N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811- 3329

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	December 31

Date of reporting period:	September 30, 2004

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Equity-Income Portfolio

September 30, 2004

1.808778.100

VIPEI-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
CONSUMER DISCRETIONARY - 9.7%
Auto Components - 0.1%
TRW Automotive Holdings Corp.	611,370		$ 11,524,325
Automobiles - 0.4%
DaimlerChrysler AG	148,600		6,155,012
Toyota Motor Corp. ADR	475,900		36,349,242
			42,504,254
Hotels, Restaurants & Leisure - 1.4%
Caesars Entertainment, Inc. (a)	2,672,000		44,622,400
McDonald's Corp.	2,561,300		71,793,239
MGM MIRAGE (a)	446,670		22,177,166
Six Flags, Inc. (a)	750,656		4,083,569
			142,676,374
Household Durables - 0.9%
LG Electronics, Inc.	237,410		13,648,748
Maytag Corp.	1,346,320		24,731,898
Newell Rubbermaid, Inc.	1,763,100		35,332,524
Sony Corp. sponsored ADR	587,200		20,193,808
			93,906,978
Media - 5.4%
Clear Channel Communications, Inc.	2,716,100		84,660,837
Comcast Corp. Class A (a)	2,852,091		80,543,050
Liberty Media Corp. Class A (a)	3,912,376		34,115,919
Liberty Media International, Inc. Class A (a)	606,499		20,234,020
The Reader's Digest Association, Inc. (non-vtg.)	1,243,903		18,148,545
Time Warner, Inc. (a)	7,114,850		114,833,679
Viacom, Inc. Class B (non-vtg.)	3,809,318		127,840,712
Vivendi Universal SA sponsored ADR (a)	904,300		23,267,639
Walt Disney Co.	2,763,400		62,314,670
			565,959,071
Multiline Retail - 0.4%
Big Lots, Inc. (a)	1,749,656		21,398,296
Sears, Roebuck & Co.	452,700		18,040,095
			39,438,391
Specialty Retail - 0.9%
Abercrombie & Fitch Co. Class A	924,900		29,134,350
Gap, Inc.	1,267,900		23,709,730
Limited Brands, Inc.	904,300		20,156,847
Office Depot, Inc. (a)	182,500		2,742,975
Toys 'R' Us, Inc. (a)	1,295,900		22,989,266
			98,733,168
Textiles Apparel & Luxury Goods - 0.2%
Liz Claiborne, Inc.	632,940		23,874,497
TOTAL CONSUMER DISCRETIONARY		1,018,617,058

	Shares		Value
CONSUMER STAPLES - 5.7%
Beverages - 0.4%
Anheuser-Busch Companies, Inc.	844,800		$ 42,197,760
Food & Staples Retailing - 1.0%
Albertsons, Inc.	720,600		17,243,958
CVS Corp.	1,310,500		55,211,365
Wal-Mart Stores, Inc.	645,900		34,361,880
			106,817,203
Food Products - 0.9%
Campbell Soup Co.	279,200		7,340,168
H.J. Heinz Co.	281,120		10,125,942
Kellogg Co.	194,900		8,314,434
Kraft Foods, Inc. Class A	943,100		29,915,132
Unilever PLC sponsored ADR	1,141,000		37,675,820
			93,371,496
Household Products - 1.9%
Colgate-Palmolive Co.	1,860,800		84,070,944
Kimberly-Clark Corp.	1,169,800		75,557,382
Procter & Gamble Co.	710,400		38,446,848
			198,075,174
Personal Products - 0.8%
Gillette Co.	1,999,320		83,451,617
Tobacco - 0.7%
Altria Group, Inc.	1,562,800		73,514,112
TOTAL CONSUMER STAPLES			597,427,362
ENERGY - 11.8%
Energy Equipment & Services - 2.8%
Baker Hughes, Inc.	1,417,400		61,968,728
BJ Services Co.	570,145		29,881,299
Halliburton Co.	708,200		23,859,258
Noble Corp. (a)	882,200		39,654,890
Schlumberger Ltd. (NY Shares)	1,956,600		131,698,746
			287,062,921
Oil & Gas - 9.0%
Apache Corp.	647,780		32,460,256
BP PLC sponsored ADR	2,459,842		141,514,710
ChevronTexaco Corp.	2,540,142		136,253,217
Exxon Mobil Corp.	6,961,736		336,460,695
Royal Dutch Petroleum Co. (NY Shares)	882,000		45,511,200
Total SA:
Series B	391,400		79,978,676
sponsored ADR	1,652,996		168,886,601
			941,065,355
TOTAL ENERGY		1,228,128,276
FINANCIALS - 29.5%
Capital Markets - 4.5%
Bank of New York Co., Inc.	3,223,100		94,017,827
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Charles Schwab Corp.	6,391,400		$ 58,736,966
Credit Suisse Group sponsored ADR	735,200		23,482,288
Janus Capital Group, Inc.	2,332,400		31,743,964
LaBranche & Co., Inc. (a)	517,900		4,376,255
Mellon Financial Corp.	1,716,500		47,529,885
Merrill Lynch & Co., Inc.	1,674,300		83,246,196
Morgan Stanley	2,026,000		99,881,800
Nomura Holdings, Inc.	1,853,000		23,922,229
			466,937,410
Commercial Banks - 7.6%
Bank of America Corp.	7,660,166		331,914,993
Comerica, Inc.	730,200		43,337,370
Huntington Bancshares, Inc.	286,200		7,129,242
Lloyds TSB Group PLC	2,282,400		17,846,076
Royal Bank of Scotland Group PLC	625,547		18,091,018
State Bank of India	463,175		5,085,800
Sumitomo Mitsui Financial Group, Inc.	4,736		27,118,199
U.S. Bancorp, Delaware	2,524,338		72,953,368
Wachovia Corp.	2,911,175		136,679,666
Wells Fargo & Co.	2,243,800		133,797,794
			793,953,526
Consumer Finance - 1.4%
American Express Co.	1,687,496		86,838,544
MBNA Corp.	1,456,400		36,701,280
MoneyGram International, Inc.	1,061,700		18,133,836
			141,673,660
Diversified Financial Services - 5.8%
CIT Group, Inc.	1,098,400		41,069,176
Citigroup, Inc.	6,362,619		280,718,750
J.P. Morgan Chase & Co.	7,168,412		284,801,015
			606,588,941
Insurance - 7.4%
ACE Ltd.	2,064,315		82,696,459
Allianz AG sponsored ADR	567,200		5,706,032
Allstate Corp.	2,118,200		101,652,418
American International Group, Inc.	3,885,650		264,185,344
Assurant, Inc.	274,700		7,142,200
Conseco, Inc. (a)	753,700		13,310,342
Fondiaria-Sai Spa	541,144		12,227,805
Genworth Financial, Inc. Class A	1,174,000		27,354,200
Hartford Financial Services Group, Inc.	1,104,500		68,401,685
Marsh & McLennan Companies, Inc.	408,800		18,706,688
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	123,914		11,951,953
Old Republic International Corp.	530,996		13,290,830
St. Paul Travelers Companies, Inc.	2,542,926		84,069,134
The Chubb Corp.	558,300		39,237,324

	Shares		Value
UnumProvident Corp.	215,300		$ 3,378,057
XL Capital Ltd. Class A	323,000		23,898,770
			777,209,241
Real Estate - 0.1%
CarrAmerica Realty Corp.	193,740		6,335,298
Reckson Associates Realty Corp.	193,400		5,560,250
			11,895,548
Thrifts & Mortgage Finance - 2.7%
Fannie Mae	2,867,800		181,818,520
Freddie Mac	717,900		46,835,796
Housing Development Finance Corp. Ltd.	1,133,500		15,099,350
MGIC Investment Corp.	195,900		13,037,145
Sovereign Bancorp, Inc.	1,118,850		24,413,307
			281,204,118
TOTAL FINANCIALS		3,079,462,444
HEALTH CARE - 7.8%
Health Care Equipment & Supplies - 1.3%
Baxter International, Inc.	3,124,600		100,487,136
PerkinElmer, Inc.	544,200		9,371,124
Thermo Electron Corp. (a)	1,089,200		29,430,184
			139,288,444
Health Care Providers & Services - 1.1%
Cardinal Health, Inc.	621,800		27,216,186
HCA, Inc.	333,500		12,723,025
McKesson Corp.	1,138,600		29,205,090
Tenet Healthcare Corp. (a)	2,188,900		23,618,231
UnitedHealth Group, Inc.	334,200		24,643,908
			117,406,440
Pharmaceuticals - 5.4%
Abbott Laboratories	857,000		36,302,520
Bristol-Myers Squibb Co.	2,517,500		59,589,225
GlaxoSmithKline PLC sponsored ADR	430,600		18,830,138
Johnson & Johnson	2,115,200		119,149,216
Merck & Co., Inc.	2,851,900		94,112,700
Pfizer, Inc.	3,579,000		109,517,400
Schering-Plough Corp.	3,703,130		70,581,658
Wyeth	1,436,600		53,728,840
			561,811,697
TOTAL HEALTH CARE			818,506,581
INDUSTRIALS - 12.2%
Aerospace & Defense - 3.8%
Bombardier, Inc. Class B (sub. vtg.)	4,748,100		10,950,641
EADS NV	1,540,015		40,850,419
Honeywell International, Inc.	3,030,825		108,685,385
Lockheed Martin Corp.	1,439,400		80,289,732
Northrop Grumman Corp.	903,000		48,156,990
Raytheon Co.	826,278		31,382,038
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Aerospace & Defense - continued
The Boeing Co.	912,900		$ 47,123,898
United Technologies Corp.	379,520		35,439,578
			402,878,681
Air Freight & Logistics - 0.1%
Ryder System, Inc.	296,300		13,937,952
Airlines - 0.2%
Southwest Airlines Co.	1,270,300		17,301,486
Commercial Services & Supplies - 0.3%
Waste Management, Inc.	1,286,100		35,161,974
Construction & Engineering - 0.2%
Fluor Corp.	368,900		16,423,428
Electrical Equipment - 0.3%
Emerson Electric Co.	550,200		34,051,878
Industrial Conglomerates - 3.7%
3M Co.	342,400		27,381,728
General Electric Co.	3,974,340		133,458,337
Hutchison Whampoa Ltd.	2,602,000		20,356,282
Siemens AG sponsored ADR	248,700		18,329,190
Textron, Inc.	853,600		54,860,872
Tyco International Ltd.	4,230,746		129,714,672
			384,101,081
Machinery - 2.6%
Caterpillar, Inc.	530,500		42,678,725
Deere & Co.	193,250		12,474,288
Dover Corp.	850,600		33,062,822
Eaton Corp.	235,200		14,914,032
Illinois Tool Works, Inc.	210,000		19,565,700
Ingersoll-Rand Co. Ltd. Class A	1,065,344		72,411,432
Navistar International Corp. (a)	508,495		18,910,929
Parker Hannifin Corp.	245,400		14,444,244
SPX Corp.	1,142,600		40,448,040
			268,910,212
Road & Rail - 1.0%
Burlington Northern Santa Fe Corp.	1,371,300		52,534,503
Union Pacific Corp.	807,900		47,342,940
			99,877,443
TOTAL INDUSTRIALS		1,272,644,135
INFORMATION TECHNOLOGY - 5.6%
Communications Equipment - 0.7%
Lucent Technologies, Inc. (a)	4,816,600		15,268,622
Motorola, Inc.	2,422,900		43,709,116
Nokia Corp. sponsored ADR	1,182,000		16,217,040
			75,194,778

	Shares		Value
Computers & Peripherals - 1.7%
Hewlett-Packard Co.	4,681,211		$ 87,772,706
International Business Machines Corp.	640,900		54,950,766
Storage Technology Corp. (a)	710,110		17,937,379
Sun Microsystems, Inc. (a)	3,998,675		16,154,647
			176,815,498
Electronic Equipment & Instruments - 0.7%
Arrow Electronics, Inc. (a)	729,200		16,465,336
Avnet, Inc. (a)	1,557,930		26,671,762
Solectron Corp. (a)	5,530,200		27,374,490
			70,511,588
IT Services - 0.1%
Ceridian Corp. (a)	780,800		14,374,528
Office Electronics - 0.3%
Xerox Corp. (a)	1,881,900		26,497,152
Semiconductors & Semiconductor Equipment - 1.1%
Analog Devices, Inc.	430,500		16,694,790
Intel Corp.	2,085,300		41,831,118
Micron Technology, Inc. (a)	1,866,200		22,450,386
Rohm Co. Ltd.	148,300		14,934,460
Samsung Electronics Co. Ltd.	60,310		23,987,811
Teradyne, Inc. (a)	10,700		143,380
			120,041,945
Software - 1.0%
Microsoft Corp.	3,735,200		103,278,280
TOTAL INFORMATION TECHNOLOGY			586,713,769
MATERIALS - 6.9%
Chemicals - 2.8%
Arch Chemicals, Inc.	475,400		13,572,670
Dow Chemical Co.	2,198,300		99,319,194
Eastman Chemical Co.	476,800		22,671,840
Ferro Corp.	429,800		9,373,938
Great Lakes Chemical Corp.	650,500		16,652,800
Hercules Trust II unit	15,700		13,104,005
Lubrizol Corp.	214,800		7,432,080
Lyondell Chemical Co.	1,389,900		31,217,154
Millennium Chemicals, Inc. (a)	929,150		19,707,272
Olin Corp.	828,000		16,560,000
PolyOne Corp. (a)	1,239,100		9,318,032
Praxair, Inc.	817,024		34,919,606
			293,848,591
Containers & Packaging - 0.5%
Smurfit-Stone Container Corp. (a)	2,515,872		48,732,441
Metals & Mining - 2.2%
Alcan, Inc.	955,100		45,796,354
Alcoa, Inc.	2,850,716		95,755,550
Freeport-McMoRan Copper & Gold, Inc. Class B	820,704		33,238,512
Phelps Dodge Corp.	590,200		54,316,106
			229,106,522
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Paper & Forest Products - 1.4%
Bowater, Inc.	391,300		$ 14,943,747
Georgia-Pacific Corp.	1,353,201		48,647,576
International Paper Co.	710,500		28,711,305
Weyerhaeuser Co.	876,100		58,243,128
			150,545,756
TOTAL MATERIALS			722,233,310
TELECOMMUNICATION SERVICES - 5.3%
Diversified Telecommunication Services - 5.2%
BellSouth Corp.	5,303,299		143,825,469
Level 3 Communications, Inc. (a)	645,400		1,671,586
Qwest Communications International, Inc. (a)	3,097,400		10,314,342
SBC Communications, Inc.	7,214,493		187,216,093
Sprint Corp.	1,161,600		23,383,008
Verizon Communications, Inc.	4,370,102		172,094,617
			538,505,115
Wireless Telecommunication Services - 0.1%
KDDI Corp.	3,028		14,723,744
TOTAL TELECOMMUNICATION SERVICES			553,228,859
UTILITIES - 2.9%
Electric Utilities - 1.6%
Entergy Corp.	796,700		48,287,987
FirstEnergy Corp.	622,200		25,559,976
PG&E Corp. (a)	403,800		12,275,520
TXU Corp.	838,420		40,177,086
Wisconsin Energy Corp.	1,414,600		45,125,740
			171,426,309
Multi-Utilities & Unregulated Power - 1.3%
Dominion Resources, Inc.	1,305,300		85,170,825
Public Service Enterprise Group, Inc.	861,200		36,687,120
SCANA Corp.	331,100		12,363,274
			134,221,219
TOTAL UTILITIES			305,647,528
TOTAL COMMON STOCKS (Cost $8,275,263,236)		10,182,609,322
Convertible Preferred Stocks - 1.4%
	Shares		Value
CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.1%
General Motors Corp.:
Series B, 5.25%	412,200		$ 9,835,092
Series C, 6.25%	253,100		7,104,517
			16,939,609
Hotels, Restaurants & Leisure - 0.1%
Six Flags, Inc. 7.25% PIERS	388,400		8,059,300
TOTAL CONSUMER DISCRETIONARY			24,998,909
FINANCIALS - 0.5%
Capital Markets - 0.0%
State Street Corp. 6.75% (a)	24,900		4,940,484
Consumer Finance - 0.2%
Ford Motor Co. Capital Trust II 6.50%	461,500		24,205,214
Insurance - 0.3%
Conseco, Inc. Series B, 5.50%	143,400		3,510,432
The Chubb Corp.:
7.00%	167,700		4,696,439
Series B, 7.00%	120,100		3,398,830
Travelers Property Casualty Corp. 4.50% (a)	240,200		5,392,490
XL Capital Ltd. 6.50%	401,800		9,914,415
			26,912,606
TOTAL FINANCIALS			56,058,304
HEALTH CARE - 0.2%
Health Care Equipment & Supplies - 0.1%
Baxter International, Inc. 7.00%	156,900		8,447,496
Pharmaceuticals - 0.1%
Schering-Plough Corp. 6.00%	187,400		9,902,591
TOTAL HEALTH CARE			18,350,087
INFORMATION TECHNOLOGY - 0.4%
Communications Equipment - 0.2%
Motorola, Inc. 7.00%	399,700		19,665,240
Office Electronics - 0.2%
Xerox Corp. Series C, 6.25%	145,650		18,243,391
TOTAL INFORMATION TECHNOLOGY			37,908,631
UTILITIES - 0.1%
Electric Utilities - 0.1%
TXU Corp. 8.75% (a)	226,400		11,843,663
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $146,627,376)		149,159,594

Corporate Bonds - 0.5%
		Principal Amount		Value
Convertible Bonds - 0.5%
CONSUMER DISCRETIONARY - 0.4%
Hotels, Restaurants & Leisure - 0.1%
Royal Caribbean Cruises Ltd. liquid yield option note 0% 2/2/21	$ 11,239,000			$ 5,928,573
Media - 0.2%
Liberty Media Corp.3.5% 1/15/31 (d)		11,400,000		10,416,750
News America, Inc. liquid yield option note 0% 2/28/21 (d)		22,670,000		13,063,588
				23,480,338
Specialty Retail - 0.1%
Gap, Inc. 5.75% 3/15/09		8,590,000		10,502,993
TOTAL CONSUMER DISCRETIONARY				39,911,904
FINANCIALS - 0.1%
Diversified Financial Services - 0.1%
Navistar Financial Corp. 4.75% 4/1/09 (d)		2,760,000		2,732,400
Tyco International Group SA yankee 3.125% 1/15/23		5,220,000		7,803,378
				10,535,778
Insurance - 0.0%
Loews Corp. 3.125% 9/15/07		5,340,000		5,233,200
TOTAL FINANCIALS				15,768,978
INFORMATION TECHNOLOGY - 0.0%
Electronic Equipment & Instruments - 0.0%
Celestica, Inc. liquid yield option note 0% 8/1/20		620,000		342,550
TOTAL CONVERTIBLE BONDS				56,023,432
Nonconvertible Bonds - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Media - 0.0%
XM Satellite Radio, Inc. 12% 6/15/10		60,000		69,600
TOTAL CORPORATE BONDS (Cost $57,591,529)			56,093,032

Money Market Funds - 0.6%
	Shares		Value
Fidelity Cash Central Fund, 1.74% (b)	52,939,045		$ 52,939,045
Fidelity Securities Lending Cash Central Fund, 1.71% (b)(c)	8,943,550	8,943,550
TOTAL MONEY MARKET FUNDS (Cost $61,882,595)		61,882,595

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $8,541,364,736)

10,449,744,543

NET OTHER ASSETS - 0.1%		8,459,358
NET ASSETS - 100%		$ 10,458,203,901

Security Type Abbreviation

PIERS - Preferred Income Equity Redeemable Securities

Legend

(a) Non-income producing

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

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $26,212,738 or 0.3% of net assets.

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $8,553,949,988. Net unrealized appreciation aggregated $1,895,794,555, of which $2,589,685,378 related to appreciated investment securities and $693,890,823 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please call Fidelity at 1-800-221-5207 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Growth Portfolio

September 30, 2004

1.808779.100

VIPGRWT-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
CONSUMER DISCRETIONARY - 10.9%
Automobiles - 0.1%
Harley-Davidson, Inc.	154,900		$ 9,207,256
Hotels, Restaurants & Leisure - 1.1%
Hilton Group PLC	1,860,741		9,331,334
McDonald's Corp.	1,433,200		40,172,596
Rank Group PLC	2,796,306		14,162,394
Starbucks Corp. (a)	868,700		39,491,102
			103,157,426
Internet & Catalog Retail - 1.2%
eBay, Inc. (a)	916,800		84,290,592
IAC/InterActiveCorp (a)	1,520,784		33,487,664
			117,778,256
Media - 3.5%
E.W. Scripps Co. Class A	839,400		40,106,532
Fox Entertainment Group, Inc. Class A (a)	1,889,900		52,425,826
Lamar Advertising Co. Class A (a)	1,208,100		50,269,041
News Corp. Ltd.:
ADR	574,500		18,883,815
sponsored ADR	328,861		10,303,215
Pixar (a)	318,655		25,141,880
SBS Broadcasting SA (a)	195,400		6,577,164
The DIRECTV Group, Inc. (a)	1,023,300		17,999,847
Univision Communications, Inc. Class A (a)	1,418,400		44,835,624
Viacom, Inc. Class B (non-vtg.)	578,830		19,425,535
Walt Disney Co.	2,173,400		49,010,170
			334,978,649
Multiline Retail - 1.3%
Dollar Tree Stores, Inc. (a)	718,000		19,350,100
Family Dollar Stores, Inc.	697,900		18,913,090
Fred's, Inc. Class A	516,444		9,275,334
Kohl's Corp. (a)	295,000		14,216,050
Nordstrom, Inc.	728,500		27,857,840
Saks, Inc.	2,822,700		34,013,535
			123,625,949
Specialty Retail - 3.3%
Best Buy Co., Inc.	547,800		29,712,672
Circuit City Stores, Inc.	997,800		15,306,252
Foot Locker, Inc.	471,480		11,174,076
Home Depot, Inc.	4,709,100		184,596,720
Staples, Inc.	1,547,900		46,158,378
Weight Watchers International, Inc. (a)	856,000		33,229,920
			320,178,018
Textiles Apparel & Luxury Goods - 0.4%
NIKE, Inc. Class B	457,400		36,043,120
TOTAL CONSUMER DISCRETIONARY		1,044,968,674

	Shares		Value
CONSUMER STAPLES - 6.9%
Beverages - 1.8%
PepsiCo, Inc.	2,869,200	$ 139,586,580
The Coca-Cola Co.	728,600		29,180,430
			168,767,010
Food & Staples Retailing - 2.8%
Wal-Mart Stores, Inc.	4,394,600		233,792,720
Walgreen Co.	883,400		31,652,222
			265,444,942
Food Products - 0.1%
Bunge Ltd.	266,500		10,654,670
Household Products - 1.5%
Procter & Gamble Co.	2,647,020		143,256,722
Personal Products - 0.7%
Estee Lauder Companies, Inc. Class A	214,500		8,966,100
Gillette Co.	1,436,300		59,951,162
			68,917,262
TOTAL CONSUMER STAPLES			657,040,606
ENERGY - 6.0%
Energy Equipment & Services - 6.0%
Baker Hughes, Inc.	1,880,770		82,227,264
BJ Services Co.	332,860		17,445,193
Cooper Cameron Corp. (a)	568,800		31,192,992
ENSCO International, Inc.	743,600		24,293,412
Global Industries Ltd. (a)	773,065		4,777,542
Grant Prideco, Inc. (a)	526,300		10,783,887
Halliburton Co.	2,888,600		97,316,934
National-Oilwell, Inc. (a)	1,114,600		36,625,756
Rowan Companies, Inc. (a)	968,808		25,576,531
Schlumberger Ltd. (NY Shares)	1,572,300		105,831,513
Smith International, Inc. (a)	452,400		27,474,252
Transocean, Inc. (a)	986,600		35,300,548
Varco International, Inc. (a)	1,266,100		33,956,802
Weatherford International Ltd. (a)	756,940		38,619,079
			571,421,705
FINANCIALS - 10.8%
Capital Markets - 1.5%
Ameritrade Holding Corp. (a)	1,604,600		19,271,246
Charles Schwab Corp.	1,016,400		9,340,716
E*TRADE Financial Corp. (a)	3,214,700		36,711,874
Goldman Sachs Group, Inc.	507,400		47,309,976
Morgan Stanley	242,600		11,960,180
Nomura Holdings, Inc.	1,782,000		23,005,619
			147,599,611
Commercial Banks - 1.1%
Bank of America Corp.	1,562,000		67,681,460
UCBH Holdings, Inc.	965,900		37,737,713
			105,419,173
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Consumer Finance - 2.9%
American Express Co.	2,944,400	$ 151,518,824
Capital One Financial Corp.	720,900		53,274,510
MBNA Corp.	2,807,930		70,759,836
			275,553,170
Diversified Financial Services - 1.2%
Citigroup, Inc.	1,294,410		57,109,369
J.P. Morgan Chase & Co.	1,325,266		52,652,818
			109,762,187
Insurance - 2.6%
AFLAC, Inc.	1,260,720		49,432,831
American International Group, Inc.	2,536,466		172,454,323
XL Capital Ltd. Class A	346,600		25,644,934
			247,532,088
Thrifts & Mortgage Finance - 1.5%
Fannie Mae	1,488,600		94,377,240
Freddie Mac	614,100		40,063,884
New York Community Bancorp, Inc.	447,500		9,191,650
			143,632,774
TOTAL FINANCIALS		1,029,499,003
HEALTH CARE - 23.5%
Biotechnology - 4.1%
Biogen Idec, Inc. (a)	645,000		39,454,650
Cephalon, Inc. (a)	992,900		47,559,910
CSL Ltd.	864,732		17,874,823
Eyetech Pharmaceuticals, Inc.	480,500		16,332,195
Genentech, Inc. (a)	1,863,700		97,695,154
Genzyme Corp. - General Division (a)	375,900		20,452,719
ImClone Systems, Inc. (a)	697,300		36,852,305
MedImmune, Inc. (a)	793,400		18,803,580
Millennium Pharmaceuticals, Inc. (a)	2,608,956		35,768,787
ONYX Pharmaceuticals, Inc. (a)	485,100		20,864,151
QLT, Inc. (a)	393,000		6,506,653
Tanox, Inc. (a)	1,042,600		17,588,662
Telik, Inc. (a)	459,400		10,244,620
			385,998,209
Health Care Equipment & Supplies - 6.5%
Alcon, Inc.	979,100		78,523,820
Bausch & Lomb, Inc.	383,000		25,450,350
Baxter International, Inc.	2,321,100		74,646,576
Becton, Dickinson & Co.	1,006,000		52,010,200
C.R. Bard, Inc.	366,400		20,749,232
Dade Behring Holdings, Inc. (a)	477,400		26,599,773
Guidant Corp.	501,400		33,112,456
IDEXX Laboratories, Inc. (a)	212,400		10,777,176
Medtronic, Inc.	2,376,200		123,324,780

	Shares		Value
Ocular Sciences, Inc. (a)	245,200		$ 11,762,244
Respironics, Inc. (a)	42,975		2,296,584
St. Jude Medical, Inc. (a)	1,132,600		85,250,802
Thermo Electron Corp. (a)	1,124,600		30,386,692
Waters Corp. (a)	1,076,200		47,460,420
			622,351,105
Health Care Providers & Services - 0.6%
UnitedHealth Group, Inc.	754,900		55,666,326
Pharmaceuticals - 12.3%
Abbott Laboratories	2,111,300		89,434,668
Allergan, Inc.	393,450		28,544,798
Barr Pharmaceuticals, Inc. (a)	1,791,425		74,218,738
Elan Corp. PLC sponsored ADR (a)	1,140,500		26,687,700
Eli Lilly & Co.	894,970		53,742,949
Johnson & Johnson	3,282,320		184,893,086
Merck & Co., Inc.	972,160		32,081,280
Pfizer, Inc.	14,398,725		440,600,986
Roche Holding AG (participation certificate)	307,139		31,822,763
Schering-Plough Corp.	6,156,400		117,340,984
Wyeth	2,628,100		98,290,940
		1,177,658,892
TOTAL HEALTH CARE		2,241,674,532
INDUSTRIALS - 8.2%
Aerospace & Defense - 3.6%
Bombardier, Inc. Class B (sub. vtg.)	8,244,400		19,014,229
EADS NV	1,697,000		45,014,602
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	1,492,210		39,394,344
General Dynamics Corp.	353,400		36,082,140
Goodrich Corp.	1,143,580		35,862,669
Honeywell International, Inc.	310,300		11,127,358
Lockheed Martin Corp.	1,078,120		60,137,534
Precision Castparts Corp.	609,400		36,594,470
The Boeing Co.	1,252,100		64,633,402
			347,860,748
Commercial Services & Supplies - 0.7%
Apollo Group, Inc. Class A (a)	362,900		26,625,973
Herman Miller, Inc.	429,700		10,592,105
Robert Half International, Inc.	1,097,200		28,274,844
			65,492,922
Industrial Conglomerates - 3.7%
3M Co.	1,340,700		107,215,779
General Electric Co.	5,173,240		173,717,399
Siemens AG sponsored ADR	428,300		31,565,710
Tyco International Ltd.	1,217,100		37,316,286
			349,815,174
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - 0.2%
Joy Global, Inc.	533,951		$ 18,357,235
TOTAL INDUSTRIALS			781,526,079
INFORMATION TECHNOLOGY - 32.3%
Communications Equipment - 8.7%
Alvarion Ltd. (a)	1,201,200		15,543,528
Andrew Corp. (a)	1,452,900		17,783,496
Avaya, Inc. (a)	1,974,898		27,530,078
Cisco Systems, Inc. (a)	13,523,620		244,777,522
Corning, Inc. (a)	1,712,400		18,973,392
Extreme Networks, Inc. (a)	2,039,100		9,073,995
F5 Networks, Inc. (a)	368,600		11,227,556
Foundry Networks, Inc. (a)	2,192,300		20,804,927
Harris Corp.	1,347,000		74,004,180
Juniper Networks, Inc. (a)	2,191,900		51,728,840
Motorola, Inc.	5,327,350		96,105,394
QUALCOMM, Inc.	4,393,800		171,533,952
Research in Motion Ltd. (a)	165,600		12,644,267
Scientific-Atlanta, Inc.	1,027,200		26,625,024
Telefonaktiebolaget LM Ericsson ADR (a)	1,048,400		32,752,016
			831,108,167
Computers & Peripherals - 6.7%
Brocade Communications Systems, Inc. (a)	6,965,100		39,352,815
Dell, Inc. (a)	5,915,500		210,591,800
Diebold, Inc.	20,700		966,690
EMC Corp. (a)	5,654,700		65,255,238
Emulex Corp. (a)	443,800		5,112,576
International Business Machines Corp.	1,897,370		162,680,504
Lexmark International, Inc. Class A (a)	419,400		35,233,794
Network Appliance, Inc. (a)	2,095,890		48,205,470
QLogic Corp. (a)	396,500		11,740,365
Quanta Computer, Inc.	17,007,137		29,288,122
Sun Microsystems, Inc. (a)	6,418,259		25,929,766
UNOVA, Inc. (a)	680,300		9,558,215
			643,915,355
Electronic Equipment & Instruments - 1.8%
Amphenol Corp. Class A (a)	585,382		20,055,187
Arrow Electronics, Inc. (a)	846,300		19,109,454
Flextronics International Ltd. (a)	1,946,000		25,784,500
Hon Hai Precision Industries Co. Ltd.	6,438,842		22,176,759
Mettler-Toledo International, Inc. (a)	334,300		15,785,646
Molex, Inc.	703,200		20,969,424
National Instruments Corp.	996,529		30,164,933
Solectron Corp. (a)	4,272,300		21,147,885
			175,193,788
Internet Software & Services - 0.6%
Yahoo!, Inc. (a)	1,672,532		56,715,560

	Shares		Value
IT Services - 1.3%
BearingPoint, Inc. (a)	3,072,021		$ 27,463,868
First Data Corp.	2,095,000		91,132,500
			118,596,368
Office Electronics - 0.1%
Zebra Technologies Corp. Class A (a)	116,850		7,129,019
Semiconductors & Semiconductor Equipment - 7.5%
Agere Systems, Inc.:
Class A (a)	8,448,145		8,870,552
Class B (a)	6,893,509		7,031,379
Altera Corp. (a)	2,183,000		42,721,310
Analog Devices, Inc.	1,408,900		54,637,142
ASML Holding NV (NY Shares) (a)	2,542,776		32,725,527
Broadcom Corp. Class A (a)	1,015,000		27,699,350
Fairchild Semiconductor International, Inc. (a)	1,525,200		21,612,084
Freescale Semiconductor, Inc. Class A	3,041,300		43,490,590
Integrated Circuit Systems, Inc. (a)	1,552,759		33,384,319
Intel Corp.	2,979,100		59,760,746
International Rectifier Corp. (a)	299,200		10,262,560
Intersil Corp. Class A	2,966,736		47,260,104
KLA-Tencor Corp. (a)	1,023,300		42,446,484
Lam Research Corp. (a)	1,051,700		23,011,196
Linear Technology Corp.	391,200		14,177,088
LSI Logic Corp. (a)	2,020,400		8,707,924
Marvell Technology Group Ltd. (a)	24,300		634,959
Maxim Integrated Products, Inc.	334,600		14,150,234
MediaTek, Inc.	2,656,000		17,826,553
Microchip Technology, Inc.	672,900		18,060,636
ON Semiconductor Corp. (a)	3,045,700		9,533,041
PMC-Sierra, Inc. (a)	2,878,200		25,356,942
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	5,511,174		39,349,782
Teradyne, Inc. (a)	1,264,000		16,937,600
Texas Instruments, Inc.	1,442,650		30,699,592
Tokyo Electron Ltd.	377,300		18,414,914
United Microelectronics Corp. sponsored ADR (a)	3,433,520		11,605,298
Xilinx, Inc.	1,438,000		38,826,000
			719,193,906
Software - 5.6%
Adobe Systems, Inc.	431,267		21,334,778
Cadence Design Systems, Inc. (a)	3,260,000		42,510,400
Microsoft Corp.	8,724,550		241,233,808
Novell, Inc. (a)	4,444,826		28,046,852
Oracle Corp. (a)	6,803,591		76,744,506
Red Hat, Inc. (a)	719,500		8,806,680
SAP AG sponsored ADR	1,256,600		48,944,570
Symantec Corp. (a)	353,688		19,410,397
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Take-Two Interactive Software, Inc. (a)	1,109,100		$ 36,433,935
VERITAS Software Corp. (a)	537,576		9,568,853
			533,034,779
TOTAL INFORMATION TECHNOLOGY		3,084,886,942
MATERIALS - 0.5%
Containers & Packaging - 0.1%
Smurfit-Stone Container Corp. (a)	540,449		10,468,497
Metals & Mining - 0.4%
Arch Coal, Inc.	374,500		13,291,005
CONSOL Energy, Inc.	197,500		6,890,775
Massey Energy Co.	676,800		19,579,824
			39,761,604
TOTAL MATERIALS			50,230,101
TELECOMMUNICATION SERVICES - 0.5%
Wireless Telecommunication Services - 0.5%
Nextel Communications, Inc. Class A (a)	2,017,200		48,090,048
TOTAL COMMON STOCKS (Cost $8,021,736,889)		9,509,337,690
Preferred Stocks - 0.0%

Convertible Preferred Stocks - 0.0%
INFORMATION TECHNOLOGY - 0.0%
Communications Equipment - 0.0%
Chorum Technologies, Inc. Series E (a)(e)	88,646		1
Nonconvertible Preferred Stocks - 0.0%
HEALTH CARE - 0.0%
Biotechnology - 0.0%
Geneprot, Inc. Series A (e)	826,000		2,891,000
TOTAL PREFERRED STOCKS (Cost $5,872,855)		2,891,001

Convertible Bonds - 0.0%
	Principal Amount
INFORMATION TECHNOLOGY - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
Micron Technology, Inc. 2.5% 2/1/10 (d)	$ 1,523,000		1,822,726
TOTAL CONVERTIBLE BONDS (Cost $1,523,000)		1,822,726

Money Market Funds - 0.4%
	Shares		Value
Fidelity Cash Central Fund, 1.74% (b)	7,911,540		$ 7,911,540
Fidelity Securities Lending Cash Central Fund, 1.71% (b)(c)	28,312,627		28,312,627
TOTAL MONEY MARKET FUNDS (Cost $36,224,167)		36,224,167
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 1.77%, dated 9/30/04 due 10/1/04) (Cost $2,530,000)	$ 2,530,124		2,530,000

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $8,067,886,911)

9,552,805,584

NET OTHER ASSETS - 0.0%			246,889
NET ASSETS - 100%		$ 9,553,052,473

Legend

(a) Non-income producing

(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 $2,891,001 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Chorum Technologies, Inc. Series E	9/19/00	$ 1,528,257
Geneprot, Inc. Series A	7/7/00	$ 4,543,000

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $8,099,329,530. Net unrealized appreciation aggregated $1,453,476,054, of which $1,886,515,492 related to appreciated investment securities and $433,039,438 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
High Income Portfolio

September 30, 2004

1.808795.100

VIPHI-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 93.8%
		Principal Amount		Value
Aerospace - 0.8%
Bombardier, Inc. 6.3% 5/1/14 (d)		$ 7,355,000		$ 6,352,057
Orbital Sciences Corp. 9% 7/15/11		4,720,000		5,239,200
Primus International, Inc. 10.5% 4/15/09 (d)		3,170,000		3,201,700
				14,792,957
Air Transportation - 3.9%
American Airlines, Inc. pass thru trust certificates:
6.817% 5/23/11		11,825,000		10,346,875
6.977% 11/23/22		563,436		490,189
7.324% 4/15/11		1,480,000		1,154,400
7.377% 5/23/19		15,000,622		8,550,355
7.379% 5/23/16		7,049,983		4,018,491
7.8% 4/1/08		2,595,000		2,166,825
8.608% 10/1/12		2,285,000		1,930,825
10.18% 1/2/13		2,190,000		1,226,400
AMR Corp. 10.2% 3/15/20		205,000		120,950
Continental Airlines, Inc.:
7.875% 7/2/18		5,817,128		5,439,015
8% 12/15/05		3,310,000		3,028,650
Continental Airlines, Inc. pass thru trust certificates:
6.541% 9/15/09		373,515		295,077
6.748% 9/15/18		371,735		282,519
6.795% 2/2/20		3,590,471		2,872,377
6.8% 7/2/07		228,071		177,896
6.9% 7/2/18		3,407,764		2,623,978
6.954% 2/2/11		652,786		483,062
7.73% 9/15/12		1,001,603		721,154
7.82% 4/15/15		1,393,143		1,044,857
8.307% 10/2/19		3,687,637		2,950,110
8.312% 10/2/12		2,567,514		1,848,610
8.321% 11/1/06		2,240,000		2,083,200
8.388% 5/1/22		192,884		142,734
Delta Air Lines, Inc.:
7.9% 12/15/09		1,330,000		385,700
10% 8/15/08		1,170,000		374,400
Delta Air Lines, Inc. pass thru trust certificates:
7.379% 5/18/10		1,190,990		1,089,756
7.57% 11/18/10		1,350,000		1,212,397
7.779% 11/18/05		735,000		279,300
7.779% 1/2/12		313,065		109,573
Northwest Airlines Corp. 10% 2/1/09		10,380,000		7,266,000
Northwest Airlines, Inc. pass thru trust certificates:
7.248% 7/2/14		2,150,838		1,484,078
8.304% 9/1/10		1,613,477		1,226,242
NWA Trust 10.23% 6/21/14		1,383,538		1,203,678
				68,629,673
Automotive - 1.5%
Delco Remy International, Inc. 9.375% 4/15/12		4,200,000		4,137,000
Navistar International Corp. 7.5% 6/15/11		4,195,000		4,478,163

		Principal Amount		Value
Stoneridge, Inc. 11.5% 5/1/12		$ 2,715,000		$ 3,081,525
Tenneco Automotive, Inc.:
10.25% 7/15/13		2,515,000		2,867,100
11.625% 10/15/09		3,746,000		3,952,030
TRW Automotive Acquisition Corp. 9.375% 2/15/13		835,000		947,725
Visteon Corp.:
7% 3/10/14		2,975,000		2,829,969
8.25% 8/1/10		3,325,000		3,507,875
				25,801,387
Banks and Thrifts - 0.2%
Western Financial Bank 9.625% 5/15/12		2,565,000		2,898,450
Broadcasting - 0.6%
Granite Broadcasting Corp. 9.75% 12/1/10		4,590,000		4,199,850
Gray Television, Inc. 9.25% 12/15/11		2,235,000		2,508,788
Sinclair Broadcast Group, Inc. 8% 3/15/12		3,665,000		3,802,438
				10,511,076
Building Materials - 0.9%
Jacuzzi Brands, Inc. 9.625% 7/1/10		3,625,000		4,005,625
Nortek, Inc. 8.5% 9/1/14 (d)		5,350,000		5,590,750
Texas Industries, Inc. 10.25% 6/15/11		4,860,000		5,576,850
				15,173,225
Cable TV - 3.8%
Cablevision Systems Corp.:
5.66% 4/1/09 (d)(e)		8,870,000		9,224,800
8% 4/15/12 (d)		7,750,000		8,060,000
CSC Holdings, Inc. 7.625% 4/1/11		2,950,000		3,104,875
DirecTV Holdings LLC/DirecTV Financing, Inc. 8.375% 3/15/13		5,765,000		6,586,513
EchoStar DBS Corp.:
5.75% 10/1/08		11,755,000		11,784,388
6.625% 10/1/14 (d)		4,790,000		4,748,327
GCI, Inc. 7.25% 2/15/14		3,425,000		3,347,938
Insight Midwest LP/Insight Capital, Inc. 10.5% 11/1/10		2,875,000		3,148,125
NTL Cable PLC:
6.61% 10/15/12 (d)(e)		4,400,000		4,510,000
8.75% 4/15/14 (d)		7,070,000		7,635,600
Telenet Group Holding NV 0% 6/15/14 (c)(d)		6,085,000		4,472,475
				66,623,041
Capital Goods - 2.1%
Amsted Industries, Inc. 10.25% 10/15/11 (d)		2,200,000		2,431,000
Dresser, Inc. 9.375% 4/15/11		7,700,000		8,450,750
Invensys PLC 9.875% 3/15/11 (d)		13,395,000		13,763,363
Leucadia National Corp. 7% 8/15/13		3,140,000		3,124,300
Sensus Metering Systems, Inc. 8.625% 12/15/13		3,370,000		3,420,550
Nonconvertible Bonds - continued
		Principal Amount		Value
Capital Goods - continued
SPX Corp.:
6.25% 6/15/11		$ 305,000		$ 297,375
7.5% 1/1/13		5,400,000		5,487,750
				36,975,088
Chemicals - 7.1%
BCP Caylux Holdings Luxembourg SCA 9.625% 6/15/14 (d)		11,360,000		12,268,800
Borden US Finance Corp./Nova Scotia Finance ULC:
6.43% 7/15/10 (d)(e)		3,490,000		3,568,525
9% 7/15/14 (d)		5,655,000		5,980,163
Equistar Chemicals LP/Equistar Funding Corp.:
8.75% 2/15/09		4,535,000		4,886,463
10.125% 9/1/08		2,905,000		3,260,863
10.625% 5/1/11		8,495,000		9,641,825
HMP Equity Holdings Corp. 0% 5/15/08		6,545,000		4,123,350
Huntsman ICI Chemicals LLC 10.125% 7/1/09		6,405,000		6,725,250
Huntsman ICI Holdings LLC 0% 12/31/09		8,015,000		4,247,950
Huntsman International LLC 9.875% 3/1/09		4,700,000		5,134,750
Huntsman LLC:
8.8% 7/15/11 (d)(e)		5,700,000		6,013,500
11.5% 7/15/12 (d)		5,555,000		6,110,500
Lubrizol Corp.:
4.625% 10/1/09		2,200,000		2,200,411
5.5% 10/1/14		2,200,000		2,184,956
Lyondell Chemical Co.:
9.5% 12/15/08		12,345,000		13,409,756
9.625% 5/1/07		2,610,000		2,818,800
9.875% 5/1/07		4,301,000		4,532,394
10.875% 5/1/09		6,965,000		7,374,194
11.125% 7/15/12		2,970,000		3,445,200
Millennium America, Inc.:
9.25% 6/15/08		7,775,000		8,503,906
9.25% 6/15/08 (d)		3,645,000		3,986,719
NOVA Chemicals Corp.:
6.5% 1/15/12		1,575,000		1,634,063
7.4% 4/1/09		1,575,000		1,693,125
				123,745,463
Consumer Products - 0.4%
Jostens Holding Corp. 0% 12/1/13 (c)		3,050,000		2,089,250
Jostens IH Corp. 7.625% 10/1/12 (d)		1,970,000		1,979,850
Samsonite Corp. 8.875% 6/1/11 (d)		2,785,000		2,910,325
				6,979,425
Containers - 2.8%
Anchor Glass Container Corp. 11% 2/15/13		4,700,000		5,311,000
Berry Plastics Corp. 10.75% 7/15/12		3,700,000		4,181,000
BWAY Corp. 10% 10/15/10		6,200,000		6,696,000

		Principal Amount		Value
Crown European Holdings SA:
9.5% 3/1/11		$ 1,405,000		$ 1,566,575
10.875% 3/1/13		7,905,000		9,209,325
Owens-Brockway Glass Container, Inc.:
8.25% 5/15/13		5,115,000		5,447,475
8.75% 11/15/12		1,750,000		1,940,313
8.875% 2/15/09		655,000		710,675
Owens-Illinois, Inc.:
7.35% 5/15/08		3,505,000		3,618,913
7.5% 5/15/10		6,140,000		6,324,200
Pliant Corp.:
0% 6/15/09 (c)		2,585,000		2,184,325
11.125% 9/1/09		1,335,000		1,381,725
				48,571,526
Diversified Media - 1.2%
Corus Entertainment, Inc. 8.75% 3/1/12		6,140,000		6,769,350
LBI Media Holdings, Inc. 0% 10/15/13 (c)		6,440,000		4,636,800
LBI Media, Inc. 10.125% 7/15/12		3,285,000		3,670,988
PEI Holdings, Inc. 11% 3/15/10		4,361,000		5,047,858
				20,124,996
Electric Utilities - 6.8%
AES Corp.:
7.75% 3/1/14		8,535,000		8,737,706
8.375% 8/15/07		6,315,000		6,330,788
8.75% 6/15/08		4,178,000		4,512,240
8.75% 5/15/13 (d)		1,015,000		1,139,338
8.875% 2/15/11		15,721,000		17,430,659
9.375% 9/15/10		8,093,000		9,114,741
9.5% 6/1/09		1,499,000		1,669,511
AES Gener SA 7.5% 3/25/14 (d)		4,200,000		4,221,000
CMS Energy Corp.:
7.5% 1/15/09		4,150,000		4,341,938
7.75% 8/1/10		1,970,000		2,085,738
8.5% 4/15/11		945,000		1,031,231
8.9% 7/15/08		2,180,000		2,373,475
9.875% 10/15/07		3,425,000		3,788,906
Midland Funding Corp. II 11.75% 7/23/05		1,466,080		1,565,041
MSW Energy Holdings II LLC/MSW Finance Co. II, Inc. 7.375% 9/1/10		2,950,000		3,160,335
MSW Energy Holdings LLC/MSW Energy Finance Co., Inc. 8.5% 9/1/10		2,505,000		2,742,975
Nevada Power Co. 6.5% 4/15/12 (d)		1,760,000		1,812,800
NRG Energy, Inc. 8% 12/15/13 (d)		16,260,000		17,398,200
Sierra Pacific Power Co. 6.25% 4/15/12 (d)		4,100,000		4,182,000
Sierra Pacific Resources 8.625% 3/15/14 (d)		2,315,000		2,500,200
TECO Energy, Inc.:
7% 5/1/12		5,880,000		6,151,950
7.2% 5/1/11		11,040,000		11,730,000
				118,020,772
Nonconvertible Bonds - continued
		Principal Amount		Value
Energy - 6.1%
Belden & Blake Corp. 8.75% 7/15/12 (d)		$ 7,170,000		$ 7,600,200
Chesapeake Energy Corp.:
8.125% 4/1/11		2,875,000		3,144,531
9% 8/15/12		5,445,000		6,227,719
El Paso Production Holding Co. 7.75% 6/1/13		1,355,000		1,341,450
Enterprise Products Operating LP:
4.625% 10/15/09 (d)		2,200,000		2,218,271
5.6% 10/15/14 (d)		2,370,000		2,388,019
Hanover Compressor Co.:
0% 3/31/07		5,595,000		4,699,800
8.625% 12/15/10		1,450,000		1,573,250
9% 6/1/14		1,540,000		1,690,150
Hilcorp Energy I LP/Hilcorp Finance Co. 10.5% 9/1/10 (d)		5,810,000		6,420,050
Newfield Exploration Co. 6.625% 9/1/14 (d)		4,720,000		4,908,800
Parker Drilling Co.:
6.54% 9/1/10 (d)(e)		7,380,000		7,398,450
9.625% 10/1/13		1,505,000		1,663,025
Plains Exploration & Production Co.:
Series B, 8.75% 7/1/12		2,525,000		2,840,625
8.75% 7/1/12		310,000		348,750
Pride International, Inc. 7.375% 7/15/14 (d)		7,845,000		8,639,306
Range Resources Corp. 7.375% 7/15/13		9,635,000		10,164,925
SESI LLC 8.875% 5/15/11		1,740,000		1,883,550
Sonat, Inc.:
6.625% 2/1/08		2,070,000		2,018,250
6.75% 10/1/07		800,000		799,000
7.625% 7/15/11		6,665,000		6,506,706
Tennessee Gas Pipeline Co. 7% 3/15/27		1,580,000		1,643,200
The Coastal Corp.:
6.375% 2/1/09		4,685,000		4,462,463
6.5% 6/1/08		4,840,000		4,694,800
7.75% 6/15/10		11,464,000		11,464,000
				106,739,290
Entertainment/Film - 0.3%
Cinemark, Inc. 0% 3/15/14 (c)		7,415,000		5,097,813
Environmental - 1.1%
Allied Waste North America, Inc.:
5.75% 2/15/11		6,985,000		6,600,825
6.375% 4/15/11		3,890,000		3,812,200
8.5% 12/1/08		3,690,000		3,994,425
8.875% 4/1/08		3,725,000		4,060,250
				18,467,700
Food and Drug Retail - 2.1%
Ahold Finance USA, Inc.:
6.25% 5/1/09		6,415,000		6,703,675
8.25% 7/15/10		10,670,000		11,950,400
Jean Coutu Group, Inc.:
7.625% 8/1/12 (d)		1,440,000		1,465,200
8.5% 8/1/14 (d)		3,200,000		3,168,000

		Principal Amount		Value
Rite Aid Corp.:
6.875% 8/15/13		$ 4,665,000		$ 4,070,213
8.125% 5/1/10		1,120,000		1,170,400
9.25% 6/1/13		2,475,000		2,536,875
9.5% 2/15/11		4,655,000		5,097,225
				36,161,988
Food/Beverage/Tobacco - 1.8%
Del Monte Corp.:
8.625% 12/15/12		3,375,000		3,763,125
9.25% 5/15/11		4,215,000		4,657,575
Dole Food Co., Inc. 7.25% 6/15/10		8,125,000		8,267,188
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11		2,180,000		2,234,500
Smithfield Foods, Inc.:
7.625% 2/15/08		1,800,000		1,921,500
7.75% 5/15/13		3,935,000		4,249,800
8% 10/15/09		1,510,000		1,657,225
Swift & Co. 10.125% 10/1/09		3,685,000		4,071,925
				30,822,838
Gaming - 3.7%
Chumash Casino & Resort Enterprise 9% 7/15/10 (d)(g)		2,760,000		3,063,600
Mandalay Resort Group:
9.375% 2/15/10		4,655,000		5,318,338
10.25% 8/1/07		3,125,000		3,539,063
MGM MIRAGE:
6% 10/1/09		3,820,000		3,858,200
6% 10/1/09 (d)		6,960,000		7,029,600
6.75% 9/1/12 (d)		6,750,000		6,978,150
6.875% 2/6/08		940,000		1,022,250
8.5% 9/15/10		4,125,000		4,692,188
Mohegan Tribal Gaming Authority 6.375% 7/15/09		4,355,000		4,518,313
MTR Gaming Group, Inc. 9.75% 4/1/10		3,605,000		3,929,450
Park Place Entertainment Corp. 7.875% 3/15/10		4,825,000		5,428,125
Seneca Gaming Corp. 7.25% 5/1/12 (d)		4,360,000		4,490,800
Venetian Casino Resort LLC/Las Vegas Sands, Inc. 11% 6/15/10		3,815,000		4,377,713
Wheeling Island Gaming, Inc. 10.125% 12/15/09		6,730,000		7,116,975
				65,362,765
Healthcare - 5.7%
AmerisourceBergen Corp.:
7.25% 11/15/12		6,070,000		6,555,600
8.125% 9/1/08		1,735,000		1,921,513
Biovail Corp. yankee 7.875% 4/1/10		6,590,000		6,721,800
Concentra Operating Corp.:
9.125% 6/1/12 (d)		800,000		876,000
9.5% 8/15/10		2,145,000		2,370,225
Fisher Scientific International, Inc.:
6.75% 8/15/14 (d)		2,510,000		2,635,500
8% 9/1/13		2,870,000		3,207,225
8.125% 5/1/12		875,000		975,625
Nonconvertible Bonds - continued
		Principal Amount		Value
Healthcare - continued
Genesis HealthCare Corp. 8% 10/15/13		$ 6,585,000		$ 7,144,725
Mariner Health Care, Inc. 8.25% 12/15/13 (d)		7,900,000		8,413,500
Omega Healthcare Investors, Inc. 7% 4/1/14 (d)		3,970,000		4,029,550
PacifiCare Health Systems, Inc. 10.75% 6/1/09		5,205,000		5,972,738
PerkinElmer, Inc. 8.875% 1/15/13		6,665,000		7,531,450
Psychiatric Solutions, Inc. 10.625% 6/15/13		6,335,000		7,174,388
Senior Housing Properties Trust 8.625% 1/15/12		8,805,000		9,795,563
Tenet Healthcare Corp.:
6.375% 12/1/11		15,925,000		14,213,063
6.5% 6/1/12		1,275,000		1,134,750
7.375% 2/1/13		4,305,000		4,003,650
UAP Holding Corp. 0% 7/15/12 (c)(d)		6,050,000		4,658,500
				99,335,365
Homebuilding/Real Estate - 4.2%
American Real Estate Partners/American Real Estate Finance Corp. 8.125% 6/1/12 (d)		11,775,000		12,393,188
Beazer Homes USA, Inc.:
6.5% 11/15/13		860,000		877,200
8.375% 4/15/12		5,975,000		6,602,375
K. Hovnanian Enterprises, Inc. 8.875% 4/1/12		2,210,000		2,475,200
KB Home:
7.75% 2/1/10		9,585,000		10,399,725
8.625% 12/15/08		1,310,000		1,480,300
Meritage Homes Corp. 7% 5/1/14		3,370,000		3,471,100
Standard Pacific Corp.:
5.125% 4/1/09		3,030,000		3,014,850
6.5% 10/1/08		2,510,000		2,610,400
6.875% 5/15/11		2,080,000		2,184,000
Technical Olympic USA, Inc.:
7.5% 3/15/11		5,110,000		5,237,750
9% 7/1/10		1,110,000		1,221,000
10.375% 7/1/12		4,125,000		4,650,938
WCI Communities, Inc.:
7.875% 10/1/13		2,285,000		2,416,388
10.625% 2/15/11		2,890,000		3,265,700
William Lyon Homes, Inc.:
7.5% 2/15/14		5,985,000		6,104,700
10.75% 4/1/13		3,515,000		4,042,250
				72,447,064
Hotels - 1.2%
Grupo Posadas SA de CV 8.75% 10/4/11 (d)		4,235,000		4,324,994
Hilton Hotels Corp. 7.625% 12/1/12		800,000		934,000
Host Marriott LP 7.125% 11/1/13		8,555,000		8,961,363
La Quinta Properties, Inc. 7% 8/15/12 (d)		5,950,000		6,292,125
				20,512,482

		Principal Amount		Value
Insurance - 1.2%
Crum & Forster Holdings Corp. 10.375% 6/15/13		$ 6,290,000		$ 6,635,950
Fairfax Financial Holdings Ltd. 7.75% 4/26/12		5,825,000		5,300,750
Provident Companies, Inc. 7% 7/15/18		630,000		612,675
UnumProvident Corp.:
6.75% 12/15/28		1,600,000		1,456,000
7.375% 6/15/32		1,600,000		1,548,000
7.625% 3/1/11		5,755,000		6,143,463
				21,696,838
Leisure - 2.5%
NCL Corp. Ltd. 10.625% 7/15/14 (d)		6,945,000		7,274,888
Royal Caribbean Cruises Ltd.:
6.875% 12/1/13		3,735,000		3,959,100
8% 5/15/10		3,285,000		3,695,625
Speedway Motorsports, Inc.:
6.75% 6/1/13		3,255,000		3,393,338
6.75% 6/1/13 (d)		4,905,000		5,113,463
Town Sports International Holdings, Inc. 0% 2/1/14 (c)		3,870,000		1,954,350
Town Sports International, Inc. 9.625% 4/15/11		6,810,000		6,929,175
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10		9,820,000		11,440,300
				43,760,239
Metals/Mining - 2.1%
Century Aluminum Co. 7.5% 8/15/14 (d)		4,540,000		4,767,000
Compass Minerals International, Inc.:
0% 12/15/12 (c)		5,940,000		4,989,600
0% 6/1/13 (c)		9,470,000		7,481,300
Freeport-McMoRan Copper & Gold, Inc. 10.125% 2/1/10		10,025,000		11,328,250
Peabody Energy Corp. 6.875% 3/15/13		2,440,000		2,616,900
Wise Metals Group LLC/Alloys Finance 10.25% 5/15/12 (d)		4,815,000		4,790,925
				35,973,975
Paper - 4.4%
Abitibi-Consolidated, Inc.:
5.38% 6/15/11 (e)		5,440,000		5,487,600
7.75% 6/15/11		3,800,000		3,928,250
Bowater, Inc. 4.88% 3/15/10 (e)		4,620,000		4,620,000
Buckeye Technologies, Inc. 8.5% 10/1/13		2,825,000		3,036,875
Cellu Tissue Holdings, Inc. 9.75% 3/15/10 (d)		3,435,000		3,486,525
Georgia-Pacific Corp.:
8% 1/15/14		4,915,000		5,603,100
8% 1/15/24		5,460,000		6,176,625
8.125% 5/15/11		2,070,000		2,390,850
8.875% 2/1/10		235,000		274,950
9.375% 2/1/13		2,620,000		3,078,500
Nonconvertible Bonds - continued
		Principal Amount		Value
Paper - continued
Norske Skog Canada Ltd.:
7.375% 3/1/14		$ 4,150,000		$ 4,316,000
8.625% 6/15/11		10,765,000		11,653,113
Stone Container Corp.:
8.375% 7/1/12		8,805,000		9,773,550
9.75% 2/1/11		2,195,000		2,436,450
Tembec Industries, Inc.:
7.75% 3/15/12		1,095,000		1,105,950
8.5% 2/1/11		4,755,000		4,992,750
yankee 8.625% 6/30/09		4,700,000		4,841,000
				77,202,088
Publishing/Printing - 0.9%
Houghton Mifflin Co. 9.875% 2/1/13		3,095,000		3,249,750
The Reader's Digest Association, Inc. 6.5% 3/1/11		11,640,000		11,989,200
				15,238,950
Railroad - 1.6%
Kansas City Southern Railway Co.:
7.5% 6/15/09		13,155,000		13,418,100
9.5% 10/1/08		150,000		165,750
TFM SA de CV yankee 11.75% 6/15/09		14,915,000		14,989,575
				28,573,425
Restaurants - 0.2%
Friendly Ice Cream Corp. 8.375% 6/15/12		4,120,000		3,934,600
Services - 1.4%
Iron Mountain, Inc. 8.625% 4/1/13		3,035,000		3,308,150
United Rentals North America, Inc.:
6.5% 2/15/12		11,985,000		11,505,600
7% 2/15/14		3,050,000		2,722,125
7.75% 11/15/13		7,165,000		6,699,275
				24,235,150
Shipping - 3.9%
General Maritime Corp. 10% 3/15/13		6,380,000		7,241,300
OMI Corp. 7.625% 12/1/13		9,595,000		9,930,825
Overseas Shipholding Group, Inc. 8.25% 3/15/13		4,385,000		4,845,425
Ship Finance International Ltd. 8.5% 12/15/13		25,180,000		25,179,976
Teekay Shipping Corp. 8.875% 7/15/11		17,723,000		20,204,220
				67,401,746
Steels - 3.0%
AK Steel Corp.:
7.75% 6/15/12		2,260,000		2,209,150
7.875% 2/15/09		4,915,000		4,865,850
Allegheny Technologies, Inc. 8.375% 12/15/11		5,820,000		6,198,300
CSN Islands VII Corp. 10.75% 9/12/08 (d)		5,755,000		6,380,856
CSN Islands VIII Corp. 9.75% 12/16/13 (d)		3,100,000		3,107,750

		Principal Amount		Value
Gerdau AmeriSteel Corp./GUSAP Partners 10.375% 7/15/11	$ 10,130,000		$ 11,497,550
International Steel Group, Inc. 6.5% 4/15/14 (d)		6,515,000		6,515,000
Ispat Inland ULC 9.75% 4/1/14		10,260,000		11,286,000
				52,060,456
Super Retail - 1.5%
Asbury Automotive Group, Inc.:
8% 3/15/14		2,910,000		2,844,525
9% 6/15/12		9,895,000		10,365,013
Barneys, Inc. 9% 4/1/08		3,750,000		3,909,375
Blockbuster, Inc. 9% 9/1/12 (d)		1,525,000		1,574,563
NBC Acquisition Corp. 0% 3/15/13 (c)		665,000		465,500
Nebraska Book Co., Inc. 8.625% 3/15/12		2,530,000		2,517,350
Sonic Automotive, Inc. 8.625% 8/15/13		5,130,000		5,412,150
				27,088,476
Supermarkets - 0.6%
Stater Brothers Holdings, Inc.:
5.38% 6/15/10 (e)		5,470,000		5,552,050
8.125% 6/15/12		4,185,000		4,373,325
				9,925,375
Technology - 4.7%
Celestica, Inc. 7.875% 7/1/11		12,070,000		12,582,975
Electronic Data Systems Corp. 6% 8/1/13		3,195,000		3,222,547
Flextronics International Ltd. 6.5% 5/15/13		8,945,000		9,123,900
Freescale Semiconductor, Inc.:
4.38% 7/15/09 (d)(e)		4,460,000		4,593,800
6.875% 7/15/11 (d)		7,415,000		7,693,063
7.125% 7/15/14 (d)		1,585,000		1,648,400
Lucent Technologies, Inc.:
5.5% 11/15/08		5,960,000		5,930,200
6.45% 3/15/29		4,845,000		3,900,225
United Agriculture Products, Inc. 8.25% 12/15/11 (d)		5,470,000		5,880,250
Xerox Corp.:
6.875% 8/15/11		13,305,000		13,903,725
7.2% 4/1/16		1,555,000		1,593,875
7.625% 6/15/13		11,340,000		12,247,200
				82,320,160
Telecommunications - 7.1%
Alaska Communications Systems Holdings, Inc. 9.375% 5/15/09		3,825,000		3,614,625
Empresa Brasileira de Telecomm SA 11% 12/15/08		5,405,000		5,986,038
Eschelon Operating Co. 8.375% 3/15/10		1,670,000		1,336,000
Innova S. de R.L. 9.375% 9/19/13		9,160,000		10,007,300
Millicom International Cellular SA 10% 12/1/13 (d)		16,275,000		16,275,000
Nextel Communications, Inc.:
5.95% 3/15/14		2,885,000		2,820,088
6.875% 10/31/13		16,920,000		17,533,350
Nonconvertible Bonds - continued
		Principal Amount		Value
Telecommunications - continued
PanAmSat Corp. 9% 8/15/14 (d)	$ 12,180,000		$ 12,697,650
Qwest Capital Funding, Inc. 7% 8/3/09		4,405,000		4,052,600
Qwest Corp.:
7.875% 9/1/11 (d)		1,570,000		1,640,650
9.125% 3/15/12 (d)		16,255,000		17,880,500
Qwest Services Corp.:
14% 12/15/10 (d)(e)		4,345,000		5,094,513
14.5% 12/15/14 (d)(e)		4,610,000		5,578,100
Rogers Wireless, Inc. 9.625% 5/1/11		8,070,000		8,977,875
U.S. West Capital Funding, Inc. 6.375% 7/15/08		3,985,000		3,676,163
U.S. West Communications:
7.2% 11/10/26		1,905,000		1,662,113
7.5% 6/15/23		4,535,000		4,138,188
				122,970,753
Textiles & Apparel - 0.4%
Levi Strauss & Co. 12.25% 12/15/12		7,210,000		7,642,600
TOTAL NONCONVERTIBLE BONDS (Cost $1,577,069,033)			1,633,819,215
Commercial Mortgage Securities - 0.3%

Banc of America Commercial Mortgage, Inc. Series 2003-2:
Class BWD, 6.947% 10/11/37 (d)		616,000		607,697
Class BWE, 7.226% 10/11/37 (d)		833,000		821,407
Class BWF, 7.55% 10/11/37 (d)		735,376		724,725
Class BWG, 8.155% 10/11/37 (d)		711,258		694,362
Class BWH, 9.073% 10/11/37 (d)		372,000		368,802
Class BWJ, 9.99% 10/11/37 (d)		615,000		608,658
Class BWK, 10.676% 10/11/37 (d)		479,000		472,261
Class BWL, 10.1596% 10/11/37 (d)		799,000		726,307
LB Multi-family Mortgage Trust Series 1991-4 Class A1, 6.9938% 4/25/21 (d)(e)		258,616		230,168
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $5,102,087)			5,254,387

Common Stocks - 0.2%
	Shares
Chemicals - 0.1%
HMP Equity Holdings Corp. warrants 5/15/11 (a)(d)	4,800		1,104,000

	Shares		Value
Homebuilding/Real Estate - 0.0%
Swerdlow Real Estate Group LLC (a)(f)	159,600		$ 377,326
Super Retail - 0.0%
Barneys, Inc. warrants 4/1/08 (a)	5,020		306,220
Textiles & Apparel - 0.1%
Arena Brands Holding Corp. Class B (f)	48,889		506,001
TOTAL COMMON STOCKS (Cost $5,194,504)		2,293,547
Nonconvertible Preferred Stocks - 0.1%

Broadcasting - 0.1%
Granite Broadcasting Corp. 12.75% pay-in-kind (a) (Cost $3,248,350)	5,005		2,277,275

Floating Rate Loans - 3.0%
	Principal Amount
Cable TV - 0.9%
Hilton Head Communications LP Tranche B term loan 6% 3/31/08 (e)	$ 7,000,000		6,798,750
NTL Investment Holdings Ltd. Tranche B term loan 4.6267% 6/13/12 (e)	3,850,000		3,888,500
Olympus Cable Holdings LLC Tranche A term loan 6% 6/30/10 (e)	5,500,000		5,390,000
			16,077,250
Electric Utilities - 1.1%
Allegheny Energy Supply Co. LLC Tranche C term loan 5.704% 6/8/11 (e)	4,378,028		4,432,753
Astoria Energy LLC term loan:
6.9906% 4/15/12 (e)	5,200,000		5,278,000
10.725% 4/15/12 (e)	3,340,000		3,431,850
Riverside Energy Center LLC:
term loan 6.02% 6/24/11 (e)	6,415,389		6,447,466
Credit-Linked Deposit 6.02% 6/24/11 (e)	284,611		286,034
			19,876,103
Hotels - 0.7%
Wyndham International, Inc. term loan:
6.5% 6/30/06 (e)	10,333,909		10,256,405
7.5% 4/1/06 (e)	2,073,411		2,068,227
			12,324,632
Telecommunications - 0.3%
Qwest Corp. Tranche B term loan 6.95% 6/30/10 (e)	4,500,000		4,443,750
TOTAL FLOATING RATE LOANS (Cost $50,531,933)		52,721,735

Money Market Funds - 2.0%
	Shares		Value
Fidelity Cash Central Fund, 1.74% (b) (Cost $35,360,041)	35,360,041	$ 35,360,041
Cash Equivalents - 0.3%
	Maturity Amount
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 1.77%, dated 9/30/04 due 10/1/04) (Cost $5,495,000)	$ 5,495,270		5,495,000

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $1,682,000,948)

1,737,221,200

NET OTHER ASSETS - 0.3%			5,653,999
NET ASSETS - 100%		$ 1,742,875,199

Legend

(a) Non-income producing

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

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

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $883,327 or 0.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Arena Brands Holding Corp. Class B	6/18/97	$ 1,974,627
Swerdlow Real Estate Group LLC	1/15/99	$ 7,697,348

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

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $1,677,752,401. Net unrealized appreciation aggregated $59,468,799, of which $81,316,714 related to appreciated investment securities and $21,847,915 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Money Market Portfolio

September 30, 2004

1.807728.100

VMM-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 0.7%
Due Date	Annualized Yield at Time of Purchase	Principal Amount	Value
Bell Trace Obligated Group
10/07/04	1.92% (b)	$ 11,600,000	$ 11,600,000

TOTAL CORPORATE BONDS

11,600,000

Certificates of Deposit - 21.3%
Domestic Certificates Of Deposit - 0.9%
Washington Mutual Bank
11/12/04	1.65	3,000,000		3,000,000
Washington Mutual Bank, California
1/27/05	1.90	7,000,000		7,000,227
Washington Mutual Bank, Seattle
11/10/04	1.65	5,000,000		5,000,000
				15,000,227
London Branch, Eurodollar, Foreign Banks - 6.5%
Barclays Bank PLC
2/28/05	1.93	25,000,000		25,000,000
Calyon
2/22/05	1.87	15,000,000		15,000,000
Dresdner Bank AG
2/1/05	2.02	15,000,000		15,000,000
ING Bank NV
1/4/05	1.98	15,000,000		15,000,000
Nordea Bank Finland PLC
11/9/04	1.61	15,000,000		15,000,000
Societe Generale
3/7/05	2.00	20,000,000		20,000,000
				105,000,000
New York Branch, Yankee Dollar, Foreign Banks - 13.9%
Bank of Scotland Treasury Services
11/29/04	1.71 (b)	5,000,000		4,999,821
BNP Paribas SA
10/22/04	1.74 (b)	10,000,000		9,996,360
2/14/05	1.95	15,000,000		15,000,000
Canadian Imperial Bank of Commerce
10/15/04	1.81 (b)	20,000,000		20,000,000
10/28/04	1.79 (b)	25,000,000		24,997,488
10/29/04	1.78 (b)	10,000,000		9,998,197
Credit Agricole Indosuez
10/22/04	1.63 (b)	5,000,000		5,001,476
Deutsche Bank AG
12/3/04	1.76 (b)	15,000,000		15,000,000
HBOS Treasury Services PLC
12/4/04	1.77 (b)	20,000,000		20,000,000

Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Landesbank Baden-Wuerttemberg
11/26/04	1.68% (b)	$ 15,000,000		$ 14,997,090
12/6/04	1.75 (b)	5,000,000		4,999,349
Societe Generale
10/1/04	1.59 (b)	15,000,000		15,000,000
10/8/04	1.65 (b)	5,000,000		4,999,344
10/18/04	1.74 (b)	15,000,000		14,996,172
UBS AG
10/5/04	1.52 (b)	20,000,000		19,992,364
Unicredito Italiano Spa
10/27/04	1.59 (b)	15,000,000		14,996,289
11/12/04	1.61 (b)	10,000,000		9,997,131
				224,971,081
TOTAL CERTIFICATES OF DEPOSIT			344,971,308
Commercial Paper - 12.7%

Bank of America Corp.
11/8/04	1.61	10,000,000		9,983,111
3/16/05	2.06	20,000,000		19,811,867
Bradford & Bingley PLC
10/25/04	1.82	5,000,000		4,993,933
Comcast Corp.
10/14/04	2.07 (a)	2,000,000		1,998,505
DaimlerChrysler NA Holding Corp.
10/19/04	1.89	5,000,000		4,995,275
10/27/04	1.91	5,000,000		4,993,103
Dorada Finance, Inc.
3/10/05	2.04 (a)	5,000,000		4,955,111
3/14/05	2.03 (a)	15,000,000		14,862,650
Dresdner U.S. Finance, Inc.
1/24/05	1.98	5,000,000		4,968,575
Edison Asset Securitization LLC
11/10/04	1.62	10,000,000		9,982,111
Ford Motor Credit Co.
10/1/04	1.77	5,000,000		5,000,000
10/13/04	1.84	10,000,000		9,993,867
General Electric Capital Corp.
2/1/05	1.90	15,000,000		14,903,650
2/10/05	1.87	15,000,000		14,898,250
2/11/05	1.87	10,000,000		9,931,653
Grampian Funding Ltd.
2/10/05	1.97	10,000,000		9,928,500
Motown Notes Program
10/12/04	1.56	10,000,000		9,995,264
11/8/04	1.65	20,000,000		19,965,378
11/8/04	1.68	10,000,000		9,982,372
Commercial Paper - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Paradigm Funding LLC
10/7/04	1.66% (b)	$ 5,000,000		$ 4,999,739
2/24/05	1.94	15,000,000		14,883,200
TOTAL COMMERCIAL PAPER			206,026,114
Federal Agencies - 22.8%

Fannie Mae - 10.2%
Agency Coupons - 9.0%
10/7/04	1.58 (b)	21,000,000		20,981,643
2/15/05	1.40	5,000,000		5,000,000
2/23/05	1.33	20,000,000		20,000,000
2/25/05	1.40	25,000,000		25,000,000
3/29/05	1.40	15,000,000		15,000,000
5/4/05	1.54	20,000,000		20,000,000
5/13/05	1.59	20,000,000		20,000,000
5/16/05	1.63	5,000,000		5,000,000
6/3/05	1.84	5,000,000		5,000,000
9/12/05	2.31	10,000,000		10,000,000
				145,981,643
Discount Notes - 1.2%
11/10/04	1.51	3,915,000		3,908,475
2/9/05	1.85	15,000,000		14,900,113
				18,808,588
				164,790,231
Federal Home Loan Bank - 11.7%
Agency Coupons - 11.7%
2/25/05	1.40	25,000,000		25,000,000
2/25/05	1.82	5,000,000		4,991,731
3/1/05	1.49	5,000,000		5,000,000
3/11/05	1.44	35,000,000		35,000,000
4/1/05	1.40	55,000,000		55,000,003
4/1/05	1.45	10,240,000		10,237,509
4/27/05	1.30	10,000,000		10,000,000
4/27/05	1.74	5,000,000		4,987,688
4/28/05	1.35	5,000,000		5,000,000
4/29/05	2.03	5,000,000		4,980,720
5/2/05	1.92	5,000,000		4,984,193
5/3/05	1.37	20,000,000		20,000,000
5/16/05	1.65	5,000,000		5,000,000
				190,181,844
Freddie Mac - 0.9%
Discount Notes - 0.9%
2/15/05	1.84	15,000,000		14,896,108
TOTAL FEDERAL AGENCIES			369,868,183
Master Notes - 3.9%
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
General Motors Acceptance Corp. Mortgage Credit
10/1/04	2.15% (b)(e)	$ 15,000,000		$ 15,000,000
Goldman Sachs Group, Inc.
10/8/04	1.60 (b)(e)	7,000,000		7,000,000
11/26/04	1.81 (b)(e)	36,000,000		36,000,000
4/12/05	2.12 (e)	5,000,000		5,000,000
TOTAL MASTER NOTES			63,000,000
Medium-Term Notes - 20.2%

American Express Credit Corp.
10/5/04	1.75 (b)	10,000,000		10,000,936
Bank of New York Co., Inc.
10/27/04	1.86 (a)(b)	15,000,000		15,000,000
Bank of Scotland Treasury Services PLC
12/14/04	1.92 (a)(b)	10,000,000		10,002,896
Bayerische Landesbank Girozentrale
11/19/04	1.68 (b)	15,000,000		15,000,000
BellSouth Telecommunications
12/4/04	1.88 (b)	5,000,000		5,000,000
Beta Finance, Inc./Beta Finance Corp.
10/12/04	1.72 (a)(b)	10,000,000		10,000,607
CC USA, Inc.
10/15/04	1.74 (a)(b)	10,000,000		10,000,755
Citigroup Global Markets Holdings, Inc.
12/6/04	1.88 (b)	5,000,000		5,003,849
Descartes Funding Trust
10/15/04	1.76 (b)	5,000,000		5,000,000
General Electric Capital Corp.
10/11/04	1.84 (b)	25,000,000		25,000,000
10/18/04	1.87 (b)	20,000,000		20,000,000
HBOS Treasury Services PLC
12/24/04	1.96 (b)	20,000,000		20,000,000
Morgan Stanley
10/1/04	1.89 (b)	2,000,000		2,000,000
10/4/04	1.69 (b)	5,000,000		5,000,000
10/15/04	1.76 (b)	5,000,000		5,000,000
10/15/04	1.88 (b)	25,000,000		25,006,447
10/27/04	1.85 (b)	11,000,000		11,000,462
National City Bank
12/1/04	1.71 (b)	10,000,000		9,998,003
RACERS
10/22/04	1.83 (a)(b)	15,000,000		15,000,000
Medium-Term Notes - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
SouthTrust Bank, Alabama
11/2/04	1.75% (b)	$ 25,000,000		$ 25,015,108
Verizon Global Funding Corp.
12/15/04	1.99 (b)	50,000,000		50,000,251
Wells Fargo & Co.
10/15/04	1.73 (b)	15,000,000		15,000,000
Westpac Banking Corp.
12/13/04	1.79 (b)	10,000,000		9,997,872
12/13/04	1.85 (b)	5,000,000		5,000,000
TOTAL MEDIUM-TERM NOTES			328,027,186
Short-Term Notes - 5.1%

Jackson National Life Insurance Co.
10/1/04	1.74 (b)(e)	7,000,000		7,000,000
Metropolitan Life Insurance Co.
10/1/04	1.79 (b)(e)	10,000,000		10,000,000
10/28/04	1.88 (a)(b)	5,000,000		5,000,000
11/1/04	1.85 (b)(e)	5,000,000		5,000,000
Monumental Life Insurance Co.
10/1/04	1.79 (b)(e)	5,000,000		5,000,000
10/1/04	1.82 (b)(e)	5,000,000		5,000,000
New York Life Insurance Co.
10/1/04	1.73 (b)(e)	30,000,000		30,000,000
Pacific Life Insurance Co.
12/10/04	2.01 (b)(e)	5,000,000		5,000,000
Transamerica Occidental Life Insurance Co.
11/1/04	1.86 (b)(e)	10,000,000		10,000,000
TOTAL SHORT-TERM NOTES			82,000,000
Municipal Securities - 1.9%

New York State Hsg. Fin. Svc. Contract Rev. Series 2003 H, 1.84%, LOC Dexia Cr. Local de France, VRDN (b)	11,000,000	11,000,000
San Jose Redev. Agcy. Rev. Series A, 1.84%, LOC JPMorgan Chase Bank, VRDN (b)(c)	11,250,000	11,250,000
West Baton Rouge Parish Indl. District #3 Rev. Bonds (Dow Chemical Co. Proj.) Series 1995, 1.75% tender 10/8/04, CP mode	9,400,000	9,400,000

TOTAL MUNICIPAL SECURITIES

31,650,000

Repurchase Agreements - 13.2%
	Maturity Amount		Value
In a joint trading account (Collateralized by U.S. Government Obligations) dated 9/30/04 due 10/1/04 At 1.9%	$ 954,050		$ 954,000
With:
Banc of America Securities LLC At 1.93%, dated 9/30/04 due 10/1/04 (Collateralized by Mortgage Loan Obligations with principal amounts of $53,068,081, 2.66% - 6%, 8/25/34 - 4/25/44)	51,002,734		51,000,000
Deutsche Bank Securities, Inc. At 2.01%, dated 9/30/04 due 10/1/04 (Collateralized by Corporate Obligations with principal amounts of $46,199,253, 4.27% - 10%, 3/1/08 - 5/25/34)	39,002,178		39,000,000
Goldman Sachs & Co. At:
1.87%, dated 9/22/04 due 11/12/04 (Collateralized by Mortgage Loan Obligations with principal amounts of $15,737,554, 4.76%, 5/25/34)	15,039,738		15,000,000
1.9%, dated 9/22/04 due 11/12/04 (Collateralized by Corporate Obligations with principal amounts of $5,100,771, 4.38%, 8/25/32)	5,013,458		5,000,000
1.95%, dated 9/30/04 due 10/1/04 (Collateralized by Commercial Paper Obligations with principal amounts of $12,301,508, 1.98%, 10/1/04)	12,000,648		12,000,000
J.P. Morgan Securities, Inc. At 1.88%, dated 9/22/04 due 11/12/04 (Collateralized by Corporate Obligations with principal amounts of $36,290,000, 3.8% - 8.88%, 4/1/08 - 5/15/10)	37,098,543		37,000,000
Lehman Brothers, Inc. At 2.03%, dated 7/22/04 due 10/20/04 (Collateralized by Corporate Obligations with principal amounts of $4,630,000, 6.38% - 7.13%, 5/1/09 - 5/15/25) (b)(d)	5,025,375		5,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
With: - continued
Merrill Lynch, Pierce, Fenner & Smith At 2.03%, dated 8/9/04 due 11/8/04 (Collateralized by Corporate Obligations with principal amounts of $26,446,000, 7.35% - 8.1%, 5/15/07 - 8/3/09) (b)(d)	$ 25,128,285		$ 25,000,000
Morgan Stanley & Co. At 1.88%, dated 9/22/04 due 11/12/04 (Collateralized by Corporate Obligations with principal amounts of $45,252,566, 5.5% - 9.79%, 5/26/33 - 5/25/34)	25,066,583		25,000,000
TOTAL REPURCHASE AGREEMENTS		214,954,000

TOTAL INVESTMENT PORTFOLIO - 101.8%

1,652,096,791

NET OTHER ASSETS - (1.8)%		(29,407,407)
NET ASSETS - 100%		$ 1,622,689,384

Total Cost for Federal Income Tax Purposes $ 1,652,096,791

Security Type Abbreviations

CP - COMMERCIAL PAPER

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $86,820,524 or 5.4% of net assets.

(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflect the next interest rate reset date or, when applicable, the final maturity date.

(d) The maturity amount is based on the rate at period end.

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
General Motors Acceptance Corp. Mortgage Credit 2.15%, 10/1/04	9/1/04	$ 15,000,000
Goldman Sachs Group, Inc.: 1.6%, 10/8/04	7/8/04	$ 7,000,000
1.81%, 11/26/04	8/26/04	$ 36,000,000
2.12%, 4/12/05	9/14/04	$ 5,000,000
Jackson National Life Insurance Co. 1.74%, 10/1/04	3/31/03	$ 7,000,000
Metropolitan Life Insurance Co.: 1.79%, 10/1/04	3/26/02	$ 10,000,000
1.85%, 11/1/04	2/24/03	$ 5,000,000
Monumental Life Insurance Co.: 1.79%, 10/1/04	9/17/98	$ 5,000,000
1.82%, 10/1/04	3/12/99	$ 5,000,000
New York Life Insurance Co. 1.73%, 10/1/04	2/28/02 - 12/19/02	$ 30,000,000
Pacific Life Insurance Co 2.01%, 12/10/04	3/10/03	$ 5,000,000
Transamerica Occidental Life Insurance Co. 1.86%, 11/1/04	4/28/00	$ 10,000,000

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Overseas Portfolio

September 30, 2004

1.808774.100

VIPOVRS-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
Australia - 1.8%
CSL Ltd.	698,840		$ 14,445,680
News Corp. Ltd. sponsored ADR	693,600		21,730,488
TOTAL AUSTRALIA			36,176,168
Belgium - 0.2%
Fortis	215,200		5,127,651
Bermuda - 0.1%
Golar LNG Ltd. (a)	101,400		1,602,517
Brazil - 3.0%
Aracruz Celulose SA sponsored ADR	262,700		8,700,624
Banco Bradesco SA sponsored ADR	163,000		8,590,100
Banco Itau Holding Financeira SA sponsored ADR	133,900		7,431,450
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	304,300		8,033,520
Tele Nordeste Celular Participacoes SA sponsored ADR	11,055		292,193
Tele Norte Leste Participacoes SA ADR	473,600		6,265,728
Telebras sponsored ADR	221,100		6,080,250
Uniao de Bancos Brasileiros SA (Unibanco) GDR	355,000		8,601,650
Votorantim Celulose e Papel SA sponsored ADR	254,900		8,806,795
TOTAL BRAZIL			62,802,310
Canada - 3.2%
Alcan, Inc.	62,800		3,011,215
Canadian Natural Resources Ltd.	134,300		5,375,193
Celestica, Inc. (sub. vtg.) (a)	311,800		3,966,229
EnCana Corp.	386,000		17,850,684
Nortel Networks Corp. (a)	721,300		2,452,420
Research in Motion Ltd. (a)	86,800		6,627,551
Talisman Energy, Inc.	921,800		23,955,476
Tembec, Inc. (a)	304,500		2,015,118
TOTAL CANADA			65,253,886
China - 0.6%
BYD Co. Ltd. (H Shares)	683,600		2,077,838
China Telecom Corp. Ltd. sponsored ADR	200,280		6,469,044
Global Bio-Chem Technology Group Co. Ltd.	4,130,000		3,151,580
Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)	516,250		34,429
People's Food Holdings Ltd.	1,700,000		1,170,639
TOTAL CHINA			12,903,530
Denmark - 0.6%
Coloplast AS Series B	27,200		2,631,906
Danske Bank AS	163,300		4,298,230
Novo Nordisk AS Series B	110,100		6,035,095
TOTAL DENMARK			12,965,231

	Shares		Value
Finland - 0.5%
Nokia Corp.	682,200		$ 9,359,784
France - 8.6%
Accor SA	142,182		5,548,534
Alcatel SA sponsored ADR (a)	1,111,800		13,041,414
AXA SA	710,604		14,411,049
BNP Paribas SA	376,602		24,353,797
Credit Agricole SA	113,400		3,096,892
Dassault Systemes SA	113,914		5,329,379
France Telecom SA	709,661		17,741,525
L'Oreal SA	81,395		5,339,504
Lagardere S.C.A. (Reg.)	41,700		2,589,795
Pernod-Ricard	95,000		12,629,380
Sanofi-Aventis sponsored ADR	518,200		18,971,302
Television Francaise 1 SA	96,500		2,740,969
Total SA Series B	229,800		46,957,332
Vivendi Universal SA sponsored ADR (a)	150,800		3,880,084
TOTAL FRANCE			176,630,956
Germany - 10.7%
Adidas-Salomon AG	75,759		10,584,931
Allianz AG (Reg.)	350,800		35,290,480
BASF AG	298,725		17,609,839
Bayerische Motoren Werke AG (BMW)	280,134		11,531,201
Deutsche Bank AG (NY Shares)	56,700		4,078,998
Deutsche Boerse AG	240,939		12,201,004
Deutsche Telekom AG sponsored ADR (a)	4,083,400		76,196,244
E.ON AG	72,544		5,346,493
Fresenius Medical Care AG	91,100		6,985,582
Infineon Technologies AG sponsored ADR (a)	662,200		6,767,684
RWE AG	164,060		7,850,883
SAP AG sponsored ADR	194,400		7,571,880
Siemens AG sponsored ADR	259,800		19,147,260
TOTAL GERMANY			221,162,479
Hong Kong - 1.3%
Hong Kong Exchanges & Clearing Ltd.	1,952,000		4,443,646
Hutchison Whampoa Ltd.	950,600		7,436,849
Techtronic Industries Co. Ltd.	6,544,000		12,882,881
Television Broadcasts Ltd.	511,000		2,287,218
TOTAL HONG KONG			27,050,594
India - 3.0%
Bank of Baroda	382,584		1,404,654
Cipla Ltd.	1,160,697		7,488,245
Dr. Reddy's Laboratories Ltd.	151,900		2,437,807
HDFC Bank Ltd.	46,960		410,970
Housing Development Finance Corp. Ltd.	1,107,583		14,754,110
I-Flex Solutions Ltd.	516,538		7,156,865
Infosys Technologies Ltd.	346,252		12,780,456
Reliance Industries Ltd.	367,900		4,147,935
Common Stocks - continued
	Shares		Value
India - continued
Satyam Computer Services Ltd.	1,219,887		$ 10,035,818
State Bank of India	179,400		1,969,866
TOTAL INDIA			62,586,726
Italy - 1.0%
ENI Spa	880,486		19,775,716
Japan - 17.3%
Advantest Corp.	121,000		7,203,363
Aeon Co. Ltd.	450,000		7,255,623
Aeon Co. Ltd. New (a)	330,100		5,268,399
Canon, Inc.	221,500		10,445,940
Daiwa Securities Group, Inc.	2,415,000		15,320,790
Electric Power Development Co. Ltd. (a)	18,800		461,350
FamilyMart Co. Ltd.	276,700		7,431,479
Honda Motor Co. Ltd.	210,200		10,240,944
Ito Yokado Ltd.	327,300		11,244,662
JAFCO Co. Ltd.	247,800		13,062,849
KDDI Corp.	4,054		19,712,701
Kyocera Corp.	137,700		9,694,080
Mitsubishi Tokyo Financial Group, Inc. (MTFG)	2,184		18,214,559
Mizuho Financial Group, Inc.	5,570		20,958,690
Murata Manufacturing Co. Ltd.	181,500		8,743,013
Nikko Cordial Corp.	3,760,000		15,275,800
Nitto Denko Corp.	109,100		5,027,375
Nomura Holdings, Inc.	1,940,000		25,045,399
ORIX Corp.	92,700		9,520,654
Ricoh Co. Ltd.	608,000		11,466,484
Rohm Co. Ltd.	84,800		8,539,731
Softbank Corp.	310,000		14,397,636
Sumitomo Electric Industries Ltd.	852,000		7,573,333
Sumitomo Mitsui Financial Group, Inc.	5,585		31,979,549
TDK Corp.	98,500		6,571,143
Tokyo Electron Ltd.	334,100		16,306,448
Toyota Motor Corp.	631,800		24,128,441
UFJ Holdings, Inc. (a)	2,462		10,807,961
Yahoo Japan Corp. (a)	667		2,970,507
Yahoo Japan Corp. New (a)	667		2,946,258
TOTAL JAPAN			357,815,161
Korea (South) - 4.8%
Honam Petrochemical Corp.	263,730		10,443,840
Hyundai Motor Co. Ltd.	66,243		3,054,712
Hyundai Motor Co. Ltd. GDR (d)	1		23
Kookmin Bank (a)	323,810		10,249,994
LG Electronics, Inc.	434,760		24,994,439
LG Petrochemical Co. Ltd.	178,050		3,958,383
Samsung Electro-Mechanics Co. Ltd. (a)	183,200		4,693,354
Samsung Electronics Co. Ltd.	86,670		34,472,287
Shinhan Financial Group Co. Ltd.	414,900		7,170,217
TOTAL KOREA (SOUTH)			99,037,249

	Shares		Value
Malaysia - 0.1%
Public Bank BHD (For. Reg.)	941,650		$ 1,759,399
Netherlands - 5.5%
Aegon NV	611,300		6,598,646
ASML Holding NV (a)	2,766,439		35,604,070
Buhrmann NV	326,100		2,461,615
EADS NV	105,300		2,793,187
ING Groep NV (Certificaten Van Aandelen)	926,624		23,425,055
Koninklijke Ahold NV (a)	406,700		2,598,813
Koninklijke KPN NV	845,606		6,341,122
Randstad Holdings NV	82,500		2,991,729
Unilever NV (NY Shares)	154,100		8,906,980
VNU NV	547,525		14,094,673
Wolters Kluwer NV (Certificaten Van Aandelen)	514,275		8,665,935
TOTAL NETHERLANDS			114,481,825
Portugal - 0.2%
Portugal Telecom SGPS SA (Reg.)	443,150		4,888,269
Russia - 0.2%
JSC MMC 'Norilsk Nickel' sponsored ADR	75,800		4,813,300
South Africa - 0.4%
Anglogold Ashanti Ltd. sponsored ADR	42,800		1,664,920
Harmony Gold Mining Co. Ltd. sponsored ADR	172,600		2,350,812
MTN Group Ltd.	904,583		4,318,280
TOTAL SOUTH AFRICA			8,334,012
Spain - 2.2%
Banco Bilbao Vizcaya Argentaria SA	184,900		2,551,620
Banco Popular Espanol SA (Reg.)	174,700		9,720,075
Banco Santander Central Hispano SA	1,208,868		11,822,729
Telefonica SA	1,446,462		21,692,108
TOTAL SPAIN			45,786,532
Sweden - 0.9%
Skandia Foersaekrings AB	355,200		1,405,727
Telefonaktiebolaget LM Ericsson ADR (a)	521,800		16,301,032
TOTAL SWEDEN			17,706,759
Switzerland - 7.0%
ABB Ltd. (Switzerland) (Reg.) (a)	680,513		4,164,900
Actelion Ltd. (Reg.) (a)	22,893		2,353,563
Adecco SA	200,615		9,990,065
Compagnie Financiere Richemont unit	312,115		8,661,157
Credit Suisse Group (Reg.)	618,719		19,761,885
Nestle SA (Reg.)	32,100		7,373,680
Novartis AG (Reg.)	696,074		32,485,774
Roche Holding AG (participation certificate)	242,968		25,173,987
Common Stocks - continued
	Shares		Value
Switzerland - continued
Societe Generale de Surveillance Holding SA (SGS) (Reg.)	4,450		$ 2,448,295
UBS AG (Reg.)	443,373		31,182,423
TOTAL SWITZERLAND			143,595,729
Taiwan - 2.4%
Hon Hai Precision Industries Co. Ltd.	2,110,109		7,267,670
Quanta Computer, Inc.	2,972,260		5,118,552
Taishin Financial Holdings Co. Ltd.	1,772,345		1,429,563
Taiwan Semiconductor Manufacturing Co. Ltd.	1,900,000		2,421,843
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	662,600		4,730,964
United Microelectronics Corp. (a)	32,607,360		19,677,683
United Microelectronics Corp. sponsored ADR (a)	1,299,624		4,392,729
Yageo Corp. (a)	9,414,000		3,533,368
TOTAL TAIWAN			48,572,372
United Kingdom - 17.1%
3i Group PLC	663,873		6,682,504
Abbey National PLC	616,800		6,258,966
AstraZeneca PLC (United Kingdom)	497,100		20,445,723
BHP Billiton PLC	1,008,495		10,626,583
BP PLC	3,010,406		28,864,776
British Sky Broadcasting Group PLC (BSkyB)	310,800		2,699,065
Carphone Warehouse Group PLC	940,414		2,539,075
Dixons Group PLC	2,664,150		8,243,081
Enterprise Inns PLC	789,600		8,155,530
Hilton Group PLC	2,014,800		10,103,917
HSBC Holdings PLC (United Kingdom) (Reg.)	2,177,239		34,748,734
ITV PLC	4,352,554		8,498,291
Kesa Electricals PLC	1,433,748		7,352,405
Man Group PLC	611,067		13,165,606
mmO2 PLC (a)	2,395,800		4,265,336
Prudential PLC	874,178		7,136,164
Reckitt Benckiser PLC	331,800		8,140,765
Reuters Group PLC	1,006,400		5,680,661
Rio Tinto PLC (Reg.)	782,606		21,257,535
Royal Bank of Scotland Group PLC	243,400		7,039,205
Shire Pharmaceuticals Group PLC sponsored ADR	242,600		6,950,490
Smith & Nephew PLC	1,796,100		16,649,847
Tesco PLC	1,548,141		8,002,144
Vodafone Group PLC	34,770,825		83,832,451
William Hill PLC	189,500		1,831,951

	Shares		Value
Xstrata PLC	367,500		$ 6,049,959
Yell Group PLC	1,044,000		6,668,525
TOTAL UNITED KINGDOM			351,889,289
United States of America - 3.8%
ENSCO International, Inc.	210,900		6,890,103
Freeport-McMoRan Copper & Gold, Inc. Class B	494,700		20,035,350
Grant Prideco, Inc. (a)	255,200		5,229,048
Nabors Industries Ltd. (a)	54,800		2,594,780
Phelps Dodge Corp.	215,000		19,786,450
Pride International, Inc. (a)	175,400		3,471,166
Synthes, Inc.	77,867		8,505,612
Telewest Global, Inc. (a)	724,379		8,417,284
Weatherford International Ltd. (a)	60,800		3,102,016
TOTAL UNITED STATES OF AMERICA			78,031,809
TOTAL COMMON STOCKS (Cost $1,667,065,690)		1,990,109,253
Nonconvertible Preferred Stocks - 0.2%

Germany - 0.2%
Fresenius Medical Care AG (Cost $3,581,095)	86,470		4,715,370

Government Obligations - 0.6%
		Principal Amount
Japan - 0.6%
Japan Government 0.1% 8/20/05 (Cost $12,273,615)	JPY	1,352,700,000	12,301,080

Money Market Funds - 7.4%
	Shares
Fidelity Cash Central Fund, 1.74% (b)	50,224,030	50,224,030
Fidelity Securities Lending Cash Central Fund, 1.71% (b)(c)	102,025,648	102,025,648
TOTAL MONEY MARKET FUNDS (Cost $152,249,678)		152,249,678
TOTAL INVESTMENT PORTFOLIO - 104.7% (Cost $1,835,170,078)		2,159,375,381
NET OTHER ASSETS - (4.7)%		(97,461,873)
NET ASSETS - 100%		$ 2,061,913,508

Currency Abbreviations
JPY	-	Japanese yen

Legend

(a) Non-income producing

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $1,851,569,795. Net unrealized appreciation aggregated $307,805,586, of which $383,178,354 related to appreciated investment securities and $75,372,768 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Value Portfolio

September 30, 2004

1.808786.100

VIPVAL-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
CONSUMER DISCRETIONARY - 8.3%
Hotels, Restaurants & Leisure - 0.3%
Hilton Hotels Corp.	300		$ 5,652
Marriott International, Inc. Class A	190		9,872
			15,524
Internet & Catalog Retail - 0.5%
IAC/InterActiveCorp (a)	1,000		22,020
Media - 6.7%
Clear Channel Communications, Inc.	100		3,117
News Corp. Ltd. ADR	3,510		115,374
Omnicom Group, Inc.	930		67,946
Sirius Satellite Radio, Inc. (a)	500		1,600
The DIRECTV Group, Inc. (a)	800		14,072
Tribune Co.	1,220		50,203
Viacom, Inc. Class B (non-vtg.)	900		30,204
Walt Disney Co.	300		6,765
XM Satellite Radio Holdings, Inc. Class A (a)	910		28,228
			317,509
Multiline Retail - 0.3%
JCPenney Co., Inc.	400		14,112
Specialty Retail - 0.5%
Home Depot, Inc.	600		23,520
TOTAL CONSUMER DISCRETIONARY			392,685
CONSUMER STAPLES - 5.4%
Beverages - 0.0%
The Coca-Cola Co.	50		2,003
Food & Staples Retailing - 3.3%
Safeway, Inc. (a)	2,030		39,199
Wal-Mart Stores, Inc.	2,150		114,380
			153,579
Food Products - 0.9%
Hormel Foods Corp.	380		10,176
McCormick & Co., Inc. (non-vtg.)	890		30,563
			40,739
Personal Products - 0.1%
Gillette Co.	170		7,096
Tobacco - 1.1%
Altria Group, Inc.	970		45,629
Loews Corp. - Carolina Group	200		4,874
			50,503
TOTAL CONSUMER STAPLES			253,920
ENERGY - 12.1%
Energy Equipment & Services - 2.5%
ENSCO International, Inc.	1,900		62,073

	Shares		Value
Smith International, Inc. (a)	100		$ 6,073
Weatherford International Ltd. (a)	990		50,510
			118,656
Oil & Gas - 9.6%
Ashland, Inc.	990		55,519
BP PLC sponsored ADR	1,000		57,530
Burlington Resources, Inc.	2,740		111,792
Exxon Mobil Corp.	4,690		226,665
			451,506
TOTAL ENERGY			570,162
FINANCIALS - 26.5%
Capital Markets - 3.7%
Charles Schwab Corp.	800		7,352
Goldman Sachs Group, Inc.	300		27,972
Lehman Brothers Holdings, Inc.	300		23,916
Morgan Stanley	690		34,017
State Street Corp.	1,890		80,722
			173,979
Commercial Banks - 7.8%
Bank of America Corp.	3,600		155,988
Wachovia Corp.	2,130		100,004
Wells Fargo & Co.	1,880		112,104
			368,096
Consumer Finance - 1.5%
SLM Corp.	1,550		69,130
Diversified Financial Services - 4.7%
Citigroup, Inc.	2,550		112,506
J.P. Morgan Chase & Co.	2,738		108,781
			221,287
Insurance - 2.9%
AFLAC, Inc.	570		22,350
AMBAC Financial Group, Inc.	330		26,384
American International Group, Inc.	1,280		87,027
			135,761
Real Estate - 3.0%
Capital Automotive (SBI)	360		11,257
CenterPoint Properties Trust (SBI)	200		8,716
Equity Office Properties Trust	200		5,450
General Growth Properties, Inc.	1,630		50,530
Manufactured Home Communities, Inc.	2,000		66,480
			142,433
Thrifts & Mortgage Finance - 2.9%
Fannie Mae	2,200		139,480
TOTAL FINANCIALS			1,250,166
HEALTH CARE - 5.7%
Health Care Equipment & Supplies - 1.6%
Medtronic, Inc.	1,460		75,774
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 0.4%
UnitedHealth Group, Inc.	230		$ 16,960
Pharmaceuticals - 3.7%
Bristol-Myers Squibb Co.	700		16,569
GlaxoSmithKline PLC sponsored ADR	300		13,119
Johnson & Johnson	80		4,506
Pfizer, Inc.	4,640		141,984
			176,178
TOTAL HEALTH CARE			268,912
INDUSTRIALS - 14.0%
Aerospace & Defense - 1.9%
Goodrich Corp.	680		21,325
Honeywell International, Inc.	510		18,289
Northrop Grumman Corp.	200		10,666
Precision Castparts Corp.	630		37,832
			88,112
Air Freight & Logistics - 0.9%
Ryder System, Inc.	280		13,171
United Parcel Service, Inc. Class B	370		28,090
			41,261
Commercial Services & Supplies - 0.2%
Cendant Corp.	400		8,640
Corinthian Colleges, Inc. (a)	200		2,696
			11,336
Industrial Conglomerates - 4.6%
General Electric Co.	6,510		218,606
Machinery - 2.7%
Caterpillar, Inc.	980		78,841
Dover Corp.	770		29,930
Eaton Corp.	300		19,023
			127,794
Road & Rail - 3.7%
Landstar System, Inc. (a)	1,040		61,027
Norfolk Southern Corp.	3,860		114,796
			175,823
TOTAL INDUSTRIALS			662,932
INFORMATION TECHNOLOGY - 7.9%
Communications Equipment - 0.9%
Cisco Systems, Inc. (a)	900		16,290
Nokia Corp. sponsored ADR	1,800		24,696
			40,986
Electronic Equipment & Instruments - 0.4%
Avnet, Inc. (a)	900		15,408
National Instruments Corp.	100		3,027
			18,435

	Shares		Value
Semiconductors & Semiconductor Equipment - 4.3%
Analog Devices, Inc.	1,340		$ 51,965
Applied Materials, Inc. (a)	1,720		28,363
Intel Corp.	2,400		48,144
KLA-Tencor Corp. (a)	740		30,695
National Semiconductor Corp. (a)	1,700		26,333
Novellus Systems, Inc. (a)	700		18,613
Teradyne, Inc. (a)	100		1,340
			205,453
Software - 2.3%
Microsoft Corp.	3,860		106,729
TOTAL INFORMATION TECHNOLOGY			371,603
MATERIALS - 5.7%
Chemicals - 4.7%
Air Products & Chemicals, Inc.	270		14,683
Eastman Chemical Co.	2,380		113,169
FMC Corp. (a)	1,040		50,513
Lubrizol Corp.	500		17,300
Lyondell Chemical Co.	1,000		22,460
Olin Corp.	200		4,000
			222,125
Containers & Packaging - 0.7%
Smurfit-Stone Container Corp. (a)	1,750		33,898
Metals & Mining - 0.3%
Alcoa, Inc.	200		6,718
International Steel Group, Inc.	140		4,718
			11,436
TOTAL MATERIALS			267,459
TELECOMMUNICATION SERVICES - 9.6%
Diversified Telecommunication Services - 9.5%
SBC Communications, Inc.	4,160		107,952
Sprint Corp.	6,290		126,618
Verizon Communications, Inc.	5,410		213,046
			447,616
Wireless Telecommunication Services - 0.1%
Vodafone Group PLC sponsored ADR	300		7,233
TOTAL TELECOMMUNICATION SERVICES			454,849
UTILITIES - 2.6%
Electric Utilities - 2.4%
American Electric Power Co., Inc.	150		4,794
Entergy Corp.	1,370		83,036
Exelon Corp.	710		26,050
			113,880
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities & Unregulated Power - 0.2%
Public Service Enterprise Group, Inc.	180		$ 7,668
TOTAL UTILITIES			121,548
TOTAL COMMON STOCKS (Cost $4,231,557)		4,614,236
Money Market Funds - 1.8%

Fidelity Cash Central Fund, 1.74% (b) (Cost $83,640)	83,640		83,640
Cash Equivalents - 0.6%
	Maturity Amount
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 1.72%, dated 9/30/04 due 10/1/04) (Cost $27,000)	$ 27,001		27,000
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $4,342,197)		4,724,876
NET OTHER ASSETS - (0.2)%		(9,899)
NET ASSETS - 100%		$ 4,714,977

Legend

(a) Non-income producing

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $4,346,089. Net unrealized appreciation aggregated $378,787, of which $465,325 related to appreciated investment securities and $86,538 related to depreciated investment securities.

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/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	November 22, 2004

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/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	November 22, 2004

By:	/s/Timothy F. Hayes
	Timothy F. Hayes
	Chief Financial Officer

Date:	November 22, 2004

Fidelity ® Variable Insurance Products: Equity-Income Portfolio

Investments September 30, 2004 (Unaudited)

Fidelity ® Variable Insurance Products: Growth Portfolio

Investments September 30, 2004 (Unaudited)

Fidelity ® Variable Insurance Products: High Income Portfolio

Investments September 30, 2004 (Unaudited)

Fidelity ® Variable Insurance Products: Money Market Portfolio

Investments September 30, 2004 (Unaudited)

Fidelity ® Variable Insurance Products: Overseas Portfolio

Investments September 30, 2004 (Unaudited)

Fidelity ® Variable Insurance Products: Value Portfolio

Investments September 30, 2004 (Unaudited)

Fidelity ® Variable Insurance Products:
Equity-Income Portfolio

Fidelity ® Variable Insurance Products:
Growth Portfolio

Fidelity ® Variable Insurance Products:
High Income Portfolio

Fidelity ® Variable Insurance Products:
Money Market Portfolio

Fidelity ® Variable Insurance Products:
Overseas Portfolio

Fidelity ® Variable Insurance Products:
Value Portfolio