N-Q 1 VIP_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 811-3329

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

245 Summer St., Boston, Massachusetts 02210
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(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, 2015

This report on Form N-Q relates solely to the Registrant's Growth Portfolio, High Income Portfolio, Overseas Portfolio, Value Portfolio and VIP Floating Rate High Income Portfolio series (each, a "Fund" and collectively, the "Funds").

Item 1. Schedule of Investments

Investments March 31, 2015 (Unaudited) Investments March 31, 2015 (Unaudited)

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
High Income Portfolio

March 31, 2015 

1.799878.111

VIPHI-QTLY-0515

Investments March 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 84.8%

 

Principal Amount

Value

Aerospace - 0.4%

Bombardier, Inc. 5.5% 9/15/18 (b)

$ 3,810,000

$ 3,805,238

Triumph Group, Inc. 4.875% 4/1/21

2,050,000

2,003,875

 

5,809,113

Air Transportation - 3.9%

Air Canada 6.625% 5/15/18 (b)

4,995,000

5,229,515

Air Canada Trust Series 2015-1 equipment trust certificate Class C, 5% 9/15/20 (b)

3,065,000

3,069,645

Allegiant Travel Co. 5.5% 7/15/19

1,875,000

1,931,250

American Airlines Group, Inc.:

4.625% 3/1/20 (b)

2,540,000

2,487,613

5.5% 10/1/19 (b)

4,695,000

4,818,244

American Airlines, Inc. pass-thru certificates equipment trust certificate 5.625% 1/15/21 (b)

452,255

472,041

Continental Airlines, Inc.:

pass-thru trust certificates 9.798% 4/1/21

2,436,654

2,753,420

5.5% 4/29/22

2,731,534

2,902,255

6.125% 4/29/18

520,000

548,600

9.25% 5/10/17

528,941

580,513

Delta Air Lines, Inc. pass-thru trust certificates:

6.375% 7/2/17 (b)

1,985,000

2,045,741

6.75% 5/23/17

1,985,000

2,045,146

8.021% 8/10/22

1,320,132

1,531,353

U.S. Airways pass-thru certificates:

Series 2012-2C, 5.45% 6/3/18

3,565,000

3,636,300

Series 2013-1 Class B, 5.375% 5/15/23

702,299

732,147

United Air Lines, Inc. pass-thru trust certificates:

Class B, 7.336% 7/2/19

2,156,371

2,334,272

9.75% 1/15/17

1,161,076

1,288,794

12% 1/15/16 (b)

207,510

223,592

United Continental Holdings, Inc.:

6% 7/15/26

7,700,000

7,700,000

6% 7/15/28

5,920,000

5,920,000

6.375% 6/1/18

300,000

317,625

 

52,568,066

Automotive & Auto Parts - 0.1%

Schaeffler Holding Finance BV 6.875% 8/15/18 pay-in-kind (b)(d)

1,675,000

1,748,281

Banks & Thrifts - 0.2%

Ally Financial, Inc. 4.125% 3/30/20

3,005,000

2,986,219

Broadcasting - 1.5%

Clear Channel Communications, Inc.:

5.5% 12/15/16

14,830,000

14,310,950

 

 

Principal Amount

Value

9% 12/15/19

$ 2,255,000

$ 2,232,450

10% 1/15/18

5,510,000

4,683,500

 

21,226,900

Building Materials - 1.5%

Building Materials Corp. of America 5.375% 11/15/24 (b)

3,265,000

3,313,975

Building Materials Holding Corp. 9% 9/15/18 (b)

4,410,000

4,674,600

CEMEX Finance LLC 6% 4/1/24 (b)

5,030,000

5,017,425

CEMEX S.A.B. de CV:

6.125% 5/5/25 (b)

2,565,000

2,589,881

6.5% 12/10/19 (b)

1,365,000

1,450,313

HD Supply, Inc. 5.25% 12/15/21 (b)

2,285,000

2,353,550

USG Corp. 5.5% 3/1/25 (b)

1,350,000

1,377,000

 

20,776,744

Cable/Satellite TV - 2.8%

Altice SA:

7.625% 2/15/25 (b)

1,685,000

1,688,159

7.75% 5/15/22 (b)

9,520,000

9,680,650

CCO Holdings LLC/CCO Holdings Capital Corp. 5.75% 1/15/24

1,120,000

1,163,400

CCOH Safari LLC 5.75% 12/1/24

4,255,000

4,382,650

Cogeco Cable, Inc. 4.875% 5/1/20 (b)

710,000

718,875

Numericable Group SA:

4.875% 5/15/19 (b)

4,385,000

4,363,075

6% 5/15/22 (b)

4,540,000

4,596,750

RCN Telecom Services LLC/RCN Capital Corp. 8.5% 8/15/20 (b)

2,410,000

2,554,600

Wave Holdco LLC/Wave Holdco Corp. 8.25% 7/15/19 pay-in-kind (b)(d)

375,000

383,906

WaveDivision Escrow LLC/WaveDivision Escrow Corp. 8.125% 9/1/20 (b)

7,920,000

8,563,500

 

38,095,565

Capital Goods - 0.3%

J.B. Poindexter & Co., Inc. 9% 4/1/22 (b)

3,830,000

4,155,550

Chemicals - 2.5%

Evolution Escrow Issuer LLC 7.5% 3/15/22 (b)

3,945,000

3,994,313

LSB Industries, Inc. 7.75% 8/1/19

3,295,000

3,435,038

NOVA Chemicals Corp. 5% 5/1/25 (b)

3,286,000

3,433,870

Nufarm Australia Ltd. 6.375% 10/15/19 (b)

3,140,000

3,179,250

Platform Specialty Products Corp. 6.5% 2/1/22 (b)

1,955,000

2,042,975

Nonconvertible Bonds - continued

 

Principal Amount

Value

Chemicals - continued

Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 8.75% 2/1/19

$ 15,198,000

$ 16,033,890

W.R. Grace & Co. - Conn 5.125% 10/1/21 (b)

2,250,000

2,334,375

 

34,453,711

Consumer Products - 0.1%

Prestige Brands, Inc. 5.375% 12/15/21 (b)

1,890,000

1,913,625

Containers - 1.3%

Ardagh Finance Holdings SA 8.625% 6/15/19 pay-in-kind (b)(d)

6,336,131

6,440,577

Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:

3.2706% 12/15/19 (b)(d)

3,830,000

3,734,250

6.75% 1/31/21 (b)

1,055,000

1,068,188

7% 11/15/20 (b)

874,412

875,505

Beverage Packaging Holdings II SA (Luxembourg) 6% 6/15/17 (b)

2,525,000

2,531,313

Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 5.75% 10/15/20

2,990,000

3,090,913

 

17,740,746

Diversified Financial Services - 5.7%

AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:

4.5% 5/15/21 (b)

1,875,000

1,938,281

5% 10/1/21 (b)

2,085,000

2,212,706

Aircastle Ltd.:

5.125% 3/15/21

2,800,000

2,926,000

5.5% 2/15/22

1,270,000

1,350,963

FLY Leasing Ltd.:

6.375% 10/15/21

2,490,000

2,465,100

6.75% 12/15/20

7,000,000

7,148,750

Icahn Enterprises LP/Icahn Enterprises Finance Corp.:

4.875% 3/15/19

2,970,000

3,025,688

5.875% 2/1/22

9,400,000

9,682,000

6% 8/1/20

8,415,000

8,741,502

ILFC E-Capital Trust I 4.09% 12/21/65 (b)(d)

4,595,000

4,330,788

ILFC E-Capital Trust II 6.25% 12/21/65 (b)(d)

6,600,000

6,360,750

International Lease Finance Corp. 5.875% 8/15/22

1,760,000

1,953,600

Navient Corp.:

5% 10/26/20

965,000

946,906

5.875% 3/25/21

3,005,000

2,993,731

5.875% 10/25/24

5,000,000

4,675,000

 

 

Principal Amount

Value

SLM Corp.:

4.875% 6/17/19

$ 2,275,000

$ 2,269,313

5.5% 1/15/19

7,695,000

7,848,900

5.5% 1/25/23

4,900,000

4,667,250

8% 3/25/20

1,565,000

1,737,307

 

77,274,535

Diversified Media - 0.6%

MDC Partners, Inc. 6.75% 4/1/20 (b)

4,630,000

4,878,863

Nielsen Finance LLC/Nielsen Finance Co. 4.5% 10/1/20

1,985,000

2,019,738

The Nielsen Co. S.a.r.l. (Luxembourg) 5.5% 10/1/21 (b)

1,840,000

1,899,800

 

8,798,401

Energy - 9.2%

Access Midstream Partners LP/ACMP Finance Corp. 4.875% 5/15/23

4,265,000

4,296,988

Antero Resources Corp.:

5.125% 12/1/22

3,845,000

3,691,200

5.625% 6/1/23 (b)

1,295,000

1,282,050

Approach Resources, Inc. 7% 6/15/21

870,000

778,650

California Resources Corp.:

5% 1/15/20 (b)

2,385,000

2,152,463

5.5% 9/15/21 (b)

1,445,000

1,282,004

6% 11/15/24 (b)

3,585,000

3,145,838

Citgo Petroleum Corp. 6.25% 8/15/22 (b)

1,540,000

1,493,800

Consolidated Energy Finance SA 6.75% 10/15/19 (b)

7,185,000

7,238,888

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:

6.125% 3/1/22

1,175,000

1,183,813

6.25% 4/1/23 (b)

1,175,000

1,186,750

7.75% 4/1/19

2,315,000

2,405,517

CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22

650,000

650,000

Denbury Resources, Inc. 6.375% 8/15/21

2,550,000

2,403,375

Endeavor Energy Resources LP/EER Finance, Inc. 7% 8/15/21 (b)

10,435,000

10,069,775

EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 9/1/22

3,760,000

3,835,200

Everest Acquisition LLC/Everest Acquisition Finance, Inc.:

6.875% 5/1/19

1,060,000

1,086,500

9.375% 5/1/20

4,010,000

4,200,475

Exterran Holdings, Inc. 7.25% 12/1/18

4,280,000

4,322,800

Exterran Partners LP/EXLP Finance Corp.:

6% 4/1/21

6,300,000

5,796,000

6% 10/1/22

1,770,000

1,610,700

Nonconvertible Bonds - continued

 

Principal Amount

Value

Energy - continued

Forbes Energy Services Ltd. 9% 6/15/19

$ 7,795,000

$ 5,300,600

Forum Energy Technologies, Inc. 6.25% 10/1/21

2,845,000

2,667,188

Gibson Energy, Inc. 6.75% 7/15/21 (b)

3,635,000

3,707,700

Hilcorp Energy I LP/Hilcorp Finance Co. 5% 12/1/24 (b)

1,675,000

1,574,500

Holly Energy Partners LP/Holly Finance Corp. 6.5% 3/1/20

1,170,000

1,152,450

Jupiter Resources, Inc. 8.5% 10/1/22 (b)

2,260,000

1,853,200

LINN Energy LLC/LINN Energy Finance Corp.:

6.25% 11/1/19

2,480,000

1,959,200

6.5% 5/15/19

1,920,000

1,614,000

Northern Tier Energy LLC/Northern Tier Finance Corp. 7.125% 11/15/20

5,025,000

5,159,720

PBF Holding Co. LLC/PBF Finance Corp. 8.25% 2/15/20

1,845,000

1,948,781

Rice Energy, Inc. 6.25% 5/1/22

9,775,000

9,530,625

Rosetta Resources, Inc.:

5.625% 5/1/21

3,715,000

3,492,100

5.875% 6/1/24

3,100,000

2,883,000

Sabine Pass Liquefaction LLC:

5.625% 3/1/25 (b)

2,880,000

2,847,600

5.75% 5/15/24

1,505,000

1,512,525

SemGroup Corp. 7.5% 6/15/21

2,775,000

2,906,813

Sunoco LP / Sunoco Finance Corp. 6.375% 4/1/23 (b)

970,000

999,100

Teine Energy Ltd. 6.875% 9/30/22 (b)

4,925,000

4,481,750

TerraForm Power Operating LLC 5.875% 2/1/23 (b)

2,490,000

2,583,375

Tesoro Logistics LP/Tesoro Logistics Finance Corp.:

5.5% 10/15/19 (b)

785,000

808,550

6.125% 10/15/21

855,000

880,650

6.25% 10/15/22 (b)

840,000

869,400

 

124,845,613

Environmental - 0.7%

ADS Waste Holdings, Inc. 8.25% 10/1/20

1,210,000

1,264,450

LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (b)

6,380,000

6,523,550

Tervita Corp. 9.75% 11/1/19 (b)

2,920,000

1,606,000

 

9,394,000

Food & Drug Retail - 2.0%

JBS Investments GmbH:

7.25% 4/3/24 (b)

3,425,000

3,510,625

7.75% 10/28/20 (b)

5,720,000

6,048,900

 

 

Principal Amount

Value

Minerva Luxmbourg SA 7.75% 1/31/23 (b)

$ 11,175,000

$ 11,007,375

SUPERVALU, Inc.:

6.75% 6/1/21

5,410,000

5,572,300

7.75% 11/15/22

1,405,000

1,496,325

 

27,635,525

Food/Beverage/Tobacco - 3.9%

ESAL GmbH 6.25% 2/5/23 (b)

16,470,000

16,017,075

FAGE Dairy Industry SA/FAGE U.S.A. Dairy Industry, Inc. 9.875% 2/1/20 (b)

4,705,000

4,952,013

H.J. Heinz Co. 4.875% 2/15/25 (b)

5,785,000

6,269,494

JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:

5.875% 7/15/24 (b)

2,765,000

2,799,563

7.25% 6/1/21 (b)

2,930,000

3,094,813

8.25% 2/1/20 (b)

3,830,000

4,069,375

Post Holdings, Inc.:

6% 12/15/22 (b)

5,120,000

4,940,800

6.75% 12/1/21 (b)

3,530,000

3,565,300

Vector Group Ltd. 7.75% 2/15/21

7,035,000

7,483,481

 

53,191,914

Gaming - 3.5%

Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375% 5/1/22 (b)

2,845,000

2,183,538

Golden Nugget Escrow, Inc. 8.5% 12/1/21 (b)

9,965,000

10,214,125

MCE Finance Ltd. 5% 2/15/21 (b)

5,300,000

4,955,500

Paris Las Vegas Holding LLC/Harrah's Las Vegas LLC/Flamingo Las Vegas Holdings, Inc.:

8% 10/1/20

3,150,000

3,126,375

11% 10/1/21

3,140,000

2,755,350

Scientific Games Corp.:

6.625% 5/15/21 (b)

13,500,000

9,855,000

7% 1/1/22 (b)

3,290,000

3,364,025

10% 12/1/22 (b)

4,020,000

3,758,700

Wynn Macau Ltd. 5.25% 10/15/21 (b)

7,740,000

7,333,650

 

47,546,263

Healthcare - 3.6%

Community Health Systems, Inc. 6.875% 2/1/22

5,405,000

5,776,594

Endo Finance LLC/Endo Ltd./Endo Finco, Inc. 6% 2/1/25 (b)

1,825,000

1,879,750

HealthSouth Corp.:

5.125% 3/15/23

815,000

829,263

5.75% 11/1/24

1,020,000

1,060,800

Kindred Escrow Corp. II:

8% 1/15/20 (b)

1,825,000

1,958,453

8.75% 1/15/23 (b)

1,825,000

1,998,375

Nonconvertible Bonds - continued

 

Principal Amount

Value

Healthcare - continued

Polymer Group, Inc. 6.875% 6/1/19 (b)

$ 1,520,000

$ 1,451,600

Sabra Health Care LP/Sabra Capital Corp. 5.5% 2/1/21

5,415,000

5,773,744

Tenet Healthcare Corp.:

5% 3/1/19 (b)

2,265,000

2,248,013

8.125% 4/1/22

13,760,000

15,170,400

VRX Escrow Corp.:

5.375% 3/15/20 (b)

3,790,000

3,823,163

5.875% 5/15/23 (b)

3,060,000

3,136,500

6.125% 4/15/25 (b)

3,265,000

3,379,275

 

48,485,930

Homebuilders/Real Estate - 2.0%

CBRE Group, Inc. 5% 3/15/23

4,382,000

4,579,190

D.R. Horton, Inc. 4.375% 9/15/22

1,675,000

1,675,000

Howard Hughes Corp. 6.875% 10/1/21 (b)

2,870,000

3,006,325

Lennar Corp. 4.5% 11/15/19

2,310,000

2,373,525

Shea Homes Ltd. Partnershp/Corp.:

5.875% 4/1/23 (b)

450,000

457,875

6.125% 4/1/25 (b)

450,000

453,375

Standard Pacific Corp. 5.875% 11/15/24

2,930,000

3,010,575

Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.25% 4/15/21 (b)

3,670,000

3,633,300

Weyerhaeuser Real Estate Co.:

4.375% 6/15/19 (b)

990,000

966,488

5.875% 6/15/24 (b)

725,000

708,688

William Lyon Homes, Inc.:

5.75% 4/15/19

2,370,000

2,393,700

7% 8/15/22

4,243,000

4,375,594

 

27,633,635

Leisure - 1.2%

24 Hour Holdings III LLC 8% 6/1/22 (b)

6,110,000

5,193,500

NCL Corp. Ltd.:

5% 2/15/18

4,090,000

4,171,800

5.25% 11/15/19 (b)

3,150,000

3,228,750

Royal Caribbean Cruises Ltd. 7.5% 10/15/27

595,000

702,100

Speedway Motorsports, Inc. 5.125% 2/1/23 (b)

2,930,000

2,973,950

 

16,270,100

Metals/Mining - 4.7%

CONSOL Energy, Inc.:

5.875% 4/15/22

8,505,000

7,697,025

8% 4/1/23 (b)

2,535,000

2,500,144

First Quantum Minerals Ltd.:

6.75% 2/15/20 (b)

6,985,000

6,461,125

7.25% 5/15/22 (b)

3,450,000

3,182,625

 

 

Principal Amount

Value

FMG Resources (August 2006) Pty Ltd.:

6.875% 4/1/22 (b)

$ 2,010,000

$ 1,484,888

8.25% 11/1/19 (b)

1,935,000

1,664,100

Lundin Mining Corp.:

7.5% 11/1/20 (b)

3,700,000

3,838,750

7.875% 11/1/22 (b)

3,430,000

3,575,775

Murray Energy Corp.:

8.625% 6/15/21 (b)

4,085,000

4,268,825

9.5% 12/5/20 (b)

7,905,000

8,853,600

New Gold, Inc. 6.25% 11/15/22 (b)

7,295,000

7,222,050

Peabody Energy Corp.:

6.25% 11/15/21

7,720,000

4,747,800

7.875% 11/1/26

1,268,000

763,970

10% 3/15/22 (b)

2,310,000

2,044,350

Rain CII Carbon LLC/CII Carbon Corp. 8.25% 1/15/21 (b)

2,925,000

2,727,563

Signode Industrial Group Lux SA/Signode Industrial Group U.S., Inc. 6.375% 5/1/22 (b)

2,845,000

2,827,219

 

63,859,809

Paper - 1.2%

Mercer International, Inc. 7% 12/1/19

990,000

1,024,650

Sappi Papier Holding GmbH 6.625% 4/15/21 (b)

12,547,000

13,158,666

Xerium Technologies, Inc. 8.875% 6/15/18

1,570,000

1,621,025

 

15,804,341

Publishing/Printing - 1.4%

McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance 9.75% 4/1/21

6,375,000

7,044,375

MHGE Parent LLC / MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (b)(d)

8,090,000

8,130,450

R.R. Donnelley & Sons Co.:

6.5% 11/15/23

2,220,000

2,358,750

7% 2/15/22

1,100,000

1,212,750

 

18,746,325

Services - 5.1%

Abengoa Greenfield SA 6.5% 10/1/19 (b)

3,630,000

3,339,600

ADT Corp.:

4.125% 4/15/19

3,790,000

3,861,063

5.25% 3/15/20

2,090,000

2,163,150

APX Group, Inc.:

6.375% 12/1/19

14,920,000

14,845,400

8.75% 12/1/20

9,705,000

8,952,863

Audatex North America, Inc. 6% 6/15/21 (b)

5,355,000

5,662,913

Bankrate, Inc. 6.125% 8/15/18 (b)

495,000

488,813

Nonconvertible Bonds - continued

 

Principal Amount

Value

Services - continued

Blueline Rent Finance Corp./Volvo 7% 2/1/19 (b)

$ 2,370,000

$ 2,441,100

Brand Energy & Infrastructure Services, Inc. 8.5% 12/1/21 (b)

4,640,000

4,350,000

Garda World Security Corp.:

7.25% 11/15/21 (b)

2,200,000

2,161,500

7.25% 11/15/21 (b)

3,715,000

3,649,988

IHS, Inc. 5% 11/1/22 (b)

3,020,000

3,033,288

The GEO Group, Inc. 5.875% 1/15/22

7,310,000

7,712,050

TransUnion Holding Co., Inc. 8.125% 6/15/18 pay-in-kind (d)

4,340,000

4,453,925

United Rentals North America, Inc.:

4.625% 7/15/23

1,245,000

1,255,832

5.5% 7/15/25

995,000

1,011,119

 

69,382,604

Steel - 1.1%

JMC Steel Group, Inc. 8.25% 3/15/18 (b)

9,065,000

7,614,600

Ryerson, Inc./Joseph T Ryerson & Son, Inc.:

9% 10/15/17

1,635,000

1,651,350

11.25% 10/15/18

3,661,000

3,715,915

Steel Dynamics, Inc. 5.125% 10/1/21 (b)

2,565,000

2,581,031

 

15,562,896

Super Retail - 2.4%

Argos Merger Sub, Inc. 7.125% 3/15/23 (b)

6,275,000

6,502,469

Family Tree Escrow LLC 5.75% 3/1/23 (b)

2,100,000

2,210,250

Hot Topic, Inc. 9.25% 6/15/21 (b)

1,715,000

1,856,488

JC Penney Corp., Inc.:

5.65% 6/1/20

12,474,000

10,758,825

5.75% 2/15/18

1,200,000

1,134,000

7.4% 4/1/37

4,040,000

3,009,800

8.125% 10/1/19

1,885,000

1,847,300

Netflix, Inc.:

5.5% 2/15/22 (b)

2,470,000

2,525,575

5.875% 2/15/25 (b)

2,470,000

2,534,838

 

32,379,545

Technology - 2.9%

ADT Corp.:

4.125% 6/15/23

1,305,000

1,220,175

6.25% 10/15/21

3,545,000

3,775,425

Brocade Communications Systems, Inc. 4.625% 1/15/23

3,400,000

3,391,500

Compiler Finance Sub, Inc. 7% 5/1/21 (b)

1,175,000

901,813

Lucent Technologies, Inc.:

6.45% 3/15/29

9,505,000

9,600,050

 

 

Principal Amount

Value

6.5% 1/15/28

$ 3,265,000

$ 3,297,650

Micron Technology, Inc.:

5.25% 8/1/23 (b)

3,045,000

3,098,288

5.875% 2/15/22

555,000

585,808

Nuance Communications, Inc. 5.375% 8/15/20 (b)

6,043,000

6,103,430

Sensata Technologies BV 5% 10/1/25 (b)

2,140,000

2,169,425

Sungard Availability Services Capital, Inc. 8.75% 4/1/22 (b)

1,755,000

1,101,263

Viasystems, Inc. 7.875% 5/1/19 (b)

4,410,000

4,641,525

 

39,886,352

Telecommunications - 10.7%

Alcatel-Lucent U.S.A., Inc.:

6.75% 11/15/20 (b)

11,270,000

12,002,550

8.875% 1/1/20 (b)

3,325,000

3,624,250

Altice Financing SA:

6.5% 1/15/22 (b)

685,000

702,981

6.625% 2/15/23 (b)

2,595,000

2,672,850

7.875% 12/15/19 (b)

2,655,000

2,814,300

Altice Finco SA:

7.625% 2/15/25 (b)

5,555,000

5,693,875

9.875% 12/15/20 (b)

5,890,000

6,523,175

Columbus International, Inc. 7.375% 3/30/21 (b)

11,520,000

12,110,400

Digicel Group Ltd.:

6% 4/15/21 (b)

7,410,000

7,039,500

6.75% 3/1/23 (b)

2,125,000

2,058,594

7% 2/15/20 (b)

295,000

300,900

7.125% 4/1/22 (b)

5,605,000

5,128,575

8.25% 9/1/17 (b)

5,395,000

5,506,299

8.25% 9/30/20 (b)

7,465,000

7,476,198

DigitalGlobe, Inc. 5.25% 2/1/21 (b)

8,905,000

8,905,000

FairPoint Communications, Inc. 8.75% 8/15/19 (b)

2,205,000

2,326,275

GCI, Inc. 6.875% 4/15/25 (b)

1,355,000

1,365,163

Intelsat Luxembourg SA 7.75% 6/1/21

2,565,000

2,366,213

Level 3 Financing, Inc. 5.375% 8/15/22

3,545,000

3,648,025

MasTec, Inc. 4.875% 3/15/23

2,370,000

2,215,950

Millicom International Cellular SA 6% 3/15/25 (b)

5,450,000

5,429,563

Sprint Capital Corp.:

6.875% 11/15/28

10,880,000

9,982,400

8.75% 3/15/32

12,255,000

12,653,288

Sprint Communications, Inc. 9% 11/15/18 (b)

3,490,000

4,004,775

Sprint Corp.:

7.625% 2/15/25

5,110,000

5,084,450

7.875% 9/15/23

1,260,000

1,285,200

Nonconvertible Bonds - continued

 

Principal Amount

Value

Telecommunications - continued

T-Mobile U.S.A., Inc.:

6% 3/1/23

$ 2,540,000

$ 2,602,713

6.464% 4/28/19

2,610,000

2,691,563

6.5% 1/15/24

1,940,000

2,027,300

6.625% 4/1/23

2,890,000

3,023,663

Wind Acquisition Finance SA 4.75% 7/15/20 (b)

1,880,000

1,884,700

 

145,150,688

Transportation Ex Air/Rail - 1.7%

Aguila 3 SA 7.875% 1/31/18 (b)

4,595,000

4,595,000

Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (b)

5,600,000

5,628,000

Navios Maritime Holdings, Inc.:

7.375% 1/15/22 (b)

10,285,000

9,590,763

8.125% 2/15/19

1,465,000

1,267,225

Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 (b)

1,575,000

1,527,750

 

22,608,738

Utilities - 6.6%

Atlantic Power Corp. 9% 11/15/18

10,080,000

10,407,600

Calpine Corp.:

5.375% 1/15/23

3,160,000

3,160,000

5.75% 1/15/25

1,580,000

1,591,850

Dolphin Subsidiary II, Inc. 7.25% 10/15/21

6,610,000

7,023,125

Dynegy Finance I, Inc./Dynegy Finance II, Inc.:

6.75% 11/1/19 (b)

5,425,000

5,614,875

7.375% 11/1/22 (b)

8,420,000

8,851,525

7.625% 11/1/24 (b)

10,185,000

10,668,788

NRG Energy, Inc.:

6.25% 7/15/22

3,810,000

3,914,775

6.25% 5/1/24

9,120,000

9,188,400

NSG Holdings II, LLC 7.75% 12/15/25 (b)

13,004,469

14,012,315

RJS Power Holdings LLC 5.125% 7/15/19 (b)

6,165,000

6,072,525

The AES Corp.:

4.875% 5/15/23

900,000

877,500

7.375% 7/1/21

7,235,000

8,030,850

 

89,414,128

TOTAL NONCONVERTIBLE BONDS

(Cost $1,158,792,985)


1,155,345,862

Commercial Mortgage Securities - 0.0%

 

Principal Amount

Value

LB Multi-family Mortgage Trust Series 1991-4 Class A1, 7.125% 4/25/21 (d)
(Cost $0)

$ 4,516

$ 4,172

Common Stocks - 0.0%

Shares

 

Telecommunications - 0.0%

CUI Acquisition Corp. Class E,
(Cost $1,273,881)

1


136,007

Nonconvertible Preferred Stocks - 0.4%

 

 

 

 

Banks & Thrifts - 0.4%

Royal Bank of Scotland Group PLC Series S, 6.60%
(Cost $5,487,857)

225,811


5,649,791

Bank Loan Obligations - 7.5%

 

Principal Amount

 

Aerospace - 0.1%

TransDigm, Inc. Tranche D, term loan 3.75% 6/4/21 (d)

$ 1,756,725

1,754,529

Broadcasting - 0.5%

Clear Channel Communications, Inc. Tranche D, term loan 6.928% 1/30/19 (d)

6,645,000

6,329,363

Building Materials - 0.4%

GYP Holdings III Corp.:

Tranche 1LN, term loan 4.75% 4/1/21 (d)

4,238,723

4,122,158

Tranche 2LN, term loan 7.75% 4/1/22 (d)

625,000

610,938

 

4,733,096

Cable/Satellite TV - 0.2%

Numericable LLC:

Tranche B 1LN, term loan 4.5% 5/8/20 (d)

1,337,034

1,340,376

Tranche B 2LN, term loan 4.5% 5/8/20 (d)

1,156,716

1,159,608

 

2,499,984

Capital Goods - 0.1%

Husky Injection Molding Systems Ltd. Tranche 2LN, term loan 7.25% 6/30/22 (d)

1,585,000

1,541,413

Containers - 0.4%

Signode Packaging Systems, Inc. Tranche B, term loan 3.75% 5/1/21 (d)

5,222,148

5,182,982

Bank Loan Obligations - continued

 

Principal Amount

Value

Diversified Financial Services - 0.2%

IBC Capital U.S. LLC:

Tranche 2LN, term loan 8% 11/15/22 (d)

$ 1,575,000

$ 1,559,250

Tranche B 1LN, term loan 4.75% 11/15/21 (d)

400,000

399,000

 

1,958,250

Energy - 0.5%

Chief Exploration & Development, LLC. Tranche 2LN, term loan 7.5% 5/16/21 (d)

2,980,000

2,741,600

Seadrill Operating LP Tranche B, term loan 4% 2/21/21 (d)

4,143,565

3,288,955

Targa Resources Corp. term loan 5.75% 2/27/22 (d)

661,279

663,792

 

6,694,347

Food & Drug Retail - 0.1%

SUPERVALU, Inc. Tranche B, term loan 4.5% 3/21/19 (d)

890,745

894,085

Gaming - 0.7%

Aristocrat International (Pty) Ltd. Tranche B, term loan 4.75% 10/20/21 (d)

3,580,423

3,597,573

Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (d)

2,176,518

1,937,101

Las Vegas Sands LLC Tranche B, term loan 3.25% 12/19/20 (d)

813,307

811,274

Scientific Games Corp. Tranch B 2LN, term loan 6% 10/1/21 (d)

3,715,688

3,729,807

 

10,075,755

Healthcare - 0.5%

Community Health Systems, Inc. Tranche F, term loan 3.428% 12/31/18 (d)

2,200,000

2,199,318

Endo Luxembourg Finance I Comp Tranche B, term loan 3.25% 2/28/21 (d)

3,125,539

3,125,539

Kindred Healthcare, Inc. Tranche B, term loan 4.25% 4/9/21 (d)

144,636

145,135

Pharmedium Healthcare Corp. Tranche 2LN, term loan 7.75% 1/28/22 (d)

1,885,000

1,877,931

 

7,347,923

Leisure - 0.0%

24 Hour Fitness Worldwide, Inc. Tranche B, term loan 4.75% 5/30/21 (d)

322,563

320,950

Metals/Mining - 0.5%

Fortescue Metals Group Ltd. Tranche B, term loan 3.75% 6/30/19 (d)

2,064,323

1,873,373

Peabody Energy Corp. Tranche B, term loan 4.25% 9/24/20 (d)

5,373,175

4,835,858

 

6,709,231

 

 

Principal Amount

Value

Publishing/Printing - 0.2%

Springer Science+Business Media Deutschland GmbH Tranche B 9LN, term loan 8/14/20 (e)

$ 3,240,000

$ 3,244,050

Services - 1.3%

Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 4.75% 11/26/20 (d)

4,463,500

4,329,595

Cactus Wellhead LLC Tranche B, term loan 7% 7/31/20 (d)

3,684,941

2,210,965

Garda World Security Corp.:

term loan 4% 11/8/20 (d)

4,029,569

3,999,347

Tranche DD, term loan 4% 11/8/20 (d)

1,030,820

1,023,089

Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (d)

4,877,845

4,585,175

Lineage Logistics Holdings, LLC. Tranche B, term loan 4.5% 4/7/21 (d)

1,613,700

1,597,563

 

17,745,734

Super Retail - 0.6%

JC Penney Corp., Inc. Tranche B, term loan:

5% 6/20/19 (d)

174,125

171,948

6% 5/22/18 (d)

5,966,393

5,958,935

PetSmart, Inc. Tranche B, term loan 5% 3/11/22 (d)

2,515,000

2,537,006

 

8,667,889

Technology - 0.7%

DealerTrack Holdings, Inc. Tranche B LN, term loan 3.25% 2/28/21 (d)

3,620,513

3,611,461

Dell International LLC Tranche B, term loan 4.5% 4/29/20 (d)

1,282,336

1,291,953

Infor U.S., Inc. Tranche B 5LN, term loan 3.75% 6/3/20 (d)

832,780

825,534

Kronos, Inc. Tranche 2LN, term loan 9.75% 4/30/20 (d)

1,915,000

1,962,875

Sungard Availability Services Capital, Inc. Tranche B, term loan 6% 3/31/19 (d)

1,366,449

1,188,811

 

8,880,634

Utilities - 0.5%

Exgen Texas Power LLC Tranche B, term loan 5.75% 9/18/21 (d)

1,365,873

1,371,063

Moxie Patriot LLC Tranche B, term loan 6.75% 12/19/20 (d)

5,650,000

5,685,313

 

7,056,376

TOTAL BANK LOAN OBLIGATIONS

(Cost $105,407,071)


101,636,591

Preferred Securities - 4.7%

 

Principal Amount

Value

Banks & Thrifts - 3.9%

Bank of America Corp.:

6.1% (c)(d)

$ 3,060,000

$ 3,111,596

6.25% (c)(d)

1,550,000

1,586,171

6.5% (c)(d)

3,025,000

3,285,367

Barclays Bank PLC 7.625% 11/21/22

15,315,000

18,350,680

Barclays PLC:

6.625% (c)(d)

1,285,000

1,278,097

8.25% (c)(d)

2,900,000

3,118,158

Credit Agricole SA 6.625% (b)(c)(d)

10,435,000

10,477,995

Deutsche Bank AG 7.5% (c)(d)

5,800,000

6,057,623

JPMorgan Chase & Co.:

6% (c)(d)

2,890,000

2,954,386

6.75% (c)(d)

1,825,000

2,000,203

 

52,220,276

Diversified Financial Services - 0.8%

Citigroup, Inc.:

5.875% (c)(d)

4,065,000

4,113,444

6.3% (c)(d)

6,770,000

7,075,277

 

11,188,721

TOTAL PREFERRED SECURITIES

(Cost $59,879,103)


63,408,997

Money Market Funds - 0.7%

Shares

Value

Fidelity Cash Central Fund, 0.14% (a)
(Cost $10,177,166)

10,177,166

$ 10,177,166

TOTAL INVESTMENT PORTFOLIO - 98.1%

(Cost $1,341,018,063)

 1,336,358,586

NET OTHER ASSETS (LIABILITIES) - 1.9%

25,330,161

NET ASSETS - 100%

$ 1,361,688,747

Legend

(a) Affiliated fund that is generally 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 $654,212,478 or 48.0% of net assets.

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

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

(e) The coupon rate will be determined upon settlement of the loan after period end.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 17,635

Other Information

The following is a summary of the inputs used, as of March 31, 2015, 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 table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Financials

$ 5,649,791

$ 5,649,791

$ -

$ -

Telecommunication Services

136,007

-

-

136,007

Corporate Bonds

1,155,345,862

-

1,155,345,862

-

Commercial Mortgage Securities

4,172

-

-

4,172

Bank Loan Obligations

101,636,591

-

101,636,591

-

Preferred Securities

63,408,997

-

63,408,997

-

Money Market Funds

10,177,166

10,177,166

-

-

Total Investments in Securities:

$ 1,336,358,586

$ 15,826,957

$ 1,320,391,450

$ 140,179

Income Tax Information

At March 31, 2015, the cost of investment securities for income tax purposes was $1,339,375,799. Net unrealized depreciation aggregated $3,017,213, of which $30,683,036 related to appreciated investment securities and $33,700,249 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

Commercial mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities 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 a third party pricing vendor 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see 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:
Overseas Portfolio

March 31, 2015 

1.799852.111

VIPOVRS-QTLY-0515

Investments March 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%

Shares

Value

Australia - 1.8%

AMP Ltd.

423,882

$ 2,079,152

BHP Billiton Ltd.

318,002

7,391,649

Carsales.com Ltd. (d)

320,637

2,522,722

iSelect Ltd. (a)(d)

6,325,337

7,154,274

Macquarie Group Ltd.

99,742

5,824,504

McMillan Shakespeare Ltd.

431,661

3,912,418

Rio Tinto Ltd.

24,301

1,059,262

TOTAL AUSTRALIA

29,943,981

Bailiwick of Jersey - 2.6%

Glencore Xstrata PLC

1,246,535

5,286,606

Shire PLC

157,900

12,588,280

Wolseley PLC

404,827

23,978,778

TOTAL BAILIWICK OF JERSEY

41,853,664

Belgium - 0.9%

Ageas

66,760

2,397,934

Anheuser-Busch InBev SA NV

33,577

4,101,947

KBC Groep NV

58,487

3,619,842

UCB SA

72,400

5,243,070

TOTAL BELGIUM

15,362,793

Bermuda - 0.7%

Clear Media Ltd.

2,035,000

2,144,551

Oriental Watch Holdings Ltd.

7,028,000

1,105,965

Signet Jewelers Ltd.

62,600

8,688,254

TOTAL BERMUDA

11,938,770

Brazil - 0.9%

BB Seguridade Participacoes SA

636,600

6,542,426

Cielo SA

538,780

7,713,136

TOTAL BRAZIL

14,255,562

British Virgin Islands - 0.1%

Gem Diamonds Ltd.

520,919

1,062,505

Canada - 0.5%

Entertainment One Ltd.

1,213,600

5,445,769

MDC Partners, Inc. Class A (sub. vtg.)

37,700

1,068,795

Performance Sports Group Ltd. (a)

55,161

1,076,174

TOTAL CANADA

7,590,738

Cayman Islands - 4.4%

58.com, Inc. ADR (a)

153,700

8,127,656

Alibaba Group Holding Ltd. sponsored ADR

137,600

11,453,824

Autohome, Inc. ADR Class A (a)

89,000

3,913,330

Baidu.com, Inc. sponsored ADR (a)

35,300

7,356,520

Bitauto Holdings Ltd. ADR (a)

42,600

2,167,488

Ctrip.com International Ltd. sponsored ADR (a)

115,800

6,788,196

Fu Shou Yuan International Group Ltd.

4,974,000

2,348,209

Hengdeli Holdings Ltd. (d)

8,057,800

1,496,679

Homeinns Hotel Group ADR (a)

41,000

970,470

 

Shares

Value

Qunar Cayman Islands Ltd. sponsored ADR (a)

114,800

$ 4,735,500

Shenguan Holdings Group Ltd.

2,636,000

805,830

Tencent Holdings Ltd.

1,123,900

21,342,768

TOTAL CAYMAN ISLANDS

71,506,470

China - 0.6%

Kweichow Moutai Co. Ltd.

190,658

6,026,509

TravelSky Technology Ltd. (H Shares)

3,969,000

4,571,749

TOTAL CHINA

10,598,258

Denmark - 2.2%

Danske Bank A/S

96,100

2,537,810

Novo Nordisk A/S:

Series B

80,625

4,304,068

Series B sponsored ADR

448,700

23,956,093

Vestas Wind Systems A/S (d)

108,500

4,495,427

TOTAL DENMARK

35,293,398

France - 6.9%

AXA SA

114,920

2,898,281

AXA SA sponsored ADR

135,400

3,417,496

Beneteau SA (d)

196,900

2,783,016

BNP Paribas SA

181,503

11,040,263

Bollore Group (a)

2,600

13,643

Edenred SA

118,359

2,954,469

GameLoft SE (a)

537,900

2,776,209

Havas SA

718,800

5,456,601

Hermes International SCA

8,548

3,018,402

Iliad SA

19,126

4,468,825

Orange SA

877,700

14,095,479

Pernod Ricard SA

80,600

9,546,166

Safran SA

71,900

5,025,181

Sanofi SA

139,290

13,756,149

Sanofi SA sponsored ADR

240,622

11,896,352

Societe Generale Series A

60,951

2,947,224

Total SA (d)

298,200

14,822,631

Ubisoft Entertainment SA (a)

127,013

2,349,699

TOTAL FRANCE

113,266,086

Germany - 2.8%

Allianz SE

36,918

6,409,578

Axel Springer Verlag AG

131,100

7,753,090

Bayer AG

141,478

21,289,784

Commerzbank AG (a)

55,520

767,118

CTS Eventim AG

243,193

7,661,753

Deutsche Bank AG

74,681

2,588,274

TOTAL GERMANY

46,469,597

Hong Kong - 1.5%

AIA Group Ltd.

2,299,400

14,473,853

Television Broadcasts Ltd.

1,741,000

10,745,597

TOTAL HONG KONG

25,219,450

Common Stocks - continued

Shares

Value

India - 0.4%

Info Edge India Ltd.

338,804

$ 4,569,192

Just Dial Ltd.

65,509

1,392,420

TOTAL INDIA

5,961,612

Ireland - 1.3%

C&C Group PLC

114,600

470,098

Glanbia PLC

451,000

8,372,450

Kingspan Group PLC (United Kingdom)

340,100

6,487,385

Paddy Power PLC (Ireland)

69,200

5,931,006

TOTAL IRELAND

21,260,939

Isle of Man - 0.6%

Playtech Ltd.

848,420

9,791,490

Israel - 0.2%

Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.

80,100

3,216,641

Sarine Technologies Ltd.

426,700

848,829

TOTAL ISRAEL

4,065,470

Italy - 2.5%

Assicurazioni Generali SpA

158,500

3,120,521

Eni SpA

169,000

2,925,076

Eni SpA sponsored ADR (d)

67,900

2,350,019

Intesa Sanpaolo SpA

4,097,800

13,907,945

Lottomatica SpA (d)

82,800

1,642,616

Mediaset SpA

2,698,900

12,345,075

Tod's SpA (d)

46,016

4,180,950

TOTAL ITALY

40,472,202

Japan - 19.0%

Arcland Service Co. Ltd.

126,800

5,276,538

Astellas Pharma, Inc.

1,428,000

23,397,638

Cosmos Pharmaceutical Corp.

75,800

11,844,883

Daiwa Securities Group, Inc.

490,000

3,857,225

Dentsu, Inc.

391,900

16,764,922

East Japan Railway Co.

43,300

3,469,803

Fuji Media Holdings, Inc.

161,900

2,294,839

Fukuda Denshi Co. Ltd.

33,200

1,873,118

Hitachi Ltd.

1,572,000

10,736,530

Honda Motor Co. Ltd.

277,700

9,064,944

Hoya Corp.

277,200

11,097,519

Infomart Corp. (d)

105,400

964,959

Japan Tobacco, Inc.

329,000

10,401,291

JTEKT Corp.

190,700

2,973,290

Keyence Corp.

27,820

15,181,287

Misumi Group, Inc.

678,100

27,328,321

Mitsubishi UFJ Financial Group, Inc.

2,397,200

14,846,851

MS&AD Insurance Group Holdings, Inc.

177,500

4,969,296

NEC Corp.

897,000

2,634,869

NEXT Co. Ltd. (d)

1,040,400

10,364,280

Nomura Holdings, Inc.

505,000

2,966,185

Olympus Corp. (a)

175,400

6,503,058

OMRON Corp.

152,800

6,883,511

 

Shares

Value

ORIX Corp.

1,151,500

$ 16,179,875

Pigeon Corp.

35,100

2,949,580

Rakuten, Inc.

1,956,000

34,441,532

Recruit Holdings Co. Ltd. (a)

79,600

2,483,636

Ship Healthcare Holdings, Inc.

121,900

2,782,785

SoftBank Corp.

23,700

1,380,275

Sony Corp.

30,500

815,680

Sony Corp. sponsored ADR

149,800

4,011,644

Sumitomo Mitsui Financial Group, Inc.

270,800

10,372,882

Sundrug Co. Ltd.

39,700

2,060,714

Suzuki Motor Corp.

128,100

3,847,383

Tokio Marine Holdings, Inc.

136,600

5,156,217

Toshiba Corp.

672,000

2,815,723

Toyota Motor Corp.

223,200

15,580,192

Toyota Motor Corp. sponsored ADR

2,900

405,681

TOTAL JAPAN

310,978,956

Korea (South) - 0.9%

LG Household & Health Care Ltd.

2,890

2,191,743

Medy-Tox, Inc.

10,490

3,109,360

NAVER Corp.

15,132

9,156,188

TOTAL KOREA (SOUTH)

14,457,291

Malta - 0.5%

Kambi Group PLC (a)(d)

370,600

3,012,256

Unibet Group PLC unit

89,400

4,904,873

TOTAL MALTA

7,917,129

Netherlands - 0.8%

AEGON NV

259,400

2,048,135

ASML Holding NV

31,411

3,173,453

ING Groep NV (Certificaten Van Aandelen)

525,384

7,695,813

TOTAL NETHERLANDS

12,917,401

New Zealand - 0.1%

EBOS Group Ltd.

225,407

1,803,103

Norway - 1.0%

Schibsted ASA (B Shares)

201,500

11,686,235

Statoil ASA

14,100

249,308

Statoil ASA sponsored ADR (d)

210,500

3,702,695

TOTAL NORWAY

15,638,238

Philippines - 0.6%

Alliance Global Group, Inc.

9,464,300

5,611,454

Melco Crown Philippines Resort (a)

21,149,500

4,334,476

TOTAL PHILIPPINES

9,945,930

South Africa - 2.7%

Alexander Forbes Group Holding (a)

2,085,867

1,771,327

Clicks Group Ltd.

803,341

6,056,353

Naspers Ltd. Class N

236,000

36,385,522

TOTAL SOUTH AFRICA

44,213,202

Common Stocks - continued

Shares

Value

Spain - 2.0%

Atresmedia Corporacion de Medios de Comunicacion SA (d)

695,100

$ 10,516,006

Banco Bilbao Vizcaya Argentaria SA

249,518

2,520,012

Banco Bilbao Vizcaya Argentaria SA rights 4/14/15 (a)

249,518

35,951

Banco Santander SA (Spain)

365,672

2,741,213

Mediaset Espana Comunicacion, S.A.

638,915

8,010,342

Melia Hotels International SA (d)

729,400

8,999,697

TOTAL SPAIN

32,823,221

Sweden - 1.1%

Nordea Bank AB (d)

465,800

5,695,296

Svenska Cellulosa AB (SCA) (B Shares)

439,000

10,128,632

Swedbank AB (A Shares) (d)

102,432

2,451,332

TOTAL SWEDEN

18,275,260

Switzerland - 6.1%

Compagnie Financiere Richemont SA Series A

139,270

11,190,469

Credit Suisse Group AG

324,618

8,733,506

Julius Baer Group Ltd.

55,980

2,808,793

Nestle SA

520,059

39,161,712

Swiss Re Ltd.

46,826

4,534,191

Syngenta AG (Switzerland)

42,335

14,382,411

UBS Group AG

591,162

11,144,359

UBS Group AG

184,900

3,470,573

Zurich Insurance Group AG

11,638

3,943,603

TOTAL SWITZERLAND

99,369,617

United Kingdom - 21.9%

Al Noor Hospitals Group PLC

121,600

1,832,675

Anglo American PLC (United Kingdom)

139,800

2,087,909

AstraZeneca PLC (United Kingdom)

226,455

15,538,994

Aviva PLC

329,400

2,636,150

B&M European Value Retail S.A.

1,276,381

5,916,824

Barclays PLC

2,571,808

9,283,012

Barclays PLC sponsored ADR

200,173

2,916,521

BG Group PLC

408,438

5,013,061

BHP Billiton PLC

339,952

7,460,354

BP PLC

881,993

5,717,224

Brammer PLC

1,085,200

6,439,143

Burberry Group PLC

235,700

6,059,216

Dechra Pharmaceuticals PLC

159,300

2,379,598

Diageo PLC

524,328

14,489,457

Dunelm Group PLC

464,300

5,785,438

Exova Group Ltd. PLC

167,421

397,364

Foxtons Group PLC

1,321,579

4,023,783

GlaxoSmithKline PLC

447,200

10,294,518

Howden Joinery Group PLC

2,942,900

19,365,348

HSBC Holdings PLC:

(United Kingdom)

929,678

7,922,180

sponsored ADR

252,732

10,763,856

ITV PLC

4,354,600

16,336,363

 

Shares

Value

Johnson Matthey PLC

195,598

$ 9,824,481

Lloyds Banking Group PLC

14,561,844

16,879,192

M&C Saatchi PLC (d)

721,800

3,688,624

Micro Focus International PLC

47,300

828,647

Moneysupermarket.com Group PLC

1,285,300

5,134,512

Poundland Group PLC

353,948

1,915,369

Prudential PLC

220,034

5,460,241

Reckitt Benckiser Group PLC

82,000

7,044,259

Rightmove PLC

513,100

22,811,142

Rio Tinto PLC

117,515

4,845,951

Rio Tinto PLC sponsored ADR (d)

34,900

1,444,860

Rolls-Royce Group PLC

322,708

4,562,059

Royal Bank of Scotland Group PLC (a)

255,480

1,290,609

Royal Dutch Shell PLC:

Class A (United Kingdom)

559,388

16,634,572

Class B (United Kingdom)

351,684

10,955,069

Royal Mail PLC

117,700

765,430

SABMiller PLC

298,900

15,695,944

Sports Direct International PLC (a)

542,665

4,902,385

Standard Chartered PLC (United Kingdom)

152,157

2,468,135

SThree PLC

229,400

1,185,067

Taylor Wimpey PLC

1,623,100

3,729,537

Ted Baker PLC

78,300

2,903,755

Tesco PLC

1,910,800

6,820,709

Thomas Cook Group PLC (a)

1,129,600

2,441,420

Travis Perkins PLC

185,900

5,377,399

Virgin Money Holdings Uk PLC (a)

1,011,919

5,974,301

Vodafone Group PLC

6,992,200

22,880,756

William Hill PLC

756,244

4,160,802

Zoopla Property Group PLC (d)

1,002,200

2,686,401

TOTAL UNITED KINGDOM

357,970,616

United States of America - 8.9%

BlackRock, Inc. Class A

35,000

12,804,400

Boston Beer Co., Inc. Class A (a)(d)

15,000

4,011,000

Dunkin' Brands Group, Inc.

106,000

5,041,360

eBay, Inc. (a)

101,200

5,837,216

Facebook, Inc. Class A (a)

139,400

11,460,771

Google, Inc.:

Class A (a)

15,200

8,431,440

Class C (a)

13,200

7,233,600

Lorillard, Inc.

89,900

5,874,965

MercadoLibre, Inc. (d)

40,000

4,900,800

Monsanto Co.

60,503

6,809,008

Monster Beverage Corp. (a)

109,700

15,181,932

Priceline Group, Inc. (a)

13,360

15,553,044

Sprouts Farmers Market LLC (a)

222,400

7,835,152

Tiffany & Co., Inc.

94,000

8,272,940

TripAdvisor, Inc. (a)

40,700

3,385,019

Common Stocks - continued

Shares

Value

United States of America - continued

Visa, Inc. Class A

266,800

$ 17,451,388

Zillow Group, Inc. (a)(d)

57,900

5,807,370

TOTAL UNITED STATES OF AMERICA

145,891,405

TOTAL COMMON STOCKS

(Cost $1,306,830,729)


1,578,114,354

Nonconvertible Preferred Stocks - 1.9%

 

 

 

 

Germany - 1.9%

Sartorius AG (non-vtg.)

39,500

5,037,224

Volkswagen AG

99,347

26,476,046

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $17,068,336)


31,513,270

Money Market Funds - 4.2%

Shares

Value

Fidelity Cash Central Fund, 0.14% (b)

24,178,888

$ 24,178,888

Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c)

43,671,598

43,671,598

TOTAL MONEY MARKET FUNDS

(Cost $67,850,486)


67,850,486

TOTAL INVESTMENT
PORTFOLIO - 102.6%

(Cost $1,391,749,551)

1,677,478,110

NET OTHER ASSETS (LIABILITIES) - (2.6)%

(41,777,569)

NET ASSETS - 100%

$ 1,635,700,541

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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.

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 8,042

Fidelity Securities Lending Cash Central Fund

145,584

Total

$ 153,626

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of March 31, 2015, 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

$ 475,594,376

$ 355,552,306

$ 120,042,070

$ -

Consumer Staples

183,886,676

95,413,415

88,473,261

-

Energy

62,369,655

6,052,714

56,316,941

-

Financials

284,937,236

136,472,845

148,464,391

-

Health Care

167,585,867

76,547,259

91,038,608

-

Industrials

111,124,819

72,054,046

39,070,773

-

Information Technology

219,648,664

150,807,221

68,841,443

-

Materials

61,654,996

25,486,722

36,168,274

-

Telecommunication Services

42,825,335

4,468,825

38,356,510

-

Money Market Funds

67,850,486

67,850,486

-

-

Total Investments in Securities:

$ 1,677,478,110

$ 990,705,839

$ 686,772,271

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended March 31, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 19,097,975

Level 2 to Level 1

$ 156,445,619

Income Tax Information

At March 31, 2015, the cost of investment securities for income tax purposes was $1,405,995,735. Net unrealized appreciation aggregated $271,482,375, of which $376,987,452 related to appreciated investment securities and $105,505,077 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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 a third party pricing vendor 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 market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see 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

Investments March 31, 2015 (Unaudited)

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Value Portfolio

March 31, 2015 

1.799871.111

VIPVAL-QTLY-0515

Investments March 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%

Shares

Value

CONSUMER DISCRETIONARY - 8.2%

Auto Components - 1.8%

Delphi Automotive PLC

30,000

$ 2,392,200

Tenneco, Inc. (a)

26,600

1,527,372

The Goodyear Tire & Rubber Co.

57,000

1,543,560

 

5,463,132

Diversified Consumer Services - 1.2%

Houghton Mifflin Harcourt Co. (a)

152,100

3,571,308

Household Durables - 0.8%

KB Home (d)

147,600

2,305,512

Leisure Products - 0.8%

Vista Outdoor, Inc. (a)

60,000

2,569,200

Media - 1.8%

CBS Corp. Class B

32,000

1,940,160

Comcast Corp. Class A (special) (non-vtg.)

27,000

1,513,755

Twenty-First Century Fox, Inc. Class A

60,300

2,040,552

 

5,494,467

Specialty Retail - 1.4%

AutoZone, Inc. (a)

3,800

2,592,208

The Men's Wearhouse, Inc.

30,900

1,612,980

 

4,205,188

Textiles, Apparel & Luxury Goods - 0.4%

Fossil Group, Inc. (a)

14,000

1,154,300

TOTAL CONSUMER DISCRETIONARY

24,763,107

CONSUMER STAPLES - 5.0%

Food & Staples Retailing - 1.7%

Walgreens Boots Alliance, Inc.

59,200

5,013,056

Household Products - 2.1%

Procter & Gamble Co.

44,800

3,670,912

Svenska Cellulosa AB (SCA) (B Shares)

112,600

2,597,913

 

6,268,825

Tobacco - 1.2%

British American Tobacco PLC sponsored ADR

36,400

3,777,228

TOTAL CONSUMER STAPLES

15,059,109

ENERGY - 11.2%

Energy Equipment & Services - 1.0%

Dril-Quip, Inc. (a)

45,200

3,091,228

Oil, Gas & Consumable Fuels - 10.2%

Chevron Corp.

82,100

8,618,858

Cimarex Energy Co.

41,200

4,741,708

Imperial Oil Ltd.

88,800

3,544,147

Stone Energy Corp. (a)

233,900

3,433,652

Suncor Energy, Inc.

88,800

2,594,835

 

Shares

Value

Tesoro Corp.

67,900

$ 6,198,591

Whiting Petroleum Corp. (a)

52,400

1,619,160

 

30,750,951

TOTAL ENERGY

33,842,179

FINANCIALS - 31.0%

Banks - 9.2%

Bank of America Corp.

360,600

5,549,634

Barclays PLC sponsored ADR

87,435

1,273,928

Citigroup, Inc.

109,647

5,649,013

JPMorgan Chase & Co.

170,419

10,323,983

U.S. Bancorp

116,634

5,093,407

 

27,889,965

Capital Markets - 5.4%

Ameriprise Financial, Inc.

22,800

2,983,152

Ares Capital Corp. (d)

91,536

1,571,673

BlackRock, Inc. Class A

7,900

2,890,136

E*TRADE Financial Corp. (a)

78,521

2,242,167

KKR & Co. LP

95,600

2,180,636

The Blackstone Group LP

46,300

1,800,607

UBS Group AG

138,308

2,607,329

 

16,275,700

Consumer Finance - 1.3%

Capital One Financial Corp.

49,300

3,885,826

Diversified Financial Services - 2.6%

Berkshire Hathaway, Inc. Class B (a)

54,600

7,879,872

Insurance - 7.5%

Allied World Assurance Co.

44,700

1,805,880

Allstate Corp.

63,400

4,512,178

Brown & Brown, Inc.

73,700

2,440,207

Prudential PLC

82,600

2,049,756

The Chubb Corp.

61,700

6,237,870

The Travelers Companies, Inc.

51,100

5,525,443

 

22,571,334

Real Estate Investment Trusts - 3.9%

American Tower Corp.

22,900

2,156,035

Equity Lifestyle Properties, Inc.

46,100

2,533,195

Extra Space Storage, Inc.

27,000

1,824,390

Iron Mountain, Inc.

72,380

2,640,422

Lamar Advertising Co. Class A

41,500

2,459,705

 

11,613,747

Real Estate Management & Development - 1.1%

Forest City Enterprises, Inc. Class A (a)

73,500

1,875,720

Realogy Holdings Corp. (a)

31,600

1,437,168

 

3,312,888

TOTAL FINANCIALS

93,429,332

HEALTH CARE - 12.1%

Biotechnology - 0.6%

United Therapeutics Corp. (a)

10,700

1,845,055

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - 0.6%

Medtronic PLC

24,401

$ 1,903,034

Health Care Providers & Services - 2.9%

Cigna Corp.

20,800

2,692,352

Express Scripts Holding Co. (a)

27,300

2,368,821

HCA Holdings, Inc. (a)

47,400

3,565,902

 

8,627,075

Pharmaceuticals - 8.0%

GlaxoSmithKline PLC sponsored ADR

66,900

3,087,435

Impax Laboratories, Inc. (a)

30,700

1,438,909

Jazz Pharmaceuticals PLC (a)

16,700

2,885,593

Novartis AG sponsored ADR

43,700

4,309,257

Roche Holding AG (participation certificate)

11,307

3,107,074

Sanofi SA sponsored ADR

71,900

3,554,736

Shire PLC sponsored ADR

7,800

1,866,462

Teva Pharmaceutical Industries Ltd. sponsored ADR

36,900

2,298,870

The Medicines Company (a)

57,200

1,602,744

 

24,151,080

TOTAL HEALTH CARE

36,526,244

INDUSTRIALS - 10.2%

Aerospace & Defense - 2.5%

Curtiss-Wright Corp.

41,100

3,038,934

United Technologies Corp.

37,900

4,441,880

 

7,480,814

Construction & Engineering - 2.1%

AECOM Technology Corp. (a)

113,085

3,485,286

Jacobs Engineering Group, Inc. (a)

61,800

2,790,888

 

6,276,174

Electrical Equipment - 0.8%

Regal-Beloit Corp.

29,900

2,389,608

Industrial Conglomerates - 2.7%

General Electric Co.

330,048

8,188,491

Machinery - 1.4%

Deere & Co.

30,700

2,692,083

Valmont Industries, Inc. (d)

12,700

1,560,576

 

4,252,659

Trading Companies & Distributors - 0.7%

AerCap Holdings NV (a)

52,000

2,269,800

TOTAL INDUSTRIALS

30,857,546

INFORMATION TECHNOLOGY - 10.3%

Communications Equipment - 0.9%

QUALCOMM, Inc.

39,600

2,745,864

 

Shares

Value

Electronic Equipment & Components - 1.1%

TE Connectivity Ltd.

46,800

$ 3,351,816

Internet Software & Services - 0.8%

Google, Inc. Class A (a)

4,300

2,385,210

IT Services - 3.1%

CGI Group, Inc. Class A (sub. vtg.) (a)

35,400

1,501,471

Global Payments, Inc.

37,600

3,447,168

Total System Services, Inc.

113,100

4,314,765

 

9,263,404

Semiconductors & Semiconductor Equipment - 0.5%

Teradyne, Inc.

77,100

1,453,335

Software - 3.4%

Activision Blizzard, Inc.

79,300

1,802,093

Oracle Corp.

87,900

3,792,885

Parametric Technology Corp. (a)

66,100

2,390,837

Synopsys, Inc. (a)

51,800

2,399,376

 

10,385,191

Technology Hardware, Storage & Peripherals - 0.5%

Samsung Electronics Co. Ltd.

1,215

1,578,833

TOTAL INFORMATION TECHNOLOGY

31,163,653

MATERIALS - 3.9%

Chemicals - 2.8%

Agrium, Inc. (d)

22,100

2,303,265

Eastman Chemical Co.

42,300

2,929,698

Methanex Corp.

57,500

3,078,501

 

8,311,464

Metals & Mining - 1.1%

Compass Minerals International, Inc.

25,300

2,358,213

Freeport-McMoRan, Inc.

56,500

1,070,675

 

3,428,888

TOTAL MATERIALS

11,740,352

TELECOMMUNICATION SERVICES - 0.5%

Wireless Telecommunication Services - 0.5%

Vodafone Group PLC sponsored ADR

47,600

1,555,568

UTILITIES - 5.5%

Electric Utilities - 3.3%

Edison International

42,307

2,642,918

Great Plains Energy, Inc.

50,200

1,339,336

ITC Holdings Corp.

66,900

2,504,067

PPL Corp.

104,500

3,517,470

 

10,003,791

Common Stocks - continued

Shares

Value

UTILITIES - continued

Multi-Utilities - 2.2%

NiSource, Inc.

84,700

$ 3,740,352

Sempra Energy

25,500

2,780,010

 

6,520,362

TOTAL UTILITIES

16,524,153

TOTAL COMMON STOCKS

(Cost $257,156,184)


295,461,243

Money Market Funds - 4.5%

 

 

 

 

Fidelity Cash Central Fund, 0.14% (b)

7,285,972

7,285,972

Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c)

6,425,200

6,425,200

TOTAL MONEY MARKET FUNDS

(Cost $13,711,172)


13,711,172

TOTAL INVESTMENT PORTFOLIO - 102.4%

(Cost $270,867,356)

309,172,415

NET OTHER ASSETS (LIABILITIES) - (2.4)%

(7,324,605)

NET ASSETS - 100%

$ 301,847,810

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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.

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 2,379

Fidelity Securities Lending Cash Central Fund

8,976

Total

$ 11,355

Other Information

The following is a summary of the inputs used, as of March 31, 2015, 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 table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 24,763,107

$ 24,763,107

$ -

$ -

Consumer Staples

15,059,109

15,059,109

-

-

Energy

33,842,179

33,842,179

-

-

Financials

93,429,332

91,379,576

2,049,756

-

Health Care

36,526,244

33,419,170

3,107,074

-

Industrials

30,857,546

30,857,546

-

-

Information Technology

31,163,653

31,163,653

-

-

Materials

11,740,352

11,740,352

-

-

Telecommunication Services

1,555,568

1,555,568

-

-

Utilities

16,524,153

16,524,153

-

-

Money Market Funds

13,711,172

13,711,172

-

-

Total Investments in Securities:

$ 309,172,415

$ 304,015,585

$ 5,156,830

$ -

Income Tax Information

At March 31, 2015, the cost of investment securities for income tax purposes was $271,505,779. Net unrealized appreciation aggregated $37,666,636, of which $46,802,641 related to appreciated investment securities and $9,136,005 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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 a third party pricing vendor 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 market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see 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

Investments March 31, 2015 (Unaudited) Investments March 31, 2015 (Unaudited)

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Floating Rate High Income Portfolio

March 31, 2015 

1.9859335.100

VIPFHI-QTLY-0515

Investments March 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Bank Loan Obligations (d) - 87.4%

 

Principal Amount

Value

Aerospace - 1.8%

Gemini HDPE LLC Tranche B, term loan 4.75% 8/7/21 (c)

$ 497,502

$ 497,502

TransDigm, Inc.:

Tranche C, term loan 3.75% 2/28/20 (c)

991,130

989,891

Tranche D, term loan 3.75% 6/4/21 (c)

461,513

460,936

 

1,948,329

Air Transportation - 0.2%

Landmark Worldwide Tranche 1LN, term loan 4.75% 10/25/19 (c)

243,081

243,385

Automotive - 0.1%

American Tire Distributors, Inc. Tranche B, term loan 5.25% 10/1/21 (c)

55,000

55,209

Automotive & Auto Parts - 1.6%

Federal-Mogul Corp. Tranche C, term loan 4.75% 4/15/21 (c)

497,500

493,147

North American Lifting Holdings, Inc.:

Tranche 1LN, term loan 5.5% 11/27/20 (c)

744,631

712,054

Tranche 2LN, term loan 10% 11/27/21 (c)

500,000

453,750

 

1,658,951

Broadcasting - 0.9%

Clear Channel Communications, Inc. Tranche D, term loan 6.928% 1/30/19 (c)

500,000

476,250

ION Media Networks, Inc. Tranche B, term loan 4.75% 12/18/20 (c)

498,750

498,750

 

975,000

Building Materials - 0.8%

GYP Holdings III Corp. Tranche 1LN, term loan 4.75% 4/1/21 (c)

250,000

243,125

Headwaters, Inc. Tranche B, term loan 4.5% 3/24/22 (c)

145,000

145,544

Interline Brands, Inc. Tranche B, term loan 4% 3/17/21 (c)

495,000

491,906

 

880,575

Cable/Satellite TV - 2.4%

Charter Communications Operating LLC:

Tranche E, term loan 3% 7/1/20 (c)

494,962

491,250

Tranche G, term loan 4.25% 9/12/21 (c)

250,000

250,625

Liberty Cablevision of Puerto Rico:

Tranche 1LN, term loan 4.5% 1/7/22 (c)

60,000

59,250

Tranche 2LN, term loan 7.75% 7/7/23 (c)

240,000

241,200

 

 

Principal Amount

Value

Tranche A 1LN, term loan 1/7/22 (e)

$ 250,000

$ 248,750

Numericable LLC:

Tranche B 1LN, term loan 4.5% 5/8/20 (c)

323,563

324,372

Tranche B 2LN, term loan 4.5% 5/8/20 (c)

279,924

280,624

Virgin Media Finance PLC Tranche B, term loan 3.5% 6/7/20 (c)

641,107

641,107

 

2,537,178

Capital Goods - 0.8%

Doosan Infracore, Inc. Tranche B, term loan 4.5% 5/28/21 (c)

73,246

73,979

Mueller Water Products, Inc. Tranche B, term loan 4% 11/25/21 (c)

219,450

220,547

Onex Wizard U.S. Acquisition, Inc. Tranche B, term loan 5.25% 3/13/22 (c)

320,000

322,800

SRAM LLC. Tranche B, term loan 4.0127% 4/10/20 (c)

228,948

228,375

 

845,701

Chemicals - 2.0%

Arizona Chem U.S., Inc.:

Tranche 2LN, term loan 7.5% 6/12/22 (c)

20,000

19,725

Tranche B 1LN, term loan 4.5183% 6/12/21 (c)

64,438

64,438

Eco Services Operations LLC Tranche B, term loan 4.75% 12/1/21 (c)

374,063

374,998

Hilex Poly Co. LLC Tranche B 1LN, term loan 6% 12/5/21 (c)

500,000

505,625

MacDermid, Inc. Tranche B 2LN, term loan 4.75% 6/7/20 (c)

249,375

250,934

Orion Engineered Carbons GMBH Tranche B, term loan 5% 7/25/21 (c)

497,500

500,609

Styrolution U.S. Holding LLC Tranche B, term loan 6.5% 11/7/19 (c)

448,875

448,875

 

2,165,204

Consumer Products - 0.9%

Hercules Achievement, Inc. Tranche B, term loan 6% 12/11/21 (c)

748,125

757,477

Kate Spade & Co. Tranche B, term loan 4% 4/10/21 (c)

249,373

248,750

 

1,006,227

Containers - 5.0%

Anchor Glass Container Corp. Tranche B, term loan 4.25% 6/30/21 (c)

582,985

583,108

Ardagh Holdings U.S.A., Inc. Tranche B, term loan 4% 12/17/19 (c)

245,630

246,244

Bank Loan Obligations (d) - continued

 

Principal Amount

Value

Containers - continued

Berlin Packaging, LLC:

Tranche 2LN, term loan 7.75% 10/1/22 (c)

$ 250,000

$ 250,625

Tranche B 1LN, term loan 4.5% 10/1/21 (c)

497,500

499,988

Berry Plastics Corp. Tranche E, term loan 3.75% 1/6/21 (c)

859,167

857,019

BWAY Holding Co. Tranche B, term loan 5.5% 8/14/20 (c)

818,813

824,954

Charter NEX U.S. Holdings, Inc. Tranche B 1LN, term loan 5.25% 2/5/22 (c)

250,000

252,500

Consolidated Container Co. Tranche 2LN, term loan 7.75% 1/3/20 (c)

1,000,000

920,000

Signode Packaging Systems, Inc. Tranche B, term loan 3.75% 5/1/21 (c)

166,935

165,683

U.S. Devices Prescription Co.:

Tranche 2LN, term loan 8% 5/2/22 (c)

250,000

250,000

Tranche B 1LN, term loan 4.25% 5/2/21 (c)

496,250

496,250

 

5,346,371

Diversified Financial Services - 2.2%

Aruba Investments, Inc. Tranche B, term loan 5.25% 2/2/22 (c)

245,000

247,756

Fly Funding II Sarl Tranche B, term loan 4.5% 8/9/19 (c)

246,711

246,711

IBC Capital U.S. LLC Tranche B 1LN, term loan 4.75% 11/15/21 (c)

280,000

279,300

Ocwen Loan Servicing, LLC Tranche B, term loan 5% 2/15/18 (c)

616,552

600,368

TransUnion LLC Tranche B, term loan 4% 4/9/21 (c)

988,741

989,977

 

2,364,112

Energy - 5.3%

Alon U.S.A. Partners LP term loan 9.25% 11/26/18 (c)

744,290

736,847

Atlantic Power Ltd. Partnership Tranche B LN, term loan 4.75% 2/24/21 (c)

240,155

241,056

Citgo Holding, Inc. Tranche B, term loan 9.5% 5/12/18 (c)

219,450

218,353

Crestwood Holdings Partners LLC Tranche B, term loan 7% 6/19/19 (c)

250,000

235,625

Drillships Ocean Ventures, Inc. Tranche B, term loan 5.5% 7/25/21 (c)

298,500

249,994

Empire Generating Co. LLC:

Tranche B, term loan 5.25% 3/14/21 (c)

461,631

463,362

Tranche C, term loan 5.25% 3/14/21 (c)

32,532

32,654

 

 

Principal Amount

Value

Energy Transfer Equity LP Tranche C, term loan 4% 12/2/19 (c)

$ 205,000

$ 204,334

Expro Finservices S.a.r.l. Tranche B, term loan 5.75% 9/2/21 (c)

497,500

423,497

Fieldwood Energy, LLC Tranche 2LN, term loan 8.375% 9/30/20 (c)

250,000

182,500

Floatel International Ltd. Tranche B, term loan 6% 6/27/20 (c)

158,400

114,048

MRC Global, Inc. Tranche B, term loan 5% 11/9/19 (c)

250,000

241,250

Offshore Group Investment Ltd. Tranche B, term loan 5% 10/25/17 (c)

233,681

146,051

Overseas Shipholding Group, Inc. Tranche B, term loan 5.25% 8/5/19 (c)

124,063

123,287

Panda Sherman Power, LLC term loan 9% 9/14/18 (c)

497,656

493,924

Seadrill Operating LP Tranche B, term loan 4% 2/21/21 (c)

153,446

121,798

Targa Resources Corp. term loan 5.75% 2/27/22 (c)

140,698

141,232

Terra-Gen Finance Co. LLC Tranche B, term loan 5.25% 12/9/21 (c)

410,000

411,538

TPF II Power, LLC Tranche B, term loan 5.5% 10/2/21 (c)

478,800

484,785

Vantage Drilling Co. Tranche B, term loan 5.75% 3/28/19 (c)

742,424

419,470

 

5,685,605

Entertainment/Film - 0.1%

Regal Cinemas Corp. Tranche B, term loan 3.75% 3/27/22 (c)

110,000

109,863

Environmental - 0.7%

ADS Waste Holdings, Inc. Tranche B 2LN, term loan 3.75% 10/9/19 (c)

490,718

486,731

Metal Services LLC Tranche B, term loan 6% 6/30/17 (c)

249,369

248,745

 

735,476

Food & Drug Retail - 4.2%

Albertson's LLC:

Tranche B 3LN, term loan 5% 8/25/19 (c)

250,000

252,188

Tranche B 4LN, term loan 5.5% 8/25/21 (c)

1,495,000

1,506,197

Ferrara Candy Co., Inc. Tranche B, term loan 7.5% 6/18/18 (c)

494,914

491,202

GOBP Holdings, Inc. Tranche B 1LN, term loan 5.75% 10/21/21 (c)

374,063

375,933

Performance Food Group, Inc. Tranche 2LN, term loan 6.25% 11/14/19 (c)

1,238,030

1,238,030

Bank Loan Obligations (d) - continued

 

Principal Amount

Value

Food & Drug Retail - continued

PRA Holdings, Inc. Tranche B, term loan 4.5% 9/23/20 (c)

$ 403,139

$ 404,022

Stater Bros. Markets Tranche B, term loan 4.75% 5/12/21 (c)

245,280

244,667

 

4,512,239

Food/Beverage/Tobacco - 2.2%

Blue Ribbon LLC Tranche B 1LN, term loan 5.75% 11/13/21 (c)

246,203

247,434

Flavors Holdings, Inc. Tranche B 1LN, term loan 6.75% 4/3/20 (c)

145,016

140,303

H.J. Heinz Co. Tranche B 2LN, term loan 3.25% 6/7/20 (c)

991,782

993,021

Post Holdings, Inc.:

Tranche B, term loan 6/6/21 (e)

150,000

150,000

Tranche B, term loan 3.75% 6/2/21 (c)

49,625

49,749

Shearer's Foods, Inc.:

Tranche 2LN, term loan 7.75% 6/30/22 (c)

255,000

252,450

Tranche B 1LN, term loan 4.5% 6/30/21 (c)

507,450

507,450

 

2,340,407

Gaming - 5.2%

Aristocrat International (Pty) Ltd. Tranche B, term loan 4.75% 10/20/21 (c)

488,462

490,801

Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (c)

289,142

273,239

Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (c)

1,565,684

1,393,459

CCM Merger, Inc. Tranche B, term loan 4.5% 8/8/21 (c)

241,352

241,956

Golden Nugget, Inc. Tranche B, term loan:

5.5% 11/21/19 (c)

343,844

345,563

5.5% 11/21/19 (c)

147,362

148,099

Mohegan Tribal Gaming Authority Tranche B, term loan 5.5% 11/19/19 (c)

494,987

490,552

Scientific Games Corp.:

Tranch B 2LN, term loan 6% 10/1/21 (c)

249,375

250,323

Tranche B, term loan 6% 10/18/20 (c)

991,219

994,985

Station Casinos LLC Tranche B, term loan 4.25% 3/1/20 (c)

936,677

940,236

 

5,569,213

Healthcare - 9.6%

AmSurg Corp. Tranche B, term loan 3.75% 7/16/21 (c)

595,500

596,989

 

 

Principal Amount

Value

Auris Luxembourg III S.a.r.l. Tranche B, term loan 5.5% 12/18/21 (c)

$ 250,000

$ 252,813

Community Health Systems, Inc. Tranche D, term loan 4.25% 1/27/21 (c)

1,241,840

1,248,050

DaVita HealthCare Partners, Inc. Tranche B, term loan 3.5% 6/24/21 (c)

742,509

744,366

Dialysis Newco, Inc.:

Tranche 2LN, term loan 7.75% 10/22/21 (c)

250,000

248,125

Tranche B 1LN, term loan 4.5% 4/23/21 (c)

89,325

89,102

Drumm Investors LLC Tranche B, term loan 6.75% 5/4/18 (c)

1,173,257

1,183,523

HCA Holdings, Inc. Tranche B 4LN, term loan 3.0254% 5/1/18 (c)

550,344

550,344

HCR Healthcare LLC Tranche B, term loan 5% 4/6/18 (c)

375,000

350,625

INC Research LLC Tranche B, term loan 4.5% 11/13/21 (c)

264,338

264,998

Kindred Healthcare, Inc. Tranche B, term loan 4.25% 4/9/21 (c)

478,794

480,446

MPH Acquisition Holdings LLC Tranche B, term loan 3.75% 3/31/21 (c)

439,773

438,673

Opal Acquisition, Inc. Tranche B 1LN, term loan 5% 11/27/20 (c)

250,000

250,625

Patheon, Inc. Tranche B, term loan 4.25% 3/11/21 (c)

621,250

617,951

Pharmedium Healthcare Corp. Tranche B 1LN, term loan 4.25% 1/28/21 (c)

472,778

469,232

Polymer Group, Inc. Tranche B, term loan 5.25% 12/19/19 (c)

735,366

737,204

U.S. Renal Care, Inc. Tranche B 2LN, term loan 4.25% 7/3/19 (c)

975,687

978,126

Valeant Pharmaceuticals International Tranche BD 2LN, term loan 3.5% 2/13/19 (c)

750,000

749,063

 

10,250,255

Homebuilders/Real Estate - 1.4%

DTZ U.S. Borrower LLC Tranche B 1LN, term loan 5.5% 11/4/21 (c)

498,750

501,244

Realogy Group LLC Tranche B, term loan 3.75% 3/5/20 (c)

989,975

989,975

 

1,491,219

Hotels - 0.6%

Belmond Interfin Ltd. Tranche B, term loan 4% 3/21/21 (c)

250,000

249,063

La Quinta Intermediate Holdings LLC Tranche B LN, Tranche B, term loan 4% 4/14/21 (c)

434,717

435,804

 

684,867

Bank Loan Obligations (d) - continued

 

Principal Amount

Value

Insurance - 0.5%

HUB International Ltd. Tranche B 1LN, term loan 4.25% 10/2/20 (c)

$ 495,000

$ 490,050

Leisure - 1.3%

24 Hour Fitness Worldwide, Inc. Tranche B, term loan 4.75% 5/30/21 (c)

506,798

504,264

ClubCorp Club Operations, Inc. Tranche B, term loan 4.5% 7/24/20 (c)

500,000

503,125

Equinox Holdings, Inc. Tranche B 1LN, term loan 5% 2/1/20 (c)

14,887

14,924

Great Wolf Resorts, Inc. Tranche B, term loan 5.75% 8/6/20 (c)

248,734

249,045

Planet Fitness Holdings, LLC. Tranche B, term loan 4.5% 3/31/21 (c)

120,000

120,000

 

1,391,358

Metals/Mining - 2.6%

American Rock Salt Co. LLC:

Tranche 2LN, term loan 8% 5/20/22 (c)

125,000

124,063

Tranche B 1LN, term loan 4.75% 5/20/21 (c)

699,713

694,465

Arch Coal, Inc. Tranche B, term loan 6.25% 5/16/18 (c)

497,448

384,279

Doncasters Group, LLC Tranche B 1LN, term loan 4.5% 4/9/20 (c)

57,875

57,923

Fortescue Metals Group Ltd. Tranche B, term loan 3.75% 6/30/19 (c)

741,829

673,210

Murray Energy Corp. Tranche B 1LN, term loan 5.25% 12/5/19 (c)

746,231

735,970

Walter Energy, Inc. Tranche B, term loan 7.25% 4/1/18 (c)

250,000

151,250

 

2,821,160

Paper - 0.3%

Caraustar Industries, Inc. Tranche B, term loan 8% 5/1/19 (c)

250,000

247,918

Xerium Technologies, Inc. Tranche B, term loan 5.75% 5/17/19 (c)

69,646

70,169

 

318,087

Publishing/Printing - 2.2%

Cengage Learning Acquisitions, Inc. Tranche 1LN, term loan 7% 3/31/20 (c)

249,370

249,994

Getty Images, Inc. Tranche B, term loan 4.75% 10/18/19 (c)

742,405

627,332

Harland Clarke Holdings Corp. Tranche B 4LN, term loan 6% 8/4/19 (c)

496,795

498,037

Proquest LLC Tranche B, term loan 5.245% 10/24/21 (c)

498,750

500,620

 

 

Principal Amount

Value

Springer Science+Business Media Deutschland GmbH:

Tranche B 3LN, term loan 4.75% 8/14/20 (c)

$ 249,372

$ 249,372

Tranche B 9LN, term loan 8/14/20 (e)

250,000

250,313

 

2,375,668

Restaurants - 1.7%

Burger King Worldwide, Inc. Tranche B, term loan 4.5% 10/27/21 (c)

991,170

1,002,321

CEC Entertainment, Inc. Tranche B, term loan 4% 2/14/21 (c)

246,880

244,565

Landry's Restaurants, Inc. Tranche B, term loan 4% 4/24/18 (c)

218,764

219,037

Red Lobster Hospitality LLC Tranche B, term loan 6.25% 7/28/21 (c)

259,012

261,278

TGI Friday's, Inc. Tranche B 1LN, term loan 5.25% 7/15/20 (c)

62,733

62,811

 

1,790,012

Services - 4.9%

ARAMARK Corp. Tranche F, term loan 3.25% 2/24/21 (c)

495,000

494,381

Bright Horizons Family Solutions Tranche B 2LN, term loan 4.5038% 1/30/20 (c)

498,750

498,127

Cactus Wellhead LLC Tranche B, term loan 7% 7/31/20 (c)

247,503

148,502

Coinmach Service Corp. Tranche B, term loan 4.25% 11/14/19 (c)

620,306

617,980

Creative Artists Agency LLC Tranche B, term loan 5.5% 12/17/21 (c)

498,750

502,491

Karman Buyer Corp. Tranche 1LN, term loan 4.25% 7/25/21 (c)

250,000

249,700

Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (c)

1,484,668

1,395,588

Lineage Logistics Holdings, LLC. Tranche B, term loan 4.5% 4/7/21 (c)

496,241

491,278

Nord Anglia Education Tranche B, term loan 4.5% 3/31/21 (c)

246,881

246,573

Research Now Group, Inc. Tranche B 1LN, term loan 5.5% 3/18/21 (c)

90,000

90,000

The ServiceMaster Co. Tranche B, term loan 4.25% 7/1/21 (c)

497,500

497,500

 

5,232,120

Steel - 0.5%

Essar Steel Algoma, Inc. Tranche B, term loan 7.5031% 8/16/19 (c)

497,500

475,113

Super Retail - 5.1%

BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 4.5% 9/26/19 (c)

494,987

496,225

Davids Bridal, Inc. Tranche B, term loan 5.25% 10/11/19 (c)

250,000

242,500

Bank Loan Obligations (d) - continued

 

Principal Amount

Value

Super Retail - continued

Dollar Tree, Inc. Tranche B, term loan 4.25% 3/9/22 (c)

$ 375,000

$ 375,469

General Nutrition Centers, Inc. Tranche B, term loan 3.25% 3/4/19 (c)

249,789

248,852

J. Crew Group, Inc. Tranche B LN, term loan 4% 3/5/21 (c)

992,500

921,834

JC Penney Corp., Inc. Tranche B, term loan:

5% 6/20/19 (c)

557,200

550,235

6% 5/22/18 (c)

742,443

741,515

PetSmart, Inc. Tranche B, term loan 5% 3/11/22 (c)

500,000

504,375

Sears Holdings Corp. Tranche ABL, term loan 5.5% 6/30/18 (c)

994,962

981,331

Sports Authority, Inc. Tranche B, term loan 7.5% 11/16/17 (c)

328,771

281,100

Vogue International LLC Tranche B, term loan 5.75% 2/14/20 (c)

124,685

125,309

 

5,468,745

Technology - 8.7%

BMC Software Finance, Inc. Tranche B, term loan 5% 9/10/20 (c)

494,987

477,663

Ceridian HCM Holding, Inc. Tranche B 2LN, term loan 4.5% 9/15/20 (c)

249,375

246,258

Computer Discount Warehouse (CDW) LLC, Tranche B, term loan 3.25% 4/29/20 (c)

991,155

982,482

Datapipe, Inc. Tranche B 1LN, term loan 5.25% 3/15/19 (c)

246,257

239,485

Dell International LLC Tranche B, term loan 4.5% 4/29/20 (c)

1,483,681

1,494,809

Fibertech Networks, LLC Tranche B 1LN, term loan 4% 12/18/19 (c)

248,731

248,420

First Data Corp. Tranche B, term loan 3.674% 3/24/18 (c)

1,500,000

1,489,688

G.I. Peak Merger Sub Corp.:

Tranche 2LN, term loan 8.25% 6/17/22 (c)

50,000

48,250

Tranche B 1LN, term loan 5% 6/17/21 (c)

119,100

119,100

Infor U.S., Inc. Tranche B 5LN, term loan 3.75% 6/3/20 (c)

976,163

967,670

Kronos, Inc.:

Tranche 2LN, term loan 9.75% 4/30/20 (c)

499,590

512,079

Tranche B 1LN, term loan 4.5% 10/30/19 (c)

827,125

828,159

Oberthur Technologies Tranche B 2LN, term loan 4.5% 10/18/19 (c)

249,369

249,680

Presidio, Inc. Tranche B, term loan 6.25% 2/2/22 (c)

250,000

248,750

 

 

Principal Amount

Value

Renaissance Learning, Inc. Tranche 1LN, term loan 4.5% 4/9/21 (c)

$ 742,500

$ 726,759

Shaw Data Centre LP Tranche B, term loan 4.5% 3/26/22 (c)

195,000

195,244

Vantiv LLC Tranche B, term loan 3.75% 6/13/21 (c)

93,461

94,162

WP Mustang Holdings, LLC. Tranche B 1LN, term loan 5.5% 5/29/21 (c)

74,438

74,717

 

9,243,375

Telecommunications - 4.6%

Altice Financing SA:

Tranche B 2LN, term loan 5.25% 1/30/22 (c)

375,000

379,688

Tranche B, term loan 5.5% 6/24/19 (c)

1,239,959

1,246,159

Digicel International Finance Ltd. Tranche D-2, term loan 3.7754% 3/31/19 (c)

100,000

94,000

FairPoint Communications, Inc. Tranche B, term loan 7.5% 2/14/19 (c)

248,731

253,084

FPL FiberNet, LLC. Tranche A, term loan 3.5206% 7/22/19 (c)

243,770

243,770

Integra Telecom Holdings, Inc. Tranche B, term loan 5.25% 2/22/19 (c)

249,364

249,987

Intelsat Jackson Holdings SA Tranche B 2LN, term loan 3.75% 6/30/19 (c)

500,000

498,150

Level 3 Financing, Inc.:

Tranche B 4LN, term loan 4% 1/15/20 (c)

500,000

501,250

Tranche B 5LN, term loan 4.5% 1/31/22 (c)

250,000

251,250

LTS Buyer LLC Tranche B 1LN, term loan 4% 4/11/20 (c)

494,962

493,106

Riverbed Technology, Inc. Tranche B, term loan 2/25/22 (e)

125,000

126,094

Securus Technologies Holdings, Inc. Tranche B 1LN, term loan 4.75% 4/30/20 (c)

494,976

486,314

TCH-2 Holdings, LLC. Tranche B 1LN, term loan 5.5% 5/12/21 (c)

44,671

44,559

 

4,867,411

Textiles/Apparel - 0.2%

Party City Holdings, Inc. Tranche B LN, term loan 4.0032% 7/27/19 (c)

249,369

249,525

Transportation Ex Air/Rail - 0.5%

Coyote Logistics LLC Tranche B 1LN, term loan 6.25% 3/24/22 (c)

250,000

250,313

YRC Worldwide, Inc. Tranche B, term loan 8.25% 2/13/19 (c)

245,000

242,703

 

493,016

Bank Loan Obligations (d) - continued

 

Principal Amount

Value

Utilities - 6.3%

Alinta Energy Finance Pty. Ltd. Tranche B, term loan:

2.377% 8/13/18 (c)(f)

$ 30,657

$ 30,657

6.375% 8/13/19 (c)

462,174

462,174

Bayonne Energy Center, LLC Tranche B, term loan 5% 8/19/21 (c)

232,721

233,885

Calpine Construction Finance Co. LP Tranche B 1LN, term loan 3% 5/3/20 (c)

494,962

489,394

Energy Future Holdings Corp. Tranche 1LN, term loan 4.25% 6/19/16 (c)

115,000

115,791

EquiPower Resources Holdings LLC Tranche B 1LN, term loan 4.25% 12/21/18 (c)

236,703

236,407

Essential Power LLC Tranche B, term loan 4.75% 8/8/19 (c)

989,603

997,025

Exgen Texas Power LLC Tranche B, term loan 5.75% 9/18/21 (c)

247,988

248,930

Green Energy Partners/Stonewall LLC Tranche B 1LN, term loan 6.5% 11/13/21 (c)

265,000

267,319

Houston Fuel Oil Terminal Co. Tranche B, term loan 4.25% 8/19/21 (c)

432,825

417,676

InterGen NV Tranche B, term loan 5.5% 6/13/20 (c)

744,318

718,267

Moxie Patriot LLC Tranche B, term loan 6.75% 12/19/20 (c)

750,000

754,688

Southcross Energy Partners LP Tranche B, term loan 5.25% 8/4/21 (c)

44,663

43,658

Southcross Holdings Borrower LP Tranche B, term loan 6% 8/4/21 (c)

204,086

192,861

Southeast Powergen LLC Tranche B, term loan 4.5% 12/2/21 (c)

84,788

85,211

Tempus Public Foundation Generation Holdings LLC Tranche B, term loan 4.75% 12/31/17 (c)

492,915

462,108

USIC Holdings, Inc. Tranche B, term loan 4% 7/10/20 (c)

741,187

737,481

Veresen Midstream LP Tranche B, term loan 6% 2/27/22 (c)

180,000

180,450

 

6,673,982

TOTAL BANK LOAN OBLIGATIONS

(Cost $94,586,110)


93,295,008

Nonconvertible Bonds - 3.6%

 

Principal Amount

Value

Cable/Satellite TV - 0.5%

Numericable Group SA 4.875% 5/15/19 (b)

$ 500,000

$ 497,500

Containers - 0.9%

Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 3.2706% 12/15/19 (b)(c)

1,000,000

975,000

Energy - 0.6%

American Energy-Permian Basin LLC/ AEPB Finance Corp. 6.7521% 8/1/19 (b)(c)

280,000

212,800

Chesapeake Energy Corp. 3.5033% 4/15/19 (c)

35,000

33,688

Citgo Petroleum Corp. 6.25% 8/15/22 (b)

135,000

130,950

Northern Tier Energy LLC/Northern Tier Finance Corp. 7.125% 11/15/20

285,000

292,641

 

670,079

Food/Beverage/Tobacco - 0.5%

C&S Group Enterprises LLC 5.375% 7/15/22 (b)

510,000

498,525

Healthcare - 1.0%

HCA Holdings, Inc.:

3.75% 3/15/19

500,000

506,720

4.25% 10/15/19

500,000

513,750

 

1,020,470

Paper - 0.1%

Mercer International, Inc. 7% 12/1/19

80,000

82,800

Publishing/Printing - 0.0%

Cenveo Corp. 6% 8/1/19 (b)

40,000

37,500

Telecommunications - 0.0%

FairPoint Communications, Inc. 8.75% 8/15/19 (b)

40,000

42,200

Utilities - 0.0%

The AES Corp. 3.2616% 6/1/19 (c)

45,000

44,775

TOTAL NONCONVERTIBLE BONDS

(Cost $3,973,061)


3,868,849

Money Market Funds - 11.8%

Shares

Value

Fidelity Cash Central Fund, 0.14% (a)
(Cost $12,617,556)

12,617,556

$ 12,617,556

TOTAL INVESTMENT PORTFOLIO - 102.8%

(Cost $111,176,727)

109,781,413

NET OTHER ASSETS (LIABILITIES) - (2.8)%

(3,014,841)

NET ASSETS - 100%

$ 106,766,572

Legend

(a) Affiliated fund that is generally 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 $2,394,475 or 2.2% of net assets.

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

(d) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(e) The coupon rate will be determined upon settlement of the loan after period end.

(f) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled 22,802 and 22,802, respectively.

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

$ 2,498

Other Information

The following is a summary of the inputs used, as of March 31, 2015, 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 table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Bank Loan Obligations

$ 93,295,008

$ -

$ 92,709,113

$ 585,895

Corporate Bonds

3,868,849

-

3,868,849

-

Money Market Funds

12,617,556

12,617,556

-

-

Total Investments in Securities:

$ 109,781,413

$ 12,617,556

$ 96,577,962

$ 585,895

Income Tax Information

At March 31, 2015, the cost of investment securities for income tax purposes was $111,123,745. Net unrealized depreciation aggregated $1,342,332, of which $546,658 related to appreciated investment securities and $1,888,990 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities 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.

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 see 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:
Growth Portfolio

March 31, 2015 

1.799861.111

VIPGRWT-QTLY-0515

Investments March 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%

Shares

Value

CONSUMER DISCRETIONARY - 14.2%

Automobiles - 1.6%

Harley-Davidson, Inc.

768,952

$ 46,706,144

Tesla Motors, Inc. (a)(d)

159,527

30,113,912

 

76,820,056

Distributors - 0.2%

LKQ Corp. (a)

413,100

10,558,836

Diversified Consumer Services - 1.1%

Bright Horizons Family Solutions, Inc. (a)

277,900

14,247,933

G8 Education Ltd. (d)

1,111,463

2,844,394

H&R Block, Inc.

408,760

13,108,933

Houghton Mifflin Harcourt Co. (a)

367,000

8,617,160

ServiceMaster Global Holdings, Inc.

454,400

15,336,000

 

54,154,420

Hotels, Restaurants & Leisure - 3.7%

Chipotle Mexican Grill, Inc. (a)

40,994

26,668,237

Domino's Pizza, Inc.

293,100

29,471,205

Dunkin' Brands Group, Inc.

343,695

16,346,134

Starbucks Corp.

879,073

83,248,213

Yum! Brands, Inc.

333,684

26,267,604

 

182,001,393

Household Durables - 0.7%

Harman International Industries, Inc.

138,100

18,454,303

Toll Brothers, Inc. (a)

339,400

13,351,996

 

31,806,299

Internet & Catalog Retail - 0.4%

Amazon.com, Inc. (a)

58,900

21,916,690

Leisure Products - 0.0%

NJOY, Inc. (e)

243,618

1,965,997

Media - 1.1%

Comcast Corp. Class A (special) (non-vtg.)

979,519

54,916,733

Specialty Retail - 3.7%

Five Below, Inc. (a)

335,800

11,944,406

Home Depot, Inc.

774,432

87,983,220

Lowe's Companies, Inc.

252,300

18,768,597

MarineMax, Inc. (a)

294,500

7,807,195

Ulta Salon, Cosmetics & Fragrance, Inc. (a)

370,044

55,821,137

 

182,324,555

Textiles, Apparel & Luxury Goods - 1.7%

ECLAT Textile Co. Ltd.

45,949

604,998

Kate Spade & Co. (a)

996,800

33,283,152

Michael Kors Holdings Ltd. (a)

104,200

6,851,150

NIKE, Inc. Class B

419,776

42,116,126

 

82,855,426

TOTAL CONSUMER DISCRETIONARY

699,320,405

 

Shares

Value

CONSUMER STAPLES - 7.6%

Beverages - 1.0%

Kweichow Moutai Co. Ltd.

100,700

$ 3,183,026

SABMiller PLC

462,342

24,278,669

The Coca-Cola Co.

530,038

21,493,041

 

48,954,736

Food & Staples Retailing - 0.6%

Sprouts Farmers Market LLC (a)

171,700

6,048,991

Whole Foods Market, Inc.

403,266

21,002,093

 

27,051,084

Food Products - 3.5%

Keurig Green Mountain, Inc.

1,016,937

113,622,371

Mead Johnson Nutrition Co. Class A

313,486

31,514,748

The Hershey Co.

269,044

27,149,230

 

172,286,349

Household Products - 1.6%

Procter & Gamble Co.

987,723

80,934,023

Personal Products - 0.9%

Estee Lauder Companies, Inc. Class A

167,400

13,920,984

Herbalife Ltd. (d)

711,655

30,430,368

 

44,351,352

TOTAL CONSUMER STAPLES

373,577,544

ENERGY - 1.6%

Energy Equipment & Services - 0.5%

Oceaneering International, Inc.

180,874

9,754,535

Pason Systems, Inc.

503,844

7,940,252

RigNet, Inc. (a)(d)

209,794

5,998,010

 

23,692,797

Oil, Gas & Consumable Fuels - 1.1%

Cheniere Energy, Inc. (a)

261,900

20,271,060

Emerge Energy Services LP

48,600

2,305,098

EOG Resources, Inc.

88,500

8,114,565

Golar LNG Ltd. (d)

599,017

19,935,286

Tanker Investments Ltd. (a)

107,400

1,173,231

Teekay Tankers Ltd. (d)

228,932

1,314,070

 

53,113,310

TOTAL ENERGY

76,806,107

FINANCIALS - 9.3%

Banks - 1.8%

First Republic Bank

499,800

28,533,582

HDFC Bank Ltd.

117,289

2,265,857

HDFC Bank Ltd. sponsored ADR

985,949

58,062,537

 

88,861,976

Capital Markets - 5.4%

BlackRock, Inc. Class A

117,906

43,134,731

E*TRADE Financial Corp. (a)

1,610,993

46,001,905

HFF, Inc.

49,000

1,839,460

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

Invesco Ltd.

1,048,893

$ 41,630,563

JMP Group, Inc.

240,100

2,012,038

The Blackstone Group LP

2,762,348

107,427,714

Virtus Investment Partners, Inc.

174,200

22,780,134

 

264,826,545

Consumer Finance - 0.1%

American Express Co.

100,193

7,827,077

Diversified Financial Services - 1.1%

Berkshire Hathaway, Inc. Class B (a)

93,200

13,450,624

McGraw Hill Financial, Inc.

388,613

40,182,584

 

53,633,208

Real Estate Management & Development - 0.7%

Leopalace21 Corp. (a)

320,900

1,679,812

Realogy Holdings Corp. (a)

766,301

34,851,369

 

36,531,181

Thrifts & Mortgage Finance - 0.2%

Essent Group Ltd. (a)

336,100

8,036,151

TOTAL FINANCIALS

459,716,138

HEALTH CARE - 20.2%

Biotechnology - 13.1%

Acceleron Pharma, Inc. (a)

190,300

7,242,818

Actelion Ltd.

72,344

8,382,316

Alexion Pharmaceuticals, Inc. (a)

202,281

35,055,297

Amgen, Inc.

319,600

51,088,060

Biogen, Inc. (a)

229,405

96,863,967

BioMarin Pharmaceutical, Inc. (a)

337,225

42,024,980

Celgene Corp. (a)

100,700

11,608,696

Cytokinetics, Inc. warrants 6/25/17 (a)

1,084,980

479,464

Enanta Pharmaceuticals, Inc. (a)(d)

190,113

5,821,260

Gilead Sciences, Inc. (a)

2,546,890

249,926,316

Insmed, Inc. (a)

1,332,202

27,709,802

Medivation, Inc. (a)

268,300

34,629,481

Ophthotech Corp. (a)

198,539

9,238,020

Pfenex, Inc. (a)

403,900

6,438,166

Puma Biotechnology, Inc. (a)

55,700

13,151,327

Vertex Pharmaceuticals, Inc. (a)

388,900

45,878,533

 

645,538,503

Health Care Equipment & Supplies - 0.5%

Medtronic PLC

163,700

12,766,963

Novadaq Technologies, Inc. (a)

732,100

11,889,304

 

24,656,267

Health Care Providers & Services - 0.2%

Apollo Hospitals Enterprise Ltd. (a)

483,176

10,622,714

Health Care Technology - 0.2%

Cerner Corp. (a)

136,687

10,013,690

 

Shares

Value

Life Sciences Tools & Services - 0.8%

Illumina, Inc. (a)

220,898

$ 41,007,505

Pharmaceuticals - 5.4%

Actavis PLC (a)

423,466

126,031,951

Astellas Pharma, Inc.

3,972,600

65,090,656

Perrigo Co. PLC

155,377

25,722,662

Shire PLC

502,000

40,021,005

Teva Pharmaceutical Industries Ltd. sponsored ADR

126,300

7,868,490

 

264,734,764

TOTAL HEALTH CARE

996,573,443

INDUSTRIALS - 11.9%

Aerospace & Defense - 3.4%

Textron, Inc.

694,500

30,787,185

TransDigm Group, Inc.

209,696

45,864,709

United Technologies Corp.

782,377

91,694,584

 

168,346,478

Airlines - 0.5%

Ryanair Holdings PLC sponsored ADR

349,382

23,328,236

Building Products - 1.2%

A.O. Smith Corp.

531,818

34,919,170

Caesarstone Sdot-Yam Ltd.

402,322

24,424,969

 

59,344,139

Construction & Engineering - 0.6%

Jacobs Engineering Group, Inc. (a)

586,294

26,477,037

Electrical Equipment - 0.5%

AMETEK, Inc.

333,600

17,527,344

Power Solutions International, Inc. (a)(d)

130,043

8,360,464

 

25,887,808

Industrial Conglomerates - 2.7%

Danaher Corp.

1,155,126

98,070,197

Roper Industries, Inc.

199,317

34,282,524

 

132,352,721

Machinery - 0.8%

Allison Transmission Holdings, Inc.

308,400

9,850,296

Manitowoc Co., Inc. (d)

1,091,205

23,526,380

Sarine Technologies Ltd.

2,144,000

4,265,034

Sun Hydraulics Corp.

58,700

2,427,832

 

40,069,542

Professional Services - 1.5%

Corporate Executive Board Co.

198,800

15,876,168

On Assignment, Inc. (a)

93,700

3,595,269

Resources Connection, Inc.

259,255

4,536,963

Robert Half International, Inc.

283,500

17,157,420

Verisk Analytics, Inc. (a)

269,204

19,221,166

WageWorks, Inc. (a)

235,929

12,582,094

 

72,969,080

Road & Rail - 0.6%

J.B. Hunt Transport Services, Inc.

361,408

30,862,436

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Trading Companies & Distributors - 0.1%

Summit Ascent Holdings Ltd. (a)(d)

9,214,000

$ 4,920,377

TOTAL INDUSTRIALS

584,557,854

INFORMATION TECHNOLOGY - 30.6%

Communications Equipment - 0.4%

QUALCOMM, Inc.

276,300

19,158,642

Electronic Equipment & Components - 0.8%

TE Connectivity Ltd.

557,214

39,907,667

Internet Software & Services - 11.4%

Cvent, Inc. (a)(d)

594,275

16,663,471

Facebook, Inc. Class A (a)

5,216,509

428,875,286

Google, Inc. Class A (a)

139,798

77,545,951

Textura Corp. (a)(d)

1,121,261

30,475,874

Twitter, Inc. (a)

176,200

8,824,096

 

562,384,678

IT Services - 2.1%

Cognizant Technology Solutions Corp. Class A (a)

286,900

17,899,691

Gartner, Inc. Class A (a)

277,522

23,270,220

Virtusa Corp. (a)

85,466

3,536,583

Visa, Inc. Class A

894,272

58,494,332

 

103,200,826

Semiconductors & Semiconductor Equipment - 2.9%

Cirrus Logic, Inc. (a)

126,850

4,219,031

Marvell Technology Group Ltd.

1,576,000

23,167,200

Maxim Integrated Products, Inc.

1,689,700

58,818,457

Monolithic Power Systems, Inc.

268,288

14,125,363

Qorvo, Inc. (a)

339,700

27,074,090

Skyworks Solutions, Inc.

178,800

17,574,252

 

144,978,393

Software - 6.4%

Activision Blizzard, Inc.

435,932

9,906,555

Adobe Systems, Inc. (a)

337,400

24,947,356

Computer Modelling Group Ltd.

1,091,400

10,960,963

Electronic Arts, Inc. (a)

1,162,021

68,344,265

Fleetmatics Group PLC (a)

180,700

8,104,395

Red Hat, Inc. (a)

347,400

26,315,550

salesforce.com, Inc. (a)

1,468,462

98,107,946

ServiceNow, Inc. (a)

158,800

12,510,264

SolarWinds, Inc. (a)

823,707

42,206,747

SS&C Technologies Holdings, Inc.

210,308

13,102,188

 

314,506,229

 

Shares

Value

Technology Hardware, Storage & Peripherals - 6.6%

Apple, Inc.

2,595,127

$ 322,911,653

TOTAL INFORMATION TECHNOLOGY

1,507,048,088

MATERIALS - 1.3%

Chemicals - 1.0%

Potash Corp. of Saskatchewan, Inc.

484,600

15,622,137

Sherwin-Williams Co.

107,860

30,686,170

 

46,308,307

Construction Materials - 0.3%

Eagle Materials, Inc.

52,152

4,357,821

James Hardie Industries PLC sponsored ADR

207,400

11,996,016

 

16,353,837

TOTAL MATERIALS

62,662,144

TOTAL COMMON STOCKS

(Cost $3,198,012,723)


4,760,261,723

Convertible Preferred Stocks - 0.7%

 

 

 

 

CONSUMER DISCRETIONARY - 0.2%

Household Durables - 0.2%

Blu Homes, Inc. Series A, 5.00% (a)(e)

1,049,416

8,353,351

INFORMATION TECHNOLOGY - 0.5%

Internet Software & Services - 0.4%

Uber Technologies, Inc. Series D, 8.00% (e)

636,240

21,197,990

IT Services - 0.1%

AppNexus, Inc. Series E (e)

181,657

5,193,574

TOTAL INFORMATION TECHNOLOGY

26,391,564

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $18,357,314)


34,744,915

Money Market Funds - 3.9%

Shares

Value

Fidelity Cash Central Fund, 0.14% (b)

129,659,456

$ 129,659,456

Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c)

63,872,850

63,872,850

TOTAL MONEY MARKET FUNDS

(Cost $193,532,306)


193,532,306

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $3,409,902,343)



4,988,538,944

NET OTHER ASSETS (LIABILITIES) - (1.3)%

(62,445,145)

NET ASSETS - 100%

$ 4,926,093,799

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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.

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

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $36,710,912 or 0.7% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost

AppNexus, Inc. Series E

8/1/14

$ 3,638,989

Blu Homes, Inc. Series A, 5.00%

6/21/13

$ 4,848,302

NJOY, Inc.

9/11/13

$ 1,968,433

Uber Technologies, Inc. Series D, 8.00%

6/6/14

$ 9,870,023

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

$ 73,426

Fidelity Securities Lending Cash Central Fund

299,565

Total

$ 372,991

Other Information

The following is a summary of the inputs used, as of March 31, 2015, 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 table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 707,673,756

$ 697,354,408

$ -

$ 10,319,348

Consumer Staples

373,577,544

373,577,544

-

-

Energy

76,806,107

76,806,107

-

-

Financials

459,716,138

455,770,469

3,945,669

-

Health Care

996,573,443

890,982,318

105,591,125

-

Industrials

584,557,854

584,557,854

-

-

Information Technology

1,533,439,652

1,507,048,088

-

26,391,564

Materials

62,662,144

62,662,144

-

-

Money Market Funds

193,532,306

193,532,306

-

-

Total Investments in Securities:

$ 4,988,538,944

$ 4,842,291,238

$ 109,536,794

$ 36,710,912

Income Tax Information

At March 31, 2015, the cost of investment securities for income tax purposes was $3,415,371,692. Net unrealized appreciation aggregated $1,573,167,252, of which $1,634,134,711 related to appreciated investment securities and $60,967,459 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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 a third party pricing vendor 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 market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see 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'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

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

June 1, 2015

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/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

June 1, 2015

By:

/s/Howard J. Galligan III

 

Howard J. Galligan III

 

Chief Financial Officer

 

 

Date:

June 1, 2015