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, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Consumer Discretionary Portfolio

March 31, 2007

1.814645.102

VCI-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
AUTOMOBILES - 1.1%
Automobile Manufacturers - 1.1%
Renault SA	700		$ 81,865
Toyota Motor Corp. sponsored ADR	900		115,344
			197,209
COMPUTERS & PERIPHERALS - 1.0%
Computer Hardware - 1.0%
Hewlett-Packard Co.	4,600		184,644
DIVERSIFIED CONSUMER SERVICES - 1.6%
Specialized Consumer Services - 1.6%
Sotheby's Class A (ltd. vtg.)	6,200		275,776
DIVERSIFIED FINANCIAL SERVICES - 1.3%
Specialized Finance - 1.3%
Moody's Corp.	3,800		235,828
FOOD & STAPLES RETAILING - 1.1%
Food Retail - 1.0%
Tesco PLC	3,089		27,005
Tesco PLC Sponsored ADR	5,900		155,760
			182,765
Hypermarkets & Super Centers - 0.1%
Wal-Mart de Mexico SA de CV Series V	4,100		17,507
TOTAL FOOD & STAPLES RETAILING			200,272
HOTELS, RESTAURANTS & LEISURE - 14.5%
Casinos & Gaming - 6.2%
Ameristar Casinos, Inc.	4,400		141,284
Aristocrat Leisure Ltd.	3,452		45,805
Bally Technologies, Inc. (a)	7,200		169,776
Boyd Gaming Corp.	3,400		161,976
International Game Technology	4,900		197,862
Las Vegas Sands Corp. (a)	1,400		121,254
Penn National Gaming, Inc. (a)	3,600		152,712
Wynn Resorts Ltd.	1,000		94,860
			1,085,529
Hotels, Resorts & Cruise Lines - 4.6%
Accor SA	2,900		277,133
Hilton Hotels Corp.	6,700		240,932
Marriott International, Inc. Class A	5,100		249,696
Starwood Hotels & Resorts Worldwide, Inc.	700		45,395
			813,156
Restaurants - 3.7%
McDonald's Corp.	12,700		572,135
Tim Hortons, Inc.	1,754		53,357
Wendy's International, Inc.	800		25,040
			650,532
TOTAL HOTELS, RESTAURANTS & LEISURE			2,549,217

	Shares		Value
HOUSEHOLD DURABLES - 0.8%
Homebuilding - 0.3%
D.R. Horton, Inc.	2,200		$ 48,400
Household Appliances - 0.5%
Whirlpool Corp.	1,000		84,910
TOTAL HOUSEHOLD DURABLES			133,310
INTERNET & CATALOG RETAIL - 0.5%
Internet Retail - 0.5%
Blue Nile, Inc. (a)	2,100		85,386
INTERNET SOFTWARE & SERVICES - 1.0%
Internet Software & Services - 1.0%
Google, Inc. Class A (sub. vtg.) (a)	400		183,264
MEDIA - 24.4%
Advertising - 0.2%
National CineMedia, Inc.	1,600		42,720
Broadcasting & Cable TV - 7.4%
Clear Channel Communications, Inc.	5,800		203,232
Comcast Corp. Class A	32,900		853,755
Grupo Televisa SA de CV (CPO) sponsored ADR	6,600		196,680
Liberty Media Holding Corp. - Capital Series A (a)	400		44,236
			1,297,903
Movies & Entertainment - 12.4%
Live Nation, Inc. (a)	1,200		26,472
News Corp.:
Class A	46,441		1,073,716
Class B	1,700		41,599
Regal Entertainment Group Class A	100		1,987
The Walt Disney Co.	2,700		92,961
Time Warner, Inc.	44,200		871,624
Viacom, Inc. Class B (non-vtg.) (a)	1,400		57,554
Warner Music Group Corp.	500		8,530
			2,174,443
Publishing - 4.4%
McGraw-Hill Companies, Inc.	7,200		452,736
R.H. Donnelley Corp.	4,400		311,916
			764,652
TOTAL MEDIA			4,279,718
MULTILINE RETAIL - 20.0%
Department Stores - 16.2%
Federated Department Stores, Inc.	25,600		1,153,279
JCPenney Co., Inc.	6,100		501,176
Nordstrom, Inc.	8,400		444,696
Saks, Inc.	25,400		529,336
Sears Holdings Corp. (a)	1,200		216,192
			2,844,679
Common Stocks - continued
	Shares		Value
MULTILINE RETAIL - CONTINUED
Department Stores - continued
General Merchandise Stores - 3.8%
Family Dollar Stores, Inc.	4,400		$ 130,328
Target Corp.	9,000		533,340
			663,668
TOTAL MULTILINE RETAIL			3,508,347
PERSONAL PRODUCTS - 1.1%
Personal Products - 1.1%
Bare Escentuals, Inc.	5,200		186,524
SPECIALTY RETAIL - 18.8%
Apparel Retail - 9.6%
Abercrombie & Fitch Co. Class A	1,800		136,224
Aeropostale, Inc. (a)	2,400		96,552
American Eagle Outfitters, Inc.	5,850		175,442
Casual Male Retail Group, Inc. (a)	5,700		67,431
Gymboree Corp. (a)	1,100		44,077
Limited Brands, Inc.	10,700		278,842
Ross Stores, Inc.	5,800		199,520
TJX Companies, Inc.	10,000		269,600
Urban Outfitters, Inc. (a)	9,100		241,241
Zumiez, Inc. (a)	4,200		168,504
			1,677,433
Computer & Electronics Retail - 2.6%
Best Buy Co., Inc.	3,150		153,468
RadioShack Corp.	11,400		308,142
			461,610
Home Improvement Retail - 1.4%
Home Depot, Inc.	4,300		157,982
Lowe's Companies, Inc.	2,700		85,023
			243,005
Specialty Stores - 5.2%
OfficeMax, Inc.	2,500		131,850
PETsMART, Inc.	2,500		82,400
Staples, Inc.	17,150		443,156
Tiffany & Co., Inc.	5,600		254,688
			912,094
TOTAL SPECIALTY RETAIL			3,294,142

	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS - 11.6%
Apparel, Accessories & Luxury Goods - 6.4%
Coach, Inc. (a)	8,400		$ 420,420
Luxottica Group Spa	2,900		92,365
Phillips-Van Heusen Corp.	3,100		182,280
Polo Ralph Lauren Corp. Class A	4,900		431,935
			1,127,000
Footwear - 5.2%
Crocs, Inc.	4,300		203,175
Deckers Outdoor Corp. (a)	5,300		376,406
Iconix Brand Group, Inc. (a)	7,200		146,880
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	5,362		180,002
			906,463
TOTAL TEXTILES, APPAREL & LUXURY GOODS			2,033,463
TOTAL COMMON STOCKS (Cost $15,146,815)		17,347,100
Money Market Funds - 1.2%

Fidelity Cash Central Fund, 5.41% (b) (Cost $208,315)	208,315		208,315

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $15,355,130)

17,555,415

NET OTHER ASSETS - 0.0%			306
NET ASSETS - 100%		$ 17,555,721

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 investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 2,461

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $15,397,669. Net unrealized appreciation aggregated $2,157,746, of which $2,358,550 related to appreciated investment securities and $200,804 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 the Fidelity 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.

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:
Energy Portfolio

March 31, 2007

1.814635.102

VNR-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
CONSTRUCTION & ENGINEERING - 0.9%
Construction & Engineering - 0.9%
Chicago Bridge & Iron Co. NV (NY Shares)	10,000		$ 307,500
Fluor Corp.	8,200		735,704
Jacobs Engineering Group, Inc. (a)	52,600		2,453,790
			3,496,994
ELECTRICAL EQUIPMENT - 1.8%
Electrical Components & Equipment - 0.0%
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	4,700		162,667
Heavy Electrical Equipment - 1.8%
Suzlon Energy Ltd.	34,861		803,205
Vestas Wind Systems AS (a)	106,200		5,949,820
			6,753,025
TOTAL ELECTRICAL EQUIPMENT			6,915,692
ENERGY EQUIPMENT & SERVICES - 30.6%
Oil & Gas Drilling - 12.0%
Diamond Offshore Drilling, Inc.	103,200		8,354,040
GlobalSantaFe Corp.	174,100		10,738,488
Noble Corp.	150,530		11,843,700
Pride International, Inc. (a)	213,200		6,417,320
Transocean, Inc. (a)	108,300		8,848,110
			46,201,658
Oil & Gas Equipment & Services - 18.6%
Baker Hughes, Inc.	80,880		5,348,594
Cameron International Corp. (a)	31,200		1,959,048
Grant Prideco, Inc. (a)	20,000		996,800
Halliburton Co. (d)	167,100		5,303,754
Hanover Compressor Co. (a)	47,200		1,050,200
National Oilwell Varco, Inc. (a)	194,139		15,102,073
Oceaneering International, Inc. (a)	32,900		1,385,748
Schlumberger Ltd. (NY Shares)	339,020		23,426,282
Smith International, Inc.	153,680		7,384,324
Superior Energy Services, Inc. (a)	102,400		3,529,728
Universal Compression Holdings, Inc. (a)	15,600		1,055,808
W-H Energy Services, Inc. (a)	35,400		1,654,596
Weatherford International Ltd. (a)	70,300		3,170,530
			71,367,485
TOTAL ENERGY EQUIPMENT & SERVICES			117,569,143

	Shares		Value
OIL, GAS & CONSUMABLE FUELS - 65.8%
Coal & Consumable Fuels - 2.4%
Arch Coal, Inc.	54,450		$ 1,671,071
CONSOL Energy, Inc.	98,600		3,858,218
Foundation Coal Holdings, Inc.	12,000		412,080
Peabody Energy Corp.	85,500		3,440,520
			9,381,889
Integrated Oil & Gas - 25.4%
Chevron Corp.	201,180		14,879,273
ConocoPhillips	362,075		24,747,826
Exxon Mobil Corp.	503,081		37,957,459
Hess Corp.	70,100		3,888,447
Marathon Oil Corp.	45,900		4,536,297
Occidental Petroleum Corp.	135,500		6,681,505
Petroleo Brasileiro SA Petrobras sponsored ADR	28,400		2,826,084
Suncor Energy, Inc.	24,900		1,894,647
			97,411,538
Oil & Gas Exploration & Production - 25.5%
Aurora Oil & Gas Corp. (a)	163,307		426,231
Cabot Oil & Gas Corp.	171,359		11,535,888
Canadian Natural Resources Ltd.	17,200		949,721
Chesapeake Energy Corp.	304,300		9,396,784
EOG Resources, Inc.	163,300		11,649,822
Forest Oil Corp. (a)	12,100		403,777
Goodrich Petroleum Corp.	6,300		211,869
Mariner Energy, Inc. (a)	25,916		495,773
Newfield Exploration Co. (a)	25,400		1,059,434
Noble Energy, Inc.	41,000		2,445,650
Petrohawk Energy Corp. (a)	163,600		2,154,612
Plains Exploration & Production Co. (a)	163,700		7,389,418
Quicksilver Resources, Inc. (a)	126,250		5,020,963
Range Resources Corp.	452,200		15,103,480
Talisman Energy, Inc.	80,500		1,412,611
Ultra Petroleum Corp. (a)	260,500		13,840,365
W&T Offshore, Inc.	58,500		1,692,405
Western Oil Sands, Inc. Class A (a)	36,800		1,086,900
XTO Energy, Inc.	214,800		11,773,188
			98,048,891
Oil & Gas Refining & Marketing - 10.4%
Petroplus Holdings AG	5,140		365,814
Sunoco, Inc.	63,500		4,472,940
Tesoro Corp.	26,400		2,651,352
Valero Energy Corp.	495,224		31,936,996
Western Refining, Inc.	10,900		425,318
			39,852,420
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Storage & Transport - 2.1%
Williams Companies, Inc.	276,599		$ 7,872,008
TOTAL OIL, GAS & CONSUMABLE FUELS			252,566,746
TOTAL COMMON STOCKS (Cost $292,888,319)		380,548,575
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 5.41% (b)	3,887,794		3,887,794
Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c)	6,491,050		6,491,050
TOTAL MONEY MARKET FUNDS (Cost $10,378,844)		10,378,844

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $303,267,163)

390,927,419

NET OTHER ASSETS - (1.8)%			(6,906,393)
NET ASSETS - 100%		$ 384,021,026

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 13,483
Fidelity Securities Lending Cash Central Fund	10,268
Total	$ 23,751

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $304,258,794. Net unrealized appreciation aggregated $86,668,625, of which $87,848,504 related to appreciated investment securities and $1,179,879 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Financial Services Portfolio

March 31, 2007

1.814647.102

VFS-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares		Value
CAPITAL MARKETS - 16.5%
Asset Management & Custody Banks - 6.1%
Affiliated Managers Group, Inc. (d)	2,600		$ 281,710
American Capital Strategies Ltd.	4,800		212,688
EFG International (a)	450		19,623
Fortress Investment Group LLC	9,600		275,328
Franklin Resources, Inc.	5,000		604,150
Investors Financial Services Corp.	10,000		581,500
Julius Baer Holding AG (Bearer)	2,160		294,659
KKR Private Equity Investors, LP	4,000		97,000
KKR Private Equity Investors, LP Restricted Depositary Units (e)	4,300		104,275
State Street Corp.	11,400		738,150
			3,209,083
Diversified Capital Markets - 1.1%
Credit Suisse Group sponsored ADR	3,700		265,771
UBS AG (NY Shares)	5,400		320,922
			586,693
Investment Banking & Brokerage - 9.3%
Charles Schwab Corp.	24,500		448,105
E*TRADE Financial Corp.	10,600		224,932
Goldman Sachs Group, Inc.	2,600		537,238
Lazard Ltd. Class A	10,300		516,854
MarketAxess Holdings, Inc. (a)	9,100		152,334
Merrill Lynch & Co., Inc.	19,000		1,551,730
Morgan Stanley	16,610		1,308,204
optionsXpress Holdings, Inc.	8,200		193,028
			4,932,425
TOTAL CAPITAL MARKETS			8,728,201
COMMERCIAL BANKS - 16.8%
Diversified Banks - 12.2%
Banco Bilbao Vizcaya Argentaria SA	17,500		429,625
ICICI Bank Ltd. sponsored ADR (d)	5,600		205,800
Kookmin Bank sponsored ADR (d)	1,200		108,180
Mizrahi Tefahot Bank Ltd.	8,700		64,340
U.S. Bancorp, Delaware	22,400		783,328
Unicredito Italiano Spa	56,600		538,695
Wachovia Corp.	37,797		2,080,725
Wells Fargo & Co.	64,900		2,234,507
			6,445,200
Regional Banks - 4.6%
Cathay General Bancorp	8,552		290,597
Center Financial Corp., California	7,900		156,183
Colonial Bancgroup, Inc.	11,400		282,150
Commerce Bancorp, Inc., New Jersey	4,600		153,548
Nara Bancorp, Inc.	5,100		89,301
PNC Financial Services Group, Inc.	12,700		914,019
SVB Financial Group (a)	7,000		340,130

	Shares		Value
Wintrust Financial Corp.	400		$ 17,844
Zions Bancorp	2,200		185,944
			2,429,716
TOTAL COMMERCIAL BANKS			8,874,916
CONSUMER FINANCE - 4.0%
Consumer Finance - 4.0%
American Express Co.	20,340		1,147,176
Capital One Financial Corp. (d)	8,100		611,226
Dollar Financial Corp. (a)	13,210		334,213
			2,092,615
DIVERSIFIED FINANCIAL SERVICES - 15.9%
Other Diversifed Financial Services - 15.0%
Bank of America Corp.	51,249		2,614,724
Citigroup, Inc.	51,330		2,635,282
JPMorgan Chase & Co.	54,938		2,657,900
			7,907,906
Specialized Finance - 0.9%
CBOT Holdings, Inc. Class A (a)	1,200		217,800
Chicago Mercantile Exchange Holdings, Inc. Class A	500		266,230
			484,030
TOTAL DIVERSIFIED FINANCIAL SERVICES			8,391,936
INSURANCE - 31.1%
Insurance Brokers - 1.3%
Hilb Rogal & Hobbs Co.	5,600		274,680
National Financial Partners Corp. (d)	6,900		323,679
Willis Group Holdings Ltd.	3,000		118,740
			717,099
Life & Health Insurance - 5.1%
AFLAC, Inc.	13,000		611,780
MetLife, Inc.	19,810		1,251,002
Prudential Financial, Inc.	9,300		839,418
			2,702,200
Multi-Line Insurance - 8.0%
American International Group, Inc.	48,610		3,267,563
Hartford Financial Services Group, Inc.	9,960		951,977
			4,219,540
Property & Casualty Insurance - 8.3%
ACE Ltd.	26,550		1,514,943
Allied World Assurance Co. Holdings Ltd.	3,600		153,900
Aspen Insurance Holdings Ltd.	14,500		380,045
Axis Capital Holdings Ltd.	12,000		406,320
MBIA, Inc.	7,060		462,359
The Travelers Companies, Inc.	24,000		1,242,480
XL Capital Ltd. Class A	3,300		230,868
			4,390,915
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Reinsurance - 8.4%
Endurance Specialty Holdings Ltd.	49,860		$ 1,781,996
Everest Re Group Ltd.	3,300		317,361
IPC Holdings Ltd.	10,400		300,040
Max Re Capital Ltd.	17,099		435,683
Montpelier Re Holdings Ltd.	5,200		90,168
PartnerRe Ltd.	2,100		143,934
Platinum Underwriters Holdings Ltd.	42,000		1,347,360
			4,416,542
TOTAL INSURANCE			16,446,296
REAL ESTATE INVESTMENT TRUSTS - 7.1%
Mortgage REITs - 0.3%
Annaly Capital Management, Inc.	8,900		137,772
Residential REITs - 2.4%
Equity Lifestyle Properties, Inc.	6,100		329,461
Equity Residential (SBI)	14,890		718,145
UDR, Inc.	8,100		248,022
			1,295,628
Retail REITs - 4.4%
CBL & Associates Properties, Inc.	2,900		130,036
Developers Diversified Realty Corp.	11,600		729,640
General Growth Properties, Inc.	16,400		1,058,948
Simon Property Group, Inc.	3,600		400,500
			2,319,124
TOTAL REAL ESTATE INVESTMENT TRUSTS			3,752,524
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.3%
Real Estate Management & Development - 1.3%
Mitsubishi Estate Co. Ltd.	21,000		686,843
THRIFTS & MORTGAGE FINANCE - 7.3%
Thrifts & Mortgage Finance - 7.3%
BankUnited Financial Corp. Class A	6,000		127,260
Countrywide Financial Corp.	21,302		716,599
Fannie Mae	24,350		1,329,023
Freddie Mac	14,600		868,554

	Shares		Value
Hudson City Bancorp, Inc.	29,079		$ 397,801
MGIC Investment Corp.	1,300		76,596
Radian Group, Inc.	1,500		82,320
Washington Mutual, Inc.	6,600		266,508
			3,864,661
TOTAL COMMON STOCKS (Cost $43,828,525)		52,837,992
Money Market Funds - 3.0%

Fidelity Cash Central Fund, 5.41% (b)	161,714		161,714
Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c)	1,398,550		1,398,550
TOTAL MONEY MARKET FUNDS (Cost $1,560,264)		1,560,264

TOTAL INVESTMENT PORTFOLIO - 103.0%

(Cost $45,388,789)

54,398,256

NET OTHER ASSETS - (3.0)%			(1,568,750)
NET ASSETS - 100%		$ 52,829,506

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 end of the period, the value of these securities amounted to $104,275 or 0.2% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,931
Fidelity Securities Lending Cash Central Fund	1,064
Total	$ 4,995

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $45,523,886. Net unrealized appreciation aggregated $8,874,370, of which $9,341,376 related to appreciated investment securities and $467,006 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2005 Portfolio

March 31, 2007

1.830285.101

VIPF2005-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 48.7%
	Shares		Value
Domestic Equity Funds - 39.0%
VIP Contrafund Portfolio Initial Class	15,230		$ 480,516
VIP Equity-Income Portfolio Initial Class	21,030		556,028
VIP Growth & Income Portfolio Initial Class	36,079		559,942
VIP Growth Portfolio Initial Class	15,417		557,628
VIP Mid Cap Portfolio Initial Class	6,261		202,357
VIP Value Portfolio Initial Class	34,594		482,590
VIP Value Strategies Portfolio Initial Class	15,876		203,843
TOTAL DOMESTIC EQUITY FUNDS			3,042,904
International Equity Funds - 9.7%
VIP Overseas Portfolio Initial Class	32,898		754,678
TOTAL EQUITY FUNDS (Cost $3,385,934)		3,797,582
Fixed-Income Funds - 39.8%

High Yield Fixed-Income Funds - 5.0%
VIP High Income Portfolio Initial Class	60,150		392,177
Investment Grade Fixed-Income Funds - 34.8%
VIP Investment Grade Bond Portfolio Initial Class	218,687		2,716,097
TOTAL FIXED-INCOME FUNDS (Cost $3,096,783)		3,108,274
Short-Term Funds - 11.5%

VIP Money Market Portfolio Initial Class (Cost $896,396)	896,396		896,396
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $7,379,113)		$ 7,802,252

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $7,379,231. Net unrealized appreciation aggregated $423,021, of which $445,870 related to appreciated investment securities and $22,849 related to depreciated investment securities.

Investment Valuation

Investments in the Underlying Funds are valued at their closing 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, which approximates value.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2010 Portfolio

March 31, 2007

1.830288.101

VIPF2010-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 50.0%
	Shares		Value
Domestic Equity Funds - 39.9%
VIP Contrafund Portfolio Initial Class	157,212		$ 4,960,037
VIP Equity-Income Portfolio Initial Class	217,530		5,751,488
VIP Growth & Income Portfolio Initial Class	372,814		5,786,077
VIP Growth Portfolio Initial Class	159,413		5,765,963
VIP Mid Cap Portfolio Initial Class	64,602		2,087,946
VIP Value Portfolio Initial Class	356,822		4,977,669
VIP Value Strategies Portfolio Initial Class	163,626		2,100,962
TOTAL DOMESTIC EQUITY FUNDS			31,430,142
International Equity Funds - 10.1%
VIP Overseas Portfolio Initial Class	347,942		7,981,794
TOTAL EQUITY FUNDS (Cost $37,394,556)		39,411,936
Fixed-Income Funds - 40.2%

High Yield Fixed-Income Funds - 5.1%
VIP High Income Portfolio Initial Class	609,596		3,974,567
Investment Grade Fixed-Income Funds - 35.1%
VIP Investment Grade Bond Portfolio Initial Class	2,228,665		27,680,017
TOTAL FIXED-INCOME FUNDS (Cost $31,668,413)		31,654,584
Short-Term Funds - 9.8%

VIP Money Market Portfolio Initial Class (Cost $7,743,809)	7,743,809		7,743,809
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $76,806,778)		$ 78,810,329

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $76,809,364. Net unrealized appreciation aggregated $2,000,965, of which $2,435,325 related to appreciated investment securities and $434,360 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2015 Portfolio

March 31, 2007

1.830292.101

VIPF2015-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 57.0%
	Shares		Value
Domestic Equity Funds - 45.4%
VIP Contrafund Portfolio Initial Class	92,905		$ 2,931,141
VIP Equity-Income Portfolio Initial Class	128,420		3,395,419
VIP Growth & Income Portfolio Initial Class	220,210		3,417,659
VIP Growth Portfolio Initial Class	94,139		3,405,005
VIP Mid Cap Portfolio Initial Class	38,099		1,231,372
VIP Value Portfolio Initial Class	210,972		2,943,060
VIP Value Strategies Portfolio Initial Class	96,556		1,239,775
TOTAL DOMESTIC EQUITY FUNDS			18,563,431
International Equity Funds - 11.6%
VIP Overseas Portfolio Initial Class	207,189		4,752,923
TOTAL EQUITY FUNDS (Cost $21,860,888)		23,316,354
Fixed-Income Funds - 37.6%

High Yield Fixed-Income Funds - 6.2%
VIP High Income Portfolio Initial Class	385,282		2,512,037
Investment Grade Fixed-Income Funds - 31.4%
VIP Investment Grade Bond Portfolio Initial Class	1,034,069		12,843,136
TOTAL FIXED-INCOME FUNDS (Cost $15,399,151)		15,355,173
Short-Term Funds - 5.4%

VIP Money Market Portfolio Initial Class (Cost $2,226,264)	2,226,264		2,226,264
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $39,486,303)		$ 40,897,791

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $39,486,695. Net unrealized appreciation aggregated $1,411,096, of which $1,678,975 related to appreciated investment securities and $267,879 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2020 Portfolio

March 31, 2007

1.830298.101

VIPF2020-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 68.2%
	Shares		Value
Domestic Equity Funds - 54.3%
VIP Contrafund Portfolio Initial Class	279,782		$ 8,827,122
VIP Equity-Income Portfolio Initial Class	386,745		10,225,538
VIP Growth & Income Portfolio Initial Class	663,009		10,289,901
VIP Growth Portfolio Initial Class	283,460		10,252,750
VIP Mid Cap Portfolio Initial Class	114,754		3,708,843
VIP Value Portfolio Initial Class	635,103		8,859,683
VIP Value Strategies Portfolio Initial Class	290,770		3,733,481
TOTAL DOMESTIC EQUITY FUNDS			55,897,318
International Equity Funds - 13.9%
VIP Overseas Portfolio Initial Class	622,029		14,269,353
TOTAL EQUITY FUNDS (Cost $66,363,607)		70,166,671
Fixed-Income Funds - 31.5%

High Yield Fixed-Income Funds - 7.5%
VIP High Income Portfolio Initial Class	1,186,091		7,733,317
Investment Grade Fixed-Income Funds - 24.0%
VIP Investment Grade Bond Portfolio Initial Class	1,983,510		24,635,197
TOTAL FIXED-INCOME FUNDS (Cost $32,424,020)		32,368,514
Short-Term Funds - 0.3%

VIP Money Market Portfolio Initial Class (Cost $328,991)	328,991		328,991
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $99,116,618)		$ 102,864,176

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $99,117,048. Net unrealized appreciation aggregated $3,747,128, of which $4,407,008 related to appreciated investment securities and $659,880 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2025 Portfolio

March 31, 2007

1.830299.101

VIPF2025-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 71.2%
	Shares		Value
Domestic Equity Funds - 56.7%
VIP Contrafund Portfolio Initial Class	30,871		$ 973,990
VIP Equity-Income Portfolio Initial Class	42,657		1,127,859
VIP Growth & Income Portfolio Initial Class	73,146		1,135,233
VIP Growth Portfolio Initial Class	31,270		1,131,034
VIP Mid Cap Portfolio Initial Class	12,671		409,523
VIP Value Portfolio Initial Class	70,105		977,967
VIP Value Strategies Portfolio Initial Class	32,109		412,282
TOTAL DOMESTIC EQUITY FUNDS			6,167,888
International Equity Funds - 14.5%
VIP Overseas Portfolio Initial Class	68,808		1,578,462
TOTAL EQUITY FUNDS (Cost $7,096,551)		7,746,350
Fixed-Income Funds - 28.8%

High Yield Fixed-Income Funds - 7.6%
VIP High Income Portfolio Initial Class	126,171		822,638
Investment Grade Fixed-Income Funds - 21.2%
VIP Investment Grade Bond Portfolio Initial Class	185,878		2,308,602
TOTAL FIXED-INCOME FUNDS (Cost $3,125,963)		3,131,240
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $10,222,514)		$ 10,877,590

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $10,222,749. Net unrealized appreciation aggregated $654,841, of which $694,250 related to appreciated investment securities and $39,409 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom 2030 Portfolio

March 31, 2007

1.830294.101

VIPF2030-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 82.0%
	Shares		Value
Domestic Equity Funds - 65.3%
VIP Contrafund Portfolio Initial Class	136,736		$ 4,314,017
VIP Equity-Income Portfolio Initial Class	189,064		4,998,846
VIP Growth & Income Portfolio Initial Class	324,151		5,030,822
VIP Growth Portfolio Initial Class	138,575		5,012,275
VIP Mid Cap Portfolio Initial Class	56,137		1,814,359
VIP Value Portfolio Initial Class	310,477		4,331,157
VIP Value Strategies Portfolio Initial Class	142,261		1,826,636
TOTAL DOMESTIC EQUITY FUNDS			27,328,112
International Equity Funds - 16.7%
VIP Overseas Portfolio Initial Class	304,431		6,983,655
TOTAL EQUITY FUNDS (Cost $32,390,742)		34,311,767
Fixed-Income Funds - 18.0%

High Yield Fixed-Income Funds - 7.6%
VIP High Income Portfolio Initial Class	483,914		3,155,118
Investment Grade Fixed-Income Funds - 10.4%
VIP Investment Grade Bond Portfolio Initial Class	350,969		4,359,039
TOTAL FIXED-INCOME FUNDS (Cost $7,511,607)		7,514,157
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $39,902,349)		$ 41,825,924

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $39,902,583. Net unrealized appreciation aggregated $1,923,341, of which $2,209,023 related to appreciated investment securities and $285,682 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom Income Portfolio

March 31, 2007

1.830282.101

VIPFINC-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 19.7%
	Shares		Value
Domestic Equity Funds - 19.7%
VIP Contrafund Portfolio Initial Class	13,025		$ 410,934
VIP Equity-Income Portfolio Initial Class	18,011		476,205
VIP Growth & Income Portfolio Initial Class	30,875		479,183
VIP Growth Portfolio Initial Class	13,199		477,401
VIP Mid Cap Portfolio Initial Class	5,348		172,847
VIP Value Portfolio Initial Class	29,572		412,524
VIP Value Strategies Portfolio Initial Class	13,551		173,998
TOTAL EQUITY FUNDS (Cost $2,436,543)		2,603,092
Fixed-Income Funds - 40.2%

High Yield Fixed-Income Funds - 5.0%
VIP High Income Portfolio Initial Class	101,334		660,698
Investment Grade Fixed-Income Funds - 35.2%
VIP Investment Grade Bond Portfolio Initial Class	373,061		4,633,413
TOTAL FIXED-INCOME FUNDS (Cost $5,316,910)		5,294,111
Short-Term Funds - 40.1%

VIP Money Market Portfolio Initial Class (Cost $5,279,350)	5,279,350		5,279,350
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $13,032,803)		$ 13,176,553

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $13,033,182. Net unrealized appreciation aggregated $143,371, of which $212,316 related to appreciated investment securities and $68,945 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom Lifetime Income I Portfolio

March 31, 2007

1.830289.101

VIPFLI-I-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 44.7%
	Shares		Value
Domestic Equity Funds - 35.7%
VIP Contrafund Portfolio Investor Class	19,192		$ 604,176
VIP Equity-Income Portfolio Investor Class	26,526		700,013
VIP Growth & Income Portfolio Investor Class	45,494		704,249
VIP Growth Portfolio Investor Class	19,443		701,492
VIP Mid Cap Portfolio Investor Class	7,876		253,931
VIP Value Portfolio Investor Class	43,525		606,306
VIP Value Strategies Portfolio Investor Class	19,977		255,703
TOTAL DOMESTIC EQUITY FUNDS			3,825,870
International Equity Funds - 9.0%
VIP Overseas Portfolio Investor Class R	41,850		957,935
TOTAL EQUITY FUNDS (Cost $4,567,830)		4,783,805
Fixed-Income Funds - 44.2%

High Yield Fixed-Income Funds - 5.0%
VIP High Income Portfolio Investor Class	83,056		539,862
Investment Grade Fixed-Income Funds - 39.2%
VIP Investment Grade Bond Portfolio Investor Class	338,499		4,194,006
TOTAL FIXED-INCOME FUNDS (Cost $4,738,255)		4,733,868
Short-Term Funds - 11.1%

VIP Money Market Portfolio Investor Class (Cost $1,192,752)	1,192,752		1,192,752
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $10,498,837)		$ 10,710,425

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $10,498,869. Net unrealized appreciation aggregated $211,556, of which $262,264 related to appreciated investment securities and $50,708 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Freedom Lifetime Income II Portfolio

March 31, 2007

1.830295.101

VIPFLI-II-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 61.5%
	Shares		Value
Domestic Equity Funds - 48.9%
VIP Contrafund Portfolio Investor Class	43,998		$ 1,385,051
VIP Equity-Income Portfolio Investor Class	60,821		1,605,058
VIP Growth & Income Portfolio Investor Class	104,339		1,615,163
VIP Growth Portfolio Investor Class	44,580		1,608,452
VIP Mid Cap Portfolio Investor Class	18,087		583,118
VIP Value Portfolio Investor Class	99,809		1,390,334
VIP Value Strategies Portfolio Investor Class	45,880		587,264
TOTAL DOMESTIC EQUITY FUNDS			8,774,440
International Equity Funds - 12.6%
VIP Overseas Portfolio Investor Class R	98,184		2,247,433
TOTAL EQUITY FUNDS (Cost $10,626,790)		11,021,873
Fixed-Income Funds - 36.0%

High Yield Fixed-Income Funds - 7.0%
VIP High Income Portfolio Investor Class	193,260		1,256,193
Investment Grade Fixed-Income Funds - 29.0%
VIP Investment Grade Bond Portfolio Investor Class	419,879		5,202,301
TOTAL FIXED-INCOME FUNDS (Cost $6,432,540)		6,458,494
Short-Term Funds - 2.5%

VIP Money Market Portfolio Investor Class (Cost $455,855)	455,855		455,855
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $17,515,185)		$ 17,936,222

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $17,515,350. Net unrealized appreciation aggregated $420,872, of which $557,543 related to appreciated investment securities and $136,671 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, 2007

1.830300.101

VIPFLI-III-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 76.5%
	Shares		Value
Domestic Equity Funds - 60.9%
VIP Contrafund Portfolio Investor Class	29,029		$ 913,833
VIP Equity-Income Portfolio Investor Class	40,156		1,059,704
VIP Growth & Income Portfolio Investor Class	68,895		1,066,487
VIP Growth Portfolio Investor Class	29,431		1,061,887
VIP Mid Cap Portfolio Investor Class	11,922		384,353
VIP Value Portfolio Investor Class	65,863		917,468
VIP Value Strategies Portfolio Investor Class	30,245		387,136
TOTAL DOMESTIC EQUITY FUNDS			5,790,868
International Equity Funds - 15.6%
VIP Overseas Portfolio Investor Class R	65,032		1,488,580
TOTAL EQUITY FUNDS (Cost $6,882,849)		7,279,448
Fixed-Income Funds - 23.5%

High Yield Fixed-Income Funds - 7.6%
VIP High Income Portfolio Investor Class	110,809		720,258
Investment Grade Fixed-Income Funds - 15.9%
VIP Investment Grade Bond Portfolio Investor Class	122,010		1,511,703
TOTAL FIXED-INCOME FUNDS (Cost $2,216,286)		2,231,961
Short-Term Funds - 0.0%

VIP Money Market Portfolio Investor Class (Cost $1,923)	1,923		1,923
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $9,101,058)		$ 9,513,332

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $9,101,162. Net unrealized appreciation aggregated $412,170, of which $448,336 related to appreciated investment securities and $36,166 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:
FundsManager 20% Portfolio

March 31, 2007

1.847118.100

VF20-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 20.7%
	Shares		Value
Domestic Equity Funds - 18.4%
Fidelity Aggressive Growth Fund	40,395		$ 802,254
Fidelity Contrafund	687		44,959
Fidelity Dividend Growth Fund	26,275		834,490
Fidelity Growth Company Fund (a)	642		44,641
Fidelity Large Cap Stock Fund	5,032		89,411
Fidelity Mid-Cap Stock Fund	2,941		91,339
Fidelity Real Estate Investment Portfolio	8,527		321,399
Fidelity Small Cap Independence Fund	16,310		360,120
Fidelity Small Cap Stock Fund	17,944		355,300
Fidelity Small Cap Value Fund	314		4,537
Fidelity Value Fund	4,273		360,873
Fidelity Value Strategies Fund Retail Class	49,520		1,682,196
Spartan Extended Market Index Fund Investor Class	25,172		1,008,885
Spartan Total Market Index Fund Investor Class	29,320		1,176,616
VIP Growth Opportunities Portfolio Investor Class	65,199		1,237,468
TOTAL DOMESTIC EQUITY FUNDS			8,414,488
International Equity Funds - 2.3%
Fidelity International Real Estate Fund	6,585		114,187
Fidelity International Small Cap Opportunities Fund Retail Class (a)	1,351		22,831
Fidelity Overseas Fund	99		4,584
Spartan International Index Fund Investor Class	19,298		887,125
TOTAL INTERNATIONAL EQUITY FUNDS			1,028,727
TOTAL EQUITY FUNDS (Cost $9,262,044)		9,443,215
Fixed-Income Funds - 50.9%

Fixed-Income Funds - 50.9%
Fidelity Capital & Income Fund	183,344		1,657,425
Fidelity Floating Rate High Income Fund Retail Class	229,711		2,287,922
Fidelity High Income Fund	170,169		1,551,943
Fidelity New Markets Income Fund	92,578		1,379,410
Fidelity U.S. Bond Index Fund	1,501,024		16,361,162
TOTAL FIXED-INCOME FUNDS (Cost $23,071,458)		23,237,862
Money Market Funds - 28.4%

Fidelity Institutional Prime Money Market Portfolio Class I (Cost $12,997,420)	12,997,420		12,997,420
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $45,330,922)		$ 45,678,497

Legend

(a) Non-income producing

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $45,332,074. Net unrealized appreciation aggregated $346,423, of which $397,493 related to appreciated investment securities and $51,070 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
FundsManager 50% Portfolio

March 31, 2007

1.847119.100

VF50-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 51.4%
	Shares		Value
Domestic Equity Funds - 45.7%
Fidelity Aggressive Growth Fund	399,164		$ 7,927,393
Fidelity Contrafund	3,101		203,019
Fidelity Dividend Growth Fund	446,921		14,194,203
Fidelity Equity-Income Fund	119,352		6,949,852
Fidelity Growth Company Fund (a)	2,899		201,535
Fidelity Large Cap Stock Fund	537,494		9,551,264
Fidelity Mid-Cap Stock Fund	6,656		206,721
Fidelity Nasdaq Composite Index Fund	89,745		2,919,396
Fidelity Real Estate Investment Portfolio	63,914		2,408,900
Fidelity Small Cap Independence Fund	71,928		1,588,170
Fidelity Small Cap Stock Fund	19,771		391,475
Fidelity Structured Large Capital Value Fund	194,371		2,933,051
Fidelity Value Fund	127,791		10,791,927
Fidelity Value Strategies Fund	424,955		14,435,721
Spartan Extended Market Index Fund Investor Class	40,312		1,615,689
Spartan Total Market Index Fund Investor Class	258,287		10,365,041
Spartan U.S. Equity Index Fund Investor Class	36,459		1,840,794
VIP Growth Opportunities Portfolio Investor Class	289,344		5,491,758
TOTAL DOMESTIC EQUITY FUNDS			94,015,909
International Equity Funds - 5.7%
Fidelity International Real Estate Fund	89,197		1,546,680
Fidelity International Small Capital Opportunities Fund (a)	26,801		452,935
Fidelity Overseas Fund	446		20,701
Spartan International Index Fund Investor Class	214,362		9,854,225
TOTAL INTERNATIONAL EQUITY FUNDS			11,874,541
TOTAL EQUITY FUNDS (Cost $103,624,208)		105,890,450
Fixed-Income Funds - 39.8%

Fixed-Income Funds - 39.8%
Fidelity Capital & Income Fund	806,109		7,287,225
Fidelity Floating Rate High Income Fund Retail Class	416,992		4,153,239
Fidelity High Income Fund	797,540		7,273,567
Fidelity New Markets Income Fund	280,043		4,172,644
Fidelity U.S. Bond Index Fund	5,408,448		58,952,086
TOTAL FIXED-INCOME FUNDS (Cost $80,936,717)		81,838,761
Money Market Funds - 8.8%
	Shares		Value
Fidelity Institutional Prime Money Market Portfolio Class I (Cost $18,066,113)	18,066,113		$ 18,066,113
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $202,627,038)		$ 205,795,324

Legend

(a) Non-income producing

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $202,628,765. Net unrealized appreciation aggregated $3,166,559, of which $3,750,741 related to appreciated investment securities and $584,182 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
FundsManager 70% Portfolio

March 31, 2007

1.847120.100

VF70-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 72.2%
	Shares		Value
Domestic Equity Funds - 61.1%
Fidelity Aggressive Growth Fund	609,147		$ 12,097,669
Fidelity Contrafund	3,942		258,093
Fidelity Dividend Growth Fund	730,405		23,197,677
Fidelity Equity-Income Fund	273,382		15,919,025
Fidelity Growth Company Fund (a)	3,686		256,248
Fidelity Large Cap Stock Fund	785,918		13,965,772
Fidelity Mid Cap Value Fund	75,360		1,315,032
Fidelity Mid-Cap Stock Fund	10,994		341,486
Fidelity Nasdaq Composite Index Fund	191,227		6,220,619
Fidelity Real Estate Investment Portfolio	130,126		4,904,446
Fidelity Small Cap Independence Fund	68,844		1,520,085
Fidelity Small Cap Stock Fund	15,869		314,210
Fidelity Structured Large Capital Value Fund	399,089		6,022,254
Fidelity Value Fund	229,047		19,343,013
Fidelity Value Strategies Fund Retail Class	694,339		23,586,696
Spartan Total Market Index Fund Investor Class	396,463		15,910,053
Spartan U.S. Equity Index Fund Investor Class	138,036		6,969,435
VIP Growth Opportunities Portfolio Investor Class	367,760		6,980,078
TOTAL DOMESTIC EQUITY FUNDS			159,121,891
International Equity Funds - 11.1%
Fidelity Emerging Markets Fund	211,400		5,344,201
Fidelity International Discovery Fund Retail Class	668		26,151
Fidelity International Real Estate Fund	151,156		2,621,040
Fidelity International Small Cap Opportunities Fund Retail Class (a)	332,990		5,627,527
Fidelity Overseas Fund	3,970		184,182
Spartan International Index Fund Investor Class	330,118		15,175,537
TOTAL INTERNATIONAL EQUITY FUNDS			28,978,638
TOTAL EQUITY FUNDS (Cost $183,169,002)		188,100,529
Fixed-Income Funds - 24.5%

Fixed-Income Funds - 24.5%
Fidelity Capital & Income Fund	877,600		7,933,503
Fidelity Floating Rate High Income Fund Retail Class	529,639		5,275,200
Fidelity High Income Fund	868,331		7,919,183
Fidelity New Markets Income Fund	355,690		5,299,775
Fidelity U.S. Bond Index Fund	3,423,445		37,315,545
TOTAL FIXED-INCOME FUNDS (Cost $63,077,522)		63,743,206
Money Market Funds - 3.3%
	Shares		Value
Fidelity Institutional Prime Money Market Portfolio Class I (Cost $8,703,958)	8,703,958		$ 8,703,958
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $254,950,482)		$ 260,547,693

Legend

(a) Non-income producing

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $254,951,004. Net unrealized appreciation aggregated $5,596,689, of which $6,714,193 related to appreciated investment securities and $1,117,504 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:
FundsManager 85% Portfolio

March 31, 2007

1.847121.100

VF85-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 87.8%
	Shares		Value
Domestic Equity Funds - 71.6%
Fidelity Aggressive Growth Fund	206,937		$ 4,109,760
Fidelity Contrafund	1,608		105,251
Fidelity Dividend Growth Fund	330,919		10,509,991
Fidelity Equity-Income Fund	141,600		8,245,382
Fidelity Export and Multinational Fund	26,868		632,745
Fidelity Growth Company Fund (a)	1,503		104,489
Fidelity Large Cap Stock Fund	364,050		6,469,167
Fidelity Mid Cap Value Fund	41,809		729,565
Fidelity Mid-Cap Stock Fund	5,520		171,444
Fidelity Nasdaq Composite Index Fund	112,629		3,663,815
Fidelity Real Estate Investment Portfolio	79,561		2,998,651
Fidelity Small Cap Independence Fund	39,707		876,728
Fidelity Small Cap Stock Fund	6,473		128,173
Fidelity Small Cap Value Fund	1,473		21,268
Fidelity Structured Large Capital Value Fund	171,934		2,594,487
Fidelity Value Fund	112,193		9,474,731
Fidelity Value Strategies Fund Retail Class	314,684		10,689,828
Spartan Total Market Index Fund Investor Class	177,395		7,118,852
Spartan U.S. Equity Index Fund Investor Class	86,611		4,372,965
VIP Growth Opportunities Portfolio Investor Class	148,869		2,825,538
TOTAL DOMESTIC EQUITY FUNDS			75,842,830
International Equity Funds - 16.2%
Fidelity Emerging Markets Fund	86,273		2,180,987
Fidelity International Discovery Fund Retail Class	107,990		4,224,573
Fidelity International Real Estate Fund	61,686		1,069,642
Fidelity International Small Capital Opportunities Fund Retail Class (a)	179,434		3,032,442
Fidelity Overseas Fund	12,263		568,887
Spartan International Index Fund Investor Class	131,879		6,062,463
TOTAL INTERNATIONAL EQUITY FUNDS			17,138,994
TOTAL EQUITY FUNDS (Cost $90,256,707)		92,981,824
Fixed-Income Funds - 12.2%

Fixed-Income Funds - 12.2%
Fidelity Capital & Income Fund	178,912		1,617,361
Fidelity High Income Fund	177,140		1,615,521
Fidelity New Markets Income Fund	145,072		2,161,578
Fidelity U.S. Bond Index Fund	691,670		7,539,206
TOTAL FIXED-INCOME FUNDS (Cost $12,791,104)		12,933,666
Cash Equivalents - 0.0%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 5.14%, dated 3/30/07 due 4/2/07 (Collateralized by U.S. Treasury Obligations) # (Cost $33,000)	$ 33,014		$ 33,000
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $103,080,811)		$ 105,948,490

Legend

(a) Non-income producing

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$33,000 due 4/02/07 at 5.14%
BNP Paribas Securities Corp.	$ 22,792
Bear Stearns & Co., Inc.	4,998
HSBC Securities (USA), Inc.	212
Merrill Lynch Government Securities, Inc.	4,998
	$ 33,000

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $103,081,527. Net unrealized appreciation aggregated $2,866,963, of which $3,404,874 related to appreciated investment securities and $537,911 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Growth Stock Portfolio

March 31, 2007

1.799868.103

VIPGR-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
CONSUMER DISCRETIONARY - 6.0%
Hotels, Restaurants & Leisure - 0.6%
Starbucks Corp. (a)	3,000		$ 94,080
Media - 2.0%
McGraw-Hill Companies, Inc.	1,100		69,168
News Corp. Class B	3,700		90,539
TiVo, Inc. (a)(c)	19,800		125,730
			285,437
Specialty Retail - 3.4%
Best Buy Co., Inc.	3,850		187,572
Home Depot, Inc.	4,000		146,960
Staples, Inc.	6,400		165,376
			499,908
TOTAL CONSUMER DISCRETIONARY			879,425
CONSUMER STAPLES - 10.4%
Beverages - 1.5%
PepsiCo, Inc.	3,400		216,104
Food & Staples Retailing - 1.8%
Walgreen Co.	5,800		266,162
Food Products - 1.3%
Bunge Ltd.	600		49,332
Cosan SA Industria E Comercio (a)	2,100		37,914
Global Bio-Chem Technology Group Co. Ltd.	112,000		28,668
Tyson Foods, Inc. Class A	4,100		79,581
			195,495
Household Products - 2.8%
Colgate-Palmolive Co.	4,400		293,876
Procter & Gamble Co.	1,900		120,004
			413,880
Personal Products - 3.0%
Avon Products, Inc.	11,600		432,216
TOTAL CONSUMER STAPLES			1,523,857
ENERGY - 5.4%
Energy Equipment & Services - 2.1%
National Oilwell Varco, Inc. (a)	1,903		148,034
Schlumberger Ltd. (NY Shares)	2,300		158,930
			306,964
Oil, Gas & Consumable Fuels - 3.3%
D1 Oils PLC (a)	8,500		29,774
Tesoro Corp.	900		90,387
Ultra Petroleum Corp. (a)	2,500		132,825
Valero Energy Corp.	3,600		232,164
			485,150
TOTAL ENERGY			792,114

	Shares		Value
FINANCIALS - 3.1%
Capital Markets - 0.7%
Fortress Investment Group LLC	2,200		$ 63,096
Harris & Harris Group, Inc. (a)(c)	2,600		33,592
			96,688
Commercial Banks - 0.4%
Mizuho Financial Group, Inc.	9		57,818
Consumer Finance - 0.8%
American Express Co.	2,200		124,080
Insurance - 1.2%
American International Group, Inc.	2,700		181,494
TOTAL FINANCIALS			460,080
HEALTH CARE - 17.6%
Biotechnology - 3.4%
Alexion Pharmaceuticals, Inc. (a)	800		34,592
Alkermes, Inc. (a)	600		9,264
Alnylam Pharmaceuticals, Inc. (a)	7,200		129,600
Amgen, Inc. (a)	600		33,528
Amylin Pharmaceuticals, Inc. (a)(c)	2,900		108,344
Genentech, Inc. (a)	900		73,908
Gilead Sciences, Inc. (a)	1,200		91,800
Telik, Inc. (a)(c)	3,700		20,091
			501,127
Health Care Equipment & Supplies - 1.7%
C.R. Bard, Inc.	1,200		95,412
Medtronic, Inc.	1,400		68,684
St. Jude Medical, Inc. (a)	2,200		82,742
			246,838
Health Care Providers & Services - 3.6%
Acibadem Saglik Hizmetleri AS	6,000		67,241
McKesson Corp.	4,300		251,722
UnitedHealth Group, Inc.	4,100		217,177
			536,140
Life Sciences Tools & Services - 0.4%
Ventana Medical Systems, Inc. (a)	1,300		54,470
Pharmaceuticals - 8.5%
Johnson & Johnson	5,600		337,456
Merck & Co., Inc.	1,800		79,506
Nastech Pharmaceutical Co., Inc. (a)(c)	60,300		650,637
Wyeth	3,500		175,105
			1,242,704
TOTAL HEALTH CARE			2,581,279
INDUSTRIALS - 8.2%
Aerospace & Defense - 1.0%
Honeywell International, Inc.	3,300		151,998
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 1.2%
Fluor Corp.	1,400		$ 125,608
Jacobs Engineering Group, Inc. (a)	1,200		55,980
			181,588
Electrical Equipment - 3.4%
Energy Conversion Devices, Inc. (a)(c)	1,800		62,892
Evergreen Solar, Inc. (a)	7,100		69,225
Q-Cells AG	4,400		282,356
Vestas Wind Systems AS (a)	1,400		78,435
			492,908
Industrial Conglomerates - 2.1%
General Electric Co.	8,500		300,560
Machinery - 0.5%
Deere & Co.	700		76,048
TOTAL INDUSTRIALS			1,203,102
INFORMATION TECHNOLOGY - 43.5%
Communications Equipment - 7.1%
Ciena Corp. (a)	2,600		72,670
Cisco Systems, Inc. (a)	16,600		423,798
Harris Corp.	4,600		234,370
Juniper Networks, Inc. (a)	7,900		155,472
QUALCOMM, Inc.	3,500		149,310
			1,035,620
Computers & Peripherals - 10.0%
Apple, Inc. (a)	9,600		891,935
EMC Corp. (a)	15,700		217,445
Hewlett-Packard Co.	1,800		72,252
Intermec, Inc. (a)(c)	7,438		166,165
QLogic Corp. (a)	1,600		27,200
Sun Microsystems, Inc. (a)	13,900		83,539
			1,458,536
Electronic Equipment & Instruments - 4.5%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	10,000		67,090
Jabil Circuit, Inc.	23,100		494,571
Sunpower Corp. Class A (a)	2,200		100,100
			661,761
Internet Software & Services - 6.1%
Akamai Technologies, Inc. (a)(c)	2,500		124,800
aQuantive, Inc. (a)	2,900		80,939
Google, Inc. Class A (sub. vtg.) (a)	600		274,896
Omniture, Inc. (c)	3,000		54,690

	Shares		Value
ValueClick, Inc. (a)	10,000		$ 261,300
Yahoo!, Inc. (a)	3,000		93,870
			890,495
IT Services - 0.2%
Cognizant Technology Solutions Corp. Class A (a)	400		35,308
Semiconductors & Semiconductor Equipment - 8.2%
Cree, Inc. (a)	700		11,522
Cypress Semiconductor Corp. (a)(c)	14,100		261,555
Intel Corp.	5,600		107,128
Marvell Technology Group Ltd. (a)	11,500		193,315
National Semiconductor Corp.	3,200		77,248
Renewable Energy Corp. AS	10,450		236,379
Silicon Motion Technology Corp. sponsored ADR (a)	1,000		22,520
Teradyne, Inc. (a)	17,900		296,066
			1,205,733
Software - 7.4%
Autodesk, Inc. (a)	3,500		131,600
Business Objects SA sponsored ADR (a)	3,760		136,074
Cognos, Inc. (a)	1,900		74,841
Hyperion Solutions Corp. (a)	1,350		69,971
Intuit, Inc. (a)	1,200		32,832
Microsoft Corp.	8,600		239,682
Nintendo Co. Ltd.	400		116,269
Oracle Corp. (a)	8,700		157,731
Salesforce.com, Inc. (a)	700		29,974
Sourcefire, Inc.	5,600		98,728
			1,087,702
TOTAL INFORMATION TECHNOLOGY			6,375,155
MATERIALS - 0.4%
Chemicals - 0.4%
Potash Corp. of Saskatchewan, Inc.	400		63,972
TELECOMMUNICATION SERVICES - 3.0%
Diversified Telecommunication Services - 1.9%
AT&T, Inc.	4,000		157,720
Level 3 Communications, Inc. (a)	7,200		43,920
Verizon Communications, Inc.	1,900		72,048
			273,688
Wireless Telecommunication Services - 1.1%
American Tower Corp. Class A (a)	4,100		159,695
TOTAL TELECOMMUNICATION SERVICES			433,383
UTILITIES - 0.5%
Independent Power Producers & Energy Traders - 0.5%
NRG Energy, Inc.	1,000		72,040
TOTAL COMMON STOCKS (Cost $12,736,386)		14,384,407
Money Market Funds - 12.1%
	Shares		Value
Fidelity Cash Central Fund, 5.41% (b)	293,935		$ 293,935
Fidelity Securities Lending Cash Central Fund, 5.41% (b)(d)	1,483,185		1,483,185
TOTAL MONEY MARKET FUNDS (Cost $1,777,120)		1,777,120

TOTAL INVESTMENT PORTFOLIO - 110.2%

(Cost $14,513,506)

16,161,527

NET OTHER ASSETS - (10.2)%			(1,498,393)
NET ASSETS - 100%		$ 14,663,134

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,141
Fidelity Securities Lending Cash Central Fund	738
Total	$ 2,879

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $14,553,443. Net unrealized appreciation aggregated $1,608,084, of which $2,171,459 related to appreciated investment securities and $563,375 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Health Care Portfolio

March 31, 2007

1.814639.102

VHC-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.4%
	Shares		Value
BIOTECHNOLOGY - 14.1%
Biotechnology - 14.1%
3SBio, Inc. ADR	20,800		$ 229,216
Alexion Pharmaceuticals, Inc. (a)	800		34,592
Alnylam Pharmaceuticals, Inc. (a)	16,400		295,200
Amgen, Inc. (a)	54,896		3,067,588
Amylin Pharmaceuticals, Inc. (a)	19,400		724,784
Celgene Corp. (a)	30,500		1,600,030
CytRx Corp. (a)	19,500		91,455
deCODE genetics, Inc. (a)(d)	59,338		216,584
Genentech, Inc. (a)	17,514		1,438,250
Gilead Sciences, Inc. (a)	24,300		1,858,950
GTx, Inc. (a)	19,300		393,720
Human Genome Sciences, Inc. (a)	7,200		76,464
Isis Pharmaceuticals, Inc. (a)	7,100		65,817
MannKind Corp. (a)	4,500		64,350
Medarex, Inc. (a)	20,600		266,564
Omrix Biopharmaceuticals, Inc.	14,745		564,291
Transition Therapeutics, Inc. (a)	41,600		57,650
Trubion Pharmaceuticals, Inc.	7,002		137,869
Vertex Pharmaceuticals, Inc. (a)	8,500		238,340
			11,421,714
CAPITAL MARKETS - 0.3%
Asset Management & Custody Banks - 0.3%
Fortress Investment Group LLC	8,600		246,648
CHEMICALS - 1.5%
Diversified Chemicals - 0.3%
Bayer AG	4,400		281,468
Fertilizers & Agricultural Chemicals - 1.2%
Fertilizantes Fosfatados SA (PN)	8,600		199,806
Monsanto Co.	10,500		577,080
Potash Corp. of Saskatchewan, Inc.	1,000		159,930
			936,816
TOTAL CHEMICALS			1,218,284
COMMERCIAL SERVICES & SUPPLIES - 0.5%
Diversified Commercial & Professional Services - 0.5%
Healthcare Services Group, Inc.	12,491		357,867
DIVERSIFIED CONSUMER SERVICES - 0.5%
Specialized Consumer Services - 0.5%
Service Corp. International	14,500		171,970
Weight Watchers International, Inc.	5,500		253,495
			425,465
FOOD PRODUCTS - 2.0%
Agricultural Products - 0.8%
BioMar Holding AS	5,500		316,517
Nutreco Holding NV	4,100		306,974
			623,491

	Shares		Value
Packaged Foods & Meats - 1.2%
Cermaq ASA	12,600		$ 236,301
China Mengniu Dairy Co. Ltd.	58,000		165,905
Groupe Danone	1,000		163,368
Koninklijke Numico NV	4,100		211,458
Marine Harvest ASA (a)	205,000		240,792
			1,017,824
TOTAL FOOD PRODUCTS			1,641,315
HEALTH CARE EQUIPMENT & SUPPLIES - 17.5%
Health Care Equipment - 14.4%
Advanced Medical Optics, Inc. (a)(d)	10,700		398,040
ArthroCare Corp. (a)	8,371		301,691
Aspect Medical Systems, Inc. (a)	13,000		202,670
Baxter International, Inc.	31,020		1,633,823
Becton, Dickinson & Co.	27,100		2,083,719
C.R. Bard, Inc.	38,000		3,021,380
Cochlear Ltd.	4,600		240,879
Electro-Optical Sciences, Inc. (a)(e)	50,420		259,663
Electro-Optical Sciences, Inc. warrants 11/2/11 (a)(e)	7,563		17,604
Gen-Probe, Inc. (a)	16,600		781,528
Imaging Dynamics Co. Ltd. (a)	32,200		52,990
Intuitive Surgical, Inc. (a)	2,612		317,541
Kyphon, Inc. (a)	8,600		388,204
NeuroMetrix, Inc. (a)	7,900		76,709
Northstar Neuroscience, Inc.	21,600		276,480
Respironics, Inc. (a)	9,100		382,109
Sirona Dental Systems, Inc.	3,265		112,512
Stereotaxis, Inc. (a)(d)	26,764		318,492
The Spectranetics Corp. (a)	37,891		405,434
Thermogenesis Corp. (a)	123,649		450,082
			11,721,550
Health Care Supplies - 3.1%
Alcon, Inc.	1,900		250,458
Cooper Companies, Inc.	22,457		1,091,859
DJO, Inc. (a)	7,123		269,962
Inverness Medical Innovations, Inc. (a)	15,331		671,191
Merit Medical Systems, Inc. (a)	19,300		242,215
			2,525,685
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			14,247,235
HEALTH CARE PROVIDERS & SERVICES - 22.7%
Health Care Distributors & Services - 3.0%
Cardinal Health, Inc.	15,300		1,116,135
Henry Schein, Inc. (a)	5,500		303,490
McKesson Corp.	18,100		1,059,574
			2,479,199
Health Care Facilities - 6.5%
Brookdale Senior Living, Inc. (d)	86,500		3,863,090
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Health Care Facilities - continued
Bumrungrad Hospital PCL (For. Reg.)	138,200		$ 156,956
Capital Senior Living Corp. (a)	36,500		423,765
Community Health Systems, Inc. (a)	5,500		193,875
Emeritus Corp. (a)	6,700		226,125
Sun Healthcare Group, Inc. (a)	8,800		108,680
VCA Antech, Inc. (a)	7,780		282,492
			5,254,983
Health Care Services - 8.3%
Diagnosticos da America SA (a)	6,000		132,430
Emergency Medical Services Corp. Class A (a)	9,900		291,654
Express Scripts, Inc. (a)	5,000		403,600
HAPC, Inc. unit	29,700		180,576
Health Grades, Inc. (a)	33,237		208,728
Healthways, Inc. (a)(d)	86,787		4,057,292
HMS Holdings Corp. (a)	14,700		321,930
Medco Health Solutions, Inc. (a)	15,600		1,131,468
			6,727,678
Managed Health Care - 4.9%
Health Net, Inc. (a)	5,200		279,812
Humana, Inc. (a)	7,200		417,744
UnitedHealth Group, Inc.	50,970		2,699,881
WellPoint, Inc. (a)	7,700		624,470
			4,021,907
TOTAL HEALTH CARE PROVIDERS & SERVICES			18,483,767
HEALTH CARE TECHNOLOGY - 3.6%
Health Care Technology - 3.6%
Allscripts Healthcare Solutions, Inc. (a)(d)	4,800		128,688
Cerner Corp. (a)(d)	38,170		2,078,357
Eclipsys Corp. (a)	8,533		164,431
Vital Images, Inc. (a)	8,300		276,058
WebMD Health Corp. Class A (a)	5,222		274,834
			2,922,368
HOTELS, RESTAURANTS & LEISURE - 0.3%
Leisure Facilities - 0.3%
Life Time Fitness, Inc. (a)	4,200		215,922
LEISURE EQUIPMENT & PRODUCTS - 0.3%
Leisure Products - 0.3%
Cybex International, Inc. (a)	51,003		271,846

	Shares		Value
LIFE SCIENCES TOOLS & SERVICES - 4.5%
Life Sciences Tools & Services - 4.5%
Advanced Magnetics, Inc. (a)	9,693		$ 584,197
Affymetrix, Inc. (a)	9,300		279,651
Charles River Laboratories International, Inc. (a)	8,100		374,706
Covance, Inc. (a)	10,000		593,400
Exelixis, Inc. (a)	41,100		408,534
Illumina, Inc. (a)(d)	9,504		278,467
Millipore Corp. (a)(d)	6,800		492,796
Pharmaceutical Product Development, Inc.	7,400		249,306
QIAGEN NV (a)	21,400		367,652
			3,628,709
PERSONAL PRODUCTS - 0.2%
Personal Products - 0.2%
Hengan International Group Co. Ltd.	58,000		169,988
PHARMACEUTICALS - 31.9%
Pharmaceuticals - 31.9%
Adams Respiratory Therapeutics, Inc. (a)	11,495		386,577
Allergan, Inc.	30,850		3,418,797
Barr Pharmaceuticals, Inc. (a)	9,100		421,785
BioMimetic Therapeutics, Inc.	39,145		647,458
Cadence Pharmaceuticals, Inc.	17,619		260,761
Cipla Ltd.	17,416		94,878
Collagenex Pharmaceuticals, Inc. (a)	11,500		155,365
Elan Corp. PLC sponsored ADR (a)	9,300		123,597
Endo Pharmaceuticals Holdings, Inc. (a)	10,800		317,520
Inyx, Inc. (a)	224,400		572,220
Javelin Pharmaceuticals, Inc. (a)	24,680		146,352
Johnson & Johnson	151,219		9,112,457
Merck & Co., Inc.	105,180		4,645,801
Pfizer, Inc.	114,440		2,890,754
Schering-Plough Corp.	22,700		579,077
Wyeth	39,620		1,982,189
Xenoport, Inc. (a)	6,300		175,518
			25,931,106
SOFTWARE - 0.2%
Systems Software - 0.2%
Quality Systems, Inc.	4,452		178,080
TEXTILES, APPAREL & LUXURY GOODS - 0.3%
Apparel, Accessories & Luxury Goods - 0.3%
Under Armour, Inc. Class A (sub. vtg.) (a)	4,600		235,980
TOTAL COMMON STOCKS (Cost $68,845,989)		81,596,294
Money Market Funds - 10.2%
	Shares		Value
Fidelity Cash Central Fund, 5.41% (b)	640,623		$ 640,623
Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c)	7,702,550		7,702,550
TOTAL MONEY MARKET FUNDS (Cost $8,343,173)		8,343,173

TOTAL INVESTMENT PORTFOLIO - 110.6%

(Cost $77,189,162)

89,939,467

NET OTHER ASSETS - (10.6)%			(8,650,799)
NET ASSETS - 100%		$ 81,288,668

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 $277,267 or 0.3% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Electro-Optical Sciences, Inc.	11/1/06	$ 287,394
Electro-Optical Sciences, Inc. warrants 11/2/11	11/1/06	$ 1

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 7,936
Fidelity Securities Lending Cash Central Fund	10,247
Total	$ 18,183

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $77,458,187. Net unrealized appreciation aggregated $12,481,280, of which $14,353,751 related to appreciated investment securities and $1,872,471 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Industrials Portfolio

March 31, 2007

1.814650.102

VCY-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
AEROSPACE & DEFENSE - 18.5%
Aerospace & Defense - 18.5%
DRS Technologies, Inc.	5,800		$ 302,586
General Dynamics Corp.	16,200		1,237,680
Goodrich Corp.	7,800		401,544
Honeywell International, Inc.	74,800		3,445,288
Raytheon Co.	26,800		1,405,928
United Technologies Corp.	70,700		4,595,500
			11,388,526
AIR FREIGHT & LOGISTICS - 4.9%
Air Freight & Logistics - 4.9%
C.H. Robinson Worldwide, Inc.	12,900		615,975
Hub Group, Inc. Class A	5,038		146,052
United Parcel Service, Inc. Class B	28,600		2,004,860
UTI Worldwide, Inc.	8,852		217,582
			2,984,469
AIRLINES - 1.5%
Airlines - 1.5%
AirTran Holdings, Inc. (a)(d)	11,200		115,024
UAL Corp. (a)	10,900		416,053
US Airways Group, Inc. (a)	8,800		400,224
			931,301
AUTO COMPONENTS - 0.8%
Auto Parts & Equipment - 0.8%
Johnson Controls, Inc.	4,900		463,638
AUTOMOBILES - 0.7%
Automobile Manufacturers - 0.7%
Renault SA	3,700		432,712
BUILDING PRODUCTS - 1.8%
Building Products - 1.8%
Armstrong World Industries, Inc. (a)	6,800		345,780
Masco Corp.	27,120		743,088
			1,088,868
CHEMICALS - 1.8%
Industrial Gases - 1.2%
Airgas, Inc.	17,800		750,270
Specialty Chemicals - 0.6%
Minerals Technologies, Inc.	5,302		329,572
TOTAL CHEMICALS			1,079,842
COMMERCIAL SERVICES & SUPPLIES - 5.0%
Diversified Commercial & Professional Services - 2.5%
Cintas Corp.	15,900		573,990
The Brink's Co.	15,400		977,130
			1,551,120

	Shares		Value
Environmental & Facility Services - 2.5%
Allied Waste Industries, Inc.	50,000		$ 629,500
Waste Management, Inc.	26,700		918,747
			1,548,247
TOTAL COMMERCIAL SERVICES & SUPPLIES			3,099,367
COMMUNICATIONS EQUIPMENT - 0.5%
Communications Equipment - 0.5%
Harris Corp.	6,100		310,795
CONSTRUCTION & ENGINEERING - 5.6%
Construction & Engineering - 5.6%
Chicago Bridge & Iron Co. NV (NY Shares)	10,500		322,875
Fluor Corp.	9,100		816,452
Foster Wheeler Ltd. (a)	8,649		505,015
Granite Construction, Inc.	5,500		303,930
Jacobs Engineering Group, Inc. (a)	12,400		578,460
Shaw Group, Inc. (a)	29,600		925,592
			3,452,324
ELECTRICAL EQUIPMENT - 7.1%
Electrical Components & Equipment - 5.7%
AMETEK, Inc.	13,250		457,655
Cooper Industries Ltd. Class A	23,800		1,070,762
Emerson Electric Co.	45,300		1,951,977
			3,480,394
Heavy Electrical Equipment - 1.4%
ABB Ltd. sponsored ADR	51,400		883,052
TOTAL ELECTRICAL EQUIPMENT			4,363,446
HOUSEHOLD DURABLES - 1.1%
Home Furnishings - 0.6%
Leggett & Platt, Inc.	15,812		358,458
Household Appliances - 0.5%
Black & Decker Corp.	3,700		301,994
TOTAL HOUSEHOLD DURABLES			660,452
INDUSTRIAL CONGLOMERATES - 23.4%
Industrial Conglomerates - 23.4%
General Electric Co.	297,619		10,523,808
Textron, Inc.	9,000		808,200
Tyco International Ltd.	97,525		3,076,914
			14,408,922
MACHINERY - 12.0%
Construction & Farm Machinery & Heavy Trucks - 0.8%
Oshkosh Truck Co.	8,900		471,700
Industrial Machinery - 11.2%
Danaher Corp.	29,200		2,086,340
Dover Corp.	21,200		1,034,772
Flowserve Corp.	7,300		417,487
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Industrial Machinery - continued
IDEX Corp.	10,300		$ 524,064
Illinois Tool Works, Inc. (d)	31,200		1,609,920
ITT Corp.	10,800		651,456
SPX Corp.	8,500		596,700
			6,920,739
TOTAL MACHINERY			7,392,439
MARINE - 0.6%
Marine - 0.6%
Kirby Corp. (a)	10,800		377,784
METALS & MINING - 3.6%
Aluminum - 0.6%
Alcoa, Inc.	11,800		400,020
Steel - 3.0%
Arcelor Mittal	9,800		518,322
Carpenter Technology Corp.	4,000		483,040
Reliance Steel & Aluminum Co.	17,300		837,320
			1,838,682
TOTAL METALS & MINING			2,238,702
OIL, GAS & CONSUMABLE FUELS - 1.2%
Coal & Consumable Fuels - 1.2%
Massey Energy Co.	13,400		321,466
Peabody Energy Corp.	10,400		418,496
			739,962
ROAD & RAIL - 7.6%
Railroads - 4.7%
Burlington Northern Santa Fe Corp.	20,300		1,632,729
Union Pacific Corp.	12,200		1,238,910
			2,871,639
Trucking - 2.9%
Con-way, Inc.	7,900		393,736
Knight Transportation, Inc. (d)	12,600		224,532

	Shares		Value
Landstar System, Inc.	19,456		$ 891,863
Old Dominion Freight Lines, Inc. (a)	9,800		282,338
			1,792,469
TOTAL ROAD & RAIL			4,664,108
TRADING COMPANIES & DISTRIBUTORS - 1.2%
Trading Companies & Distributors - 1.2%
UAP Holding Corp.	13,000		336,050
WESCO International, Inc. (a)	6,500		408,070
			744,120
TOTAL COMMON STOCKS (Cost $55,492,051)		60,821,777
Money Market Funds - 3.1%

Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c) (Cost $1,892,725)	1,892,725		1,892,725

TOTAL INVESTMENT PORTFOLIO - 102.0%

(Cost $57,384,776)

62,714,502

NET OTHER ASSETS - (2.0)%			(1,252,633)
NET ASSETS - 100%		$ 61,461,869

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 7,009
Fidelity Securities Lending Cash Central Fund	1,369
Total	$ 8,378

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $57,452,650. Net unrealized appreciation aggregated $5,261,852, of which $5,977,592 related to appreciated investment securities and $715,740 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
International Capital Appreciation Portfolio

March 31, 2007

1.814640.102

VIPCAP-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 84.6%
	Shares		Value
Argentina - 3.3%
Cresud S.A.C.I.F. y A. sponsored ADR	37,262		$ 764,989
Inversiones y Representaciones SA sponsored GDR (a)	27,500		526,075
Pampa Holding SA (a)	573,189		445,788
Pampa Holding SA unit (a)(e)	1,800		34,998
TOTAL ARGENTINA			1,771,850
Brazil - 1.1%
BrasilAgro - Compania Brasileira de Propriedades Agricolas	1,000		605,034
Canada - 15.7%
Abitibi-Consolidated, Inc.	832,300		2,321,256
Absolut Resources Corp. (a)	111,000		47,109
Agricore United (ltd. vtg.)	3,700		52,878
Aquiline Resources, Inc. (a)	39,600		286,397
Aquiline Resources, Inc. (a)(e)	32,400		234,325
Canadian Natural Resources Ltd.	25,100		1,385,930
Catalyst Paper Corp. (a)	392,200		1,222,918
NuVista Energy Ltd. (a)	34,900		450,703
ProEx Energy Ltd. (a)	45,200		593,114
Saskatchewan Wheat Pool, Inc. (a)	37,300		268,794
Saskatchewan Wheat Pool, Inc. subscription receipt
12/31/99 (a)	3,700		26,439
12/31/99 (a)(e)	143,700		1,026,829
Suncor Energy, Inc.	8,000		608,722
TOTAL CANADA			8,525,414
Cayman Islands - 2.0%
GlobalSantaFe Corp.	17,600		1,085,568
Czech Republic - 2.0%
Philip Morris CR AS	2,350		1,080,511
France - 3.0%
Renault SA	13,896		1,625,127
Germany - 4.7%
E.ON AG	9,400		1,273,512
Lanxess AG (a)	24,200		1,246,504
TOTAL GERMANY			2,520,016
Italy - 3.3%
Fiat Spa (d)	70,500		1,778,380
Japan - 16.2%
Advantest Corp.	3,800		168,365
Aiful Corp.	9,050		280,340
Canon, Inc.	16,200		869,616
Credit Saison Co. Ltd.	3,300		108,203
Csk Holdings Corp.	4,100		171,406
Dowa Holdings Co. Ltd.	15,000		151,796
Eisai Co. Ltd.	3,100		148,575
Fanuc Ltd.	2,200		203,860
Fast Retailing Co. Ltd. (d)	2,000		154,733

	Shares		Value
Honda Motor Co. Ltd.	4,900		$ 170,863
Kao Corp.	6,000		175,435
Kose Corp.	29,100		859,442
Kubota Corp.	116,000		1,012,003
Kuraray Co. Ltd.	25,500		274,460
Kyocera Corp.	2,100		197,309
Marui Co. Ltd.	10,900		133,114
Millea Holdings, Inc.	19,163		706,219
Mitsubishi Corp.	8,000		184,697
Odakyu Electric Railway Co. Ltd.	24,000		175,203
SFCG Co. Ltd.	2,520		449,549
Shin-Etsu Chemical Co. Ltd.	2,600		158,206
Softbank Corp. (d)	5,500		140,881
Sony Corp. (d)	2,700		136,323
Sumitomo Realty & Development Co. Ltd.	3,800		143,539
Takeda Pharamaceutical Co. Ltd.	2,500		163,712
Takefuji Corp.	20,740		832,557
TDK Corp.	2,100		181,834
Tokyo Electron Ltd.	2,100		146,283
Toyota Motor Corp.	2,300		147,384
Toyota Tsusho Corp.	5,400		137,391
TOTAL JAPAN			8,783,298
Luxembourg - 1.9%
SES SA FDR unit	52,665		998,969
Netherlands - 8.3%
CNH Global NV	44,700		1,666,863
Koninklijke Philips Electronics NV	38,700		1,474,470
Nutreco Holding NV	18,000		1,347,689
TOTAL NETHERLANDS			4,489,022
Philippines - 1.2%
DMCI Holdings, Inc.	1,786,000		267,204
Semirara Mining Corp.	685,300		391,600
TOTAL PHILIPPINES			658,804
South Africa - 5.1%
Gold Fields Ltd.	18,000		332,640
Gold Fields Ltd. sponsored ADR	131,600		2,431,968
TOTAL SOUTH AFRICA			2,764,608
Switzerland - 1.1%
Actelion Ltd. (Reg.) (a)	2,633		613,623
United Kingdom - 4.1%
AstraZeneca PLC (United Kingdom)	21,900		1,174,935
Benfield Group PLC	161,200		1,028,577
TOTAL UNITED KINGDOM			2,203,512
United States of America - 11.6%
Deere & Co.	16,000		1,738,240
Monsanto Co.	19,100		1,049,736
Newmont Mining Corp.	24,800		1,041,352
Common Stocks - continued
	Shares		Value
United States of America - continued
Synthes, Inc.	14,032		$ 1,731,776
Virgin Media, Inc.	28,985		731,871
TOTAL UNITED STATES OF AMERICA			6,292,975
TOTAL COMMON STOCKS (Cost $41,362,642)		45,796,711
Money Market Funds - 16.3%

Fidelity Cash Central Fund, 5.41% (b)	6,567,178		6,567,178
Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c)	2,269,930		2,269,930
TOTAL MONEY MARKET FUNDS (Cost $8,837,108)		8,837,108

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $50,199,750)

54,633,819

NET OTHER ASSETS - (0.9)%			(481,886)
NET ASSETS - 100%		$ 54,151,933

Forward Foreign Currency Contracts
	Settlement Dates	Value	Unrealized Appreciation/ (Depreciation)
Contracts to Buy
249,573 AUD	April 2007	$ 201,831	$ 1,831
363,024 CHF	April 2007	299,125	(875)
976,101 EUR	April 2007	1,304,763	4,763
458,811 GBP	April 2007	902,846	2,846
105,233,400 JPY	April 2007	895,257	(4,743)
		$ 3,603,822	$ 3,822

(Payable Amount $3,600,000)

The value of contracts to buy as a percentage of net assets - 6.8%

Currency Abbreviations
AUD	-	Australian dollar
CHF	-	Swiss franc
EUR	-	European Monetary Unit
GBP	-	British pound
JPY	-	Japanese yen

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 50,997
Fidelity Securities Lending Cash Central Fund	7,622
Total	$ 58,619

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $50,300,651. Net unrealized appreciation aggregated $4,333,168, of which $5,141,653 related to appreciated investment securities and $808,485 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 the Fidelity 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. Forward foreign currency contracts are valued using spot rates and forward points as reported by an independent pricing service. 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:
Investor Freedom 2005 Portfolio

March 31, 2007

1.830286.101

VIPIFF2005-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 48.7%
	Shares		Value
Domestic Equity Funds - 39.0%
VIP Contrafund Portfolio Investor Class	10,710		$ 337,141
VIP Equity-Income Portfolio Investor Class	14,799		390,538
VIP Growth & Income Portfolio Investor Class	25,387		392,993
VIP Growth Portfolio Investor Class	10,843		391,233
VIP Mid Cap Portfolio Investor Class	4,405		142,025
VIP Value Portfolio Investor Class	24,301		338,515
VIP Value Strategies Portfolio Investor Class	11,175		143,037
TOTAL DOMESTIC EQUITY FUNDS			2,135,482
International Equity Funds - 9.7%
VIP Overseas Portfolio Investor Class R	23,071		528,088
TOTAL EQUITY FUNDS (Cost $2,518,017)		2,663,570
Fixed-Income Funds - 39.8%

High Yield Fixed-Income Funds - 5.0%
VIP High Income Portfolio Investor Class	42,268		274,744
Investment Grade Fixed-Income Funds - 34.8%
VIP Investment Grade Bond Portfolio Investor Class	153,862		1,906,354
TOTAL FIXED-INCOME FUNDS (Cost $2,161,222)		2,181,098
Short-Term Funds - 11.5%

VIP Money Market Portfolio Investor Class (Cost $628,702)	628,702		628,702
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $5,307,941)		$ 5,473,370

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $5,307,954. Net unrealized appreciation aggregated $165,416, of which $186,276 related to appreciated investment securities and $20,860 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2010 Portfolio

March 31, 2007

1.830287.101

VIPIFF2010-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 50.0%
	Shares		Value
Domestic Equity Funds - 39.8%
VIP Contrafund Portfolio Investor Class	70,675		$ 2,224,858
VIP Equity-Income Portfolio Investor Class	97,806		2,581,092
VIP Growth & Income Portfolio Investor Class	167,739		2,596,600
VIP Growth Portfolio Investor Class	71,671		2,585,904
VIP Mid Cap Portfolio Investor Class	29,057		936,802
VIP Value Portfolio Investor Class	160,262		2,232,452
VIP Value Strategies Portfolio Investor Class	73,701		943,371
TOTAL DOMESTIC EQUITY FUNDS			14,101,079
International Equity Funds - 10.2%
VIP Overseas Portfolio Investor Class R	157,240		3,599,213
TOTAL EQUITY FUNDS (Cost $16,875,100)		17,700,292
Fixed-Income Funds - 40.2%

High Yield Fixed-Income Funds - 5.1%
VIP High Income Portfolio Investor Class	274,108		1,781,702
Investment Grade Fixed-Income Funds - 35.1%
VIP Investment Grade Bond Portfolio Investor Class	1,002,254		12,417,924
TOTAL FIXED-INCOME FUNDS (Cost $14,151,415)		14,199,626
Short-Term Funds - 9.8%

VIP Money Market Portfolio Investor Class (Cost $3,478,914)	3,478,915		3,478,915
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $34,505,429)		$ 35,378,833

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $34,505,606. Net unrealized appreciation aggregated $873,227, of which $1,022,336 related to appreciated investment securities and $149,109 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, 2007

1.830290.101

VIPIFF2015-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 57.0%
	Shares		Value
Domestic Equity Funds - 45.4%
VIP Contrafund Portfolio Investor Class	102,522		$ 3,227,406
VIP Equity-Income Portfolio Investor Class	141,767		3,741,237
VIP Growth & Income Portfolio Investor Class	243,166		3,764,210
VIP Growth Portfolio Investor Class	103,899		3,748,674
VIP Mid Cap Portfolio Investor Class	42,061		1,356,062
VIP Value Portfolio Investor Class	232,544		3,239,339
VIP Value Strategies Portfolio Investor Class	106,679		1,365,497
TOTAL DOMESTIC EQUITY FUNDS			20,442,425
International Equity Funds - 11.6%
VIP Overseas Portfolio Investor Class R	228,561		5,231,769
TOTAL EQUITY FUNDS (Cost $24,498,540)		25,674,194
Fixed-Income Funds - 37.6%

High Yield Fixed-Income Funds - 6.2%
VIP High Income Portfolio Investor Class	425,044		2,762,785
Investment Grade Fixed-Income Funds - 31.4%
VIP Investment Grade Bond Portfolio Investor Class	1,141,089		14,138,096
TOTAL FIXED-INCOME FUNDS (Cost $16,800,135)		16,900,881
Short-Term Funds - 5.4%

VIP Money Market Portfolio Investor Class (Cost $2,447,770)	2,447,770		2,447,770
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $43,746,445)		$ 45,022,845

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $43,746,497. Net unrealized appreciation aggregated $1,276,348, of which $1,459,242 related to appreciated investment securities and $182,894 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, 2007

1.830296.101

VIPIFF2020-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 68.2%
	Shares		Value
Domestic Equity Funds - 54.3%
VIP Contrafund Portfolio Investor Class	151,905		$ 4,781,973
VIP Equity-Income Portfolio Investor Class	210,036		5,542,850
VIP Growth & Income Portfolio Investor Class	360,198		5,575,872
VIP Growth Portfolio Investor Class	153,908		5,553,014
VIP Mid Cap Portfolio Investor Class	62,332		2,009,591
VIP Value Portfolio Investor Class	344,522		4,799,197
VIP Value Strategies Portfolio Investor Class	158,072		2,023,321
TOTAL DOMESTIC EQUITY FUNDS			30,285,818
International Equity Funds - 13.9%
VIP Overseas Portfolio Investor Class R	337,896		7,734,449
TOTAL EQUITY FUNDS (Cost $36,647,845)		38,020,267
Fixed-Income Funds - 31.5%

High Yield Fixed-Income Funds - 7.5%
VIP High Income Portfolio Investor Class	644,156		4,187,017
Investment Grade Fixed-Income Funds - 24.0%
VIP Investment Grade Bond Portfolio Investor Class	1,078,431		13,361,761
TOTAL FIXED-INCOME FUNDS (Cost $17,519,116)		17,548,778
Short-Term Funds - 0.3%

VIP Money Market Portfolio Investor Class (Cost $179,263)	179,263		179,263
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $54,346,224)		$ 55,748,308

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $54,347,040. Net unrealized appreciation aggregated $1,401,268, of which $1,780,876 related to appreciated investment securities and $379,608 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2025 Portfolio

March 31, 2007

1.830297.101

VIPIFF2025-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 71.3%
	Shares		Value
Domestic Equity Funds - 56.8%
VIP Contrafund Portfolio Investor Class	48,725		$ 1,533,873
VIP Equity-Income Portfolio Investor Class	67,356		1,777,518
VIP Growth & Income Portfolio Investor Class	115,511		1,788,103
VIP Growth Portfolio Investor Class	49,349		1,780,518
VIP Mid Cap Portfolio Investor Class	19,995		644,636
VIP Value Portfolio Investor Class	110,481		1,539,001
VIP Value Strategies Portfolio Investor Class	50,720		649,220
TOTAL DOMESTIC EQUITY FUNDS			9,712,869
International Equity Funds - 14.5%
VIP Overseas Portfolio Investor Class R	108,447		2,482,351
TOTAL EQUITY FUNDS (Cost $11,693,943)		12,195,220
Fixed-Income Funds - 28.7%

High Yield Fixed-Income Funds - 7.5%
VIP High Income Portfolio Investor Class	198,779		1,292,061
Investment Grade Fixed-Income Funds - 21.2%
VIP Investment Grade Bond Portfolio Investor Class	292,624		3,625,613
TOTAL FIXED-INCOME FUNDS (Cost $4,903,733)		4,917,674
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $16,597,676)		$ 17,112,894

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $16,597,775. Net unrealized appreciation aggregated $515,119, of which $605,191 related to appreciated investment securities and $90,072 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom 2030 Portfolio

March 31, 2007

1.830291.101

VIPIFF2030-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 82.1%
	Shares		Value
Domestic Equity Funds - 65.4%
VIP Contrafund Portfolio Investor Class	63,756		$ 2,007,043
VIP Equity-Income Portfolio Investor Class	88,208		2,327,814
VIP Growth & Income Portfolio Investor Class	151,217		2,340,833
VIP Growth Portfolio Investor Class	64,634		2,331,998
VIP Mid Cap Portfolio Investor Class	26,177		843,934
VIP Value Portfolio Investor Class	144,494		2,012,805
VIP Value Strategies Portfolio Investor Class	66,366		849,486
TOTAL DOMESTIC EQUITY FUNDS			12,713,913
International Equity Funds - 16.7%
VIP Overseas Portfolio Investor Class R	141,496		3,238,841
TOTAL EQUITY FUNDS (Cost $15,398,281)		15,952,754
Fixed-Income Funds - 17.9%

High Yield Fixed-Income Funds - 7.5%
VIP High Income Portfolio Investor Class	224,902		1,461,865
Investment Grade Fixed-Income Funds - 10.4%
VIP Investment Grade Bond Portfolio Investor Class	162,923		2,018,622
TOTAL FIXED-INCOME FUNDS (Cost $3,460,874)		3,480,487
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $18,859,155)		$ 19,433,241

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $18,859,628. Net unrealized appreciation aggregated $573,613, of which $708,657 related to appreciated investment securities and $135,044 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Investor Freedom Income Portfolio

March 31, 2007

1.830283.101

VIPIFFINC-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Total Value of Investment in Securities

Equity Funds - 19.7%
	Shares		Value
Domestic Equity Funds - 19.7%
VIP Contrafund Portfolio Investor Class	11,956		$ 376,379
VIP Equity-Income Portfolio Investor Class	16,528		436,175
VIP Growth & Income Portfolio Investor Class	28,368		439,136
VIP Growth Portfolio Investor Class	12,113		437,033
VIP Mid Cap Portfolio Investor Class	4,909		158,281
VIP Value Portfolio Investor Class	27,136		378,007
VIP Value Strategies Portfolio Investor Class	12,461		159,507
TOTAL EQUITY FUNDS (Cost $2,278,167)		2,384,518
Fixed-Income Funds - 40.2%

High Yield Fixed-Income Funds - 5.0%
VIP High Income Portfolio Investor Class	93,404		607,127
Investment Grade Fixed-Income Funds - 35.2%
VIP Investment Grade Bond Portfolio Investor Class	344,371		4,266,754
TOTAL FIXED-INCOME FUNDS (Cost $4,841,584)		4,873,881
Short-Term Funds - 40.1%

VIP Money Market Portfolio Investor Class (Cost $4,858,717)	4,858,717		4,858,717
TOTAL INVESTMENT IN SECURITIES - 100% (Cost $11,978,468)		$ 12,117,116

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $11,978,472. Net unrealized appreciation aggregated $138,644, of which $164,642 related to appreciated investment securities and $25,998 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:
Real Estate Portfolio

March 31, 2007

1.799880.103

VIPRE-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.5%
Diversified Commercial & Professional Services - 0.5%
The Geo Group, Inc. (a)	31,650		$ 1,434,378
HEALTH CARE PROVIDERS & SERVICES - 1.1%
Health Care Facilities - 1.1%
Brookdale Senior Living, Inc.	48,000		2,143,680
Capital Senior Living Corp. (a)	40,200		466,722
Sun Healthcare Group, Inc. (a)	27,100		334,685
TOTAL HEALTH CARE FACILITIES			2,945,087
HOTELS, RESTAURANTS & LEISURE - 3.4%
Hotels, Resorts & Cruise Lines - 3.4%
Hilton Hotels Corp.	25,600		920,576
Starwood Hotels & Resorts Worldwide, Inc.	135,900		8,813,115
TOTAL HOTELS, RESORTS & CRUISE LINES			9,733,691
REAL ESTATE INVESTMENT TRUSTS - 92.2%
Diversified REITs - 0.3%
British Land Co. PLC	28,800		865,980
Industrial REITs - 1.5%
DCT Industrial Trust, Inc.	362,500		4,288,375
REITs - Apartments - 14.5%
Archstone-Smith Trust	19,000		1,031,320
AvalonBay Communities, Inc.	49,200		6,396,000
BRE Properties, Inc. Class A	150,100		9,478,815
Equity Residential (SBI)	327,500		15,795,325
GMH Communities Trust	144,900		1,447,551
Home Properties of New York, Inc.	132,900		7,018,449
TOTAL REITS - APARTMENTS			41,167,460
REITs - Factory Outlets - 2.3%
Tanger Factory Outlet Centers, Inc.	162,500		6,563,375
REITs - Hotels - 5.0%
Hersha Hospitality Trust	62,900		740,962
Host Hotels & Resorts, Inc.	420,647		11,067,223
Strategic Hotel & Resorts, Inc.	102,900		2,353,323
TOTAL REITS - HOTELS			14,161,508
REITs - Industrial Buildings - 16.3%
Duke Realty LP	320,620		13,937,351

	Shares		Value
ProLogis Trust	253,516		$ 16,460,794
Public Storage, Inc.	166,740		15,785,276
TOTAL REITS - INDUSTRIAL BUILDINGS			46,183,421
REITs - Malls - 16.2%
CBL & Associates Properties, Inc.	120,600		5,407,704
General Growth Properties, Inc.	294,451		19,012,701
Simon Property Group, Inc.	173,640		19,317,451
Taubman Centers, Inc.	38,000		2,203,620
TOTAL REITS - MALLS			45,941,476
REITs - Management/Investment - 1.5%
Equity Lifestyle Properties, Inc.	39,841		2,151,812
Mission West Properties, Inc.	87,500		1,265,250
Unibail (Reg.)	2,600		787,972
TOTAL REITS - MANAGEMENT/INVESTMENT			4,205,034
REITs - Mortgage - 0.2%
HomeBanc Mortgage Corp., Georgia	157,800		550,722
REITs - Office Buildings - 17.9%
Alexandria Real Estate Equities, Inc.	100,300		10,067,111
American Financial Realty Trust (SBI)	269,300		2,714,544
Boston Properties, Inc.	91,200		10,706,880
Corporate Office Properties Trust (SBI)	154,700		7,066,696
Highwoods Properties, Inc. (SBI)	121,100		4,782,239
Kilroy Realty Corp.	86,900		6,408,875
SL Green Realty Corp.	44,600		6,118,228
Sovran Self Storage, Inc.	52,500		2,909,025
TOTAL REITS - OFFICE BUILDINGS			50,773,598
REITs - Shopping Centers - 13.0%
Developers Diversified Realty Corp.	100,000		6,290,000
Equity One, Inc.	32,100		850,650
Inland Real Estate Corp.	212,600		3,899,084
Kimco Realty Corp.	136,815		6,668,363
Vornado Realty Trust	159,300		19,010,862
TOTAL REITS - SHOPPING CENTERS			36,718,959
Residential REITs - 3.5%
UDR, Inc.	319,100		9,770,842
TOTAL REAL ESTATE INVESTMENT TRUSTS			261,190,750
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%
Real Estate Management & Development - 1.4%
Brookfield Properties Corp.	99,300		4,001,790
TOTAL COMMON STOCKS (Cost $218,248,407)		279,305,696
Money Market Funds - 0.2%
	Shares		Value
Fidelity Cash Central Fund, 5.41% (b) (Cost $468,492)	468,492		$ 468,492

TOTAL INVESTMENT PORTFOLIO - 98.8%

(Cost $218,716,899)

279,774,188

NET OTHER ASSETS - 1.2%			3,391,213
NET ASSETS - 100%		$ 283,165,401

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 66,875

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $219,783,589. Net unrealized appreciation aggregated $59,990,599, of which $65,386,046 related to appreciated investment securities and $5,395,447 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Strategic Income Portfolio

March 31, 2007

1.799886.103

VIPSI-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 30.0%
		Principal Amount (d)		Value
Convertible Bonds - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Media - 0.1%
Liberty Media Corp. (Sprint Corp. PCS Series 1) 3.75% 2/15/30		$ 315,000		$ 195,710
INFORMATION TECHNOLOGY - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
ON Semiconductor Corp. 0% 4/15/24		20,000		21,642
TOTAL CONVERTIBLE BONDS				217,352
Nonconvertible Bonds - 29.9%
CONSUMER DISCRETIONARY - 5.1%
Auto Components - 0.2%
Affinia Group, Inc. 9% 11/30/14		345,000		339,825
Delco Remy International, Inc.:
9.375% 4/15/12		25,000		4,000
11% 5/1/09		40,000		6,600
Visteon Corp. 7% 3/10/14		400,000		350,000
				700,425
Automobiles - 0.3%
General Motors Corp.:
8.375% 7/5/33	EUR	50,000		63,451
8.375% 7/15/33		765,000		684,675
				748,126
Diversified Consumer Services - 0.1%
Affinion Group, Inc. 11.5% 10/15/15		175,000		192,500
Hotels, Restaurants & Leisure - 1.1%
Carrols Corp. 9% 1/15/13		355,000		363,875
Gaylord Entertainment Co.:
6.75% 11/15/14		130,000		126,588
8% 11/15/13		100,000		102,500
Landry's Seafood Restaurants, Inc. 7.5% 12/15/14		245,000		241,938
Mandalay Resort Group:
6.375% 12/15/11		80,000		80,200
6.5% 7/31/09		20,000		20,225
MGM Mirage, Inc.:
6% 10/1/09		40,000		40,050
6.625% 7/15/15		450,000		434,813
6.75% 9/1/12		45,000		44,888
6.75% 4/1/13		110,000		108,625
6.875% 4/1/16		310,000		301,475
8.5% 9/15/10		50,000		53,563
Mohegan Tribal Gaming Authority 6.875% 2/15/15		100,000		99,750
Scientific Games Corp. 6.25% 12/15/12		40,000		38,900

		Principal Amount (d)		Value
Six Flags, Inc.:
9.625% 6/1/14		$ 75,000		$ 70,500
9.75% 4/15/13		470,000		447,675
Speedway Motorsports, Inc. 6.75% 6/1/13		95,000		94,288
Town Sports International Holdings, Inc. 0% 2/1/14 (e)		23,000		20,700
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10		45,000		47,790
Vail Resorts, Inc. 6.75% 2/15/14		225,000		225,000
Virgin River Casino Corp./RBG LLC/B&BB, Inc.:
0% 1/15/13 (e)		230,000		179,400
9% 1/15/12		30,000		30,900
				3,173,643
Household Durables - 0.1%
K. Hovnanian Enterprises, Inc.:
6.25% 1/15/15		50,000		43,625
7.75% 5/15/13		65,000		57,363
Meritage Homes Corp. 6.25% 3/15/15		90,000		81,000
Urbi, Desarrollos Urbanos, SA de CV 8.5% 4/19/16 (g)		80,000		87,200
				269,188
Leisure Equipment & Products - 0.0%
Riddell Bell Holdings, Inc. 8.375% 10/1/12		40,000		40,000
Media - 2.4%
AMC Entertainment, Inc. 11% 2/1/16		120,000		136,800
Cablemas SA de CV 9.375% 11/15/15		300,000		334,500
CanWest Media, Inc. 8% 9/15/12		40,000		41,600
Charter Communications Holdings I LLC/Charter Communications Holdings I Capital Corp. 11% 10/1/15		485,000		503,188
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp.:
Series B, 10.25% 9/15/10		180,000		189,684
10.25% 9/15/10		130,000		136,825
CSC Holdings, Inc.:
7.25% 4/15/12 (g)(h)		170,000		169,150
7.625% 4/1/11		40,000		41,000
7.625% 7/15/18		730,000		737,300
7.875% 2/15/18		770,000		791,175
EchoStar Communications Corp.:
6.375% 10/1/11		45,000		45,113
6.625% 10/1/14		790,000		794,977
7.125% 2/1/16		270,000		278,775
Haights Cross Communications, Inc. 0% 8/15/11 (e)		20,000		14,200
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Media - continued
iesy Repository GmbH 10.375% 2/15/15 (g)		$ 130,000		$ 138,450
Liberty Media Corp.:
5.7% 5/15/13		300,000		284,250
8.25% 2/1/30		320,000		319,907
8.5% 7/15/29		480,000		491,004
MediMedia USA, Inc. 11.375% 11/15/14 (g)		50,000		52,563
PanAmSat Corp.:
9% 8/15/14		165,000		178,200
9% 6/15/16 (g)		120,000		132,000
Rainbow National LLC & RNS Co. Corp.:
8.75% 9/1/12 (g)		110,000		117,425
10.375% 9/1/14 (g)		595,000		667,888
The Reader's Digest Association, Inc. 9% 2/15/17 (g)		160,000		154,000
Videotron Ltee 6.875% 1/15/14		125,000		125,938
				6,875,912
Specialty Retail - 0.6%
AutoNation, Inc.:
7% 4/15/14		255,000		256,913
7.36% 4/15/13 (h)		60,000		60,450
Michaels Stores, Inc.:
0% 11/1/16 (e)(g)		30,000		18,900
10% 11/1/14 (g)		260,000		278,525
11.375% 11/1/16 (g)		525,000		565,688
Sally Holdings LLC:
9.25% 11/15/14 (g)		80,000		82,400
10.5% 11/15/16 (g)		370,000		381,100
				1,643,976
Textiles, Apparel & Luxury Goods - 0.3%
Levi Strauss & Co.:
8.875% 4/1/16		385,000		411,950
9.75% 1/15/15		290,000		316,825
				728,775
TOTAL CONSUMER DISCRETIONARY				14,372,545
CONSUMER STAPLES - 0.4%
Beverages - 0.1%
Cerveceria Nacional Dominicana C por A 16% 3/27/12 (g)		100,000		106,950
Food Products - 0.3%
Bertin Ltda 10.25% 10/5/16 (g)		100,000		109,850
Gruma SA de CV 7.75%		275,000		283,938
Hines Nurseries, Inc. 10.25% 10/1/11		120,000		105,600

		Principal Amount (d)		Value
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11		$ 25,000		$ 26,000
Reddy Ice Holdings, Inc. 0% 11/1/12 (e)		130,000		117,000
Swift & Co.:
10.125% 10/1/09		70,000		72,100
12.5% 1/1/10		112,000		117,600
				832,088
Household Products - 0.0%
Central Garden & Pet Co. 9.125% 2/1/13		75,000		78,000
Personal Products - 0.0%
Elizabeth Arden, Inc. 7.75% 1/15/14		40,000		40,200
TOTAL CONSUMER STAPLES				1,057,238
ENERGY - 3.2%
Energy Equipment & Services - 0.5%
Allis-Chalmers Energy, Inc. 8.5% 3/1/17		70,000		68,950
CHC Helicopter Corp. 7.375% 5/1/14		240,000		235,200
Complete Production Services, Inc. 8% 12/15/16 (g)		240,000		246,000
Hanover Compressor Co.:
7.5% 4/15/13		40,000		40,700
9% 6/1/14		125,000		134,688
Ocean Rig Norway AS 8.375% 7/1/13 (g)		60,000		63,600
Petroliam Nasional BHD (Petronas) 7.625% 10/15/26 (Reg. S)		305,000		372,405
Seabulk International, Inc. 9.5% 8/15/13		135,000		146,138
				1,307,681
Oil, Gas & Consumable Fuels - 2.7%
ANR Pipeline, Inc. 7.375% 2/15/24		115,000		130,669
Atlas Pipeline Partners LP 8.125% 12/15/15		70,000		71,750
Berry Petroleum Co. 8.25% 11/1/16		150,000		149,625
Chaparral Energy, Inc.:
8.5% 12/1/15		130,000		129,025
8.875% 2/1/17 (g)		110,000		111,100
Chesapeake Energy Corp.:
6.5% 8/15/17		460,000		452,525
6.875% 11/15/20		390,000		388,050
7.5% 9/15/13		40,000		41,850
7.5% 6/15/14		35,000		36,575
7.625% 7/15/13		430,000		455,800
Colorado Interstate Gas Co. 6.8% 11/15/15		260,000		276,575
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Drummond Co., Inc. 7.375% 2/15/16 (g)		$ 140,000		$ 133,700
Energy Partners Ltd. 8.75% 8/1/10		155,000		162,363
EXCO Resources, Inc. 7.25% 1/15/11		10,000		10,025
Harvest Operations Corp. 7.875% 10/15/11		50,000		48,000
InterNorth, Inc. 9.625% 3/16/06 (c)		100,000		35,630
Massey Energy Co. 6.875% 12/15/13		425,000		403,750
Pan American Energy LLC 7.75% 2/9/12 (g)		265,000		271,956
Peabody Energy Corp.:
7.375% 11/1/16		300,000		314,250
7.875% 11/1/26		300,000		320,250
Pemex Project Funding Master Trust:
6.625% 6/15/35		310,000		319,300
7.375% 12/15/14		150,000		165,675
Petrohawk Energy Corp. 9.125% 7/15/13		310,000		329,778
Petrozuata Finance, Inc.:
7.63% 4/1/09 (g)		344,247		343,387
8.22% 4/1/17 (g)		200,000		203,000
Pogo Producing Co.:
6.875% 10/1/17		210,000		205,275
7.875% 5/1/13		135,000		137,025
Range Resources Corp. 7.375% 7/15/13		100,000		102,500
Ship Finance International Ltd. 8.5% 12/15/13		145,000		148,625
Southern Star Central Corp. 6.75% 3/1/16		90,000		90,576
Targa Resources, Inc./Targa Resources Finance Corp. 8.5% 11/1/13 (g)		70,000		71,225
Tennessee Gas Pipeline Co.:
7% 10/15/28		20,000		21,380
7.5% 4/1/17		445,000		496,175
7.625% 4/1/37		50,000		57,250
8.375% 6/15/32		40,000		49,400
Venoco, Inc. 8.75% 12/15/11		70,000		70,175
Williams Companies, Inc.:
7.5% 1/15/31		180,000		189,000
7.625% 7/15/19		140,000		150,850
7.75% 6/15/31		20,000		21,100
7.875% 9/1/21		15,000		16,500
8.75% 3/15/32		90,000		102,600

		Principal Amount (d)		Value
YPF SA:
10% 11/2/28		$ 200,000		$ 243,250
yankee 9.125% 2/24/09		65,000		68,088
				7,545,602
TOTAL ENERGY				8,853,283
FINANCIALS - 4.8%
Capital Markets - 0.1%
E*TRADE Financial Corp. 7.375% 9/15/13		240,000		249,000
Commercial Banks - 1.3%
Banca Popolare di Lodi Investor Trust III 6.742% (h)	EUR	50,000		72,354
Banco Nacional de Desenvolvimento Economico e Social 5.667% 6/16/08 (h)		915,000		905,850
Development Bank of Philippines 8.375% (h)		300,000		319,125
European Investment Bank 4% 10/15/37	EUR	100,000		125,445
Inter-American Development Bank 6.625% 4/17/17	PEN	400,000		129,119
JPMorgan Chase Bank 4.375% 11/30/21 (h)	EUR	100,000		130,053
Kyivstar GSM:
7.75% 4/27/12 (Issued by Dresdner Bank AG for Kyivstar GSM) (g)		200,000		207,500
10.375% 8/17/09 (Issued by Dresdner Bank AG for Kyivstar GSM) (g)		400,000		431,000
Rabobank Nederland 4.25% 1/16/17	EUR	325,000		431,313
SMFG Finance Ltd. 6.164% (h)	GBP	50,000		96,484
Standard Chartered Bank 4.206% 3/28/18 (h)	EUR	100,000		133,434
UniCredito Italiano Capital Trust I 4.028% (h)	EUR	140,000		172,911
Vimpel Communications:
8% 2/11/10 (Issued by UBS Luxembourg SA for Vimpel Communications)		200,000		208,260
8.25% 5/23/16 (Issued by UBS Luxembourg SA for Vimpel Communications)		200,000		213,000
10% 6/16/09 (Issued by UBS Luxembourg SA for Vimpel Communications)		100,000		107,630
				3,683,478
Consumer Finance - 1.1%
ACE Cash Express, Inc. 10.25% 10/1/14 (g)		80,000		81,000
Ford Motor Credit Co. 9.875% 8/10/11		380,000		402,422
General Motors Acceptance Corp.:
6.75% 12/1/14		505,000		494,900
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Consumer Finance - continued
General Motors Acceptance Corp.: - continued
6.875% 9/15/11		$ 295,000		$ 292,788
6.875% 8/28/12		360,000		358,550
8% 11/1/31		1,420,000		1,522,950
				3,152,610
Diversified Financial Services - 1.5%
BA Covered Bond 4.125% 4/5/12	EUR	600,000		797,040
Caisse d'Amort de la Dette Societe 4.125% 4/25/17	EUR	600,000		793,545
Canada Housing Trust No.1 4.65% 9/15/09	CAD	550,000		482,450
CCO Holdings LLC/CCO Holdings Capital Corp. 8.75% 11/15/13		185,000		191,938
CEMEX Finance Europe BV 4.75% 3/5/14	EUR	50,000		65,942
Cerro Negro Finance Ltd. 7.33% 12/1/09		141,000		139,590
Credit Suisse London Branch 7.65% 9/7/11		200,000		205,500
DaimlerChrysler NA Holding Corp. 4.375% 3/16/10	EUR	100,000		133,059
DEPFA ACS Bank 3.875% 11/14/16	EUR	200,000		258,477
Global Cash Access LLC/Global Cash Access Finance Corp. 8.75% 3/15/12		238,000		249,305
Red Arrow International Leasing 8.375% 3/31/12	RUB	1,988,742		79,210
TMK Capital SA 8.5% 9/29/09		500,000		518,750
Yankee Acquisition Corp.:
8.5% 2/15/15 (g)		60,000		60,750
9.75% 2/15/17 (g)		40,000		40,600
				4,016,156
Insurance - 0.1%
Eureko BV 5.125% (h)	EUR	100,000		132,551
Old Mutual plc 4.5% 1/18/17 (h)	EUR	50,000		66,075
				198,626
Real Estate Investment Trusts - 0.4%
BF Saul REIT 7.5% 3/1/14		95,000		96,900
Crescent Real Estate Equities LP/Crescent Finance Co. 9.25% 4/15/09		50,000		51,000
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (g)		330,000		336,188

		Principal Amount (d)		Value
Senior Housing Properties Trust:
7.875% 4/15/15		$ 180,000		$ 189,000
8.625% 1/15/12		280,000		308,000
				981,088
Real Estate Management & Development - 0.3%
American Real Estate Partners/American Real Estate Finance Corp.:
7.125% 2/15/13		310,000		305,350
8.125% 6/1/12		190,000		193,800
Inversiones y Representaciones SA 8.5% 2/2/17 (g)		240,000		239,700
WT Finance (Aust) Pty Ltd./Westfield Europe Finance PLC/WEA Finance 3.625% 6/27/12	EUR	75,000		95,777
				834,627
TOTAL FINANCIALS				13,115,585
HEALTH CARE - 1.1%
Health Care Equipment & Supplies - 0.0%
Invacare Corp. 9.75% 2/15/15 (g)		90,000		90,900
Health Care Providers & Services - 1.0%
AmeriPath Intermediate Holdings, Inc. 10.65% 2/15/14 pay-in-kind (g)(h)		100,000		100,000
AmeriPath, Inc. 10.5% 4/1/13		150,000		160,500
CRC Health Group, Inc. 10.75% 2/1/16		90,000		98,550
Fresenius Medical Care Capital Trust IV 7.875% 6/15/11		125,000		131,563
HCA, Inc.:
9.125% 11/15/14 (g)		230,000		245,238
9.25% 11/15/16 (g)		230,000		247,538
9.625% 11/15/16 pay-in-kind (g)		580,000		625,675
IASIS Healthcare LLC/IASIS Capital Corp. 8.75% 6/15/14		90,000		92,700
Rural/Metro Corp. 9.875% 3/15/15		80,000		85,000
Skilled Healthcare Group, Inc. 11% 1/15/14 (g)		120,000		133,500
Sun Healthcare Group, Inc. 9.125% 4/15/15 (g)		30,000		30,714
Team Finance LLC/Health Finance Corp. 11.25% 12/1/13		150,000		158,250
U.S. Oncology, Inc. 9% 8/15/12		150,000		159,375
Vanguard Health Holding Co. II LLC 9% 10/1/14		335,000		340,863
				2,609,466
Life Sciences Tools & Services - 0.0%
Bio-Rad Laboratories, Inc. 7.5% 8/15/13		70,000		72,625
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
HEALTH CARE - continued
Pharmaceuticals - 0.1%
Elan Finance PLC/Elan Finance Corp. 7.75% 11/15/11		$ 65,000		$ 63,700
Leiner Health Products, Inc. 11% 6/1/12		90,000		89,550
				153,250
TOTAL HEALTH CARE				2,926,241
INDUSTRIALS - 2.3%
Aerospace & Defense - 0.3%
Alion Science & Technology Corp. 10.25% 2/1/15 (g)		50,000		51,750
Hawker Beechcraft Acquisition Co. LLC:
8.5% 4/1/15 (g)		150,000		155,250
8.875% 4/1/15 pay-in-kind (g)		150,000		154,688
9.75% 4/1/17 (g)		150,000		155,625
Hexcel Corp. 6.75% 2/1/15		100,000		99,000
Orbimage Holdings, Inc. 14.8669% 7/1/12 (h)		100,000		111,000
				727,313
Airlines - 0.3%
Continental Airlines, Inc. 6.903% 4/19/22		50,000		50,375
Delta Air Lines, Inc.:
7.9% 12/15/09 (c)		750,000		418,125
10% 8/15/08 (c)		70,000		37,800
Northwest Airlines Corp. 10% 2/1/09 (c)		105,000		88,725
Northwest Airlines, Inc.:
7.875% 3/15/08 (c)		90,000		75,150
8.875% 6/1/06 (c)		80,000		67,400
				737,575
Building Products - 0.0%
Compagnie de St. Gobain 4.159% 4/11/12 (h)	EUR	100,000		133,367
Commercial Services & Supplies - 0.7%
ALH Finance LLC/ALH Finance Corp. 8.5% 1/15/13		10,000		9,950
Allied Security Escrow Corp. 11.375% 7/15/11		100,000		103,000
Allied Waste North America, Inc. 7.125% 5/15/16		295,000		300,163
Browning-Ferris Industries, Inc.:
7.4% 9/15/35		75,000		72,000
9.25% 5/1/21		100,000		108,000
FTI Consulting, Inc.:
7.625% 6/15/13		50,000		51,938
7.75% 10/1/16		80,000		83,800

		Principal Amount (d)		Value
Mac-Gray Corp. 7.625% 8/15/15		$ 40,000		$ 40,500
NCO Group, Inc. 11.875% 11/15/14 (g)		160,000		166,800
R.H. Donnelley Finance Corp. I 10.875% 12/15/12		75,000		81,000
West Corp.:
9.5% 10/15/14 (g)		300,000		309,000
11% 10/15/16 (g)		300,000		315,000
Williams Scotsman, Inc. 8.5% 10/1/15		340,000		356,150
				1,997,301
Construction & Engineering - 0.0%
Blount, Inc. 8.875% 8/1/12		50,000		51,875
Electrical Equipment - 0.1%
Coleman Cable, Inc. 9.875% 10/1/12 (g)		60,000		62,100
General Cable Corp. 7.125% 4/1/17 (g)		40,000		40,200
Polypore, Inc. 0% 10/1/12 (e)		100,000		93,500
Sensus Metering Systems, Inc. 8.625% 12/15/13		60,000		61,200
				257,000
Machinery - 0.2%
Chart Industries, Inc. 9.125% 10/15/15 (g)		60,000		63,300
Invensys PLC 9.875% 3/15/11 (g)		4,000		4,290
RBS Global, Inc. / Rexnord Corp.:
8.875% 9/1/16 (g)		50,000		50,750
9.5% 8/1/14		220,000		228,800
11.75% 8/1/16		280,000		300,650
				647,790
Marine - 0.3%
H-Lines Finance Holding Corp. 0% 4/1/13 (e)		71,000		67,450
Navios Maritime Holdings, Inc. 9.5% 12/15/14 (g)		230,000		239,200
OMI Corp. 7.625% 12/1/13		190,000		192,850
Ultrapetrol (Bahamas) Ltd. 9% 11/24/14		80,000		81,000
US Shipping Partners LP 13% 8/15/14		170,000		181,900
				762,400
Road & Rail - 0.3%
Kansas City Southern de Mexico, S. de RL de CV 7.625% 12/1/13 (g)		100,000		101,000
Kansas City Southern Railway Co.:
7.5% 6/15/09		340,000		347,650
9.5% 10/1/08		45,000		47,138
TFM SA de CV 9.375% 5/1/12		300,000		321,750
				817,538
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
INDUSTRIALS - continued
Trading Companies & Distributors - 0.1%
Glencore Finance (Europe) SA 5.375% 9/30/11	EUR	50,000		$ 67,925
Neff Rent LLC/Neff Finance Corp. 11.25% 6/15/12		165,000		182,738
Penhall International Corp. 12% 8/1/14 (g)		80,000		87,200
				337,863
TOTAL INDUSTRIALS				6,470,022
INFORMATION TECHNOLOGY - 3.5%
Communications Equipment - 0.7%
Hughes Network Systems LLC / HNS Finance Corp. 9.5% 4/15/14		320,000		336,000
Lucent Technologies, Inc.:
6.45% 3/15/29		620,000		558,775
6.5% 1/15/28		415,000		374,538
Nortel Networks Corp.:
9.61% 7/15/11 (g)(h)		190,000		203,775
10.125% 7/15/13 (g)		190,000		209,950
10.75% 7/15/16 (g)		190,000		213,028
				1,896,066
Electronic Equipment & Instruments - 0.1%
Celestica, Inc. 7.875% 7/1/11		320,000		310,400
Sanmina-SCI Corp. 8.125% 3/1/16		180,000		168,300
				478,700
IT Services - 0.6%
Iron Mountain, Inc.:
6.625% 1/1/16		480,000		463,200
7.75% 1/15/15		180,000		183,600
8.625% 4/1/13		185,000		189,625
8.75% 7/15/18		285,000		305,663
SunGard Data Systems, Inc.:
9.125% 8/15/13		260,000		276,250
10.25% 8/15/15		180,000		196,200
				1,614,538
Office Electronics - 0.6%
Xerox Capital Trust I 8% 2/1/27		480,000		489,600
Xerox Corp.:
6.4% 3/15/16		600,000		616,434
7.2% 4/1/16		180,000		190,350
7.625% 6/15/13		300,000		312,750
				1,609,134
Semiconductors & Semiconductor Equipment - 1.5%
Amkor Technology, Inc. 9.25% 6/1/16		455,000		471,494

		Principal Amount (d)		Value
Avago Technologies Finance Ltd.:
10.86% 6/1/13 (h)		$ 220,000		$ 229,900
11.875% 12/1/15		475,000		533,188
Freescale Semiconductor, Inc.:
8.875% 12/15/14 (g)		280,000		280,364
9.125% 12/15/14 pay-in-kind (g)		865,000		858,513
10.125% 12/15/16 (g)		1,560,000		1,563,900
MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co. 8.6049% 12/15/11 (h)		40,000		34,600
New ASAT Finance Ltd. 9.25% 2/1/11		105,000		95,025
Viasystems, Inc. 10.5% 1/15/11		140,000		140,700
				4,207,684
Software - 0.0%
Open Solutions, Inc. 9.75% 2/1/15 (g)		50,000		51,500
TOTAL INFORMATION TECHNOLOGY				9,857,622
MATERIALS - 3.6%
Chemicals - 1.1%
America Rock Salt Co. LLC 9.5% 3/15/14		225,000		228,375
BCP Crystal U.S. Holdings Corp. 9.625% 6/15/14		348,000		393,240
Crystal US Holding 3 LLC/Crystal US Sub 3 Corp.:
Series A, 0% 10/1/14 (e)		58,000		53,505
Series B, 0% 10/1/14 (e)		569,000		524,903
Huntsman LLC 11.625% 10/15/10		182,000		197,470
JohnsonDiversey Holdings, Inc. 0% 5/15/13 (e)		365,000		375,038
Lyondell Chemical Co. 11.125% 7/15/12		50,000		53,375
MacDermid, Inc. 9.5% 4/15/17 (g)		40,000		41,100
Momentive Performance Materials, Inc.:
9.75% 12/1/14 (g)		230,000		237,763
10.125% 12/1/14 pay-in-kind (g)		230,000		238,338
11.5% 12/1/16 (g)		440,000		451,000
Phibro Animal Health Corp. 10% 8/1/13 (g)		150,000		159,750
SABIC Europe BV 4.5% 11/28/13	EUR	50,000		65,187
Sterling Chemicals, Inc. 10.25% 4/1/15 (g)		90,000		91,350
				3,110,394
Construction Materials - 0.0%
Imerys 5% 4/18/17	EUR	50,000		66,749
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
MATERIALS - continued
Containers & Packaging - 0.6%
AEP Industries, Inc. 7.875% 3/15/13		$ 40,000		$ 40,400
BWAY Corp. 10% 10/15/10		90,000		94,275
Constar International, Inc. 11% 12/1/12		330,000		330,000
Crown Cork & Seal, Inc.:
7.5% 12/15/96		160,000		128,800
8% 4/15/23		235,000		229,125
Owens-Brockway Glass Container, Inc.:
6.75% 12/1/14		105,000		103,688
8.25% 5/15/13		195,000		203,044
8.75% 11/15/12		55,000		57,888
8.875% 2/15/09		36,000		36,720
Tekni-Plex, Inc. 10.875% 8/15/12 (g)		60,000		66,600
Vitro SAB de CV:
8.625% 2/1/12 (g)		325,000		330,688
9.125% 2/1/17 (g)		120,000		122,100
				1,743,328
Metals & Mining - 1.8%
Aleris International, Inc.:
9% 12/15/14 (g)		150,000		158,250
10% 12/15/16 (g)		150,000		156,375
Compass Minerals International, Inc. 0% 6/1/13 (e)		360,000		349,200
Corporacion Nacional del Cobre (Codelco) 6.15% 10/24/36 (g)		200,000		204,372
CSN Islands VIII Corp. 9.75% 12/16/13 (g)		315,000		358,313
Edgen Acquisition Corp. 9.875% 2/1/11		60,000		61,500
Evraz Group SA 8.25% 11/10/15		200,000		204,760
Evraz Securities SA 10.875% 8/3/09		200,000		218,260
FMG Finance Property Ltd.:
10% 9/1/13 (g)		120,000		130,500
10.625% 9/1/16 (g)		120,000		139,050
Freeport-McMoRan Copper & Gold, Inc.:
6.875% 2/1/14		370,000		378,325
8.25% 4/1/15		220,000		236,500
8.375% 4/1/17		615,000		664,200
8.5463% 4/1/15 (h)		375,000		394,219
10.125% 2/1/10		5,000		5,250
Gerdau AmeriSteel Corp./GUSAP Partners 10.375% 7/15/11		70,000		74,200
Gerdau SA 8.875% (g)		125,000		131,875
International Steel Group, Inc. 6.5% 4/15/14		445,000		460,575

		Principal Amount (d)		Value
Ispat Inland ULC 9.75% 4/1/14		$ 20,000		$ 22,300
PNA Intermediate Holding Corp. 12.36% 2/15/13 pay-in-kind (g)(h)		90,000		90,450
RathGibson, Inc. 11.25% 2/15/14		305,000		321,775
				4,760,249
Paper & Forest Products - 0.1%
Glatfelter 7.125% 5/1/16		40,000		40,600
NewPage Corp. 11.61% 5/1/12 (h)		90,000		98,100
				138,700
TOTAL MATERIALS				9,819,420
TELECOMMUNICATION SERVICES - 4.8%
Diversified Telecommunication Services - 3.4%
Citizens Communications Co.:
7.875% 1/15/27 (g)		200,000		208,000
9% 8/15/31		500,000		555,000
Deutsche Telekom International Finance BV 4.5% 10/25/13	EUR	35,000		46,262
Embarq Corp.:
7.082% 6/1/16		55,000		56,075
7.995% 6/1/36		668,000		689,784
Eschelon Operating Co. 8.375% 3/15/10		132,000		127,545
Intelsat Ltd.:
7.625% 4/15/12		85,000		81,600
9.25% 6/15/16 (g)		120,000		132,000
11.25% 6/15/16 (g)		475,000		537,938
Level 3 Financing, Inc.:
8.75% 2/15/17 (g)		230,000		231,725
12.25% 3/15/13		490,000		573,300
MobiFon Holdings BV 12.5% 7/31/10		280,000		303,100
Nordic Telephone Co. Holdings ApS 8.875% 5/1/16 (g)		285,000		305,663
NTL Cable PLC:
8.75% 4/15/14		245,000		254,800
9.125% 8/15/16		175,000		184,625
OTE PLC 4.625% 5/20/16	EUR	50,000		65,554
PT Indosat International Finance Co. BV 7.125% 6/22/12 (g)		90,000		91,350
Qwest Capital Funding, Inc.:
7.625% 8/3/21		25,000		25,063
7.75% 2/15/31		25,000		24,844
Qwest Corp.:
7.5% 10/1/14		50,000		52,750
7.875% 9/1/11		320,000		339,200
8.6049% 6/15/13 (h)		350,000		379,750
8.875% 3/15/12		1,370,000		1,513,850
Telecom Egypt SAE:
9.672% 2/4/10 (h)	EGP	196,300		33,896
10.95% 2/4/10	EGP	196,300		34,940
Corporate Bonds - continued
		Principal Amount (d)		Value
Nonconvertible Bonds - continued
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Telefonica de Argentina SA 9.125% 11/7/10		$ 110,000		$ 117,700
Telenet Group Holding NV 0% 6/15/14 (e)(g)		363,000		338,498
U.S. West Capital Funding, Inc.:
6.5% 11/15/18		20,000		18,825
6.875% 7/15/28		120,000		113,400
U.S. West Communications:
6.875% 9/15/33		1,370,000		1,335,750
7.2% 11/10/26		5,000		5,063
7.25% 9/15/25		35,000		36,138
7.25% 10/15/35		155,000		154,613
7.5% 6/15/23		25,000		25,313
8.875% 6/1/31		5,000		5,231
Wind Acquisition Finance SA 10.75% 12/1/15 (g)		365,000		417,925
Windstream Corp. 8.625% 8/1/16		105,000		114,849
				9,531,919
Wireless Telecommunication Services - 1.4%
American Tower Corp. 7.125% 10/15/12		685,000		705,550
Centennial Cellular Operating Co./Centennial Communications Corp. 10.125% 6/15/13		440,000		474,100
Centennial Communications Corp./Centennial Cellular Operating Co. LLC/Centennial Puerto Rico Operations Corp. 8.125% 2/1/14		270,000		278,100
Digicel Ltd. 9.25% 9/1/12 (g)		300,000		317,250
Megafon SA 8% 12/10/09		100,000		104,125
MetroPCS Wireless, Inc. 9.25% 11/1/14 (g)		300,000		317,250
Millicom International Cellular SA 10% 12/1/13		480,000		524,400
Mobile Telesystems Finance SA 8.375% 10/14/10 (g)		475,000		503,500
Pakistan Mobile Communications Ltd. 8.625% 11/13/13 (g)		200,000		208,000
Telecom Personal SA 9.25% 12/22/10 (g)		360,000		376,200
				3,808,475
TOTAL TELECOMMUNICATION SERVICES				13,340,394
UTILITIES - 1.1%
Electric Utilities - 0.5%
Abu Dhabi National Energy Co. Pjsc 4.375% 10/28/13	EUR	50,000		65,721
AES Gener SA 7.5% 3/25/14		200,000		212,500

		Principal Amount (d)		Value
Chivor SA E.S.P. 9.75% 12/30/14 (g)		$ 200,000		$ 224,000
Compania de Transporte de Energia Electica de Alta Tension Transener SA 8.875% 12/15/16 (g)		185,000		185,000
Edison Mission Energy:
7.5% 6/15/13		380,000		391,875
7.75% 6/15/16		190,000		198,313
				1,277,409
Gas Utilities - 0.4%
Southern Natural Gas Co.:
7.35% 2/15/31		190,000		210,663
8% 3/1/32		410,000		486,363
Transportadora de Gas del Sur SA:
(Reg. S) 7.2% 12/15/10 (f)		372,270		371,340
8% 12/15/13 (f)		150,000		153,750
8% 12/15/13 (f)(g)		42,000		43,050
8% 12/15/13 (f)		108,230		109,853
				1,375,019
Independent Power Producers & Energy Traders - 0.1%
Enron Corp. 7.625% 9/10/04 (c)		400,000		141,000
Tenaska Alabama Partners LP 7% 6/30/21 (g)		95,195		95,671
				236,671
Multi-Utilities - 0.1%
Aquila, Inc. 14.875% 7/1/12		120,000		156,000
Utilicorp United, Inc. 9.95% 2/1/11 (h)		3,000		3,278
				159,278
TOTAL UTILITIES				3,048,377
TOTAL NONCONVERTIBLE BONDS				82,860,727
TOTAL CORPORATE BONDS (Cost $79,919,491)			83,078,079
U.S. Government and Government Agency Obligations - 23.4%

U.S. Government Agency Obligations - 12.6%
Fannie Mae:
3.25% 1/15/08		3,800,000		3,745,356
3.25% 2/15/09		4,556,000		4,423,507
4.125% 5/15/10		1,400,000		1,373,056
4.25% 5/15/09		40,000		39,512
4.625% 10/15/13		3,250,000		3,198,354
4.75% 12/15/10		7,156,000		7,138,053
4.875% 4/15/09		652,000		651,845
5.125% 9/2/08		950,000		952,453
U.S. Government and Government Agency Obligations - continued
		Principal Amount (d)		Value
U.S. Government Agency Obligations - continued
Fannie Mae: - continued
5.25% 9/15/16		$ 200,000		$ 203,595
6.125% 3/15/12		400,000		422,039
6.375% 6/15/09		30,000		30,928
6.625% 9/15/09		265,000		275,728
7.25% 1/15/10		827,000		878,853
Freddie Mac:
3.625% 9/15/08		3,212,000		3,154,746
4% 8/17/07		58,000		57,730
4.125% 10/18/10		2,050,000		2,004,486
4.25% 7/15/09		2,550,000		2,516,439
4.75% 3/5/09		450,000		448,896
4.875% 11/15/13		400,000		399,078
5% 2/16/17		1,150,000		1,147,676
5.25% 7/18/11		1,505,000		1,528,380
5.75% 3/15/09		500,000		507,980
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS				35,098,690
U.S. Treasury Inflation Protected Obligations - 0.7%
U.S. Treasury Inflation-Indexed Notes:
1.875% 7/15/13		684,336		675,450
2% 1/15/14		54,769		54,229
2.375% 4/15/11		866,745		877,929
2.5% 7/15/16		400,880		411,338
TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS				2,018,946
U.S. Treasury Obligations - 10.1%
U.S. Treasury Bonds:
6.125% 8/15/29		5,271,000		6,130,421
6.25% 8/15/23		2,850,000		3,271,934
U.S. Treasury Notes:
4.25% 11/15/13		3,438,000		3,373,403
4.25% 8/15/14		700,000		684,277
4.25% 11/15/14		950,000		927,438
4.25% 8/15/15		1,000,000		973,242
4.5% 11/30/11		1,000,000		998,398
4.5% 11/15/15		7,050,000		6,978,125
4.75% 2/28/09		200,000		200,469
4.75% 5/15/14		1,849,000		1,865,684
4.875% 4/30/08		720,000		719,916
4.875% 5/15/09		220,000		221,186
5% 7/31/08		1,740,000		1,744,621
TOTAL U.S. TREASURY OBLIGATIONS				28,089,114
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $65,315,982)			65,206,750
U.S. Government Agency - Mortgage Securities - 3.4%
		Principal Amount (d)		Value
Fannie Mae - 2.8%
3.75% 4/1/34 (h)		$ 134,603		$ 132,391
3.907% 5/1/33 (h)		46,812		46,827
3.907% 5/1/34 (h)		68,667		67,720
3.938% 5/1/34 (h)		55,433		54,675
3.957% 9/1/33 (h)		99,714		98,868
4% 9/1/13 to 10/1/20		308,154		293,020
4.029% 6/1/34 (h)		102,366		101,070
4.073% 3/1/35 (h)		192,111		190,506
4.19% 11/1/34 (h)		138,791		138,135
4.204% 6/1/34 (h)		107,250		106,108
4.304% 6/1/34 (h)		123,264		122,380
4.485% 11/1/33 (h)		15,036		14,984
4.495% 5/1/33 (h)		11,366		11,443
4.5% 9/1/18		89,590		86,958
4.506% 2/1/35 (h)		112,431		112,951
4.739% 12/1/35 (h)		464,705		463,407
4.786% 12/1/35 (h)		46,555		46,549
4.789% 6/1/35 (h)		71,697		71,229
4.797% 4/1/35 (h)		125,897		126,138
4.803% 1/1/36 (h)		272,579		271,203
4.816% 11/1/35 (h)		112,860		113,278
4.849% 7/1/35 (h)		28,250		28,085
4.863% 7/1/34 (h)		69,349		69,307
4.894% 10/1/35 (h)		18,664		18,692
4.903% 5/1/35 (h)		18,037		17,958
4.906% 11/1/35 (h)		116,664		116,843
5% 6/1/14 to 9/1/35		1,054,453		1,039,514
5.004% 5/1/35 (h)		138,677		138,398
5.054% 12/1/32 (h)		105,392		105,455
5.111% 10/1/35 (h)		49,736		49,730
5.135% 7/1/34 (h)		24,335		24,408
5.15% 7/1/35 (h)		175,688		175,762
5.15% 8/1/36 (h)		327,395		328,616
5.164% 3/1/36 (h)		148,517		148,724
5.26% 5/1/35 (h)		61,137		61,256
5.269% 11/1/36 (h)		23,976		24,109
5.27% 4/1/36 (h)		64,082		64,391
5.316% 3/1/36 (h)		387,431		389,362
5.383% 2/1/36 (h)		19,054		19,165
5.403% 12/1/36 (h)		45,672		45,867
5.408% 7/1/35 (h)		30,930		31,059
5.5% 4/1/16 to 9/1/19		1,026,605		1,030,547
5.535% 11/1/36 (h)		46,168		46,504
5.801% 5/1/36 (h)		35,039		35,442
5.835% 3/1/36 (h)		80,020		80,949
5.856% 6/1/35 (h)		141,603		143,190
5.856% 1/1/36 (h)		36,574		36,917
6% 9/1/17 to 3/1/18		80,864		82,324
6.5% 12/1/08 to 4/1/22		603,550		617,676
TOTAL FANNIE MAE				7,640,090
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount (d)		Value
Freddie Mac - 0.6%
3.381% 7/1/33 (h)		$ 103,488		$ 101,925
4% 7/1/19 to 2/1/20		51,252		48,472
4.5% 8/1/18 to 8/1/33		166,623		160,736
4.705% 9/1/35 (h)		222,123		221,762
4.925% 10/1/36 (h)		202,102		202,134
5% 7/1/18 to 9/1/18		298,671		295,925
5.021% 4/1/35 (h)		4,704		4,657
5.125% 7/1/35 (h)		55,633		55,536
5.498% 1/1/36 (h)		43,386		43,606
5.5% 8/1/14 to 11/1/19		97,279		97,674
6% 10/1/16 to 4/1/17		107,160		109,090
6.5% 12/1/14 to 9/1/21		403,069		412,382
TOTAL FREDDIE MAC				1,753,899
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $9,381,823)			9,393,989
Collateralized Mortgage Obligations - 2.4%

U.S. Government Agency - 2.4%
Fannie Mae planned amortization class:
Series 2002-83 Class ME, 5% 12/25/17		450,000		444,956
Series 2003-24 Class PB, 4.5% 12/25/12		54,212		53,941
Fannie Mae Grantor Trust sequential payer Series 2005-93 Class HD, 4.5% 11/25/19		15,467		15,129
Fannie Mae subordinate REMIC pass-thru certificates:
floater Series 2005-45 Class XA, 5.66% 6/25/35 (h)		715,118		716,916
planned amortization class:
Series 2003-113 Class PE, 4% 11/25/18		80,000		74,059
Series 2003-70 Class BJ, 5% 7/25/33		45,000		42,745
Series 2003-85 Class GD, 4.5% 9/25/18		60,000		57,877
Series 2004-80 Class LD, 4% 1/25/19		100,000		94,773
Series 2004-81 Class KC, 4.5% 4/25/17		70,000		68,733
Series 2006-4 Class PB, 6% 9/25/35		315,000		318,679
sequential payer:
Series 2003-18 Class EY, 5% 6/25/17		202,110		201,140
Series 2005-117, Class JN, 4.5% 1/25/36		40,000		34,840

		Principal Amount (d)		Value
Series 2005-47 Class AK, 5% 6/25/20		$ 370,000		$ 361,448
Freddie Mac planned amortization class Series 2115 Class PE, 6% 1/15/14		11,025		11,057
Freddie Mac Multi-class participation certificates guaranteed:
floater Series 2630 Class FL, 5.82% 6/15/18 (h)		4,163		4,213
planned amortization class:
Series 2378 Class PE, 5.5% 11/15/16		184,394		186,324
Series 2622 Class PE, 4.5% 5/15/18		475,000		457,840
Series 2628 Class OP, 3.5% 11/15/13		117,189		115,849
Series 2649 Class TQ, 3.5% 12/15/21		76,479		75,477
Series 2760 Class EB, 4.5% 9/15/16		300,000		295,852
Series 2773 Class EG, 4.5% 4/15/19		725,000		696,974
Series 2828 Class JD, 4.5% 8/15/17		675,000		656,575
Series 2831 Class PB, 5% 7/15/19		200,000		197,059
Series 2996 Class MK, 5.5% 6/15/35		47,811		48,173
Series 3013 Class AF, 5.57% 5/15/35 (h)		866,158		867,317
sequential payer:
Series 2570 Class CU, 4.5% 7/15/17		20,376		20,073
Series 2572 Class HK, 4% 2/15/17		30,245		29,548
Series 2617 Class GW, 3.5% 6/15/16		31,398		30,765
Series 2685 Class ND, 4% 10/15/18		85,000		77,579
Series 2773 Class TA, 4% 11/15/17		166,259		160,852
Series 2849 Class AL, 5% 5/15/18		79,908		79,315
Series 2860 Class CP, 4% 10/15/17		29,528		28,941
Series 2937 Class HJ, 5% 10/15/19		96,794		96,456
Series 2863 Class DB, 4% 9/15/14		13,583		13,048
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $6,581,313)			6,634,523
Foreign Government and Government Agency Obligations - 21.2%
		Principal Amount (d)		Value
Arab Republic 9.1196% to 9.9791% 7/10/07	EGP	350,000		$ 60,073
Argentine Republic:
discount (with partial capitalization through 12/31/13) 8.28% 12/31/33		56,824		66,143
3% 4/30/13 (h)		376,250		335,030
5.475% 8/3/12 (h)		671,250		636,770
7% 3/28/11		515,000		510,437
7% 9/12/13		855,000		821,845
11.4012% 3/5/08 (h)	ARS	713,000		232,696
Brazilian Federative Republic:
6% 9/15/13		216,667		218,790
7.125% 1/20/37		40,000		44,160
8% 1/15/18		95,000		107,255
8.25% 1/20/34		280,000		349,860
8.75% 2/4/25		255,000		327,038
11% 8/17/40		1,080,000		1,455,300
12.25% 3/6/30		395,000		680,388
12.75% 1/15/20		235,000		376,000
Bulgarian Republic 8.25% 1/15/15 (Reg. S)		15,000		17,738
Canadian Government:
4% 6/1/17	CAD	900,000		770,404
4.5% 9/1/07	CAD	900,000		780,039
5.25% 6/1/12	CAD	3,250,000		2,972,587
5.5% 6/1/09	CAD	1,420,000		1,268,167
5.75% 6/1/29	CAD	500,000		527,050
Central Bank of Nigeria promissory note 5.092% 1/5/10		166,350		158,716
Colombian Republic:
7.16% 11/16/15 (h)		200,000		211,100
7.375% 9/18/37		305,000		331,840
11.75% 3/1/10	COP	177,000,000		85,590
11.75% 2/25/20		90,000		132,300
Dominican Republic:
Brady 6.3125% 8/30/09 (h)		64,573		64,476
6.1875% 8/30/24 (h)		750,000		746,250
9.04% 1/23/18 (g)		240,455		277,725
9.5% 9/27/11		212,433		228,366
Ecuador Republic:
10% 8/15/30 (Reg. S)		660,000		587,400
euro par 5% 2/28/25		76,000		54,340
Finnish Government 3.875% 9/15/17	EUR	3,100,000		4,060,231
French Republic:
OAT 5.5% 4/25/29	EUR	60,000		93,991
3% 1/12/10	EUR	50,000		65,053
3.25% 4/25/16	EUR	2,320,000		2,909,363
3.5% 7/12/11	EUR	4,375,000		5,722,333
4% 4/25/55	EUR	100,000		127,039

		Principal Amount (d)		Value
German Federal Republic:
3.75% 12/12/08	EUR	250,000		$ 332,447
4% 4/13/12	EUR	370,000		493,994
Greek Government 3.25% 6/21/07	EUR	1,500,000		2,000,294
Indonesian Republic:
6.625% 2/17/37 (g)		100,000		98,880
6.75% 3/10/14		165,000		172,227
Islamic Republic of Pakistan 7.125% 3/31/16 (g)		100,000		102,000
Japan Government:
0.5751% to 0.5908% 6/4/07	JPY	150,000,000		1,271,620
0.78% 7/20/20 (h)	JPY	75,000,000		597,174
1% 11/20/20 (h)	JPY	50,000,000		408,173
1.4% 3/21/11	JPY	160,000,000		1,375,690
1.5% 3/20/14	JPY	95,000,000		812,382
1.8% 3/20/16	JPY	45,000,000		389,262
2.4% 12/20/34	JPY	130,000,000		1,122,901
Real Return Bond 1.1% 12/10/16	JPY	125,000,000		1,046,577
Lebanese Republic:
7.125% 3/5/10		40,000		38,600
7.875% 5/20/11 (Reg. S)		255,000		250,538
8.6044% 11/30/09 (g)(h)		115,000		114,713
8.6044% 11/30/09 (h)		435,000		433,913
8.625% 6/20/13		75,000		75,563
National Power Corp. 6.875% 11/2/16 (g)		100,000		101,875
Pakistan International Sukuk Co. Ltd. 7.6% 1/27/10 (h)		200,000		204,500
Panamanian Republic 8.875% 9/30/27		50,000		63,625
Peruvian Republic:
6.1425% 3/7/27 (h)		70,000		69,825
euro Brady past due interest 6.125% 3/7/17 (h)		485,450		484,236
Philippine Republic:
8.25% 1/15/14		345,000		386,400
8.875% 3/17/15		215,000		252,088
9% 2/15/13		330,000		379,104
9.875% 1/15/19		345,000		445,050
10.625% 3/16/25		205,000		291,100
Polish Government 5% 10/19/15		15,000		14,904
Republic of Fiji 6.875% 9/13/11		100,000		94,500
Republic of Hungary 4.75% 2/3/15		15,000		14,538
Republic of Serbia 3.75% 11/1/24 (f)(g)		115,000		108,825
Russian Federation:
5% 3/31/30 (Reg. S) (f)		1,572,100		1,784,334
12.75% 6/24/28 (Reg. S)		285,000		517,275
South African Republic 6.5% 6/2/14		15,000		15,900
Foreign Government and Government Agency Obligations - continued
		Principal Amount (d)		Value
Turkish Republic:
6.875% 3/17/36		$ 335,000		$ 320,093
7% 9/26/16		800,000		813,000
7.375% 2/5/25		145,000		148,770
10% 2/15/12	TRY	130,000		94,172
11% 1/14/13		585,000		715,163
11.75% 6/15/10		160,000		187,280
11.875% 1/15/30		415,000		637,544
Ukraine Cabinet of Ministers 6.58% 11/21/16 (g)		350,000		354,127
Ukraine Government 8.775% 8/5/09 (h)		400,000		425,000
United Kingdom, Great Britain & Northern Ireland:
4.25% 6/7/32	GBP	50,000		94,740
4.25% 3/7/36	GBP	330,000		630,993
4.75% 9/7/15	GBP	940,000		1,815,965
5% 3/7/08	GBP	260,000		509,554
5% 9/7/14	GBP	631,000		1,235,269
5% 3/7/25	GBP	250,000		509,122
8% 6/7/21	GBP	715,000		1,855,723
United Mexican States:
6.75% 9/27/34		80,000		87,240
7.5% 4/8/33		370,000		440,300
8.3% 8/15/31		625,000		805,313
9% 12/20/12	MXN	1,340,000		129,846
Uruguay Republic:
5% 9/14/18	UYU	1,960,000		92,874
8% 11/18/22		318,878		361,927
Venezuelan Republic:
6% 12/9/20		175,000		161,088
6.36% 4/20/11 (h)		470,000		466,710
7.65% 4/21/25		390,000		413,400
9.25% 9/15/27		260,000		326,300
10.75% 9/19/13		270,000		329,400
13.625% 8/15/18		296,000		438,080
Vietnamese Socialist Republic Brady par 4% 3/12/28 (f)		90,000		78,300
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $56,604,947)			59,256,203
Common Stocks - 0.2%
		Shares
CONSUMER DISCRETIONARY - 0.2%
Auto Components - 0.0%
Intermet Corp. (a)(j)		6,092		11,027
Diversified Consumer Services - 0.1%
Coinmach Service Corp. unit		13,000		252,980

		Shares		Value
Hotels, Restaurants & Leisure - 0.1%
Centerplate, Inc. unit		10,000		$ 162,600
TOTAL COMMON STOCKS (Cost $439,031)			426,607
Preferred Stocks - 0.1%

Convertible Preferred Stocks - 0.0%
MATERIALS - 0.0%
Chemicals - 0.0%
Celanese Corp. 4.25%		300		12,270
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.0%
Media - 0.0%
Spanish Broadcasting System, Inc. Class B, 10.75%		68		74,460
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
Rural Cellular Corp. 12.25% pay-in-kind (a)		255		300,900
TOTAL NONCONVERTIBLE PREFERRED STOCKS				375,360
TOTAL PREFERRED STOCKS (Cost $360,931)			387,630
Floating Rate Loans - 4.1%
		Principal Amount (d)
CONSUMER DISCRETIONARY - 1.6%
Auto Components - 0.2%
Dana Corp. term loan 7.88% 4/13/08 (h)		$ 140,000		139,650
Delphi Corp. term loan 8.125% 12/31/07 (h)		120,000		120,300
Lear Corp. term loan 7.853% 4/25/12 (h)		129,610		129,610
The Goodyear Tire & Rubber Co.:
Tranche 2, term loan 8.14% 4/30/10 (h)		105,000		105,000
Tranche 3, term loan 8.89% 3/1/11 (h)		190,000		190,000
				684,560
Automobiles - 0.6%
AM General LLC:
Tranche B, term loan 8.3634% 9/30/13 (h)		199,839		201,338
8.32% 9/30/12 (h)		6,774		6,825
Floating Rate Loans - continued
		Principal Amount (d)		Value
CONSUMER DISCRETIONARY - continued
Automobiles - continued
Ford Motor Co. term loan 8.36% 12/15/13 (h)		$ 1,266,825		$ 1,269,992
General Motors Corp. term loan 7.695% 11/29/13 (h)		60,000		60,450
				1,538,605
Diversified Consumer Services - 0.1%
Affinion Group Holdings, Inc. term loan 11.6596% 3/1/12 (h)		220,000		215,600
Hotels, Restaurants & Leisure - 0.0%
Green Valley Ranch Gaming LLC Tranche 1LN, term loan 7.36% 2/16/14 (h)		19,273		19,333
Household Durables - 0.0%
Yankee Candle Co., Inc. term loan 7.35% 2/6/14 (h)		20,000		20,050
Media - 0.4%
Charter Communications Operating LLC:
Tranche B 1LN, term loan 7.35% 3/6/14 (h)		220,000		219,450
Tranche B, term loan 7.985% 4/28/13 (h)		306,000		305,809
CSC Holdings, Inc. Tranche B, term loan 7.11% 3/29/13 (h)		307,675		308,444
Riverdeep Interactive Learning USA, Inc. term loan:
8.1% 12/20/13 (h)		39,899		40,199
11.55% 12/21/07 (h)		110,000		110,000
UPC Broadband Holding BV:
Tranche J2, term loan 7.37% 3/31/13 (h)		25,000		25,000
Tranche K2, term loan 7.37% 12/31/13 (h)		25,000		25,000
				1,033,902
Multiline Retail - 0.0%
Neiman Marcus Group, Inc. term loan 7.3463% 4/6/13 (h)		103,291		103,937
Specialty Retail - 0.2%
Michaels Stores, Inc. Tranche B, term loan 8.125% 10/31/13 (h)		185,577		187,200
Sally Holdings LLC Tranche B, term loan 7.86% 11/16/13 (h)		49,750		50,123
Toys 'R' US, Inc. term loan 8.32% 12/9/08 (h)		290,000		291,450
				528,773

		Principal Amount (d)		Value
Textiles, Apparel & Luxury Goods - 0.1%
Hanesbrands, Inc.:
term loan 9.11% 3/5/14 (h)		$ 90,000		$ 92,025
Tranche B 1LN, term loan 7.107% 9/5/13 (h)		250,039		251,134
				343,159
TOTAL CONSUMER DISCRETIONARY				4,487,919
CONSUMER STAPLES - 0.0%
Beverages - 0.0%
Constellation Brands, Inc. Tranche B, term loan 6.875% 6/5/13 (h)		66,667		66,667
ENERGY - 0.2%
Energy Equipment & Services - 0.0%
Compagnie Generale de Geophysique SA term loan 7.35% 1/12/14 (h)		39,900		40,199
Oil, Gas & Consumable Fuels - 0.2%
Coffeyville Resources LLC:
Credit-Linked Deposit 8.36% 12/28/13 (h)		27,568		27,843
Tranche D, term loan 8.36% 12/28/13 (h)		142,432		143,857
Helix Energy Solutions Group, Inc. term loan 7.3333% 7/1/13 (h)		79,598		79,797
Sandridge Energy, Inc. term loan 8.625% 4/1/15		230,000		234,888
Targa Resources, Inc./Targa Resources Finance Corp.:
Credit-Linked Deposit 7.225% 10/31/12 (h)		29,032		29,250
term loan 7.3597% 10/31/12 (h)		119,153		120,047
				635,682
TOTAL ENERGY				675,881
FINANCIALS - 0.2%
Diversified Financial Services - 0.1%
The NASDAQ Stock Market, Inc.:
Tranche B, term loan 7.07% 4/18/12 (h)		174,832		175,379
Tranche C, term loan 7.07% 4/18/12 (h)		101,346		101,790
				277,169
Real Estate Investment Trusts - 0.1%
Capital Automotive (REIT) Tranche B, term loan 7.07% 12/16/10 (h)		167,447		168,703
TOTAL FINANCIALS				445,872
Floating Rate Loans - continued
		Principal Amount (d)		Value
HEALTH CARE - 0.3%
Health Care Providers & Services - 0.3%
HCA, Inc. Tranche B, term loan 7.6% 11/17/13 (h)		$ 748,125		$ 754,671
Health Management Associates, Inc. Tranche B, term loan 7.1% 2/28/14 (h)		60,000		60,150
				814,821
INDUSTRIALS - 0.4%
Aerospace & Defense - 0.1%
DeCrane Aircraft Holdings, Inc.:
Tranche 1LN, term loan 10% 2/21/13 (h)		10,000		10,063
Tranche 2LN, term loan 14.25% 2/21/14 (h)		20,000		20,075
Hawker Beechcraft Corp.:
term loan 7.32% 3/26/14 (h)		184,397		184,858
7.25% 3/26/14 (h)		15,603		15,642
Wesco Aircraft Hardware Corp.:
Tranche 1LN, term loan 7.6% 9/29/13 (h)		19,817		19,965
Tranche 2LN, term loan 11.1% 3/28/14 (h)		10,000		10,200
				260,803
Airlines - 0.1%
Delta Air Lines, Inc.:
Tranche B, term loan 10.11% 3/16/08 (h)		20,000		20,050
Tranche C, term loan 12.86% 3/16/08 (h)		205,000		206,281
				226,331
Building Products - 0.0%
Mueller Group, Inc. term loan 7.359% 10/3/12 (h)		15,043		15,137
Commercial Services & Supplies - 0.1%
Allied Waste Industries, Inc.:
Credit-Linked Deposit 7.07% 3/28/14 (h)		28,504		28,611
term loan 7.0965% 3/28/14 (h)		64,279		64,520
Aramark Corp.:
term loan 7.475% 1/26/14 (h)		119,768		120,366
7.445% 1/26/14 (h)		8,559		8,602
Brand Energy & Infrastructure Services, Inc. Tranche 2LN, term loan 11.375% 2/7/15 (h)		40,000		40,200
				262,299
Electrical Equipment - 0.0%
Baldor Electric Co. term loan 7.125% 12/31/13 (h)		28,500		28,643

		Principal Amount (d)		Value
Industrial Conglomerates - 0.0%
Walter Industries, Inc. term loan 7.101% 10/3/12 (h)		$ 9,786		$ 9,799
Machinery - 0.1%
Chart Industries, Inc. Tranche B, term loan 7.4323% 10/17/12 (h)		13,333		13,383
Navistar International Corp.:
term loan 8.61% 1/19/12 (h)		124,667		126,225
8.4244% 1/19/12 (h)		45,333		45,900
				185,508
Road & Rail - 0.0%
Laidlaw International, Inc. Tranche B, term loan 7.09% 7/31/13 (h)		39,800		39,900
TOTAL INDUSTRIALS				1,028,420
INFORMATION TECHNOLOGY - 0.5%
Electronic Equipment & Instruments - 0.0%
Sanmina-SCI Corp. term loan 7.875% 1/31/08 (h)		40,000		40,100
IT Services - 0.3%
Affiliated Computer Services, Inc. Tranche B2, term loan 7.3196% 3/20/13 (h)		188,575		189,518
SunGard Data Systems, Inc. term loan 7.36% 2/28/14 (h)		540,695		544,074
				733,592
Semiconductors & Semiconductor Equipment - 0.2%
Advanced Micro Devices, Inc. term loan 7.57% 12/31/13 (h)		219,782		220,606
Freescale Semiconductor, Inc. term loan 7.11% 12/1/13 (h)		269,325		269,662
				490,268
Software - 0.0%
Open Solutions, Inc. term loan 7.485% 1/23/14 (h)		20,000		20,050
TOTAL INFORMATION TECHNOLOGY				1,284,010
MATERIALS - 0.4%
Chemicals - 0.1%
Celanese Holding LLC:
Revolving Credit-Linked Deposit 5.32% 4/2/13 (h)		12,308		12,354
term loan 7.099% 4/2/14 (h)		67,692		67,946
Lyondell Chemical Co. term loan 7.11% 8/16/13 (h)		248,750		248,750
Momentive Performance Materials, Inc. Tranche B1, term loan 7.625% 12/4/13 (h)		59,850		60,000
Solutia, Inc. Tranche B, term loan 8.86% 3/31/08 (h)		20,000		20,200
				409,250
Floating Rate Loans - continued
		Principal Amount (d)		Value
MATERIALS - continued
Metals & Mining - 0.1%
Aleris International, Inc. term loan 7.375% 12/19/13 (h)		$ 150,000		$ 150,375
Paper & Forest Products - 0.2%
Georgia-Pacific Corp. Tranche B1, term loan 7.319% 12/23/12 (h)		562,875		564,986
TOTAL MATERIALS				1,124,611
TELECOMMUNICATION SERVICES - 0.4%
Diversified Telecommunication Services - 0.4%
Intelsat Bermuda Ltd. term loan 7.855% 1/12/14 (h)		100,000		100,125
Level 3 Communications, Inc. term loan 7.57% 3/13/14 (h)		440,000		440,550
Paetec Communications, Inc. Tranche B, term loan 8.82% 2/28/13 (h)		30,000		30,225
Wind Telecomunicazioni Spa:
term loan 12.61% 12/12/11 (h)		180,880		184,949
Tranche 2, term loan 11.59% 3/21/15 (h)		140,000		144,200
Tranche B, term loan 7.84% 9/21/13 (h)		70,000		70,263
Tranche C, term loan 8.59% 9/21/14 (h)		70,000		70,263
				1,040,575
Wireless Telecommunication Services - 0.0%
American Cellular Corp.:
term loan 3/14/14 (k)		3,871		3,861
Tranche B, term loan 7.32% 3/14/14 (h)		36,129		36,174
Leap Wireless International, Inc. Tranche B, term loan 7.6% 6/16/13 (h)		39,700		39,899
MetroPCS Wireless, Inc. Tranche B, term loan 7.625% 11/3/13 (h)		79,600		79,998
				159,932
TOTAL TELECOMMUNICATION SERVICES				1,200,507
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
Boston Generating LLC:
Credit-Linked Deposit 7.475% 12/20/13 (h)		12,069		12,159
Tranche 1LN, revolver loan 7.475% 12/20/13 (h)		3,379		3,405
Tranche 2LN, term loan 9.6% 6/20/14 (h)		20,000		20,600

		Principal Amount (d)		Value
Tranche B 1LN, term loan 7.6% 12/20/13 (h)		$ 54,415		$ 54,823
NRG Energy, Inc.:
Credit-Linked Deposit 7.35% 2/1/13 (h)		115,276		116,141
term loan 7.35% 2/1/13 (h)		135,865		136,884
				344,012
TOTAL FLOATING RATE LOANS (Cost $11,415,922)			11,472,720
Sovereign Loan Participations - 0.1%

Indonesian Republic loan participation:
- Citibank:
4.5% 12/14/19 (h)		72,000		68,760
6.25% 3/28/13 (h)		40,682		40,275
- Credit Suisse First Boston 6.25% 3/28/13 (h)		161,780		160,162
- Deutsche Bank 1.407% 3/28/13 (h)	JPY	2,258,837		18,068
TOTAL SOVEREIGN LOAN PARTICIPATIONS (Cost $272,691)			287,265
Commercial Paper - 0.0%

GPB Finance Public Ltd. 4.4% 6/5/07 (Cost $130,430)	EUR	100,000		132,539

Fixed-Income Funds - 4.9%
	Shares
Fidelity Floating Rate Central Fund (i) (Cost $13,473,099)	133,966		13,498,373
Preferred Securities - 0.7%
	Principal Amount (d)
CONSUMER DISCRETIONARY - 0.4%
Media - 0.4%
Globo Comunicacoes e Participacoes SA 9.375%	$ 700,000		730,443
Net Servicos de Comunicacao SA 9.25% (g)	300,000		310,106
			1,040,549
ENERGY - 0.3%
Oil, Gas & Consumable Fuels - 0.3%
Pemex Project Funding Master Trust 7.75%	854,000		887,598
Preferred Securities - continued
	Principal Amount (d)		Value
FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
MUFG Capital Finance 2 Ltd. 4.85% (h)	$ 50,000		$ 65,868
TOTAL PREFERRED SECURITIES (Cost $1,949,326)		1,994,015
Other - 0.1%

Delta Airlines ALPA Claim (a) (Cost $250,675)	470,000		244,400
Money Market Funds - 8.5%
	Shares
Fidelity Cash Central Fund, 5.41% (b) (Cost $23,601,264)	23,601,264		23,601,264
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 5.14%, dated 3/30/07 due 4/2/07 (Collateralized by U.S. Treasury Obligations) # (Cost $37,000)	$ 37,016		37,000

TOTAL INVESTMENT PORTFOLIO - 99.1%

(Cost $269,733,925)

275,651,357

NET OTHER ASSETS - 0.9%			2,442,463
NET ASSETS - 100%		$ 278,093,820

Swap Agreements
	Expiration Date	Notional Amount
Interest Rate Swaps
Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.35% with Bank of America	March 2037	$ 200,000	1,252
Receive semi-annually a fixed rate equal to 4.8825% and pay quarterly a floating rate based on 3-month LIBOR with Bank of America	March 2010	1,050,000	(1,945)
		$ 1,250,000	$ (693)

Currency Abbreviations
ARS	-	Argentine peso
CAD	-	Canadian dollar
COP	-	Colombian peso
EGP	-	Egyptian pound
EUR	-	European Monetary Unit
GBP	-	British pound
JPY	-	Japanese yen
MXN	-	Mexican peso
PEN	-	Peruvian new sol
RUB	-	Russian ruble
TRY	-	New Turkish Lira
UYU	-	Uruguay peso

Legend

(a) Non-income producing

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

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

(f) Security 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 end of the period, the value of these securities amounted to $21,822,688 or 7.8% of net assets.

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

(i) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited list of holdings for each Fidelity 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 Investing Fund's financial statements and quarterly reports but are not part of the financial statements or quarterly reports. In addition, each Fidelity Central Fund's financial statements are available on the EDGAR Database on the SEC's web site, www.sec.gov, or upon request.

(j) 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 $11,027 or 0.0% of net assets.

Additional information on each holding is as follows:,

Security	Acquisition Date	Acquisition Cost
Intermet Corp.	1/7/05 - 1/13/05	$ 115,372

(k) Position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $3,871 and $3,861, respectively. The coupon rate will be determined at time of settlement.

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$37,000 due 4/02/07 at 5.14%
BNP Paribas Securities Corp.	$ 25,555
Bear Stearns & Co., Inc.	5,604
HSBC Securities (USA), Inc.	237
Merrill Lynch Government Securities, Inc.	5,604
	$ 37,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 268,824
Fidelity Floating Rate Central Fund	195,499
Total	$ 464,323

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market 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 Fund	$ 6,927,920	$ 6,567,072	$ -	$ 13,498,373	0.6%

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $269,417,433. Net unrealized appreciation aggregated $6,233,924, of which $7,194,418 related to appreciated investment securities and $960,494 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. Swaps are marked-to-market daily based on dealer-supplied valuations. 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 the Fidelity 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, 2007

1.814636.102

VTC-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 1.1%
Diversified Commercial & Professional Services - 1.0%
Equifax, Inc.	1,000		$ 36,450
Tele Atlas NV (a)	32,144		727,798
			764,248
Human Resource & Employment Services - 0.1%
Kenexa Corp. (a)	2,100		65,373
TOTAL COMMERCIAL SERVICES & SUPPLIES			829,621
COMMUNICATIONS EQUIPMENT - 29.5%
Communications Equipment - 29.5%
Acme Packet, Inc.	14,700		217,266
ADC Telecommunications, Inc. (a)	8,385		140,365
Adtran, Inc.	7,900		192,365
ADVA AG Optical Networking (a)	27,142		299,114
Alcatel-Lucent SA sponsored ADR (d)	55,900		660,738
Andrew Corp. (a)	31,500		333,585
AudioCodes Ltd. (a)	56,550		382,278
Balda AG	4,200		58,628
Ciena Corp. (a)	11,000		307,450
Cisco Systems, Inc. (a)	135,900		3,469,527
Comtech Group, Inc. (a)	43,999		769,103
Comverse Technology, Inc. (a)	39,970		853,360
Corning, Inc. (a)	9,100		206,934
ECI Telecom Ltd. (a)	29,882		245,032
Extreme Networks, Inc. (a)	34,600		146,358
F5 Networks, Inc. (a)	18,213		1,214,443
Finisar Corp. (a)	98,929		346,252
Foxconn International Holdings Ltd. (a)	40,000		122,096
Gemtek Technology Corp.	46,000		113,992
Juniper Networks, Inc. (a)	93,996		1,849,841
Mogem Co. Ltd.	31,554		456,138
Optium Corp.	4,200		81,522
Powerwave Technologies, Inc. (a)	82,500		469,425
QUALCOMM, Inc.	88,996		3,796,569
Research In Motion Ltd. (a)	28,130		3,839,464
Riverbed Technology, Inc. (d)	11,200		309,568
Sonus Networks, Inc. (a)	65,900		531,813
			21,413,226
COMPUTERS & PERIPHERALS - 14.0%
Computer Hardware - 8.2%
Apple, Inc. (a)	41,245		3,832,073
Concurrent Computer Corp. (a)	193,836		304,323
Hewlett-Packard Co.	14,500		582,030
Palm, Inc. (a)	20,300		368,039
Sun Microsystems, Inc. (a)	145,300		873,253
			5,959,718
Computer Storage & Peripherals - 5.8%
EMC Corp. (a)	40,700		563,695
Intermec, Inc. (a)	4,800		107,232
Network Appliance, Inc. (a)	5,000		182,600

	Shares		Value
QLogic Corp. (a)	25,600		$ 435,200
Rackable Systems, Inc. (a)	1,200		20,364
SanDisk Corp. (a)	50,700		2,220,660
Seagate Technology	11,900		277,270
STEC, Inc. (a)	26,400		185,856
Xyratex Ltd. (a)	7,700		183,799
			4,176,676
TOTAL COMPUTERS & PERIPHERALS			10,136,394
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1%
Alternative Carriers - 0.0%
Aruba Networks, Inc.	900		13,203
Integrated Telecommunication Services - 0.1%
NeuStar, Inc. Class A (a)	1,200		34,128
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			47,331
ELECTRICAL EQUIPMENT - 0.6%
Electrical Components & Equipment - 0.6%
Evergreen Solar, Inc. (a)(d)	32,803		319,829
Q-Cells AG	200		12,834
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	3,700		128,057
			460,720
ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.5%
Electronic Equipment & Instruments - 0.7%
Chi Mei Optoelectronics Corp.	73,000		76,111
China Security & Surveillance Tech, Inc. (a)	5,700		93,195
Chunghwa Picture Tubes LTD. (a)	398,000		76,136
Cogent, Inc. (a)	8,900		119,705
Cognex Corp.	1,400		30,338
Tektronix, Inc.	4,500		126,720
			522,205
Electronic Manufacturing Services - 0.6%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	28,540		191,474
Jabil Circuit, Inc.	7,400		158,434
Trimble Navigation Ltd. (a)	2,200		59,048
TTM Technologies, Inc. (a)	4,500		42,930
			451,886
Technology Distributors - 1.2%
Arrow Electronics, Inc. (a)	5,300		200,075
Avnet, Inc. (a)	4,800		173,472
Brightpoint, Inc. (a)	24,700		282,568
Mellanox Technologies Ltd.	100		1,455
Wolfson Microelectronics PLC (a)	38,100		221,926
			879,496
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			1,853,587
Common Stocks - continued
	Shares		Value
HOUSEHOLD DURABLES - 0.1%
Consumer Electronics - 0.1%
Directed Electronics, Inc. (a)	8,772		$ 78,597
Household Appliances - 0.0%
iRobot Corp. (a)	100		1,307
TOTAL HOUSEHOLD DURABLES			79,904
INTERNET & CATALOG RETAIL - 0.2%
Internet Retail - 0.2%
GSI Commerce, Inc. (a)	7,099		160,366
INTERNET SOFTWARE & SERVICES - 10.0%
Internet Software & Services - 10.0%
Akamai Technologies, Inc. (a)	400		19,968
Baidu.com, Inc. sponsored ADR (a)(d)	1,768		170,700
DivX, Inc. (d)	3,300		66,132
Equinix, Inc. (a)	1,400		119,882
Google, Inc. Class A (sub. vtg.) (a)	7,750		3,550,740
Liquidity Services, Inc.	7,100		120,274
LivePerson, Inc. (a)	3,900		30,732
Marchex, Inc. Class B	18,200		278,824
Omniture, Inc. (d)	4,700		85,681
Openwave Systems, Inc. (a)(d)	55,833		455,039
RADVision Ltd. (a)	16,171		381,636
SAVVIS, Inc. (a)	4,600		220,248
Switch & Data Facilities Co., Inc.	300		5,436
WebSideStory, Inc. (a)(d)	41,705		540,080
Yahoo!, Inc. (a)	38,400		1,201,536
			7,246,908
IT SERVICES - 2.1%
Data Processing & Outsourced Services - 0.8%
The Western Union Co.	26,000		570,700
IT Consulting & Other Services - 1.3%
Cognizant Technology Solutions Corp. Class A (a)	3,800		335,426
Infosys Technologies Ltd. sponsored ADR	1,700		85,425
Isilon Systems, Inc.	4,354		70,404
RightNow Technologies, Inc. (a)	20,052		328,452
Satyam Computer Services Ltd. sponsored ADR	5,000		113,500
			933,207
TOTAL IT SERVICES			1,503,907
MEDIA - 0.7%
Advertising - 0.7%
Focus Media Holding Ltd. ADR (a)(d)	6,300		494,298
Publishing - 0.0%
Gemstar-TV Guide International, Inc. (a)	178		746
TOTAL MEDIA			495,044

	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%
Real Estate Management & Development - 0.2%
Move, Inc.	27,500		$ 152,350
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 25.5%
Semiconductor Equipment - 3.3%
ASML Holding NV (NY Shares) (a)	16,300		403,425
Axcelis Technologies, Inc. (a)	15,100		115,364
Credence Systems Corp. (a)	24,800		82,088
EMCORE Corp. (a)(d)	21,802		109,010
Entegris, Inc. (a)	22,055		235,989
FormFactor, Inc. (a)	6,200		277,450
ICOS Vision Systems NV (a)	900		37,702
MEMC Electronic Materials, Inc. (a)	4,300		260,494
Rudolph Technologies, Inc. (a)	4,180		72,899
Tessera Technologies, Inc. (a)	7,500		298,050
Varian Semiconductor Equipment Associates, Inc. (a)	5,650		301,597
Verigy Ltd.	9,020		211,699
			2,405,767
Semiconductors - 22.2%
Advanced Analog Technology, Inc.	28,000		271,623
Advanced Analogic Technologies, Inc. (a)	9,026		59,391
Advanced Micro Devices, Inc. (a)	29,764		388,718
Agere Systems, Inc. (a)	8,500		192,270
Altera Corp. (a)	10,500		209,895
AMIS Holdings, Inc. (a)	34,100		373,395
Applied Micro Circuits Corp. (a)	85,100		310,615
Atheros Communications, Inc. (a)	14,200		339,806
Atmel Corp. (a)	65,100		327,453
Broadcom Corp. Class A (a)	53,077		1,702,179
Chartered Semiconductor Manufacturing Ltd. (a)	75,000		71,683
Cirrus Logic, Inc. (a)	18,944		145,111
Conexant Systems, Inc. (a)	130,200		214,830
Cypress Semiconductor Corp. (a)	33,200		615,860
Diodes, Inc. (a)	5,300		184,705
Fairchild Semiconductor International, Inc. (a)	12,900		215,688
Global Mixed-Mode Tech, Inc.	19,000		167,664
Hittite Microwave Corp. (a)	8,000		321,360
Ikanos Communications, Inc. (a)	45,214		351,313
Infineon Technologies AG sponsored ADR (a)	46,900		730,233
Integrated Device Technology, Inc. (a)	19,600		302,232
Intel Corp.	32,600		623,638
Intersil Corp. Class A	7,400		196,026
Lattice Semiconductor Corp. (a)	29,100		170,235
LSI Logic Corp. (a)	73,500		767,340
Marvell Technology Group Ltd. (a)	190,000		3,193,900
Maxim Integrated Products, Inc.	21,500		632,100
Micrel, Inc. (a)	6,700		73,834
Microsemi Corp. (a)	3,500		72,835
Mindspeed Technologies, Inc. (a)(d)	134,184		291,179
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Monolithic Power Systems, Inc. (a)	13,300		$ 171,570
MoSys, Inc. (a)	3,300		27,720
NVIDIA Corp. (a)	2,500		71,950
Omnivision Technologies, Inc. (a)	3,000		38,880
Pericom Semiconductor Corp. (a)	10,400		101,712
PixArt Imaging, Inc.	20,000		252,040
PLX Technology, Inc. (a)	4,600		44,804
PMC-Sierra, Inc. (a)	14,900		104,449
Qimonda AG Sponsored ADR	4,900		70,364
Rambus, Inc. (a)	7,100		150,875
Richtek Technology Corp.	33,000		326,111
Semtech Corp. (a)	21,300		287,124
Silicon Motion Technology Corp. sponsored ADR (a)	10,800		243,216
SiRF Technology Holdings, Inc. (a)	9,700		269,272
Supertex, Inc. (a)	3,000		99,630
Vimicro International Corp. sponsored ADR (a)	33,800		219,024
Volterra Semiconductor Corp. (a)	4,600		60,076
Zoran Corp. (a)	3,200		54,464
			16,110,392
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			18,516,159
SOFTWARE - 12.4%
Application Software - 8.2%
Adobe Systems, Inc. (a)	21,050		877,785
Amdocs Ltd. (a)	8,500		310,080
Ansys, Inc. (a)	8,300		421,391
Autodesk, Inc. (a)	6,200		233,120
Informatica Corp. (a)	84,555		1,135,574
NAVTEQ Corp. (a)	10,600		365,700
Nuance Communications, Inc. (a)	10,800		165,348
Opsware, Inc. (a)(d)	101,917		738,898
Salesforce.com, Inc. (a)	29,200		1,250,344
Ulticom, Inc. (a)	53,293		437,003
			5,935,243
Home Entertainment Software - 1.1%
Gameloft (a)	43,700		293,624
Nintendo Co. Ltd.	100		29,067
Take-Two Interactive Software, Inc. (a)	17,300		348,422
THQ, Inc. (a)	3,900		133,341
			804,454

	Shares		Value
Systems Software - 3.1%
Allot Communications Ltd.	2,200		$ 20,130
Double-Take Software, Inc.	4,400		59,444
Microsoft Corp.	26,100		727,407
Red Hat, Inc. (a)	24,360		558,575
Sandvine Corp. (a)	163,200		513,114
Sandvine Corp. (U.K.) (a)	125,788		379,961
Sourcefire, Inc.	100		1,763
			2,260,394
TOTAL SOFTWARE			9,000,091
SPECIALTY RETAIL - 0.3%
Computer & Electronics Retail - 0.3%
Gamestop Corp. Class A (a)	7,800		254,046
TOTAL COMMON STOCKS (Cost $62,177,010)		72,149,654
Convertible Bonds - 0.2%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.2%
Communications Equipment - 0.2%
Ciena Corp. 0.25% 5/1/13 (Cost $130,000)	$ 130,000		120,328
Money Market Funds - 5.2%
	Shares
Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c) (Cost $3,774,229)	3,774,229		3,774,229

TOTAL INVESTMENT PORTFOLIO - 104.7%

(Cost $66,081,239)

76,044,211

NET OTHER ASSETS - (4.7)%			(3,416,197)
NET ASSETS - 100%		$ 72,628,014

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 11,168
Fidelity Securities Lending Cash Central Fund	9,349
Total	$ 20,517

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $66,672,090. Net unrealized appreciation aggregated $9,372,121, of which $12,853,391 related to appreciated investment securities and $3,481,270 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Utilities Portfolio

March 31, 2007

1.814651.102

VUT-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.3%
	Shares		Value
CHEMICALS - 0.3%
Specialty Chemicals - 0.3%
Zoltek Companies, Inc. (a)(d)	10,100		$ 352,793
ELECTRIC UTILITIES - 44.2%
Electric Utilities - 44.2%
Allegheny Energy, Inc. (a)	27,000		1,326,780
American Electric Power Co., Inc.	86,200		4,202,250
Cleco Corp.	21,400		552,762
DPL, Inc.	77,500		2,409,475
Duke Energy Corp.	205,600		4,171,624
Edison International	42,700		2,097,851
Entergy Corp.	68,000		7,134,560
Exelon Corp.	128,500		8,829,235
FirstEnergy Corp.	62,320		4,128,077
FPL Group, Inc.	74,500		4,557,165
Great Plains Energy, Inc.	10,300		334,235
ITC Holdings Corp.	19,400		839,826
Northeast Utilities	85,100		2,788,727
Pepco Holdings, Inc.	49,100		1,424,882
Pinnacle West Capital Corp.	11,200		540,400
PPL Corp.	94,600		3,869,140
Progress Energy, Inc.	35,600		1,795,664
Reliant Energy, Inc. (a)	74,000		1,503,680
Sierra Pacific Resources (a)	113,000		1,963,940
			54,470,273
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
Electronic Equipment & Instruments - 0.2%
Itron, Inc. (a)	4,600		299,184
GAS UTILITIES - 3.9%
Gas Utilities - 3.9%
Equitable Resources, Inc. (d)	24,800		1,198,336
ONEOK, Inc.	20,300		913,500
Questar Corp.	16,500		1,471,965
Southern Union Co.	40,200		1,221,678
			4,805,479
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 20.6%
Independent Power Producers & Energy Traders - 20.6%
AES Corp. (a)	274,550		5,908,316
Constellation Energy Group, Inc.	94,200		8,190,690
Dynegy, Inc. Class A (a)	76,200		705,612
International Power PLC	67,100		523,549
Mirant Corp. (a)	54,600		2,209,116
NRG Energy, Inc. (d)	39,600		2,852,784
TXU Corp.	76,880		4,928,008
			25,318,075
MULTI-UTILITIES - 20.8%
Multi-Utilities - 20.8%
Alliant Energy Corp.	22,000		986,040

	Shares		Value
CenterPoint Energy, Inc. (d)	79,000		$ 1,417,260
CMS Energy Corp.	89,510		1,593,278
DTE Energy Co. (d)	27,800		1,331,620
Integrys Energy Group, Inc.	14,500		804,895
MDU Resources Group, Inc.	38,200		1,097,868
NiSource, Inc.	51,800		1,265,992
PG&E Corp. (d)	45,700		2,205,939
Public Service Enterprise Group, Inc.	65,300		5,422,512
Puget Energy, Inc.	28,200		724,176
SCANA Corp.	12,600		543,942
Sempra Energy	85,000		5,185,850
Wisconsin Energy Corp.	61,400		2,979,128
			25,558,500
OIL, GAS & CONSUMABLE FUELS - 3.3%
Coal & Consumable Fuels - 0.6%
Cameco Corp.	19,600		802,980
Oil & Gas Storage & Transport - 2.7%
Spectra Energy Corp.	125,600		3,299,512
TOTAL OIL, GAS & CONSUMABLE FUELS			4,102,492
TOTAL COMMON STOCKS (Cost $96,189,679)		114,906,796
Money Market Funds - 15.0%

Fidelity Cash Central Fund, 5.41% (b)	11,211,041		11,211,041
Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c)	7,183,504		7,183,504
TOTAL MONEY MARKET FUNDS (Cost $18,394,545)		18,394,545

TOTAL INVESTMENT PORTFOLIO - 108.3%

(Cost $114,584,224)

133,301,341

NET OTHER ASSETS - (8.3)%			(10,162,958)
NET ASSETS - 100%		$ 123,138,383

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 66,616
Fidelity Securities Lending Cash Central Fund	6,642
Total	$ 73,258

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $114,722,818. Net unrealized appreciation aggregated $18,578,523, of which $18,789,073 related to appreciated investment securities and $210,550 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Value Leaders Portfolio

March 31, 2007

1.799888.103

VVL-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.4%
	Shares		Value
CONSUMER DISCRETIONARY - 8.5%
Automobiles - 0.4%
Renault SA	2,900		$ 339,153
Diversified Consumer Services - 0.9%
Apollo Group, Inc. Class A (non-vtg.) (a)	11,700		513,630
H&R Block, Inc.	9,800		206,192
			719,822
Hotels, Restaurants & Leisure - 0.4%
McDonald's Corp.	7,240		326,162
Household Durables - 1.8%
Bassett Furniture Industries, Inc.	4,661		68,610
Beazer Homes USA, Inc.	2,600		75,478
D.R. Horton, Inc.	8,100		178,200
KB Home	10,600		452,302
M.D.C. Holdings, Inc. (d)	7,600		365,332
Standard Pacific Corp.	8,400		175,308
Whirlpool Corp.	2,300		195,293
			1,510,523
Leisure Equipment & Products - 0.5%
Brunswick Corp.	5,800		184,730
Eastman Kodak Co.	9,020		203,491
			388,221
Media - 1.5%
Comcast Corp. Class A (special) (non-vtg.)	10,200		259,794
Getty Images, Inc. (a)	4,200		204,246
Live Nation, Inc. (a)	2,729		60,202
Time Warner, Inc.	36,600		721,752
			1,245,994
Multiline Retail - 1.4%
Federated Department Stores, Inc.	12,100		545,105
Retail Ventures, Inc. (a)	8,400		176,820
Sears Holdings Corp. (a)	1,800		324,288
Tuesday Morning Corp. (d)	5,300		78,652
			1,124,865
Specialty Retail - 1.6%
Home Depot, Inc.	6,550		240,647
PETsMART, Inc.	6,300		207,648
Staples, Inc.	7,000		180,880
The Children's Place Retail Stores, Inc. (a)	3,700		206,312
TJX Companies, Inc.	7,900		212,984
Williams-Sonoma, Inc.	6,700		237,582
			1,286,053
TOTAL CONSUMER DISCRETIONARY			6,940,793
CONSUMER STAPLES - 5.9%
Beverages - 0.8%
Diageo PLC sponsored ADR	3,900		315,705

	Shares		Value
PepsiAmericas, Inc.	5,600		$ 124,992
The Coca-Cola Co.	5,100		244,800
			685,497
Food & Staples Retailing - 1.1%
Rite Aid Corp.	34,600		199,642
Wal-Mart Stores, Inc.	12,500		586,875
Winn-Dixie Stores, Inc. (a)	7,300		128,845
			915,362
Food Products - 1.9%
Cermaq ASA	10,800		202,543
Chiquita Brands International, Inc.	13,000		182,260
Marine Harvest ASA (a)	168,000		197,332
Nestle SA (Reg.)	1,920		747,606
Tyson Foods, Inc. Class A	9,500		184,395
			1,514,136
Household Products - 0.6%
Central Garden & Pet Co.	3,800		56,126
Central Garden & Pet Co. Class A (non-vtg.) (a)	6,900		101,430
Colgate-Palmolive Co.	4,500		300,555
			458,111
Tobacco - 1.5%
Altria Group, Inc. (f)	9,300		612,777
British American Tobacco PLC sponsored ADR	9,900		624,096
			1,236,873
TOTAL CONSUMER STAPLES			4,809,979
ENERGY - 16.7%
Energy Equipment & Services - 5.4%
Baker Hughes, Inc.	7,600		502,588
GlobalSantaFe Corp.	13,200		814,176
Hanover Compressor Co. (a)	8,000		178,000
Nabors Industries Ltd. (a)	8,500		252,195
National Oilwell Varco, Inc. (a)	13,063		1,016,171
Noble Corp.	2,900		228,172
Smith International, Inc.	20,300		975,415
Transocean, Inc. (a)	5,600		457,520
			4,424,237
Oil, Gas & Consumable Fuels - 11.3%
Chesapeake Energy Corp.	9,000		277,920
ConocoPhillips	22,380		1,529,673
CONSOL Energy, Inc.	9,900		387,387
EnCana Corp.	5,000		252,912
EOG Resources, Inc.	11,500		820,410
EXCO Resources, Inc.	11,200		185,696
Exxon Mobil Corp.	19,900		1,501,455
Massey Energy Co.	6,200		148,738
Noble Energy, Inc.	6,900		411,585
OAO Gazprom sponsored ADR	2,900		120,930
Occidental Petroleum Corp.	15,000		739,650
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Quicksilver Resources, Inc. (a)	10,400		$ 413,608
SK Corp.	1,770		173,839
Spectra Energy Corp.	6,900		181,263
Suncor Energy, Inc.	4,200		319,579
Ultra Petroleum Corp. (a)	15,900		844,767
Valero Energy Corp.	13,900		896,411
			9,205,823
TOTAL ENERGY			13,630,060
FINANCIALS - 32.9%
Capital Markets - 5.0%
Ares Capital Corp.	11,300		205,321
Charles Schwab Corp.	7,168		131,103
Credit Suisse Group sponsored ADR	3,500		251,405
E*TRADE Financial Corp.	6,700		142,174
Investors Financial Services Corp.	10,200		593,130
Julius Baer Holding AG (Bearer)	1,784		243,366
KKR Private Equity Investors, LP	15,338		371,947
KKR Private Equity Investors, LP Restricted Depositary Units (e)	1,700		41,225
Merrill Lynch & Co., Inc.	11,800		963,706
Morgan Stanley	9,400		740,344
Nomura Holdings, Inc.	7,900		163,767
State Street Corp.	3,100		200,725
			4,048,213
Commercial Banks - 6.0%
Banco Bilbao Vizcaya Argentaria SA	11,400		279,870
Bank Hapoalim BM (Reg.)	24,000		115,209
Commerce Bancorp, Inc., New Jersey	8,900		297,082
East West Bancorp, Inc.	4,800		176,496
HSBC Holdings PLC sponsored ADR (d)	4,800		421,488
Mizuho Financial Group, Inc.	28		179,878
Siam City Bank PCL NVDR	351,500		176,754
U.S. Bancorp, Delaware	27,500		961,675
Unicredito Italiano Spa	27,000		256,975
Wachovia Corp.	36,701		2,020,390
			4,885,817
Diversified Financial Services - 6.8%
Bank of America Corp.	71,008		3,622,828
JPMorgan Chase & Co.	39,196		1,896,302
			5,519,130
Insurance - 9.8%
ACE Ltd.	14,820		845,629
AFLAC, Inc.	5,800		272,948
American International Group, Inc.	41,660		2,800,385
Axis Capital Holdings Ltd.	8,200		277,652
Everest Re Group Ltd.	4,800		461,616
Hartford Financial Services Group, Inc.	8,400		802,872
IPC Holdings Ltd.	16,038		462,696

	Shares		Value
Max Re Capital Ltd.	15,649		$ 398,737
Montpelier Re Holdings Ltd.	13,700		237,558
Platinum Underwriters Holdings Ltd.	15,700		503,656
The Chubb Corp.	4,800		248,016
The Travelers Companies, Inc.	12,700		657,479
			7,969,244
Real Estate Investment Trusts - 1.8%
Alexandria Real Estate Equities, Inc.	2,000		200,740
Annaly Capital Management, Inc.	15,400		238,392
Developers Diversified Realty Corp.	3,600		226,440
Duke Realty LP	4,500		195,615
General Growth Properties, Inc.	10,170		656,677
			1,517,864
Real Estate Management & Development - 0.4%
Mitsubishi Estate Co. Ltd.	11,000		359,775
Thrifts & Mortgage Finance - 3.1%
BankUnited Financial Corp. Class A	10,000		212,100
Countrywide Financial Corp.	16,100		541,604
Fannie Mae	22,510		1,228,596
Hudson City Bancorp, Inc.	8,400		114,912
New York Community Bancorp, Inc.	11,400		200,526
Radian Group, Inc.	4,600		252,448
			2,550,186
TOTAL FINANCIALS			26,850,229
HEALTH CARE - 7.0%
Biotechnology - 1.2%
Amgen, Inc. (a)	11,700		653,796
Biogen Idec, Inc. (a)	3,700		164,206
Cephalon, Inc. (a)	2,469		175,817
			993,819
Health Care Equipment & Supplies - 0.7%
Baxter International, Inc.	4,280		225,428
Becton, Dickinson & Co.	2,700		207,603
Inverness Medical Innovations, Inc. (a)	3,700		161,986
			595,017
Health Care Providers & Services - 0.7%
Brookdale Senior Living, Inc.	7,400		330,484
UnitedHealth Group, Inc.	4,000		211,880
			542,364
Life Sciences Tools & Services - 0.3%
Thermo Fisher Scientific, Inc. (a)	4,500		210,375
Pharmaceuticals - 4.1%
Johnson & Johnson	8,600		518,236
Merck & Co., Inc.	28,500		1,258,845
Pfizer, Inc.	51,620		1,303,921
Wyeth	6,160		308,185
			3,389,187
TOTAL HEALTH CARE			5,730,762
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 9.6%
Aerospace & Defense - 2.9%
General Dynamics Corp.	9,200		$ 702,880
Hexcel Corp. (a)	7,200		142,920
Honeywell International, Inc.	25,000		1,151,500
Raytheon Co.	2,300		120,658
United Technologies Corp.	3,500		227,500
			2,345,458
Air Freight & Logistics - 0.5%
United Parcel Service, Inc. Class B	5,700		399,570
Airlines - 0.2%
AirTran Holdings, Inc. (a)(d)	18,900		194,103
Building Products - 0.2%
Masco Corp.	6,700		183,580
Commercial Services & Supplies - 0.9%
Allied Waste Industries, Inc.	16,100		202,699
Cintas Corp.	5,400		194,940
The Brink's Co.	4,900		310,905
			708,544
Construction & Engineering - 0.4%
Chicago Bridge & Iron Co. NV (NY Shares)	2,900		89,175
Fluor Corp.	2,800		251,216
			340,391
Electrical Equipment - 0.3%
SolarWorld AG	2,700		209,655
Industrial Conglomerates - 3.6%
General Electric Co.	69,340		2,451,862
Tyco International Ltd.	16,030		505,747
			2,957,609
Machinery - 0.6%
Dover Corp.	5,400		263,574
Oshkosh Truck Co.	3,900		206,700
			470,274
TOTAL INDUSTRIALS			7,809,184
INFORMATION TECHNOLOGY - 7.1%
Communications Equipment - 1.2%
Comverse Technology, Inc. (a)	8,700		185,745
Harris Corp.	6,200		315,890
Motorola, Inc.	26,400		466,488
			968,123
Computers & Peripherals - 2.3%
Hewlett-Packard Co.	20,200		810,828
International Business Machines Corp.	7,600		716,376
QLogic Corp. (a)	10,000		170,000
Seagate Technology	7,400		172,420
			1,869,624

	Shares		Value
Electronic Equipment & Instruments - 0.8%
Agilent Technologies, Inc. (a)	5,200		$ 175,188
Amphenol Corp. Class A	1,100		71,027
Flextronics International Ltd. (a)	21,200		231,928
Motech Industries, Inc.	12,000		167,180
			645,323
Internet Software & Services - 0.3%
Google, Inc. Class A (sub. vtg.) (a)	500		229,080
IT Services - 0.4%
First Data Corp.	8,900		239,410
Infosys Technologies Ltd. sponsored ADR	1,700		85,425
			324,835
Office Electronics - 0.2%
Zebra Technologies Corp. Class A (a)	3,000		115,830
Semiconductors & Semiconductor Equipment - 1.3%
Analog Devices, Inc.	3,900		134,511
Applied Materials, Inc.	10,600		194,192
Intel Corp.	11,300		216,169
Marvell Technology Group Ltd. (a)	8,400		141,204
National Semiconductor Corp.	7,700		185,878
ON Semiconductor Corp. (a)	4,100		36,572
Spansion, Inc. Class A (a)	9,400		114,586
Volterra Semiconductor Corp. (a)	4,600		60,076
			1,083,188
Software - 0.6%
Electronic Arts, Inc. (a)	2,100		105,756
Microsoft Corp.	8,500		236,895
Symantec Corp. (a)	10,200		176,460
			519,111
TOTAL INFORMATION TECHNOLOGY			5,755,114
MATERIALS - 1.8%
Chemicals - 0.2%
Chemtura Corp.	14,400		157,392
Metals & Mining - 1.6%
Arcelor Mittal	4,400		232,716
Carpenter Technology Corp.	1,800		217,368
Freeport-McMoRan Copper & Gold, Inc. Class B	6,100		403,759
Meridian Gold, Inc. (a)	8,100		206,793
Reliance Steel & Aluminum Co.	4,700		227,480
			1,288,116
TOTAL MATERIALS			1,445,508
TELECOMMUNICATION SERVICES - 6.3%
Diversified Telecommunication Services - 6.1%
AT&T, Inc.	97,140		3,830,230
Cincinnati Bell, Inc.	47,400		222,780
Verizon Communications, Inc.	23,600		894,912
			4,947,922
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - 0.2%
American Tower Corp. Class A (a)	5,450		$ 212,278
TOTAL TELECOMMUNICATION SERVICES			5,160,200
UTILITIES - 4.6%
Electric Utilities - 1.8%
DPL, Inc.	5,700		177,213
E.ON AG sponsored ADR	4,900		221,284
Entergy Corp.	5,900		619,028
PPL Corp.	5,200		212,680
Reliant Energy, Inc. (a)	9,800		199,136
			1,429,341
Independent Power Producers & Energy Traders - 1.6%
AES Corp. (a)	16,600		357,232
Constellation Energy Group, Inc.	8,400		730,380
NRG Energy, Inc.	2,700		194,508
			1,282,120
Multi-Utilities - 1.2%
CMS Energy Corp.	9,600		170,880
Public Service Enterprise Group, Inc.	9,900		822,096
			992,976
TOTAL UTILITIES			3,704,437
TOTAL COMMON STOCKS (Cost $74,094,899)		81,836,266
Money Market Funds - 2.5%
	Shares		Value
Fidelity Cash Central Fund, 5.41% (b)	1,140,745		$ 1,140,745
Fidelity Securities Lending Cash Central Fund, 5.41% (b)(c)	904,625		904,625
TOTAL MONEY MARKET FUNDS (Cost $2,045,370)		2,045,370

TOTAL INVESTMENT PORTFOLIO - 102.9%

(Cost $76,140,269)

83,881,636

NET OTHER ASSETS - (2.9)%			(2,350,494)
NET ASSETS - 100%		$ 81,531,142

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 7,513
Fidelity Securities Lending Cash Central Fund	487
Total	$ 8,000

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $76,280,694. Net unrealized appreciation aggregated $7,600,942, of which $9,174,193 related to appreciated investment securities and $1,573,251 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/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	May 30, 2007

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/ Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	May 30, 2007

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer

Date:	May 30, 2007