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, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Asset Manager Portfolio

September 30, 2011

1.808793.107

VIPAM-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 31.9%
	Shares		Value
CONSUMER DISCRETIONARY - 6.7%
Auto Components - 0.5%
Autoliv, Inc.	37,700		$ 1,828,450
BorgWarner, Inc. (a)	32,400		1,961,172
TRW Automotive Holdings Corp. (a)	72,600		2,376,198
			6,165,820
Automobiles - 0.3%
Bayerische Motoren Werke AG (BMW)	52,743		3,530,780
Diversified Consumer Services - 0.4%
Anhanguera Educacional Participacoes SA	55,400		712,749
Weight Watchers International, Inc.	62,800		3,658,100
			4,370,849
Hotels, Restaurants & Leisure - 0.7%
Arcos Dorados Holdings, Inc.	61,400		1,423,866
Chipotle Mexican Grill, Inc. (a)	8,100		2,453,895
Panera Bread Co. Class A (a)	48,000		4,989,120
			8,866,881
Household Durables - 0.1%
Gafisa SA sponsored ADR	314,800		1,816,396
Internet & Catalog Retail - 0.7%
Amazon.com, Inc. (a)	22,800		4,930,044
Priceline.com, Inc. (a)	8,300		3,730,518
			8,660,562
Media - 0.2%
Focus Media Holding Ltd. ADR (a)(d)	67,600		1,135,004
The Walt Disney Co.	32,500		980,200
			2,115,204
Multiline Retail - 0.5%
Lojas Renner SA	26,000		700,106
Macy's, Inc.	206,600		5,437,712
			6,137,818
Specialty Retail - 0.7%
China ZhengTong Auto Services Holdings Ltd.	566,000		502,378
Tiffany & Co., Inc.	52,300		3,180,886
Vitamin Shoppe, Inc. (a)	21,800		816,192
Williams-Sonoma, Inc.	154,400		4,753,976
			9,253,432
Textiles, Apparel & Luxury Goods - 2.6%
Arezzo Industria e Comercio SA	87,900		887,879
Burberry Group PLC	116,600		2,135,117
Coach, Inc.	95,400		4,944,582
Deckers Outdoor Corp. (a)	97,900		9,130,154
Fossil, Inc. (a)	68,800		5,576,928
LVMH Moet Hennessy - Louis Vuitton	6,679		891,720
Prada SpA	127,500		531,379
PVH Corp.	76,800		4,472,832

	Shares		Value
The Swatch Group AG (Bearer)	2,190		$ 730,403
Vera Bradley, Inc. (d)	69,000		2,487,450
			31,788,444
TOTAL CONSUMER DISCRETIONARY			82,706,186
CONSUMER STAPLES - 1.4%
Beverages - 0.3%
Hansen Natural Corp. (a)	42,900		3,744,741
Food & Staples Retailing - 0.1%
Droga Raia SA	43,000		587,507
Food Products - 0.6%
Green Mountain Coffee Roasters, Inc. (a)	82,700		7,686,138
Personal Products - 0.4%
Estee Lauder Companies, Inc. Class A	15,200		1,335,168
Hengan International Group Co. Ltd.	341,500		2,727,351
Nu Skin Enterprises, Inc. Class A	21,400		867,128
			4,929,647
TOTAL CONSUMER STAPLES			16,948,033
ENERGY - 6.3%
Energy Equipment & Services - 2.4%
Baker Hughes, Inc.	118,600		5,474,576
Carbo Ceramics, Inc.	34,800		3,568,044
Halliburton Co.	205,900		6,284,068
McDermott International, Inc. (a)	115,900		1,247,084
Saipem SpA	42,453		1,510,694
Schlumberger Ltd.	155,013		9,258,926
Worleyparsons Ltd.	77,939		1,945,607
			29,288,999
Oil, Gas & Consumable Fuels - 3.9%
Alpha Natural Resources, Inc. (a)	47,697		843,760
Anadarko Petroleum Corp.	25,200		1,588,860
Cabot Oil & Gas Corp.	19,800		1,225,818
Chevron Corp.	108,200		10,010,664
Concho Resources, Inc. (a)	61,200		4,353,768
Continental Resources, Inc. (a)	99,700		4,822,489
CVR Energy, Inc. (a)	102,900		2,175,306
HollyFrontier Corp.	136,300		3,573,786
Kosmos Energy Ltd.	62,000		726,020
Marathon Petroleum Corp.	36,600		990,396
Oasis Petroleum, Inc. (a)	132,400		2,956,492
Occidental Petroleum Corp.	45,100		3,224,650
Pioneer Natural Resources Co.	95,300		6,267,881
Western Refining, Inc. (a)(d)	80,500		1,003,030
Whiting Petroleum Corp. (a)	124,300		4,360,444
			48,123,364
TOTAL ENERGY			77,412,363
Common Stocks - continued
	Shares		Value
FINANCIALS - 0.4%
Capital Markets - 0.3%
Apollo Global Management LLC Class A	341,200		$ 3,493,888
Real Estate Management & Development - 0.1%
CB Richard Ellis Group, Inc. Class A (a)	93,500		1,258,510
TOTAL FINANCIALS			4,752,398
HEALTH CARE - 3.7%
Biotechnology - 0.9%
Alexion Pharmaceuticals, Inc. (a)	61,200		3,920,472
InterMune, Inc. (a)	23,500		474,700
United Therapeutics Corp. (a)	57,200		2,144,428
Vertex Pharmaceuticals, Inc. (a)	107,700		4,796,958
			11,336,558
Health Care Equipment & Supplies - 0.2%
Edwards Lifesciences Corp. (a)	18,300		1,304,424
Volcano Corp. (a)	48,700		1,442,981
			2,747,405
Health Care Providers & Services - 1.6%
Accretive Health, Inc. (a)	80,900		1,717,507
HMS Holdings Corp. (a)	84,900		2,070,711
Humana, Inc.	71,700		5,214,741
UnitedHealth Group, Inc.	119,300		5,502,116
WellPoint, Inc.	73,900		4,824,192
			19,329,267
Health Care Technology - 0.2%
SXC Health Solutions Corp. (a)	37,800		2,107,973
Pharmaceuticals - 0.8%
Elan Corp. PLC sponsored ADR (a)	296,300		3,120,039
Shire PLC sponsored ADR	31,900		2,996,367
Valeant Pharmaceuticals International, Inc. (Canada)	110,950		4,134,033
			10,250,439
TOTAL HEALTH CARE			45,771,642
INDUSTRIALS - 4.3%
Airlines - 1.6%
Copa Holdings SA Class A	42,800		2,622,356
Delta Air Lines, Inc. (a)	971,725		7,287,938
United Continental Holdings, Inc. (a)	533,270		10,334,773
			20,245,067
Commercial Services & Supplies - 0.0%
Swisher Hygiene, Inc.	135,158		547,390
Construction & Engineering - 0.4%
Fluor Corp.	92,100		4,287,255
Electrical Equipment - 0.1%
Roper Industries, Inc.	18,200		1,254,162
Machinery - 1.8%
Caterpillar, Inc.	48,200		3,559,088

	Shares		Value
Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)	512,720		$ 572,946
Cummins, Inc.	52,100		4,254,486
Dover Corp.	47,800		2,227,480
Kennametal, Inc.	101,000		3,306,740
MAN SE	18,160		1,420,674
Parker Hannifin Corp.	53,400		3,371,142
Sandvik AB	33,100		385,758
WABCO Holdings, Inc. (a)	62,500		2,366,250
Weg SA	81,700		812,222
			22,276,786
Professional Services - 0.1%
Qualicorp SA	108,000		803,828
Trading Companies & Distributors - 0.3%
Air Lease Corp.:
Class A (a)(e)	59,100		1,134,720
Class A	59,300		1,138,560
Mills Estruturas e Servicos de Engenharia SA	95,400		978,852
			3,252,132
TOTAL INDUSTRIALS			52,666,620
INFORMATION TECHNOLOGY - 6.6%
Communications Equipment - 0.9%
Alcatel-Lucent SA sponsored ADR (a)	898,300		2,542,189
HTC Corp.	110,150		2,419,345
Juniper Networks, Inc. (a)	73,400		1,266,884
Polycom, Inc. (a)	125,500		2,305,435
QUALCOMM, Inc.	14,900		724,587
Riverbed Technology, Inc. (a)	98,900		1,974,044
			11,232,484
Computers & Peripherals - 1.8%
Apple, Inc. (a)	56,700		21,612,905
Fusion-io, Inc. (d)	10,100		191,900
			21,804,805
Internet Software & Services - 1.2%
Active Network, Inc. (d)	60,700		895,325
Baidu.com, Inc. sponsored ADR (a)	22,800		2,437,548
Bankrate, Inc.	60,600		921,726
Cornerstone OnDemand, Inc. (d)	66,800		837,672
Facebook, Inc. Class B (a)(h)	8,621		215,525
Google, Inc. Class A (a)	11,700		6,018,246
Renren, Inc. ADR (d)	33,100		168,810
Tencent Holdings Ltd.	129,400		2,683,994
YouKu.com, Inc. ADR (a)(d)	20,200		330,472
			14,509,318
IT Services - 0.4%
Cognizant Technology Solutions Corp. Class A (a)	88,900		5,574,030
Semiconductors & Semiconductor Equipment - 0.4%
ARM Holdings PLC sponsored ADR	67,300		1,716,150
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Freescale Semiconductor Holdings I Ltd.	104,400		$ 1,151,532
NXP Semiconductors NV (a)	144,900		2,045,988
			4,913,670
Software - 1.9%
Ariba, Inc. (a)	60,500		1,676,455
Citrix Systems, Inc. (a)	54,100		2,950,073
CommVault Systems, Inc. (a)	23,900		885,734
Informatica Corp. (a)	149,400		6,117,930
RealPage, Inc. (a)	54,500		1,114,525
Rovi Corp. (a)	62,200		2,673,356
salesforce.com, Inc. (a)	22,600		2,582,728
Taleo Corp. Class A (a)	60,900		1,566,348
VMware, Inc. Class A (a)	40,700		3,271,466
			22,838,615
TOTAL INFORMATION TECHNOLOGY			80,872,922
MATERIALS - 2.5%
Chemicals - 2.3%
Celanese Corp. Class A	96,600		3,142,398
CF Industries Holdings, Inc.	46,400		5,725,296
Dow Chemical Co.	165,800		3,723,868
LyondellBasell Industries NV Class A	196,200		4,793,166
Rockwood Holdings, Inc. (a)	72,600		2,445,894
The Mosaic Co.	63,600		3,114,492
Uralkali JSC GDR (Reg. S)	61,300		2,114,850
Westlake Chemical Corp.	105,400		3,613,112
			28,673,076
Metals & Mining - 0.2%
First Quantum Minerals Ltd.	139,900		1,861,686
Vallares PLC	73,100		1,134,476
			2,996,162
TOTAL MATERIALS			31,669,238
TOTAL COMMON STOCKS (Cost $390,097,805)		392,799,402
Convertible Preferred Stocks - 0.1%

CONSUMER DISCRETIONARY - 0.1%
Textiles, Apparel & Luxury Goods - 0.1%
Michael Kors Holdings Ltd. (h) (Cost $1,249,902)	27,140		1,249,902
Investment Companies - 1.6%

iShares Barclays TIPS Bond ETF (Cost $18,829,979)	169,950		19,425,285

U.S. Treasury Obligations - 0.2%
	Principal Amount	Value
U.S. Treasury Bills, yield at date of purchase 0% to .01% 11/25/11 (f) (Cost $2,459,987)	$ 2,460,000	$ 2,459,892

Fixed-Income Funds - 47.2%
	Shares
Fidelity Emerging Markets Debt Central Fund (g)	722,570		6,951,121
Fidelity Floating Rate Central Fund (g)	408,280		38,917,276
Fidelity High Income Central Fund 1 (g)	486,792		44,531,762
Fidelity VIP Investment Grade Central Fund (g)	4,500,081		489,923,866
TOTAL FIXED-INCOME FUNDS (Cost $552,745,459)		580,324,025
Money Market Funds - 7.6%

Fidelity Cash Central Fund, 0.12% (b)	77,826,637		77,826,637
Fidelity Money Market Central Fund, 0.31% (b)	10,364,728		10,364,728
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	4,985,425		4,985,425
TOTAL MONEY MARKET FUNDS (Cost $93,176,790)		93,176,790
Equity Funds - 12.7%

Domestic Equity Funds - 0.0%
Fidelity Commodity Strategy Central Fund (g)	13,950		147,875
Equity Funds - continued
	Shares		Value
International Equity Funds - 12.7%
Fidelity Emerging Markets Equity Central Fund (g)	131,236		$ 21,866,542
Fidelity International Equity Central Fund (g)	2,326,734		134,601,544
TOTAL INTERNATIONAL EQUITY FUNDS			156,468,086
TOTAL EQUITY FUNDS (Cost $195,305,387)		156,615,961

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $1,253,865,309)

1,246,051,257

NET OTHER ASSETS (LIABILITIES) - (1.3)%

(16,354,350)

NET ASSETS - 100%

$ 1,229,696,907

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
149 CME E-mini S&P 500 Index Contracts	Dec. 2011	$ 8,388,700	$ (178,825)
22 NYSE E-mini MSCI EAFE Index Contracts	Dec. 2011	1,481,260	(46,829)
281 NYSE E-mini MSCI Emerging Markets Index Contracts	Dec. 2011	11,806,215	(1,803,096)
TOTAL EQUITY INDEX CONTRACTS		$ 21,676,175	$ (2,028,750)

The face value of futures purchased as a percentage of net assets is 1.8%

Security Type Abbreviations

ETF - Exchange-Traded Fund

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,134,720 or 0.1% of net assets.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $2,459,892.

(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.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,465,427 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Facebook, Inc. Class B	5/19/11	$ 215,930
Michael Kors Holdings Ltd.	7/8/11	$ 1,249,902

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 Emerging Markets Debt Central Fund	$ 227,252
Fidelity Cash Central Fund	52,964
Fidelity Commodity Strategy Central Fund	368,241
Fidelity Emerging Markets Equity Central Fund	362,908
Fidelity Floating Rate Central Fund	1,577,079
Fidelity High Income Central Fund 1	2,670,372
Fidelity International Equity Central Fund	4,189,488
Fidelity Money Market Central Fund	68,638
Fidelity Securities Lending Cash Central Fund	76,557
Fidelity VIP Investment Grade Central Fund	14,536,399
Total	$ 24,129,898

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Commodity Strategy Central Fund	$ 22,829,987	$ 8,254,993	$ 28,415,258	$ 147,875	0.0%
Fidelity Emerging Markets Debt Central Fund	-	7,227,593	-	6,951,121	6.6%
Fidelity Emerging Markets Equity Central Fund	44,864,395	666,588	30,998,645	21,866,542	8.7%
Fidelity Floating Rate Central Fund	45,723,024	1,577,078	6,415,760	38,917,276	1.4%
Fidelity High Income Central Fund 1	52,973,765	2,670,372	8,395,843	44,531,762	8.9%
Fidelity International Equity Central Fund	162,878,293	15,239,336	13,149,388	134,601,544	9.1%
Fidelity VIP Investment Grade Central Fund	494,551,472	29,555,101	51,465,356	489,923,866	12.8%
Total	$ 823,820,936	$ 65,191,061	$ 138,840,250	$ 736,939,986

Other Information

The following is a summary of the inputs used, as of September 30, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 83,956,088	$ 81,672,429	$ 1,033,757	$ 1,249,902
Consumer Staples	16,948,033	14,220,682	2,727,351	-
Energy	77,412,363	75,466,756	1,945,607	-
Financials	4,752,398	4,752,398	-	-
Health Care	45,771,642	45,771,642	-	-
Industrials	52,666,620	52,093,674	572,946	-
Information Technology	80,872,922	75,554,058	5,103,339	215,525
Materials	31,669,238	30,534,762	-	1,134,476
Investment Companies	19,425,285	19,425,285	-	-
U.S. Government and Government Agency Obligations	2,459,892	-	2,459,892	-
Fixed-Income Funds	580,324,025	580,324,025	-	-
Money Market Funds	93,176,790	93,176,790	-	-
Equity Funds	156,615,961	156,615,961	-	-
Total Investments in Securities:	$ 1,246,051,257	$ 1,229,608,462	$ 13,842,892	$ 2,599,903
Derivative Instruments:
Liabilities
Futures Contracts	$ (2,028,750)	$ (2,028,750)	$ -	$ -

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

Investments in Securities:
Beginning Balance	$ 1,211,550
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(48,761)
Cost of Purchases	2,648,664
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(1,211,550)
Ending Balance	$ 2,599,903
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2011	$ (48,761)

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

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $1,240,378,966. Net unrealized appreciation aggregated $5,672,291, of which $115,453,264 related to appreciated investment securities and $109,780,973 related to depreciated investment securities.

Investment Valuation

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Exchange-traded Funds (ETFs) are valued at their last sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board of Trustees believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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, 2011

1.808789.107

VIPAMG-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 45.6%
	Shares		Value
CONSUMER DISCRETIONARY - 9.6%
Auto Components - 0.7%
Autoliv, Inc.	6,600		$ 320,100
BorgWarner, Inc. (a)	5,700		345,021
TRW Automotive Holdings Corp. (a)	13,000		425,490
			1,090,611
Automobiles - 0.4%
Bayerische Motoren Werke AG (BMW)	9,425		630,939
Diversified Consumer Services - 0.5%
Anhanguera Educacional Participacoes SA	9,900		127,368
Weight Watchers International, Inc.	11,200		652,400
			779,768
Hotels, Restaurants & Leisure - 1.1%
Arcos Dorados Holdings, Inc.	11,300		262,047
Chipotle Mexican Grill, Inc. (a)	1,500		454,425
Panera Bread Co. Class A (a)	8,700		904,278
			1,620,750
Household Durables - 0.2%
Gafisa SA sponsored ADR	56,800		327,736
Internet & Catalog Retail - 1.0%
Amazon.com, Inc. (a)	4,100		886,543
Priceline.com, Inc. (a)	1,500		674,190
			1,560,733
Media - 0.2%
Focus Media Holding Ltd. ADR (a)	11,800		198,122
The Walt Disney Co.	6,000		180,960
			379,082
Multiline Retail - 0.7%
Lojas Renner SA	4,800		129,250
Macy's, Inc.	36,900		971,208
			1,100,458
Specialty Retail - 1.1%
China ZhengTong Auto Services Holdings Ltd.	98,000		86,984
Tiffany & Co., Inc.	9,400		571,708
Vitamin Shoppe, Inc. (a)	3,800		142,272
Williams-Sonoma, Inc.	27,600		849,804
			1,650,768
Textiles, Apparel & Luxury Goods - 3.7%
Arezzo Industria e Comercio SA	16,000		161,616
Burberry Group PLC	20,800		380,878
Coach, Inc.	17,000		881,110
Deckers Outdoor Corp. (a)	17,700		1,650,702
Fossil, Inc. (a)	12,900		1,045,674
LVMH Moet Hennessy - Louis Vuitton	1,169		156,074
Prada SpA	23,400		97,524
PVH Corp.	14,400		838,656

	Shares		Value
The Swatch Group AG (Bearer)	410		$ 136,742
Vera Bradley, Inc. (d)	12,300		443,415
			5,792,391
TOTAL CONSUMER DISCRETIONARY			14,933,236
CONSUMER STAPLES - 2.0%
Beverages - 0.4%
Hansen Natural Corp. (a)	7,700		672,133
Food & Staples Retailing - 0.1%
Droga Raia SA	7,000		95,641
Food Products - 0.9%
Green Mountain Coffee Roasters, Inc. (a)	15,100		1,403,394
Personal Products - 0.6%
Estee Lauder Companies, Inc. Class A	2,800		245,952
Hengan International Group Co. Ltd.	61,000		487,170
Nu Skin Enterprises, Inc. Class A	3,700		149,924
			883,046
TOTAL CONSUMER STAPLES			3,054,214
ENERGY - 9.0%
Energy Equipment & Services - 3.4%
Baker Hughes, Inc.	21,400		987,824
Carbo Ceramics, Inc.	6,200		635,686
Halliburton Co.	37,100		1,132,292
McDermott International, Inc. (a)	20,700		222,732
Saipem SpA	7,439		264,717
Schlumberger Ltd.	27,914		1,667,303
Worleyparsons Ltd.	13,929		347,712
			5,258,266
Oil, Gas & Consumable Fuels - 5.6%
Alpha Natural Resources, Inc. (a)	8,155		144,262
Anadarko Petroleum Corp.	4,400		277,420
Cabot Oil & Gas Corp.	3,600		222,876
Chevron Corp.	19,300		1,785,636
Concho Resources, Inc. (a)	11,000		782,540
Continental Resources, Inc. (a)	17,800		860,986
CVR Energy, Inc. (a)	18,400		388,976
HollyFrontier Corp.	24,400		639,768
Kosmos Energy Ltd.	11,100		129,981
Marathon Petroleum Corp.	6,400		173,184
Oasis Petroleum, Inc. (a)(d)	23,700		529,221
Occidental Petroleum Corp.	8,100		579,150
Pioneer Natural Resources Co.	17,200		1,131,244
Western Refining, Inc. (a)(d)	14,400		179,424
Whiting Petroleum Corp. (a)	22,400		785,792
			8,610,460
TOTAL ENERGY			13,868,726
Common Stocks - continued
	Shares		Value
FINANCIALS - 0.5%
Capital Markets - 0.4%
Apollo Global Management LLC Class A	61,000		$ 624,640
Real Estate Management & Development - 0.1%
CB Richard Ellis Group, Inc. Class A (a)	16,400		220,744
TOTAL FINANCIALS			845,384
HEALTH CARE - 5.3%
Biotechnology - 1.3%
Alexion Pharmaceuticals, Inc. (a)	11,000		704,660
InterMune, Inc. (a)	4,300		86,860
United Therapeutics Corp. (a)	10,500		393,645
Vertex Pharmaceuticals, Inc. (a)	19,200		855,168
			2,040,333
Health Care Equipment & Supplies - 0.3%
Edwards Lifesciences Corp. (a)	3,200		228,096
Volcano Corp. (a)	8,700		257,781
			485,877
Health Care Providers & Services - 2.2%
Accretive Health, Inc. (a)	14,500		307,835
HMS Holdings Corp. (a)	15,000		365,850
Humana, Inc.	12,800		930,944
UnitedHealth Group, Inc.	21,400		986,968
WellPoint, Inc.	13,200		861,696
			3,453,293
Health Care Technology - 0.3%
SXC Health Solutions Corp. (a)	6,800		379,212
Pharmaceuticals - 1.2%
Elan Corp. PLC sponsored ADR (a)	53,000		558,090
Shire PLC sponsored ADR	5,700		535,401
Valeant Pharmaceuticals International, Inc. (Canada)	19,806		737,978
			1,831,469
TOTAL HEALTH CARE			8,190,184
INDUSTRIALS - 6.1%
Airlines - 2.3%
Copa Holdings SA Class A	7,700		471,779
Delta Air Lines, Inc. (a)	173,700		1,302,750
United Continental Holdings, Inc. (a)	95,285		1,846,623
			3,621,152
Commercial Services & Supplies - 0.1%
Swisher Hygiene, Inc.	24,821		100,525
Construction & Engineering - 0.5%
Fluor Corp.	16,500		768,075
Electrical Equipment - 0.1%
Roper Industries, Inc.	3,200		220,512
Machinery - 2.6%
Caterpillar, Inc.	8,600		635,024

	Shares		Value
Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)	92,560		$ 103,433
Cummins, Inc.	9,300		759,438
Dover Corp.	8,500		396,100
Kennametal, Inc.	18,000		589,320
MAN SE	3,177		248,540
Parker Hannifin Corp.	9,500		599,735
Sandvik AB	5,700		66,430
WABCO Holdings, Inc. (a)	11,200		424,032
Weg SA	14,700		146,140
			3,968,192
Professional Services - 0.1%
Qualicorp SA	19,000		141,414
Trading Companies & Distributors - 0.4%
Air Lease Corp.:
Class A (a)(e)	10,900		209,280
Class A	10,600		203,520
Mills Estruturas e Servicos de Engenharia SA	17,000		174,429
			587,229
TOTAL INDUSTRIALS			9,407,099
INFORMATION TECHNOLOGY - 9.4%
Communications Equipment - 1.3%
Alcatel-Lucent SA sponsored ADR (a)	160,500		454,215
HTC Corp.	19,950		438,184
Juniper Networks, Inc. (a)	12,800		220,928
Polycom, Inc. (a)	23,000		422,510
QUALCOMM, Inc.	2,800		136,164
Riverbed Technology, Inc. (a)	18,000		359,280
			2,031,281
Computers & Peripherals - 2.5%
Apple, Inc. (a)	10,100		3,849,921
Fusion-io, Inc.	1,300		24,700
			3,874,621
Internet Software & Services - 1.7%
Active Network, Inc.	10,800		159,300
Baidu.com, Inc. sponsored ADR (a)	4,100		438,331
Bankrate, Inc.	10,800		164,268
Cornerstone OnDemand, Inc.	11,400		142,956
Facebook, Inc. Class B (a)(h)	1,580		39,500
Google, Inc. Class A (a)	2,100		1,080,198
Renren, Inc. ADR (d)	5,600		28,560
Tencent Holdings Ltd.	23,100		479,137
YouKu.com, Inc. ADR (a)(d)	3,700		60,532
			2,592,782
IT Services - 0.6%
Cognizant Technology Solutions Corp. Class A (a)	16,100		1,009,470
Semiconductors & Semiconductor Equipment - 0.6%
ARM Holdings PLC sponsored ADR	11,800		300,900
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Freescale Semiconductor Holdings I Ltd.	18,600		$ 205,158
NXP Semiconductors NV (a)	25,900		365,708
			871,766
Software - 2.7%
Ariba, Inc. (a)	11,100		307,581
Citrix Systems, Inc. (a)	9,700		528,941
CommVault Systems, Inc. (a)	4,300		159,358
Informatica Corp. (a)	28,300		1,158,885
RealPage, Inc. (a)	9,700		198,365
Rovi Corp. (a)	11,100		477,078
salesforce.com, Inc. (a)	4,100		468,548
Taleo Corp. Class A (a)	10,700		275,204
VMware, Inc. Class A (a)	7,300		586,774
			4,160,734
TOTAL INFORMATION TECHNOLOGY			14,540,654
MATERIALS - 3.7%
Chemicals - 3.3%
Celanese Corp. Class A	17,300		562,769
CF Industries Holdings, Inc.	8,300		1,024,137
Dow Chemical Co.	29,600		664,816
LyondellBasell Industries NV Class A	35,100		857,493
Rockwood Holdings, Inc. (a)	13,200		444,708
The Mosaic Co.	11,400		558,258
Uralkali JSC GDR (Reg. S)	11,000		379,500
Westlake Chemical Corp.	18,800		644,464
			5,136,145
Metals & Mining - 0.4%
First Quantum Minerals Ltd.	24,500		326,028
Vallares PLC	13,400		207,961
			533,989
TOTAL MATERIALS			5,670,134
TOTAL COMMON STOCKS (Cost $70,191,962)		70,509,631
Convertible Preferred Stocks - 0.2%

CONSUMER DISCRETIONARY - 0.2%
Textiles, Apparel & Luxury Goods - 0.2%
Michael Kors Holdings Ltd. (h) (Cost $250,072)	5,430		250,072
Investment Companies - 1.1%
	Shares		Value
iShares Barclays TIPS Bond ETF (Cost $1,617,639)	14,600		$ 1,668,780

U.S. Treasury Obligations - 0.3%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0% to 0.01% 11/25/11 (f) (Cost $399,998)	$ 400,000	399,982

Fixed-Income Funds - 31.2%
	Shares
Fidelity Emerging Markets Debt Central Fund (g)	92,902		893,716
Fidelity Floating Rate Central Fund (g)	44,278		4,220,562
Fidelity High Income Central Fund 1 (g)	52,523		4,804,796
Fidelity VIP Investment Grade Central Fund (g)	351,935		38,315,147
TOTAL FIXED-INCOME FUNDS (Cost $45,852,370)		48,234,221
Equity Funds - 18.5%

Domestic Equity Funds - 0.0%
Fidelity Commodity Strategy Central Fund (g)	1,800		19,078
International Equity Funds - 18.5%
Fidelity Emerging Markets Equity Central Fund (g)	23,549		3,923,734
Fidelity International Equity Central Fund (g)	426,453		24,670,302
TOTAL INTERNATIONAL EQUITY FUNDS			28,594,036
TOTAL EQUITY FUNDS (Cost $38,635,391)		28,613,114
Money Market Funds - 4.2%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	5,471,346		$ 5,471,346
Fidelity Securities Lending Cash Central Fund, 0.12% (b)(c)	1,081,525		1,081,525
TOTAL MONEY MARKET FUNDS (Cost $6,552,871)		6,552,871

TOTAL INVESTMENT PORTFOLIO - 101.1%

(Cost $163,500,303)

156,228,671

NET OTHER ASSETS (LIABILITIES) - (1.1)%			(1,703,258)
NET ASSETS - 100%		$ 154,525,413

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
18 CME E-mini S&P 500 Index Contracts	Dec. 2011	$ 1,013,400	$ (21,603)
52 NYSE E-mini MSCI Emerging Markets Index Contracts	Dec. 2011	2,184,780	(337,284)
TOTAL EQUITY INDEX CONTRACTS		$ 3,198,180	$ (358,887)

The face value of futures purchased as a percentage of net assets is 2.1%

Security Type Abbreviations
ETF	-	Exchange Traded Fund

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 $399,982.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Facebook, Inc. Class B	5/19/11	$ 39,574
Michael Kors Holdings Ltd.	7/8/11	$ 250,072

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	$ 4,278
Fidelity Emerging Markets Debt Central Fund	29,218
Fidelity Commodity Strategy Central Fund	52,898
Fidelity Emerging Markets Equity Central Fund	65,433
Fidelity Floating Rate Central Fund	193,877
Fidelity High Income Central Fund 1	332,873
Fidelity International Equity Central Fund	749,123
Fidelity Securities Lending Cash Central Fund	22,343
Fidelity VIP Investment Grade Central Fund	970,794
Total	$ 2,420,837

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Commodity Strategy Central Fund	$ 2,907,291	$ 1,359,269	$ 3,892,348	$ 19,078	0.0%
Fidelity Emerging Markets Debt Central Fund	-	929,262	-	893,716	0.9%
Fidelity Emerging Markets Equity Central Fund	7,858,662	100,843	2,572,091	3,923,734	1.6%
Fidelity Floating Rate Central Fund	5,416,203	643,953	1,605,810	4,220,562	0.2%
Fidelity High Income Central Fund 1	6,768,440	332,873	1,991,613	4,804,796	1.0%
Fidelity International Equity Central Fund	26,462,332	5,092,737	941,005	24,670,302	1.7%
Fidelity VIP Investment Grade Central Fund	36,250,066	5,189,644	4,397,049	38,315,147	1.0%
Total	$ 85,662,994	$ 13,648,581	$ 15,399,916	$ 76,847,335

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 15,183,308	$ 14,748,728	$ 184,508	$ 250,072
Consumer Staples	3,054,214	2,567,044	487,170	-
Energy	13,868,726	13,521,014	347,712	-
Financials	845,384	845,384	-	-
Health Care	8,190,184	8,190,184	-	-
Industrials	9,407,099	9,303,666	103,433	-
Information Technology	14,540,654	13,583,833	917,321	39,500
Materials	5,670,134	5,462,173	-	207,961
Investment Companies	1,668,780	1,668,780	-	-
U.S. Treasury Obligations	399,982	-	399,982	-
Fixed-Income Funds	48,234,221	48,234,221	-	-
Money Market Funds	6,552,871	6,552,871	-	-
Equity Funds	28,613,114	28,613,114	-	-
Total Investments in Securities:	$ 156,228,671	$ 153,291,012	$ 2,440,126	$ 497,533
Derivative Instruments:
Liabilities
Futures Contracts	$ (358,887)	$ (358,887)	$ -	$ -

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

Investments in Securities:
Beginning Balance	$ 223,450
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(8,941)
Cost of Purchases	506,474
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(223,450)
Ending Balance	$ 497,533
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2011	$ (8,941)

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $163,107,742. Net unrealized depreciation aggregated $6,879,071, of which $15,838,507 related to appreciated investment securities and $22,717,578 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2005 Portfolio

September 30, 2011

1.822342.106

VIPF2005-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 27.6%
	Shares		Value
Domestic Equity Funds - 27.6%
VIP Contrafund Portfolio Initial Class	11,045		$ 235,040
VIP Equity-Income Portfolio Initial Class	16,043		276,106
VIP Growth & Income Portfolio Initial Class	24,534		278,949
VIP Growth Portfolio Initial Class	7,925		267,781
VIP Mid Cap Portfolio Initial Class	3,523		97,598
VIP Value Portfolio Initial Class	24,382		232,356
VIP Value Strategies Portfolio Initial Class	11,466		90,354
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,893,980)		1,478,184
International Equity Funds - 9.1%

Developed International Equity Funds - 7.6%
VIP Overseas Portfolio Initial Class	30,260		407,300
Emerging Markets Equity Funds - 1.5%
VIP Emerging Markets Portfolio Initial Class	10,606		79,541
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $689,469)		486,841
Bond Funds - 37.5%
	Shares		Value
High Yield Bond Funds - 4.9%
VIP High Income Portfolio Initial Class	48,541		$ 265,518
Investment Grade Bond Funds - 32.6%
VIP Investment Grade Bond Portfolio Initial Class	130,793		1,747,395
TOTAL BOND FUNDS (Cost $1,930,782)		2,012,913
Short-Term Funds - 25.8%

VIP Money Market Portfolio Initial Class (Cost $1,384,158)	1,384,158		1,384,158

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $5,898,389)

5,362,096

NET OTHER ASSETS (LIABILITIES) - 0.0%			(48)
NET ASSETS - 100%		$ 5,362,048

Other Information

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

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $6,010,950. Net unrealized depreciation aggregated $648,854, of which $126,366 related to appreciated investment securities and $775,220 related to depreciated investment securities.

Investment Valuation

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

Valuation techniques used to value the Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2010 Portfolio

September 30, 2011

1.822344.106

VIPF2010-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 34.4%
	Shares		Value
Domestic Equity Funds - 34.4%
VIP Contrafund Portfolio Initial Class	422,302		$ 8,986,576
VIP Equity-Income Portfolio Initial Class	613,877		10,564,821
VIP Growth & Income Portfolio Initial Class	938,720		10,673,250
VIP Growth Portfolio Initial Class	303,572		10,257,707
VIP Mid Cap Portfolio Initial Class	134,672		3,730,423
VIP Value Portfolio Initial Class	932,568		8,887,375
VIP Value Strategies Portfolio Initial Class	439,214		3,461,009
TOTAL DOMESTIC EQUITY FUNDS (Cost $68,423,296)		56,561,161
International Equity Funds - 11.3%

Developed International Equity Funds - 9.5%
VIP Overseas Portfolio Initial Class	1,158,551		15,594,098
Emerging Markets Equity Funds - 1.8%
VIP Emerging Markets Portfolio Initial Class	405,588		3,041,909
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $24,660,087)		18,636,007
Bond Funds - 42.6%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Initial Class	1,509,419		$ 8,256,521
Investment Grade Bond Funds - 37.6%
VIP Investment Grade Bond Portfolio Initial Class	4,624,663		61,785,495
TOTAL BOND FUNDS (Cost $67,448,722)		70,042,016
Short-Term Funds - 11.7%

VIP Money Market Portfolio Initial Class (Cost $19,352,527)	19,352,527		19,352,527

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $179,884,632)

164,591,711

NET OTHER ASSETS (LIABILITIES) - 0.0%		(27,115)
NET ASSETS - 100%		$ 164,564,596

Other Information

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $180,829,429. Net unrealized depreciation aggregated $16,237,718, of which $5,393,285 related to appreciated investment securities and $21,631,003 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2015 Portfolio

September 30, 2011

1.822346.106

VIPF2015-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 35.3%
	Shares		Value
Domestic Equity Funds - 35.3%
VIP Contrafund Portfolio Initial Class	250,262		$ 5,325,574
VIP Equity-Income Portfolio Initial Class	363,651		6,258,428
VIP Growth & Income Portfolio Initial Class	556,099		6,322,848
VIP Growth Portfolio Initial Class	179,683		6,071,483
VIP Mid Cap Portfolio Initial Class	79,755		2,209,224
VIP Value Portfolio Initial Class	552,507		5,265,394
VIP Value Strategies Portfolio Initial Class	259,703		2,046,462
TOTAL DOMESTIC EQUITY FUNDS (Cost $38,073,012)		33,499,413
International Equity Funds - 11.6%

Developed International Equity Funds - 9.7%
VIP Overseas Portfolio Initial Class	685,685		9,229,325
Emerging Markets Equity Funds - 1.9%
VIP Emerging Markets Portfolio Initial Class	240,162		1,801,219
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $13,953,040)		11,030,544
Bond Funds - 42.7%
	Shares		Value
High Yield Bond Funds - 5.1%
VIP High Income Portfolio Initial Class	877,715		$ 4,801,100
Investment Grade Bond Funds - 37.6%
VIP Investment Grade Bond Portfolio Initial Class	2,673,625		35,719,634
TOTAL BOND FUNDS (Cost $38,775,855)		40,520,734
Short-Term Funds - 10.4%

VIP Money Market Portfolio Initial Class (Cost $9,907,542)	9,907,542		9,907,542

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $100,709,449)

94,958,233

NET OTHER ASSETS (LIABILITIES) - 0.0%			(11,795)
NET ASSETS - 100%		$ 94,946,438

Other Information

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $101,263,021. Net unrealized depreciation aggregated $6,304,788, of which $5,154,498 related to appreciated investment securities and $11,459,286 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2020 Portfolio

September 30, 2011

1.822349.106

VIPF2020-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 41.7%
	Shares		Value
Domestic Equity Funds - 41.7%
VIP Contrafund Portfolio Initial Class	1,419,290		$ 30,202,485
VIP Equity-Income Portfolio Initial Class	2,065,568		35,548,424
VIP Growth & Income Portfolio Initial Class	3,157,988		35,906,329
VIP Growth Portfolio Initial Class	1,021,619		34,520,493
VIP Mid Cap Portfolio Initial Class	452,587		12,536,666
VIP Value Portfolio Initial Class	3,135,255		29,878,977
VIP Value Strategies Portfolio Initial Class	1,477,683		11,644,143
TOTAL DOMESTIC EQUITY FUNDS (Cost $212,647,643)		190,237,517
International Equity Funds - 13.7%

Developed International Equity Funds - 11.5%
VIP Overseas Portfolio Initial Class	3,900,307		52,498,133
Emerging Markets Equity Funds - 2.2%
VIP Emerging Markets Portfolio Initial Class	1,367,390		10,255,425
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $78,300,386)		62,753,558
Bond Funds - 39.6%
	Shares		Value
High Yield Bond Funds - 6.5%
VIP High Income Portfolio Initial Class	5,432,600		$ 29,716,323
Investment Grade Bond Funds - 33.1%
VIP Investment Grade Bond Portfolio Initial Class	11,320,810		151,246,020
TOTAL BOND FUNDS (Cost $175,826,747)		180,962,343
Short-Term Funds - 5.0%

VIP Money Market Portfolio Initial Class (Cost $22,643,487)	22,643,487		22,643,487

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $489,418,263)

456,596,905

NET OTHER ASSETS (LIABILITIES) - 0.0%			(116,335)
NET ASSETS - 100%		$ 456,480,570

Other Information

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

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $491,558,600. Net unrealized depreciation aggregated $34,961,695, of which $19,296,499 related to appreciated investment securities and $54,258,194 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2025 Portfolio

September 30, 2011

1.822350.106

VIPF2025-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 49.6%
	Shares		Value
Domestic Equity Funds - 49.6%
VIP Contrafund Portfolio Initial Class	157,918		$ 3,360,504
VIP Equity-Income Portfolio Initial Class	229,765		3,954,264
VIP Growth & Income Portfolio Initial Class	351,323		3,994,537
VIP Growth Portfolio Initial Class	113,578		3,837,792
VIP Mid Cap Portfolio Initial Class	50,228		1,391,304
VIP Value Portfolio Initial Class	348,775		3,323,830
VIP Value Strategies Portfolio Initial Class	163,787		1,290,645
TOTAL DOMESTIC EQUITY FUNDS (Cost $24,066,808)		21,152,876
International Equity Funds - 16.3%

Developed International Equity Funds - 13.7%
VIP Overseas Portfolio Initial Class	433,313		5,832,392
Emerging Markets Equity Funds - 2.6%
VIP Emerging Markets Portfolio Initial Class	151,816		1,138,622
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $8,793,658)		6,971,014
Bond Funds - 33.9%
	Shares		Value
High Yield Bond Funds - 7.8%
VIP High Income Portfolio Initial Class	604,467		$ 3,306,436
Investment Grade Bond Funds - 26.1%
VIP Investment Grade Bond Portfolio Initial Class	833,689		11,138,078
TOTAL BOND FUNDS (Cost $14,250,107)		14,444,514
Short-Term Funds - 0.2%

VIP Money Market Portfolio Initial Class (Cost $94,921)	94,921		94,921

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $47,205,494)

42,663,325

NET OTHER ASSETS (LIABILITIES) - 0.0%

(5,220)

NET ASSETS - 100%

$ 42,658,105

Other Information

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

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $47,501,913. Net unrealized depreciation aggregated $4,838,588, of which $1,394,177 related to appreciated investment securities and $6,232,765 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2030 Portfolio

September 30, 2011

1.822347.106

VIPF2030-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 52.5%
	Shares		Value
Domestic Equity Funds - 52.5%
VIP Contrafund Portfolio Initial Class	420,029		$ 8,938,219
VIP Equity-Income Portfolio Initial Class	610,560		10,507,730
VIP Growth & Income Portfolio Initial Class	933,529		10,614,230
VIP Growth Portfolio Initial Class	301,852		10,199,592
VIP Mid Cap Portfolio Initial Class	133,744		3,704,696
VIP Value Portfolio Initial Class	927,797		8,841,906
VIP Value Strategies Portfolio Initial Class	436,318		3,438,190
TOTAL DOMESTIC EQUITY FUNDS (Cost $65,718,836)		56,244,563
International Equity Funds - 17.3%

Developed International Equity Funds - 14.5%
VIP Overseas Portfolio Initial Class	1,153,316		15,523,629
Emerging Markets Equity Funds - 2.8%
VIP Emerging Markets Portfolio Initial Class	403,241		3,024,309
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $23,947,376)		18,547,938
Bond Funds - 30.2%
	Shares		Value
High Yield Bond Funds - 7.8%
VIP High Income Portfolio Initial Class	1,531,173		$ 8,375,515
Investment Grade Bond Funds - 22.4%
VIP Investment Grade Bond Portfolio Initial Class	1,797,471		24,014,205
TOTAL BOND FUNDS (Cost $31,908,323)		32,389,720
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $121,574,535)			107,182,221
NET OTHER ASSETS (LIABILITIES) - 0.0%			(25,495)
NET ASSETS - 100%		$ 107,156,726

Other Information

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

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $122,756,287. Net unrealized depreciation aggregated $15,574,066, of which $3,740,998 related to appreciated investment securities and $19,315,064 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2035 Portfolio

September 30, 2011

1.903281.102

VF-2035-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 60.5%
	Shares		Value
Domestic Equity Funds - 60.5%
VIP Contrafund Portfolio Initial Class	1,901		$ 40,459
VIP Equity-Income Portfolio Initial Class	2,766		47,600
VIP Growth & Income Portfolio Initial Class	4,230		48,098
VIP Growth Portfolio Initial Class	1,364		46,086
VIP Mid Cap Portfolio Initial Class	605		16,759
VIP Value Portfolio Initial Class	4,194		39,969
VIP Value Strategies Portfolio Initial Class	1,960		15,444
TOTAL DOMESTIC EQUITY FUNDS (Cost $187,431)		254,415
International Equity Funds - 19.8%

Developed International Equity Funds - 16.6%
VIP Overseas Portfolio Initial Class	5,187		69,814
Emerging Markets Equity Funds - 3.2%
VIP Emerging Markets Portfolio Initial Class	1,806		13,543
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $76,666)		83,357
Bond Funds - 19.7%
	Shares		Value
High Yield Bond Funds - 8.0%
VIP High Income Portfolio Initial Class	6,133		$ 33,547
Investment Grade Bond Funds - 11.7%
VIP Investment Grade Bond Portfolio Initial Class	3,674		49,088
TOTAL BOND FUNDS (Cost $71,814)		82,635
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $335,911)			420,407
NET OTHER ASSETS (LIABILITIES) - 0.0%			(63)
NET ASSETS - 100%		$ 420,344

Other Information

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $336,455. Net unrealized appreciation aggregated $83,952, of which $92,781 related to appreciated investment securities and $8,829 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2040 Portfolio

September 30, 2011

1.903283.102

VF-2040-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 61.2%
	Shares		Value
Domestic Equity Funds - 61.2%
VIP Contrafund Portfolio Initial Class	11,541		$ 245,599
VIP Equity-Income Portfolio Initial Class	16,788		288,930
VIP Growth & Income Portfolio Initial Class	25,665		291,814
VIP Growth Portfolio Initial Class	8,303		280,574
VIP Mid Cap Portfolio Initial Class	3,674		101,783
VIP Value Portfolio Initial Class	25,497		242,988
VIP Value Strategies Portfolio Initial Class	12,001		94,566
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,700,850)		1,546,254
International Equity Funds - 20.2%

Developed International Equity Funds - 16.9%
VIP Overseas Portfolio Initial Class	31,712		426,847
Emerging Markets Equity Funds - 3.3%
VIP Emerging Markets Portfolio Initial Class	11,119		83,394
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $626,138)		510,241
Bond Funds - 18.6%
	Shares		Value
High Yield Bond Funds - 8.5%
VIP High Income Portfolio Initial Class	39,555		$ 216,367
Investment Grade Bond Funds - 10.1%
VIP Investment Grade Bond Portfolio Initial Class	19,048		254,482
TOTAL BOND FUNDS (Cost $462,541)		470,849

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $2,789,529)

2,527,344

NET OTHER ASSETS (LIABILITIES) - 0.0%			(19)
NET ASSETS - 100%		$ 2,527,325

Other Information

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $2,808,004. Net unrealized depreciation aggregated $280,660, of which $106,797 related to appreciated investment securities and $387,457 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2045 Portfolio

September 30, 2011

1.903285.102

VF-2045-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 62.9%
	Shares		Value
Domestic Equity Funds - 62.9%
VIP Contrafund Portfolio Initial Class	1,418		$ 30,167
VIP Equity-Income Portfolio Initial Class	2,063		35,499
VIP Growth & Income Portfolio Initial Class	3,155		35,868
VIP Growth Portfolio Initial Class	1,017		34,365
VIP Mid Cap Portfolio Initial Class	452		12,512
VIP Value Portfolio Initial Class	3,128		29,808
VIP Value Strategies Portfolio Initial Class	1,464		11,536
TOTAL DOMESTIC EQUITY FUNDS (Cost $129,986)		189,755
International Equity Funds - 20.6%

Developed International Equity Funds - 17.3%
VIP Overseas Portfolio Initial Class	3,872		52,116
Emerging Markets Equity Funds - 3.3%
VIP Emerging Markets Portfolio Initial Class	1,350		10,127
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $52,678)		62,243
Bond Funds - 16.5%
	Shares		Value
High Yield Bond Funds - 10.7%
VIP High Income Portfolio Initial Class	5,894		$ 32,240
Investment Grade Bond Funds - 5.8%
VIP Investment Grade Bond Portfolio Initial Class	1,325		17,708
TOTAL BOND FUNDS (Cost $40,728)		49,948

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $223,392)

301,946

NET OTHER ASSETS (LIABILITIES) - 0.0%			(36)
NET ASSETS - 100%		$ 301,910

Other Information

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $223,482. Net unrealized appreciation aggregated $78,464, of which $80,260 related to appreciated investment securities and $1,796 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom 2050 Portfolio

September 30, 2011

1.903287.102

VF-2050-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 65.9%
	Shares		Value
Domestic Equity Funds - 65.9%
VIP Contrafund Portfolio Initial Class	2,293		$ 48,801
VIP Equity-Income Portfolio Initial Class	3,335		57,387
VIP Growth & Income Portfolio Initial Class	5,099		57,975
VIP Growth Portfolio Initial Class	1,648		55,699
VIP Mid Cap Portfolio Initial Class	730		20,209
VIP Value Portfolio Initial Class	5,065		48,266
VIP Value Strategies Portfolio Initial Class	2,378		18,735
TOTAL DOMESTIC EQUITY FUNDS (Cost $262,420)		307,072
International Equity Funds - 21.7%

Developed International Equity Funds - 18.2%
VIP Overseas Portfolio Initial Class	6,283		84,564
Emerging Markets Equity Funds - 3.5%
VIP Emerging Markets Portfolio Initial Class	2,197		16,474
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $97,398)		101,038
Bond Funds - 12.4%
	Shares		Value
High Yield Bond Funds - 10.7%
VIP High Income Portfolio Initial Class	9,127		$ 49,924
Investment Grade Bond Funds - 1.7%
VIP Investment Grade Bond Portfolio Initial Class	601		8,024
TOTAL BOND FUNDS (Cost $50,553)		57,948
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $410,371)			466,058
NET OTHER ASSETS (LIABILITIES) - 0.0%			(34)
NET ASSETS - 100%		$ 466,024

Other Information

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $412,864. Net unrealized appreciation aggregated $53,194, of which $73,805 related to appreciated investment securities and $20,611 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom Income Portfolio

September 30, 2011

1.822341.106

VIPFINC-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 13.3%
	Shares		Value
Domestic Equity Funds - 13.3%
VIP Contrafund Portfolio Initial Class	20,031		$ 426,268
VIP Equity-Income Portfolio Initial Class	29,124		501,226
VIP Growth & Income Portfolio Initial Class	44,556		506,603
VIP Growth Portfolio Initial Class	14,385		486,072
VIP Mid Cap Portfolio Initial Class	6,350		175,897
VIP Value Portfolio Initial Class	44,199		421,218
VIP Value Strategies Portfolio Initial Class	20,624		162,517
TOTAL DOMESTIC EQUITY FUNDS (Cost $3,338,785)		2,679,801
International Equity Funds - 4.4%

Developed International Equity Funds - 3.7%
VIP Overseas Portfolio Initial Class	55,511		747,173
Emerging Markets Equity Funds - 0.7%
VIP Emerging Markets Portfolio Initial Class	19,447		145,849
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $964,883)		893,022
Bond Funds - 41.1%
	Shares		Value
High Yield Bond Funds - 4.8%
VIP High Income Portfolio Initial Class	177,551		$ 971,202
Investment Grade Bond Funds - 36.3%
VIP Investment Grade Bond Portfolio Initial Class	549,522		7,341,619
TOTAL BOND FUNDS (Cost $7,923,053)		8,312,821
Short-Term Funds - 41.4%

VIP Money Market Portfolio Initial Class (Cost $8,355,545)	8,355,545		8,355,545

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $20,582,266)

20,241,189

NET OTHER ASSETS (LIABILITIES) - (0.2)%		(30,400)
NET ASSETS - 100%		$ 20,210,789

Other Information

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $20,680,571. Net unrealized depreciation aggregated $439,382, of which $537,515 related to appreciated investment securities and $976,897 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom Lifetime Income I Portfolio

September 30, 2011

1.822343.106

VIPFLI-I-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 28.8%
	Shares		Value
Domestic Equity Funds - 28.8%
VIP Contrafund Portfolio Investor Class	21,059		$ 446,233
VIP Equity-Income Portfolio Investor Class	30,508		523,206
VIP Growth & Income Portfolio Investor Class	46,642		528,919
VIP Growth Portfolio Investor Class	15,283		514,881
VIP Mid Cap Portfolio Investor Class	6,622		182,694
VIP Value Portfolio Investor Class	46,007		437,989
VIP Value Strategies Portfolio Investor Class	21,716		170,253
TOTAL DOMESTIC EQUITY FUNDS (Cost $3,690,841)		2,804,175
International Equity Funds - 9.4%

Developed International Equity Funds - 7.9%
VIP Overseas Portfolio Investor Class R	57,718		774,574
Emerging Markets Equity Funds - 1.5%
VIP Emerging Markets Portfolio Investor Class R	19,327		144,569
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,299,356)		919,143
Bond Funds - 45.8%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Investor Class	89,290		$ 487,526
Investment Grade Bond Funds - 40.8%
VIP Investment Grade Bond Portfolio Investor Class	298,443		3,975,267
TOTAL BOND FUNDS (Cost $4,328,734)		4,462,793
Short-Term Funds - 16.0%

VIP Money Market Portfolio Investor Class (Cost $1,556,404)	1,556,404		1,556,404

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $10,875,335)

9,742,515

NET OTHER ASSETS (LIABILITIES) - 0.0%			(1)
NET ASSETS - 100%		$ 9,742,514

Other Information

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $10,926,773. Net unrealized depreciation aggregated $1,184,258, of which $215,621 related to appreciated investment securities and $1,399,879 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom Lifetime Income II Portfolio

September 30, 2011

1.822345.106

VIPFLI-II-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 33.1%
	Shares		Value
Domestic Equity Funds - 33.1%
VIP Contrafund Portfolio Investor Class	38,601		$ 817,957
VIP Equity-Income Portfolio Investor Class	55,915		958,943
VIP Growth & Income Portfolio Investor Class	85,529		969,897
VIP Growth Portfolio Investor Class	28,009		943,613
VIP Mid Cap Portfolio Investor Class	12,151		335,235
VIP Value Portfolio Investor Class	84,270		802,255
VIP Value Strategies Portfolio Investor Class	39,808		312,095
TOTAL DOMESTIC EQUITY FUNDS (Cost $6,921,908)		5,139,995
International Equity Funds - 10.8%

Developed International Equity Funds - 9.1%
VIP Overseas Portfolio Investor Class R	105,635		1,417,623
Emerging Markets Equity Funds - 1.7%
VIP Emerging Markets Portfolio Investor Class R	35,434		265,048
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $2,532,959)		1,682,671
Bond Funds - 47.0%
	Shares		Value
High Yield Bond Funds - 5.3%
VIP High Income Portfolio Investor Class	151,521		$ 827,306
Investment Grade Bond Funds - 41.7%
VIP Investment Grade Bond Portfolio Investor Class	486,303		6,477,560
TOTAL BOND FUNDS (Cost $7,085,060)		7,304,866
Short-Term Funds - 9.1%

VIP Money Market Portfolio Investor Class (Cost $1,417,816)	1,417,816		1,417,816

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $17,957,743)

15,545,348

NET OTHER ASSETS (LIABILITIES) - 0.0%			1
NET ASSETS - 100%		$ 15,545,349

Other Information

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $18,100,479. Net unrealized depreciation aggregated $2,555,131, of which $347,282 related to appreciated investment securities and $2,902,413 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Freedom Lifetime Income III Portfolio

September 30, 2011

1.822348.106

VIPFLI-III-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 50.2%
	Shares		Value
Domestic Equity Funds - 50.2%
VIP Contrafund Portfolio Investor Class	24,352		$ 516,013
VIP Equity-Income Portfolio Investor Class	35,293		605,268
VIP Growth & Income Portfolio Investor Class	53,956		611,865
VIP Growth Portfolio Investor Class	17,726		597,183
VIP Mid Cap Portfolio Investor Class	7,647		210,993
VIP Value Portfolio Investor Class	53,198		506,443
VIP Value Strategies Portfolio Investor Class	25,140		197,101
TOTAL DOMESTIC EQUITY FUNDS (Cost $4,268,098)		3,244,866
International Equity Funds - 16.5%

Developed International Equity Funds - 13.9%
VIP Overseas Portfolio Investor Class R	67,091		900,355
Emerging Markets Equity Funds - 2.6%
VIP Emerging Markets Portfolio Investor Class R	22,260		166,503
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,551,637)		1,066,858
Bond Funds - 33.3%
	Shares		Value
High Yield Bond Funds - 7.9%
VIP High Income Portfolio Investor Class	93,808		$ 512,192
Investment Grade Bond Funds - 25.4%
VIP Investment Grade Bond Portfolio Investor Class	122,903	1,637,072
TOTAL BOND FUNDS (Cost $2,135,232)		2,149,264
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $7,954,967)		6,460,988
NET OTHER ASSETS (LIABILITIES) - 0.0%			(1)
NET ASSETS - 100%		$ 6,460,987

Other Information

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $8,024,071. Net unrealized depreciation aggregated $1,563,083, of which $107,736 related to appreciated investment securities and $1,670,819 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
FundsManager 20% Portfolio

September 30, 2011

1.837319.105

VF20-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 17.5%
	Shares		Value
Domestic Equity Funds - 13.6%
Fidelity 130/30 Large Cap Fund (a)	2,952		$ 18,566
Fidelity Air Transportation Portfolio	7,013		235,487
Fidelity Automotive Portfolio	7,438		225,755
Fidelity Banking Portfolio (a)	195,968		2,676,925
Fidelity Biotechnology Portfolio (a)	1,153		87,012
Fidelity Blue Chip Growth Fund	500		19,791
Fidelity Brokerage & Investment Management Portfolio	13,913		519,236
Fidelity Chemicals Portfolio	18,085		1,471,962
Fidelity Commodity Strategy Fund	1,164		9,734
Fidelity Communications Equipment Portfolio (a)	44,139		908,373
Fidelity Computers Portfolio (a)	23,904		1,182,057
Fidelity Construction & Housing Portfolio	17,837		516,216
Fidelity Consumer Discretionary Portfolio	185,619		3,894,281
Fidelity Consumer Finance Portfolio	104,381		1,083,480
Fidelity Consumer Staples Portfolio	96,185		6,525,189
Fidelity Contrafund	3,261		203,430
Fidelity Defense & Aerospace Portfolio	1,192		82,993
Fidelity Disciplined Equity Fund	2,042		39,819
Fidelity Dividend Growth Fund	17,809		415,474
Fidelity Electronics Portfolio	41,585		1,736,572
Fidelity Energy Portfolio	63,037		2,697,344
Fidelity Energy Service Portfolio (a)	7,082		393,545
Fidelity Environmental & Alternative Energy Portfolio	10,770		154,554
Fidelity Equity-Income Fund	670		24,919
Fidelity Equity-Income II Fund	685		10,498
Fidelity Financial Services Portfolio	11,767		528,349
Fidelity Fund	642		18,691
Fidelity Global Commodity Stock Fund	14,973		194,946
Fidelity Gold Portfolio	174,061		7,923,238
Fidelity Growth Company Fund	1,100		85,486
Fidelity Health Care Portfolio	39,436		4,833,284
Fidelity Independence Fund (a)	309		6,166
Fidelity Industrial Equipment Portfolio	55,851		1,500,715
Fidelity Industrials Portfolio	104,138		2,010,901
Fidelity Insurance Portfolio	61,750		2,429,257
Fidelity IT Services Portfolio	59,898		1,153,639
Fidelity Large Cap Stock Fund	13,289		204,392
Fidelity Large Cap Value Fund	9,788		90,046
Fidelity Leisure Portfolio	3,104		258,668
Fidelity Leveraged Company Stock Fund	193		4,255
Fidelity Magellan Fund	375		21,982
Fidelity Materials Portfolio	777		41,541
Fidelity Medical Delivery Portfolio (a)	31,868		1,561,544
Fidelity Medical Equipment & Systems Portfolio	13,627		360,443
Fidelity Mega Cap Stock Fund	85,542		770,737
Fidelity Mid-Cap Stock Fund	2,038		50,035
Fidelity Multimedia Portfolio	22,308		850,589
Fidelity Natural Resources Portfolio	3,135		87,078

	Shares		Value
Fidelity Pharmaceuticals Portfolio	161,990		$ 2,003,816
Fidelity Real Estate Investment Portfolio	60,883		1,455,103
Fidelity Retailing Portfolio	13,567		678,463
Fidelity Small Cap Growth Fund	8,093		107,235
Fidelity Small Cap Stock Fund	3,102		45,482
Fidelity Small Cap Value Fund	13,651		163,807
Fidelity Software & Computer Services Portfolio	39,691		3,012,162
Fidelity Technology Portfolio (a)	37,734		3,103,624
Fidelity Telecom and Utilities Fund	158,124		2,567,936
Fidelity Telecommunications Portfolio	43,177		1,808,241
Fidelity Transportation Portfolio	10,209		455,023
Fidelity Utilities Portfolio	19,438		991,737
Spartan Extended Market Index Fund Investor Class	6,109		195,489
Spartan Total Market Index Fund Investor Class	3,333		109,074
VIP Mid Cap Portfolio Investor Class	79		2,182
TOTAL DOMESTIC EQUITY FUNDS			66,818,568
International Equity Funds - 3.9%
Fidelity Canada Fund	9,919		478,675
Fidelity Diversified International Fund	46,064		1,141,930
Fidelity Emerging Asia Fund	90,579		2,211,938
Fidelity Emerging Markets Fund	8,495		169,654
Fidelity International Capital Appreciation Fund	10,386		108,014
Fidelity International Discovery Fund	14,678		397,189
Fidelity International Real Estate Fund	30,890		213,144
Fidelity International Small Cap Fund	31,234		565,654
Fidelity International Small Cap Opportunities Fund	224,640		2,017,271
Fidelity International Value Fund	276,127		1,800,350
Fidelity Japan Fund	43,877		421,217
Fidelity Japan Smaller Companies Fund	88,501		761,995
Fidelity Nordic Fund	60,898		1,609,540
Fidelity Overseas Fund	423		10,909
Fidelity Pacific Basin Fund	39,733		846,314
Spartan International Index Fund Investor Class	209,203		6,204,965
TOTAL INTERNATIONAL EQUITY FUNDS			18,958,759
TOTAL EQUITY FUNDS (Cost $85,636,116)		85,777,327
Fixed-Income Funds - 58.4%

Fixed-Income Funds - 58.4%
Fidelity Floating Rate High Income Fund	1,545,157		14,617,184
Fidelity Focused High Income Fund	156,062		1,367,101
Fidelity High Income Fund	1,261,165		10,467,673
Fidelity New Markets Income Fund	295,617		4,546,584
Fixed-Income Funds - continued
	Shares		Value
Fixed-Income Funds - continued
Fidelity Real Estate Income Fund	217,666		$ 2,154,889
Spartan U.S. Bond Index Fund Investor Class	21,447,334		253,293,010
TOTAL FIXED-INCOME FUNDS (Cost $271,634,554)		286,446,441
Money Market Funds - 24.1%
	Shares		Value
Fidelity Institutional Money Market Portfolio Class I	13,163,617		$ 13,163,617
Fidelity Institutional Prime Money Market Portfolio Class I	92,401,014		92,401,014
Fidelity Select Money Market Portfolio	12,947,105		12,947,105
TOTAL MONEY MARKET FUNDS (Cost $118,511,736)		118,511,736

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $475,782,406)

490,735,504

NET OTHER ASSETS (LIABILITIES) - 0.0%		(82,046)
NET ASSETS - 100%		$ 490,653,458

Legend

(a) Non-income producing

Other Information

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $476,120,502. Net unrealized appreciation aggregated $14,615,002, of which $23,330,065 related to appreciated investment securities and $8,715,063 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
FundsManager 50% Portfolio

September 30, 2011

1.837320.105

VF50-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 44.9%
	Shares		Value
Domestic Equity Funds - 32.5%
Fidelity 130/30 Large Cap Fund (a)	11,814		$ 74,313
Fidelity Air Transportation Portfolio	26,665		895,397
Fidelity Automotive Portfolio	47,765		1,449,677
Fidelity Banking Portfolio (a)	491,468		6,713,457
Fidelity Biotechnology Portfolio (a)	32,641		2,462,417
Fidelity Blue Chip Growth Fund	59,107		2,338,870
Fidelity Brokerage & Investment Management Portfolio	59,546		2,222,274
Fidelity Chemicals Portfolio	29,856		2,429,995
Fidelity Commodity Strategy Fund	1,164		9,734
Fidelity Communications Equipment Portfolio (a)	57,480		1,182,933
Fidelity Computers Portfolio (a)	113,834		5,629,105
Fidelity Construction & Housing Portfolio	76,017		2,199,940
Fidelity Consumer Discretionary Portfolio	295,385		6,197,170
Fidelity Consumer Finance Portfolio	32,355		335,845
Fidelity Consumer Staples Portfolio	337,862		22,920,582
Fidelity Contrafund	12,485		778,917
Fidelity Defense & Aerospace Portfolio	4,709		327,937
Fidelity Disciplined Equity Fund	12,593		245,572
Fidelity Dividend Growth Fund	246,326		5,746,795
Fidelity Electronics Portfolio	73,148		3,054,670
Fidelity Energy Portfolio	245,728		10,514,692
Fidelity Energy Service Portfolio (a)	80,422		4,469,059
Fidelity Environmental & Alternative Energy Portfolio	87,771		1,259,516
Fidelity Equity-Income Fund	1,487		55,305
Fidelity Equity-Income II Fund	515		7,888
Fidelity Financial Services Portfolio	154,315		6,928,761
Fidelity Fund	16,158		470,365
Fidelity Global Commodity Stock Fund	27,432		357,158
Fidelity Gold Portfolio	222,288		10,118,551
Fidelity Growth Company Fund	68,423		5,316,430
Fidelity Health Care Portfolio	47,863		5,866,132
Fidelity Independence Fund (a)	974		19,421
Fidelity Industrial Equipment Portfolio	187,931		5,049,694
Fidelity Industrials Portfolio	420,419		8,118,297
Fidelity Insurance Portfolio	176,029		6,924,967
Fidelity IT Services Portfolio	182,388		3,512,784
Fidelity Large Cap Stock Fund	90,256		1,388,136
Fidelity Large Cap Value Fund	31,300		287,961
Fidelity Leisure Portfolio	30,979		2,581,756
Fidelity Leveraged Company Stock Fund	757		16,724
Fidelity Magellan Fund	2,829		165,695
Fidelity Materials Portfolio	2,673		142,971
Fidelity Medical Delivery Portfolio (a)	137,017		6,713,855
Fidelity Medical Equipment & Systems Portfolio	21,201		560,754
Fidelity Mega Cap Stock Fund	181,594		1,636,164
Fidelity Mid Cap Value Fund	18,742		253,200
Fidelity Mid-Cap Stock Fund	5,508		135,223
Fidelity Multimedia Portfolio	73,548		2,804,402
Fidelity Nasdaq Composite Index Fund	10,173		327,862

	Shares		Value
Fidelity Natural Resources Portfolio	13,715		$ 381,007
Fidelity Pharmaceuticals Portfolio	784,540		9,704,756
Fidelity Real Estate Investment Portfolio	115,160		2,752,317
Fidelity Retailing Portfolio	47,830		2,391,964
Fidelity Small Cap Growth Fund	3,925		52,000
Fidelity Small Cap Stock Fund	7,639		111,984
Fidelity Small Cap Value Fund	8,417		101,000
Fidelity Software & Computer Services Portfolio	83,541		6,339,929
Fidelity Technology Portfolio (a)	243,629		20,038,445
Fidelity Telecom and Utilities Fund	341,213		5,541,302
Fidelity Telecommunications Portfolio	105,999		4,439,232
Fidelity Transportation Portfolio	48,980		2,183,042
Fidelity Utilities Portfolio	92,422		4,715,396
Spartan 500 Index Fund Investor Class	2,810		113,091
Spartan Extended Market Index Fund Investor Class	246,203		7,878,507
Spartan Total Market Index Fund Investor Class	277,953		9,097,400
VIP Mid Cap Portfolio Investor Class	63,337		1,747,461
TOTAL DOMESTIC EQUITY FUNDS			230,808,156
International Equity Funds - 12.4%
Fidelity Canada Fund	67,144		3,240,346
Fidelity China Region Fund	28,512		701,957
Fidelity Diversified International Fund	71,495		1,772,355
Fidelity Emerging Asia Fund	181,671		4,436,399
Fidelity Emerging Markets Fund	114,175		2,280,065
Fidelity International Capital Appreciation Fund	263,723		2,742,716
Fidelity International Discovery Fund	44,703		1,209,653
Fidelity International Real Estate Fund	135,528		935,141
Fidelity International Small Cap Fund	89,309		1,617,391
Fidelity International Small Cap Opportunities Fund	642,891		5,773,163
Fidelity International Value Fund	595,837		3,884,858
Fidelity Japan Fund	194,904		1,871,078
Fidelity Japan Smaller Companies Fund	285,387		2,457,182
Fidelity Nordic Fund	210,202		5,555,637
Fidelity Overseas Fund	279		7,192
Fidelity Pacific Basin Fund	289,181		6,159,561
Spartan International Index Fund Investor Class	1,474,211		43,725,111
TOTAL INTERNATIONAL EQUITY FUNDS			88,369,805
TOTAL EQUITY FUNDS (Cost $299,897,092)		319,177,961
Fixed-Income Funds - 48.3%

Fixed-Income Funds - 48.3%
Fidelity Floating Rate High Income Fund	2,256,705		21,348,427
Fidelity Focused High Income Fund	346,186		3,032,592
Fidelity High Income Fund	2,097,467		17,408,976
Fixed-Income Funds - continued
	Shares		Value
Fixed-Income Funds - continued
Fidelity New Markets Income Fund	332,779		$ 5,118,142
Fidelity Real Estate Income Fund	316,918		3,137,484
Spartan U.S. Bond Index Fund Investor Class	24,884,322		293,883,842
TOTAL FIXED-INCOME FUNDS (Cost $324,325,738)		343,929,463
Money Market Funds - 6.8%
	Shares		Value
Fidelity Institutional Prime Money Market Portfolio Class I	38,063,048		$ 38,063,048
Fidelity Select Money Market Portfolio	10,202,784		10,202,784
TOTAL MONEY MARKET FUNDS (Cost $48,265,832)		48,265,832
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $672,488,662)			711,373,256
NET OTHER ASSETS (LIABILITIES) - 0.0%			(122,508)
NET ASSETS - 100%		$ 711,250,748

Legend

(a) Non-income producing

Other Information

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

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $673,223,946. Net unrealized appreciation aggregated $38,149,310, of which $62,968,670 related to appreciated investment securities and $24,819,360 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
FundsManager 60% Portfolio

September 30, 2011

1.856868.104

VIPFM-60-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 54.3%
	Shares		Value
Domestic Equity Funds - 39.6%
Fidelity 130/30 Large Cap Fund (a)	7,135		$ 44,877
Fidelity Air Transportation Portfolio	123,763		4,155,960
Fidelity Automotive Portfolio	265,752		8,065,573
Fidelity Banking Portfolio (a)	3,242,448		44,291,844
Fidelity Biotechnology Portfolio (a)	12,393		934,943
Fidelity Blue Chip Growth Fund	75,458		2,985,873
Fidelity Brokerage & Investment Management Portfolio	112,577		4,201,366
Fidelity Chemicals Portfolio	365,762		29,769,331
Fidelity Commodity Strategy Fund	1,228		10,270
Fidelity Communications Equipment Portfolio (a)	848,786		17,468,020
Fidelity Computers Portfolio (a)	574,851		28,426,405
Fidelity Construction & Housing Portfolio	251,633		7,282,247
Fidelity Consumer Discretionary Portfolio	2,898,263		60,805,555
Fidelity Consumer Finance Portfolio	1,549,691		16,085,794
Fidelity Consumer Staples Portfolio	2,334,064		158,342,869
Fidelity Contrafund	8,975		559,937
Fidelity Defense & Aerospace Portfolio	38,500		2,681,171
Fidelity Disciplined Equity Fund	4,464		87,057
Fidelity Dividend Growth Fund	1,318,906		30,770,087
Fidelity Electronics Portfolio	301,171		12,576,894
Fidelity Energy Portfolio	1,339,527		57,318,380
Fidelity Energy Service Portfolio (a)	706,956		39,285,524
Fidelity Environmental & Alternative Energy Portfolio	88,070		1,263,803
Fidelity Equity-Income Fund	8,593		319,575
Fidelity Equity-Income II Fund	4,898		75,094
Fidelity Financial Services Portfolio	779,129		34,982,901
Fidelity Fund	1,836		53,444
Fidelity Global Commodity Stock Fund	661,915		8,618,134
Fidelity Gold Portfolio	1,530,634		69,674,467
Fidelity Growth Company Fund	240,312		18,672,254
Fidelity Health Care Portfolio	679,426		83,270,493
Fidelity Independence Fund (a)	2,122		42,297
Fidelity Industrial Equipment Portfolio	1,660,099		44,606,871
Fidelity Industrials Portfolio	2,546,536		49,173,603
Fidelity Insurance Portfolio	1,377,797		54,202,522
Fidelity IT Services Portfolio	1,012,120		19,493,429
Fidelity Large Cap Stock Fund	1,713,469		26,353,146
Fidelity Large Cap Value Fund	27,567		253,616
Fidelity Leisure Portfolio	160,117		13,344,122
Fidelity Leveraged Company Stock Fund	57,376		1,266,858
Fidelity Magellan Fund	2,866		167,897
Fidelity Materials Portfolio	108,348		5,795,556
Fidelity Medical Delivery Portfolio (a)	351,513		17,224,156
Fidelity Medical Equipment & Systems Portfolio	335,744		8,880,432
Fidelity Mega Cap Stock Fund	3,019,287		27,203,778
Fidelity Mid Cap Value Fund	5,547		74,937
Fidelity Multimedia Portfolio	561,838		21,422,867

	Shares		Value
Fidelity Natural Resources Portfolio	32,386		$ 899,691
Fidelity Pharmaceuticals Portfolio	3,324,654		41,125,965
Fidelity Real Estate Investment Portfolio	540,893		12,927,348
Fidelity Retailing Portfolio	169,196		8,461,503
Fidelity Small Cap Growth Fund	139,741		1,851,565
Fidelity Small Cap Value Fund	24,855		298,262
Fidelity Software & Computer Services Portfolio	560,126		42,507,949
Fidelity Stock Selector All Cap Fund	4,389		97,486
Fidelity Technology Portfolio (a)	1,404,775		115,542,778
Fidelity Telecom and Utilities Fund	1,369,997		22,248,745
Fidelity Telecommunications Portfolio	991,619		41,529,019
Fidelity Transportation Portfolio	284,183		12,666,020
Fidelity Utilities Portfolio	937,643		47,838,540
Fidelity Value Fund	4,035		230,581
Spartan 500 Index Fund Investor Class	2,219		89,283
Spartan Total Market Index Fund Investor Class	677,998		22,190,880
VIP Mid Cap Portfolio Investor Class	140,092		3,865,130
TOTAL DOMESTIC EQUITY FUNDS			1,406,956,974
International Equity Funds - 14.7%
Fidelity Canada Fund	274,712		13,257,583
Fidelity China Region Fund	113,353		2,790,746
Fidelity Diversified International Fund	451,888		11,202,305
Fidelity Emerging Asia Fund	1,023,200		24,986,546
Fidelity Emerging Markets Fund	476,183		9,509,366
Fidelity International Capital Appreciation Fund	1,012,811		10,533,234
Fidelity International Discovery Fund	5,828,187		157,710,741
Fidelity International Real Estate Fund	161,187		1,112,190
Fidelity International Small Cap Fund	810,095		14,670,820
Fidelity International Small Cap Opportunities Fund	3,336,371		29,960,610
Fidelity International Value Fund	4,196,647		27,362,139
Fidelity Japan Fund	1,801,391		17,293,349
Fidelity Japan Smaller Companies Fund	2,246,573		19,342,998
Fidelity Nordic Fund	1,480,736		39,135,841
Fidelity Overseas Fund	1,143		29,458
Fidelity Pacific Basin Fund	1,440,896		30,691,079
Spartan International Index Fund Investor Class	3,882,426		115,152,765
TOTAL INTERNATIONAL EQUITY FUNDS			524,741,770
TOTAL EQUITY FUNDS (Cost $1,932,777,513)		1,931,698,744
Fixed-Income Funds - 42.4%

Fixed-Income Funds - 42.4%
Fidelity Floating Rate High Income Fund	9,391,360		88,842,266
Fidelity Focused High Income Fund	3,800,314		33,290,751
Fidelity High Income Fund	7,914,896		65,693,635
Fixed-Income Funds - continued
	Shares		Value
Fixed-Income Funds - continued
Fidelity New Markets Income Fund	1,338,302		$ 20,583,081
Fidelity Real Estate Income Fund	1,996,611		19,766,450
Spartan U.S. Bond Index Fund Investor Class	108,345,638		1,279,561,979
TOTAL FIXED-INCOME FUNDS (Cost $1,455,364,314)		1,507,738,162
Money Market Funds - 3.3%
	Shares		Value
Fidelity Institutional Prime Money Market Portfolio Class I (Cost $118,709,892)	118,709,892		$ 118,709,892

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $3,506,851,719)

3,558,146,798

NET OTHER ASSETS (LIABILITIES) - 0.0%			(599,204)
NET ASSETS - 100%		$ 3,557,547,594

Legend

(a) Non-income producing

Other Information

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $3,508,700,093. Net unrealized appreciation aggregated $49,446,705, of which $233,118,539 related to appreciated investment securities and $183,671,834 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
FundsManager 70% Portfolio

September 30, 2011

1.837321.105

VF70-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 66.4%
	Shares		Value
Domestic Equity Funds - 47.9%
Fidelity 130/30 Large Cap Fund (a)	10,694		$ 67,262
Fidelity Air Transportation Portfolio	23,586		792,035
Fidelity Automotive Portfolio	20,960		636,133
Fidelity Banking Portfolio (a)	368,517		5,033,945
Fidelity Biotechnology Portfolio (a)	38,655		2,916,122
Fidelity Blue Chip Growth Fund	49,821		1,971,437
Fidelity Brokerage & Investment Management Portfolio	54,551		2,035,832
Fidelity Chemicals Portfolio	42,384		3,449,612
Fidelity Commodity Strategy Fund	1,164		9,734
Fidelity Communications Equipment Portfolio (a)	52,067		1,071,548
Fidelity Computers Portfolio (a)	143,728		7,107,367
Fidelity Construction & Housing Portfolio	71,873		2,079,994
Fidelity Consumer Discretionary Portfolio	329,000		6,902,413
Fidelity Consumer Finance Portfolio	71,381		740,931
Fidelity Consumer Staples Portfolio	383,042		25,985,542
Fidelity Contrafund	1,024		63,902
Fidelity Defense & Aerospace Portfolio	3,926		273,418
Fidelity Dividend Growth Fund	117,781		2,747,837
Fidelity Electronics Portfolio	76,763		3,205,617
Fidelity Energy Portfolio	226,993		9,713,034
Fidelity Energy Service Portfolio (a)	102,539		5,698,074
Fidelity Environmental & Alternative Energy Portfolio	65,014		932,953
Fidelity Equity-Income Fund	22,212		826,064
Fidelity Equity-Income II Fund	508		7,780
Fidelity Financial Services Portfolio	176,816		7,939,059
Fidelity Fund	5,364		156,149
Fidelity Global Commodity Stock Fund	11,369		148,028
Fidelity Gold Portfolio	211,764		9,639,505
Fidelity Growth Company Fund	56,598		4,397,662
Fidelity Health Care Portfolio	45,969		5,633,945
Fidelity Independence Fund (a)	559		11,150
Fidelity Industrial Equipment Portfolio	164,471		4,419,349
Fidelity Industrials Portfolio	560,764		10,828,357
Fidelity Insurance Portfolio	190,202		7,482,552
Fidelity IT Services Portfolio	89,150		1,717,031
Fidelity Large Cap Stock Fund	37,967		583,934
Fidelity Large Cap Value Fund	6,285		57,823
Fidelity Leisure Portfolio	1,421		118,389
Fidelity Leveraged Company Stock Fund	953		21,041
Fidelity Magellan Fund	895		52,443
Fidelity Materials Portfolio	12,289		657,314
Fidelity Medical Delivery Portfolio (a)	131,901		6,463,148
Fidelity Medical Equipment & Systems Portfolio	32,042		847,513
Fidelity Mega Cap Stock Fund	186,346		1,678,974
Fidelity Mid Cap Value Fund	4,380		59,170
Fidelity Mid-Cap Stock Fund	6,290		154,431
Fidelity Multimedia Portfolio	130,226		4,965,532
Fidelity Nasdaq Composite Index Fund	44,023		1,418,867

	Shares		Value
Fidelity Natural Resources Portfolio	7,777		$ 216,042
Fidelity Pharmaceuticals Portfolio	769,244		9,515,554
Fidelity Real Estate Investment Portfolio	193,534		4,625,463
Fidelity Retailing Portfolio	60,421		3,021,649
Fidelity Small Cap Growth Fund	248,845		3,297,197
Fidelity Small Cap Stock Fund	8,026		117,666
Fidelity Small Cap Value Fund	11,228		134,742
Fidelity Software & Computer Services Portfolio	100,167		7,601,707
Fidelity Technology Portfolio (a)	250,043		20,566,070
Fidelity Telecom and Utilities Fund	410,012		6,658,588
Fidelity Telecommunications Portfolio	131,217		5,495,386
Fidelity Transportation Portfolio	51,914		2,313,803
Fidelity Utilities Portfolio	93,970		4,794,343
Fidelity Value Discovery Fund	1,613		20,345
Fidelity Value Fund	7,986		456,302
Spartan 500 Index Fund Investor Class	170,461		6,859,347
Spartan Extended Market Index Fund Investor Class	358,944		11,486,202
Spartan Total Market Index Fund Investor Class	317,721		10,399,019
VIP Mid Cap Portfolio Investor Class	116,481		3,213,720
TOTAL DOMESTIC EQUITY FUNDS			254,513,097
International Equity Funds - 18.5%
Fidelity Canada Fund	72,190		3,483,876
Fidelity China Region Fund	35,909		884,091
Fidelity Diversified International Fund	230,239		5,707,615
Fidelity Emerging Asia Fund	144,920		3,538,951
Fidelity Emerging Markets Fund	121,515		2,426,657
Fidelity International Capital Appreciation Fund	398,253		4,141,836
Fidelity International Discovery Fund	256,527		6,941,634
Fidelity International Real Estate Fund	21,351		147,324
Fidelity International Small Cap Fund	60,688		1,099,054
Fidelity International Small Cap Opportunities Fund	236,289		2,121,878
Fidelity International Value Fund	553,913		3,611,515
Fidelity Japan Fund	128,085		1,229,620
Fidelity Japan Smaller Companies Fund	292,974		2,522,507
Fidelity Nordic Fund	201,769		5,332,760
Fidelity Overseas Fund	829		21,367
Fidelity Pacific Basin Fund	239,101		5,092,853
Spartan International Index Fund Investor Class	1,683,912		49,944,832
TOTAL INTERNATIONAL EQUITY FUNDS			98,248,370
TOTAL EQUITY FUNDS (Cost $332,445,231)		352,761,467
Fixed-Income Funds - 31.4%

Fixed-Income Funds - 31.4%
Fidelity Floating Rate High Income Fund	1,287,451		12,179,287
Fidelity Focused High Income Fund	572,508		5,015,171
Fixed-Income Funds - continued
	Shares		Value
Fixed-Income Funds - continued
Fidelity High Income Fund	1,284,368		$ 10,660,256
Fidelity New Markets Income Fund	226,170		3,478,493
Fidelity Real Estate Income Fund	209,054		2,069,633
Spartan U.S. Bond Index Fund Investor Class	11,305,177		133,514,139
TOTAL FIXED-INCOME FUNDS (Cost $157,481,294)		166,916,979
Money Market Funds - 2.2%
	Shares		Value
Fidelity Institutional Prime Money Market Portfolio Class I (Cost $11,908,721)	11,908,721		$ 11,908,721

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $501,835,246)

531,587,167

NET OTHER ASSETS (LIABILITIES) - 0.0%		(91,782)
NET ASSETS - 100%		$ 531,495,385

Legend

(a) Non-income producing

Other Information

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $502,317,025. Net unrealized appreciation aggregated $29,270,142, of which $55,356,078 related to appreciated investment securities and $26,085,936 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
FundsManager 85% Portfolio

September 30, 2011

1.837323.105

VF85-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 83.7%
	Shares		Value
Domestic Equity Funds - 60.9%
Fidelity 130/30 Large Cap Fund (a)	6,351		$ 39,945
Fidelity Air Transportation Portfolio	16,293		547,117
Fidelity Automotive Portfolio	28,613		868,417
Fidelity Banking Portfolio (a)	429,167		5,862,424
Fidelity Biotechnology Portfolio (a)	1,803		136,037
Fidelity Blue Chip Growth Fund	16,264		643,560
Fidelity Brokerage & Investment Management Portfolio	21,900		817,305
Fidelity Chemicals Portfolio	31,970		2,602,051
Fidelity Commodity Strategy Fund	1,164		9,734
Fidelity Communications Equipment Portfolio (a)	34,227		704,393
Fidelity Computers Portfolio (a)	65,761		3,251,887
Fidelity Construction & Housing Portfolio	35,067		1,014,851
Fidelity Consumer Discretionary Portfolio	225,169		4,724,050
Fidelity Consumer Finance Portfolio	35,956		373,219
Fidelity Consumer Staples Portfolio	214,388		14,544,090
Fidelity Contrafund	890		55,532
Fidelity Defense & Aerospace Portfolio	4,339		302,157
Fidelity Dividend Growth Fund	2,804		65,413
Fidelity Electronics Portfolio	39,150		1,634,903
Fidelity Energy Portfolio	154,910		6,628,580
Fidelity Energy Service Portfolio (a)	49,573		2,754,761
Fidelity Environmental & Alternative Energy Portfolio	32,773		470,294
Fidelity Equity-Income Fund	985		36,640
Fidelity Equity-Income II Fund	1,211		18,571
Fidelity Financial Services Portfolio	66,760		2,997,522
Fidelity Global Commodity Stock Fund	115,346		1,501,799
Fidelity Gold Portfolio	96,526		4,393,845
Fidelity Growth Company Fund	20,645		1,604,101
Fidelity Health Care Portfolio	57,181		7,008,056
Fidelity Independence Fund (a)	420		8,370
Fidelity Industrial Equipment Portfolio	74,550		2,003,157
Fidelity Industrials Portfolio	336,236		6,492,718
Fidelity Insurance Portfolio	172,355		6,780,431
Fidelity IT Services Portfolio	96,292		1,854,590
Fidelity Large Cap Stock Fund	22,100		339,898
Fidelity Large Cap Value Fund	9,081		83,545
Fidelity Leisure Portfolio	1,601		133,431
Fidelity Leveraged Company Stock Fund	3,068		67,752
Fidelity Magellan Fund	852		49,925
Fidelity Materials Portfolio	5,283		282,575
Fidelity Medical Delivery Portfolio (a)	68,485		3,355,770
Fidelity Medical Equipment & Systems Portfolio	8,135		215,181
Fidelity Mega Cap Stock Fund	36,290		326,971
Fidelity Mid Cap Value Fund	40,474		546,806
Fidelity Mid-Cap Stock Fund	2,550		62,598
Fidelity Multimedia Portfolio	69,268		2,641,207
Fidelity Nasdaq Composite Index Fund	885		28,531
Fidelity Natural Resources Portfolio	8,549		237,495
Fidelity Pharmaceuticals Portfolio	499,577		6,179,772

	Shares		Value
Fidelity Real Estate Investment Portfolio	21,251		$ 507,888
Fidelity Retailing Portfolio	30,741		1,537,348
Fidelity Small Cap Growth Fund	71,588		948,540
Fidelity Small Cap Stock Fund	3,373		49,448
Fidelity Small Cap Value Fund	43,808		525,692
Fidelity Software & Computer Services Portfolio	35,107		2,664,266
Fidelity Technology Portfolio (a)	160,302		13,184,836
Fidelity Telecom and Utilities Fund	276,196		4,485,418
Fidelity Telecommunications Portfolio	76,302		3,195,541
Fidelity Transportation Portfolio	28,392		1,265,438
Fidelity Utilities Portfolio	43,970		2,243,365
Fidelity Value Discovery Fund	585		7,376
Spartan 500 Index Fund Investor Class	69,989		2,816,370
Spartan Extended Market Index Fund Investor Class	186		5,939
Spartan Total Market Index Fund Investor Class	64,082		2,097,407
VIP Mid Cap Portfolio Investor Class	26,971		744,132
TOTAL DOMESTIC EQUITY FUNDS			133,580,981
International Equity Funds - 22.8%
Fidelity Canada Fund	38,580		1,861,870
Fidelity China Region Fund	4,967		122,286
Fidelity Diversified International Fund	69,298		1,717,894
Fidelity Emerging Asia Fund	95,660		2,336,017
Fidelity Emerging Markets Fund	55,086		1,100,060
Fidelity International Capital Appreciation Fund	221,152		2,299,985
Fidelity International Discovery Fund	176,385		4,772,984
Fidelity International Real Estate Fund	14,417		99,478
Fidelity International Small Cap Fund	35,211		637,676
Fidelity International Small Cap Opportunities Fund	115,716		1,039,127
Fidelity International Value Fund	397,985		2,594,865
Fidelity Japan Fund	81,595		783,312
Fidelity Japan Smaller Companies Fund	406,884		3,503,273
Fidelity Nordic Fund	74,289		1,963,465
Fidelity Overseas Fund	326		8,409
Fidelity Pacific Basin Fund	242,717		5,169,865
Spartan International Index Fund Investor Class	673,881		19,987,308
TOTAL INTERNATIONAL EQUITY FUNDS			49,997,874
TOTAL EQUITY FUNDS (Cost $176,961,695)		183,578,855
Fixed-Income Funds - 16.2%

Fixed-Income Funds - 16.2%
Fidelity Floating Rate High Income Fund	23,090		218,428
Fidelity Focused High Income Fund	102,298		896,128
Fidelity High Income Fund	566,833		4,704,715
Fixed-Income Funds - continued
	Shares		Value
Fixed-Income Funds - continued
Fidelity New Markets Income Fund	44,887		$ 690,358
Fidelity Real Estate Income Fund	28,737		284,500
Spartan U.S. Bond Index Fund Investor Class	2,428,645		28,682,300
TOTAL FIXED-INCOME FUNDS (Cost $34,070,452)		35,476,429
Money Market Funds - 0.1%
	Shares		Value
Fidelity Institutional Prime Money Market Portfolio Class I (Cost $262,969)	262,969		$ 262,969

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $211,295,116)

219,318,253

NET OTHER ASSETS (LIABILITIES) - 0.0%			(38,596)
NET ASSETS - 100%		$ 219,279,657

Legend

(a) Non-income producing

Other Information

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $211,558,154. Net unrealized appreciation aggregated $7,760,099, of which $24,418,574 related to appreciated investment securities and $16,658,475 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investment Grade Bond Portfolio

September 30, 2011

1.808780.107

VIPIGB-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Fixed-Income Central Funds - 97.6%
	Shares		Value
HIGH YIELD FIXED-INCOME FUNDS - 1.9%
Fidelity Specialized High Income Central Fund (c)	582,873		$ 56,352,179
INVESTMENT GRADE FIXED-INCOME FUNDS - 95.7%
Fidelity VIP Investment Grade Central Fund (c)	26,179,272		2,850,137,378
TOTAL FIXED-INCOME CENTRAL FUNDS (Cost $2,749,212,356)		2,906,489,557

Nonconvertible Bonds - 0.1%
	Principal Amount
CONSUMER STAPLES - 0.1%
Beverages - 0.1%
FBG Finance Ltd. 5.125% 6/15/15 (a) (Cost $1,489,991)	$ 1,750,000		1,899,287
Asset-Backed Securities - 0.1%

Advanta Business Card Master Trust Series 2007-D1 Class D, 1.5863% 1/22/13 (a)(b)	1,800,000		27,000
AmeriCredit Prime Automobile Receivables Trust Series 2007-1 Class E, 6.96% 3/8/16 (a)	968,234		973,435
Ford Credit Auto Owner Trust Series 2007-A Class D, 7.05% 12/15/13 (a)	425,000		429,933
National Collegiate Student Loan Trust:
Series 2004-2 Class AIO, 9.75% 10/27/14 (d)	1,830,000		160,125
Series 2006-3 Class AIO, 7.1% 1/25/12 (d)	7,761,172		116,418
Series 2006-4 Class AIO, 6.35% 2/27/12 (d)	7,800,000		134,563
Series 2007-1 Class AIO, 7.27% 4/25/12 (d)	9,280,000		348,000
Series 2007-2 Class AIO, 6.7% 7/25/12 (d)	6,820,000		314,812
Specialty Underwriting & Residential Finance Trust Series 2006-AB2 Class N1, 5.75% 6/25/37 (a)	180,261		0
TOTAL ASSET-BACKED SECURITIES (Cost $2,497,069)		2,504,286
Collateralized Mortgage Obligations - 0.6%
	Principal Amount		Value
Private Sponsor - 0.6%
CWALT, Inc.:
floater Series 2005-56:
Class 1A1, 0.9646% 11/25/35 (b)	$ 9,901,003		$ 5,435,019
Class 2A3, 1.7517% 11/25/35 (b)	2,346,730		1,269,915
Series 2005-56 Class 5A1, 0.5546% 11/25/35 (b)	2,967,572		1,497,770
Luminent Mortgage Trust:
floater Series 2006-1 Class A1, 0.4746% 4/25/36 (b)	4,957,690		2,585,560
Series 2006-5 Class A1A, 0.4246% 7/25/36 (b)	3,747,939		1,761,290
MASTR Adjustable Rate Mortgages Trust Series 2007-3 Class 22A2, 0.4446% 5/25/47 (b)	592,599		378,497
Merrill Lynch Alternative Note Asset Trust floater Series 2007-OAR1 Class A1, 0.4046% 2/25/37 (b)	1,656,507		1,085,112
Structured Asset Mortgage Investments, Inc. floater Series 2006-AR6 Class 2A1, 0.4246% 7/25/46 (b)	7,786,635		4,128,984
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR2 Class 1A2, 2.7382% 3/25/35 (b)	970,466		396,760
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $21,699,297)		18,538,907

Cash Equivalents - 1.8%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.11%, dated 9/30/11 due 10/3/11 (Collateralized by U.S. Government Obligations) # (Cost $53,556,000)	53,556,476	53,556,000

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $2,828,454,713)

2,982,988,037

NET OTHER ASSETS (LIABILITIES) - (0.2)%			(6,075,216)
NET ASSETS - 100%		$ 2,976,912,821

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 $3,329,655 or 0.1% of net assets.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect 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.

(d) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool held as of the end of the period.

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

Repurchase Agreement / Counterparty	Value
$53,556,000 due 10/03/11 at 0.11%
BNP Paribas Securities Corp.	$ 678,853
Barclays Capital, Inc.	5,825,448
Merrill Lynch, Pierce, Fenner & Smith, Inc.	4,481,114
Mizuho Securities USA, Inc.	42,570,585
	$ 53,556,000

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	$ 2,875,909
Fidelity VIP Investment Grade Central Fund	72,411,598
Total	$ 75,287,507

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	$ 55,590,665	$ 2,875,908	$ -	$ 56,352,179	13.9%
Fidelity VIP Investment Grade Central Fund	2,820,191,876	80,676,392	147,224,935	2,850,137,378	74.7%
Total	$ 2,875,782,541	$ 83,552,300	$ 147,224,935	$ 2,906,489,557

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Corporate Bonds	$ 1,899,287	$ -	$ 1,899,287	$ -
Asset-Backed Securities	2,504,286	-	2,477,286	27,000
Collateralized Mortgage Obligations	18,538,907	-	18,538,907	-
Fixed-Income Funds	2,906,489,557	2,906,489,557	-	-
Cash Equivalents	53,556,000	-	53,556,000	-
Total Investments in Securities:	$ 2,982,988,037	$ 2,906,489,557	$ 76,471,480	$ 27,000

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

Investments in Securities:
Beginning Balance	$ 507,609
Total Realized Gain (Loss)	(1,728,293)
Total Unrealized Gain (Loss)	1,754,038
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	(16,745)
Transfers in to Level 3	-
Transfers out of Level 3	(489,609)
Ending Balance	$ 27,000
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2011	$ 1,754,038

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $2,773,576,528. Net unrealized appreciation aggregated $209,411,509, of which $214,075,657 related to appreciated investment securities and $4,664,148 related to depreciated investment securities.

Investment Valuation

For asset backed securities and collateralized mortgage obligations, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. Dealers which make markets in asset backed securities, collateralized mortgage obligations and commercial mortgage securities may also consider such factors as the structure of the issue, cash flow assumptions, the value of underlying assets as well as any guarantees. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Short-term securities with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2005 Portfolio

September 30, 2011

1.822891.106

VIPIFF2005-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 27.5%
	Shares		Value
Domestic Equity Funds - 27.5%
VIP Contrafund Portfolio Investor Class	20,704		$ 438,717
VIP Equity-Income Portfolio Investor Class	30,053		515,415
VIP Growth & Income Portfolio Investor Class	45,976		521,371
VIP Growth Portfolio Investor Class	14,834		499,770
VIP Mid Cap Portfolio Investor Class	6,608		182,302
VIP Value Portfolio Investor Class	45,564		433,769
VIP Value Strategies Portfolio Investor Class	21,481		168,408
TOTAL DOMESTIC EQUITY FUNDS (Cost $3,631,513)		2,759,752
International Equity Funds - 9.1%

Developed International Equity Funds - 7.6%
VIP Overseas Portfolio Investor Class R	56,594		759,485
Emerging Markets Equity Funds - 1.5%
VIP Emerging Markets Portfolio Investor Class R	19,810		148,178
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,262,171)		907,663
Bond Funds - 37.6%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Investor Class	90,995		$ 496,831
Investment Grade Bond Funds - 32.6%
VIP Investment Grade Bond Portfolio Investor Class	245,345		3,267,993
TOTAL BOND FUNDS (Cost $3,595,374)		3,764,824
Short-Term Funds - 25.8%

VIP Money Market Portfolio Investor Class (Cost $2,587,466)	2,587,466		2,587,466

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $11,076,524)

10,019,705

NET OTHER ASSETS (LIABILITIES) - 0.0%			(3)
NET ASSETS - 100%		$ 10,019,702

Other Information

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

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $11,164,442. Net unrealized depreciation aggregated $1,144,737, of which $259,899 related to appreciated investment securities and $1,404,636 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2010 Portfolio

September 30, 2011

1.822892.106

VIPIFF2010-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 34.3%
	Shares		Value
Domestic Equity Funds - 34.3%
VIP Contrafund Portfolio Investor Class	129,759		$ 2,749,589
VIP Equity-Income Portfolio Investor Class	188,511		3,232,956
VIP Growth & Income Portfolio Investor Class	288,343		3,269,808
VIP Growth Portfolio Investor Class	93,160		3,138,576
VIP Mid Cap Portfolio Investor Class	41,374		1,141,515
VIP Value Portfolio Investor Class	285,708		2,719,941
VIP Value Strategies Portfolio Investor Class	134,932		1,057,868
TOTAL DOMESTIC EQUITY FUNDS (Cost $23,307,074)		17,310,253
International Equity Funds - 11.3%

Developed International Equity Funds - 9.5%
VIP Overseas Portfolio Investor Class R	355,541		4,771,362
Emerging Markets Equity Funds - 1.8%
VIP Emerging Markets Portfolio Investor Class R	124,340		930,063
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $8,423,261)		5,701,425
Bond Funds - 42.6%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Investor Class	464,169		$ 2,534,362
Investment Grade Bond Funds - 37.6%
VIP Investment Grade Bond Portfolio Investor Class	1,421,764		18,937,897
TOTAL BOND FUNDS (Cost $20,803,150)		21,472,259
Short-Term Funds - 11.8%

VIP Money Market Portfolio Investor Class (Cost $5,930,456)	5,930,456		5,930,456

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $58,463,941)

50,414,393

NET OTHER ASSETS (LIABILITIES) - 0.0%		6
NET ASSETS - 100%		$ 50,414,399

Other Information

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

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $58,842,281. Net unrealized depreciation aggregated $8,427,888, of which $1,084,467 related to appreciated investment securities and $9,512,355 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2015 Portfolio

September 30, 2011

1.822893.106

VIPIFF2015-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 35.2%
	Shares		Value
Domestic Equity Funds - 35.2%
VIP Contrafund Portfolio Investor Class	173,672		$ 3,680,114
VIP Equity-Income Portfolio Investor Class	252,163		4,324,591
VIP Growth & Income Portfolio Investor Class	385,688		4,373,702
VIP Growth Portfolio Investor Class	124,581		4,197,118
VIP Mid Cap Portfolio Investor Class	55,338		1,526,784
VIP Value Portfolio Investor Class	382,277		3,639,278
VIP Value Strategies Portfolio Investor Class	180,216		1,412,892
TOTAL DOMESTIC EQUITY FUNDS (Cost $30,207,362)		23,154,479
International Equity Funds - 11.6%

Developed International Equity Funds - 9.7%
VIP Overseas Portfolio Investor Class R	475,281		6,378,272
Emerging Markets Equity Funds - 1.9%
VIP Emerging Markets Portfolio Investor Class R	166,260		1,243,624
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $10,769,215)		7,621,896
Bond Funds - 42.7%
	Shares		Value
High Yield Bond Funds - 5.1%
VIP High Income Portfolio Investor Class	609,696		$ 3,328,942
Investment Grade Bond Funds - 37.6%
VIP Investment Grade Bond Portfolio Investor Class	1,857,191		24,737,781
TOTAL BOND FUNDS (Cost $27,054,854)		28,066,723
Short-Term Funds - 10.5%

VIP Money Market Portfolio Investor Class (Cost $6,860,771)	6,860,771		6,860,771

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $74,892,202)

65,703,869

NET OTHER ASSETS (LIABILITIES) - 0.0%			(1)
NET ASSETS - 100%		$ 65,703,868

Other Information

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

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $75,296,068. Net unrealized depreciation aggregated $9,592,199, of which $1,692,857 related to appreciated investment securities and $11,285,056 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2020 Portfolio

September 30, 2011

1.822895.106

VIPIFF2020-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 41.6%
	Shares		Value
Domestic Equity Funds - 41.6%
VIP Contrafund Portfolio Investor Class	304,387		$ 6,449,970
VIP Equity-Income Portfolio Investor Class	442,773		7,593,562
VIP Growth & Income Portfolio Investor Class	677,156		7,678,944
VIP Growth Portfolio Investor Class	218,784		7,370,826
VIP Mid Cap Portfolio Investor Class	97,082		2,678,500
VIP Value Portfolio Investor Class	670,175		6,380,061
VIP Value Strategies Portfolio Investor Class	316,412		2,480,673
TOTAL DOMESTIC EQUITY FUNDS (Cost $52,407,590)		40,632,536
International Equity Funds - 13.7%

Developed International Equity Funds - 11.5%
VIP Overseas Portfolio Investor Class R	834,671		11,201,289
Emerging Markets Equity Funds - 2.2%
VIP Emerging Markets Portfolio Investor Class R	291,527		2,180,621
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $18,569,900)		13,381,910
Bond Funds - 39.7%
	Shares		Value
High Yield Bond Funds - 6.5%
VIP High Income Portfolio Investor Class	1,166,811		$ 6,370,790
Investment Grade Bond Funds - 33.2%
VIP Investment Grade Bond Portfolio Investor Class	2,434,839		32,432,055
TOTAL BOND FUNDS (Cost $37,821,965)		38,802,845
Short-Term Funds - 5.0%

VIP Money Market Portfolio Investor Class (Cost $4,851,305)	4,851,305		4,851,305

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $113,650,760)

97,668,596

NET OTHER ASSETS (LIABILITIES) - 0.0%			31
NET ASSETS - 100%		$ 97,668,627

Other Information

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

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $114,343,725. Net unrealized depreciation aggregated $16,675,129, of which $2,179,527 related to appreciated investment securities and $18,854,656 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2025 Portfolio

September 30, 2011

1.822896.106

VIPIFF2025-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 49.6%
	Shares		Value
Domestic Equity Funds - 49.6%
VIP Contrafund Portfolio Investor Class	180,747		$ 3,830,025
VIP Equity-Income Portfolio Investor Class	262,793		4,506,894
VIP Growth & Income Portfolio Investor Class	401,872		4,557,231
VIP Growth Portfolio Investor Class	129,876		4,375,528
VIP Mid Cap Portfolio Investor Class	57,471		1,585,618
VIP Value Portfolio Investor Class	398,034		3,789,282
VIP Value Strategies Portfolio Investor Class	187,460		1,469,684
TOTAL DOMESTIC EQUITY FUNDS (Cost $28,285,005)		24,114,262
International Equity Funds - 16.3%

Developed International Equity Funds - 13.7%
VIP Overseas Portfolio Investor Class R	495,531		6,650,032
Emerging Markets Equity Funds - 2.6%
VIP Emerging Markets Portfolio Investor Class R	173,312		1,296,376
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $10,311,186)		7,946,408
Bond Funds - 33.9%
	Shares		Value
High Yield Bond Funds - 7.8%
VIP High Income Portfolio Investor Class	691,548		$ 3,775,854
Investment Grade Bond Funds - 26.1%
VIP Investment Grade Bond Portfolio Investor Class	953,792		12,704,511
TOTAL BOND FUNDS (Cost $16,103,625)		16,480,365
Short-Term Funds - 0.2%

VIP Money Market Portfolio Investor Class (Cost $108,187)	108,187		108,187

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $54,808,003)

48,649,222

NET OTHER ASSETS (LIABILITIES) - 0.0%

NET ASSETS - 100%

$ 48,649,222

Other Information

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $55,168,772. Net unrealized depreciation aggregated $6,519,550, of which $1,924,848 related to appreciated investment securities and $8,444,398 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom 2030 Portfolio

September 30, 2011

1.822894.106

VIPIFF2030-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 52.4%
	Shares		Value
Domestic Equity Funds - 52.4%
VIP Contrafund Portfolio Investor Class	188,814		$ 4,000,978
VIP Equity-Income Portfolio Investor Class	274,231		4,703,060
VIP Growth & Income Portfolio Investor Class	419,445		4,756,507
VIP Growth Portfolio Investor Class	135,534		4,566,142
VIP Mid Cap Portfolio Investor Class	60,127		1,658,900
VIP Value Portfolio Investor Class	415,730		3,957,749
VIP Value Strategies Portfolio Investor Class	195,979		1,536,478
TOTAL DOMESTIC EQUITY FUNDS (Cost $31,565,972)		25,179,814
International Equity Funds - 17.3%

Developed International Equity Funds - 14.5%
VIP Overseas Portfolio Investor Class R	517,409		6,943,627
Emerging Markets Equity Funds - 2.8%
VIP Emerging Markets Portfolio Investor Class R	180,588		1,350,799
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $11,302,297)		8,294,426
Bond Funds - 30.3%
	Shares		Value
High Yield Bond Funds - 7.8%
VIP High Income Portfolio Investor Class	688,274		$ 3,757,974
Investment Grade Bond Funds - 22.5%
VIP Investment Grade Bond Portfolio Investor Class	808,328		10,766,927
TOTAL BOND FUNDS (Cost $14,375,947)		14,524,901
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $57,244,216)			47,999,141
NET OTHER ASSETS (LIABILITIES) - 0.0%			(2)
NET ASSETS - 100%		$ 47,999,139

Other Information

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

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $57,625,462. Net unrealized depreciation aggregated $9,626,321, of which $1,056,457 related to appreciated investment securities and $10,682,778 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Investor Freedom Income Portfolio

September 30, 2011

1.822890.106

VIPIFFINC-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 13.3%
	Shares		Value
Domestic Equity Funds - 13.3%
VIP Contrafund Portfolio Investor Class	30,882		$ 654,395
VIP Equity-Income Portfolio Investor Class	44,874		769,582
VIP Growth & Income Portfolio Investor Class	68,627		778,226
VIP Growth Portfolio Investor Class	22,168		746,854
VIP Mid Cap Portfolio Investor Class	9,781		269,851
VIP Value Portfolio Investor Class	68,005		647,410
VIP Value Strategies Portfolio Investor Class	31,883		249,964
TOTAL DOMESTIC EQUITY FUNDS (Cost $4,919,424)		4,116,282
International Equity Funds - 4.4%

Developed International Equity Funds - 3.7%
VIP Overseas Portfolio Investor Class R	85,789		1,151,292
Emerging Markets Equity Funds - 0.7%
VIP Emerging Markets Portfolio Investor Class R	30,076		224,966
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,447,449)		1,376,258
Bond Funds - 41.1%
	Shares		Value
High Yield Bond Funds - 4.8%
VIP High Income Portfolio Investor Class	273,297		$ 1,492,201
Investment Grade Bond Funds - 36.3%
VIP Investment Grade Bond Portfolio Investor Class	843,275		11,232,417
TOTAL BOND FUNDS (Cost $12,192,159)		12,724,618
Short-Term Funds - 41.2%

VIP Money Market Portfolio Investor Class (Cost $12,784,382)	12,784,382		12,784,382

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $31,343,414)

31,001,540

NET OTHER ASSETS (LIABILITIES) - 0.0%			45
NET ASSETS - 100%		$ 31,001,585

Other Information

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

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $31,479,043. Net unrealized depreciation aggregated $477,503, of which $931,847 related to appreciated investment securities and $1,409,350 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Money Market Portfolio

September 30, 2011

1.807728.107

VIPMM-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Certificates of Deposit - 42.8%
		Yield (a)	Principal Amount	Value
Domestic Certificates Of Deposit - 0.3%
Branch Banking & Trust Co.
	11/17/11 to 12/5/11	0.24 to 0.27%	$ 8,000,000	$ 8,000,000
London Branch, Eurodollar, Foreign Banks - 8.0%
ABN AMRO Bank NV
	10/3/11 to 11/3/11	0.32 to 0.36	35,000,000	35,000,038
Australia & New Zealand Banking Group Ltd.
	10/28/11 to 12/13/11	0.21 to 0.30	13,000,000	13,000,000
Commonwealth Bank of Australia
	10/21/11 to 12/9/11	0.20 to 0.30	36,000,000	36,000,022
Credit Agricole SA
	10/5/11	0.36	13,000,000	13,000,000
HSBC Bank PLC
	12/28/11 to 5/10/12	0.30 to 0.55	40,000,000	39,999,999
National Australia Bank Ltd.
	10/12/11 to 12/1/11	0.21 to 0.30	56,000,000	56,000,000
				193,000,059
New York Branch, Yankee Dollar, Foreign Banks - 34.5%
Bank of Tokyo-Mitsubishi UFJ Ltd.
	12/7/11	0.32	24,000,000	24,000,000
Bank of Montreal
	10/20/11 to 10/25/12	0.19 to 0.45 (d)	31,000,000	31,016,316
Bank of Montreal Chicago CD Program
	9/26/12	0.38 (d)	8,000,000	8,000,000
Bank of Nova Scotia
	11/9/11 to 10/11/12	0.25 to 0.44 (d)	109,000,000	109,000,001
Bank of Tokyo-Mitsubishi
	11/2/11 to 1/4/12	0.28 to 0.32	77,000,000	77,000,000
BNP Paribas SA
	11/18/11 to 11/28/11	0.42 to 0.63 (d)	55,000,000	55,003,726
Canadian Imperial Bank of Commerce New York Branch
	10/4/11 to 10/16/12	0.30 to 0.50 (d)	87,000,000	87,000,000
Credit Suisse New York Branch
	10/4/11 to 12/28/11	0.20 to 0.37	66,000,000	66,000,000
Deutsche Bank AG New York Branch
	10/5/11	0.20	24,000,000	24,000,000
DnB NOR Bank ASA
	11/18/11	0.30	20,000,000	20,000,000
Mitsubishi UFJ Trust & Banking Corp.
	10/3/11 to 10/14/11	0.28 to 0.30	7,000,000	7,000,000

		Yield (a)	Principal Amount	Value
Mizuho Corporate Bank Ltd.
	10/5/11	0.18%	$ 8,000,000	$ 8,000,000
National Bank Canada
	11/4/11 to 7/6/12	0.33 to 0.37 (d)	25,000,000	25,000,000
Rabobank Nederland New York Branch
	10/21/11 to 6/8/12	0.20 to 0.35 (d)	106,000,000	106,000,187
Royal Bank of Canada
	10/1/12	0.59 (d)	27,000,000	27,000,000
Skandinaviska Enskilda Banken
	10/6/11	0.26	4,000,000	4,000,000
Sumitomo Mitsui Banking Corp.
	10/3/11 to 10/12/11	0.19 to 0.20	87,000,000	87,000,000
Sumitomo Trust & Banking Co. Ltd.
	10/3/11 to 10/4/11	0.19 to 0.20	16,000,000	16,000,000
Svenska Handelsbanken
	11/3/11	0.30	13,000,000	13,000,060
Toronto-Dominion Bank New York Branch
	11/15/11 to 1/12/12	0.25 to 0.31 (d)	16,000,000	16,000,000
UBS AG
	11/23/11	0.35	23,000,000	23,000,000
				833,020,290
TOTAL CERTIFICATES OF DEPOSIT				1,034,020,349
Commercial Paper - 20.6%

ABN AMRO Funding USA LLC
	10/5/11	0.25	16,000,000	15,999,556
Amsterdam Funding Corp. (Royal Bank of Scotland PLC Guaranteed)
	10/27/11	0.27	23,000,000	22,995,515
Anheuser-Busch InBev Worldwide, Inc.
	10/3/11 to 10/6/11	0.27 to 0.28	3,000,000	2,999,931
ASB Finance Ltd. (London)
	3/23/12	0.44 (d)	23,000,000	22,999,586
Barclays Bank PLC/Barclays US CCP Funding LLC
	10/4/11 to 10/31/11	0.27	20,000,000	19,997,240
BP Capital Markets PLC
	10/20/11	0.20	12,000,000	11,998,733
Caisse d'Amort de la Dette Societe
	10/11/11 to 5/25/12	0.24 to 0.31 (b)(d)	45,000,000	44,989,078
Commonwealth Bank of Australia
	10/6/11 to 11/21/11	0.20 to 0.35 (d)	54,000,000	53,989,356
Commercial Paper - continued
		Yield (a)	Principal Amount	Value
CVS Caremark Corp.
	10/3/11	0.27%	$ 5,000,000	$ 4,999,925
Danske Corp.
	10/6/11	0.25	6,000,000	5,999,792
Devon Energy Corp.
	10/13/11 to 10/28/11	0.25 to 0.28	10,000,000	9,998,262
DnB NOR Bank ASA
	10/20/11 to 12/7/11	0.22 to 0.30	36,000,000	35,982,010
Duke Energy Corp.
	10/24/11 to 11/4/11	0.34 to 0.40	5,000,000	4,998,432
Gotham Funding Corp. (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.)
	10/12/11 to 10/18/11	0.25 to 0.26	4,000,000	3,999,605
Nordea North America, Inc.
	10/18/11 to 11/4/11	0.21 to 0.25	77,000,000	76,983,491
Northern Pines Funding LLC
	12/1/11	0.37 (d)	3,000,000	3,000,000
Northern Pines Funding LLC (Liquidity Facility Shanghai Bestway Marine Engineering Design Co. Ltd.)
	10/17/11	0.30	17,000,000	16,997,733
	10/26/11	0.30	3,000,000	2,999,375
Rabobank USA Financial Corp.
	1/12/12	0.32	7,000,000	6,993,591
Royal Bank of Canada
	11/23/11	0.30	8,000,000	7,996,467
Salisbury Receivables Co. LLC (Barclays Bank PLC Guaranteed)
	10/3/11	0.25	8,000,000	7,999,889
Skandinaviska Enskilda Banken AB
	10/7/11	0.28 to 0.30	13,000,000	12,999,360
Svenska Handelsbanken, Inc.
	10/28/11 to 12/28/11	0.22 to 0.33	28,000,000	27,990,344
Swedbank AB
	10/24/11	0.38	9,000,000	8,997,815
Texas Instruments, Inc.
	12/6/11 to 12/12/11	0.20	2,000,000	1,999,233
Thermo Fisher Scientific, Inc.
	10/14/11 to 10/28/11	0.30 to 0.32	5,000,000	4,998,984
Total Capital Canada Ltd.
	12/15/11	0.42	3,000,000	2,997,375
Verizon Communications, Inc.
	11/14/11	0.42 (d)	10,000,000	10,000,000

		Yield (a)	Principal Amount	Value
Virginia Electric & Power Co.
	10/5/11 to 10/26/11	0.35 to 0.38%	$ 4,000,000	$ 3,999,561
WellPoint, Inc.
	10/17/11 to 11/2/11	0.34 to 0.40	3,000,000	2,999,138
Westpac Banking Corp.
	4/10/12	0.39 (d)	15,000,000	15,000,000
	4/5/12	0.39 (d)	9,000,000	9,000,000
Westpac Banking Corp.
	10/7/11	0.31 (d)	4,000,000	4,000,000
Xerox Corp.
	10/5/11 to 10/25/11	0.60	9,000,000	8,997,350
TOTAL COMMERCIAL PAPER				498,896,727
U.S. Government and Government Agency Obligations - 1.7%

Other Government Related - 1.7%
Straight-A Funding LLC (Liquidity Facility Federal Financing Bank)
	10/14/11 to 12/15/11	0.19 to 0.65 (c)	40,427,000	40,408,447
Federal Agencies - 3.3%

Fannie Mae - 0.9%
	4/2/12	0.20	22,000,000	21,977,511
Federal Home Loan Bank - 2.4%
	2/6/12 to 8/30/12	0.17 to 0.41	57,000,000	56,999,768
TOTAL FEDERAL AGENCIES				78,977,279
U.S. Treasury Obligations - 4.2%

U.S. Treasury Bills - 1.2%
	10/6/11 to 2/9/12	0.12 to 0.30	28,000,000	27,994,756
U.S. Treasury Notes - 3.0%
	10/31/11 to 10/15/12	0.15 to 0.35	73,000,000	73,458,683
TOTAL U.S. TREASURY OBLIGATIONS				101,453,439
Master Notes - 0.7%

Royal Bank of Scotland PLC
	10/17/11	0.73 (d)(g)	16,000,000	16,000,000
Medium-Term Notes - 6.6%
		Yield (a)	Principal Amount	Value
Commonwealth Bank of Australia
	2/10/12	0.31% (b)(d)	$ 7,000,000	$ 7,000,000
Metropolitan Life Insurance Co.
	12/29/11	0.58 (d)(g)	10,000,000	10,000,000
Royal Bank of Canada
	10/1/12 to 10/15/12	0.30 to 0.69 (b)(d)	50,000,000	50,000,000
	10/5/12	0.27 (d)	21,000,000	20,993,437
Westpac Banking Corp.
	4/2/12 to 6/14/12	0.29 to 0.32 (b)(d)	71,000,000	71,000,000
TOTAL MEDIUM-TERM NOTES				158,993,437
Asset-Backed Securities - 1.0%

GE Equipment Transportation LLC
	7/20/12	0.29	14,947,783	14,947,783
Huntington Auto Trust 2011-1
	9/17/12	0.36 (b)	2,500,000	2,500,000
Hyundai Auto Receivables Trust
	5/15/12	0.24	7,516,366	7,516,366
TOTAL ASSET-BACKED SECURITIES				24,964,149
Municipal Securities - 8.4%

ABAG Fin. Auth. for Nonprofit Corps. Rev. (Valley Christian Schools Proj.) Series 2003, LOC Bank of America NA, VRDN
	10/7/11	0.15 (d)	7,180,000	7,180,000
Arizona Health Facilities Auth. Rev. (Catholic Healthcare West Proj.) Series 2009 F, LOC Citibank NA, VRDN
	10/7/11	0.14 (d)	15,600,000	15,600,000
California Gen. Oblig. Series 2003 C1, LOC Bank of America NA, VRDN
	10/7/11	0.16 (d)	6,200,000	6,200,000
California Health Facilities Fing. Auth. Rev. (Catholic Healthcare West Proj.) Series 2005 H, LOC Bank of America NA, VRDN
	10/7/11	0.16 (d)	9,700,000	9,700,000
California Health Facilities Fing. Auth. Rev. (Scripps Health Proj.) Series 2008 E, LOC Bank of America NA, VRDN
	10/7/11	0.16 (d)	6,000,000	6,000,000
California Hsg. Fin. Agcy. Multifamily Hsg. Rev. Series 2008 B (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN
	10/7/11	0.14 (d)(e)	20,015,000	20,015,000
Clark County Fuel Tax Participating VRDN Series BA 08 1171 (Liquidity Facility Bank of America NA)
	10/7/11	0.22 (d)(f)	11,135,000	11,135,000
Colorado Hsg. Fin. Auth. Single Family Mtg. Rev. Series 2008 A3 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN
	10/7/11	0.16 (d)(e)	10,000,000	10,000,000
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1988, VRDN
	10/3/11	0.37 (d)(e)	1,900,000	1,900,000

		Yield (a)	Principal Amount	Value
Denver Urban Renewal Auth. Tax Increment Rev. Series 2008 A1, LOC U.S. Bank NA, Minnesota, VRDN
	10/7/11	0.16% (d)	$ 6,900,000	$ 6,900,000
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2005 H, LOC U.S. Bank NA, Minnesota, VRDN
	10/7/11	0.13 (d)	10,000,000	10,000,000
Houston Util. Sys. Rev. Series 2004 B1, LOC Bank of America NA, VRDN
	10/7/11	0.23 (d)	1,400,000	1,400,000
Indiana Dev. Fin. Auth. Envir. Rev. Series 2005, LOC Royal Bank of Scotland PLC, VRDN
	10/7/11	0.15 (d)	7,200,000	7,200,000
Indiana Edl. Facilities Auth. Rev. (Franklin College Proj.) Series 2003, LOC JPMorgan Chase Bank, VRDN
	10/7/11	0.20 (d)	8,350,000	8,350,000
Massachusetts Health & Edl. Facilities Auth. Rev. Participating VRDN Series Putters 3529 (Liquidity Facility JPMorgan Chase Bank)
	10/7/11	0.16 (d)(f)	10,000,000	10,000,000
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1990 A, CP mode
	10/17/11	0.65 (e)	5,000,000	5,000,000
New York City Gen. Oblig. Series 2004 A6, LOC Mizuho Corporate Bank Ltd., VRDN
	10/7/11	0.13 (d)	14,475,000	14,475,000
North Carolina Med. Care Commission Health Care Facilities Rev. (Cape Fear Valley Health Sys. Proj.) Series 2008 A1, LOC Branch Banking & Trust Co., VRDN
	10/7/11	0.14 (d)	28,000,000	28,000,000
Ohio Air Quality Dev. Auth. Rev. (Dayton Pwr. & Lt. Co. Proj.) Series 2008 B, LOC JPMorgan Chase Bank, VRDN
	10/7/11	0.13 (d)(e)	9,000,000	9,000,000
Palm Beach County Rev. (The Norton Gallery and School of Arts, Inc. Proj.) Series 2000, LOC Bank of America NA, VRDN
	10/7/11	0.19 (d)	1,100,000	1,100,000
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Series 2010 A3, LOC JPMorgan Chase Bank, VRDN
	10/7/11	0.14 (d)(e)	13,000,000	13,000,000
South Carolina Jobs-Econ. Dev. Auth. (AnMed Health Proj.) Series 2009 A, LOC Branch Banking & Trust Co., VRDN
	10/7/11	0.15 (d)	2,250,000	2,250,000
TOTAL MUNICIPAL SECURITIES				204,405,000

Repurchase Agreements - 15.0%
	Maturity Amount		Value
In a joint trading account at 0.09% dated 9/30/11 due 10/3/11 (Collateralized by (U.S. Treasury Obligations)) #	$ 835,006		$ 835,000
With:
Barclays Capital, Inc. at:
0.15%, dated 7/27/11 due 10/7/11 (Collateralized by U.S. Treasury Obligations valued at $7,210,989, 3.13% - 4.5%, 5/15/21 - 8/20/41)	7,002,654		7,000,000
0.32%, dated:
9/27/11 due 10/4/11 (Collateralized by Equity Securities valued at $2,165,002)	2,000,124		2,000,000
9/29/11 due 10/6/11 (Collateralized by Equity Securities valued at $2,174,973)	2,000,124		2,000,000
0.43%, dated 9/6/11 due 10/6/11 (Collateralized by Corporate Obligations valued at $3,241,045, 0.58% - 5.43%, 4/25/33 - 1/25/35)	3,001,075		3,000,000
0.6%, dated 9/8/11 due 10/13/11 (Collateralized by Corporate Obligations valued at $8,410,214, 0.42%, 2/25/28)	8,004,667		8,000,000
1%, dated:
10/13/10 due 10/11/11 (Collateralized by Corporate Obligations valued at $5,449,981, 0.75% - 7.25%, 3/15/12 - 5/15/41)	5,050,417		5,000,000
8/8/11 due 10/7/11 (Collateralized by Mortgage Loan Obligations valued at $8,417,981, 0.36% - 8.36%, 4/15/15 - 12/20/54)	8,013,333		8,000,000
Citibank NA at:
0.08%, dated 9/28/11 due 10/5/11 (Collateralized by U.S. Treasury Obligations valued at $11,220,195, 1.5%, 8/31/18)	11,000,171		11,000,000
0.12%, dated 9/27/11 due 10/4/11 (Collateralized by U.S. Government Obligations valued at $11,220,225, 4.5%, 8/1/40)	11,000,257		11,000,000

	Maturity Amount		Value
Credit Suisse Securities (USA) LLC at:
0.34%, dated 7/14/11 due 10/7/11 (Collateralized by Equity Securities valued at $7,565,878)	$ 7,005,950		$ 7,000,000
0.6%, dated 9/9/11 due 10/12/11 (Collateralized by Equity Securities valued at $2,103,398)	2,001,100		2,000,000
0.67%, dated:
9/12/11 due:
10/21/11 (Collateralized by Mortgage Loan Obligations valued at $2,104,952, 4.65% - 6.13%, 09/10/16 - 02/15/51)	2,001,452		2,000,000
10/31/11 (Collateralized by Mortgage Loan Obligations valued at $2,104,607, 4.78% - 6.01%, 09/10/16 - 12/10/49)	2,001,824		2,000,000
9/16/11 due 10/27/11 (Collateralized by Mortgage Loan Obligations valued at $4,354,790, 0.50% - 6.97%, 01/25/36 - 07/19/46)	4,003,052		4,000,000
Deutsche Bank Securities, Inc. at:
0.19%, dated 8/17/11 due 10/7/11 (Collateralized by U.S. Government Obligations valued at $7,161,941, 4.23% - 7%, 1/1/35 - 1/20/41)	7,004,433		7,000,000
0.23%, dated 8/3/11 due 10/7/11 (Collateralized by U.S. Government Obligations valued at $7,408,370, 4.5% - 5%, 9/16/29 - 3/25/41)	7,004,025		7,000,000
Goldman Sachs & Co. at:
0.1%, dated 9/28/11 due 10/5/11 (Collateralized by U.S. Government Obligations valued at $7,140,099, 3.5% - 7.5%, 1/20/24 - 9/15/40)	7,000,136		7,000,000
0.2%, dated 9/28/11 due 10/5/11 (Collateralized by U.S. Government Obligations valued at $16,320,454, 5%, 05/01/36 - 4/1/41)	16,000,622		16,000,000
0.25%, dated 9/30/11 due 10/7/11 (Collateralized by U.S. Government Obligations valued at $6,120,128, 4%, 8/1/31)	6,000,292		6,000,000
ING Financial Markets LLC at:
0.17%, dated 8/9/11 due 10/7/11 (Collateralized by U.S. Government Obligations valued at $3,061,463, 0.63% - 6%, 7/1/26 - 9/1/40)	3,001,275		3,000,000
0.18%, dated 8/11/11 due 10/7/11 (Collateralized by U.S. Government Obligations valued at $4,082,405, 0.63% - 6%, 7/1/26 - 6/1/41)	4,001,620		4,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
With: - continued
ING Financial Markets LLC at:
0.23%, dated:
8/4/11 due 10/7/11 (Collateralized by U.S. Government Obligations valued at $4,082,817, 0.63% - 6%, 7/1/26 - 6/1/41)	$ 4,004,600		$ 4,000,000
8/18/11 due 10/7/11 (Collateralized by U.S. Government Obligations valued at $7,143,519, 0.63% - 6%, 7/1/26 - 9/1/41)	7,007,424		7,000,000
0.32%, dated 9/8/11 due 10/7/11 (Collateralized by Corporate Obligations valued at $5,251,084, 5.63% - 8.6%, 5/1/14 - 12/1/30)	5,001,467		5,000,000
0.34%, dated 9/16/11 due 10/17/11 (Collateralized by Corporate Obligations valued at $2,100,326, 3.15% - 8.60%, 05/01/14 - 08/15/21)	2,000,586		2,000,000
J.P. Morgan Clearing Corp. at:
0.5%, dated 7/25/11 due 10/24/11 (Collateralized by Equity Securities valued at $14,143,797)	13,016,431		13,000,000
0.65%, dated 4/26/11 due 10/24/11 (Collateralized by Equity Securities valued at $2,180,120)	2,006,536		2,000,000
0.69%, dated 7/27/11 due 1/23/12 (Collateralized by Equity Securities valued at $10,883,350)	10,034,500		10,000,000
J.P. Morgan Securities, Inc. at:
0.16%, dated 9/30/11 due 10/3/11 (Collateralized by U.S. Government Obligations valued at $67,323,573, 4% - 5%, 11/1/40 - 2/1/41)	66,000,880		66,000,000
0.55%, dated 9/30/11 due 10/3/11 (Collateralized by Mortgage Loan Obligations valued at $27,001,004, 4.29% - 5.75%, 9/25/35 - 3/25/47)	25,001,146		25,000,000
0.75%, dated 9/28/11 due 3/26/12 (Collateralized by Mortgage Loan Obligations valued at $4,321,334, 0.53%, 3/25/37)	4,015,000		4,000,000
Merrill Lynch, Pierce, Fenner & Smith at 0.58%, dated 9/30/11 due 10/3/11 (Collateralized by Corporate Obligations valued at $32,401,566, 0.38% - 8.2%, 2/1/32 - 2/25/37)	30,001,450		30,000,000

	Maturity Amount		Value
Mizuho Securities USA, Inc. at:
0.4%, dated 9/7/11 due 10/7/11 (Collateralized by Equity Securities valued at $5,413,113)	$ 5,001,889		$ 5,000,000
0.41%, dated 9/8/11 due 10/7/11 (Collateralized by Corporate Obligations valued at $3,180,587, 1.50% - 5.25%, 03/15/14 - 04/01/37)	3,001,162		3,000,000
0.42%, dated 9/15/11 due 10/7/11 (Collateralized by Corporate Obligations valued at $5,269,747, 3.5%, 4/15/12)	5,001,867		5,000,000
RBC Capital Markets Co. at:
0.53%, dated 9/2/11 due 10/7/11 (Collateralized by Corporate Obligations valued at $4,836,997, 0% - 5.5%, 10/28/41 - 7/1/47)	4,005,948		4,000,000
0.55%, dated 9/12/11 due 10/7/11 (Collateralized by Corporate Obligations valued at $4,320,694, 1.38% - 12.00%, 07/14/14 - 05/15/68)	4,005,561		4,000,000
RBC Capital Markets Corp. at:
0.17%, dated 7/28/11 due 10/7/11 (Collateralized by U.S. Government Obligations valued at $2,047,480, 5% - 6%, 1/1/13 - 5/1/41)	2,000,897		2,000,000
0.2%, dated 9/14/11 due 10/7/11 (Collateralized by U.S. Government Obligations valued at $11,236,365, 0.63% - 6%, 12/15/13 - 9/16/40)	11,011,122		11,000,000
RBS Securities, Inc. at 0.53%, dated 9/30/11 due 10/7/11 (Collateralized by U.S. Government Obligations valued at $17,510,021, 1.00% - 7.45%, 01/25/34 - 07/25/48)	17,001,752		17,000,000
Royal Bank of Scotland PLC at 0.53%, dated 9/30/11 due 10/7/11 (Collateralized by U.S. Government Obligations valued at $8,161,238, 3.60% - 3.74%, 09/15/36 - 06/15/51)	8,000,824		8,000,000
UBS Securities LLC at:
0.38%, dated 7/7/11 due 10/5/11 (Collateralized by Corporate Obligations valued at $3,154,450, 3.5%, 4/15/12)	3,002,850		3,000,000
0.42%, dated:
8/24/11 due 10/7/11 (Collateralized by Corporate Obligations valued at $2,100,981, 4.95%, 11/15/15)	2,002,100		2,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
With: - continued
UBS Securities LLC at:
0.42%, dated:
8/25/11 due 10/7/11 (Collateralized by Corporate Obligations valued at $3,241,474, 5.75%, 2/1/14)	$ 3,003,150		$ 3,000,000
Wells Fargo Securities, LLC at:
0.19%, dated 9/30/11 due 10/3/11 (Collateralized by Corporate Obligations valued at $1,050,018, 6.7%, 9/15/19)	1,000,016		1,000,000
0.35%, dated 7/11/11 due 10/7/11 (Collateralized by Corporate Obligations valued at $3,169,327, 4.88% - 5.9%, 1/13/12 - 9/25/43)	3,002,683		3,000,000
TOTAL REPURCHASE AGREEMENTS		363,835,000
TOTAL INVESTMENT PORTFOLIO - 104.3% (Cost $2,521,953,827)			2,521,953,827
NET OTHER ASSETS (LIABILITIES) - (4.3)%			(104,768,864)
NET ASSETS - 100%		$ 2,417,184,963

Security Type Abbreviations
CP	-	COMMERCIAL PAPER
VRDN	-	VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

Legend

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $175,489,078 or 7.3% of net assets.

(c) The Federal Financing Bank, an instrumentality of the U.S. Government acting under the supervision of the Secretary of the Treasury (FFB), has entered into a Liquidity Loan Agreement with Straight-A Funding LLC (Issuer), pursuant to which the FFB has committed, subject to certain conditions, to provide financing to the Issuer to cover any payment deficiencies in respect of notes on their legal final maturity dates. At the end of the period, these securities amounted to $40,408,447, or 1.7% of net assets.

(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

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

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

(g) 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 $26,000,000 or 1.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Cost
Metropolitan Life Insurance Co. 0.58%, 12/29/11	3/26/02	$ 10,000,000
Royal Bank of Scotland PLC 0.73%, 10/17/11	9/16/11	$ 16,000,000

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

Repurchase Agreement / Counterparty	Value
$835,000 due 10/03/11 at 0.09%
BNP Paribas Securities Corp.	$ 59,504
Bank of America NA	218,425
Barclays Capital, Inc.	79,179
Citibank NA	70,988
Credit Agricole Securities (USA), Inc.	21,842
Deutsche Bank Securities, Inc.	81,909
HSBC Securities (USA), Inc.	77,104
ING Financial Markets LLC	17,474
J.P. Morgan Securities, Inc.	54,606
Merrill Lynch, Pierce, Fenner & Smith, Inc.	32,745
Morgan Stanley & Co., Inc.	3,276
RBC Capital Markets Corp.	38,224
RBS Securities, Inc.	10,921
UBS Securities LLC	10,921
Wells Fargo Securities LLC	57,882
	$ 835,000

Other Information

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

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

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $2,521,953,827.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Strategic Income Portfolio

September 30, 2011

1.808796.107

VIPSI-QTLY-1111

Investments September 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 34.6%
		Principal Amount (d)		Value
Convertible Bonds - 1.1%
CONSUMER DISCRETIONARY - 0.1%
Auto Components - 0.1%
TRW Automotive, Inc. 3.5% 12/1/15		$ 921,000		$ 1,250,165
ENERGY - 0.4%
Energy Equipment & Services - 0.0%
Cal Dive International, Inc. 3.25% 12/15/25		170,000		167,654
Oil, Gas & Consumable Fuels - 0.4%
Alpha Natural Resources, Inc. 2.375% 4/15/15		1,170,000		1,100,853
Chesapeake Energy Corp.:
2.5% 5/15/37		1,910,000		1,805,714
2.5% 5/15/37		370,000		344,433
				3,251,000
TOTAL ENERGY				3,418,654
HEALTH CARE - 0.2%
Health Care Equipment & Supplies - 0.2%
Kinetic Concepts, Inc. 3.25% 4/15/15 (f)		1,200,000		1,686,960
INFORMATION TECHNOLOGY - 0.1%
Communications Equipment - 0.1%
Lucent Technologies, Inc. 2.875% 6/15/25		830,000		763,081
TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
NII Holdings, Inc. 3.125% 6/15/12		2,610,000		2,629,575
TOTAL CONVERTIBLE BONDS				9,748,435
Nonconvertible Bonds - 33.5%
CONSUMER DISCRETIONARY - 3.1%
Auto Components - 0.7%
Affinia Group, Inc.:
9% 11/30/14		360,000		342,000
10.75% 8/15/16 (f)		149,000		155,333
Cooper Standard Auto, Inc. 8.5% 5/1/18		145,000		142,825
Dana Holding Corp.:
6.5% 2/15/19		345,000		320,850
6.75% 2/15/21		1,230,000		1,143,900
Delphi Corp.:
5.875% 5/15/19 (f)		450,000		423,000
6.125% 5/15/21 (f)		415,000		390,100
Exide Technologies 8.625% 2/1/18		1,190,000		1,106,700

		Principal Amount (d)		Value
International Automotive Components Group SA 9.125% 6/1/18 (f)		$ 495,000		$ 472,725
Lear Corp.:
7.875% 3/15/18		110,000		113,300
8.125% 3/15/20		125,000		130,000
RSC Equipment Rental, Inc. 10% 7/15/17 (f)		180,000		188,100
Stoneridge, Inc. 9.5% 10/15/17 (f)		200,000		204,000
Tenneco, Inc.:
6.875% 12/15/20		545,000		520,475
7.75% 8/15/18		125,000		126,563
The Goodyear Tire & Rubber Co. 10.5% 5/15/16		198,000		213,840
Tower Automotive Holdings USA LLC / TA Holdings Finance, Inc. 10.625% 9/1/17 (f)		414,000		416,070
				6,409,781
Automobiles - 0.0%
Automotores Gildemeister SA 8.25% 5/24/21 (f)		210,000		202,650
General Motors Corp.:
6.75% 5/1/28 (c)		692,000		7,543
7.125% 7/15/13 (c)		140,000		1,526
7.2% 1/15/11 (c)		350,000		3,815
7.4% 9/1/25 (c)		45,000		491
7.7% 4/15/16 (c)		531,000		5,788
8.25% 7/15/23 (c)		415,000		4,524
8.375% 7/15/33 (c)		605,000		6,595
				232,932
Distributors - 0.1%
Ferrellgas LP/Ferrellgas Finance Corp. 6.5% 5/1/21		1,300,000		1,092,000
Diversified Consumer Services - 0.0%
Mac-Gray Corp. 7.625% 8/15/15		40,000		40,500
Hotels, Restaurants & Leisure - 0.7%
Arcos Dorados Holdings, Inc. 10.25% 7/13/16 (f)	BRL	500,000		259,835
GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17		355,000		369,200
Landry's Restaurants, Inc.:
11.625% 12/1/15		110,000		111,375
11.625% 12/1/15 (f)		85,000		86,063
MCE Finance Ltd. 10.25% 5/15/18		620,000		651,000
MGM Mirage, Inc.:
6.625% 7/15/15		110,000		92,675
10% 11/1/16 (f)		365,000		344,925
10.375% 5/15/14		100,000		108,750
Mohegan Tribal Gaming Authority 6.875% 2/15/15		125,000		60,000
MTR Gaming Group, Inc. 11.5% 8/1/19 pay-in-kind (f)(k)		1,205,000		903,750
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Hotels, Restaurants & Leisure - continued
NAI Entertainment Holdings LLC/NAI Entertainment Finance Corp. 8.25% 12/15/17 (f)		$ 240,000		$ 246,900
NCL Corp. Ltd. 9.5% 11/15/18 (f)		125,000		126,563
Palace Entertainment Holdings LLC/Corp. 8.875% 4/15/17 (f)		100,000		92,750
Roadhouse Financing, Inc. 10.75% 10/15/17		345,000		307,050
Seven Seas Cruises S de RL LLC 9.125% 5/15/19 (f)		60,000		59,400
Shingle Springs Tribal Gaming Authority 9.375% 6/15/15 (f)		100,000		55,000
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 8.625% 4/15/16 (f)		50,000		48,750
Universal City Development Partners Ltd./UCDP Finance, Inc. 8.875% 11/15/15		767,000		832,195
Waterford Gaming LLC/Waterford Gaming Finance Corp. 8.625% 9/15/14 (f)		53,318		29,058
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 7.75% 8/15/20		1,495,000		1,577,225
				6,362,464
Household Durables - 0.3%
Jarden Corp. 6.125% 11/15/22		280,000		273,000
Reliance Intermediate Holdings LP 9.5% 12/15/19 (f)		485,000		509,250
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:
7.125% 4/15/19 (f)		245,000		229,688
9% 4/15/19 (f)		1,155,000		993,300
Sealy Mattress Co. 10.875% 4/15/16 (f)		97,000		99,910
Standard Pacific Corp.:
8.375% 5/15/18		220,000		186,164
8.375% 1/15/21		420,000		344,400
				2,635,712
Leisure Equipment & Products - 0.1%
Cedar Fair LP/Magnum Management Corp. 9.125% 8/1/18		645,000		670,800
Eastman Kodak Co. 10.625% 3/15/19 (f)		305,000		228,750
Easton-Bell Sports, Inc. 9.75% 12/1/16		120,000		125,400
				1,024,950

		Principal Amount (d)		Value
Media - 0.8%
Bresnan Broadband Holdings LLC 8% 12/15/18 (f)		$ 195,000		$ 193,050
Cequel Communications Holdings I LLC/Cequel Capital Corp. 8.625% 11/15/17 (f)		770,000		770,000
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp. 13.5% 11/30/16		400,112		456,128
Checkout Holding Corp. 0% 11/15/15 (f)		285,000		156,038
DISH DBS Corp. 6.75% 6/1/21 (f)		860,000		821,300
EchoStar Communications Corp. 7.125% 2/1/16		1,500,000		1,524,450
Gray Television, Inc. 10.5% 6/29/15		160,000		142,400
Houghton Mifflin Harcourt Publishing Co. 10.5% 6/1/19 (f)		465,000		339,450
Liberty Media Corp.:
8.25% 2/1/30		1,295,000		1,227,013
8.5% 7/15/29		230,000		219,650
MDC Partners, Inc. 11% 11/1/16		65,000		70,200
MediMedia USA, Inc. 11.375% 11/15/14 (f)		50,000		44,000
ONO Finance II PLC 10.875% 7/15/19 (f)		150,000		102,000
Satmex Escrow SA de CV 9.5% 5/15/17 (f)		115,000		110,400
Sheridan Group, Inc. 12.5% 4/15/14		280,000		243,600
Sinclair Television Group, Inc. 8.375% 10/15/18		300,000		297,000
TV Azteca SA de CV 7.5% 5/25/18 (Reg. S)		400,000		384,000
Videotron Ltd. 6.875% 1/15/14		76,000		75,810
				7,176,489
Specialty Retail - 0.2%
Asbury Automotive Group, Inc. 8.375% 11/15/20		125,000		120,000
Claire's Stores, Inc. 8.875% 3/15/19		155,000		111,600
Michaels Stores, Inc. 7.75% 11/1/18		940,000		869,500
Sonic Automotive, Inc. 9% 3/15/18		760,000		752,400
				1,853,500
Textiles, Apparel & Luxury Goods - 0.2%
Hanesbrands, Inc. 6.375% 12/15/20		640,000		627,200
Levi Strauss & Co.:
7.625% 5/15/20		775,000		736,250
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Levi Strauss & Co.: - continued
8.875% 4/1/16		$ 170,000		$ 174,250
Polymer Group, Inc. 7.75% 2/1/19 (f)		135,000		130,950
				1,668,650
TOTAL CONSUMER DISCRETIONARY				28,496,978
CONSUMER STAPLES - 0.7%
Beverages - 0.0%
Cerveceria Nacional Dominicana C por A:
8% 3/27/14 (Reg. S)		100,000		103,000
16% 3/27/12 (f)		220,000		197,274
				300,274
Food & Staples Retailing - 0.2%
BFF International Ltd. 7.25% 1/28/20 (f)		300,000		312,750
Bi-Lo LLC/Bi-Lo Finance Corp. 9.25% 2/15/19 (f)		405,000		388,800
Rite Aid Corp.:
8% 8/15/20		625,000		646,875
9.5% 6/15/17		65,000		50,700
9.75% 6/12/16		310,000		327,825
10.25% 10/15/19		160,000		164,800
				1,891,750
Food Products - 0.4%
Bumble Bee Acquisition Corp. 9% 12/15/17 (f)		720,000		676,800
Darling International, Inc. 8.5% 12/15/18		100,000		107,120
Dean Foods Co. 9.75% 12/15/18		635,000		635,000
Gruma SAB de CV 7.75% (Reg. S) (g)		425,000		410,125
Harbinger Group, Inc. 10.625% 11/15/15		230,000		224,250
Hines Nurseries, Inc. 10.25% 10/1/11 (c)		120,000		1,200
JBS USA LLC/JBS USA Finance, Inc. 11.625% 5/1/14		330,000		346,500
MHP SA 10.25% 4/29/15 (f)		390,000		331,500
Michael Foods, Inc. 9.75% 7/15/18		155,000		160,038
Smithfield Foods, Inc. 10% 7/15/14		380,000		425,600
				3,318,133
Personal Products - 0.1%
Elizabeth Arden, Inc. 7.375% 3/15/21		135,000		134,825

		Principal Amount (d)		Value
NBTY, Inc. 9% 10/1/18		$ 425,000		$ 437,750
Revlon Consumer Products Corp. 9.75% 11/15/15		300,000		310,500
				883,075
TOTAL CONSUMER STAPLES				6,393,232
ENERGY - 5.6%
Energy Equipment & Services - 0.3%
Complete Production Services, Inc. 8% 12/15/16		130,000		130,325
Forbes Energy Services Ltd. 9% 6/15/19 (f)		350,000		318,500
Frac Tech Services LLLC/Frac Tech Finance, Inc. 7.125% 11/15/18 (f)		560,000		571,200
Helix Energy Solutions Group, Inc. 9.5% 1/15/16 (f)		240,000		244,800
Oil States International, Inc. 6.5% 6/1/19 (f)		360,000		353,700
Pioneer Drilling Co. 9.875% 3/15/18		275,000		280,500
Precision Drilling Corp. 6.5% 12/15/21 (f)		90,000		89,100
Pride International, Inc. 6.875% 8/15/20		260,000		303,449
Trinidad Drilling Ltd. 7.875% 1/15/19 (f)		140,000		141,400
				2,432,974
Oil, Gas & Consumable Fuels - 5.3%
Afren PLC 11.5% 2/1/16 (f)		400,000		376,000
Alpha Natural Resources, Inc.:
6% 6/1/19		730,000		667,950
6.25% 6/1/21		420,000		384,300
Arch Coal, Inc. 7.25% 10/1/20		140,000		136,500
ATP Oil & Gas Corp. 11.875% 5/1/15		2,620,000		1,781,600
Berry Petroleum Co.:
8.25% 11/1/16		150,000		150,000
10.25% 6/1/14		145,000		162,400
Brigham Exploration Co. 6.875% 6/1/19		380,000		376,200
Calumet Specialty Products Partners LP/Calumet Finance Corp.:
9.375% 5/1/19 (f)		150,000		144,000
9.375% 5/1/19 (f)		200,000		186,000
Carrizo Oil & Gas, Inc. 8.625% 10/15/18		1,295,000		1,291,763
Chaparral Energy, Inc. 9.875% 10/1/20		155,000		151,125
Chesapeake Energy Corp.:
6.125% 2/15/21		750,000		753,750
6.875% 11/15/20		4,085,000		4,268,825
Chesapeake Midstream Partners LP/CHKM Finance Corp. 5.875% 4/15/21 (f)		220,000		209,000
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Clayton Williams Energy, Inc. 7.75% 4/1/19 (f)		$ 460,000		$ 395,600
Concho Resources, Inc.:
6.5% 1/15/22		575,000		572,125
7% 1/15/21		250,000		247,500
8.625% 10/1/17		155,000		162,750
CONSOL Energy, Inc.:
8% 4/1/17		525,000		557,813
8.25% 4/1/20		540,000		572,400
Continental Resources, Inc.:
7.125% 4/1/21		215,000		220,913
8.25% 10/1/19		65,000		69,713
Crestwood Midstream Partners LP / Finance Corp. 7.75% 4/1/19 (f)		200,000		194,000
Crosstex Energy L.P./Crosstex Energy Finance Corp. 8.875% 2/15/18		390,000		403,650
Denbury Resources, Inc.:
8.25% 2/15/20		308,000		317,240
9.75% 3/1/16		105,000		112,875
Drummond Co., Inc.:
7.375% 2/15/16		600,000		600,000
9% 10/15/14 (f)		1,030,000		1,050,600
DTEK Finance BV 9.5% 4/28/15 (f)		230,000		200,100
Eagle Rock Energy Partners LP / Eagle Rock Energy Finance Corp. 8.375% 6/1/19 (f)		480,000		465,600
Energy Partners Ltd. 8.25% 2/15/18		585,000		538,200
Energy Transfer Equity LP 7.5% 10/15/20		860,000		883,650
Energy XXI Gulf Coast, Inc. 9.25% 12/15/17		1,110,000		1,082,250
EXCO Resources, Inc. 7.5% 9/15/18		1,300,000		1,124,500
Goodrich Petroleum Corp. 8.875% 3/15/19 (f)		305,000		288,225
KazMunaiGaz Finance Sub BV:
6.375% 4/9/21 (f)		320,000		312,000
7% 5/5/20 (f)		360,000		360,000
8.375% 7/2/13 (f)		265,000		275,600
9.125% 7/2/18 (f)		480,000		537,600
11.75% 1/23/15 (f)		380,000		438,900
LINN Energy LLC/LINN Energy Finance Corp.:
7.75% 2/1/21		1,640,000		1,627,700
8.625% 4/15/20		1,190,000		1,225,700
Markwest Energy Partners LP/Markwest Energy Finance Corp. 6.75% 11/1/20		160,000		164,800
Newfield Exploration Co. 6.875% 2/1/20		1,025,000		1,045,500

		Principal Amount (d)		Value
Northern Tier Energy LLC/Northern Tier Finance Corp. 10.5% 12/1/17 (f)		$ 400,000		$ 416,000
OGX Petroleo e Gas Participacoes SA 8.5% 6/1/18 (f)		2,310,000		2,067,450
Pacific Rubiales Energy Corp. 8.75% 11/10/16		400,000		432,000
Pan American Energy LLC 7.875% 5/7/21 (f)		330,000		328,350
Peabody Energy Corp. 7.875% 11/1/26		300,000		327,000
Pemex Project Funding Master Trust:
5.75% 3/1/18		485,000		526,710
6.625% 6/15/35		670,000		720,250
Petrobras International Finance Co. Ltd.:
6.875% 1/20/40		310,000		335,730
8.375% 12/10/18		315,000		371,700
Petrohawk Energy Corp. 7.875% 6/1/15		1,615,000		1,726,031
Petroleos de Venezuela SA:
4.9% 10/28/14		1,515,000		1,030,200
5% 10/28/15		145,000		87,145
5.25% 4/12/17		865,000		486,563
5.375% 4/12/27		2,330,000		1,065,975
5.5% 4/12/37		1,295,000		576,275
8% 11/17/13		380,000		339,530
Petroleos de Venezuela SA 144A:
8.5% 11/2/17 (f)		2,715,000		1,778,325
12.75% 2/17/22 (f)		1,840,000		1,343,200
Petroleos Mexicanos:
5.5% 1/21/21		265,000		278,250
5.5% 1/21/21 (f)		190,000		199,500
6% 3/5/20		245,000		267,050
6.5% 6/2/41 (f)		200,000		207,000
6.625% (f)(g)		1,120,000		1,111,600
8% 5/3/19		280,000		342,300
Petroleum Co. of Trinidad & Tobago Ltd. (Reg. S) 6% 5/8/22		229,167		223,438
Petroleum Development Corp. 12% 2/15/18		265,000		283,550
Pioneer Natural Resources Co. 7.5% 1/15/20		640,000		716,800
Plains Exploration & Production Co. 10% 3/1/16		645,000		690,150
PT Adaro Indonesia 7.625% 10/22/19 (f)		205,000		199,875
PT Pertamina Persero:
5.25% 5/23/21 (f)		295,000		285,413
6.5% 5/27/41 (f)		215,000		208,550
Quicksilver Resources, Inc. 11.75% 1/1/16		335,000		365,150
Regency Energy Partners LP/Regency Energy Finance Corp. 6.875% 12/1/18		550,000		569,250
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Rosetta Resources, Inc. 9.5% 4/15/18		$ 290,000		$ 298,700
Southern Star Central Corp. 6.75% 3/1/16		90,000		89,100
Southwestern Energy Co. 7.5% 2/1/18		150,000		168,375
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
6.875% 2/1/21 (f)		240,000		225,600
11.25% 7/15/17		290,000		319,000
Teekay Corp. 8.5% 1/15/20		295,000		282,463
Tennessee Gas Pipeline Co.:
7% 10/15/28		20,000		23,455
7.625% 4/1/37		50,000		63,398
8.375% 6/15/32		40,000		52,711
Venoco, Inc.:
8.875% 2/15/19		640,000		553,600
11.5% 10/1/17		410,000		418,200
YPF SA 10% 11/2/28		170,000		187,850
				49,675,679
TOTAL ENERGY				52,108,653
FINANCIALS - 6.5%
Capital Markets - 0.1%
Equinox Holdings, Inc. 9.5% 2/1/16 (f)		460,000		460,000
HSBC Bank PLC 5.75% 6/27/17 (e)	GBP	100,000		156,209
Penson Worldwide, Inc. 12.5% 5/15/17 (f)		290,000		203,000
				819,209
Commercial Banks - 1.4%
African Export-Import Bank 8.75% 11/13/14		195,000		208,650
Akbank T.A.S. 5.125% 7/22/15 (f)		510,000		489,600
Banco Bradesco SA 5.9% 1/16/21 (f)		170,000		164,900
Banco Nacional de Desenvolvimento Economico e Social:
5.5% 7/12/20 (f)		300,000		309,000
6.5% 6/10/19 (f)		125,000		138,125
Banco Votorantim SA 5.25% 2/11/16 (f)		200,000		197,000
BBVA Paraguay SA 9.75% 2/11/16 (f)		450,000		472,500
CIT Group, Inc.:
7% 5/1/14		32,643		33,295
7% 5/1/15		712		705
7% 5/4/15 (f)		184,000		180,320
7% 5/1/16		853		823

		Principal Amount (d)		Value
7% 5/2/16 (f)		$ 37,000		$ 35,058
7% 5/1/17		992		952
7% 5/2/17 (f)		2,165,000		2,045,925
Credit Agricole SA 4.5% 1/29/16	EUR	500,000		711,897
Development Bank of Kazakhstan JSC 5.5% 12/20/15 (f)		400,000		378,000
Development Bank of Philippines 8.375% (g)(k)		620,000		669,600
Eastern and Southern African Trade and Development Bank 6.875% 1/9/16 (Reg. S)		400,000		360,000
European Investment Bank 2.75% 9/15/21	EUR	900,000		1,204,514
Export-Import Bank of India 0.6931% 6/7/12 (k)	JPY	10,000,000		128,333
Export-Import Bank of Korea 5.1% 10/29/13 (f)	INR	15,600,000		316,042
HSBK (Europe) BV:
7.25% 5/3/17 (f)		535,000		492,200
9.25% 10/16/13 (f)		455,000		468,650
International Bank for Reconstruction & Development 8.2% 12/12/12	NGN	80,000,000		500,313
Nordea Bank Finland PLC 2.25% 11/16/15	EUR	450,000		602,994
PrivateBank 5.799% 2/9/16 (Issued by Standard Bank PLC for PrivatBank) (k)		215,000		144,050
RSHB Capital SA:
6% 6/3/21 (f)		200,000		171,000
9% 6/11/14 (f)		115,000		122,475
The State Export-Import Bank of Ukraine JSC 5.7928% 2/9/16 (Issued by Credit Suisse First Boston International for The State Export-Import Bank of Ukraine JSC) (e)		500,000		360,000
Trade & Development Bank of Mongolia LLC 8.5% 10/25/13 (Reg.S)		200,000		192,000
Turkiye Garanti Bankasi AS:
2.7513% 4/20/16 (f)(k)		400,000		360,000
6.25% 4/20/21 (f)		400,000		364,000
Turkiye Is Bankasi AS 5.1% 2/1/16 (f)		500,000		482,500
US Bank NA 4.375% 2/28/17 (k)	EUR	100,000		123,932
Vimpel Communications 8.25% 5/23/16 (Reg. S) (Issued by UBS Luxembourg SA for Vimpel Communications)		990,000		950,400
				13,379,753
Consumer Finance - 1.7%
Ally Financial, Inc.:
3.4784% 2/11/14 (k)		1,530,000		1,392,300
7.5% 9/15/20		1,605,000		1,428,450
8% 3/15/20		3,940,000		3,646,943
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Consumer Finance - continued
Ford Motor Credit Co. LLC 12% 5/15/15		$ 1,620,000		$ 1,972,350
General Motors Acceptance Corp.:
6.75% 12/1/14		915,000		873,825
8% 11/1/31		490,000		447,803
GMAC LLC:
6.75% 12/1/14		280,000		266,000
8% 11/1/31		6,473,000		5,599,145
				15,626,816
Diversified Financial Services - 3.0%
Aquarius Investments Luxemburg 8.25% 2/18/16		400,000		392,000
Bank of America Corp. 8% (g)(k)		190,000		153,900
Biz Finance PLC 8.375% 4/27/15 (Reg. S)		550,000		467,500
BP Capital Markets PLC:
3.83% 10/6/17	EUR	250,000		344,071
4.325% 12/10/18	GBP	400,000		638,230
Bumble Bee Holdco SCA 9.625% 3/15/18 pay-in-kind (f)(k)		335,000		261,300
Canada Housing Trust No. 1 1.3293% 9/15/16 (k)	CAD	3,050,000		2,891,143
CCO Holdings LLC/CCO Holdings Capital Corp.:
6.5% 4/30/21		935,000		883,575
7.875% 4/30/18		235,000		239,113
8.125% 4/30/20		565,000		587,600
CDW LLC/CDW Finance Corp. 8% 12/15/18 (f)		140,000		138,600
City of Buenos Aires 12.5% 4/6/15 (f)		1,060,000		1,060,000
CM-CIC Covered Bonds 4.375% 3/17/21	EUR	100,000		141,996
Dignity Finance PLC:
6.31% 12/31/23 (Reg. S)	GBP	19,081		35,189
8.151% 12/31/30	GBP	30,000		58,708
European Union:
3.25% 4/4/18	EUR	2,300,000		3,246,282
3.375% 5/10/19	EUR	700,000		995,151
Fibria Overseas Finance Ltd. 6.75% 3/3/21 (f)		180,000		162,900
FireKeepers Development Authority 13.875% 5/1/15 (f)		100,000		113,000
General Motors Financial Co., Inc. 6.75% 6/1/18 (f)		575,000		552,000
Hilcorp Energy I LP/Hilcorp Finance Co. 7.625% 4/15/21 (f)		360,000		358,200
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
7.75% 1/15/16		1,195,000		1,193,506
8% 1/15/18		2,308,000		2,299,345

		Principal Amount (d)		Value
Imperial Tobacco Finance 4.5% 7/5/18	EUR	250,000		$ 342,280
Indo Energy Finance BV 7% 5/7/18 (f)		200,000		170,000
Landrys Holdings, Inc. 11.5% 6/1/14 (f)		270,000		259,200
LBI Escrow Corp. 8% 11/1/17 (f)		521,000		569,193
NCO Group, Inc. 11.875% 11/15/14		120,000		108,600
Offshore Group Investment Ltd.:
11.5% 8/1/15		710,000		727,750
11.5% 8/1/15 (f)		160,000		164,000
Rearden G Holdings Eins GmbH 7.875% 3/30/20 (f)		345,000		331,200
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:
6.875% 2/15/21 (f)		335,000		305,688
8.25% 2/15/21 (f)		1,955,000		1,573,775
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) 7.875% 8/15/19 (f)		365,000		356,788
Spencer Spirit Holdings, Inc./Spencer Gifts LLC/Spirit Halloween Superstores 11% 5/1/17 (f)		255,000		244,800
Steel Capital SA Ln Partner Net Program 6.25% 7/26/16 (f)		355,000		303,525
T2 Capital Finance Co. SA 6.95% 2/6/17 (Reg. S) (e)		300,000		297,375
TMK Capital SA 7.75% 1/27/18		200,000		179,500
Transportation Union LLC/Transportation Union Financing Corp. 11.375% 6/15/18		1,055,000		1,155,225
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH 8.125% 12/1/17 (f)		560,000		551,600
UPCB Finance III Ltd. 6.625% 7/1/20 (f)		345,000		319,125
Vnesheconombank Via VEB Finance Ltd. 6.8% 11/22/25 (f)		200,000		188,000
Wind Acquisition Holdings Finance SA 12.25% 7/15/17 pay-in-kind (f)(k)		1,576,831		1,168,016
WM Finance Corp. 11.5% 10/1/18 (f)		1,000,000		885,000
Zhaikmunai Finance BV 10.5% 10/19/15 (f)		725,000		627,125
				28,041,074
Insurance - 0.0%
CNO Financial Group, Inc. 9% 1/15/18 (f)		255,000		260,100
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - 0.2%
MPT Operating Partnership LP/MPT Finance Corp. 6.875% 5/1/21 (f)		$ 725,000		$ 688,750
Omega Healthcare Investors, Inc.:
6.75% 10/15/22		725,000		692,375
7.5% 2/15/20		385,000		386,925
Senior Housing Properties Trust 8.625% 1/15/12		280,000		284,496
				2,052,546
Real Estate Management & Development - 0.1%
CB Richard Ellis Services, Inc. 6.625% 10/15/20		480,000		459,600
Realogy Corp.:
7.875% 2/15/19 (f)		397,000		305,690
12% 4/15/17		139,213		94,665
Toys 'R' Us Property Co. II LLC 8.5% 12/1/17		65,000		64,025
				923,980
TOTAL FINANCIALS				61,103,478
HEALTH CARE - 2.9%
Health Care Providers & Services - 2.1%
Apria Healthcare Group, Inc. 11.25% 11/1/14		505,000		482,275
CRC Health Group, Inc. 10.75% 2/1/16		90,000		88,875
DaVita, Inc.:
6.375% 11/1/18		1,180,000		1,132,800
6.625% 11/1/20		1,375,000		1,313,125
ExamWorks Group, Inc. 9% 7/15/19 (f)		300,000		279,000
Gentiva Health Services, Inc. 11.5% 9/1/18		475,000		370,500
Hanger Orthopedic Group, Inc. 7.125% 11/15/18		1,230,000		1,202,325
HCA Holdings, Inc. 7.75% 5/15/21 (f)		6,160,000		5,728,800
HCA, Inc.:
6.5% 2/15/16		275,000		265,375
6.5% 2/15/20		2,410,000		2,337,700
7.25% 9/15/20		1,935,000		1,944,675
7.5% 2/15/22		1,040,000		954,200
HealthSouth Corp. 8.125% 2/15/20		575,000		543,375
IASIS Healthcare LLC/IASIS Capital Corp. 8.375% 5/15/19 (f)		1,210,000		986,150
InVentiv Health, Inc. 10% 8/15/18 (f)		75,000		65,250

		Principal Amount (d)		Value
Kindred Escrow Corp. 8.25% 6/1/19 (f)		$ 190,000		$ 143,925
LifePoint Hospitals, Inc. 6.625% 10/1/20		610,000		600,850
ResCare, Inc. 10.75% 1/15/19		240,000		238,200
Rotech Healthcare, Inc.:
10.5% 3/15/18		220,000		177,650
10.75% 10/15/15		345,000		343,275
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18		105,000		98,963
Skilled Healthcare Group, Inc. 11% 1/15/14		78,000		73,710
UHS Escrow Corp. 7% 10/1/18		85,000		82,025
United Surgical Partners International, Inc. 8.875% 5/1/17		55,000		55,000
Vanguard Health Holding Co. II LLC / Vanguard Holding Co. II, Inc. 7.75% 2/1/19		375,000		332,813
Vanguard Health Systems, Inc. 0% 2/1/16		21,000		13,545
				19,854,381
Health Care Technology - 0.1%
ConvaTec Healthcare ESA 10.5% 12/15/18 (f)		425,000		374,000
Pharmaceuticals - 0.7%
Elan Finance PLC/Elan Finance Corp. 8.75% 10/15/16		435,000		448,050
Giant Funding Corp. 8.25% 2/1/18 (f)		430,000		424,625
Leiner Health Products, Inc. 11% 6/1/12 (c)		90,000		4,500
Mylan, Inc.:
6% 11/15/18 (f)		950,000		933,375
7.625% 7/15/17 (f)		315,000		324,450
7.875% 7/15/20 (f)		570,000		592,800
Valeant Pharmaceuticals International:
6.75% 8/15/21 (f)		2,800,000		2,464,000
6.875% 12/1/18 (f)		1,365,000		1,255,800
7% 10/1/20 (f)		405,000		363,488
				6,811,088
TOTAL HEALTH CARE				27,039,469
INDUSTRIALS - 3.1%
Aerospace & Defense - 0.1%
Alion Science & Technology Corp.:
10.25% 2/1/15		50,000		30,500
12% 11/1/14 pay-in-kind		117,566		102,465
DigitalGlobe, Inc. 10.5% 5/1/14		185,000		204,425
GeoEye, Inc. 9.625% 10/1/15		75,000		83,063
Hexcel Corp. 6.75% 2/1/15		34,000		34,425
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
INDUSTRIALS - continued
Aerospace & Defense - continued
Huntington Ingalls Industries, Inc.:
6.875% 3/15/18 (f)		$ 150,000		$ 138,000
7.125% 3/15/21 (f)		150,000		137,625
				730,503
Air Freight & Logistics - 0.0%
Air Medical Group Holdings, Inc. 9.25% 11/1/18 (f)		285,000		285,000
Airlines - 0.7%
Air Canada 9.25% 8/1/15 (f)		595,000		556,325
American Airlines, Inc. equipment trust certificate 13% 8/1/16		264,652		276,561
American Airlines, Inc. pass-thru trust certificates 10.375% 7/2/19		380,140		414,353
Continental Airlines, Inc.:
pass-thru trust certificates 6.903% 4/19/22		48,652		47,193
3.4522% 6/2/13 (k)		2,532,916		2,368,276
Continental Airlines, Inc. 7.25% 11/10/19		371,248		386,097
Delta Air Lines, Inc. 9.5% 9/15/14 (f)		103,000		105,833
Delta Air Lines, Inc. pass-thru trust certificates:
6.821% 8/10/22		555,910		560,080
8.021% 8/10/22		240,210		234,205
Northwest Airlines, Inc. pass-thru trust certificates:
7.027% 11/1/19		123,286		122,362
8.028% 11/1/17		45,647		43,821
United Air Lines, Inc.:
9.875% 8/1/13 (f)		154,000		157,465
12% 11/1/13 (f)		270,000		278,100
United Air Lines, Inc. pass-thru trust certificates 9.75% 1/15/17		591,412		638,725
US Airways 2011-1 Class A pass-thru trust certificates 7.125% 4/22/25		490,000		465,500
				6,654,896
Building Products - 0.0%
Building Materials Corp. of America 6.75% 5/1/21 (f)		425,000		403,750
Commercial Services & Supplies - 0.9%
ACCO Brands Corp. 10.625% 3/15/15		45,000		48,488
ADS Tactical, Inc. 11% 4/1/18 (f)		145,000		142,463
American Reprographics Co. 10.5% 12/15/16		395,000		355,500
B-Corp Merger Sub, Inc. 8.25% 6/1/19 (f)		270,000		241,650
Casella Waste Systems, Inc.:
7.75% 2/15/19 (f)		100,000		94,000

		Principal Amount (d)		Value
11% 7/15/14		$ 105,000		$ 111,563
Cenveo Corp. 10.5% 8/15/16 (f)		175,000		140,000
Covanta Holding Corp. 7.25% 12/1/20		430,000		429,713
Garda World Security Corp. 9.75% 3/15/17 (f)		185,000		188,700
International Lease Finance Corp.:
5.75% 5/15/16		465,000		415,013
6.25% 5/15/19		1,395,000		1,213,859
6.75% 9/1/16 (f)		380,000		377,150
7.125% 9/1/18 (f)		760,000		746,700
8.25% 12/15/20		720,000		691,200
8.625% 9/15/15		655,000		645,175
8.75% 3/15/17		1,525,000		1,517,375
The Geo Group, Inc. 7.75% 10/15/17		220,000		226,600
United Rentals North America, Inc. 8.375% 9/15/20		605,000		567,188
WP Rocket Merger Sub, Inc. 10.125% 7/15/19 (f)		320,000		294,400
				8,446,737
Construction & Engineering - 0.1%
Odebrecht Finance Ltd.:
7% 4/21/20 (f)		205,000		213,200
7.5% (f)(g)		355,000		344,350
				557,550
Electrical Equipment - 0.0%
General Cable Corp. 7.125% 4/1/17		40,000		40,000
Sensata Technologies BV 6.5% 5/15/19 (f)		485,000		448,625
				488,625
Industrial Conglomerates - 0.1%
Sequa Corp.:
11.75% 12/1/15 (f)		705,000		722,625
13.5% 12/1/15 pay-in-kind (f)		280,685		291,912
				1,014,537
Machinery - 0.2%
Accuride Corp. 9.5% 8/1/18		55,000		50,600
ArvinMeritor, Inc. 10.625% 3/15/18		170,000		161,500
Chart Industries, Inc. 9.125% 10/15/15		60,000		61,825
Navistar International Corp. 8.25% 11/1/21		710,000		727,750
Terex Corp. 10.875% 6/1/16		330,000		356,400
Xerium Technologies, Inc. 8.875% 6/15/18 (f)		360,000		300,600
				1,658,675
Marine - 0.2%
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc. 8.625% 11/1/17		220,000		184,800
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
INDUSTRIALS - continued
Marine - continued
Navios Maritime Holdings, Inc.:
8.125% 2/15/19		$ 385,000		$ 323,400
8.875% 11/1/17		875,000		853,125
Navios South American Logisitcs, Inc./Navios Logistics Finance U.S., Inc. 9.25% 4/15/19 (f)		120,000		105,600
SCF Capital Ltd. 5.375% 10/27/17 (f)		200,000		172,000
Ultrapetrol (Bahamas) Ltd. 9% 11/24/14		95,000		91,200
				1,730,125
Professional Services - 0.1%
CDRT Merger Sub, Inc. 8.125% 6/1/19 (f)		580,000		530,700
Road & Rail - 0.6%
Georgian Railway Ltd. 9.875% 7/22/15		200,000		195,000
Kansas City Southern de Mexico SA de CV:
6.125% 6/15/21		230,000		230,000
8% 2/1/18		2,500,000		2,700,000
12.5% 4/1/16		855,000		991,800
Swift Services Holdings, Inc. 10% 11/15/18		800,000		772,000
Western Express, Inc. 12.5% 4/15/15 (f)		485,000		326,163
				5,214,963
Trading Companies & Distributors - 0.1%
Aircastle Ltd. 9.75% 8/1/18		755,000		755,000
Transportation Infrastructure - 0.0%
Aeropuertos Argentina 2000 SA 10.75% 12/1/20 (f)		333,680		340,354
TOTAL INDUSTRIALS				28,811,415
INFORMATION TECHNOLOGY - 1.6%
Communications Equipment - 0.5%
Avaya, Inc.:
9.75% 11/1/15		555,000		396,825
10.125% 11/1/15 pay-in-kind (k)		370,000		266,400
Brocade Communications Systems, Inc.:
6.625% 1/15/18		620,000		635,500
6.875% 1/15/20		170,000		173,604
Lucent Technologies, Inc.:
6.45% 3/15/29		3,620,000		3,004,600
6.5% 1/15/28		430,000		356,900
ViaSat, Inc. 8.875% 9/15/16		105,000		106,575
				4,940,404

		Principal Amount (d)		Value
Computers & Peripherals - 0.2%
Seagate HDD Cayman:
7% 11/1/21 (f)		$ 580,000		$ 516,200
7.75% 12/15/18 (f)		795,000		761,213
				1,277,413
Electronic Equipment & Components - 0.2%
Atkore International, Inc. 9.875% 1/1/18 (f)		190,000		171,950
Reddy Ice Corp.:
11.25% 3/15/15		1,875,000		1,710,938
13.25% 11/1/15		130,000		89,050
				1,971,938
Internet Software & Services - 0.1%
Equinix, Inc. 8.125% 3/1/18		665,000		698,250
IT Services - 0.2%
Ceridian Corp. 11.25% 11/15/15		275,000		226,875
Fidelity National Information Services, Inc.:
7.625% 7/15/17		240,000		250,200
7.875% 7/15/20		320,000		332,800
SunGard Data Systems, Inc. 7.375% 11/15/18		385,000		359,975
Telcordia Technologies, Inc. 11% 5/1/18 (f)		580,000		722,100
Unisys Corp.:
12.5% 1/15/16		210,000		223,650
12.75% 10/15/14 (f)		17,000		19,210
				2,134,810
Semiconductors & Semiconductor Equipment - 0.4%
Advanced Micro Devices, Inc.:
7.75% 8/1/20		135,000		134,325
8.125% 12/15/17		270,000		272,700
Freescale Semiconductor, Inc. 10.75% 8/1/20		198,000		198,000
NXP BV/NXP Funding LLC 9.75% 8/1/18 (f)		2,420,000		2,541,000
Spansion LLC 11.25% 1/15/16 (c)(f)		255,000		21,782
STATS ChipPAC Ltd. 7.5% 8/12/15 (f)		200,000		192,000
Viasystems, Inc. 12% 1/15/15 (f)		310,000		331,700
				3,691,507
Software - 0.0%
Open Solutions, Inc. 9.75% 2/1/15 (f)		50,000		25,750
TOTAL INFORMATION TECHNOLOGY				14,740,072
MATERIALS - 2.4%
Chemicals - 0.5%
Braskem America Finance Co. 7.125% 7/22/41 (f)		205,000		190,650
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
MATERIALS - continued
Chemicals - continued
Braskem Finance Ltd.:
5.75% 4/15/21 (f)		$ 200,000		$ 183,000
7% 5/7/20 (f)		180,000		180,900
Celanese US Holdings LLC 5.875% 6/15/21		235,000		235,588
Ferro Corp. 7.875% 8/15/18		360,000		360,000
Georgia Gulf Corp. 9% 1/15/17 (f)		860,000		870,750
Ineos Finance PLC 9% 5/15/15 (f)		215,000		201,563
Inergy LP/Inergy Finance Corp. 6.875% 8/1/21		520,000		475,800
Nalco Co. 6.625% 1/15/19 (f)		555,000		607,725
NOVA Chemicals Corp.:
3.542% 11/15/13 (k)		105,000		100,800
6.5% 1/15/12		375,000		375,000
OMNOVA Solutions, Inc. 7.875% 11/1/18		95,000		76,000
OXEA Finance & CY S.C.A. 9.5% 7/15/17 (f)		294,000		285,180
PolyOne Corp. 7.375% 9/15/20		155,000		160,425
Solutia, Inc.:
7.875% 3/15/20		175,000		182,000
8.75% 11/1/17		85,000		89,250
TPC Group LLC 8.25% 10/1/17 (f)		190,000		186,200
				4,760,831
Containers & Packaging - 0.8%
ARD Finance SA 11.125% 6/1/18 pay-in-kind (f)		410,000		323,900
Ardagh Packaging Finance PLC:
7.375% 10/15/17 (f)		200,000		187,000
9.125% 10/15/20 (f)		560,000		498,400
Ball Corp. 5.75% 5/15/21		3,000,000		2,925,000
Berry Plastics Corp.:
8.25% 11/15/15		385,000		390,775
9.75% 1/15/21		858,000		746,460
Berry Plastics Holding Corp. 4.2221% 9/15/14 (k)		45,000		38,700
BWAY Holding Co. 10% 6/15/18		205,000		217,300
BWAY Parent Co., Inc. 10.875% 11/1/15 pay-in-kind (k)		205,897		191,092
Crown Americas LLC/Crown Americas Capital Corp. III 6.25% 2/1/21 (f)		460,000		461,150
Crown Cork & Seal, Inc.:
7.375% 12/15/26		1,210,000		1,197,900
7.5% 12/15/96		160,000		121,600
				7,299,277

		Principal Amount (d)		Value
Metals & Mining - 0.9%
Aleris International, Inc.:
6% 6/1/20 (f)		$ 1,759		$ 1,759
9% 12/15/14 pay-in-kind (c)(k)		150,000		750
Alrosa Finance SA:
(Reg. S) 8.875% 11/17/14		325,000		333,125
7.75% 11/3/20 (f)		200,000		186,000
Aperam:
7.375% 4/1/16 (f)		150,000		124,500
7.75% 4/1/18 (f)		150,000		121,500
Boart Longyear Management Pty Ltd. 7% 4/1/21 (f)		190,000		186,200
Calcipar SA 6.875% 5/1/18 (f)		200,000		175,500
Edgen Murray Corp. 12.25% 1/15/15		675,000		594,000
Evraz Group SA:
8.25% 11/10/15 (f)		370,000		355,200
9.5% 4/24/18 (Reg. S)		285,000		276,450
FMG Resources (August 2006) Pty Ltd.:
6.375% 2/1/16 (f)		635,000		568,325
6.875% 2/1/18 (f)		1,365,000		1,214,850
7% 11/1/15 (f)		790,000		738,650
McJunkin Red Man Corp. 9.5% 12/15/16		740,000		680,800
Metinvest BV 10.25% 5/20/15 (f)		360,000		324,000
Midwest Vanadium Pty Ltd. 11.5% 2/15/18 (f)		380,000		304,000
Mirabela Nickel Ltd. 8.75% 4/15/18 (f)		100,000		84,000
Rain CII Carbon LLC/CII Carbon Corp. 8% 12/1/18 (f)		300,000		291,000
RathGibson, Inc. 11.25% 2/15/14 (c)		297,265		30
Severstal Columbus LLC 10.25% 2/15/18		555,000		566,100
Southern Copper Corp. 6.75% 4/16/40		320,000		311,683
SunCoke Energy, Inc. 7.625% 8/1/19 (f)		125,000		115,625
Vedanta Resources PLC:
6.75% 6/7/16 (f)		530,000		424,000
8.25% 6/7/21 (f)		200,000		157,000
Votorantim Cimentos SA 7.25% 4/5/41 (f)		200,000		189,000
				8,324,047
Paper & Forest Products - 0.2%
ABI Escrow Corp. 10.25% 10/15/18 (f)		1,264,000		1,330,360
Clearwater Paper Corp. 7.125% 11/1/18		105,000		103,425
Georgia-Pacific LLC 5.4% 11/1/20 (f)		560,000		566,272
Glatfelter 7.125% 5/1/16		40,000		40,200
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
MATERIALS - continued
Paper & Forest Products - continued
NewPage Corp.:
6.504% 5/1/12 (c)(k)		$ 90,000		$ 9,900
11.375% 12/31/14 (c)		345,000		256,163
Sino-Forest Corp. 6.25% 10/21/17 (f)		335,000		77,050
Solo Cup Co. 8.5% 2/15/14		135,000		118,125
				2,501,495
TOTAL MATERIALS				22,885,650
TELECOMMUNICATION SERVICES - 5.4%
Diversified Telecommunication Services - 3.0%
Alestra SA de RL de CV 11.75% 8/11/14		650,000		708,500
Citizens Communications Co.:
7.875% 1/15/27		280,000		242,200
9% 8/15/31		220,000		187,550
Clearwire Communications LLC/Clearwire Finance, Inc. 12% 12/1/15 (f)		25,000		21,188
Frontier Communications Corp.:
8.25% 4/15/17		870,000		841,725
8.5% 4/15/20		1,595,000		1,531,200
8.75% 4/15/22		1,090,000		1,081,825
Global Crossing Ltd. 12% 9/15/15		1,920,000		2,176,800
Sprint Capital Corp.:
6.875% 11/15/28		5,962,000		4,426,785
6.9% 5/1/19		1,190,000		1,023,400
8.75% 3/15/32		10,985,000		9,543,219
Telemar Norte Leste SA 5.5% 10/23/20 (f)		140,000		133,700
U.S. West Communications:
6.875% 9/15/33		200,000		189,000
7.25% 9/15/25		35,000		33,775
7.25% 10/15/35		70,000		67,200
7.5% 6/15/23		30,000		28,650
Wind Acquisition Finance SA:
7.25% 2/15/18 (f)		960,000		819,600
11.75% 7/15/17 (f)		4,944,000		4,326,000
				27,382,317
Wireless Telecommunication Services - 2.4%
Clearwire Escrow Corp. 12% 12/1/15 (f)		295,000		248,538
Cricket Communications, Inc.:
7.75% 10/15/20		785,000		682,950
7.75% 10/15/20 (f)		2,879,000		2,475,940
Digicel Group Ltd.:
8.25% 9/1/17 (f)		990,000		930,600
8.875% 1/15/15 (f)		2,315,000		2,199,250

		Principal Amount (d)		Value
9.125% 1/15/15 pay-in-kind (f)(k)		$ 1,297,000		$ 1,238,635
10.5% 4/15/18 (f)		2,495,000		2,457,575
12% 4/1/14 (f)		1,145,000		1,248,050
Intelsat Jackson Holdings SA:
7.25% 4/1/19 (f)		1,000,000		920,000
7.5% 4/1/21 (f)		1,885,000		1,743,625
8.5% 11/1/19		325,000		323,375
9.5% 6/15/16		1,215,000		1,248,413
MTS International Funding Ltd. 8.625% 6/22/20 (f)		610,000		606,950
NII Capital Corp.:
7.625% 4/1/21		905,000		905,000
10% 8/15/16		765,000		843,413
Pakistan Mobile Communications Ltd. 8.625% 11/13/13 (f)		1,050,000		966,000
Telemovil Finance Co. Ltd. 8% 10/1/17 (f)		630,000		630,000
VimpelCom Holdings BV 7.5043% 3/1/22 (f)		1,820,000		1,456,000
VIP Finance Ireland Ltd.:
6.493% 2/2/16 (f)		350,000		320,250
7.748% 2/2/21 (f)		1,385,000		1,163,400
				22,607,964
TOTAL TELECOMMUNICATION SERVICES				49,990,281
UTILITIES - 2.2%
Electric Utilities - 0.3%
Aguila 3 SA 7.875% 1/31/18 (f)		250,000		225,000
Empresa Distribuidora y Comercializadora Norte SA 9.75% 10/25/22 (f)		150,000		125,250
InterGen NV 9% 6/30/17 (f)		1,255,000		1,276,963
Majapahit Holding BV:
7.75% 10/17/16 (Reg. S)		175,000		190,750
7.75% 1/20/20 (f)		265,000		294,150
8% 8/7/19 (f)		265,000		296,800
National Power Corp. 6.875% 11/2/16 (f)		200,000		222,000
				2,630,913
Gas Utilities - 0.2%
Intergas Finance BV 6.375% 5/14/17 (Reg. S)		155,000		158,100
Southern Natural Gas Co.:
7.35% 2/15/31		175,000		205,565
8% 3/1/32		350,000		452,284
Star Gas Partners LP/Star Gas Finance Co. 8.875% 12/1/17		210,000		212,625
Transportadora de Gas del Sur SA 7.875% 5/14/17 (f)		745,000		659,325
				1,687,899
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
UTILITIES - continued
Independent Power Producers & Energy Traders - 1.7%
Calpine Corp.:
7.875% 7/31/20 (f)		$ 745,000		$ 718,925
7.875% 1/15/23 (f)		2,345,000		2,262,925
Dolphin Subsidiary II, Inc. 7.25% 10/15/21 (f)		900,000		877,500
Energy Future Holdings Corp. 10% 1/15/20		2,720,000		2,611,200
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.:
10% 12/1/20		4,377,000		4,223,805
11% 10/1/21 (f)		2,486,000		2,287,120
NRG Energy, Inc.:
7.625% 5/15/19 (f)		655,000		589,500
7.875% 5/15/21 (f)		655,000		589,500
Power Sector Assets and Liabilities Management Corp.:
7.25% 5/27/19 (f)		335,000		384,413
7.39% 12/2/24 (f)		280,000		322,700
TXU Corp.:
6.5% 11/15/24		1,070,000		406,600
6.55% 11/15/34		1,625,000		601,250
				15,875,438
Water Utilities - 0.0%
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 6.25% 12/16/20 (f)		200,000		199,000
South East Water Ltd. Class 2A, 5.5834% 3/29/29	GBP	165,000		268,970
				467,970
TOTAL UTILITIES				20,662,220
TOTAL NONCONVERTIBLE BONDS				312,231,448
TOTAL CORPORATE BONDS (Cost $334,234,041)			321,979,883
U.S. Government and Government Agency Obligations - 22.0%

U.S. Government Agency Obligations - 0.9%
Fannie Mae:
0.375% 12/28/12		930,000		933,754
0.5% 8/9/13		1,476,000		1,477,776
0.625% 10/30/14		379,000		378,234
1.125% 6/27/14		136,000		138,051

		Principal Amount (d)		Value
Federal Home Loan Bank:
0.5% 8/28/13		$ 1,005,000		$ 1,006,759
0.875% 8/22/12		495,000		497,605
0.875% 12/27/13		50,000		50,446
Freddie Mac:
0.375% 11/30/12		227,000		227,859
1% 7/30/14		467,000		472,536
1% 8/27/14		408,000		412,666
Tennessee Valley Authority:
3.875% 2/15/21		500,000		563,772
5.25% 9/15/39		400,000		518,185
5.375% 4/1/56		1,200,000		1,646,262
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS				8,323,905
U.S. Treasury Inflation Protected Obligations - 0.2%
U.S. Treasury Inflation-Indexed Bonds 2.125% 2/15/41		1,547,430		1,982,197
U.S. Treasury Obligations - 18.8%
U.S. Treasury Bonds:
3.75% 8/15/41		2,125,000		2,483,594
4.375% 2/15/38		675,000		864,844
4.375% 5/15/41		12,781,000		16,563,409
4.75% 2/15/37		450,000		606,515
5.25% 2/15/29		2,381,000		3,260,853
6.125% 8/15/29		700,000		1,052,407
6.25% 8/15/23 (j)		4,224,000		6,032,400
7.5% 11/15/16		655,000		869,103
7.5% 11/15/24		780,000		1,243,125
7.875% 2/15/21		200,000		305,562
8% 11/15/21		870,000		1,360,871
U.S. Treasury Notes:
0.125% 8/31/13		6,600,000		6,584,530
0.25% 9/15/14		5,834,000		5,808,039
0.375% 6/30/13		7,500,000		7,517,550
0.375% 7/31/13		3,280,000		3,287,560
0.5% 8/15/14		4,306,000		4,319,133
0.625% 7/15/14		10,041,000		10,106,869
0.75% 6/15/14		1,404,000		1,418,150
1% 9/30/16		10,128,000		10,151,700
1.25% 10/31/15		3,260,000		3,331,058
1.5% 7/31/16		10,047,000		10,324,096
1.5% 8/31/18		20,607,000		20,732,531
1.75% 7/31/15		4,750,000		4,952,255
1.875% 8/31/17		3,300,000		3,430,970
1.875% 9/30/17		1,900,000		1,974,368
2.125% 11/30/14		3,932,000		4,136,279
2.125% 5/31/15		1,958,000		2,067,061
2.125% 8/15/21		3,700,000		3,771,706
2.375% 8/31/14		12,800,000		13,523,994
2.375% 9/30/14		942,000		996,680
2.375% 10/31/14		4,724,000		5,003,009
2.5% 4/30/15		3,089,000		3,300,646
U.S. Government and Government Agency Obligations - continued
		Principal Amount (d)		Value
U.S. Treasury Obligations - continued
U.S. Treasury Notes: - continued
2.625% 7/31/14		$ 1,035,000		$ 1,099,688
2.75% 11/30/16		1,500,000		1,633,242
3% 2/28/17		1,500,000		1,653,750
3.125% 10/31/16		1,340,000		1,483,108
3.125% 1/31/17		1,636,000		1,813,532
3.125% 5/15/19		1,232,000		1,374,162
3.625% 8/15/19		1,109,000		1,278,123
4.25% 11/15/17		1,975,000		2,331,272
4.5% 5/15/17		1,172,000		1,390,651
TOTAL U.S. TREASURY OBLIGATIONS				175,438,395
Other Government Related - 2.1%
Bank of America Corp.:
2.1% 4/30/12 (FDIC Guaranteed) (h)		200,000		202,169
3.125% 6/15/12 (FDIC Guaranteed) (h)		9,000		9,185
Citibank NA 1.875% 5/7/12 (FDIC Guaranteed) (h)		1,350,000		1,362,841
Citigroup Funding, Inc.:
1.875% 10/22/12 (FDIC Guaranteed) (h)		4,000,000		4,063,192
1.875% 11/15/12 (FDIC Guaranteed) (h)		525,000		534,000
2% 3/30/12 (FDIC Guaranteed) (h)		250,000		252,052
2.125% 7/12/12 (FDIC Guaranteed) (h)		172,000		174,534
General Electric Capital Corp.:
2% 9/28/12 (FDIC Guaranteed) (h)		1,693,000		1,721,676
2.125% 12/21/12 (FDIC Guaranteed) (h)		1,000,000		1,021,823
2.625% 12/28/12 (FDIC Guaranteed) (h)		384,000		394,870
3% 12/9/11 (FDIC Guaranteed) (h)		310,000		311,651
GMAC, Inc. 1.75% 10/30/12 (FDIC Guaranteed) (h)		1,360,000		1,381,219
Goldman Sachs Group, Inc. 3.25% 6/15/12 (FDIC Guaranteed) (h)		9,000		9,191
JPMorgan Chase & Co.:
2.2% 6/15/12 (FDIC Guaranteed) (h)		530,000		537,074
3.125% 12/1/11 (FDIC Guaranteed) (h)		50,000		50,232
National Credit Union Administration Guaranteed Notes:
Series 2010-A1 Class A, 0.5555% 12/7/20 (NCUA Guaranteed) (k)		423,292		424,151

		Principal Amount (d)		Value
Series 2011-R1 Class 1A, 0.6744% 1/8/20 (NCUA Guaranteed) (k)		$ 645,042		$ 645,848
Series 2011-R4 Class 1A, 0.5808% 3/6/20 (NCUA Guaranteed) (k)		451,969		452,181
National Credit Union Administration Guaranteed Notes Master Trust:
1.4% 6/12/15 (NCUA Guaranteed)		330,000		334,963
2.35% 6/12/17 (NCUA Guaranteed)		2,930,000		3,053,031
3.45% 6/12/21 (NCUA Guaranteed)		2,400,000		2,591,449
TOTAL OTHER GOVERNMENT RELATED				19,527,332
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $195,175,174)			205,271,829
U.S. Government Agency - Mortgage Securities - 1.8%

Fannie Mae Mortgage pass-thru certificates - 0.9%
2.033% 9/1/33 (k)		42,640		44,180
2.05% 11/1/35 (k)		40,437		41,739
2.297% 11/1/33 (k)		7,409		7,633
2.303% 6/1/36 (k)		3,233		3,371
2.39% 1/1/35 (k)		22,546		23,428
2.412% 10/1/35 (k)		5,158		5,347
2.504% 11/1/36 (k)		6,101		6,437
2.509% 2/1/36 (k)		9,053		9,488
2.527% 6/1/47 (k)		11,630		12,251
2.528% 7/1/35 (k)		42,389		44,612
2.536% 3/1/33 (k)		12,347		12,934
2.561% 2/1/37 (k)		47,475		49,997
2.587% 5/1/35 (k)		70,111		74,063
2.606% 5/1/36 (k)		6,012		6,246
2.635% 4/1/36 (k)		35,255		37,253
2.702% 9/1/36 (k)		10,369		10,751
2.937% 8/1/35 (k)		61,762		65,525
3.341% 1/1/40 (k)		1,244,887		1,289,815
3.5% 2/1/41		464,437		477,949
3.693% 5/1/40 (k)		229,720		238,870
3.792% 6/1/40 (k)		241,493		251,440
4% 9/1/13		7,820		8,248
4.5% 10/1/41 (i)		5,000,000		5,305,158
5.5% 10/1/20 to 4/1/21		717,073		777,754
5.963% 3/1/37 (k)		6,365		6,836
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount (d)		Value
Fannie Mae Mortgage pass-thru certificates - continued
6% 6/1/16 to 10/1/16		$ 10,335		$ 11,065
6.5% 4/1/12 to 7/1/26		34,513		37,543
TOTAL FANNIE MAE MORTGAGE PASS-THRU CERTIFICATES				8,859,933
Freddie Mac - 0.4%
1.901% 3/1/35 (k)		13,925		14,300
2.046% 5/1/37 (k)		8,454		8,810
2.075% 3/1/37 (k)		3,095		3,204
2.238% 1/1/36 (k)		6,335		6,577
2.285% 6/1/33 (k)		25,787		26,757
2.35% 7/1/35 (k)		28,164		29,666
2.415% 7/1/36 (k)		358,050		375,582
2.436% 6/1/37 (k)		23,779		24,921
2.448% 10/1/35 (k)		26,842		28,084
2.474% 12/1/33 (k)		55,756		58,655
2.5% 5/1/37 (k)		6,210		6,417
2.508% 12/1/36 (k)		89,977		94,121
2.508% 5/1/37 (k)		84,276		89,720
2.51% 5/1/37 (k)		47,021		49,357
2.557% 10/1/36 (k)		32,037		33,505
2.557% 4/1/37 (k)		10,103		10,631
2.615% 9/1/35 (k)		4,885		5,132
2.751% 1/1/35 (k)		69,226		72,520
2.795% 7/1/36 (k)		11,091		11,697
2.798% 7/1/35 (k)		18,077		19,018
2.93% 2/1/37 (k)		5,414		5,592
3.064% 4/1/35 (k)		60,727		63,718
3.165% 1/1/37 (k)		27,409		28,475
3.249% 10/1/35 (k)		4,401		4,699
4.5% 8/1/33		19,129		20,416
5.138% 4/1/35 (k)		2,593		2,740
5.5% 2/1/19 to 11/1/21		1,861,236		2,018,737
5.847% 6/1/37 (k)		3,325		3,473
5.947% 6/1/37 (k)		5,696		5,929
6.4% 8/1/37 (k)		13,904		14,671
6.5% 12/1/14 to 3/1/22		147,175		160,601
7.22% 4/1/37 (k)		476		502
TOTAL FREDDIE MAC				3,298,227
Ginnie Mae - 0.5%
3.5% 10/1/41 (i)		1,000,000		1,044,875
4% 9/15/25		90,416		97,043
4.751% 12/20/60 (p)		511,039		558,566

		Principal Amount (d)		Value
5.492% 4/20/60 (p)		$ 745,276		$ 833,669
5.5% 2/20/60 (p)		1,596,071		1,758,345
TOTAL GINNIE MAE				4,292,498
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $16,161,023)			16,450,658
Collateralized Mortgage Obligations - 3.9%

U.S. Government Agency - 3.9%
Fannie Mae:
planned amortization class Series 2010-118 Class PB, 4.5% 10/25/40		300,000		327,142
sequential payer:
Series 2007-113 Class DB, 4.5% 12/25/22		440,000		489,592
Series 2009-14 Class EB, 4.5% 3/25/24		340,000		372,923
Series 2010-97 Class CX, 4.5% 9/25/25		500,000		566,708
Series 2010-109 Class IM, 5.5% 9/25/40 (m)		960,558		169,626
Series 2010-97 Class CI, 4.5% 8/25/25 (m)		553,886		51,551
Fannie Mae Guaranteed Mortgage pass-thru certificates floater:
Series 2011-83 Class FB, 0.687% 9/25/41 (k)		1,223,369		1,221,866
Series 2011-89 Class FP, 0.51% 3/25/39 (k)		1,600,034		1,597,927
Fannie Mae subordinate REMIC pass-thru certificates:
floater:
Series 2008-76 Class EF, 0.7184% 9/25/23 (k)		163,591		164,213
Series 2010-86 Class FE, 0.6684% 8/25/25 (k)		246,178		247,131
Series 2011-104 Class FK, 0.6% 3/25/39 (k)		930,000		930,000
planned amortization class:
Series 2002-9 Class PC, 6% 3/25/17		4,281		4,621
Series 2003-113 Class PE, 4% 11/25/18		80,000		85,896
Series 2003-70 Class BJ, 5% 7/25/33		45,000		50,685
Series 2004-80 Class LD, 4% 1/25/19		83,078		86,227
Series 2004-81 Class KD, 4.5% 7/25/18		195,000		202,499
Series 2005-52 Class PB, 6.5% 12/25/34		50,617		54,402
Collateralized Mortgage Obligations - continued
		Principal Amount (d)		Value
U.S. Government Agency - continued
Fannie Mae subordinate REMIC pass-thru certificates: - continued
sequential payer:
Series 2002-57 Class BD, 5.5% 9/25/17		$ 16,663		$ 18,104
Series 2004-95 Class AN, 5.5% 1/25/25		55,251		59,002
Series 2005-117, Class JN, 4.5% 1/25/36		40,000		44,214
Series 2005-47 Class HK, 4.5% 6/25/20		340,000		372,327
Series 2006-72 Class CY, 6% 8/25/26		145,000		166,506
Series 2008-27 Class KB, 4.5% 4/25/23		190,000		211,242
Series 2009-85 Class IB, 4.5% 8/25/24 (m)		144,975		13,186
Series 2009-93 Class IC, 4.5% 9/25/24 (m)		271,583		23,584
Series 2010-139 Class NI, 4.5% 2/25/40 (m)		491,507		84,984
Federal National Mortgage Association Guaranteed pass-thru certificates:
floater Series 2011-63 Class FL, 0.6184% 7/25/41 (k)		1,668,121		1,672,179
Series 2011-67 Class AI, 4% 7/25/26 (m)		241,356		25,357
FHMLC Multi-class participation certificates guaranteed:
floater Series 3835, 0.579% 5/15/38 (k)		1,421,603		1,422,272
planned amortization class:
Series 3856 Class KF, 0.679% 5/15/41 (k)		1,038,643		1,038,016
Series 3867, 0.579% 4/15/40 (k)		1,808,360		1,812,905
Freddie Mac:
floater 0.529% 7/15/36 (k)		1,391,297		1,387,573
planned amortization class:
Series 2101 Class PD, 6% 11/15/28		10,142		11,233
Series 2115 Class PE, 6% 1/15/14		1,650		1,714
Series 3737 Class GB, 4.5% 4/15/39		650,000		726,117
Freddie Mac Multi-class participation certificates guaranteed:
floater:
Series 2630 Class FL, 0.729% 6/15/18 (k)		3,129		3,159
Series 3346 Class FA, 0.459% 2/15/19 (k)		773,864		775,006

		Principal Amount (d)		Value
planned amortization class:
Series 2376 Class JE, 5.5% 11/15/16		$ 17,576		$ 18,844
Series 2381 Class OG, 5.5% 11/15/16		11,597		12,398
Series 2425 Class JH, 6% 3/15/17		22,009		23,865
Series 2628 Class OE, 4.5% 6/15/18		95,000		103,058
Series 2672 Class MG, 5% 9/15/23		310,000		351,725
Series 2684 Class FP, 0.729% 1/15/33 (k)		890,000		894,875
Series 2695 Class DG, 4% 10/15/18		220,000		235,305
Series 2831 Class PB, 5% 7/15/19		200,000		216,933
Series 2866 Class XE, 4% 12/15/18		210,957		219,562
Series 2996 Class MK, 5.5% 6/15/35		21,663		24,172
Series 3147 Class PF, 0.529% 4/15/36 (k)		365,433		363,653
sequential payer:
Series 2303 Class ZV, 6% 4/15/31		26,597		29,277
Series 2570 Class CU, 4.5% 7/15/17		2,402		2,442
Series 2572 Class HK, 4% 2/15/17		444		443
Series 2645, Class BY, 4.5% 7/15/18		210,000		232,483
Series 2668 Class AZ, 4% 9/15/18		867,129		920,686
Series 2887 Class EB, 4.5% 11/15/19		420,000		461,314
Series 2930 Class KT, 4.5% 2/15/20		290,000		320,886
Series 2987 Class HE, 4.5% 6/15/20		380,000		407,828
Series 3277 Class B, 4% 2/15/22		300,000		326,982
Series 3372 Class BD, 4.5% 10/15/22		790,000		874,832
Series 3578, Class B, 4.5% 9/15/24		340,000		375,492
Series 2715 Class NG, 4.5% 12/15/18		1,000,000		1,092,101
Series 2863 Class DB, 4% 9/15/14		3,810		3,831
Ginnie Mae guaranteed REMIC pass-thru certificates:
floater:
Series 2010-H17 Class FA, 0.5508% 7/20/60 (k)(p)		668,099		657,008
Series 2010-H18 Class AF, 0.4851% 9/20/60 (k)(p)		701,367		691,723
Collateralized Mortgage Obligations - continued
		Principal Amount (d)		Value
U.S. Government Agency - continued
Ginnie Mae guaranteed REMIC pass-thru certificates: - continued
floater:
Series 2010-H19 Class FG, 0.5008% 8/20/60 (k)(p)		$ 854,472		$ 839,006
Series 2010-H27 Series FA, 0.5808% 12/20/60 (k)(p)		223,090		219,788
Series 2011-H03 Class FA, 0.7008% 1/20/61 (k)(p)		777,187		771,747
Series 2011-H05 Class FA, 0.7008% 12/20/60 (k)(p)		492,732		489,283
Series 2011-H07 Class FA, 0.7305% 2/20/61 (k)(p)		699,214		694,404
Series 2011-H12 Class FA, 0.7205% 2/20/61 (k)(p)		1,080,339		1,072,906
Series 2011-H13 Class FA, 0.7008% 4/20/61 (k)(p)		447,457		444,459
Series 2011-H14:
Class FB, 0.7008% 5/20/61 (k)(p)		496,585		493,849
Class FC, 0.7008% 5/20/61 (k)(p)		508,881		506,112
Series 2011-H17 Class FA, 0.7308% 6/20/61 (k)(p)		638,364		635,172
planned amortization:
Series 2011-61 Class OP, 5/20/40 (n)		484,302		405,207
Series 2011-79, 6/20/40 (n)		883,359		727,828
sequential payer Series 2011-69 Class GX, 4.5% 5/16/40		470,000		513,605
Series 2004-79 Class FA, 0.5305% 1/20/31 (k)		44,356		44,376
Series 2010-42 Class OP, 4/20/40 (n)		1,127,718		941,688
Series 2011-71:
Class ZB, 5.5% 8/20/34		943,249		1,106,610
Class ZC, 5.5% 7/16/34		1,075,355		1,263,942
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $35,950,476)			36,523,389
Commercial Mortgage Securities - 0.0%

London & Regional Debt Securitisation No. 1 PLC Class A, 1.0372% 10/15/14 (k)	GBP	50,000		71,749
REC Plantation Place Ltd. Series 5 Class A, 1.0628% 7/25/16 (Reg. S) (k)	GBP	48,137		71,080
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $160,157)			142,829
Foreign Government and Government Agency Obligations - 21.6%
		Principal Amount (d)		Value
Argentine Republic:
discount (with partial capitalization through 12/31/13) 8.28% 12/31/33		$ 1,258,001		$ 855,440
0.438% 8/3/12 (k)		792,500		746,847
2.5% 12/31/38 (e)		880,000		297,000
7% 9/12/13		2,520,000		2,407,930
7% 10/3/15		3,185,000		2,653,459
Bahamian Republic 6.95% 11/20/29 (f)		340,000		367,200
Bahrain Kingdom 5.5% 3/31/20		240,000		228,000
Banco Nacional de Desenvolvimento Economico e Social 6.369% 6/16/18 (f)		375,000		410,625
Belarus Republic:
8.75% 8/3/15 (Reg. S)		1,090,000		784,800
8.95% 1/26/18		500,000		353,750
Belgian Kingdom 2.75% 3/28/16	EUR	1,100,000		1,466,411
Bermuda Government 5.603% 7/20/20 (f)		185,000		200,263
Brazilian Federative Republic:
6% 1/17/17		390,000		445,575
7.125% 1/20/37		525,000		670,688
8.25% 1/20/34		250,000		351,875
8.75% 2/4/25		235,000		333,230
10.125% 5/15/27		695,000		1,094,625
12.25% 3/6/30		390,000		709,800
Canadian Government:
2% 6/1/16	CAD	10,100,000		9,921,470
3.25% 6/1/21	CAD	5,800,000		6,063,913
5% 6/1/37	CAD	1,900,000		2,534,578
Colombian Republic:
4.375% 7/12/21		405,000		413,100
7.375% 1/27/17		285,000		339,863
7.375% 3/18/19		200,000		246,500
7.375% 9/18/37		505,000		656,500
10.375% 1/28/33		565,000		889,875
11.75% 2/25/20		245,000		376,075
Congo Republic 3% 6/30/29 (e)		603,250		392,113
Croatia Republic:
6.375% 3/24/21 (f)		500,000		452,500
6.625% 7/14/20 (f)		620,000		579,700
6.75% 11/5/19 (f)		355,000		340,850
Democratic Socialist Republic of Sri Lanka:
6.25% 10/4/20 (f)		430,000		414,950
6.25% 7/27/21 (f)		410,000		393,600
7.4% 1/22/15 (f)		515,000		533,025
Dominican Republic:
1.2156% 8/30/24 (k)		495,000		423,225
7.5% 5/6/21 (f)		490,000		478,975
9.04% 1/23/18 (f)		216,409		235,886
Dutch Government 3.25% 7/15/21	EUR	1,850,000		2,684,629
Foreign Government and Government Agency Obligations - continued
		Principal Amount (d)		Value
El Salvador Republic:
7.375% 12/1/19 (f)		$ 180,000		$ 191,700
7.625% 2/1/41 (f)		175,000		168,000
7.65% 6/15/35 (Reg. S)		240,000		232,800
7.75% 1/24/23 (Reg. S)		225,000		238,500
8.25% 4/10/32 (Reg. S)		90,000		94,950
European Union 2.75% 9/21/21	EUR	250,000		333,291
French Republic:
OAT 4.5% 4/25/41	EUR	950,000		1,523,668
3.25% 10/25/21	EUR	2,800,000		3,959,270
4% 4/25/18	EUR	7,300,000		10,916,061
4% 4/25/55	EUR	500,000		741,914
Gabonese Republic 8.2% 12/12/17 (f)		330,000		361,350
Georgia Republic 6.875% 4/12/21 (f)		430,000		412,800
German Federal Republic:
1.25% 10/14/16	EUR	5,420,000		7,265,710
3.25% 7/4/21	EUR	3,080,000		4,627,799
3.25% 7/4/42	EUR	1,450,000		2,188,754
Ghana Republic:
8.5% 10/4/17 (f)		235,000		246,750
14.25% 7/29/13	GHS	280,000		176,583
14.99% 3/11/13	GHS	1,270,000		809,356
15.65% 6/3/13	GHS	175,000		112,725
Hungarian Republic:
6.25% 1/29/20		320,000		310,400
6.375% 3/29/21		775,000		747,875
7.625% 3/29/41		382,000		370,063
Indonesian Republic:
4.875% 5/5/21 (f)		400,000		404,000
5.875% 3/13/20 (f)		530,000		572,400
6.625% 2/17/37 (f)		425,000		477,063
6.875% 1/17/18 (f)		450,000		505,125
7.75% 1/17/38 (f)		610,000		765,550
8.5% 10/12/35 (Reg. S)		500,000		675,000
11.625% 3/4/19 (f)		675,000		960,188
Islamic Republic of Pakistan 7.125% 3/31/16 (f)		1,125,000		911,250
Israeli State (guaranteed by U.S. Government through Agency for International Development):
5.5% 9/18/23		1,278,000		1,625,107
5.5% 12/4/23		1,500,000		1,904,531
Italian Republic:
3.75% 8/1/16	EUR	2,400,000		3,065,677
4.25% 7/1/14	EUR	4,800,000		6,373,161
4.25% 3/1/20	EUR	3,200,000		3,939,098
5% 3/1/22	EUR	3,645,000		4,600,812
5% 9/1/40	EUR	2,340,000		2,570,181
Japan Government:
0.2% 7/15/12	JPY	40,000,000		518,964

		Principal Amount (d)		Value
0.3% 12/15/11	JPY	398,000,000		$ 5,162,270
1.1% 6/20/20	JPY	553,500,000		7,328,691
1.8% 6/20/18	JPY	285,000,000		3,993,004
1.9% 9/20/30	JPY	290,000,000		3,869,421
2% 9/20/40	JPY	41,000,000		541,296
Jordanian Kingdom 3.875% 11/12/15		200,000		185,250
Lebanese Republic:
4% 12/31/17		1,092,000		1,067,430
5.15% 11/12/18		150,000		148,320
Lithuanian Republic:
5.125% 9/14/17 (f)		140,000		138,250
6.125% 3/9/21 (f)		185,000		185,000
6.75% 1/15/15 (f)		210,000		220,500
7.375% 2/11/20 (f)		400,000		433,000
Peruvian Republic:
3% 3/7/27 (e)		135,000		117,450
5.625% 11/18/50		355,000		353,225
7.35% 7/21/25		320,000		396,800
8.75% 11/21/33		735,000		1,040,025
Philippine Republic:
5.5% 3/30/26		200,000		208,750
6.375% 1/15/32		170,000		192,746
6.375% 10/23/34		410,000		469,450
6.5% 1/20/20		250,000		289,375
7.5% 9/25/24		100,000		120,500
7.75% 1/14/31		145,000		186,151
9.5% 2/2/30		630,000		921,375
9.875% 1/15/19		245,000		328,300
10.625% 3/16/25		480,000		724,800
Polish Government:
3.875% 7/16/15		185,000		185,925
5.125% 4/21/21		315,000		314,213
6.375% 7/15/19		375,000		412,500
Provincia de Cordoba 12.375% 8/17/17 (f)		515,000		442,900
Provincia de Neuquen Argentina 7.875% 4/26/21 (f)		200,000		190,000
Republic of Iraq 5.8% 1/15/28 (Reg. S)		1,500,000		1,192,500
Republic of Nigeria 6.75% 1/28/21 (f)		355,000		343,463
Republic of Senegal 8.75% 5/13/21 (f)		235,000		225,600
Republic of Serbia:
6.75% 11/1/24 (f)		2,376,000		2,185,920
7.25% 9/28/21 (f)		355,000		337,250
Russian Federation:
3.625% 4/29/15 (f)		600,000		590,280
5% 4/29/20 (f)		400,000		394,000
7.5% 3/31/30 (Reg. S)		5,139,425		5,776,714
Foreign Government and Government Agency Obligations - continued
		Principal Amount (d)		Value
Russian Federation: - continued
11% 7/24/18 (Reg. S)		$ 240,000		$ 324,600
12.75% 6/24/28 (Reg. S)		985,000		1,642,980
Turkish Republic:
0% 2/20/13	TRY	905,000		435,080
5.625% 3/30/21		365,000		375,950
6% 1/14/41		200,000		189,500
6.75% 4/3/18		630,000		694,575
6.75% 5/30/40		555,000		581,363
6.875% 3/17/36		1,165,000		1,240,725
7% 9/26/16		590,000		656,375
7.25% 3/15/15		380,000		420,280
7.25% 3/5/38		775,000		863,195
7.375% 2/5/25		1,150,000		1,313,875
7.5% 7/14/17		725,000		828,313
7.5% 11/7/19		475,000		549,243
11.875% 1/15/30		520,000		851,500
UK Treasury GILT:
2% 1/22/16	GBP	2,845,000		4,578,290
3.75% 9/7/20	GBP	4,925,000		8,600,508
4.25% 12/7/40	GBP	4,120,000		7,241,651
Ukraine Financing of Infrastructure Projects State Enterprise 8.375% 11/3/17 (f)		655,000		602,600
Ukraine Government:
6.25% 6/17/16 (f)		705,000		630,975
6.385% 6/26/12 (f)		445,000		432,763
6.75% 11/14/17 (f)		485,000		431,650
6.875% 9/23/15 (f)		390,000		360,750
7.65% 6/11/13 (f)		635,000		612,775
7.75% 9/23/20 (f)		340,000		305,150
7.95% 2/23/21 (f)		400,000		362,000
United Arab Emirates 7.75% 10/5/20 (Reg. S)		190,000		189,050
United Mexican States:
5.125% 1/15/20		560,000		607,600
5.625% 1/15/17		720,000		801,000
5.75% 10/12/10		504,000		498,960
5.95% 3/19/19		398,000		451,730
6.05% 1/11/40		1,238,000		1,408,844
6.75% 9/27/34		775,000		951,313
7.5% 4/8/33		235,000		310,788
8.3% 8/15/31		250,000		356,250
Uruguay Republic:
7.875% 1/15/33 pay-in-kind		425,001		535,501
8% 11/18/22		553,878		689,578
Venezuelan Republic:
oil recovery rights 4/15/20 (o)		2,986		81,369
6% 12/9/20		465,000		256,913
7% 3/31/38		460,000		241,500
7.75% 10/13/19 (Reg. S)		700,000		446,250
8.5% 10/8/14		445,000		389,375

		Principal Amount (d)		Value
9% 5/7/23 (Reg. S)		$ 1,835,000		$ 1,151,463
9.25% 9/15/27		1,250,000		787,500
9.25% 5/7/28 (Reg. S)		885,000		546,488
9.375% 1/13/34		665,000		413,963
10.75% 9/19/13		475,000		465,500
11.95% 8/5/31 (Reg. S)		885,000		652,245
12.75% 8/23/22		2,110,000		1,677,450
13.625% 8/15/18		496,000		476,160
Vietnamese Socialist Republic:
1.3258% 3/12/16 (k)		238,696		202,891
4% 3/12/28 (e)		1,150,000		931,500
6.75% 1/29/20 (f)		290,000		272,600
6.875% 1/15/16 (f)		780,000		764,400
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $200,526,226)			201,544,762

Common Stocks - 0.4%
	Shares
CONSUMER DISCRETIONARY - 0.1%
Auto Components - 0.0%
Remy International, Inc. (a)	2,065		33,143
Remy International, Inc.	4,130		66,287
			99,430
Automobiles - 0.0%
General Motors Co.	289		5,832
General Motors Co.:
warrants 7/10/16 (a)	10,002		116,423
warrants 7/10/19 (a)	10,002		79,316
			201,571
Media - 0.1%
Haights Cross Communications, Inc. (a)	107		793
Haights Cross Communications, Inc. warrants 3/11/13 (a)	148		50
HMH Holdings, Inc. (a)(r)	170,789		256,184
HMH Holdings, Inc. warrants 3/9/17 (a)(r)	40,350		2,018
RDA Holding Co. warrants 2/19/14 (a)(r)	510		0
			259,045
TOTAL CONSUMER DISCRETIONARY			560,046
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Penhall Acquisition Co.:
Class A	321		25,680
Class B (a)	107		8,560
			34,240
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 0.1%
Aerospace & Defense - 0.0%
Alion Science & Technology Corp. warrants 3/15/17 (a)	115		$ 575
Airlines - 0.0%
Delta Air Lines, Inc. (a)	1,150		8,625
Building Products - 0.0%
Nortek, Inc. (a)	16,991		373,802
Nortek, Inc. warrants 12/7/14 (a)	524		1,067
			374,869
Marine - 0.0%
US Shipping Partners Corp. (a)	644		0
US Shipping Partners Corp. warrants 12/31/29 (a)	6,028		0
Transportation Infrastructure - 0.1%
DeepOcean Group Holding A/S (f)	31,897		506,713
TOTAL INDUSTRIALS			890,782
INFORMATION TECHNOLOGY - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
MagnaChip Semiconductor Corp. (r)	2,669		17,936
Spansion, Inc. Class A (a)	1,072		13,100
			31,036
MATERIALS - 0.2%
Chemicals - 0.2%
Chemtura Corp. (a)	7,820		78,435
Georgia Gulf Corp. (a)	21,226		293,556
LyondellBasell Industries NV Class A	46,159		1,127,664
Tronox, Inc. (a)	1,636		127,608
Tronox, Inc.	448		31,450
			1,658,713
Containers & Packaging - 0.0%
Rock-Tenn Co. Class A	303		14,750
Metals & Mining - 0.0%
Aleris International, Inc. (a)(r)	2,037		109,998
Rathgibson Acquisition Co. LLC Class A (a)(r)	11,562		184,992
			294,990
TOTAL MATERIALS			1,968,453
UTILITIES - 0.0%
Electric Utilities - 0.0%
Portland General Electric Co.	140		3,317
TOTAL COMMON STOCKS (Cost $6,097,979)		3,487,874
Preferred Stocks - 0.3%
	Shares		Value
Convertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
General Motors Co. 4.75%	26,900		$ 943,652
Media - 0.0%
Interpublic Group of Companies, Inc. 5.25%	300		265,989
TOTAL CONSUMER DISCRETIONARY			1,209,641
FINANCIALS - 0.0%
Real Estate Investment Trusts - 0.0%
Health Care REIT, Inc. Series I, 6.50%	1,000		47,438
TOTAL CONVERTIBLE PREFERRED STOCKS			1,257,079
Nonconvertible Preferred Stocks - 0.2%
FINANCIALS - 0.2%
Consumer Finance - 0.1%
GMAC LLC 7.00% (f)	1,572		943,200
Diversified Financial Services - 0.1%
GMAC Capital Trust I Series 2, 8.125%	53,768		981,266
TOTAL FINANCIALS			1,924,466
TOTAL PREFERRED STOCKS (Cost $3,903,838)		3,181,545

Floating Rate Loans - 3.3%
	Principal Amount (d)
CONSUMER DISCRETIONARY - 0.3%
Diversified Consumer Services - 0.0%
ServiceMaster Co.:
term loan 2.7438% 7/24/14 (k)	$ 395,216		366,562
Tranche DD, term loan 2.74% 7/24/14 (k)	40,708		37,756
			404,318
Hotels, Restaurants & Leisure - 0.0%
Mesquite Gaming LLC term loan 8.5% 8/1/15 (k)	15,000		12,750
Leisure Equipment & Products - 0.1%
SRAM LLC.:
2nd LN, term loan 8.5% 12/7/18 (k)	135,000		133,651
Tranche B 1LN, term loan 4.755% 6/7/18 (k)	415,140		398,535
			532,186
Floating Rate Loans - continued
	Principal Amount (d)		Value
CONSUMER DISCRETIONARY - continued
Media - 0.1%
Charter Communications Operating LLC Tranche B 1LN, term loan 2.24% 3/6/14 (k)	$ 24,799		$ 24,489
Univision Communications, Inc. term loan 4.4889% 3/31/17 (k)	797,035		667,517
			692,006
Specialty Retail - 0.1%
Burlington Coat Factory Warehouse Corp. Tranche B, term loan 6.25% 2/23/17 (k)	660,500		630,778
Michaels Stores, Inc. Tranche B1, term loan 2.5517% 10/31/13 (k)	532,677		510,038
			1,140,816
TOTAL CONSUMER DISCRETIONARY			2,782,076
CONSUMER STAPLES - 0.3%
Food & Staples Retailing - 0.2%
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 7% 9/24/18 (k)	960,000		928,800
The Great Atlantic & Pacific Tea Co. Tranche 2 LN, term loan 8.75% 6/14/12 (k)	210,000		206,850
U.S. Foodservice term loan 5.75% 3/31/17 (k)	746,250		688,416
			1,824,066
Personal Products - 0.1%
Revlon Consumer Products Corp. term loan 5.7375% 11/19/17 (k)	438,900		422,441
Tobacco - 0.0%
Reynolds Consumer Products Holdings, Inc. Tranche E, term loan 6.5% 2/9/18 (k)	213,925		207,507
TOTAL CONSUMER STAPLES			2,454,014
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Frac Tech Holdings LLC Tranche B, term loan 6.25% 5/6/16 (k)	962,303		939,497
FINANCIALS - 0.2%
Diversified Financial Services - 0.1%
Goodman Global Group, Inc. Tranche 1 LN, term loan 5.75% 10/28/16 (k)	330,446		325,489
IASIS Healthcare LLC Tranche B, term loan 5% 5/3/18 (k)	179,100		167,011
			492,500

	Principal Amount (d)		Value
Real Estate Management & Development - 0.1%
Realogy Corp.:
Credit-Linked Deposit 3.1911% 10/10/13 (k)	$ 30,377		$ 27,187
Credit-Linked Deposit 4.4411% 10/10/16 (k)	74,651		61,214
term loan 4.5217% 10/10/16 (k)	905,018		742,115
Tranche B, term loan 3.2717% 10/10/13 (k)	267,162		239,110
Tranche DD, term loan 3.2717% 10/10/13 (k)	78,466		70,619
			1,140,245
TOTAL FINANCIALS			1,632,745
HEALTH CARE - 0.4%
Health Care Providers & Services - 0.4%
DaVita, Inc. Tranche A, term loan 2.74% 10/20/15 (k)	211,750		208,574
Emergency Medical Services Corp. Tranche B, term loan 5.25% 5/25/18 (k)	532,325		503,713
Quintiles Transnational Corp. Tranche B, term loan 5% 6/8/18 (k)	2,897,738		2,716,629
Sunquest Information Systems, Inc. Tranche 1 LN, term loan 6.25% 12/16/16 (k)	219,450		214,512
			3,643,428
INDUSTRIALS - 0.6%
Aerospace & Defense - 0.0%
TransDigm, Inc. Tranche B, term loan 4% 2/14/17 (k)	148,875		144,781
Airlines - 0.2%
Northwest Airlines Corp. Tranche A, term loan 2.12% 12/31/18 (k)	741,412		682,099
United Air Lines, Inc. Tranche B, term loan 2.25% 2/1/14 (k)	771,771		729,324
US Airways Group, Inc. term loan 2.7388% 3/23/14 (k)	862,915		729,163
			2,140,586
Commercial Services & Supplies - 0.1%
KAR Auction Services, Inc. Tranche B, term loan 5% 5/19/17 (k)	438,900		425,733
Construction & Engineering - 0.1%
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (k)	1,406,391		1,244,656
Electrical Equipment - 0.0%
Sensata Technologies BV Tranche B, term loan 4% 5/12/18 (k)	99,750		96,758
Floating Rate Loans - continued
	Principal Amount (d)		Value
INDUSTRIALS - continued
Industrial Conglomerates - 0.2%
Sequa Corp. term loan 3.4988% 12/3/14 (k)	$ 929,534		$ 876,085
Tomkins PLC Tranche B, term loan 4.25% 9/21/16 (k)	761,576		744,440
			1,620,525
Road & Rail - 0.0%
Swift Transportation Co. LLC Tranche B, term loan 6% 12/21/16 (k)	213,949		205,391
Transportation Infrastructure - 0.0%
Trico Shipping AS:
Tranche A, term loan 10% 5/13/14 (k)	88,104		87,664
Tranche D, term loan 5/13/14 (q)	88,104		87,664
			175,328
TOTAL INDUSTRIALS			6,053,758
INFORMATION TECHNOLOGY - 0.5%
Communications Equipment - 0.0%
CommScope, Inc. Tranche B, term loan 5% 1/14/18 (k)	84,575		82,884
Electronic Equipment & Components - 0.1%
Aeroflex, Inc. Tranche B, term loan 4.25% 5/9/18 (k)	264,338		252,442
Flextronics International Ltd.:
Tranche B A1, term loan 2.4889% 10/1/14 (k)	56,216		54,108
Tranche B A2, term loan 2.4889% 10/1/14 (k)	134,007		128,982
Tranche B A3, term loan 2.4715% 10/1/14 (k)	156,342		150,479
Tranche B-A, term loan 2.4726% 10/1/14 (k)	195,631		188,295
Tranche B-B, term loan 2.4175% 10/1/12 (k)	190,155		187,303
			961,609
Semiconductors & Semiconductor Equipment - 0.3%
Freescale Semiconductor, Inc. term loan 4.4715% 12/1/16 (k)	1,813,297		1,650,100
NXP BV term loan 4.5% 3/4/17 (k)	522,375		487,115
Spansion, Inc. term loan 4.75% 2/9/15 (k)	512,285		496,917
			2,634,132

	Principal Amount (d)		Value
Software - 0.1%
Kronos, Inc.:
Tranche 1LN, term loan 2.1186% 6/11/14 (k)	$ 621,185		$ 583,914
Tranche 2LN, term loan 6.1186% 6/11/15 (k)	125,000		116,406
			700,320
TOTAL INFORMATION TECHNOLOGY			4,378,945
MATERIALS - 0.1%
Construction Materials - 0.1%
Fairmount Minerals Ltd. Tranche B, term loan 5.25% 3/15/17 (k)	702,150		693,373
Containers & Packaging - 0.0%
Berry Plastics Holding Corp. Tranche C, term loan 2.2294% 4/3/15 (k)	593,707		543,242
Metals & Mining - 0.0%
Walter Energy, Inc. Tranche B, term loan 4% 4/1/18 (k)	134,663		129,613
Paper & Forest Products - 0.0%
White Birch Paper Co.:
term loan 12% 9/30/49 (k)	19,555		19,457
Tranche DD, term loan 6.7163% 9/30/49 (k)(q)	6,780		6,747
			26,204
TOTAL MATERIALS			1,392,432
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
Asurion LLC term loan 9% 5/24/19 (k)	765,000		722,925
Digicel International Finance Ltd. term loan 2.875% 3/30/12 (k)	400,192		397,191
Intelsat Jackson Holdings SA:
term loan 3.2461% 2/1/14 (k)	495,000		463,444
Tranche B, term loan 5.25% 4/2/18 (k)	636,163		607,535
			2,191,095
UTILITIES - 0.6%
Electric Utilities - 0.6%
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B, term loan 4.7496% 10/10/17 (k)	7,724,235		5,136,616
Floating Rate Loans - continued
	Principal Amount (d)		Value
UTILITIES - continued
Independent Power Producers & Energy Traders - 0.0%
The AES Corp. Tranche B, term loan 4.25% 5/27/18 (k)	$ 189,050		$ 184,097
TOTAL UTILITIES			5,320,713
TOTAL FLOATING RATE LOANS (Cost $32,282,847)		30,788,703
Sovereign Loan Participations - 0.1%

Indonesian Republic loan participation:
Citibank 1.25% 12/14/19 (k)	449,732		426,684
Goldman Sachs 1.25% 12/14/19 (k)	648,519		615,282
1.25% 12/14/19 (k)	161,309		153,042
TOTAL SOVEREIGN LOAN PARTICIPATIONS (Cost $1,115,153)		1,195,008

Fixed-Income Funds - 1.9%
	Shares
Fidelity Floating Rate Central Fund (l) (Cost $14,543,183)	180,363		17,192,201
Preferred Securities - 0.2%
	Principal Amount (d)
CONSUMER DISCRETIONARY - 0.1%
Media - 0.1%
Globo Comunicacoes e Participacoes SA 6.25% (e)(f)(g)	$ 1,075,000		1,117,890
FINANCIALS - 0.0%
Commercial Banks - 0.0%
Wells Fargo & Co. 7.98% (g)(k)	135,000		139,050
Diversified Financial Services - 0.0%
Bank of America Corp. 8.125% (g)(k)	280,000		235,393
TOTAL FINANCIALS			374,443
MATERIALS - 0.1%
Metals & Mining - 0.1%
CSN Islands XII Corp. 7% (Reg. S) (g)	720,000		667,108
TOTAL PREFERRED SECURITIES (Cost $2,136,619)		2,159,441
Other - 0.0%
	Shares		Value
Other - 0.0%
Idearc, Inc. Claim (a) (Cost $1)	108,228		$ 1
Money Market Funds - 10.2%

Fidelity Cash Central Fund, 0.12% (b) (Cost $94,508,347)	94,508,347	94,508,347
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $936,795,064)		934,426,470
NET OTHER ASSETS (LIABILITIES) - (0.3)%		(2,526,177)
NET ASSETS - 100%		$ 931,900,293

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Treasury Contracts
89 CBOT 2 Year U.S. Treasury Notes Contracts	Jan. 2012	$ 19,598,078	$ (26,961)

The face value of futures purchased as a percentage of net assets is 2.1%

Currency Abbreviations
BRL	-	Brazilian real
CAD	-	Canadian dollar
EUR	-	European Monetary Unit
GBP	-	British pound
GHS	-	Ghana Cedi
INR	-	Indian rupee
JPY	-	Japanese yen
NGN	-	Nigerian naira
TRY	-	New Turkish Lira

Legend

(a) Non-income producing

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

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

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $146,000,618 or 15.7% of net assets.

(g) Security is perpetual in nature with no stated maturity date.

(h) Under the Temporary Liquidity Guarantee Program, the Federal Deposit Insurance Corporation guarantees principal and interest in the event of payment default or bankruptcy until the earlier of maturity date of the debt or until June 30, 2012. At the end of the period these securities amounted to $12,025,709 or 1.3% of net assets.

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

(j) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $49,984.

(k) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

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

(m) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool held as of the end of the period.

(n) Principal Only Strips represent the right to receive the monthly principal payments on an underlying pool of mortgage loans.

(o) Quantity represents share amount.

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

(q) 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 $91,687 and $91,229, respectively. The coupon rate will be determined at time of settlement.

(r) 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 $571,128 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aleris International, Inc.	6/1/10	$ 71,295
HMH Holdings, Inc.	5/2/08 - 3/9/10	$ 2,699,304
HMH Holdings, Inc. warrants 3/9/17	3/9/10	$ 11,701
MagnaChip Semiconductor Corp.	10/26/06 - 11/9/09	$ 38,357
Rathgibson Acquisition Co. LLC Class A	6/9/10	$ 61,360
RDA Holding Co. warrants 2/19/14	2/27/07	$ 160,000

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	$ 62,387
Fidelity Floating Rate Central Fund	682,744
Total	$ 745,131

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	$ 23,496,730	$ -	$ 5,603,685	$ 17,192,201	0.6%

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,769,687	$ 1,244,653	$ 522,173	$ 2,861
Financials	2,006,144	981,266	990,638	34,240
Industrials	890,782	382,427	1,067	507,288
Information Technology	31,036	31,036	-	-
Materials	1,968,453	1,642,013	141,448	184,992
Utilities	3,317	3,317	-	-
Corporate Bonds	321,979,883	-	321,890,522	89,361
U.S. Government and Government Agency Obligations	205,271,829	-	205,271,829	-
U.S. Government Agency - Mortgage Securities	16,450,658	-	16,450,658	-
Collateralized Mortgage Obligations	36,523,389	-	36,523,389	-
Commercial Mortgage Securities	142,829	-	142,829	-
Foreign Government and Government Agency Obligations	201,544,762	-	201,427,312	117,450
Floating Rate Loans	30,788,703	-	30,788,703	-
Sovereign Loan Participations	1,195,008	-	1,195,008	-
Fixed-Income Funds	17,192,201	17,192,201	-	-
Preferred Securities	2,159,441	-	2,159,441	-
Other	1	-	-	1
Money Market Funds	94,508,347	94,508,347	-	-
Total Investments in Securities:	$ 934,426,470	$ 115,985,260	$ 817,505,017	$ 936,193
Derivative Instruments:
Liabilities
Futures Contracts	$ (26,961)	$ (26,961)	$ -	$ -

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

Investments in Securities:
Beginning Balance	$ 665,619
Total Realized Gain (Loss)	(52,820)
Total Unrealized Gain (Loss)	35,884
Cost of Purchases	506,713
Proceeds of Sales	(1,167,508)
Amortization/Accretion	167
Transfers in to Level 3	948,138
Transfers out of Level 3	-
Ending Balance	$ 936,193
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2011	$ (73,474)

Income Tax Information

At September 30, 2011, the cost of investment securities for income tax purposes was $933,207,949. Net unrealized appreciation aggregated $1,218,521, of which $35,776,492 related to appreciated investment securities and $34,557,971 related to depreciated investment securities.

Investment Valuation

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

For collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Variable Insurance Products Fund V

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

Date:	November 29, 2011

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

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

Date:	November 29, 2011
By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	November 29, 2011