N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3759

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

December 31

Date of reporting period:

March 31, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Consumer Industries Portfolio

March 31, 2005

1.814645.100

VCI-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.4%

Shares

Value

AUTOMOBILES - 1.4%

Automobile Manufacturers - 0.4%

Thor Industries, Inc.

1,600

$ 47,856

Motorcycle Manufacturers - 1.0%

Harley-Davidson, Inc.

1,900

109,744

TOTAL AUTOMOBILES

157,600

BEVERAGES - 3.5%

Distillers & Vintners - 0.5%

Allied Domecq PLC ADR

700

28,469

Diageo PLC sponsored ADR

500

28,450

56,919

Soft Drinks - 3.0%

PepsiCo, Inc.

2,300

121,969

The Coca-Cola Co.

5,430

226,268

348,237

TOTAL BEVERAGES

405,156

CHEMICALS - 0.6%

Fertilizers & Agricultural Chemicals - 0.6%

Monsanto Co.

1,000

64,500

COMMERCIAL SERVICES & SUPPLIES - 3.5%

Commercial Printing - 0.2%

R.R. Donnelley & Sons Co.

800

25,296

Diversified Commercial Services - 3.3%

Apollo Group, Inc. Class A (a)

2,200

162,932

Bright Horizons Family Solutions, Inc. (a)

1,954

65,928

Cendant Corp.

4,200

86,268

PHH Corp. (a)

235

5,139

Strayer Education, Inc.

500

56,660

376,927

TOTAL COMMERCIAL SERVICES & SUPPLIES

402,223

ELECTRICAL EQUIPMENT - 0.4%

Electrical Components & Equipment - 0.4%

Evergreen Solar, Inc. (a)

7,200

50,904

FOOD & STAPLES RETAILING - 5.5%

Drug Retail - 1.1%

CVS Corp.

1,900

99,978

Walgreen Co.

700

31,094

131,072

Food Retail - 0.9%

Safeway, Inc. (a)

4,400

81,532

Whole Foods Market, Inc.

200

20,426

101,958

Shares

Value

Hypermarkets & Super Centers - 3.5%

Costco Wholesale Corp.

2,800

$ 123,704

Wal-Mart Stores, Inc.

5,680

284,625

408,329

TOTAL FOOD & STAPLES RETAILING

641,359

FOOD PRODUCTS - 5.4%

Agricultural Products - 2.0%

Archer-Daniels-Midland Co.

2,400

58,992

Bunge Ltd.

2,200

118,536

Fresh Del Monte Produce, Inc.

1,900

57,988

235,516

Packaged Foods & Meats - 3.4%

Dean Foods Co. (a)

2,740

93,982

Groupe Danone sponsored ADR

1,300

25,961

Nestle SA ADR

1,200

82,080

Smithfield Foods, Inc. (a)

4,400

138,820

SunOpta, Inc. (a)

1,800

9,153

The J.M. Smucker Co.

800

40,240

390,236

TOTAL FOOD PRODUCTS

625,752

HOTELS, RESTAURANTS & LEISURE - 15.2%

Casinos & Gaming - 2.1%

Aristocrat Leisure Ltd.

2,800

22,012

Caesars Entertainment, Inc. (a)

2,100

41,559

International Game Technology

1,800

47,988

MGM MIRAGE (a)

1,200

84,984

Station Casinos, Inc.

400

27,020

WMS Industries, Inc. (a)

700

19,712

243,275

Hotels, Resorts & Cruise Lines - 5.0%

Carnival Corp. unit

2,800

145,068

Hilton Hotels Corp.

2,900

64,815

Kerzner International Ltd. (a)

600

36,738

Royal Caribbean Cruises Ltd.

2,400

107,256

Starwood Hotels & Resorts Worldwide, Inc. unit

3,100

186,093

Wyndham International, Inc. Class A (a)

53,900

43,120

583,090

Leisure Facilities - 0.2%

International Speedway Corp. Class A

300

16,275

Restaurants - 7.9%

Brinker International, Inc. (a)

1,930

69,905

Buffalo Wild Wings, Inc. (a)

1,700

64,311

CBRL Group, Inc.

700

28,910

Domino's Pizza, Inc.

1,350

25,232

Krispy Kreme Doughnuts, Inc. (a)

8,500

64,855

McDonald's Corp.

8,710

271,229

Outback Steakhouse, Inc.

2,580

118,138

Starbucks Corp. (a)

1,000

51,660

Common Stocks - continued

Shares

Value

HOTELS, RESTAURANTS & LEISURE - CONTINUED

Restaurants - continued

Wendy's International, Inc.

3,680

$ 143,667

Yum! Brands, Inc.

1,500

77,715

915,622

TOTAL HOTELS, RESTAURANTS & LEISURE

1,758,262

HOUSEHOLD DURABLES - 0.3%

Consumer Electronics - 0.3%

Harman International Industries, Inc.

400

35,384

HOUSEHOLD PRODUCTS - 7.0%

Household Products - 7.0%

Colgate-Palmolive Co.

3,600

187,812

Kimberly-Clark Corp.

540

35,494

Procter & Gamble Co.

11,140

590,421

813,727

INDUSTRIAL CONGLOMERATES - 0.5%

Industrial Conglomerates - 0.5%

3M Co.

300

25,707

General Electric Co.

800

28,848

54,555

INTERNET & CATALOG RETAIL - 3.4%

Internet Retail - 3.4%

Amazon.com, Inc. (a)

2,000

68,540

eBay, Inc. (a)

8,800

327,888

396,428

INTERNET SOFTWARE & SERVICES - 6.5%

Internet Software & Services - 6.5%

Google, Inc. Class A (sub. vtg.)

1,900

342,969

Sina Corp. (a)

1,200

37,272

Sohu.com, Inc. (a)

800

14,064

Yahoo!, Inc. (a)

10,764

364,900

759,205

LEISURE EQUIPMENT & PRODUCTS - 4.7%

Leisure Products - 4.7%

Brunswick Corp.

4,000

187,400

MarineMax, Inc. (a)

2,300

71,714

Polaris Industries, Inc.

2,200

154,506

RC2 Corp. (a)

600

20,400

SCP Pool Corp.

3,550

113,103

547,123

MEDIA - 14.3%

Advertising - 4.8%

Harte-Hanks, Inc.

1,000

27,560

JC Decaux SA (a)

6,500

177,444

Shares

Value

Lamar Advertising Co. Class A (a)

2,970

$ 119,661

Omnicom Group, Inc.

2,600

230,152

554,817

Broadcasting & Cable TV - 1.7%

E.W. Scripps Co. Class A

2,000

97,500

Liberty Media International, Inc. Class A (a)

15

656

SBS Broadcasting SA (a)

800

35,728

Spanish Broadcasting System, Inc.
Class A (a)

2,820

28,933

Univision Communications, Inc. Class A (a)

1,400

38,766

201,583

Movies & Entertainment - 5.4%

News Corp. Class A

20,141

340,786

Walt Disney Co.

10,000

287,300

628,086

Publishing - 2.4%

Gannett Co., Inc.

980

77,498

McGraw-Hill Companies, Inc.

600

52,350

Reuters Group PLC sponsored ADR

800

36,880

Washington Post Co. Class B

120

107,280

274,008

TOTAL MEDIA

1,658,494

MULTILINE RETAIL - 5.8%

Department Stores - 2.2%

Federated Department Stores, Inc.

1,300

82,732

JCPenney Co., Inc.

1,500

77,880

Neiman Marcus Group, Inc. Class A

400

36,604

Nordstrom, Inc.

900

49,842

Saks, Inc.

600

10,830

257,888

General Merchandise Stores - 3.6%

Big Lots, Inc. (a)

1,800

21,636

Family Dollar Stores, Inc.

1,860

56,470

Target Corp.

6,700

335,134

413,240

TOTAL MULTILINE RETAIL

671,128

PAPER & FOREST PRODUCTS - 0.0%

Paper Products - 0.0%

Neenah Paper, Inc.

19

639

PERSONAL PRODUCTS - 3.6%

Personal Products - 3.6%

Alberto-Culver Co.

2,300

110,078

Avon Products, Inc.

4,500

193,230

Gillette Co.

2,200

111,056

414,364

Common Stocks - continued

Shares

Value

REAL ESTATE - 0.5%

Real Estate Investment Trusts - 0.3%

MeriStar Hospitality Corp. (a)

5,100

$ 35,700

Real Estate Management & Development - 0.2%

ZipRealty, Inc.

1,800

25,362

TOTAL REAL ESTATE

61,062

SOFTWARE - 0.2%

Home Entertainment Software - 0.2%

Electronic Arts, Inc. (a)

500

25,890

SPECIALTY RETAIL - 10.0%

Apparel Retail - 4.1%

Aeropostale, Inc. (a)

800

26,200

American Eagle Outfitters, Inc.

8,000

236,400

Chico's FAS, Inc. (a)

2,400

67,824

Foot Locker, Inc.

3,200

93,760

Gap, Inc.

1,100

24,024

Hot Topic, Inc. (a)

1,000

21,850

Limited Brands, Inc.

314

7,630

477,688

Home Improvement Retail - 2.4%

Home Depot, Inc.

2,810

107,454

Lowe's Companies, Inc.

2,900

165,561

273,015

Specialty Stores - 3.5%

Office Depot, Inc. (a)

3,300

73,194

PETsMART, Inc.

1,000

28,750

Sports Authority, Inc. (a)

300

8,250

Staples, Inc.

3,000

94,290

Steiner Leisure Ltd. (a)

3,128

102,254

Toys 'R' Us, Inc. (a)

1,900

48,944

Weight Watchers International, Inc. (a)

500

21,490

West Marine, Inc. (a)

1,300

27,638

404,810

TOTAL SPECIALTY RETAIL

1,155,513

TEXTILES, APPAREL & LUXURY GOODS - 4.1%

Apparel, Accessories & Luxury Goods - 2.6%

Carter's, Inc. (a)

700

27,825

Coach, Inc. (a)

1,100

62,293

Kenneth Cole Productions, Inc. Class A (sub. vtg.)

600

17,484

Liz Claiborne, Inc.

2,600

104,338

Polo Ralph Lauren Corp. Class A

1,500

58,200

Quiksilver, Inc. (a)

1,100

31,933

302,073

Shares

Value

Footwear - 1.5%

NIKE, Inc. Class B

1,900

$ 158,289

Phoenix Footwear Group, Inc. (a)

2,100

14,385

172,674

TOTAL TEXTILES, APPAREL & LUXURY GOODS

474,747

TOTAL COMMON STOCKS

(Cost $9,583,863)

11,174,015

Money Market Funds - 2.1%

Fidelity Cash Central Fund, 2.73% (b)
(Cost $240,470)

240,470

240,470

TOTAL INVESTMENT PORTFOLIO - 98.5%

(Cost $9,824,333)

11,414,485

NET OTHER ASSETS - 1.5%

175,267

NET ASSETS - 100%

$ 11,589,752

Legend

(a) Non-income producing

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

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $9,858,663. Net unrealized appreciation aggregated $1,555,822, of which $1,856,299 related to appreciated investment securities and $300,477 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Cyclical Industries Portfolio

March 31, 2005

1.814650.100

VCY-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%

Shares

Value

AEROSPACE & DEFENSE - 19.9%

Aerospace & Defense - 19.9%

BAE Systems PLC

36,817

$ 180,547

BE Aerospace, Inc. (a)

49,800

597,600

DRS Technologies, Inc. (a)

3,600

153,000

EADS NV

8,071

241,255

EDO Corp.

13,820

415,291

Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR

5,400

169,020

Essex Corp. (a)

1,700

27,761

Goodrich Corp.

15,900

608,811

Hexcel Corp. (a)

29,800

462,198

Honeywell International, Inc.

48,500

1,804,685

L-3 Communications Holdings, Inc.

7,200

511,344

Lockheed Martin Corp.

21,070

1,286,534

Meggitt PLC

39,000

194,016

Northrop Grumman Corp.

4,058

219,051

Precision Castparts Corp.

18,300

1,409,283

Raytheon Co.

16,800

650,160

Rockwell Collins, Inc.

19,720

938,475

SI International, Inc. (a)

2,600

71,838

The Boeing Co.

36,410

2,128,529

United Technologies Corp.

11,100

1,128,426

13,197,824

AIR FREIGHT & LOGISTICS - 5.9%

Air Freight & Logistics - 5.9%

Dynamex, Inc. (a)

22,525

407,703

EGL, Inc. (a)

11,900

271,320

Expeditors International of Washington, Inc.

9,200

492,660

FedEx Corp.

9,000

845,550

Forward Air Corp.

9,440

401,955

Hub Group, Inc. Class A (a)

3,132

196,282

Park-Ohio Holdings Corp. (a)

9,547

178,911

United Parcel Service, Inc. Class B

13,200

960,168

UTI Worldwide, Inc.

2,700

187,515

3,942,064

AIRLINES - 2.6%

Airlines - 2.6%

AirTran Holdings, Inc. (a)

73,600

666,080

Alaska Air Group, Inc. (a)

4,800

141,312

AMR Corp. (a)

75,200

804,640

Ryanair Holdings PLC sponsored ADR (a)

2,300

100,671

1,712,703

AUTO COMPONENTS - 1.0%

Auto Parts & Equipment - 1.0%

Amerigon, Inc. (a)

800

3,328

BorgWarner, Inc.

3,100

150,908

Johnson Controls, Inc.

3,100

172,856

Shares

Value

LKQ Corp. (a)

8,500

$ 170,595

Midas, Inc. (a)

7,900

180,357

678,044

AUTOMOBILES - 2.3%

Automobile Manufacturers - 2.3%

Coachmen Industries, Inc.

12,500

170,000

Ford Motor Co.

31,000

351,230

Honda Motor Co. Ltd. sponsored ADR

6,300

157,752

Hyundai Motor Co.

5,010

270,811

National R.V. Holdings, Inc. (a)

16,000

162,560

Renault SA

2,800

250,073

Toyota Motor Corp. ADR

2,000

148,760

1,511,186

BUILDING PRODUCTS - 2.5%

Building Products - 2.5%

American Standard Companies, Inc.

8,610

400,193

Masco Corp.

17,920

621,286

Quixote Corp.

6,300

136,521

York International Corp.

13,500

528,930

1,686,930

CHEMICALS - 14.4%

Commodity Chemicals - 2.0%

Lyondell Chemical Co.

15,336

428,181

NOVA Chemicals Corp.

6,800

290,465

Pioneer Companies, Inc. (a)

20,600

467,620

Spartech Corp.

7,400

146,890

1,333,156

Diversified Chemicals - 2.1%

Dow Chemical Co.

22,100

1,101,685

FMC Corp. (a)

6,100

326,045

1,427,730

Fertilizers & Agricultural Chemicals - 3.1%

Agrium, Inc.

22,900

419,789

Monsanto Co.

9,700

625,650

Mosaic Co. (a)

33,600

573,216

Potash Corp. of Saskatchewan

4,800

421,181

2,039,836

Industrial Gases - 3.3%

Air Products & Chemicals, Inc.

13,600

860,744

Airgas, Inc.

17,700

422,853

Praxair, Inc.

18,700

894,982

2,178,579

Specialty Chemicals - 3.9%

Albemarle Corp.

8,200

298,152

Cytec Industries, Inc.

10,700

580,475

Ecolab, Inc.

12,600

416,430

Ferro Corp.

15,830

297,921

Great Lakes Chemical Corp.

10,100

324,412

Lubrizol Corp.

7,900

321,056

PolyOne Corp. (a)

23,830

211,610

Common Stocks - continued

Shares

Value

CHEMICALS - CONTINUED

Specialty Chemicals - continued

Rohm & Haas Co.

100

$ 4,800

Valspar Corp.

3,400

158,236

2,613,092

TOTAL CHEMICALS

9,592,393

COMMERCIAL SERVICES & SUPPLIES - 2.2%

Employment Services - 0.8%

Resources Connection, Inc. (a)

7,500

156,975

Robert Half International, Inc.

13,500

363,960

520,935

Environmental Services - 0.9%

Waste Connections, Inc. (a)

8,800

305,800

Waste Services, Inc. (a)

72,800

254,800

560,600

Office Services & Supplies - 0.5%

Herman Miller, Inc.

11,566

348,368

TOTAL COMMERCIAL SERVICES & SUPPLIES

1,429,903

COMMUNICATIONS EQUIPMENT - 0.7%

Communications Equipment - 0.7%

Harris Corp.

13,600

444,040

CONSTRUCTION & ENGINEERING - 6.0%

Construction & Engineering - 6.0%

Chicago Bridge & Iron Co. NV (NY Shares)

11,300

497,539

Dycom Industries, Inc. (a)

22,500

517,275

EMCOR Group, Inc. (a)

4,300

201,326

Fluor Corp.

19,900

1,103,057

Foster Wheeler Ltd. (a)

19,570

340,518

Granite Construction, Inc.

8,100

212,787

Jacobs Engineering Group, Inc. (a)

4,900

254,408

Perini Corp. (a)

23,200

319,928

Shaw Group, Inc. (a)

16,200

353,160

SNC-Lavalin Group, Inc.

1,200

69,347

Washington Group International, Inc. (a)

3,200

143,968

4,013,313

CONSTRUCTION MATERIALS - 2.0%

Construction Materials - 2.0%

Eagle Materials, Inc.

3,420

276,815

Florida Rock Industries, Inc.

7,400

435,268

Lafarge North America, Inc.

3,800

222,110

Texas Industries, Inc.

6,000

322,500

Vulcan Materials Co.

1,700

96,611

1,353,304

CONTAINERS & PACKAGING - 1.0%

Metal & Glass Containers - 0.9%

Owens-Illinois, Inc. (a)

23,350

587,019

Shares

Value

Paper Packaging - 0.1%

Packaging Corp. of America

3,900

$ 94,731

TOTAL CONTAINERS & PACKAGING

681,750

ELECTRICAL EQUIPMENT - 2.5%

Electrical Components & Equipment - 2.0%

AMETEK, Inc.

6,300

253,575

Emerson Electric Co.

100

6,493

NEOMAX Co. Ltd.

9,000

212,357

Rockwell Automation, Inc.

5,900

334,176

Roper Industries, Inc.

8,070

528,585

1,335,186

Heavy Electrical Equipment - 0.5%

ABB Ltd. sponsored ADR (a)

54,000

334,800

TOTAL ELECTRICAL EQUIPMENT

1,669,986

FOOD PRODUCTS - 0.1%

Agricultural Products - 0.1%

Delta & Pine Land Co.

2,700

72,900

HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%

Health Care Equipment - 0.1%

Varian, Inc. (a)

1,600

60,624

HOUSEHOLD DURABLES - 3.7%

Consumer Electronics - 0.3%

Harman International Industries, Inc.

1,800

159,228

Home Furnishings - 1.0%

Interface, Inc. Class A (a)

47,474

323,773

Tempur-Pedic International, Inc. (a)

17,400

324,684

648,457

Homebuilding - 2.4%

KB Home

3,900

458,094

Ryland Group, Inc.

5,480

339,870

Standard Pacific Corp.

5,400

389,826

Toll Brothers, Inc. (a)

5,400

425,790

1,613,580

TOTAL HOUSEHOLD DURABLES

2,421,265

INDUSTRIAL CONGLOMERATES - 7.2%

Industrial Conglomerates - 7.2%

3M Co.

12,560

1,076,266

General Electric Co.

24,360

878,422

Tyco International Ltd.

84,640

2,860,829

4,815,517

MACHINERY - 12.7%

Construction & Farm Machinery & Heavy Trucks - 7.5%

A.S.V., Inc. (a)

4,200

166,509

Bucyrus International, Inc. Class A

14,600

570,276

Caterpillar, Inc.

12,000

1,097,280

Common Stocks - continued

Shares

Value

MACHINERY - CONTINUED

Construction & Farm Machinery & Heavy Trucks - continued

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

17,540

$ 329,252

Deere & Co.

18,800

1,262,044

Hyundai Heavy Industries Co. Ltd.

9,130

456,724

Joy Global, Inc.

13,050

457,533

Navistar International Corp. (a)

9,580

348,712

PACCAR, Inc.

1,040

75,286

Toro Co.

900

79,650

Wabash National Corp.

7,200

175,680

5,018,946

Industrial Machinery - 5.2%

Briggs & Stratton Corp.

8,200

298,562

CUNO, Inc. (a)

2,300

118,197

Gardner Denver, Inc. (a)

9,700

383,247

Ingersoll-Rand Co. Ltd. Class A

1,700

135,405

ITT Industries, Inc.

7,800

703,872

Kennametal, Inc.

3,601

171,011

Manitowoc Co., Inc.

12,200

492,758

Pall Corp.

200

5,424

Pentair, Inc.

4,080

159,120

SPX Corp.

2,400

103,872

Timken Co.

12,900

352,686

Watts Water Technologies, Inc. Class A

16,000

521,760

3,445,914

TOTAL MACHINERY

8,464,860

MARINE - 1.0%

Marine - 1.0%

Alexander & Baldwin, Inc.

4,560

187,872

Diana Shipping, Inc.

12,000

198,480

DryShips, Inc.

8,500

165,665

Excel Maritime Carriers Ltd. (a)

6,300

116,235

668,252

METALS & MINING - 0.2%

Diversified Metals & Mining - 0.2%

Massey Energy Co.

2,800

112,112

OIL & GAS - 1.5%

Oil & Gas Refining & Marketing & Transportation - 1.5%

Ashland, Inc.

8,400

566,748

Ship Finance International Ltd. (NY Shares)

706

14,332

Teekay Shipping Corp.

5,200

233,740

Tsakos Energy Navigation Ltd.

3,400

149,702

964,522

ROAD & RAIL - 6.6%

Railroads - 5.7%

Burlington Northern Santa Fe Corp.

14,700

792,771

Shares

Value

Canadian National Railway Co.

16,300

$ 1,029,027

Canadian Pacific Railway Ltd.

7,100

256,842

CSX Corp.

20,220

842,163

Norfolk Southern Corp.

23,460

869,193

3,789,996

Trucking - 0.9%

Laidlaw International, Inc. (a)

13,700

284,960

Landstar System, Inc. (a)

8,956

293,309

578,269

TOTAL ROAD & RAIL

4,368,265

SPECIALTY RETAIL - 0.9%

Specialty Stores - 0.9%

Advance Auto Parts, Inc. (a)

1,800

90,810

Asbury Automotive Group, Inc. (a)

16,300

251,020

The Pep Boys - Manny, Moe & Jack

14,900

261,942

603,772

TRADING COMPANIES & DISTRIBUTORS - 1.7%

Trading Companies & Distributors - 1.7%

MSC Industrial Direct Co., Inc. Class A

17,500

534,800

United Rentals, Inc. (a)

3,700

74,777

WESCO International, Inc. (a)

18,600

520,800

1,130,377

TOTAL COMMON STOCKS

(Cost $59,150,817)

65,595,906

Nonconvertible Preferred Stocks - 0.2%

AEROSPACE & DEFENSE - 0.0%

Aerospace & Defense - 0.0%

Rolls-Royce Group PLC Series B

590,000

1,143

AUTOMOBILES - 0.2%

Automobile Manufacturers - 0.2%

Porsche AG (non-vtg.)

200

145,180

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $147,824)

146,323

Money Market Funds - 0.9%

Shares

Value

Fidelity Cash Central Fund, 2.73% (b)

322,588

$ 322,588

Fidelity Securities Lending Cash Central Fund, 2.74% (b)(c)

283,750

283,750

TOTAL MONEY MARKET FUNDS

(Cost $606,338)

606,338

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $59,904,979)

66,348,567

NET OTHER ASSETS - 0.2%

160,655

NET ASSETS - 100%

$ 66,509,222

Legend

(a) Non-income producing

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

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

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $60,017,807. Net unrealized appreciation aggregated $6,330,760, of which $7,915,958 related to appreciated investment securities and $1,585,198 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Financial Services Portfolio

March 31, 2005

1.814647.100

VFS-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%

Shares

Value

CAPITAL MARKETS - 19.2%

Asset Management & Custody Banks - 3.1%

American Capital Strategies Ltd.

1,000

$ 31,410

Bank of New York Co., Inc.

3,650

106,033

Calamos Asset Management, Inc. Class A

1,200

32,304

Federated Investors, Inc. Class B (non-vtg.)

1,580

44,730

Firstcity Financial Corp. (a)

2,228

28,630

Franklin Resources, Inc.

3,400

233,410

Investors Financial Services Corp.

900

44,019

Legg Mason, Inc.

1,500

117,210

Northern Trust Corp.

4,450

193,308

State Street Corp.

4,400

192,368

1,023,422

Diversified Capital Markets - 1.5%

UBS AG (NY Shares)

6,100

514,840

Investment Banking & Brokerage - 14.6%

Ameritrade Holding Corp. (a)

31,735

324,014

Bear Stearns Companies, Inc.

1,780

177,822

Charles Schwab Corp.

17,200

180,772

E*TRADE Financial Corp. (a)

28,500

342,000

Goldman Sachs Group, Inc.

9,140

1,005,309

LaBranche & Co., Inc. (a)

2,230

20,739

Lehman Brothers Holdings, Inc.

3,080

290,013

Merrill Lynch & Co., Inc.

29,600

1,675,360

Morgan Stanley

13,110

750,548

Piper Jaffray Companies (a)

183

6,696

TradeStation Group, Inc. (a)

20,220

122,129

4,895,402

TOTAL CAPITAL MARKETS

6,433,664

COMMERCIAL BANKS - 25.1%

Diversified Banks - 21.7%

Banco Popolare di Verona e Novara

8,000

149,359

Bangkok Bank Ltd. PCL (For. Reg.)

29,000

83,027

Bank of America Corp.

67,496

2,976,568

HDFC Bank Ltd. sponsored ADR

5,600

235,368

HSBC Holdings PLC sponsored ADR

300

23,820

Mitsubishi Tokyo Financial Group, Inc. (MTFG) sponsored ADR

15,000

129,750

National Bank of Canada

5,600

242,494

Royal Bank of Canada

3,760

228,697

Standard Chartered PLC

4,300

77,359

State Bank of India

8,430

138,078

U.S. Bancorp, Delaware

24,800

714,736

Wachovia Corp.

24,197

1,231,869

Wells Fargo & Co.

17,500

1,046,500

7,277,625

Regional Banks - 3.4%

Cathay General Bancorp

4,835

152,303

Shares

Value

Center Financial Corp., California

4,800

$ 84,624

City National Corp.

800

55,856

East West Bancorp, Inc.

3,900

143,988

M&T Bank Corp.

400

40,824

Nara Bancorp, Inc.

400

5,620

North Fork Bancorp, Inc., New York

4,450

123,443

Silicon Valley Bancshares (a)

2,900

127,774

Synovus Financial Corp.

100

2,786

UCBH Holdings, Inc.

1,800

71,820

Valley National Bancorp

18

464

Westcorp

8,100

342,225

1,151,727

TOTAL COMMERCIAL BANKS

8,429,352

COMMERCIAL SERVICES & SUPPLIES - 2.0%

Diversified Commercial Services - 2.0%

Asset Acceptance Capital Corp.

18,757

357,884

Jackson Hewitt Tax Service, Inc.

15,500

324,260

682,144

CONSUMER FINANCE - 10.5%

Consumer Finance - 10.5%

Advanta Corp. Class B

1,700

39,100

American Express Co.

28,140

1,445,552

Capital One Financial Corp.

7,600

568,252

Dollar Financial Corp.

22,659

269,189

First Marblehead Corp. (a)

10,400

598,312

MBNA Corp.

15,905

390,468

SLM Corp.

4,640

231,258

3,542,131

DIVERSIFIED FINANCIAL SERVICES - 9.7%

Other Diversifed Financial Services - 7.0%

Citigroup, Inc.

20,630

927,112

J.P. Morgan Chase & Co.

41,438

1,433,755

2,360,867

Specialized Finance - 2.7%

Archipelago Holdings, Inc.

4,000

70,720

CIT Group, Inc.

19,700

748,600

Encore Capital Group, Inc. (a)

1,600

23,280

Marlin Business Services Corp. (a)

2,917

59,448

902,048

TOTAL DIVERSIFIED FINANCIAL SERVICES

3,262,915

INDUSTRIAL CONGLOMERATES - 1.5%

Industrial Conglomerates - 1.5%

General Electric Co.

14,100

508,446

INSURANCE - 19.6%

Life & Health Insurance - 2.9%

AFLAC, Inc.

8,200

305,532

Lincoln National Corp.

500

22,570

Common Stocks - continued

Shares

Value

INSURANCE - CONTINUED

Life & Health Insurance - continued

MetLife, Inc.

3,110

$ 121,601

Protective Life Corp.

1,200

47,160

Prudential Financial, Inc.

800

45,920

Sun Life Financial, Inc.

11,190

365,012

Torchmark Corp.

1,400

73,080

980,875

Multi-Line Insurance - 9.7%

American International Group, Inc.

47,610

2,638,070

Genworth Financial, Inc. Class A

1,400

38,528

Hartford Financial Services Group, Inc.

5,960

408,618

HCC Insurance Holdings, Inc.

2,220

80,275

Unitrin, Inc.

1,700

77,180

3,242,671

Property & Casualty Insurance - 4.0%

ACE Ltd.

14,050

579,844

AMBAC Financial Group, Inc.

1,510

112,873

Berkshire Hathaway, Inc. Class B (a)

71

202,776

Fidelity National Financial, Inc.

2,642

87,027

MBIA, Inc.

2,060

107,697

St. Paul Travelers Companies, Inc.

4,300

157,939

XL Capital Ltd. Class A

1,300

94,081

1,342,237

Reinsurance - 3.0%

Endurance Specialty Holdings Ltd.

13,560

513,110

Max Re Capital Ltd.

2,916

68,613

Montpelier Re Holdings Ltd.

1,800

63,270

PartnerRe Ltd.

3,100

200,260

Platinum Underwriters Holdings Ltd.

3,300

98,010

Scottish Re Group Ltd.

2,700

60,804

1,004,067

TOTAL INSURANCE

6,569,850

REAL ESTATE - 2.6%

Real Estate Investment Trusts - 2.6%

Apartment Investment & Management Co. Class A

2,730

101,556

CBL & Associates Properties, Inc.

900

64,359

Digital Realty Trust, Inc.

2,800

40,236

Duke Realty Corp.

1,830

54,626

Equity Lifestyle Properties, Inc.

1,000

35,250

Equity Residential (SBI)

2,390

76,982

Federal Realty Investment Trust (SBI)

580

28,043

Healthcare Realty Trust, Inc.

3,600

131,184

Reckson Associates Realty Corp.

1,800

55,260

Simon Property Group, Inc.

4,200

254,436

The Mills Corp.

700

37,030

Vornado Realty Trust

60

4,156

883,118

Shares

Value

THRIFTS & MORTGAGE FINANCE - 5.4%

Thrifts & Mortgage Finance - 5.4%

Countrywide Financial Corp.

8,115

$ 263,413

Doral Financial Corp.

50

1,095

Downey Financial Corp.

600

36,918

Fannie Mae

6,550

356,648

Freddie Mac

1,400

88,480

Golden West Financial Corp., Delaware

4,900

296,450

Hudson City Bancorp, Inc.

3,600

131,580

MGIC Investment Corp.

1,400

86,338

Radian Group, Inc.

1,625

77,578

Sovereign Bancorp, Inc.

6,390

141,602

The PMI Group, Inc.

2,300

87,423

W Holding Co., Inc.

9,148

92,120

Washington Mutual, Inc.

3,900

154,050

1,813,695

TOTAL COMMON STOCKS

(Cost $27,057,509)

32,125,315

Money Market Funds - 2.6%

Fidelity Cash Central Fund, 2.73% (b)

864,878

864,878

Fidelity Securities Lending Cash Central Fund, 2.74% (b)(c)

21,090

21,090

TOTAL MONEY MARKET FUNDS

(Cost $885,968)

885,968

TOTAL INVESTMENT PORTFOLIO - 98.2%

(Cost $27,943,477)

33,011,283

NET OTHER ASSETS - 1.8%

593,945

NET ASSETS - 100%

$ 33,605,228

Legend

(a) Non-income producing

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

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

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $28,050,048. Net unrealized appreciation aggregated $4,961,235, of which $5,872,087 related to appreciated investment securities and $910,852 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Growth Stock Portfolio

March 31, 2005

1.799868.101

VIPGR-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%

Shares

Value

CONSUMER DISCRETIONARY - 13.2%

Internet & Catalog Retail - 1.1%

eBay, Inc. (a)

1,800

$ 67,068

Media - 6.3%

Getty Images, Inc. (a)

1,300

92,443

JC Decaux SA (a)

1,100

30,029

Lamar Advertising Co. Class A (a)

1,600

64,464

Spanish Broadcasting System, Inc.
Class A (a)

6,900

70,794

Univision Communications, Inc. Class A (a)

3,500

96,915

XM Satellite Radio Holdings, Inc.
Class A (a)

1,000

31,500

386,145

Specialty Retail - 5.8%

Foot Locker, Inc.

7,600

222,680

Staples, Inc.

4,400

138,292

360,972

TOTAL CONSUMER DISCRETIONARY

814,185

CONSUMER STAPLES - 10.7%

Beverages - 1.2%

PepsiCo, Inc.

1,400

74,242

Food & Staples Retailing - 4.3%

CVS Corp.

900

47,358

Wal-Mart Stores, Inc.

3,100

155,341

Walgreen Co.

1,400

62,188

264,887

Food Products - 1.6%

The J.M. Smucker Co.

2,000

100,600

Household Products - 3.0%

Procter & Gamble Co.

3,560

188,680

Personal Products - 0.6%

Gillette Co.

700

35,336

TOTAL CONSUMER STAPLES

663,745

ENERGY - 7.1%

Energy Equipment & Services - 5.4%

Halliburton Co.

4,600

198,950

National Oilwell Varco, Inc. (a)

2,903

135,570

334,520

Oil & Gas - 1.7%

BG Group PLC ADR

800

31,520

Shares

Value

BP PLC sponsored ADR

600

$ 37,440

Valero Energy Corp.

500

36,635

105,595

TOTAL ENERGY

440,115

FINANCIALS - 4.0%

Capital Markets - 0.9%

Harris & Harris Group, Inc. (a)

1,200

14,448

Merrill Lynch & Co., Inc.

500

28,300

Morgan Stanley

200

11,450

54,198

Commercial Banks - 1.0%

Bank of America Corp.

700

30,870

Wachovia Corp.

600

30,546

61,416

Consumer Finance - 0.5%

American Express Co.

600

30,822

Insurance - 1.0%

American International Group, Inc.

1,200

66,492

Thrifts & Mortgage Finance - 0.6%

Golden West Financial Corp., Delaware

600

36,300

TOTAL FINANCIALS

249,228

HEALTH CARE - 18.3%

Health Care Equipment & Supplies - 3.5%

Cyberonics, Inc. (a)

800

35,336

Medtronic, Inc.

3,000

152,850

St. Jude Medical, Inc. (a)

800

28,800

216,986

Health Care Providers & Services - 3.1%

AmerisourceBergen Corp.

900

51,561

McKesson Corp.

1,400

52,850

UnitedHealth Group, Inc.

900

85,842

190,253

Pharmaceuticals - 11.7%

Eli Lilly & Co.

700

36,470

Johnson & Johnson

4,200

282,072

Pfizer, Inc.

1,700

44,659

Schering-Plough Corp.

11,700

212,355

Sepracor, Inc. (a)

600

34,446

Wyeth

2,700

113,886

723,888

TOTAL HEALTH CARE

1,131,127

INDUSTRIALS - 9.6%

Aerospace & Defense - 2.4%

Honeywell International, Inc.

4,000

148,840

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Construction & Engineering - 2.2%

Chicago Bridge & Iron Co. NV (NY Shares)

3,100

$ 136,493

Electrical Equipment - 1.1%

American Power Conversion Corp.

2,600

67,886

Industrial Conglomerates - 2.3%

General Electric Co.

3,900

140,634

Road & Rail - 1.6%

Burlington Northern Santa Fe Corp.

1,100

59,323

Norfolk Southern Corp.

1,000

37,050

96,373

TOTAL INDUSTRIALS

590,226

INFORMATION TECHNOLOGY - 34.1%

Communications Equipment - 4.9%

Cisco Systems, Inc. (a)

4,200

75,138

Harris Corp.

3,600

117,540

Juniper Networks, Inc. (a)

3,700

81,622

QUALCOMM, Inc.

800

29,320

303,620

Computers & Peripherals - 12.6%

Apple Computer, Inc. (a)

1,600

66,672

Dell, Inc. (a)

9,800

376,516

EMC Corp. (a)

7,400

91,168

UNOVA, Inc. (a)

11,938

246,520

780,876

Electronic Equipment & Instruments - 6.7%

Digital Theater Systems, Inc. (a)

1,600

28,976

Flextronics International Ltd. (a)

10,100

121,604

Jabil Circuit, Inc. (a)

9,200

262,384

412,964

Internet Software & Services - 2.1%

Google, Inc. Class A (sub. vtg.)

200

36,102

Yahoo!, Inc. (a)

2,800

94,920

131,022

Semiconductors & Semiconductor Equipment - 3.6%

Altera Corp. (a)

2,700

53,406

Analog Devices, Inc.

1,800

65,052

ASE Test Ltd. (a)

20,600

104,648

223,106

Software - 4.2%

Microsoft Corp.

8,300

200,611

THQ, Inc. (a)

2,100

59,094

259,705

TOTAL INFORMATION TECHNOLOGY

2,111,293

TOTAL COMMON STOCKS

(Cost $5,692,099)

5,999,919

Money Market Funds - 2.3%

Shares

Value

Fidelity Cash Central Fund, 2.73% (b)
(Cost $143,838)

143,838

$ 143,838

TOTAL INVESTMENT PORTFOLIO - 99.3%

(Cost $5,835,937)

6,143,757

NET OTHER ASSETS - 0.7%

42,668

NET ASSETS - 100%

$ 6,186,425

Legend

(a) Non-income producing

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

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $5,851,891. Net unrealized appreciation aggregated $291,866, of which $477,371 related to appreciated investment securities and $185,505 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Health Care Portfolio

March 31, 2005

1.814639.100

VHC-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%

Shares

Value

BIOTECHNOLOGY - 14.9%

Biotechnology - 14.9%

Affymetrix, Inc. (a)

5,300

$ 227,052

Alkermes, Inc. (a)

9,600

99,648

Amgen, Inc. (a)

51,900

3,021,099

Biogen Idec, Inc. (a)

18,700

645,337

Genentech, Inc. (a)

53,100

3,005,991

Genzyme Corp. - General Division (a)

12,400

709,776

Human Genome Sciences, Inc. (a)

2,300

21,206

ImClone Systems, Inc. (a)

4,500

155,250

Martek Biosciences (a)

1,200

69,828

MedImmune, Inc. (a)

13,130

312,625

Millennium Pharmaceuticals, Inc. (a)

42,100

354,482

Neurocrine Biosciences, Inc. (a)

9,900

376,794

OSI Pharmaceuticals, Inc. (a)

2,300

95,082

Protein Design Labs, Inc. (a)

3,900

62,361

9,156,531

HEALTH CARE EQUIPMENT & SUPPLIES - 30.1%

Health Care Equipment - 24.3%

Animas Corp.

5,100

103,071

Aspect Medical Systems, Inc. (a)

11,200

241,808

Baxter International, Inc.

96,750

3,287,565

Beckman Coulter, Inc.

10,200

677,790

Biomet, Inc.

8,765

318,170

Boston Scientific Corp. (a)

29,420

861,712

C.R. Bard, Inc.

2,900

197,432

Cyberonics, Inc. (a)

7,800

344,526

Cytyc Corp. (a)

24,100

554,541

Epix Pharmaceuticals, Inc. (a)

12,600

88,200

Guidant Corp.

13,100

968,090

Hospira, Inc. (a)

352

11,359

IntraLase Corp.

400

6,696

Kinetic Concepts, Inc.

5,800

345,970

Medtronic, Inc.

85,460

4,354,187

ResMed, Inc. (a)

5,400

304,560

Respironics, Inc. (a)

5,300

308,831

St. Jude Medical, Inc. (a)

39,520

1,422,720

Stereotaxis, Inc.

14,400

111,600

Waters Corp. (a)

12,700

454,533

14,963,361

Health Care Supplies - 5.8%

Advanced Medical Optics, Inc. (a)

11,100

401,931

Alcon, Inc.

18,300

1,634,007

Bausch & Lomb, Inc.

2,900

212,570

Cooper Companies, Inc.

5,500

400,950

Dade Behring Holdings, Inc. (a)

5,450

321,169

DJ Orthopedics, Inc. (a)

7,000

175,350

Shares

Value

Edwards Lifesciences Corp. (a)

10,100

$ 436,522

Shamir Optical Industry Ltd.

100

1,545

3,584,044

TOTAL HEALTH CARE EQUIPMENT & SUPPLIES

18,547,405

HEALTH CARE PROVIDERS & SERVICES - 17.5%

Health Care Distributors & Services - 3.0%

McKesson Corp.

42,800

1,615,700

Patterson Companies, Inc. (a)

4,200

209,790

1,825,490

Health Care Facilities - 0.4%

Community Health Systems, Inc. (a)

7,100

247,861

Health Care Services - 4.5%

Caremark Rx, Inc. (a)

3,100

123,318

Cerner Corp. (a)

500

26,255

Covance, Inc. (a)

1,100

52,371

DaVita, Inc. (a)

6,450

269,933

IMS Health, Inc.

22,700

553,653

Laboratory Corp. of America Holdings (a)

8,500

409,700

Omnicare, Inc.

13,600

482,120

Pediatrix Medical Group, Inc. (a)

2,700

185,193

Quest Diagnostics, Inc.

6,300

662,319

2,764,862

Managed Health Care - 9.6%

Health Net, Inc. (a)

8,600

281,306

PacifiCare Health Systems, Inc. (a)

17,000

967,640

UnitedHealth Group, Inc.

49,100

4,683,158

5,932,104

TOTAL HEALTH CARE PROVIDERS & SERVICES

10,770,317

PERSONAL PRODUCTS - 0.1%

Personal Products - 0.1%

NBTY, Inc. (a)

2,900

72,761

PHARMACEUTICALS - 35.7%

Pharmaceuticals - 35.7%

Abbott Laboratories

78,220

3,646,616

Allergan, Inc.

14,900

1,035,103

Bristol-Myers Squibb Co.

4,800

122,208

Eli Lilly & Co.

2,300

119,830

Endo Pharmaceuticals Holdings, Inc. (a)

6,900

155,595

Forest Laboratories, Inc. (a)

7,700

284,515

Hollis-Eden Pharmaceuticals, Inc. (a)

13,100

92,290

Ista Pharmaceuticals, Inc. (a)

7,000

69,160

IVAX Corp. (a)

9,700

191,769

Johnson & Johnson

90,715

6,092,417

Medicis Pharmaceutical Corp. Class A

2,200

65,956

Merck & Co., Inc.

91,880

2,974,156

Pfizer, Inc.

164,740

4,327,720

Sepracor, Inc. (a)

6,100

350,201

Common Stocks - continued

Shares

Value

PHARMACEUTICALS - CONTINUED

Pharmaceuticals - continued

Watson Pharmaceuticals, Inc. (a)

8,400

$ 258,132

Wyeth

51,320

2,164,678

21,950,346

TOTAL COMMON STOCKS

(Cost $52,163,940)

60,497,360

Money Market Funds - 1.7%

Fidelity Cash Central Fund, 2.73% (b)
(Cost $1,006,130)

1,006,130

1,006,130

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $53,170,070)

61,503,490

NET OTHER ASSETS - 0.0%

22,245

NET ASSETS - 100%

$ 61,525,735

Legend

(a) Non-income producing

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

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $53,788,378. Net unrealized appreciation aggregated $7,715,112, of which $11,525,227 related to appreciated investment securities and $3,810,115 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
International Capital Appreciation Portfolio

March 31, 2005

1.814640.100

VIPCAP-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%

Shares

Value

Australia - 0.7%

CSL Ltd.

500

$ 13,198

Bermuda - 0.5%

GOME Electrical Appliances Holdings Ltd.

10,000

10,706

Brazil - 2.9%

Aracruz Celulose SA sponsored ADR

1,100

39,380

Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)

1,500

19,500

TOTAL BRAZIL

58,880

Canada - 2.5%

Canadian Natural Resources Ltd.

400

22,610

EnCana Corp.

400

28,255

TOTAL CANADA

50,865

China - 1.9%

Global Bio-Chem Technology Group Co. Ltd.

30,000

18,847

People's Food Holdings Ltd.

17,000

12,459

Weichai Power Co. Ltd. (H Shares)

2,000

6,821

TOTAL CHINA

38,127

Denmark - 3.7%

GN Store Nordic AS

2,550

29,280

Novo Nordisk AS Series B

800

44,537

TOTAL DENMARK

73,817

France - 11.7%

Alcatel SA (RFD) (a)

1,673

20,193

Groupe Danone

200

19,897

Pernod-Ricard

130

18,149

Renault SA

200

17,862

Rhodia SA (a)

3,100

5,987

Societe Generale Series A

400

41,558

Technip-Coflexip SA

100

16,722

Thomson SA

1,800

48,532

Total SA Series B

200

46,892

TOTAL FRANCE

235,792

Germany - 4.3%

Allianz AG (Reg.)

200

25,440

Deutsche Telekom AG (Reg.)

2,300

45,908

HeidelbergCement AG

253

15,915

TOTAL GERMANY

87,263

Greece - 1.2%

Public Power Corp. of Greece

850

24,504

Hong Kong - 2.5%

China Merchants Holdings International Co. Ltd.

4,000

7,847

Li & Fung Ltd.

8,000

14,565

Shares

Value

Solomon Systech Ltd.

16,000

$ 5,026

Techtronic Industries Co. Ltd.

10,500

23,223

TOTAL HONG KONG

50,661

India - 4.6%

Bank of Baroda

1,886

9,528

State Bank of India

3,772

61,783

Tata Motors Ltd.

1,391

13,176

Zee Telefilms Ltd.

2,554

8,123

TOTAL INDIA

92,610

Ireland - 0.7%

Ryanair Holdings PLC sponsored ADR (a)

300

13,131

Italy - 2.3%

Banca Intesa Spa

2,900

14,736

ENI Spa

1,200

31,238

TOTAL ITALY

45,974

Japan - 13.8%

Aisin Seiki Co. Ltd.

500

11,378

Credit Saison Co. Ltd.

400

14,400

Don Quijote Co. Ltd.

200

11,732

Honda Motor Co. Ltd.

500

25,040

Hoya Corp.

200

22,010

JAFCO Co. Ltd.

300

18,830

Matsui Securities Co. Ltd.

800

10,654

Matsui Securities Co. Ltd. New

600

7,840

Mitsui Trust Holdings, Inc.

2,000

19,883

Nomura Holdings, Inc.

1,900

26,334

Sega Sammy Holdings, Inc. (a)

300

18,242

Softbank Corp.

500

20,611

Sony Corp. sponsored ADR

300

12,006

Sumitomo Mitsui Financial Group, Inc.

9

60,937

TOTAL JAPAN

279,897

Mexico - 0.8%

Grupo Mexico SA de CV Series B (a)

3,153

16,562

Netherlands - 6.3%

ASML Holding NV (NY Shares) (a)

4,400

73,788

ING Groep NV (Certificaten Van Aandelen)

1,000

30,230

QIAGEN NV (a)

2,000

23,880

TOTAL NETHERLANDS

127,898

Philippines - 1.3%

Philippine Long Distance Telephone Co.

1,060

26,790

Russia - 0.7%

Mobile TeleSystems OJSC sponsored ADR

400

14,076

Spain - 1.1%

Telefonica SA

1,300

22,520

Sweden - 0.7%

Hennes & Mauritz AB (H&M) (B Shares)

400

13,745

Common Stocks - continued

Shares

Value

Switzerland - 13.6%

ABB Ltd. (Reg.) (a)

6,259

$ 38,869

Actelion Ltd. (Reg.) (a)

102

10,316

Credit Suisse Group (Reg.)

1,214

51,959

Novartis AG (Reg.)

221

10,338

Phonak Holding AG

270

9,298

Roche Holding AG (participation certificate)

504

54,004

The Swatch Group AG (Reg.)

1,039

28,918

UBS AG (Reg.)

857

72,331

TOTAL SWITZERLAND

276,033

Taiwan - 4.0%

Optimax Technology Corp.

15,000

42,182

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

4,600

39,008

TOTAL TAIWAN

81,190

United Kingdom - 14.5%

BAE Systems PLC

6,700

32,856

BHP Billiton PLC

1,500

20,154

BP PLC

4,600

47,840

British Airways PLC (a)

5,100

25,617

Capita Group PLC

2,100

14,921

Carnival PLC

300

16,475

Invensys PLC (a)

57,900

16,960

Kesa Electricals PLC

2,900

16,564

Reuters Group PLC

2,600

20,046

Smiths Group PLC

100

1,609

Vodafone Group PLC

30,000

79,681

TOTAL UNITED KINGDOM

292,723

United States of America - 1.6%

NTL, Inc. (a)

300

19,101

Telewest Global, Inc. (a)

800

14,232

TOTAL UNITED STATES OF AMERICA

33,333

TOTAL COMMON STOCKS

(Cost $1,958,622)

1,980,295

Cash Equivalents - 7.3%

Maturity Amount

Value

Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 2.51%, dated 3/31/05 due 4/1/05)
(Cost $148,000)

$ 148,010

$ 148,000

TOTAL INVESTMENT PORTFOLIO - 105.2%

(Cost $2,106,622)

2,128,295

NET OTHER ASSETS - (5.2)%

(105,542)

NET ASSETS - 100%

$ 2,022,753

Legend

(a) Non-income producing

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $2,106,910. Net unrealized appreciation aggregated $21,385, of which $71,467 related to appreciated investment securities and $50,082 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Natural Resources Portfolio

March 31, 2005

1.814635.100

VNR-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%

Shares

Value

CONSTRUCTION & ENGINEERING - 0.9%

Construction & Engineering - 0.9%

Chicago Bridge & Iron Co. NV (NY Shares)

44,800

$ 1,972,544

CONTAINERS & PACKAGING - 1.3%

Paper Packaging - 1.3%

Packaging Corp. of America

35,990

874,197

Smurfit-Stone Container Corp. (a)

115,979

1,794,195

2,668,392

ELECTRICAL EQUIPMENT - 0.3%

Electrical Components & Equipment - 0.3%

Hydrogenics Corp. (a)

140,268

608,903

ENERGY EQUIPMENT & SERVICES - 27.3%

Oil & Gas Drilling - 7.3%

GlobalSantaFe Corp.

56,700

2,100,168

Nabors Industries Ltd. (a)

14,900

881,186

Noble Corp.

52,730

2,963,953

Precision Drilling Corp. (a)

45,800

3,427,237

Pride International, Inc. (a)

113,000

2,806,920

Transocean, Inc. (a)

55,500

2,856,030

15,035,494

Oil & Gas Equipment & Services - 20.0%

Baker Hughes, Inc.

20,180

897,808

BJ Services Co.

51,100

2,651,068

Cooper Cameron Corp. (a)

16,600

949,686

Grant Prideco, Inc. (a)

82,600

1,995,616

Halliburton Co.

181,200

7,836,900

Hornbeck Offshore Services, Inc.

40,500

1,014,930

National Oilwell Varco, Inc. (a)

220,914

10,316,684

Oil States International, Inc. (a)

1,800

36,990

Pason Systems, Inc.

5,500

172,131

RPC, Inc.

7,800

118,482

Schlumberger Ltd. (NY Shares)

120,960

8,525,261

Smith International, Inc.

70,640

4,431,247

Superior Energy Services, Inc. (a)

1,900

32,680

Tenaris SA sponsored ADR

10,100

621,251

Weatherford International Ltd. (a)

32,800

1,900,432

41,501,166

TOTAL ENERGY EQUIPMENT & SERVICES

56,536,660

MACHINERY - 0.3%

Construction & Farm Machinery & Heavy Trucks - 0.3%

Bucyrus International, Inc. Class A

14,500

566,370

METALS & MINING - 18.9%

Aluminum - 2.6%

Alcan, Inc.

54,220

2,062,279

Alcoa, Inc.

110,790

3,366,908

5,429,187

Shares

Value

Diversified Metals & Mining - 8.2%

Breakwater Resources Ltd. (a)

667,000

$ 319,878

Cameco Corp.

32,000

1,417,430

CONSOL Energy, Inc.

65,700

3,089,214

Freeport-McMoRan Copper & Gold, Inc. Class B

840

33,272

Inmet Mining Corp. (a)

118,700

1,810,828

Massey Energy Co.

72,200

2,890,888

Peabody Energy Corp.

78,400

3,634,624

Phelps Dodge Corp.

8,200

834,186

Teck Cominco Ltd. Class B (sub. vtg.)

50,000

1,854,225

USEC, Inc.

57,470

935,612

16,820,157

Gold - 5.6%

Goldcorp, Inc.

103,000

1,468,265

Newmont Mining Corp.

240,700

10,169,575

11,637,840

Precious Metals & Minerals - 1.3%

Apex Silver Mines Ltd. (a)

119,200

1,909,584

Industrias Penoles SA de CV

95,900

497,903

Stillwater Mining Co. (a)

26,300

259,055

2,666,542

Steel - 1.2%

Allegheny Technologies, Inc.

13,900

335,129

Caemi Mineracao E Metalurgia SA (PN) (a)

509,500

471,335

Cleveland-Cliffs, Inc.

12,400

903,588

Companhia Vale do Rio Doce sponsored ADR

200

6,322

Siderurgica Nacional Compania ADR

19,600

472,360

Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A)

13,700

294,011

2,482,745

TOTAL METALS & MINING

39,036,471

MULTI-UTILITIES & UNREGULATED POWER - 0.3%

Multi-Utilities & Unregulated Power - 0.3%

Questar Corp.

10,100

598,425

OIL & GAS - 47.8%

Integrated Oil & Gas - 26.4%

Amerada Hess Corp.

200

19,242

BG Group PLC ADR

31,200

1,229,280

BP PLC sponsored ADR

251,440

15,689,857

ChevronTexaco Corp.

2,800

163,268

ConocoPhillips

115,081

12,410,335

ENI Spa sponsored ADR

6,300

820,008

Exxon Mobil Corp.

235,400

14,029,840

Marathon Oil Corp.

16,000

750,720

Occidental Petroleum Corp.

68,200

4,853,794

Common Stocks - continued

Shares

Value

OIL & GAS - CONTINUED

Integrated Oil & Gas - continued

Petro-Canada

300

$ 17,426

Total SA sponsored ADR

39,110

4,584,865

54,568,635

Oil & Gas Exploration & Production - 14.8%

Apache Corp.

20,500

1,255,215

Canadian Natural Resources Ltd.

46,300

2,617,056

Chesapeake Energy Corp.

97,400

2,136,956

Denbury Resources, Inc. (a)

29,700

1,046,331

EnCana Corp.

92,718

6,549,445

Encore Acquisition Co. (a)

14,000

578,200

Energy Partners Ltd. (a)

18,800

488,236

Forest Oil Corp. (a)

83,900

3,397,950

Kerr-McGee Corp.

14,200

1,112,286

Mission Resources Corp. (a)

135,100

956,508

Noble Energy, Inc.

9,300

632,586

Plains Exploration & Production Co. (a)

118,800

4,146,120

Quicksilver Resources, Inc. (a)

38,400

1,871,232

Range Resources Corp.

98,500

2,300,960

Talisman Energy, Inc.

200

6,845

Unocal Corp.

8,100

499,689

XTO Energy, Inc.

29,333

963,296

30,558,911

Oil & Gas Refining & Marketing & Transportation - 6.6%

Ashland, Inc.

12,300

829,881

Frontier Oil Corp.

24,300

881,118

Holly Corp.

53,300

1,986,491

Premcor, Inc.

25,500

1,521,840

Tesoro Petroleum Corp. (a)

20,100

744,102

Valero Energy Corp.

86,500

6,337,855

Williams Companies, Inc.

74,900

1,408,869

13,710,156

TOTAL OIL & GAS

98,837,702

PAPER & FOREST PRODUCTS - 1.8%

Forest Products - 0.1%

Canfor Corp. (a)

184

2,471

Sino-Forest Corp. (a)

65,000

191,872

194,343

Paper Products - 1.7%

Georgia-Pacific Corp.

38,700

1,373,463

International Paper Co.

41,600

1,530,464

Tembec, Inc. (a)

60,700

291,103

Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)

27,100

352,300

3,547,330

TOTAL PAPER & FOREST PRODUCTS

3,741,673

TOTAL COMMON STOCKS

(Cost $173,904,999)

204,567,140

Money Market Funds - 2.1%

Shares

Value

Fidelity Cash Central Fund, 2.73% (b)
(Cost $4,410,438)

4,410,438

$ 4,410,438

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $178,315,437)

208,977,578

NET OTHER ASSETS - (1.0)%

(2,104,411)

NET ASSETS - 100%

$ 206,873,167

Legend

(a) Non-income producing

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

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $179,292,119. Net unrealized appreciation aggregated $29,685,459, of which $32,442,563 related to appreciated investment securities and $2,757,104 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Real Estate Portfolio

March 31, 2005

1.799880.101

VIPRE-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%

Shares

Value

HOTELS, RESTAURANTS & LEISURE - 9.0%

Hotels, Resorts & Cruise Lines - 9.0%

Starwood Hotels & Resorts Worldwide, Inc. unit

203,430

$ 12,211,902

REAL ESTATE - 89.9%

Real Estate Investment Trusts - 4.6%

American Financial Realty Trust (SBI)

54,600

798,798

Digital Realty Trust, Inc.

34,500

495,765

GMH Communities Trust

65,800

770,518

HomeBanc Mortgage Corp., Georgia

42,200

373,048

Trizec Properties, Inc.

196,100

3,725,900

TOTAL REAL ESTATE INVESTMENT TRUSTS

6,164,029

REITs - Apartments - 8.9%

American Campus Communities, Inc.

37,100

779,100

Apartment Investment & Management Co. Class A

101,820

3,787,704

AvalonBay Communities, Inc.

37,400

2,501,686

Cornerstone Realty Income Trust, Inc.

31,900

316,448

Equity Residential (SBI)

121,400

3,910,294

United Dominion Realty Trust, Inc. (SBI)

37,500

782,625

TOTAL REITS - APARTMENTS

12,077,857

REITs - Health Care Facilities - 1.0%

Ventas, Inc.

54,300

1,355,328

REITs - Hotels - 0.7%

Innkeepers USA Trust (SBI)

22,900

295,639

MeriStar Hospitality Corp. (a)

97,520

682,640

TOTAL REITS - HOTELS

978,279

REITs - Industrial Buildings - 22.6%

Catellus Development Corp.

158,152

4,214,751

CenterPoint Properties Trust (SBI)

98,130

4,023,330

Duke Realty Corp.

208,720

6,230,292

Extra Space Storage, Inc.

27,100

365,850

Plum Creek Timber Co., Inc.

19,900

710,430

ProLogis

241,220

8,949,262

Public Storage, Inc.

99,540

5,667,808

U-Store-It Trust

26,100

454,140

TOTAL REITS - INDUSTRIAL BUILDINGS

30,615,863

REITs - Malls - 16.9%

CBL & Associates Properties, Inc.

90,310

6,458,068

General Growth Properties, Inc.

219,351

7,479,869

Simon Property Group, Inc.

140,540

8,513,913

The Mills Corp.

8,150

431,135

TOTAL REITS - MALLS

22,882,985

REITs - Management/Investment - 2.3%

Equity Lifestyle Properties, Inc.

30,300

1,068,075

Newcastle Investment Corp.

70,300

2,080,880

TOTAL REITS - MANAGEMENT/INVESTMENT

3,148,955

Shares

Value

REITs - Office Buildings - 16.2%

Boston Properties, Inc.

82,700

$ 4,981,021

Equity Office Properties Trust

291,200

8,773,856

Government Properties Trust, Inc.

25,100

249,996

Highwoods Properties, Inc. (SBI)

14,490

388,622

Kilroy Realty Corp.

17,800

728,198

Reckson Associates Realty Corp.

222,910

6,843,337

TOTAL REITS - OFFICE BUILDINGS

21,965,030

REITs - Prisons - 0.7%

Correctional Properties Trust

37,898

956,925

REITs - Shopping Centers - 16.0%

Federal Realty Investment Trust (SBI)

56,940

2,753,049

Inland Real Estate Corp.

73,033

1,097,686

Kimco Realty Corp.

71,900

3,875,410

Pan Pacific Retail Properties, Inc.

15,900

902,325

Regency Centers Corp.

7,900

376,277

Vornado Realty Trust

148,600

10,293,522

Weingarten Realty Investors (SBI)

70,200

2,422,602

TOTAL REITS - SHOPPING CENTERS

21,720,871

TOTAL REAL ESTATE

121,866,122

TOTAL COMMON STOCKS

(Cost $118,779,359)

134,078,024

Money Market Funds - 0.8%

Fidelity Cash Central Fund, 2.73% (b)
(Cost $1,074,153)

1,074,153

1,074,153

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $119,853,512)

135,152,177

NET OTHER ASSETS - 0.3%

457,045

NET ASSETS - 100%

$ 135,609,222

Legend

(a) Non-income producing

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

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $120,098,287. Net unrealized appreciation aggregated $15,053,890, of which $16,984,190 related to appreciated investment securities and $1,930,300 related to depreciated investment securities.

See accompanying notes which are an integral part of the financial statements.

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:
Strategic Income Portfolio

March 31, 2005

1.799886.101

VIPSI-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 39.0%

Principal
Amount (d)

Value

CONSUMER DISCRETIONARY - 8.7%

Auto Components - 0.4%

Affinia Group, Inc. 9% 11/30/14 (g)

$ 205,000

$ 189,625

Intermet Corp. 9.75% 6/15/09 (c)

120,000

67,200

Tenneco Automotive, Inc. 8.625% 11/15/14 (g)

180,000

175,050

TRW Automotive Acquisition Corp.:

9.375% 2/15/13

120,000

129,600

11% 2/15/13

13,000

14,820

576,295

Hotels, Restaurants & Leisure - 2.2%

Carrols Corp. 9% 1/15/13 (g)

145,000

148,625

Domino's, Inc. 8.25% 7/1/11

100,000

103,000

Gaylord Entertainment Co.:

6.75% 11/15/14 (g)

265,000

257,050

8% 11/15/13

100,000

103,000

Herbst Gaming, Inc.:

7% 11/15/14 (g)

60,000

59,700

8.125% 6/1/12

100,000

104,500

ITT Corp. 7.375% 11/15/15

125,000

135,625

Landry's Seafood Restaurants, Inc. 7.5% 12/15/14 (g)

245,000

240,406

Mandalay Resort Group:

6.375% 12/15/11

80,000

80,904

6.5% 7/31/09

20,000

20,250

MGM MIRAGE:

6% 10/1/09

40,000

39,500

6.75% 9/1/12

45,000

45,225

8.5% 9/15/10

50,000

54,815

Mohegan Tribal Gaming Authority 6.875% 2/15/15 (g)

100,000

99,000

Morton's Restaurant Group, Inc. 7.5% 7/1/10

90,000

87,300

Penn National Gaming, Inc.:

6.75% 3/1/15 (g)

90,000

88,200

6.875% 12/1/11

140,000

140,000

Scientific Games Corp. 6.25% 12/15/12 (g)

40,000

39,400

Speedway Motorsports, Inc. 6.75% 6/1/13

95,000

95,950

Starwood Hotels & Resorts Worldwide, Inc. 7.875% 5/1/12

100,000

109,500

Station Casinos, Inc.:

6% 4/1/12

80,000

79,200

6.5% 2/1/14

20,000

19,750

Sun International Hotels Ltd./Sun International North America, Inc. 8.875% 8/15/11

120,000

128,700

Town Sports International Holdings, Inc. 0% 2/1/14 (e)

35,000

20,825

Uno Restaurant Corp. 10% 2/15/11 (g)

120,000

119,400

Vail Resorts, Inc. 6.75% 2/15/14

225,000

220,500

Principal
Amount (d)

Value

Virgin River Casino Corp./RBG LLC/B&BB, Inc.:

0% 1/15/13 (e)(g)

$ 260,000

$ 169,000

9% 1/15/12 (g)

40,000

42,000

2,851,325

Household Durables - 0.8%

Goodman Global Holdings, Inc.:

5.76% 6/15/12 (g)(i)

40,000

39,600

7.875% 12/15/12 (g)

550,000

506,000

K. Hovnanian Enterprises, Inc.:

6% 1/15/10 (g)

40,000

38,900

6.25% 1/15/15 (g)

60,000

57,750

7.75% 5/15/13

100,000

104,000

KB Home 8.625% 12/15/08

50,000

54,250

Levitz Home Furnishings, Inc. 12% 11/1/11 (g)

90,000

81,000

Meritage Homes Corp. 6.25% 3/15/15 (g)

90,000

84,375

Standard Pacific Corp.:

7.75% 3/15/13

20,000

20,900

9.25% 4/15/12

30,000

33,600

Technical Olympic USA, Inc. 7.5% 1/15/15

90,000

82,800

1,103,175

Leisure Equipment & Products - 0.0%

Riddell Bell Holdings, Inc. 8.375% 10/1/12 (g)

40,000

40,400

Media - 4.8%

AMC Entertainment, Inc.:

8% 3/1/14

75,000

71,438

8.625% 8/15/12 (g)

50,000

54,632

9.875% 2/1/12

70,000

73,500

Cablevision Systems Corp. 8% 4/15/12 (g)

715,000

729,300

CanWest Media, Inc. 8% 9/15/12 (g)

40,000

41,800

Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:

8% 4/30/12 (g)

50,000

50,000

8.375% 4/30/14 (g)

85,000

85,850

Cinemark USA, Inc. 9% 2/1/13

30,000

32,550

Cinemark, Inc. 0% 3/15/14 (e)

160,000

113,600

Corus Entertainment, Inc. 8.75% 3/1/12

60,000

64,500

CSC Holdings, Inc.:

7.625% 4/1/11

40,000

41,600

7.625% 7/15/18

570,000

592,800

7.875% 2/15/18

475,000

504,688

Dex Media, Inc.:

0% 11/15/13 (e)

75,000

57,375

0% 11/15/13 (e)

55,000

42,075

8% 11/15/13

355,000

383,400

Nonconvertible Bonds - continued

Principal
Amount (d)

Value

CONSUMER DISCRETIONARY - continued

Media - continued

EchoStar DBS Corp.:

6.375% 10/1/11

$ 45,000

$ 43,988

6.625% 10/1/14 (g)

625,000

601,563

Entravision Communications Corp. 8.125% 3/15/09

90,000

94,050

Haights Cross Communications, Inc. 0% 8/15/11 (e)

20,000

13,200

Haights Cross Operating Co. 11.75% 8/15/11

40,000

45,200

Houghton Mifflin Co.:

0% 10/15/13 (e)

580,000

406,000

8.25% 2/1/11

20,000

20,600

9.875% 2/1/13

270,000

278,100

IMAX Corp. 9.625% 12/1/10

40,000

42,800

Innova S. de R.L. 9.375% 9/19/13

210,000

229,950

Lamar Media Corp. 7.25% 1/1/13

50,000

53,750

R.H. Donnelley Corp. 6.875% 1/15/13 (g)

295,000

292,050

Radio One, Inc. 6.375% 2/15/13 (g)

50,000

49,000

Rainbow National LLC & RNS Co. Corp.:

8.75% 9/1/12 (g)

110,000

117,975

10.375% 9/1/14 (g)

365,000

405,150

Rogers Cable, Inc.:

5.5% 3/15/14

65,000

59,150

6.25% 6/15/13

240,000

230,400

6.75% 3/15/15

50,000

49,188

The Reader's Digest Association, Inc. 6.5% 3/1/11

125,000

124,688

Videotron Ltee 6.875% 1/15/14

125,000

125,625

WDAC Subsidiary Corp. 8.375% 12/1/14 (g)

50,000

46,500

6,268,035

Multiline Retail - 0.1%

Marks & Spencer Group PLC 5.125% 11/7/06

EUR

50,000

67,081

Specialty Retail - 0.2%

The Pep Boys - Manny, Moe & Jack 7.5% 12/15/14

275,000

266,750

Textiles, Apparel & Luxury Goods - 0.2%

AAC Group Holding Corp. 0% 10/1/12 (e)(g)

225,000

157,500

Levi Strauss & Co. 9.75% 1/15/15 (g)

160,000

157,600

315,100

TOTAL CONSUMER DISCRETIONARY

11,488,161

Principal
Amount (d)

Value

CONSUMER STAPLES - 0.8%

Food & Staples Retailing - 0.4%

Ahold Finance USA, Inc. 8.25% 7/15/10

$ 153,000

$ 165,240

Reddy Ice Holdings, Inc. 0% 11/1/12 (e)(g)

130,000

92,950

Southern States Cooperative, Inc. 10.5% 11/1/10 (g)

290,000

300,875

559,065

Food Products - 0.3%

Doane Pet Care Co. 10.75% 3/1/10

135,000

145,800

Hines Nurseries, Inc. 10.25% 10/1/11

120,000

128,400

Philipp Brothers Chemicals, Inc. 9.875% 6/1/08

35,000

33,600

307,800

Household Products - 0.1%

Central Garden & Pet Co. 9.125% 2/1/13

75,000

80,625

Personal Products - 0.0%

Elizabeth Arden, Inc. 7.75% 1/15/14

40,000

41,200

TOTAL CONSUMER STAPLES

988,690

ENERGY - 4.1%

Energy Equipment & Services - 0.7%

CHC Helicopter Corp. 7.375% 5/1/14

240,000

235,200

Hanover Compressor Co. 9% 6/1/14

125,000

138,438

Petroliam Nasional BHD (Petronas) 7.625% 10/15/26 (Reg. S)

305,000

359,900

Seabulk International, Inc. 9.5% 8/15/13

135,000

155,250

888,788

Oil & Gas - 3.4%

Chesapeake Energy Corp.:

7.5% 9/15/13

40,000

43,100

7.5% 6/15/14

35,000

36,925

7.75% 1/15/15

30,000

31,650

Encore Acquisition Co. 8.375% 6/15/12

40,000

42,400

Energy Partners Ltd. 8.75% 8/1/10

155,000

165,850

EXCO Resources, Inc. 7.25% 1/15/11

10,000

10,150

General Maritime Corp. 10% 3/15/13

250,000

276,875

Harvest Operations Corp. 7.875% 10/15/11

50,000

49,625

Hurricane Finance BV:

9.625% 2/12/10 (g)

40,000

43,400

9.625% 2/12/10 (Reg. S)

60,000

65,100

Nonconvertible Bonds - continued

Principal
Amount (d)

Value

ENERGY - continued

Oil & Gas - continued

InterNorth, Inc. 9.625% 3/15/06 (c)

$ 100,000

$ 32,000

Markwest Energy Partners LP/ Markwest Energy Finance Corp. 6.875% 11/1/14 (g)

155,000

158,875

OAO Gazprom:

9.625% 3/1/13

250,000

285,625

10.5% 10/21/09

115,000

132,538

Pan American Energy LLC 7.125% 10/27/09 (g)

175,000

174,563

Pemex Project Funding Master Trust:

4.31% 6/15/10 (g)(i)

390,000

399,360

7.75% 9/28/49

140,000

138,250

8.625% 2/1/22

350,000

398,125

Petrobras Energia SA 9.375% 10/30/13

195,000

205,725

Plains Exploration & Production Co. 8.75% 7/1/12

90,000

96,750

Range Resources Corp. 7.375% 7/15/13

100,000

104,000

Ship Finance International Ltd. 8.5% 12/15/13

145,000

143,550

Teekay Shipping Corp. 8.875% 7/15/11

220,000

244,750

The Coastal Corp. 7.75% 6/15/10

55,000

54,794

Venoco, Inc. 8.75% 12/15/11 (g)

70,000

72,450

Williams Companies, Inc.:

7.625% 7/15/19

215,000

234,350

7.75% 6/15/31

115,000

121,900

7.875% 9/1/21

20,000

21,800

8.125% 3/15/12

270,000

299,700

8.75% 3/15/32

180,000

212,400

YPF SA:

10% 11/2/28

55,000

66,138

yankee 9.125% 2/24/09

110,000

121,000

4,483,718

TOTAL ENERGY

5,372,506

FINANCIALS - 3.3%

Capital Markets - 0.2%

BCP Caylux Holdings Luxembourg SCA 9.625% 6/15/14 (g)

228,000

259,920

Commercial Banks - 0.2%

Standard Bank London Ltd. 8.125% 9/30/09

100,000

102,250

UBS Luxembourg SA (Reg. S) 10% 6/16/09

200,000

212,500

314,750

Principal
Amount (d)

Value

Diversified Financial Services - 2.4%

Aries Vermogensverwaltngs GmbH 9.6% 10/25/14 (g)

$ 250,000

$ 300,000

Canada Housing Trust No. 1 4.65% 9/15/09

CAD

550,000

469,319

Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp. 0% 5/15/11 (e)

80,000

55,200

Entercom Radio LLC/Entercom Capital, Inc. 7.625% 3/1/14

125,000

131,250

FIMEP SA 10.5% 2/15/13

70,000

79,800

Gerdau AmeriSteel Corp./GUSAP Partners 10.375% 7/15/11

70,000

78,400

Global Cash Access LLC/Global Cash Access Finance Corp. 8.75% 3/15/12

365,000

392,375

Graham Packaging Co. LP/ GPC Capital Corp.:

8.5% 10/15/12 (g)

80,000

80,400

9.875% 10/15/14 (g)

135,000

137,700

Jostens Holding Corp. 0% 12/1/13 (e)

300,000

219,000

Marquee Holdings, Inc. 0% 8/15/14 (e)(g)

315,000

214,200

MSW Energy Holdings II LLC/MSW Finance Co. II, Inc. 7.375% 9/1/10

120,000

121,800

National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11

75,000

76,500

New ASAT Finance Ltd. 9.25% 2/1/11

105,000

86,625

Norcraft Holdings LP/Norcraft Capital Corp. 0% 9/1/12 (e)

160,000

113,600

Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10

90,000

102,600

Universal City Florida Holding Co. I/II:

7.4925% 5/1/10 (g)(i)

50,000

51,750

8.375% 5/1/10 (g)

430,000

438,600

3,149,119

Real Estate - 0.5%

American Real Estate Partners/American Real Estate Finance Corp.:

7.125% 2/15/13 (g)

120,000

117,600

8.125% 6/1/12

110,000

112,750

BF Saul REIT 7.5% 3/1/14

95,000

97,850

Crescent Real Estate Equities LP/Crescent Finance Co. 9.25% 4/15/09

50,000

52,750

La Quinta Properties, Inc.:

7% 8/15/12

50,000

50,375

Nonconvertible Bonds - continued

Principal
Amount (d)

Value

FINANCIALS - continued

Real Estate - continued

La Quinta Properties, Inc.: - continued

8.875% 3/15/11

$ 80,000

$ 86,000

Senior Housing Properties Trust 8.625% 1/15/12

140,000

154,700

672,025

TOTAL FINANCIALS

4,395,814

HEALTH CARE - 2.7%

Biotechnology - 0.0%

Polypore, Inc. 8.75% 5/15/12

5,000

4,700

Health Care Equipment & Supplies - 0.0%

Bio-Rad Laboratories, Inc. 7.5% 8/15/13

70,000

72,800

Health Care Providers & Services - 2.3%

AmeriPath, Inc. 10.5% 4/1/13

150,000

150,000

AmerisourceBergen Corp.:

7.25% 11/15/12

40,000

43,400

8.125% 9/1/08

20,000

21,700

AMR HoldCo, Inc./ EmCare HoldCo, Inc. 10% 2/15/15 (g)

215,000

224,138

Beverly Enterprises, Inc. 7.875% 6/15/14

285,000

314,925

Concentra Operating Corp. 9.125% 6/1/12

120,000

127,200

Fresenius Medical Care Capital Trust IV 7.875% 6/15/11

125,000

135,000

Genesis HealthCare Corp. 8% 10/15/13

125,000

136,563

HCA, Inc.:

6.375% 1/15/15

5,000

4,963

7.875% 2/1/11

100,000

108,964

IASIS Healthcare LLC/IASIS Capital Corp. 8.75% 6/15/14

90,000

93,825

Rural/Metro Corp. 9.875% 3/15/15 (g)

50,000

50,000

Service Corp. International (SCI) 6.75% 4/1/16

300,000

288,000

Triad Hospitals, Inc. 7% 11/15/13

370,000

358,900

U.S. Oncology, Inc.:

9% 8/15/12 (g)

150,000

156,750

10.75% 8/15/14 (g)

175,000

189,875

Vanguard Health Holding Co. I 0% 10/1/15 (e)

300,000

201,000

Vanguard Health Holding Co. II LLC 9% 10/1/14

345,000

362,250

2,967,453

Pharmaceuticals - 0.4%

CDRV Investors, Inc. 0% 1/1/15 (e)(g)

175,000

103,250

Principal
Amount (d)

Value

Elan Finance PLC/Elan Finance Corp. 7.75% 11/15/11 (g)

$ 65,000

$ 49,075

Leiner Health Products, Inc. 11% 6/1/12

90,000

96,750

VWR International, Inc. 6.875% 4/15/12

150,000

149,250

Warner Chilcott Corp. 8.75% 2/1/15 (g)

120,000

120,300

518,625

TOTAL HEALTH CARE

3,563,578

INDUSTRIALS - 3.2%

Aerospace & Defense - 0.1%

Hexcel Corp. 6.75% 2/1/15 (g)

100,000

97,500

Airlines - 0.5%

American Airlines, Inc. pass thru trust certificates:

7.377% 5/23/19

72,582

47,904

7.379% 5/23/16

6,735

4,445

AMR Corp. 9% 9/15/16

150,000

108,000

Continental Airlines, Inc. pass thru trust certificates 6.9% 7/2/18

21,592

17,273

Delta Air Lines, Inc.:

7.9% 12/15/09

150,000

57,750

8.3% 12/15/29

180,000

58,050

10% 8/15/08

30,000

13,050

Delta Air Lines, Inc. pass thru trust certificates:

7.57% 11/18/10

30,000

27,963

7.711% 9/18/11

25,000

13,750

7.779% 11/18/05

55,000

43,450

7.92% 5/18/12

110,000

60,500

Northwest Airlines Corp. 10% 2/1/09

120,000

76,800

Northwest Airlines, Inc. 7.875% 3/15/08

65,000

40,300

Northwest Airlines, Inc. pass thru trust certificates:

7.95% 9/1/16

52,396

42,965

8.304% 9/1/10

35,438

28,351

640,551

Building Products - 0.3%

Jacuzzi Brands, Inc. 9.625% 7/1/10

155,000

170,500

Maax Holdings, Inc. 0% 12/15/12 (e)(g)

205,000

116,850

NTK Holdings, Inc. 0% 3/1/14 (e)(g)

225,000

121,500

408,850

Commercial Services & Supplies - 0.4%

ALH Finance LLC/ALH Finance Corp. 8.5% 1/15/13

310,000

300,700

Allied Security Escrow Corp. 11.375% 7/15/11

40,000

41,600

Nonconvertible Bonds - continued

Principal
Amount (d)

Value

INDUSTRIALS - continued

Commercial Services & Supplies - continued

Browning-Ferris Industries, Inc. 9.25% 5/1/21

$ 100,000

$ 101,000

R.H. Donnelley Finance Corp. I 10.875% 12/15/12

75,000

86,250

529,550

Construction & Engineering - 0.0%

Blount, Inc. 8.875% 8/1/12

50,000

52,500

Electrical Equipment - 0.2%

General Cable Corp. 9.5% 11/15/10

125,000

135,000

Polypore, Inc. 0% 10/1/12 (e)(g)

240,000

136,800

271,800

Machinery - 0.2%

Navistar International Corp.:

6.25% 3/1/12 (g)

100,000

94,500

7.5% 6/15/11

100,000

100,750

195,250

Marine - 0.3%

American Commercial Lines LLC/ACL Finance Corp. 9.5% 2/15/15 (g)

40,000

41,300

H-Lines Finance Holding Corp. 0% 4/1/13 (e)(g)

110,000

84,700

OMI Corp. 7.625% 12/1/13

190,000

193,800

Ultrapetrol Bahamas Ltd. 9% 11/24/14 (g)

80,000

74,800

394,600

Road & Rail - 1.2%

Kansas City Southern Railway Co.:

7.5% 6/15/09

340,000

346,800

9.5% 10/1/08

45,000

48,938

TFM SA de CV yankee:

10.25% 6/15/07

260,000

273,000

11.75% 6/15/09

967,000

967,000

1,635,738

TOTAL INDUSTRIALS

4,226,339

INFORMATION TECHNOLOGY - 2.9%

Communications Equipment - 0.4%

Lucent Technologies, Inc.:

6.45% 3/15/29

525,000

452,813

6.5% 1/15/28

30,000

25,800

478,613

Electronic Equipment & Instruments - 0.4%

Altra Industrial Motion, Inc. 9% 12/1/11 (g)

50,000

50,000

Celestica, Inc. 7.875% 7/1/11

505,000

510,050

560,050

Principal
Amount (d)

Value

IT Services - 0.5%

Iron Mountain, Inc.:

6.625% 1/1/16

$ 480,000

$ 439,200

7.75% 1/15/15

180,000

178,200

8.625% 4/1/13

40,000

40,800

658,200

Office Electronics - 1.1%

Xerox Capital Trust I 8% 2/1/27

480,000

484,800

Xerox Corp.:

6.875% 8/15/11

210,000

212,625

7.125% 6/15/10

225,000

232,313

7.2% 4/1/16

180,000

183,600

7.625% 6/15/13

300,000

313,500

1,426,838

Semiconductors & Semiconductor Equipment - 0.5%

Freescale Semiconductor, Inc. 7.125% 7/15/14

215,000

222,525

MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co.:

6.26% 12/15/11 (g)(i)

40,000

40,400

6.875% 12/15/11 (g)

60,000

60,600

8% 12/15/14 (g)

155,000

158,100

Viasystems, Inc. 10.5% 1/15/11

140,000

134,400

616,025

TOTAL INFORMATION TECHNOLOGY

3,739,726

MATERIALS - 3.8%

Chemicals - 1.4%

America Rock Salt Co. LLC 9.5% 3/15/14

225,000

231,750

Braskem SA 11.75% 1/22/14 (g)

45,000

49,950

Crystal US Holding 3LLC/Crystal US Sub 3Corp.:

Series A, 0% 10/1/14 (e)(g)

58,000

41,760

Series B, 0% 10/1/14 (e)(g)

304,000

212,800

Equistar Chemicals LP/Equistar Funding Corp. 10.625% 5/1/11

40,000

44,650

Huntsman Advanced Materials LLC 11% 7/15/10 (g)

20,000

23,100

Huntsman ICI Chemicals LLC 10.125% 7/1/09

113,000

118,085

Huntsman LLC:

9.91% 7/15/11 (g)(i)

20,000

21,400

11.625% 10/15/10

182,000

213,395

Innophos, Inc. 8.875% 8/15/14 (g)

30,000

31,575

JohnsonDiversey Holdings, Inc. 0% 5/15/13 (e)

295,000

250,750

Lyondell Chemical Co. 11.125% 7/15/12

50,000

57,250

Millennium America, Inc. 9.25% 6/15/08

145,000

156,600

Nonconvertible Bonds - continued

Principal
Amount (d)

Value

MATERIALS - continued

Chemicals - continued

Phibro Animal Health Corp. 13% 12/1/07 unit

$ 174,000

$ 189,660

Resolution Performance Products LLC/RPP Capital Corp. 9.5% 4/15/10

50,000

53,000

Rockwood Specialties Group, Inc. 7.5% 11/15/14 (g)

50,000

50,375

Solutia, Inc.:

6.72% 10/15/37 (c)

140,000

115,500

7.375% 10/15/27 (c)

45,000

37,125

1,898,725

Containers & Packaging - 0.7%

AEP Industries, Inc. 7.875% 3/15/13 (g)

40,000

40,000

BWAY Corp. 10% 10/15/10

90,000

93,150

Crown Cork & Seal, Inc. 8% 4/15/23

310,000

297,600

Crown European Holdings SA:

9.5% 3/1/11

25,000

27,500

10.875% 3/1/13

150,000

174,000

Owens-Brockway Glass Container, Inc.:

6.75% 12/1/14 (g)

105,000

101,850

8.25% 5/15/13

55,000

58,575

8.75% 11/15/12

55,000

59,813

8.875% 2/15/09

40,000

42,400

894,888

Metals & Mining - 1.2%

Compass Minerals International, Inc. 0% 6/1/13 (e)

160,000

133,600

CSN Islands VIII Corp. 9.75% 12/16/13 (g)

505,000

522,675

Edgen Acquisition Corp. 9.875% 2/1/11 (g)

60,000

60,150

Foundation Pennsylvania Coal Co. 7.25% 8/1/14

50,000

51,375

Freeport-McMoRan Copper & Gold, Inc.:

6.875% 2/1/14

300,000

295,875

10.125% 2/1/10

45,000

49,050

IMCO Recycling Escrow, Inc. 9% 11/15/14 (g)

30,000

31,800

International Steel Group, Inc. 6.5% 4/15/14

275,000

280,500

Ispat Inland ULC 9.75% 4/1/14

20,000

23,400

Luscar Coal Ltd. 9.75% 10/15/11

40,000

44,000

Massey Energy Co. 6.625% 11/15/10

70,000

69,650

1,562,075

Principal
Amount (d)

Value

Paper & Forest Products - 0.5%

Georgia-Pacific Corp.:

7.375% 12/1/25

$ 307,000

$ 323,501

8% 1/15/24

90,000

100,913

8.875% 5/15/31

50,000

60,500

9.375% 2/1/13

70,000

78,663

Millar Western Forest Products Ltd. 7.75% 11/15/13

95,000

94,050

657,627

TOTAL MATERIALS

5,013,315

TELECOMMUNICATION SERVICES - 7.6%

Diversified Telecommunication Services - 4.4%

AT&T Corp. 8.75% 11/15/31

360,000

441,720

Empresa Brasileira de Telecomm SA 11% 12/15/08

290,000

320,450

Eschelon Operating Co. 8.375% 3/15/10

95,000

82,650

Hanarotelecom, Inc. 7% 2/1/12 (g)

50,000

48,250

Level 3 Financing, Inc. 10.75% 10/15/11 (g)

80,000

68,800

MCI, Inc. 8.735% 5/1/14 (i)

195,000

214,500

Mobifon Holdings BV 12.5% 7/31/10

280,000

339,500

New Skies Satellites BV:

7.4375% 11/1/11 (g)(i)

40,000

40,500

9.125% 11/1/12 (g)

155,000

155,775

NTL Cable PLC 8.75% 4/15/14 (g)

1,050,000

1,134,000

PanAmSat Holding Corp. 0% 11/1/14 (e)(g)

370,000

238,650

Qwest Corp.:

7.875% 9/1/11 (g)

320,000

330,400

9.125% 3/15/12 (g)

1,195,000

1,299,563

Qwest Services Corp.:

14% 12/15/10 (g)(i)

10,000

11,550

14.5% 12/15/14 (g)(i)

10,000

12,150

Telecom Egypt SAE:

10.7% 2/4/10 (i)

EGP

196,300

33,883

10.95% 2/4/10

EGP

196,300

33,876

Telefonica de Argentina SA 9.125% 11/7/10

240,000

247,200

Telenet Group Holding NV 0% 6/15/14 (e)(g)

500,000

377,500

Time Warner Telecom Holdings, Inc. 9.25% 2/15/14 (g)

5,000

4,850

U.S. West Communications:

6.875% 9/15/33

250,000

216,875

7.2% 11/10/26

30,000

27,000

7.25% 9/15/25

35,000

32,900

7.5% 6/15/23

25,000

23,000

8.875% 6/1/31

5,000

5,025

5,740,567

Nonconvertible Bonds - continued

Principal
Amount (d)

Value

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - 3.2%

American Tower Corp. 7.125% 10/15/12

$ 440,000

$ 437,800

Centennial Cellular Operating Co./Centennial Communications Corp. 10.125% 6/15/13

380,000

421,800

Centennial Communications Corp./Centennial Cellular Operating Co. LLC/Centennial Puerto Rico Operations Corp. 8.125% 2/1/14 (i)

80,000

81,600

Crown Castle International Corp.:

Series B, 7.5% 12/1/13

235,000

257,913

7.5% 12/1/13

10,000

10,975

9.375% 8/1/11

15,000

16,350

DirecTV Holdings LLC/DirecTV Financing, Inc. 8.375% 3/15/13

20,000

21,700

Globe Telecom, Inc. 9.75% 4/15/12

60,000

65,250

Inmarsat Finance II PLC 0% 11/15/12 (e)

735,000

520,013

Intelsat Ltd. 7.7938% 1/15/12 (g)(i)

200,000

201,000

Kyivstar GSM 10.375% 8/17/09 (g)

200,000

221,500

Millicom International Cellular SA 10% 12/1/13 (g)

390,000

392,925

Mobile Telesystems Finance SA:

8% 1/28/12 (g)

244,000

242,255

8.375% 10/14/10 (g)

155,000

157,973

9.75% 1/30/08 (Reg. S)

165,000

175,047

Nextel Communications, Inc.:

5.95% 3/15/14

20,000

20,081

7.375% 8/1/15

620,000

660,300

Rogers Communications, Inc. 6.135% 12/15/10 (i)

80,000

82,600

Telemig Cellular SA/Amazonia Cellular SA 8.75% 1/20/09 (g)

190,000

193,800

UbiquiTel Operating Co.:

9.875% 3/1/11

20,000

22,150

9.875% 3/1/11 (g)

60,000

66,450

4,269,482

TOTAL TELECOMMUNICATION SERVICES

10,010,049

UTILITIES - 1.9%

Electric Utilities - 0.4%

AES Gener SA 7.5% 3/25/14

200,000

197,000

Texas Genco LLC/Texas Genco Financing Corp. 6.875% 12/15/14 (g)

330,000

331,650

528,650

Principal
Amount (d)

Value

Gas Utilities - 1.0%

Southern Natural Gas Co.:

7.35% 2/15/31

$ 190,000

$ 190,950

8% 3/1/32

410,000

438,188

8.875% 3/15/10

120,000

129,450

Tennessee Gas Pipeline Co.:

7% 10/15/28

20,000

19,250

7.5% 4/1/17

445,000

463,913

7.625% 4/1/37

50,000

51,250

8.375% 6/15/32

40,000

44,750

1,337,751

Multi-Utilities & Unregulated Power - 0.5%

Calpine Corp. 8.75% 7/15/13 (g)

235,000

173,900

Chivor SA E.S.P. 9.75% 12/30/14 (g)

300,000

304,500

Enron Corp. 7.625% 9/10/04 (c)

400,000

125,500

603,900

TOTAL UTILITIES

2,470,301

TOTAL NONCONVERTIBLE BONDS

(Cost $50,912,819)

51,268,479

U.S. Government and Government Agency Obligations - 19.9%

U.S. Government Agency Obligations - 4.8%

Fannie Mae:

3.25% 1/15/08

400,000

390,036

3.25% 2/15/09

1,621,000

1,556,735

4.25% 5/15/09

1,000,000

993,997

Freddie Mac:

5% 7/15/14

600,000

606,293

5.625% 3/15/11

640,000

672,938

7% 3/15/10

1,846,000

2,046,928

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

6,266,927

U.S. Treasury Inflation Protected Obligations - 2.7%

U.S. Treasury Inflation-Indexed Bonds:

2.375% 1/15/25

354,067

380,846

3.625% 4/15/28

445,651

585,795

U.S. Treasury Inflation-Indexed Notes:

1.875% 7/15/13

2,056,753

2,092,613

2% 1/15/14

103,200

105,632

2% 7/15/14

404,648

413,318

TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS

3,578,204

U.S. Treasury Obligations - 12.4%

U.S. Treasury Bonds 6.125% 8/15/29

1,771,000

2,085,976

U.S. Government and Government Agency Obligations - continued

Principal
Amount (d)

Value

U.S. Treasury Obligations - continued

U.S. Treasury Notes:

1.625% 2/28/06

$ 1,000,000

$ 984,062

1.875% 11/30/05

4,589,000

4,548,108

2.375% 8/31/06

2,400,000

2,358,187

3.125% 5/15/07

1,550,000

1,528,142

4.25% 11/15/13

3,438,000

3,384,952

4.25% 8/15/14

1,450,000

1,421,906

TOTAL U.S. TREASURY OBLIGATIONS

16,311,333

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $26,228,452)

26,156,464

U.S. Government Agency - Mortgage Securities - 0.7%

Fannie Mae - 0.7%

4% 4/1/20 (h)
(Cost $975,840)

1,000,000

957,188

Asset-Backed Securities - 0.1%

Cumbernauld Funding 5.2% 3/16/09
(Cost $89,816)

GBP

50,000

94,876

Foreign Government and Government Agency Obligations - 27.7%

Argentine Republic:

Inflation-Indexed par 0.63% 12/31/38 unit (j)(k)

ARS

1,021,236

118,911

3.01% 8/3/12 (i)

835,000

706,024

discount 7.82% 12/31/33 unit (j)

EUR

131,744

134,057

Bogota Distrito Capital 9.5% 12/12/06 (Reg. S)

120,000

127,800

Brazilian Federative Republic:

Brady:

capitalization bond 8% 4/15/14

1,648,913

1,635,524

debt conversion bond 3.125% 4/15/12 (i)

291,179

272,980

par Z-L 6% 4/15/24

250,000

225,625

10.5% 7/14/14

75,000

82,688

11% 8/17/40

805,000

895,160

12.25% 3/6/30

250,000

305,000

12.75% 1/15/20

150,000

186,300

14.5% 10/15/09

175,000

220,325

Canadian Government:

3% 6/1/06

CAD

1,050,000

868,373

5.25% 6/1/12

CAD

1,150,000

1,014,974

5.5% 6/1/09

CAD

720,000

636,248

Principal
Amount (d)

Value

5.75% 6/1/29

CAD

726,000

$ 685,960

Central Bank of Nigeria:

Brady 6.25% 11/15/20

250,000

232,500

promissory note 5.092% 1/5/10

52,030

48,609

City of Kiev 8.75% 8/8/08

200,000

211,200

Colombian Republic:

10.75% 1/15/13

305,000

341,600

11.75% 3/1/10

COP

156,000,000

65,842

11.75% 2/25/20

125,000

150,625

Dominican Republic:

Brady 3.9425% 8/30/09 (i)

348,743

321,715

3.4425% 8/30/24 (i)

500,000

417,500

Ecuador Republic:

8% 8/15/30 (Reg. S) (f)

160,000

144,000

12% 11/15/12 (Reg. S)

230,000

231,150

euro par 5% 2/28/25

36,000

25,560

French Government:

3.5% 4/25/15

EUR

1,000,000

1,280,047

4% 4/25/55

EUR

100,000

125,996

German Federal Republic:

2.75% 6/23/06

EUR

50,000

65,137

4.25% 1/4/14

EUR

3,130,000

4,272,297

4.5% 7/4/09

EUR

1,290,000

1,774,164

4.75% 7/4/34

EUR

140,000

200,802

Hellenic Republic 3.25% 6/21/07

EUR

1,500,000

1,970,235

Israeli State 7.5% 3/31/14

ILS

420,000

101,361

Japan Government:

0.2% 7/20/06

JPY

75,000,000

700,905

0.5% 12/20/06

JPY

72,000,000

676,468

1.5% 3/20/14

JPY

200,000,000

1,913,584

2.4% 6/20/24

JPY

40,000,000

402,981

Lebanese Republic:

(Reg. S) 5.88% 11/30/09 (i)

35,000

33,950

5.88% 11/30/09 (g)(i)

95,000

92,150

Panamanian Republic Brady discount 2.6925% 7/17/26 (i)

49,000

43,855

Peruvian Republic:

9.125% 2/21/12

115,000

129,663

9.875% 2/6/15

65,000

75,075

Philippine Republic:

Brady principal collateralized interest reduction bond 6.5% 12/1/17

250,000

247,500

8.375% 2/15/11

520,000

530,400

9% 2/15/13

245,000

252,350

9.5% 2/2/30

65,000

63,538

9.875% 1/15/19

155,000

161,975

Russian Federation:

5% 3/31/30 (Reg. S) (f)

1,405,000

1,444,516

12.75% 6/24/28 (Reg. S)

215,000

352,063

South African Republic:

8.5% 6/23/17

50,000

60,250

Foreign Government and Government Agency Obligations - continued

Principal
Amount (d)

Value

South African Republic: - continued

13% 8/31/10

ZAR

235,000

$ 45,374

Spanish Kingdom 4.2% 1/31/37

EUR

60,000

78,514

State of Qatar 9.75% 6/15/30 (Reg. S)

70,000

100,888

Turkish Republic:

11% 1/14/13

265,000

320,650

11.75% 6/15/10

285,000

342,713

11.875% 1/15/30

250,000

335,625

20.3198% to 20.5644% 7/5/06

TRY

330,000

197,880

Ukraine Government 6.365% 8/5/09 (i)

200,000

214,000

United Kingdom, Great Britain & Northern Ireland:

4.25% 3/7/36

GBP

30,000

53,830

4.75% 9/7/15

GBP

690,000

1,310,447

5% 3/7/08

GBP

260,000

496,003

5% 9/7/14

GBP

331,000

640,207

5.75% 12/7/09

GBP

100,000

197,479

6% 12/7/28

GBP

100,000

226,959

8% 6/7/21

GBP

250,000

648,657

United Mexican States:

7.5% 4/8/33

710,000

754,020

8.375% 1/14/11

190,000

216,790

9% 12/20/12

MXN

2,509,000

207,413

10.375% 2/17/09

200,000

236,500

11.5% 5/15/26

350,000

531,125

Uruguay Republic:

7.25% 2/15/11

155,000

146,475

17.75% 2/4/06

UYU

3,100,000

126,888

Venezuelan Republic:

Discount A, 3.0625% 3/31/20 (i)

250,000

237,500

3.6925% 4/20/11 (i)

110,000

98,285

5.375% 8/7/10

115,000

102,350

9.25% 9/15/27

150,000

148,875

10.75% 9/19/13

430,000

482,675

13.625% 8/15/18

174,000

229,680

euro Brady par W-A 6.75% 3/31/20

250,000

247,500

Vietnamese Socialist Republic Brady par 3.75% 3/12/28 (f)

125,000

92,031

TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $35,517,279)

36,344,845

Common Stocks - 0.5%

Shares

CONSUMER DISCRETIONARY - 0.1%

Hotels, Restaurants & Leisure - 0.1%

Centerplate, Inc. unit

10,000

126,800

Shares

Value

INDUSTRIALS - 0.1%

Commercial Services & Supplies - 0.1%

Coinmach Service Corp. unit

13,000

$ 170,950

TELECOMMUNICATION SERVICES - 0.3%

Diversified Telecommunication Services - 0.3%

Telewest Global, Inc. (a)

21,681

385,705

TOTAL COMMON STOCKS

(Cost $629,649)

683,455

Preferred Stocks - 0.1%

Convertible Preferred Stocks - 0.0%

MATERIALS - 0.0%

Chemicals - 0.0%

Celanese Corp. 4.25%

300

8,250

Nonconvertible Preferred Stocks - 0.1%

CONSUMER DISCRETIONARY - 0.1%

Media - 0.1%

Spanish Broadcasting System, Inc. Class B, 10.75%

65

70,525

Specialty Retail - 0.0%

GNC Corp. Series A, 12.00%

30

23,400

TOTAL CONSUMER DISCRETIONARY

93,925

TOTAL PREFERRED STOCKS

(Cost $103,636)

102,175

Floating Rate Loans - 0.4%

Principal
Amount (d)

CONSUMER DISCRETIONARY - 0.2%

Automobiles - 0.1%

AM General LLC:

Tranche B1, term loan 7.1472% 11/1/11 (i)

$ 97,500

99,938

Tranche C2, term loan 11.21% 5/2/12 (i)

50,000

52,250

152,188

Media - 0.1%

UPC Broadband Holding BV Tranche H2, term loan 5.752% 3/8/12 (i)

50,000

50,500

TOTAL CONSUMER DISCRETIONARY

202,688

FINANCIALS - 0.1%

Consumer Finance - 0.1%

Metris Companies, Inc. term loan 12.1% 5/6/07 (i)

75,000

79,125

Floating Rate Loans - continued

Principal
Amount (d)

Value

HEALTH CARE - 0.1%

Pharmaceuticals - 0.1%

Warner Chilcott Corp. term loan 5.5838% 1/18/12 (i)

$ 200,000

$ 202,000

UTILITIES - 0.0%

Electric Utilities - 0.0%

Astoria Energy LLC term loan 13.5% 4/16/12 (i)

50,000

51,250

TOTAL FLOATING RATE LOANS

(Cost $523,725)

535,063

Sovereign Loan Participations - 0.2%

Indonesian Republic loan participation:

- Citibank 4% 3/28/13 (i)

48,409

44,536

- Credit Suisse First Boston:

3.9375% 12/14/19 (i)

75,000

63,000

4% 3/28/13 (i)

117,509

108,108

- Deutsche Bank .9675% 3/28/13 (i)

JPY

2,790,244

23,420

TOTAL SOVEREIGN LOAN PARTICIPATIONS

(Cost $231,230)

239,064

Fixed-Income Funds - 1.1%

Shares

Fidelity Floating Rate Central Investment Portfolio (b)
(Cost $1,449,972)

14,487

1,453,626

Money Market Funds - 11.5%

Fidelity Cash Central Fund, 2.73% (b)
(Cost $15,037,697)

15,037,697

15,037,697

TOTAL INVESTMENT PORTFOLIO - 101.2%

(Cost $131,700,115)

132,872,932

NET OTHER ASSETS - (1.2)%

(1,537,976)

NET ASSETS - 100%

$ 131,334,956

Currency Abbreviations

ARS

-

Argentine peso

CAD

-

Canadian dollar

COP

-

Colombian peso

EGP

-

Egyptian pound

EUR

-

European Monetary Unit

GBP

-

British pound

ILS

-

Israeli shekel

JPY

-

Japanese yen

MXN

-

Mexican peso

TRY

-

New Turkish Lira

UYU

-

Uruguay peso

ZAR

-

South African rand

Legend

(a) Non-income producing

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

(c) Non-income producing - issuer filed for bankruptcy or is in default of interest payments.

(d) Principal amount is stated in United States dollars unless otherwise noted.

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

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

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $17,365,008 or 13.2% of net assets.

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

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

(j) Security acquired on a when-issued basis through debt restructuring offer. Includes attached Argentine Republic Gross Domestic Product-Linked Securities, expiring 12/15/35.

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

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $131,609,704. Net unrealized appreciation aggregated $1,263,228, of which $2,749,377 related to appreciated investment securities and $1,486,149 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

The following is a complete listing of Investments for Fidelity's
fixed-income central fund as of March 31, 2005
which is an investment of Fidelity Variable Insurance Products:
Strategic Income Portfolio.

Quarterly Report

Fidelity Floating Rate Central Investment Portfolio
Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Floating Rate Loans (b) - 93.8%

Principal
Amount

Value

Automotive - 6.4%

Accuride Corp. term loan 5.2869% 1/31/12 (a)

$ 2,940,000

$ 2,954,700

AM General LLC Tranche B1, term loan 7.1472% 11/1/11 (a)

3,950,000

4,048,750

Goodyear Tire & Rubber Co. Tranche B, term loan 9.25% 3/31/06 (a)

3,000,000

3,030,000

Tower Automotive, Inc. term loan 6.1875% 2/2/07 (a)

1,340,000

1,360,100

Travelcenters of America, Inc. term loan 4.51% 10/1/08 (a)

7,543,240

7,618,672

TRW Automotive Holdings Corp. Tranche B, term loan 4.375% 6/30/12 (a)

2,784,675

2,802,080

21,814,302

Broadcasting - 2.0%

Cumulus Media, Inc.:

Tranche E, term loan 4.5% 3/28/10 (a)

2,000,000

2,025,000

Tranche F, term loan 4.25% 3/28/10 (a)

985,000

998,544

Nexstar Broadcasting, Inc. Tranche B, term loan 4.87% 10/1/12 (a)

3,900,000

3,919,500

6,943,044

Building Materials - 0.4%

Goodman Global Holdings, Inc. term loan 5.125% 12/23/11 (a)

1,216,950

1,235,204

Cable TV - 7.3%

Adelphia Communications Corp. Tranche B, term loan 5.375% 3/31/06 (a)

2,450,000

2,462,250

Century Cable Holdings LLC Tranche B, term loan 7.75% 6/30/09 (a)

3,000,000

2,977,500

Charter Communication Operating LLC Tranche A, term loan 5.73% 4/27/10 (a)

2,642,875

2,646,179

Mediacom LLC Tranche B, term loan 4.9946% 3/31/13 (a)

2,992,500

3,048,609

NTL Investment Holdings Ltd. Tranche B, term loan 5.2038% 6/13/12 (a)

3,000,000

3,037,500

UPC Broadband Holding BV Tranche H2, term loan 5.752% 3/8/12 (a)

3,940,000

3,979,400

UPC Distribution Holdings BV Tranche F, term loan 5.98% 12/31/11 (a)

4,000,000

4,070,000

WideOpenWest Illinois, Inc. Tranche B, term loan 9.25% 6/22/11 (a)

2,600,000

2,626,000

24,847,438

Floating Rate Loans (b) - continued

Principal
Amount

Value

Capital Goods - 1.6%

Alliance Laundry Systems LLC term loan 4.9903% 1/27/12 (a)

$ 1,980,000

$ 2,014,650

GenTek, Inc. term loan 5.8057% 2/28/11 (a)

3,000,000

3,030,000

Hexcel Corp. Tranche B, term loan 4.625% 3/1/12 (a)

450,000

456,188

5,500,838

Chemicals - 2.4%

Celanese Holding LLC term loan:

delay draw 4/6/11 (a)

555,661

563,995

5.625% 4/6/11 (a)

2,342,430

2,377,567

Mosaic Co. Tranche B, term loan 4.8894%
2/21/12 (a)

1,900,000

1,926,125

PQ Corp. term loan 4.75% 2/11/12 (a)

3,300,000

3,357,750

8,225,437

Consumer Products - 2.6%

Burt's Bees, Inc. term loan 5.9% 3/28/10 (a)

400,000

405,500

Central Garden & Pet Co. Tranche B, term loan 4.566% 5/14/09 (a)

398,991

402,981

Del Laboratories, Inc. term loan 5.2762%
7/27/11 (a)

548,625

554,111

Fender Musical Instrument Corp. Tranche B, term loan 7% 5/16/12 (a)

810,000

818,100

Hunter Fan Co. term loan 5.35% 3/23/12 (a)

700,000

712,285

Jostens IH Corp. Tranche A, term loan 5.44% 10/4/10 (a)

2,250,000

2,278,125

Oreck Corp. term loan 5.85% 2/2/12 (a)

997,500

1,016,203

Rayovac Corp. term loan 4.7513% 2/7/12 (a)

500,000

506,875

Simmons Bedding Co. Tranche C, term loan 5.8275% 12/19/11 (a)

2,000,000

2,030,000

8,724,180

Diversified Financial Services - 0.9%

Refco Finance Holdings LLC term loan 4.85%
8/5/11 (a)

2,990,741

3,024,387

Diversified Media - 1.2%

Lamar Media Corp.:

Tranche A, term loan 4.1899% 6/30/09 (a)

962,500

968,516

Tranche C, term loan 4.5313% 6/30/10 (a)

2,992,500

3,029,906

3,998,422

Floating Rate Loans (b) - continued

Principal
Amount

Value

Electric Utilities - 2.6%

NRG Energy, Inc.:

Credit-Linked Deposit 4.8675% 12/24/11 (a)

$ 1,706,250

$ 1,731,844

term loan 5.2532% 12/24/11 (a)

2,188,266

2,221,090

Reliant Energy, Inc. term loan 6.0223% 4/30/10 (a)

2,000,000

2,017,500

Texas Genco LLC term loan 5.0187% 12/14/11 (a)

2,992,500

3,033,647

9,004,081

Energy - 4.7%

El Paso Corp. Credit-Linked Deposit 5.44% 11/22/09 (a)

6,000,000

6,060,000

Hawkeye Renewables LLC term loan 6.005% 1/31/12 (a)

2,100,000

2,100,000

LB Pacific LP term loan 6.0068% 3/3/12 (a)

4,000,000

4,055,000

SemGroup LP term loan 7.5% 3/1/11 (a)

3,000,000

3,019,290

Universal Compression, Inc. term loan 4.85% 2/15/12 (a)

900,000

914,625

16,148,915

Environmental - 1.3%

Allied Waste Industries, Inc.:

term loan 5.0348% 1/15/12 (a)

2,152,703

2,166,157

Tranche A, Credit-Linked Deposit 4.85% 1/15/12 (a)

797,297

802,280

Envirocare of Utah, Inc. term loan 7.5% 1/31/10 (a)

1,600,000

1,600,000

4,568,437

Food/Beverage/Tobacco - 2.7%

Commonwealth Brands, Inc. term loan 6.1875% 8/28/07 (a)

210,219

214,423

Constellation Brands, Inc. Tranche B, term loan 4.5945% 11/30/11 (a)

6,438,958

6,538,762

Herbalife International, Inc. term loan 5.16% 12/21/10 (a)

1,995,000

2,004,975

National Dairy Holdings LP term loan 4.83% 3/15/12 (a)

360,000

362,250

9,120,410

Gaming - 2.5%

Green Valley Ranch Gaming LLC term loan 5.1048% 12/17/11 (a)

2,187,019

2,214,356

Herbst Gaming, Inc. term loan 5.6243% 1/7/11 (a)

400,000

407,000

Isle of Capri Casinos, Inc. term loan 4.5267% 2/3/11 (a)

199,500

202,493

Floating Rate Loans (b) - continued

Principal
Amount

Value

Gaming - continued

Marina District Finance Co., Inc. term loan 4.9859% 10/14/11 (a)

$ 3,990,000

$ 4,039,875

Resorts International Hotel & Casino, Inc. Tranche B1, term loan 4.5293% 4/29/12 (a)

800,000

816,000

Venetian Casino Resort LLC Tranche B, term loan 4.81% 6/15/11 (a)

900,000

909,000

8,588,724

Healthcare - 11.8%

Advanced Medical Optics, Inc. term loan 4.8427% 6/25/09 (a)

200,000

203,000

AMR HoldCo, Inc./ EmCare HoldCo, Inc. term loan 5.3214% 2/7/12 (a)

3,300,000

3,337,125

Community Health Systems, Inc. term loan 4.64% 8/19/11 (a)

3,984,987

4,049,744

HCA, Inc. term loan 3.85% 11/9/09 (a)

8,000,000

7,969,996

HealthSouth Corp.:

Credit-Linked Deposit 5.6% 6/14/07 (a)

807,500

815,575

term loan 7% 6/14/07 (a)

2,992,500

3,007,463

Newquest, Inc. Tranche A, term loan 7.75% 3/1/11 (a)

500,000

506,250

PacifiCare Health Systems, Inc. Tranche B, term loan 4.5365% 12/6/10 (a)

6,982,500

7,052,325

Select Medical Holdings Corp. Tranche B, term loan 4.63% 2/24/12 (a)

4,000,000

4,005,000

Vicar Operating, Inc. Tranche F, term loan 4.625% 9/30/08 (a)

5,039,917

5,090,317

Warner Chilcott Corp. term loan 5.5838% 1/18/12 (a)

4,000,000

4,040,000

40,076,795

Homebuilding/Real Estate - 6.1%

CB Richard Ellis Services, Inc. term loan 4.8539% 3/31/10 (a)

1,461,633

1,472,595

General Growth Properties, Inc. Tranche B, term loan 5.1% 11/12/08 (a)

5,986,546

6,091,310

Lake Las Vegas LLC Tranche 1, term loan 5.4585% 11/1/09 (a)

3,946,622

4,005,822

LNR Property Corp. Tranche B, term loan 5.81% 2/3/08 (a)

4,000,000

4,040,000

Maguire Properties, Inc. Tranche B, term loan 6.5% 3/15/10 (a)

5,000,000

5,050,000

20,659,727

Floating Rate Loans (b) - continued

Principal
Amount

Value

Hotels - 1.6%

Starwood Hotels & Resorts Worldwide, Inc. term loan 4.1% 10/9/06 (a)

$ 5,409,091

$ 5,422,614

Insurance - 1.5%

Marsh & McLennan Companies, Inc. term loan 3.8125% 12/31/06 (a)

5,000,000

5,012,500

Metals/Mining - 3.2%

Murray Energy Corp. Tranche 1, term loan 5.9375% 1/28/10 (a)

500,000

507,500

Novelis, Inc. term loan 4.5% 1/7/12 (a)

3,738,462

3,794,538

Peabody Energy Corp. term loan 4.2926% 3/21/10 (a)

2,963,943

2,982,468

Trout Coal Holdings LLC / Dakota Tranche 1, term loan 7.25% 3/18/11 (a)

3,700,000

3,737,000

11,021,506

Paper - 3.4%

Georgia-Pacific Corp. term loan 4.36% 7/2/09 (a)

1,000,000

1,000,000

Koch Cellulose LLC:

term loan 5.34% 5/7/11 (a)

1,963,473

1,995,379

Credit-Linked Deposit 4.44% 5/7/11 (a)

602,945

612,743

Smurfit-Stone Container Enterprises, Inc.:

Credit-Linked Deposit 3.01% 11/1/10 (a)

655,111

666,575

Tranche B, term loan 4.7772% 11/1/11 (a)

5,234,327

5,325,928

Tranche C, term loan 4.875% 11/1/11 (a)

1,932,681

1,966,503

11,567,128

Publishing/Printing - 4.4%

Advertising Directory Solutions, Inc. Tranche 1, term loan 4.85% 11/9/11 (a)

1,981,500

1,983,977

Dex Media West LLC/Dex Media West Finance Co. Tranche B, term loan 4.6592% 9/9/10 (a)

6,785,182

6,912,405

Liberty Group Operating, Inc. Tranche B, term loan 7.25% 2/28/12 (a)

200,000

203,000

R.H. Donnelley Corp. Tranche B2, term loan 4.7286% 6/30/11 (a)

4,319,795

4,389,991

R.H. Donnelley Corp. Tranche A3, term loan 4.7432% 12/31/09 (a)

1,651,376

1,672,018

15,161,391

Railroad - 1.7%

Kansas City Southern Railway Co. Tranche B1, term loan 4.5325% 3/30/08 (a)

2,793,000

2,834,895

RailAmerica, Inc. term loan 4.875% 9/29/11 (a)

2,985,314

3,033,825

5,868,720

Floating Rate Loans (b) - continued

Principal
Amount

Value

Restaurants - 2.9%

Domino's, Inc. term loan 4.875% 6/25/10 (a)

$ 4,809,121

$ 4,869,235

Jack in the Box, Inc. term loan 4.7463% 1/8/11 (a)

3,133,572

3,184,492

Landry's Seafood Restaurants, Inc. term loan 4.5303% 12/28/10 (a)

1,461,338

1,483,258

Ruth's Chris Steak House, Inc. term loan 7.75% 3/11/11 (a)

488,095

492,976

10,029,961

Services - 7.0%

Coinstar, Inc. term loan 5.13% 7/1/11 (a)

829,322

841,762

DynCorp term loan 6.0625% 2/11/11 (a)

2,000,000

2,010,000

Iron Mountain, Inc.:

term loan 3.6875% 4/2/11 (a)

3,731,641

3,768,958

Tranche R, term loan 4.5625% 4/2/11 (a)

4,983,333

5,033,167

Knowledge Learning Corp. term loan 5.3573% 1/7/12 (a)

4,076,852

4,107,428

Rural/Metro Corp.:

Credit-Linked Deposit 5.25% 3/4/11 (a)

520,882

527,393

term loan 5.43% 3/4/11 (a)

2,009,118

2,034,232

United Rentals, Inc.:

term loan 5.1048% 2/14/11 (a)

2,851,179

2,904,639

Tranche B, Credit-Linked Deposit 4.8224% 2/14/11 (a)

575,996

586,796

Worldspan LP/WS Financing Corp. term loan 7.5% 2/11/10 (a)

2,000,000

2,000,000

23,814,375

Shipping - 0.1%

Baker Tanks, Inc. term loan 5.6013% 1/30/11 (a)

250,000

253,125

Technology - 3.9%

AMI Semiconductor, Inc. term loan 4.36% 4/1/12 (a)

1,600,000

1,604,000

Fairchild Semiconductor Corp. Tranche B3, term loan 4.688% 12/31/10 (a)

2,065,510

2,086,165

Fidelity National Information Solutions, Inc. Tranche B, term loan 4.51% 3/9/13 (a)

6,200,000

6,215,500

ON Semiconductor Corp. Tranche G, term loan 6.125% 12/15/11 (a)

2,992,500

3,026,166

UGS Holdings, Inc. Tranche C, term loan 4.87% 3/31/12 (a)

500,000

508,125

13,439,956

Floating Rate Loans (b) - continued

Principal
Amount

Value

Telecommunications - 7.4%

Alaska Communications Systems Holding term loan 5.0925% 2/1/12 (a)

$ 7,100,000

$ 7,197,625

Conversant Holdings, Inc. Tranche B, term loan 6.6206% 3/31/11 (a)

2,000,000

2,005,000

Intelsat Ltd. term loan 4.8425% 7/28/11 (a)

3,252,806

3,293,467

New Skies Satellites BV term loan 5.2235% 5/2/11 (a)

2,420,609

2,453,892

NTELOS, Inc.:

term loan 7.85% 2/24/12 (a)

200,000

202,750

Tranche B, term loan 5.3548% 8/24/11 (a)

997,500

1,002,488

Qwest Corp. Tranche A, term loan 7.39% 6/30/07 (a)

4,000,000

4,135,000

SpectraSite Communications, Inc. Tranche B, term loan 4.52% 5/19/12 (a)

1,995,000

2,019,938

Triton PCS, Inc. term loan 6.1048% 11/18/09 (a)

1,995,000

2,032,406

Valor Telecommunications Enterprises LLC/Valor Finance Corp. Tranche B, term loan 6.2433% 2/14/12 (a)

800,000

811,000

25,153,566

Textiles & Apparel - 0.2%

St. John Knits International, Inc. Tranche B, term loan 5.625% 3/23/12 (a)

500,000

506,250

TOTAL FLOATING RATE LOANS

(Cost $318,526,563)

319,731,433

Nonconvertible Bonds - 5.6%

Diversified Financial Services - 2.3%

General Motors Acceptance Corp.:

3.92% 10/20/05 (a)

5,000,000

4,988,575

4.2025% 9/23/08 (a)

3,000,000

2,738,649

7,727,224

Technology - 1.5%

Nortel Networks Corp. 6.125% 2/15/06

5,000,000

5,062,500

Telecommunications - 1.8%

Rogers Communications, Inc. 6.135% 12/15/10 (a)

6,000,000

6,195,000

TOTAL NONCONVERTIBLE BONDS

(Cost $19,311,680)

18,984,724

Cash Equivalents - 3.0%

Maturity
Amount

Value

Investments in repurchase agreements (Collateralized by U.S. Government Obligations, in a joint trading account at 2.87%, dated 3/31/05 due 4/1/05)
(Cost $10,376,000)

$ 10,376,828

$ 10,376,000

TOTAL INVESTMENT PORTFOLIO - 102.4%

(Cost $348,214,243)

349,092,157

NET OTHER ASSETS - (2.4)%

(8,242,892)

NET ASSETS - 100%

$ 340,849,265

Legend

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

(b) Remaining maturities of floating rate loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Technology Portfolio

March 31, 2005

1.814636.100

VTC-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%

Shares

Value

COMMERCIAL SERVICES & SUPPLIES - 0.5%

Employment Services - 0.5%

51job, Inc. sponsored ADR

21,300

$ 361,887

COMMUNICATIONS EQUIPMENT - 27.5%

Communications Equipment - 27.5%

ADC Telecommunications, Inc. (a)

73,400

146,066

Alvarion Ltd. (a)

13,200

126,588

Andrew Corp. (a)

32,100

375,891

AudioCodes Ltd. (a)

14,400

162,144

Avaya, Inc. (a)

190,400

2,223,872

Carrier Access Corp. (a)

14,600

87,016

CIENA Corp. (a)

87,500

150,500

Cisco Systems, Inc. (a)

148,500

2,656,665

Comverse Technology, Inc. (a)

33,470

844,113

Corning, Inc. (a)

21,400

238,182

CSR PLC

25,909

160,104

Ditech Communications Corp. (a)

22,000

274,340

Enterasys Networks, Inc. (a)

88,667

124,134

Extreme Networks, Inc. (a)

14,200

83,638

F5 Networks, Inc. (a)

5,200

262,548

Foundry Networks, Inc. (a)

36,000

356,400

Foxconn International Holdings Ltd.

40,000

21,540

JDS Uniphase Corp. (a)

38,100

63,627

Juniper Networks, Inc. (a)

191,996

4,235,432

Lucent Technologies, Inc. warrants 12/10/07 (a)

46,300

31,021

Motorola, Inc.

87,530

1,310,324

MRV Communications, Inc. (a)

53,600

173,128

NMS Communications Corp. (a)

13,920

59,717

Nokia Corp. sponsored ADR

108,200

1,669,526

Nortel Networks Corp. (a)

32,900

90,393

Powerwave Technologies, Inc. (a)

42,700

330,498

QUALCOMM, Inc.

111,300

4,079,145

Research In Motion Ltd. (a)

12,300

942,892

SiRF Technology Holdings, Inc.

15,100

168,516

Tellabs, Inc. (a)

26,100

190,530

21,638,490

COMPUTERS & PERIPHERALS - 14.7%

Computer Hardware - 8.6%

Apple Computer, Inc. (a)

58,900

2,454,363

Compal Electronics, Inc.

176,970

161,489

Dell, Inc. (a)

91,839

3,528,454

Quanta Computer, Inc.

183,680

308,407

Sun Microsystems, Inc. (a)

78,800

318,352

6,771,065

Computer Storage & Peripherals - 6.1%

Adaptec, Inc. (a)

27,000

129,330

Brocade Communications Systems, Inc. (a)

500

2,960

Dot Hill Systems Corp. (a)

45,400

270,130

EMC Corp. (a)

219,040

2,698,573

Emulex Corp. (a)

21,100

397,524

Shares

Value

Network Appliance, Inc. (a)

22,400

$ 619,584

QLogic Corp. (a)

5,100

206,550

Seagate Technology

10,500

205,275

Western Digital Corp. (a)

17,810

227,078

4,757,004

TOTAL COMPUTERS & PERIPHERALS

11,528,069

ELECTRONIC EQUIPMENT & INSTRUMENTS - 7.4%

Electronic Equipment & Instruments - 2.9%

Aeroflex, Inc. (a)

13,100

122,223

Agilent Technologies, Inc. (a)

19,500

432,900

AU Optronics Corp. sponsored ADR

59,700

875,202

Photon Dynamics, Inc. (a)

36,900

703,314

Vishay Intertechnology, Inc. (a)

13,300

165,319

2,298,958

Electronic Manufacturing Svcs. - 2.9%

Benchmark Electronics, Inc. (a)

7,500

238,725

Celestica, Inc. (sub. vtg.) (a)

22,900

307,883

Flextronics International Ltd. (a)

13,300

160,132

Hon Hai Precision Industries Co. Ltd.

109,549

486,792

KEMET Corp. (a)

30,900

239,475

Solectron Corp. (a)

136,400

473,308

TTM Technologies, Inc. (a)

15,900

166,314

Xyratex Ltd.

11,000

205,700

2,278,329

Technology Distributors - 1.6%

Arrow Electronics, Inc. (a)

13,700

347,295

Avnet, Inc. (a)

15,900

292,878

CDW Corp.

8,000

453,440

Ingram Micro, Inc. Class A (a)

9,200

153,364

1,246,977

TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS

5,824,264

HOTELS, RESTAURANTS & LEISURE - 0.0%

Hotels, Resorts & Cruise Lines - 0.0%

eLong, Inc. sponsored ADR

100

900

HOUSEHOLD DURABLES - 0.6%

Consumer Electronics - 0.6%

LG Electronics, Inc.

3,030

202,794

ReignCom Ltd.

3,226

63,886

Thomson SA

6,500

175,253

441,933

INTERNET & CATALOG RETAIL - 1.4%

Internet Retail - 1.4%

eBay, Inc. (a)

30,200

1,125,252

INTERNET SOFTWARE & SERVICES - 2.7%

Internet Software & Services - 2.7%

Akamai Technologies, Inc. (a)

11,700

148,941

AsiaInfo Holdings, Inc. (a)

19,400

97,388

Common Stocks - continued

Shares

Value

INTERNET SOFTWARE & SERVICES - CONTINUED

Internet Software & Services - continued

Google, Inc. Class A (sub. vtg.)

6,800

$ 1,227,468

Openwave Systems, Inc. (a)

53,233

648,910

2,122,707

IT SERVICES - 0.9%

Data Processing & Outsourced Services - 0.4%

Affiliated Computer Services, Inc. Class A (a)

6,100

324,764

IT Consulting & Other Services - 0.5%

Infosys Technologies Ltd. sponsored ADR

4,200

309,666

Kanbay International, Inc.

2,100

42,966

352,632

TOTAL IT SERVICES

677,396

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 35.6%

Semiconductor Equipment - 3.4%

ASE Test Ltd. (a)

28,700

145,796

ASML Holding NV (NY Shares) (a)

38,900

652,353

ATMI, Inc. (a)

12,000

300,480

MKS Instruments, Inc. (a)

10,700

169,916

Teradyne, Inc. (a)

66,700

973,820

Tessera Technologies, Inc. (a)

5,172

223,586

Varian Semiconductor Equipment Associates, Inc. (a)

5,300

201,453

2,667,404

Semiconductors - 32.2%

Agere Systems, Inc.:

Class A (a)

58,500

83,655

Class B (a)

31,100

44,162

Altera Corp. (a)

30,300

599,334

AMIS Holdings, Inc. (a)

12,800

144,512

Analog Devices, Inc.

43,500

1,572,090

Applied Micro Circuits Corp. (a)

88,200

290,178

ATI Technologies, Inc. (a)

14,100

243,433

Atmel Corp. (a)

49,300

145,435

Broadcom Corp. Class A (a)

13,400

400,928

Cambridge Display Technologies, Inc.

7,300

59,933

Cypress Semiconductor Corp. (a)

58,500

737,100

Exar Corp. (a)

5,600

75,040

Fairchild Semiconductor International, Inc. (a)

10,500

160,965

Freescale Semiconductor, Inc.:

Class A

20,800

352,560

Class B (a)

19,312

333,132

Integrated Circuit Systems, Inc. (a)

64,200

1,227,504

Integrated Device Technology, Inc. (a)

26,200

315,186

Intel Corp.

276,840

6,430,992

International Rectifier Corp. (a)

8,900

404,950

Intersil Corp. Class A

23,700

410,484

Linear Technology Corp.

5,800

222,198

Shares

Value

Marvell Technology Group Ltd. (a)

34,000

$ 1,303,560

Maxim Integrated Products, Inc.

22,100

903,227

Mindspeed Technologies, Inc. (a)

122,700

273,621

National Semiconductor Corp.

152,900

3,151,269

NVIDIA Corp. (a)

15,000

356,400

O2Micro International Ltd. (a)

34,100

350,889

ON Semiconductor Corp. (a)

52,100

205,795

PMC-Sierra, Inc. (a)

24,200

212,960

RF Micro Devices, Inc. (a)

27,300

142,506

SigmaTel, Inc. (a)

5,291

198,042

Silicon Laboratories, Inc. (a)

7,900

234,709

Skyworks Solutions, Inc. (a)

19,500

123,825

STATS ChipPAC Ltd. ADR (a)

29,500

194,995

Texas Instruments, Inc.

115,500

2,944,095

Trident Microsystems, Inc. (a)

2,800

49,504

Vitesse Semiconductor Corp. (a)

89,400

239,592

Volterra Semiconductor Corp.

16,000

216,000

25,354,760

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

28,022,164

SOFTWARE - 7.5%

Application Software - 1.9%

JAMDAT Mobile, Inc.

9,200

158,608

Macromedia, Inc. (a)

10,800

361,800

Quest Software, Inc. (a)

40,379

558,845

Siebel Systems, Inc. (a)

43,100

393,503

1,472,756

Home Entertainment Software - 0.4%

Shanda Interactive Entertainment Ltd. ADR

3,000

90,600

THQ, Inc. (a)

9,600

270,144

360,744

Systems Software - 5.2%

Adobe Systems, Inc.

3,975

267,001

Macrovision Corp. (a)

15,635

356,322

McAfee, Inc. (a)

18,000

406,080

Oracle Corp. (a)

98,100

1,224,288

Red Hat, Inc. (a)

36,160

394,506

Symantec Corp. (a)

28,900

616,437

VERITAS Software Corp. (a)

35,730

829,651

4,094,285

TOTAL SOFTWARE

5,927,785

WIRELESS TELECOMMUNICATION SERVICES - 0.5%

Wireless Telecommunication Services - 0.5%

American Tower Corp. Class A (a)

8,100

147,663

Common Stocks - continued

Shares

Value

WIRELESS TELECOMMUNICATION SERVICES - CONTINUED

Wireless Telecommunication Services - continued

Leap Wireless International, Inc. (a)

6,800

$ 177,140

Wireless Facilities, Inc. (a)

12,500

78,125

402,928

TOTAL COMMON STOCKS

(Cost $69,502,301)

78,073,775

Money Market Funds - 1.5%

Fidelity Securities Lending Cash Central Fund, 2.74% (b)(c)
(Cost $1,185,075)

1,185,075

1,185,075

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $70,687,376)

79,258,850

NET OTHER ASSETS - (0.8)%

(591,353)

NET ASSETS - 100%

$ 78,667,497

Legend

(a) Non-income producing

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

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

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $71,593,070. Net unrealized appreciation aggregated $7,665,780, of which $12,391,780 related to appreciated investment securities and $4,726,000 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Telecommunications & Utilities Growth Portfolio

March 31, 2005

1.814651.100

VUT-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%

Shares

Value

COMMERCIAL SERVICES & SUPPLIES - 0.1%

Diversified Commercial Services - 0.1%

Adesa, Inc.

1,100

$ 25,696

COMMUNICATIONS EQUIPMENT - 1.1%

Communications Equipment - 1.1%

Research In Motion Ltd. (a)

4,500

344,960

CONSTRUCTION & ENGINEERING - 0.3%

Construction & Engineering - 0.3%

Dycom Industries, Inc. (a)

4,080

93,799

DIVERSIFIED TELECOMMUNICATION SERVICES - 37.7%

Integrated Telecommunication Services - 37.7%

Alaska Communication Systems Group, Inc.

4,100

41,205

ALLTEL Corp.

3,310

181,554

AT&T Corp.

6,900

129,375

BellSouth Corp.

108,630

2,855,883

Citizens Communications Co.

101,730

1,316,386

FairPoint Communications, Inc.

4,700

70,359

Golden Telecom, Inc.

1,100

28,160

Iowa Telecommunication Services, Inc.

2,500

48,750

MCI, Inc.

1,500

37,380

Qwest Communications International, Inc. (a)

181,070

669,959

SBC Communications, Inc.

126,310

2,992,284

Sprint Corp.

17,600

400,400

Verizon Communications, Inc.

87,960

3,122,581

11,894,276

ELECTRIC UTILITIES - 25.9%

Electric Utilities - 25.9%

Allegheny Energy, Inc. (a)

4,700

97,102

Allete, Inc.

233

9,751

Entergy Corp.

11,900

840,854

Exelon Corp.

34,100

1,564,849

FirstEnergy Corp.

17,120

718,184

PG&E Corp.

40,800

1,391,280

PPL Corp.

11,900

642,481

Sierra Pacific Resources (a)

19,450

209,088

TXU Corp.

31,340

2,495,604

Westar Energy, Inc.

1,700

36,788

Wisconsin Energy Corp.

4,920

174,660

8,180,641

GAS UTILITIES - 0.6%

Gas Utilities - 0.6%

KeySpan Corp.

440

17,147

Piedmont Natural Gas Co., Inc.

1,000

23,040

Southern Union Co.

3,600

90,396

UGI Corp.

1,000

45,420

176,003

Shares

Value

MEDIA - 5.1%

Broadcasting & Cable TV - 5.1%

EchoStar Communications Corp. Class A

45,200

$ 1,322,100

NTL, Inc. (a)

500

31,835

The DIRECTV Group, Inc. (a)

13,883

200,193

XM Satellite Radio Holdings, Inc.
Class A (a)

1,700

53,550

1,607,678

MULTI-UTILITIES & UNREGULATED POWER - 8.8%

Multi-Utilities & Unregulated Power - 8.8%

AES Corp. (a)

32,750

536,445

Constellation Energy Group, Inc.

2,490

128,733

Dominion Resources, Inc.

19,870

1,478,924

Duke Energy Corp.

10,000

280,100

Equitable Resources, Inc.

1,400

80,416

NRG Energy, Inc. (a)

1,900

64,885

ONEOK, Inc.

6,200

191,084

2,760,587

WATER UTILITIES - 0.1%

Water Utilities - 0.1%

Aqua America, Inc.

1,287

31,351

WIRELESS TELECOMMUNICATION SERVICES - 19.2%

Wireless Telecommunication Services - 19.2%

Alamosa Holdings, Inc. (a)

6,400

74,688

American Tower Corp. Class A (a)

51,510

939,027

Crown Castle International Corp. (a)

24,390

391,703

Millicom International Cellular SA (a)

600

12,162

Nextel Communications, Inc. Class A (a)

86,720

2,464,582

Nextel Partners, Inc. Class A (a)

31,300

687,348

NII Holdings, Inc. (a)

12,000

690,000

Price Communications Corp.

3,400

59,500

SpectraSite, Inc. (a)

6,100

353,617

Western Wireless Corp. Class A (a)

10,000

379,600

6,052,227

TOTAL COMMON STOCKS

(Cost $25,945,202)

31,167,218

Money Market Funds - 0.3%

Fidelity Securities Lending Cash Central Fund, 2.74% (b)(c)
(Cost $99,500)

99,500

99,500

TOTAL INVESTMENT PORTFOLIO - 99.2%

(Cost $26,044,702)

31,266,718

NET OTHER ASSETS - 0.8%

266,293

NET ASSETS - 100%

$ 31,533,011

Legend

(a) Non-income producing

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

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

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $26,126,034. Net unrealized appreciation aggregated $5,140,684, of which $5,921,892 related to appreciated investment securities and $781,208 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Value Leaders Portfolio

March 31, 2005

1.799888.101

VVL-QTLY-0505

Investments March 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%

Shares

Value

CONSUMER DISCRETIONARY - 9.7%

Automobiles - 0.2%

Toyota Motor Corp. ADR

200

$ 14,876

Hotels, Restaurants & Leisure - 0.7%

McDonald's Corp.

1,340

41,728

Household Durables - 1.2%

KB Home

100

11,746

LG Electronics, Inc.

100

6,693

Sony Corp. sponsored ADR

1,000

40,020

Techtronic Industries Co. Ltd.

5,500

12,164

Toll Brothers, Inc. (a)

100

7,885

78,508

Internet & Catalog Retail - 0.5%

eBay, Inc. (a)

800

29,808

Leisure Equipment & Products - 0.4%

Eastman Kodak Co.

820

26,691

Media - 5.3%

Clear Channel Communications, Inc.

980

33,781

Emmis Communications Corp. Class A (a)

550

10,571

Grupo Televisa SA de CV sponsored ADR

300

17,640

Lamar Advertising Co. Class A (a)

1,100

44,319

Liberty Media Corp. Class A (a)

900

9,333

News Corp. Class A

338

5,719

NTL, Inc. (a)

105

6,685

Omnicom Group, Inc.

260

23,015

Time Warner, Inc. (a)

3,450

60,548

Univision Communications, Inc. Class A (a)

600

16,614

Valassis Communications, Inc. (a)

200

6,992

Viacom, Inc. Class B (non-vtg.)

1,213

42,249

Walt Disney Co.

1,880

54,012

Westwood One, Inc. (a)

500

10,175

341,653

Multiline Retail - 0.8%

99 Cents Only Stores (a)

1,400

18,438

Federated Department Stores, Inc.

100

6,364

JCPenney Co., Inc.

300

15,576

Nordstrom, Inc.

250

13,845

54,223

Specialty Retail - 0.6%

Home Depot, Inc.

900

34,416

The Pep Boys - Manny, Moe & Jack

400

7,032

41,448

TOTAL CONSUMER DISCRETIONARY

628,935

CONSUMER STAPLES - 3.7%

Beverages - 0.3%

PepsiCo, Inc.

350

18,561

Food & Staples Retailing - 0.6%

Rite Aid Corp. (a)

1,700

6,732

Shares

Value

Safeway, Inc. (a)

1,100

$ 20,383

Wal-Mart Stores, Inc.

200

10,022

37,137

Food Products - 0.4%

Bunge Ltd.

200

10,776

General Mills, Inc.

200

9,830

Tyson Foods, Inc. Class A

400

6,672

27,278

Household Products - 0.0%

Clorox Co.

40

2,520

Personal Products - 0.5%

Gillette Co.

600

30,288

Tobacco - 1.9%

Altria Group, Inc.

1,920

125,549

TOTAL CONSUMER STAPLES

241,333

ENERGY - 15.2%

Energy Equipment & Services - 6.4%

Baker Hughes, Inc.

200

8,898

BJ Services Co.

700

36,316

FMC Technologies, Inc. (a)

600

19,908

GlobalSantaFe Corp.

900

33,336

Halliburton Co.

1,800

77,850

Hornbeck Offshore Services, Inc.

400

10,024

National Oilwell Varco, Inc. (a)

1,263

58,982

Pride International, Inc. (a)

1,500

37,260

Rowan Companies, Inc.

350

10,476

Schlumberger Ltd. (NY Shares)

500

35,240

Smith International, Inc.

300

18,819

Transocean, Inc. (a)

600

30,876

Weatherford International Ltd. (a)

620

35,923

413,908

Oil & Gas - 8.8%

Apache Corp.

330

20,206

BP PLC sponsored ADR

140

8,736

Burlington Resources, Inc.

640

32,045

ChevronTexaco Corp.

1,040

60,642

ConocoPhillips

340

36,666

Encore Acquisition Co. (a)

300

12,390

Exxon Mobil Corp.

4,700

280,120

Occidental Petroleum Corp.

400

28,468

Premcor, Inc.

370

22,082

Quicksilver Resources, Inc. (a)

700

34,111

Valero Energy Corp.

400

29,308

564,774

TOTAL ENERGY

978,682

FINANCIALS - 18.6%

Capital Markets - 3.4%

Bear Stearns Companies, Inc.

350

34,965

Lehman Brothers Holdings, Inc.

600

56,496

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

Merrill Lynch & Co., Inc.

1,540

$ 87,164

Morgan Stanley

290

16,603

optionsXpress Holdings, Inc.

100

1,619

State Street Corp.

300

13,116

TradeStation Group, Inc. (a)

1,000

6,040

216,003

Commercial Banks - 5.8%

Banco Bradesco SA sponsored ADR (non-vtg.)

840

24,360

Bank of America Corp.

4,408

194,393

Texas Capital Bancshares, Inc. (a)

300

6,300

UCBH Holdings, Inc.

400

15,960

Wachovia Corp.

2,162

110,067

Wells Fargo & Co.

420

25,116

376,196

Consumer Finance - 0.2%

First Marblehead Corp. (a)

200

11,506

Diversified Financial Services - 1.5%

Citigroup, Inc.

1,450

65,163

J.P. Morgan Chase & Co.

896

31,002

96,165

Insurance - 5.3%

ACE Ltd.

820

33,841

AFLAC, Inc.

220

8,197

AMBAC Financial Group, Inc.

340

25,415

American International Group, Inc.

2,910

161,243

Hartford Financial Services Group, Inc.

500

34,280

Hilb Rogal & Hobbs Co.

400

14,320

MetLife, Inc.

230

8,993

PartnerRe Ltd.

200

12,920

Scottish Re Group Ltd.

300

6,756

The Chubb Corp.

100

7,927

W.R. Berkley Corp.

600

29,760

343,652

Real Estate - 1.1%

Apartment Investment & Management Co. Class A

1,100

40,920

Equity Lifestyle Properties, Inc.

150

5,288

General Growth Properties, Inc.

370

12,617

iStar Financial, Inc.

200

8,236

Spirit Finance Corp. (b)

200

2,172

69,233

Thrifts & Mortgage Finance - 1.3%

Fannie Mae

110

5,990

Freddie Mac

200

12,640

Golden West Financial Corp., Delaware

170

10,285

Sovereign Bancorp, Inc.

1,400

31,024

Shares

Value

W Holding Co., Inc.

459

$ 4,622

Washington Mutual, Inc.

560

22,120

86,681

TOTAL FINANCIALS

1,199,436

HEALTH CARE - 8.7%

Biotechnology - 0.8%

Amgen, Inc. (a)

200

11,642

BioMarin Pharmaceutical, Inc. (a)

1,300

6,695

Genentech, Inc. (a)

200

11,322

ImClone Systems, Inc. (a)

100

3,450

MedImmune, Inc. (a)

700

16,667

Millennium Pharmaceuticals, Inc. (a)

450

3,789

53,565

Health Care Equipment & Supplies - 4.2%

Baxter International, Inc.

3,280

111,454

CONMED Corp. (a)

200

6,024

Dade Behring Holdings, Inc. (a)

200

11,786

Guidant Corp.

200

14,780

Medtronic, Inc.

1,340

68,273

PerkinElmer, Inc.

800

16,504

Waters Corp. (a)

1,100

39,369

268,190

Health Care Providers & Services - 1.0%

McKesson Corp.

400

15,100

Sierra Health Services, Inc. (a)

250

15,960

UnitedHealth Group, Inc.

380

36,244

67,304

Pharmaceuticals - 2.7%

Allergan, Inc.

100

6,947

Merck & Co., Inc.

1,250

40,463

Pfizer, Inc.

900

23,643

Schering-Plough Corp.

3,150

57,173

Wyeth

1,100

46,398

174,624

TOTAL HEALTH CARE

563,683

INDUSTRIALS - 20.3%

Aerospace & Defense - 5.5%

Engineered Support Systems, Inc.

100

5,352

Hexcel Corp. (a)

900

13,959

Honeywell International, Inc.

5,300

197,213

Lockheed Martin Corp.

810

49,459

Precision Castparts Corp.

250

19,253

Raytheon Co.

900

34,830

The Boeing Co.

600

35,076

355,142

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Air Freight & Logistics - 0.3%

EGL, Inc. (a)

300

$ 6,840

Expeditors International of Washington, Inc.

180

9,639

16,479

Airlines - 0.6%

ACE Aviation Holdings, Inc. Class A (a)

100

3,134

AirTran Holdings, Inc. (a)

500

4,525

Delta Air Lines, Inc. (a)

1,200

4,860

JetBlue Airways Corp. (a)

400

7,616

Southwest Airlines Co.

1,200

17,088

37,223

Building Products - 0.9%

Masco Corp.

1,700

58,939

Commercial Services & Supplies - 1.5%

Apollo Group, Inc. Class A (a)

300

22,218

Career Education Corp. (a)

450

15,417

Cintas Corp.

350

14,459

On Assignment, Inc. (a)

666

3,397

Robert Half International, Inc.

1,650

44,484

99,975

Construction & Engineering - 1.4%

Chicago Bridge & Iron Co. NV (NY Shares)

420

18,493

Fluor Corp.

600

33,258

Jacobs Engineering Group, Inc. (a)

400

20,768

MasTec, Inc. (a)

2,100

17,241

89,760

Electrical Equipment - 0.1%

Cooper Industries Ltd. Class A

100

7,152

Industrial Conglomerates - 8.2%

General Electric Co.

11,320

408,192

Siemens AG sponsored ADR

100

7,906

Tyco International Ltd.

3,430

115,934

532,032

Machinery - 0.5%

Deere & Co.

100

6,713

ITT Industries, Inc.

300

27,072

33,785

Road & Rail - 1.0%

Norfolk Southern Corp.

1,000

37,050

Swift Transportation Co., Inc. (a)

150

3,321

Union Pacific Corp.

300

20,910

61,281

Shares

Value

Trading Companies & Distributors - 0.3%

UAP Holding Corp.

400

$ 6,440

WESCO International, Inc. (a)

500

14,000

20,440

TOTAL INDUSTRIALS

1,312,208

INFORMATION TECHNOLOGY - 9.4%

Communications Equipment - 1.5%

Cisco Systems, Inc. (a)

300

5,367

Comverse Technology, Inc. (a)

800

20,176

Foundry Networks, Inc. (a)

1,000

9,900

Juniper Networks, Inc. (a)

1,300

28,678

Motorola, Inc.

900

13,473

Nokia Corp. sponsored ADR

1,100

16,973

94,567

Computers & Peripherals - 0.9%

International Business Machines Corp.

220

20,104

palmOne, Inc. (a)

100

2,538

Sun Microsystems, Inc. (a)

1,300

5,252

Western Digital Corp. (a)

2,100

26,775

54,669

Electronic Equipment & Instruments - 1.0%

Agilent Technologies, Inc. (a)

1,600

35,520

Amphenol Corp. Class A

300

11,112

Symbol Technologies, Inc.

1,400

20,286

66,918

Internet Software & Services - 0.4%

Akamai Technologies, Inc. (a)

600

7,638

Yahoo!, Inc. (a)

600

20,340

27,978

IT Services - 0.9%

Affiliated Computer Services, Inc.
Class A (a)

560

29,814

Anteon International Corp. (a)

500

19,465

BearingPoint, Inc. (a)

800

7,016

Sapient Corp. (a)

600

4,407

60,702

Office Electronics - 0.4%

Xerox Corp. (a)

1,500

22,725

Semiconductors & Semiconductor Equipment - 2.0%

Analog Devices, Inc.

500

18,070

Applied Materials, Inc.

800

13,000

Cabot Microelectronics Corp. (a)

500

15,690

Freescale Semiconductor, Inc. Class A

1,220

20,679

Intel Corp.

1,700

39,491

PMC-Sierra, Inc. (a)

500

4,400

Samsung Electronics Co. Ltd.

35

17,268

128,598

Software - 2.3%

BEA Systems, Inc. (a)

1,600

12,752

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Macrovision Corp. (a)

100

$ 2,279

Microsoft Corp.

3,660

88,462

Oracle Corp. (a)

1,200

14,976

PalmSource, Inc. (a)

200

1,808

Symantec Corp. (a)

900

19,197

TIBCO Software, Inc. (a)

1,300

9,685

149,159

TOTAL INFORMATION TECHNOLOGY

605,316

MATERIALS - 8.6%

Chemicals - 5.4%

Albemarle Corp.

200

7,272

Celanese Corp. Class A

300

5,397

Dow Chemical Co.

1,180

58,823

E.I. du Pont de Nemours & Co.

2,170

111,191

Huntsman Corp.

400

9,328

Lyondell Chemical Co.

2,535

70,777

Monsanto Co.

700

45,150

Mosaic Co. (a)

1,000

17,060

Nalco Holding Co.

600

11,298

Olin Corp.

300

6,690

Valspar Corp.

100

4,654

347,640

Containers & Packaging - 1.6%

Crown Holdings, Inc. (a)

400

6,224

Owens-Illinois, Inc. (a)

1,100

27,654

Packaging Corp. of America

1,200

29,148

Smurfit-Stone Container Corp. (a)

2,646

40,934

103,960

Metals & Mining - 1.4%

Alcoa, Inc.

1,000

30,390

Freeport-McMoRan Copper & Gold, Inc. Class B

300

11,883

Massey Energy Co.

200

8,008

Newmont Mining Corp.

450

19,013

Nucor Corp.

170

9,785

Phelps Dodge Corp.

110

11,190

90,269

Paper & Forest Products - 0.2%

Louisiana-Pacific Corp.

400

10,056

TOTAL MATERIALS

551,925

TELECOMMUNICATION SERVICES - 3.7%

Diversified Telecommunication Services - 2.6%

Covad Communications Group, Inc. (a)

11,700

14,040

SBC Communications, Inc.

3,690

87,416

Shares

Value

Telewest Global, Inc. (a)

1,050

$ 18,680

Verizon Communications, Inc.

1,400

49,700

169,836

Wireless Telecommunication Services - 1.1%

American Tower Corp. Class A (a)

1,200

21,876

Leap Wireless International, Inc. (a)

300

7,815

Nextel Communications, Inc. Class A (a)

650

18,473

Nextel Partners, Inc. Class A (a)

1,000

21,960

70,124

TOTAL TELECOMMUNICATION SERVICES

239,960

UTILITIES - 1.9%

Electric Utilities - 1.3%

Entergy Corp.

430

30,384

PG&E Corp.

650

22,165

PPL Corp.

370

19,976

Southern Co.

140

4,456

TXU Corp.

50

3,982

80,963

Multi-Utilities & Unregulated Power - 0.6%

AES Corp. (a)

1,000

16,380

CMS Energy Corp. (a)

1,500

19,560

Public Service Enterprise Group, Inc.

100

5,439

41,379

TOTAL UTILITIES

122,342

TOTAL COMMON STOCKS

(Cost $5,542,365)

6,443,820

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $5,542,365)

6,443,820

NET OTHER ASSETS - 0.2%

15,854

NET ASSETS - 100%

$ 6,459,674

Legend

(a) Non-income producing

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $2,172 or 0.0% of net assets.

Income Tax Information

At March 31, 2005, the aggregate cost of investment securities for income tax purposes was $5,556,702. Net unrealized appreciation aggregated $887,118, of which $1,022,960 related to appreciated investment securities and $135,842 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Variable Insurance Products Fund IV'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 IV

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

May 23, 2005

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

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

May 23, 2005

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

May 23, 2005