N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3759

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	December 31

Date of reporting period:	March 31, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Consumer Industries Portfolio

March 31, 2006

1.814645.101

VCI-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
AUTOMOBILES - 0.8%
Motorcycle Manufacturers - 0.8%
Harley-Davidson, Inc.	1,500		$ 77,820
BEVERAGES - 8.0%
Brewers - 0.9%
InBev SA	800		37,516
SABMiller PLC	2,400		47,362
			84,878
Distillers & Vintners - 0.5%
Diageo PLC sponsored ADR	800		50,744
Soft Drinks - 6.6%
Coca-Cola Enterprises, Inc.	3,500		71,190
PepsiCo, Inc.	5,900		340,961
The Coca-Cola Co.	5,330		223,167
			635,318
TOTAL BEVERAGES			770,940
COMMERCIAL SERVICES & SUPPLIES - 1.4%
Human Resource & Employment Services - 1.4%
Monster Worldwide, Inc. (a)	1,600		79,776
Robert Half International, Inc.	1,300		50,193
			129,969
COMPUTERS & PERIPHERALS - 0.3%
Computer Hardware - 0.3%
Apple Computer, Inc. (a)	400		25,088
DISTRIBUTORS - 0.6%
Distributors - 0.6%
Li & Fung Ltd.	24,000		54,130
DIVERSIFIED CONSUMER SERVICES - 1.5%
Education Services - 0.8%
Apollo Group, Inc. Class A (a)	1,500		78,765
Specialized Consumer Services - 0.7%
Steiner Leisure Ltd. (a)	428		17,334
Weight Watchers International, Inc.	900		46,260
			63,594
TOTAL DIVERSIFIED CONSUMER SERVICES			142,359
ELECTRICAL EQUIPMENT - 0.8%
Electrical Components & Equipment - 0.8%
Evergreen Solar, Inc. (a)	5,100		78,540
FOOD & STAPLES RETAILING - 7.9%
Drug Retail - 2.9%
CVS Corp.	3,700		110,519
Walgreen Co.	3,800		163,894
			274,413
Food Retail - 0.7%
Whole Foods Market, Inc.	1,000		66,440

	Shares		Value
Hypermarkets & Super Centers - 4.3%
Costco Wholesale Corp.	2,300		$ 124,568
Wal-Mart Stores, Inc.	6,080		287,219
			411,787
TOTAL FOOD & STAPLES RETAILING			752,640
FOOD PRODUCTS - 3.7%
Packaged Foods & Meats - 3.7%
Diamond Foods, Inc.	1,400		24,038
Flowers Foods, Inc.	700		20,790
Green Mountain Coffee Roasters, Inc. (a)	500		19,860
Lindt & Spruengli AG (participation certificate)	54		100,272
Nestle SA sponsored ADR	2,600		188,240
			353,200
HOTELS, RESTAURANTS & LEISURE - 12.8%
Casinos & Gaming - 2.6%
Aristocrat Leisure Ltd.	4,700		46,369
Boyd Gaming Corp.	500		24,970
International Game Technology	1,400		49,308
MGM MIRAGE (a)	1,900		81,871
Station Casinos, Inc.	300		23,811
WMS Industries, Inc. (a)	800		24,080
			250,409
Hotels, Resorts & Cruise Lines - 5.0%
Carnival Corp. unit	3,000		142,110
eLong, Inc. sponsored ADR (a)	4,800		58,608
Kerzner International Ltd. (a)	1,100		85,602
Royal Caribbean Cruises Ltd.	1,900		79,838
Starwood Hotels & Resorts Worldwide, Inc. unit	1,700		115,141
			481,299
Leisure Facilities - 0.2%
International Speedway Corp. Class A	300		15,270
Restaurants - 5.0%
Buffalo Wild Wings, Inc. (a)	4,200		174,636
CBRL Group, Inc.	600		26,346
Domino's Pizza, Inc.	1,450		41,398
Outback Steakhouse, Inc.	2,580		113,520
Starbucks Corp. (a)	3,200		120,448
			476,348
TOTAL HOTELS, RESTAURANTS & LEISURE			1,223,326
HOUSEHOLD DURABLES - 0.5%
Homebuilding - 0.5%
D.R. Horton, Inc.	700		23,254
Ryland Group, Inc.	300		20,820
			44,074
Common Stocks - continued
	Shares		Value
HOUSEHOLD PRODUCTS - 4.5%
Household Products - 4.5%
Colgate-Palmolive Co.	1,800		$ 102,780
Procter & Gamble Co.	5,662		326,244
			429,024
INTERNET & CATALOG RETAIL - 1.3%
Catalog Retail - 0.7%
Coldwater Creek, Inc. (a)	2,500		69,500
Internet Retail - 0.6%
Priceline.com, Inc. (a)	2,300		57,132
TOTAL INTERNET & CATALOG RETAIL			126,632
INTERNET SOFTWARE & SERVICES - 11.0%
Internet Software & Services - 11.0%
Digitas, Inc. (a)	2,200		31,680
eBay, Inc. (a)	5,000		195,300
Google, Inc. Class A (sub. vtg.) (a)	1,400		545,997
Homestore, Inc. (a)	6,148		40,331
Sina Corp. (a)	1,000		27,900
Sohu.com, Inc. (a)	1,200		32,028
Yahoo!, Inc. (a)	5,664		182,721
			1,055,957
LEISURE EQUIPMENT & PRODUCTS - 3.4%
Leisure Products - 3.4%
Brunswick Corp.	2,100		81,606
K2, Inc. (a)	1,700		21,335
MarineMax, Inc. (a)	3,200		107,264
RC2 Corp. (a)	400		15,924
SCP Pool Corp.	2,150		100,857
			326,986
MEDIA - 10.2%
Advertising - 1.9%
Harte-Hanks, Inc.	1,200		32,820
Interpublic Group of Companies, Inc. (a)	5,141		49,148
Omnicom Group, Inc.	1,200		99,900
			181,868
Movies & Entertainment - 5.5%
Carmike Cinemas, Inc.	1,000		24,130
News Corp. Class A	9,741		161,798
The Walt Disney Co.	7,800		217,542
Viacom, Inc. Class B (non-vtg.) (a)	3,100		120,280
			523,750
Publishing - 2.8%
Dow Jones & Co., Inc.	600		23,580
Gannett Co., Inc.	1,180		70,706
McGraw-Hill Companies, Inc.	2,100		121,002

	Shares		Value
Media General, Inc. Class A	600		$ 27,972
Reuters Group PLC sponsored ADR	600		24,696
			267,956
TOTAL MEDIA			973,574
MULTILINE RETAIL - 8.0%
Department Stores - 4.7%
Federated Department Stores, Inc.	2,000		146,000
JCPenney Co., Inc.	1,500		90,615
KarstadtQuelle AG (a)	2,600		61,152
Kohl's Corp. (a)	400		21,204
Nordstrom, Inc.	1,400		54,852
Saks, Inc.	1,800		34,740
Sears Holdings Corp. (a)	300		39,672
			448,235
General Merchandise Stores - 3.3%
Family Dollar Stores, Inc.	1,460		38,836
Target Corp.	5,400		280,854
			319,690
TOTAL MULTILINE RETAIL			767,925
PERSONAL PRODUCTS - 1.7%
Personal Products - 1.7%
Avon Products, Inc.	3,700		115,329
Herbalife Ltd. (a)	1,500		50,655
			165,984
REAL ESTATE - 0.4%
Real Estate Investment Trusts - 0.4%
MeriStar Hospitality Corp. (a)	4,200		43,596
SOFTWARE - 0.7%
Home Entertainment Software - 0.7%
Activision, Inc. (a)	2,400		33,096
Electronic Arts, Inc. (a)	700		38,304
			71,400
SPECIALTY RETAIL - 12.8%
Apparel Retail - 4.5%
Aeropostale, Inc. (a)	1,300		39,208
American Eagle Outfitters, Inc.	1,100		32,846
Casual Male Retail Group, Inc. (a)	2,900		28,246
Charlotte Russe Holding, Inc. (a)	1,100		23,540
Chico's FAS, Inc. (a)	1,900		77,216
Esprit Holdings Ltd.	6,000		46,706
Foot Locker, Inc.	2,000		47,760
Gymboree Corp. (a)	1,500		39,060
Hot Topic, Inc. (a)	1,300		18,850
TJX Companies, Inc.	900		22,338
Urban Outfitters, Inc. (a)	2,300		56,442
			432,212
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Automotive Retail - 0.5%
AutoZone, Inc. (a)	500		$ 49,845
Computer & Electronics Retail - 2.3%
Best Buy Co., Inc.	2,950		164,994
Gamestop Corp. Class B (a)	1,200		51,984
			216,978
Home Improvement Retail - 2.0%
Lowe's Companies, Inc.	3,000		193,320
Specialty Stores - 3.5%
Guitar Center, Inc. (a)	1,000		47,700
Office Depot, Inc. (a)	2,500		93,100
OfficeMax, Inc.	600		18,102
PETsMART, Inc.	800		22,512
Sports Authority, Inc. (a)	200		7,380
Staples, Inc.	4,350		111,012
Tractor Supply Co. (a)	500		33,170
			332,976
TOTAL SPECIALTY RETAIL			1,225,331
TEXTILES, APPAREL & LUXURY GOODS - 6.2%
Apparel, Accessories & Luxury Goods - 4.4%
Carter's, Inc. (a)	1,800		121,482
Coach, Inc. (a)	1,700		58,786
Kenneth Cole Productions, Inc. Class A (sub. vtg.)	600		16,620
Liz Claiborne, Inc.	2,300		94,254
Polo Ralph Lauren Corp. Class A	1,300		78,793
Ports Design Ltd.	21,000		30,854
Quiksilver, Inc. (a)	1,800		24,948
			425,737

	Shares		Value
Footwear - 1.8%
Deckers Outdoor Corp. (a)	900		$ 36,486
NIKE, Inc. Class B	1,600		136,160
			172,646
TOTAL TEXTILES, APPAREL & LUXURY GOODS			598,383
TOTAL COMMON STOCKS (Cost $7,719,625)		9,436,878
Money Market Funds - 1.6%

Fidelity Cash Central Fund, 4.77% (b) (Cost $149,777)	149,777		149,777

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $7,869,402)

9,586,655

NET OTHER ASSETS - (0.1)%			(8,680)
NET ASSETS - 100%		$ 9,577,975

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.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 1,083

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $7,892,144. Net unrealized appreciation aggregated $1,694,511, of which $1,868,930 related to appreciated investment securities and $174,419 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Cyclical Industries Portfolio

March 31, 2006

1.814650.101

VCY-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
AEROSPACE & DEFENSE - 14.6%
Aerospace & Defense - 14.6%
Alliant Techsystems, Inc. (a)	900		$ 69,453
Aviall, Inc. (a)	8,800		335,104
BAE Systems PLC sponsored ADR	10,600		311,110
DRS Technologies, Inc.	5,300		290,811
General Dynamics Corp.	15,500		991,690
Goodrich Corp.	6,900		300,909
Hexcel Corp. (a)	21,600		474,552
Honeywell International, Inc.	35,400		1,514,058
L-3 Communications Holdings, Inc.	5,700		489,003
Lockheed Martin Corp.	9,700		728,761
Meggitt PLC	21,200		128,160
Precision Castparts Corp.	9,300		552,420
Raytheon Co.	12,800		586,752
Rockwell Collins, Inc.	4,520		254,702
Rolls-Royce Group PLC	13,890		110,511
The Boeing Co.	12,510		974,904
United Technologies Corp.	17,500		1,014,475
			9,127,375
AIR FREIGHT & LOGISTICS - 3.5%
Air Freight & Logistics - 3.5%
C.H. Robinson Worldwide, Inc.	5,500		269,995
FedEx Corp.	9,400		1,061,636
Forward Air Corp.	2,960		110,378
Hub Group, Inc. Class A (a)	7,153		326,034
UTI Worldwide, Inc.	12,912		408,019
			2,176,062
AIRLINES - 2.7%
Airlines - 2.7%
AirTran Holdings, Inc. (a)	41,400		749,754
Midwest Air Group, Inc. (a)(d)	12,000		79,200
Republic Airways Holdings, Inc. (a)	9,700		143,657
Ryanair Holdings PLC sponsored ADR (a)	1,900		103,930
UAL Corp. (a)	7,500		299,475
US Airways Group, Inc. (a)	8,000		320,000
			1,696,016
AUTO COMPONENTS - 1.9%
Auto Parts & Equipment - 1.7%
Amerigon, Inc. (a)	41,664		323,729
BorgWarner, Inc.	3,800		228,152
Johnson Controls, Inc.	6,700		508,731
			1,060,612
Tires & Rubber - 0.2%
Continental AG	1,400		154,122
TOTAL AUTO COMPONENTS			1,214,734
AUTOMOBILES - 1.7%
Automobile Manufacturers - 1.7%
Bayerische Motoren Werke AG (BMW)	11,700		644,366

	Shares		Value
General Motors Corp. (d)	15,000		$ 319,050
Toyota Motor Corp. sponsored ADR	1,100		119,790
			1,083,206
BUILDING PRODUCTS - 1.2%
Building Products - 1.2%
American Standard Companies, Inc.	11,910		510,463
Masco Corp.	8,220		267,068
			777,531
CHEMICALS - 12.6%
Commodity Chemicals - 1.3%
Celanese Corp. Class A	3,900		81,783
Georgia Gulf Corp.	9,700		252,103
NOVA Chemicals Corp.	4,900		139,694
Pioneer Companies, Inc. (a)	4,000		122,000
Westlake Chemical Corp.	6,800		234,940
			830,520
Diversified Chemicals - 3.5%
Ashland, Inc.	6,700		476,236
Dow Chemical Co.	8,200		332,920
E.I. du Pont de Nemours & Co.	17,500		738,675
FMC Corp.	10,730		665,045
			2,212,876
Fertilizers & Agricultural Chemicals - 2.3%
Agrium, Inc.	9,100		229,585
Monsanto Co.	6,800		576,300
Mosaic Co. (a)	8,100		116,235
Potash Corp. of Saskatchewan	5,200		457,789
The Scotts Co. Class A	1,600		73,216
			1,453,125
Industrial Gases - 2.8%
Air Products & Chemicals, Inc.	6,500		436,735
Airgas, Inc.	8,700		340,083
Linde AG	1,700		147,597
Praxair, Inc.	14,400		794,160
			1,718,575
Specialty Chemicals - 2.7%
Albemarle Corp.	6,600		299,310
Chemtura Corp.	27,419		322,996
Cytec Industries, Inc.	8,100		486,081
Ecolab, Inc.	10,200		389,640
Lubrizol Corp.	200		8,570
Minerals Technologies, Inc.	100		5,841
Rohm & Haas Co.	3,200		156,384
			1,668,822
TOTAL CHEMICALS			7,883,918
COMMERCIAL SERVICES & SUPPLIES - 3.0%
Diversified Commercial & Professional Services - 0.2%
The Brink's Co.	2,600		131,976
Common Stocks - continued
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - CONTINUED
Environmental & Facility Services - 1.9%
Allied Waste Industries, Inc. (a)	27,200		$ 332,928
Republic Services, Inc.	3,200		136,032
Waste Connections, Inc. (a)	4,500		179,145
Waste Management, Inc.	15,000		529,500
			1,177,605
Human Resource & Employment Services - 0.9%
CDI Corp.	11,600		333,732
Robert Half International, Inc.	6,300		243,243
			576,975
TOTAL COMMERCIAL SERVICES & SUPPLIES			1,886,556
COMMUNICATIONS EQUIPMENT - 0.8%
Communications Equipment - 0.8%
Dycom Industries, Inc. (a)	5,600		119,000
Harris Corp.	8,300		392,507
			511,507
CONSTRUCTION & ENGINEERING - 8.6%
Construction & Engineering - 8.6%
Chicago Bridge & Iron Co. NV (NY Shares)	23,300		559,200
Comfort Systems USA, Inc.	12,300		166,050
Fluor Corp.	27,400		2,350,920
Foster Wheeler Ltd. (a)	3,000		141,930
Jacobs Engineering Group, Inc. (a)	1,800		156,132
Perini Corp. (a)	24,900		756,213
Shaw Group, Inc. (a)	25,700		781,280
SNC-Lavalin Group, Inc.	15,800		431,500
			5,343,225
CONSTRUCTION MATERIALS - 1.6%
Construction Materials - 1.6%
Eagle Materials, Inc. (d)	5,400		344,304
Martin Marietta Materials, Inc.	900		96,327
U.S. Concrete, Inc. (a)	22,200		321,012
Vulcan Materials Co.	2,600		225,290
			986,933
CONTAINERS & PACKAGING - 0.3%
Metal & Glass Containers - 0.3%
Crown Holdings, Inc. (a)	5,300		94,022
Owens-Illinois, Inc. (a)	3,450		59,927
			153,949
DIVERSIFIED CONSUMER SERVICES - 0.1%
Education Services - 0.1%
Education Management Corp. (a)	2,100		87,360
ELECTRICAL EQUIPMENT - 2.8%
Electrical Components & Equipment - 2.2%
AMETEK, Inc.	1,900		85,424

	Shares		Value
Cooper Industries Ltd. Class A	4,100		$ 356,290
Emerson Electric Co.	1,100		91,993
Hubbell, Inc. Class B	3,000		153,780
Rockwell Automation, Inc.	7,000		503,370
Roper Industries, Inc.	2,240		108,931
Thomas & Betts Corp. (a)	1,400		71,932
			1,371,720
Heavy Electrical Equipment - 0.6%
Global Power Equipment Group, Inc. (a)(d)	40,500		155,925
Vestas Wind Systems AS (a)	8,200		204,392
			360,317
TOTAL ELECTRICAL EQUIPMENT			1,732,037
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
Electronic Equipment & Instruments - 0.2%
Cogent, Inc. (a)	2,600		47,684
FARO Technologies, Inc. (a)	4,000		57,000
			104,684
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Health Care Equipment - 0.1%
Varian, Inc. (a)	800		32,944
HOUSEHOLD DURABLES - 3.3%
Homebuilding - 3.3%
D.R. Horton, Inc.	12,000		398,640
KB Home	9,800		636,804
Pulte Homes, Inc.	7,000		268,940
Ryland Group, Inc.	8,380		581,572
Toll Brothers, Inc. (a)	4,200		145,446
			2,031,402
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.2%
Independent Power & Energy Trade - 0.2%
Mirant Corp. (a)	4,900		122,500
INDUSTRIAL CONGLOMERATES - 13.0%
Industrial Conglomerates - 13.0%
3M Co.	13,460		1,018,787
General Electric Co.	134,760		4,686,954
Smiths Group PLC	18,300		312,494
Textron, Inc.	3,600		336,204
Tyco International Ltd.	66,140		1,777,843
			8,132,282
IT SERVICES - 0.7%
IT Consulting & Other Services - 0.7%
CACI International, Inc. Class A (a)	2,800		184,100
ManTech International Corp. Class A (a)	4,900		162,778
NCI, Inc. Class A	900		12,600
SI International, Inc. (a)	2,000		70,300
			429,778
Common Stocks - continued
	Shares		Value
MACHINERY - 11.0%
Construction & Farm Machinery & Heavy Trucks - 6.1%
AGCO Corp. (a)	3,000		$ 62,220
Bucyrus International, Inc. Class A	8,250		397,568
Caterpillar, Inc.	17,700		1,271,037
Deere & Co.	10,800		853,740
Joy Global, Inc.	6,875		410,919
Manitowoc Co., Inc.	2,800		255,220
Navistar International Corp. (a)	4,680		129,074
Samsung Heavy Industries Ltd.	310		5,552
Toro Co.	7,300		348,575
Wabash National Corp.	3,600		71,100
			3,805,005
Industrial Machinery - 4.9%
Actuant Corp. Class A	600		36,732
Briggs & Stratton Corp.	3,200		113,184
Danaher Corp.	8,300		527,465
Dover Corp.	5,000		242,800
Illinois Tool Works, Inc.	9,600		924,576
ITT Industries, Inc.	11,200		629,664
KCI Konecranes Oyj	19,100		328,651
Pentair, Inc.	2,580		105,135
Schindler Holding AG	3,000		159,917
			3,068,124
TOTAL MACHINERY			6,873,129
MARINE - 1.0%
Marine - 1.0%
Alexander & Baldwin, Inc.	1,760		83,917
Camillo Eitzen & Co. ASA	11,400		123,486
Odfjell ASA (A Shares)	12,150		202,976
Stolt-Nielsen SA	6,800		210,600
			620,979
METALS & MINING - 4.8%
Steel - 4.8%
Allegheny Technologies, Inc.	14,700		899,346
Carpenter Technology Corp.	3,400		321,368
IPSCO, Inc.	1,500		155,459
Mittal Steel Co. NV Class A (NY Shares)	7,500		283,125
Nucor Corp.	3,900		408,681
Oregon Steel Mills, Inc. (a)	8,200		419,594
Steel Dynamics, Inc.	6,200		351,726
United States Steel Corp.	2,700		163,836
			3,003,135

	Shares		Value
OIL, GAS & CONSUMABLE FUELS - 0.4%
Coal & Consumable Fuels - 0.4%
CONSOL Energy, Inc.	1,800		$ 133,488
Massey Energy Co.	2,200		79,354
			212,842
Oil & Gas Storage & Transport - 0.0%
Overseas Shipholding Group, Inc.	100		4,793
TOTAL OIL, GAS & CONSUMABLE FUELS			217,635
REAL ESTATE - 0.2%
Real Estate Investment Trusts - 0.2%
Potlatch Corp.	2,500		107,100
ROAD & RAIL - 6.3%
Railroads - 5.4%
Burlington Northern Santa Fe Corp.	11,900		991,627
Canadian National Railway Co.	22,900		1,037,825
Kansas City Southern (a)	200		4,940
Norfolk Southern Corp.	21,260		1,149,528
Union Pacific Corp.	1,900		177,365
			3,361,285
Trucking - 0.9%
Laidlaw International, Inc.	5,412		147,206
Landstar System, Inc.	7,556		333,371
Old Dominion Freight Lines, Inc. (a)	3,900		105,105
			585,682
TOTAL ROAD & RAIL			3,946,967
SPECIALTY RETAIL - 0.3%
Computer & Electronics Retail - 0.1%
Gamestop Corp. Class B (a)	900		38,988
Home Improvement Retail - 0.2%
Sherwin-Williams Co.	2,700		133,488
TOTAL SPECIALTY RETAIL			172,476
TRADING COMPANIES & DISTRIBUTORS - 1.7%
Trading Companies & Distributors - 1.7%
H&E Equipment Services, Inc.	200		5,824
Watsco, Inc.	1,900		134,995
WESCO International, Inc. (a)	13,900		945,339
			1,086,158
TRANSPORTATION INFRASTRUCTURE - 0.0%
Airport Services - 0.0%
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR	200		6,390
TOTAL COMMON STOCKS (Cost $48,390,367)		61,547,968
Nonconvertible Preferred Stocks - 0.0%
	Shares		Value
AEROSPACE & DEFENSE - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC Series B (Cost $1,473)	827,982		$ 1,467
Money Market Funds - 3.0%

Fidelity Cash Central Fund, 4.77% (b)	1,069,252		1,069,252
Fidelity Securities Lending Cash Central Fund, 4.81% (b)(c)	820,725		820,725
TOTAL MONEY MARKET FUNDS (Cost $1,889,977)		1,889,977

TOTAL INVESTMENT PORTFOLIO - 101.6%

(Cost $50,281,817)

63,439,412

NET OTHER ASSETS - (1.6)%			(995,975)
NET ASSETS - 100%		$ 62,443,437

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund		Income earned
Fidelity Cash Central Fund		$ 7,438
Fidelity Securities Lending Cash Central Fund		3,428
Total		$ 10,866

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $50,428,999. Net unrealized appreciation aggregated $13,010,413, of which $13,615,056 related to appreciated investment securities and $604,643 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Financial Services Portfolio

March 31, 2006

1.814647.101

VFS-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
CAPITAL MARKETS - 19.3%
Asset Management & Custody Banks - 6.1%
Affiliated Managers Group, Inc. (a)	900		$ 95,949
American Capital Strategies Ltd.	5,000		175,800
Ameriprise Financial, Inc.	2,608		117,516
Bank of New York Co., Inc.	4,050		145,962
Federated Investors, Inc. Class B (non-vtg.)	1,080		42,174
Franklin Resources, Inc.	3,500		329,840
Investors Financial Services Corp.	7,300		342,151
Legg Mason, Inc.	1,200		150,396
Northern Trust Corp.	3,550		186,375
Nuveen Investments, Inc. Class A	2,300		110,745
State Street Corp.	7,100		429,053
Technology Investment Capital Corp.	4,500		65,430
			2,191,391
Diversified Capital Markets - 1.7%
Deutsche Bank AG (NY Shares)	400		45,696
UBS AG (NY Shares)	5,100		560,847
			606,543
Investment Banking & Brokerage - 11.5%
Bear Stearns Companies, Inc.	1,180		163,666
Charles Schwab Corp.	8,800		151,448
Daiwa Securities Group, Inc.	6,000		80,483
E*TRADE Financial Corp. (a)	26,900		725,762
Goldman Sachs Group, Inc.	3,340		524,246
Indiabulls Financial Services Ltd.	22,179		127,342
Lazard Ltd. Class A	3,200		141,600
Lehman Brothers Holdings, Inc.	880		127,186
MCF Corp. (a)	32,500		45,500
Merrill Lynch & Co., Inc.	16,600		1,307,416
Morgan Stanley	5,810		364,984
Nikko Cordial Corp.	4,000		66,262
Nomura Holdings, Inc.	4,300		95,331
TD Ameritrade Holding Corp.	5,035		105,080
TradeStation Group, Inc. (a)	10,720		148,150
			4,174,456
TOTAL CAPITAL MARKETS			6,972,390
COMMERCIAL BANKS - 23.1%
Diversified Banks - 19.5%
Banco Bilbao Vizcaya Argentaria SA	4,300		89,655
Banco Popolare di Verona e Novara	8,800		232,782
Bangkok Bank Ltd. PCL (For. Reg.)	29,300		87,429
Bank of America Corp.	41,959		1,910,813
Bank of Montreal, Quebec	6,200		352,291
HDFC Bank Ltd. sponsored ADR	3,400		185,300
ICICI Bank Ltd.	7,863		105,297
Korea Exchange Bank (a)	8,390		106,213
Standard Chartered PLC (United Kingdom)	11,200		278,611

	Shares		Value
State Bank of India	6,306		$ 157,374
Toronto-Dominion Bank	4,300		239,617
U.S. Bancorp, Delaware	18,500		564,250
Unicredito Italiano Spa	11,900		86,115
Wachovia Corp.	25,301		1,418,121
Wells Fargo & Co.	19,100		1,219,917
			7,033,785
Regional Banks - 3.6%
Cathay General Bancorp	5,587		210,295
Center Financial Corp., California	4,900		118,727
City National Corp.	900		69,111
East West Bancorp, Inc.	900		34,695
Higashi-Nippon Bank Ltd.	9,000		48,014
Kansai Urban Banking Corp.	17,000		80,007
M&T Bank Corp.	800		91,312
Nara Bancorp, Inc.	3,300		57,915
North Fork Bancorp, Inc., New York	3,450		99,464
SVB Financial Group (a)	4,200		222,810
The Keiyo Bank Ltd.	8,000		55,184
UCBH Holdings, Inc.	3,600		68,112
UnionBanCal Corp.	2,100		147,336
			1,302,982
TOTAL COMMERCIAL BANKS			8,336,767
CONSUMER FINANCE - 4.4%
Consumer Finance - 4.4%
American Express Co.	16,440		863,922
Capital One Financial Corp. (d)	3,000		241,560
Dollar Financial Corp. (a)	13,739		244,279
SLM Corp.	4,840		251,390
			1,601,151
DIVERSIFIED CONSUMER SERVICES - 0.2%
Specialized Consumer Services - 0.2%
Jackson Hewitt Tax Service, Inc.	2,800		88,424
DIVERSIFIED FINANCIAL SERVICES - 9.3%
Other Diversifed Financial Services - 6.7%
Citigroup, Inc.	11,730		554,008
ING Groep NV sponsored ADR	1,800		70,920
JPMorgan Chase & Co.	42,938		1,787,938
			2,412,866
Specialized Finance - 2.6%
Asset Acceptance Capital Corp. (a)	4,514		87,888
CIT Group, Inc.	4,400		235,488
IntercontinentalExchange, Inc.	4,100		283,105
Marlin Business Services Corp. (a)	2,917		64,466
NETeller PLC (a)	12,500		159,058
Singapore Exchange Ltd.	42,000		103,957
			933,962
TOTAL DIVERSIFIED FINANCIAL SERVICES			3,346,828
Common Stocks - continued
	Shares		Value
HOUSEHOLD DURABLES - 0.2%
Homebuilding - 0.2%
D.R. Horton, Inc.	2,400		$ 79,728
INSURANCE - 29.9%
Insurance Brokers - 0.5%
National Financial Partners Corp.	2,500		141,300
Willis Group Holdings Ltd.	1,400		47,964
			189,264
Life & Health Insurance - 4.9%
AFLAC, Inc.	7,900		356,527
Lincoln National Corp.	2,300		125,557
MetLife, Inc.	9,210		445,488
Protective Life Corp.	900		44,766
Prudential Financial, Inc.	4,700		356,307
Sun Life Financial, Inc.	10,090		429,022
			1,757,667
Multi-Line Insurance - 9.9%
American International Group, Inc.	44,910		2,968,101
Genworth Financial, Inc. Class A (non-vtg.)	1,400		46,802
Hartford Financial Services Group, Inc.	5,260		423,693
HCC Insurance Holdings, Inc.	3,730		129,804
			3,568,400
Property & Casualty Insurance - 8.8%
ACE Ltd.	15,750		819,158
Allstate Corp.	7,000		364,770
AMBAC Financial Group, Inc.	2,410		191,836
Aspen Insurance Holdings Ltd.	14,300		352,638
Axis Capital Holdings Ltd.	4,400		131,560
Berkshire Hathaway, Inc. Class B (a)	111		334,332
Fidelity National Financial, Inc.	2,842		100,976
MBIA, Inc.	1,560		93,803
The St. Paul Travelers Companies, Inc.	11,300		472,227
XL Capital Ltd. Class A	5,100		326,961
			3,188,261
Reinsurance - 5.8%
Endurance Specialty Holdings Ltd.	24,160		786,408
Everest Re Group Ltd.	900		84,033
IPC Holdings Ltd.	400		11,220
Max Re Capital Ltd.	6,699		159,436
PartnerRe Ltd.	5,100		316,659
Platinum Underwriters Holdings Ltd.	16,300		474,330
Scottish Re Group Ltd.	6,800		168,708
Swiss Reinsurance Co. (Reg.)	1,341		93,699
			2,094,493
TOTAL INSURANCE			10,798,085

	Shares		Value
REAL ESTATE - 4.7%
Real Estate Investment Trusts - 4.3%
Apartment Investment & Management Co. Class A	1,830		$ 85,827
CBL & Associates Properties, Inc.	2,000		84,900
Digital Realty Trust, Inc.	4,100		115,497
Duke Realty Corp.	2,030		77,039
Equity Lifestyle Properties, Inc.	1,200		59,700
Equity Residential (SBI)	6,290		294,309
General Growth Properties, Inc.	1,300		63,531
Healthcare Realty Trust, Inc.	4,100		153,258
Kimco Realty Corp.	1,800		73,152
Reckson Associates Realty Corp.	2,300		105,386
Simon Property Group, Inc.	4,000		336,560
United Dominion Realty Trust, Inc. (SBI)	3,300		94,182
			1,543,341
Real Estate Management & Development - 0.4%
Mitsui Fudosan Co. Ltd.	6,000		137,875
TOTAL REAL ESTATE			1,681,216
THRIFTS & MORTGAGE FINANCE - 8.2%
Thrifts & Mortgage Finance - 8.2%
Countrywide Financial Corp.	11,268		413,536
Doral Financial Corp.	1,850		21,368
Downey Financial Corp.	600		40,380
Fannie Mae	14,350		737,590
Freddie Mac	3,000		183,000
Golden West Financial Corp., Delaware	4,200		285,180
Hudson City Bancorp, Inc.	19,179		254,889
Hypo Real Estate Holding AG	1,400		95,968
MGIC Investment Corp.	1,600		106,608
Radian Group, Inc.	1,825		109,956
Sovereign Bancorp, Inc.	6,790		148,769
The PMI Group, Inc.	2,300		105,616
W Holding Co., Inc.	9,148		71,995
Washington Mutual, Inc.	9,400		400,628
			2,975,483
TOTAL COMMON STOCKS (Cost $27,064,670)		35,880,072
Money Market Funds - 2.1%
	Shares		Value
Fidelity Cash Central Fund, 4.77% (b)	523,636		$ 523,636
Fidelity Securities Lending Cash Central Fund, 4.81% (b)(c)	223,425		223,425
TOTAL MONEY MARKET FUNDS (Cost $747,061)		747,061

TOTAL INVESTMENT PORTFOLIO - 101.4%

(Cost $27,811,731)

36,627,133

NET OTHER ASSETS - (1.4)%			(507,334)
NET ASSETS - 100%		$ 36,119,799

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund		Income earned
Fidelity Cash Central Fund		$ 3,251
Fidelity Securities Lending Cash Central Fund		336
Total		$ 3,587

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $27,930,355. Net unrealized appreciation aggregated $8,696,778, of which $9,105,325 related to appreciated investment securities and $408,547 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2005 Portfolio

March 31, 2006

1.830285.100

VIPF2005-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 47.7%
	Shares		Value
Domestic Equity Funds - 42.0%
VIP Contrafund Portfolio Initial Class	16,268		$ 521,548
VIP Equity-Income Portfolio Initial Class	23,586		589,187
VIP Growth & Income Portfolio Initial Class	40,121		599,008
VIP Growth Portfolio Initial Class	16,745		586,228
VIP Mid Cap Portfolio Initial Class	6,727		226,629
VIP Value Portfolio Initial Class	37,975		502,783
VIP Value Strategies Portfolio Initial Class	17,308		215,135
TOTAL DOMESTIC EQUITY FUNDS			3,240,518
International Equity Funds - 5.7%
VIP Overseas Portfolio Initial Class	20,207		437,675
TOTAL EQUITY FUNDS (Cost $3,423,981)		3,678,193
Fixed-Income Funds - 42.7%

High Yield Fixed-Income Funds - 5.0%
VIP High Income Portfolio Initial Class	60,147		380,732
Investment Grade Fixed-Income Funds - 37.7%
VIP Investment Grade Bond Portfolio Initial Class	238,833		2,906,599
TOTAL FIXED-INCOME FUNDS (Cost $3,395,406)		3,287,331
Short-Term Funds - 9.6%

VIP Money Market Portfolio Initial Class (Cost $737,593)	737,593		737,593
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $7,556,980)		$ 7,703,117

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $7,556,979. Net unrealized appreciation aggregated $146,138, of which $273,081 related to appreciated investment securities and $126,943 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their net asset value each business day. Security transactions are accounted for as of trade date. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2010 Portfolio

March 31, 2006

1.830288.100

VIPF2010-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 49.4%
	Shares		Value
Domestic Equity Funds - 43.4%
VIP Contrafund Portfolio Initial Class	71,837		$ 2,303,108
VIP Equity-Income Portfolio Initial Class	105,473		2,634,707
VIP Growth & Income Portfolio Initial Class	178,140		2,659,631
VIP Growth Portfolio Initial Class	74,718		2,615,885
VIP Mid Cap Portfolio Initial Class	29,716		1,001,133
VIP Value Portfolio Initial Class	169,826		2,248,493
VIP Value Strategies Portfolio Initial Class	77,408		962,178
TOTAL DOMESTIC EQUITY FUNDS			14,425,135
International Equity Funds - 6.0%
VIP Overseas Portfolio Initial Class	92,088		1,994,625
TOTAL EQUITY FUNDS (Cost $15,632,128)		16,419,760
Fixed-Income Funds - 42.1%

High Yield Fixed-Income Funds - 5.2%
VIP High Income Portfolio Initial Class	271,773		1,720,324
Investment Grade Fixed-Income Funds - 36.9%
VIP Investment Grade Bond Portfolio Initial Class	1,009,752		12,288,681
TOTAL FIXED-INCOME FUNDS (Cost $14,440,075)		14,009,005
Short-Term Funds - 8.5%

VIP Money Market Portfolio Initial Class (Cost $2,819,600)	2,819,600		2,819,600
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $32,891,803)		$ 33,248,365

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $32,891,840. Net unrealized appreciation aggregated $356,525, of which $888,680 related to appreciated investment securities and $532,155 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2015 Portfolio

March 31, 2006

1.830292.100

VIPF2015-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 61.9%
	Shares		Value
Domestic Equity Funds - 52.5%
VIP Contrafund Portfolio Initial Class	51,025		$ 1,635,868
VIP Equity-Income Portfolio Initial Class	74,447		1,859,691
VIP Growth & Income Portfolio Initial Class	126,416		1,887,384
VIP Growth Portfolio Initial Class	52,780		1,847,814
VIP Mid Cap Portfolio Initial Class	21,084		710,304
VIP Value Portfolio Initial Class	119,842		1,586,707
VIP Value Strategies Portfolio Initial Class	54,658		679,403
TOTAL DOMESTIC EQUITY FUNDS			10,207,171
International Equity Funds - 9.4%
VIP Overseas Portfolio Initial Class	84,702		1,834,635
TOTAL EQUITY FUNDS (Cost $11,284,078)		12,041,806
Fixed-Income Funds - 34.9%

High Yield Fixed-Income Funds - 6.6%
VIP High Income Portfolio Initial Class	201,805		1,277,427
Investment Grade Fixed-Income Funds - 28.3%
VIP Investment Grade Bond Portfolio Initial Class	453,209		5,515,557
TOTAL FIXED-INCOME FUNDS (Cost $7,021,054)		6,792,984
Short-Term Funds - 3.2%

VIP Money Market Portfolio Initial Class (Cost $614,537)	614,537		614,537
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $18,919,669)		$ 19,449,327

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $18,919,669. Net unrealized appreciation aggregated $529,658, of which $820,477 related to appreciated investment securities and $290,819 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2020 Portfolio

March 31, 2006

1.830298.100

VIPF2020-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 70.5%
	Shares		Value
Domestic Equity Funds - 59.7%
VIP Contrafund Portfolio Initial Class	136,207		$ 4,366,797
VIP Equity-Income Portfolio Initial Class	199,493		4,983,327
VIP Growth & Income Portfolio Initial Class	337,147		5,033,599
VIP Growth Portfolio Initial Class	141,360		4,949,020
VIP Mid Cap Portfolio Initial Class	56,252		1,895,125
VIP Value Portfolio Initial Class	321,491		4,256,545
VIP Value Strategies Portfolio Initial Class	146,704		1,823,537
TOTAL DOMESTIC EQUITY FUNDS			27,307,950
International Equity Funds - 10.8%
VIP Overseas Portfolio Initial Class	229,160		4,963,603
TOTAL EQUITY FUNDS (Cost $30,531,643)		32,271,553
Fixed-Income Funds - 29.3%

High Yield Fixed-Income Funds - 7.3%
VIP High Income Portfolio Initial Class	524,834		3,322,196
Investment Grade Fixed-Income Funds - 22.0%
VIP Investment Grade Bond Portfolio Initial Class	829,047		10,089,509
TOTAL FIXED-INCOME FUNDS (Cost $13,833,574)		13,411,705
Short-Term Funds - 0.2%

VIP Money Market Portfolio Initial Class (Cost $96,053)	96,053		96,053
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $44,461,270)		$ 45,779,311

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $44,461,284. Net unrealized appreciation aggregated $1,318,027, of which $1,936,004 related to appreciated investment securities and $617,977 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2025 Portfolio

March 31, 2006

1.830299.100

VIPF2025-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 76.3%
	Shares		Value
Domestic Equity Funds - 64.4%
VIP Contrafund Portfolio Initial Class	24,727		$ 792,751
VIP Equity-Income Portfolio Initial Class	35,935		897,645
VIP Growth & Income Portfolio Initial Class	60,858		908,614
VIP Growth Portfolio Initial Class	25,568		895,134
VIP Mid Cap Portfolio Initial Class	10,195		343,484
VIP Value Portfolio Initial Class	57,855		766,007
VIP Value Strategies Portfolio Initial Class	26,475		329,086
TOTAL DOMESTIC EQUITY FUNDS			4,932,721
International Equity Funds - 11.9%
VIP Overseas Portfolio Initial Class	41,975		909,183
TOTAL EQUITY FUNDS (Cost $5,435,113)		5,841,904
Fixed-Income Funds - 23.6%

High Yield Fixed-Income Funds - 7.2%
VIP High Income Portfolio Initial Class	86,895		550,044
Investment Grade Fixed-Income Funds - 16.4%
VIP Investment Grade Bond Portfolio Initial Class	103,245		1,256,492
TOTAL FIXED-INCOME FUNDS (Cost $1,853,375)		1,806,536
Short-Term Funds - 0.1%

VIP Money Market Portfolio Initial Class (Cost $7,200)	7,200		7,200
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $7,295,688)		$ 7,655,640

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $7,295,688. Net unrealized appreciation aggregated $359,952, of which $427,083 related to appreciated investment securities and $67,131 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2030 Portfolio

March 31, 2006

1.830294.100

VIPF2030-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 83.4%
	Shares		Value
Domestic Equity Funds - 70.0%
VIP Contrafund Portfolio Initial Class	75,247		$ 2,412,421
VIP Equity-Income Portfolio Initial Class	109,918		2,745,748
VIP Growth & Income Portfolio Initial Class	185,932		2,775,962
VIP Growth Portfolio Initial Class	77,985		2,730,264
VIP Mid Cap Portfolio Initial Class	31,123		1,048,535
VIP Value Portfolio Initial Class	177,161		2,345,614
VIP Value Strategies Portfolio Initial Class	80,939		1,006,077
TOTAL DOMESTIC EQUITY FUNDS			15,064,621
International Equity Funds - 13.4%
VIP Overseas Portfolio Initial Class	133,007		2,880,926
TOTAL EQUITY FUNDS (Cost $16,818,409)		17,945,547
Fixed-Income Funds - 16.5%

High Yield Fixed-Income Funds - 7.2%
VIP High Income Portfolio Initial Class	243,401		1,540,727
Investment Grade Fixed-Income Funds - 9.3%
VIP Investment Grade Bond Portfolio Initial Class	165,476		2,013,842
TOTAL FIXED-INCOME FUNDS (Cost $3,646,093)		3,554,569
Short-Term Funds - 0.1%

VIP Money Market Portfolio Initial Class (Cost $20,166)	20,166		20,166
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $20,484,668)		$ 21,520,282

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $20,484,667. Net unrealized appreciation aggregated $1,035,615, of which $1,207,614 related to appreciated investment securities and $171,999 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom Income Portfolio

March 31, 2006

1.830282.100

VIPFINC-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 21.5%
	Shares		Value
Domestic Equity Funds - 21.5%
VIP Contrafund Portfolio Initial Class	8,346		$ 267,575
VIP Equity-Income Portfolio Initial Class	12,060		301,267
VIP Growth & Income Portfolio Initial Class	20,523		306,414
VIP Growth Portfolio Initial Class	8,568		299,980
VIP Mid Cap Portfolio Initial Class	3,477		117,141
VIP Value Portfolio Initial Class	19,460		257,648
VIP Value Strategies Portfolio Initial Class	8,930		111,003
TOTAL EQUITY FUNDS (Cost $1,556,268)		1,661,028
Fixed-Income Funds - 39.0%

High Yield Fixed-Income Funds - 5.1%
VIP High Income Portfolio Initial Class	61,727		390,733
Investment Grade Fixed-Income Funds - 33.9%
VIP Investment Grade Bond Portfolio Initial Class	215,481		2,622,398
TOTAL FIXED-INCOME FUNDS (Cost $3,110,619)		3,013,131
Short-Term Funds - 39.5%

VIP Money Market Portfolio Initial Class (Cost $3,058,467)	3,058,467		3,058,467
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $7,725,354)		$ 7,732,626

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $7,725,376. Net unrealized appreciation aggregated $7,250, of which $112,710 related to appreciated investment securities and $105,460 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom Lifetime Income I Portfolio

March 31, 2006

1.830289.100

VIPFLI-I-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 46.3%
	Shares		Value
Domestic Equity Funds - 40.9%
VIP Contrafund Portfolio Investor Class	9,930		$ 317,868
VIP Equity-Income Portfolio Investor Class	14,706		366,907
VIP Growth & Income Portfolio Investor Class	24,695		367,962
VIP Growth Portfolio Investor Class	10,422		364,365
VIP Mid Cap Portfolio Investor Class	4,101		137,958
VIP Value Portfolio Investor Class	23,675		313,222
VIP Value Strategies Portfolio Investor Class	10,823		134,211
TOTAL DOMESTIC EQUITY FUNDS			2,002,493
International Equity Funds - 5.4%
VIP Overseas Portfolio Investor Class R	12,256		265,087
TOTAL EQUITY FUNDS (Cost $2,220,984)		2,267,580
Fixed-Income Funds - 43.9%

High Yield Fixed-Income Funds - 5.0%
VIP High Income Portfolio Investor Class	38,698		244,570
Investment Grade Fixed-Income Funds - 38.9%
VIP Investment Grade Bond Portfolio Investor Class	156,890		1,906,215
TOTAL FIXED-INCOME FUNDS (Cost $2,215,888)		2,150,785
Short-Term Funds - 9.8%

VIP Money Market Portfolio Investor Class (Cost $482,356)	482,356		482,356
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $4,919,228)		$ 4,900,721

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $4,919,228. Net unrealized depreciation aggregated $18,507, of which $69,971 related to appreciated investment securities and $88,478 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom Lifetime Income II Portfolio

March 31, 2006

1.830295.100

VIPFLI-II-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 67.1%
	Shares		Value
Domestic Equity Funds - 56.9%
VIP Contrafund Portfolio Investor Class	19,637		$ 628,585
VIP Equity-Income Portfolio Investor Class	29,121		726,573
VIP Growth & Income Portfolio Investor Class	48,924		728,966
VIP Growth Portfolio Investor Class	20,680		722,958
VIP Mid Cap Portfolio Investor Class	8,026		269,983
VIP Value Portfolio Investor Class	46,967		621,371
VIP Value Strategies Portfolio Investor Class	21,324		264,414
TOTAL DOMESTIC EQUITY FUNDS			3,962,850
International Equity Funds - 10.2%
VIP Overseas Portfolio Investor Class R	32,731		707,962
TOTAL EQUITY FUNDS (Cost $4,597,278)		4,670,812
Fixed-Income Funds - 32.0%

High Yield Fixed-Income Funds - 7.3%
VIP High Income Portfolio Investor Class	80,225		507,022
Investment Grade Fixed-Income Funds - 24.7%
VIP Investment Grade Bond Portfolio Investor Class	141,301		1,716,808
TOTAL FIXED-INCOME FUNDS (Cost $2,273,417)		2,223,830
Short-Term Funds - 0.9%

VIP Money Market Portfolio Investor Class (Cost $63,462)	63,462		63,462
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $6,934,157)		$ 6,958,104

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $6,934,157. Net unrealized appreciation aggregated $23,947, of which $114,099 related to appreciated investment securities and $90,152 related to depreciated investment securities.

Investment Valuation

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.

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

March 31, 2006

1.830300.100

VIPFLI-III-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 81.9%
	Shares		Value
Domestic Equity Funds - 68.8%
VIP Contrafund Portfolio Investor Class	13,638		$ 436,556
VIP Equity-Income Portfolio Investor Class	20,080		500,991
VIP Growth & Income Portfolio Investor Class	33,731		502,589
VIP Growth Portfolio Investor Class	14,225		497,297
VIP Mid Cap Portfolio Investor Class	5,671		190,789
VIP Value Portfolio Investor Class	32,323		427,627
VIP Value Strategies Portfolio Investor Class	14,937		185,216
TOTAL DOMESTIC EQUITY FUNDS			2,741,065
International Equity Funds - 13.1%
VIP Overseas Portfolio Investor Class R	24,221		523,891
TOTAL EQUITY FUNDS (Cost $3,120,171)		3,264,956
Fixed-Income Funds - 18.1%

High Yield Fixed-Income Funds - 7.2%
VIP High Income Portfolio Investor Class	45,519		287,678
Investment Grade Fixed-Income Funds - 10.9%
VIP Investment Grade Bond Portfolio Investor Class	35,746		434,318
TOTAL FIXED-INCOME FUNDS (Cost $742,842)		721,996
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $3,863,013)		$ 3,986,952

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $3,863,251. Net unrealized appreciation aggregated $123,701, of which $162,980 related to appreciated investment securities and $39,279 related to depreciated investment securities.

Investment Valuation

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.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Growth Stock Portfolio

March 31, 2006

1.799868.102

VIPGR-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares		Value
CONSUMER DISCRETIONARY - 10.6%
Hotels, Restaurants & Leisure - 1.0%
Ctrip.com International Ltd. sponsored ADR	2,500		$ 206,750
Jack in the Box, Inc. (a)	2,200		95,700
Tim Hortons, Inc.	100		2,655
			305,105
Household Durables - 0.5%
Sony Corp. sponsored ADR	3,300		152,031
Internet & Catalog Retail - 0.6%
GSI Commerce, Inc. (a)	11,500		195,500
Multiline Retail - 0.7%
Target Corp.	4,200		218,442
Specialty Retail - 7.4%
Best Buy Co., Inc.	14,150		791,410
Circuit City Stores, Inc.	16,000		391,680
Staples, Inc.	33,900		865,128
Urban Outfitters, Inc. (a)	11,500		282,210
			2,330,428
Textiles, Apparel & Luxury Goods - 0.4%
Carter's, Inc. (a)	1,600		107,984
TOTAL CONSUMER DISCRETIONARY			3,309,490
CONSUMER STAPLES - 11.7%
Beverages - 2.1%
PepsiCo, Inc.	11,400		658,806
Food & Staples Retailing - 4.1%
CVS Corp.	5,600		167,272
Wal-Mart Stores, Inc.	13,400		633,016
Walgreen Co.	11,500		495,995
			1,296,283
Food Products - 0.8%
Archer-Daniels-Midland Co.	2,800		94,220
Bunge Ltd.	300		16,713
Global Bio-Chem Technology Group Co. Ltd.	286,000		150,203
			261,136
Household Products - 3.3%
Colgate-Palmolive Co.	15,500		885,050
Procter & Gamble Co.	2,790		160,760
			1,045,810
Personal Products - 1.4%
Avon Products, Inc.	13,500		420,795
TOTAL CONSUMER STAPLES			3,682,830

	Shares		Value
ENERGY - 4.0%
Energy Equipment & Services - 2.6%
Halliburton Co.	10,100		$ 737,502
National Oilwell Varco, Inc. (a)	1,103		70,724
			808,226
Oil, Gas & Consumable Fuels - 1.4%
Amerada Hess Corp.	1,200		170,880
BG Group PLC sponsored ADR	3,300		206,943
BP PLC sponsored ADR	1,100		75,834
			453,657
TOTAL ENERGY			1,261,883
FINANCIALS - 4.3%
Capital Markets - 1.4%
E*TRADE Securities Co. Ltd.	51		117,411
Harris & Harris Group, Inc. (a)	4,300		59,985
Nomura Holdings, Inc. sponsored ADR	12,300		272,691
			450,087
Commercial Banks - 0.7%
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	13,200		200,772
Consumer Finance - 0.7%
SLM Corp.	4,100		212,954
Diversified Financial Services - 0.0%
IntercontinentalExchange, Inc.	100		6,905
Insurance - 1.5%
American International Group, Inc.	5,700		376,713
Hartford Financial Services Group, Inc.	1,100		88,605
			465,318
TOTAL FINANCIALS			1,336,036
HEALTH CARE - 19.5%
Biotechnology - 2.1%
Alnylam Pharmaceuticals, Inc. (a)	8,100		142,479
Amgen, Inc. (a)	7,000		509,250
Arena Pharmaceuticals, Inc. (a)	300		5,433
			657,162
Health Care Equipment & Supplies - 3.2%
Baxter International, Inc.	3,900		151,359
C.R. Bard, Inc.	2,200		149,182
Medtronic, Inc.	8,300		421,225
SonoSite, Inc. (a)	3,000		121,920
St. Jude Medical, Inc. (a)	3,800		155,800
			999,486
Health Care Providers & Services - 2.6%
Acibadem Saglik Hizmetleri AS	14,000		141,614
McKesson Corp.	1,700		88,621
UnitedHealth Group, Inc.	10,500		586,530
			816,765
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 11.6%
Johnson & Johnson	16,000		$ 947,520
Nastech Pharmaceutical Co., Inc. (a)	67,000		1,206,000
Novartis AG sponsored ADR	6,600		365,904
Schering-Plough Corp.	19,900		377,901
Wyeth	15,400		747,208
			3,644,533
TOTAL HEALTH CARE			6,117,946
INDUSTRIALS - 4.1%
Aerospace & Defense - 1.4%
Honeywell International, Inc.	10,500		449,085
Industrial Conglomerates - 2.7%
General Electric Co.	24,300		845,154
TOTAL INDUSTRIALS			1,294,239
INFORMATION TECHNOLOGY - 38.4%
Communications Equipment - 8.1%
AudioCodes Ltd. (a)	44,700		617,754
Avaya, Inc. (a)	12,600		142,380
Cisco Systems, Inc. (a)	7,200		156,024
CommScope, Inc. (a)	3,400		97,070
Corning, Inc. (a)	6,900		185,679
Harris Corp.	6,400		302,656
Lucent Technologies, Inc. (a)	105,500		321,775
Nortel Networks Corp. (a)	42,800		130,546
QUALCOMM, Inc.	3,800		192,318
Sonus Networks, Inc. (a)	40,000		219,200
Tellabs, Inc. (a)	10,000		159,000
			2,524,402
Computers & Peripherals - 13.9%
Apple Computer, Inc. (a)	12,800		802,816
Dell, Inc. (a)	9,800		291,648
EMC Corp. (a)	114,000		1,553,820
Hewlett-Packard Co.	8,100		266,490
Intermec, Inc. (a)	38,738		1,181,896
Rackable Systems, Inc.	5,000		264,250
			4,360,920
Electronic Equipment & Instruments - 3.8%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	15,000		92,888
Jabil Circuit, Inc. (a)	16,300		698,618

	Shares		Value
National Instruments Corp.	6,000		$ 195,720
Universal Display Corp. (a)	14,300		205,634
			1,192,860
Internet Software & Services - 4.5%
aQuantive, Inc. (a)	6,200		145,948
eBay, Inc. (a)	3,500		136,710
Google, Inc. Class A (sub. vtg.) (a)	1,200		468,000
Yahoo! Japan Corp.	384		234,220
Yahoo!, Inc. (a)	13,500		435,510
			1,420,388
IT Services - 0.3%
First Data Corp.	2,200		103,004
Office Electronics - 0.6%
Zebra Technologies Corp. Class A (a)	3,800		169,936
Semiconductors & Semiconductor Equipment - 1.8%
Analog Devices, Inc.	3,900		149,331
Cree, Inc. (a)	1,200		39,372
Cypress Semiconductor Corp. (a)	9,500		161,025
Mindspeed Technologies, Inc. (a)	27,300		108,654
Saifun Semiconductors Ltd.	1,700		52,870
Silicon Laboratories, Inc. (a)	1,000		54,950
			566,202
Software - 5.4%
Cognos, Inc. (a)	3,300		128,375
Electronic Arts, Inc. (a)	1,300		71,136
Hyperion Solutions Corp. (a)	5,650		184,190
Microsoft Corp.	41,400		1,126,494
Ulticom, Inc. (a)	18,202		195,672
			1,705,867
TOTAL INFORMATION TECHNOLOGY			12,043,579
MATERIALS - 1.5%
Chemicals - 1.1%
Potash Corp. of Saskatchewan	2,800		246,502
Tokuyama Corp.	6,000		101,737
			348,239
Metals & Mining - 0.4%
Oregon Steel Mills, Inc. (a)	2,500		127,925
TOTAL MATERIALS			476,164
TELECOMMUNICATION SERVICES - 1.7%
Diversified Telecommunication Services - 0.6%
Cbeyond Communications, Inc.	11,300		199,445
Wireless Telecommunication Services - 1.1%
American Tower Corp. Class A (a)	11,100		336,552
TOTAL TELECOMMUNICATION SERVICES			535,997
TOTAL COMMON STOCKS (Cost $27,086,637)		30,058,164
Money Market Funds - 3.2%
	Shares		Value
Fidelity Cash Central Fund, 4.77% (b) (Cost $1,012,568)	1,012,568	$ 1,012,568

TOTAL INVESTMENT PORTFOLIO - 99.0%

(Cost $28,099,205)

31,070,732

NET OTHER ASSETS - 1.0%			314,770
NET ASSETS - 100%		$ 31,385,502

Legend

(a) Non-income producing

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 10,918
Total	$ 10,918

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $28,111,545. Net unrealized appreciation aggregated $2,959,187, of which $3,510,221 related to appreciated investment securities and $551,034 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Health Care Portfolio

March 31, 2006

1.814639.101

VHC-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value
BEVERAGES - 0.4%
Soft Drinks - 0.4%
Hansen Natural Corp. (a)	3,700		$ 466,385
BIOTECHNOLOGY - 16.6%
Biotechnology - 16.6%
Acadia Pharmaceuticals, Inc. (a)	200		3,196
Affymetrix, Inc. (a)	10,200		335,886
Alizyme PLC (a)	3,800		10,991
Alnylam Pharmaceuticals, Inc. (a)	2,500		43,975
Altus Pharmaceuticals, Inc.	4,500		98,685
Amgen, Inc. (a)	66,896		4,866,684
Amylin Pharmaceuticals, Inc. (a)(d)	10,400		509,080
Anadys Pharmaceuticals, Inc. (a)	900		14,499
Applera Corp.:
- Applied Biosystems Group	14,000		379,960
- Celera Genomics Group (a)	2,800		32,732
Arena Pharmaceuticals, Inc. (a)	1,100		19,921
Biogen Idec, Inc. (a)	18,400		866,640
BioMarin Pharmaceutical, Inc. (a)	2,800		37,576
Celgene Corp. (a)	16,200		716,364
Cephalon, Inc. (a)	3,300		198,825
Charles River Laboratories International, Inc. (a)	7,100		348,042
DOV Pharmaceutical, Inc. (a)	2,600		41,548
DUSA Pharmaceuticals, Inc. (a)	13,462		95,042
Exelixis, Inc. (a)	11,300		135,713
Genentech, Inc. (a)	50,600		4,276,206
Genmab AS (a)	800		25,332
Genzyme Corp. (a)	655		44,029
Gilead Sciences, Inc. (a)	29,400		1,829,268
Human Genome Sciences, Inc. (a)	9,300		101,091
ICOS Corp. (a)	10,700		235,935
Illumina, Inc. (a)	2,700		64,125
ImClone Systems, Inc. (a)	5,900		200,718
Inhibitex, Inc. (a)	1,200		8,712
Invitrogen Corp. (a)	5,200		364,676
MannKind Corp. (a)	1,200		24,528
Martek Biosciences (a)	3,900		128,037
MedImmune, Inc. (a)	15,830		579,061
Memory Pharmaceuticals Corp. (a)	900		2,491
Millennium Pharmaceuticals, Inc. (a)	21,400		216,354
Myogen, Inc. (a)	3,000		108,690
Nektar Therapeutics (a)(d)	5,300		108,014
Neopharm, Inc. (a)	500		4,180
Neurocrine Biosciences, Inc. (a)	14,700		948,738
ONYX Pharmaceuticals, Inc. (a)	4,900		128,674
Panacos Pharmaceuticals, Inc. (a)	2,800		21,168
PDL BioPharma, Inc. (a)	7,700		252,560
Renovis, Inc. (a)	8,600		183,352
Rigel Pharmaceuticals, Inc. (a)	900		10,341
Serologicals Corp. (a)	6,200		151,652
Solexa, Inc. (a)(d)	7,600		75,848
Techne Corp. (a)	5,900		354,826

	Shares		Value
Tercica, Inc. (a)	35,600		$ 238,520
Theravance, Inc. (a)	1,100		30,844
Vertex Pharmaceuticals, Inc. (a)	16,600		607,394
			20,080,723
CHEMICALS - 0.4%
Fertilizers & Agricultural Chemicals - 0.4%
Monsanto Co.	5,500		466,125
Syngenta AG sponsored ADR	500		14,055
			480,180
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Diversified Commercial & Professional Services - 0.2%
Advisory Board Co. (a)	4,865		271,321
Human Resource & Employment Services - 0.2%
Kforce, Inc. (a)	9,701		123,688
On Assignment, Inc. (a)	9,300		102,114
			225,802
Office Services & Supplies - 0.0%
Mine Safety Appliances Co.	200		8,400
TOTAL COMMERCIAL SERVICES & SUPPLIES			505,523
DIVERSIFIED CONSUMER SERVICES - 0.1%
Specialized Consumer Services - 0.1%
Service Corp. International (SCI)	9,600		74,880
Weight Watchers International, Inc.	100		5,140
			80,020
DIVERSIFIED FINANCIAL SERVICES - 0.0%
Multi-Sector Holdings - 0.0%
PICO Holdings, Inc. (a)	584		19,208
FOOD & STAPLES RETAILING - 0.2%
Drug Retail - 0.0%
CVS Corp.	200		5,974
Food Distributors - 0.1%
United Natural Foods, Inc. (a)	4,100		143,377
Food Retail - 0.1%
Whole Foods Market, Inc.	2,000		132,880
TOTAL FOOD & STAPLES RETAILING			282,231
FOOD PRODUCTS - 0.3%
Agricultural Products - 0.1%
Bunge Ltd.	1,900		105,849
Packaged Foods & Meats - 0.2%
Groupe Danone	1,800		220,514
Hain Celestial Group, Inc. (a)	400		10,476
Nestle SA sponsored ADR	100		7,240
			238,230
TOTAL FOOD PRODUCTS			344,079
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - 16.9%
Health Care Equipment - 13.1%
Advanced Medical Optics, Inc. (a)	4,300		$ 200,552
Aspect Medical Systems, Inc. (a)	20,100		551,544
Baxter International, Inc.	41,520		1,611,391
Beckman Coulter, Inc.	2,200		120,054
Becton, Dickinson & Co.	22,900		1,410,182
Boston Scientific Corp. (a)	65,120		1,501,016
C.R. Bard, Inc.	15,300		1,037,493
Conceptus, Inc. (a)	12,900		169,119
Cytyc Corp. (a)	18,400		518,512
Dade Behring Holdings, Inc.	6,340		226,401
Edwards Lifesciences Corp. (a)	300		13,050
Epix Pharmaceuticals, Inc. (a)	22,100		77,350
Fisher Scientific International, Inc. (a)	7,900		537,595
Hillenbrand Industries, Inc.	1,900		104,481
Hologic, Inc. (a)	4,600		254,610
Hospira, Inc. (a)	6,152		242,758
IDEXX Laboratories, Inc. (a)	2,100		181,356
Imaging Dynamics Co. Ltd. (a)	23,300		92,785
IntraLase Corp. (a)(d)	12,200		283,040
Intuitive Surgical, Inc. (a)	2,000		236,000
Invacare Corp.	4,400		136,664
Kinetic Concepts, Inc. (a)	4,500		185,265
Medtronic, Inc.	24,100		1,223,075
Mentor Corp.	7,600		344,356
Natus Medical, Inc. (a)	10,761		220,601
NMT Medical, Inc. (a)	800		12,944
NuVasive, Inc. (a)	3,500		65,975
Optos PLC	32,200		158,999
Palomar Medical Technologies, Inc. (a)	200		6,690
Phonak Holding AG	191		10,870
PhotoMedex, Inc. (a)	16,800		32,088
ResMed, Inc. (a)	11,200		492,576
Respironics, Inc. (a)	6,300		245,133
SonoSite, Inc. (a)	10,600		430,784
St. Jude Medical, Inc. (a)	13,420		550,220
Stereotaxis, Inc. (a)	43,300		546,013
Steris Corp.	2,900		71,572
Syneron Medical Ltd. (a)	12,000		350,520
Synthes, Inc.	1,104		121,086
Thermo Electron Corp. (a)	10,300		382,027
Varian Medical Systems, Inc. (a)	4,400		247,104
Waters Corp. (a)	12,400		535,060
Zimmer Holdings, Inc. (a)	3,200		216,320
			15,955,231
Health Care Supplies - 3.8%
Alcon, Inc.	20,000		2,085,200
Arrow International, Inc.	3,302		107,876
Cooper Companies, Inc.	5,100		275,553
Cynosure, Inc. Class A	800		14,800
DENTSPLY International, Inc.	5,400		314,010
DJ Orthopedics, Inc. (a)	15,464		614,849

	Shares		Value
Gen-Probe, Inc. (a)	2,200		$ 121,264
Immucor, Inc. (a)	2,800		80,332
Inverness Medical Innovations, Inc. (a)	6,400		183,872
Inverness Medical Innovations, Inc. (a)(e)	2,231		57,687
Lifecore Biomedical, Inc. (a)	9,400		109,980
Millipore Corp. (a)	4,700		343,382
NUCRYST Pharmaceuticals Corp.	7,000		71,217
Nutraceutical International Corp. (a)	11,900		179,333
West Pharmaceutical Services, Inc.	200		6,944
			4,566,299
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			20,521,530
HEALTH CARE PROVIDERS & SERVICES - 30.3%
Health Care Distributors & Services - 3.1%
AmerisourceBergen Corp.	7,900		381,333
Andrx Corp. (a)	5,100		121,074
Cardinal Health, Inc.	17,000		1,266,840
Henry Schein, Inc. (a)	9,300		445,098
McKesson Corp.	28,600		1,490,918
Symbion Health Ltd.	23,200		57,139
			3,762,402
Health Care Facilities - 5.9%
Acibadem Saglik Hizmetleri AS	10,000		101,153
American Retirement Corp. (a)	38,300		981,246
Brookdale Senior Living, Inc.	34,200		1,291,050
Bumrungrad Hospital PCL (For. Reg.)	183,800		147,749
Capital Senior Living Corp. (a)	35,900		402,080
Community Health Systems, Inc. (a)	19,000		686,850
Emeritus Corp. (a)	3,500		75,600
HCA, Inc.	2,200		100,738
Health Management Associates, Inc. Class A	5,700		122,949
HealthSouth Corp. (a)	1,900		9,481
LCA-Vision, Inc.	11,600		581,276
LifePoint Hospitals, Inc. (a)	3,500		108,850
NovaMed Eyecare, Inc. (a)	700		4,970
Odyssey Healthcare, Inc. (a)	14,966		257,565
Psychiatric Solutions, Inc. (a)	15,000		496,950
Sun Healthcare Group, Inc. (a)	3,500		26,390
Sunrise Senior Living, Inc. (a)	5,400		210,438
Symbion, Inc. (a)	400		9,060
Tenet Healthcare Corp. (a)	19,800		146,124
Triad Hospitals, Inc. (a)	2,800		117,320
U.S. Physical Therapy, Inc. (a)	3,258		55,744
United Surgical Partners International, Inc. (a)	13,250		469,183
Universal Health Services, Inc. Class B	500		25,395
VCA Antech, Inc. (a)	25,300		720,544
			7,148,705
Health Care Services - 9.0%
American Dental Partners, Inc. (a)	2,002		27,027
Apria Healthcare Group, Inc. (a)	700		16,086
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Health Care Services - continued
Caremark Rx, Inc. (a)	28,900		$ 1,421,302
Cerner Corp. (a)	3,500		166,075
Chemed Corp.	15,800		937,572
Computer Programs & Systems, Inc.	300		15,000
Covance, Inc. (a)	7,300		428,875
DaVita, Inc. (a)	15,250		918,203
Eclipsys Corp. (a)	23,900		564,279
Emdeon Corp. (a)	19,358		209,066
Emergency Medical Services Corp. Class A	8,100		105,300
Express Scripts, Inc. (a)	9,300		817,470
Health Grades, Inc. (a)	22,261		118,649
HealthExtras, Inc. (a)	3,300		116,490
Healthways, Inc. (a)	17,448		888,801
I-trax, Inc. (a)	3,800		12,882
IMS Health, Inc.	14,400		371,088
Lincare Holdings, Inc. (a)	9,100		354,536
Matria Healthcare, Inc. (a)	3,000		113,880
Medco Health Solutions, Inc. (a)	22,600		1,293,172
Merge Technologies, Inc. (a)	1,600		25,552
Nighthawk Radiology Holdings, Inc.	2,000		47,780
Omnicare, Inc.	13,300		731,367
Pediatric Services of America, Inc. (a)	1,200		16,860
Pediatrix Medical Group, Inc. (a)	1,500		153,960
Pharmaceutical Product Development, Inc.	3,600		124,596
QMed, Inc. (a)	1,300		12,025
RehabCare Group, Inc. (a)	6,400		120,640
ResCare, Inc. (a)	20,866		383,517
Systems Xcellence, Inc. (a)	3,800		12,952
WebMD Health Corp. Class A (d)	9,671		402,700
			10,927,702
Managed Health Care - 12.3%
Aetna, Inc.	43,000		2,113,020
AMERIGROUP Corp. (a)	10,400		218,816
CIGNA Corp.	5,700		744,534
Coventry Health Care, Inc. (a)	2,300		124,154
Health Net, Inc. (a)	29,300		1,489,026
Healthspring, Inc.	1,400		26,054
Humana, Inc. (a)	11,600		610,740
Magellan Health Services, Inc. (a)	2,000		80,940
Sierra Health Services, Inc. (a)	7,000		284,900
UnitedHealth Group, Inc.	110,670		6,182,026
WellPoint, Inc. (a)	39,200		3,035,256
			14,909,466
TOTAL HEALTH CARE PROVIDERS & SERVICES			36,748,275

	Shares		Value
HOTELS, RESTAURANTS & LEISURE - 0.0%
Leisure Facilities - 0.0%
Life Time Fitness, Inc. (a)	400		$ 18,740
HOUSEHOLD DURABLES - 0.1%
Consumer Electronics - 0.1%
Koninklijke Philips Electronics NV (NY Shares)	3,800		127,870
INTERNET & CATALOG RETAIL - 0.5%
Internet Retail - 0.5%
NutriSystem, Inc. (a)(d)	12,600		598,752
PERSONAL PRODUCTS - 1.4%
Personal Products - 1.4%
Herbalife Ltd. (a)	47,800		1,614,206
NBTY, Inc. (a)	4,800		108,096
			1,722,302
PHARMACEUTICALS - 32.3%
Pharmaceuticals - 32.3%
Abbott Laboratories	7,020		298,139
Adams Respiratory Therapeutics, Inc.	1,900		75,563
Allergan, Inc.	24,850		2,696,225
Astellas Pharma, Inc.	5,000		189,865
Barr Pharmaceuticals, Inc. (a)	9,400		592,012
Collagenex Pharmaceuticals, Inc. (a)	4,800		71,040
Dr. Reddy's Laboratories Ltd. sponsored ADR	800		25,120
Eli Lilly & Co.	7,700		425,810
Endo Pharmaceuticals Holdings, Inc. (a)	10,000		328,100
First Horizon Pharmaceutical Corp. (a)	7,500		189,075
Forest Laboratories, Inc. (a)	30,400		1,356,752
Impax Laboratories, Inc. (a)	1,400		13,986
Johnson & Johnson	90,919		5,384,223
King Pharmaceuticals, Inc. (a)	17,100		294,975
Kos Pharmaceuticals, Inc. (a)	2,602		124,298
Labopharm, Inc. (a)	800		5,522
Mayne Pharma Ltd. (a)	30,300		64,212
Medicis Pharmaceutical Corp. Class A	11,200		365,120
Merck & Co., Inc.	157,380		5,544,497
MGI Pharma, Inc. (a)	4,900		85,750
Mylan Laboratories, Inc.	9,200		215,280
Novartis AG sponsored ADR	3,100		171,864
Par Pharmaceutical Companies, Inc. (a)(d)	2,100		59,178
Penwest Pharmaceuticals Co. (a)	9,000		195,210
Pfizer, Inc.	410,140		10,220,690
Ranbaxy Laboratories Ltd. sponsored GDR	8,169		80,383
Roche Holding AG (participation certificate)	5,921		881,474
Salix Pharmaceuticals Ltd. (a)	47,200		779,272
Sanofi-Aventis sponsored ADR	2,400		113,880
Schering-Plough Corp.	31,200		592,488
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
Sepracor, Inc. (a)	6,500		$ 317,265
Takeda Pharamaceutical Co. Ltd.	2,000		114,004
Taro Pharmaceutical Industries Ltd. (a)	500		6,970
Teva Pharmaceutical Industries Ltd. sponsored ADR	29,440		1,212,339
Valeant Pharmaceuticals International	1,700		26,945
Watson Pharmaceuticals, Inc. (a)	2,100		60,354
Wyeth	125,320		6,080,526
			39,258,406
REAL ESTATE - 0.0%
Real Estate Investment Trusts - 0.0%
Ventas, Inc.	400		13,272
TOTAL COMMON STOCKS (Cost $101,266,641)		121,267,496
Money Market Funds - 1.4%

Fidelity Securities Lending Cash Central Fund, 4.81% (b)(c) (Cost $1,720,225)	1,720,225		1,720,225

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $102,986,866)

122,987,721

NET OTHER ASSETS - (1.3)%		(1,599,343)
NET ASSETS - 100%		$ 121,388,378

Legend

(a) Non-income producing

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $57,687 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Inverness Medical Innovations, Inc.	2/8/06	$ 54,459

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund		Income earned
Fidelity Cash Central Fund		$ 2,597
Fidelity Securities Lending Cash Central Fund		9,087
Total		$ 11,684

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $103,354,142. Net unrealized appreciation aggregated $19,633,579, of which $22,188,354 related to appreciated investment securities and $2,554,775 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
International Capital Appreciation Portfolio

March 31, 2006

1.814640.101

VIPCAP-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.1%
	Shares		Value
Australia - 0.8%
BHP Billiton Ltd. sponsored ADR	7,400		$ 294,890
Austria - 1.2%
OMV AG	6,400		428,087
Brazil - 0.5%
Uniao de Bancos Brasileiros SA (Unibanco) GDR	2,600		192,166
Canada - 5.3%
ACE Aviation Holdings, Inc. Class A (a)	10,900		317,749
ATI Technologies, Inc. (a)	20,200		347,051
Canadian Natural Resources Ltd.	13,400		744,763
Talisman Energy, Inc.	9,700		515,196
TOTAL CANADA			1,924,759
Finland - 0.5%
Metso Corp. sponsored ADR	4,900		188,797
France - 14.9%
Accor SA	3,100		178,693
AXA SA	17,500		611,800
BNP Paribas SA	7,700		715,181
Compagnie Generale de Geophysique SA (a)	2,500		363,525
Lagardere S.C.A. (Reg.)	3,200		249,911
Neopost SA	5,892		640,425
Nexity	3,600		247,124
Pernod Ricard SA	2,969		568,794
Sanofi-Aventis sponsored ADR	8,500		403,325
Societe Generale Series A	4,700		706,777
Total SA Series B	3,010		793,015
TOTAL FRANCE			5,478,570
Germany - 10.5%
Allianz AG (Reg.)	3,200		534,080
Bayer AG	3,200		128,160
Deutsche Postbank AG	2,700		195,911
E.ON AG	7,500		823,500
Heidelberger Druckmaschinen AG	9,879		435,740
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	7,100		1,006,601
Pfleiderer AG (a)	8,600		224,053
Pfleiderer AG rights 4/11/06 (a)	8,000		4,944
Q-Cells AG	900		84,083
SolarWorld AG	900		236,437
Techem AG	4,400		193,327
TOTAL GERMANY			3,866,836
Hong Kong - 0.2%
Esprit Holdings Ltd.	11,200		87,185
India - 1.1%
Infosys Technologies Ltd.	6,066		406,408
Italy - 4.0%
Banca Intesa Spa	98,100		586,042

	Shares		Value
Fiat Spa (a)	37,800		$ 476,088
Unicredito Italiano Spa	55,500		401,630
TOTAL ITALY			1,463,760
Japan - 20.7%
Aeon Co. Ltd.	27,400		664,546
Canon, Inc.	2,200		145,310
Credit Saison Co. Ltd.	8,000		442,425
Daiwa Securities Group, Inc.	13,800		185,110
Fanuc Ltd.	2,300		221,374
Hoya Corp.	10,100		407,552
Mitsui Fudosan Co. Ltd.	10,000		229,792
Murata Manufacturing Co. Ltd.	5,800		392,694
Nikko Cordial Corp.	42,000		695,748
Nitto Denko Corp.	8,500		721,361
ORIX Corp.	3,090		962,057
Sharp Corp.	2,000		35,425
SHIMIZU Corp.	27,000		196,568
Shin-Etsu Chemical Co. Ltd.	6,800		369,129
Sony Corp.	9,000		414,630
Sony Corp. sponsored ADR	300		13,821
Sumitomo Electric Industries Ltd.	24,400		386,578
Sumitomo Mitsui Financial Group, Inc.	87		960,795
T&D Holdings, Inc.	200		15,631
Tokuyama Corp.	8,000		135,650
TOTAL JAPAN			7,596,196
Korea (South) - 3.4%
Kookmin Bank sponsored ADR	2,200		188,144
Korea Exchange Bank (a)	2,160		27,345
LG Card Co. Ltd. (a)	2,020		108,734
Samsung Electronics Co. Ltd.	1,110		719,741
Shinsegae Co. Ltd.	432		196,970
TOTAL KOREA (SOUTH)			1,240,934
Luxembourg - 0.2%
Stolt-Nielsen SA Class B sponsored ADR	2,700		82,890
Mexico - 1.4%
America Movil SA de CV Series L sponsored ADR	15,000		513,900
Netherlands - 3.3%
ING Groep NV (Certificaten Van Aandelen)	15,600		614,640
Koninklijke Numico NV	4,500		199,084
Koninklijke Philips Electronics NV (NY Shares)	12,200		410,530
TOTAL NETHERLANDS			1,224,254
Norway - 0.8%
Norsk Hydro ASA	2,100		290,514
South Africa - 4.4%
FirstRand Ltd.	119,800		388,614
MTN Group Ltd.	39,071		389,728
Common Stocks - continued
	Shares		Value
South Africa - continued
Standard Bank Group Ltd.	28,900		$ 397,489
Steinhoff International Holdings Ltd.	120,929		435,427
TOTAL SOUTH AFRICA			1,611,258
Sweden - 1.1%
Atlas Copco AB (A Shares)	6,500		182,716
Gambro AB (A Shares)	17,800		212,481
TOTAL SWEDEN			395,197
Switzerland - 10.7%
Credit Suisse Group (Reg.)	5,031		281,032
Novartis AG (Reg.)	14,570		807,761
Roche Holding AG (participation certificate)	8,946		1,331,811
Syngenta AG sponsored ADR	15,800		444,138
UBS AG:
(NY Shares)	8,000		879,760
(Reg.)	1,534		168,694
TOTAL SWITZERLAND			3,913,196
Taiwan - 1.3%
Advanced Semiconductor Engineering, Inc.	518,000		489,936
Turkey - 0.6%
Finansbank AS	38,600		221,064
United Kingdom - 2.2%
BAE Systems PLC	35,300		258,010
HSBC Holdings PLC (Hong Kong) (Reg.)	17,500		293,230
Reckitt Benckiser PLC	7,600		267,479
TOTAL UNITED KINGDOM			818,719
United States of America - 5.0%
Halliburton Co.	9,800		715,596
NTL, Inc. (a)	18,750		545,813
Synthes, Inc.	5,357		587,553
TOTAL UNITED STATES OF AMERICA			1,848,962
TOTAL COMMON STOCKS (Cost $32,152,241)		34,578,478
Money Market Funds - 6.6%
	Shares		Value
Fidelity Cash Central Fund, 4.77% (b) (Cost $2,407,864)	2,407,864	$ 2,407,864

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $34,560,105)

36,986,342

NET OTHER ASSETS - (0.7)%			(253,336)
NET ASSETS - 100%		$ 36,733,006

Legend

(a) Non-income producing

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund		Income earned
Fidelity Cash Central Fund		$ 21,000

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $34,690,406. Net unrealized appreciation aggregated $2,295,936, of which $2,713,054 related to appreciated investment securities and $417,118 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2005 Portfolio

March 31, 2006

1.830286.100

VIPIFF2005-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 47.1%
	Shares		Value
Domestic Equity Funds - 41.6%
VIP Contrafund Portfolio Investor Class	4,050		$ 129,641
VIP Equity-Income Portfolio Investor Class	6,007		149,882
VIP Growth & Income Portfolio Investor Class	10,048		149,713
VIP Growth Portfolio Investor Class	4,237		148,136
VIP Mid Cap Portfolio Investor Class	1,685		56,699
VIP Value Portfolio Investor Class	9,643		127,580
VIP Value Strategies Portfolio Investor Class	4,496		55,755
TOTAL DOMESTIC EQUITY FUNDS			817,406
International Equity Funds - 5.5%
VIP Overseas Portfolio Investor Class R	4,961		107,305
TOTAL EQUITY FUNDS (Cost $879,720)		924,711
Fixed-Income Funds - 41.6%

High Yield Fixed-Income Funds - 4.9%
VIP High Income Portfolio Investor Class	15,355		97,043
Investment Grade Fixed-Income Funds - 36.7%
VIP Investment Grade Bond Portfolio Investor Class	59,375		721,403
TOTAL FIXED-INCOME FUNDS (Cost $846,555)		818,446
Short-Term Funds - 11.3%

VIP Money Market Portfolio Investor Class (Cost $221,386)	221,386		221,386
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $1,947,661)		$ 1,964,543

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,947,661. Net unrealized appreciation aggregated $16,882, of which $50,656 related to appreciated investment securities and $33,774 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2010 Portfolio

March 31, 2006

1.830287.100

VIPIFF2010-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 47.6%
	Shares		Value
Domestic Equity Funds - 42.1%
VIP Contrafund Portfolio Investor Class	37,190		$ 1,190,445
VIP Equity-Income Portfolio Investor Class	55,421		1,382,746
VIP Growth & Income Portfolio Investor Class	92,457		1,377,604
VIP Growth Portfolio Investor Class	39,312		1,374,364
VIP Mid Cap Portfolio Investor Class	15,334		515,832
VIP Value Portfolio Investor Class	89,208		1,180,226
VIP Value Strategies Portfolio Investor Class	41,030		508,767
TOTAL DOMESTIC EQUITY FUNDS			7,529,984
International Equity Funds - 5.5%
VIP Overseas Portfolio Investor Class R	45,862		991,990
TOTAL EQUITY FUNDS (Cost $8,310,685)		8,521,974
Fixed-Income Funds - 43.3%

High Yield Fixed-Income Funds - 5.1%
VIP High Income Portfolio Investor Class	143,933		909,656
Investment Grade Fixed-Income Funds - 38.2%
VIP Investment Grade Bond Portfolio Investor Class	561,835		6,826,294
TOTAL FIXED-INCOME FUNDS (Cost $7,948,579)		7,735,950
Short-Term Funds - 9.1%

VIP Money Market Portfolio Investor Class (Cost $1,628,772)	1,628,773		1,628,773
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $17,888,036)		$ 17,886,697

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $17,888,035. Net unrealized depreciation aggregated $1,339, of which $277,115 related to appreciated investment securities and $278,454 related to depreciated investment securities.

Investment Valuation

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.

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

March 31, 2006

1.830290.100

VIPIFF2015-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 61.3%
	Shares		Value
Domestic Equity Funds - 52.3%
VIP Contrafund Portfolio Investor Class	54,777		$ 1,753,425
VIP Equity-Income Portfolio Investor Class	81,673		2,037,730
VIP Growth & Income Portfolio Investor Class	136,373		2,031,951
VIP Growth Portfolio Investor Class	58,174		2,033,749
VIP Mid Cap Portfolio Investor Class	22,382		752,926
VIP Value Portfolio Investor Class	131,208		1,735,881
VIP Value Strategies Portfolio Investor Class	59,925		743,071
TOTAL DOMESTIC EQUITY FUNDS			11,088,733
International Equity Funds - 9.0%
VIP Overseas Portfolio Investor Class R	88,770		1,920,093
TOTAL EQUITY FUNDS (Cost $12,686,011)		13,008,826
Fixed-Income Funds - 35.7%

High Yield Fixed-Income Funds - 6.8%
VIP High Income Portfolio Investor Class	226,863		1,433,776
Investment Grade Fixed-Income Funds - 28.9%
VIP Investment Grade Bond Portfolio Investor Class	505,125		6,137,269
TOTAL FIXED-INCOME FUNDS (Cost $7,715,213)		7,571,045
Short-Term Funds - 3.0%

VIP Money Market Portfolio Investor Class (Cost $634,933)	634,933		634,933
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $21,036,157)		$ 21,214,804

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $21,036,156. Net unrealized appreciation aggregated $178,648, of which $398,402 related to appreciated investment securities and $219,754 related to depreciated investment securities.

Investment Valuation

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.

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

March 31, 2006

1.830296.100

VIPIFF2020-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 70.9%
	Shares		Value
Domestic Equity Funds - 60.4%
VIP Contrafund Portfolio Investor Class	62,760		$ 2,008,955
VIP Equity-Income Portfolio Investor Class	93,767		2,339,475
VIP Growth & Income Portfolio Investor Class	156,417		2,330,607
VIP Growth Portfolio Investor Class	66,441		2,322,760
VIP Mid Cap Portfolio Investor Class	25,867		870,171
VIP Value Portfolio Investor Class	150,878		1,996,121
VIP Value Strategies Portfolio Investor Class	69,263		858,867
TOTAL DOMESTIC EQUITY FUNDS			12,726,956
International Equity Funds - 10.5%
VIP Overseas Portfolio Investor Class R	102,372		2,214,305
TOTAL EQUITY FUNDS (Cost $14,565,621)		14,941,261
Fixed-Income Funds - 29.1%

High Yield Fixed-Income Funds - 7.4%
VIP High Income Portfolio Investor Class	246,393		1,557,205
Investment Grade Fixed-Income Funds - 21.7%
VIP Investment Grade Bond Portfolio Investor Class	377,394		4,585,335
TOTAL FIXED-INCOME FUNDS (Cost $6,307,373)		6,142,540
Short-Term Funds - 0.0%

VIP Money Market Portfolio Investor Class (Cost $4,096)	4,096		4,096
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $20,877,090)		$ 21,087,897

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $20,877,090. Net unrealized appreciation aggregated $210,807, of which $511,136 related to appreciated investment securities and $300,329 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2025 Portfolio

March 31, 2006

1.830297.100

VIPIFF2025-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 76.0%
	Shares		Value
Domestic Equity Funds - 64.5%
VIP Contrafund Portfolio Investor Class	20,518		$ 656,766
VIP Equity-Income Portfolio Investor Class	30,594		763,316
VIP Growth & Income Portfolio Investor Class	51,139		761,972
VIP Growth Portfolio Investor Class	21,727		759,584
VIP Mid Cap Portfolio Investor Class	8,426		283,436
VIP Value Portfolio Investor Class	49,297		652,202
VIP Value Strategies Portfolio Investor Class	22,559		279,734
TOTAL DOMESTIC EQUITY FUNDS			4,157,010
International Equity Funds - 11.5%
VIP Overseas Portfolio Investor Class R	34,148		738,629
TOTAL EQUITY FUNDS (Cost $4,793,694)		4,895,639
Fixed-Income Funds - 24.0%

High Yield Fixed-Income Funds - 7.4%
VIP High Income Portfolio Investor Class	75,281		475,773
Investment Grade Fixed-Income Funds - 16.6%
VIP Investment Grade Bond Portfolio Investor Class	87,975		1,068,893
TOTAL FIXED-INCOME FUNDS (Cost $1,579,990)		1,544,666
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $6,373,684)		$ 6,440,305

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $6,373,684. Net unrealized appreciation aggregated $66,621, of which $145,628 related to appreciated investment securities and $79,007 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2030 Portfolio

March 31, 2006

1.830291.100

VIPIFF2030-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 83.3%
	Shares		Value
Domestic Equity Funds - 70.1%
VIP Contrafund Portfolio Investor Class	22,486		$ 719,764
VIP Equity-Income Portfolio Investor Class	33,417		833,759
VIP Growth & Income Portfolio Investor Class	55,746		830,608
VIP Growth Portfolio Investor Class	23,677		827,760
VIP Mid Cap Portfolio Investor Class	9,347		314,418
VIP Value Portfolio Investor Class	53,778		711,486
VIP Value Strategies Portfolio Investor Class	24,915		308,944
TOTAL DOMESTIC EQUITY FUNDS			4,546,739
International Equity Funds - 13.2%
VIP Overseas Portfolio Investor Class R	39,783		860,499
TOTAL EQUITY FUNDS (Cost $5,197,939)		5,407,238
Fixed-Income Funds - 16.7%

High Yield Fixed-Income Funds - 7.3%
VIP High Income Portfolio Investor Class	74,614		471,563
Investment Grade Fixed-Income Funds - 9.4%
VIP Investment Grade Bond Portfolio Investor Class	50,259		610,647
TOTAL FIXED-INCOME FUNDS (Cost $1,103,199)		1,082,210
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $6,301,138)		$ 6,489,448

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $6,301,202. Net unrealized appreciation aggregated $188,246, of which $234,878 related to appreciated investment securities and $46,632 related to depreciated investment securities.

Investment Valuation

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.

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

March 31, 2006

1.830283.100

VIPIFFINC-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 20.7%
	Shares		Value
Domestic Equity Funds - 20.7%
VIP Contrafund Portfolio Investor Class	5,644		$ 180,654
VIP Equity-Income Portfolio Investor Class	8,400		209,583
VIP Growth & Income Portfolio Investor Class	14,003		208,642
VIP Growth Portfolio Investor Class	5,962		208,418
VIP Mid Cap Portfolio Investor Class	2,332		78,446
VIP Value Portfolio Investor Class	13,523		178,904
VIP Value Strategies Portfolio Investor Class	6,228		77,230
TOTAL EQUITY FUNDS (Cost $1,115,931)		1,141,877
Fixed-Income Funds - 39.5%

High Yield Fixed-Income Funds - 5.0%
VIP High Income Portfolio Investor Class	44,010		278,144
Investment Grade Fixed-Income Funds - 34.5%
VIP Investment Grade Bond Portfolio Investor Class	156,435		1,900,689
TOTAL FIXED-INCOME FUNDS (Cost $2,233,689)		2,178,833
Short-Term Funds - 39.8%

VIP Money Market Portfolio Investor Class (Cost $2,192,517)	2,192,517		2,192,517
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $5,542,137)		$ 5,513,227

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $5,542,137. Net unrealized depreciation aggregated $28,910, of which $34,068 related to appreciated investment securities and $62,978 related to depreciated investment securities.

Investment Valuation

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.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Natural Resources Portfolio

March 31, 2006

1.814635.101

VNR-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
CHEMICALS - 2.4%
Commodity Chemicals - 0.1%
Georgia Gulf Corp.	3,900		$ 101,361
Tokai Carbon Co. Ltd.	72,000		452,619
Tronox, Inc. Class B (a)	120		2,039
			556,019
Diversified Chemicals - 1.0%
Ashland, Inc.	42,000		2,985,360
FMC Corp.	20,600		1,276,788
			4,262,148
Fertilizers & Agricultural Chemicals - 1.1%
Agrium, Inc.	85,300		2,152,041
Mosaic Co. (a)	52,000		746,200
Potash Corp. of Saskatchewan	23,400		2,060,050
			4,958,291
Specialty Chemicals - 0.2%
Tokuyama Corp.	56,000		949,548
TOTAL CHEMICALS			10,726,006
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Environmental & Facility Services - 0.0%
Team, Inc. (a)	3,600		119,736
Human Resource & Employment Services - 0.2%
Brunel International NV	351		11,824
CDI Corp.	26,300		756,651
			768,475
TOTAL COMMERCIAL SERVICES & SUPPLIES			888,211
CONSTRUCTION & ENGINEERING - 2.8%
Construction & Engineering - 2.8%
Chicago Bridge & Iron Co. NV (NY Shares)	151,800		3,643,200
Fluor Corp.	21,800		1,870,440
McDermott International, Inc. (a)	68,700		3,740,715
Shaw Group, Inc. (a)	43,600		1,325,440
SNC-Lavalin Group, Inc.	77,600		2,119,264
			12,699,059
CONTAINERS & PACKAGING - 0.3%
Metal & Glass Containers - 0.3%
Owens-Illinois, Inc. (a)	86,600		1,504,242
ELECTRIC UTILITIES - 0.3%
Electric Utilities - 0.3%
E.ON AG	12,600		1,383,480
ELECTRICAL EQUIPMENT - 1.0%
Electrical Components & Equipment - 0.2%
Suntech Power Holdings Co. Ltd. sponsored ADR	24,100		891,459

	Shares		Value
Heavy Electrical Equipment - 0.8%
Areva (investment certificates)(non-vtg.)	100		$ 65,435
Vestas Wind Systems AS (a)	140,200		3,494,613
Vestas Wind Systems AS	2,200		54,837
			3,614,885
TOTAL ELECTRICAL EQUIPMENT			4,506,344
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
Electronic Equipment & Instruments - 0.2%
Itron, Inc. (a)	16,600		993,510
ENERGY EQUIPMENT & SERVICES - 28.8%
Oil & Gas Drilling - 9.5%
Cathedral Energy Services Income Trust	57,200		573,127
Diamond Offshore Drilling, Inc.	57,100		5,110,450
ENSCO International, Inc.	19,500		1,003,275
GlobalSantaFe Corp.	317,500		19,288,122
Nabors Industries Ltd. (a)	700		50,106
Noble Corp.	71,630		5,809,193
Patterson-UTI Energy, Inc.	1,700		54,332
Pride International, Inc. (a)	279,900		8,727,282
Rowan Companies, Inc.	500		21,980
Stoneham Drilling Trust	26,400		565,214
TODCO Class A	700		27,587
Transocean, Inc. (a)	25,600		2,055,680
			43,286,348
Oil & Gas Equipment & Services - 19.3%
Baker Hughes, Inc.	88,880		6,079,392
Basic Energy Services, Inc.	9,200		274,160
BJ Services Co.	137,300		4,750,580
Cooper Cameron Corp. (a)	1,500		66,120
Dawson Geophysical Co. (a)	41,800		1,153,680
FMC Technologies, Inc. (a)	1,300		66,586
Global Industries Ltd. (a)	2,700		39,123
Grant Prideco, Inc. (a)	1,200		51,408
Halliburton Co.	242,400		17,700,048
Hydril Co. (a)	25,600		1,995,520
Maverick Tube Corp. (a)	1,400		74,186
NATCO Group, Inc. Class A (a)	18,200		493,220
National Oilwell Varco, Inc. (a)	269,039		17,250,781
Oil States International, Inc. (a)	2,400		88,440
RPC, Inc.	1,700		38,845
Saipem Spa	2,300		53,274
Savanna Energy Services Corp. (a)	44,300		1,062,259
Schlumberger Ltd. (NY Shares)	137,160		17,360,341
Smith International, Inc.	347,680		13,545,613
Superior Well Services, Inc.	2,800		81,396
Technip-Coflexip SA sponsored ADR	14,000		951,160
Common Stocks - continued
	Shares		Value
ENERGY EQUIPMENT & SERVICES - CONTINUED
Oil & Gas Equipment & Services - continued
Veritas DGC, Inc. (a)	50,400		$ 2,287,656
Weatherford International Ltd. (a)	51,300		2,346,975
			87,810,763
TOTAL ENERGY EQUIPMENT & SERVICES			131,097,111
FOOD PRODUCTS - 0.3%
Agricultural Products - 0.3%
Archer-Daniels-Midland Co.	7,100		238,915
Corn Products International, Inc.	37,600		1,111,832
Global Bio-Chem Technology Group Co. Ltd.	46,000		24,159
			1,374,906
GAS UTILITIES - 0.0%
Gas Utilities - 0.0%
Questar Corp.	500		35,025
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 1.6%
Independent Power & Energy Trade - 1.6%
AES Corp. (a)	78,500		1,339,210
Mirant Corp. (a)	115,500		2,887,500
NRG Energy, Inc. (a)	43,000		1,944,460
TXU Corp.	26,200		1,172,712
			7,343,882
INSURANCE - 0.2%
Property & Casualty Insurance - 0.2%
Covanta Holding Corp. (a)	52,300		871,841
Navigators Group, Inc. (a)	4,400		218,240
			1,090,081
IT SERVICES - 0.1%
IT Consulting & Other Services - 0.1%
Telvent GIT SA (a)	31,500		429,660
MACHINERY - 3.9%
Construction & Farm Machinery & Heavy Trucks - 3.9%
AGCO Corp. (a)	24,300		503,982
Bucyrus International, Inc. Class A	176,100		8,486,259
Hanjin Heavy Industries & Construction Co. Ltd.	37,900		1,088,318
Hyundai Mipo Dockyard Co. Ltd.	21,830		1,878,332
Joy Global, Inc.	99,050		5,920,219
			17,877,110
MARINE - 0.1%
Marine - 0.1%
Camillo Eitzen & Co. ASA	56,400		610,930
Stolt-Nielsen SA	1,300		40,262
			651,192

	Shares		Value
METALS & MINING - 16.2%
Aluminum - 4.0%
Alcan, Inc.	520		$ 23,793
Alcoa, Inc.	516,990		15,799,214
Alumina Ltd. sponsored ADR	48,800		1,029,192
Century Aluminum Co. (a)	1,100		46,695
Novelis, Inc.	54,100		1,110,076
			18,008,970
Diversified Metals & Mining - 4.1%
BHP Billiton PLC	16,200		295,911
Birch Mountain Resources Ltd. (a)	122,800		904,410
Breakwater Resources Ltd. (a)	676,000		758,380
Falconbridge Ltd.	35,800		1,253,015
Freeport-McMoRan Copper & Gold, Inc. Class B	840		50,207
Grupo Mexico SA de CV Series B	354,870		1,008,579
Phelps Dodge Corp.	600		48,318
RTI International Metals, Inc. (a)	45,400		2,490,190
Teck Cominco Ltd. Class B (sub. vtg.)	64,400		4,144,058
Titanium Metals Corp. (a)	115,600		5,612,380
VSMPO-AVISMA Corp. warrants (UBS Warrant Programme) 9/28/06 (a)	3,425		791,175
Xstrata PLC	31,700		1,025,910
Zinifex Ltd.	76,200		520,458
			18,902,991
Gold - 3.7%
Bema Gold Corp. (a)	286,600		1,266,469
Eldorado Gold Corp. (a)	482,000		2,328,064
Meridian Gold, Inc. (a)	162,900		4,812,923
Newmont Mining Corp.	166,400		8,634,496
			17,041,952
Precious Metals & Minerals - 1.1%
Apex Silver Mines Ltd. (a)	111,000		2,636,250
Coeur d'Alene Mines Corp. (a)	85,181		558,787
Industrias Penoles SA de CV	19,800		156,172
Stillwater Mining Co. (a)	99,100		1,631,186
			4,982,395
Steel - 3.3%
Allegheny Technologies, Inc.	46,900		2,869,342
Carpenter Technology Corp.	14,900		1,408,348
Companhia Vale do Rio Doce sponsored ADR	1,000		48,530
Hitachi Metals Ltd.	15,000		176,486
Oregon Steel Mills, Inc. (a)	147,400		7,542,458
United States Steel Corp.	15,700		952,676
Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A) (non-vtg.)	54,600		2,027,315
			15,025,155
TOTAL METALS & MINING			73,961,463
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - 37.3%
Coal & Consumable Fuels - 5.2%
Arch Coal, Inc.	40,700		$ 3,090,758
Cameco Corp.	96,800		3,481,716
China Shenhua Energy Co. Ltd. (H Shares)	1,085,500		1,909,626
CONSOL Energy, Inc.	82,900		6,147,864
Foundation Coal Holdings, Inc.	30,200		1,242,428
Peabody Energy Corp.	155,300		7,828,673
UrAsia Energy Ltd. (a)	87,700		225,315
USEC, Inc.	900		10,845
			23,937,225
Integrated Oil & Gas - 7.5%
Amerada Hess Corp.	38,800		5,525,120
BG Group PLC sponsored ADR	27,600		1,730,796
BP PLC sponsored ADR	440		30,334
Chevron Corp.	22,800		1,321,716
ConocoPhillips	171,562		10,834,140
ENI Spa sponsored ADR	250		14,245
Exxon Mobil Corp.	10,400		632,944
MOL Magyar Olay-es Gazipari RT Series A (For. Reg.)	300		30,773
OAO Gazprom sponsored ADR (d)	27,873		2,557,348
Occidental Petroleum Corp.	90,500		8,384,825
OMV AG	43,865		2,934,068
			33,996,309
Oil & Gas Exploration & Production - 17.1%
Abraxas Petroleum Corp. (a)	65,800		386,246
Anadarko Petroleum Corp.	500		50,505
Apache Corp.	400		26,204
Blackrock Ventures, Inc. (a)	43,800		523,259
Burlington Resources, Inc.	38,000		3,492,580
Cabot Oil & Gas Corp.	42,200		2,022,646
Callon Petroleum Co. (a)	13,400		281,668
Canadian Natural Resources Ltd.	142,700		7,931,172
Chesapeake Energy Corp.	321,300		10,092,033
Comstock Resources, Inc. (a)	700		20,783
Denbury Resources, Inc. (a)	1,200		38,004
Devon Energy Corp.	400		24,468
EnCana Corp.	23,736		1,107,829
Energy Partners Ltd. (a)	41,900		988,002
EOG Resources, Inc.	600		43,200
EXCO Resources, Inc.	1,800		22,554
Forest Oil Corp. (a)	55,500		2,063,490
Gastar Exploration Ltd. (a)	142,200		605,236
Goodrich Petroleum Corp. (a)	2,100		56,700
Houston Exploration Co. (a)	48,500		2,555,950
Kerr-McGee Corp.	600		57,288
Mariner Energy, Inc. New (a)	66,616		1,366,294

	Shares		Value
Newfield Exploration Co. (a)	900		$ 37,710
Nexen, Inc.	47,900		2,637,638
Norsk Hydro ASA sponsored ADR	9,000		1,245,060
Penn West Energy Trust	29,200		1,067,524
Plains Exploration & Production Co. (a)	169,600		6,553,344
Pogo Producing Co.	700		35,175
Quicksilver Resources, Inc. (a)	64,950		2,510,967
Range Resources Corp.	255,100		6,966,781
Sasol Ltd. sponsored ADR	9,800		370,734
Southwestern Energy Co. (a)	1,000		32,190
Talisman Energy, Inc.	127,100		6,750,657
Ultra Petroleum Corp. (a)	120,100		7,483,431
UTS Energy Corp. (a)	403,200		2,420,512
XTO Energy, Inc.	134,800		5,873,236
			77,741,070
Oil & Gas Refining & Marketing - 6.6%
ERG Spa	1,800		47,200
Frontier Oil Corp.	58,600		3,477,910
Holly Corp.	25,600		1,897,472
Neste Oil Oyj	3,900		134,072
Polski Koncern Naftowy Orlen SA	60,600		1,103,010
Sunoco, Inc.	56,600		4,390,462
Tesoro Corp.	22,900		1,564,986
Valero Energy Corp.	266,524		15,932,805
Western Refining, Inc.	2,800		60,536
World Fuel Services Corp.	33,200		1,342,608
			29,951,061
Oil & Gas Storage & Transport - 0.9%
El Paso Corp.	3,300		39,765
OMI Corp.	152,000		2,739,040
Overseas Shipholding Group, Inc.	30,600		1,466,658
Williams Companies, Inc.	2,200		47,058
			4,292,521
TOTAL OIL, GAS & CONSUMABLE FUELS			169,918,186
PAPER & FOREST PRODUCTS - 1.3%
Forest Products - 1.3%
Canfor Corp. (a)	184		2,253
Sino-Forest Corp. (a)	403,600		2,263,921
Weyerhaeuser Co.	48,100		3,483,883
			5,750,057
REAL ESTATE - 0.0%
Real Estate Management & Development - 0.0%
Tejon Ranch Co. (a)	4,100		200,367
ROAD & RAIL - 0.5%
Railroads - 0.5%
Burlington Northern Santa Fe Corp.	25,700		2,141,581
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
Semiconductors - 0.2%
Q-Cells AG	10,900		1,018,343
Common Stocks - continued
	Shares		Value
TRADING COMPANIES & DISTRIBUTORS - 0.5%
Trading Companies & Distributors - 0.5%
Mitsui & Co. Ltd. sponsored ADR	1,700		$ 491,810
UAP Holding Corp.	74,939		1,611,189
			2,102,999
TOTAL COMMON STOCKS (Cost $337,226,185)		447,692,815
Money Market Funds - 2.0%

Fidelity Cash Central Fund, 4.77% (b)	7,848,519		7,848,519
Fidelity Securities Lending Cash Central Fund, 4.81% (b)(c)	1,421,250		1,421,250
TOTAL MONEY MARKET FUNDS (Cost $9,269,769)		9,269,769

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $346,495,954)

456,962,584

NET OTHER ASSETS - (0.2)%		(1,030,270)
NET ASSETS - 100%		$ 455,932,314

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund		Income earned
Fidelity Cash Central Fund		$ 65,067
Fidelity Securities Lending Cash Central Fund		40,396
Total		$ 105,463

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $348,934,128. Net unrealized appreciation aggregated $108,028,456, of which $111,187,596 related to appreciated investment securities and $3,159,140 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Real Estate Portfolio

March 31, 2006

1.799880.102

VIPRE-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - 0.1%
Health Care Facilities - 0.1%
American Retirement Corp. (a)	9,100		$ 233,142
HOTELS, RESTAURANTS & LEISURE - 7.8%
Hotels, Resorts & Cruise Lines - 7.8%
Starwood Hotels & Resorts Worldwide, Inc. unit	214,730		14,543,662
REAL ESTATE - 87.5%
Real Estate Investment Trusts - 0.5%
Mission West Properties, Inc.	79,900		938,825
REITs - Apartments - 16.5%
American Campus Communities, Inc.	13,700		354,967
Apartment Investment & Management Co. Class A	33,020		1,548,638
AvalonBay Communities, Inc.	44,100		4,811,310
Equity Residential (SBI)	239,700		11,215,563
GMH Communities Trust	147,000		1,711,080
Pennsylvania (REIT) (SBI)	19,700		866,800
Post Properties, Inc.	23,900		1,063,550
United Dominion Realty Trust, Inc. (SBI)	315,700		9,010,078
TOTAL REITS - APARTMENTS			30,581,986
REITs - Factory Outlets - 1.4%
Tanger Factory Outlet Centers, Inc.	75,400		2,594,514
REITs - Health Care Facilities - 2.4%
Nationwide Health Properties, Inc.	20,800		447,200
Ventas, Inc.	118,000		3,915,240
TOTAL REITS - HEALTH CARE FACILITIES			4,362,440
REITs - Hotels - 3.3%
Host Marriott Corp.	193,700		4,145,180
Innkeepers USA Trust (SBI)	46,700		791,565
MeriStar Hospitality Corp. (a)	120,620		1,252,036
TOTAL REITS - HOTELS			6,188,781
REITs - Industrial Buildings - 11.8%
Duke Realty Corp.	203,220		7,712,199
ProLogis Trust	225,316		12,054,406

	Shares		Value
Public Storage, Inc.	25,940		$ 2,107,106
U-Store-It Trust	6,100		122,915
TOTAL REITS - INDUSTRIAL BUILDINGS			21,996,626
REITs - Malls - 14.6%
CBL & Associates Properties, Inc.	125,520		5,328,324
General Growth Properties, Inc.	202,751		9,908,441
Simon Property Group, Inc.	113,840		9,578,498
Taubman Centers, Inc.	54,000		2,250,180
TOTAL REITS - MALLS			27,065,443
REITs - Management/Investment - 3.6%
CentraCore Properties Trust	62,652		1,569,433
Equity Lifestyle Properties, Inc.	69,041		3,434,790
Plum Creek Timber Co., Inc.	45,900		1,695,087
TOTAL REITS - MANAGEMENT/INVESTMENT			6,699,310
REITs - Mortgage - 0.7%
HomeBanc Mortgage Corp., Georgia	54,000		474,660
Newcastle Investment Corp.	34,700		830,024
TOTAL REITS - MORTGAGE			1,304,684
REITs - Office Buildings - 20.5%
Alexandria Real Estate Equities, Inc.	17,500		1,668,275
Boston Properties, Inc.	76,400		7,124,300
Columbia Equity Trust, Inc.	62,700		1,102,266
Equity Office Properties Trust	231,400		7,770,412
Highwoods Properties, Inc. (SBI)	10,500		354,165
Kilroy Realty Corp.	10,800		834,408
Reckson Associates Realty Corp.	92,910		4,257,136
Shurgard Storage Centers, Inc. Class A	12,000		799,560
SL Green Realty Corp.	48,400		4,912,600
Sovran Self Storage, Inc.	41,200		2,274,240
Trizec Properties, Inc.	268,100		6,898,213
TOTAL REITS - OFFICE BUILDINGS			37,995,575
REITs - Shopping Centers - 12.2%
Developers Diversified Realty Corp.	19,500		1,067,625
Heritage Property Investment Trust, Inc.	64,100		2,537,719
Inland Real Estate Corp.	148,933		2,429,097
Kimco Realty Corp.	159,600		6,486,144
Pan Pacific Retail Properties, Inc.	69,200		4,906,280
Vornado Realty Trust	55,200		5,299,200
TOTAL REITS - SHOPPING CENTERS			22,726,065
TOTAL REAL ESTATE			162,454,249
TOTAL COMMON STOCKS (Cost $130,135,765)		177,231,053
Money Market Funds - 4.0%
	Shares		Value
Fidelity Cash Central Fund, 4.77% (b) (Cost $7,388,907)	7,388,907	$ 7,388,907

TOTAL INVESTMENT PORTFOLIO - 99.4%

(Cost $137,524,672)

184,619,960

NET OTHER ASSETS - 0.6%			1,080,581
NET ASSETS - 100%		$ 185,700,541

Legend

(a) Non-income producing

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund		Income earned
Fidelity Cash Central Fund		$ 56,900

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $137,630,370. Net unrealized appreciation aggregated $46,989,590, of which $47,333,875 related to appreciated investment securities and $344,285 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Strategic Income Portfolio

March 31, 2006

1.799886.102

VIPSI-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 33.3%
		Principal Amount (d)		Value
Convertible Bonds - 0.2%
CONSUMER DISCRETIONARY - 0.1%
Media - 0.1%
Liberty Media Corp. (Sprint Corp. PCS Series 1) 3.75% 2/15/30		$ 315,000		$ 179,941
INFORMATION TECHNOLOGY - 0.1%
Electronic Equipment & Instruments - 0.1%
Solectron Corp. 0.5% 2/15/34		155,000		120,125
Semiconductors & Semiconductor Equipment - 0.0%
ON Semiconductor Corp. 0% 4/15/24		20,000		18,225
TOTAL INFORMATION TECHNOLOGY				138,350
TOTAL CONVERTIBLE BONDS				318,291
Nonconvertible Bonds - 33.1%
CONSUMER DISCRETIONARY - 8.5%
Auto Components - 0.7%
Affinia Group, Inc. 9% 11/30/14		215,000		185,975
Delco Remy International, Inc.:
9.375% 4/15/12		25,000		12,125
11% 5/1/09		40,000		20,000
Goodyear Tire & Rubber Co. 9% 7/1/15		460,000		468,050
Tenneco, Inc. 8.625% 11/15/14		320,000		320,000
TRW Automotive Acquisition Corp.:
9.375% 2/15/13		185,000		199,338
11% 2/15/13		38,000		42,655
Visteon Corp. 7% 3/10/14		135,000		103,950
				1,352,093
Diversified Consumer Services - 0.2%
Service Corp. International (SCI):
6.75% 4/1/16		300,000		297,000
7% 6/15/17 (g)		130,000		131,950
				428,950
Hotels, Restaurants & Leisure - 2.2%
Carrols Corp. 9% 1/15/13		355,000		359,438
Festival Fun Parks LLC 10.875% 4/15/14 (g)(h)		70,000		70,875
Galaxy Entertainment Finance Co. Ltd.:
9.655% 12/15/10 (g)(j)		100,000		103,750
9.875% 12/15/12 (g)		100,000		103,500
Gaylord Entertainment Co.:
6.75% 11/15/14		265,000		258,706
8% 11/15/13		100,000		103,750
Herbst Gaming, Inc.:
7% 11/15/14		60,000		59,850
8.125% 6/1/12		100,000		104,000

		Principal Amount (d)		Value
ITT Corp. 7.375% 11/15/15		$ 125,000		$ 135,938
Kerzner International Ltd. 6.75% 10/1/15		210,000		222,600
Landry's Seafood Restaurants, Inc. 7.5% 12/15/14		245,000		236,425
Mandalay Resort Group:
6.375% 12/15/11		80,000		79,100
6.5% 7/31/09		20,000		20,000
MGM MIRAGE:
6% 10/1/09		40,000		39,450
6.625% 7/15/15		450,000		442,688
6.75% 9/1/12		45,000		44,944
6.75% 4/1/13 (g)		110,000		109,588
6.875% 4/1/16 (g)		110,000		109,313
8.5% 9/15/10		50,000		53,438
Mohegan Tribal Gaming Authority 6.875% 2/15/15		100,000		99,375
Penn National Gaming, Inc.:
6.75% 3/1/15		225,000		225,563
6.875% 12/1/11		140,000		142,450
Scientific Games Corp. 6.25% 12/15/12		40,000		39,150
Speedway Motorsports, Inc. 6.75% 6/1/13		95,000		95,000
Starwood Hotels & Resorts Worldwide, Inc. 7.875% 5/1/12		100,000		109,250
Station Casinos, Inc.:
6% 4/1/12		80,000		79,100
6.5% 2/1/14		20,000		19,775
Town Sports International Holdings, Inc. 0% 2/1/14 (e)		35,000		26,425
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10		45,000		49,613
Vail Resorts, Inc. 6.75% 2/15/14		225,000		222,469
Virgin River Casino Corp./RBG LLC/B&BB, Inc.:
0% 1/15/13 (e)		230,000		154,675
9% 1/15/12		30,000		30,450
				3,950,648
Household Durables - 0.6%
Goodman Global Holdings, Inc. 7.4913% 6/15/12 (j)		290,000		295,075
K. Hovnanian Enterprises, Inc.:
6% 1/15/10		40,000		38,352
6.25% 1/15/15		60,000		55,008
7.75% 5/15/13		100,000		98,500
Kimball Hill, Inc. 10.5% 12/15/12 (g)		110,000		104,500
Meritage Homes Corp. 6.25% 3/15/15		90,000		79,650
Standard Pacific Corp.:
7.75% 3/15/13		20,000		19,400
9.25% 4/15/12		90,000		92,475
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Technical Olympic USA, Inc.:
7.5% 1/15/15		$ 235,000		$ 205,038
10.375% 7/1/12		55,000		55,413
				1,043,411
Leisure Equipment & Products - 0.0%
Riddell Bell Holdings, Inc. 8.375% 10/1/12		40,000		40,400
Media - 4.1%
AMC Entertainment, Inc. 11% 2/1/16 (g)		120,000		124,200
Cablevision Systems Corp. 8% 4/15/12		125,000		121,563
CanWest Media, Inc. 8% 9/15/12		40,000		40,200
CCH I Holdings LLC/CCH I Capital Corp. 0% 5/15/14 (e)		80,000		41,200
CCH I LLC / CCH I Capital Corp. 11% 10/1/15		305,000		253,913
Charter Communications Holding II LLC/Charter Communications Holdings II Capital Corp.:
10.25% 9/15/10		130,000		128,375
10.25% 9/15/10 (g)		180,000		176,400
CSC Holdings, Inc.:
7.625% 4/1/11		40,000		40,100
7.625% 7/15/18		1,050,000		1,038,188
7.875% 2/15/18		880,000		880,000
EchoStar DBS Corp.:
6.375% 10/1/11		45,000		43,875
6.625% 10/1/14		790,000		766,300
Globo Comunicacoes e Participacoes SA:
(Reg. S):
7.375% 10/20/11 (f)		454,870		452,595
10.25% 10/20/11 (f)		23,947		23,947
10.25% 10/20/11 (f)(g)		11,973		11,973
Haights Cross Communications, Inc. 0% 8/15/11 (e)		20,000		10,200
Houghton Mifflin Co.:
0% 10/15/13 (e)		390,000		333,450
8.25% 2/1/11		20,000		20,775
9.875% 2/1/13		395,000		430,056
iesy Repository GmbH 10.375% 2/15/15 (g)		130,000		129,350
Innova S. de R.L. 9.375% 9/19/13		618,000		692,160
Liberty Media Corp.:
5.7% 5/15/13		300,000		280,500
8.5% 7/15/29		300,000		294,808
PanAmSat Corp. 9% 8/15/14		165,000		174,488

		Principal Amount (d)		Value
Rainbow National LLC & RNS Co. Corp.:
8.75% 9/1/12 (g)		$ 110,000		$ 117,150
10.375% 9/1/14 (g)		420,000		470,400
Vertis, Inc.:
10.875% 6/15/09		235,000		232,063
13.5% 12/7/09 (g)		90,000		72,450
Videotron Ltee 6.875% 1/15/14		125,000		125,625
				7,526,304
Multiline Retail - 0.3%
Marks & Spencer Group PLC 5.125% 11/7/06	EUR	50,000		61,224
Neiman Marcus Group, Inc.:
9% 10/15/15 (g)		170,000		180,625
10.375% 10/15/15 (g)		205,000		217,813
				459,662
Textiles, Apparel & Luxury Goods - 0.4%
AAC Group Holding Corp. 0% 10/1/12 (e)		195,000		152,100
Levi Strauss & Co.:
8.875% 4/1/16 (g)		220,000		220,825
9.75% 1/15/15		290,000		305,950
				678,875
TOTAL CONSUMER DISCRETIONARY				15,480,343
CONSUMER STAPLES - 0.4%
Food Products - 0.3%
Doane Pet Care Co.:
10.625% 11/15/15		90,000		95,400
10.75% 3/1/10		135,000		145,800
Hines Nurseries, Inc. 10.25% 10/1/11		120,000		116,700
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11		25,000		25,125
Philipp Brothers Chemicals, Inc. 9.875% 6/1/08		30,000		28,500
Reddy Ice Holdings, Inc. 0% 11/1/12 (e)		130,000		105,300
Swift & Co. 12.5% 1/1/10		57,000		57,285
				574,110
Household Products - 0.1%
Central Garden & Pet Co. 9.125% 2/1/13		75,000		79,125
Personal Products - 0.0%
Elizabeth Arden, Inc. 7.75% 1/15/14		40,000		40,900
TOTAL CONSUMER STAPLES				694,135
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
ENERGY - 3.2%
Energy Equipment & Services - 0.5%
CHC Helicopter Corp. 7.375% 5/1/14		$ 240,000		$ 244,800
Hanover Compressor Co.:
7.5% 4/15/13		40,000		40,050
9% 6/1/14		125,000		133,750
Ocean Rig Norway AS 8.375% 7/1/13 (g)		60,000		63,750
Petroliam Nasional BHD (Petronas) 7.625% 10/15/26 (Reg. S)		305,000		357,838
Seabulk International, Inc. 9.5% 8/15/13		135,000		149,850
				990,038
Oil, Gas & Consumable Fuels - 2.7%
ANR Pipeline, Inc.:
7.375% 2/15/24		115,000		117,875
8.875% 3/15/10		110,000		116,600
Atlas Pipeline Partners LP / Atlas Pipeline Partners Finance Corp. 8.125% 12/15/15 (g)		70,000		72,975
Chaparral Energy, Inc. 8.5% 12/1/15 (g)		130,000		135,200
Chesapeake Energy Corp.:
6.5% 8/15/17		190,000		187,863
6.5% 8/15/17 (g)		190,000		187,863
7.5% 9/15/13		40,000		41,900
7.5% 6/15/14		35,000		36,663
Drummond Co., Inc. 7.375% 2/15/16 (g)		140,000		138,600
Energy Partners Ltd. 8.75% 8/1/10		155,000		161,200
EXCO Resources, Inc. 7.25% 1/15/11		10,000		9,975
Harvest Operations Corp. 7.875% 10/15/11		50,000		49,250
InterNorth, Inc. 9.625% 3/15/06 (c)		100,000		41,000
Massey Energy Co. 6.875% 12/15/13 (g)		220,000		215,875
Pan American Energy LLC 7.125% 10/27/09 (g)		115,000		115,575
Pemex Project Funding Master Trust:
7.75% 9/28/49		640,000		653,440
8.625% 2/1/22		260,000		306,800
Petrobras Energia SA 9.375% 10/30/13		120,000		131,400
Petrozuata Finance, Inc. 8.22% 4/1/17 (g)		100,000		98,500
Plains Exploration & Production Co. 8.75% 7/1/12		90,000		95,175
Pogo Producing Co. 6.875% 10/1/17		210,000		207,900

		Principal Amount (d)		Value
Range Resources Corp. 7.375% 7/15/13		$ 100,000		$ 104,000
Ship Finance International Ltd. 8.5% 12/15/13		145,000		136,300
Targa Resources, Inc. / Targa Resources Finance Corp. 8.5% 11/1/13 (g)		70,000		72,975
Teekay Shipping Corp. 8.875% 7/15/11		220,000		242,000
Venoco, Inc. 8.75% 12/15/11		70,000		70,525
Williams Companies, Inc.:
6.375% 10/1/10 (g)		210,000		207,900
7.625% 7/15/19		335,000		351,053
7.75% 6/15/31		115,000		121,043
7.875% 9/1/21		20,000		21,675
8.75% 3/15/32		180,000		205,772
YPF SA 10% 11/2/28		160,000		189,200
				4,844,072
TOTAL ENERGY				5,834,110
FINANCIALS - 3.2%
Capital Markets - 0.0%
E*TRADE Financial Corp. 7.375% 9/15/13		70,000		71,750
Commercial Banks - 0.6%
BIE Bank & Trust Ltd. 16.8% 3/13/07	BRL	100,000		47,412
Dresdner Bank AG 10.375% 8/17/09 (g)		300,000		327,375
European Investment Bank 4% 10/15/37	EUR	100,000		116,934
Kyivstar GSM 7.75% 4/27/12 (Issued by Dresdner Bank AG for Kyivstar GSM) (g)		200,000		202,000
Vimpel Communications 10% 6/16/09 (Issued by UBS Luxembourg SA for Vimpel Communications)		400,000		429,500
				1,123,221
Consumer Finance - 1.3%
Ford Motor Credit Co. 6.625% 6/16/08		375,000		354,933
General Motors Acceptance Corp.:
6.75% 12/1/14		505,000		450,713
6.875% 9/15/11		295,000		272,875
6.875% 8/28/12		360,000		332,104
8% 11/1/31		1,000,000		935,000
				2,345,625
Diversified Financial Services - 0.4%
Canada Housing Trust No. 1 4.65% 9/15/09	CAD	550,000		477,464
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Diversified Financial Services - continued
Global Cash Access LLC/Global Cash Access Finance Corp. 8.75% 3/15/12		$ 238,000		$ 255,255
MUFG Capital Finance 2 Ltd. 4.85% (j)	EUR	50,000		59,948
				792,667
Insurance - 0.1%
Eureko BV 5.125% 6/29/49 (j)	EUR	100,000		122,796
Real Estate - 0.5%
American Real Estate Partners/American Real Estate Finance Corp.:
7.125% 2/15/13		170,000		167,875
8.125% 6/1/12		190,000		195,225
BF Saul REIT 7.5% 3/1/14		95,000		96,425
Crescent Real Estate Equities LP/Crescent Finance Co. 9.25% 4/15/09		50,000		52,500
Senior Housing Properties Trust 8.625% 1/15/12		280,000		306,600
				818,625
Thrifts & Mortgage Finance - 0.3%
Residential Capital Corp.:
6.375% 6/30/10		360,000		362,671
6.875% 6/30/15		205,000		213,715
				576,386
TOTAL FINANCIALS				5,851,070
HEALTH CARE - 0.9%
Biotechnology - 0.1%
Polypore, Inc. 8.75% 5/15/12		130,000		123,175
Health Care Equipment & Supplies - 0.0%
Bio-Rad Laboratories, Inc. 7.5% 8/15/13		70,000		72,625
Health Care Providers & Services - 0.7%
AmeriPath, Inc. 10.5% 4/1/13		150,000		159,000
CRC Health Group, Inc. 10.75% 2/1/16 (g)		90,000		92,475
Fresenius Medical Care Capital Trust IV 7.875% 6/15/11		125,000		133,438
HCA, Inc.:
5.75% 3/15/14		255,000		238,106
7.875% 2/1/11		100,000		105,841
IASIS Healthcare LLC/IASIS Capital Corp. 8.75% 6/15/14		90,000		90,225
Rural/Metro Corp. 9.875% 3/15/15		100,000		108,000
Skilled Healthcare Group, Inc. 11% 1/15/14 (g)		120,000		125,100

		Principal Amount (d)		Value
Team Finance LLC / Health Finance Corp. 11.25% 12/1/13 (g)		$ 150,000		$ 153,000
U.S. Oncology, Inc. 9% 8/15/12		150,000		158,250
				1,363,435
Pharmaceuticals - 0.1%
Elan Finance PLC/Elan Finance Corp. 7.75% 11/15/11		65,000		61,750
Leiner Health Products, Inc. 11% 6/1/12		90,000		88,200
VWR International, Inc. 6.875% 4/15/12		30,000		29,513
				179,463
TOTAL HEALTH CARE				1,738,698
INDUSTRIALS - 2.3%
Aerospace & Defense - 0.1%
Hexcel Corp. 6.75% 2/1/15		100,000		99,000
Orbimage Holdings, Inc. 14.2% 7/1/12 (g)(j)		100,000		108,500
				207,500
Airlines - 0.4%
American Airlines, Inc. pass thru trust certificates:
7.377% 5/23/19		164,607		151,439
7.379% 11/23/17		6,316		5,685
Continental Airlines, Inc. pass thru trust certificates:
6.9% 7/2/18		20,539		19,307
9.798% 4/1/21		137,395		142,204
Delta Air Lines, Inc.:
7.9% 12/15/09 (c)		560,000		149,128
8.3% 12/15/29 (c)		345,000		92,736
Delta Air Lines, Inc. pass thru trust certificates 7.57% 11/18/10		30,000		30,000
Northwest Airlines, Inc. pass thru trust certificates:
6.81% 2/1/20		16,400		16,154
7.248% 7/2/14		10,671		1,387
7.95% 9/1/16		51,773		51,255
				659,295
Building Products - 0.1%
ACIH, Inc. 0% 12/15/12 (e)(g)		20,000		15,600
Maax Holdings, Inc. 0% 12/15/12 (e)		205,000		71,750
NTK Holdings, Inc. 0% 3/1/14 (e)		185,000		135,050
				222,400
Commercial Services & Supplies - 0.3%
ALH Finance LLC/ALH Finance Corp. 8.5% 1/15/13		10,000		9,775
Allied Security Escrow Corp. 11.375% 7/15/11		100,000		95,000
Browning-Ferris Industries, Inc. 9.25% 5/1/21		100,000		103,000
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
INDUSTRIALS - continued
Commercial Services & Supplies - continued
FTI Consulting, Inc. 7.625% 6/15/13		$ 50,000		$ 51,750
Mac-Gray Corp. 7.625% 8/15/15		40,000		41,000
R.H. Donnelley Finance Corp. I 10.875% 12/15/12		75,000		84,000
Williams Scotsman, Inc. 8.5% 10/1/15		140,000		142,975
				527,500
Construction & Engineering - 0.0%
Blount, Inc. 8.875% 8/1/12		50,000		52,250
Electrical Equipment - 0.2%
General Cable Corp. 9.5% 11/15/10		125,000		133,125
Polypore, Inc. 0% 10/1/12 (e)		300,000		189,000
Sensus Metering Systems, Inc. 8.625% 12/15/13		60,000		58,350
				380,475
Machinery - 0.0%
Chart Industries, Inc. 9.125% 10/15/15 (g)		60,000		61,800
Invensys PLC 9.875% 3/15/11 (g)		20,000		21,200
				83,000
Marine - 0.2%
American Commercial Lines LLC/ACL Finance Corp. 9.5% 2/15/15		26,000		28,698
H-Lines Finance Holding Corp. 0% 4/1/13 (e)		71,000		58,930
OMI Corp. 7.625% 12/1/13		190,000		194,750
Ultrapetrol Bahamas Ltd. 9% 11/24/14		80,000		76,000
				358,378
Road & Rail - 0.7%
Hertz Corp. 8.875% 1/1/14 (g)		190,000		197,600
Kansas City Southern Railway Co.:
7.5% 6/15/09		340,000		345,100
9.5% 10/1/08		45,000		48,263
TFM SA de CV:
9.375% 5/1/12		300,000		330,000
yankee 10.25% 6/15/07		250,000		261,250
				1,182,213
Trading Companies & Distributors - 0.3%
Ahern Rentals, Inc. 9.25% 8/15/13		40,000		41,600

		Principal Amount (d)		Value
Ashtead Holdings PLC 8.625% 8/1/15 (g)		$ 75,000		$ 77,438
Neff Rent LLC/Neff Finance Corp. 11.25% 6/15/12 (g)		315,000		343,350
				462,388
TOTAL INDUSTRIALS				4,135,399
INFORMATION TECHNOLOGY - 2.9%
Communications Equipment - 0.5%
L-3 Communications Corp. 6.375% 10/15/15		190,000		187,150
Lucent Technologies, Inc.:
6.45% 3/15/29		620,000		561,100
6.5% 1/15/28		155,000		137,950
				886,200
Electronic Equipment & Instruments - 0.4%
Altra Industrial Motion, Inc. 9% 12/1/11		50,000		50,000
Celestica, Inc. 7.875% 7/1/11		505,000		516,363
Sanmina-SCI Corp. 8.125% 3/1/16		180,000		181,350
				747,713
IT Services - 0.8%
Iron Mountain, Inc.:
6.625% 1/1/16		480,000		452,400
7.75% 1/15/15		180,000		181,350
8.625% 4/1/13		185,000		191,938
SunGard Data Systems, Inc.:
9.125% 8/15/13 (g)		260,000		274,300
9.4306% 8/15/13 (g)(j)		140,000		147,350
10.25% 8/15/15 (g)		175,000		183,750
				1,431,088
Office Electronics - 0.8%
Xerox Capital Trust I 8% 2/1/27		480,000		496,800
Xerox Corp.:
6.875% 8/15/11		210,000		215,250
7.125% 6/15/10		225,000		232,875
7.2% 4/1/16		180,000		189,900
7.625% 6/15/13		300,000		315,750
				1,450,575
Semiconductors & Semiconductor Equipment - 0.4%
Avago Technologies Finance Ltd.:
10.32% 6/1/13 (g)(j)		220,000		229,900
11.875% 12/1/15 (g)		140,000		152,250
Freescale Semiconductor, Inc. 7.125% 7/15/14		215,000		223,063
New ASAT Finance Ltd. 9.25% 2/1/11		105,000		89,250
Viasystems, Inc. 10.5% 1/15/11		140,000		139,300
				833,763
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
INFORMATION TECHNOLOGY - continued
Software - 0.0%
SERENA Software, Inc. 10.375% 3/15/16 (g)		$ 50,000		$ 52,500
TOTAL INFORMATION TECHNOLOGY				5,401,839
MATERIALS - 3.3%
Chemicals - 1.1%
America Rock Salt Co. LLC 9.5% 3/15/14		225,000		227,250
BCP Crystal U.S. Holdings Corp. 9.625% 6/15/14		348,000		383,670
Braskem SA:
(Reg. S) 11.75% 1/22/14		60,000		73,350
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		45,820
Series B, 0% 10/1/14 (e)		569,000		443,820
Huntsman LLC 11.625% 10/15/10		182,000		207,480
JohnsonDiversey Holdings, Inc. 0% 5/15/13 (e)		365,000		312,075
Lyondell Chemical Co. 11.125% 7/15/12		50,000		54,875
Phibro Animal Health Corp. 13% 12/1/07 unit		174,000		179,220
				1,982,573
Construction Materials - 0.0%
Texas Industries, Inc. 7.25% 7/15/13		40,000		41,300
Containers & Packaging - 0.6%
AEP Industries, Inc. 7.875% 3/15/13		40,000		40,200
BWAY Corp. 10% 10/15/10		90,000		94,950
Constar International, Inc. 11% 12/1/12		135,000		105,300
Crown Cork & Seal, Inc.:
7.5% 12/15/96		160,000		128,800
8% 4/15/23		235,000		226,188
Owens-Brockway Glass Container, Inc.:
6.75% 12/1/14		105,000		102,638
8.25% 5/15/13		195,000		203,775
8.75% 11/15/12		55,000		58,713
8.875% 2/15/09		40,000		41,600
Tekni-Plex, Inc. 10.875% 8/15/12 (g)		60,000		66,300
				1,068,464
Metals & Mining - 1.2%
AK Steel Corp. 7.75% 6/15/12		185,000		185,925

		Principal Amount (d)		Value
Compass Minerals International, Inc. 0% 6/1/13 (e)		$ 360,000		$ 324,000
CSN Islands VIII Corp. 9.75% 12/16/13 (g)		145,000		163,850
CSN Islands X Corp. (Reg. S) 9.5% 7/14/49		189,000		196,796
Edgen Acquisition Corp. 9.875% 2/1/11		60,000		59,850
Freeport-McMoRan Copper & Gold, Inc. 6.875% 2/1/14		370,000		371,850
Gerdau AmeriSteel Corp./GUSAP Partners 10.375% 7/15/11		70,000		77,000
Gerdau SA 8.875% (g)		125,000		130,313
International Steel Group, Inc. 6.5% 4/15/14		275,000		273,309
Ispat Inland ULC 9.75% 4/1/14		20,000		22,600
Norilsk Nickel Finance Luxembourg SA 7.125% 9/30/09		290,000		292,900
RathGibson, Inc. 11.25% 2/15/14 (g)		130,000		135,200
				2,233,593
Paper & Forest Products - 0.4%
Georgia-Pacific Corp.:
7.375% 12/1/25		307,000		294,336
8% 1/15/24		90,000		91,238
8.875% 5/15/31		50,000		53,500
Millar Western Forest Products Ltd. 7.75% 11/15/13		95,000		73,150
NewPage Corp.:
10.93% 5/1/12 (j)		90,000		95,850
12% 5/1/13		100,000		104,250
				712,324
TOTAL MATERIALS				6,038,254
TELECOMMUNICATION SERVICES - 6.6%
Diversified Telecommunication Services - 3.1%
Citizens Communications Co. 9% 8/15/31		215,000		230,050
Empresa Brasileira de Telecomm SA 11% 12/15/08		123,000		136,223
Eschelon Operating Co.:
8.375% 3/15/10		62,000		58,900
8.375% 3/15/10		70,000		66,500
Level 3 Financing, Inc.:
11.4238% 3/15/11 (g)(j)		150,000		152,625
12.25% 3/15/13 (g)		170,000		175,950
Mobifon Holdings BV 12.5% 7/31/10		280,000		317,800
New Skies Satellites BV:
9.125% 11/1/12		155,000		166,238
9.5725% 11/1/11 (j)		40,000		40,800
NTL Cable PLC 8.75% 4/15/14		245,000		250,513
PanAmSat Holding Corp. 0% 11/1/14 (e)		295,000		211,663
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Qwest Corp.:
7.875% 9/1/11		$ 320,000		$ 341,600
8.16% 6/15/13 (j)		350,000		381,500
8.875% 3/15/12		1,440,000		1,609,200
Telecom Egypt SAE:
10.7% 2/4/10 (j)	EGP	196,300		35,588
10.95% 2/4/10	EGP	196,300		35,930
Telefonica de Argentina SA 9.125% 11/7/10		310,000		323,950
Telefonica del Peru SA 8% 4/11/16 (g)	PEN	330,000		95,565
Telenet Group Holding NV 0% 6/15/14 (e)(g)		363,000		303,105
U.S. West Communications:
6.875% 9/15/33		470,000		452,375
7.2% 11/10/26		30,000		30,675
7.25% 9/15/25		35,000		36,400
7.25% 10/15/35		90,000		90,450
7.5% 6/15/23		25,000		25,625
8.875% 6/1/31		5,000		5,256
Wind Acquisition Finance SA 10.75% 12/1/15 (g)		180,000		193,950
				5,768,431
Wireless Telecommunication Services - 3.5%
American Tower Corp. 7.125% 10/15/12		685,000		712,400
Centennial Cellular Operating Co./Centennial Communications Corp. 10.125% 6/15/13		440,000		481,800
Centennial Communications Corp. 10.25% 1/1/13 (j)		155,000		160,038
Centennial Communications Corp./Centennial Cellular Operating Co. LLC/Centennial Puerto Rico Operations Corp. 8.125% 2/1/14		80,000		81,800
Digicel Ltd. 9.25% 9/1/12 (g)		300,000		321,000
Inmarsat Finance II PLC 0% 11/15/12 (e)		840,000		711,900
Inmarsat Finance PLC 7.625% 6/30/12		26,000		26,650
Intelsat Ltd.:
6.5% 11/1/13		360,000		269,100
7.625% 4/15/12		610,000		503,250
Intelsat Subsidiary Holding Co. Ltd. 9.6094% 1/15/12 (j)		200,000		203,250

		Principal Amount (d)		Value
Millicom International Cellular SA 10% 12/1/13		$ 325,000		$ 359,938
Mobile Telesystems Finance SA:
8% 1/28/12 (g)		544,000		553,520
8.375% 10/14/10 (g)		430,000		445,050
Nextel Communications, Inc.:
5.95% 3/15/14		20,000		19,875
6.875% 10/31/13		120,000		124,200
7.375% 8/1/15		870,000		909,376
Rogers Communications, Inc. 8.035% 12/15/10 (j)		80,000		82,300
Telecom Personal SA 9.25% 12/22/10 (g)		195,000		200,850
UbiquiTel Operating Co. 9.875% 3/1/11		80,000		88,600
Vodafone Group PLC 5.9% 11/26/32	GBP	50,000		91,765
				6,346,662
TOTAL TELECOMMUNICATION SERVICES				12,115,093
UTILITIES - 1.8%
Electric Utilities - 0.3%
AES Gener SA 7.5% 3/25/14		200,000		205,000
Chivor SA E.S.P. 9.75% 12/30/14 (g)		200,000		224,000
MSW Energy Holdings II LLC/MSW Finance Co. II, Inc. 7.375% 9/1/10		120,000		123,600
				552,600
Gas Utilities - 1.2%
Colorado Interstate Gas Co. 6.8% 11/15/15 (g)		260,000		264,550
Dynegy Holdings, Inc. 8.375% 5/1/16 (g)(h)		110,000		110,000
Southern Natural Gas Co.:
7.35% 2/15/31		190,000		195,700
8% 3/1/32		410,000		453,050
8.875% 3/15/10		230,000		243,800
Tennessee Gas Pipeline Co.:
7% 10/15/28		20,000		19,772
7.5% 4/1/17		445,000		474,192
7.625% 4/1/37		50,000		52,288
8.375% 6/15/32		40,000		45,800
Transportadora de Gas del Sur SA (Reg. S) 6.5% 12/15/10 (f)		299,948		294,698
				2,153,850
Independent Power Producers & Energy Traders - 0.1%
Enron Corp. 7.625% 9/10/04 (c)		400,000		168,000
Tenaska Alabama Partners LP 7% 6/30/21 (g)		98,526		99,265
				267,265
Multi-Utilities - 0.2%
Aquila, Inc. 14.875% 7/1/12		120,000		162,600
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
UTILITIES - continued
Multi-Utilities - continued
TECO Energy, Inc. 6.75% 5/1/15		$ 60,000		$ 61,800
Utilicorp United, Inc. 9.95% 2/1/11 (j)		55,000		61,188
				285,588
TOTAL UTILITIES				3,259,303
TOTAL NONCONVERTIBLE BONDS				60,548,244
TOTAL CORPORATE BONDS (Cost $60,076,446)			60,866,535
U.S. Government and Government Agency Obligations - 24.7%

U.S. Government Agency Obligations - 11.3%
Fannie Mae:
3.25% 1/15/08		130,000		125,993
3.25% 2/15/09		4,956,000		4,712,452
4.25% 5/15/09		1,000,000		975,533
4.625% 1/15/08		736,000		730,225
4.75% 12/15/10		8,081,000		7,943,245
4.875% 4/15/09		500,000		496,572
6% 5/15/11		630,000		653,134
6.375% 6/15/09		320,000		331,566
Freddie Mac:
3.55% 11/15/07		1,767,000		1,724,341
4% 8/17/07		58,000		57,149
4.125% 4/2/07		480,000		475,322
4.125% 10/18/10 (h)		2,500,000		2,397,248
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS				20,622,780
U.S. Treasury Inflation Protected Obligations - 2.1%
U.S. Treasury Inflation-Indexed Bonds:
2.375% 1/15/25		368,113		370,314
3.625% 4/15/28		463,330		569,945
U.S. Treasury Inflation-Indexed Notes:
1.875% 7/15/13		950,969		923,649
2% 1/15/14		1,716,704		1,675,824
2% 7/15/14		420,700		410,316
TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS				3,950,048

		Principal Amount (d)		Value
U.S. Treasury Obligations - 11.3%
U.S. Treasury Bonds 6.125% 8/15/29		$ 2,971,000		$ 3,406,204
U.S. Treasury Notes:
3.375% 9/15/09		4,400,000		4,199,250
3.75% 5/15/08		4,601,000		4,502,152
4% 8/31/07		55,000		54,358
4.25% 11/15/13		3,438,000		3,302,092
4.25% 8/15/14		1,650,000		1,579,294
4.25% 11/15/14		700,000		669,047
4.5% 11/15/15		2,400,000		2,328,938
4.75% 5/15/14		599,000		593,759
TOTAL U.S. TREASURY OBLIGATIONS				20,635,094
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $45,990,922)			45,207,922
U.S. Government Agency - Mortgage Securities - 3.0%

Fannie Mae - 2.8%
4% 10/1/20		14,754		13,789
4.5% 4/1/21 (i)		695,077		664,342
4.615% 7/1/34 (j)		268,720		267,285
4.761% 11/1/33 (h)(j)		213,802		212,111
4.895% 11/1/35 (j)		142,703		141,921
5% 9/1/35 to 11/1/35 (i)		1,976,747		1,881,823
5.039% 5/1/35 (j)		176,407		174,750
5.5% 11/1/17 to 4/1/20		1,776,784		1,767,456
TOTAL FANNIE MAE				5,123,477
Freddie Mac - 0.2%
4.704% 9/1/35 (j)		277,475		274,087
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $5,523,550)			5,397,564
Asset-Backed Securities - 0.0%

Arran Master Trust Series 2005-B Class A3, 5% 12/15/12 (j) (Cost $86,768)	GBP	50,000		86,797
Collateralized Mortgage Obligations - 1.0%
		Principal Amount (d)		Value
U.S. Government Agency - 1.0%
Fannie Mae planned amortization class Series 2003-24 CLass PB, 4.5% 12/25/12		$ 132,684		$ 131,535
Fannie Mae guaranteed REMIC pass thru certificates floater Series 2005-45 Class XA, 5.1581% 6/25/35 (j)		823,324		821,440
Freddie Mac Multi-class participation certificates guaranteed planned amortization class Series 3013 Class AF, 4.9988% 5/15/35 (j)		945,498		942,034
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,899,422)			1,895,009
Foreign Government and Government Agency Obligations - 23.2%

Arab Republic 8.0203% to 9.7504% 5/2/06 to 2/27/07	EGP	1,066,000		178,270
Argentine Republic:
discount (with partial capitalization through 12/31/13) 8.28% 12/31/33		288,592		283,830
par 1.33% 12/31/38 (j)		440,000		167,200
3% 4/30/13 (j)		390,000		331,959
4.889% 8/3/12 (j)		507,500		471,009
Brazilian Federative Republic:
Brady debt conversion bond 5.25% 4/15/12 (j)		416,772		416,772
FLIRB L 5.1875% 4/15/09 (Reg.) (j)		80,770		80,366
6% 9/15/13		250,000		247,125
8% 1/15/18		230,000		249,205
8.75% 2/4/25		230,000		263,350
10.5% 7/14/14		240,000		299,400
11% 8/17/40		840,000		1,077,720
12.25% 3/6/30		390,000		595,725
12.5% 1/5/16	BRL	250,000		116,682
12.75% 1/15/20		175,000		259,875
Canadian Government:
3% 6/1/06	CAD	300,000		256,556
5.25% 6/1/12	CAD	2,850,000		2,576,642
5.5% 6/1/09	CAD	720,000		642,056
Central Bank of Nigeria:
Brady 6.25% 11/15/20		250,000		248,750
promissory note 5.092% 1/5/10		112,693		107,743
City of Kiev 8.75% 8/8/08		200,000		207,250
Dominican Republic:
Brady 5.7925% 8/30/09 (j)		90,408		89,729
5.3925% 8/30/24 (j)		500,000		471,250
9.5% 9/27/11 (Reg. S)		230,561		247,853

		Principal Amount (d)		Value
Ecuador Republic:
9% 8/15/30 (Reg. S) (f)		$ 270,000		$ 272,025
9.375% 12/15/15 (g)		245,000		258,475
euro par 5% 2/28/25		46,000		34,040
French Government:
3% 1/12/11	EUR	1,200,000		1,418,973
4% 4/25/55	EUR	100,000		121,296
4.75% 4/25/35	EUR	100,000		135,534
German Federal Republic:
3.5% 1/4/16	EUR	3,300,000		3,904,804
4.25% 1/4/14	EUR	1,400,000		1,754,129
5% 7/4/12	EUR	1,300,000		1,689,482
Hellenic Republic 3.25% 6/21/07	EUR	1,500,000		1,817,625
Indonesian Republic:
6.75% 3/10/14 (Reg. S)		190,000		189,050
7.25% 4/20/15 (g)		105,000		107,363
7.25% 4/20/15		120,000		122,700
Islamic Republic of Pakistan 7.125% 3/31/16 (g)		100,000		99,500
Japan Government:
Inflation-Indexed 0.5% 6/10/15	JPY	50,200,000		403,542
0.2% 7/20/06	JPY	75,000,000		637,482
0.5% 12/20/06	JPY	72,000,000		613,249
0.82% 11/20/20 (j)	JPY	50,000,000		405,513
1.5% 3/20/14	JPY	150,000,000		1,258,157
2.4% 12/20/34	JPY	70,000,000		613,959
Lebanese Republic:
7.83% 11/30/09 (g)(j)		95,000		99,750
7.83% 11/30/09 (j)		165,000		173,250
Pakistan International Sukuk Co. Ltd. 6.95% 1/27/10 (j)		100,000		101,500
Panamanian Republic Brady discount 0% 7/17/26 (j)		49,000		47,775
Peruvian Republic:
5.875% 3/7/27 (j)		40,000		38,000
7.35% 7/21/25		200,000		196,500
9.875% 2/6/15		125,000		147,500
euro Brady past due interest 5% 3/7/17 (j)		169,850		161,358
Philippine Republic:
Brady principal collateralized interest reduction bond 6.5% 12/1/17		325,000		324,188
5.3925% 12/1/09 (j)		41,600		41,080
8.25% 1/15/14		120,000		129,900
8.375% 2/15/11		315,000		341,775
8.875% 3/17/15		290,000		327,352
9% 2/15/13		350,000		394,188
9.875% 1/15/19		235,000		282,588
10.625% 3/16/25		195,000		252,769
Republic of Iraq 5.8% 1/15/28 (g)		250,000		169,700
Republic of Serbia 3.75% 11/1/24 (f)(g)		50,000		45,150
Foreign Government and Government Agency Obligations - continued
		Principal Amount (d)		Value
Russian Federation:
5% 3/31/30 (Reg. S) (f)		$ 1,440,000		$ 1,576,800
11% 7/24/18 (Reg. S)		185,000		264,550
12.75% 6/24/28 (Reg. S)		240,000		427,800
euro 10% 6/26/07		470,000		494,088
State of Qatar 9.75% 6/15/30 (Reg. S)		170,000		250,325
Turkish Republic:
11.75% 6/15/10		305,000		366,763
11.875% 1/15/30		495,000		764,156
13.1525% to 20.5644% 7/5/06 to 6/27/07	TRY	775,000		523,152
Ukraine Government 8.235% 8/5/09 (j)		500,000		534,375
United Kingdom, Great Britain & Northern Ireland:
4.25% 3/7/11	GBP	450,000		774,682
4.25% 3/7/36	GBP	330,000		588,451
4.75% 9/7/15	GBP	490,000		874,186
5% 3/7/08	GBP	260,000		456,176
5% 9/7/14	GBP	331,000		597,997
8% 6/7/21	GBP	265,000		643,792
United Mexican States:
5.625% 1/15/17		126,000		122,031
7.37% to 7.39% 6/8/06	MXN	1,330,000		120,650
7.5% 4/8/33		355,000		397,245
8.3% 8/15/31		475,000		574,750
11.5% 5/15/26		210,000		325,500
Uruguay Republic:
7.25% 2/15/11		50,000		52,000
9.25% 5/17/17		100,000		116,250
Venezuelan Republic:
5.375% 8/7/10		175,000		169,488
5.6138% 4/20/11 (j)		260,000		261,170
7.65% 4/21/25		150,000		162,000
9.25% 9/15/27		340,000		431,800
10.75% 9/19/13		245,000		305,515
13.625% 8/15/18		211,000		324,413
euro Brady:
par W-A 6.75% 3/31/20		500,000		500,000
par W-B 6.75% 3/31/20		250,000		250,000
Vietnamese Socialist Republic Brady par 3.75% 3/12/28 (f)		150,000		126,750
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $41,362,888)			42,394,393

Common Stocks - 0.3%
	Shares		Value
CONSUMER DISCRETIONARY - 0.3%
Auto Components - 0.0%
Intermet Corp. (a)(l)	6,099		$ 69,956
Diversified Consumer Services - 0.1%
Coinmach Service Corp. unit	13,000		212,160
Hotels, Restaurants & Leisure - 0.1%
Centerplate, Inc. unit	10,000		129,000
Media - 0.1%
NTL, Inc. (a)	6,233		181,443
TOTAL COMMON STOCKS (Cost $474,220)		592,559
Preferred Stocks - 0.1%

Convertible Preferred Stocks - 0.0%
MATERIALS - 0.0%
Chemicals - 0.0%
Celanese Corp. 4.25%	300		9,069
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Media - 0.1%
Spanish Broadcasting System, Inc. Class B, 10.75%	68		74,800
Specialty Retail - 0.0%
GNC Corp. Series A, 12.00%	30		29,250
TOTAL CONSUMER DISCRETIONARY			104,050
TOTAL PREFERRED STOCKS (Cost $104,731)		113,119

Floating Rate Loans - 2.8%
		Principal Amount (d)
CONSUMER DISCRETIONARY - 0.8%
Auto Components - 0.2%
Goodyear Tire & Rubber Co.:
Tranche 2, term loan 7.06% 4/30/10 (j)		$ 105,000		106,575
Tranche 3, term loan 7.81% 3/1/11 (j)		190,000		192,850
				299,425
Automobiles - 0.1%
AM General LLC:
Tranche B1, term loan 9.224% 11/1/11 (j)		87,500		89,688
Tranche C2, term loan 13.3419% 5/2/12 (j)		50,000		52,375
				142,063
Floating Rate Loans - continued
		Principal Amount (d)		Value
CONSUMER DISCRETIONARY - continued
Diversified Consumer Services - 0.0%
Coinmach Corp. Tranche B1, term loan 7.2859% 12/19/12 (j)		$ 19,980		$ 20,280
Hotels, Restaurants & Leisure - 0.0%
Dunkin Brands Acquisition, Inc. term loan 7.3256% 3/1/13 (j)		30,000		30,038
Media - 0.3%
Charter Communications Operating LLC Tranche B, term loan 7.92% 4/7/11 (j)		203,962		205,747
CSC Holdings, Inc. Tranche B, term loan 6.6643% 3/31/13 (j)		310,000		312,713
UPC Broadband Holding BV Tranche H2, term loan 7.28% 9/30/12 (j)		50,000		50,313
				568,773
Multiline Retail - 0.1%
Neiman Marcus Group, Inc. term loan 7.34% 4/6/13 (j)		113,924		115,063
Specialty Retail - 0.1%
Toys 'R' US, Inc. term loan 7.63% 12/9/08 (j)		290,000		290,000
TOTAL CONSUMER DISCRETIONARY				1,465,642
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Coffeyville Resources LLC:
Credit-Linked Deposit 7.3% 7/8/11 (j)		12,000		12,120
Tranche 2, term loan 11.75% 7/8/13 (j)		110,000		113,575
Tranche B1, term loan 7.5034% 7/8/12 (j)		17,910		18,089
Targa Resources, Inc. / Targa Resources Finance Corp.:
Credit-Linked Deposit 7.1044% 10/31/12 (j)		29,032		29,177
term loan:
6.83% 10/31/07 (j)		80,000		80,400
7.0908% 10/31/12 (j)		120,363		120,965
				374,326
FINANCIALS - 0.1%
Real Estate - 0.1%
Capital Automotive (REIT) Tranche B, term loan 6.34% 12/16/10 (j)		180,000		181,800
Newkirk Master LP Tranche B, term loan 6.4134% 8/11/08 (j)		15,475		15,610
				197,410

		Principal Amount (d)		Value
HEALTH CARE - 0.2%
Health Care Providers & Services - 0.2%
HealthSouth Corp. term loan 8.15% 3/10/13 (j)		$ 330,000		$ 332,475
INDUSTRIALS - 0.3%
Airlines - 0.2%
Delta Air Lines, Inc.:
Tranche B, term loan 11.01% 3/16/08 (j)		20,000		20,550
Tranche C, term loan 13.51% 3/16/08 (j)		205,000		210,125
UAL Corp.:
Tranche B, term loan 8.625% 2/1/12 (j)		166,250		168,536
Tranche DD, term loan 8.625% 2/1/12 (j)		23,750		24,077
				423,288
Building Products - 0.0%
Mueller Group, Inc. term loan 7.0466% 10/3/12 (j)		19,900		20,174
Commercial Services & Supplies - 0.1%
Allied Waste Industries, Inc.:
term loan 6.7957% 1/15/12 (j)		74,168		74,168
Tranche A, Credit-Linked Deposit 6.5756% 1/15/12 (j)		28,796		28,796
				102,964
Industrial Conglomerates - 0.0%
Walter Industries, Inc. term loan 6.4117% 10/3/12 (j)		15,338		15,510
Machinery - 0.0%
Chart Industries, Inc. Tranche B, term loan 6.625% 10/17/12 (j)		18,889		19,172
Road & Rail - 0.0%
Hertz Corp.:
Credit-Linked Deposit 7.18% 12/21/12 (j)		7,778		7,856
Tranche B, term loan 6.8935% 12/21/12 (j)		52,974		53,504
Tranche DD, term loan 0% 12/21/12 (m)		9,116		9,150
				70,510
TOTAL INDUSTRIALS				651,618
INFORMATION TECHNOLOGY - 0.4%
IT Services - 0.3%
SunGard Data Systems, Inc. Tranche B, term loan 7.215% 2/10/13 (j)		526,025		535,230
Semiconductors & Semiconductor Equipment - 0.0%
Avago Technologies Finance Ltd. Tranche B1, term loan 7.13% 12/5/12 (j)		3,083		3,091
Floating Rate Loans - continued
		Principal Amount (d)		Value
INFORMATION TECHNOLOGY - continued
Software - 0.1%
Infor Global Solutions AG:
Tranche 1, term loan 7.5032% 4/18/11 (j)		$ 120,000		$ 119,850
Tranche 2, term loan 11.74% 4/18/12 (j)		70,000		70,350
				190,200
TOTAL INFORMATION TECHNOLOGY				728,521
MATERIALS - 0.5%
Chemicals - 0.0%
INEOS US Finance:
Tranche B, term loan 7.3392% 1/31/13 (j)		20,000		20,275
Tranche C, term loan 7.8392% 1/31/14 (j)		20,000		20,275
Solutia, Inc. Tranche B, term loan 8.78% 3/31/07 (j)		20,000		20,175
				60,725
Paper & Forest Products - 0.5%
Georgia-Pacific Corp.:
Tranche 2, term loan 7.826% 12/23/13 (j)		310,000		316,200
Tranche B, term loan 6.8847% 12/23/12 (j)		568,575		572,839
				889,039
TOTAL MATERIALS				949,764
TELECOMMUNICATION SERVICES - 0.2%
Diversified Telecommunication Services - 0.2%
Wind Telecomunicazioni Spa:
Tranche 2, term loan 11.2819% 3/21/15 (j)		140,000		146,300
Tranche B, term loan 7.7819% 9/21/13 (j)		70,000		70,700
Tranche C, term loan 8.2819% 9/21/14 (j)		70,000		70,700
				287,700
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
NRG Energy, Inc.:
Credit-Linked Deposit 6.9794% 2/1/13 (j)		35,276		35,673
term loan 6.82% 2/1/13 (j)		154,724		156,658
				192,331
TOTAL FLOATING RATE LOANS (Cost $5,116,511)			5,179,787
Sovereign Loan Participations - 0.1%
		Principal Amount (d)		Value
Indonesian Republic loan participation:
- Citibank 5.875% 3/28/13 (j)		$ 45,227		$ 44,210
- Credit Suisse First Boston 5.875% 3/28/13 (j)		179,856		175,809
- Deutsche Bank 0.9986% 3/28/13 (j)	JPY	2,523,904		20,583
TOTAL SOVEREIGN LOAN PARTICIPATIONS (Cost $223,878)			240,602

Fixed-Income Funds - 2.4%
	Shares
Fidelity Floating Rate Central Investment Portfolio (k) (Cost $4,287,763)	42,766		4,312,951
Money Market Funds - 9.4%

Fidelity Cash Central Fund, 4.77% (b) (Cost $17,108,341)	17,108,341	17,108,341

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $182,255,440)

183,395,579

NET OTHER ASSETS - (0.3)%			(491,972)
NET ASSETS - 100%		$ 182,903,607

Security Type Abbreviation

FLIRB - Front Loaded Interest Reduction Bonds

Currency Abbreviations
BRL	-	Brazilian real
CAD	-	Canadian dollar
EGP	-	Egyptian pound
EUR	-	European Monetary Unit
GBP	-	British pound
JPY	-	Japanese yen
MXN	-	Mexican peso
PEN	-	Peruvian new sol
TRY	-	New Turkish Lira

Legend

(a) Non-income producing

(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 $10,999,407 or 6.0% 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) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited list of holdings for each fixed-income central fund, as of the investing fund's report date, is available upon request or at advisor.fidelity.com. The reports are located just after the fund's financial statements and quarterly reports but are not part of the financial statements or quarterly reports. In addition, the fixed-income central fund's financial statements are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

(l) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $69,956 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Intermet Corp.	11/9/05	$ 115,372

(m) Position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $9,116 and $9,150 respectively. The coupon rate will be determined at time of settlement.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 127,743
Fidelity Floating Rate Central Investment Portfolio	90,804
Total	$ 218,547

Additional information regarding the fund's fiscal year to date purchases and sales, including the ownership percentage, of the following fixed income Central Funds is as follows:

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Floating Rate Central Investment Portfolio	$ 8,278,993	$ -	$ 4,001,195	$ 4,312,951	0.6%

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $182,081,573. Net unrealized appreciation aggregated $1,314,006, of which $3,718,468 related to appreciated investment securities and $2,404,462 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Technology Portfolio

March 31, 2006

1.814636.101

VTC-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Diversified Commercial & Professional Services - 0.4%
Equifax, Inc.	1,000		$ 37,240
Tele Atlas NV (a)	17,300		394,319
			431,559
COMMUNICATIONS EQUIPMENT - 32.7%
Communications Equipment - 32.7%
ADC Telecommunications, Inc. (a)	14,585		373,230
Adtran, Inc.	2,400		62,832
ADVA AG Optical Networking (a)	28,737		332,551
Alcatel SA sponsored ADR (a)	64,300		990,220
Andrew Corp. (a)	17,600		216,128
AudioCodes Ltd. (a)	89,300		1,234,126
Blue Coat Systems, Inc. (a)	600		13,044
Bookham, Inc. (a)	107,500		1,025,550
Ceragon Networks Ltd. (a)	50,000		240,500
China Techfaith Wireless Communication Technology Ltd. sponsored ADR (d)	25,400		367,792
CIENA Corp. (a)	282,800		1,473,388
CommScope, Inc. (a)	4,000		114,200
Comtech Group, Inc. (a)	104,799		1,047,990
Comverse Technology, Inc. (a)	90,170		2,121,700
Corning, Inc. (a)	93,600		2,518,776
CSR PLC (a)	11,400		237,642
ECI Telecom Ltd. (a)	23,600		267,388
F5 Networks, Inc. (a)	35,313		2,559,839
Finisar Corp. (a)	38,200		189,090
Foxconn International Holdings Ltd. (a)	40,000		75,008
Harris Corp.	4,100		193,889
Ixia (a)	20,800		296,608
Juniper Networks, Inc. (a)	45,296		866,060
Lucent Technologies, Inc. (a)	653,900		1,994,395
Motorola, Inc.	67,830		1,553,985
Nortel Networks Corp. (a)	1,059,100		3,230,393
Orckit Communications Ltd. (a)	4,600		101,108
Powerwave Technologies, Inc. (a)	3,600		48,564
QUALCOMM, Inc.	108,400		5,486,124
Research In Motion Ltd. (a)	23,930		2,031,265
Sandvine Corp. (e)	21,200		41,247
Sonus Networks, Inc. (a)	86,000		471,280
Symmetricom, Inc. (a)	10,600		90,630
Tekelec (a)	53,300		737,139
Tellabs, Inc. (a)	19,100		303,690
Terayon Communication Systems, Inc. (a)	139,300		254,919
			33,162,290
COMPUTERS & PERIPHERALS - 13.7%
Computer Hardware - 10.5%
Apple Computer, Inc. (a)	60,700		3,807,104
Avid Technology, Inc. (a)	4,700		204,262
Concurrent Computer Corp. (a)	104,844		338,646

	Shares		Value
Hewlett-Packard Co.	123,800		$ 4,073,020
NCR Corp. (a)	29,500		1,232,805
Sun Microsystems, Inc. (a)	197,300		1,012,149
			10,667,986
Computer Storage & Peripherals - 3.2%
Brocade Communications Systems, Inc. (a)	500		3,340
EMC Corp. (a)	135,907		1,852,412
Emulex Corp. (a)	100		1,709
Network Appliance, Inc. (a)	27,000		972,810
QLogic Corp. (a)	2,200		42,570
SanDisk Corp. (a)	6,000		345,120
			3,217,961
TOTAL COMPUTERS & PERIPHERALS			13,885,947
ELECTRICAL EQUIPMENT - 1.1%
Electrical Components & Equipment - 1.1%
Energy Conversion Devices, Inc. (a)	6,200		304,916
Evergreen Solar, Inc. (a)(d)	41,603		640,686
Suntech Power Holdings Co. Ltd. sponsored ADR	3,700		136,863
			1,082,465
ELECTRONIC EQUIPMENT & INSTRUMENTS - 4.4%
Electronic Equipment & Instruments - 2.9%
Agilent Technologies, Inc. (a)	20,000		751,000
Applied Films Corp. (a)	31,187		605,963
Cognex Corp.	1,400		41,496
Dolby Laboratories, Inc. Class A (a)	4,700		98,230
Nippon Electric Glass Co. Ltd.	15,000		373,359
Orbotech Ltd. (a)	9,500		233,985
Photon Dynamics, Inc. (a)	8,300		155,625
Samsung Electro-Mechanics Co. Ltd.	4,660		176,261
Samsung SDI Co. Ltd.	2,000		162,618
Sunpower Corp. Class A	7,200		274,752
Symbol Technologies, Inc.	5,900		62,422
			2,935,711
Electronic Manufacturing Services - 1.5%
Benchmark Electronics, Inc. (a)	10,000		383,500
Hon Hai Precision Industry Co. Ltd. (Foxconn)	113,450		702,542
International DisplayWorks, Inc. (a)(d)	20,900		136,895
Trimble Navigation Ltd. (a)	1,100		49,555
Xyratex Ltd. (a)	8,000		252,000
			1,524,492
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			4,460,203
HOUSEHOLD DURABLES - 0.4%
Consumer Electronics - 0.4%
Directed Electronics, Inc.	17,800		298,150
Common Stocks - continued
	Shares		Value
HOUSEHOLD DURABLES - CONTINUED
Consumer Electronics - continued
ReignCom Ltd.	3,226		$ 41,338
Thomson SA	6,500		128,306
			467,794
Household Appliances - 0.0%
iRobot Corp.	100		2,780
TOTAL HOUSEHOLD DURABLES			470,574
INTERNET & CATALOG RETAIL - 0.2%
Internet Retail - 0.2%
GSI Commerce, Inc. (a)	15,363		261,171
INTERNET SOFTWARE & SERVICES - 12.2%
Internet Software & Services - 12.2%
Akamai Technologies, Inc. (a)	400		13,156
Ariba, Inc. (a)	4,500		44,010
AsiaInfo Holdings, Inc. (a)	9,900		49,500
Baidu.com, Inc. sponsored ADR	100		5,607
eBay, Inc. (a)	71,200		2,781,072
Google, Inc. Class A (sub. vtg.) (a)	17,350		6,766,502
Homestore, Inc. (a)	27,500		180,400
Liquidity Services, Inc.	7,100		86,975
Openwave Systems, Inc. (a)(d)	95,933		2,070,234
Sina Corp. (a)	9,500		265,050
Traffic.com, Inc.	11,345		94,731
			12,357,237
IT SERVICES - 2.8%
Data Processing & Outsourced Services - 2.4%
First Data Corp.	49,100		2,298,862
Hewitt Associates, Inc. Class A (a)	5,500		163,570
			2,462,432
IT Consulting & Other Services - 0.4%
Kanbay International, Inc. (a)	8,400		128,184
Patni Computer Systems Ltd. sponsored ADR	10,800		220,860
			349,044
TOTAL IT SERVICES			2,811,476
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 22.0%
Semiconductor Equipment - 9.1%
ADE Corp. (a)	3,200		97,984
Applied Materials, Inc.	96,700		1,693,217
ASM International NV (Nasdaq) (a)	5,200		104,416
ASML Holding NV (NY Shares) (a)	50,300		1,024,611
ATMI, Inc. (a)	9,800		295,960
Axcelis Technologies, Inc. (a)	15,100		88,486
Credence Systems Corp. (a)	24,800		182,032
Cymer, Inc. (a)	5,700		259,008

	Shares		Value
EMCORE Corp. (a)	28,602		$ 292,312
Entegris, Inc. (a)	9,155		97,409
FormFactor, Inc. (a)	18,800		739,216
ICOS Vision Systems NV (a)	900		45,720
KLA-Tencor Corp.	4,700		227,292
Kulicke & Soffa Industries, Inc. (a)	26,200		249,948
Lam Research Corp. (a)	12,900		554,700
MEMC Electronic Materials, Inc. (a)	53,200		1,964,144
Rudolph Technologies, Inc. (a)	20,900		356,345
Tessera Technologies, Inc. (a)	16,015		513,761
Varian Semiconductor Equipment Associates, Inc. (a)	7,950		223,236
Veeco Instruments, Inc. (a)	9,500		221,825
			9,231,622
Semiconductors - 12.9%
Advanced Analogic Technologies, Inc.	13,650		155,610
Advanced Micro Devices, Inc. (a)	25,200		835,632
AMIS Holdings, Inc. (a)	41,700		377,802
Applied Micro Circuits Corp. (a)	80,200		326,414
ARM Holdings PLC sponsored ADR	19,800		136,422
Atheros Communications, Inc. (a)	13,400		350,946
ATI Technologies, Inc. (a)	39,496		678,570
Broadcom Corp. Class A (a)	30,377		1,311,071
Cambridge Display Technologies, Inc. (a)(d)	17,300		143,936
Conexant Systems, Inc. (a)	220,700		761,415
Cree, Inc. (a)	6,200		203,422
Cypress Semiconductor Corp. (a)	24,000		406,800
Exar Corp. (a)	1,144		16,336
Ikanos Communications, Inc.	9,900		195,129
Intersil Corp. Class A	8,600		248,712
Marvell Technology Group Ltd. (a)	15,300		827,730
Microtune, Inc. (a)	31,400		163,908
Mindspeed Technologies, Inc. (a)(d)	126,300		502,674
Monolithic System Technology, Inc. (a)	3,300		29,238
National Semiconductor Corp.	9,000		250,560
Netlogic Microsystems, Inc. (a)	12,800		527,488
NVIDIA Corp. (a)	4,800		274,848
O2Micro International Ltd. sponsored ADR (a)	46,100		490,043
Pericom Semiconductor Corp. (a)	40,000		394,400
Pixelplus Co. Ltd. sponsored ADR	10,900		124,260
PLX Technology, Inc. (a)	4,600		57,730
Q-Cells AG	100		9,343
Rambus, Inc. (a)	13,600		535,024
Saifun Semiconductors Ltd.	6,400		199,040
Samsung Electronics Co. Ltd.	650		421,470
Semiconductor Manufacturing International Corp. sponsored ADR (a)(d)	11,400		85,500
Silicon Laboratories, Inc. (a)	3,300		181,335
Silicon On Insulator Technologies SA (SOITEC) (a)	39,300		1,336,743
Spansion, Inc.	700		10,360
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Transmeta Corp. (a)	48,200		$ 97,846
Trident Microsystems, Inc. (a)	9,600		278,976
Winbond Electronics Corp. (a)	279,000		81,142
Zoran Corp. (a)	2,618		57,282
			13,085,157
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			22,316,779
SOFTWARE - 8.6%
Application Software - 5.9%
Adobe Systems, Inc.	27,950		976,014
Agile Software Corp. (a)	22,300		170,149
Ansys, Inc. (a)	3,700		200,355
Autodesk, Inc.	6,700		258,084
Citrix Systems, Inc. (a)	14,400		545,760
Cognos, Inc. (a)	5,400		210,069
FileNET Corp. (a)	3,000		81,060
Hyperion Solutions Corp. (a)	9,150		298,290
JDA Software Group, Inc. (a)	9,200		132,848
Kronos, Inc. (a)	2,000		74,780
Mercury Interactive Corp. (a)	5,800		201,840
NAVTEQ Corp. (a)	15,500		785,075
Open Solutions, Inc. (a)	7,600		207,556
Salesforce.com, Inc. (a)	5,800		210,714
Ulticom, Inc. (a)	154,542		1,661,327
			6,013,921
Home Entertainment Software - 0.9%
Activision, Inc. (a)	31,700		437,143
Shanda Interactive Entertainment Ltd. sponsored ADR (a)(d)	2,800		40,180
Take-Two Interactive Software, Inc. (a)	9,700		181,002
THQ, Inc. (a)	9,500		245,955
			904,280
Systems Software - 1.8%
Red Hat, Inc. (a)	25,760		720,765
Symantec Corp. (a)	45,220		761,053
Wind River Systems, Inc. (a)	28,700		357,315
			1,839,133
TOTAL SOFTWARE			8,757,334

	Shares		Value
SPECIALTY RETAIL - 0.2%
Computer & Electronics Retail - 0.2%
Gamestop Corp. Class B (a)	3,900		$ 168,948
WIRELESS TELECOMMUNICATION SERVICES - 0.4%
Wireless Telecommunication Services - 0.4%
American Tower Corp. Class A (a)	300		9,096
Crown Castle International Corp. (a)	6,600		187,110
Syniverse Holdings, Inc. (a)	8,000		126,400
Wireless Facilities, Inc. (a)	16,700		67,134
			389,740
TOTAL COMMON STOCKS (Cost $82,426,936)		100,555,723
Money Market Funds - 2.9%

Fidelity Cash Central Fund, 4.77% (b)	390,780		390,780
Fidelity Securities Lending Cash Central Fund, 4.81% (b)(c)	2,614,575		2,614,575
TOTAL MONEY MARKET FUNDS (Cost $3,005,355)		3,005,355

TOTAL INVESTMENT PORTFOLIO - 102.0%

(Cost $85,432,291)

103,561,078

NET OTHER ASSETS - (2.0)%		(2,073,842)
NET ASSETS - 100%		$ 101,487,236

Legend

(a) Non-income producing

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $41,247 or 0.0% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 15,921
Fidelity Securities Lending Cash Central Fund	16,116
Total	$ 32,037

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $86,180,220. Net unrealized appreciation aggregated $17,380,858, of which $20,317,076 related to appreciated investment securities and $2,936,218 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Telecommunications & Utilities Growth Portfolio

March 31, 2006

1.814651.101

VUT-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES - 45.5%
Alternative Carriers - 0.5%
Time Warner Telecom, Inc. Class A (a)	11,200		$ 201,040
Integrated Telecommunication Services - 45.0%
Alaska Communication Systems Group, Inc.	35,500		430,615
AT&T, Inc.	171,487		4,637,008
BellSouth Corp.	126,530		4,384,265
Cbeyond Communications, Inc.	21,800		384,770
Cincinnati Bell, Inc. (a)	39,200		177,184
NTELOS Holding Corp.	1,700		23,817
Qwest Communications International, Inc. (a)	272,470		1,852,796
TELUS Corp. (non-vtg.)	3,900		150,863
Verizon Communications, Inc.	152,477		5,193,367
			17,234,685
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			17,435,725
ELECTRIC UTILITIES - 20.1%
Electric Utilities - 20.1%
Allegheny Energy, Inc. (a)	20,100		680,385
Edison International	15,700		646,526
Entergy Corp.	17,000		1,171,980
Exelon Corp.	32,400		1,713,960
FirstEnergy Corp.	23,920		1,169,688
FPL Group, Inc.	22,700		911,178
Northeast Utilities	3,100		60,543
PPL Corp.	5,300		155,820
Southern Co.	36,600		1,199,382
			7,709,462
GAS UTILITIES - 0.2%
Gas Utilities - 0.2%
UGI Corp.	2,600		54,782
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 10.2%
Independent Power & Energy Trade - 10.2%
AES Corp. (a)	70,750		1,206,995
Constellation Energy Group, Inc.	7,700		421,267
Duke Energy Corp.	7,600		221,540
Mirant Corp. (a)	39,100		977,500
NRG Energy, Inc. (a)	8,300		375,326
TXU Corp.	15,380		688,409
			3,891,037

	Shares		Value
MEDIA - 0.9%
Broadcasting & Cable TV - 0.9%
EchoStar Communications Corp. Class A (a)	7,200		$ 215,064
The DIRECTV Group, Inc. (a)	8,300		136,120
			351,184
MULTI-UTILITIES - 7.5%
Multi-Utilities - 7.5%
CMS Energy Corp. (a)	23,110		299,275
Dominion Resources, Inc.	5,870		405,206
Public Service Enterprise Group, Inc.	27,200		1,741,888
Sempra Energy	9,300		432,078
			2,878,447
WIRELESS TELECOMMUNICATION SERVICES - 14.0%
Wireless Telecommunication Services - 14.0%
ALLTEL Corp.	19,031		1,232,257
American Tower Corp. Class A (a)	4,142		125,585
Crown Castle International Corp. (a)	5,900		167,265
Dobson Communications Corp. Class A (a)	31,700		254,234
Sprint Nextel Corp.	138,775		3,585,946
			5,365,287
TOTAL COMMON STOCKS (Cost $32,246,153)		37,685,924
Money Market Funds - 1.5%

Fidelity Cash Central Fund, 4.77% (b) (Cost $590,688)	590,688		590,688

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $32,836,841)

38,276,612

NET OTHER ASSETS - 0.1%			21,654
NET ASSETS - 100%		$ 38,298,266

Legend

(a) Non-income producing

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 5,480
Fidelity Securities Lending Cash Central Fund	362
Total	$ 5,842

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $33,016,887. Net unrealized appreciation aggregated $5,259,725, of which $5,950,632 related to appreciated investment securities and $690,907 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Value Leaders Portfolio

March 31, 2006

1.799888.102

VVL-QTLY-0506

Investments March 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
CONSUMER DISCRETIONARY - 10.4%
Auto Components - 0.1%
Gentex Corp.	3,400		$ 59,364
Automobiles - 0.4%
Ford Motor Co.	17,000		135,320
General Motors Corp. (d)	1,600		34,032
Hyundai Motor Co.	580		48,771
			218,123
Diversified Consumer Services - 0.2%
Apollo Group, Inc. Class A (a)	1,100		57,761
Service Corp. International (SCI)	11,600		90,480
			148,241
Hotels, Restaurants & Leisure - 1.0%
Gaylord Entertainment Co. (a)	1,900		86,222
Las Vegas Sands Corp. (a)	500		28,330
McDonald's Corp.	9,340		320,922
Red Robin Gourmet Burgers, Inc. (a)	3,000		141,600
Tim Hortons, Inc.	100		2,655
			579,729
Household Durables - 0.5%
Sony Corp. sponsored ADR	6,500		299,455
Internet & Catalog Retail - 0.3%
Coldwater Creek, Inc. (a)	4,200		116,760
Expedia, Inc. (a)	2,000		40,540
IAC/InterActiveCorp (a)	1,850		54,520
			211,820
Leisure Equipment & Products - 1.2%
Eastman Kodak Co.	24,020		683,129
Leapfrog Enterprises, Inc. Class A (a)(d)	1,700		18,054
			701,183
Media - 2.5%
CBS Corp. Class B	2,481		59,494
Clear Channel Communications, Inc.	4,580		132,866
Clear Channel Outdoor Holding, Inc. Class A	2,200		51,590
Lamar Advertising Co. Class A (a)	4,500		236,790
Live Nation, Inc. (a)	497		9,860
Media General, Inc. Class A	2,500		116,550
News Corp. Class A	10,938		181,680
The Walt Disney Co.	15,130		421,976
Time Warner, Inc.	10,200		171,258
Univision Communications, Inc. Class A (a)	3,100		106,857
Viacom, Inc. Class B (non-vtg.) (a)	881		34,183
			1,523,104
Multiline Retail - 1.6%
99 Cents Only Stores (a)	7,400		100,344
Family Dollar Stores, Inc.	4,400		117,040
Federated Department Stores, Inc.	4,900		357,700
KarstadtQuelle AG (a)	3,100		72,912
Kohl's Corp. (a)	2,350		124,574

	Shares		Value
Lotte Shopping Co. Ltd. GDR (a)(e)	3,500		$ 77,000
Saks, Inc.	5,100		98,430
			948,000
Specialty Retail - 2.4%
Best Buy Co., Inc.	6,650		371,935
Casual Male Retail Group, Inc. (a)	3,200		31,168
Circuit City Stores, Inc.	2,100		51,408
Eddie Bauer Holdings, Inc. (a)	1,700		21,930
Gymboree Corp. (a)	5,300		138,012
Home Depot, Inc.	11,750		497,025
Lithia Motors, Inc. Class A (sub. vtg.)	1,750		60,725
Maidenform Brands, Inc.	100		1,101
Office Depot, Inc. (a)	1,200		44,688
Pier 1 Imports, Inc.	2,700		31,347
Staples, Inc.	4,800		122,496
TJX Companies, Inc.	2,000		49,640
Urban Outfitters, Inc. (a)	100		2,454
			1,423,929
Textiles, Apparel & Luxury Goods - 0.2%
Deckers Outdoor Corp. (a)	2,500		101,350
TOTAL CONSUMER DISCRETIONARY			6,214,298
CONSUMER STAPLES - 5.5%
Beverages - 0.6%
Coca-Cola Enterprises, Inc.	4,400		89,496
Diageo PLC sponsored ADR	1,100		69,773
The Coca-Cola Co.	4,900		205,163
			364,432
Food & Staples Retailing - 1.6%
Carrefour SA	800		42,557
CVS Corp.	5,200		155,324
Kroger Co.	20,800		423,488
Safeway, Inc.	4,500		113,040
Sysco Corp.	1,300		41,665
Wal-Mart Stores, Inc.	4,100		193,684
			969,758
Food Products - 0.5%
ConAgra Foods, Inc.	2,700		57,942
McCormick & Co., Inc. (non-vtg.)	3,500		118,510
Nestle SA (Reg.)	442		131,197
			307,649
Household Products - 1.0%
Colgate-Palmolive Co.	10,800		616,680
Personal Products - 0.7%
Avon Products, Inc.	12,700		395,859
Tobacco - 1.1%
Altria Group, Inc.	9,220		653,329
TOTAL CONSUMER STAPLES			3,307,707
Common Stocks - continued
	Shares		Value
ENERGY - 11.7%
Energy Equipment & Services - 4.8%
BJ Services Co.	5,700		$ 197,220
FMC Technologies, Inc. (a)	2,300		117,806
GlobalSantaFe Corp.	4,100		249,075
Halliburton Co.	10,650		777,663
National Oilwell Varco, Inc. (a)	9,963		638,828
Pride International, Inc. (a)	9,800		305,564
Schlumberger Ltd. (NY Shares)	2,900		367,053
Smith International, Inc.	6,400		249,344
			2,902,553
Oil, Gas & Consumable Fuels - 6.9%
Amerada Hess Corp.	1,300		185,120
Apache Corp.	1,430		93,679
Chevron Corp.	8,940		518,252
ConocoPhillips	2,280		143,982
CONSOL Energy, Inc.	1,600		118,656
El Paso Corp.	14,100		169,905
EOG Resources, Inc.	2,800		201,600
Exxon Mobil Corp.	22,900		1,393,694
International Coal Group, Inc. (a)	2,100		20,454
Massey Energy Co.	2,600		93,782
Occidental Petroleum Corp.	1,800		166,770
OMI Corp.	3,700		66,674
Overseas Shipholding Group, Inc.	1,000		47,930
Quicksilver Resources, Inc. (a)	8,800		340,208
Ultra Petroleum Corp. (a)	800		49,848
Valero Energy Corp.	5,700		340,746
XTO Energy, Inc.	3,400		148,138
			4,099,438
TOTAL ENERGY			7,001,991
FINANCIALS - 24.1%
Capital Markets - 4.4%
Bear Stearns Companies, Inc.	550		76,285
Charles Schwab Corp.	12,100		208,241
Investors Financial Services Corp.	1,800		84,366
Lehman Brothers Holdings, Inc.	1,050		151,757
MCF Corp. (a)	50,000		70,000
Merrill Lynch & Co., Inc.	6,940		546,594
Morgan Stanley	8,200		515,124
Nomura Holdings, Inc.	9,500		210,615
Nuveen Investments, Inc. Class A	1,200		57,780
State Street Corp.	7,000		423,010
TradeStation Group, Inc. (a)	7,500		103,650
UBS AG (NY Shares)	1,500		164,955
			2,612,377
Commercial Banks - 3.8%
Banco Bradesco SA (PN) sponsored ADR (non-vtg.)	1,780		63,920
Bank of America Corp.	18,308		833,746

	Shares		Value
Kookmin Bank sponsored ADR	1,700		$ 145,384
Korea Exchange Bank (a)	5,650		71,526
Mizuho Financial Group, Inc.	13		106,350
Standard Chartered PLC (United Kingdom)	2,300		57,215
UCBH Holdings, Inc.	6,200		117,304
Wachovia Corp.	12,812		718,113
Wells Fargo & Co.	2,670		170,533
			2,284,091
Consumer Finance - 0.1%
Capital One Financial Corp.	1,100		88,572
Diversified Financial Services - 3.3%
Citigroup, Inc.	15,750		743,873
IntercontinentalExchange, Inc.	100		6,905
JPMorgan Chase & Co.	28,996		1,207,393
			1,958,171
Insurance - 9.0%
ACE Ltd.	12,320		640,763
American International Group, Inc.	35,660		2,356,765
Aspen Insurance Holdings Ltd.	3,600		88,776
Endurance Specialty Holdings Ltd.	1,300		42,315
Hartford Financial Services Group, Inc.	7,450		600,098
Hilb Rogal & Hobbs Co.	3,400		140,148
Montpelier Re Holdings Ltd.	1,000		16,300
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	600		85,065
Navigators Group, Inc. (a)	600		29,760
PartnerRe Ltd.	5,250		325,973
Platinum Underwriters Holdings Ltd.	4,000		116,400
Scottish Re Group Ltd.	2,400		59,544
Swiss Reinsurance Co. (Reg.)	966		67,497
The St. Paul Travelers Companies, Inc.	4,900		204,771
Unitrin, Inc.	300		13,953
W.R. Berkley Corp.	6,900		400,614
XL Capital Ltd. Class A	2,800		179,508
			5,368,250
Real Estate - 0.9%
Apartment Investment & Management Co. Class A	1,900		89,110
Equity Lifestyle Properties, Inc.	1,250		62,188
Equity Residential (SBI)	4,100		191,839
General Growth Properties, Inc.	4,170		203,788
			546,925
Thrifts & Mortgage Finance - 2.6%
Doral Financial Corp.	8,600		99,330
Fannie Mae	15,110		776,654
Freddie Mac	7,400		451,400
Golden West Financial Corp., Delaware	1,370		93,023
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
Hudson City Bancorp, Inc.	10,600		$ 140,874
W Holding Co., Inc.	459		3,612
			1,564,893
TOTAL FINANCIALS			14,423,279
HEALTH CARE - 11.7%
Biotechnology - 2.2%
Alkermes, Inc. (a)	1,000		22,050
Alnylam Pharmaceuticals, Inc. (a)	8,300		145,997
Amgen, Inc. (a)	700		50,925
Biogen Idec, Inc. (a)	3,600		169,560
BioMarin Pharmaceutical, Inc. (a)	4,200		56,364
Cephalon, Inc. (a)	8,900		536,225
Genentech, Inc. (a)	650		54,932
Illumina, Inc. (a)	3,400		80,750
ImClone Systems, Inc. (a)	1,700		57,834
MedImmune, Inc. (a)	2,700		98,766
ONYX Pharmaceuticals, Inc. (a)	700		18,382
Theravance, Inc. (a)	400		11,216
			1,303,001
Health Care Equipment & Supplies - 3.8%
Baxter International, Inc.	21,280		825,877
Boston Scientific Corp. (a)	3,800		87,590
C.R. Bard, Inc.	900		61,029
Cooper Companies, Inc.	600		32,418
Dade Behring Holdings, Inc.	1,400		49,994
Dionex Corp. (a)	1,300		79,924
Inverness Medical Innovations, Inc. (a)	3,400		97,682
Medtronic, Inc.	1,740		88,305
PerkinElmer, Inc.	8,000		187,760
Thermo Electron Corp. (a)	9,800		363,482
Varian, Inc. (a)	2,100		86,478
Waters Corp. (a)	7,950		343,043
			2,303,582
Health Care Providers & Services - 0.7%
Chemed Corp.	400		23,736
Community Health Systems, Inc. (a)	1,600		57,840
Emdeon Corp. (a)	7,200		77,760
Healthspring, Inc.	100		1,861
McKesson Corp.	1,000		52,130
UnitedHealth Group, Inc.	2,460		137,416
WebMD Health Corp. Class A	1,500		62,460
			413,203
Pharmaceuticals - 5.0%
Allergan, Inc.	900		97,650
Johnson & Johnson	2,300		136,206
Merck & Co., Inc.	17,700		623,571
Pfizer, Inc.	45,220		1,126,882
Schering-Plough Corp.	13,850		263,012

	Shares		Value
Teva Pharmaceutical Industries Ltd. sponsored ADR	3,600		$ 148,248
Wyeth	11,860		575,447
			2,971,016
TOTAL HEALTH CARE			6,990,802
INDUSTRIALS - 15.4%
Aerospace & Defense - 5.5%
General Dynamics Corp.	2,800		179,144
Goodrich Corp.	3,700		161,357
Hexcel Corp. (a)	13,900		305,383
Honeywell International, Inc.	54,150		2,315,996
Raytheon Co.	3,100		142,104
Rockwell Collins, Inc.	1,500		84,525
United Technologies Corp.	1,500		86,955
			3,275,464
Air Freight & Logistics - 0.2%
EGL, Inc. (a)	2,600		117,000
Airlines - 0.7%
ACE Aviation Holdings, Inc. Class A (a)	2,000		58,303
AirTran Holdings, Inc. (a)	7,200		130,392
JetBlue Airways Corp. (a)	4,650		49,848
Southwest Airlines Co.	7,100		127,729
UAL Corp. (a)	1,200		47,916
US Airways Group, Inc. (a)	1,000		40,000
			454,188
Building Products - 0.7%
Masco Corp.	12,900		419,121
Commercial Services & Supplies - 1.4%
Allied Waste Industries, Inc. (a)	8,100		99,144
Banta Corp.	2,000		103,960
Cendant Corp.	7,400		128,390
Cintas Corp.	4,900		208,838
Robert Half International, Inc.	4,000		154,440
The Brink's Co.	2,900		147,204
			841,976
Construction & Engineering - 1.0%
Chicago Bridge & Iron Co. NV (NY Shares)	1,800		43,200
Fluor Corp.	3,800		326,040
Jacobs Engineering Group, Inc. (a)	2,400		208,176
			577,416
Electrical Equipment - 0.5%
ABB Ltd. sponsored ADR (a)	5,500		69,025
Cooper Industries Ltd. Class A	700		60,830
Rockwell Automation, Inc.	2,500		179,775
			309,630
Industrial Conglomerates - 3.9%
General Electric Co.	53,440		1,858,643
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Industrial Conglomerates - continued
Smiths Group PLC	7,000		$ 119,533
Tyco International Ltd.	13,930		374,438
			2,352,614
Machinery - 0.7%
Atlas Copco AB (A Shares)	1,100		30,921
Deere & Co.	3,450		272,723
Flowserve Corp. (a)	900		52,506
Watts Water Technologies, Inc. Class A	1,400		50,876
			407,026
Road & Rail - 0.4%
Norfolk Southern Corp.	3,500		189,245
Old Dominion Freight Lines, Inc. (a)	1,000		26,950
			216,195
Trading Companies & Distributors - 0.3%
Interline Brands, Inc. (a)	3,600		90,828
WESCO International, Inc. (a)	1,800		122,418
			213,246
Transportation Infrastructure - 0.1%
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR	1,700		54,315
TOTAL INDUSTRIALS			9,238,191
INFORMATION TECHNOLOGY - 9.8%
Communications Equipment - 1.5%
Alcatel SA sponsored ADR (a)	8,500		130,900
Comverse Technology, Inc. (a)	4,200		98,826
Dycom Industries, Inc. (a)	4,100		87,125
Extreme Networks, Inc. (a)	9,900		49,698
Lucent Technologies, Inc. (a)	31,000		94,550
MasTec, Inc. (a)	5,800		82,186
Nokia Corp. sponsored ADR	9,400		194,768
Nortel Networks Corp. (a)	47,600		145,186
			883,239
Computers & Peripherals - 2.1%
EMC Corp. (a)	5,800		79,054
Hewlett-Packard Co.	27,850		916,265
Seagate Technology	9,300		244,869
			1,240,188
Electronic Equipment & Instruments - 1.5%
Agilent Technologies, Inc. (a)	9,400		352,970
Amphenol Corp. Class A	1,100		57,398
Jabil Circuit, Inc. (a)	1,800		77,148
Molex, Inc.	2,000		66,400
Symbol Technologies, Inc.	16,400		173,512
Trimble Navigation Ltd. (a)	1,000		45,050
Vishay Intertechnology, Inc. (a)	10,000		142,400
			914,878

	Shares		Value
Internet Software & Services - 0.8%
eBay, Inc. (a)	1,400		$ 54,684
Google, Inc. Class A (sub. vtg.) (a)	650		253,500
Interwoven, Inc. (a)	8,000		71,920
Yahoo!, Inc. (a)	2,100		67,746
			447,850
IT Services - 0.7%
Ceridian Corp. (a)	3,700		94,165
First Data Corp.	4,600		215,372
Infosys Technologies Ltd. sponsored ADR	500		38,930
Paychex, Inc.	1,500		62,490
			410,957
Office Electronics - 0.4%
Xerox Corp. (a)	7,700		117,040
Zebra Technologies Corp. Class A (a)	2,900		129,688
			246,728
Semiconductors & Semiconductor Equipment - 1.1%
Altera Corp. (a)	2,100		43,344
Freescale Semiconductor, Inc. Class A (a)	4,320		120,139
Intel Corp.	3,000		58,050
Marvell Technology Group Ltd. (a)	1,600		86,560
Micron Technology, Inc. (a)	5,500		80,960
PMC-Sierra, Inc. (a)	4,563		56,079
Samsung Electronics Co. Ltd.	150		97,262
Teradyne, Inc. (a)	4,600		71,346
Xilinx, Inc.	2,200		56,012
			669,752
Software - 1.7%
BEA Systems, Inc. (a)	7,300		95,849
Cognos, Inc. (a)	3,200		124,485
Electronic Arts, Inc. (a)	1,600		87,552
Macrovision Corp. (a)	2,900		64,235
Microsoft Corp.	8,710		236,999
NAVTEQ Corp. (a)	4,100		207,665
Oracle Corp. (a)	2,200		30,118
Symantec Corp. (a)	8,700		146,421
Ulticom, Inc. (a)	3,300		35,475
			1,028,799
TOTAL INFORMATION TECHNOLOGY			5,842,391
MATERIALS - 5.5%
Chemicals - 2.4%
Chemtura Corp.	7,300		85,994
Cytec Industries, Inc.	2,300		138,023
E.I. du Pont de Nemours & Co.	9,720		410,281
Ecolab, Inc.	4,000		152,800
Georgia Gulf Corp.	2,100		54,579
Lyondell Chemical Co.	3,775		75,123
NOVA Chemicals Corp.	3,200		91,229
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Praxair, Inc.	5,000		$ 275,750
Rohm & Haas Co.	3,700		180,819
			1,464,598
Construction Materials - 0.2%
Martin Marietta Materials, Inc.	900		96,327
Containers & Packaging - 0.8%
Ball Corp.	1,200		52,596
Owens-Illinois, Inc. (a)	7,130		123,848
Packaging Corp. of America	6,800		152,592
Smurfit-Stone Container Corp. (a)	10,546		143,109
			472,145
Metals & Mining - 2.1%
Alcoa, Inc.	9,900		302,544
Allegheny Technologies, Inc.	1,000		61,180
Breakwater Resources Ltd. (a)	61,000		68,434
Freeport-McMoRan Copper & Gold, Inc. Class B	1,500		89,655
Industrias Penoles SA de CV	3,200		25,240
Mittal Steel Co. NV Class A (NY Shares)	4,000		151,000
Newmont Mining Corp.	6,650		345,069
Oregon Steel Mills, Inc. (a)	3,700		189,329
			1,232,451
TOTAL MATERIALS			3,265,521
TELECOMMUNICATION SERVICES - 3.2%
Diversified Telecommunication Services - 1.9%
AT&T, Inc.	28,190		762,258
Covad Communications Group, Inc. (a)	34,480		66,546
TELUS Corp.	1,100		43,163
Verizon Communications, Inc.	8,100		275,886
			1,147,853
Wireless Telecommunication Services - 1.3%
American Tower Corp. Class A (a)	9,900		300,168
Leap Wireless International, Inc. (a)	800		34,872
Sprint Nextel Corp.	17,444		450,753
			785,793
TOTAL TELECOMMUNICATION SERVICES			1,933,646
UTILITIES - 0.7%
Electric Utilities - 0.1%
PPL Corp.	2,840		83,496

	Shares		Value
Independent Power Producers & Energy Traders - 0.3%
AES Corp. (a)	3,900		$ 66,534
Mirant Corp. (a)	4,200		105,000
			171,534
Multi-Utilities - 0.3%
CMS Energy Corp. (a)	7,400		95,830
PG&E Corp.	2,450		95,305
			191,135
TOTAL UTILITIES			446,165
TOTAL COMMON STOCKS (Cost $53,153,121)		58,663,991
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 4.77% (b)	1,535,309		1,535,309
Fidelity Securities Lending Cash Central Fund, 4.81% (b)(c)	39,100		39,100
TOTAL MONEY MARKET FUNDS (Cost $1,574,409)		1,574,409

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $54,727,530)

60,238,400

NET OTHER ASSETS - (0.7)%			(396,046)
NET ASSETS - 100%		$ 59,842,354

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the fund from the affiliated Central funds is as follows:

Fund		Income earned
Fidelity Cash Central Fund		$ 23,703
Fidelity Securities Lending Cash Central Fund		585
Total		$ 24,288

Income Tax Information

At March 31, 2006, the aggregate cost of investment securities for income tax purposes was $54,879,106. Net unrealized appreciation aggregated $5,359,294, of which $6,226,615 related to appreciated investment securities and $867,321 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Variable Insurance Products Fund IV

By:	/s/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	May 19, 2006

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

By:	/s/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	May 19, 2006

By:	/s/Paul M. Murphy
	Paul M. Murphy
	Chief Financial Officer

Date:	May 19, 2006