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, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Equity-Income Portfolio

March 31, 2007

1.799856.103

VIPEI-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
CONSUMER DISCRETIONARY - 11.0%
Auto Components - 0.4%
American Axle & Manufacturing Holdings, Inc.	554,677		$ 15,170,416
Gentex Corp.	595,400		9,675,250
The Goodyear Tire & Rubber Co. (a)	758,100		23,645,139
			48,490,805
Automobiles - 1.0%
Hyundai Motor Co.	205,150		14,413,704
Monaco Coach Corp.	446,650		7,115,135
Peugeot Citroen SA	288,500		20,332,559
Renault SA	142,701		16,688,781
Toyota Motor Corp. sponsored ADR	420,400		53,878,464
Winnebago Industries, Inc. (d)	349,700		11,760,411
			124,189,054
Diversified Consumer Services - 0.2%
H&R Block, Inc.	176,300		3,709,352
Service Corp. International	1,723,300		20,438,338
			24,147,690
Hotels, Restaurants & Leisure - 0.3%
Gaylord Entertainment Co. (a)	93,076		4,920,928
McDonald's Corp.	356,200		16,046,810
Wyndham Worldwide Corp. (a)	440,402		15,039,728
			36,007,466
Household Durables - 1.7%
Beazer Homes USA, Inc.	559,700		16,248,091
Black & Decker Corp.	207,900		16,968,798
Centex Corp.	88,000		3,676,640
KB Home	226,400		9,660,488
Lennar Corp. Class A	357,200		15,077,412
Newell Rubbermaid, Inc.	1,074,100		33,393,769
Sony Corp. sponsored ADR	453,200		22,882,068
The Stanley Works	368,230		20,385,213
Whirlpool Corp.	722,534		61,350,362
			199,642,841
Internet & Catalog Retail - 0.2%
Liberty Media Holding Corp. - Interactive Series A (a)	855,769		20,384,418
Leisure Equipment & Products - 0.4%
Brunswick Corp.	489,600		15,593,760
Eastman Kodak Co. (d)	1,409,500		31,798,320
			47,392,080
Media - 4.1%
CBS Corp. Class B	562,243		17,199,013
Clear Channel Communications, Inc.	2,882,000		100,985,280
Comcast Corp. Class A	2,698,936		70,037,389
Gannett Co., Inc.	405,800		22,842,482
McGraw-Hill Companies, Inc.	41,500		2,609,520
The McClatchy Co. Class A	805,565		25,463,910
The New York Times Co. Class A (d)	1,133,025		26,637,418

	Shares		Value
The Walt Disney Co.	700,100		$ 24,104,443
Time Warner Cable, Inc. (a)	287,000		10,753,890
Time Warner, Inc.	5,602,750		110,486,230
Viacom, Inc. Class B (non-vtg.) (a)	1,250,443		51,405,712
Virgin Media, Inc.	778,187		19,649,222
			482,174,509
Multiline Retail - 0.9%
Dollar Tree Stores, Inc. (a)	371,151		14,192,814
Family Dollar Stores, Inc.	744,200		22,043,204
Federated Department Stores, Inc.	1,059,800		47,743,990
Retail Ventures, Inc. (a)	140,800		2,963,840
Sears Holdings Corp. (a)	100,700		18,142,112
Tuesday Morning Corp.	526,423		7,812,117
			112,898,077
Specialty Retail - 1.7%
AnnTaylor Stores Corp. (a)	288,391		11,183,803
Chico's FAS, Inc. (a)(d)	1,150,700		28,111,601
Gap, Inc.	896,900		15,435,649
Home Depot, Inc.	2,223,900		81,706,086
RadioShack Corp.	2,096,700		56,673,801
Williams-Sonoma, Inc.	132,500		4,698,450
			197,809,390
Textiles, Apparel & Luxury Goods - 0.1%
Liz Claiborne, Inc.	270,540		11,592,639
TOTAL CONSUMER DISCRETIONARY			1,304,728,969
CONSUMER STAPLES - 5.6%
Beverages - 0.7%
Anheuser-Busch Companies, Inc.	1,126,100		56,823,006
SABMiller PLC	1,130,100		24,796,120
			81,619,126
Food & Staples Retailing - 1.6%
CVS Corp.	1,150,100		39,264,414
Rite Aid Corp.	2,365,468		13,648,750
Wal-Mart Stores, Inc.	2,849,600		133,788,720
Winn-Dixie Stores, Inc. (a)(d)	286,170		5,050,901
			191,752,785
Food Products - 0.5%
Hershey Co.	521,600		28,510,656
Marine Harvest ASA (a)	4,430,000		5,203,448
Tyson Foods, Inc. Class A	1,214,500		23,573,445
			57,287,549
Household Products - 1.0%
Colgate-Palmolive Co.	1,055,500		70,496,845
Kimberly-Clark Corp.	310,400		21,259,296
Procter & Gamble Co.	520,042		32,845,853
			124,601,994
Personal Products - 0.8%
Avon Products, Inc.	2,421,770		90,235,150
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Tobacco - 1.0%
Altria Group, Inc.	1,338,905		$ 117,569,248
TOTAL CONSUMER STAPLES			663,065,852
ENERGY - 13.7%
Energy Equipment & Services - 2.9%
Baker Hughes, Inc.	1,364,100		90,207,933
Halliburton Co. (d)	1,475,795		46,841,733
Nabors Industries Ltd. (a)	1,149,613		34,109,018
Noble Corp.	579,200		45,571,456
Schlumberger Ltd. (NY Shares)	1,757,057		121,412,639
			338,142,779
Oil, Gas & Consumable Fuels - 10.8%
Apache Corp.	567,980		40,156,186
Chevron Corp.	2,322,542		171,775,206
ConocoPhillips	1,823,700		124,649,895
EOG Resources, Inc.	698,400		49,823,856
Exxon Mobil Corp.	8,392,636		633,224,381
Hess Corp.	719,900		39,932,853
Lukoil Oil Co. sponsored ADR	266,100		22,937,820
Occidental Petroleum Corp.	1,065,300		52,529,943
Spectra Energy Corp.	434,800		11,422,196
Total SA sponsored ADR	1,031,733		71,994,329
Valero Energy Corp.	783,920		50,555,001
Williams Companies, Inc.	558,100		15,883,526
			1,284,885,192
TOTAL ENERGY			1,623,027,971
FINANCIALS - 27.6%
Capital Markets - 4.0%
Ameriprise Financial, Inc.	479,702		27,410,172
Bank of New York Co., Inc.	2,454,600		99,534,030
KKR Private Equity Investors, LP	652,400		15,820,700
KKR Private Equity Investors, LP Restricted Depositary Units (e)	674,100		16,346,925
Mellon Financial Corp.	1,271,600		54,856,824
Merrill Lynch & Co., Inc.	1,192,400		97,383,308
Morgan Stanley	1,654,200		130,284,792
State Street Corp.	454,153		29,406,407
			471,043,158
Commercial Banks - 5.0%
Barclays PLC Sponsored ADR (d)	657,400		37,432,356
Fifth Third Bancorp	307,788		11,908,318
HSBC Holdings PLC sponsored ADR (d)	546,900		48,023,289
KeyCorp	695,100		26,045,397
Lloyds TSB Group PLC	2,021,000		22,271,339
Marshall & Ilsley Corp. (d)	492,800		22,821,568

	Shares		Value
PNC Financial Services Group, Inc.	660,214		$ 47,515,602
Royal Bank of Scotland Group PLC	570,988		22,292,596
U.S. Bancorp, Delaware	1,444,538		50,515,494
Wachovia Corp.	3,089,957		170,102,133
Wells Fargo & Co.	3,854,200		132,700,106
			591,628,198
Consumer Finance - 0.5%
American Express Co.	632,796		35,689,694
Capital One Financial Corp.	226,400		17,084,144
			52,773,838
Diversified Financial Services - 8.0%
Bank of America Corp.	7,179,777		366,312,223
Citigroup, Inc.	5,613,119		288,177,529
FirstRand Ltd.	6,838,225		23,194,807
JPMorgan Chase & Co.	5,678,112		274,707,059
			952,391,618
Insurance - 7.5%
ACE Ltd.	1,824,996		104,134,272
AFLAC, Inc.	264,800		12,461,488
Allianz AG sponsored ADR	1,012,100		20,798,655
Allstate Corp.	988,200		59,351,292
American International Group, Inc.	4,568,750		307,111,375
Hartford Financial Services Group, Inc.	789,200		75,431,736
Marsh & McLennan Companies, Inc.	518,507		15,187,070
MetLife, Inc. unit	835,300		26,729,600
Montpelier Re Holdings Ltd.	1,344,500		23,313,630
PartnerRe Ltd.	554,224		37,986,513
Swiss Reinsurance Co. (Reg.)	306,791		28,018,596
The Travelers Companies, Inc.	2,274,726		117,762,565
Willis Group Holdings Ltd.	937,000		37,086,460
XL Capital Ltd. Class A	397,320		27,796,507
			893,169,759
Real Estate Investment Trusts - 0.5%
Annaly Capital Management, Inc.	552,800		8,557,344
Developers Diversified Realty Corp.	367,400		23,109,460
Equity Residential (SBI)	157,500		7,596,225
Health Care Property Investors, Inc.	612,500		22,068,375
			61,331,404
Thrifts & Mortgage Finance - 2.1%
Countrywide Financial Corp.	412,110		13,863,380
Fannie Mae	2,556,210		139,517,942
Freddie Mac	1,148,000		68,294,520
MGIC Investment Corp.	551,652		32,503,336
			254,179,178
TOTAL FINANCIALS			3,276,517,153
HEALTH CARE - 6.7%
Biotechnology - 0.3%
Amgen, Inc. (a)	498,100		27,833,828
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - 0.5%
Baxter International, Inc.	1,113,832		$ 58,665,531
Health Care Providers & Services - 0.3%
Henry Schein, Inc. (a)	81,200		4,480,616
Omnicare, Inc.	266,100		10,582,797
UnitedHealth Group, Inc.	421,647		22,334,642
			37,398,055
Pharmaceuticals - 5.6%
Bristol-Myers Squibb Co.	1,993,700		55,345,112
Johnson & Johnson	1,752,000		105,575,520
Merck & Co., Inc.	2,109,200		93,163,364
Pfizer, Inc.	8,812,600		222,606,276
Schering-Plough Corp.	3,206,430		81,796,029
Wyeth	2,169,100		108,520,073
			667,006,374
TOTAL HEALTH CARE			790,903,788
INDUSTRIALS - 9.9%
Aerospace & Defense - 2.2%
General Dynamics Corp.	297,700		22,744,280
Honeywell International, Inc.	2,504,425		115,353,816
Lockheed Martin Corp.	506,300		49,121,226
Northrop Grumman Corp.	203,100		15,074,082
The Boeing Co.	113,200		10,064,612
United Technologies Corp.	824,440		53,588,600
			265,946,616
Air Freight & Logistics - 0.1%
United Parcel Service, Inc. Class B	170,000		11,917,000
Building Products - 0.3%
Masco Corp.	1,115,100		30,553,740
Commercial Services & Supplies - 0.2%
Waste Management, Inc.	826,200		28,429,542
Electrical Equipment - 0.4%
Emerson Electric Co.	973,500		41,948,115
Industrial Conglomerates - 3.4%
3M Co.	940,900		71,912,987
General Electric Co.	4,634,090		163,861,422
Siemens AG sponsored ADR	40,900		4,384,480
Textron, Inc.	263,300		23,644,340
Tyco International Ltd.	4,253,346		134,193,066
			397,996,295
Machinery - 2.5%
Briggs & Stratton Corp. (d)	974,888		30,075,295
Caterpillar, Inc.	405,400		27,173,962
Deere & Co.	125,000		13,580,000
Dover Corp.	1,114,800		54,413,388
Eaton Corp.	233,100		19,477,836
Illinois Tool Works, Inc.	337,300		17,404,680
Ingersoll-Rand Co. Ltd. Class A	883,888		38,334,223

	Shares		Value
Navistar International Corp. (a)	508,495		$ 23,263,646
SPX Corp.	1,063,489		74,656,928
			298,379,958
Road & Rail - 0.8%
Burlington Northern Santa Fe Corp.	818,000		65,791,740
Laidlaw International, Inc.	201,200		6,961,520
Union Pacific Corp.	276,300		28,058,265
			100,811,525
TOTAL INDUSTRIALS			1,175,982,791
INFORMATION TECHNOLOGY - 9.5%
Communications Equipment - 1.3%
Alcatel-Lucent SA sponsored ADR (d)	2,924,622		34,569,032
Cisco Systems, Inc. (a)	2,140,400		54,644,412
Harris Corp.	447,400		22,795,030
Lucent Technologies, Inc. warrants 12/10/07 (a)	8,328		791
Motorola, Inc.	1,673,712		29,574,491
Nortel Networks Corp. (a)	308,740		7,399,277
			148,983,033
Computers & Peripherals - 2.6%
EMC Corp. (a)	3,040,100		42,105,385
Hewlett-Packard Co.	2,804,111		112,557,016
Imation Corp.	328,300		13,256,754
International Business Machines Corp.	1,280,500		120,699,930
Sun Microsystems, Inc. (a)	3,553,475		21,356,385
			309,975,470
Electronic Equipment & Instruments - 1.2%
Agilent Technologies, Inc. (a)	883,400		29,761,746
Arrow Electronics, Inc. (a)	775,900		29,290,225
Avnet, Inc. (a)	1,504,730		54,380,942
Solectron Corp. (a)	5,354,600		16,866,990
Tektronix, Inc.	389,508		10,968,545
			141,268,448
Internet Software & Services - 0.2%
Google, Inc. Class A (sub. vtg.) (a)	33,880		15,522,461
VeriSign, Inc. (a)	240,400		6,038,848
			21,561,309
IT Services - 0.3%
MoneyGram International, Inc.	912,900		25,342,104
The Western Union Co.	470,100		10,318,695
Unisys Corp. (a)	665,300		5,608,479
			41,269,278
Office Electronics - 0.5%
Xerox Corp.	3,803,835		64,246,773
Semiconductors & Semiconductor Equipment - 2.4%
Analog Devices, Inc.	1,406,800		48,520,532
Applied Materials, Inc.	2,485,400		45,532,528
Intel Corp.	4,886,500		93,478,745
LSI Logic Corp. (a)	441,600		4,610,304
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Micron Technology, Inc. (a)	1,341,600		$ 16,206,528
National Semiconductor Corp.	2,100,247		50,699,963
Teradyne, Inc. (a)	1,115,000		18,442,100
Verigy Ltd.	296,059		6,948,505
			284,439,205
Software - 1.0%
Microsoft Corp.	3,073,500		85,658,445
Oracle Corp. (a)	688,100		12,475,253
Symantec Corp. (a)	1,418,833		24,545,811
			122,679,509
TOTAL INFORMATION TECHNOLOGY			1,134,423,025
MATERIALS - 3.5%
Chemicals - 1.8%
Air Products & Chemicals, Inc.	606,500		44,856,740
Arkema (a)	12,180		698,310
Arkema sponsored ADR (a)	234,454		13,442,144
Ashland, Inc.	140,800		9,236,480
Bayer AG sponsored ADR	255,900		16,369,923
Celanese Corp. Class A	672,400		20,736,816
Chemtura Corp.	2,282,464		24,947,332
Dow Chemical Co.	694,300		31,840,598
E.I. du Pont de Nemours & Co.	492,900		24,364,047
Georgia Gulf Corp.	759,800		12,316,358
PolyOne Corp. (a)	1,126,200		6,869,820
Rohm & Haas Co.	166,256		8,598,760
Tronox, Inc. Class B	179,376		2,507,676
			216,785,004
Containers & Packaging - 0.3%
Smurfit-Stone Container Corp. (a)	2,730,472		30,745,115
Metals & Mining - 0.9%
Alcan, Inc.	582,900		30,383,199
Alcoa, Inc.	2,125,016		72,038,042
			102,421,241
Paper & Forest Products - 0.5%
International Paper Co.	1,072,000		39,020,800
Weyerhaeuser Co.	323,800		24,200,812
			63,221,612
TOTAL MATERIALS			413,172,972
TELECOMMUNICATION SERVICES - 7.1%
Diversified Telecommunication Services - 6.2%
AT&T, Inc. (d)	13,043,369		514,300,040
Qwest Communications International, Inc. (a)	5,703,200		51,271,768

	Shares		Value
Telkom SA Ltd. sponsored ADR (d)	329,475		$ 30,146,963
Verizon Communications, Inc.	3,800,102		144,099,868
			739,818,639
Wireless Telecommunication Services - 0.9%
Sprint Nextel Corp.	3,573,300		67,749,768
Vodafone Group PLC sponsored ADR	1,218,387		32,725,875
			100,475,643
TOTAL TELECOMMUNICATION SERVICES			840,294,282
UTILITIES - 3.4%
Electric Utilities - 1.1%
Duke Energy Corp.	869,700		17,646,213
Entergy Corp.	640,200		67,169,784
Exelon Corp.	648,700		44,572,177
			129,388,174
Gas Utilities - 0.0%
AGL Resources, Inc.	124,300		5,310,096
Independent Power Producers & Energy Traders - 0.7%
AES Corp. (a)	1,644,400		35,387,488
TXU Corp.	770,040		49,359,564
			84,747,052
Multi-Utilities - 1.6%
Dominion Resources, Inc.	588,600		52,250,022
Public Service Enterprise Group, Inc.	917,200		76,164,288
Wisconsin Energy Corp.	1,255,500		60,916,860
			189,331,170
TOTAL UTILITIES			408,776,492
TOTAL COMMON STOCKS (Cost $8,191,045,556)		11,630,893,295
Convertible Preferred Stocks - 0.8%

CONSUMER DISCRETIONARY - 0.3%
Automobiles - 0.2%
Ford Motor Co. Capital Trust II 6.50%	429,300		15,429,042
General Motors Corp.:
Series B, 5.25%	381,400		7,906,422
Series C, 6.25%	265,400		6,045,812
			29,381,276
Hotels, Restaurants & Leisure - 0.1%
Six Flags, Inc. 7.25% PIERS	384,900		8,997,038
TOTAL CONSUMER DISCRETIONARY			38,378,314
FINANCIALS - 0.2%
Insurance - 0.2%
Conseco, Inc. Series B, 5.50%	143,400		3,382,806
Convertible Preferred Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Travelers Property Casualty Corp. 4.50%	208,200		$ 5,302,854
XL Capital Ltd. 6.50%	475,300		11,145,785
			19,831,445
HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Schering-Plough Corp. 6.00%	176,300		10,421,093
MATERIALS - 0.2%
Chemicals - 0.0%
Celanese Corp. 4.25%	67,100		2,744,390
Metals & Mining - 0.2%
Freeport-McMoRan Copper & Gold, Inc. 6.75%	220,100		23,536,944
TOTAL MATERIALS			26,281,334
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $99,919,870)		94,912,186
Corporate Bonds - 0.9%
	Principal Amount
Convertible Bonds - 0.8%
CONSUMER DISCRETIONARY - 0.3%
Automobiles - 0.1%
Ford Motor Co. 4.25% 12/15/36	$ 9,770,000		10,788,034
Hotels, Restaurants & Leisure - 0.0%
Six Flags, Inc. 4.5% 5/15/15	3,640,000		4,176,900
Media - 0.2%
Liberty Media Corp.:
4% 11/15/29 (e)	1,740,000		1,161,450
3.5% 1/15/31 (e)	9,546,178		9,426,049
News America, Inc. liquid yield option note 0% 2/28/21 (e)	22,670,000		13,431,975
			24,019,474
TOTAL CONSUMER DISCRETIONARY			38,984,408
INDUSTRIALS - 0.2%
Airlines - 0.1%
UAL Corp. 4.5% 6/30/21 (e)	8,680,000		11,458,468
Industrial Conglomerates - 0.1%
Tyco International Group SA yankee 3.125% 1/15/23	5,220,000		7,668,180
TOTAL INDUSTRIALS			19,126,648

	Principal Amount		Value
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
Level 3 Communications, Inc.:
3.5% 6/15/12	$ 6,220,000		$ 8,149,817
5.25% 12/15/11 (e)	11,850,000		19,814,385
5.25% 12/15/11	3,930,000		6,571,353
			34,535,555
TOTAL CONVERTIBLE BONDS			92,646,611
Nonconvertible Bonds - 0.1%
MATERIALS - 0.1%
Chemicals - 0.1%
Hercules, Inc. 6.5% 6/30/29 unit	15,700,000		13,689,885
TOTAL CORPORATE BONDS (Cost $92,429,934)			106,336,496

Money Market Funds - 1.5%
	Shares
Fidelity Cash Central Fund, 5.41% (b)	14,241,601		14,241,601
Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c)	164,285,754		164,285,754
TOTAL MONEY MARKET FUNDS (Cost $178,527,355)		178,527,355

TOTAL
INVESTMENT PORTFOLIO - 101.2%

(Cost $8,561,922,715)

12,010,669,332

NET OTHER ASSETS - (1.2)%			(146,479,311)
NET ASSETS - 100%		$ 11,864,190,021

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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $71,639,252 or 0.6% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 366,791
Fidelity Securities Lending Cash Central Fund	402,453
Total	$ 769,244

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $8,571,874,400. Net unrealized appreciation aggregated $3,438,794,932, of which $3,741,341,448 related to appreciated investment securities and $302,546,516 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please call Fidelity at 1-800-221-5207
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, 2007

1.799861.103

VIPGRWT-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
CONSUMER DISCRETIONARY - 8.6%
Automobiles - 0.6%
Toyota Motor Corp. sponsored ADR	297,400		$ 38,114,784
Distributors - 0.2%
Li & Fung Ltd.	3,132,000		9,840,737
Diversified Consumer Services - 0.6%
Sotheby's Class A (ltd. vtg.) (d)	994,450		44,233,136
Hotels, Restaurants & Leisure - 1.7%
Life Time Fitness, Inc. (a)(d)	422,367		21,713,887
McCormick & Schmick's Seafood Restaurants (a)	487,327		13,065,237
McDonald's Corp.	884,100		39,828,705
Starbucks Corp. (a)	1,371,654		43,015,069
			117,622,898
Household Durables - 1.1%
Garmin Ltd. (d)	881,694		47,743,730
TomTom Group BV (a)(d)	763,835		31,130,293
			78,874,023
Media - 1.8%
Focus Media Holding Ltd. ADR (a)	428,291		33,603,712
Lamar Advertising Co. Class A (d)	583,340		36,732,920
McGraw-Hill Companies, Inc.	467,094		29,370,871
National CineMedia, Inc.	797,527		21,293,971
			121,001,474
Multiline Retail - 0.3%
Target Corp.	380,300		22,536,578
Specialty Retail - 1.6%
Guess?, Inc.	1,012,800		41,008,272
J. Crew Group, Inc.	435,800		17,506,086
RadioShack Corp.	1,361,800		36,809,454
Zumiez, Inc. (a)	366,364		14,698,524
			110,022,336
Textiles, Apparel & Luxury Goods - 0.7%
Polo Ralph Lauren Corp. Class A	563,432		49,666,531
TOTAL CONSUMER DISCRETIONARY			591,912,497
CONSUMER STAPLES - 5.7%
Beverages - 0.9%
PepsiCo, Inc.	984,729		62,589,375
Food & Staples Retailing - 2.6%
CVS Corp.	4,077,885		139,218,994
Walgreen Co.	951,500		43,664,335
			182,883,329
Food Products - 0.5%
Tyson Foods, Inc. Class A	1,736,000		33,695,760
Household Products - 1.5%
Colgate-Palmolive Co.	841,000		56,170,390
Procter & Gamble Co.	801,300		50,610,108
			106,780,498

	Shares		Value
Personal Products - 0.2%
Bare Escentuals, Inc.	320,247		$ 11,487,260
TOTAL CONSUMER STAPLES			397,436,222
ENERGY - 5.4%
Oil, Gas & Consumable Fuels - 5.4%
Canadian Oil Sands Trust unit	1,365,900		33,433,229
Chesapeake Energy Corp.	1,252,208		38,668,183
Denbury Resources, Inc. (a)	315,900		9,410,661
EOG Resources, Inc.	461,100		32,894,874
OAO Gazprom sponsored ADR	1,171,475		48,850,508
Petroplus Holdings AG	210,060		14,949,967
Ultra Petroleum Corp. (a)	1,004,917		53,391,240
Valero Energy Corp.	1,245,400		80,315,846
Western Oil Sands, Inc. Class A (a)	1,410,700		41,665,471
XTO Energy, Inc.	402,100		22,039,101
			375,619,080
FINANCIALS - 10.8%
Capital Markets - 4.5%
Charles Schwab Corp.	5,190,672		94,937,391
Goldman Sachs Group, Inc.	177,400		36,656,162
Investors Financial Services Corp.	351,125		20,417,919
Northern Trust Corp.	626,979		37,706,517
State Street Corp.	1,344,000		87,024,000
UBS AG (NY Shares)	600,108		35,664,418
			312,406,407
Commercial Banks - 2.7%
Canadian Western Bank, Edmonton	530,000		11,664,545
Commerce Bancorp, Inc., New Jersey (d)	4,919,754		164,221,389
East West Bancorp, Inc.	225,100		8,276,927
			184,162,861
Consumer Finance - 1.3%
American Express Co.	1,567,300		88,395,720
Insurance - 2.3%
AFLAC, Inc.	754,020		35,484,181
American International Group, Inc.	1,400,666		94,152,769
Willis Group Holdings Ltd.	796,700		31,533,386
			161,170,336
TOTAL FINANCIALS			746,135,324
HEALTH CARE - 19.4%
Biotechnology - 8.9%
Acorda Therapeutics, Inc. (d)	1,176,683		22,851,184
Altus Pharmaceuticals, Inc. (a)	909,809		13,847,293
Amylin Pharmaceuticals, Inc. (a)(d)	647,003		24,172,032
Biogen Idec, Inc. (a)	5,579,533		247,619,675
Cephalon, Inc. (a)	484,900		34,529,729
CSL Ltd.	737,505		49,151,439
Genentech, Inc. (a)	1,073,300		88,139,396
Gilead Sciences, Inc. (a)	1,341,292		102,608,838
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
OSI Pharmaceuticals, Inc. (a)(d)	968,710		$ 31,967,430
Theravance, Inc. (a)	36,677		1,081,972
			615,968,988
Health Care Equipment & Supplies - 4.8%
American Medical Systems Holdings, Inc. (a)	345,748		7,319,485
ArthroCare Corp. (a)	255,015		9,190,741
Becton, Dickinson & Co.	899,400		69,154,866
BioLase Technology, Inc. (a)(d)	626,919		6,099,922
C.R. Bard, Inc.	608,700		48,397,737
Cochlear Ltd.	361,396		18,924,484
DENTSPLY International, Inc.	947,714		31,037,634
Hologic, Inc. (a)	686,391		39,563,577
Kyphon, Inc. (a)	366,930		16,563,220
Mentor Corp.	794,540		36,548,840
Mindray Medical International Ltd. sponsored ADR	184,500		4,392,945
ResMed, Inc. (a)	92,607		4,664,615
Sirona Dental Systems, Inc.	1,099,876		37,901,727
			329,759,793
Health Care Providers & Services - 1.9%
Brookdale Senior Living, Inc.	595,066		26,575,648
Henry Schein, Inc. (a)	1,284,949		70,903,486
Medco Health Solutions, Inc. (a)	445,300		32,297,609
			129,776,743
Health Care Technology - 0.1%
Cerner Corp. (a)	136,500		7,432,425
Life Sciences Tools & Services - 1.1%
Covance, Inc. (a)	468,500		27,800,790
Millipore Corp. (a)	47,400		3,435,078
Pharmaceutical Product Development, Inc.	1,356,921		45,714,668
			76,950,536
Pharmaceuticals - 2.6%
Allergan, Inc.	333,300		36,936,306
Merck & Co., Inc.	3,326,000		146,909,420
			183,845,726
TOTAL HEALTH CARE			1,343,734,211
INDUSTRIALS - 8.4%
Aerospace & Defense - 1.0%
The Boeing Co.	761,241		67,681,937
Airlines - 0.0%
Ryanair Holdings PLC sponsored ADR (a)	54,000		2,418,660
Commercial Services & Supplies - 1.9%
Corrections Corp. of America (a)	523,245		27,632,568
Equifax, Inc.	1,267,804		46,211,456

	Shares		Value
Kenexa Corp. (a)	707,592		$ 22,027,339
Tele Atlas NV (a)(d)	1,488,900		33,711,391
			129,582,754
Construction & Engineering - 0.8%
Fluor Corp.	412,800		37,036,416
Jacobs Engineering Group, Inc. (a)	393,200		18,342,780
			55,379,196
Electrical Equipment - 3.1%
ABB Ltd. sponsored ADR	9,046,100		155,411,998
General Cable Corp.	915,600		48,920,508
Vestas Wind Systems AS (a)	124,500		6,975,071
			211,307,577
Industrial Conglomerates - 1.2%
McDermott International, Inc. (a)	1,633,689		80,018,087
Machinery - 0.4%
Deere & Co.	250,300		27,192,592
IDEX Corp.	69,400		3,531,072
			30,723,664
TOTAL INDUSTRIALS			577,111,875
INFORMATION TECHNOLOGY - 37.7%
Communications Equipment - 10.8%
Balda AG	1,096,488		15,305,997
Cisco Systems, Inc. (a)	8,372,700		213,755,031
Corning, Inc. (a)	3,630,300		82,553,022
Harris Corp.	671,100		34,192,545
Nice Systems Ltd. sponsored ADR	1,459,367		49,647,665
Nokia Corp. sponsored ADR	2,004,600		45,945,432
Polycom, Inc. (a)	1,023,821		34,123,954
QUALCOMM, Inc.	2,167,103		92,448,614
Research In Motion Ltd. (a)	1,291,800		176,317,783
			744,290,043
Computers & Peripherals - 7.3%
Apple, Inc. (a)	939,934		87,329,268
EMC Corp. (a)	18,530,644		256,649,419
Network Appliance, Inc. (a)	2,411,815		88,079,484
QLogic Corp. (a)	1,898,326		32,271,542
SanDisk Corp. (a)	958,000		41,960,400
			506,290,113
Electronic Equipment & Instruments - 0.7%
Amphenol Corp. Class A	783,382		50,582,976
Internet Software & Services - 5.2%
eBay, Inc. (a)	1,530,941		50,750,694
Google, Inc. Class A (sub. vtg.) (a)	568,900		260,647,221
Omniture, Inc. (d)	393,585		7,175,055
VeriSign, Inc. (a)	1,494,900		37,551,888
			356,124,858
IT Services - 5.7%
Cognizant Technology Solutions Corp. Class A (a)	830,000		73,264,100
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
IT Services - continued
ExlService Holdings, Inc.	775,619		$ 16,001,020
First Data Corp.	1,439,800		38,730,620
Infosys Technologies Ltd.	708,713		32,912,947
Infosys Technologies Ltd. sponsored ADR (d)	653,400		32,833,350
MoneyGram International, Inc.	605,095		16,797,437
Paychex, Inc.	829,514		31,413,695
The Western Union Co.	5,647,124		123,954,372
WNS Holdings Ltd. ADR	815,900		23,775,326
			389,682,867
Semiconductors & Semiconductor Equipment - 1.9%
Broadcom Corp. Class A (a)	2,670,100		85,630,107
Integrated Device Technology, Inc. (a)	632,400		9,751,608
SiRF Technology Holdings, Inc. (a)(d)	1,330,800		36,943,008
			132,324,723
Software - 6.1%
Activision, Inc. (a)	1,469,546		27,833,201
Cadence Design Systems, Inc. (a)	679,000		14,299,740
Electronic Arts, Inc. (a)	1,231,187		62,002,577
FalconStor Software, Inc. (a)(d)	363,452		3,787,170
Guidance Software, Inc.	205,700		2,476,628
Microsoft Corp.	5,419,770		151,048,990
Nuance Communications, Inc. (a)(d)	1,323,341		20,260,351
Oracle Corp. (a)	4,199,200		76,131,496
Red Hat, Inc. (a)	1,400,295		32,108,764
Salesforce.com, Inc. (a)	166,100		7,112,402
Sourcefire, Inc.	590,443		10,409,510
THQ, Inc. (a)	478,225		16,350,513
			423,821,342
TOTAL INFORMATION TECHNOLOGY			2,603,116,922
MATERIALS - 1.5%
Chemicals - 1.5%
Monsanto Co.	1,234,300		67,837,128
Praxair, Inc.	176,400		11,106,144
Zoltek Companies, Inc. (a)(d)	710,396		24,814,132
			103,757,404
TELECOMMUNICATION SERVICES - 2.1%
Diversified Telecommunication Services - 1.6%
AT&T, Inc.	1,932,215		76,187,237
Level 3 Communications, Inc. (a)	5,378,978		32,811,766
			108,999,003

	Shares		Value
Wireless Telecommunication Services - 0.5%
America Movil SA de CV Series L sponsored ADR	724,800		$ 34,638,192
TOTAL TELECOMMUNICATION SERVICES			143,637,195
TOTAL COMMON STOCKS (Cost $6,029,231,945)		6,882,460,730
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%
Life Sciences Tools & Services - 0.0%
GeneProt, Inc. Series A (a)(e)	826,000		8
INDUSTRIALS - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC B Shares	149,262,496		301,069
TOTAL NONCONVERTIBLE PREFERRED STOCKS			301,077
TOTAL PREFERRED STOCKS (Cost $6,086,260)		301,078
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 5.41% (b)	48,745,788		48,745,788
Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c)	136,845,665		136,845,665
TOTAL MONEY MARKET FUNDS (Cost $185,591,453)		185,591,453

TOTAL INVESTMENT PORTFOLIO - 102.3%

(Cost $6,220,909,658)

7,068,353,261

NET OTHER ASSETS - (2.3)%			(157,794,794)
NET ASSETS - 100%		$ 6,910,558,467

Legend

(a) Non-income producing

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $9 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	$ 1,329,855
GeneProt, Inc. Series A	7/7/00	$ 4,472,693

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 554,781
Fidelity Securities Lending Cash Central Fund	282,882
Total	$ 837,663

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $6,226,670,692. Net unrealized appreciation aggregated $841,682,569, of which $986,687,428 related to appreciated investment securities and $145,004,859 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
High Income Portfolio

March 31, 2007

1.799878.103

VIPHI-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 86.9%
	Principal Amount		Value
Aerospace - 1.3%
Bombardier, Inc.:
6.75% 5/1/12 (e)	$ 10,000		$ 9,926
7.45% 5/1/34 (e)	2,460,000		2,312,400
8% 11/15/14 (e)	2,085,000		2,152,763
L-3 Communications Corp.:
5.875% 1/15/15	790,000		768,275
6.375% 10/15/15	1,435,000		1,424,238
7.625% 6/15/12	4,705,000		4,863,794
Primus International, Inc. 11.5% 4/15/09 (e)	4,505,000		4,797,825
Transdigm, Inc. 7.75% 7/15/14 (e)	2,030,000		2,095,975
			18,425,196
Air Transportation - 1.7%
American Airlines, Inc. pass thru trust certificates:
6.817% 5/23/11	7,425,000		7,584,118
8.608% 10/1/12	535,000		565,763
AMR Corp. 9% 8/1/12	1,980,000		2,088,900
Continental Airlines, Inc.:
6.903% 4/19/22	660,000		664,950
7.339% 4/19/14	1,100,000		1,111,000
Continental Airlines, Inc.:
7.875% 7/2/18	1,137,361		1,182,855
9.558% 9/1/19	1,666,945		1,846,141
Continental Airlines, Inc. pass thru trust certificates:
7.566% 9/15/21	642,831		655,688
7.73% 9/15/12	324,255		329,118
8.312% 10/2/12	321,092		325,909
8.388% 5/1/22	596,021		628,802
9.798% 4/1/21	3,187,830		3,530,521
Delta Air Lines, Inc.:
7.9% 12/15/09 (c)	840,000		468,300
8.3% 12/15/29 (c)	3,205,000		1,798,967
10% 8/15/08 (c)	1,005,000		542,700
			23,323,732
Automotive - 4.7%
Ford Motor Co.:
7.45% 7/16/31	2,975,000		2,301,906
9.98% 2/15/47	1,450,000		1,301,375
Ford Motor Credit Co.:
7% 10/1/13	8,790,000		8,240,625
7.25% 10/25/11	5,520,000		5,364,905
8% 12/15/16	3,610,000		3,483,650
8.11% 1/13/12 (f)	5,590,000		5,464,225
9.81% 4/15/12 (f)	3,230,000		3,423,800
10.6049% 6/15/11 (e)(f)	6,664,000		7,080,500
General Motors Acceptance Corp.:
5.625% 5/15/09	675,000		662,753
6.75% 12/1/14	6,145,000		6,022,100
6.875% 9/15/11	4,690,000		4,654,825
8% 11/1/31	10,945,000		11,738,513

	Principal Amount		Value
General Motors Corp. 8.375% 7/15/33	$ 1,925,000		$ 1,722,875
GMAC LLC 6% 12/15/11	2,740,000		2,647,525
			64,109,577
Banks and Thrifts - 0.4%
Western Financial Bank 9.625% 5/15/12	5,125,000		5,560,625
Broadcasting - 0.3%
Nexstar Broadcasting, Inc. 7% 1/15/14	3,015,000		2,894,400
Nexstar Finance Holdings LLC/Nexstar Finance Holdings, Inc. 0% 4/1/13 (d)	1,850,000		1,794,500
			4,688,900
Building Materials - 0.5%
Anixter International, Inc. 5.95% 3/1/15	2,825,000		2,655,500
Belden CDT, Inc. 7% 3/15/17 (e)	2,170,000		2,218,825
General Cable Corp.:
7.125% 4/1/17 (e)	550,000		552,750
7.725% 4/1/15 (e)(f)	1,440,000		1,441,800
			6,868,875
Cable TV - 3.0%
Cablevision Systems Corp. 9.87% 4/1/09 (f)	1,390,000		1,471,663
Charter Communications Holdings I LLC:
9.92% 4/1/14	3,890,000		3,462,100
10% 5/15/14	2,740,000		2,438,600
11.125% 1/15/14	2,970,000		2,799,225
12.125% 1/15/15	2,275,000		2,218,125
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp. 10.25% 9/15/10	1,735,000		1,826,088
EchoStar Communications Corp.:
6.625% 10/1/14	1,370,000		1,378,631
7% 10/1/13	5,940,000		6,103,350
7.125% 2/1/16	2,785,000		2,875,513
Kabel Deutschland GmbH 10.625% 7/1/14	4,350,000		4,850,250
NTL Cable PLC:
8.75% 4/15/14	2,175,000		2,262,000
9.125% 8/15/16	1,380,000		1,455,900
Umbrella Acquisition, Inc. 9.75% 3/15/15 pay-in-kind (e)	7,285,000		7,258,046
			40,399,491
Capital Goods - 1.5%
Case New Holland, Inc. 7.125% 3/1/14	4,155,000		4,331,588
Leucadia National Corp.:
7% 8/15/13	3,520,000		3,537,600
7.125% 3/15/17 (e)	8,230,000		8,188,850
Nonconvertible Bonds - continued
	Principal Amount		Value
Capital Goods - continued
Sensus Metering Systems, Inc. 8.625% 12/15/13	$ 4,325,000		$ 4,411,500
			20,469,538
Chemicals - 3.6%
Chemtura Corp. 6.875% 6/1/16	2,640,000		2,626,800
Crystal US Holding 3 LLC/Crystal US Sub 3 Corp.:
Series A, 0% 10/1/14 (d)	3,240,000		2,988,900
Series B, 0% 10/1/14 (d)	2,325,000		2,144,813
Equistar Chemicals LP 7.55% 2/15/26	2,525,000		2,487,125
Equistar Chemicals LP/Equistar Funding Corp.:
8.75% 2/15/09	1,740,000		1,822,650
10.125% 9/1/08	2,080,000		2,194,400
Lyondell Chemical Co.:
8% 9/15/14	3,110,000		3,265,500
8.25% 9/15/16	3,110,000		3,319,925
Millennium America, Inc. 9.25% 6/15/08	3,000,000		3,116,250
Momentive Performance Materials, Inc. 9.75% 12/1/14 (e)	8,720,000		9,014,300
Nalco Co. 7.75% 11/15/11	3,005,000		3,106,419
Nell AF Sarl 8.375% 8/15/15 (e)	2,690,000		2,804,325
NOVA Chemicals Corp. 8.5019% 11/15/13 (f)	2,425,000		2,418,938
Phibro Animal Health Corp.:
10% 8/1/13 (e)	2,440,000		2,598,600
13% 8/1/14 (e)	1,420,000		1,519,400
Tronox Worldwide LLC/Tronox Worldwide Finance Corp. 9.5% 12/1/12	4,065,000		4,308,900
			49,737,245
Consumer Products - 0.3%
Jostens Holding Corp. 0% 12/1/13 (d)	3,050,000		2,714,500
Jostens IH Corp. 7.625% 10/1/12	1,120,000		1,136,800
			3,851,300
Containers - 1.1%
Berry Plastics Holding Corp. 8.875% 9/15/14	2,845,000		2,909,013
BWAY Corp. 10% 10/15/10	7,005,000		7,337,738
Greif Brothers Corp. 6.75% 2/1/17 (e)	4,130,000		4,160,975
			14,407,726
Diversified Financial Services - 0.8%
E*TRADE Financial Corp.:
7.375% 9/15/13	1,490,000		1,545,875
7.875% 12/1/15	2,895,000		3,122,981
8% 6/15/11	2,440,000		2,568,100

	Principal Amount		Value
NSG Holdings II, LLC 7.75% 12/15/25 (e)	$ 3,710,000		$ 3,812,025
			11,048,981
Diversified Media - 1.8%
Affinion Group, Inc. 11.5% 10/15/15	3,385,000		3,723,500
LBI Media Holdings, Inc. 0% 10/15/13 (d)	6,440,000		5,602,800
LBI Media, Inc. 10.125% 7/15/12	2,245,000		2,357,250
Liberty Media Corp. 8.25% 2/1/30	670,000		669,805
Nielsen Finance LLC/Co.:
0% 8/1/16 (d)(e)	2,660,000		1,862,000
10% 8/1/14 (e)	4,145,000		4,518,050
Quebecor Media, Inc. 7.75% 3/15/16	5,920,000		5,986,600
			24,720,005
Electric Utilities - 2.3%
AES Corp.:
8.875% 2/15/11	3,581,000		3,849,575
9.375% 9/15/10	2,088,000		2,275,920
AES Gener SA 7.5% 3/25/14	4,965,000		5,275,313
Aquila, Inc. 14.875% 7/1/12	2,555,000		3,321,500
Mirant Americas Generation LLC 8.5% 10/1/21	4,075,000		4,136,125
NRG Energy, Inc. 7.375% 2/1/16	1,725,000		1,772,438
Tenaska Alabama Partners LP 7% 6/30/21 (e)	3,195,942		3,211,922
Utilicorp Canada Finance Corp. 7.75% 6/15/11	6,740,000		7,119,125
Utilicorp United, Inc. 9.95% 2/1/11 (f)	55,000		60,088
			31,022,006
Energy - 7.9%
Atlas Pipeline Partners LP 8.125% 12/15/15	4,080,000		4,182,000
Chaparral Energy, Inc.:
8.5% 12/1/15	4,800,000		4,764,000
8.875% 2/1/17 (e)	1,760,000		1,777,600
Chesapeake Energy Corp.:
6.5% 8/15/17	7,185,000		7,068,244
6.625% 1/15/16	2,045,000		2,050,113
7.5% 6/15/14	2,095,000		2,189,275
7.75% 1/15/15	4,390,000		4,571,088
Complete Production Services, Inc. 8% 12/15/16 (e)	4,070,000		4,171,750
Forest Oil Corp.:
7.75% 5/1/14	1,430,000		1,447,875
8% 12/15/11	1,440,000		1,494,000
Hanover Compressor Co.:
8.625% 12/15/10	2,560,000		2,688,000
9% 6/1/14	1,785,000		1,923,338
Nonconvertible Bonds - continued
	Principal Amount		Value
Energy - continued
Hanover Equipment Trust 8.75% 9/1/11	$ 775,000		$ 802,125
Hilcorp Energy I LP/Hilcorp Finance Co.:
7.75% 11/1/15 (e)	5,890,000		5,816,375
9% 6/1/16 (e)	3,910,000		4,134,825
OPTI Canada, Inc. 8.25% 12/15/14 (e)	3,460,000		3,598,400
Pan American Energy LLC 7.75% 2/9/12 (e)	3,630,000		3,725,288
Parker Drilling Co.:
9.625% 10/1/13	2,960,000		3,211,600
10.11% 9/1/10 (f)	4,878,000		4,975,560
Petrohawk Energy Corp. 9.125% 7/15/13	8,045,000		8,558,271
Pioneer Natural Resources Co. 6.65% 3/15/17	1,600,000		1,585,000
Plains Exploration & Production Co. 7% 3/15/17	4,030,000		4,045,113
Range Resources Corp.:
6.375% 3/15/15 (Reg. S)	885,000		871,725
7.375% 7/15/13	10,075,000		10,326,875
7.5% 5/15/16	3,910,000		4,017,525
Seitel, Inc. 9.75% 2/15/14 (e)	4,330,000		4,384,125
SESI LLC 6.875% 6/1/14	2,530,000		2,517,350
Stone Energy Corp. 6.75% 12/15/14	2,465,000		2,304,775
Targa Resources, Inc./Targa Resources Finance Corp. 8.5% 11/1/13 (e)	2,535,000		2,579,363
Williams Partners LP/Williams Partners Finance Corp. 7.25% 2/1/17 (e)	2,760,000		2,925,600
			108,707,178
Entertainment/Film - 0.4%
AMC Entertainment, Inc. 8% 3/1/14	5,025,000		5,125,500
Environmental - 0.9%
Allied Waste North America, Inc.:
5.75% 2/15/11	2,915,000		2,853,056
6.875% 6/1/17	4,655,000		4,666,638
7.125% 5/15/16	3,180,000		3,235,650
Browning-Ferris Industries, Inc.:
6.375% 1/15/08	855,000		857,138
7.4% 9/15/35	585,000		561,600
			12,174,082
Food and Drug Retail - 1.3%
Albertsons, Inc.:
7.45% 8/1/29	2,280,000		2,242,911
7.75% 6/15/26	2,565,000		2,629,125
8% 5/1/31	1,685,000		1,717,317

	Principal Amount		Value
Rite Aid Corp. 7.5% 3/1/17	$ 8,710,000		$ 8,590,238
SUPERVALU, Inc. 7.5% 11/15/14	2,990,000		3,125,716
			18,305,307
Food/Beverage/Tobacco - 1.2%
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11	3,690,000		3,837,600
Pierre Foods, Inc. 9.875% 7/15/12	2,600,000		2,665,000
Reynolds American, Inc.:
7.25% 6/1/13	3,200,000		3,384,000
7.3% 7/15/15	2,680,000		2,797,250
Swift & Co.:
10.125% 10/1/09	3,215,000		3,311,450
12.5% 1/1/10	760,000		798,000
			16,793,300
Gaming - 6.0%
Chukchansi Economic Development Authority:
8% 11/15/13 (e)	3,210,000		3,314,325
8.8769% 11/15/12 (e)(f)	1,010,000		1,037,775
Mandalay Resort Group 9.375% 2/15/10	4,655,000		5,015,763
MGM Mirage, Inc.:
6.625% 7/15/15	785,000		758,506
6.75% 9/1/12	9,015,000		8,992,463
6.75% 4/1/13	4,390,000		4,335,125
6.875% 4/1/16	4,365,000		4,244,963
7.625% 1/15/17	6,115,000		6,214,369
Mohegan Tribal Gaming Authority:
6.375% 7/15/09	4,740,000		4,745,925
7.125% 8/15/14	2,010,000		2,040,150
8% 4/1/12	970,000		1,007,588
MTR Gaming Group, Inc.:
9% 6/1/12	960,000		1,003,200
9.75% 4/1/10	1,650,000		1,732,500
Park Place Entertainment Corp. 7% 4/15/13	2,720,000		2,886,600
Scientific Games Corp. 6.25% 12/15/12	3,275,000		3,184,938
Seminole Hard Rock Entertainment, Inc. 7.86% 3/15/14 (e)(f)	1,520,000		1,550,400
Seneca Gaming Corp.:
Series B, 7.25% 5/1/12	4,600,000		4,634,500
7.25% 5/1/12	6,020,000		6,065,150
Snoqualmie Entertainment Authority:
9.125% 2/1/15 (e)	1,930,000		1,987,900
9.1488% 2/1/14 (e)(f)	2,450,000		2,486,750
Station Casinos, Inc. 6.875% 3/1/16	4,580,000		4,202,150
Nonconvertible Bonds - continued
	Principal Amount		Value
Gaming - continued
Virgin River Casino Corp./RBG LLC/B&BB, Inc.:
0% 1/15/13 (d)	$ 2,100,000		$ 1,638,000
9% 1/15/12	3,610,000		3,718,300
Wheeling Island Gaming, Inc. 10.125% 12/15/09	5,900,000		5,988,500
			82,785,840
Healthcare - 6.2%
AmeriPath Intermediate Holdings, Inc. 10.65% 2/15/14 pay-in-kind (e)(f)	1,470,000		1,470,000
AmeriPath, Inc. 10.5% 4/1/13	2,380,000		2,546,600
CDRV Investors, Inc. 0% 1/1/15 (d)	5,480,000		4,699,100
Concentra Operating Corp.:
9.125% 6/1/12	4,095,000		4,371,413
9.5% 8/15/10	2,145,000		2,262,975
HCA, Inc.:
6.5% 2/15/16	2,025,000		1,718,719
9.125% 11/15/14 (e)	3,045,000		3,246,731
9.25% 11/15/16 (e)	4,155,000		4,471,819
9.625% 11/15/16 pay-in-kind (e)	2,495,000		2,691,481
HealthSouth Corp. 10.75% 6/15/16 (e)	4,250,000		4,664,375
IASIS Healthcare LLC/IASIS Capital Corp. 8.75% 6/15/14	3,815,000		3,929,450
Multiplan, Inc. 10.375% 4/15/16 (e)	2,485,000		2,547,125
National Mentor Holdings, Inc. 11.25% 7/1/14	2,675,000		2,922,438
Omega Healthcare Investors, Inc.:
7% 4/1/14	9,970,000		10,082,163
7% 1/15/16	2,480,000		2,498,600
Rural/Metro Corp. 9.875% 3/15/15	1,670,000		1,774,375
Senior Housing Properties Trust 8.625% 1/15/12	4,460,000		4,906,000
Service Corp. International:
6.75% 4/1/15 (e)	3,300,000		3,308,250
7.5% 4/1/27 (e)	4,020,000		4,030,050
Team Finance LLC/Health Finance Corp. 11.25% 12/1/13	4,310,000		4,547,050
US Oncology Holdings, Inc. 9.7969% 3/15/12 pay-in-kind (e)(f)	4,440,000		4,473,300
Ventas Realty LP:
6.5% 6/1/16	3,250,000		3,315,000
6.625% 10/15/14	2,320,000		2,360,600
6.75% 4/1/17	2,310,000		2,376,413
			85,214,027

	Principal Amount		Value
Homebuilding/Real Estate - 2.1%
American Real Estate Partners/American Real Estate Finance Corp.:
7.125% 2/15/13	$ 2,765,000		$ 2,723,525
7.125% 2/15/13 (e)	6,345,000		6,249,825
8.125% 6/1/12	7,950,000		8,109,000
K. Hovnanian Enterprises, Inc.:
6% 1/15/10	490,000		465,500
6.25% 1/15/15	1,440,000		1,256,400
8.875% 4/1/12	1,570,000		1,577,850
KB Home 7.75% 2/1/10	4,345,000		4,431,900
Technical Olympic USA, Inc.:
7.5% 3/15/11	585,000		427,050
7.5% 1/15/15	5,060,000		3,567,300
10.375% 7/1/12	590,000		442,500
			29,250,850
Hotels - 0.7%
Grupo Posadas SA de CV 8.75% 10/4/11 (e)	3,875,000		4,020,313
Host Marriott LP 7.125% 11/1/13	5,390,000		5,511,275
			9,531,588
Insurance - 0.2%
UnumProvident Corp. 7.375% 6/15/32	580,000		618,330
UnumProvident Finance Co. PLC 6.85% 11/15/15 (e)	1,500,000		1,571,250
			2,189,580
Leisure - 1.6%
Royal Caribbean Cruises Ltd. yankee:
7% 6/15/13	4,720,000		4,877,242
7.25% 6/15/16	1,540,000		1,587,524
7.5% 10/15/27	1,980,000		1,968,120
Town Sports International Holdings, Inc. 0% 2/1/14 (d)	1,052,000		946,800
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10	5,125,000		5,442,750
Universal City Florida Holding Co. I/II:
8.375% 5/1/10	575,000		592,969
10.11% 5/1/10 (f)	5,780,000		5,960,625
			21,376,030
Metals/Mining - 4.9%
Arch Western Finance LLC 6.75% 7/1/13	6,050,000		5,959,250
Compass Minerals International, Inc.:
0% 12/15/12 (d)	4,520,000		4,565,200
0% 6/1/13 (d)	8,615,000		8,356,550
Drummond Co., Inc. 7.375% 2/15/16 (e)	7,370,000		7,038,350
Nonconvertible Bonds - continued
	Principal Amount		Value
Metals/Mining - continued
FMG Finance Property Ltd.:
9.36% 9/1/11 (e)(f)	$ 2,840,000		$ 2,978,450
10% 9/1/13 (e)	1,840,000		2,001,000
10.625% 9/1/16 (e)	495,000		573,581
Freeport-McMoRan Copper & Gold, Inc.:
8.25% 4/1/15	2,830,000		3,042,250
8.375% 4/1/17	2,830,000		3,056,400
8.5463% 4/1/15 (f)	2,830,000		2,975,038
Massey Energy Co. 6.875% 12/15/13	7,130,000		6,773,500
Peabody Energy Corp.:
7.375% 11/1/16	2,675,000		2,802,063
7.875% 11/1/26	1,945,000		2,076,288
PNA Group, Inc. 10.75% 9/1/16 (e)	4,345,000		4,649,150
PNA Intermediate Holding Corp. 12.36% 2/15/13 pay-in-kind (e)(f)	1,420,000		1,427,100
Vedanta Resources PLC 6.625% 2/22/10 (e)	8,875,000		8,886,538
			67,160,708
Paper - 1.9%
Catalyst Paper Corp. 8.625% 6/15/11	1,710,000		1,735,650
Georgia-Pacific Corp.:
7% 1/15/15 (e)	8,720,000		8,720,000
8% 1/15/24	1,470,000		1,473,675
8.875% 5/15/31	2,725,000		2,888,500
Jefferson Smurfit Corp. U.S. 7.5% 6/1/13	2,815,000		2,737,588
Smurfit-Stone Container Enterprises, Inc. 8% 3/15/17 (e)	4,260,000		4,164,150
Stone Container Finance Co. 7.375% 7/15/14	3,740,000		3,590,400
			25,309,963
Publishing/Printing - 0.8%
Dex Media West LLC/Dex Media West Finance Co. 8.5% 8/15/10	2,175,000		2,272,875
Scholastic Corp. 5% 4/15/13	1,895,000		1,672,338
The Reader's Digest Association, Inc. 9% 2/15/17 (e)	2,530,000		2,435,125
Valassis Communications, Inc. 8.25% 3/1/15 (e)	4,250,000		4,186,250
			10,566,588
Railroad - 0.7%
Kansas City Southern Railway Co. 7.5% 6/15/09	9,860,000		10,081,850
Restaurants - 1.3%
Carrols Corp. 9% 1/15/13	5,255,000		5,386,375

	Principal Amount		Value
Friendly Ice Cream Corp. 8.375% 6/15/12	$ 6,195,000		$ 6,071,100
Landry's Seafood Restaurants, Inc. 7.5% 12/15/14	6,915,000		6,828,563
			18,286,038
Services - 3.3%
Aramark Corp.:
8.5% 2/1/15 (e)	2,445,000		2,533,631
8.86% 2/1/15 (e)(f)	1,010,000		1,037,775
Ashtead Capital, Inc. 9% 8/15/16 (e)	3,090,000		3,314,025
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:
7.625% 5/15/14 (e)	3,105,000		3,151,575
7.75% 5/15/16 (e)	2,320,000		2,366,400
7.86% 5/15/14 (e)(f)	550,000		559,625
Education Management LLC/Education Management Finance Corp. 10.25% 6/1/16	2,435,000		2,641,975
FTI Consulting, Inc.:
7.625% 6/15/13	4,965,000		5,157,394
7.75% 10/1/16	2,665,000		2,791,588
Hertz Corp.:
8.875% 1/1/14	1,295,000		1,385,650
10.5% 1/1/16	1,230,000		1,396,050
Iron Mountain, Inc.:
8.25% 7/1/11	5,110,000		5,122,775
8.625% 4/1/13	5,270,000		5,401,750
Penhall International Corp. 12% 8/1/14 (e)	2,650,000		2,888,500
Rental Service Corp. 9.5% 12/1/14 (e)	2,830,000		3,006,875
Rural/Metro Corp. 0% 3/15/16 (d)	3,185,000		2,548,000
			45,303,588
Shipping - 3.9%
Navios Maritime Holdings, Inc. 9.5% 12/15/14 (e)	4,795,000		4,986,800
OMI Corp. 7.625% 12/1/13	9,595,000		9,738,925
Overseas Shipholding Group, Inc.:
7.5% 2/15/24	550,000		561,000
8.25% 3/15/13	1,295,000		1,346,800
Ship Finance International Ltd. 8.5% 12/15/13	25,180,000		25,809,469
Teekay Shipping Corp. 8.875% 7/15/11	10,093,000		10,799,510
			53,242,504
Specialty Retailing - 0.1%
Asbury Automotive Group, Inc. 7.625% 3/15/17 (e)	810,000		810,000
Nonconvertible Bonds - continued
	Principal Amount		Value
Steels - 1.0%
RathGibson, Inc. 11.25% 2/15/14	$ 4,820,000		$ 5,085,100
Steel Dynamics, Inc. 6.75% 4/1/15 (e)	8,060,000		8,080,150
			13,165,250
Super Retail - 1.5%
GSC Holdings Corp./Gamestop, Inc. 8% 10/1/12	1,485,000		1,574,100
Michaels Stores, Inc.:
10% 11/1/14 (e)	5,190,000		5,559,788
11.375% 11/1/16 (e)	2,020,000		2,176,550
NBC Acquisition Corp. 0% 3/15/13 (d)	1,665,000		1,381,950
Nebraska Book Co., Inc. 8.625% 3/15/12	4,270,000		4,312,700
Sonic Automotive, Inc. 8.625% 8/15/13	3,690,000		3,837,600
Toys 'R' US, Inc. 7.625% 8/1/11	1,390,000		1,318,763
			20,161,451
Technology - 6.4%
Avago Technologies Finance Ltd.:
10.125% 12/1/13	2,900,000		3,139,250
10.86% 6/1/13 (f)	3,380,000		3,532,100
11.875% 12/1/15	1,435,000		1,610,788
Celestica, Inc. 7.875% 7/1/11	5,905,000		5,727,850
Freescale Semiconductor, Inc.:
8.875% 12/15/14 (e)	5,010,000		5,016,513
9.125% 12/15/14 pay-in-kind (e)	3,770,000		3,741,725
9.2299% 12/15/14 (e)(f)	2,910,000		2,902,725
10.125% 12/15/16 (e)	5,360,000		5,373,400
IKON Office Solutions, Inc. 7.75% 9/15/15	4,965,000		5,138,775
Lucent Technologies, Inc.:
6.45% 3/15/29	7,415,000		6,682,769
6.5% 1/15/28	2,915,000		2,630,788
Nortel Networks Corp.:
9.61% 7/15/11 (e)(f)	3,340,000		3,582,150
10.125% 7/15/13 (e)	3,825,000		4,226,625
Northern Telecom Capital Corp. 7.875% 6/15/26	475,000		457,188
Northern Telecom Ltd. yankee 6.875% 9/1/23	840,000		768,600
NXP BV:
7.875% 10/15/14 (e)	3,405,000		3,511,406
8.11% 10/15/13 (e)(f)	2,970,000		3,055,388
9.5% 10/15/15 (e)	5,785,000		5,965,781
Sanmina-SCI Corp.:
6.75% 3/1/13	2,660,000		2,420,600
8.125% 3/1/16	3,335,000		3,118,225
Seagate Technology HDD Holdings 6.8% 10/1/16	2,350,000		2,350,000

	Principal Amount		Value
SunGard Data Systems, Inc.:
9.125% 8/15/13	$ 3,865,000		$ 4,106,563
10.25% 8/15/15	1,945,000		2,120,050
Xerox Capital Trust I 8% 2/1/27	4,400,000		4,488,000
Xerox Corp. 7.625% 6/15/13	2,340,000		2,439,450
			88,106,709
Telecommunications - 8.4%
Digicel Group Ltd.:
8.875% 1/15/15 (e)	4,130,000		4,006,100
9.125% 1/15/15 pay-in-kind (e)	1,780,000		1,699,900
Digicel Ltd. 9.25% 9/1/12 (e)	4,605,000		4,869,788
Intelsat Bermuda Ltd. 8.8719% 1/15/15 (e)(f)	4,910,000		5,002,063
Intelsat Ltd.:
6.5% 11/1/13	9,695,000		8,580,075
7.625% 4/15/12	10,150,000		9,744,000
9.25% 6/15/16 (e)	5,790,000		6,369,000
11.25% 6/15/16 (e)	4,745,000		5,373,713
Level 3 Financing, Inc.:
8.75% 2/15/17 (e)	4,295,000		4,327,213
9.15% 2/15/15 (e)(f)	4,990,000		5,027,425
9.25% 11/1/14 (e)	11,140,000		11,446,350
12.25% 3/15/13	5,435,000		6,358,950
MetroPCS Wireless, Inc. 9.25% 11/1/14 (e)	3,220,000		3,405,150
Mobile Telesystems Finance SA 8% 1/28/12 (e)	2,608,000		2,757,960
Orascom Telecom Finance SCA 7.875% 2/8/14 (e)	2,870,000		2,819,373
PanAmSat Corp.:
9% 8/15/14	5,374,000		5,803,920
9% 6/15/16 (e)	3,820,000		4,202,000
Qwest Corp.:
7.5% 10/1/14	3,840,000		4,051,200
8.6049% 6/15/13 (f)	7,630,000		8,278,550
U.S. West Communications:
6.875% 9/15/33	2,535,000		2,471,625
7.5% 6/15/23	4,335,000		4,389,188
Windstream Corp.:
8.125% 8/1/13	1,350,000		1,459,620
8.625% 8/1/16	2,565,000		2,805,597
			115,248,760
Textiles & Apparel - 0.9%
Hanesbrands, Inc. 8.735% 12/15/14 (e)(f)	2,720,000		2,774,400
Levi Strauss & Co.:
8.875% 4/1/16	7,165,000		7,666,550
10.11% 4/1/12 (f)	1,890,000		1,927,800
			12,368,750
TOTAL NONCONVERTIBLE BONDS (Cost $1,154,551,642)		1,189,898,638
Commercial Mortgage Securities - 0.0%
	Principal Amount		Value
LB Multi-family Mortgage Trust Series 1991-4 Class A1, 7.2305% 4/25/21 (e)(f) (Cost $141,667)	$ 183,615		$ 165,253
Common Stocks - 0.0%
	Shares
Textiles & Apparel - 0.0%
Arena Brands Holding Corp. Class B (a)(g) (Cost $1,974,627)	48,889		356,401
Nonconvertible Preferred Stocks - 0.4%

Telecommunications - 0.4%
Rural Cellular Corp. 12.25% pay-in-kind (a) (Cost $4,364,060)	3,862		4,557,160
Floating Rate Loans - 9.7%
	Principal Amount
Aerospace - 0.0%
Transdigm, Inc. term loan 7.3479% 6/23/13 (f)	$ 70,000		70,788
Air Transportation - 0.6%
United Air Lines, Inc. Tranche B, term loan 7.375% 2/1/14 (f)	7,760,000		7,740,600
Auto Parts Distribution - 0.6%
Navistar International Corp.:
term loan 8.61% 1/19/12 (f)	1,965,333		1,989,900
8.4244% 1/19/12 (f)	714,667		723,600
Oshkosh Truck Co. Tranche B, term loan 7.1% 12/6/13 (f)	5,895,225		5,909,963
			8,623,463
Automotive - 1.1%
Ford Motor Co. term loan 8.36% 12/15/13 (f)	14,733,075		14,769,908
Broadcasting - 0.3%
Univision Communications, Inc.:
Tranche 1LN, term loan 7.57% 9/16/14 (f)	3,983,893		3,978,913
Tranche DD 1LN, term loan 9/16/14 (h)	256,107		255,787
			4,234,700
Cable TV - 1.7%
Charter Communications Operating LLC:
Tranche B 1LN, term loan 7.35% 3/6/14 (f)	7,620,000		7,600,950
Tranche B, term loan 7.985% 4/28/13 (f)	5,498,000		5,494,564

	Principal Amount		Value
CSC Holdings, Inc. Tranche B, term loan 7.11% 3/29/13 (f)	$ 4,912,875		$ 4,925,157
Insight Midwest Holdings LLC Tranche B, term loan 7.36% 4/6/14 (f)	4,830,000		4,833,019
			22,853,690
Chemicals - 0.1%
Celanese Holding LLC:
Revolving Credit-Linked Deposit 5.32% 4/2/13 (f)	167,692		168,321
term loan 7.099% 4/2/14 (f)	922,308		925,767
			1,094,088
Diversified Financial Services - 0.3%
LPL Holdings, Inc. Tranche C, term loan 7.85% 6/28/13 (f)	4,189,500		4,220,921
Electric Utilities - 0.3%
Longview Power LLC:
Tranche B, term loan 7.625% 2/28/14 (f)	1,740,000		1,753,050
Tranche DD, term loan 2/28/14 (h)	2,030,000		2,045,225
7.57% 2/28/14 (f)	580,000		584,350
			4,382,625
Energy - 0.9%
Ashmore Energy International:
Revolving Credit-Linked Deposit 8.25% 3/30/12 (f)	659,006		657,358
term loan 8.35% 3/30/14 (f)	5,020,994		5,008,442
Sandridge Energy, Inc. term loan:
8.625% 4/1/15	3,550,000		3,625,438
8.975% 4/1/14 (f)	660,000		670,725
Targa Resources, Inc./Targa Resources Finance Corp.:
Credit-Linked Deposit 7.225% 10/31/12 (f)	605,806		610,350
term loan 7.3597% 10/31/12 (f)	2,486,331		2,504,978
			13,077,291
Food/Beverage/Tobacco - 0.1%
Pierre Foods, Inc. Tranche B, term loan 7.61% 6/30/10 (f)	825,455		830,614
Gaming - 0.8%
Kerzner International Ltd.:
term loan 8.34% 9/1/13 (f)	3,181,250		3,149,438
Class DD, term loan 8.3467% 9/1/13 (f)(h)	1,654,250		1,637,708
Venetian Macau Ltd. Tranche B, term loan:
7.6% 5/26/12 (f)(h)	2,103,333		2,103,333
8.1% 5/26/13 (f)	4,206,667		4,248,733
			11,139,212
Floating Rate Loans - continued
	Principal Amount		Value
Healthcare - 0.2%
Stiefel Laboratories, Inc. term loan:
7.5927% 12/28/13 (f)	$ 630,000		$ 633,938
10.355% 6/28/14 (f)	2,220,000		2,253,300
			2,887,238
Metals/Mining - 0.2%
Freeport-McMoRan Copper & Gold, Inc. Tranche B, term loan 7.07% 3/19/14 (f)	3,318,635		3,331,080
Paper - 0.7%
Georgia-Pacific Corp. Tranche B1, term loan 7.319% 12/23/12 (f)	9,460,250		9,495,726
Services - 0.5%
NES Rentals Holdings, Inc. Tranche 2, term loan 12.125% 7/20/13 (f)	4,570,000		4,627,125
Penhall International Corp. term loan 12.8237% 3/21/12 (f)	2,080,000		2,038,400
			6,665,525
Telecommunications - 1.1%
Digicel International Finance Ltd. term loan 7.85% 3/23/12 (f)	6,240,000		6,247,800
Intelsat Bermuda Ltd. term loan 7.855% 1/12/14 (f)	1,600,000		1,602,000
Level 3 Communications, Inc. term loan 7.57% 3/13/14 (f)	6,140,000		6,147,675
Qwest Corp. Tranche B, term loan 6.95% 6/30/10 (f)	670,000		688,425
			14,685,900
Textiles & Apparel - 0.2%
Levi Strauss & Co. term loan 7.59% 4/14/14 (f)	2,310,000		2,284,013
TOTAL FLOATING RATE LOANS (Cost $131,939,621)		132,387,382
Money Market Funds - 3.8%
	Shares		Value
Fidelity Cash Central Fund, 5.41% (b) (Cost $52,390,275)	52,390,275		$ 52,390,275
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $1,345,361,892)			1,379,755,109
NET OTHER ASSETS - (0.8)%			(10,640,359)
NET ASSETS - 100%		$ 1,369,114,750

Legend

(a) Non-income producing

(d) Security 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.

(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 $356,401 or 0.0% 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

(h) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $5,082,341 and $5,087,702, respectively. The coupon rate will be determined at time of settlement.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 521,009

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $1,343,712,429. Net unrealized appreciation aggregated $36,042,680, of which $43,875,066 related to appreciated investment securities and $7,832,386 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Money Market Portfolio

March 31, 2007

1.814641.102

VIPMM-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 0.6%
	Due Date	Yield (a)	Principal Amount	Value
Bell Trace Obligated Group
	4/30/07	5.38% (d)	$ 14,405,000	$ 14,405,000
TOTAL CORPORATE BONDS				14,405,000
Certificates of Deposit - 19.8%

London Branch, Eurodollar, Foreign Banks - 5.1%
Credit Agricole SA
	4/18/07	5.36	15,000,000	15,000,000
Credit Industriel et Commercial
	4/10/07 to 7/30/07	5.25 to 5.37	45,000,000	45,000,000
HBOS Treasury Services PLC
	5/23/07	5.36	5,000,000	5,000,000
Landesbank Hessen-Thuringen
	4/17/07 to 7/23/07	5.36	22,000,000	22,000,000
Societe Generale
	4/17/07 to 1/3/08	5.30 to 5.35	29,000,000	29,000,000
				116,000,000
New York Branch, Yankee Dollar, Foreign Banks - 14.7%
Barclays Bank PLC
	4/16/08	5.36	18,000,000	18,000,000
BNP Paribas SA
	4/17/07 to 10/2/07	5.30 to 5.45	30,000,000	30,000,000
Canadian Imperial Bank of Commerce
	4/16/07	5.41 (d)	20,000,000	20,000,000
Credit Suisse First Boston
	4/23/07 to 6/15/07	5.32 to 5.34 (d)	45,000,000	45,000,000
Credit Suisse Group
	6/4/07	5.40 to 5.43	22,000,000	22,000,000
Deutsche Bank AG
	11/21/07	5.40	25,000,000	25,000,000
Fortis Banque SA
	6/26/07	5.33	12,000,000	12,000,000
HBOS Treasury Services PLC
	4/17/07 to 5/23/07	5.35 to 5.36	10,000,000	10,000,000
Landesbank Baden-Wuert
	4/13/07	5.35	9,000,000	9,000,015
Mizuho Corporate Bank Ltd.
	4/16/07 to 5/14/07	5.32 to 5.34	10,000,000	10,000,000
Natexis Banques Populaires NY CD
	12/12/07 to 1/29/08	5.40 to 5.45	72,000,000	72,000,002
Societe Generale
	1/16/08 to 4/2/08	5.36 to 5.42	52,000,000	52,000,000
Sumitomo Mitsui Banking Corp.
	4/18/07 to 4/20/07	5.30 to 5.38	7,000,000	7,000,000
				332,000,017
TOTAL CERTIFICATES OF DEPOSIT				448,000,017
Commercial Paper - 9.8%
	Due Date	Yield (a)	Principal Amount	Value
American Wtr. Cap. Corp.
	4/2/07 to 5/14/07	5.41 to 5.44% (b)	$ 3,000,000	$ 2,993,287
Apache Corp.
	4/30/07	5.37 (b)	3,000,000	2,987,095
Bavaria TRR Corp.
	4/12/07	5.32	3,000,000	2,995,142
Beta Finance, Inc.
	4/23/07	5.37 (b)	20,500,000	20,434,480
Burlington Northern Santa Fe Corp.
	4/20/07 to 5/17/07	5.37 to 5.38 (b)	6,000,000	5,976,231
Capital One Multi-Asset Execution Trust
	5/9/07	5.32	1,000,000	994,437
ConocoPhillips Qatar Funding Ltd.
	4/13/07 to 6/20/07	5.37 to 5.43 (b)	2,000,000	1,986,459
Countrywide Financial Corp.
	4/12/07 to 6/21/07	5.33 to 5.37	16,000,000	15,895,574
CVS Corp.
	4/3/07 to 4/27/07	5.37 to 5.41	9,500,000	9,490,425
DaimlerChrysler NA Holding Corp.
	4/2/07 to 5/11/07	5.38 to 5.44	11,500,000	11,462,505
Devon Energy Corp.
	4/10/07 to 8/16/07	5.34 to 5.44	9,275,000	9,160,112
Dominion Resources, Inc.
	4/19/07 to 4/26/07	5.35 to 5.36	2,000,000	1,993,637
Fortune Brands, Inc.
	4/9/07 to 5/11/07	5.37 to 5.39	5,500,000	5,480,793
Giro Funding US Corp.
	5/3/07	5.34	4,000,000	3,981,262
Harrier Finance Funding LLC
	6/27/07	5.35 (b)	10,000,000	9,874,430
Hypo Real Estate Bank International AG
	4/5/07 to 5/24/07	5.36 to 5.37	5,000,000	4,988,826
ITT Corp.
	5/24/07	5.38	500,000	496,091
Kellogg Co.
	4/18/07 to 6/28/07	5.35 to 5.39	5,500,000	5,468,043
Liberty Harbour II CDO Ltd./LLC
	5/25/07	5.35 (b)	10,000,000	9,920,800
Michigan Gen. Oblig.
	10/4/07	5.41	4,100,000	4,100,000
Motown Notes Program
	5/7/07 to 6/21/07	5.35 to 5.37	10,000,000	9,907,570
Nelnet Student Funding Ext CP LLC
	5/8/07	5.34	1,000,000	994,589
Nissan Motor Acceptance Corp.
	4/2/07 to 6/20/07	5.34 to 5.37	4,750,000	4,725,677
Paradigm Funding LLC
	7/24/07	5.35	5,000,000	4,917,508
Commercial Paper - continued
	Due Date	Yield (a)	Principal Amount	Value
Park Sienna LLC
	5/29/07	5.34%	$ 1,000,000	$ 991,509
Rockies Express Pipeline LLC
	4/13/07 to 6/22/07	5.43 to 5.44 (b)	4,000,000	3,968,319
Spectra Energy Capital LLC
	4/20/07	5.36 (b)	2,000,000	1,994,384
Stratford Receivables Co. LLC
	4/17/07	5.32	9,253,000	9,231,245
Textron Financial Corp.
	4/2/07 to 4/19/07	5.32 to 5.34	3,000,000	2,997,046
The Walt Disney Co.
	4/23/07 to 5/23/07	5.35 to 5.36	3,000,000	2,985,908
Time Warner Cable, Inc.
	4/9/07 to 5/7/07	5.38 to 5.40	10,000,000	9,963,649
Time Warner, Inc.
	4/17/07 to 6/14/07	5.37 to 5.40 (b)	7,750,000	7,693,727
UniCredito Italiano Bank (Ireland) PLC
	4/10/07 to 4/16/07	5.35 to 5.36	11,000,000	10,981,328
Verizon Communications, Inc.
	4/3/07	5.34 (b)	1,000,000	999,705
Virginia Electric & Power Co.
	4/2/07 to 4/26/07	5.35 to 5.37	6,000,000	5,990,282
Weatherford International Ltd.
	4/3/07 to 4/27/07	5.35 (b)	6,000,000	5,981,641
WellPoint, Inc.
	4/9/07 to 5/21/07	5.37 to 5.39	2,000,000	1,991,433
Whirlpool Corp.
	5/31/07	5.38	1,500,000	1,486,725
Wisconsin Energy Corp.
	5/18/07 to 8/8/07	5.36 to 5.46	1,500,000	1,477,488
Xcel Energy, Inc.
	4/13/07	5.56	2,000,000	1,996,393
TOTAL COMMERCIAL PAPER				221,955,755
Master Notes - 4.1%

Asset Funding Co. III LLC
	4/5/07	5.38 to 5.39 (d)(g)	26,000,000	26,000,000
Bear Stearns & Co., Inc.
	9/26/07	5.38 (d)	13,000,000	13,000,000
Goldman Sachs Group, Inc.
	5/30/07	5.41 (d)(g)	36,000,000	36,000,000
Lehman Brothers Holdings, Inc.
	4/11/07 to 7/30/07	5.43 to 5.59 (d)(g)	9,000,000	9,000,000
Lehman Commercial Paper, Inc.
	4/3/07	5.46 (d)(g)	9,000,000	9,000,000
TOTAL MASTER NOTES				93,000,000
Medium-Term Notes - 37.1%
	Due Date	Yield (a)	Principal Amount	Value
AIG Matched Funding Corp.
	5/15/07	5.35% (d)	$ 23,000,000	$ 23,000,000
	5/15/07 to 11/15/07	5.35 to 5.37 (b)(d)	26,000,000	26,000,000
Allstate Life Global Funding II
	4/27/07	5.33 (b)(d)	1,000,000	1,000,000
American Express Credit Corp.
	4/5/07	5.42 (d)	10,000,000	10,000,624
Australia & New Zealand Banking Group Ltd.
	4/23/07	5.32 (b)(d)	5,000,000	5,000,000
Banco Santander Totta SA
	4/16/07	5.32 (b)(d)	15,000,000	15,000,000
Banesto SA
	7/18/07	5.33 (b)(c)(d)	12,000,000	12,000,000
Bank of New York Co., Inc.
	4/27/07	5.38 (b)(d)	15,000,000	15,000,000
Banque Federative du Credit Mutuel (BFCM)
	4/13/07	5.32 (b)(d)	12,000,000	12,000,000
Bayerische Landesbank Girozentrale
	4/16/07 to 5/21/07	5.37 to 5.40 (d)	25,000,000	25,000,000
BellSouth Corp.
	4/26/07	5.34 (b)	15,000,000	14,988,158
BMW U.S. Capital LLC
	4/16/07	5.32 (d)	2,000,000	2,000,000
	4/5/07	5.30 (b)(d)	2,000,000	2,000,000
BNP Paribas SA
	4/2/07	5.27 (d)	10,000,000	9,999,108
Caixa Catalunya
	6/7/07	5.34 (d)	8,000,000	8,000,000
Caja Madrid SA
	4/19/07	5.36 (d)	7,000,000	7,000,000
Calyon New York Branch
	4/2/07	5.26 (d)	8,000,000	7,999,208
CIT Group, Inc.
	5/18/07 to 6/20/07	5.58 (d)	16,000,000	16,005,896
Commonwealth Bank of Australia
	4/24/07	5.32 (d)	21,430,000	21,432,254
Compagnie Financiere du Credit Mutuel
	6/11/07	5.36 (d)	7,000,000	7,000,000
ConocoPhillips
	4/11/07	5.36 (d)	3,000,000	3,000,000
Countrywide Bank, Alexandria Virginia
	4/15/07 to 4/23/07	5.33 (d)	7,000,000	6,999,693
Countrywide Financial Corp.
	4/11/07	5.52 (d)	500,000	500,017
Credit Agricole SA
	4/23/07	5.33 (d)	16,000,000	16,000,000
	6/22/07	5.32 (b)(d)	9,000,000	9,000,000
Medium-Term Notes - continued
	Due Date	Yield (a)	Principal Amount	Value
Cullinan Finance Corp.
	5/27/07 to 6/25/07	5.32 to 5.38% (b)(d)	$ 23,000,000	$ 22,998,375
Cullinan Finance Ltd./Corp. MTN 144A
	10/15/07	5.33 (b)	6,000,000	6,000,000
DnB NOR Bank ASA
	4/26/07	5.31 (b)(d)	27,000,000	26,999,952
Harrier Finance Funding LLC
	4/11/07 to 6/20/07	5.31 to 5.33 (b)(d)	2,000,000	1,999,763
HBOS Treasury Services PLC
	4/10/07	5.31 (b)(d)	10,600,000	10,599,359
	6/25/07	5.42 (d)	20,000,000	20,000,000
HSBC Finance Corp.
	4/10/07 to 4/24/07	5.33 to 5.37 (d)	26,000,000	26,000,000
HSBC USA, Inc.
	4/16/07	5.32 (d)	5,000,000	5,000,000
HSH Nordbank AG
	4/23/07	5.33 to 5.35 (b)(d)	20,000,000	19,999,990
ING USA Annuity & Life Insurance Co.
	6/25/07	5.44 (d)(g)	3,000,000	3,000,000
Intesa Bank Ireland PLC
	4/26/07	5.32 (b)(d)	20,000,000	20,000,000
K2 (USA) LLC
	6/11/07	5.30 (b)(d)	6,000,000	5,999,737
Kestrel Funding PLC US LLC 144A
	4/2/07	5.34 (b)(d)	1,000,000	1,000,000
Merrill Lynch & Co., Inc.
	4/4/07 to 4/16/07	5.33 to 5.57 (d)	28,000,000	28,012,946
Metropolitan Life Global Funding I
	4/9/07 to 4/30/07	5.36 to 5.42 (b)(d)	8,884,000	8,884,000
Morgan Stanley
	4/2/07 to 6/7/07	5.36 to 5.47 (d)	54,073,000	54,077,245
National Rural Utils. Coop. Finance Corp.
	4/5/07	5.30 (d)	1,000,000	1,000,000
Nordea Bank AB
	4/2/07	5.26 (d)	13,000,000	12,998,719
Pacific Life Global Funding
	4/5/07	5.37 (b)(d)	3,000,000	3,000,978
RACERS
	4/23/07	5.34 (b)(d)	15,000,000	15,000,000
Royal Bank of Scotland PLC
	4/23/07	5.31 (b)(d)	10,000,000	10,000,000
SBC Communications, Inc.
	6/5/07	5.10 (b)	10,000,000	9,976,118
Security Life of Denver Insurance Co.
	5/29/07	5.45 (d)(g)	2,000,000	2,000,000

	Due Date	Yield (a)	Principal Amount	Value
Sigma Finance, Inc.
	4/16/07 to 6/11/07	5.30 to 5.32% (b)(d)	$ 17,000,000	$ 16,999,454
Skandinaviska Enskilda Banken AB
	4/10/07 to 6/22/07	5.27 to 5.32 (d)	40,000,000	39,995,287
SLM Corp.
	4/16/07 to 4/20/07	5.33 to 5.33 (b)(d)	6,000,000	5,999,997
Societe Generale
	4/2/07	5.31 (b)(d)	9,000,000	9,000,402
	4/30/07	5.27 (d)	20,000,000	19,998,575
Southern Co.
	6/20/07	5.36 (d)	2,000,000	2,000,000
UniCredito Italiano Bank (Ireland) PLC
	4/16/07	5.33 (b)(d)	30,500,000	30,499,976
	4/30/07	5.29 (d)	10,000,000	9,999,511
UniCredito Italiano Spa, New York
	5/20/07 to 6/13/07	5.33 to 5.35 (d)	34,000,000	33,998,995
Verizon Communications, Inc.
	6/15/07	5.35 (d)	14,000,000	14,000,000
Vodafone Group PLC
	6/29/07	5.41 (d)	2,500,000	2,499,905
Washington Mutual Bank
	5/16/07 to 6/26/07	5.34 to 5.40 (d)	30,500,000	30,501,257
Washington Mutual Bank FA
	4/20/07	5.30 (d)	1,500,000	1,499,988
	4/30/07	5.34 (b)(d)	20,000,000	20,000,000
WestLB AG
	4/10/07 to 6/29/07	5.38 to 5.40 (b)(d)	13,000,000	13,000,000
TOTAL MEDIUM-TERM NOTES				840,465,487
Short-Term Notes - 3.2%

Jackson National Life Insurance Co.
	4/1/07	5.41 (d)(g)	7,000,000	7,000,000
Metropolitan Life Insurance Co.
	4/2/07 to 5/1/07	5.48 to 5.50 (d)(g)	15,000,000	15,000,000
Monumental Life Insurance Co.
	4/2/07	5.46 to 5.49 (d)(g)	10,000,000	10,000,000
New York Life Insurance Co.
	4/1/07	5.44 (d)(g)	30,000,000	30,000,000
Transamerica Occidental Life Insurance Co.
	5/1/07	5.53 (d)(g)	10,000,000	10,000,000
TOTAL SHORT-TERM NOTES				72,000,000
Asset-Backed Securities - 1.5%
	Due Date	Yield (a)	Principal Amount	Value
Aardvark ABS CDO
	2/6/08	5.40% (b)(d)	$ 9,000,000	$ 9,000,000
Master Funding Trust I
	4/25/07 to 9/25/07	5.35 (d)	12,000,000	12,000,000
PASA Funding 2007 Ltd.
	4/7/08	5.34 (b)(d)	12,000,000	12,000,000
Wind Trust
	1/25/08	5.32 (b)(d)	1,000,000	1,000,000
TOTAL ASSET-BACKED SECURITIES				34,000,000
Municipal Securities - 1.3%

Catholic Health Initiatives 5.37% 6/5/07 to 6/14/07, CP		10,700,000		10,700,000
Philadelphia Gas Works Rev. Participating VRDN Series PT 1144, 3.7% 4/6/07 (d)(e)		3,000,000		3,000,000
Red River Ed. Fin. Corp. Ed. Rev. 3.63%, VRDN 4/6/07 (d)		2,000,000		2,000,000
Texas Gen. Oblig. Series E, 5.32%, VRDN 4/6/07 (d)		13,560,000		13,560,000
TOTAL MUNICIPAL SECURITIES			29,260,000

Repurchase Agreements - 23.9%
	Maturity Amount
In a joint trading account at 5.41% dated 3/30/07 due 4/2/07 (Collateralized by U.S. Government Obligations) #	$ 879,397		879,000
With:
Banc of America Securities LLC at 5.49%, dated 3/30/07 due 4/2/07 (Collateralized by Commercial Paper Obligations valued at $114,240,001, 0%, 12/14/07)	112,051,240		112,000,000
Barclays Capital, Inc. at 5.49%, dated 3/30/07 due 4/2/07 (Collateralized by Corporate Obligations valued at $95,880,001, 4% - 11.9%, 2/15/08 - 10/25/36)	94,043,005		94,000,000
Citigroup Global Markets, Inc. at 5.5%, dated 3/30/07 due 4/2/07 (Collateralized by Corporate Obligations valued at $102,000,000, 4.38% - 6.27%, 6/15/11 - 5/15/15)	100,045,813		100,000,000

	Maturity Amount		Value
Deutsche Bank Securities, Inc. at:
5.35%, dated:
1/29/07 due 4/30/07 (Collateralized by Corporate Obligations valued at $9,457,500, 6.25%, 1/1/49)	$ 9,121,713		$ 9,000,000
3/2/07 due 4/2/07 (Collateralized by Mortgage Loan Obligations valued at $8,400,000, 0.83%, 8/25/36)	8,036,856		8,000,000
5.37%, dated:
1/19/07 due 4/19/07 (Collateralized by Mortgage Loan Obligations valued at $6,300,000, 5.38% - 5.39%, 6/25/35 - 7/25/36)	6,080,550		6,000,000
2/12/07 due 5/14/07 (Collateralized by Mortgage Loan Obligations valued at $11,550,000, 5.03%, 7/10/45)	11,149,316		11,000,000
2/13/07 due 5/15/07 (Collateralized by Mortgage Loan Obligations valued at $11,550,000, 5.03% - 5.5%, 5/25/35 - 7/10/45)	11,149,316		11,000,000
Goldman Sachs & Co. at 5.54%, dated 2/21/07 due 5/24/07 (Collateralized by Corporate Obligations valued at $23,100,001, 6.75% - 8.63%, 11/1/10 - 12/15/28) (d)(f)	22,311,471		22,000,000
J.P. Morgan Securities, Inc. at:
5.48%, dated 3/30/07 due 4/2/07 (Collateralized by Corporate Obligations valued at $96,903,626, 5.25% - 5.7%, 1/15/11 - 1/15/16)	95,043,364		95,000,000
5.54%, dated 3/22/07 due 5/10/07 (Collateralized by Mortgage Loan Obligations valued at $17,940,718, 0.58% - 7.62%, 12/15/14 - 10/25/35) (d)(f)	17,128,189		17,000,000
Lehman Brothers, Inc. at:
5.33%, dated:
3/15/07 due 4/30/07 (Collateralized by Corporate Obligations valued at $7,140,600, 7.75%, 10/27/36)	7,047,674		7,000,000
3/20/07 due 4/27/07 (Collateralized by Mortgage Loan Obligations valued at $6,302,309, 8.07%, 10/25/34)	6,033,757		6,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
With: - continued
5.37%, dated 3/15/07 due 4/30/07 (Collateralized by Mortgage Loan Obligations valued at $5,253,187, 5.6% - 15.3%, 3/25/35 - 9/10/37)	$ 5,034,308		$ 5,000,000
5.4%, dated 3/15/07 due 9/13/07 (Collateralized by Corporate Obligations valued at $6,302,735, 6.65% - 7%, 6/15/16 - 4/1/36) (d)(f)	6,163,800		6,000,000
Merrill Lynch, Pierce, Fenner & Smith at 5.55%, dated 1/17/07 due 4/17/07 (Collateralized by Corporate Obligations valued at $15,787,392, 10%, 3/15/13) (d)(f)	15,208,125		15,000,000
Morgan Stanley & Co. at 5.36%, dated 3/22/07 due 5/10/07 (Collateralized by Corporate Obligations valued at $17,906,319, 5.4% - 5.69%, 9/18/12 - 3/29/17)	17,124,024		17,000,000
TOTAL REPURCHASE AGREEMENTS		541,879,000

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $2,294,965,259)

2,294,965,259

NET OTHER ASSETS - (1.3)%			(28,852,616)
NET ASSETS - 100%		$ 2,266,112,643

Security Type Abbreviations

CP - COMMERCIAL PAPER

VRDN - VARIABLE RATE DEMAND NOTE

Legend

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $466,756,817 or 20.6% of net assets.

(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. Due dates for these security types are the next interest rate reset date or, when applicable, the final maturity date.

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

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

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
Asset Funding Co. III LLC: 5.38%, 4/5/07	11/7/06	$ 13,000,000
5.39%, 4/5/07	8/29/06	$ 13,000,000
Goldman Sachs Group, Inc. 5.41%, 5/30/07	8/26/04	$ 36,000,000
ING USA Annuity & Life Insurance Co. 5.44%, 6/25/07	6/23/05	$ 3,000,000
Jackson National Life Insurance Co. 5.41%, 4/1/07	3/31/03	$ 7,000,000
Lehman Brothers Holdings, Inc.: 5.43%, 4/11/07	1/10/07	$ 6,000,000
5.59%, 7/30/07	12/11/06	$ 3,000,000
Lehman Commercial Paper, Inc. 5.46%, 4/3/07	3/29/07	$ 9,000,000
Metropolitan Life Insurance Co.: 5.48%, 4/2/07	3/26/02	$ 10,000,000
5.5%, 5/1/07	2/24/03	$ 5,000,000
Monumental Life Insurance Co.: 5.46%, 4/2/07	9/17/98	$ 5,000,000
5.49%, 4/2/07	3/12/99	$ 5,000,000
New York Life Insurance Co. 5.44%, 4/1/07	2/28/02 - 12/19/02	$ 30,000,000
Security Life of Denver Insurance Co. 5.45%, 5/29/07	8/26/05	$ 2,000,000
Transamerica Occidental Life Insurance Co. 5.53%, 5/1/07	4/28/00	$ 10,000,000

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

Repurchase Agreement / Counterparty	Value
$879,000 due 4/02/07 at 5.41%
Bank of America, NA	$ 222,631
Barclays Capital, Inc.	222,632
Bear Stearns & Co., Inc.	222,632
Greenwich Capital Markets, Inc.	37,105
HSBC Securities (USA), Inc.	74,211
UBS Securities LLC	99,789
	$ 879,000

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $2,294,965,259.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Overseas Portfolio

March 31, 2007

1.799852.103

VIPOVRS-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value
Argentina - 0.4%
Cresud S.A.C.I.F. y A. sponsored ADR	599,600		$ 12,309,788
Australia - 5.6%
Aristocrat Leisure Ltd.	1,028,000		13,640,779
Australian Wealth Management Ltd.	2,397,900		4,947,359
Babcock & Brown Japan Property Trust	2,867,800		4,455,047
BHP Billiton Ltd.	855,200		20,717,220
Computershare Ltd.	1,733,600		15,218,815
CSL Ltd.	532,800		35,508,758
Energy Resources of Australia Ltd.	234,200		5,267,856
Macquarie Bank Ltd.	170,700		11,428,881
National Australia Bank Ltd.	1,241,300		40,429,141
Rio Tinto Ltd.	79,200		5,050,202
Seek Ltd.	779,600		4,541,575
Silex Systems Ltd. (a)(d)	1,108,800		9,599,292
Westfield Group unit	653,200		10,871,330
WorleyParsons Ltd.	236,518		5,318,081
TOTAL AUSTRALIA			186,994,336
Austria - 0.3%
OMV AG	165,800		10,442,576
Belgium - 0.5%
InBev SA	205,800		14,858,758
KBC Groupe SA	26,700		3,320,848
TOTAL BELGIUM			18,179,606
Bermuda - 0.2%
Aquarius Platinum Ltd. (United Kingdom)	203,800		6,561,143
Clear Media Ltd. (a)	249,000		270,559
TOTAL BERMUDA			6,831,702
Brazil - 0.2%
Vivo Participacoes SA (PN) sponsored ADR (d)	1,938,000		6,802,380
British Virgin Islands - 0.1%
Indochina Capital Vietnam Holdings Ltd. (a)	271,800		2,587,536
Canada - 0.6%
Cameco Corp. (d)	473,100		19,382,123
China - 0.2%
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	1,690,000		8,283,996
Czech Republic - 0.5%
Ceske Energeticke Zavody AS	362,900		16,286,016
Denmark - 1.4%
Novo Nordisk AS Series B	143,800		13,122,179
Novozymes AS Series B (d)	139,800		12,506,535
Vestas Wind Systems AS (a)	363,800		20,381,774
TOTAL DENMARK			46,010,488
Finland - 1.2%
Fortum Oyj (d)	216,800		6,321,999
Neste Oil Oyj (d)	287,500		9,908,297

	Shares		Value
Nokia Corp. sponsored ADR	734,700		$ 16,839,324
UPM-Kymmene Corp. sponsored ADR (d)	248,800		6,351,864
TOTAL FINLAND			39,421,484
France - 11.8%
Aeroports de Paris (d)	79,508		7,655,385
Air France KLM (Reg.)	190,700		8,699,271
Alstom SA (a)	319,800		41,501,396
AXA SA	247,415		10,539,879
BNP Paribas SA	183,202		19,134,753
Cap Gemini SA	332,500		25,312,308
Carrefour SA	188,100		13,756,703
CNP Assurances	98,000		11,412,594
Electricite de France	183,000		15,341,770
France Telecom SA	106,661		2,815,850
Gaz de France	141,600		6,571,046
Groupe Danone	116,800		19,081,422
L'Air Liquide SA	74,290		18,110,676
L'Oreal SA	182,795		19,956,632
Michelin SA (Compagnie Generale des Etablissements) Series B	89,300		9,861,451
Neopost SA	61,900		8,847,404
Pinault Printemps-Redoute SA (d)	77,100		12,328,954
Publicis Groupe SA	192,100		9,278,916
Remy Cointreau SA	109,300		7,376,069
Societe Generale Series A	63,510		10,975,318
Sodexho Alliance SA	118,200		8,654,036
Suez SA (France)	131,700		6,945,513
Total SA Series B	266,400		18,589,392
Veolia Environnement	459,800		34,186,419
Vinci SA	182,400		28,268,264
Vivendi Universal SA	447,100		18,167,925
TOTAL FRANCE			393,369,346
Germany - 11.0%
Aareal Bank AG (a)	169,511		8,196,867
Allianz AG (Reg.)	122,300		25,132,650
BASF AG	34,500		3,878,490
Bayer AG	285,700		18,276,229
Beiersdorf AG	312,300		21,296,546
Commerzbank AG	373,200		16,511,001
DaimlerChrysler AG	137,100		11,216,151
DaimlerChrysler AG (Reg.) (d)	158,400		12,958,704
Deutsche Postbank AG	95,700		8,343,860
Deutsche Telekom AG sponsored ADR	148,200		2,449,746
Deutz AG (a)	580,263		8,735,550
E.ON AG	312,444		42,329,913
ESCADA AG (a)	256,321		12,213,179
GFK AG	111,269		5,090,685
Hochtief AG	37,000		3,751,327
Hugo Boss AG	180,200		11,539,693
IVG Immobilien AG	68,700		3,289,935
Lanxess AG (a)	244,300		12,583,514
Common Stocks - continued
	Shares		Value
Germany - continued
Metro AG	196,100		$ 13,885,990
MLP AG (d)	980,300		24,565,934
MPC Muenchmeyer Petersen Capital AG	50,800		4,294,773
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	49,700		8,405,544
Q-Cells AG	89,000		5,711,293
SAP AG sponsored ADR	93,000		4,152,450
SGL Carbon AG (a)	592,200		19,452,184
Siemens AG sponsored ADR	368,900		39,546,080
Wincor Nixdorf AG	188,400		17,556,131
TOTAL GERMANY			365,364,419
Greece - 0.5%
Alpha Bank AE	503,900		15,952,698
Hong Kong - 0.5%
China Overseas Land & Investment Ltd.	3,416,000		4,293,226
China Unicom Ltd.	5,250,000		7,428,750
Dynasty Fine Wines Group Ltd.	8,680,000		3,688,181
TOTAL HONG KONG			15,410,157
India - 0.1%
IVRCL Infrastructures & Projects Ltd.	340,000		2,287,916
Power Finance Corp. Ltd.	11,522		27,647
TOTAL INDIA			2,315,563
Ireland - 0.9%
Allied Irish Banks PLC	598,500		17,916,097
Irish Life & Permanent PLC	399,400		10,963,806
TOTAL IRELAND			28,879,903
Israel - 0.2%
Mizrahi Tefahot Bank Ltd.	749,100		5,539,881
Italy - 3.1%
Azimut Holdings Spa	518,100		7,653,690
Banche Popolari Unite SCpA	438,500		12,974,325
ENI Spa (d)	809,686		26,245,972
Intesa Sanpaolo Spa	1,556,700		11,823,695
Lottomatica Spa	155,800		6,210,230
Unicredito Italiano Spa	3,963,500		37,722,909
TOTAL ITALY			102,630,821
Japan - 17.2%
Aeon Fantasy Co. Ltd.	20		552
Canon, Inc.	555,000		29,792,400
Chugai Pharmaceutical Co. Ltd.	324,900		8,201,755
Daiwa Securities Group, Inc. (d)	1,038,000		12,475,194
Fujitsu Ltd.	1,852,000		12,288,858
Honda Motor Co. Ltd.	97,400		3,396,338
Hoya Corp.	220,400		7,313,621
KDDI Corp.	1,275		10,143,574
Leopalace21 Corp.	114,100		3,776,542

	Shares		Value
Millea Holdings, Inc.	329,580		$ 12,146,098
Mitsubishi Estate Co. Ltd.	1,130,000		36,958,689
Mitsubishi UFJ Financial Group, Inc.	1,175		13,230,500
Mitsui & Co. Ltd. (d)	384,000		7,227,415
Mitsui Fudosan Co. Ltd.	484,000		14,150,147
Mizuho Financial Group, Inc. (d)	5,147		33,065,455
Murata Manufacturing Co. Ltd.	162,100		11,831,113
Nafco Co. Ltd.	147,900		4,016,634
Namco Bandai Holdings, Inc.	254,700		3,975,162
Nidec Corp.	152,100		9,810,405
Nintendo Co. Ltd.	130,800		38,020,029
Nippon Steel Corp.	1,308,000		9,185,751
Nomura Holdings, Inc.	939,300		19,471,689
NSK Ltd.	1,575,000		14,975,638
NTT DoCoMo, Inc. (a)(d)	12,937		23,842,891
Organo Corp.	291,000		4,092,226
ORIX Corp.	70,730		18,428,337
Point, Inc. (d)	125,450		7,974,374
Sompo Japan Insurance, Inc.	517,000		6,421,185
Sony Corp. sponsored ADR	170,500		8,608,545
Stanley Electric Co. Ltd.	351,500		7,144,551
Sumco Corp.	209,600		8,716,286
Sumitomo Forestry Co. Ltd.	581,000		6,133,956
Sumitomo Metal Industries Ltd.	1,829,000		9,438,318
Sumitomo Mitsui Financial Group, Inc.	597		5,405,396
Sumitomo Trust & Banking Co. Ltd.	1,511,600		15,683,916
T&D Holdings, Inc. (d)	384,500		26,409,596
Tokuyama Corp.	565,000		9,877,790
Tokyo Electric Power Co.	495,600		16,919,235
Toyota Motor Corp. (d)	1,036,700		66,431,739
USS Co. Ltd.	128,860		8,409,857
Yamaguchi Financial Group, Inc. (a)	369,000		4,973,029
Yamaha Motor Co. Ltd.	161,600		4,525,842
TOTAL JAPAN			574,890,628
Korea (South) - 0.2%
Samsung Fire & Marine Insurance Co. Ltd.	37,770		6,323,102
Luxembourg - 0.3%
SES SA FDR unit	562,747		10,674,388
Malaysia - 0.4%
Gamuda BHD	5,783,300		13,381,461
Netherlands - 3.5%
ABN-AMRO Holding NV	311,300		13,392,126
ABN-AMRO Holding NV sponsored ADR	315,100		13,555,602
Arcelor Mittal	71,400		3,776,346
Arcelor Mittal	206,000		10,943,702
Heineken NV (Bearer)	202,900		10,613,684
IHC Caland NV	516,900		18,635,921
ING Groep NV (Certificaten Van Aandelen)	223,724		9,470,237
Common Stocks - continued
	Shares		Value
Netherlands - continued
Koninklijke Numico NV	219,500		$ 11,320,765
Koninklijke Philips Electronics NV (NY Shares)	640,500		24,403,050
TOTAL NETHERLANDS			116,111,433
Norway - 1.9%
Acta Holding ASA (d)	1,444,500		8,031,997
Aker Kvaerner ASA	806,750		18,182,301
DnB Nor ASA	276,200		3,898,524
Marine Harvest ASA (a)	11,678,000		13,716,900
Schibsted ASA (B Shares)	253,100		11,158,768
Statoil ASA	264,000		7,187,721
TOTAL NORWAY			62,176,211
South Africa - 0.9%
African Bank Investments Ltd.	1,214,900		5,075,694
Growthpoint Properties Ltd.	3,662,800		7,499,839
Impala Platinum Holdings Ltd.	195,400		6,143,144
JSE Ltd.	708,100		6,927,224
Sasol Ltd. sponsored ADR	119,800		3,959,390
TOTAL SOUTH AFRICA			29,605,291
Spain - 2.8%
Altadis SA (Spain)	320,500		20,579,916
Banco Bilbao Vizcaya Argentaria SA	690,800		16,959,140
Banco Santander Central Hispano SA	1,340,800		23,906,464
Gestevision Telecinco SA	4,177		120,688
Telefonica SA	1,440,380		31,880,411
TOTAL SPAIN			93,446,619
Sweden - 2.7%
Hennes & Mauritz AB (H&M) (B Shares)	252,950		14,560,462
Modern Times Group AB (MTG) (B Shares)	152,900		8,943,633
Scania AB (B Shares)	268,000		21,029,540
Skandinaviska Enskilda Banken AB (A Shares) (d)	354,600		11,348,297
Svenska Cellulosa AB (SCA) (B Shares) (d)	170,300		9,120,123
Swedbank AB (A Shares)	424,300		14,854,783
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	298,900		11,086,201
TOTAL SWEDEN			90,943,039
Switzerland - 6.7%
ABB Ltd.:
(Reg.)	2,148,790		36,773,763
sponsored ADR	889,600		15,283,328
Compagnie Financiere Richemont unit	291,416		16,292,346
Credit Suisse Group (Reg.)	131,405		9,438,821
EFG International (a)	177,230		7,728,476
Nestle SA (Reg.)	70,660		27,513,448
Nobel Biocare Holding AG (Switzerland)	53,188		19,386,444
Novartis AG (Reg.)	97,664		5,335,384

	Shares		Value
Roche Holding AG (participation certificate)	255,290		$ 45,159,906
Schindler Holding AG (Reg.)	106,251		6,556,545
Societe Generale de Surveillance Holding SA (SGS) (Reg.) (d)	15,375		18,355,377
UBS AG (Reg.)	286,993		17,055,994
TOTAL SWITZERLAND			224,879,832
Taiwan - 0.1%
Shin Kong Financial Holding Co. Ltd.	4,909,000		4,354,160
United Kingdom - 20.3%
Aegis Group PLC	2,734,700		8,072,219
Anglo American PLC (United Kingdom)	348,800		18,374,555
AstraZeneca PLC (United Kingdom)	265,600		14,249,440
Autonomy Corp. PLC (a)	366,979		4,946,793
BAE Systems PLC	2,281,400		20,651,484
Barclays PLC	818,100		11,645,653
Benfield Group PLC	998,400		6,370,544
BG Group PLC	1,615,700		23,305,407
BHP Billiton PLC	745,995		16,632,511
BlueBay Asset Management	432,000		3,485,456
BP PLC	4,134,006		44,612,815
British Land Co. PLC	397,900		11,964,355
BT Group PLC	273,600		1,641,874
BT Group PLC sponsored ADR	108,500		6,511,085
Burberry Group PLC	675,700		8,682,786
Cadbury Schweppes PLC sponsored ADR	201,500		10,351,055
Clipper Windpower PLC (a)	281,500		3,822,253
Diageo PLC	1,191,200		24,106,910
GlaxoSmithKline PLC	1,371,900		37,905,597
Gyrus Group PLC (a)	1,162,500		10,368,663
HBOS plc	513,100		10,571,599
HSBC Holdings PLC (United Kingdom) (Reg.)	561,626		9,863,276
Imperial Tobacco Group PLC sponsored ADR	11,400		1,023,036
Informa PLC	571,800		6,841,317
Intermediate Capital Group PLC	108,600		4,175,864
International Power PLC	2,314,700		18,060,505
Intertek Group PLC	192,300		3,430,355
Investec PLC	467,200		6,049,517
Jardine Lloyd Thompson Group PLC	1,843,173		15,959,187
Man Group plc	3,013,200		32,908,867
Marks & Spencer Group PLC	1,174,100		15,630,213
Mothercare PLC	825,300		6,609,951
Prudential PLC	1,702,600		24,039,561
Reed Elsevier PLC	2,580,000		30,843,097
Reuters Group PLC	2,029,900		18,688,612
Rio Tinto PLC (Reg.)	152,706		8,696,988
Royal Bank of Scotland Group PLC	531,500		20,750,900
Royal Dutch Shell PLC:
Class A sponsored ADR	317,800		21,070,140
Class A (United Kingdom)	419,400		13,956,099
Class B	153,800		5,122,309
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Taylor Nelson Sofres PLC	3,766,900		$ 17,531,022
Tesco PLC	4,761,600		41,626,734
The Weir Group PLC	732,700		8,773,619
Vodafone Group PLC	15,149,662		40,691,991
Xstrata PLC	140,400		7,216,594
TOTAL UNITED KINGDOM			677,832,808
United States of America - 1.0%
Estee Lauder Companies, Inc. Class A	415,900		20,316,715
Fluor Corp.	54,500		4,889,740
Fuel Tech, Inc. (a)	111,000		2,736,150
Granite Construction, Inc.	120,400		6,653,304
TOTAL UNITED STATES OF AMERICA			34,595,909
TOTAL COMMON STOCKS (Cost $2,526,380,386)		3,242,209,700
Nonconvertible Preferred Stocks - 0.3%

Germany - 0.3%
Porsche AG (non-vtg.) (Cost $7,685,783)	6,855		10,473,032
Money Market Funds - 11.9%
	Shares		Value
Fidelity Cash Central Fund, 5.41% (b)	76,596,602		$ 76,596,602
Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c)	320,795,800		320,795,800
TOTAL MONEY MARKET FUNDS (Cost $397,392,402)		397,392,402

TOTAL INVESTMENT PORTFOLIO - 109.5%

(Cost $2,931,458,571)

3,650,075,134

NET OTHER ASSETS - (9.5)%			(316,820,636)
NET ASSETS - 100%		$ 3,333,254,498

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 961,331
Fidelity Securities Lending Cash Central Fund	462,200
Total	$ 1,423,531

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $2,942,651,258. Net unrealized appreciation aggregated $707,423,876, of which $746,310,570 related to appreciated investment securities and $38,886,694 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Value Portfolio

March 31, 2007

1.799871.103

VIPVAL-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%
	Shares		Value
CONSUMER DISCRETIONARY - 18.0%
Auto Components - 0.2%
Gentex Corp.	13,100		$ 212,875
Automobiles - 1.1%
Monaco Coach Corp.	3,200		50,976
Nissan Motor Co. Ltd.	13,400		143,380
Renault SA	4,800		561,357
Winnebago Industries, Inc.	11,453		385,164
			1,140,877
Diversified Consumer Services - 0.3%
Apollo Group, Inc. Class A (non-vtg.) (a)	400		17,560
H&R Block, Inc.	10,900		229,336
Service Corp. International	8,400		99,624
			346,520
Hotels, Restaurants & Leisure - 3.3%
Aristocrat Leisure Ltd.	9,842		130,596
Brinker International, Inc.	17,700		578,790
Carnival Corp. unit	15,300		716,958
Gaylord Entertainment Co. (a)	4,500		237,915
OSI Restaurant Partners, Inc.	11,400		450,300
Rare Hospitality International, Inc. (a)	6,900		207,621
Royal Caribbean Cruises Ltd.	20,700		872,712
WMS Industries, Inc. (a)	7,800		306,072
			3,500,964
Household Durables - 3.3%
Beazer Homes USA, Inc.	900		26,127
Black & Decker Corp.	6,200		506,044
Ethan Allen Interiors, Inc.	9,643		340,784
Jarden Corp. (a)	8,100		310,230
La-Z-Boy, Inc.	7,500		92,850
Leggett & Platt, Inc.	26,600		603,022
Newell Rubbermaid, Inc.	400		12,436
Sealy Corp., Inc.	15,200		265,696
The Stanley Works	16,200		896,832
Whirlpool Corp.	5,200		441,532
			3,495,553
Leisure Equipment & Products - 1.7%
Brunswick Corp.	26,200		834,470
Eastman Kodak Co.	37,600		848,256
Polaris Industries, Inc.	1,700		81,566
			1,764,292
Media - 2.9%
E.W. Scripps Co. Class A	6,200		277,016
Gannett Co., Inc.	12,300		692,367
Getty Images, Inc. (a)	11,400		554,382
Live Nation, Inc. (a)	6,300		138,978
Omnicom Group, Inc.	3,500		358,330
R.H. Donnelley Corp.	8,700		616,743
The New York Times Co. Class A (d)	12,800		300,928

	Shares		Value
Valassis Communications, Inc. (a)	7,154		$ 122,977
Viacom, Inc. Class B (non-vtg.) (a)	1,100		45,221
			3,106,942
Multiline Retail - 0.9%
Family Dollar Stores, Inc.	20,200		598,324
Retail Ventures, Inc. (a)	4,910		103,356
Sears Holdings Corp. (a)	800		144,128
Tuesday Morning Corp.	4,602		68,294
			914,102
Specialty Retail - 3.5%
AnnTaylor Stores Corp. (a)	1,300		50,414
AutoNation, Inc. (a)	3,800		80,712
AutoZone, Inc. (a)	1,100		140,954
Best Buy Co., Inc.	2,000		97,440
Coldwater Creek, Inc. (a)	3,100		62,868
Gap, Inc.	31,200		536,952
Hot Topic, Inc. (a)	7,600		84,360
OfficeMax, Inc.	14,200		748,908
PETsMART, Inc.	19,600		646,016
Select Comfort Corp. (a)	7,966		141,795
Tiffany & Co., Inc.	13,400		609,432
Williams-Sonoma, Inc.	14,900		528,354
			3,728,205
Textiles, Apparel & Luxury Goods - 0.8%
Liz Claiborne, Inc.	19,700		844,145
TOTAL CONSUMER DISCRETIONARY			19,054,475
CONSUMER STAPLES - 5.1%
Beverages - 0.4%
Cott Corp. (a)	18,300		242,827
SABMiller PLC	9,200		201,862
			444,689
Food & Staples Retailing - 1.5%
Kroger Co.	8,800		248,600
Rite Aid Corp.	24,600		141,942
Safeway, Inc.	12,500		458,000
Sysco Corp.	17,900		605,557
Winn-Dixie Stores, Inc. (a)	4,579		80,819
			1,534,918
Food Products - 1.0%
Bunge Ltd.	2,100		172,662
Chiquita Brands International, Inc.	5,900		82,718
Corn Products International, Inc.	7,000		249,130
Leroy Seafood Group ASA	2,200		47,773
Marine Harvest ASA (a)	57,000		66,952
Tyson Foods, Inc. Class A	23,000		446,430
			1,065,665
Household Products - 0.6%
Central Garden & Pet Co.	4,400		64,988
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Household Products - continued
Central Garden & Pet Co. Class A (non-vtg.) (a)	4,090		$ 60,123
Colgate-Palmolive Co.	8,300		554,357
			679,468
Personal Products - 1.1%
Avon Products, Inc.	30,700		1,143,882
Playtex Products, Inc. (a)	2,000		27,140
			1,171,022
Tobacco - 0.5%
Altria Group, Inc.	6,070		533,007
TOTAL CONSUMER STAPLES			5,428,769
ENERGY - 9.1%
Energy Equipment & Services - 5.9%
Baker Hughes, Inc.	4,700		310,811
Cameron International Corp. (a)	9,100		571,389
ENSCO International, Inc.	5,200		282,880
FMC Technologies, Inc. (a)	9,200		641,792
GlobalSantaFe Corp.	4,700		289,896
Halliburton Co.	13,200		418,968
Hanover Compressor Co. (a)	10,661		237,207
Hornbeck Offshore Services, Inc. (a)	763		21,860
Key Energy Services, Inc. (a)	17,000		277,950
National Oilwell Varco, Inc. (a)	13,100		1,019,049
Noble Corp.	3,700		291,116
Pride International, Inc. (a)	3,600		108,360
Smith International, Inc.	15,600		749,580
Superior Energy Services, Inc. (a)	6,300		217,161
Transocean, Inc. (a)	4,200		343,140
Weatherford International Ltd. (a)	9,500		428,450
			6,209,609
Oil, Gas & Consumable Fuels - 3.2%
Arch Coal, Inc.	11,900		365,211
Cabot Oil & Gas Corp.	5,100		343,332
Cheniere Energy Partners LP	2,300		49,059
EOG Resources, Inc.	4,300		306,762
EXCO Resources, Inc.	6,600		109,428
Foundation Coal Holdings, Inc.	12,600		432,684
Noble Energy, Inc.	3,300		196,845
Petroplus Holdings AG	1,030		73,305
Suncor Energy, Inc.	4,500		342,406
Ultra Petroleum Corp. (a)	6,100		324,093
Valero Energy Corp.	13,400		864,166
			3,407,291
TOTAL ENERGY			9,616,900

	Shares		Value
FINANCIALS - 14.0%
Capital Markets - 0.6%
Ares Capital Corp.	3,300		$ 59,961
Janus Capital Group, Inc.	1,200		25,092
Merrill Lynch & Co., Inc.	3,500		285,845
State Street Corp.	1,910		123,673
TD Ameritrade Holding Corp. (a)	9,200		136,896
			631,467
Commercial Banks - 1.7%
Appalachian Bancshares, Inc. (a)	200		3,980
Boston Private Financial Holdings, Inc.	3,700		103,304
Colonial Bancgroup, Inc.	2,400		59,400
Commerce Bancorp, Inc., New Jersey	8,570		286,067
Popular, Inc.	4,600		76,176
UCBH Holdings, Inc.	10,204		189,998
UnionBanCal Corp.	5,100		323,442
Wachovia Corp.	10,300		567,015
Zions Bancorp	2,500		211,300
			1,820,682
Consumer Finance - 0.7%
Capital One Financial Corp.	8,300		626,318
Cash America International, Inc.	2,344		96,104
			722,422
Diversified Financial Services - 0.8%
Bank of America Corp.	10,920		557,138
JPMorgan Chase & Co.	5,600		270,928
			828,066
Insurance - 3.5%
AFLAC, Inc.	10,300		484,718
AMBAC Financial Group, Inc.	6,200		535,618
Genworth Financial, Inc. Class A (non-vtg.)	3,700		129,278
Marsh & McLennan Companies, Inc.	21,000		615,090
MBIA, Inc.	10,300		674,547
MetLife, Inc.	3,400		214,710
Montpelier Re Holdings Ltd.	2,000		34,680
Prudential Financial, Inc.	3,500		315,910
The Travelers Companies, Inc.	8,700		450,399
Willis Group Holdings Ltd.	7,200		284,976
			3,739,926
Real Estate Investment Trusts - 4.3%
Alexandria Real Estate Equities, Inc.	2,300		230,851
American Financial Realty Trust (SBI)	8,900		89,712
Annaly Capital Management, Inc.	9,300		143,964
Developers Diversified Realty Corp.	5,600		352,240
Duke Realty LP	11,100		482,517
Education Realty Trust, Inc.	4,800		70,944
Equity Residential (SBI)	7,400		356,902
General Growth Properties, Inc.	13,323		860,266
GMH Communities Trust	4,500		44,955
Health Care Property Investors, Inc.	11,000		396,330
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Highwoods Properties, Inc. (SBI)	1,600		$ 63,184
Kimco Realty Corp.	7,200		350,928
Public Storage, Inc.	4,600		435,482
Vornado Realty Trust	5,300		632,502
			4,510,777
Thrifts & Mortgage Finance - 2.4%
BankUnited Financial Corp. Class A	500		10,605
Countrywide Financial Corp.	11,800		396,952
Fannie Mae	14,800		807,784
Freddie Mac	13,000		773,370
Hudson City Bancorp, Inc.	18,900		258,552
New York Community Bancorp, Inc.	5,200		91,468
Radian Group, Inc.	3,848		211,178
			2,549,909
TOTAL FINANCIALS			14,803,249
HEALTH CARE - 8.5%
Biotechnology - 0.4%
Cephalon, Inc. (a)	5,400		384,534
Molecular Insight Pharmaceuticals, Inc.	1,100		13,068
			397,602
Health Care Equipment & Supplies - 2.2%
Baxter International, Inc.	34,400		1,811,848
Becton, Dickinson & Co.	5,000		384,450
Wright Medical Group, Inc. (a)	7,900		176,091
			2,372,389
Health Care Providers & Services - 4.2%
Brookdale Senior Living, Inc.	4,800		214,368
Community Health Systems, Inc. (a)	16,400		578,100
DaVita, Inc. (a)	7,200		383,904
Health Net, Inc. (a)	8,820		474,604
Humana, Inc. (a)	2,279		132,228
Laboratory Corp. of America Holdings (a)	700		50,841
McKesson Corp.	12,000		702,480
Medco Health Solutions, Inc. (a)	7,200		522,216
Quest Diagnostics, Inc.	1,400		69,818
Triad Hospitals, Inc. (a)	5,100		266,475
United Surgical Partners International, Inc. (a)	11,400		351,234
Universal Health Services, Inc. Class B	11,800		675,668
			4,421,936
Life Sciences Tools & Services - 0.3%
Charles River Laboratories International, Inc. (a)	6,900		319,194
Pharmaceuticals - 1.4%
Alpharma, Inc. Class A	16,800		404,544

	Shares		Value
Schering-Plough Corp.	25,400		$ 647,954
Teva Pharmaceutical Industries Ltd. sponsored ADR	11,300		422,959
			1,475,457
TOTAL HEALTH CARE			8,986,578
INDUSTRIALS - 8.8%
Aerospace & Defense - 0.2%
Honeywell International, Inc.	5,400		248,724
Air Freight & Logistics - 0.1%
United Parcel Service, Inc. Class B	1,600		112,160
Airlines - 0.3%
Ryanair Holdings PLC sponsored ADR (a)	2,500		111,975
Southwest Airlines Co.	6,200		91,140
TAM SA (PN) sponsored ADR (ltd. vtg.)	4,200		111,552
			314,667
Building Products - 0.8%
American Standard Companies, Inc.	1,333		70,676
Masco Corp.	26,000		712,400
			783,076
Commercial Services & Supplies - 2.4%
ACCO Brands Corp. (a)	1,700		40,953
Allied Waste Industries, Inc.	68,178		858,361
Cintas Corp.	13,908		502,079
Navigant Consulting, Inc. (a)	6,000		118,560
The Brink's Co.	16,300		1,034,235
			2,554,188
Construction & Engineering - 0.8%
Fluor Corp.	8,300		744,676
Washington Group International, Inc. (a)	1,847		122,678
			867,354
Industrial Conglomerates - 1.2%
Tyco International Ltd.	39,000		1,230,450
Machinery - 1.5%
Albany International Corp. Class A	2,500		89,850
Briggs & Stratton Corp.	13,000		401,050
Deere & Co.	5,900		640,976
Illinois Tool Works, Inc.	6,200		319,920
Wabash National Corp.	6,200		95,604
			1,547,400
Road & Rail - 1.3%
Canadian National Railway Co.	4,800		211,698
Con-way, Inc.	7,800		388,752
CSX Corp.	1,000		40,050
Laidlaw International, Inc.	22,000		761,200
			1,401,700
Transportation Infrastructure - 0.2%
Macquarie Infrastructure Co. Trust	5,500		216,150
TOTAL INDUSTRIALS			9,275,869
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 17.0%
Communications Equipment - 1.3%
Alcatel-Lucent SA sponsored ADR	42,021		$ 496,688
Motorola, Inc.	29,400		519,498
Nortel Networks Corp. (a)	11,810		283,039
Powerwave Technologies, Inc. (a)	12,900		73,401
			1,372,626
Computers & Peripherals - 2.8%
Diebold, Inc.	3,200		152,672
EMC Corp. (a)	1,100		15,235
Imation Corp.	3,500		141,330
Intermec, Inc. (a)	29,261		653,691
NCR Corp. (a)	7,700		367,829
Network Appliance, Inc. (a)	3,600		131,472
QLogic Corp. (a)	10,399		176,783
SanDisk Corp. (a)	5,300		232,140
Seagate Technology	34,500		803,850
Sun Microsystems, Inc. (a)	24,400		146,644
Western Digital Corp. (a)	5,700		95,817
			2,917,463
Electronic Equipment & Instruments - 4.6%
Agilent Technologies, Inc. (a)	25,900		872,571
Arrow Electronics, Inc. (a)	15,900		600,225
Avnet, Inc. (a)	23,079		834,075
CDW Corp.	6,600		405,438
Flextronics International Ltd. (a)	85,900		939,746
Ingram Micro, Inc. Class A (a)	12,300		237,513
Jabil Circuit, Inc.	17,165		367,503
Molex, Inc.	16,900		476,580
Solectron Corp. (a)	38,800		122,220
			4,855,871
Internet Software & Services - 1.1%
Open Text Corp. (a)	1,100		24,476
ValueClick, Inc. (a)	9,100		237,783
VeriSign, Inc. (a)	9,400		236,128
Yahoo!, Inc. (a)	22,100		691,509
			1,189,896
IT Services - 0.6%
Hewitt Associates, Inc. Class A (a)	9,500		277,685
Satyam Computer Services Ltd. sponsored ADR	8,700		197,490
Unisys Corp. (a)	22,200		187,146
			662,321
Office Electronics - 1.3%
Xerox Corp.	79,400		1,341,066
Semiconductors & Semiconductor Equipment - 4.0%
Advanced Micro Devices, Inc. (a)	8,900		116,234
Amkor Technology, Inc. (a)	5,500		68,640
Applied Materials, Inc.	26,400		483,648
ASML Holding NV (NY Shares) (a)	23,500		581,625
Atmel Corp. (a)	22,000		110,660

	Shares		Value
Fairchild Semiconductor International, Inc. (a)	43,100		$ 720,632
Integrated Device Technology, Inc. (a)	17,600		271,392
Intersil Corp. Class A	19,600		519,204
LSI Logic Corp. (a)	8,400		87,696
Maxim Integrated Products, Inc.	8,300		244,020
MKS Instruments, Inc. (a)	8,700		222,024
National Semiconductor Corp.	35,800		864,212
			4,289,987
Software - 1.3%
Fair, Isaac & Co., Inc.	7,300		282,364
Hyperion Solutions Corp. (a)	8,900		461,287
Parametric Technology Corp. (a)	6,100		116,449
Quest Software, Inc. (a)	8,545		139,027
Symantec Corp. (a)	22,400		387,520
			1,386,647
TOTAL INFORMATION TECHNOLOGY			18,015,877
MATERIALS - 4.1%
Chemicals - 2.0%
Akzo Nobel NV	1,000		75,920
Arkema sponsored ADR (a)	900		51,600
Ashland, Inc.	1,800		118,080
Celanese Corp. Class A	13,000		400,920
Chemtura Corp.	46,600		509,338
Cytec Industries, Inc.	9,100		511,784
Georgia Gulf Corp.	1,900		30,799
H.B. Fuller Co.	8,000		218,160
Lubrizol Corp.	3,133		161,443
OMNOVA Solutions, Inc. (a)	3,400		18,564
			2,096,608
Containers & Packaging - 1.1%
Owens-Illinois, Inc.	46,100		1,187,997
Metals & Mining - 1.0%
Alcan, Inc.	7,400		385,719
Alcoa, Inc.	12,600		427,140
Compass Minerals International, Inc.	5,343		178,456
Newmont Mining Corp.	1,900		79,781
			1,071,096
TOTAL MATERIALS			4,355,701
TELECOMMUNICATION SERVICES - 3.3%
Diversified Telecommunication Services - 2.1%
AT&T, Inc.	29,815		1,175,605
Citizens Communications Co.	16,700		249,665
FairPoint Communications, Inc.	2,100		40,341
NTELOS Holding Corp.	6,400		123,008
Telenor ASA sponsored ADR	3,700		196,729
Verizon Communications, Inc.	10,900		413,328
			2,198,676
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - 1.2%
ALLTEL Corp.	5,100		$ 316,200
Crown Castle International Corp. (a)	3,700		118,881
Dobson Communications Corp. Class A	23,900		205,301
MTN Group Ltd.	5,400		73,340
Sprint Nextel Corp.	30,900		585,864
Vivo Participacoes SA (PN) sponsored ADR	9,700		34,047
			1,333,633
TOTAL TELECOMMUNICATION SERVICES			3,532,309
UTILITIES - 7.4%
Electric Utilities - 4.0%
Allegheny Energy, Inc. (a)	10,100		496,314
American Electric Power Co., Inc.	11,300		550,875
DPL, Inc.	14,319		445,178
Edison International	10,500		515,865
Entergy Corp.	7,100		744,932
FirstEnergy Corp.	8,700		576,288
FPL Group, Inc.	6,600		403,722
PPL Corp.	10,600		433,540
			4,166,714
Gas Utilities - 0.7%
Energen Corp.	6,200		315,518
Equitable Resources, Inc.	8,786		424,540
			740,058
Independent Power Producers & Energy Traders - 2.0%
AES Corp. (a)	12,800		275,456
Constellation Energy Group, Inc.	7,200		626,040
NRG Energy, Inc.	7,000		504,280
TXU Corp.	11,000		705,100
			2,110,876
Multi-Utilities - 0.7%
CMS Energy Corp.	11,100		197,580
Public Service Enterprise Group, Inc.	6,900		572,976
			770,556
TOTAL UTILITIES			7,788,204
TOTAL COMMON STOCKS (Cost $94,807,645)		100,857,931
Preferred Stocks - 0.2%
	Shares		Value
Convertible Preferred Stocks - 0.1%
MATERIALS - 0.1%
Containers & Packaging - 0.1%
Owens-Illinois, Inc. 4.75%	3,100		$ 118,730
Nonconvertible Preferred Stocks - 0.1%
FINANCIALS - 0.1%
Thrifts & Mortgage Finance - 0.1%
Fannie Mae 7.00%	1,000		53,180
TOTAL PREFERRED STOCKS (Cost $167,146)		171,910
Convertible Bonds - 0.1%
	Principal Amount
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Ford Motor Co. 4.25% 12/15/36	$ 60,000		66,252
TOTAL CONVERTIBLE BONDS (Cost $60,000)			66,252
Money Market Funds - 6.4%
	Shares
Fidelity Cash Central Fund, 5.41% (b)	6,571,256		6,571,256
Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)	230,400		230,400
TOTAL MONEY MARKET FUNDS (Cost $6,801,656)		6,801,656

TOTAL INVESTMENT PORTFOLIO - 102.0%

(Cost $101,836,447)

107,897,749

NET OTHER ASSETS - (2.0)%			(2,102,395)
NET ASSETS - 100%		$ 105,795,354

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 68,803
Fidelity Securities Lending Cash Central Fund	941
Total	$ 69,744

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $101,921,058. Net unrealized appreciation aggregated $5,976,691, of which $7,876,239 related to appreciated investment securities and $1,899,548 related to depreciated investment securities.

Investment Valuation

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/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	May 30, 2007

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/ Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	May 30, 2007

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer

Date:	May 30, 2007