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:

September 30, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Consumer Industries Portfolio

September 30, 2005

VCI-QTLY-1105

1.807732.101

Investments September 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%

Shares

Value

AUTOMOBILES - 1.2%

Automobile Manufacturers - 0.5%

Thor Industries, Inc.

1,300

$ 44,200

Motorcycle Manufacturers - 0.7%

Harley-Davidson, Inc.

1,500

72,660

TOTAL AUTOMOBILES

116,860

BEVERAGES - 6.1%

Distillers & Vintners - 1.2%

Brown-Forman Corp. Class B (non-vtg.)

300

17,862

Diageo PLC sponsored ADR

1,700

98,617

116,479

Soft Drinks - 4.9%

PepsiCo, Inc.

2,700

153,117

The Coca-Cola Co.

7,530

325,221

478,338

TOTAL BEVERAGES

594,817

COMMERCIAL SERVICES & SUPPLIES - 0.8%

Commercial Printing - 0.3%

R.R. Donnelley & Sons Co.

700

25,949

Diversified Commercial & Professional Services - 0.5%

Cendant Corp.

2,400

49,536

TOTAL COMMERCIAL SERVICES & SUPPLIES

75,485

DIVERSIFIED CONSUMER SERVICES - 2.5%

Education Services - 1.5%

Apollo Group, Inc. Class A (a)

1,700

112,863

Bright Horizons Family Solutions, Inc. (a)

754

28,954

141,817

Specialized Consumer Services - 1.0%

Steiner Leisure Ltd. (a)

1,728

58,700

Weight Watchers International, Inc. (a)

800

41,264

99,964

TOTAL DIVERSIFIED CONSUMER SERVICES

241,781

ELECTRICAL EQUIPMENT - 0.5%

Electrical Components & Equipment - 0.5%

Evergreen Solar, Inc. (a)

5,100

47,583

FOOD & STAPLES RETAILING - 7.9%

Drug Retail - 2.4%

CVS Corp.

3,000

87,030

Walgreen Co.

3,400

147,730

234,760

Food Retail - 1.1%

Whole Foods Market, Inc.

800

107,560

Shares

Value

Hypermarkets & Super Centers - 4.4%

Costco Wholesale Corp.

2,200

$ 94,798

Wal-Mart Stores, Inc.

7,480

327,774

422,572

TOTAL FOOD & STAPLES RETAILING

764,892

FOOD PRODUCTS - 3.7%

Packaged Foods & Meats - 3.7%

Diamond Foods, Inc.

1,400

23,940

Lindt & Spruengli AG (participation certificate)

35

58,798

Nestle SA sponsored ADR

2,000

147,000

Smithfield Foods, Inc. (a)

3,500

103,880

The J.M. Smucker Co.

600

29,124

362,742

HOTELS, RESTAURANTS & LEISURE - 12.7%

Casinos & Gaming - 2.2%

Aristocrat Leisure Ltd.

4,300

38,863

Harrah's Entertainment, Inc.

320

20,861

International Game Technology

1,400

37,800

MGM MIRAGE (a)

1,800

78,786

Station Casinos, Inc.

300

19,908

WMS Industries, Inc. (a)

800

22,504

218,722

Hotels, Resorts & Cruise Lines - 4.0%

Carnival Corp. unit

2,600

129,948

Hilton Hotels Corp.

2,400

53,568

Kerzner International Ltd. (a)

500

27,775

Royal Caribbean Cruises Ltd.

1,900

82,080

Starwood Hotels & Resorts Worldwide, Inc. unit

1,700

97,189

390,560

Leisure Facilities - 0.2%

International Speedway Corp. Class A

300

15,741

Restaurants - 6.3%

Brinker International, Inc.

1,530

57,467

Buffalo Wild Wings, Inc. (a)

4,200

111,300

CBRL Group, Inc.

600

20,196

Domino's Pizza, Inc.

1,450

33,814

McDonald's Corp.

6,710

224,718

Outback Steakhouse, Inc.

2,080

76,128

Starbucks Corp. (a)

800

40,080

Wendy's International, Inc.

980

44,247

607,950

TOTAL HOTELS, RESTAURANTS & LEISURE

1,232,973

Common Stocks - continued

Shares

Value

HOUSEHOLD PRODUCTS - 7.5%

Household Products - 7.5%

Colgate-Palmolive Co.

1,800

$ 95,022

Procter & Gamble Co.

10,640

632,652

727,674

INTERNET & CATALOG RETAIL - 3.7%

Catalog Retail - 0.4%

Coldwater Creek, Inc. (a)

1,700

42,874

Internet Retail - 3.3%

eBay, Inc. (a)

7,700

317,240

TOTAL INTERNET & CATALOG RETAIL

360,114

INTERNET SOFTWARE & SERVICES - 8.2%

Internet Software & Services - 8.2%

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

1,500

474,690

Homestore, Inc. (a)

48

209

Sina Corp. (a)

1,000

27,500

Yahoo!, Inc. (a)

8,664

293,190

795,589

LEISURE EQUIPMENT & PRODUCTS - 4.0%

Leisure Products - 4.0%

Brunswick Corp.

4,400

166,012

K2, Inc. (a)

1,700

19,380

MarineMax, Inc. (a)

1,900

48,431

Polaris Industries, Inc.

800

39,640

RC2 Corp. (a)

400

13,504

SCP Pool Corp.

2,750

96,058

383,025

MEDIA - 10.2%

Advertising - 2.4%

JC Decaux SA (a)

3,700

81,671

Omnicom Group, Inc.

1,800

150,534

232,205

Broadcasting & Cable TV - 1.6%

E.W. Scripps Co. Class A

1,200

59,964

SBS Broadcasting SA (a)

600

32,616

Univision Communications, Inc.
Class A (a)

2,400

63,672

156,252

Movies & Entertainment - 4.1%

News Corp. Class A

13,841

215,781

Walt Disney Co.

7,300

176,149

391,930

Publishing - 2.1%

Gannett Co., Inc.

380

26,155

McGraw-Hill Companies, Inc.

1,700

81,668

Shares

Value

Reuters Group PLC sponsored ADR

600

$ 23,766

Washington Post Co. Class B

90

72,225

203,814

TOTAL MEDIA

984,201

MULTILINE RETAIL - 7.1%

Department Stores - 3.8%

Federated Department Stores, Inc.

1,500

100,305

JCPenney Co., Inc.

1,200

56,904

Nordstrom, Inc.

1,500

51,480

Saks, Inc.

1,600

29,600

Sears Holdings Corp. (a)

1,000

124,420

362,709

General Merchandise Stores - 3.3%

Family Dollar Stores, Inc.

1,460

29,010

Target Corp.

5,600

290,808

319,818

TOTAL MULTILINE RETAIL

682,527

PERSONAL PRODUCTS - 2.9%

Personal Products - 2.9%

Avon Products, Inc.

3,700

99,900

Gillette Co.

3,100

180,420

280,320

REAL ESTATE - 0.4%

Real Estate Investment Trusts - 0.4%

MeriStar Hospitality Corp. (a)

4,200

38,346

SOFTWARE - 1.0%

Home Entertainment Software - 1.0%

Activision, Inc. (a)

1,800

36,810

Electronic Arts, Inc. (a)

1,000

56,890

93,700

SPECIALTY RETAIL - 10.2%

Apparel Retail - 2.9%

Aeropostale, Inc. (a)

1,600

34,000

American Eagle Outfitters, Inc.

1,100

25,883

bebe Stores, Inc.

1,500

26,250

Chico's FAS, Inc. (a)

1,900

69,920

Foot Locker, Inc.

1,800

39,492

Hot Topic, Inc. (a)

1,300

19,968

Urban Outfitters, Inc. (a)

2,400

70,560

286,073

Computer & Electronics Retail - 1.8%

Best Buy Co., Inc.

3,050

132,767

GameStop Corp.:

Class A (a)

1,000

31,470

Class B (a)

300

8,517

172,754

Common Stocks - continued

Shares

Value

SPECIALTY RETAIL - CONTINUED

Home Improvement Retail - 1.9%

Lowe's Companies, Inc.

2,900

$ 186,760

Specialty Stores - 3.6%

AC Moore Arts & Crafts, Inc. (a)

2,000

38,360

Guitar Center, Inc. (a)

1,100

60,731

Michaels Stores, Inc.

800

26,448

Office Depot, Inc. (a)

2,600

77,220

OfficeMax, Inc.

600

19,002

PETsMART, Inc.

800

17,424

Sports Authority, Inc. (a)

300

8,832

Staples, Inc.

4,550

97,006

345,023

TOTAL SPECIALTY RETAIL

990,610

TEXTILES, APPAREL & LUXURY GOODS - 4.8%

Apparel, Accessories & Luxury Goods - 3.5%

Carter's, Inc. (a)

1,800

102,240

Coach, Inc. (a)

1,700

53,312

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

600

16,374

Liz Claiborne, Inc.

2,300

90,436

Polo Ralph Lauren Corp. Class A

1,200

60,360

Quiksilver, Inc. (a)

1,500

21,675

344,397

Footwear - 1.3%

NIKE, Inc. Class B

1,500

122,520

TOTAL TEXTILES, APPAREL & LUXURY GOODS

466,917

TOTAL COMMON STOCKS

(Cost $7,937,651)

9,240,156

Money Market Funds - 2.7%

Fidelity Cash Central Fund, 3.82% (b)
(Cost $264,567)

264,567

264,567

TOTAL INVESTMENT PORTFOLIO - 98.1%

(Cost $8,202,218)

9,504,723

NET OTHER ASSETS - 1.9%

185,487

NET ASSETS - 100%

$ 9,690,210

Legend

(a) Non-income producing

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

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $8,217,911. Net unrealized appreciation aggregated $1,286,812, of which $1,627,926 related to appreciated investment securities and $341,114 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

September 30, 2005

VCY-QTLY-1105

1.807737.101

Investments September 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%

Shares

Value

AEROSPACE & DEFENSE - 13.7%

Aerospace & Defense - 13.7%

BE Aerospace, Inc. (a)

20,500

$ 339,685

Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR

100

3,860

General Dynamics Corp.

1,100

131,505

Goodrich Corp.

4,100

181,794

Hexcel Corp. (a)

18,100

331,049

Honeywell International, Inc.

40,000

1,500,000

L-3 Communications Holdings, Inc.

3,900

308,373

Lockheed Martin Corp.

5,170

315,577

Meggitt PLC

23,100

132,168

Precision Castparts Corp.

9,000

477,900

Raytheon Co.

14,100

536,082

Rockwell Collins, Inc.

11,720

566,310

Rolls-Royce Group PLC

16,833

110,939

The Boeing Co.

15,710

1,067,495

United Technologies Corp.

27,100

1,404,864

7,407,601

AIR FREIGHT & LOGISTICS - 5.6%

Air Freight & Logistics - 5.6%

C.H. Robinson Worldwide, Inc.

4,900

314,188

Expeditors International of Washington, Inc.

4,600

261,188

FedEx Corp.

10,200

888,726

Forward Air Corp.

6,660

245,354

Hub Group, Inc. Class A (a)

11,664

428,185

Park-Ohio Holdings Corp. (a)

13,247

232,617

United Parcel Service, Inc. Class B

5,400

373,302

UTI Worldwide, Inc.

3,404

264,491

3,008,051

AIRLINES - 1.6%

Airlines - 1.6%

AirTran Holdings, Inc. (a)

49,300

624,138

Alaska Air Group, Inc. (a)

5,300

154,018

Ryanair Holdings PLC sponsored ADR (a)

2,100

95,613

US Airways Group, Inc. (a)

700

14,707

888,476

AUTO COMPONENTS - 2.7%

Auto Parts & Equipment - 2.5%

American Axle & Manufacturing Holdings, Inc.

2,200

50,776

Amerigon, Inc. (a)

31,400

183,690

BorgWarner, Inc.

2,000

112,920

Delphi Corp. (a)

119,300

329,268

Gentex Corp.

8,000

139,200

Johnson Controls, Inc.

5,800

359,890

Lear Corp.

4,600

156,262

1,332,006

Shares

Value

Tires & Rubber - 0.2%

Continental AG sponsored ADR

1,400

$ 115,430

TOTAL AUTO COMPONENTS

1,447,436

AUTOMOBILES - 0.6%

Automobile Manufacturers - 0.6%

Honda Motor Co. Ltd. sponsored ADR

3,700

105,080

Hyundai Motor Co.

1,220

95,285

Toyota Motor Corp. sponsored ADR

1,400

129,318

329,683

BUILDING PRODUCTS - 1.2%

Building Products - 1.2%

American Standard Companies, Inc.

3,110

144,771

Masco Corp.

10,720

328,890

Quixote Corp.

9,400

201,066

674,727

CHEMICALS - 14.4%

Commodity Chemicals - 2.1%

Celanese Corp. Class A

15,700

270,825

Georgia Gulf Corp.

4,800

115,584

Lyondell Chemical Co.

136

3,892

NOVA Chemicals Corp.

12,000

441,252

Pioneer Companies, Inc. (a)

8,500

204,510

Westlake Chemical Corp.

3,900

105,612

1,141,675

Diversified Chemicals - 4.2%

Ashland, Inc.

5,400

298,296

Dow Chemical Co.

29,900

1,245,933

Eastman Chemical Co.

2,300

108,031

FMC Corp. (a)

11,430

654,025

2,306,285

Fertilizers & Agricultural Chemicals - 3.2%

Agrium, Inc.

18,600

409,245

Monsanto Co.

6,500

407,875

Mosaic Co. (a)

24,400

390,888

Potash Corp. of Saskatchewan

4,500

419,345

The Scotts Co. Class A

1,100

96,723

1,724,076

Industrial Gases - 2.3%

Air Products & Chemicals, Inc.

12,000

661,680

Airgas, Inc.

8,300

245,929

Praxair, Inc.

6,800

325,924

1,233,533

Specialty Chemicals - 2.6%

Albemarle Corp.

8,300

312,910

Chemtura Corp.

20,819

258,572

Cytec Industries, Inc.

3,500

151,830

Ecolab, Inc.

7,400

236,282

H.B. Fuller Co.

3,700

114,996

Lubrizol Corp.

3,200

138,656

Common Stocks - continued

Shares

Value

CHEMICALS - CONTINUED

Specialty Chemicals - continued

Minerals Technologies, Inc.

800

$ 45,768

Rohm & Haas Co.

3,300

135,729

1,394,743

TOTAL CHEMICALS

7,800,312

COMMERCIAL SERVICES & SUPPLIES - 3.0%

Diversified Commercial & Professional Services - 0.7%

Cintas Corp.

3,300

135,465

CRA International, Inc. (a)

2,400

100,056

LECG Corp. (a)

5,800

133,400

368,921

Environmental & Facility Services - 0.7%

Waste Connections, Inc. (a)

5,600

196,448

Waste Management, Inc.

1,100

31,471

Waste Services, Inc. (a)

42,100

155,770

383,689

Human Resource & Employment Services - 1.4%

CDI Corp.

15,300

451,962

Robert Half International, Inc.

9,500

338,105

790,067

Office Services & Supplies - 0.2%

Herman Miller, Inc.

2,966

89,870

TOTAL COMMERCIAL SERVICES & SUPPLIES

1,632,547

COMMUNICATIONS EQUIPMENT - 0.6%

Communications Equipment - 0.6%

Harris Corp.

7,300

305,140

CONSTRUCTION & ENGINEERING - 10.6%

Construction & Engineering - 10.6%

Chicago Bridge & Iron Co. NV (NY Shares)

14,500

450,805

Comfort Systems USA, Inc. (a)

16,000

140,960

Dycom Industries, Inc. (a)

24,000

485,280

Fluor Corp.

39,600

2,549,445

Foster Wheeler Ltd. (a)

11,370

351,219

Jacobs Engineering Group, Inc. (a)

2,500

168,500

Perini Corp. (a)

26,700

485,940

Shaw Group, Inc. (a)

28,500

702,810

SNC-Lavalin Group, Inc.

6,300

407,013

URS Corp. (a)

500

20,195

5,762,167

CONSTRUCTION MATERIALS - 1.7%

Construction Materials - 1.7%

Florida Rock Industries, Inc.

900

57,681

Lafarge North America, Inc.

13

879

Shares

Value

Martin Marietta Materials, Inc.

5,000

$ 392,300

Vulcan Materials Co.

6,500

482,365

933,225

CONTAINERS & PACKAGING - 1.0%

Metal & Glass Containers - 1.0%

Crown Holdings, Inc. (a)

6,800

108,392

Owens-Illinois, Inc. (a)

20,250

417,555

525,947

DIVERSIFIED CONSUMER SERVICES - 0.1%

Education Services - 0.1%

Education Management Corp. (a)

2,200

70,928

ELECTRICAL EQUIPMENT - 2.1%

Electrical Components & Equipment - 1.7%

AMETEK, Inc.

2,300

98,831

C&D Technologies, Inc.

9,200

86,572

Emerson Electric Co.

100

7,180

NEOMAX Co. Ltd.

5,000

142,837

Rockwell Automation, Inc.

5,000

264,500

Roper Industries, Inc.

5,940

233,383

Ultralife Batteries, Inc. (a)

6,500

83,980

917,283

Heavy Electrical Equipment - 0.4%

Shanghai Electric (Group) Corp. (H Shares)

612,000

207,094

TOTAL ELECTRICAL EQUIPMENT

1,124,377

ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.1%

Electronic Equipment & Instruments - 0.1%

FARO Technologies, Inc. (a)

2,200

42,878

HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%

Health Care Equipment - 0.1%

Varian, Inc. (a)

1,600

54,912

HOUSEHOLD DURABLES - 5.3%

Home Furnishings - 0.7%

Interface, Inc. Class A (a)

46,274

382,223

Homebuilding - 4.6%

D.R. Horton, Inc.

14,800

536,056

KB Home

9,300

680,760

Pulte Homes, Inc.

2,000

85,840

Ryland Group, Inc.

6,880

470,730

Toll Brothers, Inc. (a)

16,400

732,588

2,505,974

TOTAL HOUSEHOLD DURABLES

2,888,197

INDUSTRIAL CONGLOMERATES - 6.9%

Industrial Conglomerates - 6.9%

3M Co.

14,960

1,097,466

General Electric Co.

15,060

507,070

Smiths Group PLC

12,100

204,757

Common Stocks - continued

Shares

Value

INDUSTRIAL CONGLOMERATES - CONTINUED

Industrial Conglomerates - continued

Textron, Inc.

1,700

$ 121,924

Tyco International Ltd.

65,240

1,816,934

3,748,151

IT SERVICES - 0.3%

IT Consulting & Other Services - 0.3%

Anteon International Corp. (a)

2,000

85,520

SI International, Inc. (a)

2,000

61,940

147,460

MACHINERY - 12.7%

Construction & Farm Machinery & Heavy Trucks - 8.4%

Bucyrus International, Inc. Class A

14,600

717,298

Caterpillar, Inc.

20,300

1,192,625

Daewoo Shipbuilding & Marine Engineering Co. Ltd.

7,190

161,921

Deere & Co.

12,300

752,760

Joy Global, Inc.

18,650

941,079

Manitowoc Co., Inc.

5,100

256,275

Navistar International Corp. (a)

5,980

193,931

PACCAR, Inc.

40

2,716

Samsung Heavy Industries Ltd.

12,200

177,710

Toro Co.

1,200

44,112

Wabash National Corp.

5,300

104,198

4,544,625

Industrial Machinery - 4.3%

Actuant Corp. Class A

3,100

145,080

Albany International Corp. Class A

3,700

136,419

Briggs & Stratton Corp.

4,600

159,114

Danaher Corp.

6,000

322,980

Dover Corp.

8,800

358,952

Hardinge, Inc.

6,000

88,125

IDEX Corp.

3,300

140,415

ITT Industries, Inc.

4,500

511,200

Kaydon Corp.

3,900

110,799

Kennametal, Inc.

1

49

Pall Corp.

200

5,500

Pentair, Inc.

2,480

90,520

Timken Co.

3,600

106,668

Watts Water Technologies, Inc. Class A

6,600

190,410

2,366,231

TOTAL MACHINERY

6,910,856

MARINE - 2.8%

Marine - 2.8%

Alexander & Baldwin, Inc.

4,560

242,774

Camillo Eitzen & Co. ASA

200

2,282

Diana Shipping, Inc.

8,900

146,850

Shares

Value

DryShips, Inc.

400

$ 6,892

Excel Maritime Carriers Ltd. (a)

300

4,818

Odfjell ASA (A Shares)

24,400

540,050

Stolt-Nielsen SA

14,000

558,825

1,502,491

METALS & MINING - 0.7%

Steel - 0.7%

Allegheny Technologies, Inc.

3,000

92,940

Carpenter Technology Corp.

3,300

193,413

IPSCO, Inc.

1,600

113,759

400,112

OIL, GAS & CONSUMABLE FUELS - 0.9%

Coal & Consumable Fuels - 0.2%

Massey Energy Co.

1,800

91,926

Oil & Gas Storage & Transport - 0.7%

OMI Corp.

7,100

126,877

Overseas Shipholding Group, Inc.

4,200

244,986

371,863

TOTAL OIL, GAS & CONSUMABLE FUELS

463,789

ROAD & RAIL - 7.3%

Railroads - 5.9%

Burlington Northern Santa Fe Corp.

20,200

1,207,960

Canadian National Railway Co.

9,200

652,847

Canadian Pacific Railway Ltd.

9,100

391,677

Norfolk Southern Corp.

23,660

959,650

3,212,134

Trucking - 1.4%

Laidlaw International, Inc.

14,400

348,048

Landstar System, Inc.

10,356

414,551

762,599

TOTAL ROAD & RAIL

3,974,733

SPECIALTY RETAIL - 0.4%

Computer & Electronics Retail - 0.0%

GameStop Corp. Class B (a)

900

25,551

Home Improvement Retail - 0.4%

Sherwin-Williams Co.

4,400

193,908

TOTAL SPECIALTY RETAIL

219,459

TRADING COMPANIES & DISTRIBUTORS - 2.4%

Trading Companies & Distributors - 2.4%

Finning International, Inc.

11,700

402,949

MSC Industrial Direct Co., Inc. Class A

10,500

348,285

Common Stocks - continued

Shares

Value

TRADING COMPANIES & DISTRIBUTORS - CONTINUED

Trading Companies & Distributors - continued

United Rentals, Inc. (a)

5,600

$ 110,376

WESCO International, Inc. (a)

12,600

426,762

1,288,372

TOTAL COMMON STOCKS

(Cost $45,682,929)

53,552,027

Money Market Funds - 1.2%

Fidelity Cash Central Fund, 3.82% (b)
(Cost $673,475)

673,475

673,475

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $46,356,404)

54,225,502

NET OTHER ASSETS - 0.0%

(296)

NET ASSETS - 100%

$ 54,225,206

Legend

(a) Non-income producing

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

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $46,657,208. Net unrealized appreciation aggregated $7,568,294, of which $8,950,738 related to appreciated investment securities and $1,382,444 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

September 30, 2005

VFS-QTLY-1105

1.807734.101

Investments September 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%

Shares

Value

CAPITAL MARKETS - 16.3%

Asset Management & Custody Banks - 4.5%

American Capital Strategies Ltd.

1,000

$ 36,660

Bank of New York Co., Inc.

3,350

98,524

Calamos Asset Management, Inc. Class A

1,200

29,616

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

1,580

52,503

FirstCity Financial Corp. (a)

2,228

27,182

Franklin Resources, Inc.

3,200

268,672

Investors Financial Services Corp.

4,900

161,210

Legg Mason, Inc.

1,400

153,566

National Financial Partners Corp.

1,100

49,654

Northern Trust Corp.

3,950

199,673

Nuveen Investments, Inc. Class A

1,900

74,841

State Street Corp.

3,900

190,788

1,342,889

Diversified Capital Markets - 1.9%

Deutsche Bank AG (NY Shares)

400

37,408

UBS AG (NY Shares)

6,000

513,000

550,408

Investment Banking & Brokerage - 9.9%

Ameritrade Holding Corp. (a)

2,935

63,044

Bear Stearns Companies, Inc.

980

107,555

Charles Schwab Corp.

7,400

106,782

E*TRADE Financial Corp. (a)

24,200

425,920

Goldman Sachs Group, Inc.

4,240

515,499

LaBranche & Co., Inc. (a)

2,230

19,379

Lazard Ltd. Class A

3,700

93,610

Lehman Brothers Holdings, Inc.

1,380

160,742

Merrill Lynch & Co., Inc.

17,000

1,042,950

Morgan Stanley

5,410

291,815

Piper Jaffray Companies (a)

183

5,464

TradeStation Group, Inc. (a)

11,620

117,827

2,950,587

TOTAL CAPITAL MARKETS

4,843,884

COMMERCIAL BANKS - 22.5%

Diversified Banks - 19.5%

Banco Popolare di Verona e Novara

7,600

143,416

Bangkok Bank Ltd. PCL (For. Reg.)

26,300

73,047

Bank of America Corp.

36,696

1,544,902

HDFC Bank Ltd. sponsored ADR

5,000

256,000

HSBC Holdings PLC sponsored ADR

205

16,652

Korea Exchange Bank (a)

7,730

86,300

National Bank of Canada

4,900

253,682

Royal Bank of Canada

3,560

259,329

Standard Chartered PLC (United Kingdom)

12,300

265,439

State Bank of India

7,360

177,074

Shares

Value

U.S. Bancorp, Delaware

18,600

$ 522,288

Wachovia Corp.

18,197

865,995

Wells Fargo & Co.

22,800

1,335,396

5,799,520

Regional Banks - 3.0%

Cathay General Bancorp

4,662

165,315

Center Financial Corp., California

4,500

105,750

City National Corp.

700

49,063

East West Bancorp, Inc.

900

30,636

M&T Bank Corp.

600

63,426

Nara Bancorp, Inc.

400

5,980

North Fork Bancorp, Inc., New York

2,850

72,675

SVB Financial Group (a)

2,200

107,008

Synovus Financial Corp.

100

2,772

UCBH Holdings, Inc.

3,600

65,952

UnionBanCal Corp.

1,700

118,524

Westcorp

2,000

117,800

904,901

TOTAL COMMERCIAL BANKS

6,704,421

CONSUMER FINANCE - 7.7%

Consumer Finance - 7.7%

Advanta Corp. Class B

1,700

47,991

American Express Co.

23,040

1,323,418

Capital One Financial Corp.

2,300

182,896

Dollar Financial Corp.

17,839

213,890

MBNA Corp.

11,905

293,339

SLM Corp.

4,440

238,162

2,299,696

DIVERSIFIED CONSUMER SERVICES - 0.8%

Specialized Consumer Services - 0.8%

Jackson Hewitt Tax Service, Inc.

9,600

229,536

DIVERSIFIED FINANCIAL SERVICES - 8.7%

Other Diversifed Financial Services - 7.2%

Citigroup, Inc.

15,030

684,166

Indiabulls Financial Services Ltd.

8,335

37,593

Infrastructure Development Finance Co. Ltd.

2,654

4,284

JPMorgan Chase & Co.

41,738

1,416,170

2,142,213

Specialized Finance - 1.5%

Asset Acceptance Capital Corp. (a)

4,714

141,279

CIT Group, Inc.

4,600

207,828

Encore Capital Group, Inc. (a)

1,600

28,544

Marlin Business Services Corp. (a)

2,917

67,208

444,859

TOTAL DIVERSIFIED FINANCIAL SERVICES

2,587,072

Common Stocks - continued

Shares

Value

INDUSTRIAL CONGLOMERATES - 1.8%

Industrial Conglomerates - 1.8%

General Electric Co.

15,900

$ 535,353

INSURANCE - 30.4%

Insurance Brokers - 0.3%

Hilb Rogal & Hobbs Co.

400

14,928

Marsh & McLennan Companies, Inc.

2,800

85,092

100,020

Life & Health Insurance - 5.4%

AFLAC, Inc.

7,900

357,870

Lincoln National Corp.

500

26,010

MetLife, Inc.

9,210

458,934

Protective Life Corp.

1,200

49,416

Prudential Financial, Inc.

3,900

263,484

Sun Life Financial, Inc.

9,990

375,076

Torchmark Corp.

1,200

63,396

1,594,186

Multi-Line Insurance - 11.4%

American International Group, Inc.

45,610

2,825,993

Genworth Financial, Inc. Class A (non-vtg.)

1,400

45,136

Hartford Financial Services Group, Inc.

5,360

413,631

HCC Insurance Holdings, Inc.

3,030

86,446

Unitrin, Inc.

600

28,476

3,399,682

Property & Casualty Insurance - 8.6%

ACE Ltd.

14,850

698,990

Allstate Corp.

1,700

93,993

AMBAC Financial Group, Inc.

3,910

281,755

Aspen Insurance Holdings Ltd.

7,800

230,490

Axis Capital Holdings Ltd.

4,500

128,295

Berkshire Hathaway, Inc. Class B (a)

101

275,831

Fidelity National Financial, Inc.

2,442

108,718

James River Group, Inc.

900

15,840

MBIA, Inc.

1,360

82,443

The St. Paul Travelers Companies, Inc.

7,900

354,473

XL Capital Ltd. Class A

4,100

278,923

2,549,751

Reinsurance - 4.7%

Endurance Specialty Holdings Ltd.

15,760

537,574

Max Re Capital Ltd.

5,199

128,883

Montpelier Re Holdings Ltd.

5,300

131,705

PartnerRe Ltd.

4,000

256,200

Platinum Underwriters Holdings Ltd.

7,700

230,153

Scottish Re Group Ltd.

5,300

126,352

1,410,867

TOTAL INSURANCE

9,054,506

Shares

Value

REAL ESTATE - 4.0%

Real Estate Investment Trusts - 4.0%

Apartment Investment & Management Co. Class A

2,530

$ 98,113

CBL & Associates Properties, Inc.

1,800

73,782

Digital Realty Trust, Inc.

3,400

61,200

Duke Realty Corp.

1,830

62,000

Equity Lifestyle Properties, Inc.

1,000

45,000

Equity Residential (SBI)

3,690

139,667

Federal Realty Investment Trust (SBI)

580

35,339

General Growth Properties, Inc.

1,100

49,423

Healthcare Realty Trust, Inc.

3,400

136,476

Kimco Realty Corp.

1,600

50,272

Reckson Associates Realty Corp.

1,800

62,190

Simon Property Group, Inc.

3,800

281,656

The Mills Corp.

700

38,556

United Dominion Realty Trust, Inc. (SBI)

2,000

47,400

Vornado Realty Trust

60

5,197

1,186,271

THRIFTS & MORTGAGE FINANCE - 7.6%

Thrifts & Mortgage Finance - 7.6%

Countrywide Financial Corp.

8,484

279,802

Doral Financial Corp.

1,850

24,180

Downey Financial Corp.

500

30,450

Fannie Mae

11,950

535,599

Freddie Mac

1,300

73,398

Golden West Financial Corp., Delaware

4,600

273,194

Housing Development Finance Corp. Ltd.

4,872

115,208

Hudson City Bancorp, Inc.

16,479

196,100

Hypo Real Estate Holding AG

2,100

106,190

MGIC Investment Corp.

1,200

77,040

Radian Group, Inc.

1,625

86,288

Sovereign Bancorp, Inc.

5,590

123,204

The PMI Group, Inc.

2,300

91,701

W Holding Co., Inc.

9,148

87,455

Washington Mutual, Inc.

3,700

145,114

2,244,923

TOTAL COMMON STOCKS

(Cost $23,521,960)

29,685,662

Money Market Funds - 1.6%

Shares

Value

Fidelity Cash Central Fund, 3.82% (b)

104,935

$ 104,935

Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)

354,925

354,925

TOTAL MONEY MARKET FUNDS

(Cost $459,860)

459,860

TOTAL INVESTMENT PORTFOLIO - 101.4%

(Cost $23,981,820)

30,145,522

NET OTHER ASSETS - (1.4)%

(407,623)

NET ASSETS - 100%

$ 29,737,899

Legend

(a) Non-income producing

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

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

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $24,096,476. Net unrealized appreciation aggregated $6,049,046, of which $6,596,080 related to appreciated investment securities and $547,034 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:
Freedom 2005 Portfolio

September 30, 2005

VIPF2005-QTLY-1105

1.822342.100

Showing Percentage of Total Value of Investment in Securities

Investments September 30, 2005 (Unaudited)

Equity Funds - 46.2%

Shares

Value

Domestic Equity Funds - 40.9%

VIP Contrafund Portfolio Initial Class

11,620

$ 347,082

VIP Equity-Income Portfolio Initial Class

15,700

388,423

VIP Growth & Income Portfolio Initial Class

27,909

399,097

VIP Growth Portfolio Initial Class

11,923

389,180

VIP Mid Cap Portfolio Initial Class

4,303

145,272

VIP Value Portfolio Initial Class

26,965

333,828

VIP Value Strategies Portfolio Initial Class

10,235

136,836

TOTAL DOMESTIC EQUITY FUNDS

2,139,718

International Equity Funds - 5.3%

VIP Overseas Portfolio Initial Class

14,597

276,607

TOTAL EQUITY FUNDS

(Cost $2,313,129)

2,416,325

Fixed-Income Funds - 44.0%

High Yield Fixed-Income Funds - 4.9%

VIP High Income Portfolio Initial Class

39,446

259,157

Investment Grade Fixed-Income Funds - 39.1%

VIP Investment Grade Bond Portfolio Initial Class

160,887

2,041,654

TOTAL FIXED-INCOME FUNDS

(Cost $2,294,216)

2,300,811

Short-Term Funds - 9.8%

VIP Money Market Portfolio Initial Class
(Cost $509,958)

509,958

509,958

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $5,117,303)

$ 5,227,094

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $5,117,303. Net unrealized appreciation aggregated $109,791, of which $112,874 related to appreciated investment securities and $3,083 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.

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:
Freedom 2010 Portfolio

September 30, 2005

VIPF2010-QTLY-1105

1.822344.100

Showing Percentage of Total Value of Investment in Securities

Investments September 30, 2005 (Unaudited)

Equity Funds - 48.3%

Shares

Value

Domestic Equity Funds - 42.6%

VIP Contrafund Portfolio Initial Class

33,918

$ 1,013,134

VIP Equity-Income Portfolio Initial Class

45,974

1,137,395

VIP Growth & Income Portfolio Initial Class

81,770

1,169,310

VIP Growth Portfolio Initial Class

34,835

1,137,015

VIP Mid Cap Portfolio Initial Class

12,599

425,356

VIP Value Portfolio Initial Class

78,996

977,974

VIP Value Strategies Portfolio Initial Class

29,939

400,280

TOTAL DOMESTIC EQUITY FUNDS

6,260,464

International Equity Funds - 5.7%

VIP Overseas Portfolio Initial Class

44,385

841,100

TOTAL EQUITY FUNDS

(Cost $6,862,249)

7,101,564

Fixed-Income Funds - 43.1%

High Yield Fixed-Income Funds - 5.2%

VIP High Income Portfolio Initial Class

115,738

760,402

Investment Grade Fixed-Income Funds - 37.9%

VIP Investment Grade Bond Portfolio Initial Class

439,314

5,574,898

TOTAL FIXED-INCOME FUNDS

(Cost $6,326,215)

6,335,300

Short-Term Funds - 8.6%

VIP Money Market Portfolio Initial Class
(Cost $1,264,910)

1,264,910

1,264,910

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $14,453,374)

$ 14,701,774

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $14,453,419. Net unrealized appreciation aggregated $248,355, of which $262,259 related to appreciated investment securities and $13,904 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.

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:
Freedom 2015 Portfolio

September 30, 2005

VIPF2015-QTLY-1105

1.822346.100

Showing Percentage of Total Value of Investment in Securities

Investments September 30, 2005 (Unaudited)

Equity Funds - 60.4%

Shares

Value

Domestic Equity Funds - 51.6%

VIP Contrafund Portfolio Initial Class

35,391

$ 1,057,124

VIP Equity-Income Portfolio Initial Class

48,194

1,192,331

VIP Growth & Income Portfolio Initial Class

85,470

1,222,218

VIP Growth Portfolio Initial Class

36,531

1,192,382

VIP Mid Cap Portfolio Initial Class

13,116

442,791

VIP Value Portfolio Initial Class

82,787

1,024,897

VIP Value Strategies Portfolio Initial Class

31,459

420,612

TOTAL DOMESTIC EQUITY FUNDS

6,552,355

International Equity Funds - 8.8%

VIP Overseas Portfolio Initial Class

59,434

1,126,280

TOTAL EQUITY FUNDS

(Cost $7,437,664)

7,678,635

Fixed-Income Funds - 36.3%

High Yield Fixed-Income Funds - 6.7%

VIP High Income Portfolio Initial Class

128,641

845,173

Investment Grade Fixed-Income Funds - 29.6%

VIP Investment Grade Bond Portfolio Initial Class

296,713

3,765,282

TOTAL FIXED-INCOME FUNDS

(Cost $4,609,618)

4,610,455

Short-Term Funds - 3.3%

VIP Money Market Portfolio Initial Class
(Cost $413,278)

413,278

413,278

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $12,460,560)

$ 12,702,368

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $12,460,560. Net unrealized appreciation aggregated $241,808, of which $258,782 related to appreciated investment securities and $16,974 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.

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:
Freedom 2020 Portfolio

September 30, 2005

VIPF2020-QTLY-1105

1.822349.100

Showing Percentage of Total Value of Investment in Securities

Investments September 30, 2005 (Unaudited)

Equity Funds - 69.4%

Shares

Value

Domestic Equity Funds - 59.0%

VIP Contrafund Portfolio Initial Class

72,960

$ 2,179,317

VIP Equity-Income Portfolio Initial Class

99,211

2,454,479

VIP Growth & Income Portfolio Initial Class

175,864

2,514,849

VIP Growth Portfolio Initial Class

75,155

2,453,061

VIP Mid Cap Portfolio Initial Class

27,007

911,767

VIP Value Portfolio Initial Class

170,657

2,112,732

VIP Value Strategies Portfolio Initial Class

64,747

865,669

TOTAL DOMESTIC EQUITY FUNDS

13,491,874

International Equity Funds - 10.4%

VIP Overseas Portfolio Initial Class

124,717

2,363,382

TOTAL EQUITY FUNDS

(Cost $15,394,578)

15,855,256

Fixed-Income Funds - 30.4%

High Yield Fixed-Income Funds - 7.4%

VIP High Income Portfolio Initial Class

256,406

1,684,590

Investment Grade Fixed-Income Funds - 23.0%

VIP Investment Grade Bond Portfolio Initial Class

414,832

5,264,223

TOTAL FIXED-INCOME FUNDS

(Cost $6,941,718)

6,948,813

Short-Term Funds - 0.2%

VIP Money Market Portfolio Initial Class
(Cost $49,508)

49,508

49,508

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $22,385,804)

$ 22,853,577

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $22,385,812. Net unrealized appreciation aggregated $467,765, of which $494,666 related to appreciated investment securities and $26,901 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.

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:
Freedom 2025 Portfolio

September 30, 2005

VIPF2025-QTLY-1105

1.822350.100

Showing Percentage of Total Value of Investment in Securities

Investments September 30, 2005 (Unaudited)

Equity Funds - 75.3%

Shares

Value

Domestic Equity Funds - 64.0%

VIP Contrafund Portfolio Initial Class

16,049

$ 479,375

VIP Equity-Income Portfolio Initial Class

21,740

537,860

VIP Growth & Income Portfolio Initial Class

38,462

550,011

VIP Growth Portfolio Initial Class

16,523

539,322

VIP Mid Cap Portfolio Initial Class

5,942

200,600

VIP Value Portfolio Initial Class

37,391

462,899

VIP Value Strategies Portfolio Initial Class

14,283

190,964

TOTAL DOMESTIC EQUITY FUNDS

2,961,031

International Equity Funds - 11.3%

VIP Overseas Portfolio Initial Class

27,629

523,570

TOTAL EQUITY FUNDS

(Cost $3,342,565)

3,484,601

Fixed-Income Funds - 24.6%

High Yield Fixed-Income Funds - 7.3%

VIP High Income Portfolio Initial Class

51,681

339,542

Investment Grade Fixed-Income Funds - 17.3%

VIP Investment Grade Bond Portfolio Initial Class

62,882

797,977

TOTAL FIXED-INCOME FUNDS

(Cost $1,133,006)

1,137,519

Short-Term Funds - 0.1%

VIP Money Market Portfolio Initial Class
(Cost $4,509)

4,509

4,509

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $4,480,080)

$ 4,626,629

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $4,480,080. Net unrealized appreciation aggregated $146,549, of which $152,295 related to appreciated investment securities and $5,746 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.

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:
Freedom 2030 Portfolio

September 30, 2005

VIPF2030-QTLY-1105

1.822347.100

Showing Percentage of Total Value of Investment in Securities

Investments September 30, 2005 (Unaudited)

Equity Funds - 82.7%

Shares

Value

Domestic Equity Funds - 69.9%

VIP Contrafund Portfolio Initial Class

45,370

$ 1,355,191

VIP Equity-Income Portfolio Initial Class

61,708

1,526,648

VIP Growth & Income Portfolio Initial Class

109,216

1,561,785

VIP Growth Portfolio Initial Class

46,833

1,528,615

VIP Mid Cap Portfolio Initial Class

16,815

567,658

VIP Value Portfolio Initial Class

106,129

1,313,872

VIP Value Strategies Portfolio Initial Class

40,372

539,775

TOTAL DOMESTIC EQUITY FUNDS

8,393,544

International Equity Funds - 12.8%

VIP Overseas Portfolio Initial Class

81,274

1,540,138

TOTAL EQUITY FUNDS

(Cost $9,581,607)

9,933,682

Fixed-Income Funds - 17.2%

High Yield Fixed-Income Funds - 7.3%

VIP High Income Portfolio Initial Class

134,137

881,278

Investment Grade Fixed-Income Funds - 9.9%

VIP Investment Grade Bond Portfolio Initial Class

93,383

1,185,034

TOTAL FIXED-INCOME FUNDS

(Cost $2,058,937)

2,066,312

Short-Term Funds - 0.1%

VIP Money Market Portfolio Initial Class
(Cost $11,716)

11,716

11,716

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $11,652,260)

$ 12,011,710

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $11,652,284. Net unrealized appreciation aggregated $359,426, of which $369,135 related to appreciated investment securities and $9,709 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.

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:
Freedom Income Portfolio

September 30, 2005

VIPFINC-QTLY-1105

1.822341.100

Showing Percentage of Total Value of Investment in Securities

Investments September 30, 2005 (Unaudited)

Equity Funds - 20.6%

Shares

Value

Domestic Equity Funds - 20.6%

VIP Contrafund Portfolio Initial Class

5,833

$ 174,218

VIP Equity-Income Portfolio Initial Class

7,867

194,624

VIP Growth & Income Portfolio
Initial Class

13,999

200,186

VIP Growth Portfolio Initial Class

5,979

195,166

VIP Mid Cap Portfolio Initial Class

2,172

73,341

VIP Value Portfolio Initial Class

13,541

167,641

VIP Value Strategies Portfolio Initial Class

5,163

69,027

TOTAL EQUITY FUNDS

(Cost $1,030,156)

1,074,203

Fixed-Income Funds - 39.6%

High Yield Fixed-Income Funds - 5.0%

VIP High Income Portfolio Initial Class

39,698

260,819

Investment Grade Fixed-Income Funds - 34.6%

VIP Investment Grade Bond Portfolio Initial Class

142,314

1,805,959

TOTAL FIXED-INCOME FUNDS

(Cost $2,060,268)

2,066,778

Short-Term Funds - 39.8%

VIP Money Market Portfolio Initial Class
(Cost $2,075,594)

2,075,594

2,075,594

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $5,166,018)

$ 5,216,575

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $5,166,114. Net unrealized appreciation aggregated $50,461, of which $53,198 related to appreciated investment securities and $2,737 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.

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:
Freedom Lifetime Income I Portfolio

September 30, 2005

VIPFLI-QTLY-1105

1.822343.100

Showing Percentage of Total Value of Investment in Securities

Investments September 30, 2005 (Unaudited)

Equity Funds - 45.6%

Shares

Value

Domestic Equity Funds - 40.3%

VIP Contrafund Portfolio Investor Class

2,220

$ 66,303

VIP Equity Income Portfolio Investor Class

2,993

74,039

VIP Growth & Income Portfolio Investor Class

5,370

76,733

VIP Growth Portfolio Investor Class

2,260

73,755

VIP Mid Cap Portfolio Investor Class

825

27,833

VIP Value Portfolio Investor Class

5,140

63,628

VIP Value Strategies Portfolio Investor Class

1,946

25,998

TOTAL DOMESTIC EQUITY FUNDS

408,289

International Equity Funds - 5.3%

VIP Overseas Portfolio Investor Class R

2,853

54,064

TOTAL EQUITY FUNDS

(Cost $459,787)

462,353

Fixed-Income Funds - 44.5%

High Yield Fixed-Income Funds - 5.0%

VIP High Income Portfolio Investor Class

7,647

50,242

Investment Grade Fixed-Income Funds - 39.5%

VIP Investment Grade Bond Portfolio Investor Class

31,579

400,419

TOTAL FIXED-INCOME FUNDS

(Cost $449,952)

450,661

Short-Term Funds - 9.9%

VIP Money Market Portfolio Investor Class
(Cost $100,572)

100,572

100,572

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $1,010,311)

$ 1,013,586

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $1,010,311. Net unrealized appreciation aggregated $3,275, of which $6,335 related to appreciated investment securities and $3,060 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:
Freedom Lifetime Income II Portfolio

September 30, 2005

VIPFLI-II-QTLY-1105

1.822345.100

Showing Percentage of Total Value of Investment in Securities

Investments September 30, 2005 (Unaudited)

Equity Funds - 66.8%

Shares

Value

Domestic Equity Funds - 56.5%

VIP Contrafund Portfolio Investor Class

3,742

$ 111,725

VIP Equity Income Portfolio Investor Class

5,064

125,280

VIP Growth & Income Portfolio Investor Class

9,047

129,279

VIP Growth Portfolio Investor Class

3,823

124,760

VIP Mid Cap Portfolio Investor Class

1,388

46,838

VIP Value Portfolio Investor Class

8,696

107,658

VIP Value Strategies Portfolio Investor Class

3,298

44,064

TOTAL DOMESTIC EQUITY FUNDS

689,604

International Equity Funds - 10.3%

VIP Overseas Portfolio Investor Class R

6,591

124,901

TOTAL EQUITY FUNDS

(Cost $809,753)

814,505

Fixed-Income Funds - 32.3%

High Yield Fixed-Income Funds - 7.3%

VIP High Income Portfolio Investor Class

13,486

88,605

Investment Grade Fixed-Income Funds - 25.0%

VIP Investment Grade Bond Portfolio Investor Class

24,089

305,453

TOTAL FIXED-INCOME FUNDS

(Cost $393,930)

394,058

Short-Term Funds - 0.9%

VIP Money Market Portfolio Investor Class
(Cost $11,216)

11,216

11,216

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $1,214,899)

$ 1,219,779

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $1,214,899. Net unrealized appreciation aggregated $4,880, of which $10,205 related to appreciated investment securities and $5,325 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.

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:
Freedom Lifetime Income III Portfolio

September 30, 2005

VIPFLI-III-QTLY-1105

1.822348.100

Showing Percentage of Total Value of Investment in Securities

Investments September 30, 2005 (Unaudited)

Equity Funds - 81.2%

Shares

Value

Domestic Equity Funds - 68.4%

VIP Contrafund Portfolio Investor Class

3,811

$ 113,798

VIP Equity Income Portfolio Investor Class

5,134

127,021

VIP Growth & Income Portfolio Investor Class

9,212

131,644

VIP Growth Portfolio Investor Class

3,878

126,534

VIP Mid Cap Portfolio Investor Class

1,415

47,748

VIP Value Portfolio Investor Class

8,821

109,207

VIP Value Strategies Portfolio Investor Class

3,338

44,599

TOTAL DOMESTIC EQUITY FUNDS

700,551

International Equity Funds - 12.8%

VIP Overseas Portfolio Investor Class R

6,942

131,560

TOTAL EQUITY FUNDS

(Cost $826,092)

832,111

Fixed-Income Funds - 18.8%

High Yield Fixed-Income Funds - 7.4%

VIP High Income Portfolio Investor Class

11,468

75,345

Investment Grade Fixed-Income Funds - 11.4%

VIP Investment Grade Bond Portfolio Investor Class

9,219

116,893

TOTAL FIXED-INCOME FUNDS

(Cost $191,939)

192,238

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $1,018,031)

$ 1,024,349

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $1,018,031. Net unrealized appreciation aggregated $6,318, of which $11,571 related to appreciated investment securities and $5,253 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.

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

September 30, 2005

VIPGR-QTLY-1105

1.808784.101

Investments September 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%

Shares

Value

CONSUMER DISCRETIONARY - 8.0%

Internet & Catalog Retail - 2.1%

eBay, Inc. (a)

5,200

$ 214,240

GSI Commerce, Inc. (a)

18,800

374,120

588,360

Media - 2.3%

Getty Images, Inc. (a)

4,800

412,992

Univision Communications, Inc. Class A (a)

3,500

92,855

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

3,400

122,094

627,941

Specialty Retail - 3.6%

Best Buy Co., Inc.

2,950

128,414

Circuit City Stores, Inc.

8,700

149,292

Staples, Inc.

32,300

688,636

Urban Outfitters, Inc. (a)

1,500

44,100

1,010,442

TOTAL CONSUMER DISCRETIONARY

2,226,743

CONSUMER STAPLES - 10.0%

Beverages - 2.2%

PepsiCo, Inc.

10,900

618,139

Food & Staples Retailing - 4.7%

CVS Corp.

4,800

139,248

Wal-Mart Stores, Inc.

19,400

850,108

Walgreen Co.

7,600

330,220

1,319,576

Food Products - 0.4%

Global Bio-Chem Technology Group Co. Ltd.

272,000

124,475

Household Products - 1.9%

Colgate-Palmolive Co.

2,600

137,254

Procter & Gamble Co.

6,360

378,166

515,420

Personal Products - 0.8%

Avon Products, Inc.

1,800

48,600

Gillette Co.

2,800

162,960

211,560

TOTAL CONSUMER STAPLES

2,789,170

ENERGY - 3.9%

Energy Equipment & Services - 3.1%

Halliburton Co.

11,200

767,424

National Oilwell Varco, Inc. (a)

1,403

92,317

859,741

Shares

Value

Oil, Gas & Consumable Fuels - 0.8%

BG Group PLC sponsored ADR

3,100

$ 147,839

BP PLC sponsored ADR

1,000

70,850

218,689

TOTAL ENERGY

1,078,430

FINANCIALS - 2.5%

Capital Markets - 0.7%

Harris & Harris Group, Inc. (a)

4,300

47,730

Nomura Holdings, Inc. sponsored ADR

8,800

136,752

184,482

Commercial Banks - 0.6%

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

12,600

164,178

Insurance - 1.2%

American International Group, Inc.

5,400

334,584

TOTAL FINANCIALS

683,244

HEALTH CARE - 19.0%

Biotechnology - 0.3%

Alnylam Pharmaceuticals, Inc. (a)

6,700

75,710

Health Care Equipment & Supplies - 3.1%

Medtronic, Inc.

6,900

369,978

Millipore Corp. (a)

2,300

144,647

St. Jude Medical, Inc. (a)

1,500

70,200

Waters Corp. (a)

6,500

270,400

855,225

Health Care Providers & Services - 2.9%

McKesson Corp.

6,900

327,405

Psychiatric Solutions, Inc. (a)

200

10,846

UnitedHealth Group, Inc.

8,600

483,320

821,571

Pharmaceuticals - 12.7%

Eli Lilly & Co.

4,600

246,192

Johnson & Johnson

14,600

923,888

Nastech Pharmaceutical Co., Inc. (a)

63,800

902,132

Novartis AG sponsored ADR

6,300

321,300

Schering-Plough Corp.

22,200

467,310

Wyeth

14,700

680,169

3,540,991

TOTAL HEALTH CARE

5,293,497

INDUSTRIALS - 6.9%

Aerospace & Defense - 2.2%

Honeywell International, Inc.

16,100

603,750

Construction & Engineering - 0.8%

Chicago Bridge & Iron Co. NV (NY Shares)

7,700

239,393

Electrical Equipment - 0.5%

American Power Conversion Corp.

5,400

139,860

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Industrial Conglomerates - 3.4%

General Electric Co.

28,100

$ 946,127

TOTAL INDUSTRIALS

1,929,130

INFORMATION TECHNOLOGY - 45.8%

Communications Equipment - 6.1%

AudioCodes Ltd. (a)

21,100

232,311

Cisco Systems, Inc. (a)

15,300

274,329

Harris Corp.

10,300

430,540

Juniper Networks, Inc. (a)

12,500

297,375

QUALCOMM, Inc.

3,600

161,100

Sonus Networks, Inc. (a)

27,300

158,340

Tekelec (a)

6,800

142,460

1,696,455

Computers & Peripherals - 15.7%

Apple Computer, Inc. (a)

8,000

428,880

Dell, Inc. (a)

32,200

1,101,240

EMC Corp. (a)

113,400

1,467,396

UNOVA, Inc. (a)

38,738

1,355,055

4,352,571

Electronic Equipment & Instruments - 9.2%

DTS, Inc. (a)

5,900

99,356

Flextronics International Ltd. (a)

50,300

646,355

Jabil Circuit, Inc. (a)

48,000

1,484,161

National Instruments Corp.

7,900

194,656

Trimble Navigation Ltd. (a)

3,800

128,022

2,552,550

Internet Software & Services - 3.5%

aQuantive, Inc. (a)

3,200

64,416

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

800

253,168

Yahoo! Japan Corp.

96

113,276

Yahoo! Japan Corp. New

96

114,979

Yahoo!, Inc. (a)

12,900

436,536

982,375

Office Electronics - 0.6%

Zebra Technologies Corp. Class A (a)

4,100

160,269

Semiconductors & Semiconductor Equipment - 3.8%

Advanced Semiconductor Engineering, Inc. sponsored ADR

68,623

232,632

Analog Devices, Inc.

8,600

319,404

ASE Test Ltd. (a)

32,900

206,283

Ikanos Communications, Inc.

100

1,229

Mindspeed Technologies, Inc. (a)

27,300

65,793

Siliconware Precision Industries Co. Ltd. sponsored ADR

46,768

242,258

1,067,599

Software - 6.9%

Cognos, Inc. (a)

1,600

61,889

Electronic Arts, Inc. (a)

3,300

187,737

Microsoft Corp.

50,800

1,307,084

Shares

Value

Quest Software, Inc. (a)

10,200

$ 153,714

Ulticom, Inc. (a)

17,302

190,841

1,901,265

TOTAL INFORMATION TECHNOLOGY

12,713,084

TOTAL COMMON STOCKS

(Cost $25,665,996)

26,713,298

Money Market Funds - 4.4%

Fidelity Cash Central Fund, 3.82% (b)
(Cost $1,209,289)

1,209,289

1,209,289

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $26,875,285)

27,922,587

NET OTHER ASSETS - (0.5)%

(136,108)

NET ASSETS - 100%

$ 27,786,479

Legend

(a) Non-income producing

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

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $26,905,788. Net unrealized appreciation aggregated $1,016,799, of which $1,851,538 related to appreciated investment securities and $834,739 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

September 30, 2005

VHC-QTLY-1105

1.807727.101

Investments September 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%

Shares

Value

BIOTECHNOLOGY - 19.5%

Biotechnology - 19.5%

Affymetrix, Inc. (a)

6,700

$ 309,741

Amgen, Inc. (a)

85,400

6,803,818

Amylin Pharmaceuticals, Inc. (a)

6,700

233,093

Anadys Pharmaceuticals, Inc. (a)

800

8,536

Applera Corp.:

- Applied Biosystems Group

5,200

120,848

- Celera Genomics Group (a)

1,800

21,834

Biogen Idec, Inc. (a)

21,100

833,028

Celgene Corp. (a)

10,600

575,792

Cephalon, Inc. (a)

3,300

153,186

Charles River Laboratories International, Inc. (a)

6,300

274,806

Chiron Corp. (a)

17,100

745,902

DOV Pharmaceutical, Inc. (a)

300

5,094

Genentech, Inc. (a)

71,200

5,995,752

Genzyme Corp. (a)

13,900

995,796

Gilead Sciences, Inc. (a)

29,600

1,443,296

Human Genome Sciences, Inc. (a)

17,600

239,184

ICOS Corp. (a)

7,100

196,102

ImClone Systems, Inc. (a)

4,500

141,525

Invitrogen Corp. (a)

3,200

240,736

Martek Biosciences (a)

2,000

70,260

MedImmune, Inc. (a)

20,230

680,740

Millennium Pharmaceuticals, Inc. (a)

38,500

359,205

Nektar Therapeutics (a)

5,300

89,835

Neurocrine Biosciences, Inc. (a)

15,800

777,202

OSI Pharmaceuticals, Inc. (a)

3,300

96,492

Protein Design Labs, Inc. (a)

6,600

184,800

Serologicals Corp. (a)

7,000

157,920

Techne Corp. (a)

2,300

131,054

Vertex Pharmaceuticals, Inc. (a)

5,500

122,925

22,008,502

COMMERCIAL SERVICES & SUPPLIES - 0.1%

Office Services & Supplies - 0.1%

Mine Safety Appliances Co.

2,300

89,010

HEALTH CARE EQUIPMENT & SUPPLIES - 20.2%

Health Care Equipment - 16.6%

Advanced Medical Optics, Inc. (a)

8,300

314,985

Animas Corp. (a)

5,100

80,070

Aspect Medical Systems, Inc. (a)

13,600

402,968

Baxter International, Inc.

48,220

1,922,531

Beckman Coulter, Inc.

8,800

475,024

Becton, Dickinson & Co.

18,800

985,684

Biomet, Inc.

8,765

304,233

Boston Scientific Corp. (a)

19,320

451,508

C.R. Bard, Inc.

10,700

706,521

Cytyc Corp. (a)

18,500

496,725

Dade Behring Holdings, Inc.

5,540

203,096

Epix Pharmaceuticals, Inc. (a)

17,900

137,830

Shares

Value

Fisher Scientific International, Inc. (a)

7,500

$ 465,375

GN Store Nordic AS

23,100

305,164

Guidant Corp.

21,300

1,467,357

Hillenbrand Industries, Inc.

1,000

47,050

Hospira, Inc. (a)

352

14,421

IDEXX Laboratories, Inc. (a)

1,500

100,320

IntraLase Corp.

200

2,942

Intuitive Surgical, Inc. (a)

1,100

80,619

Invacare Corp.

4,600

191,682

Kinetic Concepts, Inc. (a)

7,300

414,640

Medtronic, Inc.

79,860

4,282,093

Mentor Corp.

2,500

137,525

ResMed, Inc. (a)

11,700

931,905

Respironics, Inc. (a)

12,100

510,378

St. Jude Medical, Inc. (a)

25,720

1,203,696

Stereotaxis, Inc. (a)

18,000

133,380

Steris Corp.

2,900

68,991

Stryker Corp.

8,000

395,440

Syneron Medical Ltd. (a)

3,400

124,236

Synthes, Inc.

1,628

190,464

Thermo Electron Corp. (a)

10,200

315,180

Varian Medical Systems, Inc. (a)

2,200

86,922

Waters Corp. (a)

13,800

574,080

Zimmer Holdings, Inc. (a)

3,300

227,337

18,752,372

Health Care Supplies - 3.6%

Alcon, Inc.

20,900

2,672,692

Bausch & Lomb, Inc.

3,500

282,380

Cooper Companies, Inc.

2,700

206,847

DENTSPLY International, Inc.

4,900

264,698

DJ Orthopedics, Inc. (a)

8,700

251,778

Gen-Probe, Inc. (a)

2,200

108,790

Immucor, Inc. (a)

2,800

76,832

Millipore Corp. (a)

3,300

207,537

4,071,554

TOTAL HEALTH CARE EQUIPMENT & SUPPLIES

22,823,926

HEALTH CARE PROVIDERS & SERVICES - 28.3%

Health Care Distributors & Services - 3.2%

AmerisourceBergen Corp.

3,600

278,280

Andrx Corp. (a)

4,400

67,892

Cardinal Health, Inc.

20,000

1,268,800

Henry Schein, Inc. (a)

5,400

230,148

McKesson Corp.

31,800

1,508,910

Patterson Companies, Inc. (a)

5,300

212,159

3,566,189

Health Care Facilities - 2.9%

American Retirement Corp. (a)

3,700

69,671

Community Health Systems, Inc. (a)

14,600

566,626

HCA, Inc.

14,200

680,464

Health Management Associates, Inc. Class A

15,900

373,173

Common Stocks - continued

Shares

Value

HEALTH CARE PROVIDERS & SERVICES - CONTINUED

Health Care Facilities - continued

LifePoint Hospitals, Inc. (a)

3,500

$ 153,055

Tenet Healthcare Corp. (a)

4,300

48,289

Triad Hospitals, Inc. (a)

1,000

45,270

United Surgical Partners International, Inc. (a)

9,550

373,501

Universal Health Services, Inc. Class B

3,600

171,468

VCA Antech, Inc. (a)

30,000

765,600

3,247,117

Health Care Services - 6.5%

American Healthways, Inc. (a)

6,000

254,400

Apria Healthcare Group, Inc. (a)

700

22,337

Caremark Rx, Inc. (a)

30,300

1,512,879

Cerner Corp. (a)

5,800

504,194

Covance, Inc. (a)

5,800

278,342

DaVita, Inc. (a)

8,550

393,899

Express Scripts, Inc. (a)

9,900

615,780

Laboratory Corp. of America Holdings (a)

7,500

365,325

Lifeline Systems, Inc. (a)

3,900

130,377

Lincare Holdings, Inc. (a)

6,300

258,615

Medco Health Solutions, Inc. (a)

20,200

1,107,566

Omnicare, Inc.

6,500

365,495

Pediatrix Medical Group, Inc. (a)

1,500

115,230

Pharmaceutical Product Development, Inc. (a)

1,800

103,518

Psychiatric Solutions, Inc. (a)

700

37,961

Quest Diagnostics, Inc.

14,100

712,614

VistaCare, Inc. Class A (a)

20,000

289,400

WebMD Corp. (a)

22,654

251,006

WebMD Health Corp. Class A

2,000

49,298

7,368,236

Managed Health Care - 15.7%

Aetna, Inc.

15,500

1,335,170

AMERIGROUP Corp. (a)

2,400

45,888

CIGNA Corp.

2,400

282,864

Coventry Health Care, Inc. (a)

4,700

404,294

Health Net, Inc. (a)

50,600

2,394,392

Humana, Inc. (a)

12,800

612,864

PacifiCare Health Systems, Inc. (a)

24,400

1,946,632

Sierra Health Services, Inc. (a)

3,100

213,497

UnitedHealth Group, Inc.

120,900

6,794,580

WellChoice, Inc. (a)

7,800

592,020

WellPoint, Inc. (a)

41,000

3,108,620

17,730,821

TOTAL HEALTH CARE PROVIDERS & SERVICES

31,912,363

Shares

Value

PERSONAL PRODUCTS - 0.1%

Personal Products - 0.1%

NBTY, Inc. (a)

4,800

$ 112,800

PHARMACEUTICALS - 31.5%

Pharmaceuticals - 31.5%

Abbott Laboratories

95,320

4,041,568

Adams Respiratory Therapeutics, Inc.

100

3,229

Allergan, Inc.

11,200

1,026,144

American Pharmaceutical Partners, Inc. (a)

4,400

200,904

Astellas Pharma, Inc.

6,400

242,450

AstraZeneca PLC sponsored ADR

24,400

1,149,240

Barr Pharmaceuticals, Inc. (a)

6,300

345,996

Bristol-Myers Squibb Co.

5,300

127,518

Eli Lilly & Co.

7,900

422,808

Endo Pharmaceuticals Holdings, Inc. (a)

8,100

216,027

First Horizon Pharmaceutical Corp. (a)

4,600

91,402

Forest Laboratories, Inc. (a)

27,100

1,056,087

GlaxoSmithKline PLC sponsored ADR

15,400

789,712

Ista Pharmaceuticals, Inc. (a)

7,000

46,480

IVAX Corp. (a)

11,300

297,868

Johnson & Johnson

129,315

8,183,054

King Pharmaceuticals, Inc. (a)

15,000

230,700

Kos Pharmaceuticals, Inc. (a)

5,500

368,115

Medicis Pharmaceutical Corp. Class A

3,400

110,704

Merck & Co., Inc.

5,480

149,111

MGI Pharma, Inc. (a)

3,400

79,254

Mylan Laboratories, Inc.

7,900

152,154

Novartis AG sponsored ADR

47,100

2,402,100

Par Pharmaceutical Companies, Inc. (a)

2,100

55,902

Penwest Pharmaceuticals Co. (a)

4,900

85,897

Pfizer, Inc.

80,340

2,006,090

Ranbaxy Laboratories Ltd. sponsored GDR

8,169

93,127

Roche Holding AG (participation certificate)

11,056

1,536,101

Salix Pharmaceuticals Ltd. (a)

47,100

1,000,875

Sanofi-Aventis sponsored ADR

19,300

801,915

Schering-Plough Corp.

110,300

2,321,815

Sepracor, Inc. (a)

6,700

395,233

Takeda Pharamaceutical Co. Ltd.

2,000

119,948

Taro Pharmaceutical Industries Ltd. (a)

500

12,865

Teva Pharmaceutical Industries Ltd. sponsored ADR

16,500

551,430

Valeant Pharmaceuticals International

1,700

34,136

Watson Pharmaceuticals, Inc. (a)

10,200

373,422

Wyeth

97,220

4,498,369

35,619,750

TOTAL COMMON STOCKS

(Cost $93,028,889)

112,566,351

Money Market Funds - 1.7%

Shares

Value

Fidelity Cash Central Fund, 3.82% (b)

1,629,293

$ 1,629,293

Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)

280,300

280,300

TOTAL MONEY MARKET FUNDS

(Cost $1,909,593)

1,909,593

TOTAL INVESTMENT PORTFOLIO - 101.4%

(Cost $94,938,482)

114,475,944

NET OTHER ASSETS - (1.4)%

(1,635,841)

NET ASSETS - 100%

$ 112,840,103

Legend

(a) Non-income producing

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

(c) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $95,377,752. Net unrealized appreciation aggregated $19,098,192, of which $21,175,626 related to appreciated investment securities and $2,077,434 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

September 30, 2005

VIPCAP-QTLY-1105

1.822576.100

Investments September 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.3%

Shares

Value

Australia - 1.8%

BHP Billiton Ltd. sponsored ADR

4,000

$ 136,720

Computershare Ltd.

11,676

58,775

TOTAL AUSTRALIA

195,495

Austria - 0.9%

OMV AG

1,700

100,985

Canada - 4.6%

EnCana Corp.

8,500

496,065

China - 0.3%

Weichai Power Co. Ltd. (H Shares)

16,000

35,579

Finland - 0.7%

Nokia Corp. sponsored ADR

4,600

77,786

France - 10.6%

BNP Paribas SA

2,000

152,085

Pernod-Ricard

2,789

492,567

Total SA Series B

1,810

491,668

TOTAL FRANCE

1,136,320

Germany - 9.5%

Allianz AG (Reg.)

4,100

553,910

Deutsche Telekom AG (Reg.)

5,200

94,848

E.ON AG

4,000

369,000

TOTAL GERMANY

1,017,758

India - 3.2%

Cipla Ltd.

6,778

58,582

Satyam Computer Services Ltd.

11,684

148,937

State Bank of India

5,486

131,987

TOTAL INDIA

339,506

Ireland - 1.5%

Ryanair Holdings PLC sponsored ADR (a)

3,400

154,802

Italy - 0.7%

Banca Intesa Spa

16,200

75,510

Japan - 17.3%

Credit Saison Co. Ltd.

3,400

150,218

Nikko Cordial Corp.

33,000

384,409

Nitto Denko Corp.

2,100

119,051

Sumitomo Mitsui Financial Group, Inc.

49

465,151

Tokyo Electron Ltd.

8,500

454,727

Yahoo! Japan Corp.

118

139,235

Yahoo! Japan Corp. New

112

134,142

TOTAL JAPAN

1,846,933

Korea (South) - 1.1%

Shinhan Financial Group Co. Ltd.

3,510

122,102

Netherlands - 8.3%

ASML Holding NV (NY Shares) (a)

33,900

559,691

Shares

Value

ING Groep NV (Certificaten Van Aandelen)

5,500

$ 163,845

QIAGEN NV (a)

12,600

164,304

TOTAL NETHERLANDS

887,840

Norway - 0.9%

Statoil ASA

3,700

91,776

Singapore - 1.2%

STATS ChipPAC Ltd. sponsored ADR (a)

19,700

123,716

Switzerland - 11.5%

ABB Ltd. sponsored ADR (a)

12,600

92,736

Credit Suisse Group (Reg.)

9,929

441,642

Novartis AG (Reg.)

7,238

369,138

Roche Holding AG (participation certificate)

2,364

328,450

TOTAL SWITZERLAND

1,231,966

Taiwan - 7.3%

Advanced Semiconductor Engineering, Inc.

369,000

249,073

AU Optronics Corp. sponsored ADR

16,771

217,352

Optimax Technology Corp.

11,206

18,235

United Microelectronics Corp.

5,455

3,501

United Microelectronics Corp. sponsored ADR

82,552

297,187

TOTAL TAIWAN

785,348

United Kingdom - 9.2%

BP PLC

39,800

469,972

Smiths Group PLC

14,100

238,601

Vodafone Group PLC

108,400

281,514

TOTAL UNITED KINGDOM

990,087

United States of America - 1.7%

Halliburton Co.

1,100

75,372

Lyondell Chemical Co.

3,600

103,032

TOTAL UNITED STATES OF AMERICA

178,404

TOTAL COMMON STOCKS

(Cost $9,641,156)

9,887,978

Government Obligations - 1.0%

Principal Amount

United States of America - 1.0%

U.S. Treasury Bills, yield at date
of purchase 3.38% to 3.48% 12/8/05
to 12/22/05
(Cost $109,161)

$ 110,000

109,187

Money Market Funds - 8.1%

Shares

Value

Fidelity Cash Central Fund, 3.82% (b)
(Cost $866,286)

866,286

$ 866,286

TOTAL INVESTMENT PORTFOLIO - 101.4%

(Cost $10,616,603)

10,863,451

NET OTHER ASSETS - (1.4)%

(153,600)

NET ASSETS - 100%

$ 10,709,851

Legend

(a) Non-income producing

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

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $10,627,563. Net unrealized appreciation aggregated $235,888, of which $436,263 related to appreciated investment securities and $200,375 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:
Investor Freedom 2005 Portfolio

September 30, 2005

VIPIFF2005-QTLY-1105

1.822891.100

Showing Percentage of Total Value of Investment in Securities

Investments September 30, 2005 (Unaudited)

Equity Funds - 45.0%

Shares

Value

Domestic Equity Funds - 40.0%

VIP Contrafund Portfolio Investor Class

706

$ 21,094

VIP Equity Income Portfolio Investor Class

970

24,001

VIP Growth & Income Portfolio Investor Class

1,708

24,413

VIP Growth Portfolio Investor Class

735

23,990

VIP Mid Cap Portfolio Investor Class

260

8,780

VIP Value Portfolio Investor Class

1,674

20,725

VIP Value Strategies Portfolio Investor Class

639

8,544

TOTAL DOMESTIC EQUITY FUNDS

131,547

International Equity Funds - 5.0%

VIP Overseas Portfolio Investor Class R

867

16,430

TOTAL EQUITY FUNDS

(Cost $147,471)

147,977

Fixed-Income Funds - 43.3%

High Yield Fixed-Income Funds - 5.0%

VIP High Income Portfolio Investor Class

2,496

16,397

Investment Grade Fixed-Income Funds - 38.3%

VIP Investment Grade Bond Portfolio Investor Class

9,939

126,019

TOTAL FIXED-INCOME FUNDS

(Cost $142,642)

142,416

Short-Term Funds - 11.7%

VIP Money Market Portfolio Investor Class
(Cost $38,314)

38,314

38,314

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $328,427)

$ 328,707

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $328,427. Net unrealized appreciation aggregated $280, of which $1,170 related to appreciated investment securities and $890 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:
Investor Freedom 2010 Portfolio

September 30, 2005

VIPIFF2010-QTLY-1105

1.822892.100

Showing Percentage of Total Value of Investment in Securities

Investments September 30, 2005 (Unaudited)

Equity Funds - 46.7%

Shares

Value

Domestic Equity Funds - 41.4%

VIP Contrafund Portfolio Investor Class

2,097

$ 62,609

VIP Equity Income Portfolio Investor Class

2,891

71,519

VIP Growth & Income Portfolio Investor Class

5,070

72,447

VIP Growth Portfolio Investor Class

2,190

71,463

VIP Mid Cap Portfolio Investor Class

773

26,084

VIP Value Portfolio Investor Class

4,977

61,614

VIP Value Strategies Portfolio Investor Class

1,906

25,468

TOTAL DOMESTIC EQUITY FUNDS

391,204

International Equity Funds - 5.3%

VIP Overseas Portfolio Investor Class R

2,655

50,315

TOTAL EQUITY FUNDS

(Cost $437,618)

441,519

Fixed-Income Funds - 44.0%

High Yield Fixed-Income Funds - 5.1%

VIP High Income Portfolio Investor Class

7,307

48,006

Investment Grade Fixed-Income Funds - 38.9%

VIP Investment Grade Bond Portfolio Investor Class

29,055

368,421

TOTAL FIXED-INCOME FUNDS

(Cost $418,007)

416,427

Short-Term Funds - 9.3%

VIP Money Market Portfolio Investor Class
(Cost $87,462)

87,462

87,462

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $943,087)

$ 945,408

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $943,087. Net unrealized appreciation aggregated $2,321, of which $4,926 related to appreciated investment securities and $2,605 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.

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:
Investor Freedom 2015 Portfolio

September 30, 2005

VIPIFF2015-QTLY-1105

1.822893.100

Showing Percentage of Total Value of Investment in Securities

Investments September 30, 2005 (Unaudited)

Equity Funds - 60.7%

Shares

Value

Domestic Equity Funds - 51.9%

VIP Contrafund Portfolio Investor Class

3,421

$ 102,142

VIP Equity Income Portfolio Investor Class

4,744

117,375

VIP Growth & Income Portfolio Investor Class

8,298

118,582

VIP Growth Portfolio Investor Class

3,600

117,476

VIP Mid Cap Portfolio Investor Class

1,261

42,570

VIP Value Portfolio Investor Class

8,166

101,093

VIP Value Strategies Portfolio Investor Class

3,138

41,927

TOTAL DOMESTIC EQUITY FUNDS

641,165

International Equity Funds - 8.8%

VIP Overseas Portfolio Investor Class R

5,705

108,104

TOTAL EQUITY FUNDS

(Cost $740,147)

749,269

Fixed-Income Funds - 36.3%

High Yield Fixed-Income Funds - 6.8%

VIP High Income Portfolio Investor Class

12,723

83,589

Investment Grade Fixed-Income Funds - 29.5%

VIP Investment Grade Bond Portfolio Investor Class

28,699

363,910

TOTAL FIXED-INCOME FUNDS

(Cost $449,462)

447,499

Short-Term Funds - 3.0%

VIP Money Market Portfolio Investor Class
(Cost $37,474)

37,474

37,474

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $1,227,083)

$ 1,234,242

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $1,227,082. Net unrealized appreciation aggregated $7,160, of which $9,913 related to appreciated investment securities and $2,753 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.

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:
Investor Freedom 2020 Portfolio

September 30, 2005

VIPIFF2020-QTLY-1105

1.822895.100

Showing Percentage of Total Value of Investment in Securities

Investments September 30, 2005 (Unaudited)

Equity Funds - 70.2%

Shares

Value

Domestic Equity Funds - 60.0%

VIP Contrafund Portfolio Investor Class

2,723

$ 81,308

VIP Equity Income Portfolio Investor Class

3,755

92,903

VIP Growth & Income Portfolio Investor Class

6,583

94,077

VIP Growth Portfolio Investor Class

2,842

92,719

VIP Mid Cap Portfolio Investor Class

1,005

33,924

VIP Value Portfolio Investor Class

6,458

79,954

VIP Value Strategies Portfolio Investor Class

2,469

32,982

TOTAL DOMESTIC EQUITY FUNDS

507,867

International Equity Funds - 10.2%

VIP Overseas Portfolio Investor Class R

4,556

86,343

TOTAL EQUITY FUNDS

(Cost $586,197)

594,210

Fixed-Income Funds - 29.8%

High Yield Fixed-Income Funds - 7.4%

VIP High Income Portfolio Investor Class

9,559

62,803

Investment Grade Fixed-Income Funds - 22.4%

VIP Investment Grade Bond Portfolio Investor Class

14,929

189,304

TOTAL FIXED-INCOME FUNDS

(Cost $253,096)

252,107

Short-Term Funds - 0.0%

VIP Money Market Portfolio Investor Class
(Cost $168)

168

168

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $839,461)

$ 846,485

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $839,460. Net unrealized appreciation aggregated $7,025, of which $8,968 related to appreciated investment securities and $1,943 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.

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:
Investor Freedom 2025 Portfolio

September 30, 2005

VIPIFF2025-QTLY-1105

1.822896.100

Showing Percentage of Total Value of Investment in Securities

Investments September 30, 2005 (Unaudited)

Equity Funds - 75.5%

Shares

Value

Domestic Equity Funds - 64.3%

VIP Contrafund Portfolio Investor Class

2,129

$ 63,558

VIP Equity Income Portfolio Investor Class

2,928

72,446

VIP Growth & Income Portfolio Investor Class

5,153

73,641

VIP Growth Portfolio Investor Class

2,220

72,451

VIP Mid Cap Portfolio Investor Class

786

26,516

VIP Value Portfolio Investor Class

5,048

62,491

VIP Value Strategies Portfolio Investor Class

1,933

25,825

TOTAL DOMESTIC EQUITY FUNDS

396,928

International Equity Funds - 11.2%

VIP Overseas Portfolio Investor Class R

3,655

69,269

TOTAL EQUITY FUNDS

(Cost $460,276)

466,197

Fixed-Income Funds - 24.5%

High Yield Fixed-Income Funds - 7.4%

VIP High Income Portfolio Investor Class

6,982

45,875

Investment Grade Fixed-Income Funds - 17.1%

VIP Investment Grade Bond Portfolio Investor Class

8,307

105,331

TOTAL FIXED-INCOME FUNDS

(Cost $151,516)

151,206

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $611,792)

$ 617,403

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $611,792. Net unrealized appreciation aggregated $5,611, of which $6,685 related to appreciated investment securities and $1,074 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.

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:
Investor Freedom 2030 Portfolio

September 30, 2005

VIPIFF2030-QTLY-1105

1.822894.100

Showing Percentage of Total Value of Investment in Securities

Investments September 30, 2005 (Unaudited)

Equity Funds - 82.7%

Shares

Value

Domestic Equity Funds - 70.0%

VIP Contrafund Portfolio Investor Class

2,354

$ 70,289

VIP Equity Income Portfolio Investor Class

3,250

80,402

VIP Growth & Income Portfolio Investor Class

5,692

81,339

VIP Growth Portfolio Investor Class

2,459

80,222

VIP Mid Cap Portfolio Investor Class

868

29,285

VIP Value Portfolio Investor Class

5,593

69,243

VIP Value Strategies Portfolio Investor Class

2,140

28,592

TOTAL DOMESTIC EQUITY FUNDS

439,372

International Equity Funds - 12.7%

VIP Overseas Portfolio Investor Class R

4,197

79,531

TOTAL EQUITY FUNDS

(Cost $514,408)

518,903

Fixed-Income Funds - 17.3%

High Yield Fixed-Income Funds - 7.4%

VIP High Income Portfolio Investor Class

7,105

46,682

Investment Grade Fixed-Income Funds - 9.9%

VIP Investment Grade Bond Portfolio Investor Class

4,903

62,171

TOTAL FIXED-INCOME FUNDS

(Cost $109,211)

108,853

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $623,619)

$ 627,756

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $623,695. Net unrealized appreciation aggregated $4,061, of which $5,582 related to appreciated investment securities and $1,521 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.

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:
Investor Freedom Income Portfolio

September 30, 2005

VIPIFFINC-QTLY-1105

1.822890.100

Showing Percentage of Total Value of Investment in Securities

Investments September 30, 2005 (Unaudited)

Equity Funds - 20.1%

Shares

Value

Domestic Equity Funds - 20.1%

VIP Contrafund Portfolio Investor Class

336

$ 10,035

VIP Equity Income Portfolio Investor Class

461

11,407

VIP Growth & Income Portfolio Investor Class

812

11,598

VIP Growth Portfolio Investor Class

349

11,382

VIP Mid Cap Portfolio Investor Class

124

4,193

VIP Value Portfolio Investor Class

794

9,827

VIP Value Strategies Portfolio Investor Class

303

4,047

TOTAL EQUITY FUNDS

(Cost $62,036)

62,489

Fixed-Income Funds - 39.9%

High Yield Fixed-Income Funds - 5.0%

VIP High Income Portfolio Investor Class

2,359

15,501

Investment Grade Fixed-Income Funds - 34.9%

VIP Investment Grade Bond Portfolio Investor Class

8,555

108,476

TOTAL FIXED-INCOME FUNDS

(Cost $124,070)

123,977

Short-Term Funds - 40.0%

VIP Money Market Portfolio Investor Class
(Cost $124,303)

124,303

124,303

TOTAL INVESTMENT IN SECURITIES - 100%

(Cost $310,409)

$ 310,769

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $310,408. Net unrealized appreciation aggregated $361, of which $677 related to appreciated investment securities and $316 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.

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

September 30, 2005

VNR-QTLY-1105

1.807722.101

Investments September 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%

Shares

Value

CAPITAL MARKETS - 0.2%

Diversified Capital Markets - 0.2%

VSMPO-AVISMA Corp. warrants (UBS Warrant Programme) 10/28/06 (a)

3,425

$ 595,950

CHEMICALS - 0.5%

Diversified Chemicals - 0.5%

Ashland, Inc.

33,900

1,872,636

COMMERCIAL SERVICES & SUPPLIES - 0.2%

Human Resource & Employment Services - 0.2%

CDI Corp.

26,300

776,902

CONSTRUCTION & ENGINEERING - 1.0%

Construction & Engineering - 1.0%

Chicago Bridge & Iron Co. NV
(NY Shares)

97,400

3,028,166

McDermott International, Inc. (a)

15,300

560,133

3,588,299

CONTAINERS & PACKAGING - 0.8%

Paper Packaging - 0.8%

Packaging Corp. of America

890

17,275

Smurfit-Stone Container Corp. (a)

283,079

2,932,698

2,949,973

ELECTRICAL EQUIPMENT - 0.7%

Electrical Components & Equipment - 0.2%

Hydrogenics Corp. (a)

140,268

548,959

Heavy Electrical Equipment - 0.5%

Areva (investment certificates) (non-vtg.)

100

52,310

Vestas Wind Systems AS (a)

75,600

1,826,925

1,879,235

TOTAL ELECTRICAL EQUIPMENT

2,428,194

ENERGY EQUIPMENT & SERVICES - 31.1%

Oil & Gas Drilling - 6.1%

Cathedral Energy Services Income Trust

57,200

479,701

Diamond Offshore Drilling, Inc.

10,100

618,625

ENSCO International, Inc.

19,700

917,823

GlobalSantaFe Corp.

113,400

5,173,308

Nabors Industries Ltd. (a)

12,200

876,326

Noble Corp.

48,230

3,301,826

Patterson-UTI Energy, Inc.

500

18,040

Pride International, Inc. (a)

62,700

1,787,577

Rowan Companies, Inc.

127,000

4,507,230

Stoneham Drilling Trust

26,400

559,745

TODCO Class A

79,900

3,332,629

Transocean, Inc. (a)

11,900

729,589

22,302,419

Oil & Gas Equipment & Services - 25.0%

Baker Hughes, Inc.

59,780

3,567,670

BJ Services Co.

309,000

11,120,910

Shares

Value

Cooper Cameron Corp. (a)

23,900

$ 1,766,927

Core Laboratories NV (a)

13,200

425,832

Dawson Geophysical Co. (a)

10,700

323,675

FMC Technologies, Inc. (a)

18,100

762,191

Global Industries Ltd. (a)

114,100

1,681,834

Grant Prideco, Inc. (a)

89,200

3,625,980

Halliburton Co.

243,500

16,684,620

Hornbeck Offshore Services, Inc. (a)

16,000

586,080

Hydril Co. (a)

4,200

288,288

Lone Star Technologies, Inc. (a)

2,300

127,857

NATCO Group, Inc. Class A (a)

18,200

460,824

National Oilwell Varco, Inc. (a)

321,814

21,175,360

Newpark Resources, Inc. (a)

31,300

263,546

NS Group, Inc. (a)

30,600

1,201,050

Pason Systems, Inc.

18,300

427,829

RPC, Inc.

22,900

589,904

Savanna Energy Services Corp. (a)

60,800

1,436,587

Schlumberger Ltd. (NY Shares)

161,360

13,615,557

Smith International, Inc.

298,180

9,932,376

Weatherford International Ltd. (a)

29,800

2,046,068

92,110,965

TOTAL ENERGY EQUIPMENT & SERVICES

114,413,384

FOOD PRODUCTS - 0.0%

Agricultural Products - 0.0%

Global Bio-Chem Technology Group Co. Ltd.

46,000

21,051

GAS UTILITIES - 0.6%

Gas Utilities - 0.6%

Questar Corp.

27,100

2,388,052

IT SERVICES - 0.2%

IT Consulting & Other Services - 0.2%

Telvent GIT SA

68,800

756,112

MACHINERY - 1.2%

Construction & Farm Machinery & Heavy Trucks - 1.2%

Bucyrus International, Inc. Class A

86,700

4,259,571

MARINE - 0.2%

Marine - 0.2%

Odfjell ASA (A Shares)

33,100

732,608

METALS & MINING - 9.9%

Aluminum - 1.9%

Alcan, Inc.

520

16,482

Alcoa, Inc.

277,590

6,778,748

Aleris International, Inc. (a)

9,000

247,050

Century Aluminum Co. (a)

1,100

24,728

7,067,008

Diversified Metals & Mining - 3.1%

Falconbridge Ltd.

97,300

2,600,302

Freeport-McMoRan Copper & Gold, Inc. Class B

840

40,816

Common Stocks - continued

Shares

Value

METALS & MINING - CONTINUED

Diversified Metals & Mining - continued

Grupo Mexico SA de CV Series B

286,006

$ 563,398

Phelps Dodge Corp.

9,500

1,234,335

RTI International Metals, Inc. (a)

39,700

1,562,195

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

47,300

2,121,706

Titanium Metals Corp. (a)

81,100

3,208,316

11,331,068

Gold - 4.0%

Alamos Gold, Inc. (a)

128,100

528,884

Goldcorp, Inc.

51,200

1,026,114

Kinross Gold Corp. (a)

88,600

680,542

Newmont Mining Corp.

264,800

12,490,616

14,726,156

Precious Metals & Minerals - 0.5%

Apex Silver Mines Ltd. (a)

101,100

1,588,281

Stillwater Mining Co. (a)

26,300

240,645

1,828,926

Steel - 0.4%

Companhia Vale do Rio Doce sponsored ADR

1,000

43,860

Hitachi Metals Ltd.

38,000

370,844

IPSCO, Inc.

2,600

184,858

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

46,200

1,072,034

1,671,596

TOTAL METALS & MINING

36,624,754

OIL, GAS & CONSUMABLE FUELS - 50.7%

Coal & Consumable Fuels - 6.0%

Arch Coal, Inc.

47,500

3,206,250

Cameco Corp.

82,400

4,395,706

CONSOL Energy, Inc.

70,500

5,377,035

Foundation Coal Holdings, Inc.

9,000

346,050

Massey Energy Co.

52,300

2,670,961

Peabody Energy Corp.

74,300

6,267,205

USEC, Inc.

900

10,044

22,273,251

Integrated Oil & Gas - 19.2%

Amerada Hess Corp.

41,100

5,651,250

BG Group PLC sponsored ADR

53,200

2,537,108

BP PLC sponsored ADR

266,440

18,877,274

Chevron Corp.

179,600

11,625,508

ConocoPhillips

197,462

13,804,568

ENI Spa sponsored ADR

100

14,810

Exxon Mobil Corp.

169,400

10,763,676

Occidental Petroleum Corp.

47,200

4,032,296

OMV AG

15,800

938,570

Total SA sponsored ADR

16,620

2,257,328

70,502,388

Shares

Value

Oil & Gas Exploration & Production - 17.0%

Apache Corp.

27,200

$ 2,045,984

Blackrock Ventures, Inc. (a)

43,800

389,928

Burlington Resources, Inc.

82,000

6,668,240

Cabot Oil & Gas Corp.

22,200

1,121,322

Canadian Natural Resources Ltd.

155,800

7,035,524

Chesapeake Energy Corp.

146,400

5,599,800

Comstock Resources, Inc. (a)

11,100

364,191

Denbury Resources, Inc. (a)

13,700

691,028

EnCana Corp.

55,436

3,235,277

Encore Acquisition Co. (a)

25,100

975,135

Energy Partners Ltd. (a)

600

18,732

EOG Resources, Inc.

16,900

1,265,810

Forest Oil Corp. (a)

77,900

4,058,590

Gastar Exploration Ltd. (a)

124,600

437,268

Kerr-McGee Corp.

25,800

2,505,438

Newfield Exploration Co. (a)

30,600

1,502,460

Nexen, Inc.

45,700

2,179,653

Noble Energy, Inc.

4,600

215,740

Pioneer Natural Resources Co.

55,400

3,042,568

Plains Exploration & Production Co. (a)

109,900

4,705,918

Pogo Producing Co.

700

41,258

Quicksilver Resources, Inc. (a)

61,750

2,951,033

Range Resources Corp.

89,200

3,444,012

Southwestern Energy Co. (a)

2,600

190,840

Talisman Energy, Inc.

36,900

1,805,326

Ultra Petroleum Corp. (a)

110,100

6,262,488

62,753,563

Oil & Gas Refining & Marketing - 7.3%

ERG Spa

33,900

938,209

Frontier Oil Corp.

76,500

3,392,775

Giant Industries, Inc. (a)

4,900

286,846

Holly Corp.

25,600

1,637,888

Neste Oil Oyj

61,300

2,272,107

Polski Koncern Naftowy Orlen SA

43,200

884,931

Sunoco, Inc.

51,500

4,027,300

Tesoro Corp.

26,000

1,748,240

Tupras-Turkiye Petrol Rafinerileri AS

92,000

1,619,309

Valero Energy Corp.

89,062

10,069,350

World Fuel Services Corp.

5,400

175,230

27,052,185

Oil & Gas Storage & Transport - 1.2%

El Paso Corp.

101,800

1,415,020

OMI Corp.

51,300

916,731

Overseas Shipholding Group, Inc.

25,500

1,487,415

Williams Companies, Inc.

17,700

443,385

4,262,551

TOTAL OIL, GAS & CONSUMABLE FUELS

186,843,938

Common Stocks - continued

Shares

Value

PAPER & FOREST PRODUCTS - 1.1%

Forest Products - 0.0%

Canfor Corp. (a)

184

$ 2,206

Sino-Forest Corp. (a)

65,000

188,414

190,620

Paper Products - 1.1%

Georgia-Pacific Corp.

38,400

1,307,904

MeadWestvaco Corp.

39,700

1,096,514

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

120,200

1,610,680

4,015,098

TOTAL PAPER & FOREST PRODUCTS

4,205,718

TOTAL COMMON STOCKS

(Cost $274,719,316)

362,457,142

Money Market Funds - 5.7%

Fidelity Cash Central Fund, 3.82% (b)

3,932,340

3,932,340

Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)

16,998,600

16,998,600

TOTAL MONEY MARKET FUNDS

(Cost $20,930,940)

20,930,940

TOTAL INVESTMENT PORTFOLIO - 104.1%

(Cost $295,650,256)

383,388,082

NET OTHER ASSETS - (4.1)%

(15,268,319)

NET ASSETS - 100%

$ 368,119,763

Legend

(a) Non-income producing

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

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

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $296,480,330. Net unrealized appreciation aggregated $86,907,752, of which $89,977,155 related to appreciated investment securities and $3,069,403 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

September 30, 2005

VIPRE-QTLY-1105

1.808791.101

Investments September 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%

Shares

Value

HOTELS, RESTAURANTS & LEISURE - 8.3%

Hotels, Resorts & Cruise Lines - 8.3%

Starwood Hotels & Resorts Worldwide, Inc. unit

248,830

$ 14,225,609

REAL ESTATE - 91.3%

REITs - Apartments - 13.4%

American Campus Communities, Inc.

35,800

859,916

Apartment Investment & Management Co. Class A

85,920

3,331,978

AvalonBay Communities, Inc.

44,300

3,796,510

Equity Residential (SBI)

163,900

6,203,615

GMH Communities Trust

70,800

1,038,636

Pennsylvania (REIT) (SBI)

21,800

919,524

United Dominion Realty Trust, Inc. (SBI)

285,800

6,773,460

TOTAL REITS - APARTMENTS

22,923,639

REITs - Factory Outlets - 0.5%

Tanger Factory Outlet Centers, Inc.

28,600

795,366

REITs - Health Care Facilities - 1.5%

Ventas, Inc.

78,700

2,534,140

REITs - Hotels - 1.5%

Host Marriott Corp.

76,800

1,297,920

Innkeepers USA Trust (SBI)

30,900

477,405

MeriStar Hospitality Corp. (a)

91,320

833,752

TOTAL REITS - HOTELS

2,609,077

REITs - Industrial Buildings - 17.9%

CenterPoint Properties Trust (SBI)

145,530

6,519,744

Duke Realty Corp.

227,120

7,694,826

ProLogis Trust

320,116

14,184,340

Public Storage, Inc.

27,840

1,865,280

U-Store-It Trust

20,500

415,535

TOTAL REITS - INDUSTRIAL BUILDINGS

30,679,725

REITs - Malls - 18.1%

CBL & Associates Properties, Inc.

164,220

6,731,378

Feldman Mall Properties, Inc.

7,000

91,000

General Growth Properties, Inc.

261,551

11,751,486

Simon Property Group, Inc.

157,040

11,639,805

Taubman Centers, Inc.

27,700

878,090

TOTAL REITS - MALLS

31,091,759

REITs - Management/Investment - 3.1%

Capital Automotive (REIT) (SBI)

33,260

1,287,495

Equity Lifestyle Properties, Inc.

32,641

1,468,845

Shares

Value

Global Signal, Inc.

14,600

$ 653,204

Plum Creek Timber Co., Inc.

47,700

1,808,307

TOTAL REITS - MANAGEMENT/INVESTMENT

5,217,851

REITs - Mortgage - 0.9%

Newcastle Investment Corp.

56,700

1,581,930

REITs - Office Buildings - 19.5%

Boston Properties, Inc.

72,400

5,133,160

Columbia Equity Trust, Inc.

70,200

1,024,920

Equity Office Properties Trust

347,100

11,353,641

Government Properties Trust, Inc.

14,900

146,020

Kilroy Realty Corp.

22,700

1,271,881

Reckson Associates Realty Corp.

231,910

8,012,491

Sovran Self Storage, Inc.

11,800

577,610

Trizec Properties, Inc.

254,100

5,859,546

TOTAL REITS - OFFICE BUILDINGS

33,379,269

REITs - Prisons - 0.6%

Correctional Properties Trust

34,898

1,026,350

REITs - Shopping Centers - 14.3%

Cedar Shopping Centers, Inc.

27,800

402,266

Federal Realty Investment Trust (SBI)

62,540

3,810,562

Heritage Property Investment Trust, Inc.

36,100

1,263,500

Inland Real Estate Corp.

103,833

1,626,025

Kimco Realty Corp.

207,100

6,507,082

Kite Realty Group Trust

12,900

192,468

Pan Pacific Retail Properties, Inc.

30,500

2,009,950

Ramco-Gershenson Properties Trust (SBI)

3,800

110,922

Vornado Realty Trust

83,400

7,224,108

Weingarten Realty Investors (SBI)

38,000

1,438,300

TOTAL REITS - SHOPPING CENTERS

24,585,183

TOTAL REAL ESTATE

156,424,289

TOTAL COMMON STOCKS

(Cost $137,863,520)

170,649,898

Money Market Funds - 0.9%

Fidelity Cash Central Fund, 3.82% (b)
(Cost $1,561,555)

1,561,555

1,561,555

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $139,425,075)

172,211,453

NET OTHER ASSETS - (0.5)%

(778,581)

NET ASSETS - 100%

$ 171,432,872

Legend

(a) Non-income producing

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

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $139,684,555. Net unrealized appreciation aggregated $32,526,898, of which $33,305,931 related to appreciated investment securities and $779,033 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:
Strategic Income Portfolio

September 30, 2005

VIPSI-QTLY-1105

1.808796.101

Investments September 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 37.9%

Principal
Amount (d)

Value

Convertible Bonds - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Semiconductors & Semiconductor Equipment - 0.0%

ON Semiconductor Corp. 0% 4/15/24

$ 20,000

$ 15,575

Nonconvertible Bonds - 37.9%

CONSUMER DISCRETIONARY - 10.3%

Auto Components - 0.9%

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

315,000

245,700

Delco Remy International, Inc.:

9.375% 4/15/12

25,000

13,250

11% 5/1/09

80,000

52,800

Delphi Corp.:

6.5% 8/15/13

75,000

51,000

7.125% 5/1/29

60,000

38,400

Goodyear Tire & Rubber Co. 9% 7/1/15 (g)

195,000

192,075

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

120,000

40,800

Tenneco Automotive, Inc. 8.625% 11/15/14

320,000

320,000

TRW Automotive Acquisition Corp.:

9.375% 2/15/13

185,000

201,188

11% 2/15/13

38,000

43,130

Visteon Corp. 7% 3/10/14

295,000

256,650

1,454,993

Diversified Consumer Services - 0.3%

Service Corp. International (SCI):

6.75% 4/1/16

300,000

300,750

7% 6/15/17 (g)

130,000

131,625

432,375

Hotels, Restaurants & Leisure - 2.4%

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

355,000

359,438

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

100,000

105,500

Gaylord Entertainment Co.:

6.75% 11/15/14

265,000

257,050

8% 11/15/13

100,000

105,250

Herbst Gaming, Inc.:

7% 11/15/14

60,000

60,000

8.125% 6/1/12

100,000

104,500

ITT Corp. 7.375% 11/15/15

125,000

135,625

Kerzner International Ltd. 6.75% 10/1/15 (g)

210,000

205,800

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

245,000

236,425

Mandalay Resort Group:

6.375% 12/15/11

80,000

79,700

6.5% 7/31/09

20,000

20,025

MGM MIRAGE:

6% 10/1/09

40,000

39,600

Principal
Amount (d)

Value

6.625% 7/15/15 (g)

$ 270,000

$ 267,975

6.625% 7/15/15 (g)

180,000

178,425

6.75% 9/1/12

45,000

45,450

8.5% 9/15/10

50,000

54,313

Mohegan Tribal Gaming Authority 6.875% 2/15/15

100,000

102,000

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

90,000

89,550

Penn National Gaming, Inc.:

6.75% 3/1/15

225,000

221,063

6.875% 12/1/11

140,000

140,700

Scientific Games Corp. 6.25% 12/15/12

40,000

39,900

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

95,000

97,494

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

100,000

109,250

Station Casinos, Inc.:

6% 4/1/12

80,000

80,000

6.5% 2/1/14

20,000

20,025

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

35,000

23,450

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

45,000

50,850

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

60,000

55,500

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

225,000

224,438

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

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

260,000

184,600

9% 1/15/12 (g)

40,000

41,800

3,735,696

Household Durables - 0.8%

Desarrolladora Homex SA de CV 7.5% 9/28/15 (g)

65,000

65,000

Goodman Global Holdings, Inc.:

6.41% 6/15/12 (g)(j)

40,000

39,100

7.875% 12/15/12 (g)

510,000

461,550

K. Hovnanian Enterprises, Inc.:

6% 1/15/10

40,000

38,400

6.25% 1/15/15

60,000

56,400

7.75% 5/15/13

100,000

102,500

KB Home 8.625% 12/15/08

50,000

54,000

Meritage Homes Corp. 6.25% 3/15/15

90,000

82,125

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

250,000

175,000

Standard Pacific Corp.:

7.75% 3/15/13

20,000

20,200

9.25% 4/15/12

90,000

96,525

Corporate Bonds - continued

Principal
Amount (d)

Value

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Household Durables - continued

Stanley-Martin Communities LLC 9.75% 8/15/15 (g)

$ 40,000

$ 39,500

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

90,000

79,425

1,309,725

Leisure Equipment & Products - 0.0%

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

40,000

39,600

Media - 5.0%

Cablevision Systems Corp. 8% 4/15/12

715,000

688,188

CanWest Media, Inc. 8% 9/15/12

40,000

42,400

CCH I Holdings LLC/CCH I Capital Corp. 0% 5/15/14 (e)(g)

80,000

57,600

CCH I LLC / CCH I Capital Corp. 11% 10/1/15 (g)

305,000

297,375

Charter Communications Holding II LLC/Charter Communications Holdings II Capital Corp. 10.25% 9/15/10

130,000

133,250

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

8% 4/30/12 (g)

50,000

50,500

8.375% 4/30/14 (g)

85,000

85,425

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

60,000

64,350

CSC Holdings, Inc.:

7.625% 4/1/11

40,000

39,300

7.625% 7/15/18

680,000

639,200

7.875% 2/15/18

670,000

645,713

Dex Media, Inc. 8% 11/15/13

495,000

507,375

EchoStar DBS Corp.:

6.375% 10/1/11

45,000

44,550

6.625% 10/1/14

790,000

781,152

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

125,000

129,063

Globo Comunicacoes e Participacoes SA (Reg. S) 7.375% 10/20/11 (f)

131,354

127,906

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

20,000

12,600

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

40,000

43,800

Houghton Mifflin Co.:

0% 10/15/13 (e)

445,000

334,863

8.25% 2/1/11

20,000

20,650

9.875% 2/1/13

395,000

418,700

iesy Repository GmbH 10.375% 2/15/15 (g)

130,000

135,850

IMAX Corp. 9.625% 12/1/10

40,000

43,000

Principal
Amount (d)

Value

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

$ 395,000

$ 446,844

Lamar Media Corp. 7.25% 1/1/13

50,000

52,250

Liberty Media Corp.:

5.7% 5/15/13

300,000

273,750

8.5% 7/15/29

300,000

290,475

R.H. Donnelley Corp. 6.875% 1/15/13

295,000

278,038

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

190,000

186,675

Rainbow National LLC & RNS Co. Corp.:

8.75% 9/1/12 (g)

110,000

118,250

10.375% 9/1/14 (g)

420,000

479,850

Rogers Cable, Inc.:

5.5% 3/15/14

35,000

32,550

6.25% 6/15/13

185,000

180,375

6.75% 3/15/15

40,000

40,200

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

125,000

126,875

Videotron Ltee 6.875% 1/15/14

125,000

128,125

7,977,067

Multiline Retail - 0.5%

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

EUR

50,000

61,645

Neiman Marcus Group, Inc.:

9% 10/15/15 (g)

310,000

310,775

10.375% 10/15/15 (g)

350,000

350,000

722,420

Textiles, Apparel & Luxury Goods - 0.4%

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

225,000

162,000

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

300,000

221,250

Levi Strauss & Co. 9.75% 1/15/15

290,000

295,800

679,050

TOTAL CONSUMER DISCRETIONARY

16,350,926

CONSUMER STAPLES - 0.7%

Food & Staples Retailing - 0.3%

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

153,000

166,770

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

290,000

303,050

469,820

Food Products - 0.3%

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

135,000

149,850

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

120,000

123,600

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

40,000

41,600

Corporate Bonds - continued

Principal
Amount (d)

Value

Nonconvertible Bonds - continued

CONSUMER STAPLES - continued

Food Products - continued

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

$ 30,000

$ 28,500

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

130,000

102,700

446,250

Household Products - 0.1%

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

75,000

80,063

Personal Products - 0.0%

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

40,000

40,800

TOTAL CONSUMER STAPLES

1,036,933

ENERGY - 3.9%

Energy Equipment & Services - 0.6%

CHC Helicopter Corp. 7.375% 5/1/14

240,000

246,000

Hanover Compressor Co. 9% 6/1/14

125,000

137,813

Ocean Rig Norway AS 8.375% 7/1/13 (g)

60,000

65,100

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

305,000

376,866

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

135,000

151,713

977,492

Oil, Gas & Consumable Fuels - 3.3%

ANR Pipeline, Inc.:

7.375% 2/15/24

115,000

117,444

8.875% 3/15/10

110,000

119,075

Chesapeake Energy Corp.:

6.5% 8/15/17 (g)

170,000

172,763

7.5% 9/15/13

40,000

42,600

7.5% 6/15/14

35,000

37,625

El Paso Corp. 7.625% 8/16/07 (g)

70,000

71,575

Energy Partners Ltd. 8.75% 8/1/10

155,000

162,750

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

10,000

10,300

Gazstream SA 5.625% 7/22/13 (g)

225,000

226,688

General Maritime Corp. 10% 3/15/13

250,000

274,375

Harvest Operations Corp. 7.875% 10/15/11

50,000

49,375

Hurricane Finance BV:

9.625% 2/12/10 (g)

40,000

45,800

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

60,000

68,700

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

100,000

38,000

Principal
Amount (d)

Value

Luscar Coal Ltd. 9.75% 10/15/11

$ 40,000

$ 43,400

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

155,000

151,900

Massey Energy Co. 6.625% 11/15/10

70,000

71,575

OAO Gazprom 9.625% 3/1/13

280,000

345,800

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

100,000

103,750

Pemex Project Funding Master Trust:

5.17% 6/15/10 (g)(j)

105,000

109,200

7.75% 9/28/49

364,000

379,015

8.625% 2/1/22

325,000

398,938

Petrobras Energia SA 9.375% 10/30/13

95,000

108,300

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

90,000

97,200

Pogo Producing Co. 6.875% 10/1/17 (g)

210,000

213,675

Range Resources Corp. 7.375% 7/15/13

100,000

107,000

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

145,000

142,463

Teekay Shipping Corp. 8.875% 7/15/11

220,000

249,700

The Coastal Corp. 7.75% 6/15/10

55,000

56,031

Venoco, Inc. 8.75% 12/15/11

70,000

72,975

Williams Companies, Inc.:

6.375% 10/1/10 (g)

210,000

208,688

7.625% 7/15/19

335,000

363,475

7.75% 6/15/31

115,000

123,625

7.875% 9/1/21

20,000

22,100

8.75% 3/15/32

180,000

213,300

YPF SA:

10% 11/2/28

95,000

115,378

yankee 9.125% 2/24/09

95,000

105,450

5,240,008

TOTAL ENERGY

6,217,500

FINANCIALS - 2.3%

Capital Markets - 0.0%

E*TRADE Financial Corp. 7.375% 9/15/13 (g)

70,000

70,700

Commercial Banks - 0.5%

European Investment Bank 4% 10/15/37

EUR

100,000

126,120

Kyivstar GSM 7.75% 4/27/12 (Issued by Dresdner Bank AG for Kyivstar GSM) (g)

300,000

307,890

Vimpel Communications 10% 6/16/09 (Issued by UBS Luxembourg SA for Vimpel Communications)

300,000

331,500

765,510

Corporate Bonds - continued

Principal
Amount (d)

Value

Nonconvertible Bonds - continued

FINANCIALS - continued

Consumer Finance - 0.3%

Ford Motor Credit Co. 6.625% 6/16/08

$ 570,000

$ 557,888

Diversified Financial Services - 0.6%

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

CAD

550,000

490,813

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

365,000

392,375

883,188

Real Estate - 0.5%

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

7.125% 2/15/13 (g)

170,000

170,000

8.125% 6/1/12

190,000

198,075

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

53,750

Senior Housing Properties Trust 8.625% 1/15/12

280,000

311,500

831,175

Thrifts & Mortgage Finance - 0.4%

Residential Capital Corp.:

6.375% 6/30/10 (g)

360,000

365,063

6.875% 6/30/15 (g)

205,000

214,514

579,577

TOTAL FINANCIALS

3,688,038

HEALTH CARE - 1.6%

Biotechnology - 0.1%

Polypore, Inc. 8.75% 5/15/12

130,000

115,700

Health Care Equipment & Supplies - 0.0%

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

70,000

74,200

Health Care Providers & Services - 1.3%

AmeriPath, Inc. 10.5% 4/1/13

150,000

156,000

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

285,000

312,788

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

125,000

134,375

HCA, Inc.:

5.75% 3/15/14

255,000

244,800

7.875% 2/1/11

100,000

106,579

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

90,000

93,375

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

100,000

103,500

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

370,000

374,625

Principal
Amount (d)

Value

U.S. Oncology, Inc. 9% 8/15/12

$ 150,000

$ 162,000

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

25,000

18,000

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

345,000

367,425

2,073,467

Pharmaceuticals - 0.2%

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

175,000

99,750

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

65,000

56,875

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

90,000

76,950

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

30,000

29,625

263,200

TOTAL HEALTH CARE

2,526,567

INDUSTRIALS - 2.6%

Aerospace & Defense - 0.1%

Hexcel Corp. 6.75% 2/1/15

100,000

100,000

Orbimage Holdings, Inc. 13.19% 7/1/12 (g)(j)

100,000

106,500

206,500

Airlines - 0.3%

American Airlines, Inc. pass thru trust certificates:

7.377% 5/23/19

68,295

46,099

7.379% 11/23/17

6,525

4,405

AMR Corp. 9% 9/15/16

85,000

56,950

Continental Airlines, Inc. pass thru trust certificates:

6.9% 7/2/18

21,592

18,137

9.798% 4/1/21

140,000

138,600

Delta Air Lines, Inc. pass thru trust certificates:

7.57% 11/18/10

30,000

28,968

7.711% 9/18/11

25,000

18,000

7.92% 5/18/12

110,000

79,200

Northwest Airlines, Inc. pass thru trust certificates:

6.81% 2/1/20

16,400

14,842

7.248% 7/2/14

10,671

1,387

7.626% 4/1/10

5,344

2,512

7.95% 9/1/16

51,773

40,383

8.304% 9/1/10

46,342

33,830

483,313

Building Products - 0.3%

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

155,000

165,075

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

205,000

90,200

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

290,000

164,575

419,850

Corporate Bonds - continued

Principal
Amount (d)

Value

Nonconvertible Bonds - continued

INDUSTRIALS - continued

Commercial Services & Supplies - 0.3%

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

$ 10,000

$ 9,400

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

100,000

97,000

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

100,000

101,000

FTI Consulting, Inc. 7.625% 6/15/13 (g)

50,000

50,750

Mac-Gray Corp. 7.625% 8/15/15 (g)

40,000

41,000

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

75,000

86,438

Williams Scotsman, Inc. 8.5% 10/1/15 (g)

140,000

141,750

527,338

Construction & Engineering - 0.0%

Blount, Inc. 8.875% 8/1/12

50,000

53,250

Electrical Equipment - 0.2%

FIMEP SA 10.5% 2/15/13

70,000

79,975

General Cable Corp. 9.5% 11/15/10

125,000

131,563

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

300,000

160,500

372,038

Machinery - 0.1%

Chart Industries, Inc. 9.125% 10/15/15 (g)(h)

60,000

61,050

Navistar International Corp. 7.5% 6/15/11

100,000

101,000

162,050

Marine - 0.3%

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

40,000

43,200

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

110,000

89,925

OMI Corp. 7.625% 12/1/13

190,000

196,175

Ultrapetrol Bahamas Ltd. 9% 11/24/14

80,000

73,600

402,900

Road & Rail - 0.7%

Kansas City Southern Railway Co.:

7.5% 6/15/09

340,000

355,300

9.5% 10/1/08

45,000

49,275

TFM SA de CV:

9.375% 5/1/12 (g)

355,000

379,850

yankee 10.25% 6/15/07

250,000

266,250

1,050,675

Principal
Amount (d)

Value

Trading Companies & Distributors - 0.3%

Ahern Rentals, Inc. 9.25% 8/15/13 (g)

$ 40,000

$ 40,900

Ashtead Holdings PLC 8.625% 8/1/15 (g)

75,000

79,125

Neff Rent LLC/Neff Finance Corp. 11.25% 6/15/12 (g)

315,000

332,325

452,350

TOTAL INDUSTRIALS

4,130,264

INFORMATION TECHNOLOGY - 3.2%

Communications Equipment - 0.6%

L 3 Communications Corp. 6.375% 10/15/15 (g)

190,000

191,425

Lucent Technologies, Inc.:

6.45% 3/15/29

620,000

543,275

6.5% 1/15/28

155,000

134,269

868,969

Electronic Equipment & Instruments - 0.4%

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

50,000

49,000

Celestica, Inc. 7.875% 7/1/11

505,000

513,838

562,838

IT Services - 1.0%

Iron Mountain, Inc.:

6.625% 1/1/16

480,000

451,200

7.75% 1/15/15

180,000

182,700

8.625% 4/1/13

185,000

192,400

SunGard Data Systems, Inc.:

8.5248% 8/15/13 (g)(j)

140,000

144,375

9.125% 8/15/13 (g)

260,000

266,500

10.25% 8/15/15 (g)

390,000

395,850

1,633,025

Office Electronics - 0.9%

Xerox Capital Trust I 8% 2/1/27

480,000

499,200

Xerox Corp.:

6.875% 8/15/11

210,000

219,450

7.125% 6/15/10

225,000

236,813

7.2% 4/1/16

180,000

191,700

7.625% 6/15/13

300,000

320,250

1,467,413

Semiconductors & Semiconductor Equipment - 0.3%

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

215,000

227,900

MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co.:

6.875% 12/15/11

60,000

57,600

7.12% 12/15/11 (j)

40,000

39,700

Corporate Bonds - continued

Principal
Amount (d)

Value

Nonconvertible Bonds - continued

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

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

$ 105,000

$ 76,125

Viasystems, Inc. 10.5% 1/15/11

140,000

137,200

538,525

TOTAL INFORMATION TECHNOLOGY

5,070,770

MATERIALS - 3.8%

Chemicals - 1.4%

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

225,000

228,938

BCP Crystal U.S. Holdings Corp. 9.625% 6/15/14

348,000

386,280

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

45,000

55,013

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

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

58,000

41,180

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

469,000

328,300

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

40,000

43,800

Huntsman Advanced Materials LLC 11% 7/15/10

20,000

22,500

Huntsman ICI Chemicals LLC 10.125% 7/1/09

113,000

116,390

Huntsman LLC:

11.0988% 7/15/11 (j)

20,000

21,200

11.625% 10/15/10

182,000

209,300

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

295,000

215,350

Lyondell Chemical Co. 11.125% 7/15/12

50,000

56,500

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

145,000

156,600

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

174,000

184,440

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

50,000

51,500

Solutia, Inc.:

6.72% 10/15/37 (c)

140,000

123,200

7.375% 10/15/27 (c)

20,000

17,600

2,258,091

Construction Materials - 0.0%

Texas Industries, Inc. 7.25% 7/15/13 (g)

40,000

41,800

Containers & Packaging - 0.8%

AEP Industries, Inc. 7.875% 3/15/13

40,000

39,500

BWAY Corp. 10% 10/15/10

90,000

95,175

Constar International, Inc. 11% 12/1/12

135,000

85,050

Principal
Amount (d)

Value

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

$ 310,000

$ 302,250

Crown European Holdings SA:

9.5% 3/1/11

25,000

27,313

10.875% 3/1/13

200,000

232,500

Owens-Brockway Glass Container, Inc.:

6.75% 12/1/14

105,000

101,850

8.25% 5/15/13

195,000

202,800

8.75% 11/15/12

55,000

59,263

8.875% 2/15/09

40,000

42,100

Tekni-Plex, Inc. 10.875% 8/15/12 (g)

60,000

63,900

1,251,701

Metals & Mining - 1.1%

Alrosa Finance SA (Reg. S) 8.875% 11/17/14

100,000

118,810

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

360,000

306,000

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

195,000

216,938

CSN Islands X Corp. (Reg. S) 9.5% 7/14/49

75,000

77,531

Edgen Acquisition Corp. 9.875% 2/1/11

60,000

60,000

Freeport-McMoRan Copper & Gold, Inc.:

6.875% 2/1/14

370,000

366,300

10.125% 2/1/10

50,000

55,313

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

70,000

77,700

Gerdau SA 8.875% (g)

125,000

126,875

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

275,000

266,750

Ispat Inland ULC 9.75% 4/1/14

20,000

23,150

1,695,367

Paper & Forest Products - 0.5%

Georgia-Pacific Corp.:

7.375% 12/1/25

307,000

313,908

8% 1/15/24

90,000

98,663

8.875% 5/15/31

50,000

59,750

9.375% 2/1/13

70,000

78,225

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

95,000

81,225

NewPage Corp.:

9.9431% 5/1/12 (j)

90,000

85,050

12% 5/1/13

100,000

87,500

804,321

TOTAL MATERIALS

6,051,280

TELECOMMUNICATION SERVICES - 7.8%

Diversified Telecommunication Services - 4.0%

AT&T Corp. 9.75% 11/15/31

460,000

580,934

Corporate Bonds - continued

Principal
Amount (d)

Value

Nonconvertible Bonds - continued

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

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

$ 308,000

$ 352,660

Eschelon Operating Co. 8.375% 3/15/10

62,000

57,660

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

195,000

217,913

Mobifon Holdings BV 12.5% 7/31/10

280,000

329,000

New Skies Satellites BV:

8.5388% 11/1/11 (j)

40,000

41,100

9.125% 11/1/12

155,000

159,069

NTL Cable PLC 8.75% 4/15/14

1,050,000

1,076,250

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

330,000

227,700

Qwest Corp.:

7.12% 6/15/13 (g)(j)

350,000

364,000

7.875% 9/1/11

320,000

330,400

8.875% 3/15/12

1,440,000

1,573,200

Qwest Services Corp.:

13.5% 12/15/10

10,000

11,475

14% 12/15/14

10,000

12,100

Telecom Egypt SAE:

10.7% 2/4/10 (j)

EGP

196,300

35,102

10.95% 2/4/10

EGP

196,300

35,443

Telefonica de Argentina SA 9.125% 11/7/10

150,000

163,875

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

555,000

449,550

U.S. West Communications:

6.875% 9/15/33

250,000

216,250

7.2% 11/10/26

30,000

27,000

7.25% 9/15/25

35,000

32,550

7.5% 6/15/23

25,000

22,625

8.875% 6/1/31

5,000

5,038

6,320,894

Wireless Telecommunication Services - 3.8%

American Tower Corp. 7.125% 10/15/12

685,000

717,538

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

440,000

490,600

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

80,000

84,600

Digicel Ltd. 9.25% 9/1/12 (g)

300,000

314,625

DirecTV Holdings LLC/DirecTV Financing, Inc.:

6.375% 6/15/15 (g)

200,000

198,000

8.375% 3/15/13

13,000

14,186

Principal
Amount (d)

Value

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

$ 60,000

$ 65,550

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

935,000

769,038

Inmarsat Finance PLC 7.625% 6/30/12

26,000

26,780

Intelsat Ltd.:

6.5% 11/1/13

205,000

157,850

7.625% 4/15/12

320,000

267,200

8.695% 1/15/12 (g)(j)

200,000

204,000

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

200,000

225,260

Millicom International Cellular SA 10% 12/1/13

325,000

337,188

Mobile Telesystems Finance SA:

8% 1/28/12 (g)

544,000

576,640

8.375% 10/14/10 (g)

365,000

393,288

Nextel Communications, Inc.:

5.95% 3/15/14

20,000

20,650

6.875% 10/31/13

120,000

127,500

7.375% 8/1/15

870,000

931,988

Rogers Communications, Inc. 6.995% 12/15/10 (j)

80,000

82,900

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

60,000

63,000

UbiquiTel Operating Co. 9.875% 3/1/11

80,000

88,400

6,156,781

TOTAL TELECOMMUNICATION SERVICES

12,477,675

UTILITIES - 1.7%

Electric Utilities - 0.5%

AES Gener SA 7.5% 3/25/14

200,000

203,000

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

300,000

333,000

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

120,000

124,500

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

90,000

92,250

752,750

Gas Utilities - 0.9%

Southern Natural Gas Co.:

7.35% 2/15/31

190,000

194,513

8% 3/1/32

410,000

451,000

8.875% 3/15/10

230,000

248,688

Tennessee Gas Pipeline Co.:

7% 10/15/28

20,000

19,854

7.5% 4/1/17

445,000

477,218

7.625% 4/1/37

50,000

52,540

8.375% 6/15/32

40,000

45,600

1,489,413

Corporate Bonds - continued

Principal
Amount (d)

Value

Nonconvertible Bonds - continued

UTILITIES - continued

Independent Power Producers & Energy Traders - 0.1%

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

$ 400,000

$ 156,680

Tenaska Alabama Partners LP 7% 6/30/21 (g)

100,000

101,500

258,180

Multi-Utilities - 0.2%

Aquila, Inc. 14.875% 7/1/12

120,000

164,400

TECO Energy, Inc. 6.75% 5/1/15 (g)

60,000

62,775

Utilicorp United, Inc. 9.95% 2/1/11 (j)

55,000

62,013

289,188

TOTAL UTILITIES

2,789,531

TOTAL NONCONVERTIBLE BONDS

60,339,484

TOTAL CORPORATE BONDS

(Cost $59,659,698)

60,355,059

U.S. Government and Government Agency Obligations - 24.3%

U.S. Government Agency Obligations - 8.7%

Fannie Mae:

3.25% 1/15/08

130,000

126,684

3.25% 2/15/09

1,256,000

1,208,541

3.625% 3/15/07

326,000

322,626

3.875% 5/15/07

3,675,000

3,645,497

4.25% 5/15/09

1,000,000

991,947

6.375% 6/15/09

320,000

339,832

Freddie Mac:

0% 11/22/05

690,000

686,473

4% 8/17/07

113,000

112,317

4.125% 4/2/07

157,000

156,471

4.375% 7/17/15

3,000,000

2,930,025

5% 7/15/14

600,000

615,144

5.625% 3/15/11

640,000

673,437

7% 3/15/10

1,846,000

2,029,048

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

13,838,042

U.S. Treasury Inflation Protected Obligations - 2.5%

U.S. Treasury Inflation-Indexed Bonds:

2.375% 1/15/25

362,761

388,098

3.625% 4/15/28

456,598

597,411

U.S. Treasury Inflation-Indexed Notes:

1.875% 7/15/13

937,146

949,740

Principal
Amount (d)

Value

2% 1/15/14

$ 1,691,744

$ 1,726,966

2% 7/15/14

414,584

423,507

TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS

4,085,722

U.S. Treasury Obligations - 13.1%

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

3,721,000

4,530,172

U.S. Treasury Notes:

2.375% 8/31/06

7,600,000

7,483,297

2.75% 7/31/06

2,950,000

2,918,311

4.25% 11/15/13

3,438,000

3,423,093

4.25% 8/15/14

2,550,000

2,534,063

TOTAL U.S. TREASURY OBLIGATIONS

20,888,936

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $38,838,539)

38,812,700

U.S. Government Agency - Mortgage Securities - 3.1%

Fannie Mae - 3.1%

4% 8/1/20 (i)

15,000

14,423

4% 10/1/20 (h)

15,000

14,423

4.5% 10/1/20 (h)

1,000,000

977,500

5% 10/1/35 (h)

2,000,000

1,956,875

5.5% 11/1/17 to 4/1/20

1,912,772

1,941,258

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $4,946,776)

4,904,479

Asset-Backed Securities - 0.1%

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

GBP

50,000

89,238

Collateralized Mortgage Obligations - 1.2%

U.S. Government Agency - 1.2%

Fannie Mae guaranteed REMIC pass thru certificates floater Series 2005-45 Class XA, 4.17% 6/25/35 (j)

889,547

889,181

Freddie Mac Multi-class participation certificates guaranteed planned amortization class Series 3013 Class AF, 4.0181% 5/15/35 (j)

966,756

962,481

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $1,855,433)

1,851,662

Foreign Government and Government Agency Obligations - 22.5%

Principal
Amount (d)

Value

Arab Republic 8.8773% to 9.7504% 1/31/06 to 9/26/06

EGP

700,000

$ 114,799

Argentine Republic:

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

ARS

1,167,383

176,425

3% 4/30/13 (j)

150,000

125,914

4.005% 8/3/12 (j)

745,000

593,085

discount 8.28% (with partial capitalization through 12/31/2013) 12/31/33 unit (k)

207,880

214,429

par 1.33% 12/31/38 unit (f)(k)

200,000

79,000

Brazilian Federative Republic:

Brady debt conversion bond 4.3125% 4/15/12 (j)

358,240

351,971

6% 9/15/13

266,667

258,773

8% 1/15/18

602,000

637,518

10.5% 7/14/14

190,000

229,900

11% 1/11/12

120,000

147,000

11% 8/17/40

880,000

1,078,440

12.25% 3/6/30

265,000

364,640

12.5% 1/5/16

BRL

355,000

153,130

12.75% 1/15/20

150,000

208,875

14.5% 10/15/09

175,000

227,675

Canadian Government:

3% 6/1/06

CAD

300,000

257,697

5.25% 6/1/12

CAD

1,950,000

1,821,018

5.5% 6/1/09

CAD

720,000

661,476

Central Bank of Nigeria:

Brady 6.25% 11/15/20

250,000

250,000

promissory note 5.092% 1/5/10

217,374

213,403

City of Kiev 8.75% 8/8/08

100,000

106,880

Colombian Republic:

10.75% 1/15/13

260,000

326,690

11.75% 2/25/20

135,000

187,785

12% 10/22/15

COP

234,000,000

125,452

Dominican Republic:

Brady 4.8738% 8/30/09 (j)

206,650

203,550

4.375% 8/30/24 (j)

500,000

467,500

Ecuador Republic:

9% 8/15/30 (Reg. S) (f)

115,000

108,503

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

80,000

81,200

euro par 5% 2/28/25

36,000

25,740

French Government:

4% 4/25/55

EUR

100,000

130,144

4.75% 4/25/35

EUR

100,000

144,691

German Federal Republic 4.5% 7/4/09

EUR

1,290,000

1,654,038

Hellenic Republic 3.25% 6/21/07

EUR

1,500,000

1,828,442

Indonesian Republic:

7.25% 4/20/15 (g)

130,000

129,675

7.25% 4/20/15

165,000

164,588

Principal
Amount (d)

Value

Israeli State 7.5% 3/31/14

ILS

262,000

$ 62,962

Japan Government:

0.2% 7/20/06

JPY

125,000,000

1,102,914

0.5% 12/20/06

JPY

72,000,000

637,505

0.5% 6/10/15

JPY

50,150,000

421,612

1.1% 6/10/14

JPY

25,000,000

227,809

1.5% 3/20/14

JPY

25,000,000

223,609

2.4% 12/20/34

JPY

70,000,000

618,834

Lebanese Republic:

6.77% 11/30/09 (g)(j)

95,000

95,950

6.77% 11/30/09 (j)

140,000

141,400

Malaysian Government 4.72% 9/30/15

MYR

215,000

60,467

Panamanian Republic Brady discount 4.6875% 7/17/26 (j)

49,000

45,938

Peruvian Republic:

7.35% 7/21/25

100,000

106,000

9.875% 2/6/15

115,000

146,913

9.91% 5/5/15

PEN

115,000

40,936

Philippine Republic:

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

250,000

249,375

8.375% 2/15/11

565,000

591,131

9% 2/15/13

335,000

360,125

9.875% 1/15/19

110,000

122,925

10.625% 3/16/25

160,000

186,800

Republic of Hungary 6.25% 6/12/07

HUF

7,210,000

34,840

Republic of Serbia 3.75% 11/1/24 (f)(g)

50,000

44,500

Russian Federation:

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

1,380,000

1,587,000

11% 7/24/18 (Reg. S)

185,000

281,570

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

215,000

405,275

euro 10% 6/26/07

215,000

233,813

South African Republic:

8.5% 6/23/17

50,000

63,750

13% 8/31/10

ZAR

280,000

53,072

Spanish Kingdom 3.15% 1/31/16

EUR

4,300,000

5,145,946

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

145,000

221,140

Turkish Republic:

11.75% 6/15/10

465,000

580,088

11.875% 1/15/30

390,000

572,325

20.3198% to 20.5644% 7/5/06

TRY

195,000

129,809

Ukraine Government 7.3431% 8/5/09 (j)

400,000

436,000

United Kingdom, Great Britain & Northern Ireland:

Index-Linked 2.5% 7/17/24

GBP

98,505

201,909

4.25% 3/7/36

GBP

30,000

53,031

4.75% 9/7/15

GBP

390,000

713,678

5% 3/7/08

GBP

260,000

467,289

Foreign Government and Government Agency Obligations - continued

Principal
Amount (d)

Value

United Kingdom, Great Britain & Northern Ireland: - continued

5% 9/7/14

GBP

331,000

$ 614,619

5.75% 12/7/09

GBP

100,000

186,732

8% 6/7/21

GBP

250,000

624,368

United Mexican States:

7.5% 4/8/33

710,000

821,825

8.125% 12/30/19

150,000

182,250

9.69% 12/8/05

MXN

1,230,000

112,390

11.5% 5/15/26

390,000

625,950

Uruguay Republic 7.25% 2/15/11

105,000

109,200

Venezuelan Republic:

4.64% 4/20/11 (j)

240,000

237,600

5.375% 8/7/10

225,000

219,150

9.25% 9/15/27

290,000

343,215

10.75% 9/19/13

330,000

411,675

13.625% 8/15/18

161,000

238,280

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

500,000

504,000

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

150,000

117,375

TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $34,500,917)

35,866,915

Common Stocks - 0.5%

Shares

CONSUMER DISCRETIONARY - 0.2%

Diversified Consumer Services - 0.1%

Coinmach Service Corp. unit

13,000

181,220

Hotels, Restaurants & Leisure - 0.1%

Centerplate, Inc. unit

10,000

118,500

TOTAL CONSUMER DISCRETIONARY

299,720

TELECOMMUNICATION SERVICES - 0.3%

Diversified Telecommunication Services - 0.3%

Telewest Global, Inc. (a)

21,681

497,579

TOTAL COMMON STOCKS

(Cost $629,649)

797,299

Preferred Stocks - 0.1%

Convertible Preferred Stocks - 0.0%

MATERIALS - 0.0%

Chemicals - 0.0%

Celanese Corp. 4.25%

300

7,884

Shares

Value

Nonconvertible Preferred Stocks - 0.1%

CONSUMER DISCRETIONARY - 0.1%

Media - 0.1%

Spanish Broadcasting System, Inc.
Class B, 10.75%

69

$ 75,900

Specialty Retail - 0.0%

GNC Corp. Series A, 12.00%

30

22,200

TOTAL CONSUMER DISCRETIONARY

98,100

TOTAL PREFERRED STOCKS

(Cost $105,831)

105,984

Floating Rate Loans - 0.9%

Principal
Amount (d)

CONSUMER DISCRETIONARY - 0.1%

Automobiles - 0.1%

AM General LLC:

Tranche B1, term loan 8.2044% 11/1/11 (j)

$ 92,500

96,663

Tranche C2, term loan 12.41% 5/2/12 (j)

50,000

53,250

149,913

Media - 0.0%

UPC Broadband Holding BV Tranche H2, term loan 6.0044% 9/30/12 (j)

50,000

50,563

TOTAL CONSUMER DISCRETIONARY

200,476

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

Coffeyville Resources LLC:

Credit-Linked Deposit 6.3604% 7/8/11 (j)

12,000

12,195

Tranche 2, term loan 10.8125% 7/8/13 (j)

110,000

114,400

Tranche B1, term loan 6.57% 7/8/12 (j)

18,000

18,293

144,888

FINANCIALS - 0.0%

Real Estate - 0.0%

Newkirk Master LP Tranche B, term loan 5.6931% 8/11/08 (j)

19,826

20,123

INDUSTRIALS - 0.2%

Airlines - 0.2%

United Air Lines, Inc. Tranche B, term loan 7.96% 12/30/05 (j)

40,000

40,400

Floating Rate Loans - continued

Principal
Amount (d)

Value

INDUSTRIALS - continued

Airlines - continued

US Airways Group, Inc.:

Tranche 1A, term loan 12.2062% 9/30/10 (j)

$ 156,534

$ 156,534

Tranche 2B, term loan 9.8062% 9/30/08 (j)

91,025

91,935

288,869

Building Products - 0.0%

Mueller Group, Inc. term loan 6.2371% 10/3/12 (j)

20,000

20,300

Industrial Conglomerates - 0.0%

Walter Industries, Inc. term loan 6.0399% 10/3/12 (j)

20,000

20,275

TOTAL INDUSTRIALS

329,444

INFORMATION TECHNOLOGY - 0.3%

IT Services - 0.3%

SunGard Data Systems, Inc. Tranche B, term loan 6.28% 2/10/13 (j)

528,675

535,283

TELECOMMUNICATION SERVICES - 0.2%

Diversified Telecommunication Services - 0.2%

Wind Telecomunicazioni Spa:

Tranche 2, term loan 10.0944% 3/21/15 (j)

140,000

140,175

Tranche B, term loan 6.75% 9/21/13 (j)

70,000

69,300

Tranche C, term loan 7.25% 9/21/14 (j)

70,000

69,300

278,775

TOTAL FLOATING RATE LOANS

(Cost $1,486,484)

1,508,989

Sovereign Loan Participations - 0.1%

Indonesian Republic loan participation:

- Citibank 5.0625% 3/28/13 (j)

46,818

44,009

- Credit Suisse First Boston 5.0625% 3/28/13 (j)

186,182

175,011

- Deutsche Bank 0.975% 3/28/13 (j)

JPY

2,701,464

21,539

TOTAL SOVEREIGN LOAN PARTICIPATIONS

(Cost $231,455)

240,559

Fixed-Income Funds - 1.7%

Shares

Fidelity Floating Rate Central Investment Portfolio (b)
(Cost $2,785,039)

27,781

2,795,046

Money Market Funds - 9.8%

Shares

Value

Fidelity Cash Central Fund, 3.82% (b)
(Cost $15,586,082)

15,586,082

$ 15,586,082

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $160,715,719)

162,914,012

NET OTHER ASSETS - (2.2)%

(3,508,957)

NET ASSETS - 100%

$ 159,405,055

Currency Abbreviations

ARS

-

Argentine peso

BRL

-

Brazilian real

CAD

-

Canadian dollar

COP

-

Colombian peso

EGP

-

Egyptian pound

EUR

-

European Monetary Unit

GBP

-

British pound

HUF

-

Hungarian forint

ILS

-

Israeli shekel

JPY

-

Japanese yen

MXN

-

Mexican peso

MYR

-

Malyasian ringgit

PEN

-

Peruvian new sol

TRY

-

New Turkish Lira

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 unaudited listing of the money market fund's holdings as of its most recent quarter end is available upon request. A complete unaudited listing of the fixed-income central fund's holdings is provided at the end of this report.

(c) Non-income producing - Issuer is in default.

(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 $14,276,183 or 9.0% of net assets.

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

(i) A portion of the security is subject to a forward commitment to sell.

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

(k) Includes attached Argentine Republic Gross Domestic Product-Linked Securities, expiring 12/15/35.

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $160,628,005. Net unrealized appreciation aggregated $2,286,007, of which $4,076,486 related to appreciated investment securities and $1,790,479 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 September 30, 2005
which is a direct or indirect investment of
Fidelity Variable Insurance Products: Strategic Income Portfolio.
These underlying holdings of the Fidelity fixed-income central
fund are not included in the Schedule of Investments.

Quarterly Report

Fidelity Floating Rate Central Investment Portfolio

Investments September 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Floating Rate Loans (c) - 89.6%

Principal Amount

Value

Aerospace - 0.3%

Mid-Western Aircraft Systems, Inc. Tranche B, term loan 5.9606% 12/31/11 (b)

$ 1,386,525

$ 1,409,056

Air Transportation - 1.3%

United Air Lines, Inc. Tranche B, term loan 7.96% 12/30/05 (b)

2,120,000

2,141,200

US Airways Group, Inc. Tranche 1A, term loan 12.2062% 9/30/10 (b)

4,000,000

4,000,000

6,141,200

Automotive - 4.2%

Accuride Corp. term loan 6.1797% 1/31/12 (b)

2,343,409

2,366,843

AM General LLC Tranche B1, term loan 8.2044% 11/1/11 (b)

3,747,436

3,916,071

Goodyear Tire & Rubber Co.:

Tranche 1, 4.7852% 4/30/10 (b)

1,060,000

1,069,275

Tranche 2, term loan 6.32% 4/30/10 (b)

1,480,000

1,500,350

Travelcenters of America, Inc. Tranche B, term loan 5.71% 12/1/11 (b)

7,916,840

8,005,904

TRW Automotive Holdings Corp. Tranche B, term loan 5.25% 6/30/12 (b)

2,770,717

2,798,424

19,656,867

Broadcasting - 2.0%

Entravision Communications Corp. term loan 5.55% 3/29/13 (b)

4,000,000

4,035,000

Nexstar Broadcasting, Inc. Tranche B, term loan 5.6644% 10/1/12 (b)

3,828,592

3,852,520

Spanish Broadcasting System, Inc. Tranche 1, term loan 6.03% 6/10/12 (b)

1,567,125

1,590,632

9,478,152

Building Materials - 1.0%

Euramax International, Inc./Euramax International Holdings BV Tranche 1, term loan 6.6297% 6/29/12 (b)

1,845,375

1,859,215

Goodman Global Holdings, Inc. term loan 5.875% 12/23/11 (b)

1,210,850

1,227,499

Masonite International Corp. term loan 5.6659% 4/5/13 (b)

1,462,650

1,466,307

4,553,021

Cable TV - 6.4%

Adelphia Communications Corp. Tranche B, term loan 6.3041% 3/31/06 (b)

2,450,000

2,462,250

Century Cable Holdings LLC Tranche B, term loan 8.75% 6/30/09 (b)

3,000,000

2,977,500

Floating Rate Loans (c) - continued

Principal Amount

Value

Cable TV - continued

Charter Communications Operating LLC:

Tranche A, term loan 6.68% 4/27/10 (b)

$ 6,630,902

$ 6,630,902

Tranche B, term loan 6.93% 4/7/11 (b)

1,987,454

1,997,391

DIRECTV Holdings LLC Tranche B, term loan 5.3375% 4/13/13 (b)

2,260,000

2,282,600

NTL Investment Holdings Ltd. Tranche B, term loan 6.41% 6/13/12 (b)

3,000,000

3,015,000

UPC Broadband Holding BV Tranche H2, term loan 6.0044% 9/30/12 (b)

3,940,000

3,984,325

UPC Distribution Holdings BV Tranche F, term loan 7.19% 12/31/11 (b)

4,000,000

4,065,000

WideOpenWest Illinois, Inc. Tranche B, term loan 6.8036% 6/22/11 (b)

2,586,902

2,612,771

30,027,739

Capital Goods - 1.7%

Alliance Laundry Systems LLC term loan 6.0021% 1/27/12 (b)

1,870,000

1,893,375

Flowserve Corp. term loan 5.8125% 8/10/12 (b)

1,280,000

1,296,000

GenTek, Inc. term loan 6.4034% 2/28/11 (b)

1,939,064

1,939,064

Hexcel Corp. Tranche B, term loan 5.3632% 3/1/12 (b)

370,000

373,700

Mueller Group, Inc. term loan 6.2371% 10/3/12 (b)

670,000

680,050

Walter Industries, Inc. term loan 6.0399% 10/3/12 (b)

720,000

729,900

Wastequip, Inc. Tranche B1, term loan 6.5204% 7/15/11 (b)

967,575

977,251

7,889,340

Chemicals - 1.7%

Basell USA, Inc.:

Tranche B2, term loan 6.3533% 8/1/13 (b)

190,000

193,563

Tranche C2, term loan 6.8533% 8/1/14 (b)

190,000

193,563

Celanese Holding LLC term loan 6.2967% 4/6/11 (b)

2,334,674

2,369,695

Mosaic Co. Tranche B, term loan 5.2323% 2/21/12 (b)

1,890,500

1,914,131

PQ Corp. term loan 6.0625% 2/11/12 (b)

3,283,500

3,320,439

7,991,391

Consumer Products - 1.2%

Burt's Bees, Inc. term loan 6.2397% 3/28/10 (b)

398,000

402,478

Central Garden & Pet Co. Tranche B, term loan 5.5591% 5/14/09 (b)

396,974

401,936

Fender Musical Instrument Corp. Tranche B, term loan 5.85% 3/30/12 (b)

807,975

816,055

Jarden Corp. Tranche B2, term loan 5.6881% 1/24/12 (b)

375,189

377,065

Floating Rate Loans (c) - continued

Principal Amount

Value

Consumer Products - continued

Jostens IH Corp. Tranche A, term loan 6.4381% 10/4/10 (b)

$ 1,800,000

$ 1,822,500

Simmons Bedding Co. Tranche C, term loan 6.0144% 12/19/11 (b)

1,941,162

1,960,574

5,780,608

Containers - 0.2%

Berry Plastics Corp. term loan 6.105% 12/2/11 (b)

947,625

960,655

Diversified Financial Services - 0.8%

Newkirk Master LP Tranche B, term loan 5.6931% 8/11/08 (b)

644,334

653,999

Refco Finance Holdings LLC term loan 5.8406% 8/5/11 (b)

2,972,222

3,005,660

3,659,659

Diversified Media - 0.2%

R.H. Donnelley Corp. Tranche A3, term loan 5.6939% 12/31/09 (b)

1,159,682

1,162,582

Electric Utilities - 4.5%

Allegheny Energy Supply Co. LLC term loan 5.7691% 3/8/11 (b)

3,138,340

3,181,492

Centerpoint Energy House Electric LLC term loan 13.2425% 11/11/05 (b)

2,000,000

2,025,000

Covanta Energy Corp. Tranche 1:

Credit-Linked Deposit 6.8628% 6/24/12 (b)

2,211,382

2,244,553

term loan 6.9606% 6/24/12 (b)

1,784,146

1,810,909

NRG Energy, Inc.:

Credit-Linked Deposit 5.7953% 12/24/11 (b)

1,706,250

1,714,781

term loan 5.8954% 12/24/11 (b)

2,177,297

2,188,183

Primary Energy Finance LLC term loan 6.0204% 8/24/12 (b)

3,030,000

3,075,450

Reliant Energy, Inc. term loan 6.0972% 4/30/10 (b)

1,990,000

2,004,925

Texas Genco LLC term loan 5.8632% 12/14/11 (b)

2,977,500

2,992,388

21,237,681

Energy - 7.8%

Boart Longyear Holdings, Inc. Tranche 1, term loan 6.53% 7/22/12 (b)

369,075

374,611

Coffeyville Resources LLC:

Credit-Linked Deposit 6.3604% 7/8/11 (b)

704,000

715,440

Tranche B1, term loan 6.57% 7/8/12 (b)

1,056,000

1,073,160

El Paso Corp. Credit-Linked Deposit 6.6466% 11/22/09 (b)

6,000,000

6,060,000

Energy Transfer Partners LP term loan 6.8125% 6/16/08 (b)

5,000,000

5,056,250

Floating Rate Loans (c) - continued

Principal Amount

Value

Energy - continued

EPCO Holdings, Inc. Tranche B, term loan 6.0394% 8/16/10 (b)

$ 3,460,000

$ 3,520,550

Kerr-McGee Corp. Tranche B, term loan 6.3149% 5/24/11 (b)

9,975,000

10,024,875

Key Energy Services, Inc. Tranche B, term loan 7.02% 6/30/12 (b)

4,230,000

4,293,450

LB Pacific LP term loan 6.8044% 3/3/12 (b)

3,980,000

4,029,750

Universal Compression, Inc. term loan 7.5% 2/15/12 (b)

1,055,500

1,063,416

Vulcan/Plains Resources, Inc. term loan 5.8492% 8/12/11 (b)

540,000

547,425

36,758,927

Entertainment/Film - 1.8%

MGM Holdings II, Inc. Tranche B, term loan 6.2704% 4/8/12 (b)

8,550,000

8,635,500

Environmental - 1.4%

Allied Waste Industries, Inc.:

term loan 5.8505% 1/15/12 (b)

2,088,868

2,107,146

Tranche A, Credit-Linked Deposit 5.105% 1/15/12 (b)

789,324

796,231

Envirocare of Utah, Inc. Tranche 1, term loan 6.11% 4/13/10 (b)

3,727,273

3,787,841

6,691,218

Food/Beverage/Tobacco - 1.8%

Centerplate, Inc. term loan 6.9252% 10/1/10 (b)

4,895,400

4,932,116

Commonwealth Brands, Inc. term loan 6.875% 8/28/07 (b)

135,204

137,570

Constellation Brands, Inc. Tranche B, term loan 5.9093% 11/30/11 (b)

2,297,889

2,326,612

Herbalife International, Inc. term loan 5.41% 12/21/10 (b)

1,190,000

1,201,900

8,598,198

Gaming - 2.6%

BLB Worldwide Holdings, Inc.:

Tranche 1, term loan 6.079% 6/30/12 (b)

870,000

883,050

Tranche 2, term loan 7.83% 7/18/11 (b)

1,360,000

1,385,500

Green Valley Ranch Gaming LLC term loan 6.0204% 12/17/11 (b)

2,176,056

2,197,817

Herbst Gaming, Inc. term loan 6.1973% 1/7/11 (b)

398,000

402,478

Isle of Capri Casinos, Inc. term loan 5.4859% 2/4/11 (b)

198,500

200,981

Marina District Finance Co., Inc. term loan 5.5906% 10/14/11 (b)

3,970,000

3,994,813

Floating Rate Loans (c) - continued

Principal Amount

Value

Gaming - continued

Motor City Casino Tranche B, term loan 5.9333% 7/29/12 (b)

$ 1,426,425

$ 1,438,906

Resorts International Hotel & Casino, Inc. Tranche B1, term loan 6.53% 4/26/12 (b)

783,465

787,382

Venetian Casino Resort LLC Tranche B, term loan 5.7704% 6/15/11 (b)

900,000

904,500

12,195,427

Healthcare - 9.8%

AMR HoldCo, Inc./ EmCare HoldCo, Inc. term loan 6.1093% 2/7/12 (b)

3,283,500

3,332,753

Community Health Systems, Inc. term loan 5.61% 8/19/11 (b)

3,964,962

4,019,481

CRC Health Corp. term loan 6.8125% 5/11/11 (b)

947,625

952,363

DaVita, Inc. Tranche B, term loan 4.1581% 7/30/12 (b)

7,686,275

7,811,176

Genoa Healthcare Group LLC Tranche 1, term loan 7.2614% 8/4/12 (b)

1,421,000

1,442,315

HealthSouth Corp.:

Credit-Linked Deposit 6.2818% 6/14/07 (b)

807,500

811,538

term loan 6.53% 6/14/07 (b)

2,985,019

2,999,944

Lifecare Holdings, Inc. term loan 6.09% 8/11/12 (b)

1,260,000

1,244,250

LifePoint Hospitals, Inc. Tranche B, term loan 5.435% 4/15/12 (b)

3,196,814

3,224,787

Mylan Laboratories, Inc. Tranche B, term loan 5.4% 6/30/10 (b)

480,000

486,600

Newquest, Inc. Tranche A, term loan 6.66% 3/1/11 (b)

475,000

480,938

PacifiCare Health Systems, Inc. Tranche B, term loan 5.2204% 12/6/10 (b)

6,947,500

6,947,500

Psychiatric Solutions, Inc. term loan 5.73% 7/1/12 (b)

510,769

516,515

Skilled Healthcare Group, Inc. Tranche 2, term loan 11.53% 12/15/12 (b)

3,000,000

3,030,000

Vicar Operating, Inc. term loan 5.375% 5/16/11 (b)

4,644,362

4,690,806

Warner Chilcott Corp. term loan 6.6701% 1/18/12 (b)

3,992,057

4,012,017

46,002,983

Homebuilding/Real Estate - 5.7%

CB Richard Ellis Services, Inc. term loan 5.1051% 3/31/10 (b)

1,430,172

1,440,898

General Growth Properties, Inc. Tranche B, term loan 5.85% 11/12/08 (b)

5,961,545

6,050,968

Lake Las Vegas LLC Tranche 1, term loan 6.3129% 11/1/09 (b)

3,902,166

3,960,699

Lion Gables Realty LP term loan 5.63% 9/30/06 (b)

4,124,421

4,150,199

Floating Rate Loans (c) - continued

Principal Amount

Value

Homebuilding/Real Estate - continued

LNR Property Corp. Tranche B, term loan 6.7112% 2/3/08 (b)

$ 3,919,880

$ 3,968,879

Maguire Properties, Inc. Tranche B, term loan 5.4663% 3/15/10 (b)

4,611,111

4,651,458

Shea Mountain House LLC Tranche B, term loan 5.8% 5/11/11 (b)

2,430,000

2,454,300

26,677,401

Hotels - 1.0%

Starwood Hotels & Resorts Worldwide, Inc. term loan 5.0906% 10/9/06 (b)

4,893,939

4,893,939

Leisure - 0.7%

24 Hour Fitness Worldwide, Inc. Tranche B, term loan 6.78% 6/8/12 (b)

3,000,000

3,045,000

Mega Bloks, Inc. Tranche B, term loan 5.6034% 7/26/12 (b)

440,000

445,500

3,490,500

Metals/Mining - 2.6%

Murray Energy Corp. Tranche 1, term loan 6.86% 1/28/10 (b)

497,500

501,231

Novelis, Inc. term loan 5.46% 1/7/12 (b)

3,123,077

3,158,212

Peabody Energy Corp. term loan 4.625% 3/21/10 (b)

2,947,385

2,965,806

Trout Coal Holdings LLC / Dakota Tranche 1, term loan 6.0302% 3/23/11 (b)

5,676,487

5,683,583

12,308,832

Paper - 2.9%

Escanaba Timber LLC term loan 6.43% 5/2/08 (b)

520,000

525,850

Georgia-Pacific Corp. term loan 5.3152% 7/2/09 (b)

1,000,000

1,001,800

Koch Cellulose LLC:

term loan 5.77% 5/7/11 (b)

1,952,469

1,984,197

Credit-Linked Deposit 5.1931% 5/7/11 (b)

602,945

612,743

Smurfit-Stone Container Enterprises, Inc.:

Credit-Linked Deposit 5.25% 11/1/10 (b)

655,111

661,662

Tranche B, term loan 5.6969% 11/1/11 (b)

5,208,155

5,266,747

Tranche C, term loan 5.8338% 11/1/11 (b)

1,923,018

1,944,652

Xerium Technologies, Inc. Tranche B, term loan 6.0204% 5/18/12 (b)

1,496,250

1,514,953

13,512,604

Publishing/Printing - 3.0%

Dex Media West LLC/Dex Media West Finance Co. Tranche B, term loan 5.5119% 3/9/10 (b)

6,513,707

6,546,276

Floating Rate Loans (c) - continued

Principal Amount

Value

Publishing/Printing - continued

Liberty Group Operating, Inc. Tranche B, term loan 6% 2/28/12 (b)

$ 196,513

$ 198,478

PRIMEDIA, Inc. Tranche B, term loan 6.1138% 9/30/13 (b)

3,170,000

3,197,738

R.H. Donnelley Corp. Tranche B2, term loan 5.6181% 6/30/11 (b)

4,287,315

4,314,111

14,256,603

Railroad - 1.5%

Helm Holding Corp. Tranche 1, term loan 6.259% 7/8/11 (b)

1,187,025

1,198,895

Kansas City Southern Railway Co. Tranche B1, term loan 5.5903% 3/30/08 (b)

2,779,000

2,820,685

RailAmerica, Inc. term loan 5.875% 9/29/11 (b)

3,090,201

3,144,280

7,163,860

Restaurants - 3.3%

Arby's Restaurant Group, Inc. Tranche B, term loan 6.1446% 7/25/12 (b)

3,990,000

4,019,925

Burger King Corp. Tranche B, term loan 5.5% 6/30/12 (b)

1,845,375

1,873,056

Domino's, Inc. term loan 5.8125% 6/25/10 (b)

4,809,121

4,881,258

Jack in the Box, Inc. term loan 5.4457% 1/8/11 (b)

3,117,746

3,145,026

Landry's Seafood Restaurants, Inc. term loan 5.949% 12/28/10 (b)

1,454,013

1,470,370

15,389,635

Services - 4.6%

Coinstar, Inc. term loan 5.55% 7/1/11 (b)

825,144

837,521

DynCorp term loan 6.7498% 2/11/11 (b)

1,995,000

2,004,975

Iron Mountain, Inc.:

term loan 5.625% 4/2/11 (b)

3,712,842

3,749,970

Tranche R, term loan 5.5313% 4/2/11 (b)

4,962,500

5,012,125

Knowledge Learning Corp. term loan 6.35% 1/7/12 (b)

4,050,907

4,061,035

Rural/Metro Corp.:

Credit-Linked Deposit 6.2% 3/4/11 (b)

520,882

528,044

term loan 6.0439% 3/4/11 (b)

1,904,941

1,931,134

United Rentals, Inc.:

term loan 6.0948% 2/14/11 (b)

2,836,779

2,865,147

Tranche B, Credit-Linked Deposit 5.4925% 2/14/11 (b)

575,996

581,756

21,571,707

Floating Rate Loans (c) - continued

Principal Amount

Value

Shipping - 0.1%

Baker Tanks, Inc. term loan 6.4731% 1/30/11 (b)

$ 248,750

$ 250,616

Ozburn Hessey Holding Co. LLC term loan 6.3406% 8/9/12 (b)

370,000

375,550

626,166

Technology - 7.8%

AMI Semiconductor, Inc. term loan 5.3406% 4/1/12 (b)

2,090,751

2,095,978

Fairchild Semiconductor Corp. Tranche B3, term loan 5.605% 12/31/10 (b)

2,055,157

2,078,277

Fidelity National Information Solutions, Inc. Tranche B, term loan 5.4771% 3/9/13 (b)

5,471,500

5,498,858

Infor Global Solutions AG Tranche 1, term loan 6.943% 4/18/11 (b)

6,000,000

6,060,000

ON Semiconductor Corp. Tranche G, term loan 7.0625% 12/15/11 (b)

2,977,500

3,022,163

SSA Global Technologies, Inc. term loan 5.97% 9/22/11 (b)

2,180,000

2,190,900

SunGard Data Systems, Inc. Tranche B, term loan 6.28% 2/10/13 (b)

14,962,500

15,149,520

UGS Holdings, Inc. Tranche C, term loan 5.84% 3/31/12 (b)

464,828

471,219

36,566,915

Telecommunications - 5.4%

AAT Communications Corp.:

Tranche 2, term loan 6.61% 7/29/13 (b)

300,000

305,625

Tranche B1, term loan 5.61% 7/27/12 (b)

1,850,000

1,875,438

Alaska Communications Systems Holding term loan 6.0204% 2/1/12 (b)

7,100,000

7,188,750

American Tower LP Tranche C, term loan 4.9601% 8/31/11 (b)

2,567,100

2,570,309

Conversant Holdings, Inc. Tranche B, term loan 7.8144% 3/31/11 (b)

1,925,000

1,920,188

Intelsat Ltd. term loan 5.8125% 7/28/11 (b)

3,228,410

3,260,694

Madison River Capital LLC/Madison River Finance Corp. Tranche B, term loan 6.22% 7/29/12 (b)

1,270,000

1,290,638

New Skies Satellites BV term loan 5.8888% 5/2/11 (b)

1,327,565

1,347,479

NTELOS, Inc.:

term loan 9.03% 2/24/12 (b)

200,000

199,250

Tranche B, term loan 6.53% 8/24/11 (b)

992,500

1,003,666

Qwest Corp. Tranche A, term loan 8.53% 6/30/07 (b)

1,600,000

1,650,000

Floating Rate Loans (c) - continued

Principal Amount

Value

Telecommunications - continued

SpectraSite Communications, Inc. Tranche B, term loan 5.27% 5/19/12 (b)

$ 1,985,000

$ 1,987,481

Valor Telecommunications Enterprises LLC/Valor Finance Corp. Tranche B, term loan 5.7754% 2/14/12 (b)

773,333

783,967

25,383,485

Textiles & Apparel - 0.3%

St. John Knits International, Inc. Tranche B, term loan 6.5401% 3/23/12 (b)

497,500

503,719

William Carter Co. term loan 5.7178% 6/29/12 (b)

796,875

808,828

1,312,547

TOTAL FLOATING RATE LOANS

(Cost $419,395,818)

421,984,398

Nonconvertible Bonds - 7.9%

Automotive - 2.5%

General Motors Acceptance Corp.:

4.6769% 5/18/06 (b)

2,000,000

1,989,398

4.87% 10/20/05 (b)

5,000,000

5,000,060

5.11% 9/23/08 (b)

3,000,000

2,779,644

6.75% 1/15/06

2,000,000

2,010,456

11,779,558

Diversified Financial Services - 1.1%

Residential Capital Corp. 5.385% 6/29/07 (a)(b)

5,000,000

5,041,365

Super Retail - 1.1%

GSC Holdings Corp./Gamestop, Inc. 7.875% 10/1/11 (a)(b)

5,000,000

5,037,500

Technology - 1.3%

Nortel Networks Corp. 6.125% 2/15/06

5,000,000

5,025,000

SunGard Data Systems, Inc. 8.5248% 8/15/13 (a)(b)

1,090,000

1,124,063

6,149,063

Telecommunications - 1.9%

Qwest Corp. 7.12% 6/15/13 (a)(b)

2,840,000

2,953,600

Rogers Communications, Inc. 6.995% 12/15/10 (b)

6,000,000

6,217,500

9,171,100

TOTAL NONCONVERTIBLE BONDS

(Cost $37,125,822)

37,178,586

Cash Equivalents - 7.7%

Maturity Amount

Value

Investments in repurchase agreements (Collateralized by U.S. Government Obligations, in a joint trading account at 3.89%, dated 9/30/05 due 10/3/05)
(Cost $36,404,000)

$ 36,415,815

$ 36,404,000

TOTAL INVESTMENT PORTFOLIO - 105.2%

(Cost $492,925,640)

495,566,984

NET OTHER ASSETS - (5.2)%

(24,405,171)

NET ASSETS - 100%

$ 471,161,813

Legend

(a) 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 $14,156,528 or 3.0% of net assets.

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

(c) 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

September 30, 2005

VTC-QTLY-1105

1.807723.101

Investments September 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%

Shares

Value

COMMERCIAL SERVICES & SUPPLIES - 0.1%

Diversified Commercial & Professional Services - 0.1%

Global Cash Access Holdings, Inc.

3,100

$ 43,710

COMMUNICATIONS EQUIPMENT - 37.4%

Communications Equipment - 37.4%

ADC Telecommunications, Inc. (a)

17,185

392,849

Alcatel SA sponsored ADR (a)

31,300

420,046

Andrew Corp. (a)

41,600

463,840

AudioCodes Ltd. (a)

56,500

622,065

Bookham, Inc. (a)

16,700

81,496

CIENA Corp. (a)

284,900

752,136

Comtech Group, Inc. (a)

50,000

299,005

Comverse Technology, Inc. (a)

30,070

789,939

Corning, Inc. (a)

66,200

1,279,646

CSR PLC (a)

11,400

134,374

Extreme Networks, Inc. (a)

68,400

304,380

F5 Networks, Inc. (a)

38,800

1,686,636

Foxconn International Holdings Ltd.

40,000

43,314

Harris Corp.

300

12,540

Ixia (a)

20,800

305,968

JDS Uniphase Corp. (a)

189,800

421,356

Juniper Networks, Inc. (a)

203,896

4,850,686

Motorola, Inc.

51,330

1,133,880

MRV Communications, Inc. (a)

53,600

114,168

Nokia Corp. sponsored ADR

270,200

4,569,082

Polycom, Inc. (a)

9,500

153,615

Powerwave Technologies, Inc. (a)

28,400

368,916

QUALCOMM, Inc.

113,700

5,088,073

RADWARE Ltd. (a)

14,300

272,415

Research In Motion Ltd. (a)

55,000

3,751,505

Sonus Networks, Inc. (a)

54,300

314,940

Tekelec (a)

14,900

312,155

28,939,025

COMPUTERS & PERIPHERALS - 15.7%

Computer Hardware - 7.0%

Apple Computer, Inc. (a)

29,900

1,602,939

Avid Technology, Inc. (a)

8,600

356,040

Dell, Inc. (a)

2,400

82,080

Hewlett-Packard Co.

36,200

1,057,040

International Business Machines Corp.

22,400

1,796,928

Palm, Inc. (a)

10,800

305,964

Sun Microsystems, Inc. (a)

39,600

155,232

5,356,223

Computer Storage & Peripherals - 8.7%

Advanced Digital Information Corp. (a)

20,400

191,760

Brocade Communications Systems, Inc. (a)

500

2,040

EMC Corp. (a)

302,540

3,914,868

Network Appliance, Inc. (a)

90,200

2,141,348

Shares

Value

SanDisk Corp. (a)

8,735

$ 421,464

Seagate Technology

4,400

69,740

6,741,220

TOTAL COMPUTERS & PERIPHERALS

12,097,443

ELECTRICAL EQUIPMENT - 0.7%

Electrical Components & Equipment - 0.7%

Evergreen Solar, Inc. (a)

61,400

572,862

ELECTRONIC EQUIPMENT & INSTRUMENTS - 4.7%

Electronic Equipment & Instruments - 3.0%

Agilent Technologies, Inc. (a)

11,300

370,075

Applied Films Corp. (a)

11,400

239,400

AU Optronics Corp. sponsored ADR

53,394

691,986

LG.Philips LCD Co. Ltd. sponsored ADR (a)

7,800

160,368

Photon Dynamics, Inc. (a)

6,778

129,799

Planar Systems, Inc. (a)

19,500

160,290

Samsung SDI Co. Ltd.

2,000

207,954

Vishay Intertechnology, Inc. (a)

30,000

358,500

2,318,372

Electronic Manufacturing Services - 0.9%

Hon Hai Precision Industry Co. Ltd. (Foxconn)

113,450

528,183

International DisplayWorks, Inc. (a)

20,900

124,146

652,329

Technology Distributors - 0.8%

Arrow Electronics, Inc. (a)

7,500

235,200

Avnet, Inc. (a)

15,900

388,755

623,955

TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS

3,594,656

HOUSEHOLD DURABLES - 0.2%

Consumer Electronics - 0.2%

ReignCom Ltd.

3,226

36,171

Thomson SA

6,500

135,193

171,364

INTERNET & CATALOG RETAIL - 3.4%

Internet Retail - 3.4%

eBay, Inc. (a)

54,700

2,253,640

GSI Commerce, Inc. (a)

14,400

286,560

Overstock.com, Inc. (a)

2,800

107,380

2,647,580

INTERNET SOFTWARE & SERVICES - 7.4%

Internet Software & Services - 7.4%

Akamai Technologies, Inc. (a)

17,800

283,910

AsiaInfo Holdings, Inc. (a)

9,900

48,015

Baidu.com, Inc. ADR

100

6,402

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

7,800

2,468,388

Marchex, Inc. Class B (a)

34,000

563,040

Common Stocks - continued

Shares

Value

INTERNET SOFTWARE & SERVICES - CONTINUED

Internet Software & Services - continued

Openwave Systems, Inc. (a)

58,633

$ 1,054,221

VeriSign, Inc. (a)

14,800

316,276

Yahoo!, Inc. (a)

29,740

1,006,402

5,746,654

IT SERVICES - 1.7%

Data Processing & Outsourced Services - 1.1%

Affiliated Computer Services, Inc.
Class A (a)

5,500

300,300

Paychex, Inc.

14,000

519,120

819,420

IT Consulting & Other Services - 0.6%

Accenture Ltd. Class A (a)

14,900

379,354

Kanbay International, Inc. (a)

6,800

127,840

507,194

TOTAL IT SERVICES

1,326,614

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 17.4%

Semiconductor Equipment - 3.5%

Amkor Technology, Inc. (a)

31,300

137,094

ASML Holding NV (NY Shares) (a)

16,700

275,717

ATMI, Inc. (a)

7,900

244,900

Credence Systems Corp. (a)

24,800

197,904

Kulicke & Soffa Industries, Inc. (a)

26,200

189,950

Lam Research Corp. (a)

2,500

76,175

MEMC Electronic Materials, Inc. (a)

40,600

925,274

Teradyne, Inc. (a)

26,200

432,300

Varian Semiconductor Equipment Associates, Inc. (a)

5,300

224,561

2,703,875

Semiconductors - 13.9%

Advanced Analogic Technologies, Inc.

20,750

232,193

Altera Corp. (a)

37,200

710,892

Analog Devices, Inc.

14,400

534,816

Applied Micro Circuits Corp. (a)

134,900

404,700

ATI Technologies, Inc. (a)

55,100

761,618

Atmel Corp. (a)

59,906

123,406

Cambridge Display Technologies, Inc.

17,300

115,045

Cree, Inc. (a)

15,400

385,308

Cypress Semiconductor Corp. (a)

24,000

361,200

Exar Corp. (a)

1,144

16,039

Fairchild Semiconductor International, Inc. (a)

38,700

575,082

Freescale Semiconductor, Inc.:

Class A (a)

20,800

486,928

Class B (a)

7,212

170,059

Ikanos Communications, Inc.

300

3,687

Intel Corp.

57,200

1,409,980

Shares

Value

Intersil Corp. Class A

14,100

$ 307,098

Linear Technology Corp.

12,200

458,598

Marvell Technology Group Ltd. (a)

9,000

414,990

Maxim Integrated Products, Inc.

11,500

490,475

Microchip Technology, Inc.

5,200

156,624

Micron Technology, Inc. (a)

6,900

91,770

Mindspeed Technologies, Inc. (a)

174,500

420,545

O2Micro International Ltd. (a)

32,200

506,828

Semiconductor Manufacturing International Corp. sponsored ADR (a)

11,400

98,040

Siliconware Precision Industries Co. Ltd. sponsored ADR

24,404

126,413

STATS ChipPAC Ltd. sponsored ADR (a)

105,200

660,656

Trident Microsystems, Inc. (a)

7,800

248,118

Vitesse Semiconductor Corp. (a)

89,400

168,072

Zoran Corp. (a)

23,018

329,157

10,768,337

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

13,472,212

SOFTWARE - 10.3%

Application Software - 3.4%

Agile Software Corp. (a)

17,100

122,607

Citrix Systems, Inc. (a)

3,200

80,448

Cognos, Inc. (a)

5,200

201,139

FileNET Corp. (a)

3,000

83,700

Hyperion Solutions Corp. (a)

1,700

82,705

JAMDAT Mobile, Inc.

300

6,300

Kronos, Inc. (a)

2,000

89,280

Mercury Interactive Corp. (a)

2,900

114,840

Quest Software, Inc. (a)

24,479

368,899

Salesforce.com, Inc. (a)

9,300

215,016

TIBCO Software, Inc. (a)

23,800

198,968

Ulticom, Inc. (a)

97,785

1,078,569

2,642,471

Home Entertainment Software - 1.0%

Activision, Inc. (a)

9,000

184,050

Take-Two Interactive Software, Inc. (a)

9,600

212,064

THQ, Inc. (a)

8,850

188,682

Ubisoft Entertainment SA (a)

3,100

161,713

746,509

Systems Software - 5.9%

Adobe Systems, Inc.

2,950

88,058

McAfee, Inc. (a)

5,100

160,242

Microsoft Corp.

104,255

2,682,481

Oracle Corp. (a)

83,600

1,035,804

Red Hat, Inc. (a)

26,860

569,163

4,535,748

TOTAL SOFTWARE

7,924,728

Common Stocks - continued

Shares

Value

SPECIALTY RETAIL - 0.4%

Computer & Electronics Retail - 0.4%

Best Buy Co., Inc.

7,000

$ 304,710

WIRELESS TELECOMMUNICATION SERVICES - 0.3%

Wireless Telecommunication Services - 0.3%

Wireless Facilities, Inc. (a)

40,000

232,000

TOTAL COMMON STOCKS

(Cost $66,898,603)

77,073,558

Money Market Funds - 2.2%

Fidelity Cash Central Fund, 3.82% (b)

438,007

438,007

Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)

1,254,475

1,254,475

TOTAL MONEY MARKET FUNDS

(Cost $1,692,482)

1,692,482

TOTAL INVESTMENT PORTFOLIO - 101.9%

(Cost $68,591,085)

78,766,040

NET OTHER ASSETS - (1.9)%

(1,488,008)

NET ASSETS - 100%

$ 77,278,032

Legend

(a) Non-income producing

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

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

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $69,129,637. Net unrealized appreciation aggregated $9,636,403, of which $11,578,845 related to appreciated investment securities and $1,942,442 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

September 30, 2005

VUT-QTLY-1105

1.807738.101

Investments September 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%

Shares

Value

DIVERSIFIED TELECOMMUNICATION SERVICES - 30.7%

Integrated Telecommunication Services - 30.7%

BellSouth Corp.

155,530

$ 4,090,439

Citizens Communications Co.

230

3,117

Qwest Communications International, Inc. (a)

320,870

1,315,567

SBC Communications, Inc.

180,810

4,334,014

TELUS Corp. (non-vtg.)

1,800

73,310

Verizon Communications, Inc.

125,860

4,114,363

13,930,810

ELECTRIC UTILITIES - 23.0%

Electric Utilities - 23.0%

Allegheny Energy, Inc. (a)

34,900

1,072,128

Cinergy Corp.

100

4,441

Edison International

41,200

1,947,936

Entergy Corp.

13,900

1,033,048

Exelon Corp.

45,700

2,442,208

FirstEnergy Corp.

21,920

1,142,470

FPL Group, Inc.

25,500

1,213,800

Northeast Utilities

4,300

85,785

PPL Corp.

44,000

1,422,520

Westar Energy, Inc.

2,100

50,673

10,415,009

GAS UTILITIES - 3.0%

Gas Utilities - 3.0%

ONEOK, Inc.

13,400

455,868

Questar Corp.

8,200

722,584

Southern Union Co.

4,480

115,450

UGI Corp.

2,600

73,190

1,367,092

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 10.9%

Independent Power & Energy Trade - 10.9%

AES Corp. (a)

106,150

1,744,045

NRG Energy, Inc. (a)

16,200

690,120

TXU Corp.

22,040

2,487,875

4,922,040

MEDIA - 3.5%

Broadcasting & Cable TV - 3.5%

EchoStar Communications Corp. Class A

11,800

348,926

Sirius Satellite Radio, Inc. (a)

56,700

371,385

The DIRECTV Group, Inc. (a)

300

4,494

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

24,400

876,204

1,601,009

MULTI-UTILITIES - 10.8%

Multi-Utilities - 10.8%

Aquila, Inc. (a)

10,000

39,600

CMS Energy Corp. (a)

18,710

307,780

Dominion Resources, Inc.

23,470

2,021,706

Shares

Value

PG&E Corp.

5,800

$ 227,650

Public Service Enterprise Group, Inc.

31,900

2,053,084

Sempra Energy

5,500

258,830

Wisconsin Energy Corp.

120

4,790

4,913,440

OIL, GAS & CONSUMABLE FUELS - 0.2%

Oil & Gas Exploration & Production - 0.1%

Cheniere Energy, Inc. (a)

400

16,544

Oil & Gas Refining & Marketing - 0.1%

Western Gas Resources, Inc.

1,200

61,476

TOTAL OIL, GAS & CONSUMABLE FUELS

78,020

WATER UTILITIES - 0.3%

Water Utilities - 0.3%

Aqua America, Inc.

3,087

117,368

WIRELESS TELECOMMUNICATION SERVICES - 15.9%

Wireless Telecommunication Services - 15.9%

ALLTEL Corp.

10,331

672,651

American Tower Corp. Class A (a)

7,542

188,173

Crown Castle International Corp. (a)

1,090

26,847

Nextel Partners, Inc. Class A (a)

44,900

1,126,990

NII Holdings, Inc. (a)

17,200

1,452,540

Sprint Nextel Corp.

157,275

3,740,000

7,207,201

TOTAL COMMON STOCKS

(Cost $38,787,124)

44,551,989

Money Market Funds - 1.1%

Fidelity Cash Central Fund, 3.82% (b)

226,907

226,907

Fidelity Securities Lending Cash Central Fund, 3.84% (b)(c)

280,125

280,125

TOTAL MONEY MARKET FUNDS

(Cost $507,032)

507,032

TOTAL INVESTMENT PORTFOLIO - 99.4%

(Cost $39,294,156)

45,059,021

NET OTHER ASSETS - 0.6%

261,746

NET ASSETS - 100%

$ 45,320,767

Legend

(a) Non-income producing

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

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

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $39,358,204. Net unrealized appreciation aggregated $5,700,817, of which $6,752,083 related to appreciated investment securities and $1,051,266 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

September 30, 2005

VVL-QTLY-1105

1.808797.101

Investments September 30, 2005 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%

Shares

Value

CONSUMER DISCRETIONARY - 9.2%

Auto Components - 0.3%

Delphi Corp. (a)

11,200

$ 30,912

Lear Corp.

2,800

95,116

126,028

Diversified Consumer Services - 0.3%

Apollo Group, Inc. Class A (a)

800

53,112

Service Corp. International (SCI)

10,100

83,729

136,841

Hotels, Restaurants & Leisure - 0.6%

McDonald's Corp.

5,840

195,582

Red Robin Gourmet Burgers, Inc. (a)

1,000

45,840

241,422

Household Durables - 0.9%

D.R. Horton, Inc.

1,400

50,708

KB Home

1,200

87,840

LG Electronics, Inc.

260

17,416

Sony Corp. sponsored ADR

2,100

69,699

Techtronic Industries Co. Ltd.

18,500

47,339

Toll Brothers, Inc. (a)

1,300

58,071

331,073

Internet & Catalog Retail - 1.0%

Coldwater Creek, Inc. (a)

2,800

70,616

eBay, Inc. (a)

6,400

263,680

Expedia, Inc., Delaware (a)

850

16,839

IAC/InterActiveCorp (a)

850

21,548

372,683

Leisure Equipment & Products - 1.1%

Eastman Kodak Co.

14,020

341,107

Leapfrog Enterprises, Inc. Class A (a)

4,500

66,465

407,572

Media - 3.6%

Clear Channel Communications, Inc.

5,380

176,948

EchoStar Communications Corp. Class A

1,200

35,484

Grupo Televisa SA de CV (CPO) sponsored ADR

1,100

78,881

Lamar Advertising Co. Class A (a)

5,400

244,944

News Corp. Class A

938

14,623

Omnicom Group, Inc.

760

63,559

The Reader's Digest Association, Inc. (non-vtg.)

2,200

35,134

Time Warner, Inc.

10,200

184,722

Univision Communications, Inc.
Class A (a)

8,600

228,158

Valassis Communications, Inc. (a)

400

15,592

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

2,563

84,605

Walt Disney Co.

8,730

210,655

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

400

14,364

1,387,669

Shares

Value

Multiline Retail - 0.3%

Federated Department Stores, Inc.

600

$ 40,122

Kohl's Corp. (a)

1,600

80,288

120,410

Specialty Retail - 1.1%

Home Depot, Inc.

7,500

286,050

Maidenform Brands, Inc.

100

1,375

OfficeMax, Inc.

2,900

91,843

Staples, Inc.

1,400

29,848

409,116

TOTAL CONSUMER DISCRETIONARY

3,532,814

CONSUMER STAPLES - 5.1%

Beverages - 0.9%

Coca-Cola Enterprises, Inc.

4,400

85,800

Diageo PLC sponsored ADR

300

17,403

PepsiCo, Inc.

800

45,368

The Coca-Cola Co.

4,400

190,036

338,607

Food & Staples Retailing - 1.2%

Kroger Co. (a)

10,300

212,077

Rite Aid Corp. (a)

700

2,716

Safeway, Inc.

6,000

153,600

Wal-Mart Stores, Inc.

1,100

48,202

Walgreen Co.

1,100

47,795

464,390

Food Products - 0.5%

Corn Products International, Inc.

1,350

27,230

Nestle SA (Reg.)

290

84,932

Tyson Foods, Inc. Class A

5,000

90,250

202,412

Household Products - 1.0%

Colgate-Palmolive Co.

7,200

380,088

Tobacco - 1.5%

Altria Group, Inc.

7,620

561,670

TOTAL CONSUMER STAPLES

1,947,167

ENERGY - 14.9%

Energy Equipment & Services - 6.2%

BJ Services Co.

6,300

226,737

FMC Technologies, Inc. (a)

3,200

134,752

GlobalSantaFe Corp.

3,700

168,794

Halliburton Co.

8,250

565,290

Hornbeck Offshore Services, Inc. (a)

700

25,641

National Oilwell Varco, Inc. (a)

3,263

214,705

Pride International, Inc. (a)

6,100

173,911

Schlumberger Ltd. (NY Shares)

5,200

438,776

Smith International, Inc.

4,200

139,902

Common Stocks - continued

Shares

Value

ENERGY - continued

Energy Equipment & Services - continued

Transocean, Inc. (a)

1,400

$ 85,834

Weatherford International Ltd. (a)

3,120

214,219

2,388,561

Oil, Gas & Consumable Fuels - 8.7%

Amerada Hess Corp.

700

96,250

Apache Corp.

1,430

107,565

Chevron Corp.

8,440

546,321

ConocoPhillips

2,280

159,395

El Paso Corp.

7,500

104,250

Encore Acquisition Co. (a)

1,650

64,103

Exxon Mobil Corp.

22,800

1,448,712

Occidental Petroleum Corp.

2,200

187,946

OMI Corp.

2,500

44,675

Quicksilver Resources, Inc. (a)

6,500

310,635

Valero Energy Corp.

2,500

282,650

3,352,502

TOTAL ENERGY

5,741,063

FINANCIALS - 20.6%

Capital Markets - 3.7%

Bear Stearns Companies, Inc.

550

60,363

Charles Schwab Corp.

2,600

37,518

Investors Financial Services Corp.

1,500

49,350

Lehman Brothers Holdings, Inc.

1,050

122,304

Merrill Lynch & Co., Inc.

4,840

296,934

Morgan Stanley

7,400

399,156

National Financial Partners Corp.

800

36,112

Nomura Holdings, Inc.

4,000

62,160

Nuveen Investments, Inc. Class A

1,200

47,268

State Street Corp.

3,500

171,220

TradeStation Group, Inc. (a)

4,300

43,602

UBS AG (NY Shares)

1,000

85,500

1,411,487

Commercial Banks - 4.0%

Banco Bradesco SA (PN) sponsored ADR (non-vtg.)

3,740

182,961

Bank of America Corp.

15,008

631,837

Korea Exchange Bank (a)

8,930

99,698

UCBH Holdings, Inc.

3,600

65,952

Wachovia Corp.

8,412

400,327

Wells Fargo & Co.

2,670

156,382

1,537,157

Diversified Financial Services - 2.9%

Citigroup, Inc.

11,050

502,996

JPMorgan Chase & Co.

17,896

607,211

1,110,207

Insurance - 7.7%

ACE Ltd.

6,820

321,017

Shares

Value

American International Group, Inc.

26,010

$ 1,611,572

Hartford Financial Services Group, Inc.

3,800

293,246

Hilb Rogal & Hobbs Co.

3,100

115,692

Montpelier Re Holdings Ltd.

1,000

24,850

PartnerRe Ltd.

3,400

217,770

Platinum Underwriters Holdings Ltd.

1,600

47,824

Scottish Re Group Ltd.

1,700

40,528

The Chubb Corp.

360

32,238

Unitrin, Inc.

300

14,238

W.R. Berkley Corp.

6,600

260,568

2,979,543

Real Estate - 0.9%

Apartment Investment & Management Co. Class A

2,400

93,072

Equity Lifestyle Properties, Inc.

150

6,750

Equity Residential (SBI)

2,800

105,980

General Growth Properties, Inc.

2,870

128,949

Spirit Finance Corp. (c)

200

2,250

337,001

Thrifts & Mortgage Finance - 1.4%

Doral Financial Corp.

3,300

43,131

Fannie Mae

3,510

157,318

Freddie Mac

1,900

107,274

Golden West Financial Corp., Delaware

670

39,791

Hudson City Bancorp, Inc.

2,600

30,940

New York Community Bancorp, Inc.

1,000

16,400

Sovereign Bancorp, Inc.

6,800

149,872

W Holding Co., Inc.

459

4,388

549,114

TOTAL FINANCIALS

7,924,509

HEALTH CARE - 10.5%

Biotechnology - 2.2%

Alkermes, Inc. (a)

1,000

16,800

Alnylam Pharmaceuticals, Inc. (a)

5,300

59,890

Amgen, Inc. (a)

1,200

95,604

Biogen Idec, Inc. (a)

2,200

86,856

BioMarin Pharmaceutical, Inc. (a)

1,800

15,714

Cephalon, Inc. (a)

7,100

329,582

Genentech, Inc. (a)

750

63,158

MedImmune, Inc. (a)

4,200

141,330

ONYX Pharmaceuticals, Inc. (a)

700

17,486

Serologicals Corp. (a)

1,200

27,072

853,492

Health Care Equipment & Supplies - 4.2%

Baxter International, Inc.

17,280

688,954

C.R. Bard, Inc.

900

59,427

CONMED Corp. (a)

700

19,516

Dade Behring Holdings, Inc.

1,400

51,324

Dionex Corp. (a)

700

37,975

Medtronic, Inc.

4,640

248,797

PerkinElmer, Inc.

5,800

118,146

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Syneron Medical Ltd. (a)

500

$ 18,270

Thermo Electron Corp. (a)

4,500

139,050

Varian, Inc. (a)

300

10,296

Waters Corp. (a)

5,050

210,080

1,601,835

Health Care Providers & Services - 0.8%

McKesson Corp.

1,000

47,450

Psychiatric Solutions, Inc. (a)

1,400

75,922

Sierra Health Services, Inc. (a)

550

37,879

UnitedHealth Group, Inc.

2,360

132,632

WebMD Health Corp. Class A

700

17,254

311,137

Pharmaceuticals - 3.3%

Allergan, Inc.

900

82,458

Connetics Corp. (a)

1,000

16,910

Pfizer, Inc.

17,220

429,983

Schering-Plough Corp.

12,850

270,493

Teva Pharmaceutical Industries Ltd. sponsored ADR

2,800

93,576

Wyeth

8,360

386,817

1,280,237

TOTAL HEALTH CARE

4,046,701

INDUSTRIALS - 14.6%

Aerospace & Defense - 4.3%

Hexcel Corp. (a)

3,700

67,673

Honeywell International, Inc.

37,100

1,391,250

K&F Industries Holdings, Inc.

200

3,346

Raytheon Co.

4,000

152,080

The Boeing Co.

850

57,758

1,672,107

Air Freight & Logistics - 0.2%

EGL, Inc. (a)

2,600

70,590

Airlines - 0.6%

ACE Aviation Holdings, Inc. Class A (a)

2,000

61,087

AirTran Holdings, Inc. (a)

5,200

65,832

JetBlue Airways Corp. (a)

2,400

42,240

Southwest Airlines Co.

2,400

35,640

US Airways Group, Inc. (a)

1,000

21,010

225,809

Building Products - 0.3%

Lennox International, Inc.

2,200

60,302

Masco Corp.

1,100

33,748

94,050

Commercial Services & Supplies - 0.1%

Robert Half International, Inc.

1,000

35,590

Shares

Value

Construction & Engineering - 1.6%

Chicago Bridge & Iron Co. NV (NY Shares)

2,940

$ 91,405

Dycom Industries, Inc. (a)

3,200

64,704

Fluor Corp.

3,100

199,578

Foster Wheeler Ltd. (a)

1,400

43,246

Jacobs Engineering Group, Inc. (a)

2,500

168,500

MasTec, Inc. (a)

4,500

49,050

616,483

Electrical Equipment - 0.3%

ABB Ltd. sponsored ADR (a)

5,500

40,480

Rockwell Automation, Inc.

1,600

84,640

125,120

Industrial Conglomerates - 5.5%

3M Co.

700

51,352

General Electric Co.

43,540

1,465,992

Smiths Group PLC

5,700

96,456

Tyco International Ltd.

18,630

518,846

2,132,646

Machinery - 0.6%

ITT Industries, Inc.

1,550

176,080

Watts Water Technologies, Inc. Class A

1,300

37,505

213,585

Road & Rail - 0.6%

Norfolk Southern Corp.

6,000

243,360

Trading Companies & Distributors - 0.5%

Watsco, Inc.

1,900

100,909

WESCO International, Inc. (a)

2,800

94,836

195,745

TOTAL INDUSTRIALS

5,625,085

INFORMATION TECHNOLOGY - 10.5%

Communications Equipment - 1.0%

Comverse Technology, Inc. (a)

4,200

110,334

Extreme Networks, Inc. (a)

4,000

17,800

Juniper Networks, Inc. (a)

3,300

78,507

Motorola, Inc.

2,000

44,180

Nokia Corp. sponsored ADR

9,000

152,190

403,011

Computers & Peripherals - 2.0%

Dell, Inc. (a)

500

17,100

EMC Corp. (a)

4,100

53,054

Hewlett-Packard Co.

21,800

636,560

Maxtor Corp. (a)

8,200

36,080

Western Digital Corp. (a)

2,200

28,446

771,240

Electronic Equipment & Instruments - 1.9%

Agilent Technologies, Inc. (a)

10,500

343,875

Amphenol Corp. Class A

1,700

68,578

Jabil Circuit, Inc. (a)

1,800

55,656

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - continued

Symbol Technologies, Inc.

5,500

$ 53,240

Trimble Navigation Ltd. (a)

2,600

87,594

TTM Technologies, Inc. (a)

3,400

24,310

Vishay Intertechnology, Inc. (a)

8,000

95,600

728,853

Internet Software & Services - 1.1%

Akamai Technologies, Inc. (a)

1,500

23,925

Digital River, Inc. (a)

800

27,880

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

750

237,345

Yahoo!, Inc. (a)

3,400

115,056

404,206

IT Services - 0.5%

Affiliated Computer Services, Inc.
Class A (a)

1,900

103,740

Anteon International Corp. (a)

1,140

48,746

Ceridian Corp. (a)

2,300

47,725

200,211

Office Electronics - 0.3%

Xerox Corp. (a)

2,400

32,760

Zebra Technologies Corp. Class A (a)

2,000

78,180

110,940

Semiconductors & Semiconductor Equipment - 1.4%

Analog Devices, Inc.

1,900

70,566

Cabot Microelectronics Corp. (a)

1,340

39,369

Freescale Semiconductor, Inc. Class A (a)

1,920

44,947

Intel Corp.

5,800

142,970

Maxim Integrated Products, Inc.

2,600

110,890

Micron Technology, Inc. (a)

4,400

58,520

PMC-Sierra, Inc. (a)

2,263

19,937

Samsung Electronics Co. Ltd.

75

42,262

529,461

Software - 2.3%

BEA Systems, Inc. (a)

7,400

66,452

Cognos, Inc. (a)

800

30,944

Electronic Arts, Inc. (a)

700

39,823

Macrovision Corp. (a)

100

1,910

Microsoft Corp.

16,210

417,083

NAVTEQ Corp. (a)

1,900

94,905

Oracle Corp. (a)

2,200

27,258

Siebel Systems, Inc.

5,600

57,848

Symantec Corp. (a)

5,800

131,428

Ulticom, Inc. (a)

3,300

36,399

904,050

TOTAL INFORMATION TECHNOLOGY

4,051,972

MATERIALS - 6.2%

Chemicals - 3.6%

Chemtura Corp.

1,900

23,598

Shares

Value

E.I. du Pont de Nemours & Co.

12,820

$ 502,159

Ecolab, Inc.

1,200

38,316

Georgia Gulf Corp.

1,500

36,120

Lyondell Chemical Co.

9,675

276,899

Monsanto Co.

1,880

117,970

Mosaic Co. (a)

3,899

62,462

NOVA Chemicals Corp.

2,500

91,928

Praxair, Inc.

2,900

138,997

Rockwood Holdings, Inc.

1,700

32,385

Rohm & Haas Co.

1,600

65,808

1,386,642

Construction Materials - 0.3%

Martin Marietta Materials, Inc.

1,200

94,152

Containers & Packaging - 0.9%

Crown Holdings, Inc. (a)

1,200

19,128

Owens-Illinois, Inc. (a)

5,930

122,277

Packaging Corp. of America

3,500

67,935

Smurfit-Stone Container Corp. (a)

14,646

151,733

361,073

Metals & Mining - 1.4%

Alcoa, Inc.

5,200

126,984

Breakwater Resources Ltd. (a)

61,000

19,676

Freeport-McMoRan Copper & Gold, Inc. Class B

1,700

82,603

Industrias Penoles SA de CV

3,200

14,413

Newmont Mining Corp.

6,050

285,379

529,055

TOTAL MATERIALS

2,370,922

TELECOMMUNICATION SERVICES - 4.6%

Diversified Telecommunication Services - 2.3%

Covad Communications Group, Inc. (a)

65,400

69,324

SBC Communications, Inc.

22,490

539,085

Telewest Global, Inc. (a)

4,350

99,833

Verizon Communications, Inc.

5,100

166,719

874,961

Wireless Telecommunication Services - 2.3%

ALLTEL Corp.

700

45,577

American Tower Corp. Class A (a)

9,000

224,550

Leap Wireless International, Inc. (a)

800

28,160

Nextel Partners, Inc. Class A (a)

6,800

170,680

Sprint Nextel Corp.

17,844

424,330

893,297

TOTAL TELECOMMUNICATION SERVICES

1,768,258

UTILITIES - 1.1%

Electric Utilities - 0.3%

Entergy Corp.

580

43,106

PPL Corp.

2,840

91,817

134,923

Common Stocks - continued

Shares

Value

UTILITIES - continued

Independent Power Producers & Energy Traders - 0.2%

AES Corp. (a)

3,900

$ 64,077

TXU Corp.

250

28,220

92,297

Multi-Utilities - 0.6%

CMS Energy Corp. (a)

6,200

101,990

PG&E Corp.

2,450

96,163

Public Service Enterprise Group, Inc.

300

19,308

217,461

TOTAL UTILITIES

444,681

TOTAL COMMON STOCKS

(Cost $35,909,010)

37,453,172

Money Market Funds - 3.5%

Fidelity Cash Central Fund, 3.82% (b)
(Cost $1,366,654)

1,366,654

1,366,654

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $37,275,664)

38,819,826

NET OTHER ASSETS - (0.8)%

(308,761)

NET ASSETS - 100%

$ 38,511,065

Legend

(a) Non-income producing

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $2,250 or 0.0% of net assets.

Income Tax Information

At September 30, 2005, the aggregate cost of investment securities for income tax purposes was $37,375,909. Net unrealized appreciation aggregated $1,443,917, of which $2,437,993 related to appreciated investment securities and $994,076 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:

November 18, 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:

November 18, 2005

By:

/s/Paul M. Murphy

Paul M. Murphy

Chief Financial Officer

Date:

November 18, 2005