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:	March 31, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Equity-Income Portfolio

March 31, 2005

1.799856.101

VIPEI-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
CONSUMER DISCRETIONARY - 11.5%
Auto Components - 0.1%
American Axle & Manufacturing Holdings, Inc.	37,000		$ 906,500
TRW Automotive Holdings Corp.	611,370		11,878,919
			12,785,419
Automobiles - 0.4%
Renault SA	105,695		9,439,792
Toyota Motor Corp. ADR	475,900		35,397,442
			44,837,234
Hotels, Restaurants & Leisure - 1.1%
Caesars Entertainment, Inc. (a)	1,927,700		38,149,183
McDonald's Corp.	2,455,700		76,470,498
Wendy's International, Inc.	128,800		5,028,352
			119,648,033
Household Durables - 1.2%
Koninklijke Philips Electronics NV (NY Shares)	601,900		16,564,288
Maytag Corp.	1,622,720		22,669,398
Newell Rubbermaid, Inc.	2,689,200		59,001,048
The Stanley Works	128,500		5,817,195
Whirlpool Corp.	423,200		28,663,336
			132,715,265
Leisure Equipment & Products - 0.3%
Eastman Kodak Co.	880,500		28,660,275
Media - 6.2%
Clear Channel Communications, Inc.	3,179,400		109,593,918
Comcast Corp. Class A (a)	2,742,791		92,651,480
Knight-Ridder, Inc.	328,600		22,098,350
Liberty Media Corp. Class A (a)	3,912,376		40,571,339
Liberty Media International, Inc. Class A (a)	308,566		13,496,677
News Corp. Class A	1,178,916		19,947,259
The Reader's Digest Association, Inc. (non-vtg.)	1,699,003		29,409,742
Time Warner, Inc. (a)	6,762,850		118,688,018
Viacom, Inc. Class B (non-vtg.)	3,618,786		126,042,316
Vivendi Universal SA sponsored ADR	904,300		27,671,580
Walt Disney Co.	2,612,200		75,048,506
			675,219,185
Multiline Retail - 0.8%
Big Lots, Inc. (a)	2,275,956		27,356,994
Dollar Tree Stores, Inc. (a)	954,000		27,408,420
Family Dollar Stores, Inc.	706,500		21,449,340
Sears Holdings Corp. (a)	67,387		8,973,927
			85,188,681
Specialty Retail - 1.2%
AnnTaylor Stores Corp. (a)	1,113,050		28,482,950
Gap, Inc.	1,800,778		39,328,992

	Shares		Value
Tiffany & Co., Inc.	827,300		$ 28,558,396
Toys 'R' Us, Inc. (a)	1,295,900		33,382,384
			129,752,722
Textiles, Apparel & Luxury Goods - 0.2%
Liz Claiborne, Inc.	632,940		25,399,882
TOTAL CONSUMER DISCRETIONARY		1,254,206,696
CONSUMER STAPLES - 6.7%
Beverages - 0.9%
Anheuser-Busch Companies, Inc.	1,486,400		70,440,496
The Coca-Cola Co.	686,500		28,606,455
			99,046,951
Food & Staples Retailing - 1.5%
Albertsons, Inc.	540,000		11,151,000
CVS Corp.	781,400		41,117,268
Wal-Mart Stores, Inc.	2,112,300		105,847,353
			158,115,621
Food Products - 0.6%
General Mills, Inc.	278,600		13,693,190
Kraft Foods, Inc. Class A	943,100		31,169,455
Sara Lee Corp.	509,700		11,294,952
Unilever PLC sponsored ADR	253,500		10,140,000
			66,297,597
Household Products - 2.2%
Colgate-Palmolive Co.	2,463,000		128,494,710
Kimberly-Clark Corp.	1,109,000		72,894,570
Procter & Gamble Co.	710,400		37,651,200
			239,040,480
Personal Products - 0.6%
Gillette Co.	1,342,520		67,770,410
Tobacco - 0.9%
Altria Group, Inc.	1,486,200		97,182,618
TOTAL CONSUMER STAPLES			727,453,677
ENERGY - 12.0%
Energy Equipment & Services - 2.6%
Baker Hughes, Inc.	1,373,800		61,120,362
BJ Services Co.	536,645		27,841,143
Halliburton Co.	708,200		30,629,650
Noble Corp.	817,100		45,929,191
Schlumberger Ltd. (NY Shares)	1,669,210		117,645,921
			283,166,267
Oil & Gas - 9.4%
Apache Corp.	647,780		39,663,569
Ashland, Inc.	127,600		8,609,172
BP PLC sponsored ADR	2,397,342		149,594,141
ChevronTexaco Corp.	2,411,542		140,617,014
Exxon Mobil Corp.	6,650,236		396,354,062
Royal Dutch Petroleum Co. (NY Shares)	317,100		19,038,684
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil & Gas - continued
Statoil ASA	637,700		$ 10,867,828
Total SA:
Series B	319,400		74,886,524
sponsored ADR	1,578,996		185,105,701
		1,024,736,695
TOTAL ENERGY		1,307,902,962
FINANCIALS - 26.5%
Capital Markets - 4.4%
Bank of New York Co., Inc.	3,107,200		90,264,160
Charles Schwab Corp.	5,679,300		59,689,443
Janus Capital Group, Inc.	2,332,400		32,536,980
LaBranche & Co., Inc. (a)	517,900		4,816,470
Mellon Financial Corp.	1,716,500		48,988,910
Merrill Lynch & Co., Inc.	1,602,600		90,707,160
Morgan Stanley	1,998,200		114,396,950
Nomura Holdings, Inc.	1,853,000		25,682,579
State Street Corp.	386,200		16,884,664
			483,967,316
Commercial Banks - 6.9%
Bank of America Corp.	7,343,366		323,842,441
Comerica, Inc.	730,200		40,219,416
Kookmin Bank sponsored ADR	176,500		7,880,725
Lloyds TSB Group PLC	2,282,400		20,616,931
Royal Bank of Scotland Group PLC	625,547		19,907,026
State Bank of India	463,175		7,586,526
Sumitomo Mitsui Financial Group, Inc.	845		5,721,333
U.S. Bancorp, Delaware	1,762,138		50,784,817
Wachovia Corp.	2,852,075		145,199,138
Wells Fargo & Co.	2,116,000		126,536,800
			748,295,153
Consumer Finance - 1.0%
American Express Co.	1,271,096		65,296,202
MBNA Corp.	1,279,700		31,416,635
MoneyGram International, Inc.	904,600		17,087,894
			113,800,731
Diversified Financial Services - 4.9%
CIT Group, Inc.	939,100		35,685,800
Citigroup, Inc.	6,090,219		273,694,442
J.P. Morgan Chase & Co.	6,557,712		226,896,835
			536,277,077
Insurance - 6.8%
ACE Ltd.	2,169,015		89,515,249
Allianz AG sponsored ADR	1,115,700		14,191,704
Allstate Corp.	1,877,700		101,508,462
American International Group, Inc.	4,427,150		245,308,382
Conseco, Inc. (a)	1,262,800		25,786,376

	Shares		Value
Genworth Financial, Inc. Class A	1,490,400		$ 41,015,808
Hartford Financial Services Group, Inc.	1,047,100		71,789,176
Marsh & McLennan Companies, Inc.	793,600		24,141,312
PartnerRe Ltd.	253,500		16,376,100
St. Paul Travelers Companies, Inc.	2,435,726		89,464,216
The Chubb Corp.	127,000		10,067,290
XL Capital Ltd. Class A	201,920		14,612,950
			743,777,025
Real Estate - 0.2%
CarrAmerica Realty Corp.	193,740		6,112,497
Equity Office Properties Trust	508,000		15,306,040
			21,418,537
Thrifts & Mortgage Finance - 2.3%
Fannie Mae	2,739,400		149,160,330
Freddie Mac	661,800		41,825,760
Housing Development Finance Corp. Ltd.	1,133,500		18,919,783
MGIC Investment Corp.	195,900		12,081,153
Sovereign Bancorp, Inc.	1,371,550		30,393,548
			252,380,574
TOTAL FINANCIALS		2,899,916,413
HEALTH CARE - 7.6%
Health Care Equipment & Supplies - 1.1%
Baxter International, Inc.	2,943,300		100,013,334
Thermo Electron Corp. (a)	537,800		13,600,962
			113,614,296
Health Care Providers & Services - 1.2%
Cardinal Health, Inc.	706,100		39,400,380
HCA, Inc.	158,600		8,496,202
McKesson Corp.	1,246,700		47,062,925
Tenet Healthcare Corp. (a)	2,188,900		25,238,017
UnitedHealth Group, Inc.	137,400		13,105,212
			133,302,736
Pharmaceuticals - 5.3%
Abbott Laboratories	857,000		39,953,340
Bristol-Myers Squibb Co.	2,375,300		60,475,138
GlaxoSmithKline PLC sponsored ADR	430,600		19,773,152
Johnson & Johnson	2,008,900		134,917,724
Merck & Co., Inc.	2,425,100		78,500,487
Pfizer, Inc.	3,610,500		94,847,835
Schering-Plough Corp.	3,703,130		67,211,810
Wyeth	2,062,400		86,992,032
			582,671,518
TOTAL HEALTH CARE			829,588,550
INDUSTRIALS - 11.7%
Aerospace & Defense - 3.5%
EADS NV	1,540,015		46,033,397
Honeywell International, Inc.	2,843,525		105,807,565
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Aerospace & Defense - continued
Lockheed Martin Corp.	1,376,100		$ 84,024,666
Northrop Grumman Corp.	903,000		48,743,940
Raytheon Co.	288,678		11,171,839
The Boeing Co.	772,800		45,177,888
United Technologies Corp.	379,520		38,582,003
			379,541,298
Air Freight & Logistics - 0.0%
Ryder System, Inc.	123,200		5,137,440
Airlines - 0.3%
Southwest Airlines Co.	2,293,600		32,660,864
Commercial Services & Supplies - 0.3%
Waste Management, Inc.	1,286,100		37,103,985
Construction & Engineering - 0.2%
Fluor Corp.	368,900		20,448,127
Electrical Equipment - 0.3%
Emerson Electric Co.	550,200		35,724,486
Industrial Conglomerates - 3.6%
3M Co.	342,400		29,340,256
General Electric Co.	4,457,440		160,735,286
Hutchison Whampoa Ltd.	589,000		5,003,077
Siemens AG sponsored ADR	248,700		19,662,222
Textron, Inc.	539,800		40,279,876
Tyco International Ltd.	4,054,946		137,057,175
			392,077,892
Machinery - 2.4%
Caterpillar, Inc.	459,800		42,044,112
Deere & Co.	193,250		12,972,873
Dover Corp.	850,600		32,144,174
Illinois Tool Works, Inc.	176,200		15,775,186
Ingersoll-Rand Co. Ltd. Class A	906,244		72,182,335
Navistar International Corp. (a)	508,495		18,509,218
SPX Corp.	1,550,600		67,109,968
			260,737,866
Road & Rail - 1.1%
Burlington Northern Santa Fe Corp.	1,094,200		59,010,206
Union Pacific Corp.	807,900		56,310,630
			115,320,836
TOTAL INDUSTRIALS		1,278,752,794
INFORMATION TECHNOLOGY - 7.7%
Communications Equipment - 1.0%
Cisco Systems, Inc. (a)	1,656,200		29,629,418
Lucent Technologies, Inc. (a)	4,816,600		13,245,650
Lucent Technologies, Inc. warrants 12/10/07 (a)	8,328		5,580

	Shares		Value
Motorola, Inc.	3,578,112		$ 53,564,337
Nokia Corp. sponsored ADR	1,182,000		18,238,260
			114,683,245
Computers & Peripherals - 1.8%
Hewlett-Packard Co.	3,676,611		80,664,845
International Business Machines Corp.	881,600		80,560,608
Storage Technology Corp. (a)	710,110		21,871,388
Sun Microsystems, Inc. (a)	3,998,675		16,154,647
			199,251,488
Electronic Equipment & Instruments - 0.9%
Agilent Technologies, Inc. (a)	1,334,800		29,632,560
Arrow Electronics, Inc. (a)	830,900		21,063,315
Avnet, Inc. (a)	1,584,330		29,183,359
Solectron Corp. (a)	5,530,200		19,189,794
			99,069,028
IT Services - 0.2%
Ceridian Corp. (a)	1,095,600		18,679,980
Office Electronics - 0.3%
Xerox Corp. (a)	1,881,900		28,510,785
Semiconductors & Semiconductor Equipment - 2.6%
Analog Devices, Inc.	1,357,900		49,074,506
Applied Materials, Inc.	2,102,500		34,165,625
Freescale Semiconductor, Inc. Class B (a)	1,545,477		26,659,478
Intel Corp.	3,818,300		88,699,109
Micron Technology, Inc. (a)	1,773,200		18,334,888
National Semiconductor Corp.	785,500		16,189,155
Rohm Co. Ltd.	148,300		14,314,805
Samsung Electronics Co. Ltd.	55,670		27,465,691
Teradyne, Inc. (a)	382,700		5,587,420
			280,490,677
Software - 0.9%
Microsoft Corp.	3,603,400		87,094,178
Symantec Corp. (a)	595,533		12,702,719
			99,796,897
TOTAL INFORMATION TECHNOLOGY			840,482,100
MATERIALS - 6.0%
Chemicals - 2.5%
Air Products & Chemicals, Inc.	405,000		25,632,450
Albemarle Corp.	191,300		6,955,668
Arch Chemicals, Inc.	392,800		11,183,016
Celanese Corp. Class A	632,400		11,376,876
Dow Chemical Co.	1,609,900		80,253,515
Eastman Chemical Co.	476,800		28,131,200
Great Lakes Chemical Corp.	508,800		16,342,656
Lubrizol Corp.	214,800		8,729,472
Lyondell Chemical Co.	1,904,293		53,167,847
PolyOne Corp. (a)	1,310,600		11,638,128
Praxair, Inc.	532,924		25,505,743
			278,916,571
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - 0.4%
Amcor Ltd.	1,383,200		$ 7,648,142
Smurfit-Stone Container Corp. (a)	2,515,872		38,920,540
			46,568,682
Metals & Mining - 1.7%
Alcan, Inc.	955,100		36,327,600
Alcoa, Inc.	2,616,216		79,506,804
Freeport-McMoRan Copper & Gold, Inc. Class B	820,704		32,508,085
Phelps Dodge Corp.	356,800		36,297,264
			184,639,753
Paper & Forest Products - 1.4%
Bowater, Inc.	391,300		14,740,271
Georgia-Pacific Corp.	1,353,201		48,025,103
International Paper Co.	1,299,000		47,790,210
Weyerhaeuser Co.	566,200		38,784,700
			149,340,284
TOTAL MATERIALS			659,465,290
TELECOMMUNICATION SERVICES - 5.4%
Diversified Telecommunication Services - 4.8%
BellSouth Corp.	5,175,199		136,055,982
Philippine Long Distance Telephone Co. sponsored ADR	401,300		10,116,773
Qwest Communications International, Inc. (a)	4,948,700		18,310,190
SBC Communications, Inc.	7,379,793		174,827,296
Sprint Corp.	1,161,600		26,426,400
Verizon Communications, Inc.	4,339,502		154,052,321
			519,788,962
Wireless Telecommunication Services - 0.6%
Crown Castle International Corp. (a)	1,003,300		16,112,998
KDDI Corp.	3,028		14,995,271
Vodafone Group PLC sponsored ADR	1,506,100		40,002,016
			71,110,285
TOTAL TELECOMMUNICATION SERVICES			590,899,247
UTILITIES - 3.1%
Electric Utilities - 1.4%
Entergy Corp.	765,900		54,118,494
PG&E Corp.	403,800		13,769,580
TXU Corp.	500,920		39,888,260
Wisconsin Energy Corp.	1,414,600		50,218,300
			157,994,634
Multi-Utilities & Unregulated Power - 1.7%
CMS Energy Corp. (a)	379,600		4,949,984
Dominion Resources, Inc.	1,218,900		90,722,727

	Shares		Value
Duke Energy Corp.	761,800		$ 21,338,018
NorthWestern Energy Corp.	392,200		10,342,314
Public Service Enterprise Group, Inc.	1,026,100		55,809,579
			183,162,622
TOTAL UTILITIES			341,157,256
TOTAL COMMON STOCKS (Cost $8,417,975,847)		10,729,824,985
Convertible Preferred Stocks - 1.0%

CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.1%
General Motors Corp.:
Series B, 5.25%	412,200		7,642,188
Series C, 6.25%	253,100		5,292,321
			12,934,509
Hotels, Restaurants & Leisure - 0.1%
Six Flags, Inc. 7.25% PIERS	388,400		7,768,000
TOTAL CONSUMER DISCRETIONARY			20,702,509
FINANCIALS - 0.5%
Capital Markets - 0.0%
State Street Corp. 6.75%	24,900		4,927,859
Consumer Finance - 0.2%
Ford Motor Co. Capital Trust II 6.50%	461,500		20,864,415
Insurance - 0.3%
Conseco, Inc. Series B, 5.50%	143,400		3,769,986
The Chubb Corp.:
7.00%	167,700		4,980,858
Series B, 7.00%	120,100		3,600,598
Travelers Property Casualty Corp. 4.50%	240,200		5,305,778
XL Capital Ltd. 6.50%	401,800		9,584,537
			27,241,757
TOTAL FINANCIALS			53,034,031
HEALTH CARE - 0.1%
Health Care Equipment & Supplies - 0.0%
Baxter International, Inc. 7.00%	156,900		8,452,203
Pharmaceuticals - 0.1%
Schering-Plough Corp. 6.00%	187,400		9,380,494
TOTAL HEALTH CARE			17,832,697
INFORMATION TECHNOLOGY - 0.2%
Office Electronics - 0.2%
Xerox Corp. Series C, 6.25%	145,650		19,000,625
Convertible Preferred Stocks - continued
	Shares		Value
MATERIALS - 0.0%
Chemicals - 0.0%
Celanese Corp. 4.25%	67,100		$ 1,845,250
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $118,169,775)		112,415,112
Corporate Bonds - 0.6%
	Principal Amount
Convertible Bonds - 0.5%
CONSUMER DISCRETIONARY - 0.3%
Hotels, Restaurants & Leisure - 0.1%
Royal Caribbean Cruises Ltd. liquid yield option note 0% 2/2/21	$ 11,239,000		5,894,856
Six Flags, Inc. 4.5% 5/15/15	3,640,000		3,367,000
			9,261,856
Media - 0.2%
Liberty Media Corp.3.5% 1/15/31 (d)	11,400,000		8,821,320
News America, Inc. liquid yield option note 0% 2/28/21 (d)	22,670,000		13,053,386
			21,874,706
TOTAL CONSUMER DISCRETIONARY			31,136,562
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Navistar Financial Corp. 4.75% 4/1/09 (d)	2,760,000		2,754,701
Insurance - 0.0%
Loews Corp. 3.125% 9/15/07	5,340,000		5,380,050
TOTAL FINANCIALS			8,134,751
INDUSTRIALS - 0.1%
Industrial Conglomerates - 0.1%
Tyco International Group SA yankee 3.125% 1/15/23	5,220,000		8,239,770
INFORMATION TECHNOLOGY - 0.0%
Electronic Equipment & Instruments - 0.0%
Celestica, Inc. liquid yield option note 0% 8/1/20	620,000		347,975
TELECOMMUNICATION SERVICES - 0.1%
Diversified Telecommunication Services - 0.1%
Level 3 Communications, Inc. 5.25% 12/15/11 (d)	11,850,000		8,379,135
TOTAL CONVERTIBLE BONDS			56,238,193

	Principal Amount		Value
Nonconvertible Bonds - 0.1%
CONSUMER DISCRETIONARY - 0.0%
Media - 0.0%
XM Satellite Radio, Inc. 12% 6/15/10	$ 60,000		$ 69,900
MATERIALS - 0.1%
Chemicals - 0.1%
Hercules, Inc. 6.5% 6/30/29 unit	15,700,000		13,285,340
TOTAL NONCONVERTIBLE BONDS			13,355,240
TOTAL CORPORATE BONDS (Cost $75,829,458)			69,593,433
Money Market Funds - 0.9%
Fidelity Cash Central Fund, 2.73% (b)	32,421,162		32,421,162
Fidelity Securities Lending Cash Central Fund, 2.74% (b)(c)	63,227,571		63,227,571
TOTAL MONEY MARKET FUNDS (Cost $95,648,733)		95,648,733
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $8,707,623,813)	11,007,482,263
NET OTHER ASSETS - (0.7)%		(76,870,831)
NET ASSETS - 100%		$ 10,930,611,432

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 quarter 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 $33,008,542 or 0.3% of net assets.

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $8,724,405,704. Net unrealized appreciation aggregated $2,283,076,559, of which $2,883,894,804 related to appreciated investment securities and $600,818,245 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

March 31, 2005

1.799861.101

VIPGRWT-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
CONSUMER DISCRETIONARY - 11.8%
Hotels, Restaurants & Leisure - 1.2%
Carnival Corp. unit	488,700		$ 25,319,547
Hilton Group PLC	1,886,329		10,729,718
McDonald's Corp.	1,132,100		35,253,594
Rank Group PLC	2,796,306		14,465,824
Royal Caribbean Cruises Ltd.	511,700		22,867,873
			108,636,556
Household Durables - 0.2%
Tempur-Pedic International, Inc. (a)	694,300		12,955,638
Internet & Catalog Retail - 1.1%
eBay, Inc. (a)	2,753,400		102,591,684
Media - 3.8%
E.W. Scripps Co. Class A	839,400		40,920,750
Getty Images, Inc. (a)	232,060		16,501,787
Lamar Advertising Co. Class A (a)	948,560		38,217,482
News Corp. Class A	2,618,748		44,309,216
Omnicom Group, Inc.	612,600		54,227,352
Pixar (a)	93,832		9,153,312
SBS Broadcasting SA (a)	255,400		11,406,164
Walt Disney Co.	2,128,400		61,148,932
WPP Group PLC sponsored ADR	398,900		22,629,597
XM Satellite Radio Holdings, Inc. Class A (a)	1,419,684		44,720,046
			343,234,638
Multiline Retail - 2.3%
Dollar General Corp.	1,371,600		30,051,756
Dollar Tree Stores, Inc. (a)	1,408,700		40,471,951
Family Dollar Stores, Inc.	848,600		25,763,496
Fred's, Inc. Class A	1,898,344		32,594,566
Nordstrom, Inc.	816,300		45,206,694
Saks, Inc.	2,074,000		37,435,700
			211,524,163
Specialty Retail - 3.0%
Bed Bath & Beyond, Inc. (a)	751,500		27,459,810
Foot Locker, Inc.	1,435,880		42,071,284
Guitar Center, Inc. (a)	177,000		9,704,910
Home Depot, Inc.	1,932,000		73,879,680
RadioShack Corp.	938,400		22,990,800
Staples, Inc.	1,512,900		47,550,447
Weight Watchers International, Inc. (a)	1,122,400		48,240,752
			271,897,683
Textiles, Apparel & Luxury Goods - 0.2%
Carter's, Inc. (a)	543,400		21,600,150
TOTAL CONSUMER DISCRETIONARY		1,072,440,512

	Shares		Value
CONSUMER STAPLES - 12.2%
Beverages - 2.1%
Brown-Forman Corp. Class B (non-vtg.)	351,000		$ 19,217,250
PepsiCo, Inc.	3,359,700		178,164,891
			197,382,141
Food & Staples Retailing - 4.2%
CVS Corp.	669,200		35,213,304
Longs Drug Stores Corp.	310,400		10,621,888
Wal-Mart Stores, Inc.	4,638,700		232,445,257
Walgreen Co.	2,272,100		100,926,682
			379,207,131
Food Products - 3.8%
Archer-Daniels-Midland Co.	1,951,200		47,960,496
Bunge Ltd.	656,100		35,350,668
ConAgra Foods, Inc.	1,293,700		34,955,774
Corn Products International, Inc.	649,300		16,875,307
General Mills, Inc.	833,800		40,981,270
Groupe Danone	102,400		10,187,488
Groupe Danone sponsored ADR	955,600		19,083,332
Hershey Foods Corp.	695,500		42,049,930
Kellogg Co.	971,100		42,019,497
The J.M. Smucker Co.	398,900		20,064,670
Wm. Wrigley Jr. Co.	535,600		35,119,292
			344,647,724
Household Products - 1.4%
Church & Dwight Co., Inc.	934,500		33,146,715
Clorox Co.	720,500		45,384,295
Colgate-Palmolive Co.	890,900		46,478,253
			125,009,263
Personal Products - 0.7%
Gillette Co.	1,298,000		65,523,040
TOTAL CONSUMER STAPLES		1,111,769,299
ENERGY - 5.0%
Energy Equipment & Services - 3.8%
Baker Hughes, Inc.	1,689,870		75,182,316
Halliburton Co.	1,822,500		78,823,125
National Oilwell Varco, Inc. (a)	840,200		39,237,340
Noble Corp.	268,100		15,069,901
Schlumberger Ltd. (NY Shares)	766,100		53,994,728
Smith International, Inc.	452,400		28,379,052
Transocean, Inc. (a)	305,700		15,731,322
Weatherford International Ltd. (a)	611,740		35,444,216
			341,862,000
Oil & Gas - 1.2%
BG Group PLC ADR	347,400		13,687,560
Premcor, Inc.	588,500		35,121,680
Sunoco, Inc.	108,100		11,190,512
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil & Gas - continued
Tesoro Petroleum Corp. (a)	487,200		$ 18,036,144
Valero Energy Corp.	470,900		34,502,843
			112,538,739
TOTAL ENERGY			454,400,739
FINANCIALS - 8.6%
Capital Markets - 1.9%
E*TRADE Financial Corp. (a)	2,495,400		29,944,800
Goldman Sachs Group, Inc.	353,800		38,914,462
Greenhill & Co., Inc.	150,000		5,370,000
Lehman Brothers Holdings, Inc.	209,500		19,726,520
Merrill Lynch & Co., Inc.	278,600		15,768,760
Morgan Stanley	638,400		36,548,400
Nomura Holdings, Inc.	1,782,000		24,698,519
			170,971,461
Commercial Banks - 0.9%
Bank of America Corp.	1,019,400		44,955,540
UCBH Holdings, Inc.	965,900		38,539,410
			83,494,950
Consumer Finance - 2.6%
American Express Co.	2,539,900		130,474,663
Capital One Financial Corp.	593,200		44,353,564
MBNA Corp.	2,395,130		58,800,442
			233,628,669
Diversified Financial Services - 0.3%
J.P. Morgan Chase & Co.	809,066		27,993,684
Insurance - 2.9%
AFLAC, Inc.	1,445,120		53,845,171
American International Group, Inc.	3,156,366		174,894,240
Prudential Financial, Inc.	576,500		33,091,100
			261,830,511
TOTAL FINANCIALS			777,919,275
HEALTH CARE - 18.5%
Biotechnology - 2.6%
Amgen, Inc. (a)	1,338,910		77,937,951
Cephalon, Inc. (a)	1,400		65,562
Eyetech Pharmaceuticals, Inc. (a)	140,600		3,866,500
Genentech, Inc. (a)	1,368,100		77,448,141
Genzyme Corp. - General Division (a)	550,900		31,533,516
ImClone Systems, Inc. (a)	697,300		24,056,850
Millennium Pharmaceuticals, Inc. (a)	33,756		284,226
QLT, Inc. (a)	393,000		5,033,546
Tanox, Inc. (a)	1,042,600		10,008,960
Telik, Inc. (a)	459,400		6,927,752
			237,163,004

	Shares		Value
Health Care Equipment & Supplies - 4.3%
Alcon, Inc.	582,700		$ 52,029,283
Baxter International, Inc.	2,321,100		78,870,978
Beckman Coulter, Inc.	447,400		29,729,730
Becton, Dickinson & Co.	1,006,000		58,770,520
C.R. Bard, Inc.	640,000		43,571,200
Cooper Companies, Inc.	118,270		8,621,883
Dade Behring Holdings, Inc. (a)	477,400		28,133,182
Medtronic, Inc.	977,630		49,810,249
Waters Corp. (a)	1,155,500		41,355,345
			390,892,370
Health Care Providers & Services - 2.4%
Community Health Systems, Inc. (a)	1,236,400		43,162,724
HCA, Inc.	367,100		19,665,547
Health Management Associates, Inc. Class A	1,487,300		38,937,514
Triad Hospitals, Inc. (a)	758,800		38,015,880
UnitedHealth Group, Inc.	448,000		42,730,240
WebMD Corp. (a)	3,695,500		31,411,750
			213,923,655
Pharmaceuticals - 9.2%
Abbott Laboratories	3,209,100		149,608,242
Barr Pharmaceuticals, Inc. (a)	1,050,072		51,275,016
Johnson & Johnson	5,022,020		337,278,859
MGI Pharma, Inc. (a)	414,800		10,481,996
Pfizer, Inc.	4,872,195		127,992,563
Roche Holding AG (participation certificate)	224,239		24,027,281
Schering-Plough Corp.	5,018,600		91,087,590
Wyeth	1,000,900		42,217,962
			833,969,509
TOTAL HEALTH CARE		1,675,948,538
INDUSTRIALS - 10.5%
Aerospace & Defense - 2.7%
Bombardier, Inc. Class B (sub. vtg.)	6,107,500		13,635,067
EADS NV	954,400		28,528,471
General Dynamics Corp.	307,400		32,907,170
Goodrich Corp.	745,780		28,555,916
Lockheed Martin Corp.	482,720		29,474,883
Precision Castparts Corp.	479,074		36,893,489
The Boeing Co.	1,328,500		77,664,110
			247,659,106
Air Freight & Logistics - 1.5%
EGL, Inc. (a)	150,900		3,440,520
FedEx Corp.	648,400		60,917,180
Forward Air Corp.	107,700		4,585,866
United Parcel Service, Inc. Class B	687,200		49,986,928
UTI Worldwide, Inc.	217,215		15,085,582
			134,016,076
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - 1.5%
Cintas Corp.	976,520		$ 40,340,041
Equifax, Inc.	866,600		26,595,954
Herman Miller, Inc.	869,900		26,201,388
Robert Half International, Inc.	1,470,300		39,639,288
			132,776,671
Construction & Engineering - 0.1%
Washington Group International, Inc. (a)	209,200		9,411,908
Industrial Conglomerates - 2.2%
General Electric Co.	4,851,840		174,957,350
Siemens AG sponsored ADR	365,600		28,904,336
			203,861,686
Machinery - 0.9%
Caterpillar, Inc.	481,600		44,037,504
Joy Global, Inc.	938,026		32,887,192
			76,924,696
Marine - 0.1%
Alexander & Baldwin, Inc.	232,781		9,590,577
Road & Rail - 1.3%
Burlington Northern Santa Fe Corp.	707,700		38,166,261
CSX Corp.	250,800		10,445,820
Norfolk Southern Corp.	914,700		33,889,635
Union Pacific Corp.	533,700		37,198,890
			119,700,606
Trading Companies & Distributors - 0.2%
UAP Holding Corp.	1,193,563		19,216,364
TOTAL INDUSTRIALS			953,157,690
INFORMATION TECHNOLOGY - 30.2%
Communications Equipment - 5.7%
Alvarion Ltd. (a)	863,500		8,280,965
Andrew Corp. (a)	2,141,900		25,081,649
Avaya, Inc. (a)	3,175,098		37,085,145
Cisco Systems, Inc. (a)	10,536,420		188,496,554
Harris Corp.	1,586,800		51,809,020
Powerwave Technologies, Inc. (a)	2,555,753		19,781,528
QUALCOMM, Inc.	3,677,200		134,769,380
Research In Motion Ltd. (a)	413,590		31,704,919
Tekelec (a)	1,110,743		17,705,243
			514,714,403
Computers & Peripherals - 5.1%
Apple Computer, Inc. (a)	1,352,900		56,375,343
Brocade Communications Systems, Inc. (a)	2,962,000		17,535,040
Dell, Inc. (a)	4,975,360		191,153,331
EMC Corp. (a)	5,566,000		68,573,120
International Business Machines Corp.	3,870		353,641
Lexmark International, Inc. Class A (a)	587,300		46,966,381
Network Appliance, Inc. (a)	1,311,292		36,270,337

	Shares		Value
QLogic Corp. (a)	774,100		$ 31,351,050
UNOVA, Inc. (a)	680,300		14,048,195
			462,626,438
Electronic Equipment & Instruments - 1.8%
Amphenol Corp. Class A	688,582		25,505,077
Arrow Electronics, Inc. (a)	846,300		21,453,705
Hon Hai Precision Industries Co. Ltd.	6,438,842		28,611,626
Mettler-Toledo International, Inc. (a)	190,600		9,053,500
Molex, Inc.	703,200		18,536,352
National Instruments Corp.	1,178,329		31,873,799
Solectron Corp. (a)	4,272,300		14,824,881
Symbol Technologies, Inc.	1,158,300		16,783,767
			166,642,707
Internet Software & Services - 1.6%
Digital River, Inc. (a)	305,390		9,515,952
Google, Inc. Class A (sub. vtg.)	299,700		54,098,847
Sina Corp. (a)	313,000		9,721,780
Yahoo!, Inc. (a)	2,094,032		70,987,685
			144,324,264
IT Services - 0.3%
BearingPoint, Inc. (a)	3,072,021		26,941,624
Office Electronics - 0.3%
Zebra Technologies Corp. Class A (a)	501,250		23,804,363
Semiconductors & Semiconductor Equipment - 9.3%
Agere Systems, Inc.:
Class A (a)	8,448,145		12,080,847
Class B (a)	6,893,509		9,788,783
Altera Corp. (a)	2,093,100		41,401,518
Analog Devices, Inc.	1,408,900		50,917,646
Applied Materials, Inc.	1,519,600		24,693,500
Applied Micro Circuits Corp. (a)	2,864,400		9,423,876
ASML Holding NV (NY Shares) (a)	1,196,576		20,066,580
Atmel Corp. (a)	3,708,000		10,938,600
Fairchild Semiconductor International, Inc. (a)	1,198,200		18,368,406
Freescale Semiconductor, Inc.:
Class A	2,196,400		37,228,980
Class B (a)	649,919		11,211,103
Integrated Circuit Systems, Inc. (a)	1,827,309		34,938,148
Intel Corp.	11,075,800		257,290,834
Intersil Corp. Class A	2,342,836		40,577,920
KLA-Tencor Corp.	519,300		23,892,993
MediaTek, Inc.	2,656,000		18,883,514
Novellus Systems, Inc. (a)	1,184,100		31,650,993
ON Semiconductor Corp. (a)	3,359,000		13,268,050
PMC-Sierra, Inc. (a)	3,316,682		29,186,802
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	5,386,674		45,678,996
Teradyne, Inc. (a)	1,356,784		19,809,046
United Microelectronics Corp. sponsored ADR	9,197,720		30,996,316
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Vitesse Semiconductor Corp. (a)	3,067,300		$ 8,220,364
Xilinx, Inc.	1,559,000		45,569,570
			846,083,385
Software - 6.1%
Cadence Design Systems, Inc. (a)	1,803,700		26,965,315
Cognos, Inc. (a)	232,600		9,791,356
Kronos, Inc. (a)	265,811		13,585,600
Macromedia, Inc. (a)	268,493		8,994,516
Macrovision Corp. (a)	191,952		4,374,586
Microsoft Corp.	11,372,850		274,881,785
NAVTEQ Corp.	433,800		18,805,230
Novell, Inc. (a)	4,444,826		26,491,163
Oracle Corp. (a)	7,579,691		94,594,544
Red Hat, Inc. (a)	719,500		7,849,745
SAP AG sponsored ADR	726,700		29,126,136
Take-Two Interactive Software, Inc. (a)	1,125,700		44,014,870
			559,474,846
TOTAL INFORMATION TECHNOLOGY		2,744,612,030
MATERIALS - 1.7%
Chemicals - 0.9%
Monsanto Co.	1,024,700		66,093,150
Syngenta AG sponsored ADR	930,600		19,542,600
			85,635,750
Containers & Packaging - 0.1%
Smurfit-Stone Container Corp. (a)	812,611		12,571,092
Metals & Mining - 0.7%
Arch Coal, Inc.	241,700		10,395,517
Cameco Corp.	257,600		11,410,313
CONSOL Energy, Inc.	342,400		16,099,648
Massey Energy Co.	543,900		21,777,756
			59,683,234
TOTAL MATERIALS			157,890,076
TELECOMMUNICATION SERVICES - 0.5%
Wireless Telecommunication Services - 0.5%
Nextel Communications, Inc. Class A (a)	1,644,400		46,733,848
UTILITIES - 0.1%
Gas Utilities - 0.1%
Southern Union Co.	269,100		6,757,101
TOTAL COMMON STOCKS (Cost $7,592,163,995)		9,001,629,108
Preferred Stocks - 0.0%
	Shares		Value
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 (a)(e)	826,000		710,360
TOTAL PREFERRED STOCKS (Cost $5,872,855)		710,361
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		1,564,456
TOTAL CONVERTIBLE BONDS (Cost $1,523,000)			1,564,456
Money Market Funds - 0.2%
	Shares
Fidelity Cash Central Fund, 2.73% (b)	4,312,208		4,312,208
Fidelity Securities Lending Cash Central Fund, 2.74% (b)(c)	12,363,655		12,363,655
TOTAL MONEY MARKET FUNDS (Cost $16,675,863)		16,675,863
TOTAL INVESTMENT PORTFOLIO - 99.3% (Cost $7,616,235,713)		9,020,579,788
NET OTHER ASSETS - 0.7%		67,251,795
NET ASSETS - 100%		$ 9,087,831,583

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 $710,361 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 March 31, 2005, the aggregate cost of investment securities for income tax purposes was $7,647,444,147. Net unrealized appreciation aggregated $1,373,135,641, of which $1,701,758,057 related to appreciated investment securities and $328,622,416 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
High Income Portfolio

March 31, 2005

1.799878.101

VIPHI-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 88.4%
	Principal Amount		Value
Aerospace - 0.6%
Orbital Sciences Corp. 9% 7/15/11	$ 4,720,000		$ 5,180,200
Primus International, Inc. 10.5% 4/15/09 (e)	4,505,000		4,730,250
			9,910,450
Air Transportation - 3.4%
American Airlines, Inc. pass thru trust certificates:
6.817% 5/23/11	5,185,000		4,809,088
7.324% 4/15/11	1,480,000		1,243,200
7.377% 5/23/19	14,357,507		9,475,955
7.379% 5/23/16	6,249,810		4,124,874
7.8% 4/1/08	5,985,000		5,386,500
10.18% 1/2/13	2,190,000		1,489,200
AMR Corp. 10.2% 3/15/20	165,000		107,250
Delta Air Lines, Inc.:
7.9% 12/15/09	8,355,000		3,216,675
8.3% 12/15/29	15,930,000		5,137,425
9.5% 11/18/08 (e)	4,862,000		4,132,700
10% 8/15/08	3,370,000		1,465,950
Delta Air Lines, Inc. pass thru trust certificates:
7.711% 9/18/11	865,000		475,750
7.92% 5/18/12	1,565,000		860,750
Northwest Airlines Corp. 10% 2/1/09	13,840,000		8,857,600
Northwest Airlines, Inc. pass thru trust certificates:
7.67% 1/2/15	1,337,922		1,003,442
8.07% 1/2/15	2,755,362		1,543,003
			53,329,362
Automotive - 1.3%
Accuride Corp. 8.5% 2/1/15 (e)	600,000		588,000
Delco Remy International, Inc. 9.375% 4/15/12	7,190,000		6,111,500
Navistar International Corp.:
6.25% 3/1/12 (e)	4,060,000		3,836,700
7.5% 6/15/11	5,815,000		5,858,613
Tenneco Automotive, Inc. 8.625% 11/15/14 (e)	3,895,000		3,787,888
			20,182,701
Banks and Thrifts - 0.2%
Western Financial Bank 9.625% 5/15/12	2,565,000		2,795,850
Broadcasting - 0.4%
Gray Television, Inc. 9.25% 12/15/11	2,235,000		2,413,800
Paxson Communications Corp. 0% 1/15/09 (d)	3,320,000		3,087,600
			5,501,400

	Principal Amount		Value
Building Materials - 1.9%
Anixter International, Inc. 5.95% 3/1/15	$ 4,020,000		$ 3,919,500
Goodman Global Holdings, Inc.:
5.76% 6/15/12 (e)(f)	4,905,000		4,855,950
7.875% 12/15/12 (e)	4,015,000		3,693,800
Maax Holdings, Inc. 0% 12/15/12 (d)(e)	9,895,000		5,640,150
Nortek, Inc. 8.5% 9/1/14	5,350,000		5,136,000
NTK Holdings, Inc. 0% 3/1/14 (d)(e)	6,150,000		3,321,000
Texas Industries, Inc. 10.25% 6/15/11	2,910,000		3,281,025
			29,847,425
Cable TV - 2.9%
Cablevision Systems Corp.:
6.6688% 4/1/09 (e)(f)	875,000		927,500
8% 4/15/12 (e)	1,975,000		2,014,500
DirecTV Holdings LLC/DirecTV Financing, Inc. 8.375% 3/15/13	5,765,000		6,255,025
EchoStar DBS Corp.:
5.75% 10/1/08	18,250,000		17,930,625
6.625% 10/1/14 (e)	1,010,000		972,125
GCI, Inc. 7.25% 2/15/14	3,425,000		3,339,375
Mediacom Broadband LLC/Mediacom Broadband Corp. 11% 7/15/13	4,590,000		4,888,350
Mediacom LLC/Mediacom Capital Corp.:
7.875% 2/15/11	3,200,000		3,100,000
8.5% 4/15/08	1,655,000		1,679,825
Telenet Group Holding NV 0% 6/15/14 (d)(e)	5,505,000		4,156,275
			45,263,600
Capital Goods - 2.9%
Amsted Industries, Inc. 10.25% 10/15/11 (e)	5,920,000		6,452,800
Dresser, Inc. 9.375% 4/15/11	7,700,000		8,181,250
Invensys PLC 9.875% 3/15/11 (e)	16,010,000		16,010,000
Leucadia National Corp. 7% 8/15/13	7,040,000		7,040,000
Park-Ohio Industries, Inc. 8.375% 11/15/14 (e)	3,645,000		3,380,738
Sensus Metering Systems, Inc. 8.625% 12/15/13	4,160,000		4,076,800
			45,141,588
Chemicals - 3.1%
Borden US Finance Corp./Nova Scotia Finance ULC:
7.41% 7/15/10 (e)(f)	3,490,000		3,594,700
9% 7/15/14 (e)	5,655,000		6,107,400
Equistar Chemicals LP 7.55% 2/15/26	8,495,000		8,155,200
Nonconvertible Bonds - continued
	Principal Amount		Value
Chemicals - continued
Huntsman International LLC 7.375% 1/1/15 (e)	$ 5,010,000		$ 5,010,000
Huntsman LLC 9.91% 7/15/11 (e)(f)	5,700,000		6,099,000
Millennium America, Inc. 9.25% 6/15/08	8,855,000		9,563,400
NOVA Chemicals Corp.:
6.5% 1/15/12	4,340,000		4,437,650
7.4% 4/1/09	4,420,000		4,618,900
			47,586,250
Consumer Products - 0.7%
Church & Dwight Co., Inc. 6% 12/15/12 (e)	4,630,000		4,514,250
Jostens Holding Corp. 0% 12/1/13 (d)	3,050,000		2,226,500
Jostens IH Corp. 7.625% 10/1/12	1,970,000		1,970,000
Revlon Consumer Products Corp. 9.5% 4/1/11 (e)	2,390,000		2,363,113
			11,073,863
Containers - 2.5%
Berry Plastics Corp. 10.75% 7/15/12	2,330,000		2,656,200
BWAY Corp. 10% 10/15/10	7,005,000		7,250,175
Crown Cork & Seal, Inc. 8% 4/15/23	230,000		220,800
Crown European Holdings SA:
9.5% 3/1/11	1,405,000		1,545,500
10.875% 3/1/13	8,860,000		10,277,600
Owens-Brockway Glass Container, Inc.:
8.25% 5/15/13	5,115,000		5,447,475
8.75% 11/15/12	1,750,000		1,903,125
Owens-Illinois, Inc.:
7.35% 5/15/08	3,505,000		3,627,675
7.5% 5/15/10	6,140,000		6,293,500
			39,222,050
Diversified Media - 1.0%
Corus Entertainment, Inc. 8.75% 3/1/12	6,140,000		6,600,500
LBI Media Holdings, Inc. 0% 10/15/13 (d)	6,440,000		4,733,400
LBI Media, Inc. 10.125% 7/15/12	3,285,000		3,646,350
			14,980,250
Electric Utilities - 6.1%
AES Corp.:
7.75% 3/1/14	5,340,000		5,500,200
8.875% 2/15/11	13,026,000		14,084,363
9.375% 9/15/10	6,433,000		7,084,341
9.5% 6/1/09	1,499,000		1,633,910
AES Gener SA 7.5% 3/25/14	6,050,000		5,959,250
Chivor SA E.S.P. 9.75% 12/30/14 (e)	4,250,000		4,313,750

	Principal Amount		Value
CMS Energy Corp.:
6.3% 2/1/12	$ 600,000		$ 575,250
7.5% 1/15/09	4,150,000		4,258,938
7.75% 8/1/10	1,970,000		2,043,875
8.5% 4/15/11	945,000		1,015,875
8.9% 7/15/08	2,180,000		2,327,150
9.875% 10/15/07	5,470,000		5,907,600
Mirant Americas Generation LLC:
8.5% 10/1/21 (c)	3,930,000		4,205,100
9.125% 5/1/31 (c)	3,895,000		4,206,600
MSW Energy Holdings II LLC/MSW Finance Co. II, Inc. 7.375% 9/1/10	4,080,000		4,141,200
MSW Energy Holdings LLC/MSW Energy Finance Co., Inc. 8.5% 9/1/10	2,505,000		2,630,250
NRG Energy, Inc. 8% 12/15/13 (e)	12,686,000		13,447,160
Sierra Pacific Power Co. 6.25% 4/15/12	3,485,000		3,485,000
Sierra Pacific Resources 8.625% 3/15/14	1,850,000		1,970,250
TECO Energy, Inc.:
7.2% 5/1/11	5,285,000		5,575,675
10.5% 12/1/07	880,000		990,000
			95,355,737
Energy - 5.8%
Chesapeake Energy Corp.:
7.75% 1/15/15	6,100,000		6,435,500
9% 8/15/12	1,920,000		2,143,200
El Paso Energy Corp. 7.75% 1/15/32	2,660,000		2,510,375
Hanover Compressor Co.:
0% 3/31/07	5,595,000		4,867,650
8.625% 12/15/10	1,450,000		1,566,000
9% 6/1/14	1,540,000		1,705,550
Hilcorp Energy I LP/Hilcorp Finance Co. 10.5% 9/1/10 (e)	5,810,000		6,565,300
Newfield Exploration Co. 6.625% 9/1/14	2,800,000		2,856,000
Parker Drilling Co.:
7.66% 9/1/10 (f)	9,030,000		9,165,450
9.625% 10/1/13	1,505,000		1,655,500
Pride International, Inc. 7.375% 7/15/14	7,845,000		8,472,600
Range Resources Corp. 7.375% 7/15/13	9,635,000		10,020,400
Sonat, Inc.:
6.625% 2/1/08	1,545,000		1,512,169
7.625% 7/15/11	8,680,000		8,506,400
Stone Energy Corp. 6.75% 12/15/14	3,990,000		3,850,350
Nonconvertible Bonds - continued
	Principal Amount		Value
Energy - continued
The Coastal Corp.:
6.375% 2/1/09	$ 9,790,000		$ 9,386,163
7.75% 6/15/10	9,494,000		9,458,398
			90,677,005
Entertainment/Film - 0.3%
Cinemark, Inc. 0% 3/15/14 (d)	7,415,000		5,264,650
Environmental - 1.0%
Allied Waste North America, Inc.:
5.75% 2/15/11	4,840,000		4,368,100
6.375% 4/15/11	3,890,000		3,578,800
8.5% 12/1/08	3,690,000		3,837,600
8.875% 4/1/08	3,725,000		3,874,000
			15,658,500
Food and Drug Retail - 1.7%
Jean Coutu Group, Inc.:
7.625% 8/1/12	1,440,000		1,465,200
8.5% 8/1/14	4,195,000		4,069,150
Rite Aid Corp.:
8.125% 5/1/10	1,120,000		1,142,400
9.25% 6/1/13	7,255,000		7,037,350
9.5% 2/15/11	4,655,000		4,934,300
Stater Brothers Holdings, Inc.:
6.51% 6/15/10 (f)	5,155,000		5,103,450
8.125% 6/15/12	3,185,000		3,097,413
			26,849,263
Food/Beverage/Tobacco - 2.2%
B&G Foods, Inc. 8% 10/1/11	3,310,000		3,450,675
Dole Food Co., Inc. 7.25% 6/15/10	8,125,000		8,287,500
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11	2,210,000		2,254,200
Smithfield Foods, Inc.:
7% 8/1/11	5,950,000		6,098,750
7.75% 5/15/13	1,935,000		2,051,100
8% 10/15/09	1,510,000		1,615,700
UAP Holding Corp. 0% 7/15/12 (d)	6,050,000		4,809,750
United Agriculture Products, Inc. 9% 12/15/11	4,949,000		5,146,960
			33,714,635
Gaming - 4.5%
Mandalay Resort Group:
9.375% 2/15/10	4,655,000		5,155,413
10.25% 8/1/07	3,125,000		3,398,438
MGM MIRAGE:
6% 10/1/09	13,125,000		12,960,938
6.75% 9/1/12	8,910,000		8,954,550
Mohegan Tribal Gaming Authority:
6.375% 7/15/09	7,065,000		7,047,338

	Principal Amount		Value
7.125% 8/15/14	$ 2,220,000		$ 2,220,000
MTR Gaming Group, Inc. 9.75% 4/1/10	3,690,000		4,059,000
Penn National Gaming, Inc. 6.75% 3/1/15 (e)	4,315,000		4,228,700
Scientific Games Corp. 6.25% 12/15/12 (e)	4,465,000		4,398,025
Seneca Gaming Corp. 7.25% 5/1/12	6,020,000		6,080,200
Virgin River Casino Corp./RBG LLC/B&BB, Inc.:
0% 1/15/13 (d)(e)	2,100,000		1,365,000
9% 1/15/12 (e)	2,890,000		3,034,500
Wheeling Island Gaming, Inc. 10.125% 12/15/09	6,730,000		7,234,750
			70,136,852
Healthcare - 6.0%
AmerisourceBergen Corp. 7.25% 11/15/12	2,070,000		2,245,950
AMR HoldCo, Inc./ EmCare HoldCo, Inc. 10% 2/15/15 (e)	2,980,000		3,106,650
CDRV Investors, Inc. 0% 1/1/15 (d)(e)	15,780,000		9,310,200
Concentra Operating Corp.:
9.125% 6/1/12	5,135,000		5,443,100
9.5% 8/15/10	2,145,000		2,295,150
DaVita, Inc. 6.625% 3/15/13 (e)	5,520,000		5,464,800
Elan Finance PLC/Elan Finance Corp. 7.75% 11/15/11 (e)	570,000		430,350
Fisher Scientific International, Inc.:
6.75% 8/15/14 (e)	2,510,000		2,541,375
8% 9/1/13	2,870,000		3,088,436
8.125% 5/1/12	875,000		932,435
Genesis HealthCare Corp. 8% 10/15/13	8,105,000		8,854,713
HCA, Inc.:
5.5% 12/1/09	4,730,000		4,653,327
6.375% 1/15/15	590,000		585,581
Mayne Group Ltd. 5.875% 12/1/11 (e)	5,000,000		4,862,500
Omega Healthcare Investors, Inc. 7% 4/1/14	7,230,000		7,193,850
PerkinElmer, Inc. 8.875% 1/15/13	7,225,000		7,965,563
Senior Housing Properties Trust 8.625% 1/15/12	9,170,000		10,132,850
Service Corp. International (SCI):
6.75% 4/1/16	1,500,000		1,440,000
6.875% 10/1/07	1,535,000		1,554,188
7.7% 4/15/09	1,540,000		1,586,200
Tenet Healthcare Corp.:
6.375% 12/1/11	9,470,000		8,759,750
7.375% 2/1/13	1,090,000		1,024,600
			93,471,568
Nonconvertible Bonds - continued
	Principal Amount		Value
Homebuilding/Real Estate - 4.3%
American Real Estate Partners/American Real Estate Finance Corp.:
7.125% 2/15/13 (e)	$ 6,520,000		$ 6,389,600
8.125% 6/1/12	13,630,000		13,970,750
K. Hovnanian Enterprises, Inc.:
6% 1/15/10 (e)	1,330,000		1,293,425
8.875% 4/1/12	2,210,000		2,320,500
KB Home 7.75% 2/1/10	9,585,000		10,064,250
Meritage Homes Corp. 6.25% 3/15/15 (e)	2,780,000		2,606,250
Standard Pacific Corp.:
5.125% 4/1/09	5,680,000		5,452,800
6.5% 10/1/08	2,085,000		2,105,850
6.875% 5/15/11	5,475,000		5,598,188
Technical Olympic USA, Inc.:
7.5% 3/15/11	1,345,000		1,291,200
7.5% 1/15/15	3,765,000		3,463,800
9% 7/1/10	1,110,000		1,159,950
10.375% 7/1/12	4,125,000		4,455,000
WCI Communities, Inc.:
6.625% 3/15/15 (e)	4,700,000		4,371,000
7.875% 10/1/13	2,605,000		2,644,075
			67,186,638
Hotels - 1.5%
Grupo Posadas SA de CV 8.75% 10/4/11 (e)	4,235,000		4,510,275
Host Marriott LP:
6.375% 3/15/15 (e)	4,765,000		4,574,400
7.125% 11/1/13	8,555,000		8,533,613
La Quinta Properties, Inc. 7% 8/15/12	5,950,000		5,994,625
			23,612,913
Insurance - 0.3%
Crum & Forster Holdings Corp. 10.375% 6/15/13	3,605,000		4,118,713
Leisure - 1.6%
Speedway Motorsports, Inc. 6.75% 6/1/13	295,000		297,950
Town Sports International Holdings, Inc. 0% 2/1/14 (d)	3,870,000		2,302,650
Town Sports International, Inc. 9.625% 4/15/11	6,810,000		7,082,400
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10	8,900,000		10,146,000
Universal City Florida Holding Co. I/II 7.4925% 5/1/10 (e)(f)	5,345,000		5,532,075
			25,361,075

	Principal Amount		Value
Metals/Mining - 2.0%
Century Aluminum Co. 7.5% 8/15/14	$ 4,540,000		$ 4,676,200
Compass Minerals International, Inc.:
0% 12/15/12 (d)	5,940,000		5,108,400
0% 6/1/13 (d)	9,470,000		7,907,450
Peabody Energy Corp. 6.875% 3/15/13	2,400,000		2,472,000
Vedanta Resources PLC 6.625% 2/22/10 (e)	7,005,000		6,707,288
Wise Metals Group LLC/Alloys Finance 10.25% 5/15/12	4,775,000		4,727,250
			31,598,588
Paper - 0.6%
Abitibi-Consolidated, Inc. 8.375% 4/1/15	1,500,000		1,483,125
Georgia-Pacific Corp.:
8% 1/15/14	1,705,000		1,858,450
8.125% 5/15/11	2,070,000		2,287,350
8.875% 2/1/10	735,000		823,200
9.375% 2/1/13	2,620,000		2,944,225
			9,396,350
Publishing/Printing - 1.0%
Houghton Mifflin Co. 9.875% 2/1/13	4,065,000		4,186,950
The Reader's Digest Association, Inc. 6.5% 3/1/11	10,945,000		10,917,638
			15,104,588
Railroad - 1.9%
Kansas City Southern Railway Co.:
7.5% 6/15/09	13,155,000		13,418,100
9.5% 10/1/08	150,000		163,125
TFM SA de CV yankee:
10.25% 6/15/07	505,000		530,250
11.75% 6/15/09	14,915,000		14,915,000
			29,026,475
Restaurants - 0.7%
Friendly Ice Cream Corp. 8.375% 6/15/12	4,760,000		4,522,000
Landry's Seafood Restaurants, Inc. 7.5% 12/15/14 (e)	6,915,000		6,785,344
			11,307,344
Services - 1.1%
Iron Mountain, Inc.:
7.75% 1/15/15	670,000		663,300
8.625% 4/1/13	4,885,000		4,982,700
Rural/Metro Corp.:
0% 3/15/16 (d)(e)	5,940,000		2,970,000
9.875% 3/15/15 (e)	1,350,000		1,350,000
Worldspan LP/WS Financing Corp. 9.0244% 2/15/11 (e)(f)	7,325,000		7,105,250
			17,071,250
Nonconvertible Bonds - continued
	Principal Amount		Value
Shipping - 3.8%
General Maritime Corp. 10% 3/15/13	$ 6,380,000		$ 7,065,850
OMI Corp. 7.625% 12/1/13	9,595,000		9,786,900
Ship Finance International Ltd. 8.5% 12/15/13	25,180,000		24,928,184
Teekay Shipping Corp. 8.875% 7/15/11	15,908,000		17,697,650
			59,478,584
Steels - 2.0%
Allegheny Technologies, Inc. 8.375% 12/15/11	5,820,000		6,169,200
CSN Islands VII Corp. 10.75% 9/12/08 (e)	5,755,000		6,330,500
CSN Islands VIII Corp. 9.75% 12/16/13 (e)	3,100,000		3,208,500
Gerdau AmeriSteel Corp./GUSAP Partners 10.375% 7/15/11	10,130,000		11,345,600
Ryerson Tull, Inc. 8.25% 12/15/11	4,970,000		4,758,775
			31,812,575
Super Retail - 2.0%
Asbury Automotive Group, Inc. 9% 6/15/12	9,895,000		10,092,900
Buhrmann US, Inc. 7.875% 3/1/15 (e)	3,945,000		3,945,000
JCPenney Co., Inc.:
7.375% 8/15/08	2,635,000		2,709,675
7.6% 4/1/07	1,465,000		1,510,425
NBC Acquisition Corp. 0% 3/15/13 (d)	1,665,000		1,190,475
Nebraska Book Co., Inc. 8.625% 3/15/12	2,530,000		2,447,775
Saks, Inc. 9.875% 10/1/11	3,500,000		3,780,000
Sonic Automotive, Inc. 8.625% 8/15/13	5,130,000		5,078,700
			30,754,950
Technology - 5.6%
Advanced Micro Devices, Inc. 7.75% 11/1/12 (e)	8,230,000		8,024,250
Celestica, Inc. 7.875% 7/1/11	11,230,000		11,342,300
Flextronics International Ltd.:
6.25% 11/15/14	11,400,000		10,887,000
6.5% 5/15/13	745,000		733,825
Freescale Semiconductor, Inc.:
6.875% 7/15/11	8,220,000		8,425,500
7.125% 7/15/14	5,485,000		5,676,975
Lucent Technologies, Inc.:
6.45% 3/15/29	5,835,000		5,032,688
6.5% 1/15/28	1,660,000		1,427,600
MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co.:
6.26% 12/15/11 (e)(f)	4,045,000		4,085,450

	Principal Amount		Value
8% 12/15/14 (e)	$ 910,000		$ 928,200
Sanmina-SCI Corp. 6.75% 3/1/13 (e)	4,800,000		4,476,000
Xerox Capital Trust I 8% 2/1/27	7,975,000		8,054,750
Xerox Corp.:
6.875% 8/15/11	10,110,000		10,236,375
7.625% 6/15/13	6,340,000		6,625,300
9.75% 1/15/09	1,210,000		1,364,275
			87,320,488
Telecommunications - 10.7%
American Tower Corp. 7.125% 10/15/12	1,105,000		1,099,475
Centennial Communications Corp./Centennial Cellular Operating Co. LLC/Centennial Puerto Rico Operations Corp. 8.125% 2/1/14 (f)	870,000		887,400
Empresa Brasileira de Telecomm SA 11% 12/15/08	5,405,000		5,972,525
Intelsat Ltd.:
5.25% 11/1/08	3,690,000		3,385,575
6.5% 11/1/13	7,915,000		6,351,788
7.625% 4/15/12	7,255,000		6,329,988
MCI, Inc. 8.735% 5/1/14 (f)	6,380,000		7,018,000
Millicom International Cellular SA 10% 12/1/13 (e)	17,815,000		17,948,613
Mobile Telesystems Finance SA 8% 1/28/12 (e)	6,480,000		6,433,655
New Skies Satellites BV:
7.4375% 11/1/11 (e)(f)	3,850,000		3,898,125
9.125% 11/1/12 (e)	3,740,000		3,758,700
Nextel Communications, Inc.:
5.95% 3/15/14	1,995,000		2,003,040
6.875% 10/31/13	14,685,000		15,272,400
PanAmSat Corp. 9% 8/15/14	12,180,000		12,849,900
Qwest Capital Funding, Inc.:
7% 8/3/09	4,405,000		4,096,650
7.25% 2/15/11	3,785,000		3,557,900
7.75% 2/15/31	2,195,000		1,821,850
7.9% 8/15/10	4,980,000		4,768,350
Qwest Corp.:
7.875% 9/1/11 (e)	3,890,000		4,016,425
9.125% 3/15/12 (e)	12,000,000		13,050,000
Rogers Communications, Inc.:
7.25% 12/15/12	1,950,000		2,008,500
8% 12/15/12	2,230,000		2,296,900
9.625% 5/1/11	6,340,000		7,164,200
SBA Communications Corp. 8.5% 12/1/12 (e)	6,015,000		6,240,563
Time Warner Telecom LLC/Time Warner Telecom, Inc. 9.75% 7/15/08	799,000		783,020
Time Warner Telecom, Inc. 10.125% 2/1/11	4,425,000		4,314,375
Nonconvertible Bonds - continued
	Principal Amount		Value
Telecommunications - continued
U.S. West Capital Funding, Inc. 6.375% 7/15/08	$ 3,985,000		$ 3,706,050
U.S. West Communications:
6.875% 9/15/33	4,435,000		3,847,363
7.2% 11/10/26	1,905,000		1,714,500
7.5% 6/15/23	10,035,000		9,232,200
		165,828,030
Textiles & Apparel - 0.8%
Levi Strauss & Co.:
7.73% 4/1/12 (e)(f)	4,080,000		4,018,800
9.75% 1/15/15 (e)	3,010,000		2,964,850
12.25% 12/15/12	3,725,000		4,050,938
Tommy Hilfiger USA, Inc. 6.85% 6/1/08	900,000		900,000
			11,934,588
TOTAL NONCONVERTIBLE BONDS (Cost $1,370,582,985)		1,376,876,148
Commercial Mortgage Securities - 0.3%

Banc of America Commercial Mortgage, Inc. Series 2003-2:
Class BWD, 6.947% 10/11/37 (e)	613,122		608,169
Class BWE, 7.226% 10/11/37 (e)	829,108		822,008
Class BWF, 7.55% 10/11/37 (e)	731,940		727,308
Class BWG, 8.155% 10/11/37 (e)	707,935		698,874
Class BWH, 9.073% 10/11/37 (e)	370,262		371,873
Class BWJ, 9.99% 10/11/37 (e)	612,127		613,471
Class BWK, 10.676% 10/11/37 (e)	476,762		480,752
Class BWL, 10.1596% 10/11/37 (e)	795,267		741,123
LB Multi-family Mortgage Trust Series 1991-4 Class A1, 7.0215% 4/25/21 (e)(f)	227,347		204,613
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $5,069,544)		5,268,191
Common Stocks - 0.2%
	Shares
Chemicals - 0.1%
Huntsman Corp.	93,936		1,971,529
Homebuilding/Real Estate - 0.0%
Swerdlow Real Estate Group LLC (a)(g)	159,600		377,326

	Shares		Value
Textiles & Apparel - 0.1%
Arena Brands Holding Corp. Class B (g)	48,889		$ 506,001
TOTAL COMMON STOCKS (Cost $5,194,504)		2,854,856
Floating Rate Loans - 4.8%
	Principal Amount
Cable TV - 0.2%
UPC Broadband Holding BV Tranche H2, term loan 5.752% 3/8/12 (f)	$ 4,010,000		4,050,100
Electric Utilities - 1.1%
Astoria Energy LLC term loan:
7.9447% 4/15/12 (f)	5,200,000		5,304,000
13.5% 4/16/12 (f)	3,340,000		3,423,500
Riverside Energy Center LLC:
term loan 6.98% 6/24/11 (f)	7,447,363		7,596,311
Credit-Linked Deposit 6.98% 6/24/11 (f)	339,834		344,931
			16,668,742
Energy - 1.0%
El Paso Corp.:
Credit-Linked Deposit 0% 11/22/09 (f)	8,689,400		8,776,294
term loan 5.625% 11/22/09 (f)	6,439,122		6,511,562
			15,287,856
Homebuilding/Real Estate - 1.3%
General Growth Properties, Inc.:
Tranche A, term loan 4.94% 11/12/07 (f)	3,476,217		3,506,633
Tranche B, term loan 5.1% 11/12/08 (f)	3,487,667		3,548,701
LNR Property Corp.:
Tranche A, term loan 7.31% 2/3/08 (f)	6,370,000		6,433,700
Tranche B, term loan:
5.81% 2/3/08 (f)	3,450,000		3,484,500
8.06% 2/3/08 (f)	3,700,000		3,755,500
			20,729,034
Hotels - 0.1%
Wyndham International, Inc. term loan 7.5625% 6/30/06 (f)	1,079,643		1,079,643
Services - 0.2%
Knowledge Learning Corp. term loan 5.3573% 1/7/12 (f)	3,846,735		3,875,586
Technology - 0.5%
Fidelity National Information Solutions, Inc.:
Tranche A, term loan 4.51% 3/9/11 (f)	5,200,000		5,200,000
Floating Rate Loans - continued
	Principal Amount		Value
Technology - continued
Fidelity National Information Solutions, Inc.: - continued
Tranche B, term loan 4.51% 3/9/13 (f)	$ 2,740,000		$ 2,746,850
ON Semiconductor Corp. Tranche G, term loan 6.125% 12/15/11 (f)	13,200		13,349
			7,960,199
Telecommunications - 0.4%
Qwest Corp. Tranche B, term loan 6.95% 6/30/10 (f)	5,900,000		5,914,750
TOTAL FLOATING RATE LOANS (Cost $75,034,763)		75,565,910
Money Market Funds - 2.7%
	Shares
Fidelity Cash Central Fund, 2.73% (b) (Cost $42,273,643)	42,273,643	42,273,643
Cash Equivalents - 0.2%
	Maturity Amount
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 2.63%, dated 3/31/05 due 4/1/05) (Cost $2,522,000)	$ 2,522,184		2,522,000
TOTAL INVESTMENT PORTFOLIO - 96.6% (Cost $1,500,677,439)		1,505,360,748
NET OTHER ASSETS - 3.4%		52,787,926
NET ASSETS - 100%		$ 1,558,148,674

Legend

(a) Non-income producing

(d) 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) 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 $312,047,878 or 20.0% of net assets.

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

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $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

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $1,498,801,894. Net unrealized appreciation aggregated $6,558,854, of which $43,416,464 related to appreciated investment securities and $36,857,610 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Money Market Portfolio

March 31, 2005

1.814641.100

VIPMM-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 3.9%
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Bell Trace Obligated Group
4/7/05	2.94% (c)	$ 11,600,000		$ 11,600,000
British Telecommunications PLC
12/15/05	3.38	675,000		695,220
12/15/05	3.39	1,005,000		1,035,046
12/15/05	3.40	175,000		180,214
12/15/05	3.43	705,000		725,868
Citigroup, Inc.
6/30/05	2.80	3,000,000		3,009,600
12/1/05	2.95	9,735,000		9,972,894
12/1/05	2.97	10,000,000		10,243,033
Deutsche Telekom International Finance BV
6/15/05	2.68	1,050,000		1,061,591
6/15/05	2.70	140,000		141,538
6/15/05	2.71	205,000		207,249
6/15/05	2.83	35,000		35,383
6/15/05	2.84	110,000		111,202
6/15/05	2.85	95,000		96,035
6/15/05	2.88	235,000		237,561
6/15/05	2.94	200,000		202,174
6/15/05	3.15	705,000		712,069
France Telecom SA
3/1/06	3.65 (a)	270,000		278,922
3/1/06	3.81 (a)	535,000		551,813
3/1/06	3.82 (a)	660,000		680,509
3/1/06	3.85 (a)	140,000		144,379
Household Finance Corp.
1/24/06	2.98	10,000,000		10,268,200
Santander Financial Issurance Ltd.
5/15/05	2.75	5,790,000		5,824,664
TOTAL CORPORATE BONDS (Cost $58,015,164)			58,015,164
Certificates of Deposit - 22.0%

Domestic Certificates Of Deposit - 1.7%
Washington Mutual Bank, California
6/13/05	2.70	10,000,000		10,000,000
7/22/05	2.89	15,000,000		15,000,000
				25,000,000
London Branch, Eurodollar, Foreign Banks - 5.7%
Calyon
9/12/05	3.01	15,000,000		15,000,000
Credit Industriel et Commercial
6/14/05	2.83	10,000,000		10,000,000
7/7/05	2.89	10,000,000		10,000,000
8/11/05	3.09	15,000,000		15,000,000
HBOS Treasury Services PLC
7/14/05	2.88	10,000,000		9,998,032

Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Societe Generale
4/21/05	2.55%	$ 20,000,000		$ 20,000,000
9/8/05	3.00	5,000,000		5,000,000
				84,998,032
New York Branch, Yankee Dollar, Foreign Banks - 14.6%
Bank of Tokyo-Mitsubishi Ltd.
5/3/05	2.70	15,000,000		15,000,000
Barclays Bank PLC
6/30/05	3.03	20,000,000		20,000,000
BNP Paribas SA
4/22/05	2.77 (c)	10,000,000		9,998,870
Calyon
6/30/05	3.04	10,000,000		10,000,000
Canadian Imperial Bank of Commerce
4/15/05	2.86 (c)	20,000,000		20,000,000
4/28/05	2.80 (c)	25,000,000		24,999,377
Credit Industriel et Commercial
9/14/05	3.03	10,000,000		10,000,000
9/28/05	3.16	15,000,000		15,000,000
Dexia Credit Local de France
5/18/05	2.81	10,000,000		10,000,000
Dresdner Bank AG
7/8/05	2.90	15,000,000		15,000,000
HBOS Treasury Services PLC
6/6/05	2.89 (c)	20,000,000		20,000,000
Landesbank Baden-Wuerttemberg
5/25/05	2.80 (c)	15,000,000		14,999,334
Mizuho Corporate Bank Ltd.
5/6/05	2.75	5,000,000		5,000,000
Societe Generale
4/18/05	2.76 (c)	15,000,000		14,998,831
Societe Generale NA
5/9/05	2.53	4,000,000		3,995,350
Unicredito Italiano Spa
5/12/05	2.72 (c)	10,000,000		9,998,789
				218,990,551
TOTAL CERTIFICATES OF DEPOSIT (Cost $328,988,583)			328,988,583
Commercial Paper - 15.5%

Bank of America Corp.
4/5/05	2.16	15,000,000		14,996,433
8/5/05	3.13	10,000,000		9,891,850
CC USA, Inc.
6/10/05	2.91 (b)	9,000,000		8,949,425
DaimlerChrysler NA Holding Corp.
4/26/05	2.97	2,000,000		1,995,889
4/27/05	2.97	5,000,000		4,989,311
Commercial Paper - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Emerald (MBNA Credit Card Master Note Trust)
6/7/05	2.98%	$ 10,000,000		$ 9,944,911
Eurohypo AG
6/30/05	3.05	5,000,000		4,962,125
FCAR Owner Trust
7/18/05	2.88	15,000,000		14,872,200
9/15/05	3.29	7,000,000		6,894,790
Ford Motor Credit Co.
4/6/05	2.88	4,000,000		3,998,406
4/15/05	2.97	10,000,000		9,988,489
General Electric Capital Corp.
8/24/05	3.07	10,000,000		9,878,361
9/7/05	3.17	15,000,000		14,793,300
Grampian Funding LLC
7/27/05	2.92	7,250,000		7,182,140
Grampian Funding Ltd.
4/8/05	2.45	5,000,000		4,997,638
4/19/05	2.20	10,000,000		9,989,100
6/13/05	2.74	8,000,000		7,956,038
6/20/05	2.72	5,000,000		4,970,222
6/24/05	2.80	15,000,000		14,903,225
Jupiter Securitization Corp.
6/20/05	2.70	10,629,000		10,566,171
K2 (USA) LLC
6/24/05	2.90 (b)	10,000,000		9,933,033
Kellogg Co.
5/2/05	2.89	1,000,000		997,520
Motown Notes Program
5/18/05	2.82	3,000,000		2,989,033
Nordea North America, Inc.
5/23/05	2.53	15,000,000		14,945,833
Rabobank USA Financial Corp.
7/6/05	2.98	10,000,000		9,921,333
SBC Communications, Inc.
6/1/05	2.96	4,000,000		3,980,073
6/6/05	2.98	2,000,000		1,989,147
6/8/05	3.01	2,000,000		1,988,704
Scaldis Capital LLC
6/8/05	2.81	6,000,000		5,968,493
Toyota Motor Credit Corp.
9/7/05	3.18	2,000,000		1,972,352
TOTAL COMMERCIAL PAPER (Cost $231,405,545)			231,405,545
Federal Agencies - 10.4%

Fannie Mae - 4.0%
Agency Coupons - 4.0%
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

Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
6/3/05	1.84%	$ 5,000,000		$ 5,000,000
9/12/05	2.31	10,000,000		10,000,000
				60,000,000
Federal Home Loan Bank - 6.4%
Agency Coupons - 6.4%
4/1/05	1.38	35,000,000		35,000,000
4/1/05	1.43	10,240,000		10,240,000
4/27/05	1.30	10,000,000		10,000,000
4/27/05	1.74	5,000,000		4,998,461
4/29/05	2.00	5,000,000		4,997,429
5/2/05	1.92	5,000,000		4,997,699
5/3/05	1.37	20,000,000		20,000,000
5/16/05	1.65	5,000,000		5,000,000
				95,233,589
TOTAL FEDERAL AGENCIES (Cost $155,233,589)			155,233,589
Master Notes - 4.0%

General Motors Acceptance Corp. Mortgage Credit
4/1/05	3.29 (c)(f)	10,000,000		10,000,000
4/11/05	3.37 (c)(f)	4,000,000		3,996,267
Goldman Sachs Group, Inc.
4/11/05	2.82 (c)(f)	5,000,000		5,000,000
4/12/05	2.12 (f)	5,000,000		5,000,000
5/26/05	2.94 (c)(f)	36,000,000		36,000,000
TOTAL MASTER NOTES (Cost $59,996,267)			59,996,267
Medium-Term Notes - 18.4%

American Express Credit Corp.
4/5/05	2.83 (c)	10,000,000		10,000,834
ASIF II
8/16/05	3.31	15,000,000		15,087,300
Bank of New York Co., Inc.
4/27/05	2.87 (b)(c)	15,000,000		15,000,000
Bayerische Landesbank Girozentrale
5/19/05	2.82 (c)	15,000,000		15,000,000
BellSouth Telecommunications
6/6/05	3.00 (c)	5,000,000		5,000,000
BMW U.S. Capital LLC
4/15/05	2.82 (c)(f)	2,000,000		2,000,000
Citigroup Global Markets Holdings, Inc.
6/6/05	3.01 (c)	5,000,000		5,001,038
Descartes Funding Trust
4/15/05	2.81 (c)	5,000,000		5,000,000
HBOS Treasury Services PLC
6/24/05	3.08 (c)	20,000,000		20,000,000
Medium-Term Notes - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
HSBC Finance Corp.
4/25/05	2.84% (c)	$ 6,000,000		$ 6,000,000
Metropolitan Life Insurance Co.
4/6/05	2.74 (b)(c)	2,884,000		2,884,000
Morgan Stanley
4/1/05	2.87 (c)	2,000,000		2,000,000
4/4/05	2.71 (c)	25,000,000		25,000,000
4/4/05	2.75 (c)	5,000,000		5,000,000
4/15/05	2.81 (c)	5,000,000		5,000,000
4/28/05	2.89 (c)	11,000,000		11,000,330
National City Bank
6/1/05	2.83 (c)	10,000,000		9,999,499
RACERS
4/22/05	2.85 (b)(c)	15,000,000		15,000,000
SBC Communications, Inc.
6/5/05	2.39 (b)	4,000,000		4,011,909
SouthTrust Bank, Alabama
5/2/05	2.81 (c)	25,000,000		25,002,199
Verizon Global Funding Corp.
6/15/05	3.12 (c)	50,000,000		50,000,133
WestLB AG
4/11/05	2.78 (b)(c)	6,000,000		6,000,000
6/30/05	0.00 (b)(c)	7,000,000		7,000,000
Westpac Banking Corp.
6/13/05	2.92 (c)	10,000,000		9,999,391
TOTAL MEDIUM-TERM NOTES (Cost $275,986,633)			275,986,633
Short-Term Notes - 5.5%

Jackson National Life Insurance Co.
4/1/05	2.70 (c)(f)	7,000,000		7,000,000
Metropolitan Life Insurance Co.
4/1/05	2.75 (c)(f)	10,000,000		10,000,000
4/28/05	2.89 (b)(c)	5,000,000		5,000,000
5/2/05	2.90 (c)(f)	5,000,000		5,000,000
Monumental Life Insurance Co.
4/1/05	2.83 (c)(f)	5,000,000		5,000,000
4/1/05	2.86 (c)(f)	5,000,000		5,000,000
New York Life Insurance Co.
4/1/05	2.69 (c)(f)	30,000,000		30,000,000
Pacific Life Insurance Co.
6/10/05	3.13 (c)(f)	5,000,000		5,000,000
Transamerica Occidental Life Insurance Co.
5/1/05	2.91 (c)(f)	10,000,000		10,000,000
TOTAL SHORT-TERM NOTES (Cost $82,000,000)			82,000,000
Municipal Securities - 2.2%
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value
Catholic Univ. of America 2.99% (Liquidity Facility Wachovia Bank NA), VRDN
4/7/05	2.99% (c)	$ 2,000,000		$ 2,000,000
Chicago O'Hare Int'l. Arpt. Rev. Series 2001 C, 2.73% 4/4/05, LOC Commerzbank AG, CP
4/4/05	2.73	5,670,000		5,670,000
New York Transitional Fin. Auth. Rev. Series 1999 A1, 2.27% (Liquidity Facility WestLB AG), VRDN
4/7/05	2.27 (c)	13,400,000		13,400,000
San Jose Redev. Agcy. Rev. Series A, 2.85%, LOC JPMorgan Chase Bank, VRDN
4/7/05	2.85 (c)(d)	11,250,000		11,250,000
TOTAL MUNICIPAL SECURITIES (Cost $32,320,000)			32,320,000
Repurchase Agreements - 19.1%
	Maturity Amount
In a joint trading account (Collateralized by U.S. Government Obligations dated 3/31/05 due 4/1/05 At 2.91%)	$ 832,067		832,000
With:
Banc of America Securities LLC At 2.92%, dated 3/31/05 due 4/1/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $47,920,557, 3.02% - 5%, 3/25/20 - 1/25/45)	45,003,650		45,000,000
Deutsche Bank Securities, Inc. At 3.01%, dated 3/31/05 due 4/1/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $93,093,249, 3.05% - 5.5%, 11/15/15 - 1/15/38)	70,005,853		70,000,000
Goldman Sachs & Co. At:
2.98%, dated 3/31/05 due 4/1/05 (Collateralized by Corporate Obligations with principal amounts of $6,473,915, 7.76%, 4/15/32)	7,000,578		7,000,000
2.99%, dated 3/22/05 due 5/24/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $15,478,311, 3.93%, 8/1/34) (c)(e)	15,078,488		15,000,000
3%, dated 3/22/05 due 5/24/05 (Collateralized by Equity Securities valued at $5,271,625) (c)(e)	5,026,250		5,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
With: - continued
J.P. Morgan Securities, Inc. At 2.88%, dated 3/23/05 due 5/4/05 (Collateralized by Corporate Obligations with principal amounts of $41,187,000, 3.33% - 8.38%, 11/18/05 - 5/23/19)	$ 24,080,640		$ 24,000,000
Lehman Brothers, Inc. At 2.96%, dated 3/31/05 due 4/1/05 (Collateralized by Corporate Obligations with principal amounts of $49,980,000, 2.72% - 4.77%, 12/22/08 - 1/25/35)	50,004,111		50,000,000
Merrill Lynch, Pierce, Fenner & Smith At 3.03%, dated 2/1/05 due 4/29/05 (Collateralized by Corporate Obligations with principal amounts of $49,937,195, 5.25% - 12.88%, 12/4/05 - 6/19/31) (c)(e)	23,168,418		23,000,000
Morgan Stanley & Co. At:
2.88%, dated 3/23/05 due 5/4/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $213,656,925, 1.97% - 7.53%, 8/14/22 - 4/14/27)	20,067,200		20,000,000
2.96%, dated 3/31/05 due 4/1/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $6,000,000, 3.19%, 12/10/09)	5,000,411		5,000,000
Wachovia Securities, Inc. At 2.95%, dated 3/31/05 due 4/1/05 (Collateralized by Corporate Obligations with principal amounts of $23,502,008, 3.36% - 3.62%, 1/1/16 - 8/25/34)	21,001,721		21,000,000
TOTAL REPURCHASE AGREEMENTS (Cost $285,832,000)		285,832,000
TOTAL INVESTMENT PORTFOLIO - 101.0%		1,509,777,781
NET OTHER ASSETS - (1.0)%		(14,709,843)
NET ASSETS - 100%		$ 1,495,067,938

Security Type Abbreviations

CP - COMMERCIAL PAPER

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) 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.

(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 period end, the value of these securities amounted to $73,778,367 or 4.9% of net assets.

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

(e) The maturity amount is based on 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 $138,996,267 or 9.3% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
BMW U.S. Capital Llc 2.82%, 4/15/05	3/22/05	$ 2,000,000
General Motors Acceptance Corp. Mortgage Credit: 3.29%, 4/1/05	3/1/05	$ 9,971,750
3.37%, 4/11/05	3/7/05	$ 3,988,053
Goldman Sachs Group, Inc.: 2.12%, 4/12/05	9/14/04	$ 5,000,000
2.82%, 4/11/05	1/13/05	$ 5,000,000
2.94%, 5/26/05	8/26/04	$ 36,000,000
Jackson National Life Insurance Co. 2.7%, 4/1/05	3/31/03	$ 7,000,000
Metropolitan Life Insurance Co.: 2.75%, 4/1/05	3/26/02	$ 10,000,000
2.9%, 5/2/05	2/24/03	$ 5,000,000
Monumental Life Insurance Co.: 2.83%, 4/1/05	9/17/98	$ 5,000,000
2.86%, 4/1/05	3/12/99	$ 5,000,000
New York Life Insurance Co. 2.69%, 4/1/05	2/28/02 - 12/19/02	$ 30,000,000
Pacific Life Insurance Co 3.13%, 6/10/05	3/10/03	$ 5,000,000
Transamerica Occidental Life Insurance Co. 2.91%, 5/1/05	4/28/00	$ 10,000,000

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $1,509,777,781.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Overseas Portfolio

March 31, 2005

1.799852.101

VIPOVRS-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
Belgium - 0.4%
Fortis	316,000		$ 9,003,338
Brazil - 1.2%
Aracruz Celulose SA sponsored ADR	291,400		10,432,120
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A)	391,900		8,410,438
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	760,550		9,887,150
TOTAL BRAZIL			28,729,708
Canada - 2.6%
Alcan, Inc.	165,700		6,302,464
EnCana Corp.	289,500		20,449,797
Inmet Mining Corp. (a)	252,600		3,853,539
Research In Motion Ltd. (a)	223,300		17,117,697
Talisman Energy, Inc.	348,000		11,909,807
Tembec, Inc. (a)	97,500		467,587
TOTAL CANADA			60,100,891
China - 0.3%
BYD Co. Ltd. (H Shares)	683,600		2,011,503
Global Bio-Chem Technology Group Co. Ltd.	6,618,000		4,157,755
Global Bio-Chem Technology Group Co. Ltd. warrants 5/31/07 (a)	516,250		17,210
People's Food Holdings Ltd.	1,700,000		1,245,912
TOTAL CHINA			7,432,380
Denmark - 0.5%
Novo Nordisk AS Series B	197,200		10,978,427
Finland - 3.4%
Nokia Corp.	5,212,600		80,430,417
France - 11.3%
Accor SA	330,082		16,156,326
Alcatel SA sponsored ADR (a)	1,655,300		19,979,471
AXA SA	710,604		18,958,915
BNP Paribas SA	186,802		13,233,065
Dassault Systemes SA	113,914		5,374,861
France Telecom SA	305,161		9,115,159
L'Oreal SA	81,395		6,515,136
Lagardere S.C.A. (Reg.)	78,800		5,965,239
Pernod-Ricard	71,300		9,953,917
Sanofi-Aventis sponsored ADR	518,200		21,940,588
Thomson SA	484,800		13,071,178
Total SA Series B	453,200		106,257,274
Vivendi Universal SA sponsored ADR	689,000		21,083,400
TOTAL FRANCE			267,604,529
Germany - 8.6%
Allianz AG (Reg.)	755,300		96,074,160
BASF AG	298,725		21,075,049
Deutsche Boerse AG	120,339		9,047,387
Deutsche Telekom AG sponsored ADR (a)	1,555,200		31,041,792
E.ON AG	90,544		7,809,420

	Shares		Value
Epcos AG (a)	513,500		$ 7,095,556
Infineon Technologies AG sponsored ADR (a)	1,687,700		16,117,535
SAP AG sponsored ADR	369,200		14,797,536
TOTAL GERMANY			203,058,435
Hong Kong - 2.0%
ASM Pacific Technology Ltd.	1,727,500		7,442,063
Esprit Holdings Ltd.	850,500		5,806,708
Hong Kong Exchanges & Clearing Ltd.	1,952,000		5,043,022
Hutchison Whampoa Ltd.	475,600		4,039,836
Techtronic Industries Co. Ltd.	6,544,000		14,473,328
Television Broadcasts Ltd.	1,291,000		6,505,113
Wharf Holdings Ltd.	1,541,000		4,870,299
TOTAL HONG KONG			48,180,369
India - 2.7%
Cipla Ltd.	1,160,697		6,798,083
HDFC Bank Ltd.	176,031		2,196,004
Housing Development Finance Corp. Ltd.	1,107,583		18,487,190
Infosys Technologies Ltd.	346,252		17,894,906
Reliance Industries Ltd.	367,900		4,599,698
Satyam Computer Services Ltd.	1,219,887		11,425,181
State Bank of India	179,400		2,938,463
TOTAL INDIA			64,339,525
Italy - 1.0%
ENI Spa	880,486		22,920,812
Japan - 20.0%
Advantest Corp.	221,800		17,003,460
Aeon Co. Ltd.	929,400		15,697,303
Canon, Inc.	221,500		11,872,400
Daiwa Securities Group, Inc.	3,564,000		23,466,392
Fast Retailing Co. Ltd.	128,800		7,795,868
Honda Motor Co. Ltd.	260,800		13,060,864
Ito Yokado Ltd.	327,300		13,064,527
JAFCO Co. Ltd.	247,800		15,553,219
Matsui Securities Co. Ltd.	72,500		965,540
Matsui Securities Co. Ltd. New	145,000		1,894,567
Millea Holdings, Inc.	361		5,252,133
Mitsui & Co. Ltd.	698,000		6,438,069
Mizuho Financial Group, Inc.	6,118		28,928,197
Murata Manufacturing Co. Ltd.	276,500		14,827,465
Nikko Cordial Corp.	8,019,000		40,085,651
Nitto Denko Corp.	263,200		13,795,141
Nomura Holdings, Inc.	3,056,400		42,361,703
Oracle Corp. Japan	98,400		4,551,774
ORIX Corp.	92,700		11,818,223
Ricoh Co. Ltd.	743,000		12,750,011
Rohm Co. Ltd.	135,700		13,098,577
Softbank Corp.	362,100		14,926,388
Sompo Japan Insurance, Inc.	754,000		7,868,743
Sumitomo Mitsui Financial Group, Inc.	6,650		45,025,879
T&D Holdings, Inc.	106,050		5,390,277
Common Stocks - continued
	Shares		Value
Japan - continued
TDK Corp.	135,900		$ 9,302,923
Tokyo Electron Ltd.	639,300		36,429,218
Toyota Motor Corp.	711,400		26,456,965
Yahoo! Japan Corp. (a)	2,829		6,622,327
Yahoo! Japan Corp. New (a)	2,829		6,648,710
TOTAL JAPAN			472,952,514
Korea (South) - 4.3%
Honam Petrochemical Corp.	179,700		9,183,686
Hyundai Motor Co.	113,063		6,111,514
Kookmin Bank	506,630		22,580,512
LG Electronics, Inc.	360,200		24,107,735
LG Petrochemical Co. Ltd.	178,050		4,628,425
Samsung Electro-Mechanics Co. Ltd.	183,200		4,519,233
Samsung Electronics Co. Ltd.	21,660		10,686,310
Shinhan Financial Group Co. Ltd.	514,604		13,756,490
Shinsegae Co. Ltd.	17,330		5,339,514
TOTAL KOREA (SOUTH)			100,913,419
Netherlands - 6.8%
Aegon NV	1,385,500		18,695,885
ASML Holding NV (a)	5,181,339		86,891,054
EADS NV	355,600		10,629,426
ING Groep NV (Certificaten Van Aandelen)	926,624		28,011,844
VNU NV	547,525		15,968,909
TOTAL NETHERLANDS			160,197,118
Philippines - 0.3%
Philippine Long Distance Telephone Co. sponsored ADR	249,300		6,284,853
Singapore - 0.4%
STATS ChipPAC Ltd. (a)	15,048,000		9,661,345
Spain - 2.3%
Banco Bilbao Vizcaya Argentaria SA	840,600		13,676,562
Banco Santander Central Hispano SA	1,208,868		14,699,835
Telefonica SA	1,446,462		25,057,543
TOTAL SPAIN			53,433,940
Sweden - 0.5%
Telefonaktiebolaget LM Ericsson ADR (a)	429,600		12,114,720
Switzerland - 10.2%
ABB Ltd. (Reg.) (a)	2,496,339		15,502,360
Actelion Ltd. (Reg.) (a)	85,017		8,597,983
Compagnie Financiere Richemont unit	312,115		9,795,577
Credit Suisse Group (Reg.)	1,331,669		56,995,433
Nestle SA (Reg.)	69,352		18,968,985

	Shares		Value
Novartis AG (Reg.)	792,392		$ 37,068,098
Phonak Holding AG	260,151		8,958,353
Roche Holding AG (participation certificate)	253,122		27,122,103
Societe Generale de Surveillance Holding SA (SGS) (Reg.)	4,450		3,206,068
UBS AG (Reg.)	658,743		55,597,909
TOTAL SWITZERLAND			241,812,869
Taiwan - 5.5%
Acer, Inc.	7,020,000		11,029,328
Advanced Semiconductor Engineering, Inc.	12,800,000		9,445,820
Hon Hai Precision Industries Co. Ltd.	2,110,109		9,376,476
Siliconware Precision Industries Co. Ltd.	11,353,000		9,855,410
Sunplus Technology Co. Ltd.	4,567,000		6,856,443
Taiwan Semiconductor Manufacturing Co. Ltd.	13,144,000		21,485,304
United Microelectronics Corp.	68,875,360		41,645,261
United Microelectronics Corp. sponsored ADR	2,824,300		9,517,891
Yageo Corp. (a)	26,627,000		9,550,089
TOTAL TAIWAN			128,762,022
United Kingdom - 11.5%
3i Group PLC	663,873		8,424,330
AstraZeneca PLC (United Kingdom)	497,100		19,650,363
BHP Billiton PLC	1,008,495		13,550,262
BP PLC	6,098,206		63,421,342
British Sky Broadcasting Group PLC (BSkyB)	631,200		6,924,263
HSBC Holdings PLC (United Kingdom) (Reg.)	1,641,090		26,060,509
ITV PLC	4,352,554		10,487,180
Man Group PLC	611,067		15,866,455
Reckitt Benckiser PLC	331,800		10,546,460
Rio Tinto PLC (Reg.)	782,606		25,385,782
Tesco PLC	795,741		4,759,374
Vodafone Group PLC	22,709,625		60,316,763
Xstrata PLC	367,500		7,014,280
TOTAL UNITED KINGDOM			272,407,363
United States of America - 2.0%
Freeport-McMoRan Copper & Gold, Inc. Class B	344,900		13,661,489
Honeywell International, Inc.	303,200		11,282,072
Synthes, Inc.	77,867		8,655,866
Telewest Global, Inc. (a)	724,379		12,886,702
TOTAL UNITED STATES OF AMERICA			46,486,129
TOTAL COMMON STOCKS (Cost $1,865,942,591)		2,307,805,123
Money Market Funds - 7.2%
	Shares		Value
Fidelity Cash Central Fund, 2.73% (b)	14,487,627	$ 14,487,627
Fidelity Securities Lending Cash Central Fund, 2.74% (b)(c)	155,358,801	155,358,801
TOTAL MONEY MARKET FUNDS (Cost $169,846,428)		169,846,428
TOTAL INVESTMENT PORTFOLIO - 105.0% (Cost $2,035,789,019)		2,477,651,551
NET OTHER ASSETS - (5.0)%		(117,731,328)
NET ASSETS - 100%		$ 2,359,920,223

Legend

(a) Non-income producing

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $2,061,401,789. Net unrealized appreciation aggregated $416,249,762, of which $470,669,776 related to appreciated investment securities and $54,420,014 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Value Portfolio

March 31, 2005

1.799871.101

VIPVAL-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value
CONSUMER DISCRETIONARY - 11.9%
Auto Components - 0.1%
Modine Manufacturing Co.	300		$ 8,799
Distributors - 0.1%
Prestige Brands Holdings, Inc.	200		3,530
Leisure Equipment & Products - 0.2%
Brunswick Corp.	300		14,055
Media - 9.0%
Clear Channel Communications, Inc.	1,100		37,917
Comcast Corp. Class A (special) (a)	1,200		40,080
News Corp. Class B	9,490		167,119
Omnicom Group, Inc.	1,110		98,257
The New York Times Co. Class A	1,800		65,844
Time Warner, Inc. (a)	3,200		56,160
Univision Communications, Inc. Class A (a)	400		11,076
Walt Disney Co.	1,300		37,349
Washington Post Co. Class B	10		8,940
XM Satellite Radio Holdings, Inc. Class A (a)	830		26,145
			548,887
Multiline Retail - 2.0%
Dollar General Corp.	2,000		43,820
Federated Department Stores, Inc.	500		31,820
JCPenney Co., Inc.	880		45,690
			121,330
Specialty Retail - 0.5%
Office Depot, Inc. (a)	500		11,090
Tiffany & Co., Inc.	600		20,712
			31,802
TOTAL CONSUMER DISCRETIONARY			728,403
CONSUMER STAPLES - 8.8%
Beverages - 1.5%
The Coca-Cola Co.	2,250		93,758
Food & Staples Retailing - 3.2%
CVS Corp.	800		42,096
Wal-Mart Stores, Inc.	3,070		153,838
			195,934
Food Products - 0.7%
Campbell Soup Co.	700		20,314
McCormick & Co., Inc. (non-vtg.)	120		4,132
The J.M. Smucker Co.	300		15,090
			39,536
Household Products - 1.2%
Procter & Gamble Co.	1,090		57,770
Rayovac Corp. (a)	400		16,640
			74,410

	Shares		Value
Tobacco - 2.2%
Altria Group, Inc.	2,070		$ 135,357
TOTAL CONSUMER STAPLES			538,995
ENERGY - 10.5%
Energy Equipment & Services - 1.7%
ENSCO International, Inc.	100		3,766
Halliburton Co.	2,200		95,150
Smith International, Inc.	100		6,273
			105,189
Oil & Gas - 8.8%
BP PLC sponsored ADR	780		48,672
ConocoPhillips	200		21,568
Exxon Mobil Corp.	6,340		377,864
Total SA sponsored ADR	800		93,784
			541,888
TOTAL ENERGY			647,077
FINANCIALS - 21.8%
Capital Markets - 4.8%
American Capital Strategies Ltd.	400		12,564
Charles Schwab Corp.	100		1,051
Franklin Resources, Inc.	300		20,595
Goldman Sachs Group, Inc.	370		40,696
Lehman Brothers Holdings, Inc.	400		37,664
Merrill Lynch & Co., Inc.	2,200		124,520
Morgan Stanley	140		8,015
Northern Trust Corp.	900		39,096
State Street Corp.	210		9,181
			293,382
Commercial Banks - 4.9%
Bank of America Corp.	3,220		142,002
East West Bancorp, Inc.	400		14,768
Wachovia Corp.	1,430		72,801
Wells Fargo & Co.	1,220		72,956
			302,527
Consumer Finance - 2.0%
American Express Co.	800		41,096
SLM Corp.	1,630		81,239
			122,335
Diversified Financial Services - 4.3%
Citigroup, Inc.	3,660		164,480
J.P. Morgan Chase & Co.	2,758		95,427
			259,907
Insurance - 2.1%
American International Group, Inc.	1,240		68,708
Genworth Financial, Inc. Class A	500		13,760
Hartford Financial Services Group, Inc.	580		39,765
Willis Group Holdings Ltd.	200		7,374
			129,607
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate - 3.7%
Education Realty Trust, Inc.	200		$ 3,326
Equity Lifestyle Properties, Inc.	2,000		70,500
Equity Office Properties Trust	1,600		48,208
General Growth Properties, Inc.	3,123		106,494
			228,528
TOTAL FINANCIALS			1,336,286
HEALTH CARE - 4.4%
Biotechnology - 0.1%
Biogen Idec, Inc. (a)	200		6,902
Health Care Providers & Services - 1.4%
Aetna, Inc.	100		7,495
Cardinal Health, Inc.	100		5,580
Health Net, Inc. (a)	500		16,355
UnitedHealth Group, Inc.	630		60,089
			89,519
Pharmaceuticals - 2.9%
Abbott Laboratories	460		21,445
Bristol-Myers Squibb Co.	500		12,730
Johnson & Johnson	690		46,340
Merck & Co., Inc.	580		18,775
Novartis AG sponsored ADR	160		7,485
Pfizer, Inc.	990		26,007
Roche Holding AG ADR	400		21,592
Wyeth	500		21,090
			175,464
TOTAL HEALTH CARE			271,885
INDUSTRIALS - 13.2%
Aerospace & Defense - 2.2%
Goodrich Corp.	340		13,019
Hexcel Corp. (a)	700		10,857
Lockheed Martin Corp.	160		9,770
Northrop Grumman Corp.	160		8,637
Precision Castparts Corp.	1,220		93,952
			136,235
Air Freight & Logistics - 0.2%
EGL, Inc. (a)	500		11,400
Industrial Conglomerates - 5.2%
General Electric Co.	7,820		281,989
Tyco International Ltd.	1,000		33,800
			315,789
Machinery - 1.8%
Dover Corp.	1,310		49,505

	Shares		Value
PACCAR, Inc.	300		$ 21,717
Volvo AB ADR	900		39,960
			111,182
Road & Rail - 3.8%
Burlington Northern Santa Fe Corp.	300		16,179
CSX Corp.	500		20,825
Laidlaw International, Inc. (a)	600		12,480
Landstar System, Inc. (a)	180		5,895
Norfolk Southern Corp.	4,810		178,211
			233,590
TOTAL INDUSTRIALS			808,196
INFORMATION TECHNOLOGY - 14.8%
Communications Equipment - 1.6%
Cisco Systems, Inc. (a)	800		14,312
Motorola, Inc.	2,300		34,431
Nokia Corp. sponsored ADR	600		9,258
QUALCOMM, Inc.	1,090		39,949
			97,950
Computers & Peripherals - 0.8%
Emulex Corp. (a)	600		11,304
International Business Machines Corp.	400		36,552
			47,856
Electronic Equipment & Instruments - 0.7%
Arrow Electronics, Inc. (a)	500		12,675
Avnet, Inc. (a)	1,300		23,946
Vishay Intertechnology, Inc. (a)	500		6,215
			42,836
IT Services - 0.1%
Ceridian Corp. (a)	400		6,820
Semiconductors & Semiconductor Equipment - 10.1%
Altera Corp. (a)	400		7,912
Analog Devices, Inc.	1,730		62,522
Applied Materials, Inc.	2,420		39,325
Axcelis Technologies, Inc. (a)	900		6,570
Cascade Microtech, Inc.	400		3,840
Fairchild Semiconductor International, Inc. (a)	100		1,533
FormFactor, Inc. (a)	1,300		29,432
Freescale Semiconductor, Inc. Class B (a)	1,600		27,600
Helix Technology Corp.	400		6,188
Intel Corp.	3,930		91,294
Intersil Corp. Class A	400		6,928
KLA-Tencor Corp.	1,580		72,696
Lam Research Corp. (a)	1,900		54,834
MKS Instruments, Inc. (a)	1,700		26,996
National Semiconductor Corp.	4,000		82,440
Novellus Systems, Inc. (a)	1,200		32,076
ON Semiconductor Corp. (a)	3,600		14,220
Siliconix, Inc. (a)	260		9,173
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Teradyne, Inc. (a)	1,000		$ 14,600
Varian Semiconductor Equipment Associates, Inc. (a)	800		30,408
			620,587
Software - 1.5%
Activision, Inc. (a)	400		5,920
Microsoft Corp.	3,490		84,353
			90,273
TOTAL INFORMATION TECHNOLOGY			906,322
MATERIALS - 5.5%
Chemicals - 5.3%
Air Products & Chemicals, Inc.	110		6,962
Bayer AG ADR	300		9,927
Celanese Corp. Class A	300		5,397
E.I. du Pont de Nemours & Co.	200		10,248
Eastman Chemical Co.	2,516		148,444
FMC Corp. (a)	1,240		66,278
Lubrizol Corp.	700		28,448
Lyondell Chemical Co.	500		13,960
Mosaic Co. (a)	100		1,706
Praxair, Inc.	700		33,502
			324,872
Containers & Packaging - 0.2%
Owens-Illinois, Inc. (a)	500		12,570
TOTAL MATERIALS			337,442
TELECOMMUNICATION SERVICES - 3.5%
Diversified Telecommunication Services - 3.4%
BellSouth Corp.	1,500		39,435
SBC Communications, Inc.	1,000		23,690
Sprint Corp.	2,420		55,055
Verizon Communications, Inc.	2,610		92,655
			210,835
Wireless Telecommunication Services - 0.1%
Vodafone Group PLC sponsored ADR	200		5,312
TOTAL TELECOMMUNICATION SERVICES			216,147
UTILITIES - 2.9%
Electric Utilities - 2.1%
Edison International	400		13,888
Entergy Corp.	270		19,078
Exelon Corp.	1,400		64,246
Southern Co.	400		12,732
TECO Energy, Inc.	1,100		17,248
			127,192

	Shares		Value
Gas Utilities - 0.3%
AGL Resources, Inc.	570		$ 19,910
Multi-Utilities & Unregulated Power - 0.5%
Dominion Resources, Inc.	200		14,886
Duke Energy Corp.	500		14,005
			28,891
TOTAL UTILITIES			175,993
TOTAL COMMON STOCKS (Cost $5,462,493)		5,966,746
Convertible Preferred Stocks - 0.1%

FINANCIALS - 0.1%
Insurance - 0.1%
Fortis Insurance NV 7.75% (c)	10		10,631
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $10,279)		10,631
Money Market Funds - 3.0%

Fidelity Cash Central Fund, 2.73% (b) (Cost $182,496)	182,496		182,496
TOTAL INVESTMENT PORTFOLIO - 100.4% (Cost $5,655,268)		6,159,873
NET OTHER ASSETS - (0.4)%		(27,265)
NET ASSETS - 100%		$ 6,132,608

Legend

(a) Non-income producing

(c) 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 $10,631 or 0.1% of net assets.

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $5,665,210. Net unrealized appreciation aggregated $494,663, of which $582,218 related to appreciated investment securities and $87,555 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:	May 20, 2005

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:	May 20, 2005

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

Date:	May 20, 2005