N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-05361

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	December 31

Date of reporting period:	March 31, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Asset Manager Portfolio

March 31, 2012

1.799882.108

VIPAM-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 35.7%
	Shares		Value
CONSUMER DISCRETIONARY - 9.4%
Auto Components - 0.7%
Autoliv, Inc.	8,800		$ 590,040
BorgWarner, Inc. (a)	20,700		1,745,838
Delphi Automotive PLC	56,200		1,775,920
TRW Automotive Holdings Corp. (a)	118,200		5,490,390
			9,602,188
Automobiles - 0.5%
Ford Motor Co.	289,900		3,620,851
Harley-Davidson, Inc.	61,200		3,003,696
			6,624,547
Diversified Consumer Services - 0.2%
Anhanguera Educacional Participacoes SA	19,900		239,766
Weight Watchers International, Inc.	30,100		2,323,419
			2,563,185
Hotels, Restaurants & Leisure - 0.7%
Arcos Dorados Holdings, Inc.	47,500		859,275
Las Vegas Sands Corp.	39,200		2,256,744
Panera Bread Co. Class A (a)	18,400		2,960,928
Yum! Brands, Inc.	40,900		2,911,262
			8,988,209
Household Durables - 1.0%
D.R. Horton, Inc.	180,600		2,739,702
Gafisa SA sponsored ADR (d)	146,800		692,896
KB Home	197,600		1,758,640
PulteGroup, Inc. (a)(d)	637,200		5,639,220
Toll Brothers, Inc. (a)	120,000		2,878,800
			13,709,258
Internet & Catalog Retail - 0.1%
Amazon.com, Inc. (a)	3,500		708,785
Groupon, Inc. Class A (a)(d)	70,800		1,301,304
			2,010,089
Media - 0.8%
CBS Corp. Class B	116,300		3,943,733
The Walt Disney Co.	144,700		6,334,966
			10,278,699
Multiline Retail - 0.8%
Dollar Tree, Inc. (a)	30,000		2,834,700
Lojas Renner SA	12,000		412,059
Macy's, Inc.	191,200		7,596,376
			10,843,135
Specialty Retail - 2.1%
Dick's Sporting Goods, Inc.	30,800		1,480,864
Home Depot, Inc.	110,500		5,559,255
Limited Brands, Inc.	132,400		6,355,200
Lowe's Companies, Inc.	118,300		3,712,254
PetSmart, Inc.	47,600		2,723,672
Pier 1 Imports, Inc. (a)	58,100		1,056,258

	Shares		Value
TJX Companies, Inc.	153,100		$ 6,079,601
Vitamin Shoppe, Inc. (a)	14,800		654,308
			27,621,412
Textiles, Apparel & Luxury Goods - 2.5%
Arezzo Industria e Comercio SA	82,600		1,436,266
Burberry Group PLC	62,300		1,491,743
Coach, Inc.	51,300		3,964,464
Crocs, Inc. (a)	63,400		1,326,328
Deckers Outdoor Corp. (a)(d)	8,400		529,620
Fossil, Inc. (a)	13,200		1,742,136
Michael Kors Holdings Ltd.	16,400		764,076
Michael Kors Holdings Ltd. (f)	82,024		3,439,348
NIKE, Inc. Class B	38,500		4,174,940
Prada SpA	250,200		1,627,060
PVH Corp.	28,200		2,519,106
Ralph Lauren Corp.	20,000		3,486,600
Under Armour, Inc. Class A (sub. vtg.) (a)	16,700		1,569,800
Vera Bradley, Inc. (a)(d)	56,600		1,708,754
VF Corp.	20,700		3,021,786
			32,802,027
TOTAL CONSUMER DISCRETIONARY			125,042,749
CONSUMER STAPLES - 1.5%
Beverages - 0.4%
Monster Beverage Corp. (a)	78,700		4,886,483
Food & Staples Retailing - 0.1%
Drogasil SA	92,906		903,136
Food Products - 0.4%
Green Mountain Coffee Roasters, Inc. (a)	115,600		5,414,704
Personal Products - 0.4%
Hengan International Group Co. Ltd.	288,000		2,911,301
Nu Skin Enterprises, Inc. Class A	45,200		2,617,532
			5,528,833
Tobacco - 0.2%
British American Tobacco PLC sponsored ADR	19,300		1,953,546
Souza Cruz Industria e Comerico	64,500		989,074
			2,942,620
TOTAL CONSUMER STAPLES			19,675,776
ENERGY - 4.3%
Energy Equipment & Services - 0.4%
Cameron International Corp. (a)	33,500		1,769,805
Ensco International Ltd. ADR	10,000		529,300
McDermott International, Inc. (a)	121,900		1,561,539
Noble Corp.	36,100		1,352,667
			5,213,311
Oil, Gas & Consumable Fuels - 3.9%
Anadarko Petroleum Corp.	60,400		4,731,736
Chevron Corp.	58,100		6,230,644
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Concho Resources, Inc. (a)	56,100		$ 5,726,688
Continental Resources, Inc. (a)(d)	91,400		7,843,948
EOG Resources, Inc.	12,300		1,366,530
Genel Energy PLC	69,000		818,912
Hess Corp.	19,200		1,131,840
HollyFrontier Corp.	56,800		1,826,120
Kosmos Energy Ltd.	62,000		820,880
Marathon Oil Corp.	31,500		998,550
Oasis Petroleum, Inc. (a)(d)	73,000		2,250,590
Occidental Petroleum Corp.	56,600		5,390,018
Pioneer Natural Resources Co.	89,900		10,031,941
SM Energy Co.	23,800		1,684,326
Whiting Petroleum Corp. (a)	28,700		1,558,410
			52,411,133
TOTAL ENERGY			57,624,444
FINANCIALS - 3.0%
Capital Markets - 1.0%
Apollo Global Management LLC Class A	312,700		4,465,356
Fortress Investment Group LLC	60,500		215,380
Morgan Stanley	419,400		8,237,016
			12,917,752
Diversified Financial Services - 1.7%
Bank of America Corp.	156,600		1,498,662
Citigroup, Inc.	211,900		7,744,945
JPMorgan Chase & Co.	253,600		11,660,528
Moody's Corp.	42,100		1,772,410
			22,676,545
Real Estate Investment Trusts - 0.2%
American Tower Corp.	48,000		3,024,960
Real Estate Management & Development - 0.1%
CBRE Group, Inc. (a)	48,600		970,056
Thrifts & Mortgage Finance - 0.0%
Nationstar Mortgage Holdings, Inc.	17,500		251,300
TOTAL FINANCIALS			39,840,613
HEALTH CARE - 4.3%
Biotechnology - 1.4%
Alexion Pharmaceuticals, Inc. (a)	56,100		5,209,446
Biogen Idec, Inc. (a)	39,100		4,925,427
Celgene Corp. (a)	12,000		930,240
Clovis Oncology, Inc.	14,000		356,300
Medivation, Inc. (a)	25,800		1,927,776

	Shares		Value
Synageva BioPharma Corp. (a)	14,500		$ 520,115
Vertex Pharmaceuticals, Inc. (a)	113,800		4,666,938
			18,536,242
Health Care Providers & Services - 1.6%
Accretive Health, Inc. (a)	69,000		1,377,930
Health Net, Inc. (a)	33,900		1,346,508
HMS Holdings Corp. (a)	76,500		2,387,565
Humana, Inc.	73,900		6,834,272
UnitedHealth Group, Inc.	122,300		7,208,362
WellPoint, Inc.	17,600		1,298,880
			20,453,517
Health Care Technology - 0.1%
SXC Health Solutions Corp. (a)	23,600		1,772,928
Pharmaceuticals - 1.2%
Allergan, Inc.	19,200		1,832,256
Elan Corp. PLC sponsored ADR (a)	271,600		4,076,716
Perrigo Co.	7,100		733,501
Shire PLC sponsored ADR	27,300		2,586,675
Valeant Pharmaceuticals International, Inc. (Canada) (a)	90,550		4,855,415
ViroPharma, Inc. (a)	62,300		1,873,361
			15,957,924
TOTAL HEALTH CARE			56,720,611
INDUSTRIALS - 3.4%
Airlines - 1.9%
Copa Holdings SA Class A	26,600		2,106,720
Delta Air Lines, Inc. (a)	771,025		7,640,858
Gol Linhas Aereas Inteligentes SA sponsored ADR (d)	62,900		423,317
Southwest Airlines Co.	244,700		2,016,328
United Continental Holdings, Inc. (a)	504,170		10,839,655
US Airways Group, Inc. (a)	345,000		2,618,550
			25,645,428
Building Products - 0.2%
Owens Corning (a)	68,500		2,468,055
Commercial Services & Supplies - 0.2%
Aggreko PLC	53,900		1,939,794
Swisher Hygiene, Inc.	135,158		332,489
			2,272,283
Construction & Engineering - 0.2%
Fluor Corp.	41,900		2,515,676
Machinery - 0.3%
Caterpillar, Inc.	11,500		1,224,980
Chart Industries, Inc. (a)	19,300		1,415,269
Kennametal, Inc.	49,000		2,181,970
			4,822,219
Professional Services - 0.3%
Qualicorp SA	105,000		899,943
Robert Half International, Inc.	92,400		2,799,720
			3,699,663
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Road & Rail - 0.1%
Union Pacific Corp.	11,700		$ 1,257,516
Trading Companies & Distributors - 0.2%
Air Lease Corp. Class A	53,400		1,285,338
Mills Estruturas e Servicos de Engenharia SA	85,900		1,096,125
			2,381,463
TOTAL INDUSTRIALS			45,062,303
INFORMATION TECHNOLOGY - 8.2%
Communications Equipment - 1.1%
Cisco Systems, Inc.	281,900		5,962,185
HTC Corp.	66,150		1,338,379
QUALCOMM, Inc.	98,300		6,686,366
Riverbed Technology, Inc. (a)	19,100		536,328
			14,523,258
Computers & Peripherals - 3.1%
Apple, Inc. (a)	63,900		38,306,133
Lenovo Group Ltd.	1,086,000		977,534
SanDisk Corp. (a)	45,200		2,241,468
			41,525,135
Internet Software & Services - 0.9%
Akamai Technologies, Inc. (a)	21,900		803,730
Bankrate, Inc.	73,000		1,806,750
Cornerstone OnDemand, Inc.	60,200		1,314,768
Facebook, Inc. Class B (f)	8,621		265,273
IAC/InterActiveCorp	30,600		1,502,154
Rackspace Hosting, Inc. (a)	62,700		3,623,433
VeriSign, Inc.	44,500		1,706,130
YouKu.com, Inc. ADR (a)(d)	20,200		444,198
			11,466,436
IT Services - 0.7%
Cognizant Technology Solutions Corp. Class A (a)	76,000		5,848,200
MasterCard, Inc. Class A	7,000		2,943,780
ServiceSource International, Inc.	29,300		453,564
			9,245,544
Semiconductors & Semiconductor Equipment - 1.3%
ASML Holding NV	76,200		3,820,668
Freescale Semiconductor Holdings I Ltd.	139,800		2,151,522
Intel Corp.	272,400		7,657,164
NXP Semiconductors NV (a)	156,100		4,153,821
			17,783,175
Software - 1.1%
Ariba, Inc. (a)	19,400		634,574
Citrix Systems, Inc. (a)	55,100		4,347,941
CommVault Systems, Inc. (a)	21,500		1,067,260
Informatica Corp. (a)	84,700		4,480,630
RealPage, Inc. (a)	51,400		985,338

	Shares		Value
salesforce.com, Inc. (a)	9,100		$ 1,406,041
VMware, Inc. Class A (a)	20,900		2,348,533
			15,270,317
TOTAL INFORMATION TECHNOLOGY			109,813,865
MATERIALS - 1.4%
Chemicals - 1.3%
Celanese Corp. Class A	61,200		2,826,216
CF Industries Holdings, Inc.	19,600		3,579,940
Dow Chemical Co.	85,500		2,961,720
FMC Corp.	7,500		793,950
Huntsman Corp.	83,800		1,174,038
LyondellBasell Industries NV Class A	42,000		1,833,300
Rockwood Holdings, Inc. (a)	31,800		1,658,370
Westlake Chemical Corp. (d)	39,100		2,533,289
			17,360,823
Metals & Mining - 0.1%
First Quantum Minerals Ltd.	104,400		1,990,565
TOTAL MATERIALS			19,351,388
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
SBA Communications Corp. Class A (a)	42,400		2,154,344
TOTAL COMMON STOCKS (Cost $380,354,153)		475,286,093

U.S. Treasury Obligations - 0.0%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.09% 5/24/12 (Cost $199,975)	$ 200,000	199,986

Equity Funds - 13.2%
	Shares
Domestic Equity Funds - 1.0%
Fidelity Commodity Strategy Central Fund (e)	1,220,481		13,120,170
International Equity Funds - 12.2%
Fidelity Emerging Markets Equity Central Fund (e)	135,255		27,263,292
Fidelity International Equity Central Fund (e)	2,033,845		135,576,118
TOTAL INTERNATIONAL EQUITY FUNDS			162,839,410
TOTAL EQUITY FUNDS (Cost $191,536,337)		175,959,580
Fixed-Income Funds - 43.9%
	Shares		Value
Fidelity Emerging Markets Debt Central Fund (e)	750,006		$ 7,852,561
Fidelity Floating Rate Central Fund (e)	401,951		40,713,597
Fidelity High Income Central Fund 1 (e)	408,735		40,456,557
Fidelity Inflation-Protected Bond Index Central Fund (e)	403,134		40,103,770
Fidelity VIP Investment Grade Central Fund (e)	4,224,173		454,309,798
TOTAL FIXED-INCOME FUNDS (Cost $557,722,903)		583,436,283
Money Market Funds - 6.5%

Fidelity Cash Central Fund, 0.14% (b)	57,886,594		57,886,594
Fidelity Money Market Central Fund, 0.41% (b)	10,384,444		10,384,444
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c)	17,944,000		17,944,000
TOTAL MONEY MARKET FUNDS (Cost $86,215,038)		86,215,038
TOTAL INVESTMENT PORTFOLIO - 99.3% (Cost $1,216,028,406)		1,321,096,980
NET OTHER ASSETS (LIABILITIES) - 0.7%			9,257,084
NET ASSETS - 100%		$ 1,330,354,064

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) 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 Fidelity Central Funds, other than the Commodity Strategy and Money Market Central Funds, is available at advisor.fidelity.com. In addition, each Fidelity Central Fund's financial statements are available on the SEC's web site or upon request.

(f) 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 $3,704,621 or 0.3% 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	$ 994,085

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	$ 127,158
Fidelity Cash Central Fund	18,550
Fidelity Commodity Strategy Central Fund	-
Fidelity Emerging Markets Equity Central Fund	36,826
Fidelity Floating Rate Central Fund	620,890
Fidelity High Income Central Fund 1	734,925
Fidelity Inflation-Protected Bond Index Central Fund	-
Fidelity International Equity Central Fund	661,702
Fidelity Money Market Central Fund	10,550
Fidelity Securities Lending Cash Central Fund	107,569
Fidelity VIP Investment Grade Central Fund	3,476,736
Total	$ 5,794,906

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	$ 17,527,726	$ 1,335,876	$ 5,823,020	$ 13,120,170	1.4%
Fidelity Emerging Markets Debt Central Fund	7,362,876	127,158	-	7,852,561	6.7%
Fidelity Emerging Markets Equity Central Fund	22,958,221	1,974,589	1,320,284	27,263,292	8.4%
Fidelity Floating Rate Central Fund	50,197,537	620,889	11,586,454	40,713,597	2.4%
Fidelity High Income Central Fund 1	40,230,514	734,925	1,995,966	40,456,557	7.7%
Fidelity Inflation-Protected Bond Index Central Fund	-	40,305,058	-	40,103,770	7.5%
Fidelity International Equity Central Fund	121,293,806	3,437,894	2,765,390	135,576,118	8.1%
Fidelity VIP Investment Grade Central Fund	450,082,516	13,579,387	9,018,276	454,309,798	11.1%
Total	$ 709,653,196	$ 62,115,776	$ 32,509,390	$ 759,395,863

Other Information

The following is a summary of the inputs used, as of March 31, 2012, 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	$ 125,042,749	$ 121,603,401	$ 3,439,348	$ -
Consumer Staples	19,675,776	19,675,776	-	-
Energy	57,624,444	57,624,444	-	-
Financials	39,840,613	39,840,613	-	-
Health Care	56,720,611	56,720,611	-	-
Industrials	45,062,303	45,062,303	-	-
Information Technology	109,813,865	109,548,592	-	265,273
Materials	19,351,388	19,351,388	-	-
Telecommunication Services	2,154,344	2,154,344	-	-
U.S. Government and Government Agency Obligations	199,986	-	199,986	-
Fixed-Income Funds	583,436,283	583,436,283	-	-
Money Market Funds	86,215,038	86,215,038	-	-
Equity Funds	175,959,580	175,959,580	-	-
Total Investments in Securities:	$ 1,321,096,980	$ 1,317,192,373	$ 3,639,334	$ 265,273

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

Investments in Securities:
Beginning Balance	$ 215,525
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	49,748
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 265,273
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2012	$ 49,748

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 March 31, 2012, the cost of investment securities for income tax purposes was $1,204,821,010. Net unrealized appreciation aggregated $116,275,970, of which $162,222,787 related to appreciated investment securities and $45,946,817 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 these securities 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.

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

March 31, 2012

1.799876.108

VIPAMG-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 51.5%
	Shares		Value
CONSUMER DISCRETIONARY - 13.6%
Auto Components - 1.0%
Autoliv, Inc.	1,800		$ 120,690
BorgWarner, Inc. (a)	3,800		320,492
Delphi Automotive PLC	10,300		325,480
TRW Automotive Holdings Corp. (a)	21,700		1,007,965
			1,774,627
Automobiles - 0.7%
Ford Motor Co.	53,200		664,468
Harley-Davidson, Inc.	10,900		534,972
			1,199,440
Diversified Consumer Services - 0.3%
Anhanguera Educacional Participacoes SA	3,600		43,375
Weight Watchers International, Inc.	5,500		424,545
			467,920
Hotels, Restaurants & Leisure - 1.0%
Arcos Dorados Holdings, Inc.	8,800		159,192
Las Vegas Sands Corp.	7,200		414,504
Panera Bread Co. Class A (a)	3,400		547,128
Yum! Brands, Inc.	7,500		533,850
			1,654,674
Household Durables - 1.5%
D.R. Horton, Inc.	32,100		486,957
Gafisa SA sponsored ADR (d)	28,400		134,048
KB Home (d)	35,500		315,950
PulteGroup, Inc. (a)(d)	117,000		1,035,450
Toll Brothers, Inc. (a)	21,500		515,785
			2,488,190
Internet & Catalog Retail - 0.2%
Amazon.com, Inc. (a)	600		121,506
Groupon, Inc. Class A (a)(d)	13,400		246,292
			367,798
Media - 1.1%
CBS Corp. Class B	21,400		725,674
The Walt Disney Co.	26,600		1,164,548
			1,890,222
Multiline Retail - 1.2%
Dollar Tree, Inc. (a)	5,500		519,695
Lojas Renner SA	2,200		75,544
Macy's, Inc.	35,100		1,394,523
			1,989,762
Specialty Retail - 3.0%
Dick's Sporting Goods, Inc.	5,800		278,864
Home Depot, Inc.	20,300		1,021,293
Limited Brands, Inc.	24,300		1,166,400
Lowe's Companies, Inc.	21,500		674,670
PetSmart, Inc.	8,700		497,814
Pier 1 Imports, Inc. (a)	11,100		201,798

	Shares		Value
TJX Companies, Inc.	28,100		$ 1,115,851
Vitamin Shoppe, Inc. (a)	2,300		101,683
			5,058,373
Textiles, Apparel & Luxury Goods - 3.6%
Arezzo Industria e Comercio SA	15,600		271,256
Burberry Group PLC	11,800		282,545
Coach, Inc.	9,100		703,248
Crocs, Inc. (a)	11,400		238,488
Deckers Outdoor Corp. (a)	900		56,745
Fossil, Inc. (a)	2,900		382,742
Michael Kors Holdings Ltd.	2,500		116,475
Michael Kors Holdings Ltd. (f)	16,411		688,130
NIKE, Inc. Class B	7,100		769,924
Prada SpA	45,900		298,489
PVH Corp.	5,200		464,516
Ralph Lauren Corp.	3,700		645,021
Under Armour, Inc. Class A (sub. vtg.) (a)	3,000		282,000
Vera Bradley, Inc. (a)	10,400		313,976
VF Corp.	3,800		554,724
			6,068,279
TOTAL CONSUMER DISCRETIONARY			22,959,285
CONSUMER STAPLES - 2.1%
Beverages - 0.5%
Monster Beverage Corp. (a)	14,400		894,096
Food & Staples Retailing - 0.1%
Drogasil SA	16,035		155,876
Food Products - 0.6%
Green Mountain Coffee Roasters, Inc. (a)	20,600		964,904
Personal Products - 0.6%
Hengan International Group Co. Ltd.	53,000		535,760
Nu Skin Enterprises, Inc. Class A	8,300		480,653
			1,016,413
Tobacco - 0.3%
British American Tobacco PLC sponsored ADR	3,500		354,270
Souza Cruz Industria e Comerico	12,100		185,547
			539,817
TOTAL CONSUMER STAPLES			3,571,106
ENERGY - 6.3%
Energy Equipment & Services - 0.6%
Cameron International Corp. (a)	6,300		332,829
Ensco International Ltd. ADR	2,100		111,153
McDermott International, Inc. (a)	23,000		294,630
Noble Corp.	6,800		254,796
			993,408
Oil, Gas & Consumable Fuels - 5.7%
Anadarko Petroleum Corp.	11,100		869,574
Chevron Corp.	10,800		1,158,192
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Concho Resources, Inc. (a)	10,300		$ 1,051,424
Continental Resources, Inc. (a)(d)	16,800		1,441,776
EOG Resources, Inc.	2,300		255,530
Genel Energy PLC	12,600		149,540
Hess Corp.	3,600		212,220
HollyFrontier Corp.	10,700		344,005
Kosmos Energy Ltd.	11,100		146,964
Marathon Oil Corp.	6,100		193,370
Oasis Petroleum, Inc. (a)	13,400		413,122
Occidental Petroleum Corp.	10,400		990,392
Pioneer Natural Resources Co.	16,500		1,841,235
SM Energy Co.	4,400		311,388
Whiting Petroleum Corp. (a)	5,400		293,220
			9,671,952
TOTAL ENERGY			10,665,360
FINANCIALS - 4.3%
Capital Markets - 1.4%
Apollo Global Management LLC Class A	57,400		819,672
Fortress Investment Group LLC	10,900		38,804
Morgan Stanley	77,000		1,512,280
			2,370,756
Diversified Financial Services - 2.5%
Bank of America Corp.	28,700		274,659
Citigroup, Inc.	38,900		1,421,795
JPMorgan Chase & Co.	46,400		2,133,472
Moody's Corp.	7,500		315,750
			4,145,676
Real Estate Investment Trusts - 0.3%
American Tower Corp.	8,800		554,576
Real Estate Management & Development - 0.1%
CBRE Group, Inc. (a)	9,000		179,640
Thrifts & Mortgage Finance - 0.0%
Nationstar Mortgage Holdings, Inc.	3,100		44,516
TOTAL FINANCIALS			7,295,164
HEALTH CARE - 6.1%
Biotechnology - 2.0%
Alexion Pharmaceuticals, Inc. (a)	10,300		956,458
Biogen Idec, Inc. (a)	7,200		906,984
Celgene Corp. (a)	2,300		178,296
Clovis Oncology, Inc.	1,800		45,810
Medivation, Inc. (a)	4,800		358,656

	Shares		Value
Synageva BioPharma Corp. (a)	2,600		$ 93,262
Vertex Pharmaceuticals, Inc. (a)	20,900		857,109
			3,396,575
Health Care Providers & Services - 2.2%
Accretive Health, Inc. (a)	12,700		253,619
Health Net, Inc. (a)	6,000		238,320
HMS Holdings Corp. (a)	14,000		436,940
Humana, Inc.	13,600		1,257,728
UnitedHealth Group, Inc.	22,400		1,320,256
WellPoint, Inc.	3,200		236,160
			3,743,023
Health Care Technology - 0.2%
SXC Health Solutions Corp. (a)	4,300		323,033
Pharmaceuticals - 1.7%
Allergan, Inc.	3,500		334,005
Elan Corp. PLC sponsored ADR (a)	49,900		748,999
Perrigo Co.	1,200		123,972
Shire PLC sponsored ADR	5,000		473,750
Valeant Pharmaceuticals International, Inc. (Canada) (a)	16,606		890,436
ViroPharma, Inc. (a)	11,700		351,819
			2,922,981
TOTAL HEALTH CARE			10,385,612
INDUSTRIALS - 4.9%
Airlines - 2.8%
Copa Holdings SA Class A	4,800		380,160
Delta Air Lines, Inc. (a)	141,600		1,403,256
Gol Linhas Aereas Inteligentes SA sponsored ADR (d)	11,500		77,395
Southwest Airlines Co.	44,900		369,976
United Continental Holdings, Inc. (a)	92,585		1,990,578
US Airways Group, Inc. (a)	63,300		480,447
			4,701,812
Building Products - 0.3%
Owens Corning (a)	12,200		439,566
Commercial Services & Supplies - 0.2%
Aggreko PLC	9,900		356,289
Swisher Hygiene, Inc.	24,821		61,060
			417,349
Construction & Engineering - 0.3%
Fluor Corp.	7,700		462,308
Machinery - 0.5%
Caterpillar, Inc.	2,100		223,692
Chart Industries, Inc. (a)	3,500		256,655
Kennametal, Inc.	9,000		400,770
			881,117
Professional Services - 0.4%
Qualicorp SA	19,000		162,847
Robert Half International, Inc.	17,000		515,100
			677,947
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Road & Rail - 0.1%
Union Pacific Corp.	2,100		$ 225,708
Trading Companies & Distributors - 0.3%
Air Lease Corp. Class A	10,100		243,107
Mills Estruturas e Servicos de Engenharia SA	16,200		206,720
			449,827
TOTAL INDUSTRIALS			8,255,634
INFORMATION TECHNOLOGY - 11.9%
Communications Equipment - 1.6%
Cisco Systems, Inc.	51,800		1,095,570
HTC Corp.	11,950		241,778
QUALCOMM, Inc.	17,400		1,183,548
Riverbed Technology, Inc. (a)	3,600		101,088
			2,621,984
Computers & Peripherals - 4.5%
Apple, Inc. (a)	11,700		7,013,799
Lenovo Group Ltd.	202,000		181,825
SanDisk Corp. (a)	8,300		411,597
			7,607,221
Internet Software & Services - 1.2%
Akamai Technologies, Inc. (a)	3,900		143,130
Bankrate, Inc.	12,800		316,800
Cornerstone OnDemand, Inc.	11,400		248,976
Facebook, Inc. Class B (f)	1,580		48,617
IAC/InterActiveCorp	5,500		269,995
Rackspace Hosting, Inc. (a)	11,500		664,585
VeriSign, Inc.	8,100		310,554
YouKu.com, Inc. ADR (a)	3,700		81,363
			2,084,020
IT Services - 1.0%
Cognizant Technology Solutions Corp. Class A (a)	14,000		1,077,300
MasterCard, Inc. Class A	1,300		546,702
ServiceSource International, Inc.	5,300		82,044
			1,706,046
Semiconductors & Semiconductor Equipment - 1.9%
ASML Holding NV	14,000		701,960
Freescale Semiconductor Holdings I Ltd.	25,700		395,523
Intel Corp.	50,000		1,405,500
NXP Semiconductors NV (a)	28,700		763,707
			3,266,690
Software - 1.7%
Ariba, Inc. (a)	3,400		111,214
Citrix Systems, Inc. (a)	9,700		765,427
CommVault Systems, Inc. (a)	4,100		203,524

	Shares		Value
Informatica Corp. (a)	15,500		$ 819,950
RealPage, Inc. (a)	9,700		185,949
salesforce.com, Inc. (a)	1,700		262,667
VMware, Inc. Class A (a)	3,800		427,006
			2,775,737
TOTAL INFORMATION TECHNOLOGY			20,061,698
MATERIALS - 2.1%
Chemicals - 1.9%
Celanese Corp. Class A	11,200		517,216
CF Industries Holdings, Inc.	3,600		657,540
Dow Chemical Co.	15,700		543,848
FMC Corp.	1,300		137,618
Huntsman Corp.	15,800		221,358
LyondellBasell Industries NV Class A	7,900		344,835
Rockwood Holdings, Inc. (a)	6,000		312,900
Westlake Chemical Corp. (d)	7,200		466,488
			3,201,803
Metals & Mining - 0.2%
First Quantum Minerals Ltd.	19,200		366,081
TOTAL MATERIALS			3,567,884
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
SBA Communications Corp. Class A (a)	7,800		396,318
TOTAL COMMON STOCKS (Cost $69,897,314)		87,158,061
Fixed-Income Funds - 28.5%

Fidelity Emerging Markets Debt Central Fund (e)	96,429		1,009,615
Fidelity Floating Rate Central Fund (e)	34,490		3,493,478
Fidelity High Income Central Fund 1 (e)	44,017		4,356,789
Fidelity Inflation-Protected Bond Index Central Fund (e)	48,548		4,829,555
Fidelity VIP Investment Grade Central Fund (e)	320,590		34,479,468
TOTAL FIXED-INCOME FUNDS (Cost $45,951,334)		48,168,905
Equity Funds - 18.3%

Domestic Equity Funds - 1.0%
Fidelity Commodity Strategy Central Fund (e)	157,694		1,695,211
Equity Funds - continued
	Shares		Value
International Equity Funds - 17.3%
Fidelity Emerging Markets Equity Central Fund (e)	24,164		$ 4,870,708
Fidelity International Equity Central Fund (e)	365,988		24,396,779
TOTAL INTERNATIONAL EQUITY FUNDS			29,267,487
TOTAL EQUITY FUNDS (Cost $36,738,238)		30,962,698
Money Market Funds - 4.0%

Fidelity Cash Central Fund, 0.14% (b)	3,177,984		3,177,984
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c)	3,536,950		3,536,950
TOTAL MONEY MARKET FUNDS (Cost $6,714,934)		6,714,934
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $159,301,820)			173,004,598
NET OTHER ASSETS (LIABILITIES) - (2.3)%			(3,964,381)
NET ASSETS - 100%		$ 169,040,217

Legend

(a) Non-income producing

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

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

Additional information on each 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	$ 198,892

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,194
Fidelity Emerging Markets Debt Central Fund	16,349
Fidelity Emerging Markets Equity Central Fund	6,775
Fidelity Floating Rate Central Fund	51,065
Fidelity High Income Central Fund 1	83,748
Fidelity International Equity Central Fund	123,123
Fidelity Securities Lending Cash Central Fund	23,221
Fidelity VIP Investment Grade Central Fund	254,725
Total	$ 560,200

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	$ 2,751,623	$ -	$ 1,079,690	$ 1,695,211	0.2%
Fidelity Emerging Markets Debt Central Fund	946,655	16,349	-	1,009,615	0.9%
Fidelity Emerging Markets Equity Central Fund	4,119,625	479,628	388,022	4,870,708	1.5%
Fidelity Floating Rate Central Fund	4,094,560	51,065	773,670	3,493,478	0.2%
Fidelity High Income Central Fund 1	4,627,374	83,748	524,742	4,356,789	0.7%
Fidelity Inflation-Protected Bond Index Central Fund	-	4,850,462	-	4,829,555	0.9%
Fidelity International Equity Central Fund	23,390,361	123,123	1,694,802	24,396,779	1.5%
Fidelity VIP Investment Grade Central Fund	33,169,163	2,337,036	1,002,079	34,479,468	0.8%
Total	$ 73,099,361	$ 7,941,411	$ 5,463,005	$ 79,131,603

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 22,959,285	$ 22,271,155	$ 688,130	$ -
Consumer Staples	3,571,106	3,571,106	-	-
Energy	10,665,360	10,665,360	-	-
Financials	7,295,164	7,295,164	-	-
Health Care	10,385,612	10,385,612	-	-
Industrials	8,255,634	8,255,634	-	-
Information Technology	20,061,698	20,013,081	-	48,617
Materials	3,567,884	3,567,884	-	-
Telecommunication Services	396,318	396,318	-	-
Fixed-Income Funds	48,168,905	48,168,905	-	-
Money Market Funds	6,714,934	6,714,934	-	-
Equity Funds	30,962,698	30,962,698	-	-
Total Investments in Securities:	$ 173,004,598	$ 172,267,851	$ 688,130	$ 48,617

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

Investments in Securities:
Beginning Balance	$ 39,500
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	9,117
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 48,617
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2012	$ 9,117

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $159,058,881. Net unrealized appreciation aggregated $13,945,717, of which $24,554,956 related to appreciated investment securities and $10,609,239 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. 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:

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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2005 Portfolio

March 31, 2012

1.830285.106

VIPF2005-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 28.0%
	Shares		Value
Domestic Equity Funds - 28.0%
VIP Contrafund Portfolio Initial Class	9,464		$ 248,336
VIP Equity-Income Portfolio Initial Class	14,416		289,612
VIP Growth & Income Portfolio Initial Class	20,303		289,924
VIP Growth Portfolio Initial Class	6,731		289,241
VIP Mid Cap Portfolio Initial Class	3,146		103,914
VIP Value Portfolio Initial Class	20,777		249,327
VIP Value Strategies Portfolio Initial Class	10,286		103,988
TOTAL DOMESTIC EQUITY FUNDS (Cost $1,626,198)		1,574,342
International Equity Funds - 10.2%

Developed International Equity Funds - 7.8%
VIP Overseas Portfolio Initial Class	27,984		438,512
Emerging Markets Equity Funds - 2.4%
VIP Emerging Markets Portfolio Initial Class	15,096		131,338
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $685,502)		569,850
Bond Funds - 34.8%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Initial Class	49,319		$ 280,132
Investment Grade Bond Funds - 29.8%
VIP Investment Grade Bond Portfolio Initial Class	128,846		1,675,000
TOTAL BOND FUNDS (Cost $1,910,036)		1,955,132
Short-Term Funds - 27.0%

VIP Money Market Portfolio Initial Class (Cost $1,518,898)	1,518,898		1,518,898

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $5,740,634)

5,618,222

NET OTHER ASSETS (LIABILITIES) - 0.0%			(44)
NET ASSETS - 100%		$ 5,618,178

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 March 31, 2012, the cost of investment securities for income tax purposes was $5,854,403. Net unrealized depreciation aggregated $236,181, of which $160,603 related to appreciated investment securities and $396,784 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

March 31, 2012

1.830288.106

VIPF2010-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 36.1%
	Shares		Value
Domestic Equity Funds - 36.1%
VIP Contrafund Portfolio Initial Class	420,298		$ 11,028,616
VIP Equity-Income Portfolio Initial Class	641,529		12,888,327
VIP Growth & Income Portfolio Initial Class	903,491		12,901,851
VIP Growth Portfolio Initial Class	299,571		12,872,580
VIP Mid Cap Portfolio Initial Class	139,892		4,620,634
VIP Value Portfolio Initial Class	922,634		11,071,604
VIP Value Strategies Portfolio Initial Class	457,326		4,623,568
TOTAL DOMESTIC EQUITY FUNDS (Cost $68,121,326)		70,007,180
International Equity Funds - 13.0%

Developed International Equity Funds - 10.0%
VIP Overseas Portfolio Initial Class	1,245,009		19,509,294
Emerging Markets Equity Funds - 3.0%
VIP Emerging Markets Portfolio Initial Class	671,180		5,839,262
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $28,028,538)		25,348,556
Bond Funds - 39.4%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Initial Class	1,702,857		$ 9,672,228
Investment Grade Bond Funds - 34.4%
VIP Investment Grade Bond Portfolio Initial Class	5,136,312		66,772,061
TOTAL BOND FUNDS (Cost $75,137,490)		76,444,289
Short-Term Funds - 11.5%

VIP Money Market Portfolio Initial Class (Cost $22,384,261)	22,384,261		22,384,261

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $193,671,615)

194,184,286

NET OTHER ASSETS (LIABILITIES) - 0.0%

(28,688)

NET ASSETS - 100%

$ 194,155,598

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 March 31, 2012, the cost of investment securities for income tax purposes was $194,637,603. Net unrealized depreciation aggregated $453,317, of which $9,925,746 related to appreciated investment securities and $10,379,063 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2015 Portfolio

March 31, 2012

1.830292.106

VIPF2015-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 37.1%
	Shares		Value
Domestic Equity Funds - 37.1%
VIP Contrafund Portfolio Initial Class	225,117		$ 5,907,063
VIP Equity-Income Portfolio Initial Class	343,226		6,895,402
VIP Growth & Income Portfolio Initial Class	483,397		6,902,902
VIP Growth Portfolio Initial Class	160,266		6,886,626
VIP Mid Cap Portfolio Initial Class	74,891		2,473,635
VIP Value Portfolio Initial Class	494,246		5,930,948
VIP Value Strategies Portfolio Initial Class	244,839		2,475,326
TOTAL DOMESTIC EQUITY FUNDS (Cost $34,347,079)		37,471,902
International Equity Funds - 13.4%

Developed International Equity Funds - 10.3%
VIP Overseas Portfolio Initial Class	666,623		10,445,982
Emerging Markets Equity Funds - 3.1%
VIP Emerging Markets Portfolio Initial Class	359,471		3,127,398
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $14,647,043)		13,573,380
Bond Funds - 39.7%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Initial Class	888,800		$ 5,048,381
Investment Grade Bond Funds - 34.7%
VIP Investment Grade Bond Portfolio Initial Class	2,694,980		35,034,745
TOTAL BOND FUNDS (Cost $39,072,244)		40,083,126
Short-Term Funds - 9.8%

VIP Money Market Portfolio Initial Class (Cost $9,848,776)	9,848,776		9,848,776

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $97,915,142)

100,977,184

NET OTHER ASSETS (LIABILITIES) - 0.0%			(12,980)
NET ASSETS - 100%		$ 100,964,204

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $98,401,245. Net unrealized appreciation aggregated $2,575,939, of which $8,294,835 related to appreciated investment securities and $5,718,896 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2020 Portfolio

March 31, 2012

1.830298.106

VIPF2020-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 42.0%
	Shares		Value
Domestic Equity Funds - 42.0%
VIP Contrafund Portfolio Initial Class	1,462,410		$ 38,373,629
VIP Equity-Income Portfolio Initial Class	2,227,052		44,741,482
VIP Growth & Income Portfolio Initial Class	3,136,399		44,787,784
VIP Growth Portfolio Initial Class	1,039,932		44,685,864
VIP Mid Cap Portfolio Initial Class	485,379		16,032,067
VIP Value Portfolio Initial Class	3,210,218		38,522,617
VIP Value Strategies Portfolio Initial Class	1,586,757		16,042,115
TOTAL DOMESTIC EQUITY FUNDS (Cost $218,763,035)		243,185,558
International Equity Funds - 15.2%

Developed International Equity Funds - 11.7%
VIP Overseas Portfolio Initial Class	4,329,513		67,843,472
Emerging Markets Equity Funds - 3.5%
VIP Emerging Markets Portfolio Initial Class	2,333,097		20,297,942
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $92,223,313)		88,141,414
Bond Funds - 37.2%
	Shares		Value
High Yield Bond Funds - 6.0%
VIP High Income Portfolio Initial Class	6,169,829		$ 35,044,629
Investment Grade Bond Funds - 31.2%
VIP Investment Grade Bond Portfolio Initial Class	13,883,855		180,490,111
TOTAL BOND FUNDS (Cost $213,187,990)		215,534,740
Short-Term Funds - 5.6%

VIP Money Market Portfolio Initial Class (Cost $32,108,495)	32,108,495		32,108,495

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $556,282,833)

578,970,207

NET OTHER ASSETS (LIABILITIES) - 0.0%

(119,996)

NET ASSETS - 100%

$ 578,850,211

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $558,484,820. Net unrealized appreciation aggregated $20,485,387, of which $45,151,335 related to appreciated investment securities and $24,665,948 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2025 Portfolio

March 31, 2012

1.830299.106

VIPF2025-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 50.2%
	Shares		Value
Domestic Equity Funds - 50.2%
VIP Contrafund Portfolio Initial Class	173,244		$ 4,545,917
VIP Equity-Income Portfolio Initial Class	264,074		5,305,240
VIP Growth & Income Portfolio Initial Class	371,908		5,310,850
VIP Growth Portfolio Initial Class	123,302		5,298,270
VIP Mid Cap Portfolio Initial Class	57,453		1,897,680
VIP Value Portfolio Initial Class	380,363		4,564,358
VIP Value Strategies Portfolio Initial Class	187,815		1,898,810
TOTAL DOMESTIC EQUITY FUNDS (Cost $26,443,427)		28,821,125
International Equity Funds - 18.2%

Developed International Equity Funds - 14.0%
VIP Overseas Portfolio Initial Class	512,943		8,037,824
Emerging Markets Equity Funds - 4.2%
VIP Emerging Markets Portfolio Initial Class	276,512		2,405,657
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $10,931,105)		10,443,481
Bond Funds - 31.2%
	Shares		Value
High Yield Bond Funds - 7.4%
VIP High Income Portfolio Initial Class	749,192		$ 4,255,412
Investment Grade Bond Funds - 23.8%
VIP Investment Grade Bond Portfolio Initial Class	1,048,668		13,632,689
TOTAL BOND FUNDS (Cost $17,821,360)		17,888,101
Short-Term Funds - 0.4%

VIP Money Market Portfolio Initial Class (Cost $210,495)	210,495		210,495
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $55,406,387)		57,363,202
NET OTHER ASSETS (LIABILITIES) - 0.0%		(7,561)
NET ASSETS - 100%		$ 57,355,641

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $55,694,652. Net unrealized appreciation aggregated $1,668,550, of which $4,462,010 related to appreciated investment securities and $2,793,460 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2030 Portfolio

March 31, 2012

1.830294.106

VIPF2030-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 52.5%
	Shares		Value
Domestic Equity Funds - 52.5%
VIP Contrafund Portfolio Initial Class	435,790		$ 11,435,136
VIP Equity-Income Portfolio Initial Class	664,267		13,345,130
VIP Growth & Income Portfolio Initial Class	935,513		13,359,119
VIP Growth Portfolio Initial Class	310,187		13,328,752
VIP Mid Cap Portfolio Initial Class	144,508		4,773,083
VIP Value Portfolio Initial Class	956,658		11,479,895
VIP Value Strategies Portfolio Initial Class	472,406		4,776,028
TOTAL DOMESTIC EQUITY FUNDS (Cost $68,217,380)		72,497,143
International Equity Funds - 19.0%

Developed International Equity Funds - 14.6%
VIP Overseas Portfolio Initial Class	1,290,476		20,221,756
Emerging Markets Equity Funds - 4.4%
VIP Emerging Markets Portfolio Initial Class	695,422		6,050,171
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $28,276,941)		26,271,927
Bond Funds - 28.5%
	Shares		Value
High Yield Bond Funds - 7.5%
VIP High Income Portfolio Initial Class	1,812,594		$ 10,295,536
Investment Grade Bond Funds - 21.0%
VIP Investment Grade Bond Portfolio Initial Class	2,229,999		28,989,984
TOTAL BOND FUNDS (Cost $39,059,182)		39,285,520

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $135,553,503)

138,054,590

NET OTHER ASSETS (LIABILITIES) - 0.0%			(17,080)
NET ASSETS - 100%		$ 138,037,510

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $136,697,572. Net unrealized appreciation aggregated $1,357,018, of which $10,507,767 related to appreciated investment securities and $9,150,749 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2035 Portfolio

March 31, 2012

1.903282.102

VF-2035-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 60.3%
	Shares		Value
Domestic Equity Funds - 60.3%
VIP Contrafund Portfolio Initial Class	1,963		$ 51,502
VIP Equity-Income Portfolio Initial Class	2,991		60,080
VIP Growth & Income Portfolio Initial Class	4,212		60,144
VIP Growth Portfolio Initial Class	1,397		60,011
VIP Mid Cap Portfolio Initial Class	651		21,510
VIP Value Portfolio Initial Class	4,308		51,700
VIP Value Strategies Portfolio Initial Class	2,129		21,524
TOTAL DOMESTIC EQUITY FUNDS (Cost $198,488)		326,471
International Equity Funds - 21.9%

Developed International Equity Funds - 16.8%
VIP Overseas Portfolio Initial Class	5,812		91,073
Emerging Markets Equity Funds - 5.1%
VIP Emerging Markets Portfolio Initial Class	3,134		27,267
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $96,511)		118,340
Bond Funds - 17.8%
	Shares		Value
High Yield Bond Funds - 7.5%
VIP High Income Portfolio Initial Class	7,100		$ 40,329
Investment Grade Bond Funds - 10.3%
VIP Investment Grade Bond Portfolio Initial Class	4,308		56,000
TOTAL BOND FUNDS (Cost $85,364)		96,329

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $380,363)

541,140

NET OTHER ASSETS (LIABILITIES) - 0.0%			(77)
NET ASSETS - 100%		$ 541,063

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $381,833. Net unrealized appreciation aggregated $159,307, of which $161,543 related to appreciated investment securities and $2,236 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2040 Portfolio

March 31, 2012

1.903284.102

VF-2040-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 60.8%
	Shares		Value
Domestic Equity Funds - 60.8%
VIP Contrafund Portfolio Initial Class	20,410		$ 535,567
VIP Equity-Income Portfolio Initial Class	31,090		624,605
VIP Growth & Income Portfolio Initial Class	43,767		624,991
VIP Growth Portfolio Initial Class	14,526		624,172
VIP Mid Cap Portfolio Initial Class	6,782		224,009
VIP Value Portfolio Initial Class	44,732		536,778
VIP Value Strategies Portfolio Initial Class	22,165		224,093
TOTAL DOMESTIC EQUITY FUNDS (Cost $3,160,958)		3,394,215
International Equity Funds - 22.1%

Developed International Equity Funds - 17.0%
VIP Overseas Portfolio Initial Class	60,559		948,966
Emerging Markets Equity Funds - 5.1%
VIP Emerging Markets Portfolio Initial Class	32,654		284,090
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,229,009)		1,233,056
Bond Funds - 17.1%
	Shares		Value
High Yield Bond Funds - 7.8%
VIP High Income Portfolio Initial Class	76,665		$ 435,456
Investment Grade Bond Funds - 9.3%
VIP Investment Grade Bond Portfolio Initial Class	39,966		519,555
TOTAL BOND FUNDS (Cost $941,778)		955,011

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $5,331,745)

5,582,282

NET OTHER ASSETS (LIABILITIES) - 0.0%			(152)
NET ASSETS - 100%		$ 5,582,130

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $5,402,993. Net unrealized appreciation aggregated $179,289, of which $262,199 related to appreciated investment securities and $82,910 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2045 Portfolio

March 31, 2012

1.903286.102

VF-2045-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 62.4%
	Shares		Value
Domestic Equity Funds - 62.4%
VIP Contrafund Portfolio Initial Class	1,392		$ 36,531
VIP Equity-Income Portfolio Initial Class	2,121		42,601
VIP Growth & Income Portfolio Initial Class	2,986		42,646
VIP Growth Portfolio Initial Class	990		42,552
VIP Mid Cap Portfolio Initial Class	462		15,267
VIP Value Portfolio Initial Class	3,056		36,671
VIP Value Strategies Portfolio Initial Class	1,511		15,276
TOTAL DOMESTIC EQUITY FUNDS (Cost $128,733)		231,544
International Equity Funds - 22.6%

Developed International Equity Funds - 17.4%
VIP Overseas Portfolio Initial Class	4,121		64,579
Emerging Markets Equity Funds - 5.2%
VIP Emerging Markets Portfolio Initial Class	2,225		19,360
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $63,432)		83,939
Bond Funds - 15.0%
	Shares		Value
High Yield Bond Funds - 9.9%
VIP High Income Portfolio Initial Class	6,438		$ 36,569
Investment Grade Bond Funds - 5.1%
VIP Investment Grade Bond Portfolio Initial Class	1,461		18,993
TOTAL BOND FUNDS (Cost $45,708)		55,562

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $237,873)

371,045

NET OTHER ASSETS (LIABILITIES) - 0.0%			(43)
NET ASSETS - 100%		$ 371,002

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $238,318. Net unrealized appreciation aggregated $132,727, of which $133,234 related to appreciated investment securities and $507 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2050 Portfolio

March 31, 2012

1.903288.102

VF-2050-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 64.2%
	Shares		Value
Domestic Equity Funds - 64.2%
VIP Contrafund Portfolio Initial Class	2,300		$ 60,361
VIP Equity-Income Portfolio Initial Class	3,508		70,483
VIP Growth & Income Portfolio Initial Class	4,941		70,557
VIP Growth Portfolio Initial Class	1,638		70,400
VIP Mid Cap Portfolio Initial Class	763		25,207
VIP Value Portfolio Initial Class	5,050		60,603
VIP Value Strategies Portfolio Initial Class	2,495		25,224
TOTAL DOMESTIC EQUITY FUNDS (Cost $262,316)		382,835
International Equity Funds - 23.2%

Developed International Equity Funds - 17.9%
VIP Overseas Portfolio Initial Class	6,813		106,768
Emerging Markets Equity Funds - 5.3%
VIP Emerging Markets Portfolio Initial Class	3,675		31,970
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $115,037)		138,738
Bond Funds - 12.6%
	Shares		Value
High Yield Bond Funds - 9.9%
VIP High Income Portfolio Initial Class	10,437		$ 59,283
Investment Grade Bond Funds - 2.7%
VIP Investment Grade Bond Portfolio Initial Class	1,227		15,945
TOTAL BOND FUNDS (Cost $65,449)		75,228

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $442,802)

596,801

NET OTHER ASSETS (LIABILITIES) - 0.0%			(48)
NET ASSETS - 100%		$ 596,753

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $446,111. Net unrealized appreciation aggregated $150,690, of which $153,311 related to appreciated investment securities and $2,621 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom Income Portfolio

March 31, 2012

1.830282.106

VIPFINC-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 14.7%
	Shares		Value
Domestic Equity Funds - 14.7%
VIP Contrafund Portfolio Initial Class	18,110		$ 475,197
VIP Equity-Income Portfolio Initial Class	27,605		554,593
VIP Growth & Income Portfolio Initial Class	38,878		555,172
VIP Growth Portfolio Initial Class	12,890		553,876
VIP Mid Cap Portfolio Initial Class	5,983		197,617
VIP Value Portfolio Initial Class	39,756		477,078
VIP Value Strategies Portfolio Initial Class	19,559		197,738
TOTAL DOMESTIC EQUITY FUNDS (Cost $3,048,251)		3,011,271
International Equity Funds - 5.4%

Developed International Equity Funds - 4.2%
VIP Overseas Portfolio Initial Class	54,405		852,520
Emerging Markets Equity Funds - 1.2%
VIP Emerging Markets Portfolio Initial Class	29,287		254,793
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,029,819)		1,107,313
Bond Funds - 40.0%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Initial Class	179,751		$ 1,020,987
Investment Grade Bond Funds - 35.0%
VIP Investment Grade Bond Portfolio Initial Class	549,902		7,148,732
TOTAL BOND FUNDS (Cost $7,938,681)		8,169,719
Short-Term Funds - 39.9%

VIP Money Market Portfolio Initial Class (Cost $8,154,605)	8,154,605		8,154,607

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $20,171,356)

20,442,910

NET OTHER ASSETS (LIABILITIES) - 0.0%

(1,043)

NET ASSETS - 100%

$ 20,441,867

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $20,274,441. Net unrealized appreciation aggregated $168,469, of which $558,587 related to appreciated investment securities and $390,118 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom Lifetime Income I Portfolio

March 31, 2012

1.830289.106

VIPFLI-I-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 29.8%
	Shares		Value
Domestic Equity Funds - 29.8%
VIP Contrafund Portfolio Investor Class	20,731		$ 542,120
VIP Equity-Income Portfolio Investor Class	31,589		633,036
VIP Growth & Income Portfolio Investor Class	44,448		633,378
VIP Growth Portfolio Investor Class	14,744		631,909
VIP Mid Cap Portfolio Investor Class	6,864		226,022
VIP Value Portfolio Investor Class	45,391		544,239
VIP Value Strategies Portfolio Investor Class	22,458		226,157
TOTAL DOMESTIC EQUITY FUNDS (Cost $3,654,356)		3,436,861
International Equity Funds - 10.8%

Developed International Equity Funds - 8.3%
VIP Overseas Portfolio Investor Class R	61,282		957,837
Emerging Markets Equity Funds - 2.5%
VIP Emerging Markets Portfolio Investor Class R	33,096		287,271
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,464,248)		1,245,108
Bond Funds - 44.5%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Investor Class	101,385		$ 573,841
Investment Grade Bond Funds - 39.5%
VIP Investment Grade Bond Portfolio Investor Class	351,731		4,558,438
TOTAL BOND FUNDS (Cost $5,089,311)		5,132,279
Short-Term Funds - 14.9%

VIP Money Market Portfolio Investor Class (Cost $1,722,134)	1,722,134		1,722,134

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $11,930,049)

11,536,382

NET OTHER ASSETS (LIABILITIES) - 0.0%			6
NET ASSETS - 100%		$ 11,536,388

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $11,981,611. Net unrealized depreciation aggregated $445,229, of which $327,721 related to appreciated investment securities and $772,950 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom Lifetime Income II Portfolio

March 31, 2012

1.830295.106

VIPFLI-II-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 34.6%
	Shares		Value
Domestic Equity Funds - 34.6%
VIP Contrafund Portfolio Investor Class	39,897		$ 1,043,303
VIP Equity-Income Portfolio Investor Class	60,759		1,217,603
VIP Growth & Income Portfolio Investor Class	85,492		1,218,263
VIP Growth Portfolio Investor Class	28,359		1,215,479
VIP Mid Cap Portfolio Investor Class	13,252		436,400
VIP Value Portfolio Investor Class	87,351		1,047,340
VIP Value Strategies Portfolio Investor Class	43,362		436,651
TOTAL DOMESTIC EQUITY FUNDS (Cost $7,174,769)		6,615,039
International Equity Funds - 12.5%

Developed International Equity Funds - 9.6%
VIP Overseas Portfolio Investor Class R	117,934		1,843,313
Emerging Markets Equity Funds - 2.9%
VIP Emerging Markets Portfolio Investor Class R	63,751		553,361
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $2,949,470)		2,396,674
Bond Funds - 43.9%
	Shares		Value
High Yield Bond Funds - 5.1%
VIP High Income Portfolio Investor Class	172,891		$ 978,566
Investment Grade Bond Funds - 38.8%
VIP Investment Grade Bond Portfolio Investor Class	573,432		7,431,682
TOTAL BOND FUNDS (Cost $8,327,634)		8,410,248
Short-Term Funds - 9.0%

VIP Money Market Portfolio Investor Class (Cost $1,725,381)	1,725,381		1,725,381

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $20,177,254)

19,147,342

NET OTHER ASSETS (LIABILITIES) - 0.0%			8
NET ASSETS - 100%		$ 19,147,350

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $20,321,153. Net unrealized depreciation aggregated $1,173,811, of which $480,324 related to appreciated investment securities and $1,654,135 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom Lifetime Income III Portfolio

March 31, 2012

1.830300.106

VIPFLI-III-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 51.5%
	Shares		Value
Domestic Equity Funds - 51.5%
VIP Contrafund Portfolio Investor Class	23,063		$ 603,099
VIP Equity-Income Portfolio Investor Class	35,162		704,640
VIP Growth & Income Portfolio Investor Class	49,476		705,031
VIP Growth Portfolio Investor Class	16,413		703,447
VIP Mid Cap Portfolio Investor Class	7,659		252,217
VIP Value Portfolio Investor Class	50,493		605,407
VIP Value Strategies Portfolio Investor Class	25,061		252,369
TOTAL DOMESTIC EQUITY FUNDS (Cost $4,107,165)		3,826,210
International Equity Funds - 18.7%

Developed International Equity Funds - 14.4%
VIP Overseas Portfolio Investor Class R	68,253		1,066,794
Emerging Markets Equity Funds - 4.3%
VIP Emerging Markets Portfolio Investor Class R	36,840		319,770
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,688,305)		1,386,564
Bond Funds - 29.8%
	Shares		Value
High Yield Bond Funds - 7.4%
VIP High Income Portfolio Investor Class	97,576		$ 552,282
Investment Grade Bond Funds - 22.4%
VIP Investment Grade Bond Portfolio Investor Class	128,077		1,659,881
TOTAL BOND FUNDS (Cost $2,219,380)		2,212,163

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $8,014,850)

7,424,937

NET OTHER ASSETS (LIABILITIES) - 0.0%

(1)

NET ASSETS - 100%

$ 7,424,936

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 March 31, 2012, the cost of investment securities for income tax purposes was $8,075,737. Net unrealized depreciation aggregated $650,800, of which $251,539 related to appreciated investment securities and $902,339 related to depreciated investment securities.

Investment Valuation

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:
FundsManager 20% Portfolio

March 31, 2012

1.847118.105

VF20-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 21.9%
	Shares		Value
Domestic Equity Funds - 17.3%
Fidelity 130/30 Large Cap Fund	2,955		$ 22,190
Fidelity Air Transportation Portfolio	7,451		289,919
Fidelity Automotive Portfolio	7,838		301,367
Fidelity Banking Portfolio	215,863		4,107,878
Fidelity Biotechnology Portfolio	3,133		323,517
Fidelity Blue Chip Growth Fund	501		25,224
Fidelity Brokerage & Investment Management Portfolio	43,982		2,143,226
Fidelity Chemicals Portfolio	2,344		263,463
Fidelity Commodity Strategy Fund	1,164		9,827
Fidelity Communications Equipment Portfolio	44,194		1,122,520
Fidelity Computers Portfolio (a)	35,503		2,397,165
Fidelity Construction & Housing Portfolio	41,823		1,774,126
Fidelity Consumer Discretionary Portfolio	233,965		6,356,816
Fidelity Consumer Finance Portfolio	106,296		1,424,361
Fidelity Consumer Staples Portfolio	123,918		9,587,549
Fidelity Contrafund	3,266		253,220
Fidelity Defense & Aerospace Portfolio	1,199		103,276
Fidelity Disciplined Equity Fund	2,072		50,225
Fidelity Dividend Growth Fund	2,115		63,667
Fidelity Electronics Portfolio	52,554		2,872,620
Fidelity Energy Portfolio	117,598		6,192,721
Fidelity Energy Service Portfolio (a)	37,101		2,530,280
Fidelity Environmental & Alternative Energy Portfolio	10,899		178,967
Fidelity Equity-Income Fund	679		30,921
Fidelity Equity-Income II Fund	693		13,212
Fidelity Financial Services Portfolio	46,299		2,787,656
Fidelity Fund	645		22,959
Fidelity Global Commodity Stock Fund	3,704		55,749
Fidelity Gold Portfolio	72,235		2,945,034
Fidelity Growth Company Fund	1,139		111,591
Fidelity Health Care Portfolio	52,666		7,199,501
Fidelity Independence Fund	310		7,957
Fidelity Industrial Equipment Portfolio	63,302		2,325,712
Fidelity Industrials Portfolio	221,091		5,549,379
Fidelity Insurance Portfolio	65,783		3,212,183
Fidelity IT Services Portfolio	109,865		2,768,603
Fidelity Large Cap Stock Fund	13,392		265,568
Fidelity Large Cap Value Fund	9,978		113,454
Fidelity Leisure Portfolio	3,104		346,628
Fidelity Leveraged Company Stock Fund	195		5,731
Fidelity Magellan Fund	377		27,638
Fidelity Materials Portfolio	788		54,563
Fidelity Medical Delivery Portfolio (a)	31,868		2,031,926
Fidelity Medical Equipment & Systems Portfolio	2,122		61,328
Fidelity Mega Cap Stock Fund	86,104		997,941
Fidelity Mid-Cap Stock Fund	2,047		61,885
Fidelity Multimedia Portfolio	22,470		1,122,397
Fidelity Natural Resources Portfolio	3,159		105,263
Fidelity Pharmaceuticals Portfolio	166,993		2,418,057

	Shares		Value
Fidelity Real Estate Investment Portfolio	57,134		$ 1,760,313
Fidelity Retailing Portfolio	26,662		1,641,846
Fidelity Small Cap Growth Fund	8,138		136,310
Fidelity Small Cap Stock Fund	3,102		58,482
Fidelity Small Cap Value Fund	13,783		215,704
Fidelity Software & Computer Services Portfolio	78,527		7,338,333
Fidelity Technology Portfolio (a)	36,606		3,867,082
Fidelity Telecom and Utilities Fund	160,673		2,800,536
Fidelity Telecommunications Portfolio	4,551		212,134
Fidelity Transportation Portfolio	10,703		575,187
Fidelity Utilities Portfolio	973		52,030
Spartan Extended Market Index Fund Investor Class	6,246		253,393
Spartan Total Market Index Fund Investor Class	3,385		138,027
VIP Energy Portfolio Investor Class	139,023		2,786,022
VIP Mid Cap Portfolio Investor Class	79		2,615
TOTAL DOMESTIC EQUITY FUNDS			98,874,974
International Equity Funds - 4.6%
Fidelity Canada Fund	2,454		129,950
Fidelity Diversified International Fund	121,897		3,503,333
Fidelity Emerging Asia Fund	58,763		1,664,173
Fidelity Emerging Markets Fund	13,476		311,030
Fidelity International Capital Appreciation Fund	96,277		1,255,450
Fidelity International Discovery Fund	69,413		2,149,025
Fidelity International Real Estate Fund	31,129		254,014
Fidelity International Small Cap Fund	6,426		129,801
Fidelity International Small Cap Opportunities Fund	228,196		2,389,214
Fidelity International Value Fund	286,424		2,033,612
Fidelity Japan Fund	53,354		545,277
Fidelity Japan Smaller Companies Fund	32,927		295,026
Fidelity Nordic Fund	62,258		1,949,912
Fidelity Overseas Fund	436		13,348
Fidelity Pacific Basin Fund	40,095		978,306
Spartan International Index Fund Investor Class	255,187		8,446,685
TOTAL INTERNATIONAL EQUITY FUNDS			26,048,156
TOTAL EQUITY FUNDS (Cost $106,894,964)		124,923,130
Fixed-Income Funds - 55.5%

Fixed-Income Funds - 55.5%
Fidelity Floating Rate High Income Fund	1,646,400		16,151,182
Fidelity Focused High Income Fund	162,994		1,496,282
Fidelity High Income Fund	1,382,251		12,440,258
Fidelity New Markets Income Fund	319,251		5,274,028
Fixed-Income Funds - continued
	Shares		Value
Fixed-Income Funds - continued
Fidelity Real Estate Income Fund	107,936		$ 1,174,349
Spartan U.S. Bond Index Fund Investor Class	23,829,386		279,756,991
TOTAL FIXED-INCOME FUNDS (Cost $301,094,794)		316,293,090
Money Market Funds - 22.6%

Fidelity Institutional Money Market Portfolio Class I	13,175,899		13,175,899
Fidelity Institutional Prime Money Market Portfolio Class I	102,425,657		102,425,657
Fidelity Select Money Market Portfolio	12,953,280		12,953,280
TOTAL MONEY MARKET FUNDS (Cost $128,554,836)		128,554,836
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $536,544,594)		569,771,056
NET OTHER ASSETS (LIABILITIES) - 0.0%			(94,796)
NET ASSETS - 100%		$ 569,676,260

Legend

(a) Non-income producing

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $536,963,729. Net unrealized appreciation aggregated $32,807,327, of which $35,288,131 related to appreciated investment securities and $2,480,804 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
FundsManager 50% Portfolio

March 31, 2012

1.847119.105

VF50-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 52.0%
	Shares		Value
Domestic Equity Funds - 38.6%
Fidelity 130/30 Large Cap Fund	11,827		$ 88,818
Fidelity Air Transportation Portfolio	28,331		1,102,364
Fidelity Automotive Portfolio	50,331		1,935,210
Fidelity Banking Portfolio	737,708		14,038,579
Fidelity Biotechnology Portfolio	47,391		4,893,605
Fidelity Blue Chip Growth Fund	25,837		1,301,651
Fidelity Brokerage & Investment Management Portfolio	71,463		3,482,369
Fidelity Chemicals Portfolio	25,804		2,900,657
Fidelity Commodity Strategy Fund	1,164		9,827
Fidelity Communications Equipment Portfolio	57,551		1,461,808
Fidelity Computers Portfolio (a)	143,439		9,685,020
Fidelity Construction & Housing Portfolio	144,082		6,111,956
Fidelity Consumer Discretionary Portfolio	491,029		13,341,246
Fidelity Consumer Finance Portfolio	32,948		441,507
Fidelity Consumer Staples Portfolio	395,299		30,584,289
Fidelity Contrafund	12,504		969,557
Fidelity Defense & Aerospace Portfolio	12,405		1,068,107
Fidelity Disciplined Equity Fund	12,778		309,748
Fidelity Dividend Growth Fund	176,962		5,326,549
Fidelity Electronics Portfolio	179,259		9,798,297
Fidelity Energy Portfolio	419,800		22,106,687
Fidelity Energy Service Portfolio (a)	103,114		7,032,391
Fidelity Environmental & Alternative Energy Portfolio	25,547		419,480
Fidelity Equity-Income Fund	1,507		68,626
Fidelity Equity-Income II Fund	521		9,928
Fidelity Financial Services Portfolio	218,483		13,154,880
Fidelity Fund	16,244		577,783
Fidelity Global Commodity Stock Fund	4,500		67,729
Fidelity Gold Portfolio	130,137		5,305,705
Fidelity Growth Company Fund	70,808		6,939,899
Fidelity Health Care Portfolio	74,975		10,249,025
Fidelity Independence Fund	977		25,063
Fidelity Industrial Equipment Portfolio	205,605		7,553,930
Fidelity Industrials Portfolio	590,966		14,833,244
Fidelity Insurance Portfolio	282,213		13,780,457
Fidelity IT Services Portfolio	307,630		7,752,278
Fidelity Large Cap Stock Fund	19,368		384,067
Fidelity Large Cap Value Fund	31,910		362,818
Fidelity Leisure Portfolio	31,022		3,464,578
Fidelity Leveraged Company Stock Fund	766		22,526
Fidelity Magellan Fund	2,843		208,330
Fidelity Materials Portfolio	2,713		187,790
Fidelity Medical Delivery Portfolio (a)	137,171		8,746,038
Fidelity Medical Equipment & Systems Portfolio	22,287		644,094
Fidelity Mega Cap Stock Fund	182,786		2,118,485
Fidelity Mid Cap Value Fund	18,884		323,107
Fidelity Mid-Cap Stock Fund	5,533		167,248
Fidelity Multimedia Portfolio	74,085		3,700,556
Fidelity Nasdaq Composite Index Fund	10,253		422,011

	Shares		Value
Fidelity Natural Resources Portfolio	3,459		$ 115,240
Fidelity Pharmaceuticals Portfolio	794,294		11,501,383
Fidelity Real Estate Investment Portfolio	118,901		3,663,329
Fidelity Retailing Portfolio	132,373		8,151,520
Fidelity Small Cap Growth Fund	3,946		66,099
Fidelity Small Cap Stock Fund	7,639		143,991
Fidelity Small Cap Value Fund	8,498		132,998
Fidelity Software & Computer Services Portfolio	108,231		10,114,225
Fidelity Technology Portfolio (a)	255,255		26,965,152
Fidelity Telecom and Utilities Fund	346,714		6,043,226
Fidelity Telecommunications Portfolio	143,565		6,691,564
Fidelity Transportation Portfolio	51,350		2,759,545
Fidelity Utilities Portfolio	118,641		6,341,371
Spartan 500 Index Fund Investor Class	2,842		142,305
Spartan Extended Market Index Fund Investor Class	239,639		9,722,140
Spartan Total Market Index Fund Investor Class	282,301		11,512,242
VIP Mid Cap Portfolio Investor Class	7,921		260,836
TOTAL DOMESTIC EQUITY FUNDS			343,807,083
International Equity Funds - 13.3%
Fidelity Canada Fund	30,650		1,622,901
Fidelity China Region Fund	29,194		814,233
Fidelity Diversified International Fund	283,742		8,154,753
Fidelity Emerging Asia Fund	177,779		5,034,713
Fidelity Emerging Markets Fund	113,707		2,624,368
Fidelity International Capital Appreciation Fund	720,520		9,395,584
Fidelity International Discovery Fund	112,819		3,492,861
Fidelity International Growth Fund	479,670		4,235,484
Fidelity International Real Estate Fund	136,575		1,114,450
Fidelity International Small Cap Fund	91,540		1,849,099
Fidelity International Small Cap Opportunities Fund	505,284		5,290,326
Fidelity International Value Fund	618,056		4,388,200
Fidelity Japan Fund	217,420		2,222,036
Fidelity Japan Smaller Companies Fund	182,693		1,636,927
Fidelity Nordic Fund	154,955		4,853,202
Fidelity Overseas Fund	288		8,800
Fidelity Pacific Basin Fund	291,812		7,120,215
Spartan International Index Fund Investor Class	1,644,605		54,436,437
TOTAL INTERNATIONAL EQUITY FUNDS			118,294,589
Latin America Stock Funds - 0.1%
Fidelity Latin America Fund	13,852		767,249
TOTAL EQUITY FUNDS (Cost $375,322,561)		462,868,921
Fixed-Income Funds - 43.4%
	Shares		Value
Fixed-Income Funds - 43.4%
Fidelity Floating Rate High Income Fund	2,467,883		$ 24,209,934
Fidelity Focused High Income Fund	361,563		3,319,151
Fidelity High Income Fund	2,355,054		21,195,485
Fidelity New Markets Income Fund	384,676		6,354,844
Fidelity Real Estate Income Fund	326,197		3,549,028
Spartan U.S. Bond Index Fund Investor Class	27,962,284		328,277,214
TOTAL FIXED-INCOME FUNDS (Cost $366,076,293)		386,905,656
Money Market Funds - 4.6%
	Shares		Value
Fidelity Institutional Prime Money Market Portfolio Class I	30,666,952		$ 30,666,952
Fidelity Select Money Market Portfolio	10,207,650		10,207,650
TOTAL MONEY MARKET FUNDS (Cost $40,874,602)		40,874,602
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $782,273,456)			890,649,179
NET OTHER ASSETS (LIABILITIES) - 0.0%			(156,309)
NET ASSETS - 100%		$ 890,492,870

Legend

(a) Non-income producing

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $783,105,850. Net unrealized appreciation aggregated $107,543,329, of which $114,113,619 related to appreciated investment securities and $6,570,290 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
FundsManager 60% Portfolio

March 31, 2012

1.856870.104

VIPFM-60-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 61.8%
	Shares		Value
Domestic Equity Funds - 46.0%
Fidelity 130/30 Large Cap Fund	7,142		$ 53,637
Fidelity Air Transportation Portfolio	102,745		3,997,810
Fidelity Automotive Portfolio	330,647		12,713,381
Fidelity Banking Portfolio	4,546,547		86,520,781
Fidelity Biotechnology Portfolio	185,109		19,114,391
Fidelity Blue Chip Growth Fund	16,378		825,139
Fidelity Brokerage & Investment Management Portfolio	426,501		20,783,386
Fidelity Chemicals Portfolio	260,676		29,302,543
Fidelity Commodity Strategy Fund	1,228		10,368
Fidelity Communications Equipment Portfolio	777,342		19,744,499
Fidelity Computers Portfolio (a)	1,395,958		94,255,084
Fidelity Construction & Housing Portfolio	598,228		25,376,811
Fidelity Consumer Discretionary Portfolio	4,280,897		116,311,965
Fidelity Consumer Finance Portfolio	2,414,586		32,355,448
Fidelity Consumer Staples Portfolio	2,624,869		203,086,115
Fidelity Contrafund	8,989		696,982
Fidelity Defense & Aerospace Portfolio	15,598		1,342,951
Fidelity Disciplined Equity Fund	4,530		109,809
Fidelity Dividend Growth Fund	1,015,984		30,581,115
Fidelity Electronics Portfolio	758,655		41,468,098
Fidelity Energy Portfolio	2,611,903		137,542,808
Fidelity Energy Service Portfolio (a)	1,151,211		78,512,586
Fidelity Environmental & Alternative Energy Portfolio	26,991		443,199
Fidelity Equity-Income Fund	8,706		396,548
Fidelity Equity-Income II Fund	4,958		94,506
Fidelity Financial Services Portfolio	1,688,303		101,652,752
Fidelity Fund	1,846		65,649
Fidelity Global Commodity Stock Fund	86,333		1,299,315
Fidelity Gold Portfolio	1,088,342		44,371,691
Fidelity Growth Company Fund	248,691		24,374,167
Fidelity Health Care Portfolio	1,178,884		161,153,415
Fidelity Independence Fund	2,128		54,585
Fidelity Industrial Equipment Portfolio	2,153,489		79,119,169
Fidelity Industrials Portfolio	4,337,610		108,874,005
Fidelity Insurance Portfolio	1,716,185		83,801,332
Fidelity IT Services Portfolio	2,043,704		51,501,346
Fidelity Large Cap Stock Fund	1,726,719		34,240,840
Fidelity Large Cap Value Fund	28,104		319,544
Fidelity Leisure Portfolio	206,741		23,088,834
Fidelity Leveraged Company Stock Fund	4,331		127,345
Fidelity Magellan Fund	2,881		211,098
Fidelity Materials Portfolio	1,903		131,692
Fidelity Medical Delivery Portfolio (a)	351,513		22,412,494
Fidelity Medical Equipment & Systems Portfolio	5,180		149,706
Fidelity Mega Cap Stock Fund	3,039,096		35,223,119
Fidelity Mid Cap Value Fund	5,589		95,627
Fidelity Multimedia Portfolio	565,938		28,268,599
Fidelity Natural Resources Portfolio	6,478		215,837
Fidelity Pharmaceuticals Portfolio	3,365,991		48,739,553

	Shares		Value
Fidelity Real Estate Investment Portfolio	612,749		$ 18,878,786
Fidelity Retailing Portfolio	580,999		35,777,900
Fidelity Small Cap Growth Fund	98,822		1,655,264
Fidelity Small Cap Value Fund	25,096		392,756
Fidelity Software & Computer Services Portfolio	1,125,795		105,205,559
Fidelity Stock Selector All Cap Fund	4,416		122,862
Fidelity Technology Portfolio (a)	1,407,739		148,713,503
Fidelity Telecom and Utilities Fund	887,785		15,474,092
Fidelity Telecommunications Portfolio	1,144,193		53,330,815
Fidelity Transportation Portfolio	186,171		10,004,806
Fidelity Utilities Portfolio	1,058,878		56,597,008
Fidelity Value Fund	4,074		295,451
Spartan 500 Index Fund Investor Class	2,243		112,347
Spartan Total Market Index Fund Investor Class	688,605		28,081,296
VIP Industrials Portfolio Investor Class	76,397		1,252,145
VIP Mid Cap Portfolio Investor Class	5,000		164,649
TOTAL DOMESTIC EQUITY FUNDS			2,281,190,913
International Equity Funds - 15.7%
Fidelity Canada Fund	99,438		5,265,256
Fidelity China Region Fund	8,502		237,120
Fidelity Diversified International Fund	5,266,016		151,345,287
Fidelity Emerging Asia Fund	1,428,279		40,448,873
Fidelity Emerging Markets Fund	144,214		3,328,468
Fidelity International Capital Appreciation Fund	4,571,577		59,613,368
Fidelity International Discovery Fund	5,223,661		161,724,535
Fidelity International Growth Fund	2,253,602		19,899,302
Fidelity International Real Estate Fund	162,432		1,325,448
Fidelity International Small Cap Fund	244,186		4,932,557
Fidelity International Small Cap Opportunities Fund	3,389,182		35,484,734
Fidelity International Value Fund	4,353,143		30,907,316
Fidelity Japan Fund	1,913,917		19,560,234
Fidelity Japan Smaller Companies Fund	1,848,053		16,558,551
Fidelity Nordic Fund	1,182,507		37,036,131
Fidelity Overseas Fund	1,178		36,044
Fidelity Pacific Basin Fund	1,454,004		35,477,701
Spartan International Index Fund Investor Class	4,771,882		157,949,309
TOTAL INTERNATIONAL EQUITY FUNDS			781,130,234
Latin America Stock Funds - 0.1%
Fidelity Latin America Fund	74,430		4,122,655
TOTAL EQUITY FUNDS (Cost $2,639,637,660)		3,066,443,802
Fixed-Income Funds - 36.2%
	Shares		Value
Fixed-Income Funds - 36.2%
Fidelity Floating Rate High Income Fund	11,023,124		$ 108,136,850
Fidelity Focused High Income Fund	3,969,116		36,436,489
Fidelity High Income Fund	9,934,565		89,411,081
Fidelity New Markets Income Fund	1,648,566		27,234,308
Fidelity Real Estate Income Fund	1,005,667		10,941,658
Spartan U.S. Bond Index Fund Investor Class	130,149,296		1,527,952,731
TOTAL FIXED-INCOME FUNDS (Cost $1,742,631,898)		1,800,113,117
Money Market Funds - 2.0%
	Shares		Value
Fidelity Institutional Prime Money Market Portfolio Class I (Cost $99,314,859)	99,314,859		$ 99,314,859
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $4,481,584,417)			4,965,871,778
NET OTHER ASSETS (LIABILITIES) - 0.0%			(840,160)
NET ASSETS - 100%		$ 4,965,031,618

Legend

(a) Non-income producing

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $4,483,838,405. Net unrealized appreciation aggregated $482,033,373, of which $533,789,894 related to appreciated investment securities and $51,756,521 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
FundsManager 70% Portfolio

March 31, 2012

1.847120.105

VF70-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 71.7%
	Shares		Value
Domestic Equity Funds - 52.5%
Fidelity 130/30 Large Cap Fund	10,705		$ 80,391
Fidelity Air Transportation Portfolio	25,061		975,110
Fidelity Automotive Portfolio	23,088		887,749
Fidelity Banking Portfolio	612,898		11,663,455
Fidelity Biotechnology Portfolio	39,854		4,115,349
Fidelity Blue Chip Growth Fund	6,097		307,173
Fidelity Brokerage & Investment Management Portfolio	63,927		3,115,165
Fidelity Chemicals Portfolio	41,383		4,651,866
Fidelity Commodity Strategy Fund	1,164		9,827
Fidelity Communications Equipment Portfolio	55,211		1,402,356
Fidelity Computers Portfolio (a)	163,978		11,071,825
Fidelity Construction & Housing Portfolio	100,906		4,280,442
Fidelity Consumer Discretionary Portfolio	421,769		11,459,461
Fidelity Consumer Finance Portfolio	81,111		1,086,891
Fidelity Consumer Staples Portfolio	376,350		29,118,185
Fidelity Contrafund	1,026		79,542
Fidelity Defense & Aerospace Portfolio	3,952		340,237
Fidelity Dividend Growth Fund	118,052		3,553,354
Fidelity Electronics Portfolio	82,749		4,523,079
Fidelity Energy Portfolio	343,005		18,062,643
Fidelity Energy Service Portfolio (a)	123,042		8,391,435
Fidelity Environmental & Alternative Energy Portfolio	23,316		382,846
Fidelity Equity-Income Fund	2,601		118,463
Fidelity Equity-Income II Fund	514		9,791
Fidelity Financial Services Portfolio	210,627		12,681,843
Fidelity Fund	5,392		191,809
Fidelity Gold Portfolio	90,951		3,708,090
Fidelity Growth Company Fund	58,571		5,740,569
Fidelity Health Care Portfolio	54,804		7,491,758
Fidelity Independence Fund	561		14,389
Fidelity Industrial Equipment Portfolio	163,497		6,006,889
Fidelity Industrials Portfolio	563,153		14,135,141
Fidelity Insurance Portfolio	193,361		9,441,808
Fidelity IT Services Portfolio	150,422		3,790,632
Fidelity Large Cap Stock Fund	38,261		758,709
Fidelity Large Cap Value Fund	6,408		72,854
Fidelity Leisure Portfolio	1,421		158,648
Fidelity Leveraged Company Stock Fund	964		28,341
Fidelity Magellan Fund	900		65,938
Fidelity Materials Portfolio	879		60,859
Fidelity Medical Delivery Portfolio (a)	132,524		8,449,704
Fidelity Medical Equipment & Systems Portfolio	33,684		973,471
Fidelity Mega Cap Stock Fund	187,568		2,173,915
Fidelity Mid Cap Value Fund	4,413		75,507
Fidelity Mid-Cap Stock Fund	6,318		191,006
Fidelity Multimedia Portfolio	131,177		6,552,281
Fidelity Nasdaq Composite Index Fund	44,371		1,826,310
Fidelity Natural Resources Portfolio	1,786		59,526

	Shares		Value
Fidelity Pharmaceuticals Portfolio	775,135		$ 11,223,950
Fidelity Real Estate Investment Portfolio	172,178		5,304,820
Fidelity Retailing Portfolio	93,617		5,764,932
Fidelity Small Cap Growth Fund	10,842		181,611
Fidelity Small Cap Stock Fund	8,026		151,296
Fidelity Small Cap Value Fund	11,337		177,430
Fidelity Software & Computer Services Portfolio	136,511		12,756,960
Fidelity Technology Portfolio (a)	238,743		25,220,837
Fidelity Telecom and Utilities Fund	416,622		7,261,714
Fidelity Telecommunications Portfolio	66,788		3,112,997
Fidelity Transportation Portfolio	54,426		2,924,838
Fidelity Utilities Portfolio	82,635		4,416,833
Fidelity Value Discovery Fund	1,624		25,897
Fidelity Value Fund	1,157		83,916
Spartan 500 Index Fund Investor Class	172,350		8,631,289
Spartan Extended Market Index Fund Investor Class	366,982		14,888,443
Spartan Total Market Index Fund Investor Class	322,692		13,159,366
VIP Mid Cap Portfolio Investor Class	18,547		610,748
TOTAL DOMESTIC EQUITY FUNDS			320,234,509
International Equity Funds - 19.2%
Fidelity Canada Fund	16,639		881,051
Fidelity China Region Fund	4,500		125,499
Fidelity Diversified International Fund	236,122		6,786,151
Fidelity Emerging Asia Fund	143,681		4,069,035
Fidelity Emerging Markets Fund	131,117		3,026,177
Fidelity International Capital Appreciation Fund	506,697		6,607,327
Fidelity International Discovery Fund	438,718		13,582,719
Fidelity International Growth Fund	33,670		297,306
Fidelity International Real Estate Fund	21,516		175,573
Fidelity International Small Cap Fund	62,203		1,256,505
Fidelity International Small Cap Opportunities Fund	240,030		2,513,109
Fidelity International Value Fund	574,569		4,079,441
Fidelity Japan Fund	137,578		1,406,047
Fidelity Japan Smaller Companies Fund	272,171		2,438,656
Fidelity Nordic Fund	193,812		6,070,192
Fidelity Overseas Fund	855		26,144
Fidelity Pacific Basin Fund	241,276		5,887,140
Spartan International Index Fund Investor Class	1,759,108		58,226,471
TOTAL INTERNATIONAL EQUITY FUNDS			117,454,543
TOTAL EQUITY FUNDS (Cost $349,127,924)		437,689,052
Fixed-Income Funds - 27.9%
	Shares		Value
Fixed-Income Funds - 27.9%
Fidelity Floating Rate High Income Fund	1,283,793		$ 12,594,009
Fidelity Focused High Income Fund	597,938		5,489,069
Fidelity High Income Fund	1,281,296		11,531,660
Fidelity New Markets Income Fund	239,122		3,950,287
Fidelity Real Estate Income Fund	215,175		2,341,108
Spartan U.S. Bond Index Fund Investor Class	11,442,599		134,336,122
TOTAL FIXED-INCOME FUNDS (Cost $159,609,715)		170,242,255
Money Market Funds - 0.4%
	Shares		Value
Fidelity Institutional Prime Money Market Portfolio Class I (Cost $2,244,660)	2,244,660		$ 2,244,660

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $510,982,299)

610,175,967

NET OTHER ASSETS (LIABILITIES) - 0.0%			(101,027)
NET ASSETS - 100%		$ 610,074,940

Legend

(a) Non-income producing

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $511,496,008. Net unrealized appreciation aggregated $98,679,959, of which $104,936,212 related to appreciated investment securities and $6,256,253 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
FundsManager 85% Portfolio

March 31, 2012

1.847121.105

VF85-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 86.5%
	Shares		Value
Domestic Equity Funds - 64.1%
Fidelity 130/30 Large Cap Fund	6,357		$ 47,742
Fidelity Air Transportation Portfolio	15,071		586,409
Fidelity Automotive Portfolio	29,289		1,126,171
Fidelity Banking Portfolio	536,981		10,218,748
Fidelity Biotechnology Portfolio	1,910		197,249
Fidelity Blue Chip Growth Fund	2,059		103,727
Fidelity Brokerage & Investment Management Portfolio	22,768		1,109,485
Fidelity Chemicals Portfolio	26,755		3,007,533
Fidelity Commodity Strategy Fund	1,164		9,827
Fidelity Communications Equipment Portfolio	33,031		838,999
Fidelity Computers Portfolio (a)	84,036		5,674,142
Fidelity Construction & Housing Portfolio	54,096		2,294,766
Fidelity Consumer Discretionary Portfolio	307,993		8,368,173
Fidelity Consumer Finance Portfolio	48,858		654,701
Fidelity Consumer Staples Portfolio	193,031		14,934,793
Fidelity Contrafund	891		69,124
Fidelity Defense & Aerospace Portfolio	4,367		375,999
Fidelity Dividend Growth Fund	2,810		84,589
Fidelity Electronics Portfolio	166,953		9,125,670
Fidelity Energy Portfolio	180,283		9,493,703
Fidelity Energy Service Portfolio (a)	74,915		5,109,216
Fidelity Environmental & Alternative Energy Portfolio	14,333		235,352
Fidelity Equity-Income Fund	998		45,466
Fidelity Equity-Income II Fund	1,226		23,372
Fidelity Financial Services Portfolio	73,655		4,434,757
Fidelity Global Commodity Stock Fund	1,782		26,826
Fidelity Gold Portfolio	24,494		998,630
Fidelity Growth Company Fund	12,516		1,226,704
Fidelity Health Care Portfolio	64,980		8,882,762
Fidelity Independence Fund	421		10,802
Fidelity Industrial Equipment Portfolio	71,368		2,622,049
Fidelity Industrials Portfolio	359,680		9,027,964
Fidelity Insurance Portfolio	179,085		8,744,737
Fidelity IT Services Portfolio	186,685		4,704,473
Fidelity Large Cap Stock Fund	7,845		155,560
Fidelity Large Cap Value Fund	9,258		105,263
Fidelity Leisure Portfolio	1,601		178,804
Fidelity Leveraged Company Stock Fund	3,104		91,259
Fidelity Magellan Fund	857		62,771
Fidelity Materials Portfolio	321		22,247
Fidelity Medical Delivery Portfolio (a)	68,485		4,366,624
Fidelity Medical Equipment & Systems Portfolio	8,552		247,161
Fidelity Mega Cap Stock Fund	36,528		423,358
Fidelity Mid Cap Value Fund	4,528		77,474
Fidelity Mid-Cap Stock Fund	2,561		77,423
Fidelity Multimedia Portfolio	68,425		3,417,814
Fidelity Nasdaq Composite Index Fund	892		36,724
Fidelity Natural Resources Portfolio	727		24,228

	Shares		Value
Fidelity Pharmaceuticals Portfolio	505,789		$ 7,323,824
Fidelity Real Estate Investment Portfolio	910		28,039
Fidelity Retailing Portfolio	59,795		3,682,198
Fidelity Small Cap Growth Fund	2,185		36,594
Fidelity Small Cap Stock Fund	3,373		63,581
Fidelity Small Cap Value Fund	10,788		168,829
Fidelity Software & Computer Services Portfolio	50,813		4,748,501
Fidelity Technology Portfolio (a)	80,917		8,548,089
Fidelity Telecom and Utilities Fund	280,648		4,891,702
Fidelity Telecommunications Portfolio	31,098		1,449,500
Fidelity Transportation Portfolio	28,447		1,528,760
Fidelity Utilities Portfolio	20,418		1,091,356
Fidelity Value Discovery Fund	589		9,389
Spartan 500 Index Fund Investor Class	70,765		3,543,909
Spartan Extended Market Index Fund Investor Class	190		7,699
Spartan Total Market Index Fund Investor Class	41,074		1,674,984
VIP Energy Portfolio Investor Class	16,688		334,433
VIP Mid Cap Portfolio Investor Class	2,527		83,214
TOTAL DOMESTIC EQUITY FUNDS			162,915,971
International Equity Funds - 22.4%
Fidelity Canada Fund	5,051		267,457
Fidelity China Region Fund	5,086		141,845
Fidelity Diversified International Fund	277,066		7,962,874
Fidelity Emerging Asia Fund	90,139		2,552,724
Fidelity Emerging Markets Fund	55,368		1,277,888
Fidelity International Capital Appreciation Fund	519,181		6,770,117
Fidelity International Discovery Fund	22,483		696,089
Fidelity International Real Estate Fund	14,529		118,553
Fidelity International Small Cap Fund	8,843		178,621
Fidelity International Small Cap Opportunities Fund	117,547		1,230,721
Fidelity International Value Fund	412,827		2,931,069
Fidelity Japan Fund	8,600		87,890
Fidelity Japan Smaller Companies Fund	145,341		1,302,258
Fidelity Nordic Fund	11,056		346,264
Fidelity Overseas Fund	336		10,289
Fidelity Pacific Basin Fund	244,925		5,976,163
Spartan International Index Fund Investor Class	754,963		24,989,266
TOTAL INTERNATIONAL EQUITY FUNDS			56,840,088
TOTAL EQUITY FUNDS (Cost $178,966,774)		219,756,059
Fixed-Income Funds - 13.4%

Fixed-Income Funds - 13.4%
Fidelity Floating Rate High Income Fund	23,550		231,022
Fidelity Focused High Income Fund	106,842		980,806
Fixed-Income Funds - continued
	Shares		Value
Fixed-Income Funds - continued
Fidelity High Income Fund	550,385		$ 4,953,468
Fidelity New Markets Income Fund	50,627		836,355
Fidelity Real Estate Income Fund	25,470		277,109
Spartan U.S. Bond Index Fund Investor Class	2,292,488		26,913,808
TOTAL FIXED-INCOME FUNDS (Cost $32,500,617)		34,192,568
Money Market Funds - 0.1%
	Shares		Value
Fidelity Institutional Prime Money Market Portfolio Class I (Cost $263,121)	263,121		$ 263,121
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $211,730,512)			254,211,748
NET OTHER ASSETS (LIABILITIES) - 0.0%			(42,704)
NET ASSETS - 100%		$ 254,169,044

Legend

(a) Non-income producing

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $211,954,058. Net unrealized appreciation aggregated $42,257,690, of which $45,850,716 related to appreciated investment securities and $3,593,026 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investment Grade Bond Portfolio

March 31, 2012

1.799863.108

VIPIGB-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Fixed-Income Central Funds - 99.3%
	Shares		Value

HIGH YIELD FIXED-INCOME FUNDS - 1.9%

Fidelity Specialized High Income Central Fund (d)

602,246

$ 61,874,760

INVESTMENT GRADE FIXED-INCOME FUNDS - 97.4%

Fidelity VIP Investment Grade Central Fund (d)

29,222,502

3,142,880,106

TOTAL FIXED-INCOME CENTRAL FUNDS

(Cost $3,079,856,316)

3,204,754,866

Asset-Backed Securities - 0.0%
	Principal Amount		Value
Advanta Business Card Master Trust Series 2007-D1 Class D, 1.5863% 1/22/13 (b)(c)	$ 1,800,000		27,000
National Collegiate Student Loan Trust:
Series 2004-2 Class AIO, 9.75% 10/27/14 (e)	1,525,000		99,125
Series 2007-1 Class AIO, 7.27% 4/25/12 (e)	9,280,000		55,680
Series 2007-2 Class AIO, 6.7% 7/25/12 (e)	6,174,535		105,391
Specialty Underwriting & Residential Finance Trust Series 2006-AB2 Class N1, 5.75% 6/25/37 (b)	180,261		0
TOTAL ASSET-BACKED SECURITIES (Cost $243,743)		287,196
Collateralized Mortgage Obligations - 0.6%

Private Sponsor - 0.6%
CWALT, Inc.:
floater Series 2005-56:
Class 1A1, 0.9718% 11/25/35 (c)	9,448,908		5,555,953
Class 2A3, 1.6818% 11/25/35 (c)	2,201,916		1,309,683
Series 2005-56 Class 5A1, 0.5618% 11/25/35 (c)	2,847,562		1,581,441
Luminent Mortgage Trust:
floater Series 2006-1 Class A1, 0.4818% 4/25/36 (c)	4,732,693		2,491,609
Series 2006-5 Class A1A, 0.4318% 7/25/36 (c)	3,595,907		1,723,003

	Principal Amount		Value
MASTR Adjustable Rate Mortgages Trust Series 2007-3 Class 22A2, 0.4518% 5/25/47 (c)	$ 552,044		$ 339,390
Merrill Lynch Alternative Note Asset Trust floater Series 2007-OAR1 Class A1, 0.4118% 2/25/37 (c)	1,514,050		1,024,935
Structured Asset Mortgage Investments, Inc. floater Series 2006-AR6 Class 2A1, 0.4318% 7/25/46 (c)	7,411,658		3,938,967
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR2 Class 1A2, 2.616% 3/25/35 (c)	931,756		300,794
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $20,350,152)		18,265,775

Money Market Funds - 0.2%

Fidelity Cash Central Fund, 0.14% (a) (Cost $7,332,735)	7,332,735		7,332,735
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $3,107,782,946)			3,230,640,572
NET OTHER ASSETS (LIABILITIES) - (0.1)%			(2,259,644)
NET ASSETS - 100%		$ 3,228,380,928

Legend

(a) 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.

(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 $27,000 or 0.0% of net assets.

(d) 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.

(e) 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 as of the end of the period.

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	$ 14,973
Fidelity Specialized High Income Central Fund	990,878
Fidelity VIP Investment Grade Central Fund	23,448,457
Total	$ 24,454,308

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	$ 59,381,175	$ 990,878	$ -	$ 61,874,760	13.9%
Fidelity VIP Investment Grade Central Fund	2,865,802,940	281,125,870	-	3,142,880,106	77.1%
Total	$ 2,925,184,115	$ 282,116,748	$ -	$ 3,204,754,866

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Asset-Backed Securities	$ 287,196	$ -	$ 260,196	$ 27,000
Collateralized Mortgage Obligations	18,265,775	-	17,964,981	300,794
Fixed-Income Funds	3,204,754,866	3,204,754,866	-	-
Money Market Funds	7,332,735	7,332,735	-	-
Total Investments in Securities:	$ 3,230,640,572	$ 3,212,087,601	$ 18,225,177	$ 327,794

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

Investments in Securities:
Beginning Balance	$ 400,804
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(51,390)
Cost of Purchases	-
Proceeds of Sales	(15,180)
Amortization/Accretion	(6,440)
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 327,794
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2012	$ (51,390)

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $3,053,164,919. Net unrealized appreciation aggregated $177,475,653, of which $182,468,473 related to appreciated investment securities and $4,992,820 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 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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2005 Portfolio

March 31, 2012

1.830286.106

VIPIFF2005-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 28.0%
	Shares		Value
Domestic Equity Funds - 28.0%
VIP Contrafund Portfolio Investor Class	17,362		$ 454,021
VIP Equity-Income Portfolio Investor Class	26,435		529,764
VIP Growth & Income Portfolio Investor Class	37,196		530,043
VIP Growth Portfolio Investor Class	12,338		528,803
VIP Mid Cap Portfolio Investor Class	5,769		189,988
VIP Value Portfolio Investor Class	38,017		455,819
VIP Value Strategies Portfolio Investor Class	18,879		190,116
TOTAL DOMESTIC EQUITY FUNDS (Cost $3,119,544)		2,878,554
International Equity Funds - 10.2%

Developed International Equity Funds - 7.8%
VIP Overseas Portfolio Investor Class R	51,302		801,853
Emerging Markets Equity Funds - 2.4%
VIP Emerging Markets Portfolio Investor Class R	27,700		240,440
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,255,175)		1,042,293
Bond Funds - 34.8%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Investor Class	90,489		$ 512,167
Investment Grade Bond Funds - 29.8%
VIP Investment Grade Bond Portfolio Investor Class	236,289		3,062,305
TOTAL BOND FUNDS (Cost $3,473,957)		3,574,472
Short-Term Funds - 27.0%

VIP Money Market Portfolio Investor Class (Cost $2,776,545)	2,776,545		2,776,545

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $10,625,221)

10,271,864

NET OTHER ASSETS (LIABILITIES) - 0.0%			8
NET ASSETS - 100%		$ 10,271,872

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $10,706,135. Net unrealized depreciation aggregated $434,271, of which $278,944 related to appreciated investment securities and $713,215 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2010 Portfolio

March 31, 2012

1.830287.106

VIPIFF2010-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 36.0%
	Shares		Value
Domestic Equity Funds - 36.0%
VIP Contrafund Portfolio Investor Class	120,278		$ 3,145,261
VIP Equity-Income Portfolio Investor Class	183,511		3,677,555
VIP Growth & Income Portfolio Investor Class	258,211		3,679,508
VIP Growth Portfolio Investor Class	85,654		3,671,138
VIP Mid Cap Portfolio Investor Class	40,017		1,317,744
VIP Value Portfolio Investor Class	263,343		3,157,485
VIP Value Strategies Portfolio Investor Class	130,943		1,318,596
TOTAL DOMESTIC EQUITY FUNDS (Cost $21,960,979)		19,967,287
International Equity Funds - 13.1%

Developed International Equity Funds - 10.1%
VIP Overseas Portfolio Investor Class R	355,969		5,563,792
Emerging Markets Equity Funds - 3.0%
VIP Emerging Markets Portfolio Investor Class R	192,090		1,667,337
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $8,982,723)		7,231,129
Bond Funds - 39.4%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Investor Class	487,402		$ 2,758,695
Investment Grade Bond Funds - 34.4%
VIP Investment Grade Bond Portfolio Investor Class	1,469,492		19,044,612
TOTAL BOND FUNDS (Cost $21,536,754)		21,803,307
Short-Term Funds - 11.5%

VIP Money Market Portfolio Investor Class (Cost $6,383,960)	6,383,960		6,383,960

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $58,864,416)

55,385,683

NET OTHER ASSETS (LIABILITIES) - 0.0%

NET ASSETS - 100%

$ 55,385,714

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $59,213,023. Net unrealized depreciation aggregated $3,827,340, of which $1,354,189 related to appreciated investment securities and $5,181,529 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2015 Portfolio

March 31, 2012

1.830290.106

VIPIFF2015-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 37.1%
	Shares		Value
Domestic Equity Funds - 37.1%
VIP Contrafund Portfolio Investor Class	165,663		$ 4,332,090
VIP Equity-Income Portfolio Investor Class	252,449		5,059,084
VIP Growth & Income Portfolio Investor Class	355,211		5,061,763
VIP Growth Portfolio Investor Class	117,833		5,050,308
VIP Mid Cap Portfolio Investor Class	55,089		1,814,067
VIP Value Portfolio Investor Class	362,708		4,348,871
VIP Value Strategies Portfolio Investor Class	180,260		1,815,218
TOTAL DOMESTIC EQUITY FUNDS (Cost $29,087,954)		27,481,401
International Equity Funds - 13.4%

Developed International Equity Funds - 10.3%
VIP Overseas Portfolio Investor Class R	490,211		7,661,996
Emerging Markets Equity Funds - 3.1%
VIP Emerging Markets Portfolio Investor Class R	264,558		2,296,362
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $11,783,640)		9,958,358
Bond Funds - 39.7%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Investor Class	654,342		$ 3,703,577
Investment Grade Bond Funds - 34.7%
VIP Investment Grade Bond Portfolio Investor Class	1,983,136		25,701,437
TOTAL BOND FUNDS (Cost $28,914,078)		29,405,014
Short-Term Funds - 9.8%

VIP Money Market Portfolio Investor Class (Cost $7,225,499)	7,225,499		7,225,499

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $77,011,171)

74,070,272

NET OTHER ASSETS (LIABILITIES) - 0.0%			27
NET ASSETS - 100%		$ 74,070,299

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 March 31, 2012, the cost of investment securities for income tax purposes was $77,427,205. Net unrealized depreciation aggregated $3,356,933, of which $2,394,674 related to appreciated investment securities and $5,751,607 related to depreciated investment securities.

Investment Valuation

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:
Investor Freedom 2020 Portfolio

March 31, 2012

1.830296.106

VIPIFF2020-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 42.0%
	Shares		Value
Domestic Equity Funds - 42.0%
VIP Contrafund Portfolio Investor Class	285,863		$ 7,475,314
VIP Equity-Income Portfolio Investor Class	435,147		8,720,340
VIP Growth & Income Portfolio Investor Class	612,280		8,724,985
VIP Growth Portfolio Investor Class	203,106		8,705,114
VIP Mid Cap Portfolio Investor Class	94,842		3,123,136
VIP Value Portfolio Investor Class	625,887		7,504,386
VIP Value Strategies Portfolio Investor Class	310,344		3,125,166
TOTAL DOMESTIC EQUITY FUNDS (Cost $49,663,731)		47,378,441
International Equity Funds - 15.2%

Developed International Equity Funds - 11.7%
VIP Overseas Portfolio Investor Class R	845,540		13,215,783
Emerging Markets Equity Funds - 3.5%
VIP Emerging Markets Portfolio Investor Class R	456,070		3,958,690
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $20,070,909)		17,174,473
Bond Funds - 37.2%
	Shares		Value
High Yield Bond Funds - 6.0%
VIP High Income Portfolio Investor Class	1,206,138		$ 6,826,742
Investment Grade Bond Funds - 31.2%
VIP Investment Grade Bond Portfolio Investor Class	2,712,938		35,159,681
TOTAL BOND FUNDS (Cost $41,620,350)		41,986,423
Short-Term Funds - 5.6%

VIP Money Market Portfolio Investor Class (Cost $6,254,507)	6,254,507		6,254,507

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $117,609,497)

112,793,844

NET OTHER ASSETS (LIABILITIES) - 0.0%

NET ASSETS - 100%

$ 112,793,898

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $118,305,136. Net unrealized depreciation aggregated $5,511,292, of which $3,962,992 related to appreciated investment securities and $9,474,284 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2025 Portfolio

March 31, 2012

1.830297.106

VIPIFF2025-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 50.2%
	Shares		Value
Domestic Equity Funds - 50.2%
VIP Contrafund Portfolio Investor Class	176,343		$ 4,611,379
VIP Equity-Income Portfolio Investor Class	268,649		5,383,722
VIP Growth & Income Portfolio Investor Class	378,009		5,386,631
VIP Growth Portfolio Investor Class	125,398		5,374,557
VIP Mid Cap Portfolio Investor Class	58,454		1,924,891
VIP Value Portfolio Investor Class	386,082		4,629,128
VIP Value Strategies Portfolio Investor Class	191,272		1,926,108
TOTAL DOMESTIC EQUITY FUNDS (Cost $27,662,814)		29,236,416
International Equity Funds - 18.2%

Developed International Equity Funds - 14.0%
VIP Overseas Portfolio Investor Class R	521,713		8,154,368
Emerging Markets Equity Funds - 4.2%
VIP Emerging Markets Portfolio Investor Class R	281,455		2,443,029
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $11,553,215)		10,597,397
Bond Funds - 31.2%
	Shares		Value
High Yield Bond Funds - 7.4%
VIP High Income Portfolio Investor Class	762,906		$ 4,318,048
Investment Grade Bond Funds - 23.8%
VIP Investment Grade Bond Portfolio Investor Class	1,067,474		13,834,465
TOTAL BOND FUNDS (Cost $17,954,398)		18,152,513
Short-Term Funds - 0.4%

VIP Money Market Portfolio Investor Class (Cost $213,792)	213,792		213,792

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $57,384,219)

58,200,118

NET OTHER ASSETS (LIABILITIES) - 0.0%			2
NET ASSETS - 100%		$ 58,200,120

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $57,754,535. Net unrealized appreciation aggregated $445,583, of which $4,385,494 related to appreciated investment securities and $3,939,911 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2030 Portfolio

March 31, 2012

1.830291.106

VIPIFF2030-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 52.5%
	Shares		Value
Domestic Equity Funds - 52.5%
VIP Contrafund Portfolio Investor Class	191,678		$ 5,012,384
VIP Equity-Income Portfolio Investor Class	292,037		5,852,412
VIP Growth & Income Portfolio Investor Class	410,914		5,855,527
VIP Growth Portfolio Investor Class	136,313		5,842,380
VIP Mid Cap Portfolio Investor Class	63,534		2,092,174
VIP Value Portfolio Investor Class	419,655		5,031,666
VIP Value Strategies Portfolio Investor Class	207,894		2,093,489
TOTAL DOMESTIC EQUITY FUNDS (Cost $32,120,065)		31,780,032
International Equity Funds - 19.0%

Developed International Equity Funds - 14.6%
VIP Overseas Portfolio Investor Class R	567,120		8,864,083
Emerging Markets Equity Funds - 4.4%
VIP Emerging Markets Portfolio Investor Class R	305,886		2,655,091
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $13,053,523)		11,519,174
Bond Funds - 28.5%
	Shares		Value
High Yield Bond Funds - 7.5%
VIP High Income Portfolio Investor Class	797,422		$ 4,513,408
Investment Grade Bond Funds - 21.0%
VIP Investment Grade Bond Portfolio Investor Class	980,609		12,708,689
TOTAL BOND FUNDS (Cost $17,198,466)		17,222,097
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $62,372,054)			60,521,303
NET OTHER ASSETS (LIABILITIES) - 0.0%			(2)
NET ASSETS - 100%		$ 60,521,301

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $62,743,777. Net unrealized depreciation aggregated $2,222,474, of which $3,017,817 related to appreciated investment securities and $5,240,291 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom Income Portfolio

March 31, 2012

1.830283.106

VIPIFFINC-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Domestic Equity Funds - 14.7%
	Shares		Value
Domestic Equity Funds - 14.7%
VIP Contrafund Portfolio Investor Class	28,579		$ 747,329
VIP Equity-Income Portfolio Investor Class	43,545		872,635
VIP Growth & Income Portfolio Investor Class	61,270		873,101
VIP Growth Portfolio Investor Class	20,324		871,091
VIP Mid Cap Portfolio Investor Class	9,438		310,791
VIP Value Portfolio Investor Class	62,575		750,269
VIP Value Strategies Portfolio Investor Class	30,883		310,989
TOTAL DOMESTIC EQUITY FUNDS (Cost $4,598,509)		4,736,205
International Equity Funds - 5.4%

Developed International Equity Funds - 4.2%
VIP Overseas Portfolio Investor Class R	85,786		1,340,831
Emerging Markets Equity Funds - 1.2%
VIP Emerging Markets Portfolio Investor Class R	46,221		401,201
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,571,029)		1,742,032
Bond Funds - 40.0%
	Shares		Value
High Yield Bond Funds - 5.0%
VIP High Income Portfolio Investor Class	283,725		$ 1,605,883
Investment Grade Bond Funds - 35.0%
VIP Investment Grade Bond Portfolio Investor Class	867,594		11,244,012
TOTAL BOND FUNDS (Cost $12,546,312)		12,849,895
Short-Term Funds - 39.9%

VIP Money Market Portfolio Investor Class (Cost $12,826,016)	12,826,015		12,826,016

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $31,541,866)

32,154,148

NET OTHER ASSETS (LIABILITIES) - 0.0%

NET ASSETS - 100%

$ 32,154,243

Other Information

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $31,676,300. Net unrealized appreciation aggregated $477,848, of which $1,141,278 related to appreciated investment securities and $663,430 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Money Market Portfolio

March 31, 2012

1.814641.107

VIPMM-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Certificates of Deposit - 37.5%
		Yield (a)	Principal Amount	Value
Domestic Certificates Of Deposit - 0.3%
Branch Banking & Trust Co.
	4/30/12 to 5/3/12	0.25 to 0.35%	$ 7,000,000	$ 7,000,000
London Branch, Eurodollar, Foreign Banks - 9.8%
ABN AMRO Bank NV
	4/16/12	0.25	22,000,000	22,000,000
Australia & New Zealand Banking Group Ltd.
	6/6/12	0.61	4,000,000	4,000,000
Commonwealth Bank of Australia
	8/8/12	0.40	9,000,000	9,000,000
HSBC Bank PLC
	5/3/12 to 5/31/12	0.50 to 0.51	20,000,000	20,000,000
ING Bank NV
	5/14/12 to 6/1/12	0.37 to 0.40	44,000,000	44,000,000
Mitsubishi UFJ Trust & Banking Corp.
	4/12/12 to 5/3/12	0.51 to 0.59	30,000,000	30,000,060
National Australia Bank Ltd.
	4/5/12 to 9/10/12	0.40 to 0.52	85,000,000	85,000,000
				214,000,060
New York Branch, Yankee Dollar, Foreign Banks - 27.4%
Bank of Montreal Chicago CD Program
	9/26/12 to 4/5/13	0.39 to 0.76 (c)	48,000,000	48,008,660
Bank of Nova Scotia
	7/5/12 to 4/11/13	0.31 to 0.77 (c)	93,000,000	93,010,973
Bank of Tokyo-Mitsubishi UFJ Ltd.
	9/5/12 to 9/21/12	0.50 (c)	26,000,000	26,000,000
Canadian Imperial Bank of Commerce
	10/1/12	0.50	22,000,000	22,000,000
Canadian Imperial Bank of Commerce New York Branch
	9/24/12 to 4/19/13	0.41 to 0.78 (c)	56,000,000	56,008,509
Mitsubishi UFJ Trust & Banking Corp.
	4/10/12 to 5/11/12	0.48 to 0.55	31,000,000	31,000,000
Mizuho Corporate Bank Ltd.
	5/14/12 to 7/3/12	0.40	52,000,000	52,000,000
National Bank Canada
	7/6/12 to 2/4/13	0.35 to 0.64 (c)	22,000,000	22,000,000
Nordea Bank Finland PLC
	6/15/12	0.35	2,000,000	2,000,042
Rabobank Nederland New York Branch
	4/2/12 to 6/14/12	0.29 to 0.50 (c)	59,000,000	59,000,000
Royal Bank of Canada
	4/1/13	0.94 (c)	27,000,000	27,000,000
Societe Generale
	4/4/12	0.35	7,000,000	7,000,000
Sumitomo Mitsui Banking Corp.
	4/2/12 to 7/3/12	0.38 to 0.55 (c)	99,000,000	99,000,000
Sumitomo Trust & Banking Co. Ltd.
	5/8/12 to 5/21/12	0.46 to 0.50	16,000,000	16,000,000

		Yield (a)	Principal Amount	Value
Toronto-Dominion Bank
	11/7/12 to 2/4/13	0.44 to 0.54% (c)	$ 22,000,000	$ 22,000,000
Toronto-Dominion Bank New York Branch
	11/14/12	0.62	18,000,000	18,000,000
				600,028,184
TOTAL CERTIFICATES OF DEPOSIT				821,028,244
Commercial Paper - 25.4%

Amsterdam Funding Corp. (Royal Bank of Scotland PLC Guaranteed)
	4/4/12 to 4/16/12	0.27 to 0.28 (b)	23,000,000	22,997,858
ASB Finance Ltd. (London)
	4/11/12 to 5/22/12	0.58 to 0.68	27,000,000	26,977,134
Autobahn Funding Co. LLC (Liquidity Facility DZ BANK AG)
	5/11/12	0.48	5,000,000	4,997,333
Barclays Bank PLC
	4/2/12 to 5/2/12	0.74 to 0.77 (b)	24,000,000	24,000,000
Barclays Bank PLC/Barclays U.S. CCP Funding LLC
	5/2/12 to 5/21/12	0.37 to 0.38	4,000,000	3,998,098
Barclays U.S. Funding Corp.
	4/16/12	0.31	15,000,000	14,998,063
BNP Paribas Finance, Inc.
	5/2/12	0.37	22,000,000	21,992,991
BP Capital Markets PLC
	6/8/12	0.25	4,000,000	3,998,111
Caisse d'Amort de la Dette Sociale
	5/25/12	0.54 (b)(c)	7,000,000	6,999,888
Ciesco LP (Citibank NA Guaranteed)
	4/26/12	0.27	5,000,000	4,999,063
Citigroup Funding, Inc.
	4/2/12 to 4/30/12	0.50	59,000,000	58,990,153
Commonwealth Bank of Australia
	5/3/12 to 6/15/12	0.50 to 0.62	22,000,000	21,981,524
Credit Suisse New York Branch
	6/11/12	0.30	22,000,000	21,986,983
Danske Corp.
	4/2/12 to 4/4/12	0.30	16,000,000	15,999,725
Devon Energy Corp.
	4/30/12	0.44 (c)	10,000,000	10,000,000
DNB Bank ASA
	6/11/12 to 6/29/12	0.30 to 0.40	11,000,000	10,991,903
Ecolab, Inc.
	4/30/12	0.52 (c)	7,000,000	7,000,000
Govco, Inc. (Liquidity Facility Citibank NA)
	4/2/12 to 5/7/12	0.27 to 0.34	35,000,000	34,997,978
Commercial Paper - continued
		Yield (a)	Principal Amount	Value
JPMorgan Chase & Co.
	8/1/12 to 9/12/12	0.29 to 0.30% (c)	$ 37,000,000	$ 36,976,992
Landesbank Hessen-Thuringen
	4/19/12	0.30	5,000,000	4,999,250
Mitsubishi UFJ Trust & Banking Corp.
	5/2/12 to 5/3/12	0.40 to 0.46	3,000,000	2,998,838
Nationwide Building Society
	4/5/12 to 4/9/12	0.44	3,000,000	2,999,804
PNC Bank NA
	4/23/12	0.20	9,000,000	8,998,900
Rabobank USA Financial Corp.
	6/6/12	0.37	4,000,000	3,997,287
Sempra Global
	4/20/12 to 4/27/12	0.42 to 0.45	3,000,000	2,999,128
Skandinaviska Enskilda Banken AB
	5/7/12 to 5/16/12	0.40	21,000,000	20,990,989
Societe Generale North America, Inc.
	4/4/12	0.35	6,000,000	5,999,825
Svenska Handelsbanken, Inc.
	4/3/12 to 6/15/12	0.32 to 0.52	12,000,000	11,999,016
Swedbank AB
	4/30/12 to 5/22/12	0.43 to 0.55	20,000,000	19,989,061
Texas Instruments International Management Co. S.a.r.L.
	7/9/12	0.43	1,000,000	998,831
UBS Finance, Inc.
	4/23/12 to 6/4/12	0.36 to 0.54	72,000,000	71,965,827
Virginia Electric & Power Co.
	4/2/12 to 4/16/12	0.40	4,000,000	3,999,644
Westpac Banking Corp.
	4/5/12 to 4/10/12	0.60 (c)	24,000,000	24,000,000
Windmill Funding Corp. (Royal Bank of Scotland PLC Guaranteed)
	4/4/12 to 4/17/12	0.27 to 0.28 (b)	14,000,000	13,998,803
TOTAL COMMERCIAL PAPER				555,819,000
Federal Agencies - 1.3%

Federal Home Loan Bank - 1.3%
	4/18/12 to 11/28/12	0.15 to 0.41	27,666,667	27,663,292
U.S. Treasury Obligations - 8.8%
		Yield (a)	Principal Amount	Value

U.S. Treasury Bills - 1.7%
	8/9/12 to 3/7/13	0.10 to 0.17%	$ 38,000,000	$ 37,969,976
U.S. Treasury Notes - 7.1%
	6/30/12 to 3/15/13	0.11 to 0.21	152,880,000	154,078,579
TOTAL U.S. TREASURY OBLIGATIONS				192,048,555
Medium-Term Notes - 6.9%

Metropolitan Life Insurance Co.
	6/28/12	0.91 (c)(f)	10,000,000	10,000,000
Royal Bank of Canada
	4/1/13 to 4/15/13	0.63 to 0.70 (b)(c)	50,000,000	50,000,000
	4/5/13	0.58 (c)	21,000,000	20,994,920
Westpac Banking Corp.
	4/2/12 to 6/14/12	0.34 to 0.68 (b)(c)	71,000,000	71,000,000
TOTAL MEDIUM-TERM NOTES				151,994,920
Asset-Backed Securities - 0.0%

Huntington Auto Trust 2011-1
	9/17/12	0.36 (b)	572,670	572,670

Municipal Securities - 6.6%

ABAG Fin. Auth. for Nonprofit Corps. Rev. (Valley Christian Schools Proj.) Series 2003, LOC Bank of America NA, VRDN
4/6/12	0.25 (c)	6,980,000	6,980,000
Arizona Health Facilities Auth. Rev. (Catholic Healthcare West Proj.) Series 2009 F, LOC Citibank NA, VRDN
4/6/12	0.20 (c)	15,600,000	15,600,000
California Gen. Oblig. Series 2003 C1, LOC Bank of America NA, VRDN
4/6/12	0.19 (c)	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
4/6/12	0.25 (c)	9,700,000	9,700,000
California Health Facilities Fing. Auth. Rev. (Scripps Health Proj.) Series 2008 E, LOC Bank of America NA, VRDN
4/6/12	0.20 (c)	5,650,000	5,650,000
Clark County Fuel Tax Participating VRDN Series BA 08 1171 (Liquidity Facility Bank of America NA)
4/6/12	0.25 (c)(e)	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
4/6/12	0.17 (c)(d)	10,000,000	10,000,000

Municipal Securities - continued
	Yield (a)	Principal Amount		Value
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1988, VRDN
4/2/12	0.32% (c)(d)	$ 1,900,000		$ 1,900,000
Denver Urban Renewal Auth. Tax Increment Rev. Series 2008 A1, LOC U.S. Bank NA, Cincinnati, VRDN
4/6/12	0.19 (c)	6,700,000		6,700,000
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2005 H, LOC U.S. Bank NA, Cincinnati, VRDN
4/6/12	0.16 (c)	10,000,000		10,000,000
Houston Util. Sys. Rev. Series 2004 B1, LOC Bank of America NA, VRDN
4/6/12	0.29 (c)	1,400,000		1,400,000
Indiana Dev. Fin. Auth. Envir. Rev. Series 2005, LOC Royal Bank of Scotland PLC, VRDN
4/6/12	0.23 (c)	7,200,000		7,200,000
Indiana Edl. Facilities Auth. Rev. (Franklin College Proj.) Series 2003, LOC JPMorgan Chase Bank, VRDN
4/6/12	0.19 (c)	8,075,000		8,075,000
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1990 A tender CP mode
4/10/12	0.45 (d)	5,000,000		5,000,000
New York City Gen. Oblig. Series 2004 A6, LOC Mizuho Corporate Bank Ltd., VRDN
4/6/12	0.17 (c)	14,475,000		14,475,000
Ohio Air Quality Dev. Auth. Rev. (Dayton Pwr. & Lt. Co. Proj.) Series 2008 B, LOC JPMorgan Chase Bank, VRDN
4/6/12	0.20 (c)(d)	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
4/6/12	0.33 (c)	1,100,000		1,100,000
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Series 2010 A3, LOC JPMorgan Chase Bank, VRDN
4/6/12	0.15 (c)(d)	13,000,000		13,000,000
South Carolina Jobs-Econ. Dev. Auth. (AnMed Health Proj.) Series 2009 A, LOC Branch Banking & Trust Co., VRDN
4/6/12	0.19 (c)	2,250,000		2,250,000
TOTAL MUNICIPAL SECURITIES			145,365,000

Repurchase Agreements - 14.0%
	Maturity Amount
In a joint trading account at 0.19% dated 3/30/12 due 4/2/12 (Collateralized by U.S. Government Obligations) #	986,016		986,000
With:
Barclays Capital, Inc. at:
0.2%, dated 3/22/12 due 4/6/12 (Collateralized by U.S. Government Obligations valued at $7,140,437, 3.5%, 3/1/32)	7,003,500		7,000,000

	Maturity Amount		Value
0.37%, dated 3/27/12 due 4/3/12 (Collateralized by Equity Securities valued at $3,240,495)	$ 3,000,216		$ 3,000,000
Credit Suisse Securities (USA) LLC at:
0.25%, dated 3/27/12 due 4/3/12 (Collateralized by U.S. Government Obligations valued at $4,120,118, 0% - 5%, 6/1/31 - 3/25/42)	4,000,194		4,000,000
0.32%, dated 3/28/12 due 4/4/12 (Collateralized by Equity Securities valued at $16,200,902)	15,000,933		15,000,000
0.88%, dated 1/19/12 due 4/3/12 (Collateralized by Corporate Obligations valued at $2,165,292, 0.39% - 0.47%, 8/25/36 - 6/25/47)	2,003,667		2,000,000
0.94%, dated:
2/17/12 due 5/17/12 (Collateralized by Corporate Obligations valued at $4,328,020, 0.43% - 0.47%, 2/25/36 - 6/25/47)	4,009,400		4,000,000
2/21/12 due 5/22/12 (Collateralized by Corporate Obligations valued at $4,323,655, 0% - 6%, 5/25/34 - 6/25/47)	4,009,504		4,000,000
2/24/12 due 5/25/12 (Collateralized by Corporate Obligations valued at $2,164,117, 0.39% - 5.11%, 8/25/36 - 6/25/47)	2,004,752		2,000,000
0.95%, dated 2/10/12 due 5/10/12 (Collateralized by Corporate Obligations valued at $2,164,956, 0.39% - 5.11%, 8/25/36 - 6/25/47)	2,004,750		2,000,000
0.97%, dated 2/1/12 due 5/1/12 (Collateralized by Corporate Obligations valued at $3,153,889, 2.38%, 4/15/15)	3,007,275		3,000,000
0.98%, dated 1/12/12 due 4/12/12 (Collateralized by Corporate Obligations valued at $2,166,142, 0.39% - 0.47%, 5/25/37 - 6/25/2047)	2,004,954		2,000,000
1%, dated:
1/19/12 due 4/18/12 (Collateralized by Corporate Obligations valued at $6,497,973, 0.34% - 5.22%, 12/25/31 - 1/25/42)	6,015,000		6,000,000
1/23/12 due 4/24/12 (Collateralized by Corporate Obligations valued at $8,656,811, 0.43% - 5.34%, 5/25/36 - 9/25/47)	8,020,444		8,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
With: - continued
Deutsche Bank Securities, Inc. at:
0.28%, dated 3/30/12 due 4/2/12 (Collateralized by Equity Securities valued at $36,720,858)	$ 34,000,793		$ 34,000,000
0.5%, dated 3/30/12 due 4/2/12 (Collateralized by Corporate Obligations valued at $68,202,254, 1% - 7.5%, 12/1/13 - 3/15/18)	64,002,667		64,000,000
ING Financial Markets LLC at:
0.17%, dated 3/2/12 due 4/2/12 (Collateralized by U.S. Government Obligations valued at $4,124,696, 2% - 6%, 2/15/26 - 12/25/41)	4,000,586		4,000,000
0.34%, dated:
3/15/12 due 4/6/12 (Collateralized by Corporate Obligations valued at $1,050,202, 5.7% - 6.9%, 9/14/17 - 5/29/67)	1,000,302		1,000,000
3/22/12 due 4/6/12 (Collateralized by Corporate Obligations valued at $1,052,132, 5.7%, 9/14/17)	1,000,302		1,000,000
J.P. Morgan Clearing Corp. at:
0.74%, dated 1/23/12 due 4/23/12 (Collateralized by Equity Securities valued at $10,869,796)	10,018,706		10,000,000
0.75%, dated 10/24/11 due 4/23/12 (Collateralized by Equity Securities valued at $5,452,806)	5,018,958		5,000,000
1.05%, dated 1/23/12 due 7/23/12 (Collateralized by Corporate Obligations valued at $10,892,338, 3.25%, 8/15/37)	10,053,083		10,000,000
J.P. Morgan Securities, Inc. at:
0.27%, dated 3/30/12 due 4/2/12 (Collateralized by Corporate Obligations valued at $38,855,922, 0.87% - 6.13%, 10/31/12 - 2/15/42)	37,000,833		37,000,000
0.49%, dated 3/19/12 due 4/6/12 (Collateralized by Mortgage Loan Obligations valued at $5,400,842, 0% - 1.20%, 7/15/31 - 12/25/37)	5,002,110		5,000,000

	Maturity Amount		Value
0.95%, dated 3/26/12 due 9/21/12 (Collateralized by Mortgage Loan Obligations valued at $4,321,563, 0% - 0.51%, 8/25/34 - 12/25/37)	$ 4,018,894		$ 4,000,000
Mizuho Securities USA, Inc. at 0.43%, dated 3/22/12 due 4/6/12 (Collateralized by Corporate Obligations valued at $3,151,179, 0% - 3.75%, 4/15/12 - 1/22/21)	3,001,147		3,000,000
RBC Capital Markets Co. at:
0.29%, dated 3/28/12 due 4/4/12 (Collateralized by U.S. Government Obligations valued at $2,087,195, 5.88%, 3/15/38)	2,000,113		2,000,000
0.7%, dated 1/4/12 due 4/4/12 (Collateralized by Mortgage Loan Obligations valued at $2,167,432, 0.45% - 6%, 8/25/36 - 5/20/46)	2,003,539		2,000,000
RBC Capital Markets Corp. at 0.18%, dated 3/12/12 due 4/6/12 (Collateralized by U.S. Government Obligations valued at $5,184,702, 2.5% - 4.5%, 11/15/26 - 3/1/42)	5,000,950		5,000,000
RBS Securities, Inc. at:
0.6%, dated 3/28/12 due 4/4/12 (Collateralized by U.S. Government Obligations valued at $21,631,301, 0.64% - 6.41%, 2/15/21 - 11/15/41)	21,002,450		21,000,000
0.64%, dated 3/14/12 due 4/6/12 (Collateralized by U.S. Government Obligations valued at $5,152,976, 0.64%, 2/25/42)	5,002,578		5,000,000
0.8%, dated 3/19/12 due 4/18/12 (Collateralized by U.S. Government Obligations valued at $10,303,021, 0.64%, 11/15/41)	10,006,667		10,000,000
Royal Bank of Scotland PLC at:
0.6%, dated 3/28/12 due 4/4/12 (Collateralized by U.S. Treasury Obligations valued at $8,161,267, 5%, 11/1/24)	8,000,933		8,000,000
0.64%, dated 3/14/12 due 4/6/12 (Collateralized by U.S. Government Obligations valued at $5,102,591 4%, 8/1/24)	5,002,578		5,000,000
UBS Securities LLC at:
0.59%, dated 2/21/12 due 4/6/12 (Collateralized by Corporate Obligations valued at $2,101,583, 5.50%, 4/15/29)	2,002,950		2,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
With: - continued
UBS Securities LLC at:
0.66%, dated 1/24/12 due 4/6/12 (Collateralized by Corporate Obligations valued at $2,162,733, 8.63%, 5/1/16)	$ 2,003,300		$ 2,000,000
0.71%, dated 1/9/12 due 4/6/12 (Collateralized by Corporate Obligations valued at $3,245,580, 4%, 5/15/14)	3,005,384		3,000,000
TOTAL REPURCHASE AGREEMENTS		305,986,000
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $2,200,477,681)			2,200,477,681
NET OTHER ASSETS (LIABILITIES) - (0.5)%			(10,835,541)
NET ASSETS - 100%		$ 2,189,642,140

Security Type Abbreviations
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.

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

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Cost
Metropolitan Life Insurance Co. 0.91%, 6/28/12	3/26/02	$ 10,000,000

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

Repurchase Agreement / Counterparty	Value
$986,000 due 4/02/12 at 0.19%
Bank of America NA	$ 296,549
Credit Agricole CIB New York Branch	81,112
J.P. Morgan Securities, Inc.	40,556
Mizuho Securities USA, Inc.	486,671
Societe Generale	81,112
	$ 986,000

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 March 31, 2012, the cost of investment securities for income tax purposes was $2,200,477,681.

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. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Strategic Income Portfolio

March 31, 2012

1.799886.108

VIPSI-QTLY-0512

Investments March 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 38.8%
		Principal Amount (d)		Value
Convertible Bonds - 0.4%
CONSUMER DISCRETIONARY - 0.1%
Auto Components - 0.1%
TRW Automotive, Inc. 3.5% 12/1/15		$ 671,000		$ 1,172,573
ENERGY - 0.2%
Energy Equipment & Services - 0.0%
Cal Dive International, Inc. 3.25% 12/15/25		170,000		171,700
Oil, Gas & Consumable Fuels - 0.2%
Chesapeake Energy Corp.:
2.5% 5/15/37		1,310,000		1,209,654
2.5% 5/15/37		370,000		335,313
				1,544,967
TOTAL ENERGY				1,716,667
INFORMATION TECHNOLOGY - 0.1%
Communications Equipment - 0.1%
Lucent Technologies, Inc. 2.875% 6/15/25		520,000		511,550
MATERIALS - 0.0%
Metals & Mining - 0.0%
Vedanta Resources Jersey II Ltd. 4% 3/30/17		300,000		288,000
TOTAL CONVERTIBLE BONDS				3,688,790
Nonconvertible Bonds - 38.4%
CONSUMER DISCRETIONARY - 4.5%
Auto Components - 0.6%
Affinia Group, Inc.:
9% 11/30/14		360,000		363,600
10.75% 8/15/16 (f)		149,000		161,665
Cooper Standard Auto, Inc. 8.5% 5/1/18		145,000		155,875
Dana Holding Corp.:
6.5% 2/15/19		345,000		365,700
6.75% 2/15/21		1,230,000		1,303,800
Delphi Corp.:
5.875% 5/15/19 (f)		450,000		473,625
6.125% 5/15/21 (f)		415,000		439,900
Exide Technologies 8.625% 2/1/18		1,190,000		993,650
International Automotive Components Group SA 9.125% 6/1/18 (f)		495,000		425,700
Lear Corp. 7.875% 3/15/18		50,000		54,375
RSC Equipment Rental, Inc. 10% 7/15/17 (f)		180,000		208,350
Stoneridge, Inc. 9.5% 10/15/17 (f)		200,000		212,250

		Principal Amount (d)		Value
Tenneco, Inc.:
6.875% 12/15/20		$ 545,000		$ 580,425
7.75% 8/15/18		125,000		134,063
Tower Automotive Holdings USA LLC / TA Holdings Finance, Inc. 10.625% 9/1/17 (f)		414,000		440,910
				6,313,888
Automobiles - 0.2%
Automotores Gildemeister SA 8.25% 5/24/21 (f)		210,000		223,923
Ford Motor Co. 7.45% 7/16/31		1,183,000		1,446,218
General Motors Corp.:
6.75% 5/1/28 (c)		692,000		4,636
7.125% 7/15/13 (c)		140,000		938
7.2% 1/15/11 (c)		350,000		2,345
7.4% 9/1/25 (c)		45,000		302
7.7% 4/15/16 (c)		531,000		3,558
8.25% 7/15/23 (c)		415,000		2,781
8.375% 7/15/33 (c)		605,000		4,054
Jaguar Holding Co. II/Jaguar Merger Sub, Inc. 9.5% 12/1/19 (f)		390,000		423,150
				2,111,905
Diversified Consumer Services - 0.0%
ServiceMaster Co. 8% 2/15/20 (f)		290,000		310,300
Hotels, Restaurants & Leisure - 1.1%
Arcos Dorados Holdings, Inc. 10.25% 7/13/16 (f)	BRL	750,000		427,175
Caesars Operating Escrow LLC / Caesars Escrow Corp. 8.5% 2/15/20 (f)		2,070,000		2,101,050
Chester Downs & Marina LLC 9.25% 2/1/20 (f)		150,000		158,625
GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17		355,000		387,838
Landry's Restaurants, Inc. 11.625% 12/1/15		195,000		216,938
MCE Finance Ltd. 10.25% 5/15/18		620,000		697,500
MGM Mirage, Inc. 10.375% 5/15/14		100,000		113,750
Mohegan Tribal Gaming Authority 11% 9/15/18 pay-in-kind (f)(k)		125,000		91,250
MTR Gaming Group, Inc. 11.5% 8/1/19 pay-in-kind		1,211,025		1,186,805
NAI Entertainment Holdings LLC/NAI Entertainment Finance Corp. 8.25% 12/15/17 (f)		240,000		263,400
NCL Corp. Ltd. 9.5% 11/15/18		125,000		134,375
Palace Entertainment Holdings LLC/Corp. 8.875% 4/15/17 (f)		100,000		103,750
Roadhouse Financing, Inc. 10.75% 10/15/17		130,000		126,100
Seven Seas Cruises S de RL LLC 9.125% 5/15/19 (f)		60,000		60,600
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Hotels, Restaurants & Leisure - continued
Shingle Springs Tribal Gaming Authority 9.375% 6/15/15 (f)		$ 100,000		$ 72,250
Station Casinos LLC 3.65% 6/18/18 (e)(f)		2,035,000		1,399,063
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 8.625% 4/15/16 (f)		50,000		53,000
Universal City Development Partners Ltd./UCDP Finance, Inc. 8.875% 11/15/15		767,000		833,531
Waterford Gaming LLC/Waterford Gaming Finance Corp. 8.625% 9/15/14 (f)		48,902		18,583
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
5.375% 3/15/22 (f)		1,440,000		1,404,000
7.75% 8/15/20		1,890,000		2,064,825
				11,914,408
Household Durables - 0.9%
Jarden Corp. 6.125% 11/15/22		280,000		293,300
KB Home 8% 3/15/20		145,000		142,100
Reliance Intermediate Holdings LP 9.5% 12/15/19 (f)		485,000		535,925
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:
6.875% 2/15/21 (f)		565,000		580,538
7.125% 4/15/19 (f)		1,185,000		1,235,363
7.875% 8/15/19 (f)		670,000		716,900
8.25% 2/15/21 (f)		1,955,000		1,832,813
9% 5/15/18 (f)		45,000		44,663
9% 4/15/19 (f)		2,275,000		2,235,188
9.875% 8/15/19 (f)		1,095,000		1,116,900
9.875% 8/15/19 (f)		345,000		351,900
Sealy Mattress Co. 10.875% 4/15/16 (f)		94,000		101,990
Standard Pacific Corp.:
8.375% 5/15/18		220,000		233,750
8.375% 1/15/21		420,000		437,850
Toll Brothers Finance Corp. 5.875% 2/15/22		515,000		526,588
				10,385,768
Leisure Equipment & Products - 0.1%
Cedar Fair LP/Magnum Management Corp. 9.125% 8/1/18		645,000		725,625

		Principal Amount (d)		Value
Eastman Kodak Co. 10.625% 3/15/19 (c)(f)		$ 305,000		$ 264,588
Easton-Bell Sports, Inc. 9.75% 12/1/16		120,000		131,400
				1,121,613
Media - 1.0%
Bresnan Broadband Holdings LLC 8% 12/15/18 (f)		195,000		200,850
CCO Holdings LLC/CCO Holdings Capital Corp.:
6.5% 4/30/21		935,000		967,725
6.625% 1/31/22		820,000		852,800
7.375% 6/1/20		555,000		600,788
7.875% 4/30/18		235,000		253,800
8.125% 4/30/20		565,000		627,150
Cequel Communications Holdings I LLC/Cequel Capital Corp. 8.625% 11/15/17 (f)		770,000		823,900
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp. 13.5% 11/30/16		229,294		261,395
Checkout Holding Corp. 0% 11/15/15 (f)		280,000		116,200
DISH DBS Corp. 6.75% 6/1/21		860,000		928,800
EchoStar Communications Corp. 7.125% 2/1/16		1,500,000		1,657,500
Harron Communications LP/Harron Finance Corp. 9.125% 4/1/20 (f)		180,000		186,750
Houghton Mifflin Harcourt Publishing Co. 10.5% 6/1/19 (f)		435,000		230,550
Liberty Media Corp.:
8.25% 2/1/30		1,295,000		1,307,950
8.5% 7/15/29		230,000		233,450
MDC Partners, Inc. 11% 11/1/16		65,000		70,850
MediMedia USA, Inc. 11.375% 11/15/14 (f)		50,000		47,000
ONO Finance II PLC 10.875% 7/15/19 (f)		150,000		136,500
Sheridan Group, Inc. 12.5% 4/15/14		272,335		232,165
Sinclair Television Group, Inc. 8.375% 10/15/18		300,000		324,000
TV Azteca SA de CV 7.5% 5/25/18 (Reg. S)		400,000		409,000
UPCB Finance V Ltd. 7.25% 11/15/21 (f)		445,000		468,897
UPCB Finance VI Ltd. 6.875% 1/15/22 (f)		435,000		449,138
				11,387,158
Specialty Retail - 0.4%
Asbury Automotive Group, Inc. 8.375% 11/15/20		125,000		133,125
Claire's Stores, Inc. 8.875% 3/15/19		155,000		136,400
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Ltd. Brands, Inc. 5.625% 2/15/22		$ 805,000		$ 815,063
Michaels Stores, Inc. 7.75% 11/1/18		940,000		1,005,800
Office Depot, Inc. 9.75% 3/15/19 (f)		370,000		382,488
Sally Holdings LLC 6.875% 11/15/19 (f)		325,000		345,313
Sonic Automotive, Inc. 9% 3/15/18		760,000		813,200
Spencer Spirit Holdings, Inc./Spencer Gifts LLC/Spirit Halloween Superstores 11% 5/1/17 (f)		255,000		260,100
				3,891,489
Textiles, Apparel & Luxury Goods - 0.2%
Hanesbrands, Inc. 6.375% 12/15/20		640,000		656,000
Levi Strauss & Co.:
7.625% 5/15/20		775,000		815,688
8.875% 4/1/16		170,000		175,950
Polymer Group, Inc. 7.75% 2/1/19		135,000		141,750
				1,789,388
TOTAL CONSUMER DISCRETIONARY				49,225,917
CONSUMER STAPLES - 0.8%
Beverages - 0.0%
Cerveceria Nacional Dominicana C por A 8% 3/27/14 (Reg. S)		100,000		103,000
Food & Staples Retailing - 0.3%
BFF International Ltd. 7.25% 1/28/20 (f)		300,000		335,250
Bi-Lo LLC/Bi-Lo Finance Corp. 9.25% 2/15/19 (f)		405,000		429,300
Grifols, Inc. 8.25% 2/1/18		430,000		464,400
Rite Aid Corp.:
8% 8/15/20		625,000		722,656
9.25% 3/15/20 (f)		825,000		837,375
9.375% 12/15/15		280,000		284,200
9.75% 6/12/16		310,000		344,100
10.25% 10/15/19		160,000		184,400
				3,601,681
Food Products - 0.3%
Bumble Bee Acquisition Corp. 9% 12/15/17 (f)		294,000		299,880
Darling International, Inc. 8.5% 12/15/18		100,000		112,000
Dean Foods Co. 9.75% 12/15/18		635,000		703,263

		Principal Amount (d)		Value
Gruma SAB de CV 7.75% (Reg. S) (g)		$ 525,000		$ 527,625
Hines Nurseries, Inc. 10.25% 10/1/49 (c)		120,000		0
JBS USA LLC/JBS USA Finance, Inc.:
8.25% 2/1/20 (f)		330,000		338,250
11.625% 5/1/14		330,000		382,800
MHP SA 10.25% 4/29/15 (f)		390,000		372,450
Michael Foods, Inc. 9.75% 7/15/18		155,000		170,306
Smithfield Foods, Inc. 10% 7/15/14		380,000		443,650
				3,350,224
Household Products - 0.1%
Harbinger Group, Inc. 10.625% 11/15/15		230,000		237,188
Spectrum Brands Holdings, Inc. 9.5% 6/15/18 (f)		280,000		315,700
				552,888
Personal Products - 0.1%
Elizabeth Arden, Inc. 7.375% 3/15/21		135,000		145,800
NBTY, Inc. 9% 10/1/18		425,000		464,313
Prestige Brands, Inc. 8.125% 2/1/20 (f)		75,000		81,000
Revlon Consumer Products Corp. 9.75% 11/15/15		300,000		323,250
				1,014,363
TOTAL CONSUMER STAPLES				8,622,156
ENERGY - 5.6%
Energy Equipment & Services - 0.2%
Atwood Oceanics, Inc. 6.5% 2/1/20		110,000		115,225
Chesapeake Oilfield Operating LLC 6.625% 11/15/19 (f)		560,000		555,800
Forbes Energy Services Ltd. 9% 6/15/19		350,000		342,125
Helix Energy Solutions Group, Inc. 9.5% 1/15/16 (f)		139,000		145,950
Oil States International, Inc. 6.5% 6/1/19		360,000		378,000
Pioneer Drilling Co. 9.875% 3/15/18		275,000		290,125
Precision Drilling Corp. 6.5% 12/15/21 (f)		90,000		94,050
Pride International, Inc. 6.875% 8/15/20		260,000		316,529
Trinidad Drilling Ltd. 7.875% 1/15/19 (f)		140,000		148,925
				2,386,729
Oil, Gas & Consumable Fuels - 5.4%
Afren PLC 11.5% 2/1/16 (f)		200,000		216,500
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Alpha Natural Resources, Inc.:
6% 6/1/19		$ 345,000		$ 308,775
6.25% 6/1/21		135,000		120,825
ATP Oil & Gas Corp. 11.875% 5/1/15		2,620,000		1,873,300
Berry Petroleum Co.:
8.25% 11/1/16		150,000		156,000
10.25% 6/1/14		145,000		165,300
Calumet Specialty Products Partners LP/Calumet Finance Corp.:
9.375% 5/1/19		150,000		157,125
9.375% 5/1/19		200,000		209,500
Carrizo Oil & Gas, Inc. 8.625% 10/15/18		1,295,000		1,353,275
Chaparral Energy, Inc. 9.875% 10/1/20		155,000		171,275
Chesapeake Energy Corp.:
6.125% 2/15/21		750,000		746,250
6.875% 11/15/20		4,085,000		4,217,763
Chesapeake Midstream Partners LP/CHKM Finance Corp.:
5.875% 4/15/21 (f)		220,000		218,900
6.125% 7/15/22 (f)		580,000		580,000
Clayton Williams Energy, Inc. 7.75% 4/1/19		460,000		457,700
Concho Resources, Inc.:
6.5% 1/15/22		575,000		605,188
7% 1/15/21		250,000		268,125
8.625% 10/1/17		155,000		168,950
CONSOL Energy, Inc.:
8% 4/1/17		525,000		551,250
8.25% 4/1/20		540,000		567,000
Continental Resources, Inc.:
5% 9/15/22 (f)		960,000		962,400
7.125% 4/1/21		215,000		238,392
8.25% 10/1/19		65,000		72,638
Crestwood Midstream Partners LP / Finance Corp. 7.75% 4/1/19 (f)		200,000		204,750
Crosstex Energy L.P./Crosstex Energy Finance Corp. 8.875% 2/15/18		390,000		413,400
Denbury Resources, Inc.:
8.25% 2/15/20		308,000		342,650
9.75% 3/1/16		105,000		115,238
DTEK Finance BV 9.5% 4/28/15 (f)		130,000		124,800
Eagle Rock Energy Partners LP / Eagle Rock Energy Finance Corp. 8.375% 6/1/19		480,000		496,800
Endeavour International Corp. 12% 3/1/18 (f)		590,000		598,850

		Principal Amount (d)		Value
Energy Partners Ltd. 8.25% 2/15/18		$ 585,000		$ 593,044
Energy Transfer Equity LP 7.5% 10/15/20		860,000		954,600
Energy XXI Gulf Coast, Inc. 9.25% 12/15/17		1,110,000		1,201,575
EXCO Resources, Inc. 7.5% 9/15/18		1,300,000		1,137,500
Goodrich Petroleum Corp. 8.875% 3/15/19		305,000		296,216
KazMunaiGaz Finance Sub BV:
6.375% 4/9/21 (f)		320,000		352,000
7% 5/5/20 (f)		360,000		410,400
9.125% 7/2/18 (f)		480,000		598,800
11.75% 1/23/15 (f)		370,000		451,400
LINN Energy LLC/LINN Energy Finance Corp.:
7.75% 2/1/21		1,640,000		1,701,500
8.625% 4/15/20		1,190,000		1,282,225
Markwest Energy Partners LP/Markwest Energy Finance Corp.:
6.25% 6/15/22		935,000		981,750
6.75% 11/1/20		160,000		172,800
Newfield Exploration Co. 6.875% 2/1/20		1,025,000		1,073,688
Northern Tier Energy LLC/Northern Tier Finance Corp. 10.5% 12/1/17 (f)		400,000		436,000
OGX Petroleo e Gas Participacoes SA 8.5% 6/1/18 (f)		2,510,000		2,610,400
Pacific Rubiales Energy Corp. 7.25% 12/12/21 (f)		730,000		801,175
Pan American Energy LLC 7.875% 5/7/21 (f)		410,000		398,725
PBF Holding Co. LLC/PBF Finance Corp. 8.25% 2/15/20 (f)		930,000		953,250
Peabody Energy Corp.:
6% 11/15/18 (f)		1,125,000		1,119,375
6.25% 11/15/21 (f)		95,000		94,525
Pemex Project Funding Master Trust:
5.75% 3/1/18		485,000		550,475
6.625% 6/15/35		895,000		1,015,825
PetroBakken Energy Ltd. 8.625% 2/1/20 (f)		665,000		694,925
Petrobras International Finance Co. Ltd.:
5.375% 1/27/21		275,000		296,103
6.875% 1/20/40		310,000		363,041
8.375% 12/10/18		445,000		563,148
Petrohawk Energy Corp. 7.875% 6/1/15		1,615,000		1,695,750
Petroleos de Venezuela SA:
4.9% 10/28/14		2,255,000		2,018,225
5% 10/28/15		275,000		227,563
5.375% 4/12/27		1,780,000		1,094,700
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Petroleos de Venezuela SA: - continued
5.5% 4/12/37		$ 1,295,000		$ 767,288
8% 11/17/13		460,000		459,540
8.5% 11/2/17 (f)		4,425,000		3,927,188
12.75% 2/17/22 (f)		1,840,000		1,830,800
Petroleos Mexicanos:
4.875% 1/24/22 (f)		410,000		430,500
5.5% 1/21/21		455,000		502,775
6% 3/5/20		345,000		394,163
6.5% 6/2/41		200,000		225,000
6.5% 6/2/41 (f)		210,000		235,200
6.625% (f)(g)		1,395,000		1,440,338
8% 5/3/19		280,000		355,600
Petroleum Co. of Trinidad & Tobago Ltd. 6% 5/8/22 (Reg. S)		218,750		226,406
Petroleum Development Corp. 12% 2/15/18		265,000		287,525
Pioneer Natural Resources Co. 7.5% 1/15/20		640,000		774,400
PT Adaro Indonesia 7.625% 10/22/19 (f)		205,000		222,938
PT Pertamina Persero:
5.25% 5/23/21 (f)		295,000		308,275
6.5% 5/27/41 (f)		315,000		339,413
Regency Energy Partners LP/Regency Energy Finance Corp. 6.875% 12/1/18		550,000		580,250
Rosetta Resources, Inc. 9.5% 4/15/18		290,000		317,550
Southern Star Central Corp. 6.75% 3/1/16		90,000		91,350
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
6.375% 8/1/22 (f)		265,000		267,650
6.875% 2/1/21		240,000		252,000
11.25% 7/15/17		290,000		325,525
Teekay Corp. 8.5% 1/15/20		295,000		306,063
Tennessee Gas Pipeline Co.:
7% 10/15/28		20,000		22,660
7.625% 4/1/37		50,000		59,766
8.375% 6/15/32		40,000		48,916
Venoco, Inc.:
8.875% 2/15/19		640,000		584,000
11.5% 10/1/17		410,000		426,400

		Principal Amount (d)		Value
WPX Energy, Inc. 6% 1/15/22 (f)		$ 690,000		$ 684,825
YPF SA 10% 11/2/28		170,000		177,650
				59,695,576
TOTAL ENERGY				62,082,305
FINANCIALS - 7.1%
Capital Markets - 0.1%
Equinox Holdings, Inc. 9.5% 2/1/16 (f)		460,000		491,913
HSBC Bank PLC 5.75% 6/27/17 (e)	GBP	100,000		158,129
Lloyds TSB Bank PLC:
4.875% 3/30/27	GBP	300,000		485,958
5.125% 3/7/25	GBP	250,000		421,145
Penson Worldwide, Inc. 12.5% 5/15/17 (f)		290,000		130,500
				1,687,645
Commercial Banks - 1.9%
Abbey National Treasury Services PLC 5.25% 2/16/29	GBP	350,000		589,715
African Export-Import Bank 8.75% 11/13/14		195,000		214,500
Akbank T.A.S. 5.125% 7/22/15 (f)		610,000		609,238
Banco Nacional de Desenvolvimento Economico e Social:
5.5% 7/12/20 (f)		200,000		223,700
6.5% 6/10/19 (f)		125,000		147,031
Barclays Bank PLC 4.25% 1/12/22	GBP	150,000		248,108
BBVA Paraguay SA 9.75% 2/11/16 (f)		450,000		477,000
CIT Group, Inc.:
5.25% 3/15/18		2,400,000		2,418,000
5.5% 2/15/19 (f)		3,535,000		3,605,700
7% 5/4/15 (f)		184,000		184,230
7% 5/2/16 (f)		37,000		37,093
7% 5/2/17 (f)		2,165,000		2,170,413
Co-Operative Bank PLC 4.75% 11/11/21	GBP	400,000		660,419
Development Bank of Kazakhstan JSC 5.5% 12/20/15 (f)		400,000		425,000
Development Bank of Philippines 8.375% (g)(k)		620,000		666,500
Eastern and Southern African Trade and Development Bank 6.875% 1/9/16 (Reg. S)		400,000		386,000
Export-Import Bank of India 0.6957% 6/7/12 (k)	JPY	10,000,000		120,416
HSBK (Europe) BV:
7.25% 5/3/17 (f)		535,000		556,400
9.25% 10/16/13 (f)		580,000		614,800
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Commercial Banks - continued
International Bank for Reconstruction & Development:
8% 6/20/13	NGN	40,000,000		$ 244,718
8.2% 12/12/12	NGN	80,000,000		481,928
JSC Kazkommertsbank BV 8% 11/3/15 (f)		205,000		195,263
Kazkommerts International BV 8.5% 4/16/13 (f)		225,000		227,250
Nordea Bank Finland PLC 2.25% 11/16/15	EUR	450,000		617,232
Royal Bank of Scotland PLC 5.125% 1/13/24	GBP	250,000		427,643
RSHB Capital SA:
6% 6/3/21 (f)		200,000		195,500
9% 6/11/14 (f)		210,000		232,575
Svenska Handelsbanken AB 4.375% 10/20/21	EUR	250,000		366,534
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		390,000
Trade & Development Bank of Mongolia LLC 8.5% 10/25/13		300,000		303,000
Turkiye Garanti Bankasi A/S 3.0612% 4/20/16 (f)(k)		400,000		371,000
Turkiye Is Bankasi A/S 5.1% 2/1/16 (f)		250,000		250,000
US Bank NA 1.285% 2/28/17 (k)	EUR	100,000		123,363
Vimpel Communications 8.25% 5/23/16 (Reg. S) (Issued by UBS Luxembourg SA for Vimpel Communications)		1,015,000		1,101,275
Yapi ve Kredi Bankasi A/S 6.75% 2/8/17 (f)		470,000		481,750
				20,363,294
Consumer Finance - 2.5%
Ally Financial, Inc.:
3.71% 2/11/14 (k)		1,530,000		1,503,225
5.5% 2/15/17		750,000		750,000
6.75% 12/1/14		280,000		291,900
7.5% 9/15/20		2,790,000		3,013,200
8% 3/15/20		3,835,000		4,266,438
8% 11/1/31		5,653,000		6,175,903
Ford Motor Credit Co. LLC:
4.25% 2/3/17		2,390,000		2,415,688
5.75% 2/1/21		240,000		259,800
5.875% 8/2/21		1,760,000		1,898,318

		Principal Amount (d)		Value
12% 5/15/15		$ 1,620,000		$ 2,000,700
General Motors Acceptance Corp.:
6.75% 12/1/14		915,000		951,600
8% 11/1/31		2,545,000		2,714,047
SLM Corp.:
6% 1/25/17		445,000		461,688
7.25% 1/25/22		475,000		490,438
				27,192,945
Diversified Financial Services - 2.0%
Aquarius Investments Luxemburg 8.25% 2/18/16		400,000		412,000
Biz Finance PLC 8.375% 4/27/15 (Reg. S)		650,000		596,375
BP Capital Markets PLC:
3.83% 10/6/17	EUR	250,000		359,502
4.325% 12/10/18	GBP	400,000		697,855
CDW LLC/CDW Finance Corp. 8% 12/15/18		140,000		152,950
City of Buenos Aires 12.5% 4/6/15 (f)		1,360,000		1,421,200
Dignity Finance PLC:
6.31% 12/31/23 (Reg. S)	GBP	18,600		35,303
8.151% 12/31/30	GBP	30,000		64,052
Fibria Overseas Finance Ltd. 6.75% 3/3/21 (f)		415,000		425,894
FireKeepers Development Authority 13.875% 5/1/15 (f)		100,000		111,250
GE Capital UK Funding 4.375% 7/31/19	GBP	550,000		913,120
General Motors Financial Co., Inc. 6.75% 6/1/18		575,000		605,188
Hilcorp Energy I LP/Hilcorp Finance Co. 7.625% 4/15/21 (f)		360,000		390,600
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
7.75% 1/15/16		1,195,000		1,236,825
8% 1/15/18		2,308,000		2,400,320
8% 1/15/18 (f)		935,000		972,400
Indo Energy Finance BV 7% 5/7/18 (f)		200,000		204,000
KfW:
2.5% 1/17/22	EUR	250,000		338,706
5.75% 6/7/32	GBP	750,000		1,582,232
Landrys Holdings, Inc. 11.5% 6/1/14 (f)		270,000		270,000
Magnesita Finance Ltd. 8.625% (f)(g)		200,000		200,000
NCO Group, Inc. 11.875% 11/15/14		120,000		119,100
Offshore Group Investment Ltd. 11.5% 8/1/15		500,000		548,750
Porterbrook Rail Finance Ltd. 5.5% 4/20/19	GBP	150,000		259,818
Regions Financing Trust II 6.625% 5/15/47 (k)		470,000		446,500
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Diversified Financial Services - continued
Steel Capital SA Ln Partner Net Program 6.25% 7/26/16 (f)		$ 230,000		$ 229,425
TMK Capital SA 7.75% 1/27/18		200,000		195,500
Transportation Union LLC/Transportation Union Financing Corp. 11.375% 6/15/18		1,055,000		1,236,988
TransUnion Holding Co., Inc. 9.625% 6/15/18 pay-in-kind (f)(k)		290,000		305,225
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 8.125% 12/1/17 (f)		560,000		604,800
UPCB Finance III Ltd. 6.625% 7/1/20 (f)		345,000		351,900
Vnesheconombank Via VEB Finance PLC:
5.375% 2/13/17 (f)		300,000		309,750
6.8% 11/22/25 (f)		200,000		209,000
Wind Acquisition Holdings Finance SA 12.25% 7/15/17 pay-in-kind (f)(k)		1,673,411		1,437,692
WM Finance Corp. 11.5% 10/1/18 (f)		1,460,000		1,562,200
Zhaikmunai Finance BV 10.5% 10/19/15 (f)		825,000		866,250
				22,072,670
Insurance - 0.0%
CNO Financial Group, Inc. 9% 1/15/18 (f)		255,000		273,488
Real Estate Investment Trusts - 0.3%
MPT Operating Partnership LP/MPT Finance Corp. 6.875% 5/1/21		725,000		758,495
Omega Healthcare Investors, Inc.:
5.875% 3/15/24 (f)		1,385,000		1,364,225
6.75% 10/15/22		725,000		764,875
7.5% 2/15/20		385,000		413,875
				3,301,470
Real Estate Management & Development - 0.3%
CB Richard Ellis Services, Inc. 6.625% 10/15/20		480,000		510,000
Realogy Corp.:
7.625% 1/15/20 (f)		630,000		658,350
7.875% 2/15/19 (f)		677,000		678,693
9% 1/15/20 (f)		515,000		530,450
11.5% 4/15/17		160,000		151,200
12% 4/15/17		139,213		130,860
Taylor Morrison Community Monarch 7.75% 4/15/20 (f)(i)		385,000		385,000

		Principal Amount (d)		Value
Tesco Property Finance 5 PLC 5.6611% 10/13/41	GBP	250,000		$ 405,033
Toys 'R' Us Property Co. II LLC 8.5% 12/1/17		65,000		67,438
				3,517,024
TOTAL FINANCIALS				78,408,536
HEALTH CARE - 4.0%
Health Care Equipment & Supplies - 0.2%
Kinetic Concepts, Inc./KCI (USA), Inc.:
10.5% 11/1/18 (f)		1,400,000		1,452,500
12.5% 11/1/19 (f)		945,000		883,575
				2,336,075
Health Care Providers & Services - 3.0%
Apria Healthcare Group, Inc. 11.25% 11/1/14		505,000		526,463
Community Health Systems, Inc. 8% 11/15/19 (f)		1,295,000		1,338,706
CRC Health Group, Inc. 10.75% 2/1/16		90,000		82,125
DaVita, Inc.:
6.375% 11/1/18		1,180,000		1,230,150
6.625% 11/1/20		1,375,000		1,436,875
Emergency Medical Services Corp. 8.125% 6/1/19		580,000		595,950
Fresenius Medical Care US Finance II, Inc.:
5.625% 7/31/19 (f)		1,510,000		1,559,075
5.875% 1/31/22 (f)		1,670,000		1,718,096
Gentiva Health Services, Inc. 11.5% 9/1/18		475,000		441,750
Hanger Orthopedic Group, Inc. 7.125% 11/15/18		1,230,000		1,282,275
HCA Holdings, Inc. 7.75% 5/15/21		6,940,000		7,148,200
HCA, Inc.:
5.875% 3/15/22		1,915,000		1,910,213
6.5% 2/15/16		275,000		291,500
6.5% 2/15/20		2,410,000		2,521,342
7.25% 9/15/20		1,935,000		2,101,991
7.5% 2/15/22		1,175,000		1,245,500
8% 10/1/18		135,000		147,488
Health Management Associates, Inc. 7.375% 1/15/20 (f)		290,000		303,050
HealthSouth Corp. 8.125% 2/15/20		575,000		631,063
IASIS Healthcare LLC/IASIS Capital Corp. 8.375% 5/15/19		1,210,000		1,173,700
InVentiv Health, Inc. 10% 8/15/18 (f)		75,000		66,938
ResCare, Inc. 10.75% 1/15/19		240,000		265,200
Rotech Healthcare, Inc.:
10.5% 3/15/18		220,000		145,200
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
HEALTH CARE - continued
Health Care Providers & Services - continued
Rotech Healthcare, Inc.: - continued
10.75% 10/15/15		$ 345,000		$ 343,706
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18		105,000		111,038
Skilled Healthcare Group, Inc. 11% 1/15/14		78,000		78,000
Tenet Healthcare Corp. 6.25% 11/1/18 (f)		3,730,000		3,879,200
UHS Escrow Corp. 7% 10/1/18		85,000		90,202
Vanguard Health Holding Co. II LLC / Vanguard Holding Co. II, Inc. 7.75% 2/1/19		375,000		372,188
Vanguard Health Systems, Inc. 0% 2/1/16		21,000		13,860
				33,051,044
Health Care Technology - 0.1%
ConvaTec Healthcare ESA 10.5% 12/15/18 (f)		425,000		438,813
DJO Finance LLC/DJO Finance Corp. 8.75% 3/15/18 (f)		175,000		177,188
				616,001
Pharmaceuticals - 0.7%
Elan Finance PLC/Elan Finance Corp. 8.75% 10/15/16		435,000		478,500
Leiner Health Products, Inc. 11% 6/1/12 (c)		90,000		4,500
Mylan, Inc.:
6% 11/15/18 (f)		950,000		990,375
7.625% 7/15/17 (f)		315,000		348,075
7.875% 7/15/20 (f)		570,000		634,125
Valeant Pharmaceuticals International:
6.75% 8/15/21 (f)		2,800,000		2,723,000
6.875% 12/1/18 (f)		2,165,000		2,186,650
7% 10/1/20 (f)		405,000		405,000
				7,770,225
TOTAL HEALTH CARE				43,773,345
INDUSTRIALS - 3.9%
Aerospace & Defense - 0.2%
Alion Science & Technology Corp.:
10.25% 2/1/15		50,000		28,000
12% 11/1/14 pay-in-kind		118,741		110,620
Hexcel Corp. 6.75% 2/1/15		34,000		34,340
Huntington Ingalls Industries, Inc.:
6.875% 3/15/18		1,750,000		1,855,000
7.125% 3/15/21		150,000		160,688
				2,188,648

		Principal Amount (d)		Value
Air Freight & Logistics - 0.0%
Air Medical Group Holdings, Inc. 9.25% 11/1/18 (f)		$ 285,000		$ 294,975
Airlines - 0.6%
Air Canada 9.25% 8/1/15 (f)		595,000		581,613
American Airlines, Inc. equipment trust certificate 13% 8/1/16		243,820		258,449
American Airlines, Inc. pass-thru trust certificates 10.375% 7/2/19		363,756		391,947
Continental Airlines, Inc.:
pass-thru trust certificates 6.903% 4/19/22		48,180		48,420
3.6093% 6/2/13 (k)		2,532,916		2,450,596
Continental Airlines, Inc. 7.25% 11/10/19		361,475		403,045
Delta Air Lines, Inc. 9.5% 9/15/14 (f)		91,000		96,688
Delta Air Lines, Inc. pass-thru trust certificates:
6.821% 8/10/22		538,706		589,884
8.021% 8/10/22		227,595		232,147
Northwest Airlines, Inc. pass-thru trust certificates:
7.027% 11/1/19		120,930		126,819
8.028% 11/1/17		42,088		41,667
United Air Lines, Inc.:
9.875% 8/1/13 (f)		154,000		161,700
12% 11/1/13 (f)		270,000		286,200
United Air Lines, Inc. pass-thru trust certificates 9.75% 1/15/17		555,199		637,091
US Airways 2011-1 Class A pass-thru trust certificates 7.125% 4/22/25		490,000		514,500
				6,820,766
Building Products - 0.0%
Building Materials Corp. of America 6.75% 5/1/21 (f)		425,000		452,625
Commercial Services & Supplies - 1.7%
ACCO Brands Corp. 10.625% 3/15/15		45,000		48,938
ADS Tactical, Inc. 11% 4/1/18 (f)		145,000		150,075
American Reprographics Co. 10.5% 12/15/16		395,000		391,050
B-Corp Merger Sub, Inc. 8.25% 6/1/19 (f)		270,000		278,100
Casella Waste Systems, Inc.:
7.75% 2/15/19		100,000		99,250
11% 7/15/14		105,000		112,875
Covanta Holding Corp. 7.25% 12/1/20		430,000		462,619
Garda World Security Corp. 9.75% 3/15/17 (f)		185,000		197,025
International Lease Finance Corp.:
5.75% 5/15/16		1,155,000		1,152,113
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
INDUSTRIALS - continued
Commercial Services & Supplies - continued
International Lease Finance Corp.: - continued
5.875% 4/1/19		$ 1,200,000		$ 1,188,000
6.25% 5/15/19		2,320,000		2,290,023
6.75% 9/1/16 (f)		1,363,000		1,458,410
7.125% 9/1/18 (f)		2,505,000		2,724,188
8.25% 12/15/20		1,130,000		1,231,700
8.625% 9/15/15		655,000		717,225
8.625% 1/15/22		2,890,000		3,222,350
8.75% 3/15/17		1,570,000		1,750,550
Landry's Acquisition Co. 11.625% 12/1/15 (f)		225,000		250,313
The Geo Group, Inc. 7.75% 10/15/17		220,000		237,600
United Rentals North America, Inc. 8.375% 9/15/20		605,000		626,931
WP Rocket Merger Sub, Inc. 10.125% 7/15/19 (f)		320,000		300,800
				18,890,135
Construction & Engineering - 0.1%
Odebrecht Finance Ltd. 7.5% (f)(g)		975,000		996,743
Electrical Equipment - 0.1%
General Cable Corp. 7.125% 4/1/17		40,000		41,200
Sensata Technologies BV 6.5% 5/15/19 (f)		485,000		504,400
				545,600
Industrial Conglomerates - 0.1%
Sequa Corp.:
11.75% 12/1/15 (f)		435,000		462,188
13.5% 12/1/15 pay-in-kind (f)		280,685		301,035
				763,223
Machinery - 0.2%
Accuride Corp. 9.5% 8/1/18		55,000		57,750
ArvinMeritor, Inc. 10.625% 3/15/18		170,000		181,900
Navistar International Corp. 8.25% 11/1/21		639,000		692,516
Terex Corp. 10.875% 6/1/16		330,000		372,900
Xerium Technologies, Inc. 8.875% 6/15/18		360,000		312,300
				1,617,366
Marine - 0.2%
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc. 8.625% 11/1/17		220,000		199,100
Navios Maritime Holdings, Inc.:
8.125% 2/15/19		420,000		363,300

		Principal Amount (d)		Value
8.875% 11/1/17		$ 925,000		$ 955,063
Navios South American Logisitcs, Inc./Navios Logistics Finance U.S., Inc. 9.25% 4/15/19		120,000		105,000
SCF Capital Ltd. 5.375% 10/27/17 (f)		200,000		191,000
Ultrapetrol (Bahamas) Ltd. 9% 11/24/14		95,000		86,450
				1,899,913
Road & Rail - 0.5%
Georgian Railway Ltd. 9.875% 7/22/15		300,000		319,500
Kansas City Southern de Mexico SA de CV:
6.125% 6/15/21		230,000		250,700
8% 2/1/18		2,500,000		2,775,000
12.5% 4/1/16		855,000		991,800
Swift Services Holdings, Inc. 10% 11/15/18		935,000		1,019,150
Western Express, Inc. 12.5% 4/15/15 (f)		485,000		196,425
				5,552,575
Trading Companies & Distributors - 0.2%
Aircastle Ltd.:
6.75% 4/15/17 (f)		680,000		680,000
7.625% 4/15/20 (f)		305,000		305,000
9.75% 8/1/18		755,000		838,050
				1,823,050
Transportation Infrastructure - 0.0%
Aeropuertos Argentina 2000 SA 10.75% 12/1/20 (f)		326,800		334,970
Great Rolling Stock Co. Ltd. 6.25% 7/27/20	GBP	100,000		179,728
				514,698
TOTAL INDUSTRIALS				42,360,317
INFORMATION TECHNOLOGY - 1.6%
Communications Equipment - 0.4%
Avaya, Inc.:
9.75% 11/1/15		555,000		543,900
10.125% 11/1/15 pay-in-kind (k)		370,000		364,450
Brocade Communications Systems, Inc.:
6.625% 1/15/18		620,000		652,550
6.875% 1/15/20		170,000		187,425
Lucent Technologies, Inc.:
6.45% 3/15/29		3,375,000		2,666,250
6.5% 1/15/28		430,000		336,475
				4,751,050
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 0.1%
Seagate HDD Cayman:
7% 11/1/21 (f)		$ 580,000		$ 623,500
7.75% 12/15/18		795,000		864,563
				1,488,063
Electronic Equipment & Components - 0.1%
Atkore International, Inc. 9.875% 1/1/18		190,000		199,025
Reddy Ice Corp.:
11.25% 3/15/15		1,075,000		1,021,250
13.25% 11/1/15		130,000		63,700
				1,283,975
Internet Software & Services - 0.1%
Equinix, Inc. 8.125% 3/1/18		665,000		734,825
IT Services - 0.4%
Ceridian Corp. 11.25% 11/15/15		425,000		385,688
Fidelity National Information Services, Inc.:
7.625% 7/15/17		240,000		262,800
7.875% 7/15/20		320,000		354,400
First Data Corp. 7.375% 6/15/19 (f)		2,420,000		2,462,350
SunGard Data Systems, Inc. 7.375% 11/15/18		385,000		409,063
Unisys Corp.:
12.5% 1/15/16		154,000		163,818
12.75% 10/15/14 (f)		17,000		18,955
				4,057,074
Semiconductors & Semiconductor Equipment - 0.5%
Advanced Micro Devices, Inc.:
7.75% 8/1/20		135,000		149,175
8.125% 12/15/17		270,000		297,675
Freescale Semiconductor, Inc.:
8.05% 2/1/20		765,000		766,913
10.75% 8/1/20		483,000		542,168
NXP BV/NXP Funding LLC 9.75% 8/1/18 (f)		2,645,000		2,995,463
Spansion LLC 11.25% 1/15/16 (c)(f)		255,000		17,246
Viasystems, Inc. 12% 1/15/15 (f)		310,000		333,250
				5,101,890
Software - 0.0%
Open Solutions, Inc. 9.75% 2/1/15 (f)		50,000		41,000
TOTAL INFORMATION TECHNOLOGY				17,457,877

		Principal Amount (d)		Value
MATERIALS - 3.8%
Chemicals - 1.0%
Braskem America Finance Co. 7.125% 7/22/41 (f)		$ 205,000		$ 207,050
Braskem Finance Ltd. 7% 5/7/20 (f)		400,000		449,000
Celanese US Holdings LLC 5.875% 6/15/21		235,000		251,450
Ferro Corp. 7.875% 8/15/18		360,000		367,200
Georgia Gulf Corp. 9% 1/15/17 (f)		860,000		954,600
INEOS Finance PLC:
8.375% 2/15/19 (f)		485,000		512,888
9% 5/15/15 (f)		215,000		228,438
INEOS Group Holdings PLC 8.5% 2/15/16 (f)		645,000		603,075
Inergy LP/Inergy Finance Corp. 6.875% 8/1/21		381,000		365,760
Lyondell Chemical Co. 8% 11/1/17		175,000		196,875
LyondellBasell Industries NV:
5% 4/15/19 (f)(i)		725,000		725,870
5.75% 4/15/24 (f)(i)		725,000		723,188
6% 11/15/21 (f)		1,970,000		2,078,350
Momentive Performance Materials, Inc. 9% 1/15/21		1,420,000		1,242,500
NOVA Chemicals Corp. 3.7836% 11/15/13 (k)		105,000		104,738
OMNOVA Solutions, Inc. 7.875% 11/1/18		560,000		537,600
OXEA Finance & CY S.C.A. 9.5% 7/15/17 (f)		294,000		316,785
PolyOne Corp. 7.375% 9/15/20		155,000		162,750
Solutia, Inc.:
7.875% 3/15/20		175,000		205,188
8.75% 11/1/17		290,000		327,700
Taminco Global Chemical Corp. 9.75% 3/31/20 (f)		125,000		130,000
TPC Group LLC 8.25% 10/1/17		190,000		199,025
				10,890,030
Construction Materials - 0.5%
Cemex Espana SA (Luxembourg) 9.25% 5/12/20 (f)		115,000		105,800
Cemex Finance LLC 9.5% 12/14/16 (f)		2,320,000		2,308,400
Cemex SA de CV:
5.4697% 9/30/15 (f)(k)		1,305,000		1,179,068
9% 1/11/18 (f)		1,430,000		1,347,775
Rearden G Holdings Eins GmbH 7.875% 3/30/20 (f)		420,000		441,000
Summit Materials LLC/Summit Materials Finance Corp. 10.5% 1/31/20 (f)		520,000		543,400
				5,925,443
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
MATERIALS - continued
Containers & Packaging - 0.7%
ARD Finance SA 11.125% 6/1/18 pay-in-kind (f)		$ 579,453		$ 556,275
Ardagh Packaging Finance PLC:
7.375% 10/15/17 (f)		400,000		428,000
9.125% 10/15/20 (f)		560,000		599,200
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA, Inc. 9.125% 10/15/20 (f)		240,000		252,000
Ball Corp. 5.75% 5/15/21		3,000,000		3,187,500
Berry Plastics Holding Corp. 4.3487% 9/15/14 (k)		45,000		42,300
BWAY Holding Co. 10% 6/15/18		205,000		224,988
BWAY Parent Co., Inc. 10.875% 11/1/15 pay-in-kind (k)		217,092		208,415
Crown Americas LLC/Crown Americas Capital Corp. III 6.25% 2/1/21		220,000		237,050
Crown Cork & Seal, Inc.:
7.375% 12/15/26		1,210,000		1,282,600
7.5% 12/15/96		160,000		135,200
Rock-Tenn Co.:
4.45% 3/1/19 (f)		150,000		151,035
4.9% 3/1/22 (f)		140,000		140,014
Silgan Holdings, Inc. 5% 4/1/20 (f)		960,000		955,200
				8,399,777
Metals & Mining - 1.3%
Aleris International, Inc.:
6% 6/1/20 (f)		1,759		1,693
9% 12/15/14 pay-in-kind (c)(k)		150,000		0
Alrosa Finance SA:
(Reg. S) 8.875% 11/17/14		350,000		386,750
7.75% 11/3/20 (f)		200,000		212,500
Calcipar SA 6.875% 5/1/18 (f)		200,000		205,000
Edgen Murray Corp. 12.25% 1/15/15		675,000		683,438
EVRAZ Group SA 8.25% 11/10/15 (f)		670,000		716,900
FMG Resources (August 2006) Pty Ltd.:
6% 4/1/17 (f)		635,000		627,825
6.375% 2/1/16 (f)		635,000		631,825
6.875% 2/1/18 (f)		1,768,000		1,768,000
6.875% 4/1/22 (f)		635,000		618,300
7% 11/1/15 (f)		790,000		803,825
8.25% 11/1/19 (f)		3,155,000		3,304,863
McJunkin Red Man Corp. 9.5% 12/15/16		740,000		802,900
Metinvest BV 10.25% 5/20/15 (f)		360,000		358,200
Midwest Vanadium Pty Ltd. 11.5% 2/15/18 (f)		190,000		133,000

		Principal Amount (d)		Value
Mirabela Nickel Ltd. 8.75% 4/15/18 (f)		$ 100,000		$ 82,000
Mongolian Mining Corp. 8.875% 3/29/17 (f)		455,000		451,588
Rain CII Carbon LLC/CII Carbon Corp. 8% 12/1/18 (f)		300,000		309,000
RathGibson, Inc. 11.25% 2/15/14 (c)		297,265		0
Severstal Columbus LLC 10.25% 2/15/18		555,000		593,850
Southern Copper Corp. 6.75% 4/16/40		250,000		276,508
SunCoke Energy, Inc. 7.625% 8/1/19		125,000		128,125
Vedanta Resources PLC 6.75% 6/7/16 (f)		530,000		492,900
Votorantim Cimentos SA 7.25% 4/5/41 (f)		400,000		405,000
				13,993,990
Paper & Forest Products - 0.3%
AbitibiBowater, Inc. 10.25% 10/15/18		1,104,000		1,266,840
Clearwater Paper Corp. 7.125% 11/1/18		105,000		111,300
Georgia-Pacific LLC 5.4% 11/1/20 (f)		560,000		627,200
Glatfelter 7.125% 5/1/16		40,000		40,900
NewPage Corp.:
6.7969% 5/1/12 (c)(k)		90,000		4,950
11.375% 12/31/14 (c)		345,000		231,150
Sino-Forest Corp. 6.25% 10/21/17 (c)(f)		565,000		135,600
Verso Paper Holdings LLC/Verso Paper, Inc. 11.75% 1/15/19 (f)		705,000		720,863
				3,138,803
TOTAL MATERIALS				42,348,043
TELECOMMUNICATION SERVICES - 4.1%
Diversified Telecommunication Services - 1.8%
Alestra SA de RL de CV 11.75% 8/11/14		750,000		843,750
Citizens Communications Co.:
7.875% 1/15/27		280,000		254,800
9% 8/15/31		220,000		213,400
Clearwire Communications LLC/Clearwire Finance, Inc.:
12% 12/1/15 (f)		25,000		24,625
14.75% 12/1/16 (f)		390,000		427,050
Eileme 1 AB 14.25% 8/15/20 (f)		470,000		440,625
Eileme 2 AB 11.625% 1/31/20 (f)		935,000		977,075
Frontier Communications Corp.:
8.5% 4/15/20		1,010,000		1,063,025
8.75% 4/15/22		565,000		596,075
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Level 3 Escrow, Inc. 8.125% 7/1/19 (f)		$ 380,000		$ 391,400
Level 3 Financing, Inc.:
8.625% 7/15/20 (f)		875,000		918,750
10% 2/1/18		385,000		421,575
Sprint Capital Corp.:
6.875% 11/15/28		2,802,000		2,143,530
6.9% 5/1/19		324,000		280,260
8.75% 3/15/32		5,721,000		4,905,758
U.S. West Communications:
6.875% 9/15/33		200,000		198,000
7.25% 9/15/25		35,000		37,450
7.25% 10/15/35		70,000		70,875
7.5% 6/15/23		30,000		30,150
Wind Acquisition Finance SA:
7.25% 2/15/18 (f)		700,000		659,750
11.75% 7/15/17 (f)		4,944,000		4,869,840
				19,767,763
Wireless Telecommunication Services - 2.3%
Clearwire Escrow Corp. 12% 12/1/15 (f)		295,000		290,575
Cricket Communications, Inc. 7.75% 10/15/20		3,524,000		3,462,330
Digicel Group Ltd.:
7% 2/15/20 (f)		200,000		203,500
8.25% 9/1/17 (f)		990,000		1,046,925
8.875% 1/15/15 (f)		3,050,000		3,111,000
9.125% 1/15/15 pay-in-kind (f)(k)		1,297,000		1,322,940
10.5% 4/15/18 (f)		2,845,000		3,143,725
12% 4/1/14 (f)		1,145,000		1,270,950
Intelsat Jackson Holdings SA:
7.25% 4/1/19		1,000,000		1,050,000
7.5% 4/1/21		2,485,000		2,609,250
8.5% 11/1/19		325,000		356,688
9.5% 6/15/16		1,215,000		1,269,675
MetroPCS Wireless, Inc. 7.875% 9/1/18		385,000		406,175
MTS International Funding Ltd. 8.625% 6/22/20 (f)		910,000		1,053,325
NII Capital Corp.:
7.625% 4/1/21		1,373,000		1,348,973
8.875% 12/15/19		405,000		424,238
Pakistan Mobile Communications Ltd. 8.625% 11/13/13 (f)		1,050,000		1,018,500
Telemovil Finance Co. Ltd. 8% 10/1/17 (f)		630,000		645,750

		Principal Amount (d)		Value
VimpelCom Holdings BV 7.5043% 3/1/22 (f)		$ 365,000		$ 351,769
VIP Finance Ireland Ltd. 7.748% 2/2/21 (f)		400,000		394,000
				24,780,288
TOTAL TELECOMMUNICATION SERVICES				44,548,051
UTILITIES - 3.0%
Electric Utilities - 0.3%
Aguila 3 SA 7.875% 1/31/18 (f)		250,000		261,875
Empresa Distribuidora y Comercializadora Norte SA 9.75% 10/25/22 (f)		340,000		200,600
InterGen NV 9% 6/30/17 (f)		1,255,000		1,320,888
Majapahit Holding BV:
7.75% 1/20/20 (f)		265,000		316,675
8% 8/7/19 (f)		165,000		199,650
Mirant Americas Generation LLC 9.125% 5/1/31		410,000		352,600
National Power Corp. 6.875% 11/2/16 (f)		200,000		231,000
				2,883,288
Gas Utilities - 0.2%
Holly Energy Partners LP/Holly Finance Corp. 6.5% 3/1/20 (f)		485,000		489,850
Intergas Finance BV 6.375% 5/14/17 (Reg. S)		155,000		167,788
Southern Natural Gas Co.:
7.35% 2/15/31		175,000		200,519
8% 3/1/32		350,000		433,360
Star Gas Partners LP/Star Gas Finance Co. 8.875% 12/1/17		210,000		210,000
Transportadora de Gas del Sur SA 7.875% 5/14/17 (f)		1,060,000		938,100
				2,439,617
Independent Power Producers & Energy Traders - 2.4%
Atlantic Power Corp. 9% 11/15/18 (f)		885,000		896,063
Calpine Corp.:
7.5% 2/15/21 (f)		620,000		661,850
7.875% 7/31/20 (f)		1,645,000		1,788,938
7.875% 1/15/23 (f)		2,345,000		2,544,325
Dolphin Subsidiary II, Inc. 7.25% 10/15/21 (f)		900,000		999,000
Energy Future Holdings Corp.:
10% 1/15/20		2,955,000		3,239,419
10.875% 11/1/17		340,000		285,600
Energy Future Intermediate Holding Co. LLC/Energy Future Intermediate Holding Finance, Inc.:
10% 12/1/20		5,360,000		5,855,800
11% 10/1/21		2,486,000		2,374,130
11.75% 3/1/22 (f)		2,610,000		2,668,725
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
UTILITIES - continued
Independent Power Producers & Energy Traders - continued
GenOn Energy, Inc.:
9.5% 10/15/18		$ 315,000		$ 289,800
9.875% 10/15/20		1,150,000		1,046,500
Listrindo Capital BV 6.95% 2/21/19 (f)		200,000		206,000
NRG Energy, Inc.:
7.625% 5/15/19		320,000		319,200
7.875% 5/15/21		375,000		357,656
Power Sector Assets and Liabilities Management Corp.:
7.25% 5/27/19 (f)		335,000		408,700
7.39% 12/2/24 (f)		280,000		354,200
TXU Corp.:
5.55% 11/15/14		110,000		80,575
6.5% 11/15/24		1,070,000		561,750
6.55% 11/15/34		2,815,000		1,407,500
				26,345,731
Multi-Utilities - 0.0%
Centrica PLC 4.375% 3/13/29	GBP	250,000		390,858
Water Utilities - 0.1%
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 6.25% 12/16/20 (f)		200,000		212,000
South East Water Ltd. Class 2A, 5.5834% 3/29/29	GBP	165,000		279,552
				491,552
TOTAL UTILITIES				32,551,046
TOTAL NONCONVERTIBLE BONDS				421,377,593
TOTAL CORPORATE BONDS (Cost $409,219,441)			425,066,383
U.S. Government and Government Agency Obligations - 21.6%

U.S. Government Agency Obligations - 1.0%
Fannie Mae:
0.375% 12/28/12		930,000		931,615
0.375% 3/16/15		908,000		901,201
Federal Home Loan Bank:
0.375% 11/27/13		280,000		280,057
0.375% 1/29/14		550,000		549,882
0.875% 8/22/12		495,000		496,394
0.875% 12/27/13		50,000		50,546
Freddie Mac:
0.375% 11/30/12		227,000		227,352
0.625% 12/29/14		1,033,000		1,034,690

		Principal Amount		Value
1% 7/30/14		$ 598,000		$ 605,748
1% 8/27/14		408,000		413,275
1.25% 5/12/17		2,761,000		2,755,909
Tennessee Valley Authority:
3.875% 2/15/21		500,000		558,010
5.25% 9/15/39		400,000		478,031
5.375% 4/1/56		1,200,000		1,483,480
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS				10,766,190
U.S. Treasury Inflation Protected Obligations - 0.1%
U.S. Treasury Inflation-Indexed Bonds 0.75% 2/15/42		1,501,461		1,435,234
U.S. Treasury Obligations - 19.6%
U.S. Treasury Bonds:
3.125% 2/15/42		2,981,000		2,846,390
3.75% 8/15/41		4,463,000		4,807,490
4.375% 2/15/38		675,000		807,679
4.375% 5/15/41		9,411,000		11,272,609
4.75% 2/15/37		450,000		567,844
5.25% 2/15/29		3,381,000		4,421,185
5.375% 2/15/31		4,230,000		5,680,095
6.125% 8/15/29		700,000		1,003,625
6.25% 8/15/23 (j)		3,549,000		4,912,036
7.5% 11/15/16		655,000		848,378
7.875% 2/15/21		200,000		296,781
U.S. Treasury Notes:
0.125% 8/31/13		6,600,000		6,584,787
0.125% 9/30/13		2,000,000		1,994,844
0.25% 10/31/13		6,000,000		5,993,904
0.25% 1/31/14		5,225,000		5,217,042
0.25% 2/28/14		8,000,000		7,987,504
0.25% 9/15/14		5,834,000		5,806,195
0.25% 2/15/15		12,790,000		12,698,065
0.375% 7/31/13		3,280,000		3,284,100
0.375% 3/15/15		2,500,000		2,490,430
0.5% 8/15/14		4,306,000		4,313,066
0.625% 7/15/14		2,808,000		2,821,383
0.75% 6/15/14		1,404,000		1,414,968
0.875% 11/30/16		3,939,000		3,921,767
0.875% 2/28/17		11,687,000		11,602,082
1% 9/30/16		10,684,000		10,718,221
1% 10/31/16		4,450,000		4,459,737
1% 3/31/17		1,500,000		1,496,484
1.25% 10/31/15		3,260,000		3,324,946
1.375% 2/28/19		18,293,000		18,025,693
1.5% 3/31/19		600,000		595,219
1.75% 7/31/15		4,750,000		4,925,527
1.875% 6/30/15		493,000		513,143
1.875% 8/31/17		3,300,000		3,419,625
1.875% 9/30/17		1,900,000		1,967,093
2% 11/15/21		2,783,000		2,738,427
2% 2/15/22		1,781,000		1,745,936
U.S. Government and Government Agency Obligations - continued
		Principal Amount		Value
U.S. Treasury Obligations - continued
U.S. Treasury Notes: - continued
2.125% 11/30/14		$ 3,932,000		$ 4,102,488
2.125% 5/31/15		438,000		459,079
2.125% 8/15/21		3,167,000		3,163,041
2.375% 8/31/14		12,800,000		13,392,000
2.375% 9/30/14		942,000		986,818
2.375% 10/31/14		4,724,000		4,953,927
2.375% 2/28/15		4,000,000		4,212,500
2.375% 6/30/18		1,912,000		2,021,791
2.5% 4/30/15		2,576,000		2,728,144
2.625% 7/31/14		1,035,000		1,087,639
2.75% 11/30/16		1,500,000		1,620,000
3% 2/28/17		1,500,000		1,641,212
3.125% 10/31/16		1,340,000		1,469,813
3.125% 1/31/17		1,636,000		1,798,065
3.125% 5/15/19		1,232,000		1,355,970
4.25% 8/15/15		1,376,000		1,541,549
4.5% 5/15/17		1,172,000		1,371,149
TOTAL U.S. TREASURY OBLIGATIONS				215,429,485
Other Government Related - 0.9%
Bank of America Corp.:
2.1% 4/30/12 (FDIC Guaranteed) (h)		200,000		200,285
3.125% 6/15/12 (FDIC Guaranteed) (h)		9,000		9,054
Citigroup Funding, Inc. 1.875% 11/15/12 (FDIC Guaranteed) (h)		525,000		530,311
General Electric Capital Corp.:
2.125% 12/21/12 (FDIC Guaranteed) (h)		1,000,000		1,013,683
2.625% 12/28/12 (FDIC Guaranteed) (h)		384,000		390,799
Goldman Sachs Group, Inc. 3.25% 6/15/12 (FDIC Guaranteed) (h)		9,000		9,055
National Credit Union Administration Guaranteed Notes:
Series 2010-A1 Class A, 0.5928% 12/7/20 (NCUA Guaranteed) (k)		391,694		393,135
Series 2011-R1 Class 1A, 0.7125% 1/8/20 (NCUA Guaranteed) (k)		608,140		610,041
Series 2011-R4 Class 1A, 0.6425% 3/6/20 (NCUA Guaranteed) (k)		392,341		392,663
National Credit Union Administration Guaranteed Notes Master Trust:
1.4% 6/12/15 (NCUA Guaranteed)		330,000		335,808

		Principal Amount		Value
2.35% 6/12/17 (NCUA Guaranteed)		$ 2,930,000		$ 3,039,641
3.45% 6/12/21 (NCUA Guaranteed)		2,400,000		2,556,384
TOTAL OTHER GOVERNMENT RELATED				9,480,859
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $232,229,461)			237,111,768
U.S. Government Agency - Mortgage Securities - 1.3%

Fannie Mae - 0.1%
1.973% 9/1/33 (k)		39,650		41,562
2.026% 11/1/35 (k)		39,762		41,836
2.115% 10/1/35 (k)		4,757		5,004
2.223% 11/1/33 (k)		7,398		7,829
2.303% 6/1/36 (k)		3,148		3,355
2.388% 1/1/35 (k)		21,489		22,865
2.393% 9/1/36 (k)		10,349		11,029
2.428% 2/1/36 (k)		8,905		9,439
2.45% 3/1/33 (k)		10,742		11,331
2.516% 11/1/36 (k)		5,664		6,035
2.571% 6/1/47 (k)		10,912		11,628
2.607% 5/1/36 (k)		5,384		5,738
2.647% 4/1/36 (k)		32,224		34,132
2.65% 2/1/37 (k)		42,281		45,056
2.653% 7/1/35 (k)		39,154		41,724
2.938% 8/1/35 (k)		60,681		64,663
5.5% 10/1/20 to 4/1/21		608,513		663,243
5.954% 3/1/37 (k)		6,361		6,866
6% 6/1/16 to 10/1/16		8,653		9,279
6.5% 12/1/12 to 7/1/26		28,886		31,657
TOTAL FANNIE MAE				1,074,271
Freddie Mac - 0.3%
1.943% 3/1/35 (k)		12,445		12,988
2.095% 5/1/37 (k)		6,569		6,865
2.143% 1/1/36 (k)		5,947		6,266
2.2% 3/1/37 (k)		3,052		3,214
2.276% 6/1/33 (k)		25,119		26,303
2.301% 1/1/37 (k)		26,992		28,763
2.35% 7/1/35 (k)		27,481		29,279
2.417% 10/1/36 (k)		29,728		31,625
2.454% 5/1/37 (k)		6,118		6,484
2.462% 5/1/37 (k)		43,026		45,849
2.474% 5/1/37 (k)		81,248		86,580
2.475% 10/1/35 (k)		24,322		25,882
2.49% 9/1/35 (k)		4,816		5,083
2.621% 7/1/36 (k)		353,022		376,189
2.638% 4/1/37 (k)		8,942		9,529
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount		Value
Freddie Mac - continued
2.639% 6/1/37 (k)		$ 19,677		$ 20,969
2.795% 7/1/36 (k)		10,045		10,687
2.798% 7/1/35 (k)		17,774		18,941
2.858% 2/1/37 (k)		4,427		4,664
2.97% 4/1/37 (k)		475		506
3.158% 10/1/35 (k)		4,117		4,387
3.601% 6/1/37 (k)		4,922		5,224
4.5% 8/1/33 to 10/1/41		888,070		949,266
5.138% 4/1/35 (k)		2,591		2,716
5.5% 2/1/19 to 11/1/21		1,580,792		1,723,756
5.847% 6/1/37 (k)		3,301		3,424
6.5% 12/1/14 to 3/1/22		123,097		134,526
6.662% 8/1/37 (k)		9,816		10,280
TOTAL FREDDIE MAC				3,590,245
Ginnie Mae - 0.9%
4% 9/15/25		84,453		91,058
4.553% 4/1/62 (p)		650,000		727,350
4.626% 3/1/62 (p)		450,000		502,380
4.65% 3/1/62 (p)		400,000		446,800
4.6744% 4/1/62 (p)		2,175,000		2,436,000
4.684% 1/20/62 (p)		1,360,353		1,524,107
4.751% 12/20/60 (p)		522,250		580,585
5.492% 4/20/60 (p)		754,473		862,934
5.5% 2/20/60 (p)		1,606,174		1,799,337
5.612% 4/20/58 (p)		609,696		653,420
TOTAL GINNIE MAE				9,623,971
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $13,950,218)			14,288,487
Collateralized Mortgage Obligations - 3.8%

U.S. Government Agency - 3.8%
Fannie Mae:
floater:
Series 2010-15 Class FJ, 1.1718% 6/25/36 (k)		1,387,676		1,407,397
Series 2011-63 Class FL, 0.6418% 7/25/41 (k)		1,468,543		1,471,487
Series 2011-83 Class FB, 0.7418% 9/25/41 (k)		1,169,363		1,168,600
planned amortization class Series 2010-118 Class PB, 4.5% 10/25/40		300,000		324,715
sequential payer:
Series 2007-113 Class DB, 4.5% 12/25/22		440,000		485,304

		Principal Amount		Value
Series 2009-14 Class EB, 4.5% 3/25/24		$ 340,000		$ 368,711
Series 2010-97 Class CX, 4.5% 9/25/25		500,000		560,244
Series 2010-109 Class IM, 5.5% 9/25/40 (m)		876,202		145,161
Series 2010-39 Class FG, 1.1618% 3/25/36 (k)		730,906		742,945
Series 2010-97 Class CI, 4.5% 8/25/25 (m)		407,870		38,669
Series 2011-67 Class AI, 4% 7/25/26 (m)		223,603		23,257
Fannie Mae subordinate REMIC pass-thru certificates:
floater:
Series 2008-76 Class EF, 0.7418% 9/25/23 (k)		136,534		136,980
Series 2010-86 Class FE, 0.6918% 8/25/25 (k)		180,272		181,113
Series 2011-104 Class FK, 0.6118% 3/25/39 (k)		859,606		857,011
planned amortization:
Series 2005-19 Class PA, 5.5% 7/25/34		397,090		439,513
Series 2005-64 Class PX, 5.5% 6/25/35		394,106		438,595
planned amortization class:
Series 2002-9 Class PC, 6% 3/25/17		3,518		3,786
Series 2003-113 Class PE, 4% 11/25/18		80,000		85,943
Series 2003-70 Class BJ, 5% 7/25/33		45,000		50,065
Series 2004-80 Class LD, 4% 1/25/19		64,274		66,269
Series 2005-52 Class PB, 6.5% 12/25/34		38,615		41,129
sequential payer:
Series 2002-57 Class BD, 5.5% 9/25/17		13,745		14,849
Series 2004-91 Class Z, 5% 12/25/34		461,382		514,730
Series 2004-95 Class AN, 5.5% 1/25/25		46,751		49,346
Series 2005-117, Class JN, 4.5% 1/25/36		40,000		43,872
Series 2005-47 Class HK, 4.5% 6/25/20		340,000		368,676
Series 2006-72 Class CY, 6% 8/25/26		145,000		165,715
Series 2009-82 Class FD, 1.0918% 10/25/39 (k)		592,377		600,599
Series 2009-85 Class IB, 4.5% 8/25/24 (m)		114,528		10,112
Series 2009-93 Class IC, 4.5% 9/25/24 (m)		202,830		17,036
Collateralized Mortgage Obligations - continued
		Principal Amount		Value
U.S. Government Agency - continued
Fannie Mae subordinate REMIC pass-thru certificates: - continued
Series 2010-139 Class NI, 4.5% 2/25/40 (m)		$ 457,180		$ 69,695
FHMLC Multi-class participation certificates guaranteed:
floater Series 3835 Class FC, 0.5918% 5/15/38 (k)		1,371,744		1,369,186
planned amortization class:
Series 3856 Class KF, 0.6918% 5/15/41 (k)		998,429		996,224
Series 3867, 0.5918% 4/15/40 (k)		1,719,073		1,718,067
Freddie Mac:
floater Series 240 Class F30, 0.5418% 7/15/36 (k)		1,183,558		1,180,929
planned amortization class:
Series 2101 Class PD, 6% 11/15/28		8,534		9,435
Series 2115 Class PE, 6% 1/15/14		1,130		1,165
Series 3737 Class GB, 4.5% 4/15/39		650,000		717,922
Freddie Mac Multi-Class pass-thru certificates:
floater:
Series 2630 Class FL, 0.7418% 6/15/18 (k)		2,491		2,511
Series 3346 Class FA, 0.4718% 2/15/19 (k)		631,748		632,632
Series 3419 Class FD, 1.0118% 2/15/38 (k)		592,266		599,680
floater planned amortization Series 3950 Class QF, 0.7418% 8/15/40 (k)		1,082,075		1,085,713
planned amortization class:
Series 2376 Class JE, 5.5% 11/15/16		14,950		16,005
Series 2381 Class OG, 5.5% 11/15/16		9,157		9,779
Series 2425 Class JH, 6% 3/15/17		18,350		19,836
Series 2672 Class MG, 5% 9/15/23		310,000		347,954
Series 2684 Class FP, 0.7418% 1/15/33 (k)		790,269		793,022
Series 2695 Class DG, 4% 10/15/18		220,000		235,201
Series 2996 Class MK, 5.5% 6/15/35		19,174		21,338
Series 3147 Class PF, 0.5418% 4/15/36 (k)		327,199		325,097
sequential payer:
Series 2303 Class ZV, 6% 4/15/31		23,251		25,765

		Principal Amount		Value
Series 2570 Class CU, 4.5% 7/15/17		$ 1,088		$ 1,088
Series 2877 Class ZD, 5% 10/15/34		593,609		660,886
Series 2987 Class HE, 4.5% 6/15/20		380,000		403,514
Series 3277 Class B, 4% 2/15/22		300,000		323,881
Series 3372 Class BD, 4.5% 10/15/22		790,000		864,602
Series 3578, Class B, 4.5% 9/15/24		340,000		371,096
Series 2715 Class NG, 4.5% 12/15/18		1,000,000		1,080,471
Series 2863 Class DB, 4% 9/15/14		653		653
Ginnie Mae guaranteed REMIC pass-thru certificates:
floater:
Series 2008-73 Class FA, 1.1018% 8/20/38 (k)		366,526		371,648
Series 2008-83 Class FB, 1.1418% 9/20/38 (k)		362,402		367,682
Series 2010-H17 Class FA, 0.5718% 7/20/60 (k)(p)		664,196		653,635
Series 2010-H18 Class AF, 0.5953% 9/20/60 (k)(p)		697,303		686,225
Series 2010-H19 Class FG, 0.5418% 8/20/60 (k)(p)		837,731		824,578
Series 2010-H27 Series FA, 0.6218% 12/20/60 (k)(p)		317,602		313,790
Series 2011-H03 Class FA, 0.7418% 1/20/61 (k)(p)		856,571		852,202
Series 2011-H05 Class FA, 0.7418% 12/20/60 (k)(p)		481,535		479,080
Series 2011-H07 Class FA, 0.7418% 2/20/61 (k)(p)		693,354		681,006
Series 2011-H12 Class FA, 0.7318% 2/20/61 (k)(p)		1,075,453		1,055,965
Series 2011-H13 Class FA, 0.7418% 4/20/61 (k)(p)		434,853		432,679
Series 2011-H14:
Class FB, 0.7418% 5/20/61 (k)(p)		490,957		485,001
Class FC, 0.7418% 5/20/61 (k)(p)		489,991		484,200
Series 2011-H17 Class FA, 0.7718% 6/20/61 (k)(p)		624,504		622,381
Series 2011-H21 Class FA, 0.8418% 10/20/61 (k)(p)		725,363		725,363
Series 2012-H01 Class FA, 0.9418% 11/20/61 (k)(p)		578,543		581,610
Series 2012-H03 Class FA, 0.944% 1/20/62 (k)(p)		349,298		351,171
Series 2012-H06 Class FA, 0.9028% 1/20/62 (k)(p)		550,000		550,825
Series 2012-H07 Class FA, 0.876% 3/20/62 (k)(p)		320,000		319,600
Collateralized Mortgage Obligations - continued
		Principal Amount (d)		Value
U.S. Government Agency - continued
Ginnie Mae guaranteed REMIC pass-thru certificates: - continued
planned amortization Series 2011-61 Class OP, 5/20/40 (n)		$ 460,342		$ 411,329
planned amortization class Series 2011-79 Class PO, 6/20/40 (n)		843,302		717,784
sequential payer Series 2011-69 Class GX, 4.5% 5/16/40		470,000		512,149
Series 2010-42 Class OP, 4/20/40 (n)		1,071,912		912,218
Series 2010-H13 Class JA, 5.46% 10/20/59 (p)		1,003,768		1,099,025
Series 2011-71:
Class ZB, 5.5% 8/20/34		969,487		1,134,970
Class ZC, 5.5% 7/16/34		1,105,268		1,288,979
Government National Mortgage Association:
floater sequential payer Series 2011-150 Class D, 3% 4/20/37		275,775		283,445
planned amortization class Series 2011-136 Class WI, 4.5% 5/20/40 (m)		257,500		55,644
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $41,543,816)			41,959,360
Commercial Mortgage Securities - 0.6%

Freddie Mac sequential payer Series K705 Class A1, 1.626% 7/25/18		995,610		1,004,222
Freddie Mac Multi-Class pass-thru certificates:
sequential payer:
Series K009 Class A2, 3.808% 8/25/20		330,000		356,417
Series K006 Class A2, 4.251% 1/25/20		1,410,000		1,561,317
Series K017 Class A2, 2.873% 12/25/21		1,560,000		1,561,872
Series K501 Class A2, 1.655% 11/25/16		550,000		552,750
Series K706:
Class A1, 1.691% 6/25/18		697,459		704,766
Class A2, 2.323% 10/25/18		900,000		909,398

		Principal Amount (d)		Value
London & Regional Debt Securitisation No. 1 PLC Series I Class A, 1.1767% 10/15/14 (k)	GBP	50,000		$ 73,889
REC Plantation Place Ltd. Series 5 Class A, 1.2148% 7/25/16 (Reg. S) (k)	GBP	47,923		72,054
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $6,851,251)			6,796,685
Foreign Government and Government Agency Obligations - 22.1%

Argentine Republic:
discount (with partial capitalization through 12/31/13) 8.28% 12/31/33		1,133,738		838,966
2.5% 12/31/38 (e)		880,000		316,800
7% 9/12/13		2,485,000		2,501,153
7% 10/3/15		3,700,000		3,468,031
Bahamian Republic 6.95% 11/20/29 (f)		340,000		389,300
Bahrain Kingdom 5.5% 3/31/20		240,000		237,600
Banco Nacional de Desenvolvimento Economico e Social 6.369% 6/16/18 (f)		375,000		435,938
Belarus Republic:
8.75% 8/3/15 (Reg. S)		1,690,000		1,554,800
8.95% 1/26/18		300,000		272,250
Bermuda Government 5.603% 7/20/20 (f)		185,000		209,975
Brazilian Federative Republic:
7.125% 1/20/37		255,000		349,988
8.25% 1/20/34		250,000		378,125
8.75% 2/4/25		165,000		250,388
10.125% 5/15/27		695,000		1,157,175
12.25% 3/6/30		420,000		814,800
Canadian Government:
1% 2/1/14	CAD	3,500,000		3,496,737
2% 6/1/16	CAD	9,300,000		9,508,552
3.25% 6/1/21	CAD	6,100,000		6,691,196
5% 6/1/37	CAD	3,300,000		4,706,209
Colombian Republic:
4.375% 7/12/21		405,000		441,450
6.125% 1/18/41		420,000		516,600
7.375% 3/18/19		200,000		256,500
7.375% 9/18/37		605,000		850,025
10.375% 1/28/33		685,000		1,152,513
11.75% 2/25/20		245,000		389,550
Congo Republic 3% 6/30/29 (e)		1,220,750		924,718
Croatia Republic:
6.375% 3/24/21 (f)		500,000		479,400
6.625% 7/14/20 (f)		720,000		709,200
6.75% 11/5/19 (f)		580,000		578,550
Foreign Government and Government Agency Obligations - continued
		Principal Amount (d)		Value
Democratic Socialist Republic of Sri Lanka:
6.25% 10/4/20 (f)		$ 730,000		$ 728,175
6.25% 7/27/21 (f)		410,000		410,000
7.4% 1/22/15 (f)		515,000		543,325
Dominican Republic:
1.5522% 8/30/24 (k)		495,000		445,500
7.5% 5/6/21 (f)		690,000		714,150
9.04% 1/23/18 (f)		325,707		356,649
Dutch Government 2.75% 1/15/15	EUR	5,750,000		8,115,254
El Salvador Republic:
7.375% 12/1/19 (f)		280,000		300,300
7.625% 2/1/41 (f)		175,000		175,000
7.65% 6/15/35 (Reg. S)		240,000		244,800
7.75% 1/24/23 (Reg. S)		185,000		201,650
8.25% 4/10/32 (Reg. S)		140,000		152,600
European Union 3.375% 5/10/19	EUR	700,000		1,001,213
Finnish Government 2.75% 7/4/28	EUR	550,000		727,765
French Government:
OAT:
3% 4/25/22	EUR	4,600,000		6,184,318
4.5% 4/25/41	EUR	1,175,000		1,798,960
1.75% 2/25/17	EUR	2,200,000		2,948,903
2.5% 7/25/16	EUR	1,500,000		2,085,095
4% 4/25/18	EUR	2,600,000		3,852,832
4% 4/25/55	EUR	500,000		703,320
Gabonese Republic 8.2% 12/12/17 (f)		230,000		279,450
Georgia Republic 6.875% 4/12/21 (f)		630,000		664,650
German Federal Republic:
0.75% 2/24/17	EUR	1,050,000		1,396,640
1.25% 10/14/16	EUR	6,075,000		8,290,293
2.5% 2/27/15	EUR	2,900,000		4,108,149
3.25% 7/4/21	EUR	5,280,000		7,962,723
3.25% 7/4/42	EUR	1,475,000		2,297,022
3.5% 7/4/19	EUR	1,350,000		2,069,231
Ghana Republic:
8.5% 10/4/17 (f)		335,000		383,575
14.25% 7/29/13	GHS	280,000		156,517
14.99% 3/11/13	GHS	1,270,000		718,182
15.65% 6/3/13	GHS	175,000		99,313
Hungarian Republic:
4.75% 2/3/15		1,360,000		1,278,400
7.625% 3/29/41		876,000		792,780
Indonesian Republic:
4.875% 5/5/21 (f)		400,000		433,520
5.25% 1/17/42 (f)		420,000		439,950
5.875% 3/13/20 (f)		630,000		721,350
6.625% 2/17/37 (f)		425,000		523,813
6.875% 1/17/18 (f)		450,000		534,960
7.75% 1/17/38 (f)		810,000		1,121,850

		Principal Amount (d)		Value
8.5% 10/12/35 (Reg. S)		$ 675,000		$ 1,002,375
11.625% 3/4/19 (f)		775,000		1,150,875
Islamic Republic of Pakistan 7.125% 3/31/16 (f)		1,325,000		1,113,000
Israeli State (guaranteed by U.S. Government through Agency for International Development):
5.5% 9/18/23		2,468,000		3,088,796
5.5% 12/4/23		1,500,000		1,876,359
Italian Republic:
3.75% 8/1/16	EUR	2,150,000		2,844,409
4.25% 8/1/14	EUR	1,000,000		1,362,590
4.25% 3/1/20	EUR	1,500,000		1,929,178
4.5% 3/1/19	EUR	1,500,000		1,995,234
4.5% 3/1/26	EUR	850,000		1,022,736
5% 3/1/22	EUR	3,500,000		4,622,964
5% 9/1/40	EUR	2,440,000		2,868,494
5.25% 8/1/17	EUR	1,000,000		1,394,278
Japan Government:
0.2% 7/15/12	JPY	638,000,000		7,707,032
1.1% 6/20/20	JPY	475,500,000		5,891,434
1.8% 6/20/18	JPY	505,000,000		6,587,188
1.9% 9/20/30	JPY	290,000,000		3,610,153
2% 9/20/40	JPY	41,000,000		503,704
Jordanian Kingdom 3.875% 11/12/15		200,000		194,500
Korean Republic 7.125% 4/16/19		335,000		414,412
Latvian Republic:
5.25% 2/22/17 (f)		555,000		573,038
5.25% 6/16/21 (f)		225,000		226,125
Lebanese Republic:
4% 12/31/17		1,098,000		1,089,765
5.15% 11/12/18		150,000		151,125
Lithuanian Republic:
6.125% 3/9/21 (f)		540,000		583,200
6.625% 2/1/22 (f)		375,000		414,863
6.75% 1/15/15 (f)		210,000		226,800
7.375% 2/11/20 (f)		575,000		670,594
Peruvian Republic:
3% 3/7/27 (e)		510,000		474,300
5.625% 11/18/50		440,000		488,400
7.35% 7/21/25		320,000		437,600
8.75% 11/21/33		735,000		1,139,250
Philippine Republic:
6.375% 1/15/32		170,000		206,550
7.5% 9/25/24		100,000		130,000
7.75% 1/14/31		315,000		434,700
9.5% 2/2/30		710,000		1,121,800
Foreign Government and Government Agency Obligations - continued
		Principal Amount (d)		Value
Philippine Republic: - continued
9.875% 1/15/19		$ 245,000		$ 343,000
10.625% 3/16/25		580,000		936,700
Polish Government:
3.875% 7/16/15		185,000		194,250
5% 3/23/22		265,000		280,569
5.125% 4/21/21		315,000		336,420
6.375% 7/15/19		700,000		817,250
Provincia de Cordoba 12.375% 8/17/17 (f)		615,000		528,900
Republic of Iraq 5.8% 1/15/28 (Reg. S)		1,250,000		1,046,875
Republic of Namibia 5.5% 11/3/21 (f)		330,000		343,200
Republic of Nigeria:
6.75% 1/28/21 (f)		155,000		170,113
17.6% 3/7/13	NGN	23,000,000		124,014
Republic of Serbia 6.75% 11/1/24 (f)		2,873,000		2,844,270
Romanian Republic 6.75% 2/7/22 (f)		830,000		869,425
Russian Federation:
3.325% 4/4/17 (f)		200,000		201,400
4.5% 4/4/22 (f)		200,000		201,500
5.625% 4/4/42 (f)		400,000		402,800
7.5% 3/31/30 (Reg. S)		4,898,425		5,856,067
11% 7/24/18 (Reg. S)		270,000		378,000
12.75% 6/24/28 (Reg. S)		1,140,000		2,049,150
Senegal Republic of 8.75% 5/13/21 (f)		235,000		254,975
State of Qatar 5.75% 1/20/42 (f)		295,000		318,158
Turkish Republic:
5.125% 3/25/22		485,000		481,993
5.625% 3/30/21		365,000		380,987
6% 1/14/41		200,000		197,260
6.25% 9/26/22		275,000		297,000
6.75% 4/3/18		780,000		872,664
6.75% 5/30/40		555,000		603,563
6.875% 3/17/36		1,165,000		1,287,325
7% 9/26/16		590,000		660,800
7.25% 3/15/15		780,000		860,964
7.25% 3/5/38		775,000		895,125
7.375% 2/5/25		1,150,000		1,351,250
7.5% 7/14/17		825,000		948,750
7.5% 11/7/19		575,000		672,750
11.875% 1/15/30		620,000		1,047,056
Ukraine Financing of Infrastructure Projects State Enterprise 8.375% 11/3/17 (f)		655,000		530,550
Ukraine Government:
6.25% 6/17/16 (f)		430,000		369,800
6.385% 6/26/12 (f)		1,285,000		1,280,246
6.75% 11/14/17 (f)		485,000		415,306
6.875% 9/23/15 (f)		340,000		308,142

		Principal Amount (d)		Value
7.65% 6/11/13 (f)		$ 1,200,000		$ 1,158,000
7.75% 9/23/20 (f)		340,000		289,000
7.95% 2/23/21 (f)		400,000		343,000
United Arab Emirates 7.75% 10/5/20 (Reg. S)		190,000		209,238
United Kingdom, Great Britain and Northern Ireland:
1.75% 1/22/17	GBP	3,300,000		5,458,606
4.25% 12/7/40	GBP	3,110,000		5,779,310
4.5% 3/7/13	GBP	550,000		912,644
5% 3/7/25	GBP	2,150,000		4,367,744
United Mexican States:
3.625% 3/15/22		436,000		444,720
4.75% 3/8/44		276,000		270,480
5.125% 1/15/20		610,000		699,975
5.625% 1/15/17		206,000		238,445
5.75% 10/12/2110		634,000		653,020
5.95% 3/19/19		398,000		477,202
6.05% 1/11/40		1,062,000		1,274,400
6.75% 9/27/34		775,000		992,000
7.5% 4/8/33		285,000		395,438
8.3% 8/15/31		250,000		371,250
Uruguay Republic:
7.875% 1/15/33 pay-in-kind		575,000		803,563
8% 11/18/22		484,628		667,575
Venezuelan Republic:
oil recovery rights 4/15/20 (o)		8,986		274,073
6% 12/9/20		465,000		339,450
7% 3/31/38		460,000		324,300
7.75% 10/13/19 (Reg. S)		700,000		588,000
8.5% 10/8/14		445,000		445,000
9% 5/7/23 (Reg. S)		1,935,000		1,654,425
9.25% 9/15/27		1,250,000		1,096,875
9.25% 5/7/28 (Reg. S)		710,000		587,525
9.375% 1/13/34		665,000		550,288
10.75% 9/19/13		745,000		776,663
11.75% 10/21/26 (Reg. S)		1,080,000		1,055,700
11.95% 8/5/31 (Reg. S)		1,750,000		1,715,000
12.75% 8/23/22		2,280,000		2,394,000
13.625% 8/15/18		496,000		540,640
Vietnamese Socialist Republic:
1.5567% 3/12/16 (k)		473,043		425,739
4% 3/12/28 (e)		1,475,000		1,209,500
6.875% 1/15/16 (f)		780,000		850,200
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $231,368,358)			241,978,042

Common Stocks - 0.4%
	Shares		Value
CONSUMER DISCRETIONARY - 0.1%
Auto Components - 0.0%
Remy International, Inc. (a)	6,195		$ 111,510
Automobiles - 0.1%
General Motors Co. (a)	503		12,902
General Motors Co.:
warrants 7/10/16 (a)	10,197		169,576
warrants 7/10/19 (a)	10,197		114,206
			296,684
Media - 0.0%
Haights Cross Communications, Inc. (a)	107		793
Haights Cross Communications, Inc. warrants 3/11/13 (a)	148		50
HMH Holdings, Inc. (a)(q)	170,789		4,270
HMH Holdings, Inc. warrants 3/9/17 (a)(q)	40,350		0
RDA Holding Co. warrants 2/19/14 (a)(q)	510		0
			5,113
TOTAL CONSUMER DISCRETIONARY			413,307
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		11,397
Building Products - 0.1%
Nortek, Inc. (a)	16,991		747,434
Nortek, Inc. warrants 12/7/14 (a)	524		1,205
			748,639
Marine - 0.0%
US Shipping Partners Corp. (a)	644		0
US Shipping Partners Corp. warrants 12/31/29 (a)	6,028		0
Trading Companies & Distributors - 0.0%
Penhall Acquisition Co.:
Class A (a)	321		25,680
Class B (a)	107		8,560
			34,240
Transportation Infrastructure - 0.0%
DeepOcean Group Holding A/S (f)	31,897		504,930
TOTAL INDUSTRIALS			1,299,781

	Shares		Value
INFORMATION TECHNOLOGY - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
MagnaChip Semiconductor Corp.	2,669		$ 32,028
Spansion, Inc. Class A (a)	366		4,458
			36,486
MATERIALS - 0.2%
Chemicals - 0.1%
Chemtura Corp. (a)	7,820		132,784
Georgia Gulf Corp. (a)	13,526		471,787
LyondellBasell Industries NV Class A	21,859		954,145
Tronox, Inc. (a)	448		70,258
			1,628,974
Containers & Packaging - 0.0%
Rock-Tenn Co. Class A	303		20,471
Metals & Mining - 0.1%
Aleris International, Inc. (a)(q)	2,037		93,498
Rathgibson Acquisition Co. LLC Class A (a)(q)	11,562		496,357
			589,855
TOTAL MATERIALS			2,239,300
UTILITIES - 0.0%
Electric Utilities - 0.0%
Portland General Electric Co.	140		3,497
TOTAL COMMON STOCKS (Cost $5,552,341)		3,992,371
Preferred Stocks - 0.3%

Convertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
General Motors Co. 4.75%	17,735		742,210
Media - 0.0%
Interpublic Group of Companies, Inc. 5.25%	300		311,268
TOTAL CONSUMER DISCRETIONARY			1,053,478
Nonconvertible Preferred Stocks - 0.2%
FINANCIALS - 0.2%
Consumer Finance - 0.2%
Ally Financial, Inc. 7.00% (f)	2,571		2,108,220
TOTAL PREFERRED STOCKS (Cost $2,856,039)		3,161,698

Floating Rate Loans - 4.9%
	Principal Amount		Value
CONSUMER DISCRETIONARY - 0.5%
Diversified Consumer Services - 0.0%
ServiceMaster Co.:
term loan 2.8023% 7/24/14 (k)	$ 393,152		$ 388,237
Tranche DD, term loan 2.75% 7/24/14 (k)	40,495		39,989
			428,226
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%
Eastman Kodak Co. Tranche B, term loan 8.5% 7/20/13 (k)	549,947		559,571
SRAM LLC. 2nd LN, term loan 8.5% 12/7/18 (k)	135,000		135,675
			695,246
Media - 0.2%
Bragg Communications, Inc. Tranche B, term loan 4% 2/28/18 (k)	385,000		385,000
Charter Communications Operating LLC Tranche B 1LN, term loan 2.25% 3/6/14 (k)	24,670		24,640
Kabel Deutschland GmbH Tranche F, term loan 4.25% 2/1/19 (k)	140,000		139,825
PRIMEDIA, Inc. Tranche B, term loan 7.5% 1/13/18 (k)	681,566		599,778
UPC Broadband Holding BV Tranche AB, term loan 4.75% 12/31/17 (k)	555,000		554,306
			1,703,549
Specialty Retail - 0.2%
Burlington Coat Factory Warehouse Corp. Tranche B, term loan 6.25% 2/23/17 (k)	1,886,396		1,898,186
Michaels Stores, Inc. Tranche B1, term loan 2.8233% 10/31/13 (k)	812,677		812,677
			2,710,863
TOTAL CONSUMER DISCRETIONARY			5,550,634
CONSUMER STAPLES - 0.5%
Food & Staples Retailing - 0.1%
Focus Brands, Inc.:
Tranche 2LN, term loan 10.25% 8/21/18 (k)	235,000		235,000
Tranche B 1LN, term loan 6.2666% 2/21/18 (k)	44,373		44,595
Roundy's, Inc. Tranche B, term loan 5.75% 2/13/19 (k)	175,000		176,094
U.S. Foodservice term loan 5.75% 3/31/17 (k)	742,500		739,716
			1,195,405

	Principal Amount		Value
Personal Products - 0.1%
Prestige Brands, Inc. Tranche B, term loan 5.2972% 1/31/19 (k)	$ 254,962		$ 256,237
Revlon Consumer Products Corp. term loan 4.7525% 11/19/17 (k)	436,700		435,608
			691,845
Tobacco - 0.3%
Reynolds Consumer Products Holdings, Inc. Tranche E, term loan 6.5% 2/9/18 (k)	3,389,659		3,423,555
TOTAL CONSUMER STAPLES			5,310,805
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Crestwood Holdings Partners LLC Tranche B, term loan 9.75% 3/30/18 (k)	610,000		619,150
Energy Transfer Equity LP Tranche B, term loan 3.75% 3/23/17 (k)	1,110,000		1,087,800
			1,706,950
FINANCIALS - 0.6%
Diversified Financial Services - 0.2%
Flying Fortress, Inc. Tranche 3, term loan 5% 6/30/17 (k)	1,675,000		1,685,553
Goodman Global Group, Inc. Tranche 1 LN, term loan 5.75% 10/28/16 (k)	330,446		332,098
			2,017,651
Insurance - 0.3%
Asurion Corp.:
Tranche 1st LN, term loan 5.5% 5/24/18 (k)	1,450,000		1,435,500
Tranche 2nd LN, term loan 9% 5/24/19 (k)	765,000		775,557
Lonestar Inter Super Hld LLC term loan 11% 9/2/19 (k)	980,000		999,600
			3,210,657
Real Estate Management & Development - 0.1%
Realogy Corp.:
Credit-Linked Deposit 4.5453% 10/10/16 (k)	62,757		58,521
term loan 4.77% 10/10/16 (k)	905,018		843,929
Credit-Linked Deposit 3.2953% 10/10/13 (k)	25,537		23,877
			926,327
TOTAL FINANCIALS			6,154,635
HEALTH CARE - 0.6%
Health Care Providers & Services - 0.5%
DaVita, Inc. Tranche A, term loan 2.75% 10/20/15 (k)	664,042		662,382
Floating Rate Loans - continued
	Principal Amount		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Emergency Medical Services Corp. Tranche B, term loan 5.25% 5/25/18 (k)	$ 1,325,630		$ 1,325,630
IASIS Healthcare LLC Tranche B, term loan 5% 5/3/18 (k)	790,110		791,137
Quintiles Transnational Corp. Tranche B, term loan 5% 6/8/18 (k)	2,883,213		2,854,380
Sunquest Information Systems, Inc. Tranche 1 LN, term loan 6.25% 12/16/16 (k)	218,350		217,804
			5,851,333
Life Sciences Tools & Services - 0.1%
Pharmaceutical Product Development, Inc. Tranche B, term loan 6.25% 12/5/18 (k)	1,256,850		1,269,419
TOTAL HEALTH CARE			7,120,752
INDUSTRIALS - 0.5%
Aerospace & Defense - 0.0%
TransDigm, Inc. Tranche B, term loan 4% 2/14/17 (k)	148,125		148,125
Airlines - 0.2%
Northwest Airlines Corp. Tranche A, term loan 2.22% 12/31/18 (k)	710,898		664,690
United Air Lines, Inc. Tranche B, term loan 2.25% 2/1/14 (k)	766,073		737,345
US Airways Group, Inc. term loan 2.7418% 3/23/14 (k)	850,761		784,827
			2,186,862
Commercial Services & Supplies - 0.0%
KAR Auction Services, Inc. Tranche B, term loan 5% 5/19/17 (k)	436,700		435,062
Construction & Engineering - 0.1%
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (k)	1,399,172		1,315,222
Electrical Equipment - 0.0%
Sensata Technologies BV Tranche B, term loan 4% 5/12/18 (k)	99,250		99,250
Industrial Conglomerates - 0.1%
Tomkins PLC Tranche B, term loan 4.25% 9/21/16 (k)	757,739		757,739
Road & Rail - 0.1%
Swift Transportation Co. LLC Tranche B-2, term loan 5% 12/21/17 (k)	520,000		523,900

	Principal Amount		Value
Transportation Infrastructure - 0.0%
Trico Shipping A/S:
Tranche A, term loan 10% 5/13/14 (k)	$ 50,040		$ 49,853
Tranche D, term loan 5/13/14 (r)	88,104		87,774
			137,627
TOTAL INDUSTRIALS			5,603,787
INFORMATION TECHNOLOGY - 0.7%
Communications Equipment - 0.1%
Cequel Communications LLC Tranche B, term loan 4% 2/14/19 (k)	1,265,000		1,249,188
Electronic Equipment & Components - 0.1%
Aeroflex, Inc. Tranche B, term loan 4.25% 5/9/18 (k)	239,916		233,019
Flextronics International Ltd.:
Tranche B A1, term loan 2.4913% 10/1/14 (k)	55,923		55,364
Tranche B A2, term loan 2.4913% 10/1/14 (k)	133,311		131,978
Tranche B A3, term loan 2.494% 10/1/14 (k)	155,529		153,974
Tranche B-A, term loan 2.4938% 10/1/14 (k)	194,612		192,666
			767,001
Semiconductors & Semiconductor Equipment - 0.4%
Freescale Semiconductor, Inc. term loan 4.494% 12/1/16 (k)	1,358,297		1,317,548
NXP BV:
term loan 4.5% 3/4/17 (k)	519,750		508,056
Tranche A 2LN, term loan 5.5% 3/4/17 (k)	691,525		690,661
Tranche A6, term loan 5.25% 3/19/19 (k)	1,510,000		1,494,900
			4,011,165
Software - 0.1%
Kronos, Inc.:
Tranche B 1LN, term loan 5.3293% 6/11/17 (k)	529,857		527,208
Tranche B 2LN, term loan 10.5793% 6/11/18 (k)	125,000		127,500
Lawson Software, Inc. Tranche B, term loan 6.25% 3/29/18 (k)	1,025,000		1,029,162
			1,683,870
TOTAL INFORMATION TECHNOLOGY			7,711,224
Floating Rate Loans - continued
	Principal Amount		Value
MATERIALS - 0.2%
Chemicals - 0.0%
PL Propylene LLC Tranche B, term loan 7% 3/20/17 (k)	$ 95,000		$ 95,475
Taminco Global Chemical Corp. Tranche B, term loan 6.25% 2/15/19 (k)	40,000		40,250
			135,725
Construction Materials - 0.1%
Fairmount Minerals Ltd. Tranche B, term loan 5.25% 3/15/17 (k)	702,150		703,905
Summit Materials LLC Tranche B, term loan 6% 1/30/19 (k)	155,000		156,364
			860,269
Containers & Packaging - 0.1%
Berry Plastics Holding Corp. Tranche C, term loan 2.2418% 4/3/15 (k)	1,457,182		1,424,396
Metals & Mining - 0.0%
Walter Energy, Inc. Tranche B, term loan 4% 4/1/18 (k)	128,555		127,912
TOTAL MATERIALS			2,548,302
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
Crown Castle Operating Co. Tranche B, term loan 4% 1/31/19 (k)	493,763		492,528
Intelsat Jackson Holdings SA:
term loan 3.2418% 2/1/14 (k)	495,000		485,100
Tranche B, term loan 5.25% 4/2/18 (k)	1,007,471		1,015,027
			1,992,655
UTILITIES - 0.9%
Electric Utilities - 0.4%
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B, term loan 4.7428% 10/10/17 (k)	8,644,235		4,808,356
Independent Power Producers & Energy Traders - 0.5%
Calpine Corp. Tranche B, term loan 4.5% 4/1/18 (k)	4,442,638		4,431,531
The AES Corp. Tranche B, term loan 4.25% 5/27/18 (k)	876,366		877,506
			5,309,037
TOTAL UTILITIES			10,117,393
TOTAL FLOATING RATE LOANS (Cost $55,217,700)		53,817,137
Sovereign Loan Participations - 0.1%
	Principal Amount		Value
Indonesian Republic loan participation:
Citibank 1.25% 12/14/19 (k)	$ 419,168		$ 396,114
Goldman Sachs 1.25% 12/14/19 (k)	754,444		712,950
0% 12/14/19 (k)	150,346		142,077
TOTAL SOVEREIGN LOAN PARTICIPATIONS (Cost $1,188,433)		1,251,141

Fixed-Income Funds - 1.1%
	Shares
Fidelity Floating Rate Central Fund (l) (Cost $10,367,350)	124,008		12,560,770
Preferred Securities - 0.2%
	Principal Amount
CONSUMER DISCRETIONARY - 0.0%
Media - 0.0%
Globo Comunicacoes e Participacoes SA 6.25% (e)(f)(g)	$ 725,000		781,994
FINANCIALS - 0.1%
Commercial Banks - 0.0%
Wells Fargo & Co. 7.98% (g)(k)	135,000		147,310
Diversified Financial Services - 0.1%
Bank of America Corp.:
8% (g)(k)	525,000		545,279
8.125% (g)(k)	280,000		296,325
			841,604
TOTAL FINANCIALS			988,914
Preferred Securities - continued
	Principal Amount		Value
MATERIALS - 0.1%
Metals & Mining - 0.1%
CSN Islands XII Corp. 7% (Reg. S) (g)	$ 820,000		$ 825,504
TOTAL PREFERRED SECURITIES (Cost $2,341,842)		2,596,412
Other - 0.0%
	Shares
Other - 0.0%
Idearc, Inc. Claim (a) (Cost $1)	108,228		1
Money Market Funds - 4.2%

Fidelity Cash Central Fund, 0.14% (b) (Cost $45,803,061)	45,803,061		45,803,061
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $1,058,489,312)		1,090,383,316
NET OTHER ASSETS (LIABILITIES) - 0.6%			6,036,592
NET ASSETS - 100%		$ 1,096,419,908

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Treasury Contracts
26 CBOT 10-Year U.S. Treasury Bond Contracts	June 2012	$ 3,366,594	$ (24,853)
46 CBOT 2-Year U.S. Treasury Bond Contracts	June 2012	10,126,469	(5,149)
TOTAL TREASURY CONTRACTS		$ 13,493,063	$ (30,002)

The face value of futures purchased as a percentage of net assets is 1.2%

Currency Abbreviations
BRL	-	Brazilian real
CAD	-	Canadian dollar
EUR	-	European Monetary Unit
GBP	-	British pound
GHS	-	Ghana Cedi
JPY	-	Japanese yen
NGN	-	Nigerian naira

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 $206,762,666 or 18.9% 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 $2,153,187 or 0.2% 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 $83,044.

(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 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) 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 $594,125 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
Rathgibson Acquisition Co. LLC Class A	6/9/10	$ 61,360
RDA Holding Co. warrants 2/19/14	2/27/07	$ 160,000

(r) Position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $88,104 and $87,774, respectively. The coupon rate will be determined at time of settlement.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 20,488
Fidelity Floating Rate Central Fund	157,266
Total	$ 177,754

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	$ 12,189,986	$ -	$ -	$ 12,560,770	0.7%

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,466,785	$ 1,150,404	$ 315,538	$ 843
Financials	2,108,220	-	2,108,220	-
Industrials	1,299,781	760,036	-	539,745
Information Technology	36,486	36,486	-	-
Materials	2,239,300	1,579,187	163,756	496,357
Utilities	3,497	3,497	-	-
Corporate Bonds	425,066,383	-	425,005,747	60,636
U.S. Government and Government Agency Obligations	237,111,768	-	237,111,768	-
U.S. Government Agency - Mortgage Securities	14,288,487	-	14,288,487	-
Collateralized Mortgage Obligations	41,959,360	-	41,959,360	-
Commercial Mortgage Securities	6,796,685	-	6,796,685	-
Foreign Government and Government Agency Obligations	241,978,042	-	241,703,969	274,073
Floating Rate Loans	53,817,137	-	53,817,137	-
Sovereign Loan Participations	1,251,141	-	1,251,141	-
Fixed-Income Funds	12,560,770	12,560,770	-	-
Preferred Securities	2,596,412	-	2,596,412	-
Other	1	-	-	1
Money Market Funds	45,803,061	45,803,061	-	-
Total Investments in Securities:	$ 1,090,383,316	$ 61,893,441	$ 1,027,118,220	$ 1,371,655
Derivative Instruments:
Liabilities
Futures Contracts	$ (30,002)	$ (30,002)	$ -	$ -

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

Investments in Securities:
Beginning Balance	$ 5,770,087
Total Realized Gain (Loss)	61
Total Unrealized Gain (Loss)	336,987
Cost of Purchases	-
Proceeds of Sales	(4,477)
Amortization/Accretion	(381)
Transfers in to Level 3	-
Transfers out of Level 3	(4,730,622)
Ending Balance	$ 1,371,655
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2012	$ 336,987

Income Tax Information

At March 31, 2012, the cost of investment securities for income tax purposes was $1,055,281,076. Net unrealized appreciation aggregated $35,102,240, of which $52,784,997 related to appreciated investment securities and $17,682,757 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 these securities are categorized as Level 3 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.

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

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Variable Insurance Products Fund V

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

Date:	May 30, 2012

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

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

Date:	May 30, 2012

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

Date:	May 30, 2012