% 11/30/14 (i)		50,000		24,250
VWR Funding, Inc. term loan 6.2038% 6/29/14 (i)		90,000		75,600
				99,850
TOTAL INDUSTRIALS				1,266,298
INFORMATION TECHNOLOGY - 0.4%
Electronic Equipment & Components - 0.2%
Flextronics International Ltd.:
Tranche B-A, term loan 5.041% 10/1/14 (i)		308,337		257,461
Tranche B-A1, term loan 5.0406% 10/1/14 (i)		88,393		73,808
Tranche B-B, term loan 5.0413% 10/1/12 (i)		357,201		303,620
				634,889
IT Services - 0.0%
Affiliated Computer Services, Inc. Tranche B2, term loan 5.097% 3/20/13 (i)		185,725		167,153

		Principal Amount (d)		Value
Semiconductors & Semiconductor Equipment - 0.1%
Freescale Semiconductor, Inc. term loan 4.2363% 12/1/13 (i)		$ 690,943		$ 525,116
Software - 0.1%
Kronos, Inc.:
Tranche 1LN, term loan 6.0119% 6/11/14 (i)		225,482		196,169
Tranche 2LN, term loan 9.5119% 6/11/15 (i)		125,000		103,750
Open Solutions, Inc. term loan 5.145% 1/23/14 (i)		19,704		13,398
				313,317
TOTAL INFORMATION TECHNOLOGY				1,640,475
MATERIALS - 0.3%
Chemicals - 0.0%
Celanese Holding LLC:
Revolving Credit-Linked Deposit 3.9856% 4/2/13 (i)		12,308		11,077
term loan 4.2831% 4/2/14 (i)		66,846		60,329
Momentive Performance Materials, Inc. Tranche B1, term loan 6% 12/4/13 (i)		58,618		49,825
				121,231
Containers & Packaging - 0.1%
Berry Plastics Holding Corp. Tranche C, term loan 4.8% 4/3/15 (i)		265,950		215,420
Metals & Mining - 0.1%
Aleris International, Inc. term loan 5.25% 12/19/13 (i)		147,375		120,111
Novelis Corp. term loan 5.77% 7/6/14 (i)		266,625		223,965
				344,076
Paper & Forest Products - 0.1%
Boise Paper Holdings LLC Tranche 2LN, term loan 11% 2/22/15 (i)		455,000		400,400
White Birch Paper Co. Tranche 1LN, term loan 6.52% 5/8/14 (i)		94,521		63,329
				463,729
TOTAL MATERIALS				1,144,456
TELECOMMUNICATION SERVICES - 0.2%
Diversified Telecommunication Services - 0.2%
Wind Telecomunicazioni SpA:
term loan 10.035% 12/12/11 pay-in-kind (i)		361,072		310,333
Tranche 2, term loan 11.32% 3/21/15 (i)		140,000		135,800
Floating Rate Loans - continued
		Principal Amount (d)		Value
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Wind Telecomunicazioni SpA: - continued
Tranche B, term loan 5.885% 9/21/13 (i)		$ 60,000		$ 55,200
Tranche C, term loan 6.635% 9/21/14 (i)		60,000		55,200
				556,533
Wireless Telecommunication Services - 0.0%
Leap Wireless International, Inc. Tranche B, term loan 7.2619% 6/16/13 (i)		39,100		37,341
MetroPCS Wireless, Inc. Tranche B, term loan 5.4021% 11/3/13 (i)		78,400		68,208
				105,549
TOTAL TELECOMMUNICATION SERVICES				662,082
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
NRG Energy, Inc.:
term loan 5.2619% 2/1/13 (i)		243,241		220,133
4.3% 2/1/13 (i)		119,502		108,149
				328,282
TOTAL FLOATING RATE LOANS (Cost $9,545,610)			8,325,648
Sovereign Loan Participations - 0.0%

Indonesian Republic loan participation - Deutsche Bank 1.407% 3/28/13 (i) (Cost $14,599)	JPY	1,788,294		14,298

Fixed-Income Funds - 3.6%
	Shares
Fidelity Floating Rate Central Fund (j) (Cost $16,067,098)	167,253		14,183,054
Preferred Securities - 0.7%
	Principal Amount
CONSUMER DISCRETIONARY - 0.3%
Media - 0.3%
Globo Comunicacoes e Participacoes SA 9.375%	850,000		844,558
Net Servicos de Comunicacao SA 9.25% (g)	500,000		484,399
			1,328,957

	Principal Amount (d)		Value
ENERGY - 0.4%
Oil, Gas & Consumable Fuels - 0.4%
Pemex Project Funding Master Trust 7.75%	$ 1,362,000		$ 1,342,440
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
MUFG Capital Finance 2 Ltd. 4.85% (i)	50,000		51,048
TOTAL PREFERRED SECURITIES (Cost $2,818,013)		2,722,445

Other - 0.0%

Delta Air Lines ALPA Claim (a) (Cost $5,267)	470,000	14,100

Money Market Funds - 15.2%
	Shares
Fidelity Cash Central Fund, 1.92% (b) (Cost $60,672,347)	60,672,347	60,672,347
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.17%, dated 9/30/08 due 10/1/08 (Collateralized by U.S. Treasury Obligations) # (Cost $26,000)	$ 26,000	26,000

TOTAL INVESTMENT PORTFOLIO - 99.2%

(Cost $423,765,315)

394,917,982

NET OTHER ASSETS - 0.8%			3,306,082
NET ASSETS - 100%		$ 398,224,064

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Treasury Contracts
21 CBOT 2 Year U.S. Treasury Notes Index Contracts	Jan. 2009	$ 4,482,188	$ 11,397

The face value of futures purchased as a percentage of net assets - 1.1%

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 4.45% with Citibank	Sept. 2018	$ 950,000	$ 460
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	500,000	(3,133)
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	(7,357)
Receive semi-annually a fixed rate equal to 2.8575% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.	April 2011	3,000,000	(33,422)
Receive semi-annually a fixed rate equal to 2.915% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston	April 2011	2,000,000	(19,098)
Receive semi-annually a fixed rate equal to 3.1899% and pay quarterly a floating rate based on 3-month LIBOR with Goldman Sachs, Inc.	April 2010	150,000	1,019
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	(1,372)
Receive semi-annually a fixed rate equal to 3.33% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.	Sept. 2010	1,650,000	(1,881)
Receive semi-annually a fixed rate equal to 4.00% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.	Sept. 2013	1,275,000	(4,424)
Receive semi-annually a fixed rate equal to 4.19% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.	August 2013	1,040,000	7,500

	Expiration Date	Notional Amount	Value
Receive semi-annually a fixed rate equal to 4.42% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston	Sept. 2018	$ 190,000	$ (855)
Receive semi-annually a fixed rate equal to 4.66% and pay quarterly a floating rate based on 3-month LIBOR with Goldman Sachs	August 2018	896,000	15,887
Receive semi-annually a fixed rate equal to 4.675% and pay quarterly a floating rate based on 3-month LIBOR with Citibank	August 2018	272,000	5,067
Receive semi-annually a fixed rate equal to 4.681% and pay quarterly a floating rate based on 3-month LIBOR with Merrill Lynch, Inc.	August 2018	408,000	7,796
Receive semi-annually a fixed rate equal to 5.37% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston	July 2009	1,600,000	33,562
		$ 15,081,000	$ (251)

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

Legend

(a) Non-income producing

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

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

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

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $26,984,034 or 6.8% of net assets.

(h) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $60,035.

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

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

(k) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $347 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.	1/7/05 - 1/13/05	$ 115,372

(l) 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 $22,433 and $20,142, respectively. The coupon rate will be determined at time of settlement.

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

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

Repurchase Agreement / Counterparty	Value
$26,000 due 10/01/08 at 0.17%
BNP Paribas Securities Corp.	$ 19,193
Barclays Capital, Inc.	1,869
ING Financial Markets LLC	4,938
	$ 26,000

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	$ 1,009,054
Fidelity Floating Rate Central Fund	585,705
Total	$ 1,594,759

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Floating Rate Central Fund	$ 18,711,933	$ 5,476,263	$ 7,959,399	$ 14,183,054	0.6%

Other Information

The following is a summary of the inputs used, as of September 30, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 394,917,982	$ 75,224,730	$ 319,624,751	$ 68,501
Other Financial Instruments*	$ 11,146	$ 11,397	$ (251)	$ -

*Other financial instruments include Futures Contracts and Swap Agreements

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

	Investments in Securities
Beginning Balance	$ 276,100
Total Realized Gain (Loss)	1,090
Total Unrealized Gain (Loss)	(179,945)
Cost of Purchases	-
Proceeds of Sales	(104,163)
Amortization/Accretion	(106)
Transfer in/out of Level 3	75,525
Ending Balance	$ 68,501

The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $423,048,223. Net unrealized depreciation aggregated $28,130,241, of which $2,254,528 related to appreciated investment securities and $30,384,769 related to depreciated investment securities.

Investment Valuation

Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Swaps are marked-to-market daily based on valuations from independent pricing services or dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.

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

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

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) for each Fund provide reasonable assurances that material information relating to such Fund 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 a Fund's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during a Fund's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, a Fund'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:	December 1, 2008

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

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

Date:	December 1, 2008

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

Date:	December 1, 2008