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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3329

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	December 31
Date of reporting period:	September 30, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Overseas Portfolio

September 30, 2006

VIPOVRS-QTLY-1106

1.808774.102

Investments September 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
Australia - 3.7%
Aristocrat Leisure Ltd. (d)	1,028,000		$ 10,803,699
Babcock & Brown Japan Property Trust	947,456		1,359,409
BHP Billiton Ltd.	740,600		14,026,964
Computershare Ltd.	1,733,600		9,962,390
CSL Ltd.	316,800		12,757,935
Macquarie Bank Ltd.	170,700		8,798,041
National Australia Bank Ltd.	1,190,100		32,554,406
Rio Tinto Ltd.	79,200		4,138,124
Silex Systems Ltd. (a)	1,297,800		3,733,837
Westfield Group unit	841,600		11,805,533
TOTAL AUSTRALIA			109,940,338
Austria - 0.5%
Oesterreichische Elektrizitaetswirtschafts AG (Verbund)	120,100		5,810,200
OMV AG	165,800		8,590,855
TOTAL AUSTRIA			14,401,055
Belgium - 0.6%
InBev SA	205,800		11,331,534
KBC Groupe SA	55,900		5,887,148
TOTAL BELGIUM			17,218,682
Canada - 0.3%
Cameco Corp. (d)	193,100		7,035,165
Talisman Energy, Inc.	208,400		3,400,166
TOTAL CANADA			10,435,331
China - 0.1%
China Merchants Bank Co. Ltd. (H Shares) (a)	217,500		306,541
Global Bio-Chem Technology Group Co. Ltd.	7,820,000		2,188,213
TOTAL CHINA			2,494,754
Denmark - 0.7%
Novozymes AS Series B	133,400		10,175,932
Vestas Wind Systems AS (a)	381,600		10,189,759
TOTAL DENMARK			20,365,691
Finland - 1.1%
Fortum Oyj	266,600		7,102,965
Neste Oil Oyj	182,900		5,315,961
Nokia Corp. sponsored ADR	1,061,900		20,908,811
TOTAL FINLAND			33,327,737
France - 12.1%
Alcatel SA sponsored ADR	101,100		1,231,398
Alstom SA (a)	264,700		23,949,774
AXA SA	247,415		9,132,088
BNP Paribas SA	199,902		21,509,112
Carrefour SA	659,700		41,686,062
Clarins SA	52,600		3,772,002
CNP Assurances	110,400		10,709,865
	Shares		Value
Electricite de France	169,100		$ 9,392,284
Financiere Marc de Lacharriere SA (Fimalac)	108,700		9,428,425
France Telecom SA	106,661		2,486,268
Groupe Danone	116,800		16,396,229
Ingenico SA (a)	465,498		10,123,611
L'Air Liquide SA	88,690		18,096,067
L'Oreal SA	182,795		18,567,367
Louis Vuitton Moet Hennessy (LVMH)	102,500		10,560,895
Neopost SA	83,900		10,011,637
Publicis Groupe SA	192,100		7,566,278
Remy Cointreau SA	105,900		5,319,298
Renault SA	137,400		15,759,731
Sanofi-Aventis sponsored ADR	436,000		19,388,920
Societe Generale Series A	20,200		3,214,760
Suez SA (France)	470,800		20,704,705
Total SA Series B	511,700		33,741,498
Veolia Environnement	299,400		18,076,048
Vinci SA	84,600		9,419,295
Vivendi SA	357,200		12,877,804
TOTAL FRANCE			363,121,421
Germany - 10.5%
Aareal Bank AG (a)	169,511		7,519,192
ADVA AG Optical Networking (a)	516,095		3,920,216
Allianz AG (Reg.)	144,400		25,024,520
Bayer AG	410,800		20,930,260
Bayerische Motoren Werke AG (BMW)	96,000		5,142,196
Beiersdorf AG	287,200		15,285,404
Deutsche Postbank AG	97,600		7,407,429
Deutsche Telekom AG sponsored ADR	148,200		2,351,934
Deutz AG (a)	967,563		10,232,902
E.ON AG	346,944		41,289,805
ESCADA AG (a)	381,121		12,846,102
GFK AG	75,769		3,254,320
Heidelberger Druckmaschinen AG	393,000		16,201,791
Hugo Boss AG	171,500		7,594,372
Hypo Real Estate Holding AG	167,800		10,469,129
Infineon Technologies AG (a)	259,100		3,065,153
KarstadtQuelle AG (a)(d)	420,300		9,993,421
Merck KGaA	32,900		3,488,667
Metro AG	196,100		11,461,404
MPC Muenchmeyer Petersen Capital AG	50,800		4,229,139
Q-Cells AG	89,000		3,645,407
RWE AG	320,200		29,539,819
SAP AG sponsored ADR	93,000		4,603,500
SGL Carbon AG (a)	592,200		11,399,707
Siemens AG sponsored ADR	296,900		25,859,990
Techem AG	63,400		3,070,382
Common Stocks - continued
	Shares		Value
Germany - continued
Thielert AG	128,900		$ 3,761,171
Wincor Nixdorf AG	94,200		13,695,518
TOTAL GERMANY			317,282,850
Hong Kong - 0.1%
Dynasty Fine Wines Group Ltd.	10,966,000		3,716,024
India - 0.3%
Infosys Technologies Ltd.	124,666		5,035,782
Satyam Computer Services Ltd.	238,980		4,271,265
TOTAL INDIA			9,307,047
Ireland - 2.0%
Allied Irish Banks PLC	943,400		25,500,102
Irish Life & Permanent PLC	845,500		21,186,248
Kerry Group PLC Class A	190,400		4,515,045
Ryanair Holdings PLC sponsored ADR (a)	119,400		7,556,826
TOTAL IRELAND			58,758,221
Israel - 0.9%
Bank Hapoalim BM (Reg.)	1,719,000		8,123,335
ECI Telecom Ltd. (a)	1,439,100		11,872,575
ECtel Ltd. (a)	23,158		102,822
Mizrahi Tefahot Bank Ltd.	749,100		4,599,859
Vizrt Ltd. (a)	273,100		3,324,654
TOTAL ISRAEL			28,023,245
Italy - 3.5%
Azimut Holdings Spa	518,100		5,914,995
Banca Intesa Spa	2,436,700		16,033,902
Banche Popolari Unite SCpA	438,500		11,799,632
ENI Spa	809,686		24,092,207
FASTWEB Spa	111,700		5,063,872
Lottomatica Spa	155,800		5,869,804
Pirelli & C. Real Estate Spa	78,000		4,640,942
Unicredito Italiano Spa	3,963,500		32,895,919
TOTAL ITALY			106,311,273
Japan - 18.8%
Aeon Co. Ltd.	965,900		23,668,208
Aeon Fantasy Co. Ltd.	84,200		3,463,642
Credit Saison Co. Ltd.	367,600		15,494,925
Daiichi Sankyo Co. Ltd.	299,200		8,483,812
Daiwa Securities Group, Inc.	2,023,000		23,595,530
E*TRADE Securities Co. Ltd. (d)	3,086		3,500,140
Fast Retailing Co. Ltd.	64,700		6,073,240
Fuji Television Network, Inc.	3,892		8,795,666
Fujitsu Ltd.	1,852,000		15,268,085
Honda Motor Co. Ltd.	97,400		3,275,562
Hoya Corp.	199,100		7,499,217
JAFCO Co. Ltd.	135,900		6,855,677
Joint Corp.	90,600		3,098,091
KOEI Co. Ltd. (d)	249,100		4,065,045
	Shares		Value
Konami Corp.	184,900		$ 4,695,078
Matsushita Electric Industrial Co. Ltd.	72,000		1,521,360
Matsushita Electric Industrial Co. Ltd. sponsored ADR	472,100		9,975,473
Millea Holdings, Inc.	284,500		9,885,077
Mitsubishi Estate Co. Ltd.	863,000		18,845,824
Mitsubishi UFJ Financial Group, Inc.	1,673		21,431,129
Mitsui Fudosan Co. Ltd.	266,000		6,045,198
Mizuho Financial Group, Inc.	4,324		33,524,769
Nafco Co. Ltd.	161,200		4,543,535
Nidec Corp.	126,400		9,532,557
Nintendo Co. Ltd.	166,800		34,363,806
Nishimatsuya Chain Co. Ltd.	220,800		4,167,624
Nissan Motor Co. Ltd. (d)	995,800		11,182,834
Nitto Denko Corp.	215,600		12,774,133
NSK Ltd.	1,903,000		16,059,003
Organo Corp.	291,000		2,492,632
ORIX Corp.	80,790		22,326,746
Point, Inc.	97,600		5,154,886
Sankei Building Co. Ltd.	22,100		191,922
Sompo Japan Insurance, Inc.	517,000		6,769,639
Sony Corp. sponsored ADR	170,500		6,881,380
St. Marc Holdings Co. Ltd.	48,000		3,067,417
Stanley Electric Co. Ltd.	351,500		7,259,384
Sumitomo Mitsui Financial Group, Inc.	2,728		28,631,934
Sumitomo Trust & Banking Co. Ltd. (d)	1,437,600		15,039,769
T&D Holdings, Inc.	340,450		24,637,923
Takashimaya Co. Ltd.	936,000		11,883,702
Takeda Pharamaceutical Co. Ltd.	321,800		20,074,196
Tokuyama Corp.	464,000		6,205,256
Toyota Motor Corp. (d)	844,600		45,988,468
USS Co. Ltd.	189,400		12,167,641
Xebio Co. Ltd.	158,200		4,887,469
Yamada Denki Co. Ltd.	43,200		4,329,324
Yamaha Motor Co. Ltd.	161,600		4,281,247
TOTAL JAPAN			563,955,175
Korea (South) - 0.2%
Samsung Electronics Co. Ltd.	8,100		5,683,608
Luxembourg - 0.3%
SES Global unit	562,747		8,385,029
Netherlands - 2.6%
ABN-AMRO Holding NV sponsored ADR (d)	449,900		13,146,078
Gemalto NV (a)	84,176		1,806,101
Heineken NV (Bearer)	189,700		8,676,948
ING Groep NV (Certificaten Van Aandelen)	328,224		14,435,292
Koninklijke KPN NV sponsored ADR	943,000		12,032,680
Koninklijke Numico NV	219,500		9,881,352
Koninklijke Philips Electronics NV (NY Shares)	489,500		17,137,395
TOTAL NETHERLANDS			77,115,846
Common Stocks - continued
	Shares		Value
Norway - 1.2%
Acta Holding ASA	910,000		$ 3,681,077
DnB Nor ASA	1,318,800		16,145,643
Schibsted ASA (B Shares)	253,100		7,601,125
Statoil ASA	347,100		8,203,693
TOTAL NORWAY			35,631,538
Singapore - 0.1%
Singapore Exchange Ltd.	1,237,000		3,458,070
South Africa - 0.2%
JSE Ltd.	708,100		3,454,679
Sasol Ltd. sponsored ADR	119,800		3,940,222
TOTAL SOUTH AFRICA			7,394,901
Spain - 2.2%
Banco Bilbao Vizcaya Argentaria SA	1,032,600		23,884,038
Banco Pastor SA	374,800		5,741,429
Banco Santander Central Hispano SA	722,700		11,411,433
Gestevision Telecinco SA	4,177		106,467
Telefonica SA	1,440,380		24,875,363
TOTAL SPAIN			66,018,730
Sweden - 0.7%
Gant Co. AB	4,500		122,819
Modern Times Group AB (MTG) (B Shares)	152,900		7,908,063
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	374,600		12,904,970
TOTAL SWEDEN			20,935,852
Switzerland - 8.6%
ABB Ltd.:
(Reg.)	1,695,887		22,312,518
sponsored ADR	228,100		3,006,358
BKW FMB Energie AG	31,373		3,061,270
Compagnie Financiere Richemont unit	259,965		12,516,910
Credit Suisse Group (Reg.)	131,405		7,614,920
EFG International	101,890		3,349,339
Nestle SA (Reg.)	96,835		33,767,944
Nobel Biocare Holding AG (Switzerland)	47,731		11,748,553
Novartis AG (Reg.)	898,086		52,484,146
Roche Holding AG (participation certificate)	246,794		42,675,248
Schindler Holding AG (Reg.)	123,000		6,497,761
Societe Generale de Surveillance Holding SA (SGS) (Reg.)	18,325		18,452,511
UBS AG (Reg.)	689,702		40,906,226
TOTAL SWITZERLAND			258,393,704
Thailand - 0.3%
Bangkok Bank Ltd. PCL (For. Reg.)	3,603,500		10,551,976
United Kingdom - 23.5%
Aegis Group PLC	2,734,700		6,846,959
	Shares		Value
Amvescap PLC	781,300		$ 8,482,816
Anglo American PLC (United Kingdom)	348,800		14,580,065
AstraZeneca PLC (United Kingdom)	512,500		32,031,250
BAE Systems PLC	1,846,500		13,662,036
Barclays PLC	702,800		8,920,289
Benfield Group PLC	1,671,800		11,438,418
BG Group PLC	1,615,700		19,629,067
BHP Billiton PLC	973,395		16,800,193
BP PLC	6,709,106		73,330,525
British Land Co. PLC	789,800		20,166,278
Cable & Wireless PLC	2,972,200		7,705,877
Cadbury Schweppes PLC	1,111,500		11,828,623
Diageo PLC	1,191,200		21,155,712
Gallaher Group PLC	440,100		7,192,334
GlaxoSmithKline PLC	1,719,100		45,753,846
GlaxoSmithKline PLC sponsored ADR	51,200		2,725,376
Gyrus Group PLC (a)	1,162,500		7,899,395
HBOS PLC	342,000		6,766,987
HSBC Holdings PLC:
(Hong Kong) (Reg.)	996,400		18,240,098
(United Kingdom) (Reg.)	2,503,626		45,831,378
Informa PLC	919,700		8,517,776
Jardine Lloyd Thompson Group PLC	877,073		6,403,164
Ladbrokes PLC	771,705		5,619,467
Lloyds TSB Group PLC	815,400		8,234,863
Man Group PLC	2,622,000		21,988,973
Marks & Spencer Group PLC	1,215,500		14,619,157
Mothercare PLC	786,100		4,929,659
New Star Asset Management Ltd.	514,300		3,954,471
Prudential PLC	2,084,100		25,885,331
Reckitt Benckiser PLC	172,300		7,140,969
Reed Elsevier PLC	2,702,800		29,977,576
Reuters Group PLC	4,110,900		33,436,510
Reuters Group PLC sponsored ADR	34,900		1,697,536
Rio Tinto PLC (Reg.)	270,606		12,828,754
Royal Bank of Scotland Group PLC	489,300		16,844,231
Royal Dutch Shell PLC:
Class A sponsored ADR	538,300		35,581,630
Class B	242,900		8,304,751
Taylor Nelson Sofres PLC	3,119,000		12,494,630
Tesco PLC	1,696,900		11,435,443
Vodafone Group PLC	11,244,362		25,704,612
WPP Group PLC	377,600		4,661,850
Xstrata PLC	105,300		4,350,358
TOTAL UNITED KINGDOM			705,599,233
United States of America - 0.9%
Estee Lauder Companies, Inc. Class A	415,900		16,773,247
NTL, Inc.	387,150		9,845,225
TOTAL UNITED STATES OF AMERICA			26,618,472
TOTAL COMMON STOCKS (Cost $2,426,870,421)		2,884,445,803
Money Market Funds - 7.7%
	Shares		Value
Fidelity Cash Central Fund, 5.36% (b)	123,188,552		$ 123,188,552
Fidelity Securities Lending Cash Central Fund, 5.37% (b)(c)	108,749,284		108,749,284
TOTAL MONEY MARKET FUNDS (Cost $231,937,836)		231,937,836

TOTAL INVESTMENT PORTFOLIO - 103.7% (Cost $2,658,808,257) 3,116,383,639

NET OTHER ASSETS - (3.7)%	(110,000,065)
NET ASSETS - 100%	$ 3,006,383,574

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.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,895,112
Fidelity Securities Lending Cash Central Fund	2,603,662
Total	$ 7,498,774

Income Tax Information

At September 30, 2006, the aggregate cost of investment securities for income tax purposes was $2,671,580,817. Net unrealized appreciation aggregated $444,802,822, of which $520,631,438 related to appreciated investment securities and $75,828,616 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Growth Portfolio

September 30, 2006

VIPGRWT-QTLY-1106

1.808779.102

Investments September 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
CONSUMER DISCRETIONARY - 11.7%
Diversified Consumer Services - 0.5%
Weight Watchers International, Inc.	880,700		$ 39,050,238
Hotels, Restaurants & Leisure - 0.1%
Bob Evans Farms, Inc.	257,163		7,786,896
Household Durables - 2.1%
Ethan Allen Interiors, Inc.	582,134		20,176,764
Furniture Brands International, Inc. (d)	1,091,400		20,780,256
Garmin Ltd.	259,240		12,645,727
La-Z-Boy, Inc. (d)	2,449,233		34,191,293
Sony Corp. sponsored ADR	989,900		39,952,364
Whirlpool Corp.	274,764		23,110,400
			150,856,804
Internet & Catalog Retail - 0.2%
NutriSystem, Inc. (a)(d)	243,456		15,164,874
Media - 3.0%
Comcast Corp. Class A (special) (d)	1,199,000		44,135,190
Lamar Advertising Co. Class A (a)	647,740		34,595,793
Omnicom Group, Inc.	621,700		58,191,120
Time Warner, Inc.	2,887,500		52,639,125
Viacom, Inc. Class B (non-vtg.) (a)	683,700		25,419,966
			214,981,194
Multiline Retail - 1.6%
Dollar Tree Stores, Inc. (a)	1,408,700		43,613,352
Fred's, Inc. Class A	1,057,739		13,348,666
Kohl's Corp. (a)	871,300		56,564,796
			113,526,814
Specialty Retail - 3.8%
Bed Bath & Beyond, Inc. (a)	475,300		18,184,978
Guess?, Inc. (a)	524,900		25,473,397
Home Depot, Inc.	3,574,300		129,639,861
J. Crew Group, Inc.	412,100		12,391,847
Lowe's Companies, Inc.	375,600		10,539,336
RadioShack Corp.	944,000		18,219,200
Staples, Inc.	2,297,050		55,887,227
Williams-Sonoma, Inc.	226,200		7,326,618
			277,662,464
Textiles, Apparel & Luxury Goods - 0.4%
Crocs, Inc. (d)	201,768		6,850,024
Quiksilver, Inc. (a)	1,119,600		13,603,140
Under Armour, Inc. Class A (sub. vtg.)	225,800		9,036,516
			29,489,680
TOTAL CONSUMER DISCRETIONARY			848,518,964
CONSUMER STAPLES - 15.5%
Beverages - 3.3%
Anheuser-Busch Companies, Inc.	154,700		7,349,797
Brown-Forman Corp. Class B (non-vtg.)	345,700		26,497,905
	Shares		Value
Molson Coors Brewing Co. Class B	537,100		$ 37,006,190
PepsiCo, Inc.	2,649,200		172,886,792
			243,740,684
Food & Staples Retailing - 5.7%
CVS Corp.	1,798,200		57,758,184
Kroger Co.	1,312,800		30,378,192
Rite Aid Corp.	4,010,600		18,208,124
Safeway, Inc.	860,160		26,105,856
Wal-Mart Stores, Inc.	4,120,900		203,242,788
Walgreen Co.	1,787,100		79,329,369
			415,022,513
Food Products - 2.2%
General Mills, Inc.	390,100		22,079,660
Gold Kist, Inc. (a)	566,931		11,814,842
Groupe Danone	95,100		13,350,012
Groupe Danone sponsored ADR	573,500		16,987,070
Pilgrims Pride Corp. Class B	291,838		7,981,769
Sanderson Farms, Inc. (d)	279,279		9,037,468
Tyson Foods, Inc. Class A	2,784,500		44,217,860
Unilever NV (NY Shares)	1,375,200		33,747,408
			159,216,089
Household Products - 1.1%
Church & Dwight Co., Inc.	656,800		25,687,448
Colgate-Palmolive Co.	847,500		52,629,750
			78,317,198
Personal Products - 1.0%
Avon Products, Inc.	2,371,010		72,695,167
Tobacco - 2.2%
Altria Group, Inc.	1,392,800		106,618,840
British American Tobacco PLC	1,880,863		51,451,007
			158,069,847
TOTAL CONSUMER STAPLES			1,127,061,498
ENERGY - 5.3%
Energy Equipment & Services - 2.0%
Baker Hughes, Inc.	416,470		28,403,254
Halliburton Co.	1,532,800		43,608,160
National Oilwell Varco, Inc. (a)	342,724		20,066,490
Noble Corp.	193,500		12,418,830
Schlumberger Ltd. (NY Shares)	463,300		28,738,499
Weatherford International Ltd. (a)	348,380		14,534,414
			147,769,647
Oil, Gas & Consumable Fuels - 3.3%
Arch Coal, Inc.	555,600		16,062,396
BG Group PLC sponsored ADR	383,000		23,351,510
CONSOL Energy, Inc.	743,400		23,588,082
Denbury Resources, Inc. (a)	318,400		9,201,760
Encore Acquisition Co. (a)	369,312		8,989,054
EOG Resources, Inc.	262,500		17,075,625
Exxon Mobil Corp.	973,800		65,341,980
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Hugoton Royalty Trust	35,311		$ 930,445
Noble Energy, Inc.	94,900		4,326,491
Peabody Energy Corp.	644,000		23,686,320
Quicksilver Resources, Inc. (a)	195,300		6,230,070
Sasol Ltd. sponsored ADR	593,600		19,523,504
Ultra Petroleum Corp. (a)	125,300		6,028,183
XTO Energy, Inc.	405,200		17,071,076
			241,406,496
TOTAL ENERGY			389,176,143
FINANCIALS - 9.7%
Capital Markets - 2.7%
Daiwa Securities Group, Inc.	719,000		8,386,152
KKR Private Equity Investors, LP Restricted Depository Units (f)	1,094,600		23,588,630
Merrill Lynch & Co., Inc.	493,700		38,617,214
Nomura Holdings, Inc. (d)	850,800		14,957,063
Northern Trust Corp.	383,700		22,419,591
State Street Corp.	813,900		50,787,360
UBS AG (NY Shares)	604,808		35,871,162
			194,627,172
Commercial Banks - 0.8%
M&T Bank Corp.	60,600		7,269,576
PNC Financial Services Group, Inc.	313,500		22,709,940
Standard Chartered PLC (United Kingdom)	1,257,636		32,205,890
			62,185,406
Consumer Finance - 1.5%
American Express Co.	1,903,700		106,759,496
Diversified Financial Services - 0.4%
African Bank Investments Ltd.	2,293,768		6,508,355
FirstRand Ltd.	10,067,810		22,879,036
			29,387,391
Insurance - 1.9%
ACE Ltd.	330,300		18,077,319
AFLAC, Inc.	477,120		21,833,011
American International Group, Inc.	1,411,666		93,536,989
The St. Paul Travelers Companies, Inc.	182,500		8,557,425
			142,004,744
Real Estate Management & Development - 0.9%
Mitsui Fudosan Co. Ltd.	1,387,000		31,521,392
Tokyo Tatemono Co. Ltd.	2,836,000		31,877,844
			63,399,236
Thrifts & Mortgage Finance - 1.5%
Countrywide Financial Corp.	604,700		21,188,688
	Shares		Value
Fannie Mae	1,164,076		$ 65,083,489
Hudson City Bancorp, Inc.	1,599,575		21,194,369
			107,466,546
TOTAL FINANCIALS			705,829,991
HEALTH CARE - 20.0%
Biotechnology - 7.5%
Amgen, Inc. (a)	1,939,010		138,697,385
Amylin Pharmaceuticals, Inc. (a)(d)	1,007,225		44,388,406
Biogen Idec, Inc. (a)	1,010,800		45,162,544
Cephalon, Inc. (a)	488,700		30,177,225
Genentech, Inc. (a)	1,081,700		89,456,590
Gilead Sciences, Inc. (a)	819,600		56,306,520
ImClone Systems, Inc. (a)	974,600		27,600,672
MedImmune, Inc. (a)	1,035,400		30,244,034
OSI Pharmaceuticals, Inc. (a)	968,710		36,355,686
PDL BioPharma, Inc. (a)	1,229,035		23,597,472
Renovis, Inc. (a)	263,230		3,622,045
Telik, Inc. (a)(d)	571,193		10,161,523
Theravance, Inc. (a)	296,500		8,017,360
			543,787,462
Health Care Equipment & Supplies - 1.8%
Becton, Dickinson & Co.	906,400		64,055,288
Boston Scientific Corp. (a)	1,313,400		19,425,186
C.R. Bard, Inc.	613,500		46,012,500
			129,492,974
Health Care Providers & Services - 2.6%
AMN Healthcare Services, Inc. (a)	1,297,900		30,825,125
Cardinal Health, Inc.	680,500		44,736,070
Cross Country Healthcare, Inc. (a)(d)(e)	2,123,551		36,100,367
Humana, Inc. (a)	479,400		31,683,546
Medco Health Solutions, Inc. (a)	776,200		46,657,382
			190,002,490
Life Sciences Tools & Services - 0.7%
Covance, Inc. (a)	396,200		26,299,756
Pharmaceutical Product Development, Inc.	664,529		23,717,040
			50,016,796
Pharmaceuticals - 7.4%
Allergan, Inc.	335,900		37,825,699
Johnson & Johnson	3,776,120		245,221,233
Merck & Co., Inc.	2,393,800		100,300,220
Schering-Plough Corp.	3,415,400		75,446,186
Wyeth	1,620,700		82,396,388
			541,189,726
TOTAL HEALTH CARE			1,454,489,448
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 7.2%
Aerospace & Defense - 0.7%
BAE Systems PLC	1,650,800		$ 12,214,075
Rolls-Royce Group PLC	4,067,098		34,488,721
			46,702,796
Air Freight & Logistics - 0.3%
FedEx Corp.	219,500		23,855,260
Commercial Services & Supplies - 1.1%
Cintas Corp.	1,253,560		51,182,855
Equifax, Inc.	691,600		25,388,636
			76,571,491
Industrial Conglomerates - 4.2%
General Electric Co.	7,699,620		271,796,587
Textron, Inc.	397,000		34,737,500
			306,534,087
Machinery - 0.6%
Deere & Co.	530,800		44,539,428
Trading Companies & Distributors - 0.3%
UAP Holding Corp.	1,108,763		23,694,265
TOTAL INDUSTRIALS			521,897,327
INFORMATION TECHNOLOGY - 25.3%
Communications Equipment - 6.2%
Avaya, Inc. (a)	3,174,598		36,317,401
Cisco Systems, Inc. (a)	3,704,800		85,210,400
Corning, Inc. (a)	3,955,700		96,558,637
Harris Corp.	741,200		32,975,988
Juniper Networks, Inc. (a)	2,430,400		41,997,312
Nortel Networks Corp.	15,900,000		36,570,071
QUALCOMM, Inc.	3,334,700		121,216,345
			450,846,154
Computers & Peripherals - 4.1%
Apple Computer, Inc. (a)	1,297,634		99,956,747
Dell, Inc. (a)	1,047,886		23,933,716
EMC Corp. (a)	4,088,658		48,982,123
Lexmark International, Inc. Class A (a)	375,600		21,657,096
Network Appliance, Inc. (a)	1,695,415		62,747,309
Sun Microsystems, Inc. (a)	8,856,072		44,014,678
			301,291,669
Electronic Equipment & Instruments - 1.4%
Amphenol Corp. Class A	783,382		48,514,847
Chi Mei Optoelectronics Corp.	7,110,680		7,860,190
Hon Hai Precision Industry Co. Ltd. (Foxconn)	7,053,250		42,924,491
			99,299,528
Internet Software & Services - 1.8%
Google, Inc. Class A (sub. vtg.) (a)	310,700		124,870,330
VeriSign, Inc. (a)	341,100		6,890,220
			131,760,550
	Shares		Value
IT Services - 3.6%
Cognizant Technology Solutions Corp. Class A (a)	621,400		$ 46,020,884
First Data Corp.	2,078,700		87,305,400
Gartner, Inc. Class A (a)	751,200		13,213,608
Hewitt Associates, Inc. Class A (a)	241,300		5,853,938
Infosys Technologies Ltd. sponsored ADR	528,500		25,225,305
Nomura Research Institute Ltd.	216,000		29,983,494
Satyam Computer Services Ltd. sponsored ADR	811,100		31,381,459
Western Union Co. (a)(g)	1,262,700		24,155,451
			263,139,539
Semiconductors & Semiconductor Equipment - 2.3%
Advanced Micro Devices, Inc. (a)	2,030,300		50,452,955
Analog Devices, Inc.	1,087,818		31,970,971
Chartered Semiconductor Manufacturing Ltd. sponsored ADR (a)	426,800		3,192,464
Himax Technologies, Inc. sponsored ADR	363,400		2,075,014
Intel Corp.	3,602,700		74,107,539
Novatek Microelectronics Corp.	1,637,000		7,737,557
			169,536,500
Software - 5.9%
Activision, Inc. (a)	2,437,059		36,799,591
Electronic Arts, Inc. (a)	1,411,587		78,597,164
Intuit, Inc. (a)	1,452,200		46,601,098
Microsoft Corp.	3,023,870		82,642,367
NAVTEQ Corp. (a)	915,000		23,890,650
NSD Co. Ltd.	814,300		33,152,337
Oracle Corp. (a)	4,176,600		74,092,884
Red Hat, Inc. (a)	833,642		17,573,173
Take-Two Interactive Software, Inc. (a)(d)	2,526,150		36,022,899
			429,372,163
TOTAL INFORMATION TECHNOLOGY			1,845,246,103
MATERIALS - 1.9%
Chemicals - 1.9%
Ashland, Inc.	514,500		32,814,810
Chemtura Corp.	1,750,638		15,178,031
Monsanto Co.	1,715,600		80,650,356
Tokuyama Corp.	520,000		6,954,166
			135,597,363
TELECOMMUNICATION SERVICES - 1.8%
Diversified Telecommunication Services - 1.4%
AT&T, Inc.	687,400		22,381,744
BellSouth Corp.	469,600		20,075,400
Embarq Corp.	90,200		4,362,974
Verizon Communications, Inc.	1,443,900		53,612,007
			100,432,125
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - 0.4%
Sprint Nextel Corp.	1,804,011		$ 30,938,789
TOTAL TELECOMMUNICATION SERVICES			131,370,914
TOTAL COMMON STOCKS (Cost $6,001,705,480)		7,159,187,751
Preferred Stocks - 0.0%
Convertible Preferred Stocks - 0.0%
INFORMATION TECHNOLOGY - 0.0%
Communications Equipment - 0.0%
Chorum Technologies, Inc. Series E (a)(h)	88,646		1
Nonconvertible Preferred Stocks - 0.0%
HEALTH CARE - 0.0%
Life Sciences Tools & Services - 0.0%
GeneProt, Inc. Series A (a)(h)	826,000		8
TOTAL PREFERRED STOCKS (Cost $5,802,548)		9
Money Market Funds - 2.8%
Fidelity Cash Central Fund, 5.36% (b)	101,185,448		101,185,448
Fidelity Securities Lending Cash Central Fund, 5.37% (b)(c)	102,656,820		102,656,820
TOTAL MONEY MARKET FUNDS (Cost $203,842,268)		203,842,268
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 5.08%, dated 9/29/06 due 10/2/06) (Cost $4,394,000)	$ 4,395,859		4,394,000

TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $6,215,744,296) 7,367,424,028

NET OTHER ASSETS - (1.2)%		(89,078,911)
NET ASSETS - 100%	$ 7,278,345,117

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.

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

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

(e) Affiliated company

(f) 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 $ 23,588,630 or 0.3% of net assets.

(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $9 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Chorum Technologies, Inc. Series E	9/19/00	$ 1,329,855
GeneProt, Inc. Series A	7/7/00	$ 4,472,693

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,336,237
Fidelity Securities Lending Cash Central Fund	1,117,888
Total	$ 2,454,125

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Cross Country Healthcare, Inc.	$ -	$ 37,470,928	$ -	$ -	$ 36,100,367
Fred's, Inc. Class A	36,494,326	-	16,905,451	97,992	-
Total	$ 36,494,326	$ 37,470,928	$ 16,905,451	$ 97,992	$ 36,100,367

Income Tax Information

At September 30, 2006, the aggregate cost of investment securities for income tax purposes was $6,220,526,708. Net unrealized appreciation aggregated $1,146,897,320, of which $1,326,116,887 related to appreciated investment securities and $179,219,567 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Equity-Income Portfolio

September 30, 2006

VIPEI-QTLY-1106

1.808778.102

Investments September 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
CONSUMER DISCRETIONARY - 11.6%
Auto Components - 0.1%
American Axle & Manufacturing Holdings, Inc.	336,400		$ 5,614,516
Gentex Corp.	144,800		2,057,608
Goodyear Tire & Rubber Co. (a)(d)	558,800		8,102,600
			15,774,724
Automobiles - 1.1%
General Motors Corp. (d)	227,500		7,566,650
Hyundai Motor Co.	187,710		16,067,320
Monaco Coach Corp.	188,200		2,096,548
Peugeot Citroen SA	124,000		6,992,658
Renault SA	229,101		26,277,803
Toyota Motor Corp. sponsored ADR (d)	430,700		46,903,230
Winnebago Industries, Inc. (d)	374,700		11,758,086
			117,662,295
Diversified Consumer Services - 0.1%
Service Corp. International (SCI)	1,723,300		16,095,622
Hotels, Restaurants & Leisure - 0.4%
Gaylord Entertainment Co. (a)	373,365		16,372,055
McDonald's Corp.	373,000		14,591,760
WMS Industries, Inc. (a)	246,400		7,197,344
Wyndham Worldwide Corp. (a)	283,202		7,921,160
			46,082,319
Household Durables - 1.4%
Beazer Homes USA, Inc.	144,800		5,652,992
KB Home	103,300		4,524,540
Lennar Corp. Class A	103,500		4,683,375
Newell Rubbermaid, Inc.	2,483,900		70,344,048
Sony Corp. sponsored ADR	289,900		11,700,364
Whirlpool Corp.	689,734		58,013,527
			154,918,846
Internet & Catalog Retail - 0.2%
Liberty Media Holding Corp. - Interactive Series A (a)	899,869		18,339,330
Leisure Equipment & Products - 0.3%
Eastman Kodak Co. (d)	1,464,000		32,793,600
Media - 5.1%
CBS Corp. Class B	1,739,543		49,002,926
Clear Channel Communications, Inc.	2,782,300		80,269,355
Comcast Corp. Class A (a)	2,369,791		87,326,798
Discovery Holding Co. Class A (a)	368,167		5,323,695
Gannett Co., Inc.	289,800		16,469,334
Liberty Media Holding Corp. - Capital Series A (a)	77,624		6,487,038
McGraw-Hill Companies, Inc.	41,500		2,408,245
News Corp. Class A	1,030,816		20,255,534
NTL, Inc.	812,888		20,671,729
The McClatchy Co. Class A	334,565		14,115,297
The New York Times Co. Class A (d)	929,525		21,360,485
The Reader's Digest Association, Inc. (non-vtg.)	1,481,965		19,206,266
	Shares		Value
The Walt Disney Co.	1,092,000		$ 33,753,720
Time Warner, Inc.	5,602,750		102,138,133
Viacom, Inc. Class B (non-vtg.) (a)	1,638,343		60,913,593
Vivendi SA	708,000		25,524,875
			565,227,023
Multiline Retail - 1.2%
Big Lots, Inc. (a)	565,556		11,203,669
Dollar Tree Stores, Inc. (a)	1,349,400		41,777,424
Family Dollar Stores, Inc.	1,072,100		31,348,204
Federated Department Stores, Inc.	1,100,800		47,565,568
			131,894,865
Specialty Retail - 1.4%
AnnTaylor Stores Corp. (a)	538,050		22,522,773
Chico's FAS, Inc. (a)	829,500		17,859,135
Gap, Inc.	188,300		3,568,285
Home Depot, Inc.	1,674,900		60,748,623
OfficeMax, Inc.	146,000		5,948,040
RadioShack Corp. (d)	1,781,200		34,377,160
Tiffany & Co., Inc.	351,700		11,676,440
TJX Companies, Inc.	62,600		1,754,678
			158,455,134
Textiles, Apparel & Luxury Goods - 0.3%
Liz Claiborne, Inc.	553,040		21,850,610
VF Corp.	229,300		16,727,435
			38,578,045
TOTAL CONSUMER DISCRETIONARY			1,295,821,803
CONSUMER STAPLES - 5.4%
Beverages - 0.5%
Anheuser-Busch Companies, Inc. (d)	1,210,400		57,506,104
Food & Staples Retailing - 1.2%
Rite Aid Corp.	310,400		1,409,216
Wal-Mart Stores, Inc.	2,619,100		129,174,012
			130,583,228
Food Products - 0.4%
Kraft Foods, Inc. Class A (d)	1,170,900		41,754,294
Tyson Foods, Inc. Class A	103,400		1,641,992
			43,396,286
Household Products - 1.5%
Colgate-Palmolive Co.	1,715,600		106,538,760
Kimberly-Clark Corp.	394,900		25,810,664
Procter & Gamble Co.	501,442		31,079,375
			163,428,799
Personal Products - 0.7%
Avon Products, Inc.	2,575,570		78,966,976
Tobacco - 1.1%
Altria Group, Inc.	1,655,100		126,697,905
TOTAL CONSUMER STAPLES			600,579,298
Common Stocks - continued
	Shares		Value
ENERGY - 12.0%
Energy Equipment & Services - 2.5%
Baker Hughes, Inc.	1,089,700		$ 74,317,540
Halliburton Co.	1,081,200		30,760,140
Noble Corp.	639,300		41,030,274
Schlumberger Ltd. (NY Shares)	2,193,920		136,088,858
			282,196,812
Oil, Gas & Consumable Fuels - 9.5%
Apache Corp.	581,880		36,774,816
BP PLC sponsored ADR	706,042		46,302,234
Chevron Corp.	2,322,542		150,640,074
ConocoPhillips	986,300		58,714,439
Double Hull Tankers, Inc.	205,000		2,818,750
El Paso Corp.	1,042,900		14,225,156
EOG Resources, Inc.	445,500		28,979,775
Exxon Mobil Corp.	8,392,636		563,145,877
Hess Corp.	475,900		19,711,778
Lukoil Oil Co. sponsored ADR	208,400		15,786,300
Occidental Petroleum Corp.	507,000		24,391,770
Total SA sponsored ADR	1,314,233		86,660,524
Williams Companies, Inc.	558,100		13,321,847
			1,061,473,340
TOTAL ENERGY			1,343,670,152
FINANCIALS - 28.3%
Capital Markets - 4.1%
Ameriprise Financial, Inc.	604,702		28,360,524
Bank of New York Co., Inc.	2,580,100		90,974,326
KKR Private Equity Investors, LP (a)	258,700		5,574,985
KKR Private Equity Investors, LP Restricted Depository Units (e)	708,100		15,259,555
Mellon Financial Corp.	1,399,200		54,708,720
Merrill Lynch & Co., Inc.	1,192,400		93,269,528
Morgan Stanley	1,750,400		127,621,664
Nomura Holdings, Inc. (d)	935,000		16,437,299
State Street Corp.	462,153		28,838,347
			461,044,948
Commercial Banks - 4.0%
Bank of China Ltd. (H Shares)	5,347,000		2,299,224
HSBC Holdings PLC sponsored ADR	41,400		3,789,342
KeyCorp	728,500		27,275,040
Kookmin Bank sponsored ADR	152,700		11,915,181
Lloyds TSB Group PLC	2,118,800		21,398,122
Marshall & Ilsley Corp.	416,300		20,057,334
Royal Bank of Scotland Group PLC	592,888		20,410,265
U.S. Bancorp, Delaware	1,479,938		49,163,540
Wachovia Corp.	2,839,861		158,464,244
Wells Fargo & Co.	3,649,600		132,042,528
			446,814,820
	Shares		Value
Consumer Finance - 0.5%
American Express Co.	823,196		$ 46,164,832
Capital One Financial Corp.	155,100		12,200,166
			58,364,998
Diversified Financial Services - 8.5%
Bank of America Corp.	7,175,177		384,374,232
Citigroup, Inc.	5,613,119		278,803,621
FirstRand Ltd.	7,037,125		15,991,823
JPMorgan Chase & Co. (d)	5,696,412		267,503,508
			946,673,184
Insurance - 7.8%
ACE Ltd.	2,142,596		117,264,279
Allianz AG sponsored ADR	1,071,900		18,576,027
Allied World Assurance Co. Holdings Ltd.	54,400		2,197,760
Allstate Corp.	1,050,200		65,879,046
American International Group, Inc.	4,588,550		304,037,323
Genworth Financial, Inc. Class A (non-vtg.)	330,702		11,577,877
Hartford Financial Services Group, Inc.	890,900		77,285,575
MetLife, Inc. unit	835,300		24,816,763
Montpelier Re Holdings Ltd.	1,163,500		22,560,265
PartnerRe Ltd.	486,620		32,880,913
Swiss Reinsurance Co. (Reg.)	321,551		24,612,038
The St. Paul Travelers Companies, Inc.	2,274,726		106,661,902
Willis Group Holdings Ltd.	937,000		35,606,000
XL Capital Ltd. Class A	415,820		28,566,834
			872,522,602
Real Estate Investment Trusts - 0.6%
Developers Diversified Realty Corp.	376,800		21,010,368
Equity Office Properties Trust	557,200		22,154,272
Equity Residential (SBI)	545,000		27,566,100
			70,730,740
Real Estate Management & Development - 0.1%
Realogy Corp. (a)	268,602		6,091,893
Thrifts & Mortgage Finance - 2.7%
Countrywide Financial Corp.	292,310		10,242,542
Fannie Mae	2,879,510		160,993,404
Freddie Mac	1,148,000		76,146,840
Golden West Financial Corp., Delaware	248,700		19,212,075
Sovereign Bancorp, Inc.	1,457,558		31,352,062
			297,946,923
TOTAL FINANCIALS			3,160,190,108
HEALTH CARE - 7.9%
Health Care Equipment & Supplies - 1.3%
Baxter International, Inc.	2,297,232		104,432,167
Becton, Dickinson & Co.	156,200		11,038,654
Boston Scientific Corp. (a)	1,856,400		27,456,156
			142,926,977
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 0.3%
HCA, Inc.	291,200		$ 14,527,968
Omnicare, Inc.	237,900		10,251,111
UnitedHealth Group, Inc.	265,347		13,055,072
			37,834,151
Pharmaceuticals - 6.3%
Bristol-Myers Squibb Co. (d)	2,213,300		55,155,436
Johnson & Johnson	2,162,000		140,400,280
Merck & Co., Inc.	2,109,200		88,375,480
Novartis AG sponsored ADR	485,100		28,349,244
Pfizer, Inc.	7,316,200		207,487,432
Schering-Plough Corp.	3,284,630		72,557,477
Wyeth	2,169,100		110,277,044
			702,602,393
TOTAL HEALTH CARE			883,363,521
INDUSTRIALS - 9.8%
Aerospace & Defense - 2.0%
Honeywell International, Inc.	2,504,425		102,430,983
Lockheed Martin Corp.	646,400		55,629,184
The Boeing Co.	198,800		15,675,380
United Technologies Corp.	844,540		53,501,609
			227,237,156
Air Freight & Logistics - 0.1%
United Parcel Service, Inc. Class B	217,800		15,668,532
Airlines - 0.1%
UAL Corp. (a)	282,011		7,493,032
Building Products - 0.3%
Masco Corp.	1,145,000		31,395,900
Commercial Services & Supplies - 0.4%
Waste Management, Inc.	1,082,800		39,717,104
Electrical Equipment - 0.4%
Emerson Electric Co.	498,700		41,820,982
Industrial Conglomerates - 3.1%
3M Co.	567,400		42,225,908
General Electric Co.	4,634,090		163,583,377
Textron, Inc.	306,000		26,775,000
Tyco International Ltd.	4,253,346		119,051,155
			351,635,440
Machinery - 2.5%
Briggs & Stratton Corp.	910,588		25,086,699
Caterpillar, Inc.	485,500		31,945,900
Deere & Co.	156,100		13,098,351
Dover Corp.	1,141,900		54,171,736
Eaton Corp.	165,700		11,408,445
Illinois Tool Works, Inc.	303,800		13,640,620
Ingersoll-Rand Co. Ltd. Class A	1,315,488		49,962,234
	Shares		Value
Navistar International Corp. (a)	649,295		$ 16,764,797
SPX Corp.	1,235,500		66,025,120
			282,103,902
Road & Rail - 0.9%
Burlington Northern Santa Fe Corp.	930,400		68,328,576
Laidlaw International, Inc.	268,000		7,324,440
Union Pacific Corp.	287,100		25,264,800
			100,917,816
TOTAL INDUSTRIALS			1,097,989,864
INFORMATION TECHNOLOGY - 9.3%
Communications Equipment - 1.1%
Cisco Systems, Inc. (a)	2,508,000		57,684,000
Lucent Technologies, Inc. (a)	5,077,300		11,880,882
Lucent Technologies, Inc. warrants 12/10/07 (a)	8,328		1,582
Motorola, Inc.	1,932,312		48,307,800
Nortel Networks Corp.	1,652,800		3,801,447
			121,675,711
Computers & Peripherals - 2.4%
EMC Corp. (a)	3,040,100		36,420,398
Hewlett-Packard Co.	2,804,111		102,882,833
Imation Corp.	289,700		11,631,455
International Business Machines Corp.	1,235,900		101,269,646
Sun Microsystems, Inc. (a)	3,725,375		18,515,114
			270,719,446
Electronic Equipment & Instruments - 0.9%
Agilent Technologies, Inc. (a)	912,800		29,839,432
Arrow Electronics, Inc. (a)	775,900		21,282,937
Avnet, Inc. (a)	1,566,330		30,731,395
Solectron Corp. (a)	5,630,400		18,355,104
			100,208,868
Internet Software & Services - 0.1%
Yahoo!, Inc. (a)	517,300		13,077,344
IT Services - 0.2%
MoneyGram International, Inc.	912,900		26,528,874
Office Electronics - 0.5%
Xerox Corp. (a)	3,896,635		60,631,641
Semiconductors & Semiconductor Equipment - 2.8%
Analog Devices, Inc.	1,406,800		41,345,852
Applied Materials, Inc.	2,401,200		42,573,276
Freescale Semiconductor, Inc.:
Class A (a)	17,710		673,866
Class B (a)	1,496,677		56,888,693
Intel Corp.	4,269,800		87,829,786
Micron Technology, Inc. (a)	1,589,200		27,652,080
National Semiconductor Corp.	682,847		16,067,390
Novellus Systems, Inc. (a)	166,400		4,602,624
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Samsung Electronics Co. Ltd.	30,180		$ 21,176,703
Teradyne, Inc. (a)	715,400		9,414,664
			308,224,934
Software - 1.3%
Autodesk, Inc. (a)	165,500		5,756,090
Microsoft Corp.	3,272,500		89,437,425
Oracle Corp. (a)	731,200		12,971,488
Symantec Corp. (a)	1,496,133		31,837,710
			140,002,713
TOTAL INFORMATION TECHNOLOGY			1,041,069,531
MATERIALS - 4.2%
Chemicals - 2.3%
Air Products & Chemicals, Inc.	621,300		41,235,681
Arkema (a)	12,180		574,725
Arkema sponsored ADR (a)	234,455		11,019,376
Ashland, Inc.	353,500		22,546,230
Bayer AG sponsored ADR	270,700		13,792,165
Celanese Corp. Class A	672,400		12,035,960
Chemtura Corp.	2,044,164		17,722,903
Dow Chemical Co.	742,300		28,934,854
E.I. du Pont de Nemours & Co.	836,800		35,848,512
Georgia Gulf Corp.	759,800		20,833,716
Lyondell Chemical Co. (d)	1,336,593		33,909,352
PolyOne Corp. (a)	1,126,200		9,381,246
Rohm & Haas Co.	166,256		7,872,222
Tronox, Inc. Class B	153,376		1,958,612
			257,665,554
Containers & Packaging - 0.3%
Amcor Ltd.	1,548,700		8,576,624
Smurfit-Stone Container Corp.(a)	2,320,072		25,984,806
			34,561,430
Metals & Mining - 1.0%
Alcan, Inc.	601,700		23,977,580
Alcoa, Inc.	2,359,016		66,146,809
Phelps Dodge Corp.	188,000		15,923,600
			106,047,989
Paper & Forest Products - 0.6%
International Paper Co.	1,105,400		38,280,002
Weyerhaeuser Co.	519,600		31,970,988
			70,250,990
TOTAL MATERIALS			468,525,963
TELECOMMUNICATION SERVICES - 6.6%
Diversified Telecommunication Services - 5.7%
AT&T, Inc.	7,251,893		236,121,636
BellSouth Corp.	4,402,699		188,215,382
	Shares		Value
Qwest Communications International, Inc. (a)	5,870,900		$ 51,194,248
Telkom SA Ltd. sponsored ADR	268,975		18,602,311
Verizon Communications, Inc.	3,727,402		138,398,436
			632,532,013
Wireless Telecommunication Services - 0.9%
MTN Group Ltd.	206,900		1,673,518
Philippine Long Distance Telephone Co. sponsored ADR (d)	298,700		13,011,372
Sprint Nextel Corp.	3,408,000		58,447,200
Vodafone Group PLC sponsored ADR	1,248,187		28,533,555
			101,665,645
TOTAL TELECOMMUNICATION SERVICES			734,197,658
UTILITIES - 3.3%
Electric Utilities - 0.7%
Entergy Corp.	658,100		51,483,163
Exelon Corp.	382,800		23,174,712
			74,657,875
Independent Power Producers & Energy Traders - 0.7%
AES Corp. (a)	1,644,400		33,529,316
TXU Corp.	788,840		49,318,277
			82,847,593
Multi-Utilities - 1.9%
Dominion Resources, Inc.	968,900		74,111,161
Duke Energy Corp.	921,000		27,814,200
Public Service Enterprise Group, Inc.	933,800		57,139,222
Wisconsin Energy Corp.	1,286,100		55,482,354
			214,546,937
TOTAL UTILITIES			372,052,405
TOTAL COMMON STOCKS (Cost $7,991,075,419)		10,997,460,303
Convertible Preferred Stocks - 0.6%
CONSUMER DISCRETIONARY - 0.3%
Automobiles - 0.2%
Ford Motor Co. Capital Trust II 6.50%	402,500		13,479,725
General Motors Corp.:
Series B, 5.25%	359,600		7,159,636
Series C, 6.25%	253,100		5,780,804
			26,420,165
Hotels, Restaurants & Leisure - 0.1%
Six Flags, Inc. 7.25% PIERS	384,900		8,275,350
TOTAL CONSUMER DISCRETIONARY			34,695,515
FINANCIALS - 0.2%
Insurance - 0.2%
Conseco, Inc. Series B, 5.50%	143,400		3,688,248
Convertible Preferred Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Travelers Property Casualty Corp. 4.50%	208,200		$ 5,143,997
XL Capital Ltd. 6.50%	475,300		10,798,816
			19,631,061
HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Schering-Plough Corp. 6.00%	176,300		9,826,962
MATERIALS - 0.0%
Chemicals - 0.0%
Celanese Corp. 4.25%	67,100		1,829,817
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $76,185,301)		65,983,355
Corporate Bonds - 0.8%
	Principal Amount
Convertible Bonds - 0.7%
CONSUMER DISCRETIONARY - 0.3%
Hotels, Restaurants & Leisure - 0.1%
Six Flags, Inc. 4.5% 5/15/15	$ 3,640,000		3,815,175
Media - 0.2%
Liberty Media Corp.3.5% 1/15/31 (e)	11,400,000		12,483,000
News America, Inc. liquid yield option note 0% 2/28/21 (e)	22,670,000		13,460,313
			25,943,313
TOTAL CONSUMER DISCRETIONARY			29,758,488
INDUSTRIALS - 0.1%
Airlines - 0.1%
UAL Corp. 4.5% 6/30/21 (e)	8,680,000		8,954,288
Industrial Conglomerates - 0.0%
Tyco International Group SA yankee 3.125% 1/15/23	5,220,000		6,907,104
TOTAL INDUSTRIALS			15,861,392
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
Level 3 Communications, Inc.:
3.5% 6/15/12	6,220,000		7,393,154
	Principal Amount		Value
5.25% 12/15/11 (e)	$ 11,850,000		$ 17,879,043
5.25% 12/15/11	3,930,000		5,929,505
			31,201,702
TOTAL CONVERTIBLE BONDS			76,821,582
Nonconvertible Bonds - 0.1%
MATERIALS - 0.1%
Chemicals - 0.1%
Hercules, Inc. 6.5% 6/30/29 unit	15,700,000		12,858,190
TOTAL CORPORATE BONDS (Cost $83,022,047)		89,679,772
Money Market Funds - 2.7%
	Shares
Fidelity Cash Central Fund, 5.36% (b)	40,053,487		40,053,487
Fidelity Securities Lending Cash Central Fund, 5.37% (b)(c)	267,114,944		267,114,944
TOTAL MONEY MARKET FUNDS (Cost $307,168,431)		307,168,431

TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $8,457,451,198) 11,460,291,861

NET OTHER ASSETS - (2.5)%		(279,717,756)
NET ASSETS - 100%	$ 11,180,574,105

Security Type Abbreviation

PIERS - Preferred Income Equity Redeemable Securities

Legend

(a) Non-income producing

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

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

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

(e) 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 $68,036,199 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	$ 694,616
Fidelity Securities Lending Cash Central Fund	1,337,018
Total	$ 2,031,634

Income Tax Information

At September 30, 2006, the aggregate cost of investment securities for income tax purposes was $8,468,154,066. Net unrealized appreciation aggregated $2,992,137,795, of which $3,351,662,126 related to appreciated investment securities and $359,524,331 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Value Portfolio

September 30, 2006

VIPVAL-QTLY-1106

1.808786.102

Investments September 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
CONSUMER DISCRETIONARY - 7.9%
Automobiles - 0.5%
Winnebago Industries, Inc.	10,690		$ 335,452
Hotels, Restaurants & Leisure - 0.2%
WMS Industries, Inc. (a)	5,700		166,497
Media - 4.9%
Comcast Corp. Class A (a)	51,900		1,912,515
News Corp. Class B	28,490		588,034
The New York Times Co. Class A	5,100		117,198
The Walt Disney Co.	13,300		411,103
Time Warner, Inc.	10,700		195,061
			3,223,911
Multiline Retail - 0.6%
Target Corp.	7,500		414,375
Specialty Retail - 1.5%
Chico's FAS, Inc. (a)	18,200		391,846
OfficeMax, Inc.	9,900		403,326
Urban Outfitters, Inc. (a)	10,600		187,514
			982,686
Textiles, Apparel & Luxury Goods - 0.2%
VF Corp.	1,400		102,130
TOTAL CONSUMER DISCRETIONARY			5,225,051
CONSUMER STAPLES - 8.3%
Beverages - 0.5%
Diageo PLC sponsored ADR	2,300		163,392
The Coca-Cola Co.	4,350		194,358
			357,750
Food & Staples Retailing - 5.3%
Wal-Mart Stores, Inc.	70,170		3,460,786
Food Products - 0.4%
Nestle SA sponsored ADR	1,100		96,470
Wm. Wrigley Jr. Co.	4,200		193,452
			289,922
Household Products - 1.7%
Colgate-Palmolive Co.	1,700		105,570
Procter & Gamble Co.	16,700		1,035,066
			1,140,636
Tobacco - 0.4%
Altria Group, Inc.	3,170		242,664
TOTAL CONSUMER STAPLES			5,491,758
ENERGY - 6.5%
Oil, Gas & Consumable Fuels - 6.5%
Chevron Corp.	12,700		823,722
ConocoPhillips	9,700		577,441
Exxon Mobil Corp.	42,840		2,874,564
			4,275,727
	Shares		Value
FINANCIALS - 32.7%
Capital Markets - 4.6%
Merrill Lynch & Co., Inc.	8,500		$ 664,870
Morgan Stanley	13,600		991,576
Northern Trust Corp.	2,600		151,918
Nuveen Investments, Inc. Class A	3,800		194,674
State Street Corp.	16,910		1,055,184
			3,058,222
Commercial Banks - 5.1%
Barclays PLC Sponsored ADR	5,700		289,389
East West Bancorp, Inc.	8,026		317,910
KeyCorp	9,300		348,192
Preferred Bank, Los Angeles California	1,600		95,952
U.S. Bancorp, Delaware	10,600		352,132
Wachovia Corp.	11,030		615,474
Wells Fargo & Co.	18,340		663,541
Wilmington Trust Corp., Delaware	15,300		681,615
			3,364,205
Consumer Finance - 1.2%
Capital One Financial Corp.	9,600		755,136
SLM Corp.	30		1,559
			756,695
Diversified Financial Services - 9.8%
Bank of America Corp.	52,020		2,786,711
Citigroup, Inc.	39,960		1,984,813
JPMorgan Chase & Co.	35,600		1,671,776
			6,443,300
Insurance - 4.0%
AFLAC, Inc.	3,900		178,464
Allstate Corp.	2,600		163,098
American International Group, Inc.	16,840		1,115,818
Lincoln National Corp.	15,800		980,864
MetLife, Inc.	3,500		198,380
			2,636,624
Real Estate Investment Trusts - 4.3%
General Growth Properties, Inc.	59,023		2,812,446
Thrifts & Mortgage Finance - 3.7%
Fannie Mae	32,800		1,833,848
Hudson City Bancorp, Inc.	35,700		473,025
People's Bank, Connecticut	4,100		162,401
			2,469,274
TOTAL FINANCIALS			21,540,766
HEALTH CARE - 11.4%
Health Care Equipment & Supplies - 0.7%
Becton, Dickinson & Co.	6,600		466,422
Health Care Providers & Services - 2.0%
Health Net, Inc. (a)	23,620		1,027,942
UnitedHealth Group, Inc.	5,900		290,280
			1,318,222
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 8.7%
Johnson & Johnson	6,600		$ 428,604
Merck & Co., Inc.	53,300		2,233,270
Pfizer, Inc.	62,190		1,763,708
Wyeth	25,300		1,286,252
			5,711,834
TOTAL HEALTH CARE			7,496,478
INDUSTRIALS - 11.0%
Aerospace & Defense - 0.6%
Raytheon Co.	2,500		120,025
The Boeing Co.	3,900		307,515
			427,540
Industrial Conglomerates - 2.3%
General Electric Co.	43,520		1,536,256
Road & Rail - 8.1%
Burlington Northern Santa Fe Corp.	38,200		2,805,408
Con-way, Inc.	6,000		268,920
CSX Corp.	66,000		2,166,780
Laidlaw International, Inc.	3,000		81,990
			5,323,098
TOTAL INDUSTRIALS			7,286,894
INFORMATION TECHNOLOGY - 11.9%
Communications Equipment - 1.6%
Cisco Systems, Inc. (a)	20,100		462,300
Juniper Networks, Inc. (a)	13,500		233,280
Motorola, Inc.	4,900		122,500
QUALCOMM, Inc.	6,200		225,370
			1,043,450
Computers & Peripherals - 3.1%
Hewlett-Packard Co.	50,300		1,845,507
Sun Microsystems, Inc. (a)	38,500		191,345
			2,036,852
Electronic Equipment & Instruments - 0.9%
Arrow Electronics, Inc. (a)	8,200		224,926
Avnet, Inc. (a)	20,679		405,722
			630,648
	Shares		Value
Internet Software & Services - 1.4%
eBay, Inc. (a)	8,500		$ 241,060
Google, Inc. Class A (sub. vtg.) (a)	1,700		683,230
			924,290
Semiconductors & Semiconductor Equipment - 4.9%
Analog Devices, Inc.	20,100		590,739
Applied Materials, Inc.	22,700		402,471
Intel Corp.	24,600		506,022
Linear Technology Corp.	8,800		273,856
Maxim Integrated Products, Inc.	12,100		339,647
MKS Instruments, Inc. (a)	25,800		523,998
National Semiconductor Corp.	13,200		310,596
Texas Instruments, Inc.	8,100		269,325
			3,216,654
TOTAL INFORMATION TECHNOLOGY			7,851,894
MATERIALS - 0.8%
Chemicals - 0.8%
FMC Corp.	8,240		527,937
TELECOMMUNICATION SERVICES - 6.3%
Diversified Telecommunication Services - 6.3%
AT&T, Inc.	85,000		2,767,600
BellSouth Corp.	19,800		846,450
Qwest Communications International, Inc. (a)	61,700		538,024
			4,152,074
UTILITIES - 2.3%
Electric Utilities - 1.9%
Edison International	3,900		162,396
Entergy Corp.	4,000		312,920
Exelon Corp.	12,700		768,858
			1,244,174
Multi-Utilities - 0.4%
Duke Energy Corp.	8,800		265,760
TOTAL UTILITIES			1,509,934
TOTAL COMMON STOCKS (Cost $60,286,702)		65,358,513

Convertible Bonds - 0.4%
	Principal Amount
INDUSTRIALS - 0.1%
Airlines - 0.1%
UAL Corp. 4.5% 6/30/21 (c)	$ 40,000		41,264
Convertible Bonds - continued
	Principal Amount		Value
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
Level 3 Communications, Inc. 3.5% 6/15/12	$ 160,000		$ 190,178
TOTAL CONVERTIBLE BONDS (Cost $203,872)		231,442

Money Market Funds - 3.4%
	Shares
Fidelity Cash Central Fund, 5.36% (b) (Cost $2,264,916)	2,264,916	2,264,916

TOTAL INVESTMENT PORTFOLIO - 102.9% (Cost $62,755,490) 67,854,871

NET OTHER ASSETS - (2.9)%		(1,895,808)
NET ASSETS - 100%	$ 65,959,063

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.

(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 $ 41,264 or 0.1% 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	$ 74,640

Income Tax Information

At September 30, 2006, the aggregate cost of investment securities for income tax purposes was $62,968,213. Net unrealized appreciation aggregated $4,886,658, of which $5,385,058 related to appreciated investment securities and $498,400 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
High Income Portfolio

September 30, 2006

VIPHI-QTLY-1106

1.808795.102

Investments September 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 88.1%
	Principal Amount		Value
Convertible Bonds - 0.2%
Technology - 0.2%
Flextronics International Ltd. 1% 8/1/10	$ 2,090,000		$ 2,134,308
Nonconvertible Bonds - 87.9%
Aerospace - 1.5%
Bombardier, Inc.:
6.75% 5/1/12 (d)	10,000		9,550
7.45% 5/1/34 (d)	1,360,000		1,171,300
L-3 Communications Corp.:
5.875% 1/15/15	1,120,000		1,069,600
6.375% 10/15/15	5,520,000		5,395,800
7.625% 6/15/12	5,245,000		5,428,575
Orbital Sciences Corp. 9% 7/15/11	1,715,000		1,817,900
Primus International, Inc. 11.5% 4/15/09 (d)	4,505,000		4,865,400
			19,758,125
Air Transportation - 1.3%
American Airlines, Inc. pass thru trust certificates:
6.817% 5/23/11	7,425,000		7,295,063
6.977% 11/23/22	791,308		757,678
7.377% 5/23/19	362,710		333,693
7.8% 4/1/08	565,000		565,000
8.608% 10/1/12	535,000		545,700
AMR Corp. 9% 8/1/12	1,980,000		1,980,000
Continental Airlines, Inc.:
7.875% 7/2/18	629,753		614,009
9.558% 9/1/19	1,073,603		1,111,179
Continental Airlines, Inc. pass thru trust certificates:
7.566% 9/15/21	653,189		646,657
7.73% 9/15/12	340,150		326,544
9.798% 4/1/21	3,244,011		3,430,542
			17,606,065
Automotive - 3.5%
Ford Motor Credit Co.:
7% 10/1/13	4,585,000		4,252,588
7.25% 10/25/11	4,725,000		4,456,034
9.9569% 4/15/12 (f)	3,230,000		3,367,275
10.64% 6/15/11 (d)(f)	6,874,000		7,217,700
General Motors Acceptance Corp.:
5.125% 5/9/08	965,000		945,633
5.625% 5/15/09	1,705,000		1,662,667
6.75% 12/1/14	4,355,000		4,273,344
6.875% 9/15/11	5,585,000		5,571,038
8% 11/1/31	12,850,000		13,492,500
Visteon Corp. 7% 3/10/14	2,965,000		2,653,675
			47,892,454
	Principal Amount		Value
Banks and Thrifts - 0.4%
Western Financial Bank 9.625% 5/15/12	$ 5,125,000		$ 5,656,232
Broadcasting - 0.1%
Nexstar Broadcasting, Inc. 7% 1/15/14	1,535,000		1,412,200
Building Materials - 0.8%
Anixter International, Inc. 5.95% 3/1/15	3,710,000		3,441,025
Goodman Global Holdings, Inc.:
7.875% 12/15/12	1,825,000		1,733,750
8.3294% 6/15/12 (f)	2,045,000		2,073,119
Interface, Inc. 9.5% 2/1/14	1,045,000		1,078,963
Nortek, Inc. 8.5% 9/1/14	1,745,000		1,635,938
NTK Holdings, Inc. 0% 3/1/14 (c)	995,000		686,550
			10,649,345
Cable TV - 3.4%
Cablevision Systems Corp.:
8% 4/15/12	5,980,000		6,039,800
9.62% 4/1/09 (f)	3,835,000		4,065,100
Charter Communications Holdings I LLC:
0% 1/15/15 (c)	2,335,000		1,576,125
9.92% 4/1/14	4,735,000		3,243,475
10% 5/15/14	2,405,000		1,578,402
11.125% 1/15/14	1,340,000		927,950
Charter Communications Holdings I LLC/Charter Communications Holdings I Capital Corp. 11% 10/1/15	1,085,000		987,350
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp. 10.25% 9/15/10	3,015,000		3,075,300
EchoStar DBS Corp.:
5.75% 10/1/08	6,905,000		6,853,213
7% 10/1/13 (d)(e)	5,940,000		5,836,050
7.125% 2/1/16 (d)	1,655,000		1,605,350
GCI, Inc. 7.25% 2/15/14	1,840,000		1,775,600
Insight Midwest LP/Insight Capital, Inc. 10.5% 11/1/10	1,370,000		1,421,101
Kabel Deutschland GmbH 10.625% 7/1/14 (d)	2,930,000		3,149,750
NTL Cable PLC:
8.75% 4/15/14	2,175,000		2,242,969
9.125% 8/15/16	1,805,000		1,859,150
			46,236,685
Capital Goods - 2.2%
Amsted Industries, Inc. 10.25% 10/15/11 (d)	5,485,000		5,855,238
Case New Holland, Inc. 7.125% 3/1/14	6,795,000		6,795,000
Invensys PLC 9.875% 3/15/11 (d)	5,503,000		5,929,483
Leucadia National Corp. 7% 8/15/13	4,250,000		4,239,375
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Capital Goods - continued
Park-Ohio Industries, Inc. 8.375% 11/15/14	$ 2,555,000		$ 2,299,500
Sensus Metering Systems, Inc. 8.625% 12/15/13	4,325,000		4,206,063
			29,324,659
Chemicals - 4.3%
Chemtura Corp. 6.875% 6/1/16	2,710,000		2,649,025
Crystal US Holding 3 LLC/Crystal US Sub 3 Corp.:
Series A, 0% 10/1/14 (c)	3,240,000		2,616,300
Series B, 0% 10/1/14 (c)	1,965,000		1,576,913
Equistar Chemicals LP 7.55% 2/15/26	2,525,000		2,228,313
Equistar Chemicals LP/Equistar Funding Corp.:
8.75% 2/15/09	1,995,000		2,067,319
10.125% 9/1/08	2,600,000		2,756,000
Georgia Gulf Corp. 9.5% 10/15/14 (d)	5,580,000		5,559,075
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC 10.2569% 7/15/10 (f)	4,720,000		4,814,400
Lyondell Chemical Co.:
8% 9/15/14	3,110,000		3,148,875
8.25% 9/15/16	3,110,000		3,148,875
Millennium America, Inc.:
7.625% 11/15/26	1,040,000		910,000
9.25% 6/15/08	4,175,000		4,310,688
Nalco Co. 7.75% 11/15/11	3,005,000		3,072,613
Nell AF Sarl 8.375% 8/15/15 (d)	2,690,000		2,656,375
NOVA Chemicals Corp.:
7.4% 4/1/09	5,225,000		5,211,938
8.405% 11/15/13 (f)	3,060,000		3,090,600
Phibro Animal Health Corp.:
10% 8/1/13 (d)	2,440,000		2,501,000
13% 8/1/14 (d)	1,420,000		1,441,300
Tronox Worldwide LLC/Tronox Worldwide Finance Corp. 9.5% 12/1/12	4,590,000		4,704,750
			58,464,359
Consumer Products - 0.7%
Jostens Holding Corp. 0% 12/1/13 (c)	3,050,000		2,508,625
Jostens IH Corp. 7.625% 10/1/12	1,970,000		1,970,000
Revlon Consumer Products Corp.:
8.625% 2/1/08	2,165,000		2,040,513
9.5% 4/1/11	1,560,000		1,396,200
Samsonite Corp. 8.875% 6/1/11	1,540,000		1,605,450
			9,520,788
Containers - 1.8%
Ball Corp. 6.625% 3/15/18	5,540,000		5,429,200
	Principal Amount		Value
BWAY Corp. 10% 10/15/10	$ 7,005,000		$ 7,355,250
Graham Packaging Co. LP/GPC Capital Corp. 9.875% 10/15/14	925,000		906,500
Impress Holdings BV 8.515% 9/15/13 (d)(f)	2,260,000		2,276,950
Owens-Brockway Glass Container, Inc. 8.25% 5/15/13	2,665,000		2,731,625
Owens-Illinois, Inc.:
7.35% 5/15/08	3,125,000		3,125,000
7.5% 5/15/10	2,775,000		2,775,000
			24,599,525
Diversified Financial Services - 0.5%
E*TRADE Financial Corp.:
7.375% 9/15/13	930,000		953,250
7.875% 12/1/15	2,895,000		3,046,988
8% 6/15/11	2,440,000		2,525,400
			6,525,638
Diversified Media - 1.6%
Affinion Group, Inc. 11.5% 10/15/15	2,700,000		2,754,000
LBI Media Holdings, Inc. 0% 10/15/13 (c)	6,440,000		5,441,800
LBI Media, Inc. 10.125% 7/15/12	2,245,000		2,362,863
Nielsen Finance LLC/Co.:
0% 8/1/16 (c)(d)	2,660,000		1,559,425
10% 8/1/14 (d)	3,460,000		3,581,100
Quebecor Media, Inc. 7.75% 3/15/16	5,920,000		5,846,000
			21,545,188
Electric Utilities - 4.5%
AES Corp.:
8.875% 2/15/11	3,581,000		3,822,718
9.375% 9/15/10	4,088,000		4,404,820
9.5% 6/1/09	1,184,000		1,263,920
AES Gener SA 7.5% 3/25/14	4,965,000		5,132,569
Aquila, Inc. 14.875% 7/1/12	2,555,000		3,347,050
CMS Energy Corp. 6.3% 2/1/12	1,405,000		1,383,925
Dynegy Holdings, Inc. 8.375% 5/1/16	3,130,000		3,184,775
Mirant Americas Generation LLC 8.5% 10/1/21	4,075,000		3,952,750
MSW Energy Holdings II LLC/MSW Finance Co. II, Inc. 7.375% 9/1/10	7,490,000		7,490,000
MSW Energy Holdings LLC/MSW Energy Finance Co., Inc. 8.5% 9/1/10	2,505,000		2,580,150
Nevada Power Co. 6.65% 4/1/36 (d)	3,205,000		3,331,598
NGC Corp. 7.125% 5/15/18	1,805,000		1,651,575
NRG Energy, Inc. 7.25% 2/1/14	1,275,000		1,265,438
Reliant Energy, Inc. 6.75% 12/15/14	380,000		361,000
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Electric Utilities - continued
Sierra Pacific Power Co. 6% 5/15/16 (d)	$ 165,000		$ 166,650
Tenaska Alabama Partners LP 7% 6/30/21 (d)	3,249,308		3,176,198
TXU Corp. 6.5% 11/15/24	6,115,000		5,824,538
Utilicorp Canada Finance Corp. 7.75% 6/15/11	8,600,000		9,073,000
Utilicorp United, Inc. 9.95% 2/1/11 (f)	55,000		60,500
			61,473,174
Energy - 9.0%
Atlas Pipeline Partners LP 8.125% 12/15/15	3,305,000		3,362,838
Chaparral Energy, Inc. 8.5% 12/1/15	4,800,000		4,764,000
Chesapeake Energy Corp.:
6.5% 8/15/17	7,185,000		6,735,938
6.625% 1/15/16	1,045,000		1,005,813
7.5% 6/15/14	2,095,000		2,105,475
7.75% 1/15/15	4,390,000		4,472,313
Colorado Interstate Gas Co. 6.8% 11/15/15	375,000		377,344
El Paso Corp.:
6.375% 2/1/09	4,000,000		4,017,920
7.75% 6/15/10	5,034,000		5,187,940
El Paso Natural Gas Co. 8.375% 6/15/32	265,000		300,367
El Paso Performance-Linked Trust 7.75% 7/15/11 (d)	5,960,000		6,109,000
Hanover Compressor Co.:
7.5% 4/15/13	580,000		577,100
8.625% 12/15/10	2,560,000		2,662,400
9% 6/1/14	2,465,000		2,612,900
Hanover Equipment Trust 8.75% 9/1/11	775,000		802,125
Hilcorp Energy I LP/Hilcorp Finance Co.:
7.75% 11/1/15 (d)	3,440,000		3,328,200
9% 6/1/16 (d)	3,910,000		4,007,750
Inergy LP/Inergy Finance Corp. 8.25% 3/1/16	2,505,000		2,611,463
Markwest Energy Partners LP/Markwest Energy Finance Corp. 6.875% 11/1/14	3,176,000		2,993,380
Newfield Exploration Co.:
6.625% 9/1/14	755,000		738,013
6.625% 4/15/16	1,310,000		1,277,250
Pacific Energy Partners LP/Pacific Energy Finance Corp. 6.25% 9/15/15	2,890,000		2,853,875
Pan American Energy LLC 7.75% 2/9/12 (d)	3,630,000		3,648,150
	Principal Amount		Value
Parker Drilling Co.:
9.625% 10/1/13	$ 2,960,000		$ 3,226,400
10.15% 9/1/10 (f)	4,878,000		4,975,560
Petrohawk Energy Corp. 9.125% 7/15/13 (d)	7,095,000		7,148,213
Pogo Producing Co. 6.875% 10/1/17	2,255,000		2,150,706
Range Resources Corp.:
7.375% 7/15/13	10,075,000		10,075,000
7.5% 5/15/16	3,910,000		3,929,550
SESI LLC 6.875% 6/1/14 (d)	3,210,000		3,113,700
Sonat, Inc. 7.625% 7/15/11	4,355,000		4,436,656
Southern Natural Gas Co.:
7.35% 2/15/31	610,000		632,875
8% 3/1/32	350,000		389,375
Stone Energy Corp. 6.75% 12/15/14	3,435,000		3,409,238
Targa Resources, Inc./Targa Resources Finance Corp. 8.5% 11/1/13 (d)	2,535,000		2,528,663
Williams Companies, Inc. 6.375% 10/1/10 (d)	4,765,000		4,735,219
Williams Partners LP/Williams Partners Finance Corp. 7.5% 6/15/11 (d)	4,330,000		4,373,300
			121,676,009
Entertainment/Film - 0.1%
AMC Entertainment, Inc. 8% 3/1/14	1,815,000		1,706,100
Environmental - 0.9%
Allied Waste North America, Inc.:
5.75% 2/15/11	3,645,000		3,480,975
7.125% 5/15/16	3,210,000		3,137,775
8.5% 12/1/08	3,965,000		4,133,513
Browning-Ferris Industries, Inc. 6.375% 1/15/08	855,000		852,863
			11,605,126
Food and Drug Retail - 0.5%
Albertsons, Inc.:
7.45% 8/1/29	1,685,000		1,560,748
7.75% 6/15/26	2,565,000		2,433,287
8% 5/1/31	1,685,000		1,638,010
Rite Aid Corp.:
7.5% 1/15/15	655,000		615,700
7.7% 2/15/27	310,000		243,350
8.125% 5/1/10	655,000		658,275
			7,149,370
Food/Beverage/Tobacco - 1.8%
Constellation Brands, Inc. 7.25% 9/1/16	2,760,000		2,787,600
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11	3,690,000		3,837,600
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Food/Beverage/Tobacco - continued
Pierre Foods, Inc. 9.875% 7/15/12	$ 2,290,000		$ 2,318,625
Reynolds American, Inc.:
6.5% 7/15/10 (d)	5,255,000		5,315,958
7.25% 6/1/13 (d)	3,200,000		3,282,560
7.3% 7/15/15 (d)	2,680,000		2,753,700
Swift & Co.:
10.125% 10/1/09	2,605,000		2,657,100
12.5% 1/1/10	760,000		771,400
			23,724,543
Gaming - 6.1%
Chukchansi Economic Development Authority:
8% 11/15/13 (d)	3,210,000		3,294,263
8.78% 11/15/12 (d)(f)	1,010,000		1,040,300
Mandalay Resort Group:
9.375% 2/15/10	4,655,000		4,963,394
10.25% 8/1/07	2,505,000		2,586,413
MGM Mirage, Inc.:
6% 10/1/09	5,140,000		5,075,750
6.625% 7/15/15	350,000		336,000
6.75% 9/1/12	8,215,000		8,091,775
6.75% 4/1/13	2,450,000		2,404,063
6.875% 4/1/16	2,730,000		2,637,863
Mohegan Tribal Gaming Authority:
6.375% 7/15/09	4,740,000		4,716,300
7.125% 8/15/14	2,010,000		2,004,975
8% 4/1/12	970,000		1,008,800
MTR Gaming Group, Inc.:
9% 6/1/12 (d)	960,000		969,600
9.75% 4/1/10	1,650,000		1,740,750
Scientific Games Corp. 6.25% 12/15/12	3,275,000		3,152,188
Seneca Gaming Corp.:
Series B, 7.25% 5/1/12	4,600,000		4,577,000
7.25% 5/1/12	6,020,000		5,989,900
Station Casinos, Inc.:
6.625% 3/15/18	185,000		166,731
6.875% 3/1/16	9,520,000		8,948,800
Turning Stone Resort Casino Enterprise 9.125% 9/15/14 (d)	3,740,000		3,786,750
Virgin River Casino Corp./RBG LLC/B&BB, Inc.:
0% 1/15/13 (c)	2,100,000		1,449,000
9% 1/15/12	3,610,000		3,718,300
	Principal Amount		Value
Wheeling Island Gaming, Inc. 10.125% 12/15/09	$ 5,900,000		$ 6,047,500
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 6.625% 12/1/14	3,915,000		3,807,338
			82,513,753
Healthcare - 5.1%
CDRV Investors, Inc. 0% 1/1/15 (c)	8,990,000		6,652,600
Concentra Operating Corp.:
9.125% 6/1/12	4,095,000		4,258,800
9.5% 8/15/10	2,145,000		2,230,800
HealthSouth Corp.:
10.75% 6/15/16 (d)	2,390,000		2,443,775
11.4181% 6/15/14 (d)(f)	2,215,000		2,259,300
IASIS Healthcare LLC/IASIS Capital Corp. 8.75% 6/15/14	3,815,000		3,671,938
LifeCare Holdings, Inc. 9.25% 8/15/13	2,075,000		1,473,250
Multiplan, Inc. 10.375% 4/15/16 (d)	2,485,000		2,497,425
National Mentor Holdings, Inc. 11.25% 7/1/14 (d)	3,250,000		3,380,000
Omega Healthcare Investors, Inc.:
7% 4/1/14	9,970,000		9,895,225
7% 1/15/16	2,480,000		2,449,000
Senior Housing Properties Trust 8.625% 1/15/12	6,435,000		6,901,538
Service Corp. International (SCI):
6.75% 4/1/16	1,040,000		993,200
7.375% 10/1/14 (d)	3,220,000		3,240,125
7.625% 10/1/18 (d)	2,390,000		2,401,950
8% 6/15/17 (d)(f)	270,000		257,850
Team Finance LLC/Health Finance Corp. 11.25% 12/1/13	4,310,000		4,417,750
Ventas Realty LP:
6.5% 6/1/16	5,250,000		5,158,125
6.625% 10/15/14	2,320,000		2,314,200
6.75% 4/1/17	2,800,000		2,803,500
			69,700,351
Homebuilding/Real Estate - 2.3%
American Real Estate Partners/American Real Estate Finance Corp.:
7.125% 2/15/13	4,400,000		4,345,000
8.125% 6/1/12	11,585,000		11,845,663
K. Hovnanian Enterprises, Inc.:
6% 1/15/10	490,000		456,313
8.875% 4/1/12	615,000		602,700
KB Home 7.75% 2/1/10	6,155,000		6,139,613
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (d)	3,380,000		3,375,606
Technical Olympic USA, Inc. 7.5% 1/15/15	4,580,000		3,526,600
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Homebuilding/Real Estate - continued
WCI Communities, Inc.:
6.625% 3/15/15	$ 965,000		$ 767,175
7.875% 10/1/13	830,000		699,275
			31,757,945
Hotels - 0.7%
Grupo Posadas SA de CV 8.75% 10/4/11 (d)	3,875,000		4,049,375
Host Marriott LP 7.125% 11/1/13	5,390,000		5,457,375
			9,506,750
Insurance - 0.3%
UnumProvident Corp. 7.375% 6/15/32	580,000		603,130
UnumProvident Finance Co. PLC 6.85% 11/15/15 (d)	2,770,000		2,811,550
			3,414,680
Leisure - 1.8%
Royal Caribbean Cruises Ltd.:
7% 6/15/13	4,720,000		4,771,726
yankee 7.5% 10/15/27	810,000		792,788
Town Sports International Holdings, Inc. 0% 2/1/14 (c)	1,052,000		862,640
Town Sports International, Inc. 9.625% 4/15/11	5,344,000		5,611,200
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10	5,125,000		5,522,188
Universal City Florida Holding Co. I/II:
8.375% 5/1/10	575,000		577,156
10.2388% 5/1/10 (f)	5,780,000		5,931,725
			24,069,423
Metals/Mining - 3.8%
Arch Western Finance LLC 6.75% 7/1/13	5,410,000		5,193,600
Compass Minerals International, Inc.:
0% 12/15/12 (c)	4,520,000		4,384,400
0% 6/1/13 (c)	8,615,000		8,033,488
Drummond Co., Inc. 7.375% 2/15/16 (d)	7,370,000		6,946,225
FMG Finance Pty Ltd.:
9.405% 9/1/11 (d)(f)	3,090,000		2,920,050
10% 9/1/13 (d)	3,050,000		2,882,250
10.625% 9/1/16 (d)	2,760,000		2,642,700
Massey Energy Co. 6.875% 12/15/13	5,415,000		4,914,113
	Principal Amount		Value
PNA Group, Inc. 10.75% 9/1/16 (d)	$ 3,640,000		$ 3,721,900
Vedanta Resources PLC 6.625% 2/22/10 (d)	10,775,000		10,491,618
			52,130,344
Paper - 1.0%
Bowater Canada Finance Corp. 7.95% 11/15/11	1,170,000		1,124,663
Bowater, Inc. 6.5% 6/15/13	1,680,000		1,491,000
Catalyst Paper Corp. 8.625% 6/15/11	1,710,000		1,675,800
Georgia-Pacific Corp.:
8% 1/15/24	1,470,000		1,447,950
8.875% 5/15/31	2,090,000		2,163,150
Jefferson Smurfit Corp. U.S. 7.5% 6/1/13	1,580,000		1,453,600
Stone Container Corp. 9.75% 2/1/11	1,878,000		1,934,340
Stone Container Finance Co. 7.375% 7/15/14	2,420,000		2,202,200
			13,492,703
Publishing/Printing - 1.3%
Dex Media West LLC/Dex Media West Finance Co. 8.5% 8/15/10	2,175,000		2,234,813
Houghton Mifflin Co. 9.875% 2/1/13	5,435,000		5,706,750
The Reader's Digest Association, Inc. 6.5% 3/1/11	10,605,000		10,207,313
			18,148,876
Railroad - 0.7%
Kansas City Southern Railway Co. 7.5% 6/15/09	9,860,000		9,860,000
Restaurants - 1.3%
Carrols Corp. 9% 1/15/13	5,255,000		5,333,825
Friendly Ice Cream Corp. 8.375% 6/15/12	5,700,000		5,151,375
Landry's Seafood Restaurants, Inc. 7.5% 12/15/14	6,915,000		6,621,113
			17,106,313
Services - 3.5%
Ashtead Capital, Inc. 9% 8/15/16 (d)	3,090,000		3,221,325
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:
7.625% 5/15/14 (d)	1,460,000		1,423,500
7.75% 5/15/16 (d)	2,320,000		2,250,400
7.905% 5/15/14 (d)(f)	550,000		536,250
Corrections Corp. of America:
6.25% 3/15/13	220,000		215,050
6.75% 1/31/14	1,315,000		1,315,000
7.5% 5/1/11	1,605,000		1,637,100
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Services - continued
Education Management LLC/Education Management Finance Corp. 10.25% 6/1/16 (d)	$ 2,990,000		$ 3,057,275
FTI Consulting, Inc.:
7.625% 6/15/13	4,965,000		4,977,413
7.75% 10/1/16 (d)	1,250,000		1,262,500
H&E Equipment Services, Inc. 8.375% 7/15/16 (d)	2,150,000		2,203,750
Hertz Corp.:
8.875% 1/1/14 (d)	445,000		463,913
10.5% 1/1/16 (d)	625,000		685,938
Iron Mountain, Inc.:
8.25% 7/1/11	5,110,000		5,122,775
8.625% 4/1/13	5,270,000		5,388,575
Penhall International Corp. 12% 8/1/14 (d)	2,650,000		2,775,875
Rural/Metro Corp.:
0% 3/15/16 (c)	3,185,000		2,404,675
9.875% 3/15/15	1,670,000		1,724,275
United Rentals North America, Inc. 7% 2/15/14	6,615,000		6,218,100
			46,883,689
Shipping - 3.8%
Berry Plastics Holding Corp. 8.875% 9/15/14 (d)	4,680,000		4,703,400
OMI Corp. 7.625% 12/1/13	9,595,000		9,690,950
Overseas Shipholding Group, Inc.:
7.5% 2/15/24	840,000		823,200
8.25% 3/15/13	1,295,000		1,366,225
Ship Finance International Ltd. 8.5% 12/15/13	25,180,000		24,235,717
Teekay Shipping Corp. 8.875% 7/15/11	10,093,000		10,749,045
			51,568,537
Steels - 0.4%
Allegheny Technologies, Inc. 8.375% 12/15/11	645,000		677,250
RathGibson, Inc. 11.25% 2/15/14 (d)	4,820,000		4,988,700
			5,665,950
Super Retail - 1.5%
GSC Holdings Corp./Gamestop, Inc. 8% 10/1/12	11,530,000		11,919,138
NBC Acquisition Corp. 0% 3/15/13 (c)	1,665,000		1,215,450
Nebraska Book Co., Inc. 8.625% 3/15/12	3,050,000		2,851,750
Sonic Automotive, Inc. 8.625% 8/15/13	3,690,000		3,699,225
			19,685,563
	Principal Amount		Value
Technology - 7.1%
Activant Solutions, Inc. 9.5% 5/1/16 (d)	$ 1,330,000		$ 1,230,250
Avago Technologies Finance Ltd.:
10.125% 12/1/13 (d)	3,400,000		3,621,000
10.9% 6/1/13 (d)(f)	3,380,000		3,540,550
Celestica, Inc.:
7.625% 7/1/13	2,090,000		2,074,325
7.875% 7/1/11	7,750,000		7,672,500
Eastman Kodak Co. 7.25% 11/15/13	1,645,000		1,603,875
Freescale Semiconductor, Inc. 6.875% 7/15/11	6,555,000		6,882,750
IKON Office Solutions, Inc. 7.75% 9/15/15	5,615,000		5,769,413
Lucent Technologies, Inc.:
6.45% 3/15/29	9,240,000		8,223,600
6.5% 1/15/28	3,465,000		3,083,850
MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co.:
8% 12/15/14	570,000		347,700
8.64% 12/15/11 (f)	3,255,000		2,742,338
Nortel Networks Corp.:
9.73% 7/15/11 (d)(f)	3,340,000		3,440,200
10.125% 7/15/13 (d)	3,825,000		4,044,938
Northern Telecom Capital Corp. 7.875% 6/15/26	475,000		413,250
Northern Telecom Ltd. yankee 6.875% 9/1/23	840,000		697,200
Sanmina-SCI Corp.:
6.75% 3/1/13	5,020,000		4,706,250
8.125% 3/1/16	4,660,000		4,566,800
Seagate Technology HDD Holdings 6.8% 10/1/16	2,800,000		2,793,000
Serena Software, Inc. 10.375% 3/15/16	1,720,000		1,797,400
STATS ChipPAC Ltd. 7.5% 7/19/10	5,185,000		5,159,075
SunGard Data Systems, Inc.:
9.125% 8/15/13	4,380,000		4,522,350
10.25% 8/15/15	1,315,000		1,354,450
UGS Capital Corp. II 10.38% 6/1/11 pay-in-kind (d)(f)	5,765,000		5,851,475
Xerox Capital Trust I 8% 2/1/27	2,290,000		2,335,800
Xerox Corp.:
6.4% 3/15/16	2,055,000		2,044,725
6.75% 2/1/17	3,100,000		3,134,875
7.625% 6/15/13	2,585,000		2,711,019
			96,364,958
Telecommunications - 7.7%
American Tower Corp. 7.125% 10/15/12	890,000		910,025
Centennial Communications Corp.:
10% 1/1/13	1,000,000		1,010,000
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Telecommunications - continued
Centennial Communications Corp.: - continued
11.2581% 1/1/13 (f)	$ 1,025,000		$ 1,055,750
Centennial Communications Corp./Centennial Cellular Operating Co. LLC/Centennial Puerto Rico Operations Corp. 8.125% 2/1/14	900,000		884,250
Digicel Ltd. 9.25% 9/1/12 (d)	5,335,000		5,548,400
Intelsat Ltd.:
6.5% 11/1/13	10,960,000		8,713,200
7.625% 4/15/12	10,795,000		9,445,625
9.25% 6/15/16 (d)	4,960,000		5,226,600
11.25% 6/15/16 (d)	4,170,000		4,425,413
11.64% 6/15/13 (d)(f)	3,430,000		3,610,075
Intelsat Subsidiary Holding Co. Ltd. 10.4844% 1/15/12 (f)	3,115,000		3,153,938
Kyivstar GSM 7.75% 4/27/12 (Issued by Dresdner Bank AG for Kyivstar GSM) (d)	570,000		579,234
Level 3 Communications, Inc. 12.875% 3/15/10	1,480,000		1,535,500
Level 3 Financing, Inc. 12.25% 3/15/13	5,435,000		6,060,025
Millicom International Cellular SA 10% 12/1/13	3,230,000		3,472,250
Mobile Telesystems Finance SA 8% 1/28/12 (d)	4,158,000		4,215,380
Nordic Telephone Co. Holdings ApS 8.875% 5/1/16 (d)	1,970,000		2,068,500
PanAmSat Corp.:
9% 8/15/14	5,374,000		5,548,655
9% 6/15/16 (d)	3,820,000		3,944,150
Qwest Corp.:
7.5% 10/1/14 (d)	4,130,000		4,253,900
8.64% 6/15/13 (f)	7,630,000		8,164,100
Rogers Communications, Inc. 9.625% 5/1/11	6,920,000		7,819,600
Stratos Global Corp. 9.875% 2/15/13 (d)	375,000		318,750
U.S. West Capital Funding, Inc. 6.375% 7/15/08	1,245,000		1,241,888
U.S. West Communications:
6.875% 9/15/33	1,550,000		1,426,000
7.5% 6/15/23	3,335,000		3,259,963
Windstream Corp.:
8.125% 8/1/13 (d)	3,270,000		3,470,124
8.625% 8/1/16 (d)	3,040,000		3,252,800
			104,614,095
	Principal Amount		Value
Textiles & Apparel - 0.6%
Levi Strauss & Co.:
8.875% 4/1/16	$ 6,065,000		$ 6,049,838
10.1216% 4/1/12 (f)	1,890,000		1,937,250
Warnaco, Inc. 8.875% 6/15/13	570,000		587,100
			8,574,188
TOTAL NONCONVERTIBLE BONDS			1,191,583,703
TOTAL CORPORATE BONDS (Cost $1,181,984,903)		1,193,718,011
Commercial Mortgage Securities - 0.4%
Banc of America Commercial Mortgage, Inc. Series 2003-2:
Class BWD, 6.947% 10/11/37 (d)	602,702		614,947
Class BWE, 7.226% 10/11/37 (d)	815,018		840,823
Class BWF, 7.55% 10/11/37 (d)	719,501		750,238
Class BWG, 8.155% 10/11/37 (d)	695,904		744,473
Class BWH, 9.073% 10/11/37 (d)	363,970		403,050
Class BWJ, 9.99% 10/11/37 (d)	601,724		688,958
Class BWK, 10.676% 10/11/37 (d)	468,660		546,765
Class BWL, 10.1596% 10/11/37 (d)	781,752		882,813
LB Multi-family Mortgage Trust Series 1991-4 Class A1, 7.0791% 4/25/21 (d)(f)	188,137		169,323
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $5,009,761)		5,641,390

Common Stocks - 0.1%
	Shares
Textiles & Apparel - 0.1%
Arena Brands Holding Corp. Class B (a)(g) (Cost $1,974,627)	48,889	742,135

Floating Rate Loans - 6.8%
	Principal Amount
Aerospace - 0.0%
Wesco Aircraft Hardware Corp.:
Tranche 1LN, term loan 7.58% 9/29/13 (f)	$ 150,000		150,938
Tranche 2LN, term loan 11.125% 3/28/14 (f)	60,000		60,975
			211,913
Floating Rate Loans - continued
	Principal Amount		Value
Automotive - 0.2%
Lear Corp. term loan 7.8779% 4/25/12 (f)	$ 2,660,000		$ 2,606,800
Banks and Thrifts - 0.1%
Charter Municipal Mortgage Acceptance Co. term loan 7.9% 8/15/12 (f)	1,770,000		1,774,425
Building Materials - 0.6%
Masonite International Corp. term loan 11% 4/6/15 (f)	7,930,000		7,374,900
Cable TV - 0.8%
Charter Communications Operating LLC Tranche B, term loan 8.125% 4/28/13 (f)	6,448,000		6,480,240
CSC Holdings, Inc. Tranche B, term loan 7.1832% 3/29/13 (f)	4,937,625		4,912,937
			11,393,177
Diversified Financial Services - 0.4%
LPL Holdings, Inc. Tranche B, term loan 8.3015% 6/28/13 (f)	5,189,954		5,241,854
Electric Utilities - 0.9%
Covanta Energy Corp.:
Tranche 1:
Credit-Linked Deposit 7.6206% 6/24/12 (f)	3,999,608		4,019,606
term loan 7.6205% 6/24/12 (f)	2,866,125		2,880,456
Tranche 2, term loan 10.8706% 6/24/13 (f)	4,631,250		4,677,563
			11,577,625
Energy - 0.7%
Coffeyville Resources LLC Tranche 2, term loan 12.125% 7/8/13 (f)	3,450,000		3,553,500
Targa Resources, Inc./Targa Resources Finance Corp.:
Credit-Linked Deposit 7.4919% 10/31/12 (f)	605,806		610,350
term loan:
7.616% 10/31/07 (f)	2,230,000		2,230,000
7.6442% 10/31/12 (f)	2,498,952		2,517,694
			8,911,544
Gaming - 0.8%
Kerzner International Ltd.:
term loan 8.39% 9/1/13 (f)	3,181,250		3,157,391
Class DD, term loan 8.39% 9/1/13 (f)(h)	1,908,750		1,894,434
Venetian Macau Ltd. Tranche B, term loan:
5/26/12 (h)	2,103,333		2,092,817
8.12% 5/26/13 (f)	4,206,667		4,217,183
			11,361,825
Paper - 0.7%
Georgia-Pacific Corp. Tranche B1, term loan 7.3903% 12/23/12 (f)	9,508,150		9,525,978
	Principal Amount		Value
Services - 0.3%
NES Rentals Holdings, Inc. Tranche 2, term loan 12.125% 7/21/13 (f)	$ 4,570,000		$ 4,592,850
Technology - 0.8%
Affiliated Computer Services, Inc. Tranche B2, term loan 7.395% 3/20/13 (f)	3,192,000		3,199,980
Fidelity National Information Solutions, Inc.:
Tranche A, term loan 6.58% 3/9/11 (f)	5,107,424		5,069,118
Tranche B, term loan 7.08% 3/9/13 (f)	1,926,510		1,927,714
			10,196,812
Telecommunications - 0.5%
Qwest Corp. Tranche B, term loan 6.95% 6/30/10 (f)	2,490,000		2,521,125
Wind Telecomunicazioni Spa:
Tranche B, term loan 8.1684% 9/21/13 (f)	2,345,000		2,356,725
Tranche C, term loan 8.6684% 9/21/14 (f)	2,345,000		2,356,725
			7,234,575
TOTAL FLOATING RATE LOANS (Cost $92,253,749)		92,004,278

Money Market Funds - 4.7%
	Shares
Fidelity Cash Central Fund, 5.36% (b) (Cost $63,755,990)	63,755,990	63,755,990

TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $1,344,979,030) 1,355,861,804

NET OTHER ASSETS - (0.1)%		(1,041,693)
NET ASSETS - 100%	$ 1,354,820,111

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.

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

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $273,502,472 or 20.2% of net assets.

(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $742,135 or 0.1% of net assets.

Additional information on each holding is as follows:

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

(h) Position, or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $3,375,833 and $3,355,773, respectively. The coupon rate will be determined at time of settlement.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,787,158

Income Tax Information

At September 30, 2006, the aggregate cost of investment securities for income tax purposes was $1,341,711,678. Net unrealized appreciation aggregated $14,150,126, of which $31,076,196 related to appreciated investment securities and $16,926,070 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Money Market Portfolio

September 30, 2006

VIPMM-QTLY-1106

1.807728.102

Investments September 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 1.1%
	Due Date	Yield (a)	Principal Amount	Value
Bell Trace Obligated Group
	10/30/06	5.32% (c)	$ 14,405,000	$ 14,405,000
Virginia Electric & Power Co.
	2/1/07	5.53	10,065,000	10,055,255
TOTAL CORPORATE BONDS				24,460,255
Certificates of Deposit - 17.7%
London Branch, Eurodollar, Foreign Banks - 7.7%
Barclays Bank PLC
	10/24/06	5.33	15,000,000	15,000,000
BNP Paribas SA
	12/8/06	5.33	15,000,000	15,000,000
Calyon
	1/24/07 to 2/12/07	5.00 to 5.22	15,000,000	15,000,000
Credit Industriel et Commercial
	10/24/06 to 4/10/07	5.18 to 5.40	46,000,000	46,000,000
Deutsche Bank AG
	1/30/07	4.86	15,000,000	15,000,000
Dresdner Bank AG
	3/5/07	5.40	6,000,000	6,000,000
HBOS Treasury Services PLC
	12/5/06 to 12/14/06	5.35	17,000,000	17,000,000
Landesbank Hessen-Thuringen
	12/8/06	5.36	15,000,000	15,000,000
Norddeutsche Landesbank
	11/8/06	5.32	15,000,000	15,000,000
Societe Generale
	11/7/06 to 12/6/06	4.80 to 4.91	15,000,000	15,000,000
				174,000,000
New York Branch, Yankee Dollar, Foreign Banks - 10.0%
BNP Paribas SA
	10/30/06 to 6/11/07	4.81 to 5.45	45,000,000	45,000,000
Canadian Imperial Bank of Commerce
	10/16/06	5.41 (c)	20,000,000	20,000,000
Credit Suisse First Boston
	10/23/06	5.50 (c)	20,000,000	20,000,000
Credit Suisse Group
	6/4/07	5.40 to 5.43	22,000,000	22,000,000
DEPFA BANK PLC
	1/25/07	5.33	5,000,000	5,000,000
Deutsche Bank AG
	2/5/07	4.90	10,000,000	10,000,000
Mizuho Corporate Bank Ltd.
	10/23/06 to 1/29/07	5.34 to 5.56	53,000,000	52,999,996
	Due Date	Yield (a)	Principal Amount	Value
Sumitomo Mitsui Banking Corp.
	11/14/06 to 1/26/07	5.34 to 5.40%	$ 23,000,000	$ 23,000,000
Toronto-Dominion Bank
	12/8/06	5.35	20,000,000	20,000,000
Unicredito Italiano Spa
	11/20/06	5.26	10,000,000	10,000,000
				227,999,996
TOTAL CERTIFICATES OF DEPOSIT				401,999,996
Commercial Paper - 21.6%
Aegis Finance LLC
	10/18/06 to 11/10/06	5.06 to 5.31	8,000,000	7,969,910
Apache Corp.
	10/16/06	5.36	6,000,000	5,986,650
Aquifer Funding LLC
	10/5/06	5.32	10,000,000	9,994,119
Bavaria TRR Corp.
	10/25/06	5.31	5,000,000	4,982,367
British Telecommunications PLC
	10/10/06 to 11/27/06	5.33 to 5.55	8,000,000	7,965,259
Bryant Park Funding LLC
	11/2/06 to 12/5/06	5.35 to 5.45	10,000,000	9,928,467
Caisse Nat Des Caisses D Epargne
	2/7/07	5.34 (b)	5,000,000	4,906,206
Capital One Multi-Asset Execution Trust
	10/20/06	5.33	2,000,000	1,994,416
Citigroup Funding, Inc.
	10/26/06 to 11/17/06	5.33 to 5.45	25,000,000	24,890,811
ConocoPhillips Qatar Funding Ltd.
	11/20/06	5.43 (b)	1,000,000	992,556
Countrywide Financial Corp.
	10/18/06 to 11/1/06	5.32 to 5.43	18,000,000	17,935,171
Cullinan Finance Corp.
	1/23/07	5.56 (b)	5,000,000	4,914,342
CVS Corp.
	10/3/06 to 11/13/06	5.37 to 5.38	10,000,000	9,981,165
DaimlerChrysler NA Holding Corp.
	10/17/06 to 11/13/06	5.43 to 5.57	10,000,000	9,955,220
Devon Energy Corp.
	10/2/06 to 11/16/06	5.43 to 5.55	9,000,000	8,985,230
Dominion Resources, Inc.
	10/13/06	5.36	1,000,000	998,223
Commercial Paper -continued
	Due Date	Yield (a)	Principal Amount	Value
DZ Bank AG
	10/23/06	5.33%	$ 3,000,000	$ 2,990,320
Emerald (MBNA Credit Card Master Note Trust)
	11/1/06 to 12/6/06	5.33 to 5.47	19,852,000	19,716,973
FCAR Owner Trust
	10/16/06 to 1/24/07	5.34 to 5.57	30,000,000	29,663,566
Fortune Brands, Inc.
	10/5/06 to 11/13/06	5.41 to 5.56	4,000,000	3,986,250
France Telecom SA
	11/6/06 to 11/20/06	5.42 to 5.50 (b)	2,000,000	1,987,149
Giro Funding US Corp.
	12/4/06	5.35	4,000,000	3,962,453
Grampian Funding LLC
	10/23/06 to 3/5/07	5.32 to 5.52	33,000,000	32,587,865
Harrier Finance Funding LLC
	10/20/06	5.33 (b)	5,000,000	4,986,067
HBOS Treasury Services PLC
	12/19/06	5.35	2,000,000	1,976,827
John Deere Capital Corp.
	11/2/06	5.47	1,000,000	995,200
Kellogg Co.
	11/22/06 to 12/28/06	5.39 to 5.42	6,000,000	5,934,259
Liberty Street Funding Corp.
	10/16/06	5.32	1,000,000	997,792
Michigan Gen. Oblig.
	10/11/06	5.14	2,000,000	1,999,687
Monument Gardens Funding
	10/23/06 to 12/11/06	5.31 to 5.36	6,000,000	5,973,418
Motown Notes Program
	11/2/06 to 12/18/06	5.37 to 5.52	13,000,000	12,877,389
Nationwide Building Society
	11/3/06	5.46	10,000,000	9,950,683
Nelnet Student Funding Ext Cp LLC
	10/3/06 to 11/28/06	5.32 to 5.34	3,000,000	2,988,974
Nissan Motor Acceptance Corp.
	10/20/06 to 11/2/06	5.38 to 5.53	5,000,000	4,980,005
Pacific Gas & Electric Co.
	10/5/06	5.35 (b)	1,000,000	999,407
Paradigm Funding LLC
	1/22/07 to 3/26/07	5.33 to 5.39	22,000,000	21,581,794
	Due Date	Yield (a)	Principal Amount	Value
Park Granada LLC
	10/3/06 to 12/4/06	5.29 to 5.36%	$ 21,000,000	$ 20,940,857
Park Sienna LLC
	10/26/06	5.31	20,000,000	19,926,528
Sigma Finance, Inc.
	12/7/06	5.35 (b)	4,000,000	3,961,289
Skandinaviska Enskilda Banken AB
	10/30/06	5.29 (c)	20,000,000	20,000,000
Societe Generale NA
	1/8/07	5.33	3,305,000	3,257,284
Strand Capital LLC
	11/16/06 to 2/20/07	5.34 to 5.38	12,000,000	11,861,186
Stratford Receivables Co. LLC
	10/5/06 to 1/8/07	5.30 to 5.33	46,660,000	46,505,546
Textron Financial Corp.
	10/4/06 to 10/25/06	5.34 to 5.37	8,000,000	7,987,287
The Walt Disney Co.
	10/24/06 to 2/7/07	5.35 to 5.36	3,000,000	2,974,367
Time Warner, Inc.
	11/10/06 to 1/16/07	5.16 to 5.49 (b)	16,500,000	16,304,772
Verizon Communications, Inc.
	1/12/07	5.45 (b)	20,000,000	19,693,289
Vodafone Group PLC
	11/20/06	5.58 (b)	1,000,000	992,389
Weatherford International Ltd.
	10/6/06 to 10/12/06	5.34 (b)	4,000,000	3,996,154
WellPoint, Inc.
	10/10/06 to 12/14/06	5.36 to 5.41	6,000,000	5,979,235
Whirlpool Corp.
	10/2/06	5.33	1,000,000	999,852
Xcel Energy, Inc.
	10/17/06	5.35	1,500,000	1,496,527
TOTAL COMMERCIAL PAPER				490,392,752
Federal Agencies - 2.1%
Fannie Mae - 0.6%
	9/5/07	5.53	13,000,000	13,000,000
Federal Home Loan Bank - 1.5%
	8/15/07 to 9/14/07	5.42 to 5.56	34,000,000	33,999,172
TOTAL FEDERAL AGENCIES				46,999,172
Master Notes - 2.6%
	Due Date	Yield (a)	Principal Amount	Value
Asset Funding Co. III LLC
	10/5/06	5.38% (c)(f)	$ 13,000,000	$ 13,000,000
Goldman Sachs Group, Inc.
	10/10/06 to 11/27/06	5.38 to 5.45 (c)(f)	47,000,000	47,000,000
TOTAL MASTER NOTES				60,000,000
Medium-Term Notes - 30.6%
AIG Matched Funding Corp.
	10/3/06 to 11/15/06	5.40 to 5.52 (c)	40,000,000	40,000,000
Allstate Life Global Funding II
	10/27/06	5.34 (b)(c)	1,000,000	1,000,000
American Express Credit Corp.
	10/5/06	5.43 (c)	10,000,000	10,000,743
Australia & New Zealand Banking Group Ltd.
	10/23/06	5.33 (b)(c)	5,000,000	5,000,000
Banco Santander Totta SA
	10/16/06	5.33 (b)(c)	15,000,000	15,000,000
Bank of New York Co., Inc.
	10/27/06	5.39 (b)(c)	15,000,000	15,000,000
Banque Federative du Credit Mutuel (BFCM)
	10/13/06	5.33 (b)(c)	12,000,000	12,000,000
Bayerische Landesbank Girozentrale
	10/16/06 to 11/20/06	5.43 to 5.52 (c)	25,000,000	25,000,000
BellSouth Corp.
	4/26/07	5.34 (b)	15,000,000	14,901,950
BMW U.S. Capital LLC
	10/16/06	5.33 (c)	2,000,000	2,000,000
	10/5/06	5.30 (c)(f)	2,000,000	2,000,000
BNP Paribas SA
	10/2/06	5.28 (c)	10,000,000	9,997,343
Caja Madrid SA
	1/19/07	5.37 (c)	7,000,000	7,000,000
Calyon New York Branch
	10/2/06	5.27 (c)	8,000,000	7,997,640
Commonwealth Bank of Australia
	10/24/06	5.33 (c)	4,000,000	4,000,000
ConocoPhillips
	10/11/06	5.51 (c)	3,000,000	3,000,000
Countrywide Bank, Alexandria Virginia
	10/15/06 to 10/16/06	5.34 (c)	9,000,000	8,999,622
Cullinan Finance Corp.
	10/25/06 to 6/25/07	5.29 to 5.38 (b)(c)	28,000,000	27,996,259
DnB Nor ASA
	10/25/06	5.32 (b)(c)	27,000,000	26,999,933
Harrier Finance Funding LLC
	12/20/06	5.37 (b)(c)	1,000,000	1,000,004
	Due Date	Yield (a)	Principal Amount	Value
HBOS Treasury Services PLC
	10/10/06	5.30% (b)(c)	$ 10,600,000	$ 10,599,132
	12/27/06	5.46 (c)	20,000,000	20,000,000
HSBC Finance Corp.
	10/6/06 to 10/24/06	5.32 to 5.36 (c)	26,000,000	26,000,000
HSBC USA, Inc.
	10/16/06	5.31 (c)	5,000,000	5,000,000
HSH Nordbank AG
	10/23/06	5.36 (b)(c)	6,000,000	6,000,000
Huntington National Bank, Columbus
	11/1/06	5.57 (c)	2,000,000	2,000,818
ING USA Annuity & Life Insurance Co.
	12/26/06	5.48 (c)(f)	3,000,000	3,000,000
Intesa Bank Ireland PLC
	10/25/06	5.33 (b)(c)	20,000,000	20,000,000
K2 (USA) LLC
	12/11/06	5.36 (b)(c)	6,000,000	5,999,442
Kestrel Funding plc US LLC 144A
	10/26/06	5.34 (b)(c)	1,000,000	1,000,000
Links Finance LLC
	10/19/06	5.29 (b)(c)	10,000,000	9,999,675
Merrill Lynch & Co., Inc.
	10/4/06 to 10/16/06	5.34 to 5.58 (c)	28,000,000	28,033,430
Metropolitan Life Insurance Co.
	10/6/06	5.34 (b)(c)	3,884,000	3,884,000
Morgan Stanley
	10/2/06 to 10/27/06	5.35 to 5.46 (c)	48,000,000	48,000,192
Natexis Banques Populaires NY CD
	10/2/06	5.29 (c)	21,000,000	20,996,922
Nordea Bank AB
	10/2/06	5.27 (c)	13,000,000	12,996,185
Pacific Life Global Funding
	10/4/06	5.38 (b)(c)	3,000,000	3,001,343
RACERS
	10/23/06	5.35 (b)(c)	15,000,000	15,000,000
Royal Bank of Scotland PLC
	10/23/06	5.32 (b)(c)	10,000,000	10,000,000
Security Life of Denver Insurance Co.
	11/28/06	5.48 (c)(f)	2,000,000	2,000,000
Sigma Finance, Inc.
	10/16/06 to 12/11/06	5.33 to 5.36 (b)(c)	17,000,000	16,998,912
Skandinaviska Enskilda Banken
	10/10/06	5.28 (c)	14,000,000	13,996,511
Societe Generale
	10/2/06	5.30 (b)(c)	9,000,000	9,000,596
	10/31/06	5.28 (c)	20,000,000	19,995,756
Medium-Term Notes - continued
	Due Date	Yield (a)	Principal Amount	Value
UniCredito Italiano Bank (Ireland) PLC
	10/16/06	5.34% (b)(c)	$ 21,000,000	$ 21,000,000
	10/30/06	5.29 (c)	10,000,000	9,998,003
Verizon Global Funding Corp.
	12/15/06	5.50 (b)(c)	50,000,000	50,000,006
Washington Mutual Bank
	11/27/06 to 11/30/06	5.38 (c)	17,000,000	17,000,000
Washington Mutual Bank FA
	10/16/06	5.31 (c)	2,000,000	2,000,000
	10/31/06	5.47 (b)(c)	20,000,000	20,000,000
Washington Mutual Bank, California
	10/20/06	5.37 (c)	8,000,000	8,000,000
WestLB AG
	10/10/06 to 12/29/06	5.37 to 5.40 (b)(c)	13,000,000	13,000,000
TOTAL MEDIUM-TERM NOTES				693,394,417
Short-Term Notes - 3.4%
Jackson National Life Insurance Co.
	10/1/06	5.65 (c)(f)	7,000,000	7,000,000
Metropolitan Life Insurance Co.
	10/2/06 to 11/1/06	5.63 (c)(f)	15,000,000	15,000,000
	10/30/06	5.42 (b)(c)	5,000,000	5,000,000
Monumental Life Insurance Co.
	10/2/06	5.47 to 5.50 (c)(f)	10,000,000	10,000,000
New York Life Insurance Co.
	12/29/06	5.45 (c)(f)	30,000,000	30,000,000
Transamerica Occidental Life Insurance Co.
	11/1/06	5.66 (c)(f)	10,000,000	10,000,000
TOTAL SHORT-TERM NOTES				77,000,000
Asset-Backed Securities - 0.5%
Master Funding Trust I
	1/25/07	5.36 (c)	4,000,000	3,999,954
	2/26/07	5.36 (c)	2,000,000	2,000,000
	3/26/07	5.36 (c)	4,768,000	4,768,000
Wind Trust
	2/25/07	5.33 (b)(c)	1,000,000	1,000,000
TOTAL ASSET-BACKED SECURITIES				11,767,954

Municipal Securities - 0.5%
San Jose Redev. Agcy. Rev. Series A, 5.31%,(c)(d)		10,950,000	10,950,000
Repurchase Agreements - 19.7%
	Maturity Amount		Value
In a joint trading account (Collateralized by U.S. Government Obligations dated 9/29/06 due 10/2/06 at 5.4%)	$ 98,044		$ 98,000
With:
Banc of America Securities LLC at 5.5%, dated 9/29/06 due 10/2/06 (Collateralized by Mortgage Loan Obligations valued at $37,800,001, 0.25% - 7.83%, 10/25/19 - 8/26/36)	36,016,500		36,000,000
Barclays Capital, Inc. at 5.42%, dated 9/29/06 due 10/2/06 (Collateralized by Corporate Obligations valued at $97,920,549, 0% - 4.67%, 10/27/06 - 3/15/11)	96,043,360		96,000,000
Citigroup Global Markets, Inc. at 5.48%, dated 9/29/06 due 10/2/06 (Collateralized by Corporate Obligations valued at $90,300,001, 7.13% - 13.24%, 3/1/11 - 1/20/37)	86,039,238		86,000,000
Deutsche Bank Securities, Inc. at 5.35%, dated 9/11/06 due 10/11/06 (Collateralized by Corporate Obligations valued at $6,120,000, 8.75%, 10/1/07)	6,026,750		6,000,000
Goldman Sachs & Co. at 5.48%, dated 8/21/06 due 11/21/06:
(Collateralized by Corporate Obligations valued at $19,950,001, 8.5% - 11%, 6/1/13 - 2/1/16) (c)(e)	19,266,084		19,000,000
(Collateralized by Mortgage Loan Obligations valued at $26,520,001, 5.23% - 6.83%, 9/25/36 - 8/25/46) (c)(e)	26,364,115		26,000,000
J.P. Morgan Securities, Inc. at 5.48%, dated 9/21/06 due 10/26/06 (Collateralized by Corporate Obligations valued at $20,019,710, 7.19% - 8.6%, 4/1/11 - 6/29/11) (c)(e)	19,101,228		19,000,000
Lehman Brothers, Inc. at 5.44%, dated 9/29/06 due 10/2/06 (Collateralized by Commercial Paper Obligations valued at $97,924,000, 0%, 10/27/06 - 12/29/06)	96,043,520		96,000,000
Repurchase Agreements - continued
	Maturity Amount		Value
Merrill Lynch, Pierce, Fenner & Smith at:
5.48%, dated 9/29/06 due 10/2/06 (Collateralized by Corporate Obligations valued at $33,600,011, 5.65% - 9.78%, 1/15/07 - 2/15/27)	$ 32,014,600		$ 32,000,000
5.49%, dated 7/19/06 due 10/17/06 (Collateralized by Corporate Obligations valued at $15,777,277, 8.13% - 8.5%, 3/1/16 - 8/1/29) (c)(e)	15,205,875		15,000,000
Morgan Stanley & Co. at 5.38%, dated 9/21/06 due 10/26/06 (Collateralized by Mortgage Loan Obligations valued at $15,822,054, 0% - 6%, 6/20/31 - 11/15/39)	15,078,458		15,000,000
TOTAL REPURCHASE AGREEMENTS		446,098,000

TOTAL INVESTMENT PORTFOLIO - 99.8%
(Cost $2,263,062,546) 2,263,062,546

NET OTHER ASSETS - 0.2%		3,809,814
NET ASSETS - 100%	$ 2,266,872,360

Security Type Abbreviation

VRDN - VARIABLE RATE DEMAND NOTE

Legend

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $ 404,114,872 or 17.8% of net assets.

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

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

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

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $139,000,000 or 6.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
Asset Funding Co. III LLC 5.38%, 10/5/06	8/29/06	$ 13,000,000
BMW U.S. Capital LLC 5.30%, 10/5/06	9/6/06	$ 2,000,000
Goldman Sachs Group, Inc.: 5.38%, 10/10/06	1/9/06	$ 6,000,000
5.39%, 10/11/06	10/11/05	$ 5,000,000
5.45%, 11/27/06	8/26/04	$ 36,000,000
ING USA Annuity & Life Insurance Co. 5.48%, 12/26/06	6/23/05	$ 3,000,000
Jackson National Life Insurance Co. 5.65%, 10/1/06	3/31/03	$ 7,000,000
Metropolitan Life Insurance Co.: 5.63%, 10/2/06	3/26/02	$ 10,000,000
5.63%, 11/1/06	2/24/03	$ 5,000,000
Monumental Life Insurance Co.: 5.47%, 10/2/06	9/17/98	$ 5,000,000
5.50%, 10/2/06	3/12/99	$ 5,000,000
New York Life Insurance Co. 5.45%, 12/29/06	2/28/02 - 12/19/02	$ 30,000,000
Security Life of Denver Insurance Co. 5.48%, 11/28/06	8/26/05	$ 2,000,000
Transamerica Occidental Life Insurance Co. 5.66%, 11/1/06	4/28/00	$ 10,000,000

Income Tax Information

At September 30, 2006, the aggregate cost of investment securities for income tax purposes was $263,062,546.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Variable Insurance Products Fund

By:	/s/Christine Reynolds
	Christine Reynolds
	President and Treasurer
Date:	November 27, 2006

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

By:	/s/Christine Reynolds
	Christine Reynolds
	President and Treasurer
Date:	November 27, 2006
By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer
Date:	November 27, 2006