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)

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	December 31

Date of reporting period:	March 31, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Equity-Income Portfolio

March 31, 2011

1.799856.107

VIPEI-QTLY-0511

Investments March 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
CONSUMER DISCRETIONARY - 11.4%
Auto Components - 1.1%
Johnson Controls, Inc.	852,767		$ 35,449,524
Michelin CGDE Series B	216,474		18,277,406
The Goodyear Tire & Rubber Co. (a)	967,840		14,498,243
			68,225,173
Automobiles - 1.4%
Daimler AG (Germany)	155,950		11,013,189
Ford Motor Co. (a)	959,365		14,304,132
Harley-Davidson, Inc.	1,291,450		54,873,711
Thor Industries, Inc.	40,092		1,337,870
Winnebago Industries, Inc. (a)	407,511		5,448,422
			86,977,324
Diversified Consumer Services - 0.5%
H&R Block, Inc. (d)	1,782,786		29,843,838
Hotels, Restaurants & Leisure - 0.3%
Las Vegas Sands Corp. unit	24,400		17,484,552
Household Durables - 2.0%
KB Home	295,900		3,680,996
Lennar Corp. Class A	603,166		10,929,368
Newell Rubbermaid, Inc.	840,120		16,071,496
PulteGroup, Inc. (a)	1,665,768		12,326,683
Stanley Black & Decker, Inc.	619,453		47,450,100
Toll Brothers, Inc. (a)	170,987		3,380,413
Whirlpool Corp.	340,959		29,104,260
			122,943,316
Leisure Equipment & Products - 0.4%
Brunswick Corp.	1,013,757		25,779,841
Media - 2.5%
Belo Corp. Series A (a)	952,224		8,389,093
CC Media Holdings, Inc. Class A (a)	693,958		5,551,664
Comcast Corp.:
Class A	1,080,436		26,708,378
Class A (special) (non-vtg.)	911,000		21,153,420
The Walt Disney Co.	1,365,190		58,826,037
Time Warner, Inc.	964,383		34,428,473
			155,057,065
Multiline Retail - 0.7%
Macy's, Inc.	960,000		23,289,600
Target Corp.	374,178		18,712,642
Tuesday Morning Corp. (a)	508,423		2,491,273
			44,493,515
Specialty Retail - 1.8%
Home Depot, Inc.	1,860,500		68,950,130
Lowe's Companies, Inc.	1,006,978		26,614,429
OfficeMax, Inc. (a)	598,000		7,738,120
RadioShack Corp.	569,500		8,548,195
			111,850,874
Textiles, Apparel & Luxury Goods - 0.7%
adidas AG	286,027		18,013,173

	Shares		Value
Phillips-Van Heusen Corp.	299,788		$ 19,495,214
Warnaco Group, Inc. (a)	165,363		9,457,110
			46,965,497
TOTAL CONSUMER DISCRETIONARY			709,620,995
CONSUMER STAPLES - 5.9%
Beverages - 1.6%
Carlsberg AS Series B (d)	139,662		15,032,399
PepsiCo, Inc.	812,503		52,333,318
The Coca-Cola Co.	475,329		31,538,079
			98,903,796
Food & Staples Retailing - 0.6%
CVS Caremark Corp.	196,889		6,757,230
Walgreen Co.	601,362		24,138,671
Winn-Dixie Stores, Inc. (a)	587,020		4,191,323
			35,087,224
Food Products - 0.5%
Kraft Foods, Inc. Class A	915,197		28,700,578
Nestle SA	50,444		2,891,537
			31,592,115
Household Products - 1.8%
Kimberly-Clark Corp.	272,870		17,810,225
Procter & Gamble Co.	1,484,714		91,458,382
			109,268,607
Personal Products - 0.4%
Avon Products, Inc.	1,029,371		27,834,192
Tobacco - 1.0%
Imperial Tobacco Group PLC	273,751		8,459,281
Japan Tobacco, Inc.	916		3,309,782
Philip Morris International, Inc.	787,105		51,657,701
			63,426,764
TOTAL CONSUMER STAPLES			366,112,698
ENERGY - 15.0%
Energy Equipment & Services - 2.7%
Baker Hughes, Inc.	935,631		68,703,384
Halliburton Co.	760,701		37,913,338
Noble Corp.	1,188,302		54,210,337
Transocean Ltd. (a)	89,021		6,939,187
			167,766,246
Oil, Gas & Consumable Fuels - 12.3%
Anadarko Petroleum Corp.	205,460		16,831,283
Apache Corp.	223,480		29,258,002
BP PLC sponsored ADR	1,267,306		55,938,887
Chevron Corp.	1,630,329		175,146,244
ConocoPhillips	895,810		71,539,387
Devon Energy Corp.	121,265		11,128,489
Exxon Mobil Corp.	1,631,141		137,227,892
Kinder Morgan Holding Co. LLC (d)	788,600		23,374,104
Marathon Oil Corp.	816,078		43,505,118
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Occidental Petroleum Corp.	480,075		$ 50,163,037
Royal Dutch Shell PLC Class A sponsored ADR	1,698,400		123,745,424
Southwestern Energy Co. (a)	700,621		30,105,684
			767,963,551
TOTAL ENERGY			935,729,797
FINANCIALS - 27.3%
Capital Markets - 4.7%
Bank of New York Mellon Corp.	1,698,099		50,722,217
Bank Sarasin & Co. Ltd. Series B (Reg.)	220,742		9,613,152
Credit Suisse Group sponsored ADR (d)	297,395		12,663,079
Goldman Sachs Group, Inc.	370,694		58,743,878
Morgan Stanley	2,903,777		79,331,188
State Street Corp.	877,580		39,438,445
UBS AG (a)	640,888		11,529,625
UBS AG (NY Shares) (a)	1,595,121		28,791,934
			290,833,518
Commercial Banks - 8.9%
Associated Banc-Corp.	2,093,457		31,087,836
Barclays PLC	5,718,132		25,664,570
BB&T Corp.	1,356,898		37,246,850
BNP Paribas SA	101,500		7,421,001
Comerica, Inc.	419,120		15,390,086
Huntington Bancshares, Inc.	2,786,200		18,500,368
KeyCorp	3,663,300		32,530,104
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	4,126,025		18,979,715
PNC Financial Services Group, Inc.	1,988,230		125,238,608
Societe Generale Series A	113,800		7,391,697
SunTrust Banks, Inc.	196,300		5,661,292
U.S. Bancorp, Delaware	1,318,938		34,859,531
Wells Fargo & Co.	6,134,109		194,451,255
			554,422,913
Consumer Finance - 1.8%
American Express Co.	521,105		23,553,946
Capital One Financial Corp.	210,550		10,940,178
Discover Financial Services	2,519,369		60,767,180
SLM Corp. (a)	904,032		13,831,690
			109,092,994
Diversified Financial Services - 7.5%
Bank of America Corp.	10,733,336		143,075,369
Citigroup, Inc. (a)	21,269,761		94,012,344
CME Group, Inc.	38,534		11,619,928
JPMorgan Chase & Co.	4,779,562		220,337,805
			469,045,446
Insurance - 2.0%
AFLAC, Inc.	45,600		2,406,768

	Shares		Value
Berkshire Hathaway, Inc. Class B (a)	216,458		$ 18,102,383
First American Financial Corp.	619,920		10,228,680
Hartford Financial Services Group, Inc.	539,061		14,516,913
Marsh & McLennan Companies, Inc.	503,576		15,011,601
MetLife, Inc.	133,300		5,962,509
MetLife, Inc. unit (a)	183,800		15,692,844
Unum Group	1,268,597		33,300,671
XL Group PLC Class A	418,777		10,301,914
			125,524,283
Real Estate Investment Trusts - 2.0%
Boston Properties, Inc.	136,475		12,944,654
Camden Property Trust (SBI)	153,114		8,699,937
HCP, Inc.	953,732		36,184,592
ProLogis Trust	353,500		5,648,930
Rayonier, Inc.	176,815		11,017,343
Segro PLC	1,765,988		9,104,682
Ventas, Inc.	386,075		20,963,873
Weyerhaeuser Co.	687,780		16,919,388
			121,483,399
Real Estate Management & Development - 0.3%
CB Richard Ellis Group, Inc. Class A (a)	320,231		8,550,168
Indiabulls Real Estate Ltd. (a)	2,750,085		7,670,851
Unite Group PLC (a)	794,379		2,751,551
			18,972,570
Thrifts & Mortgage Finance - 0.1%
BankUnited, Inc.	40,800		1,171,368
Hudson City Bancorp, Inc.	343,100		3,321,208
			4,492,576
TOTAL FINANCIALS			1,693,867,699
HEALTH CARE - 8.9%
Biotechnology - 1.3%
Amgen, Inc. (a)	712,122		38,062,921
Cephalon, Inc. (a)	139,400		10,563,732
Gilead Sciences, Inc. (a)	674,065		28,607,319
			77,233,972
Health Care Equipment & Supplies - 1.0%
C. R. Bard, Inc.	66,400		6,594,184
CareFusion Corp. (a)	1,109,900		31,299,180
Covidien PLC	268,900		13,966,666
Stryker Corp.	121,700		7,399,360
			59,259,390
Health Care Providers & Services - 0.7%
HCA Holdings, Inc.	376,900		12,765,603
UnitedHealth Group, Inc.	687,400		31,070,480
			43,836,083
Life Sciences Tools & Services - 0.0%
Agilent Technologies, Inc. (a)	54,881		2,457,571
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 5.9%
GlaxoSmithKline PLC	1,280,519		$ 24,390,743
GlaxoSmithKline PLC sponsored ADR	43,700		1,678,517
Johnson & Johnson	1,296,752		76,832,556
Merck & Co., Inc.	2,380,872		78,592,585
Pfizer, Inc.	7,516,615		152,662,451
Sanofi-Aventis	487,372		34,139,162
			368,296,014
TOTAL HEALTH CARE			551,083,030
INDUSTRIALS - 11.0%
Aerospace & Defense - 2.9%
Goodrich Corp.	128,142		10,959,985
Honeywell International, Inc.	925,025		55,233,243
Textron, Inc.	823,200		22,547,448
The Boeing Co.	406,784		30,073,541
United Technologies Corp.	724,789		61,353,389
			180,167,606
Building Products - 0.5%
Armstrong World Industries, Inc.	120,914		5,594,691
Masco Corp.	1,937,300		26,967,216
			32,561,907
Commercial Services & Supplies - 0.7%
Pitney Bowes, Inc. (d)	606,300		15,575,847
Republic Services, Inc.	868,100		26,077,724
			41,653,571
Construction & Engineering - 0.3%
Chiyoda Corp.	958,000		8,777,683
Fluor Corp.	95,400		7,027,164
			15,804,847
Electrical Equipment - 0.2%
Alstom SA	182,592		10,792,962
Industrial Conglomerates - 3.5%
General Electric Co.	5,720,475		114,695,524
Koninklijke Philips Electronics NV unit	413,300		13,295,861
Rheinmetall AG	296,433		24,553,998
Siemens AG sponsored ADR	392,300		53,878,482
Tyco International Ltd.	306,936		13,741,525
			220,165,390
Machinery - 2.1%
Briggs & Stratton Corp.	1,203,409		27,257,214
Caterpillar, Inc.	82,500		9,186,375
Cummins, Inc.	272,600		29,882,412
Ingersoll-Rand Co. Ltd.	673,888		32,555,529

	Shares		Value
Navistar International Corp. (a)	292,170		$ 20,256,146
SPX Corp.	145,800		11,575,062
			130,712,738
Road & Rail - 0.8%
CSX Corp.	345,000		27,117,000
Union Pacific Corp.	228,400		22,458,572
			49,575,572
TOTAL INDUSTRIALS			681,434,593
INFORMATION TECHNOLOGY - 5.4%
Communications Equipment - 0.6%
Cisco Systems, Inc.	1,134,453		19,455,869
Comverse Technology, Inc. (a)	2,394,493		17,982,642
			37,438,511
Computers & Peripherals - 0.9%
Hewlett-Packard Co.	1,304,150		53,431,026
Electronic Equipment & Components - 0.7%
Arrow Electronics, Inc. (a)	443,079		18,556,149
Avnet, Inc. (a)	243,326		8,294,983
TE Connectivity Ltd.	508,838		17,717,739
			44,568,871
IT Services - 0.4%
CoreLogic, Inc. (a)	289,320		5,352,420
Visa, Inc. Class A	315,233		23,207,453
			28,559,873
Office Electronics - 0.7%
Canon, Inc. sponsored ADR	251,700		10,911,195
Xerox Corp.	2,990,928		31,853,383
			42,764,578
Semiconductors & Semiconductor Equipment - 2.1%
Applied Materials, Inc.	1,707,400		26,669,588
Intel Corp.	1,679,945		33,884,491
Micron Technology, Inc. (a)	1,507,800		17,279,388
National Semiconductor Corp.	1,433,347		20,554,196
Samsung Electronics Co. Ltd.	12,977		11,030,158
Teradyne, Inc. (a)	1,097,980		19,555,024
			128,972,845
TOTAL INFORMATION TECHNOLOGY			335,735,704
MATERIALS - 2.8%
Chemicals - 1.8%
Celanese Corp. Class A	471,412		20,916,550
Clariant AG (Reg.) (a)	1,331,205		24,015,315
Dow Chemical Co.	794,805		30,003,889
E.I. du Pont de Nemours & Co.	475,735		26,151,153
PPG Industries, Inc.	131,300		12,501,073
			113,587,980
Construction Materials - 0.2%
HeidelbergCement AG	192,600		13,447,254
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - 0.8%
Alcoa, Inc.	681,537		$ 12,029,128
Commercial Metals Co.	442,971		7,650,109
Freeport-McMoRan Copper & Gold, Inc.	228,336		12,684,065
United States Steel Corp.	274,357		14,798,817
			47,162,119
TOTAL MATERIALS			174,197,353
TELECOMMUNICATION SERVICES - 5.0%
Diversified Telecommunication Services - 4.5%
AT&T, Inc.	5,626,377		172,167,136
Koninklijke KPN NV	343,133		5,842,914
Qwest Communications International, Inc.	5,608,200		38,304,006
Verizon Communications, Inc.	1,670,235		64,370,857
			280,684,913
Wireless Telecommunication Services - 0.5%
Sprint Nextel Corp. (a)	6,011,178		27,891,866
TOTAL TELECOMMUNICATION SERVICES			308,576,779
UTILITIES - 3.3%
Electric Utilities - 2.1%
American Electric Power Co., Inc.	1,349,079		47,406,636
Entergy Corp.	296,459		19,925,009
FirstEnergy Corp.	1,716,146		63,651,855
			130,983,500
Independent Power Producers & Energy Traders - 0.5%
AES Corp. (a)	2,224,621		28,920,073
Multi-Utilities - 0.7%
Alliant Energy Corp.	134,320		5,229,078
National Grid PLC	570,700		5,427,121
PG&E Corp.	298,392		13,182,959
Public Service Enterprise Group, Inc.	600,479		18,921,093
Veolia Environnement	132,700		4,131,339
			46,891,590
TOTAL UTILITIES			206,795,163
TOTAL COMMON STOCKS (Cost $5,203,582,050)		5,963,153,811
Preferred Stocks - 1.9%

Convertible Preferred Stocks - 1.7%
CONSUMER DISCRETIONARY - 0.7%
Automobiles - 0.7%
General Motors Co. 4.75%	889,400		42,869,080

	Shares		Value
Household Durables - 0.0%
Stanley Black & Decker, Inc. 4.75%	13,800		$ 1,652,412
TOTAL CONSUMER DISCRETIONARY			44,521,492
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Apache Corp. 6.00%	111,700		7,915,062
FINANCIALS - 0.8%
Commercial Banks - 0.2%
Huntington Bancshares, Inc. 8.50%	9,000		10,359,000
Diversified Financial Services - 0.2%
Citigroup, Inc. 7.50%	87,000		11,005,500
Insurance - 0.4%
Hartford Financial Services Group, Inc. Series F 7.25%	310,900		8,108,272
XL Group PLC 10.75%	494,600		16,638,344
			24,746,616
TOTAL FINANCIALS			46,111,116
UTILITIES - 0.1%
Electric Utilities - 0.1%
PPL Corp. 9.50%	121,900		6,489,956
TOTAL CONVERTIBLE PREFERRED STOCKS			105,037,626
Nonconvertible Preferred Stocks - 0.2%
CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.2%
Volkswagen AG	82,700		13,408,613
TOTAL PREFERRED STOCKS (Cost $106,400,097)		118,446,239

Corporate Bonds - 1.5%
	Principal Amount
Convertible Bonds - 1.3%
CONSUMER DISCRETIONARY - 0.9%
Hotels, Restaurants & Leisure - 0.3%
MGM Mirage, Inc. 4.25% 4/15/15 (e)	$ 14,560,000		15,197,000
Leisure Equipment & Products - 0.1%
Eastman Kodak Co. 7% 4/1/17	8,750,000		7,806,750
Media - 0.5%
Liberty Media Corp.:
3.5% 1/15/31	253,653		191,654
4% 11/15/29	4,750,000		2,790,625
Corporate Bonds - continued
	Principal Amount		Value
Convertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Media - continued
Liberty Media Corp.: - continued
3.5% 1/15/31 (e)	$ 9,270,164		$ 7,004,323
Virgin Media, Inc. 6.5% 11/15/16	12,614,000		21,346,672
			31,333,274
TOTAL CONSUMER DISCRETIONARY			54,337,024
FINANCIALS - 0.2%
Thrifts & Mortgage Finance - 0.2%
MGIC Investment Corp. 9% 4/1/63 (e)	10,438,000		10,777,235
INFORMATION TECHNOLOGY - 0.2%
Semiconductors & Semiconductor Equipment - 0.2%
Advanced Micro Devices, Inc.:
6% 5/1/15 (e)	6,316,000		6,481,479
6% 5/1/15	2,798,000		2,871,308
Micron Technology, Inc. 1.875% 6/1/27	3,933,000		4,766,304
			14,119,091
TOTAL CONVERTIBLE BONDS			79,233,350
Nonconvertible Bonds - 0.2%
MATERIALS - 0.2%
Chemicals - 0.2%
Hercules, Inc. 6.5% 6/30/29 unit	15,700,000		12,285,250
TOTAL CORPORATE BONDS (Cost $79,535,326)		91,518,600

Money Market Funds - 1.2%
	Shares		Value
Fidelity Cash Central Fund, 0.16% (b)	25,329,473		$ 25,329,473
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)	46,613,345		46,613,345
TOTAL MONEY MARKET FUNDS (Cost $71,942,818)		71,942,818
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $5,461,460,291)			6,245,061,468
NET OTHER ASSETS (LIABILITIES) - (0.6)%			(34,624,309)
NET ASSETS - 100%		$ 6,210,437,159

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(e) 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 $39,460,037 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	$ 34,136
Fidelity Securities Lending Cash Central Fund	255,884
Total	$ 290,020

Other Information

The following is a summary of the inputs used, as of March 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 767,551,100	$ 750,066,548	$ 17,484,552	$ -
Consumer Staples	366,112,698	366,112,698	-	-
Energy	943,644,859	943,644,859	-	-
Financials	1,739,978,815	1,687,091,776	52,887,039	-
Health Care	551,083,030	492,553,125	58,529,905	-
Industrials	681,434,593	681,434,593	-	-
Information Technology	335,735,704	335,735,704	-	-
Materials	174,197,353	174,197,353	-	-
Telecommunication Services	308,576,779	308,576,779	-	-
Utilities	213,285,119	203,726,659	9,558,460	-
Corporate Bonds	91,518,600	-	91,518,600	-
Money Market Funds	71,942,818	71,942,818	-	-
Total Investments in Securities:	$ 6,245,061,468	$ 6,015,082,912	$ 229,978,556	$ -

Income Tax Information

At March 31, 2011, the cost of investment securities for income tax purposes was $5,492,302,210. Net unrealized appreciation aggregated $752,759,258, of which $1,515,005,185 related to appreciated investment securities and $762,245,927 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please call Fidelity at 1-800-634-9361
for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
High Income Portfolio

March 31, 2011

1.799878.107

VIPHI-QTLY-0511

Investments March 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 89.5%
	Principal Amount		Value
Convertible Bonds - 0.2%
Technology - 0.2%
Lucent Technologies, Inc. 2.875% 6/15/25	$ 2,902,600		$ 2,817,336
Nonconvertible Bonds - 89.3%
Aerospace - 0.9%
BE Aerospace, Inc.:
6.875% 10/1/20	1,375,000		1,423,125
8.5% 7/1/18	3,730,000		4,130,975
Esterline Technologies Corp. 7% 8/1/20	2,015,000		2,105,675
TransDigm, Inc. 7.75% 12/15/18 (c)	3,580,000		3,844,025
			11,503,800
Air Transportation - 3.0%
Air Canada 9.25% 8/1/15 (c)	5,145,000		5,376,525
American Airlines, Inc. 7.5% 3/15/16 (c)	3,730,000		3,688,038
American Airlines, Inc. pass-thru trust certificates 8.608% 10/1/12	535,000		535,000
AMR Corp. 9% 8/1/12	1,980,000		1,989,900
Continental Airlines, Inc.:
pass-thru trust certificates 9.798% 4/1/21	3,582,934		3,779,995
6.75% 9/15/15 (c)	4,090,000		4,120,675
Continental Airlines, Inc. 9.25% 5/10/17	1,021,101		1,061,945
Delta Air Lines, Inc. pass-thru trust certificates:
6.375% 1/2/16	1,985,000		1,915,525
6.75% 11/23/15	1,985,000		1,915,525
8.021% 8/10/22	2,002,122		2,067,191
8.954% 8/10/14	1,728,869		1,793,702
Northwest Airlines, Inc. pass-thru trust certificates 8.028% 11/1/17	831,198		835,354
United Air Lines, Inc.:
9.875% 8/1/13 (c)	725,000		765,745
12% 11/1/13 (c)	1,005,000		1,087,913
United Air Lines, Inc. pass-thru trust certificates:
Class B, 7.336% 7/2/19	2,709,921		2,547,326
9.75% 1/15/17	2,256,372		2,560,983
12% 1/15/16 (c)	801,330		899,493
			36,940,835
Automotive - 3.0%
Accuride Corp. 9.5% 8/1/18	2,710,000		3,008,100
American Axle & Manufacturing, Inc. 7.875% 3/1/17	2,470,000		2,494,700
Dana Holding Corp.:
6.5% 2/15/19	755,000		747,450
6.75% 2/15/21	505,000		502,475

	Principal Amount		Value
Ford Motor Credit Co. LLC:
5.625% 9/15/15	$ 3,510,000		$ 3,681,113
6.625% 8/15/17	3,200,000		3,408,000
7% 4/15/15	2,250,000		2,435,625
8% 6/1/14	1,840,000		2,053,808
8% 12/15/16	4,870,000		5,521,733
12% 5/15/15	3,495,000		4,403,700
Navistar International Corp. 8.25% 11/1/21	4,720,000		5,227,400
Tenneco, Inc.:
6.875% 12/15/20	1,930,000		1,978,250
7.75% 8/15/18	1,685,000		1,807,163
			37,269,517
Banks & Thrifts - 3.0%
Ally Financial, Inc.:
3.512% 2/11/14 (e)	3,805,000		3,805,000
4.5% 2/11/14	3,635,000		3,635,000
6.25% 12/1/17 (c)	3,650,000		3,713,875
7.5% 9/15/20 (c)	3,190,000		3,386,791
8% 3/15/20	3,490,000		3,804,100
Bank of America Corp.:
8% (d)(e)	995,000		1,067,138
8.125% (d)(e)	1,320,000		1,415,700
Fifth Third Capital Trust IV 6.5% 4/15/67 (e)	1,745,000		1,699,194
General Motors Acceptance Corp. 6.875% 8/28/12	4,155,000		4,362,750
GMAC LLC:
6.75% 12/1/14	4,400,000		4,620,000
8% 12/31/18	2,415,000		2,571,975
Regions Bank 7.5% 5/15/18	1,390,000		1,468,010
Zions Bancorp. 7.75% 9/23/14	1,720,000		1,865,842
			37,415,375
Broadcasting - 1.9%
Allbritton Communications Co. 8% 5/15/18	2,205,000		2,326,275
Belo Corp. 8% 11/15/16	2,190,000		2,387,100
Citadel Broadcasting Corp. 7.75% 12/15/18 (c)	2,920,000		3,153,600
Clear Channel Communications, Inc.:
5.5% 9/15/14	2,775,000		2,462,813
9% 3/1/21 (c)	2,445,000		2,445,000
11% 8/1/16 pay-in-kind (e)	1,758,662		1,626,762
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc. 8.875% 4/15/17	2,390,000		2,605,100
Univision Communications, Inc.:
7.875% 11/1/20 (c)	1,180,000		1,249,325
8.5% 5/15/21 (c)	4,985,000		5,134,550
			23,390,525
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Building Materials - 0.4%
Building Materials Corp. of America 6.875% 8/15/18 (c)	$ 3,080,000		$ 3,133,900
Headwaters, Inc. 7.625% 4/1/19 (c)	1,880,000		1,889,400
			5,023,300
Cable TV - 3.1%
Cablevision Systems Corp.:
7.75% 4/15/18	1,635,000		1,771,850
8.625% 9/15/17	4,525,000		5,034,063
CCO Holdings LLC/CCO Holdings Capital Corp.:
7% 1/15/19	4,375,000		4,473,438
7% 1/15/19 (c)	955,000		976,488
7.25% 10/30/17	3,770,000		3,920,800
7.875% 4/30/18	985,000		1,049,025
Cequel Communications Holdings I LLC/Cequel Capital Corp. 8.625% 11/15/17 (c)	8,355,000		8,689,200
CSC Holdings LLC 8.625% 2/15/19	1,270,000		1,447,800
Insight Communications, Inc. 9.375% 7/15/18 (c)	4,355,000		4,834,050
Kabel BW Erste Beteiligungs GmbH 7.5% 3/15/19 (c)	405,000		414,113
UPC Germany GmbH 8.125% 12/1/17 (c)	2,880,000		3,038,400
UPCB Finance III Ltd. 6.625% 7/1/20 (c)	2,980,000		2,927,850
			38,577,077
Capital Goods - 1.1%
Amsted Industries, Inc. 8.125% 3/15/18 (c)	3,960,000		4,227,300
Griffon Corp. 7.125% 4/1/18 (c)	5,365,000		5,499,125
SPX Corp. 6.875% 9/1/17 (c)	3,935,000		4,220,288
			13,946,713
Chemicals - 2.7%
Celanese US Holdings LLC 6.625% 10/15/18 (c)	2,445,000		2,524,463
Huntsman International LLC:
5.5% 6/30/16	3,245,000		3,180,100
8.625% 3/15/20	715,000		779,350
8.625% 3/15/21 (c)	3,275,000		3,569,750
INEOS Group Holdings PLC 8.5% 2/15/16 (c)	1,070,000		1,079,363
LBI Escrow Corp. 8% 11/1/17 (c)	2,625,000		2,887,500
Lyondell Chemical Co. 11% 5/1/18	7,280,000		8,171,800
Nalco Co. 6.625% 1/15/19 (c)	1,965,000		2,021,494
NOVA Chemicals Corp.:
3.5678% 11/15/13 (e)	5,325,000		5,298,375

	Principal Amount		Value
8.375% 11/1/16	$ 1,990,000		$ 2,193,975
8.625% 11/1/19	1,985,000		2,218,238
			33,924,408
Consumer Products - 0.5%
Jarden Corp. 6.125% 11/15/22	1,035,000		1,014,300
NBTY, Inc. 9% 10/1/18 (c)	2,690,000		2,911,925
Visant Corp. 10% 10/1/17	1,625,000		1,755,000
			5,681,225
Diversified Financial Services - 7.4%
Aircastle Ltd. 9.75% 8/1/18	2,575,000		2,851,813
CIT Group, Inc.:
5.25% 4/1/14 (c)	2,495,000		2,510,719
6.625% 4/1/18 (c)	2,495,000		2,544,900
7% 5/1/13	195,203		199,108
7% 5/1/14	4,583,026		4,651,771
7% 5/1/15	5,468,026		5,495,366
7% 5/1/16	6,410,044		6,410,044
7% 5/1/17	8,527,062		8,527,062
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
7.75% 1/15/16	6,405,000		6,581,138
8% 1/15/18	6,925,000		7,115,438
ILFC E-Capital Trust II 6.25% 12/21/65 (c)(e)	1,275,000		1,071,000
Ineos Finance PLC 9% 5/15/15 (c)	2,505,000		2,705,400
International Lease Finance Corp.:
5.65% 6/1/14	1,315,000		1,321,575
6.5% 9/1/14 (c)	1,995,000		2,112,306
6.75% 9/1/16 (c)	1,995,000		2,119,688
8.875% 9/15/15 (c)	5,070,000		5,551,650
8.875% 9/1/17	4,330,000		4,892,900
9% 3/15/17 (c)	7,300,000		8,139,500
National Money Mart Co. 10.375% 12/15/16	3,010,000		3,348,625
Nuveen Investments, Inc.:
5.5% 9/15/15	2,450,000		2,131,500
10.5% 11/15/15 (c)	1,215,000		1,242,338
Reliance Intermediate Holdings LP 9.5% 12/15/19 (c)	3,055,000		3,352,863
SLM Corp. 8% 3/25/20	2,315,000		2,511,775
Trans Union LLC/Trans Union Financing Corp. 11.375% 6/15/18 (c)	4,125,000		4,733,438
			92,121,917
Diversified Media - 2.0%
Catalina Marketing Corp. 10.5% 10/1/15 pay-in-kind (c)(e)	3,415,000		3,696,738
Checkout Holding Corp. 0% 11/15/15 (c)	1,065,000		694,913
Clear Channel Worldwide Holdings, Inc. Series B, 9.25% 12/15/17	3,780,000		4,143,825
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Diversified Media - continued
Nielsen Finance LLC/Nielsen Finance Co.:
7.75% 10/15/18 (c)	$ 5,240,000		$ 5,619,900
11.5% 5/1/16	1,445,000		1,701,488
11.625% 2/1/14	1,604,000		1,884,700
Quebecor Media, Inc.:
7.75% 3/15/16	3,905,000		4,041,675
7.75% 3/15/16	3,585,000		3,710,475
			25,493,714
Electric Utilities - 6.3%
AES Corp.:
7.75% 10/15/15	3,745,000		4,007,150
8% 10/15/17	2,060,000		2,199,050
9.75% 4/15/16	3,010,000		3,453,975
Calpine Construction Finance Co. LP 8% 6/1/16 (c)	5,775,000		6,294,750
Calpine Corp. 7.875% 1/15/23 (c)	2,435,000		2,514,138
Crestwood Midstream Partners LP / Finance Corp. 7.75% 4/1/19 (c)	720,000		725,400
Dynegy Holdings, Inc. 7.5% 6/1/15	3,190,000		2,587,888
GenOn Escrow Corp.:
9.5% 10/15/18 (c)	2,075,000		2,158,000
9.875% 10/15/20 (c)	2,005,000		2,095,225
Intergen NV 9% 6/30/17 (c)	4,225,000		4,552,438
Mirant Americas Generation LLC:
8.5% 10/1/21	8,565,000		8,886,188
9.125% 5/1/31	7,590,000		7,836,675
NRG Energy, Inc. 7.375% 2/1/16	3,710,000		3,839,850
NSG Holdings II, LLC 7.75% 12/15/25 (c)	10,695,000		10,427,625
NV Energy, Inc. 6.25% 11/15/20	4,295,000		4,359,425
Otter Tail Corp. 9% 12/15/16	2,460,000		2,693,700
Puget Energy, Inc. 6.5% 12/15/20 (c)	3,975,000		4,024,688
RRI Energy, Inc. 7.625% 6/15/14	6,280,000		6,499,800
			79,155,965
Energy - 8.4%
AmeriGas Partners LP/AmeriGas Finance Corp. 6.5% 5/20/21	3,215,000		3,287,338
Antero Resources Finance Corp. 9.375% 12/1/17	4,215,000		4,599,408
Calfrac Holdings LP 7.5% 12/1/20 (c)	2,440,000		2,525,400
Covanta Holding Corp. 7.25% 12/1/20	1,590,000		1,663,759
Crosstex Energy/Crosstex Energy Finance Corp. 8.875% 2/15/18	3,745,000		4,093,285
Denbury Resources, Inc. 6.375% 8/15/21	2,240,000		2,284,800

	Principal Amount		Value
Drummond Co., Inc. 7.375% 2/15/16	$ 5,510,000		$ 5,675,300
Edgen Murray Corp. 12.25% 1/15/15	3,995,000		3,925,088
Energy Transfer Equity LP 7.5% 10/15/20	2,655,000		2,887,313
Expro Finance Luxembourg SCA 8.5% 12/15/16 (c)	5,970,000		5,910,300
Exterran Holdings, Inc. 7.25% 12/1/18 (c)	2,985,000		3,044,700
Frontier Oil Corp.:
6.875% 11/15/18	1,245,000		1,297,913
8.5% 9/15/16	2,700,000		2,929,500
Inergy LP/Inergy Finance Corp.:
6.875% 8/1/21 (c)	1,930,000		2,007,200
7% 10/1/18 (c)	2,290,000		2,387,325
Kinder Morgan Finance Co. LLC 6% 1/15/18 (c)	3,895,000		3,982,638
LINN Energy LLC:
7.75% 2/1/21 (c)	2,390,000		2,545,350
8.625% 4/15/20 (c)	3,055,000		3,391,050
Offshore Group Investment Ltd. 11.5% 8/1/15	3,820,000		4,230,650
Pan American Energy LLC 7.875% 5/7/21 (c)	4,125,000		4,434,375
Petrohawk Energy Corp.:
7.25% 8/15/18 (c)	3,160,000		3,254,800
7.25% 8/15/18	2,430,000		2,496,825
7.875% 6/1/15	770,000		816,200
10.5% 8/1/14	725,000		832,808
Pioneer Natural Resources Co.:
6.65% 3/15/17	3,365,000		3,634,200
7.5% 1/15/20	3,360,000		3,771,600
Plains Exploration & Production Co.:
7% 3/15/17	2,160,000		2,230,200
7.625% 6/1/18	3,140,000		3,344,100
10% 3/1/16	1,337,000		1,502,387
Precision Drilling Corp. 6.625% 11/15/20 (c)	2,505,000		2,580,150
Quicksilver Resources, Inc.:
7.125% 4/1/16	4,920,000		4,870,800
11.75% 1/1/16	2,250,000		2,621,250
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
6.875% 2/1/21 (c)	900,000		891,000
7.875% 10/15/18 (c)	2,660,000		2,759,750
Venoco, Inc. 8.875% 2/15/19 (c)	2,290,000		2,284,275
			104,993,037
Food & Drug Retail - 0.5%
Bi-Lo LLC/Bi-Lo Finance Corp. 9.25% 2/15/19 (c)	1,500,000		1,556,250
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Food & Drug Retail - continued
SUPERVALU, Inc. 8% 5/1/16	$ 1,300,000		$ 1,298,440
Tops Markets LLC 10.125% 10/15/15	2,800,000		3,017,000
			5,871,690
Food/Beverage/Tobacco - 0.1%
C&S Group Enterprises LLC 8.375% 5/1/17 (c)	1,365,000		1,402,538
Gaming - 3.6%
Ameristar Casinos, Inc. 7.5% 4/15/21 (c)	2,360,000		2,339,350
Chukchansi Economic Development Authority:
3.9428% 11/15/12 (c)(e)	1,010,000		747,400
8% 11/15/13 (c)	3,410,000		2,523,400
CityCenter Holdings LLC/CityCenter Finance Corp.:
7.625% 1/15/16 (c)	2,490,000		2,570,925
11.5% 1/15/17 pay-in-kind (c)(e)	3,400,000		3,434,472
Las Vegas Sands Corp. 6.375% 2/15/15	1,295,000		1,319,281
MCE Finance Ltd. 10.25% 5/15/18	2,225,000		2,547,625
MGM Mirage, Inc.:
5.875% 2/27/14	1,375,000		1,320,000
6.625% 7/15/15	5,715,000		5,429,250
6.75% 4/1/13	1,140,000		1,147,182
7.5% 6/1/16	1,325,000		1,248,813
7.625% 1/15/17	3,300,000		3,135,000
MGM Resorts International:
10% 11/1/16 (c)	4,125,000		4,351,875
11.375% 3/1/18	1,875,000		2,076,563
Scientific Games Corp. 7.875% 6/15/16 (c)	4,064,000		4,261,917
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 7.75% 8/15/20	6,525,000		6,940,969
			45,394,022
Healthcare - 5.5%
DaVita, Inc.:
6.375% 11/1/18	1,460,000		1,472,848
6.625% 11/1/20	1,265,000		1,280,813
DJO Finance LLC/DJO Finance Corp. 10.875% 11/15/14	4,365,000		4,768,763
Giant Funding Corp. 8.25% 2/1/18 (c)	1,595,000		1,636,869
HCA Holdings, Inc. 7.75% 5/15/21 (c)	2,935,000		3,059,738
HCA, Inc.:
9.125% 11/15/14	6,670,000		7,003,500
9.25% 11/15/16	8,519,000		9,157,925

	Principal Amount		Value
9.625% 11/15/16 pay-in-kind (e)	$ 5,401,000		$ 5,819,578
9.875% 2/15/17	1,610,000		1,803,200
HealthSouth Corp. 7.25% 10/1/18	2,095,000		2,178,800
Mylan, Inc.:
6% 11/15/18 (c)	2,000,000		2,007,400
7.625% 7/15/17 (c)	1,255,000		1,350,694
7.875% 7/15/20 (c)	770,000		837,375
Omega Healthcare Investors, Inc.:
6.75% 10/15/22 (c)	1,555,000		1,593,875
7% 1/15/16	1,665,000		1,715,991
Rotech Healthcare, Inc. 10.5% 3/15/18 (c)	815,000		808,888
Senior Housing Properties Trust 6.75% 4/15/20	2,640,000		2,791,481
Valeant Pharmaceuticals International:
6.5% 7/15/16 (c)	3,295,000		3,253,813
6.75% 8/15/21 (c)	1,325,000		1,257,094
6.875% 12/1/18 (c)	3,640,000		3,567,200
7% 10/1/20 (c)	375,000		363,750
Vanguard Health Holding Co. II LLC/Vanguard Health Holding Co. II, Inc.:
7.75% 2/1/19 (c)	1,255,000		1,275,457
8% 2/1/18	5,205,000		5,335,125
8% 2/1/18 (c)	2,690,000		2,757,250
Ventas Realty LP:
Series 1, 6.5% 6/1/16	460,000		477,250
6.5% 6/1/16	1,200,000		1,245,000
			68,819,677
Homebuilders/Real Estate - 1.9%
CB Richard Ellis Services, Inc. 6.625% 10/15/20	3,255,000		3,352,650
KB Home 7.25% 6/15/18	4,735,000		4,640,300
Lennar Corp.:
5.6% 5/31/15	545,000		536,825
6.95% 6/1/18	1,515,000		1,499,850
Realogy Corp. 7.875% 2/15/19 (c)	1,760,000		1,757,712
Standard Pacific Corp.:
8.375% 5/15/18	2,210,000		2,292,875
8.375% 5/15/18 (c)	3,550,000		3,692,000
8.375% 1/15/21 (c)	2,375,000		2,458,125
10.75% 9/15/16	2,405,000		2,801,825
			23,032,162
Hotels - 0.7%
Host Hotels & Resorts LP:
6% 11/1/20	3,550,000		3,487,875
9% 5/15/17	2,195,000		2,474,863
Host Marriott LP 7.125% 11/1/13	2,406,000		2,442,090
			8,404,828
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Leisure - 2.5%
Equinox Holdings, Inc. 9.5% 2/1/16 (c)	$ 3,080,000		$ 3,314,850
GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17	1,865,000		2,018,863
NCL Corp. Ltd. 9.5% 11/15/18 (c)	1,465,000		1,545,575
Royal Caribbean Cruises Ltd.:
7.25% 3/15/18	1,815,000		1,914,825
11.875% 7/15/15	1,440,000		1,756,800
yankee:
7% 6/15/13	3,220,000		3,429,300
7.25% 6/15/16	8,570,000		9,127,050
7.5% 10/15/27	2,640,000		2,626,800
Town Sports International Holdings, Inc. 11% 2/1/14	1,772,000		1,798,580
Universal City Development Partners Ltd./UCDP Finance, Inc.:
8.875% 11/15/15	1,245,000		1,355,494
10.875% 11/15/16	2,130,000		2,396,250
			31,284,387
Metals/Mining - 1.6%
Aleris International, Inc. 7.625% 2/15/18 (c)	1,115,000		1,120,575
Boart Longyear Management Pty Ltd. 7% 4/1/21 (c)	700,000		717,500
CONSOL Energy, Inc.:
8% 4/1/17	2,640,000		2,897,400
8.25% 4/1/20	1,760,000		1,949,200
Drummond Co., Inc. 9% 10/15/14 (c)	830,000		879,800
FMG Resources (August 2006) Pty Ltd. 7% 11/1/15 (c)	5,570,000		5,799,484
Massey Energy Co. 6.875% 12/15/13	5,595,000		5,706,900
Rain CII Carbon LLC/CII Carbon Corp. 8% 12/1/18 (c)	1,100,000		1,177,000
			20,247,859
Paper - 0.2%
Boise Paper LLC/Boise Co-Issuer Co. 8% 4/1/20	1,880,000		2,030,400
Verso Paper Holdings LLC/Verso Paper, Inc. 11.5% 7/1/14	746,000		813,140
			2,843,540
Publishing/Printing - 0.3%
ProQuest LLC/ProQuest Notes Co. 9% 10/15/18 (c)	3,595,000		3,702,850
Services - 3.6%
ARAMARK Corp.:
3.8044% 2/1/15 (e)	7,820,000		7,741,800
8.5% 2/1/15	3,080,000		3,210,900

	Principal Amount		Value
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:
7.625% 5/15/14	$ 1,986,000		$ 2,038,033
7.75% 5/15/16	2,430,000		2,511,891
FTI Consulting, Inc. 6.75% 10/1/20 (c)	3,100,000		3,138,750
Hertz Corp.:
6.75% 4/15/19 (c)	1,725,000		1,703,438
7.375% 1/15/21 (c)	3,565,000		3,636,300
7.5% 10/15/18 (c)	8,800,000		9,108,000
8.875% 1/1/14	1,308,000		1,340,700
McJunkin Red Man Corp. 9.5% 12/15/16 (c)	5,700,000		5,771,250
PHH Corp. 9.25% 3/1/16	1,940,000		2,100,050
ServiceMaster Co. 10.75% 7/15/15 pay-in-kind (c)(e)	3,000,000		3,180,000
			45,481,112
Shipping - 2.6%
Huntington Ingalls Industries, Inc.:
6.875% 3/15/18 (c)	550,000		571,340
7.125% 3/15/21 (c)	550,000		571,340
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc. 8.625% 11/1/17	2,220,000		2,300,586
Navios Maritime Holdings, Inc.:
8.125% 2/15/19 (c)	1,360,000		1,365,168
8.875% 11/1/17	2,255,000		2,435,400
Overseas Shipholding Group, Inc.:
7.5% 2/15/24	475,000		407,313
8.125% 3/30/18	2,895,000		2,873,288
Ship Finance International Ltd. 8.5% 12/15/13	16,425,000		16,671,336
Swift Services Holdings, Inc. 10% 11/15/18 (c)	4,500,000		4,882,500
			32,078,271
Specialty Retailing - 0.5%
Sears Holdings Corp. 6.625% 10/15/18 (c)	6,640,000		6,449,432
Steel - 1.5%
Essar Steel Algoma, Inc. 9.375% 3/15/15 (c)	3,045,000		3,045,000
JMC Steel Group, Inc. 8.25% 3/15/18 (c)	2,680,000		2,733,600
Severstal Columbus LLC 10.25% 2/15/18	4,340,000		4,784,850
Steel Dynamics, Inc. 6.75% 4/1/15	5,775,000		5,970,195
Tube City IMS Corp. 9.75% 2/1/15	1,695,000		1,771,275
			18,304,920
Super Retail - 1.4%
AutoNation, Inc. 6.75% 4/15/18	2,325,000		2,418,000
J. Crew Group, Inc. 8.125% 3/1/19 (c)	1,620,000		1,589,625
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Super Retail - continued
PETCO Animal Supplies, Inc. 9.25% 12/1/18 (c)	$ 4,105,000		$ 4,402,613
QVC, Inc. 7.125% 4/15/17 (c)	1,470,000		1,547,175
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17	830,000		942,050
Toys 'R' Us Property Co. II LLC 8.5% 12/1/17	3,575,000		3,825,250
Toys 'R' Us, Inc. 7.375% 9/1/16 (c)	1,475,000		1,548,750
YCC Holdings LLC/Yankee Finance, Inc. 10.25% 2/15/16 (c)	1,315,000		1,328,150
			17,601,613
Technology - 7.5%
Advanced Micro Devices, Inc. 7.75% 8/1/20	3,965,000		4,083,950
Amkor Technology, Inc. 7.375% 5/1/18	5,590,000		5,757,700
Avaya, Inc.:
9.75% 11/1/15	2,435,000		2,471,525
10.125% 11/1/15 pay-in-kind (e)	2,415,000		2,463,300
CDW Escrow Corp. 8.5% 4/1/19 (c)	2,495,000		2,497,994
CDW LLC/CDW Finance Corp. 8% 12/15/18 (c)	2,860,000		3,053,050
CommScope, Inc. 8.25% 1/15/19 (c)	1,730,000		1,809,926
Eastman Kodak Co.:
7.25% 11/15/13	1,210,000		1,197,900
10.625% 3/15/19 (c)	3,560,000		3,560,000
Fidelity National Information Services, Inc.:
7.625% 7/15/17	915,000		990,488
7.875% 7/15/20	1,220,000		1,332,850
First Data Corp.:
8.25% 1/15/21 (c)	1,210,000		1,206,975
8.75% 1/15/22 pay-in-kind (c)(e)	1,240,000		1,202,154
9.875% 9/24/15	1,210,000		1,237,225
11.25% 3/31/16	3,840,000		3,825,600
12.625% 1/15/21 (c)	725,000		786,625
Freescale Semiconductor, Inc.:
9.125% 12/15/14 pay-in-kind (e)	3,145,979		3,240,358
9.25% 4/15/18 (c)	1,815,000		1,982,888
10.125% 12/15/16	5,690,000		6,059,850
Jabil Circuit, Inc.:
5.625% 12/15/20	925,000		918,063
7.75% 7/15/16	2,385,000		2,706,975
8.25% 3/15/18	430,000		488,050
Lucent Technologies, Inc.:
6.45% 3/15/29	4,550,000		3,913,000

	Principal Amount		Value
6.5% 1/15/28	$ 4,915,000		$ 4,226,900
Seagate HDD Cayman 6.875% 5/1/20 (c)	1,200,000		1,194,000
Spansion LLC 7.875% 11/15/17 (c)	5,850,000		5,908,500
SunGard Data Systems, Inc.:
7.375% 11/15/18 (c)	1,430,000		1,462,175
7.625% 11/15/20 (c)	1,430,000		1,471,041
10.25% 8/15/15	4,320,000		4,536,000
Terremark Worldwide, Inc.:
9.5% 11/15/13 (c)	1,325,000		1,363,160
12% 6/15/17	4,430,000		5,471,050
Viasystems, Inc. 12% 1/15/15 (c)	1,625,000		1,836,250
Xerox Capital Trust I 8% 2/1/27	9,405,000		9,569,588
			93,825,110
Telecommunications - 11.6%
Citizens Communications Co.:
7.875% 1/15/27	940,000		895,350
9% 8/15/31	3,350,000		3,425,375
Clearwire Communications LLC/Clearwire Finance, Inc. 12% 12/1/15 (c)	5,375,000		5,811,450
Cleveland Unlimited, Inc. 14.5% 12/15/10 (c)(e)	1,275,000		956,250
Digicel Group Ltd.:
8.25% 9/1/17 (c)	4,535,000		4,807,100
8.875% 1/15/15 (c)	5,750,000		5,980,000
9.125% 1/15/15 pay-in-kind (c)(e)	3,357,000		3,499,673
12% 4/1/14 (c)	1,430,000		1,665,950
Equinix, Inc. 8.125% 3/1/18	2,745,000		2,978,325
Frontier Communications Corp.:
7.875% 4/15/15	1,760,000		1,894,112
8.125% 10/1/18	5,125,000		5,496,563
8.25% 4/15/17	2,585,000		2,791,800
8.5% 4/15/20	880,000		952,600
Global Crossing Ltd.:
9% 11/15/19 (c)	2,440,000		2,421,700
12% 9/15/15	915,000		1,040,813
Intelsat Bermuda Ltd.:
11.25% 2/4/17	1,505,000		1,640,450
11.5% 2/4/17 pay-in-kind (e)	11,126,864		12,023,967
Intelsat Jackson Holdings Ltd.:
9.5% 6/15/16	5,125,000		5,406,875
11.5% 6/15/16	1,883,000		2,014,810
Intelsat Jackson Holdings SA:
7.25% 4/1/19 (c)	3,640,000		3,653,650
7.5% 4/1/21 (c)	4,075,000		4,100,469
Intelsat Ltd. 11.25% 6/15/16	680,000		725,900
Intelsat Subsidiary Holding Co. Ltd.:
8.875% 1/15/15 (c)	585,000		601,088
8.875% 1/15/15	6,240,000		6,442,800
MetroPCS Wireless, Inc. 7.875% 9/1/18	3,585,000		3,844,913
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Telecommunications - continued
Nextel Communications, Inc.:
5.95% 3/15/14	$ 4,895,000		$ 4,907,238
6.875% 10/31/13	3,945,000		3,974,588
7.375% 8/1/15	6,745,000		6,770,294
NII Capital Corp.:
8.875% 12/15/19	2,365,000		2,607,413
10% 8/15/16	2,495,000		2,844,300
Qwest Communications International, Inc.:
Series B 7.5% 2/15/14	900,000		914,625
7.125% 4/1/18	2,465,000		2,656,038
8% 10/1/15	2,080,000		2,295,800
Sprint Capital Corp.:
6.875% 11/15/28	1,015,000		936,338
8.75% 3/15/32	1,320,000		1,404,150
Sprint Nextel Corp. 6% 12/1/16	7,590,000		7,618,463
U.S. West Communications 7.5% 6/15/23	9,460,000		9,507,300
Wind Acquisition Finance SA:
7.25% 2/15/18 (c)	1,535,000		1,604,075
11.75% 7/15/17 (c)	4,510,000		5,209,050
Wind Acquisition Holdings Finance SA 12.25% 7/15/17 pay-in-kind (c)(e)	5,486,435		6,469,269
			144,790,924
TOTAL NONCONVERTIBLE BONDS			1,114,972,343
TOTAL CORPORATE BONDS (Cost $1,047,787,261)		1,117,789,679
Commercial Mortgage Securities - 0.0%

LB Multi-family Mortgage Trust Series 1991-4 Class A1, 7.0859% 4/25/21 (c)(e) (Cost $1,196)	32,868		22,373

Common Stocks - 0.0%
	Shares
Textiles & Apparel - 0.0%
Arena Brands Holding Corp. Class B (a)(f) (Cost $1,974,627)	48,889		391,601
Preferred Stocks - 1.0%

Convertible Preferred Stocks - 0.5%
Automotive - 0.3%
General Motors Co. 4.75%	82,000		3,952,400

	Shares		Value
Electric Utilities - 0.2%
AES Trust III 6.75%	51,000		$ 2,488,800
TOTAL CONVERTIBLE PREFERRED STOCKS			6,441,200
Nonconvertible Preferred Stocks - 0.5%
Banks & Thrifts - 0.3%
GMAC LLC 7.00% (c)	3,795		3,472,425
Diversified Financial Services - 0.2%
GMAC Capital Trust I 8.125%	92,488		2,358,444
TOTAL NONCONVERTIBLE PREFERRED STOCKS			5,830,869
TOTAL PREFERRED STOCKS (Cost $12,213,316)		12,272,069

Floating Rate Loans - 5.6%
	Principal Amount
Air Transportation - 0.5%
Delta Air Lines, Inc. Tranche 2LN, term loan 3.5055% 4/30/14 (e)	$ 2,944,811		2,930,087
US Airways Group, Inc. term loan 2.7525% 3/23/14 (e)	4,235,347		3,885,931
			6,816,018
Automotive - 0.5%
Federal-Mogul Corp.:
Tranche B, term loan 2.1964% 12/27/14 (e)	3,636,508		3,536,504
Tranche C, term loan 2.1886% 12/27/15 (e)	2,447,074		2,373,662
			5,910,166
Broadcasting - 0.9%
Clear Channel Capital I LLC Tranche B, term loan 3.8962% 1/29/16 (e)	7,027,834		6,193,279
Univision Communications, Inc. term loan 4.4962% 3/31/17 (e)	5,072,026		4,951,565
			11,144,844
Consumer Products - 0.2%
Visant Corp. Tranche B, term loan 5.25% 12/22/16 (e)	3,017,438		3,013,666
Containers - 0.3%
Anchor Glass Container Corp.:
Tranche 1LN, term loan 6% 3/2/16 (e)	1,754,702		1,765,669
Tranche 2LN, term loan 10% 9/2/16 (e)	2,070,000		2,116,575
			3,882,244
Diversified Financial Services - 0.4%
AWAS Aviation Acquisitions Ltd. term loan 7.75% 6/10/16 (e)	4,027,200		4,142,982
TransUnion LLC Tranche B, term loan 4.75% 2/10/18 (e)	205,000		206,025
			4,349,007
Floating Rate Loans - continued
	Principal Amount		Value
Leisure - 0.4%
Blackstone UTP Capital LLC term loan 7.75% 11/2/14	$ 3,665,082		$ 3,701,732
Six Flags, Inc. Tranche B, term loan 5.4605% 6/30/16 (e)	1,665,000		1,681,650
			5,383,382
Publishing/Printing - 0.1%
Newsday LLC term loan 10.5% 8/1/13	925,000		984,015
Shipping - 0.1%
Swift Transportation Co., Inc. Tranche B, term loan 6% 12/21/16 (e)	816,001		821,142
Steel - 0.2%
JMC Steel Group, Inc. term loan 4.75% 4/1/17 (e)	2,140,000		2,137,325
Super Retail - 0.1%
J. Crew Group, Inc. Tranche B, term loan 4.75% 3/7/18 (e)	425,000		423,428
PETCO Animal Supplies, Inc. term loan 4.5% 11/24/17 (e)	485,100		486,919
			910,347
Technology - 0.5%
CommScope, Inc. Tranche B, term loan 5% 1/14/18 (e)	325,000		326,625
First Data Corp. Tranche B1, term loan 3.002% 9/24/14 (e)	6,625,000		6,326,875
			6,653,500
Telecommunications - 1.4%
Asurion Corp.:
Tranche 2LN, term loan 6.758% 7/3/15 (e)	5,144,397		5,092,953
Tranche B 2LN, term loan 6.75% 3/31/15 (e)	4,713,188		4,772,102
Intelsat Jackson Holdings Ltd. term loan 3.3031% 2/1/14 (e)	830,000		814,438
MetroPCS Wireless, Inc. Tranche B 3LN, term loan 4.0595% 3/17/18 (e)	4,069,800		4,059,626
TowerCo Finance LLC Tranche B, term loan 5.25% 2/2/17 (e)	2,980,000		2,994,900
			17,734,019
TOTAL FLOATING RATE LOANS (Cost $66,299,133)		69,739,675

Money Market Funds - 4.0%
	Shares	Value
Fidelity Cash Central Fund, 0.16% (b) (Cost $50,314,944)	50,314,944	$ 50,314,944

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $1,178,590,477)

1,250,530,341

NET OTHER ASSETS (LIABILITIES) - (0.1)%			(1,333,868)
NET ASSETS - 100%		$ 1,249,196,473

Legend

(a) Non-income producing

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $423,900,786 or 33.9% of net assets.

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

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

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $391,601 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Arena Brands Holding Corp. Class B	6/18/97	$ 1,974,627

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	$ 32,907

Other Information

The following is a summary of the inputs used, as of March 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 4,344,001	$ 3,952,400	$ -	$ 391,601
Financials	5,830,869	2,358,444	3,472,425	-
Utilities	2,488,800	2,488,800	-	-
Corporate Bonds	1,117,789,679	-	1,116,833,429	956,250
Commercial Mortgage Securities	22,373	-	-	22,373
Floating Rate Loans	69,739,675	-	69,739,675	-
Money Market Funds	50,314,944	50,314,944	-	-
Total Investments in Securities:	$ 1,250,530,341	$ 59,114,588	$ 1,190,045,529	$ 1,370,224

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

Investments in Securities:
Beginning Balance	$ 402,835
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(154,976)
Cost of Purchases	-
Proceeds of Sales	(26,399)
Amortization/Accretion	1,264
Transfers in to Level 3	1,147,500
Transfers out of Level 3	-
Ending Balance	$ 1,370,224
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2011	$ (154,976)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At March 31, 2011, the cost of investment securities for income tax purposes was $1,171,566,797. Net unrealized appreciation aggregated $78,963,544, of which $84,474,979 related to appreciated investment securities and $5,511,435 related to depreciated investment securities.

Investment Valuation

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and floating rate loans, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

For commercial mortgage securities, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Value Portfolio

March 31, 2011

1.799871.107

VIPVAL-QTLY-0511

Investments March 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%
	Shares		Value
CONSUMER DISCRETIONARY - 10.1%
Auto Components - 0.2%
Modine Manufacturing Co. (a)	20,565		$ 331,919
Automobiles - 0.2%
Harley-Davidson, Inc.	8,300		352,667
Hotels, Restaurants & Leisure - 1.6%
Denny's Corp. (a)	120,844		490,627
Starbucks Corp.	11,421		422,006
Starwood Hotels & Resorts Worldwide, Inc.	10,500		610,260
WMS Industries, Inc. (a)	12,626		446,329
Wyndham Worldwide Corp.	16,496		524,738
			2,493,960
Household Durables - 2.4%
D.R. Horton, Inc.	94,028		1,095,426
Lennar Corp. Class A	55,200		1,000,224
Stanley Black & Decker, Inc.	21,900		1,677,540
Toll Brothers, Inc. (a)	100		1,977
			3,775,167
Media - 2.4%
News Corp. Class A	16,800		295,008
The Walt Disney Co.	48,034		2,069,785
Time Warner Cable, Inc.	14,500		1,034,430
Virgin Media, Inc.	18,000		500,220
			3,899,443
Specialty Retail - 1.7%
Advance Auto Parts, Inc.	9,700		636,514
Group 1 Automotive, Inc.	6,400		273,920
Lowe's Companies, Inc.	32,100		848,403
O'Reilly Automotive, Inc. (a)	7,300		419,458
OfficeMax, Inc. (a)	20,800		269,152
TJX Companies, Inc.	7,100		353,083
			2,800,530
Textiles, Apparel & Luxury Goods - 1.6%
Phillips-Van Heusen Corp.	14,300		929,929
Polo Ralph Lauren Corp. Class A	7,480		924,902
VF Corp.	7,500		738,975
			2,593,806
TOTAL CONSUMER DISCRETIONARY			16,247,492
CONSUMER STAPLES - 6.0%
Beverages - 0.8%
Anheuser-Busch InBev SA NV	4,200		239,357
The Coca-Cola Co.	15,400		1,021,790
			1,261,147
Food & Staples Retailing - 1.1%
Casey's General Stores, Inc.	5,636		219,804
CVS Caremark Corp.	27,400		940,368
Susser Holdings Corp. (a)	12,320		161,269

	Shares		Value
Wal-Mart Stores, Inc.	5,700		$ 296,685
Walgreen Co.	4,000		160,560
			1,778,686
Food Products - 0.4%
Archer Daniels Midland Co.	4,400		158,444
Green Mountain Coffee Roasters, Inc. (a)	5,880		379,907
			538,351
Household Products - 1.3%
Procter & Gamble Co.	34,800		2,143,680
Tobacco - 2.4%
British American Tobacco PLC sponsored ADR	5,900		477,841
Lorillard, Inc.	5,300		503,553
Philip Morris International, Inc.	42,882		2,814,346
			3,795,740
TOTAL CONSUMER STAPLES			9,517,604
ENERGY - 13.5%
Energy Equipment & Services - 4.3%
Baker Hughes, Inc.	18,407		1,351,626
Ensco International Ltd. ADR	12,200		705,648
Halliburton Co.	8,900		443,576
National Oilwell Varco, Inc.	24,800		1,965,896
Noble Corp.	35,800		1,633,196
Transocean Ltd. (a)	9,900		771,705
			6,871,647
Oil, Gas & Consumable Fuels - 9.2%
Alpha Natural Resources, Inc. (a)	8,200		486,834
Apache Corp.	14,500		1,898,340
Chevron Corp.	40,922		4,396,250
Exxon Mobil Corp.	9,000		757,170
Frontier Oil Corp.	12,900		378,228
Holly Corp.	23,000		1,397,480
Kinder Morgan Holding Co. LLC	4,500		133,380
Occidental Petroleum Corp.	15,998		1,671,631
Pioneer Natural Resources Co.	9,653		983,834
Royal Dutch Shell PLC Class A sponsored ADR	21,013		1,531,007
Talisman Energy, Inc.	36,800		909,659
Targa Resources Corp.	4,600		166,704
			14,710,517
TOTAL ENERGY			21,582,164
FINANCIALS - 22.9%
Capital Markets - 2.3%
Goldman Sachs Group, Inc.	17,208		2,726,952
Morgan Stanley	37,960		1,037,067
			3,764,019
Commercial Banks - 5.7%
City National Corp.	6,600		376,530
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
Comerica, Inc.	10,200		$ 374,544
Commerce Bancshares, Inc.	6,200		250,728
Huntington Bancshares, Inc.	47,700		316,728
KeyCorp	43,655		387,656
Southwest Bancorp, Inc., Oklahoma (a)	400		5,676
SunTrust Banks, Inc.	10,900		314,356
SVB Financial Group (a)	10,042		571,691
U.S. Bancorp, Delaware	99,634		2,633,327
Wells Fargo & Co.	124,665		3,951,881
			9,183,117
Consumer Finance - 0.5%
Discover Financial Services	32,339		780,017
Diversified Financial Services - 6.5%
Bank of America Corp.	194,181		2,588,433
Citigroup, Inc. (a)	685,838		3,031,404
JPMorgan Chase & Co.	103,196		4,757,333
			10,377,170
Insurance - 3.4%
AFLAC, Inc.	7,540		397,961
Delphi Financial Group, Inc. Class A	21,550		661,801
Lincoln National Corp.	34,268		1,029,411
Loews Corp.	19,200		827,328
MetLife, Inc.	13,200		590,436
Prudential Financial, Inc.	10,700		658,906
Unum Group	7,720		202,650
XL Group PLC Class A	44,100		1,084,860
			5,453,353
Real Estate Investment Trusts - 2.4%
CBL & Associates Properties, Inc.	48,400		843,128
DiamondRock Hospitality Co.	24,654		275,385
HCP, Inc.	3,300		125,202
Lexington Corporate Properties Trust	36,800		344,080
ProLogis Trust	10,500		167,790
Public Storage	4,600		510,186
Rayonier, Inc.	4,300		267,933
Segro PLC	791		4,078
The Macerich Co.	6,363		315,159
Ventas, Inc.	3,300		179,190
Weyerhaeuser Co.	32,900		809,340
			3,841,471
Real Estate Management & Development - 2.0%
CB Richard Ellis Group, Inc. Class A (a)	87,294		2,330,750
Forest City Enterprises, Inc. Class A (a)	9,100		171,353
Jones Lang LaSalle, Inc.	7,100		708,154
			3,210,257

	Shares		Value
Thrifts & Mortgage Finance - 0.1%
BankUnited, Inc.	5,200		$ 149,292
TOTAL FINANCIALS			36,758,696
HEALTH CARE - 11.0%
Biotechnology - 2.1%
Amgen, Inc. (a)	13,600		726,920
Anthera Pharmaceuticals, Inc.	24,700		166,972
Ardea Biosciences, Inc. (a)	11,300		324,197
ARIAD Pharmaceuticals, Inc. (a)	33,200		249,664
ArQule, Inc. (a)	13,800		98,808
BioMarin Pharmaceutical, Inc. (a)	7,900		198,527
Gilead Sciences, Inc. (a)	12,900		547,476
Keryx Biopharmaceuticals, Inc. (a)	33,100		165,500
Micromet, Inc. (a)	4,200		23,562
Pharmasset, Inc. (a)	1,900		149,549
Theravance, Inc. (a)	8,300		201,026
United Therapeutics Corp. (a)	5,000		335,100
ZIOPHARM Oncology, Inc. (a)	29,000		181,250
			3,368,551
Health Care Equipment & Supplies - 0.8%
Boston Scientific Corp. (a)	84,500		607,555
Covidien PLC	10,000		519,400
Edwards Lifesciences Corp. (a)	1,600		139,200
			1,266,155
Health Care Providers & Services - 2.3%
CIGNA Corp.	17,600		779,328
Emeritus Corp. (a)	464		11,813
Fresenius Medical Care AG & Co. KGaA sponsored ADR (d)	2,400		162,048
Humana, Inc. (a)	4,200		293,748
Kindred Healthcare, Inc. (a)	8,400		200,592
McKesson Corp.	9,139		722,438
Medco Health Solutions, Inc. (a)	17,000		954,720
Sunrise Senior Living, Inc. (a)	32,200		384,146
Universal Health Services, Inc. Class B	3,385		167,253
			3,676,086
Health Care Technology - 0.1%
Allscripts-Misys Healthcare Solutions, Inc. (a)	7,300		153,227
Life Sciences Tools & Services - 0.9%
Covance, Inc. (a)	4,800		262,656
PerkinElmer, Inc.	9,100		239,057
QIAGEN NV (a)	7,700		154,385
Thermo Fisher Scientific, Inc. (a)	13,800		766,590
			1,422,688
Pharmaceuticals - 4.8%
Cadence Pharmaceuticals, Inc. (a)	17,747		163,450
Cardiome Pharma Corp. (a)	9,500		40,363
Johnson & Johnson	31,192		1,848,126
Merck & Co., Inc.	80,270		2,649,713
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Pfizer, Inc.	122,704		$ 2,492,118
Valeant Pharmaceuticals International, Inc. (Canada)	12,400		618,913
			7,812,683
TOTAL HEALTH CARE			17,699,390
INDUSTRIALS - 13.1%
Aerospace & Defense - 2.8%
DigitalGlobe, Inc. (a)	5,052		141,608
GeoEye, Inc. (a)	3,672		152,682
Precision Castparts Corp.	7,900		1,162,722
Textron, Inc.	24,900		682,011
United Technologies Corp.	26,800		2,268,620
			4,407,643
Airlines - 0.5%
Southwest Airlines Co.	43,231		546,008
United Continental Holdings, Inc. (a)	12,432		285,812
			831,820
Building Products - 0.6%
Armstrong World Industries, Inc.	9,400		434,938
Owens Corning (a)	15,375		553,346
			988,284
Commercial Services & Supplies - 0.2%
Republic Services, Inc.	6,700		201,268
The Geo Group, Inc. (a)	7,400		189,736
			391,004
Construction & Engineering - 0.4%
Chiyoda Corp.	17,000		155,763
Shaw Group, Inc. (a)	12,300		435,543
			591,306
Electrical Equipment - 1.2%
EnerSys (a)	7,237		287,671
Regal-Beloit Corp.	18,600		1,373,238
Zumtobel AG	5,300		181,024
			1,841,933
Industrial Conglomerates - 1.5%
General Electric Co.	123,248		2,471,122
Machinery - 3.3%
Cummins, Inc.	16,081		1,762,799
Danaher Corp.	23,000		1,193,700
Dover Corp.	5,700		374,718
Gardner Denver, Inc.	9,800		764,694
Pall Corp.	3,200		184,352
Schindler Holding AG (participation certificate)	2,431		292,196
Timken Co.	13,100		685,130
			5,257,589

	Shares		Value
Road & Rail - 2.6%
Con-way, Inc.	9,603		$ 377,302
CSX Corp.	24,200		1,902,120
Union Pacific Corp.	20,000		1,966,600
			4,246,022
TOTAL INDUSTRIALS			21,026,723
INFORMATION TECHNOLOGY - 7.4%
Communications Equipment - 0.8%
Juniper Networks, Inc. (a)	15,464		650,725
QUALCOMM, Inc.	11,475		629,174
			1,279,899
Computers & Peripherals - 0.4%
Hewlett-Packard Co.	14,200		581,774
Electronic Equipment & Components - 1.3%
Arrow Electronics, Inc. (a)	16,600		695,208
Avnet, Inc. (a)	14,434		492,055
TE Connectivity Ltd.	25,400		884,428
			2,071,691
Internet Software & Services - 0.6%
eBay, Inc. (a)	29,200		906,368
IT Services - 0.7%
Fidelity National Information Services, Inc.	5,100		166,719
MasterCard, Inc. Class A	4,021		1,012,166
			1,178,885
Office Electronics - 0.3%
Xerox Corp.	51,734		550,967
Semiconductors & Semiconductor Equipment - 2.5%
Advanced Micro Devices, Inc. (a)	42,756		367,702
Intersil Corp. Class A	39,600		493,020
KLA-Tencor Corp.	9,900		468,963
Lam Research Corp. (a)	13,900		787,574
Linear Technology Corp.	9,113		306,470
Marvell Technology Group Ltd. (a)	12,449		193,582
National Semiconductor Corp.	33,900		486,126
ON Semiconductor Corp. (a)	102,200		1,008,714
			4,112,151
Software - 0.8%
AsiaInfo Holdings, Inc. (a)	11,700		253,305
BMC Software, Inc. (a)	8,700		432,738
Oracle Corp.	16,300		543,931
			1,229,974
TOTAL INFORMATION TECHNOLOGY			11,911,709
MATERIALS - 3.0%
Chemicals - 1.3%
Air Products & Chemicals, Inc.	9,800		883,764
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Solutia, Inc. (a)	47,091		$ 1,196,111
Symrise AG	3,200		93,794
			2,173,669
Containers & Packaging - 0.3%
Ball Corp.	11,600		415,860
Metals & Mining - 1.4%
BHP Billiton Ltd. sponsored ADR	1,700		162,996
Carpenter Technology Corp.	9,800		418,558
Goldcorp, Inc.	6,000		299,103
Newcrest Mining Ltd.	8,213		338,243
Newmont Mining Corp.	4,514		246,374
Reliance Steel & Aluminum Co.	5,700		329,346
Teck Resources Ltd. Class B (sub. vtg.)	3,100		164,287
United States Steel Corp.	5,600		302,064
			2,260,971
TOTAL MATERIALS			4,850,500
TELECOMMUNICATION SERVICES - 6.3%
Diversified Telecommunication Services - 4.6%
AboveNet, Inc.	16,500		1,070,190
AT&T, Inc.	126,772		3,879,223
Cbeyond, Inc. (a)	34,000		396,780
China Unicom (Hong Kong) Ltd. sponsored ADR	11,900		197,540
Iliad Group SA	1,555		186,365
Verizon Communications, Inc.	41,734		1,608,428
			7,338,526
Wireless Telecommunication Services - 1.7%
American Tower Corp. Class A (a)	17,800		922,396
SBA Communications Corp. Class A (a)	11,600		460,288
Sprint Nextel Corp. (a)	301,687		1,399,828
			2,782,512
TOTAL TELECOMMUNICATION SERVICES			10,121,038

	Shares		Value
UTILITIES - 2.9%
Electric Utilities - 2.2%
American Electric Power Co., Inc.	30,429		$ 1,069,275
FirstEnergy Corp.	26,300		975,467
PPL Corp.	62,227		1,574,343
			3,619,085
Independent Power Producers & Energy Traders - 0.7%
Calpine Corp. (a)	68,108		1,080,874
TOTAL UTILITIES			4,699,959
TOTAL COMMON STOCKS (Cost $130,889,902)		154,415,275
Money Market Funds - 3.6%

Fidelity Cash Central Fund, 0.16% (b)	5,696,581		5,696,581
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)	48,475		48,475
TOTAL MONEY MARKET FUNDS (Cost $5,745,056)		5,745,056

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $136,634,958)

160,160,331

NET OTHER ASSETS (LIABILITIES) - 0.2%

376,012

NET ASSETS - 100%

$ 160,536,343

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	$ 1,296
Fidelity Securities Lending Cash Central Fund	470
Total	$ 1,766

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 16,247,492	$ 16,247,492	$ -	$ -
Consumer Staples	9,517,604	9,278,247	239,357	-
Energy	21,582,164	21,582,164	-	-
Financials	36,758,696	36,758,696	-	-
Health Care	17,699,390	17,699,390	-	-
Industrials	21,026,723	21,026,723	-	-
Information Technology	11,911,709	11,911,709	-	-
Materials	4,850,500	4,850,500	-	-
Telecommunication Services	10,121,038	10,121,038	-	-
Utilities	4,699,959	4,699,959	-	-
Money Market Funds	5,745,056	5,745,056	-	-
Total Investments in Securities:	$ 160,160,331	$ 159,920,974	$ 239,357	$ -

Income Tax Information

At March 31, 2011, the cost of investment securities for income tax purposes was $137,668,086. Net unrealized appreciation aggregated $22,492,245, of which $27,488,717 related to appreciated investment securities and $4,996,472 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Overseas Portfolio

March 31, 2011

1.799852.107

VIPOVRS-QTLY-0511

Investments March 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%
	Shares		Value
Australia - 1.8%
AMP Ltd.	169,593		$ 952,430
Aristocrat Leisure Ltd.	1,050,218		3,530,111
BHP Billiton Ltd.	318,002		15,261,824
Extract Resources Ltd. (a)	98,251		802,767
Newcrest Mining Ltd.	258,132		10,630,866
Rio Tinto Ltd.	24,301		2,130,048
TOTAL AUSTRALIA			33,308,046
Austria - 0.2%
Zumtobel AG	130,400		4,453,868
Bailiwick of Jersey - 1.2%
Informa PLC	1,151,821		7,696,700
WPP PLC	1,075,303		13,246,894
TOTAL BAILIWICK OF JERSEY			20,943,594
Belgium - 1.3%
Ageas	1,039,800		2,953,430
Anheuser-Busch InBev SA NV	306,352		17,458,916
Hamon & Compagnie International SA	73,974		2,867,199
KBC Groupe SA	32,234		1,211,702
TOTAL BELGIUM			24,491,247
Bermuda - 1.9%
Clear Media Ltd. (a)	2,035,000		1,274,066
GOME Electrical Appliances Holdings Ltd. (a)	25,542,000		8,997,131
Huabao International Holdings Ltd.	2,642,000		4,062,212
Signet Jewelers Ltd. (a)	422,200		19,429,644
TOTAL BERMUDA			33,763,053
Brazil - 0.0%
Drogasil SA	66,000		515,824
British Virgin Islands - 0.0%
Mail.ru Group Ltd. GDR unit (a)(e)	6,600		197,670
Canada - 1.2%
Barrick Gold Corp.	73,000		3,793,410
Suncor Energy, Inc.	337,400		15,128,547
Yamana Gold, Inc.	288,100		3,559,284
TOTAL CANADA			22,481,241
Cayman Islands - 3.6%
China ZhengTong Auto Services Holdings Ltd.	602,000		615,265
E-Commerce China Dangdang, Inc. ADR	59,800		1,233,674
Hengdeli Holdings Ltd.	29,546,000		15,573,317
Natural Beauty Bio-Technology Ltd.	8,580,000		2,150,901
Noah Holdings Ltd. ADR	111,200		1,626,856
Peak Sport Products Co. Ltd.	3,547,000		2,435,011
Perfect World Co. Ltd. sponsored ADR Class B (a)	396,100		8,389,398
Shenguan Holdings Group Ltd.	2,664,000		3,116,551

	Shares		Value
Silver Base Group Holdings Ltd.	16,130,000		$ 12,338,146
Tencent Holdings Ltd.	715,100		17,421,059
TOTAL CAYMAN ISLANDS			64,900,178
China - 0.6%
Baidu.com, Inc. sponsored ADR (a)	75,800		10,445,998
Denmark - 3.4%
Carlsberg AS Series B	107,200		11,538,380
Danske Bank A/S (a)	96,100		2,127,156
Novo Nordisk AS:
Series B	51,925		6,518,398
Series B sponsored ADR	236,100		29,566,803
Pandora A/S (d)	134,500		6,861,463
William Demant Holding AS (a)	62,971		5,450,978
TOTAL DENMARK			62,063,178
France - 12.1%
Alstom SA	458,203		27,084,252
Atos Origin SA (a)	72,705		4,261,523
AXA SA	209,420		4,374,471
AXA SA sponsored ADR	158,600		3,321,084
BNP Paribas SA	231,299		16,911,035
Carrefour SA	130,903		5,793,262
Compagnie Generale de Geophysique SA (a)	184,500		6,673,430
Credit Agricole SA	356,100		5,841,752
Danone	206,912		13,511,453
Iliad Group SA	28,200		3,379,730
Ingenico SA	115,504		5,169,850
Ipsos SA	113,100		5,538,112
Lafarge SA (Bearer)	58,900		3,672,642
Laurent-Perrier Group	21,000		2,350,222
LVMH Moet Hennessy - Louis Vuitton	310,153		49,078,550
Pernod-Ricard SA	19,300		1,801,795
Safran SA	160,300		5,663,600
Sanofi-Aventis	45,238		3,168,806
Sanofi-Aventis sponsored ADR (d)	515,600		18,159,432
Schneider Electric SA	83,268		14,226,170
Societe Generale Series A	187,337		12,168,176
Total SA	150,100		9,142,582
TOTAL FRANCE			221,291,929
Germany - 10.1%
Allianz AG	77,600		10,886,570
BASF AG	146,767		12,689,203
Bayer AG	121,877		9,433,981
Bayerische Motoren Werke AG (BMW)	428,568		35,668,938
Deutsche Bank AG	91,246		5,362,502
Deutsche Boerse AG	180,720		13,709,710
Deutsche Post AG	273,501		4,928,430
Fresenius Medical Care AG & Co. KGaA	272,500		18,294,299
Hugo Boss AG	66,900		5,143,379
K&S AG	37,600		2,837,482
Kabel Deutschland Holding AG	136,200		7,216,245
Common Stocks - continued
	Shares		Value
Germany - continued
Linde AG	69,387		$ 10,955,211
MAN SE	83,268		10,380,622
Munich Re Group	23,549		3,703,037
Puma AG	17,183		5,037,638
Rheinmetall AG	35,400		2,932,236
SAP AG	189,513		11,598,059
SAP AG sponsored ADR (d)	129,900		7,970,664
Siemens AG sponsored ADR	31,200		4,285,008
Tom Tailor Holding AG	92,300		1,791,368
TOTAL GERMANY			184,824,582
Hong Kong - 2.0%
AIA Group Ltd.	1,274,400		3,923,827
China Unicom (Hong Kong) Ltd. sponsored ADR	221,600		3,678,560
Emperor Watch & Jewellery Ltd.	36,420,000		4,354,331
Hang Seng Bank Ltd.	95,400		1,540,411
Henderson Land Development Co. Ltd.	814,919		5,646,792
Henderson Land Development Co. Ltd. warrants 6/1/11 (a)	123,200		7,286
Hong Kong Exchanges and Clearing Ltd.	168,000		3,650,014
Television Broadcasts Ltd.	1,125,000		6,609,480
Wharf Holdings Ltd.	1,050,000		7,241,984
TOTAL HONG KONG			36,652,685
Ireland - 1.2%
CRH PLC	554,756		12,740,688
Kingspan Group PLC (United Kingdom)	1,045,439		9,478,535
TOTAL IRELAND			22,219,223
Israel - 0.2%
Teva Pharmaceutical Industries Ltd. sponsored ADR	59,700		2,995,149
Italy - 3.9%
Assicurazioni Generali SpA	158,500		3,430,956
Bulgari SpA	420,300		7,281,962
Intesa Sanpaolo SpA	2,917,293		8,629,251
Saipem SpA	558,496		29,677,663
Sorin SpA (a)	1,988,800		5,550,344
Tod's SpA	77,440		9,122,002
UniCredit SpA	2,558,038		6,319,985
Unione di Banche Italiane SCpA	246,904		2,109,153
TOTAL ITALY			72,121,316
Japan - 16.3%
Aozora Bank Ltd.	1,825,000		4,125,534
Asahi Glass Co. Ltd.	421,000		5,295,088
Canon, Inc.	139,500		6,000,945
Canon, Inc. sponsored ADR	76,400		3,311,940
Dai-ichi Mutual Life Insurance Co.	1,893		2,856,628
Denso Corp.	87,400		2,900,547
eAccess Ltd. (d)	3,575		1,964,498
East Japan Railway Co.	43,300		2,408,014

	Shares		Value
Fanuc Ltd.	56,200		$ 8,507,882
Fuji Media Holdings, Inc.	1,691		2,366,770
Hoya Corp.	107,800		2,460,222
Japan Retail Fund Investment Corp.	3,506		5,488,862
Japan Tobacco, Inc.	916		3,309,782
JFE Holdings, Inc.	123,900		3,626,196
JSR Corp.	121,600		2,440,334
Keyence Corp.	30,200		7,731,113
Konica Minolta Holdings, Inc.	114,000		955,426
Mazda Motor Corp.	4,278,000		9,413,503
Mitsubishi Corp.	422,200		11,721,996
Mitsubishi Electric Corp.	1,084,000		12,799,711
Mitsubishi Estate Co. Ltd.	428,000		7,240,979
Mitsubishi UFJ Financial Group, Inc.	2,944,500		13,569,708
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	489,200		2,250,320
Mitsui & Co. Ltd.	611,300		10,959,518
Mizuho Financial Group, Inc.	1,836,800		3,031,434
Mizuho Financial Group, Inc. ADR (d)	509,700		1,692,204
MS&AD Insurance Group Holdings, Inc.	141,900		3,231,631
Murata Manufacturing Co. Ltd.	64,300		4,631,239
Nintendo Co. Ltd.	10,100		2,728,876
NKSJ Holdings, Inc. (a)	380,000		2,481,092
Nomura Holdings, Inc.	1,041,300		5,383,441
NSK Ltd.	587,000		5,060,771
ORIX Corp.	110,910		10,388,852
Rakuten, Inc.	9,640		8,670,378
Ricoh Co. Ltd.	101,000		1,185,306
Shin-Etsu Chemical Co., Ltd.	121,400		6,036,061
SMC Corp.	54,700		9,004,305
SOFTBANK CORP.	634,400		25,325,654
Sony Corp.	89,900		2,867,971
Sony Corp. sponsored ADR	34,500		1,098,135
Start Today Co. Ltd.	293,100		4,535,799
Sumitomo Corp.	546,000		7,806,096
Sumitomo Mitsui Financial Group, Inc.	346,200		10,742,897
T&D Holdings, Inc.	97,400		2,400,890
Tokio Marine Holdings, Inc.	158,300		4,233,262
Tokyo Electron Ltd.	146,000		8,049,179
Toshiba Corp.	1,394,000		6,822,077
Toyota Motor Corp.	412,300		16,364,777
Toyota Motor Corp. sponsored ADR (d)	82,300		6,604,575
Yahoo! Japan Corp.	12,647		4,525,638
TOTAL JAPAN			298,608,056
Korea (South) - 0.5%
Samsung Electronics Co. Ltd.	10,595		9,005,511
Luxembourg - 0.3%
ArcelorMittal SA Class A unit (d)	159,300		5,758,695
Netherlands - 1.8%
AEGON NV (a)	308,300		2,307,608
ASML Holding NV	108,600		4,832,700
Fugro NV (Certificaten Van Aandelen) unit	33,600		2,959,733
Common Stocks - continued
	Shares		Value
Netherlands - continued
ING Groep NV:
(Certificaten Van Aandelen) unit (a)	574,784		$ 7,293,373
sponsored ADR (a)	174,500		2,217,895
Koninklijke Philips Electronics NV (d)	268,116		8,585,215
Koninklijke Philips Electronics NV unit	138,500		4,455,545
TOTAL NETHERLANDS			32,652,069
Norway - 1.2%
Aker Solutions ASA	437,400		10,049,447
DnB NOR ASA	413,200		6,337,675
StatoilHydro ASA	50,200		1,389,894
StatoilHydro ASA sponsored ADR (d)	130,200		3,598,728
TOTAL NORWAY			21,375,744
Poland - 0.3%
Eurocash SA	441,700		4,850,411
Russia - 0.3%
Uralkali JSC GDR (Reg. S)	113,200		4,694,404
Singapore - 0.1%
United Overseas Bank Ltd.	176,086		2,626,273
South Africa - 0.2%
Impala Platinum Holdings Ltd.	121,100		3,503,960
Spain - 3.0%
Antena 3 Television SA	391,100		3,634,580
Banco Bilbao Vizcaya Argentaria SA	493,103		5,980,324
Banco Santander SA	1,250,177		14,576,421
Banco Santander SA sponsored ADR	324,500		3,803,140
EDP Renovaveis SA (a)	628,538		4,512,640
NH Hoteles SA (a)	1,107,500		7,507,377
Telefonica SA	540,906		13,563,199
Telefonica SA sponsored ADR	74,300		1,873,846
TOTAL SPAIN			55,451,527
Sweden - 1.2%
Elekta AB (B Shares)	451,000		18,025,859
Svenska Handelsbanken AB (A Shares) (d)	75,800		2,484,675
Swedbank AB (A Shares)	105,832		1,809,968
TOTAL SWEDEN			22,320,502
Switzerland - 6.0%
Compagnie Financiere Richemont SA Series A	468,329		27,049,378
Credit Suisse Group	71,082		3,015,314
Credit Suisse Group sponsored ADR (d)	109,200		4,649,736
GAM Holding Ltd.	228,269		4,336,738
Julius Baer Group Ltd.	144,820		6,284,731
Kuehne & Nagel International AG	33,380		4,669,929
Swiss Reinsurance Co.	64,556		3,693,433
The Swatch Group AG (Bearer)	71,820		31,754,058
Transocean Ltd. (a)	59,200		4,614,640
UBS AG (a)	447,317		8,047,267

	Shares		Value
UBS AG (NY Shares) (a)	239,243		$ 4,318,336
Zurich Financial Services AG	25,658		7,182,005
TOTAL SWITZERLAND			109,615,565
Taiwan - 1.9%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	645,360		2,260,571
HTC Corp.	776,900		30,383,778
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	210,167		2,559,834
TOTAL TAIWAN			35,204,183
Turkey - 0.3%
Boyner Buyuk Magazacilik AS (a)	2,434,000		6,160,829
United Kingdom - 16.7%
Anglo American PLC:
ADR	238,400		6,155,488
(United Kingdom)	259,780		13,359,823
ARM Holdings PLC	219,900		2,039,757
Aviva PLC	431,600		2,993,854
Barclays PLC	2,049,776		9,199,966
Barclays PLC Sponsored ADR (d)	478,200		8,674,548
BG Group PLC	881,599		21,926,986
BHP Billiton PLC	706,682		27,967,963
BP PLC	1,586,406		11,651,102
BP PLC sponsored ADR	104,300		4,603,802
British Sky Broadcasting Group PLC	360,800		4,773,276
Burberry Group PLC	415,700		7,826,078
Centrica PLC	854,600		4,458,030
Dunelm Group PLC	364,200		2,242,095
Hays PLC	1,754,300		3,271,746
HSBC Holdings PLC:
(United Kingdom)	1,209,669		12,490,132
sponsored ADR	524,570		27,172,726
InterContinental Hotel Group PLC	443,064		9,076,225
International Personal Finance PLC	713,300		3,678,615
ITV PLC (a)	2,714,300		3,366,776
Johnson Matthey PLC	248,370		7,408,122
Legal & General Group PLC	1,128,633		2,084,977
Lloyds Banking Group PLC (a)	4,266,744		3,963,191
Lloyds Banking Group PLC sponsored ADR (a)(d)	549,500		2,033,150
Man Group PLC	1,135,453		4,477,378
Ocado Group PLC (a)	701,300		2,564,099
Prudential PLC	614,157		6,952,531
Rio Tinto PLC	176,515		12,474,643
Rio Tinto PLC sponsored ADR	103,200		7,339,584
Rolls-Royce Group PLC	266,000		2,640,392
Royal Bank of Scotland Group PLC (a)	1,668,800		1,094,414
Royal Dutch Shell PLC:
Class A (United Kingdom)	281,700		10,227,260
Class B	286,299		10,392,796
Schroders PLC	235,800		6,564,317
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Standard Chartered PLC (United Kingdom)	213,140		$ 5,526,765
Sthree PLC	229,400		1,505,675
Vodafone Group PLC	6,973,198		19,864,863
Vodafone Group PLC sponsored ADR	137,000		3,938,750
Xstrata PLC	344,400		8,046,717
TOTAL UNITED KINGDOM			306,028,612
United States of America - 1.9%
Apple, Inc. (a)	26,500		9,233,925
Deckers Outdoor Corp. (a)	202,500		17,445,375
Google, Inc. Class A (a)	14,200		8,324,182
TOTAL UNITED STATES OF AMERICA			35,003,482
TOTAL COMMON STOCKS (Cost $1,426,754,528)		1,770,528,604
Nonconvertible Preferred Stocks - 2.5%

Germany - 2.5%
Hugo Boss AG (non-vtg.)	169,900		14,200,641
Volkswagen AG	191,947		31,121,440
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $28,393,566)		45,322,081
Money Market Funds - 4.2%
	Shares		Value
Fidelity Cash Central Fund, 0.16% (b)	12,097,964		$ 12,097,964
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)	64,726,222		64,726,222
TOTAL MONEY MARKET FUNDS (Cost $76,824,186)		76,824,186

TOTAL INVESTMENT PORTFOLIO - 103.4%

(Cost $1,531,972,280)

1,892,674,871

NET OTHER ASSETS (LIABILITIES) - (3.4)%			(62,317,317)
NET ASSETS - 100%		$ 1,830,357,554

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	$ 4,455
Fidelity Securities Lending Cash Central Fund	40,400
Total	$ 44,855

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 306,028,612	$ 175,867,175	$ 130,161,437	$ -
Japan	298,608,056	240,646,883	57,961,173	-
Germany	230,146,663	230,146,663	-	-
France	221,291,929	202,307,111	18,984,818	-
Switzerland	109,615,565	98,552,984	11,062,581	-
Italy	72,121,316	72,121,316	-	-
Cayman Islands	64,900,178	64,900,178	-	-
Denmark	62,063,178	55,544,780	6,518,398	-
Spain	55,451,527	21,331,583	34,119,944	-
Other	395,623,661	317,339,249	78,284,412	-
Money Market Funds	76,824,186	76,824,186	-	-
Total Investments in Securities:	$ 1,892,674,871	$ 1,555,582,108	$ 337,092,763	$ -

Income Tax Information

At March 31, 2011, the cost of investment securities for income tax purposes was $1,554,827,753. Net unrealized appreciation aggregated $337,847,118, of which $473,305,059 related to appreciated investment securities and $135,457,941 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Growth Portfolio

March 31, 2011

1.799861.107

VIPGRWT-QTLY-0511

Investments March 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
CONSUMER DISCRETIONARY - 13.3%
Auto Components - 0.6%
Gentex Corp.	862,574		$ 26,092,864
Automobiles - 1.6%
Bayerische Motoren Werke AG (BMW)	309,498		25,758,957
Harley-Davidson, Inc.	662,466		28,148,180
Tesla Motors, Inc. (a)(d)	502,177		13,910,303
			67,817,440
Diversified Consumer Services - 0.3%
Anhanguera Educacional Participacoes SA	59,100		1,447,229
Weight Watchers International, Inc.	205,600		14,412,560
			15,859,789
Hotels, Restaurants & Leisure - 3.1%
China Lodging Group Ltd. ADR (d)	172,175		3,013,063
Chipotle Mexican Grill, Inc. (a)	13,893		3,784,036
Home Inns & Hotels Management, Inc. sponsored ADR (a)	54,772		2,167,328
Marriott International, Inc. Class A	483,099		17,188,662
McDonald's Corp.	689,600		52,471,664
Starbucks Corp.	1,015,173		37,510,642
Starwood Hotels & Resorts Worldwide, Inc.	279,900		16,267,788
			132,403,183
Household Durables - 0.1%
Mohawk Industries, Inc. (a)	71,028		4,343,362
Internet & Catalog Retail - 1.4%
Amazon.com, Inc. (a)	330,918		59,608,259
Media - 0.4%
Discovery Communications, Inc. Class C (a)	444,191		15,639,965
Sun TV Ltd.	305,264		3,078,681
			18,718,646
Multiline Retail - 1.5%
Dollarama, Inc. (a)	718,740		22,028,414
Dollarama, Inc. (a)(e)	128,200		3,929,157
Target Corp.	750,324		37,523,703
			63,481,274
Specialty Retail - 2.6%
Lowe's Companies, Inc.	1,251,691		33,082,193
Ross Stores, Inc.	303,509		21,585,560
TJX Companies, Inc.	382,750		19,034,158
Ulta Salon, Cosmetics & Fragrance, Inc. (a)	378,609		18,222,451
Vitamin Shoppe, Inc. (a)	602,892		20,395,836
			112,320,198
Textiles, Apparel & Luxury Goods - 1.7%
Arezzo Industria E Comercio SA	19,000		264,754
Coach, Inc.	187,000		9,731,480
lululemon athletica, Inc. (a)(d)	199,157		17,734,931

	Shares		Value
LVMH Moet Hennessy - Louis Vuitton	28,981		$ 4,585,948
Polo Ralph Lauren Corp. Class A	323,900		40,050,235
			72,367,348
TOTAL CONSUMER DISCRETIONARY			573,012,363
CONSUMER STAPLES - 3.1%
Beverages - 0.7%
The Coca-Cola Co.	447,541		29,694,345
Food & Staples Retailing - 1.3%
Costco Wholesale Corp.	69,600		5,103,072
Droga Raia SA	183,000		2,858,237
Drogasil SA	288,600		2,255,558
Walgreen Co.	743,885		29,859,544
Whole Foods Market, Inc.	246,742		16,260,298
			56,336,709
Food Products - 0.3%
Mead Johnson Nutrition Co. Class A	224,969		13,032,454
Personal Products - 0.8%
Estee Lauder Companies, Inc. Class A	46,976		4,526,607
Herbalife Ltd.	377,907		30,746,514
			35,273,121
TOTAL CONSUMER STAPLES			134,336,629
ENERGY - 14.9%
Energy Equipment & Services - 7.4%
Aker Solutions ASA	558,741		12,837,307
Baker Hughes, Inc.	940,138		69,034,333
Dresser-Rand Group, Inc. (a)	275,400		14,766,948
Halliburton Co.	1,936,730		96,526,623
National Oilwell Varco, Inc.	85,300		6,761,731
Oceaneering International, Inc. (a)	343,856		30,757,919
Oil States International, Inc. (a)	87,200		6,639,408
Schlumberger Ltd.	596,033		55,586,038
Transocean Ltd. (a)	315,409		24,586,132
Vantage Drilling Co. (a)	1,012,800		1,823,040
			319,319,479
Oil, Gas & Consumable Fuels - 7.5%
Anadarko Petroleum Corp.	161,400		13,221,888
Apache Corp.	35,000		4,582,200
Concho Resources, Inc. (a)	141,092		15,139,172
Denbury Resources, Inc. (a)	181,200		4,421,280
Extract Resources Ltd. (a)	455,454		3,721,321
Exxon Mobil Corp.	2,010,034		169,104,160
Occidental Petroleum Corp.	587,200		61,356,528
Pioneer Natural Resources Co.	71,000		7,236,320
Whiting Petroleum Corp. (a)	568,100		41,726,945
			320,509,814
TOTAL ENERGY			639,829,293
Common Stocks - continued
	Shares		Value
FINANCIALS - 6.1%
Capital Markets - 2.7%
BlackRock, Inc. Class A	185,209		$ 37,228,861
Charles Schwab Corp.	855,448		15,423,727
Invesco Ltd.	1,173,451		29,993,408
JMP Group, Inc.	127,100		1,094,331
Noah Holdings Ltd. ADR (d)	663,300		9,704,079
T. Rowe Price Group, Inc.	130,658		8,678,304
The Blackstone Group LP	864,000		15,448,320
			117,571,030
Commercial Banks - 1.7%
M&T Bank Corp.	88,785		7,854,809
Wells Fargo & Co.	1,982,160		62,834,472
			70,689,281
Consumer Finance - 0.1%
Shriram Transport Finance Co. Ltd.	281,024		5,021,778
Diversified Financial Services - 1.3%
CME Group, Inc.	61,177		18,447,924
JPMorgan Chase & Co.	842,798		38,852,988
			57,300,912
Real Estate Management & Development - 0.3%
CB Richard Ellis Group, Inc. Class A (a)	436,297		11,649,130
TOTAL FINANCIALS			262,232,131
HEALTH CARE - 10.1%
Biotechnology - 2.4%
Acorda Therapeutics, Inc. (a)	376,138		8,726,402
Alexion Pharmaceuticals, Inc. (a)	176,642		17,431,033
Human Genome Sciences, Inc. (a)	396,700		10,889,415
Incyte Corp. (a)(d)	734,200		11,637,070
United Therapeutics Corp. (a)	806,660		54,062,353
			102,746,273
Health Care Equipment & Supplies - 0.4%
Edwards Lifesciences Corp. (a)	190,412		16,565,844
Health Care Providers & Services - 1.2%
Express Scripts, Inc. (a)	628,230		34,935,870
HMS Holdings Corp. (a)	64,200		5,254,770
Medco Health Solutions, Inc. (a)	223,579		12,556,197
			52,746,837
Life Sciences Tools & Services - 1.9%
Agilent Technologies, Inc. (a)	656,646		29,404,608
Illumina, Inc. (a)(d)	747,273		52,361,419
Sequenom, Inc. (a)(d)	72,677		460,045
			82,226,072
Pharmaceuticals - 4.2%
Aegerion Pharmaceuticals, Inc.	123,800		2,051,366
Novo Nordisk AS Series B	512,963		64,394,742

	Shares		Value
Perrigo Co.	464,890		$ 36,968,053
Valeant Pharmaceuticals International, Inc. (Canada)	1,580,919		78,907,373
			182,321,534
TOTAL HEALTH CARE			436,606,560
INDUSTRIALS - 16.4%
Aerospace & Defense - 7.1%
Esterline Technologies Corp. (a)	417,078		29,495,756
Goodrich Corp.	538,679		46,073,215
Honeywell International, Inc.	672,816		40,173,843
Precision Castparts Corp.	273,700		40,283,166
Textron, Inc.	777,100		21,284,769
TransDigm Group, Inc. (a)	130,148		10,910,307
United Technologies Corp.	1,383,970		117,153,061
			305,374,117
Air Freight & Logistics - 0.2%
C.H. Robinson Worldwide, Inc.	111,100		8,235,843
Airlines - 0.1%
Ryanair Holdings PLC sponsored ADR	113,200		3,146,960
Building Products - 0.3%
A.O. Smith Corp.	150,241		6,661,686
Lennox International, Inc.	128,022		6,731,397
			13,393,083
Commercial Services & Supplies - 0.1%
Waste Connections, Inc.	213,450		6,145,226
Construction & Engineering - 0.5%
Jacobs Engineering Group, Inc. (a)	404,269		20,791,555
Electrical Equipment - 2.6%
Acuity Brands, Inc.	217,600		12,727,424
AMETEK, Inc.	132,286		5,803,387
Cooper Industries PLC Class A	317,800		20,625,220
Crompton Greaves Ltd.	576,754		3,531,477
Emerson Electric Co.	774,400		45,248,192
Polypore International, Inc. (a)	263,356		15,164,038
Regal-Beloit Corp.	128,100		9,457,623
			112,557,361
Industrial Conglomerates - 0.6%
3M Co.	302,388		28,273,278
Machinery - 3.8%
CLARCOR, Inc.	94,300		4,236,899
Cummins, Inc.	270,434		29,644,975
Danaher Corp.	663,368		34,428,799
Flowserve Corp.	68,800		8,861,440
Ingersoll-Rand Co. Ltd.	215,347		10,403,414
WABCO Holdings, Inc. (a)	1,018,498		62,780,217
Weg SA	920,400		12,120,540
			162,476,284
Professional Services - 0.6%
51job, Inc. sponsored ADR (a)	97,726		6,247,623
CoStar Group, Inc. (a)	43,900		2,751,652
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Professional Services - continued
IHS, Inc. Class A (a)	113,388		$ 10,063,185
Robert Half International, Inc.	217,030		6,641,118
			25,703,578
Road & Rail - 0.5%
Union Pacific Corp.	223,282		21,955,319
TOTAL INDUSTRIALS			708,052,604
INFORMATION TECHNOLOGY - 30.5%
Communications Equipment - 5.1%
Cisco Systems, Inc.	925,992		15,880,763
Juniper Networks, Inc. (a)	1,047,282		44,069,627
QUALCOMM, Inc.	2,956,003		162,077,644
			222,028,034
Computers & Peripherals - 7.3%
Apple, Inc. (a)	758,730		264,379,463
EMC Corp. (a)	618,985		16,434,052
NetApp, Inc. (a)	527,400		25,410,132
SanDisk Corp. (a)	181,166		8,349,941
			314,573,588
Electronic Equipment & Components - 0.5%
Amphenol Corp. Class A	73,700		4,008,543
HLS Systems International Ltd. (a)	157,533		2,095,189
IPG Photonics Corp. (a)	119,730		6,906,026
Keyence Corp.	31,500		8,063,909
			21,073,667
Internet Software & Services - 6.7%
Baidu.com, Inc. sponsored ADR (a)	179,706		24,765,284
Dice Holdings, Inc. (a)	1,079,653		16,313,557
eBay, Inc. (a)	676,051		20,984,623
Google, Inc. Class A (a)	239,542		140,421,916
KIT Digital, Inc. (a)	1,341,588		16,152,720
The Knot, Inc. (a)	415,717		5,009,390
Velti PLC (a)	267,800		3,371,602
VeriSign, Inc.	734,677		26,602,654
WebMD Health Corp. (a)	647,450		34,586,779
			288,208,525
IT Services - 2.3%
Accenture PLC Class A	811,100		44,586,167
Cognizant Technology Solutions Corp. Class A (a)	430,100		35,010,140
Fidelity National Information Services, Inc.	268,438		8,775,238
Heartland Payment Systems, Inc.	222,669		3,903,388
ServiceSource International, Inc.	15,400		187,572
Visa, Inc. Class A	74,586		5,491,021
			97,953,526

	Shares		Value
Semiconductors & Semiconductor Equipment - 2.2%
Analog Devices, Inc.	108,000		$ 4,253,040
ARM Holdings PLC sponsored ADR (d)	1,461,047		41,157,694
Avago Technologies Ltd.	1,450,970		45,125,167
Broadcom Corp. Class A	135,589		5,339,495
			95,875,396
Software - 6.4%
ANSYS, Inc. (a)	82,495		4,470,404
Ariba, Inc. (a)	1,156,664		39,488,509
Citrix Systems, Inc. (a)	532,184		39,094,237
Computer Modelling Group Ltd.	175,100		4,687,631
Concur Technologies, Inc. (a)	78,159		4,333,917
Informatica Corp. (a)	152,600		7,970,298
Intuit, Inc. (a)	159,547		8,471,946
Kingdee International Software Group Co. Ltd.	8,534,000		5,353,909
Microsoft Corp.	505,000		12,806,800
Oracle Corp.	2,453,816		81,883,840
RealPage, Inc.	132,500		3,674,225
Red Hat, Inc. (a)	204,900		9,300,411
salesforce.com, Inc. (a)	128,389		17,150,203
SolarWinds, Inc. (a)	1,058,163		24,824,504
VMware, Inc. Class A (a)	139,577		11,381,109
			274,891,943
TOTAL INFORMATION TECHNOLOGY			1,314,604,679
MATERIALS - 4.5%
Chemicals - 1.3%
CF Industries Holdings, Inc.	115,950		15,860,801
FMC Corp.	203,027		17,243,083
The Mosaic Co.	287,050		22,605,188
			55,709,072
Containers & Packaging - 0.0%
Lock & Lock Co. Ltd.	76,360		2,663,722
Metals & Mining - 3.2%
Grande Cache Coal Corp. (a)	3,046,306		32,263,136
Iluka Resources Ltd.	396,511		5,454,217
Kenmare Resources PLC (a)	16,716,150		11,888,469
Major Drilling Group International, Inc.	796,400		13,526,563
Mirabela Nickel Ltd. (a)	3,712,118		7,524,946
Mongolian Mining Corp.	3,198,000		4,086,612
Newmont Mining Corp.	577,660		31,528,683
Teck Resources Ltd. Class B (sub. vtg.)	220,400		11,680,268
Walter Energy, Inc.	141,100		19,109,173
			137,062,067
TOTAL MATERIALS			195,434,861
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - 0.6%
Wireless Telecommunication Services - 0.6%
TIM Participacoes SA sponsored ADR (non-vtg.) (d)	551,800		$ 24,086,070
TOTAL COMMON STOCKS (Cost $3,219,855,667)		4,288,195,190
Money Market Funds - 1.6%

Fidelity Cash Central Fund, 0.16% (b)	24,676,555		24,676,555
Fidelity Securities Lending Cash Central Fund, 0.18% (b)(c)	45,413,025		45,413,025
TOTAL MONEY MARKET FUNDS (Cost $70,089,580)		70,089,580
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $3,289,945,247)			4,358,284,770
NET OTHER ASSETS (LIABILITIES) - (1.1)%			(48,953,220)
NET ASSETS - 100%		$ 4,309,331,550

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	$ 27,227
Fidelity Securities Lending Cash Central Fund	87,258
Total	$ 114,485

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 573,012,363	$ 573,012,363	$ -	$ -
Consumer Staples	134,336,629	134,336,629	-	-
Energy	639,829,293	639,829,293	-	-
Financials	262,232,131	262,232,131	-	-
Health Care	436,606,560	372,211,818	64,394,742	-
Industrials	708,052,604	708,052,604	-	-
Information Technology	1,314,604,679	1,314,604,679	-	-
Materials	195,434,861	195,434,861	-	-
Telecommunication Services	24,086,070	24,086,070	-	-
Money Market Funds	70,089,580	70,089,580	-	-
Total Investments in Securities:	$ 4,358,284,770	$ 4,293,890,028	$ 64,394,742	$ -

Income Tax Information

At March 31, 2011, the cost of investment securities for income tax purposes was $3,304,115,438. Net unrealized appreciation aggregated $1,054,169,332, of which $1,114,820,646 related to appreciated investment securities and $60,651,314 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Variable Insurance Products Fund

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	May 31, 2011

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

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	May 31, 2011
By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	May 31, 2011