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 811-5511

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

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

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Index 500 Portfolio

September 30, 2006

VIPIDX-QTLY-1106

1.808790.102

Investments September 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
CONSUMER DISCRETIONARY - 9.9%
Auto Components - 0.1%
Goodyear Tire & Rubber Co. (a)(d)	41,306		$ 598,937
Johnson Controls, Inc.	45,559		3,268,403
			3,867,340
Automobiles - 0.4%
Ford Motor Co.	438,198		3,545,022
General Motors Corp. (d)	131,764		4,382,471
Harley-Davidson, Inc.	61,086		3,833,147
			11,760,640
Distributors - 0.1%
Genuine Parts Co.	39,908		1,721,232
Diversified Consumer Services - 0.1%
Apollo Group, Inc. Class A (a)	32,602		1,605,322
H&R Block, Inc.	74,939		1,629,174
			3,234,496
Hotels, Restaurants & Leisure - 1.6%
Carnival Corp. unit	103,664		4,875,318
Darden Restaurants, Inc.	34,036		1,445,509
Harrah's Entertainment, Inc.	43,288		2,875,622
Hilton Hotels Corp.	89,873		2,502,963
International Game Technology	79,068		3,281,322
Marriott International, Inc. Class A	80,045		3,092,939
McDonald's Corp.	285,684		11,175,958
Starbucks Corp. (a)	176,133		5,997,329
Starwood Hotels & Resorts Worldwide, Inc.	50,740		2,901,821
Wendy's International, Inc.	27,412		1,836,604
Wyndham Worldwide Corp. (a)	46,676		1,305,528
Yum! Brands, Inc.	63,068		3,282,689
			44,573,602
Household Durables - 0.6%
Black & Decker Corp.	17,250		1,368,788
Centex Corp.	27,611		1,452,891
D.R. Horton, Inc.	63,461		1,519,891
Fortune Brands, Inc.	35,137		2,639,140
Harman International Industries, Inc.	15,183		1,266,870
KB Home	18,295		801,321
Leggett & Platt, Inc.	42,086		1,053,413
Lennar Corp. Class A	32,243		1,458,996
Newell Rubbermaid, Inc.	64,506		1,826,810
Pulte Homes, Inc.	49,311		1,571,048
Snap-On, Inc.	13,524		602,494
The Stanley Works	18,851		939,722
Whirlpool Corp.	18,223		1,532,737
			18,034,121
Internet & Catalog Retail - 0.1%
Amazon.com, Inc. (a)	73,197		2,351,088
Leisure Equipment & Products - 0.2%
Brunswick Corp.	21,602		673,766
Eastman Kodak Co. (d)	66,918		1,498,963
	Shares		Value
Hasbro, Inc.	38,108		$ 866,957
Mattel, Inc.	88,059		1,734,762
			4,774,448
Media - 3.3%
CBS Corp. Class B	181,856		5,122,884
Clear Channel Communications, Inc.	115,617		3,335,550
Comcast Corp. Class A (a)	487,536		17,965,702
Dow Jones & Co., Inc. (d)	15,139		507,762
E.W. Scripps Co. Class A	19,413		930,465
Gannett Co., Inc.	55,066		3,129,401
Interpublic Group of Companies, Inc. (d)	102,690		1,016,631
McGraw-Hill Companies, Inc.	81,978		4,757,183
Meredith Corp.	9,071		447,472
News Corp. Class A	544,353		10,696,536
Omnicom Group, Inc.	40,022		3,746,059
The New York Times Co. Class A (d)	33,659		773,484
The Walt Disney Co.	486,918		15,050,635
Time Warner, Inc.	947,435		17,271,740
Tribune Co.	44,413		1,453,193
Univision Communications, Inc. Class A (a)(d)	58,449		2,007,139
Viacom, Inc. Class B (non-vtg.) (a)	165,275		6,144,925
			94,356,761
Multiline Retail - 1.2%
Big Lots, Inc. (a)(d)	25,362		502,421
Dillard's, Inc. Class A	14,084		460,969
Dollar General Corp.	72,674		990,547
Family Dollar Stores, Inc.	35,325		1,032,903
Federated Department Stores, Inc.	126,624		5,471,423
JCPenney Co., Inc.	52,231		3,572,078
Kohl's Corp. (a)	76,270		4,951,448
Nordstrom, Inc.	53,206		2,250,614
Sears Holdings Corp. (a)	19,378		3,063,468
Target Corp.	200,040		11,052,210
			33,348,081
Specialty Retail - 1.9%
AutoNation, Inc. (a)	35,725		746,653
AutoZone, Inc. (a)	12,288		1,269,350
Bed Bath & Beyond, Inc. (a)	65,747		2,515,480
Best Buy Co., Inc.	94,715		5,072,935
Circuit City Stores, Inc.	32,846		824,763
Gap, Inc.	125,455		2,377,372
Home Depot, Inc.	480,838		17,439,994
Limited Brands, Inc.	79,128		2,096,101
Lowe's Companies, Inc.	355,944		9,987,789
Office Depot, Inc. (a)	65,992		2,619,882
OfficeMax, Inc.	17,284		704,150
RadioShack Corp. (d)	31,615		610,170
Sherwin-Williams Co.	26,251		1,464,281
Staples, Inc.	169,244		4,117,707
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Tiffany & Co., Inc.	32,183		$ 1,068,476
TJX Companies, Inc.	104,715		2,935,161
			55,850,264
Textiles, Apparel & Luxury Goods - 0.3%
Coach, Inc. (a)	85,231		2,931,946
Jones Apparel Group, Inc.	26,284		852,653
Liz Claiborne, Inc.	24,035		949,623
NIKE, Inc. Class B	44,623		3,909,867
VF Corp.	20,672		1,508,022
			10,152,111
TOTAL CONSUMER DISCRETIONARY			284,024,184
CONSUMER STAPLES - 9.4%
Beverages - 2.1%
Anheuser-Busch Companies, Inc.	179,079		8,508,043
Brown-Forman Corp. Class B (non-vtg.)	18,294		1,402,235
Coca-Cola Enterprises, Inc.	64,205		1,337,390
Constellation Brands, Inc. Class A (sub. vtg.)	49,128		1,413,904
Molson Coors Brewing Co. Class B	10,635		732,752
Pepsi Bottling Group, Inc.	31,645		1,123,398
PepsiCo, Inc.	384,075		25,064,735
The Coca-Cola Co.	474,754		21,212,009
			60,794,466
Food & Staples Retailing - 2.3%
Costco Wholesale Corp.	109,018		5,416,014
CVS Corp.	191,358		6,146,419
Kroger Co.	168,316		3,894,832
Safeway, Inc.	103,574		3,143,471
SUPERVALU, Inc.	49,302		1,461,804
Sysco Corp.	144,092		4,819,877
Wal-Mart Stores, Inc.	573,016		28,261,149
Walgreen Co.	234,824		10,423,837
Whole Foods Market, Inc.	32,889		1,954,593
			65,521,996
Food Products - 1.1%
Archer-Daniels-Midland Co.	152,755		5,786,359
Campbell Soup Co.	53,723		1,960,890
ConAgra Foods, Inc.	119,005		2,913,242
Dean Foods Co. (a)	31,095		1,306,612
General Mills, Inc.	82,191		4,652,011
H.J. Heinz Co.	77,222		3,237,918
Hershey Co.	40,914		2,186,853
Kellogg Co.	58,222		2,883,153
McCormick & Co., Inc. (non-vtg.)	30,714		1,166,518
Sara Lee Corp.	177,081		2,845,692
	Shares		Value
Tyson Foods, Inc. Class A	58,697		$ 932,108
Wm. Wrigley Jr. Co.	51,076		2,352,561
			32,223,917
Household Products - 2.2%
Clorox Co.	35,213		2,218,419
Colgate-Palmolive Co.	120,305		7,470,941
Kimberly-Clark Corp.	106,743		6,976,722
Procter & Gamble Co.	739,665		45,844,437
			62,510,519
Personal Products - 0.2%
Alberto-Culver Co.	18,180		919,726
Avon Products, Inc.	104,290		3,197,531
Estee Lauder Companies, Inc. Class A	30,095		1,213,731
			5,330,988
Tobacco - 1.5%
Altria Group, Inc.	487,689		37,332,593
Reynolds American, Inc.	39,933		2,474,648
UST, Inc.	37,466		2,054,261
			41,861,502
TOTAL CONSUMER STAPLES			268,243,388
ENERGY - 9.2%
Energy Equipment & Services - 1.7%
Baker Hughes, Inc.	76,633		5,226,371
BJ Services Co.	69,690		2,099,760
Halliburton Co.	240,216		6,834,145
Nabors Industries Ltd. (a)	73,623		2,190,284
National Oilwell Varco, Inc. (a)	40,856		2,392,119
Noble Corp.	31,951		2,050,615
Rowan Companies, Inc.	25,718		813,460
Schlumberger Ltd. (NY Shares)	275,832		17,109,859
Smith International, Inc.	46,703		1,812,076
Transocean, Inc. (a)	73,398		5,374,936
Weatherford International Ltd. (a)	80,605		3,362,841
			49,266,466
Oil, Gas & Consumable Fuels - 7.5%
Anadarko Petroleum Corp.	107,037		4,691,432
Apache Corp.	76,699		4,847,377
Chesapeake Energy Corp.	88,149		2,554,558
Chevron Corp.	512,041		33,210,979
ConocoPhillips	383,871		22,851,841
CONSOL Energy, Inc.	42,713		1,355,283
Devon Energy Corp.	102,747		6,488,473
El Paso Corp.	162,128		2,211,426
EOG Resources, Inc.	56,518		3,676,496
Exxon Mobil Corp.	1,384,932		92,928,931
Hess Corp.	56,202		2,327,887
Kinder Morgan, Inc.	24,959		2,616,951
Marathon Oil Corp.	83,438		6,416,382
Murphy Oil Corp.	43,526		2,069,661
Occidental Petroleum Corp.	200,702		9,655,773
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Sunoco, Inc.	30,380		$ 1,889,332
Valero Energy Corp.	142,772		7,348,475
Williams Companies, Inc.	138,797		3,313,084
XTO Energy, Inc.	85,200		3,589,476
			214,043,817
TOTAL ENERGY			263,310,283
FINANCIALS - 21.9%
Capital Markets - 3.6%
Ameriprise Financial, Inc.	56,786		2,663,263
Bank of New York Co., Inc.	177,778		6,268,452
Bear Stearns Companies, Inc.	28,044		3,928,964
Charles Schwab Corp.	240,909		4,312,271
E*TRADE Financial Corp.	99,518		2,380,471
Federated Investors, Inc. Class B (non-vtg.)	21,104		713,526
Franklin Resources, Inc.	38,835		4,106,801
Goldman Sachs Group, Inc.	100,568		17,013,089
Janus Capital Group, Inc.	48,146		949,439
Legg Mason, Inc.	30,552		3,081,475
Lehman Brothers Holdings, Inc.	125,149		9,243,505
Mellon Financial Corp.	95,849		3,747,696
Merrill Lynch & Co., Inc.	206,512		16,153,369
Morgan Stanley	249,723		18,207,304
Northern Trust Corp.	43,658		2,550,937
State Street Corp.	77,143		4,813,723
T. Rowe Price Group, Inc.	60,960		2,916,936
			103,051,221
Commercial Banks - 4.2%
AmSouth Bancorp.	79,776		2,316,695
BB&T Corp.	125,109		5,477,272
Comerica, Inc.	37,789		2,150,950
Commerce Bancorp, Inc., New Jersey	43,446		1,594,903
Compass Bancshares, Inc.	30,143		1,717,548
Fifth Third Bancorp	129,966		4,949,105
First Horizon National Corp.	28,875		1,097,539
Huntington Bancshares, Inc.	55,335		1,324,167
KeyCorp	93,952		3,517,563
M&T Bank Corp.	18,102		2,171,516
Marshall & Ilsley Corp.	59,241		2,854,231
National City Corp.	140,908		5,157,233
North Fork Bancorp, Inc., New York	108,521		3,108,041
PNC Financial Services Group, Inc.	68,596		4,969,094
Regions Financial Corp.	105,915		3,896,613
SunTrust Banks, Inc.	84,985		6,567,641
Synovus Financial Corp.	75,486		2,217,024
U.S. Bancorp, Delaware	414,012		13,753,479
Wachovia Corp.	354,025		19,754,595
	Shares		Value
Wells Fargo & Co.	784,425		$ 28,380,497
Zions Bancorp	24,851		1,983,358
			118,959,064
Consumer Finance - 0.9%
American Express Co.	283,012		15,871,313
Capital One Financial Corp.	71,315		5,609,638
SLM Corp.	95,522		4,965,234
			26,446,185
Diversified Financial Services - 5.7%
Bank of America Corp.	1,054,345		56,481,262
Chicago Mercantile Exchange Holdings, Inc. Class A	8,287		3,963,258
CIT Group, Inc.	46,321		2,252,590
Citigroup, Inc.	1,151,737		57,206,777
JPMorgan Chase & Co.	808,701		37,976,599
Moody's Corp.	55,164		3,606,622
			161,487,108
Insurance - 4.7%
ACE Ltd.	75,755		4,146,071
AFLAC, Inc.	115,616		5,290,588
Allstate Corp.	146,649		9,199,292
AMBAC Financial Group, Inc.	24,675		2,041,856
American International Group, Inc.	605,406		40,114,202
Aon Corp.	73,259		2,481,282
Cincinnati Financial Corp.	40,354		1,939,413
Genworth Financial, Inc. Class A (non-vtg.)	105,997		3,710,955
Hartford Financial Services Group, Inc.	70,877		6,148,580
Lincoln National Corp.	66,890		4,152,531
Loews Corp.	106,484		4,035,744
Marsh & McLennan Companies, Inc.	128,219		3,609,365
MBIA, Inc.	31,393		1,928,786
MetLife, Inc.	176,908		10,027,145
Principal Financial Group, Inc.	62,733		3,405,147
Progressive Corp.	179,898		4,414,697
Prudential Financial, Inc.	112,985		8,615,106
SAFECO Corp.	27,106		1,597,357
The Chubb Corp.	95,702		4,972,676
The St. Paul Travelers Companies, Inc.	160,958		7,547,321
Torchmark Corp.	23,049		1,454,622
UnumProvident Corp.	79,793		1,547,186
XL Capital Ltd. Class A	42,001		2,885,469
			135,265,391
Real Estate Investment Trusts - 1.1%
Apartment Investment & Management Co. Class A	22,683		1,234,182
Archstone-Smith Trust	49,911		2,717,155
Boston Properties, Inc.	26,627		2,751,634
Equity Office Properties Trust	81,565		3,243,024
Equity Residential (SBI)	67,781		3,428,363
Kimco Realty Corp.	50,455		2,163,006
Plum Creek Timber Co., Inc.	41,750		1,421,170
ProLogis Trust	57,101		3,258,183
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Public Storage, Inc.	28,249		$ 2,429,132
Simon Property Group, Inc.	51,524		4,669,105
Vornado Realty Trust (d)	28,393		3,094,837
			30,409,791
Real Estate Management & Development - 0.0%
Realogy Corp. (a)(d)	49,726		1,127,786
Thrifts & Mortgage Finance - 1.7%
Countrywide Financial Corp.	142,575		4,995,828
Fannie Mae	225,482		12,606,699
Freddie Mac	160,975		10,677,472
Golden West Financial Corp., Delaware	87,373		6,749,564
MGIC Investment Corp. (d)	19,676		1,179,970
Sovereign Bancorp, Inc.	83,545		1,797,053
Washington Mutual, Inc.	224,453		9,756,972
			47,763,558
TOTAL FINANCIALS			624,510,104
HEALTH CARE - 12.4%
Biotechnology - 1.3%
Amgen, Inc. (a)	272,695		19,505,873
Biogen Idec, Inc. (a)	80,043		3,576,321
Genzyme Corp. (a)	60,890		4,108,248
Gilead Sciences, Inc. (a)	106,425		7,311,398
MedImmune, Inc. (a)	55,778		1,629,275
			36,131,115
Health Care Equipment & Supplies - 1.5%
Bausch & Lomb, Inc.	12,526		627,928
Baxter International, Inc.	151,980		6,909,011
Becton, Dickinson & Co.	57,003		4,028,402
Biomet, Inc.	57,036		1,835,989
Boston Scientific Corp. (a)	274,415		4,058,598
C.R. Bard, Inc.	24,115		1,808,625
Hospira, Inc. (a)	36,575		1,399,725
Medtronic, Inc.	267,750		12,434,310
St. Jude Medical, Inc. (a)	82,153		2,899,179
Stryker Corp.	69,139		3,428,603
Zimmer Holdings, Inc. (a)	56,550		3,817,125
			43,247,495
Health Care Providers & Services - 2.7%
Aetna, Inc.	127,592		5,046,264
AmerisourceBergen Corp.	46,956		2,122,411
Cardinal Health, Inc.	94,469		6,210,392
Caremark Rx, Inc.	99,452		5,635,945
CIGNA Corp.	25,834		3,005,011
Coventry Health Care, Inc. (a)	37,017		1,907,116
Express Scripts, Inc. (a)	32,090		2,422,474
HCA, Inc.	98,755		4,926,887
	Shares		Value
Health Management Associates, Inc. Class A	55,976		$ 1,169,898
Humana, Inc. (a)	38,453		2,541,359
Laboratory Corp. of America Holdings (a)	29,166		1,912,415
Manor Care, Inc.	17,160		897,125
McKesson Corp.	69,732		3,676,271
Medco Health Solutions, Inc. (a)	68,474		4,115,972
Patterson Companies, Inc. (a)	32,371		1,087,989
Quest Diagnostics, Inc.	37,662		2,303,408
Tenet Healthcare Corp. (a)	109,797		893,748
UnitedHealth Group, Inc.	313,795		15,438,714
WellPoint, Inc. (a)	144,387		11,125,018
			76,438,417
Health Care Technology - 0.0%
IMS Health, Inc.	46,941		1,250,508
Life Sciences Tools & Services - 0.2%
Applera Corp. - Applied Biosystems Group	42,455		1,405,685
Fisher Scientific International, Inc. (a)	28,984		2,267,708
Millipore Corp. (a)(d)	12,412		760,856
PerkinElmer, Inc.	29,259		553,873
Thermo Electron Corp. (a)	36,713		1,443,922
Waters Corp. (a)	23,866		1,080,652
			7,512,696
Pharmaceuticals - 6.7%
Abbott Laboratories	355,917		17,283,330
Allergan, Inc.	35,130		3,955,989
Barr Pharmaceuticals, Inc. (a)	24,762		1,286,138
Bristol-Myers Squibb Co.	458,124		11,416,450
Eli Lilly & Co.	229,103		13,058,871
Forest Laboratories, Inc. (a)	74,073		3,748,835
Johnson & Johnson	681,411		44,250,830
King Pharmaceuticals, Inc. (a)	56,632		964,443
Merck & Co., Inc.	506,949		21,241,163
Mylan Laboratories, Inc.	49,110		988,584
Pfizer, Inc.	1,698,610		48,172,580
Schering-Plough Corp.	345,088		7,622,994
Watson Pharmaceuticals, Inc. (a)	23,813		623,186
Wyeth	313,483		15,937,476
			190,550,869
TOTAL HEALTH CARE			355,131,100
INDUSTRIALS - 10.7%
Aerospace & Defense - 2.4%
General Dynamics Corp.	93,977		6,735,332
Goodrich Corp.	29,054		1,177,268
Honeywell International, Inc.	190,780		7,802,902
L-3 Communications Holdings, Inc.	28,661		2,245,016
Lockheed Martin Corp.	82,945		7,138,247
Northrop Grumman Corp.	80,258		5,463,162
Raytheon Co.	104,533		5,018,629
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Aerospace & Defense - continued
Rockwell Collins, Inc.	39,931		$ 2,189,816
The Boeing Co.	185,181		14,601,522
United Technologies Corp.	235,622		14,926,654
			67,298,548
Air Freight & Logistics - 0.9%
FedEx Corp.	71,381		7,757,687
United Parcel Service, Inc. Class B	251,833		18,116,866
			25,874,553
Airlines - 0.1%
Southwest Airlines Co.	183,124		3,050,846
Building Products - 0.1%
American Standard Companies, Inc.	40,648		1,705,997
Masco Corp.	92,741		2,542,958
			4,248,955
Commercial Services & Supplies - 0.5%
Allied Waste Industries, Inc.	59,086		665,899
Avery Dennison Corp.	21,992		1,323,259
Cintas Corp.	31,814		1,298,966
Equifax, Inc.	29,499		1,082,908
Monster Worldwide, Inc. (a)	29,905		1,082,262
Pitney Bowes, Inc.	51,608		2,289,847
R.R. Donnelley & Sons Co.	50,389		1,660,821
Robert Half International, Inc.	39,908		1,355,675
Waste Management, Inc.	125,913		4,618,489
			15,378,126
Construction & Engineering - 0.1%
Fluor Corp.	20,404		1,568,864
Electrical Equipment - 0.5%
American Power Conversion Corp.	39,493		867,266
Cooper Industries Ltd. Class A	21,324		1,817,231
Emerson Electric Co.	94,977		7,964,771
Rockwell Automation, Inc.	40,986		2,381,287
			13,030,555
Industrial Conglomerates - 4.0%
3M Co.	175,473		13,058,701
General Electric Co.	2,404,921		84,893,711
Textron, Inc.	29,413		2,573,638
Tyco International Ltd.	469,346		13,136,995
			113,663,045
Machinery - 1.4%
Caterpillar, Inc.	152,762		10,051,740
Cummins, Inc.	12,244		1,459,852
Danaher Corp.	55,123		3,785,296
Deere & Co.	53,859		4,519,309
Dover Corp.	47,413		2,249,273
Eaton Corp.	34,944		2,405,894
Illinois Tool Works, Inc.	97,898		4,395,620
Ingersoll-Rand Co. Ltd. Class A	74,953		2,846,715
	Shares		Value
ITT Industries, Inc.	43,022		$ 2,205,738
Navistar International Corp. (a)	14,372		371,085
PACCAR, Inc.	58,080		3,311,722
Pall Corp.	29,081		895,986
Parker Hannifin Corp.	28,005		2,176,829
			40,675,059
Road & Rail - 0.7%
Burlington Northern Santa Fe Corp.	84,322		6,192,608
CSX Corp.	103,324		3,392,127
Norfolk Southern Corp.	96,403		4,246,552
Ryder System, Inc.	14,439		746,208
Union Pacific Corp.	62,748		5,521,824
			20,099,319
Trading Companies & Distributors - 0.0%
W.W. Grainger, Inc.	17,539		1,175,464
TOTAL INDUSTRIALS			306,063,334
INFORMATION TECHNOLOGY - 15.0%
Communications Equipment - 2.8%
ADC Telecommunications, Inc. (a)	27,310		409,650
Avaya, Inc. (a)	106,455		1,217,845
Ciena Corp. (a)	19,670		536,008
Cisco Systems, Inc. (a)	1,422,128		32,708,944
Comverse Technology, Inc. (a)	47,059		1,008,945
Corning, Inc. (a)	363,364		8,869,715
JDS Uniphase Corp. (a)	392,506		859,588
Juniper Networks, Inc. (a)	131,797		2,277,452
Lucent Technologies, Inc. (a)(d)	1,044,127		2,443,257
Motorola, Inc.	570,758		14,268,950
QUALCOMM, Inc.	384,824		13,988,352
Tellabs, Inc. (a)	104,296		1,143,084
			79,731,790
Computers & Peripherals - 3.5%
Apple Computer, Inc. (a)	198,134		15,262,262
Dell, Inc. (a)	529,193		12,086,768
EMC Corp. (a)	535,454		6,414,739
Hewlett-Packard Co.	638,065		23,410,605
International Business Machines Corp.	354,526		29,049,860
Lexmark International, Inc. Class A (a)	23,364		1,347,168
NCR Corp. (a)	41,979		1,657,331
Network Appliance, Inc. (a)	86,757		3,210,877
QLogic Corp. (a)	37,119		701,549
SanDisk Corp. (a)(d)	45,650		2,444,101
Sun Microsystems, Inc. (a)	817,514		4,063,045
			99,648,305
Electronic Equipment & Instruments - 0.3%
Agilent Technologies, Inc. (a)	95,206		3,112,284
Jabil Circuit, Inc.	43,025		1,229,224
Molex, Inc.	32,946		1,283,906
Sanmina-SCI Corp. (a)	124,128		464,239
Solectron Corp. (a)	213,055		694,559
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Symbol Technologies, Inc.	59,156		$ 879,058
Tektronix, Inc.	19,503		564,222
			8,227,492
Internet Software & Services - 1.3%
eBay, Inc. (a)	273,675		7,761,423
Google, Inc. Class A (sub. vtg.) (a)	49,633		19,947,503
VeriSign, Inc. (a)	57,107		1,153,561
Yahoo!, Inc. (a)	289,582		7,320,633
			36,183,120
IT Services - 0.9%
Affiliated Computer Services, Inc. Class A (a)	27,622		1,432,477
Automatic Data Processing, Inc.	129,425		6,126,980
Computer Sciences Corp. (a)	40,004		1,964,996
Convergys Corp. (a)	32,345		667,924
Electronic Data Systems Corp.	120,584		2,956,720
First Data Corp.	178,252		7,486,584
Fiserv, Inc. (a)	40,589		1,911,336
Paychex, Inc.	78,856		2,905,844
Sabre Holdings Corp. Class A	30,704		718,167
Unisys Corp. (a)	80,085		453,281
			26,624,309
Office Electronics - 0.1%
Xerox Corp. (a)	227,884		3,545,875
Semiconductors & Semiconductor Equipment - 2.7%
Advanced Micro Devices, Inc. (a)	113,191		2,812,796
Altera Corp. (a)	83,702		1,538,443
Analog Devices, Inc.	82,200		2,415,858
Applied Materials, Inc.	323,561		5,736,737
Broadcom Corp. Class A (a)	109,248		3,314,584
Freescale Semiconductor, Inc. Class B (a)	94,505		3,592,135
Intel Corp.	1,343,708		27,640,074
KLA-Tencor Corp.	46,379		2,062,474
Linear Technology Corp.	70,178		2,183,939
LSI Logic Corp. (a)	93,088		765,183
Maxim Integrated Products, Inc.	74,708		2,097,054
Micron Technology, Inc. (a)	170,032		2,958,557
National Semiconductor Corp.	69,346		1,631,711
Novellus Systems, Inc. (a)	28,711		794,146
NVIDIA Corp. (a)	82,121		2,429,960
PMC-Sierra, Inc. (a)(d)	48,687		289,201
Teradyne, Inc. (a)	45,896		603,991
Texas Instruments, Inc.	357,030		11,871,248
Xilinx, Inc.	79,177		1,737,935
			76,476,026
Software - 3.4%
Adobe Systems, Inc. (a)	134,925		5,052,941
Autodesk, Inc. (a)	53,977		1,877,320
	Shares		Value
BMC Software, Inc. (a)	47,750		$ 1,299,755
CA, Inc.	95,667		2,266,351
Citrix Systems, Inc. (a)	42,820		1,550,512
Compuware Corp. (a)	86,782		676,032
Electronic Arts, Inc. (a)	71,440		3,977,779
Intuit, Inc. (a)	79,601		2,554,396
Microsoft Corp.	2,012,113		54,991,048
Novell, Inc. (a)	78,976		483,333
Oracle Corp. (a)	939,644		16,669,285
Parametric Technology Corp. (a)	26,009		454,117
Symantec Corp. (a)	230,441		4,903,784
			96,756,653
TOTAL INFORMATION TECHNOLOGY			427,193,570
MATERIALS - 2.8%
Chemicals - 1.5%
Air Products & Chemicals, Inc.	51,330		3,406,772
Ashland, Inc.	14,742		940,245
Dow Chemical Co.	223,487		8,711,523
E.I. du Pont de Nemours & Co.	214,740		9,199,462
Eastman Chemical Co.	19,164		1,035,239
Ecolab, Inc.	41,619		1,782,126
Hercules, Inc. (a)	26,403		416,375
International Flavors & Fragrances, Inc.	18,376		726,587
Monsanto Co.	126,451		5,944,462
PPG Industries, Inc.	38,479		2,581,171
Praxair, Inc.	75,096		4,442,679
Rohm & Haas Co.	33,442		1,583,479
Sigma Aldrich Corp.	15,462		1,170,010
			41,940,130
Construction Materials - 0.0%
Vulcan Materials Co.	22,480		1,759,060
Containers & Packaging - 0.2%
Ball Corp.	24,276		981,964
Bemis Co., Inc.	24,423		802,540
Pactiv Corp. (a)	32,144		913,532
Sealed Air Corp.	18,886		1,022,110
Temple-Inland, Inc.	25,335		1,015,934
			4,736,080
Metals & Mining - 0.8%
Alcoa, Inc.	201,949		5,662,650
Allegheny Technologies, Inc.	23,434		1,457,360
Freeport-McMoRan Copper & Gold, Inc. Class B	45,767		2,437,550
Newmont Mining Corp.	104,756		4,478,319
Nucor Corp.	71,826		3,554,669
Phelps Dodge Corp.	47,519		4,024,859
United States Steel Corp.	28,671		1,653,743
			23,269,150
Paper & Forest Products - 0.3%
International Paper Co.	105,905		3,667,490
Louisiana-Pacific Corp.	24,511		460,071
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Paper & Forest Products - continued
MeadWestvaco Corp.	42,206		$ 1,118,881
Weyerhaeuser Co.	57,366		3,529,730
			8,776,172
TOTAL MATERIALS			80,480,592
TELECOMMUNICATION SERVICES - 3.4%
Diversified Telecommunication Services - 2.8%
AT&T, Inc.	904,852		29,461,981
BellSouth Corp.	423,006		18,083,507
CenturyTel, Inc.	27,119		1,075,811
Citizens Communications Co.	74,741		1,049,364
Embarq Corp.	34,738		1,680,277
Qwest Communications International, Inc. (a)	372,827		3,251,051
Verizon Communications, Inc.	675,284		25,073,295
Windstream Corp.	110,445		1,456,770
			81,132,056
Wireless Telecommunication Services - 0.6%
ALLTEL Corp.	90,421		5,018,366
Sprint Nextel Corp.	695,948		11,935,508
			16,953,874
TOTAL TELECOMMUNICATION SERVICES			98,085,930
UTILITIES - 3.4%
Electric Utilities - 1.5%
Allegheny Energy, Inc. (a)	38,343		1,540,238
American Electric Power Co., Inc.	91,780		3,338,039
Edison International	75,901		3,160,518
Entergy Corp.	48,539		3,797,206
Exelon Corp.	155,964		9,442,061
FirstEnergy Corp.	76,838		4,292,171
FPL Group, Inc.	94,213		4,239,585
Pinnacle West Capital Corp.	23,174		1,043,989
PPL Corp.	88,754		2,920,007
Progress Energy, Inc.	59,020		2,678,328
Southern Co.	172,922		5,958,892
			42,411,034
Gas Utilities - 0.0%
Nicor, Inc.	10,375		443,635
Peoples Energy Corp.	8,962		364,305
			807,940
Independent Power Producers & Energy Traders - 0.5%
AES Corp. (a)	154,086		3,141,814
Constellation Energy Group, Inc.	41,853		2,477,698
Dynegy, Inc. Class A (a)	88,113		488,146
TXU Corp.	107,482		6,719,775
			12,827,433
	Shares		Value
Multi-Utilities - 1.4%
Ameren Corp.	47,959		$ 2,531,756
CenterPoint Energy, Inc.	72,629		1,040,047
CMS Energy Corp. (a)	51,621		745,407
Consolidated Edison, Inc.	57,417		2,652,665
Dominion Resources, Inc.	82,199		6,287,402
DTE Energy Co.	41,411		1,718,971
Duke Energy Corp.	291,901		8,815,410
KeySpan Corp.	40,773		1,677,401
NiSource, Inc.	63,551		1,381,599
PG&E Corp.	81,085		3,377,190
Public Service Enterprise Group, Inc.	58,641		3,588,243
Sempra Energy	60,852		3,057,813
TECO Energy, Inc. (d)	48,665		761,607
Xcel Energy, Inc.	94,574		1,952,953
			39,588,464
TOTAL UTILITIES			95,634,871
TOTAL COMMON STOCKS (Cost $1,575,822,876)		2,802,677,356

U.S. Treasury Obligations - 0.1%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 4.86% 12/21/06 (e) (Cost $2,967,168)	$ 3,000,000	2,968,267

Money Market Funds - 2.6%
	Shares
Fidelity Cash Central Fund, 5.36% (b)	51,615,948		51,615,948
Fidelity Securities Lending Cash Central Fund, 5.37% (b)(c)	21,939,457		21,939,457
TOTAL MONEY MARKET FUNDS (Cost $73,555,405)		73,555,405

TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $1,652,345,449) 2,879,201,028

NET OTHER ASSETS - (0.8)%	(22,856,170)
NET ASSETS - 100%	$ 2,856,344,858

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
173 S&P 500 Index Contracts	Dec. 2006	$ 58,188,550	$ 1,546,845

The face value of futures purchased as a percentage of net assets - 2%

Legend

(a) Non-income producing

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

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

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $2,968,267.

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	$ 775,264
Fidelity Securities Lending Cash Central Fund	93,903
Total	$ 869,167

Income Tax Information

At September 30, 2006, the aggregate cost of investment securities for income tax purposes was $1,661,026,851. Net unrealized appreciation aggregated $1,218,174,177, of which $1,357,681,764 related to appreciated investment securities and $139,507,587 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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:
Contrafund ® Portfolio

September 30, 2006

VIPCON-QTLY-1106

1.808782.102

Investments September 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.4%
	Shares		Value
CONSUMER DISCRETIONARY - 8.6%
Automobiles - 0.6%
Honda Motor Co. Ltd. (d)	253,300		$ 8,518,479
Hyundai Motor Co.	21,100		1,806,086
Nissan Motor Co. Ltd.	142,700		1,602,521
Renault SA	79,000		9,061,272
Toyota Motor Corp.	1,750,900		95,336,501
			116,324,859
Distributors - 0.1%
Li & Fung Ltd.	5,328,000		13,240,240
Hotels, Restaurants & Leisure - 1.7%
Ambassadors Group, Inc.	556,599		15,740,620
Aristocrat Leisure Ltd. (d)	1,008,713		10,601,004
Chipotle Mexican Grill, Inc. Class A (d)	367,050		18,231,374
Gaylord Entertainment Co. (a)	52,827		2,316,464
International Game Technology	409,200		16,981,800
Las Vegas Sands Corp. (a)	911,900		62,328,365
McDonald's Corp.	682,500		26,699,400
Panera Bread Co. Class A (a)	943,036		54,931,847
Penn National Gaming, Inc. (a)	140,697		5,138,254
Starbucks Corp. (a)	1,608,600		54,772,830
Tim Hortons, Inc. (d)	712,800		18,746,640
Tim Hortons, Inc. (f)	658,200		17,218,512
William Hill PLC	1,371,942		16,526,411
Wynn Resorts Ltd. (a)	133,020		9,046,690
			329,280,211
Household Durables - 0.4%
Garmin Ltd. (d)	941,688		45,935,541
Matsushita Electric Industrial Co. Ltd.	279,900		5,914,287
Sharp Corp.	657,000		11,260,950
Snap-On, Inc.	141,800		6,317,190
Sony Corp.	280,600		11,325,015
			80,752,983
Internet & Catalog Retail - 0.2%
Coldwater Creek, Inc. (a)	71,600		2,059,216
Liberty Media Holding Corp. - Interactive Series A (a)	958,274		19,529,624
Priceline.com, Inc. (a)(d)	145,700		5,360,303
VistaPrint Ltd.	393,700		10,212,578
			37,161,721
Leisure Equipment & Products - 0.0%
Marvel Entertainment, Inc. (a)	80,000		1,931,200
Media - 2.5%
CKX, Inc. (a)	69,700		867,765
Comcast Corp. Class A (special)	239,800		8,827,038
CTC Media, Inc.	92,500		2,062,750
EchoStar Communications Corp. Class A (a)	796,600		26,080,684
Liberty Media Holding Corp. - Capital Series A (a)	51,900		4,337,283
Live Nation, Inc. (a)	465,577		9,507,082
McGraw-Hill Companies, Inc.	380,960		22,107,109
	Shares		Value
News Corp. Class B	3,665,600		$ 75,657,984
Omnicom Group, Inc.	111,400		10,427,040
The DIRECTV Group, Inc. (a)	378,800		7,454,784
The Walt Disney Co.	9,982,943		308,572,768
The Weinstein Co. II Holdings, LLC Class A-1 (a)(e)	11,499		11,499,000
Thomson Corp.	121,300		4,882,598
			492,283,885
Multiline Retail - 0.6%
Federated Department Stores, Inc.	403,750		17,446,038
JCPenney Co., Inc.	237,600		16,249,464
Kohl's Corp. (a)	63,000		4,089,960
Marks & Spencer Group PLC	7,118,053		85,610,808
			123,396,270
Specialty Retail - 2.1%
American Eagle Outfitters, Inc.	422,247		18,507,086
AnnTaylor Stores Corp. (a)	212,800		8,907,808
AutoZone, Inc. (a)	62,100		6,414,930
Best Buy Co., Inc.	586,150		31,394,194
CarMax, Inc. (a)(d)	239,000		9,968,690
Circuit City Stores, Inc.	2,420,772		60,785,585
Dick's Sporting Goods, Inc. (a)	91,800		4,178,736
Guess?, Inc. (a)	45,300		2,198,409
Hennes & Mauritz AB (H&M) (B Shares)	12,222		511,206
Inditex SA	273,000		12,725,992
J. Crew Group, Inc.	809,900		24,353,693
Limited Brands, Inc.	819,900		21,719,151
Office Depot, Inc. (a)	1,827,860		72,566,042
Payless ShoeSource, Inc. (a)	189,220		4,711,578
Sherwin-Williams Co.	226,700		12,645,326
Staples, Inc.	978,475		23,806,297
The Children's Place Retail Stores, Inc. (a)	81,564		5,222,543
TJX Companies, Inc.	2,881,700		80,774,051
Zumiez, Inc. (a)	2,100		56,700
			401,448,017
Textiles, Apparel & Luxury Goods - 0.4%
Burberry Group PLC	728,211		7,033,981
Crocs, Inc. (d)	485,456		16,481,231
Delta Woodside Industries, Inc. (a)	22,175		1,552
Hanesbrands, Inc. (a)	72,525		1,632,538
Luxottica Group Spa sponsored ADR	59,800		1,759,914
Phillips-Van Heusen Corp.	45,900		1,917,243
Polo Ralph Lauren Corp. Class A	101,652		6,575,868
True Religion Apparel, Inc. (a)(d)	148,012		3,124,533
Under Armour, Inc. Class A (sub. vtg.)	173,500		6,943,470
VF Corp.	174,100		12,700,595
Wolverine World Wide, Inc.	347,200		9,829,232
			68,000,157
TOTAL CONSUMER DISCRETIONARY			1,663,819,543
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 8.0%
Beverages - 2.7%
Anheuser-Busch Companies, Inc.	305,000		$ 14,490,550
Diageo PLC sponsored ADR	1,678,100		119,212,224
InBev SA	65,817		3,623,943
PepsiCo, Inc.	3,964,762		258,740,368
The Coca-Cola Co.	2,997,203		133,915,030
			529,982,115
Food & Staples Retailing - 1.0%
CVS Corp.	1,390,019		44,647,410
Koninklijke Ahold NV sponsored ADR (a)	504,800		5,345,832
Kroger Co.	1,040,310		24,072,773
Safeway, Inc.	742,303		22,528,896
Tesco PLC	4,998,048		33,681,946
Wal-Mart de Mexico SA de CV Series V	3,303,096		11,239,047
Wal-Mart Stores, Inc.	489,300		24,132,276
Walgreen Co.	585,400		25,985,906
			191,634,086
Food Products - 1.2%
General Mills, Inc.	91,400		5,173,240
Groupe Danone	513,303		72,056,793
Hershey Co.	877,000		46,875,650
Kellogg Co.	505,200		25,017,504
Nestle SA (Reg.)	140,597		49,028,467
Ralcorp Holdings, Inc. (a)	108,000		5,208,840
Sara Lee Corp.	442,800		7,115,796
TreeHouse Foods, Inc. (a)	472,430		11,172,970
Wm. Wrigley Jr. Co.	444,450		20,471,367
			242,120,627
Household Products - 2.8%
Colgate-Palmolive Co.	1,908,989		118,548,217
Procter & Gamble Co.	6,728,011		417,002,122
			535,550,339
Personal Products - 0.3%
Avon Products, Inc.	1,194,046		36,609,450
Bare Escentuals, Inc. (a)	45,200		1,227,180
Herbalife Ltd. (a)	374,250		14,176,590
			52,013,220
TOTAL CONSUMER STAPLES			1,551,300,387
ENERGY - 8.0%
Energy Equipment & Services - 1.7%
Baker Hughes, Inc.	265,100		18,079,820
Schlumberger Ltd. (NY Shares)	4,222,853		261,943,572
Smith International, Inc.	1,143,850		44,381,380
			324,404,772
Oil, Gas & Consumable Fuels - 6.3%
Addax Petroleum Corp.	51,000		1,219,858
BG Group PLC sponsored ADR	157,600		9,608,872
	Shares		Value
BP PLC sponsored ADR	379,232		$ 24,870,035
Cameco Corp.	73,300		2,670,521
Canadian Oil Sands Trust unit	2,107,800		56,223,083
Chevron Corp.	504,300		32,708,898
China Petroleum & Chemical Corp. sponsored ADR (d)	187,540		11,612,477
EnCana Corp.	7,450,984		346,639,544
EOG Resources, Inc.	170,200		11,071,510
Exxon Mobil Corp.	3,427,700		229,998,670
Imperial Oil Ltd.	688,000		23,059,493
Murphy Oil Corp.	1,815,000		86,303,250
Noble Energy, Inc.	748,524		34,125,209
Occidental Petroleum Corp.	856,687		41,215,212
PetroChina Co. Ltd. sponsored ADR (d)	897,500		96,615,875
Petroleo Brasileiro SA Petrobras sponsored ADR	105,100		8,810,533
Suncor Energy, Inc.	125,800		9,023,572
Talisman Energy, Inc.	355,100		5,793,662
Valero Energy Corp.	3,585,079		184,524,016
XTO Energy, Inc.	376,300		15,853,519
			1,231,947,809
TOTAL ENERGY			1,556,352,581
FINANCIALS - 20.9%
Capital Markets - 1.3%
Charles Schwab Corp.	2,941,629		52,655,159
Goldman Sachs Group, Inc.	658,300		111,364,611
Lehman Brothers Holdings, Inc.	341,730		25,240,178
Mellon Financial Corp.	586,000		22,912,600
Morgan Stanley	464,700		33,881,277
SEI Investments Co.	293,000		16,463,670
			262,517,495
Commercial Banks - 4.9%
Allied Irish Banks PLC	2,699,300		72,962,079
Anglo Irish Bank Corp. PLC	3,139,482		51,556,244
Banco Bilbao Vizcaya Argentaria SA sponsored ADR	874,600		20,229,498
Banco Itau Holding Financeira SA sponsored ADR (non-vtg.)	32,800		984,000
Banco Santander Central Hispano SA sponsored ADR	1,426,900		22,530,751
Bank of Ireland	1,657,787		32,416,536
BOK Financial Corp.	1,900		99,940
Commerce Bancorp, Inc., New Jersey	233,700		8,579,127
Compass Bancshares, Inc.	394,800		22,495,704
Credicorp Ltd. (NY Shares)	102,100		4,286,158
Cullen/Frost Bankers, Inc.	103,700		5,995,934
HDFC Bank Ltd. sponsored ADR	10,800		659,340
HSBC Holdings PLC sponsored ADR	472,117		43,212,869
M&T Bank Corp.	983,400		117,968,664
Marshall & Ilsley Corp.	97,300		4,687,914
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
National Australia Bank Ltd.	384,500		$ 10,517,746
PNC Financial Services Group, Inc.	302,000		21,876,880
Royal Bank of Scotland Group PLC	1,544,300		53,162,776
Shinhan Financial Group Co. Ltd.	170,180		7,670,057
Signature Bank, New York (a)	68,400		2,115,612
Standard Chartered PLC (United Kingdom)	637,800		16,332,959
SunTrust Banks, Inc.	418,600		32,349,408
Toronto-Dominion Bank	175,400		10,420,920
U.S. Bancorp, Delaware	123,800		4,112,636
Uniao de Bancos Brasileiros SA (Unibanco) GDR	39,700		2,937,800
Wells Fargo & Co.	10,225,700		369,965,826
Western Alliance Bancorp. (a)	17,800		585,620
Zions Bancorp	193,410		15,436,052
			956,149,050
Consumer Finance - 1.6%
American Express Co.	3,273,850		183,597,508
SLM Corp.	2,274,600		118,233,708
			301,831,216
Diversified Financial Services - 2.4%
Bank of America Corp.	3,840,400		205,730,228
CBOT Holdings, Inc. Class A	46,500		5,616,735
Citigroup, Inc.	1,731,400		85,998,638
International Securities Exchange, Inc. Class A	115,100		5,397,039
JPMorgan Chase & Co.	2,307,500		108,360,200
Moody's Corp.	797,700		52,153,626
			463,256,466
Insurance - 9.5%
Admiral Group PLC	2,334,300		36,224,754
Allstate Corp.	2,881,000		180,725,130
American International Group, Inc.	1,869,814		123,893,876
Assurant, Inc.	990,050		52,878,571
Axis Capital Holdings Ltd.	557,400		19,336,206
Berkshire Hathaway, Inc. Class A (a)	5,083		486,951,400
Brown & Brown, Inc.	52,600		1,607,456
Cincinnati Financial Corp.	60,100		2,888,406
Everest Re Group Ltd.	662,280		64,592,168
Genworth Financial, Inc. Class A (non-vtg.)	1,487,700		52,084,377
Lincoln National Corp.	1,403,004		87,098,488
Loews Corp.	1,684,416		63,839,366
Markel Corp. (a)	21,950		9,013,987
MetLife, Inc.	3,688,150		209,044,342
MetLife, Inc. unit	1,019,484		30,288,870
Progressive Corp.	1,331,800		32,682,372
Prudential Financial, Inc.	2,099,200		160,064,000
Shin Kong Financial Holding Co. Ltd.	2,046,000		1,881,628
The Chubb Corp.	2,549,600		132,477,216
The St. Paul Travelers Companies, Inc.	204,000		9,565,560
	Shares		Value
W.R. Berkley Corp.	1,559,062		$ 55,175,204
White Mountains Insurance Group Ltd.	45,967		22,843,760
Willis Group Holdings Ltd.	68,600		2,606,800
Zenith National Insurance Corp.	252,600		10,076,214
			1,847,840,151
Real Estate Investment Trusts - 0.4%
CBL & Associates Properties, Inc.	391,742		16,417,907
Cedar Shopping Centers, Inc.	22,500		363,825
Equity Office Properties Trust	341,000		13,558,160
Equity Residential (SBI)	322,100		16,291,818
Vornado Realty Trust	250,300		27,282,700
			73,914,410
Real Estate Management & Development - 0.1%
CB Richard Ellis Group, Inc. Class A (a)	133,530		3,284,838
Mitsui Fudosan Co. Ltd.	398,000		9,045,071
			12,329,909
Thrifts & Mortgage Finance - 0.7%
Golden West Financial Corp., Delaware	1,587,500		122,634,375
Hudson City Bancorp, Inc.	469,000		6,214,250
			128,848,625
TOTAL FINANCIALS			4,046,687,322
HEALTH CARE - 11.5%
Biotechnology - 4.4%
Actelion Ltd. (Reg.) (a)	66,129		9,488,557
Alexion Pharmaceuticals, Inc. (a)	63,800		2,167,924
Amylin Pharmaceuticals, Inc. (a)	803,300		35,401,431
Arena Pharmaceuticals, Inc. (a)	855,620		10,250,328
Biogen Idec, Inc. (a)	104,300		4,660,124
Celgene Corp. (a)	1,265,650		54,802,645
Digene Corp. (a)	45,300		1,954,695
Genentech, Inc. (a)	6,204,950		513,149,365
Genmab AS (a)	157,150		6,548,418
Gilead Sciences, Inc. (a)	2,174,599		149,394,951
Human Genome Sciences, Inc. (a)	228,400		2,635,736
MannKind Corp. (a)(d)	1,029,836		19,566,884
MannKind Corp. warrants 8/3/10 (a)(e)	86,731		894,910
Medarex, Inc. (a)	1,618,736		17,385,225
Myogen, Inc. (a)	230,124		8,072,750
Renovis, Inc. (a)(d)	251,014		3,453,953
Tanox, Inc. (a)	296,123		3,500,174
Vertex Pharmaceuticals, Inc. (a)	86,500		2,910,725
ViaCell, Inc. (a)	196,800		826,560
			847,065,355
Health Care Equipment & Supplies - 1.3%
Alcon, Inc.	186,400		21,342,800
Baxter International, Inc.	45,600		2,072,976
Becton, Dickinson & Co.	29,700		2,098,899
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
C.R. Bard, Inc.	486,960		$ 36,522,000
DENTSPLY International, Inc.	1,408,124		42,398,614
DexCom, Inc. (a)	74,896		833,592
Foxhollow Technologies, Inc. (a)	62,900		2,150,551
Gen-Probe, Inc. (a)	538,300		25,240,887
Immucor, Inc. (a)	92,286		2,068,129
Intuitive Surgical, Inc. (a)	103,996		10,966,378
Inverness Medical Innovations, Inc. (a)	4,500		156,420
Inverness Medical Innovations, Inc. (a)(e)	109,300		3,419,341
IRIS International, Inc. (a)	71,500		822,250
Kyphon, Inc. (a)	609,400		22,803,748
NeuroMetrix, Inc. (a)	87,600		1,665,276
Nobel Biocare Holding AG (Switzerland)	63,491		15,627,734
Northstar Neuroscience, Inc.	307,824		4,063,277
NUCRYST Pharmaceuticals Corp.	29,800		230,574
NuVasive, Inc. (a)	330,637		6,649,110
ResMed, Inc. (a)	677,700		27,277,425
Respironics, Inc. (a)	50,493		1,949,535
St. Jude Medical, Inc. (a)	560,452		19,778,351
			250,137,867
Health Care Providers & Services - 0.8%
Aetna, Inc.	692,579		27,391,499
Brookdale Senior Living, Inc.	45,000		2,088,900
Caremark Rx, Inc.	80,200		4,544,934
Health Net, Inc. (a)	84,600		3,681,792
HMS Holdings Corp. (a)	225,254		2,842,705
Humana, Inc. (a)	374,900		24,777,141
LHC Group, Inc. (a)	181,065		4,041,371
Nighthawk Radiology Holdings, Inc.	56,500		1,080,845
Patterson Companies, Inc. (a)	1,487,614		49,998,707
UnitedHealth Group, Inc.	533,760		26,260,992
VCA Antech, Inc. (a)	395,400		14,258,124
Visicu, Inc.	28,500		255,645
			161,222,655
Health Care Technology - 0.1%
Allscripts Healthcare Solutions, Inc. (a)	125,500		2,817,475
Cerner Corp. (a)	46,100		2,092,940
Emdeon Corp. (a)	837,610		9,808,413
			14,718,828
Life Sciences Tools & Services - 0.2%
Covance, Inc. (a)	206,200		13,687,556
Illumina, Inc. (a)	403,047		13,316,673
Pharmaceutical Product Development, Inc.	330,398		11,791,905
			38,796,134
Pharmaceuticals - 4.7%
Aspreva Pharmaceuticals Corp. (a)	626,900		16,268,059
AstraZeneca PLC sponsored ADR	1,503,000		93,937,500
Johnson & Johnson	1,581,100		102,676,634
	Shares		Value
Merck & Co., Inc.	4,468,650		$ 187,236,435
Novartis AG sponsored ADR	1,949,100		113,905,404
Novo Nordisk AS Series B	148,400		11,029,892
Pfizer, Inc.	1,015,300		28,793,908
Roche Holding AG (participation certificate)	1,875,377		324,287,377
Schering-Plough Corp.	1,229,300		27,155,237
			905,290,446
TOTAL HEALTH CARE			2,217,231,285
INDUSTRIALS - 7.1%
Aerospace & Defense - 0.8%
Lockheed Martin Corp.	1,221,235		105,099,484
Northrop Grumman Corp.	203,200		13,831,824
Raytheon Co.	175,500		8,425,755
Raytheon Co. warrants 6/16/11 (a)	27,068		386,260
The Boeing Co.	298,526		23,538,775
United Technologies Corp.	157,600		9,983,960
			161,266,058
Air Freight & Logistics - 0.7%
C.H. Robinson Worldwide, Inc.	2,688,877		119,870,137
FedEx Corp.	19,400		2,108,392
United Parcel Service, Inc. Class B	169,700		12,208,218
			134,186,747
Airlines - 0.9%
British Airways PLC (a)	763,200		6,107,126
Copa Holdings SA Class A	137,690		4,726,898
Gol Linhas Aereas Inteligentes SA sponsored ADR (d)	105,800		3,634,230
Republic Airways Holdings, Inc. (a)	273,688		4,247,638
Ryanair Holdings PLC sponsored ADR (a)	1,837,769		116,312,400
Southwest Airlines Co.	1,945,327		32,409,148
TAM SA (PN) sponsored ADR (ltd. vtg.)	158,900		5,068,910
			172,506,350
Commercial Services & Supplies - 0.3%
Aramark Corp. Class B	441,250		14,499,475
Brady Corp. Class A	298,800		10,505,808
Corrections Corp. of America (a)	67,758		2,930,534
Fuel-Tech, Inc. NV (a)	113,247		1,686,248
Herman Miller, Inc.	68,692		2,349,953
Robert Half International, Inc.	646,601		21,965,036
Stericycle, Inc. (a)	34,200		2,386,818
The Brink's Co.	194,200		10,304,252
			66,628,124
Construction & Engineering - 0.2%
Jacobs Engineering Group, Inc. (a)	536,580		40,098,623
Electrical Equipment - 0.9%
Cooper Industries Ltd. Class A	1,410,387		120,193,180
Q-Cells AG	764,218		31,302,087
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - continued
SolarWorld AG (d)	277,200		$ 15,231,246
Suntech Power Holdings Co. Ltd. sponsored ADR	229,100		5,917,653
			172,644,166
Industrial Conglomerates - 0.5%
3M Co.	962,608		71,637,287
General Electric Co.	1,000		35,300
Hutchison Whampoa Ltd.	2,064,000		18,227,388
			89,899,975
Machinery - 2.0%
Bucyrus International, Inc. Class A	23,825		1,010,657
Caterpillar, Inc.	349,297		22,983,743
Cummins, Inc.	185,700		22,141,011
Danaher Corp.	2,695,350		185,089,685
IDEX Corp.	743,284		31,998,376
Joy Global, Inc.	433,370		16,299,046
PACCAR, Inc. (d)	1,869,214		106,582,582
Valmont Industries, Inc.	103,800		5,423,550
			391,528,650
Marine - 0.1%
American Commercial Lines, Inc.	447,919		26,628,785
Road & Rail - 0.6%
Canadian National Railway Co.	1,201,400		50,239,680
CSX Corp.	194,500		6,385,435
Knight Transportation, Inc.	242,610		4,112,240
Landstar System, Inc.	736,513		31,449,105
Swift Transportation Co., Inc. (a)	652,852		15,485,649
			107,672,109
Trading Companies & Distributors - 0.1%
Mitsui & Co. Ltd. (d)	1,451,000		18,446,840
TOTAL INDUSTRIALS			1,381,506,427
INFORMATION TECHNOLOGY - 17.0%
Communications Equipment - 1.3%
Cisco Systems, Inc. (a)	1,401,300		32,229,900
ECI Telecom Ltd. (a)	180,200		1,486,650
F5 Networks, Inc. (a)	162,438		8,726,169
Motorola, Inc.	1,415,068		35,376,700
Nice Systems Ltd. sponsored ADR	147,800		4,089,626
Nokia Corp. sponsored ADR	2,897,200		57,045,868
QUALCOMM, Inc.	2,304,016		83,750,982
Research In Motion Ltd. (a)	152,400		15,645,384
Riverbed Technology, Inc.	45,000		877,500
			239,228,779
Computers & Peripherals - 4.6%
Apple Computer, Inc. (a)	4,405,264		339,337,486
Hewlett-Packard Co.	12,564,900		461,006,181
	Shares		Value
NCR Corp. (a)	231,900		$ 9,155,412
Network Appliance, Inc. (a)	1,958,461		72,482,642
Sun Microsystems, Inc. (a)	787,900		3,915,863
			885,897,584
Electronic Equipment & Instruments - 0.7%
Amphenol Corp. Class A	784,677		48,595,047
Daktronics, Inc.	74,500		1,541,405
Flextronics International Ltd. (a)	552,426		6,982,665
FLIR Systems, Inc. (a)	146,000		3,965,360
Hon Hai Precision Industry Co. Ltd. (Foxconn)	4,219,335		25,677,922
Itron, Inc. (a)	132,909		7,416,322
L-1 Identity Solutions, Inc.	170,164		2,220,640
Mettler-Toledo International, Inc. (a)	290,500		19,216,575
Molex, Inc.	52,000		2,026,440
Motech Industries, Inc.	680,414		9,668,825
National Instruments Corp.	357,823		9,782,881
			137,094,082
Internet Software & Services - 4.8%
Akamai Technologies, Inc. (a)	1,643,783		82,172,712
DivX, Inc.	69,500		1,652,015
Equinix, Inc. (a)	36,500		2,193,650
Google, Inc. Class A (sub. vtg.) (a)	1,903,199		764,895,668
LoopNet, Inc.	24,660		312,196
WebEx Communications, Inc. (a)	254,500		9,930,590
WebSideStory, Inc. (a)	142,301		1,879,796
Yahoo!, Inc. (a)	2,404,481		60,785,280
			923,821,907
IT Services - 1.5%
Alliance Data Systems Corp. (a)	547,500		30,216,525
Cognizant Technology Solutions Corp. Class A (a)	1,201,130		88,955,688
First Data Corp.	502,046		21,085,932
Infosys Technologies Ltd. sponsored ADR	390,100		18,619,473
Mastercard, Inc. Class A	818,500		57,581,475
MoneyGram International, Inc.	133,900		3,891,134
Paychex, Inc.	52,686		1,941,479
SRA International, Inc. Class A (a)	1,209,800		36,366,588
VeriFone Holdings, Inc. (a)	1,161,000		33,146,550
			291,804,844
Semiconductors & Semiconductor Equipment - 2.7%
Advanced Micro Devices, Inc. (a)	91,300		2,268,805
ASML Holding NV (NY Shares) (a)	1,050,200		24,448,656
Broadcom Corp. Class A (a)	1,129,426		34,266,785
FormFactor, Inc. (a)	485,509		20,454,494
Hittite Microwave Corp. (a)	355,811		15,833,590
Lam Research Corp. (a)	1,005,214		45,566,351
Marvell Technology Group Ltd. (a)	8,649,116		167,533,377
MathStar, Inc. (d)	85,100		374,440
MEMC Electronic Materials, Inc. (a)	145,300		5,322,339
National Semiconductor Corp.	176,400		4,150,692
Renewable Energy Corp. AS	950,400		14,708,129
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Saifun Semiconductors Ltd.	193,500		$ 5,590,215
Samsung Electronics Co. Ltd.	264,775		185,787,324
			526,305,197
Software - 1.4%
Adobe Systems, Inc. (a)	1,324,788		49,613,311
Amdocs Ltd. (a)	165,700		6,561,720
BEA Systems, Inc. (a)	1,612,900		24,516,080
BMC Software, Inc. (a)	779,650		21,222,073
Citrix Systems, Inc. (a)	96,369		3,489,521
Intuit, Inc. (a)	2,588,764		83,073,437
Nintendo Co. Ltd.	44,800		9,229,607
Opsware, Inc. (a)	571,532		5,149,503
Oracle Corp. (a)	2,218,300		39,352,642
Quality Systems, Inc.	59,600		2,311,884
Reynolds & Reynolds Co. Class A	205,928		8,136,215
Salesforce.com, Inc. (a)	271,776		9,751,323
SAP AG sponsored ADR	255,200		12,632,400
			275,039,716
TOTAL INFORMATION TECHNOLOGY			3,279,192,109
MATERIALS - 4.7%
Chemicals - 1.6%
Bayer AG	1,397,368		71,195,900
Ecolab, Inc.	1,853,271		79,357,064
Lonza Group AG	26,218		1,815,947
Monsanto Co.	1,000,766		47,046,010
Praxair, Inc.	1,681,328		99,467,364
Wacker Chemie AG	50,100		5,895,752
			304,778,037
Containers & Packaging - 0.0%
Pactiv Corp. (a)	242,800		6,900,376
Peak International Ltd. (a)	200,000		604,000
			7,504,376
Metals & Mining - 3.1%
Aber Diamond Corp.	50		1,590
Agnico-Eagle Mines Ltd.	401,000		12,414,339
Allegheny Technologies, Inc.	92,281		5,738,955
Anglo American PLC ADR	1,453,744		30,673,998
Bema Gold Corp. (a)	6,365,000		28,011,807
BHP Billiton Ltd. sponsored ADR (d)	1,686,870		63,898,636
Eldorado Gold Corp. (a)	2,600,600		11,282,177
First Quantum Minerals Ltd.	107,000		4,999,937
Gabriel Resources Ltd. (a)	1,732,500		7,082,182
Gerdau SA sponsored ADR (d)	515,475		6,984,686
Glamis Gold Ltd. (a)	3,050,356		119,891,447
Goldcorp, Inc.	2,419,366		57,045,921
	Shares		Value
IPSCO, Inc.	194,940		$ 16,894,974
Lihir Gold Ltd. (a)	7,395,431		15,930,213
Meridian Gold, Inc. (a)	353,800		8,766,278
Newmont Mining Corp.	2,318,451		99,113,780
Nucor Corp. (d)	511,050		25,291,865
POSCO sponsored ADR	500,200		32,477,986
Rio Tinto PLC (Reg.)	922,586		43,737,496
US Gold Corp. (a)	583,200		2,838,726
US Gold Corp. warrants 2/22/11 (a)(e)	291,600		587,652
			593,664,645
TOTAL MATERIALS			905,947,058
TELECOMMUNICATION SERVICES - 5.2%
Diversified Telecommunication Services - 1.8%
AT&T, Inc.	5,926,844		192,978,041
BellSouth Corp.	1,463,166		62,550,347
BT Group PLC sponsored ADR	276,900		14,002,833
Cincinnati Bell, Inc.	241,000		1,161,620
Qwest Communications International, Inc. (a)	8,016,600		69,904,752
Telenor ASA sponsored ADR	92,600		3,605,844
			344,203,437
Wireless Telecommunication Services - 3.4%
America Movil SA de CV Series L sponsored ADR	10,443,000		411,140,910
American Tower Corp. Class A (a)	377,175		13,766,888
China Mobile (Hong Kong) Ltd. sponsored ADR	1,138,000		40,228,300
Leap Wireless International, Inc. (a)	158,731		7,696,866
NII Holdings, Inc. (a)	2,873,412		178,611,290
Rogers Communications, Inc. Class B (non-vtg.)	208,800		11,430,350
			662,874,604
TOTAL TELECOMMUNICATION SERVICES			1,007,078,041
UTILITIES - 1.4%
Electric Utilities - 0.5%
E.ON AG sponsored ADR	256,300		10,167,421
Entergy Corp.	203,500		15,919,805
Exelon Corp.	836,500		50,641,710
FirstEnergy Corp.	458,700		25,622,982
			102,351,918
Gas Utilities - 0.2%
ONEOK, Inc.	133,600		5,048,744
Southern Union Co.	814,277		21,505,056
			26,553,800
Independent Power Producers & Energy Traders - 0.6%
AES Corp. (a)	2,786,300		56,812,657
International Power PLC	2,532,000		14,835,503
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Independent Power Producers & Energy Traders - continued
Mirant Corp. (a)	89,000		$ 2,430,590
TXU Corp.	748,200		46,777,464
			120,856,214
Multi-Utilities - 0.1%
PG&E Corp.	134,251		5,591,554
Sempra Energy	113,500		5,703,375
			11,294,929
TOTAL UTILITIES			261,056,861
TOTAL COMMON STOCKS (Cost $13,264,326,005)		17,870,171,614
Convertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.0%
Automobiles - 0.1%
General Motors Corp. Series B, 5.25%	395,800		7,880,378
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $6,489,354)		7,880,378
Money Market Funds - 10.9%
Fidelity Cash Central Fund, 5.36% (b)	1,909,574,696		1,909,574,696
Fidelity Securities Lending Cash Central Fund, 5.37% (b)(c)	204,211,294		204,211,294
TOTAL MONEY MARKET FUNDS (Cost $2,113,785,990)		2,113,785,990

TOTAL INVESTMENT PORTFOLIO - 103.4% (Cost $15,384,601,349) 19,991,837,982

NET OTHER ASSETS - (3.4)%	(651,365,082)
NET ASSETS - 100%	$ 19,340,472,900

Legend

(a) Non-income producing

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

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

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

(e) 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 $16,400,903 or 0.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Inverness Medical Innovations, Inc.	8/17/06	$ 3,306,325
MannKind Corp. warrants 8/3/10	8/3/05	$ 2,168
The Weinstein Co. II Holdings, LLC Class A-1	10/19/05	$ 11,499,000
US Gold Corp. warrants 2/22/11	2/8/06	$ 143,408

(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	$ 69,280,455
Fidelity Securities Lending Cash Central Fund	2,214,205
Total	$ 71,494,660

Income Tax Information

At September 30, 2006, the aggregate cost of investment securities for income tax purposes was $15,410,265,744. Net unrealized appreciation aggregated $4,581,572,238, of which $4,705,884,163 related to appreciated investment securities and $124,311,925 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Asset Manager: Growth Portfolio

September 30, 2006

VIPAMG-QTLY-1106

1.808789.102

Investments September 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 63.4%
	Shares		Value
CONSUMER DISCRETIONARY - 4.3%
Automobiles - 0.1%
Fiat Spa (a)	13,300		$ 212,087
Renault SA	1,100		126,170
			338,257
Hotels, Restaurants & Leisure - 0.6%
Greek Organization of Football Prognostics SA	4,400		147,860
International Game Technology	11,400		473,100
McDonald's Corp.	18,800		735,456
			1,356,416
Household Durables - 0.2%
Koninklijke Philips Electronics NV (NY Shares)	4,200		147,042
Nexity	1,600		101,225
Sony Corp. sponsored ADR	2,200		88,792
Techtronic Industries Co. Ltd.	89,000		131,375
			468,434
Internet & Catalog Retail - 0.3%
Submarino SA	42,600		828,744
Media - 1.0%
Comcast Corp. Class A (special) (d)	60,500		2,227,005
NTL, Inc.	5,350		136,051
			2,363,056
Multiline Retail - 1.5%
Federated Department Stores, Inc.	47,500		2,052,475
Kohl's Corp. (a)	20,500		1,330,860
			3,383,335
Specialty Retail - 0.2%
Best Buy Co., Inc.	5,300		283,868
Circuit City Stores, Inc.	1,500		37,665
Inditex SA	1,000		46,615
			368,148
Textiles, Apparel & Luxury Goods - 0.4%
Crocs, Inc. (d)	25,700		872,515
TOTAL CONSUMER DISCRETIONARY			9,978,905
CONSUMER STAPLES - 7.5%
Beverages - 0.7%
PepsiCo, Inc.	19,500		1,272,570
Pernod Ricard SA	1,000		208,095
			1,480,665
Food & Staples Retailing - 2.3%
Aeon Co. Ltd.	7,300		178,878
Costco Wholesale Corp.	10,300		511,704
CVS Corp.	50,000		1,606,000
Kroger Co.	43,400		1,004,276
Shinsegae Co. Ltd.	114		59,030
Tesco PLC	14,600		98,390
	Shares		Value
Wal-Mart Stores, Inc.	19,800		$ 976,536
Walgreen Co.	20,100		892,239
			5,327,053
Food Products - 2.0%
Archer-Daniels-Midland Co.	15,000		568,200
Kellogg Co.	42,200		2,089,744
Koninklijke Numico NV	3,200		144,056
Nestle SA sponsored ADR	21,800		1,911,860
			4,713,860
Household Products - 0.1%
Reckitt Benckiser PLC	3,400		140,913
Personal Products - 0.7%
Avon Products, Inc.	53,600		1,643,376
Bare Escentuals, Inc. (a)	400		10,860
			1,654,236
Tobacco - 1.7%
Altria Group, Inc.	26,500		2,028,575
Reynolds American, Inc.	31,000		1,921,070
			3,949,645
TOTAL CONSUMER STAPLES			17,266,372
ENERGY - 6.5%
Energy Equipment & Services - 1.3%
Baker Hughes, Inc.	8,400		572,880
Compagnie Generale de Geophysique SA (a)	900		138,438
ENSCO International, Inc.	7,100		311,193
Noble Corp.	5,300		340,154
Schlumberger Ltd. (NY Shares)	26,400		1,637,592
			3,000,257
Oil, Gas & Consumable Fuels - 5.2%
Anadarko Petroleum Corp.	15,700		688,131
Canadian Natural Resources Ltd.	5,400		246,054
Chesapeake Energy Corp.	12,200		353,556
Chevron Corp.	15,100		979,386
EOG Resources, Inc.	33,900		2,205,195
Exxon Mobil Corp.	56,300		3,777,730
Hess Corp.	22,600		936,092
Norsk Hydro ASA	5,260		118,403
OMV AG	2,600		134,718
Quicksilver Resources, Inc. (a)	3,800		121,220
Talisman Energy, Inc.	12,000		195,787
Ultra Petroleum Corp. (a)	33,400		1,606,874
Valero Energy Corp.	14,500		746,315
			12,109,461
TOTAL ENERGY			15,109,718
FINANCIALS - 12.9%
Capital Markets - 0.2%
Daiwa Securities Group, Inc.	8,000		93,309
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Nikko Cordial Corp.	12,500		$ 144,949
UBS AG (NY Shares)	5,300		314,343
			552,601
Commercial Banks - 3.5%
Banca Intesa Spa	18,200		119,759
Banco Bradesco SA (PN) sponsored ADR (non-vtg.) (d)	20,100		670,335
Bank of China Ltd. (H Shares)	187,000		80,410
BNP Paribas SA	2,000		215,197
Compass Bancshares, Inc.	11,700		666,666
Daegu Bank Co. Ltd.	4,540		76,042
Deutsche Postbank AG	1,300		98,665
Finansbank AS	20,368		81,364
Kookmin Bank sponsored ADR	1,200		93,636
Nedbank Group Ltd.	3,100		45,452
Raiffeisen International Bank Holding AG	4,100		436,734
Societe Generale Series A	1,600		254,634
Sumitomo Mitsui Financial Group, Inc.	24		251,894
Uniao de Bancos Brasileiros SA (Unibanco) GDR	19,200		1,420,800
Unicredito Italiano Spa	22,000		182,594
Wells Fargo & Co.	94,700		3,426,246
			8,120,428
Consumer Finance - 0.4%
Credit Saison Co. Ltd.	2,800		118,024
ORIX Corp.	800		221,084
SLM Corp.	13,400		696,532
			1,035,640
Diversified Financial Services - 1.5%
Bank of America Corp.	60,400		3,235,628
ING Groep NV (Certificaten Van Aandelen)	4,600		202,308
			3,437,936
Insurance - 5.0%
Allianz AG (Reg.)	1,100		190,630
American International Group, Inc.	56,800		3,763,568
AXA SA	5,777		213,229
Benfield Group PLC	10,200		69,788
Hartford Financial Services Group, Inc.	16,700		1,448,725
MetLife, Inc.	49,900		2,828,332
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	1,700		268,846
Prudential Financial, Inc.	34,500		2,630,625
T&D Holdings, Inc.	1,100		79,606
			11,493,349
Real Estate Investment Trusts - 2.0%
Equity Office Properties Trust	26,400		1,049,664
	Shares		Value
Equity Residential (SBI)	20,900		$ 1,057,122
Simon Property Group, Inc.	7,700		697,774
SL Green Realty Corp.	5,900		659,030
Vornado Realty Trust	9,800		1,068,200
			4,531,790
Real Estate Management & Development - 0.0%
Mitsui Fudosan Co. Ltd.	5,000		113,632
Thrifts & Mortgage Finance - 0.3%
Fannie Mae	13,100		732,421
TOTAL FINANCIALS			30,017,797
HEALTH CARE - 12.6%
Biotechnology - 2.9%
Celgene Corp. (a)	63,100		2,732,230
Genentech, Inc. (a)	24,300		2,009,610
Gilead Sciences, Inc. (a)	22,600		1,552,620
Neurocrine Biosciences, Inc. (a)	43,600		468,700
			6,763,160
Health Care Equipment & Supplies - 0.4%
Hologic, Inc. (a)	17,300		752,896
Synthes, Inc.	1,883		209,339
			962,235
Health Care Providers & Services - 3.2%
Brookdale Senior Living, Inc.	20,800		965,536
Laboratory Corp. of America Holdings (a)(d)	15,400		1,009,778
Medco Health Solutions, Inc. (a)	35,700		2,145,927
Quest Diagnostics, Inc.	16,500		1,009,140
UnitedHealth Group, Inc.	46,300		2,277,960
			7,408,341
Health Care Technology - 0.3%
Cerner Corp. (a)	14,900		676,460
Pharmaceuticals - 5.8%
Allergan, Inc.	20,000		2,252,200
AstraZeneca PLC sponsored ADR	16,200		1,012,500
Elan Corp. PLC sponsored ADR (a)	78,400		1,205,792
Forest Laboratories, Inc. (a)	21,600		1,093,176
Johnson & Johnson	40,400		2,623,576
Merck & Co., Inc.	60,100		2,518,190
Novartis AG:
(Reg.)	5,163		301,726
sponsored ADR	35,600		2,080,464
Roche Holding AG (participation certificate)	2,276		393,563
			13,481,187
TOTAL HEALTH CARE			29,291,383
INDUSTRIALS - 2.8%
Aerospace & Defense - 0.5%
General Dynamics Corp.	14,800		1,060,716
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Airlines - 0.2%
AMR Corp.	3,200		$ 74,048
JetBlue Airways Corp. (a)	32,500		301,275
			375,323
Building Products - 0.0%
Pfleiderer AG	4,850		116,486
Commercial Services & Supplies - 0.3%
Techem AG	1,700		82,329
Waste Management, Inc.	14,600		535,528
			617,857
Electrical Equipment - 0.0%
Sumitomo Electric Industries Ltd.	8,500		115,041
Industrial Conglomerates - 1.4%
General Electric Co.	78,400		2,767,520
McDermott International, Inc. (a)	14,700		614,460
			3,381,980
Machinery - 0.2%
Atlas Copco AB (A Shares)	5,000		131,348
Fanuc Ltd.	1,200		93,648
Heidelberger Druckmaschinen AG	4,000		164,904
Metso Corp. sponsored ADR	1,900		69,901
			459,801
Marine - 0.1%
DryShips, Inc.	15,600		209,040
Road & Rail - 0.1%
Norfolk Southern Corp.	3,900		171,795
TOTAL INDUSTRIALS			6,508,039
INFORMATION TECHNOLOGY - 9.8%
Communications Equipment - 1.4%
Cisco Systems, Inc. (a)	76,400		1,757,200
QUALCOMM, Inc.	6,000		218,100
Research In Motion Ltd. (a)	8,100		831,546
Riverbed Technology, Inc.	300		5,850
Sandvine Corp. (e)	258,400		442,596
			3,255,292
Computers & Peripherals - 2.3%
Apple Computer, Inc. (a)	47,900		3,689,737
Network Appliance, Inc. (a)	43,400		1,606,234
			5,295,971
Electronic Equipment & Instruments - 0.0%
Hoya Corp.	3,500		131,830
Internet Software & Services - 0.2%
Google, Inc. Class A (sub. vtg.) (a)	1,000		401,900
	Shares		Value
IT Services - 0.4%
Cognizant Technology Solutions Corp. Class A (a)	9,700		$ 718,382
Infosys Technologies Ltd.	4,206		169,898
			888,280
Office Electronics - 0.1%
Neopost SA	1,500		178,992
Semiconductors & Semiconductor Equipment - 4.3%
Advanced Micro Devices, Inc. (a)	39,800		989,030
Advanced Semiconductor Engineering, Inc.	157,000		145,809
Broadcom Corp. Class A (a)	1,550		47,027
Intel Corp.	111,800		2,299,726
Marvell Technology Group Ltd. (a)	3,300		63,921
Renewable Energy Corp. AS	3,800		58,808
Samsung Electronics Co. Ltd.	380		266,638
Spansion, Inc. Class A (d)	188,400		3,140,628
Tessera Technologies, Inc. (a)	21,800		758,204
Trident Microsystems, Inc. (a)	93,200		2,167,832
			9,937,623
Software - 1.1%
BEA Systems, Inc. (a)	65,700		998,640
Nintendo Co. Ltd.	700		144,213
Oracle Corp. (a)	42,800		759,272
Protect Data AB	40,700		694,269
			2,596,394
TOTAL INFORMATION TECHNOLOGY			22,686,282
MATERIALS - 1.6%
Chemicals - 1.2%
Bayer AG	2,100		106,995
Linde AG	1,200		113,049
Monsanto Co.	48,500		2,279,985
Nitto Denko Corp.	2,600		154,048
Syngenta AG sponsored ADR	5,500		165,990
			2,820,067
Metals & Mining - 0.4%
BHP Billiton Ltd. sponsored ADR	2,400		90,912
Titanium Metals Corp. (a)	29,400		743,232
			834,144
TOTAL MATERIALS			3,654,211
TELECOMMUNICATION SERVICES - 4.0%
Diversified Telecommunication Services - 2.2%
AT&T, Inc.	122,100		3,975,576
Qwest Communications International, Inc. (a)	125,200		1,091,744
			5,067,320
Wireless Telecommunication Services - 1.8%
America Movil SA de CV Series L sponsored ADR	32,200		1,267,714
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
American Tower Corp. Class A (a)	44,800		$ 1,635,200
NII Holdings, Inc. (a)	22,300		1,386,168
			4,289,082
TOTAL TELECOMMUNICATION SERVICES			9,356,402
UTILITIES - 1.4%
Electric Utilities - 1.0%
E.ON AG	3,000		357,030
Edison International	23,400		974,376
Exelon Corp.	17,200		1,041,288
			2,372,694
Independent Power Producers & Energy Traders - 0.4%
TXU Corp.	15,300		956,556
TOTAL UTILITIES			3,329,250
TOTAL COMMON STOCKS (Cost $139,374,263)		147,198,359

U.S. Treasury Obligations - 0.3%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 4.78% to 4.93% 12/7/06 (f) (Cost $792,720)	$ 800,000	793,070

Fixed-Income Funds - 27.6%
	Shares
Fidelity Floating Rate Central Investment Portfolio (g)	70,521		7,074,667
Fidelity High Income Central Investment Portfolio 1 (g)	52,411		5,149,345
Fidelity VIP Investment Grade Central Investment Portfolio (g)	501,567		51,736,681
TOTAL FIXED-INCOME FUNDS (Cost $63,034,863)		63,960,693
Money Market Funds - 9.9%
	Shares		Value
Fidelity Cash Central Fund, 5.36% (b)	18,757,842		$ 18,757,842
Fidelity Securities Lending Cash Central Fund, 5.37% (b)(c)	4,182,175		4,182,175
TOTAL MONEY MARKET FUNDS (Cost $22,940,017)		22,940,017

TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $226,141,863) 234,892,139

NET OTHER ASSETS - (1.2)%		(2,696,885)
NET ASSETS - 100%	$ 232,195,254

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
96 Dow Jones Euro Stoxx 50 Index Contracts (Germany)	Dec. 2006	$ 4,763,592	$ 176,956
42 FTSE 100 Index Contracts (United Kingdom)	Dec. 2006	4,706,700	85,702
6 S&P 500 Index Contracts	Dec. 2006	2,018,100	47,261
30 TOPIX 150 Index Contracts (Japan)	Dec. 2006	4,100,893	(62,720)
TOTAL EQUITY INDEX CONTRACTS		$ 15,589,285	$ 247,199

The face value of futures purchased as a percentage of net assets - 6.7%

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $442,596 or 0.2% of net assets.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $793,070.

(g) 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.

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	$ 835,433
Fidelity Floating Rate Central Investment Portfolio	343,828
Fidelity High Income Central Investment Portfolio 1	913,392
Fidelity Securities Lending Cash Central Fund	16,461
Fidelity Ultra-Short Central Fund	85,552
Fidelity VIP Investment Grade Central Investment Portfolio	686,896
Total	$ 2,881,562

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 Investment Portfolio	$ 4,991,240	$ 4,499,921	$ 2,400,201	$ 7,074,667	0.5%
Fidelity High Income Central Investment Portfolio 1	22,060,795	-	16,996,919	5,149,345	0.9%
Fidelity Ultra-Short Central Fund	2,799,003	3,000,317	5,799,059	-	0.0%
Fidelity VIP Investment Grade Central Investment Portfolio	-	50,202,330*	-	51,736,681	1.9%
Total	$ 29,851,038	$ 57,702,568	$ 25,196,179	$ 63,960,693

* $36,336,844 represents the value of shares received through in-kind contributions.

Income Tax Information

At September 30, 2006, the aggregate cost of investment securities for income tax purposes was $225,764,282. Net unrealized appreciation aggregated $9,127,857, of which $13,046,952 related to appreciated investment securities and $3,919,095 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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:
Disciplined Small Cap Portfolio

September 30, 2006

VDSC-QTLY-1106

1.837324.100

Investments September 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares		Value
CONSUMER DISCRETIONARY - 14.8%
Auto Components - 0.7%
Aftermarket Technology Corp. (a)	1,520		$ 26,995
ArvinMeritor, Inc.	2,699		38,434
LKQ Corp. (a)	2,470		54,266
			119,695
Automobiles - 0.1%
Thor Industries, Inc.	629		25,896
Diversified Consumer Services - 2.0%
Bright Horizons Family Solutions, Inc. (a)	1,396		58,255
Jackson Hewitt Tax Service, Inc.	1,357		40,724
Lincoln Educational Services Corp. (a)	2,052		33,571
Matthews International Corp. Class A	1,545		56,871
Sothebys Class A (ltd. vtg.)	1,080		34,819
Stewart Enterprises, Inc. Class A	4,637		27,173
Strayer Education, Inc.	569		61,571
			312,984
Hotels, Restaurants & Leisure - 2.1%
Chipotle Mexican Grill, Inc. Class A	658		32,683
Domino's Pizza, Inc.	1,515		38,860
Dover Downs Gaming & Entertainment, Inc.	1,659		20,157
IHOP Corp.	899		41,669
Morgans Hotel Group Co.	2,219		27,738
Papa John's International, Inc. (a)	1,549		55,934
Sonic Corp. (a)	2,434		55,033
Speedway Motorsports, Inc.	727		26,470
Vail Resorts, Inc. (a)	800		32,016
			330,560
Household Durables - 1.1%
Furniture Brands International, Inc.	1,428		27,189
Tempur-Pedic International, Inc. (a)	3,022		51,888
Universal Electronics, Inc. (a)	2,381		45,239
Yankee Candle Co., Inc.	1,547		45,281
			169,597
Internet & Catalog Retail - 1.1%
Blue Nile, Inc. (a)	1,308		47,546
FTD Group, Inc. (a)	2,935		45,346
Priceline.com, Inc. (a)	1,649		60,667
Stamps.com, Inc. (a)	1,229		23,425
			176,984
Media - 2.3%
Arbitron, Inc.	513		18,986
Catalina Marketing Corp.	1,004		27,610
Cox Radio, Inc. Class A (a)	3,423		52,543
Emmis Communications Corp. Class A	2,100		25,725
Entravision Communication Corp. Class A (a)	1,900		14,136
Gray Television, Inc.	5,000		32,050
Harris Interactive, Inc. (a)	5,973		36,435
	Shares		Value
LIN TV Corp. Class A (a)	2,585		$ 20,111
LodgeNet Entertainment Corp. (a)	1,067		20,145
Media General, Inc. Class A	994		37,494
Sinclair Broadcast Group, Inc. Class A	3,964		31,117
World Wrestling Entertainment, Inc. Class A	2,588		42,521
			358,873
Multiline Retail - 0.4%
Big Lots, Inc. (a)	2,774		54,953
Fred's, Inc. Class A	519		6,550
			61,503
Specialty Retail - 3.3%
Aeropostale, Inc. (a)	1,000		29,230
bebe Stores, Inc.	1,650		40,887
Charming Shoppes, Inc. (a)	4,447		63,503
Dress Barn, Inc. (a)	988		21,558
Genesco, Inc.	1,280		44,122
Group 1 Automotive, Inc.	705		35,180
Gymboree Corp. (a)	808		34,081
Maidenform Brands, Inc. (a)	1,450		27,985
Payless ShoeSource, Inc. (a)	1,725		42,953
The Buckle, Inc.	344		13,051
The Children's Place Retail Stores, Inc. (a)	930		59,548
The Pantry, Inc. (a)	610		34,386
Tween Brands, Inc. (a)	803		30,193
Wet Seal, Inc. Class A (a)	7,876		48,359
			525,036
Textiles, Apparel & Luxury Goods - 1.7%
Brown Shoe Co., Inc.	934		33,475
Fossil, Inc. (a)	2,620		56,435
K-Swiss, Inc. Class A	1,550		46,593
Phillips-Van Heusen Corp.	1,748		73,002
Under Armour, Inc. Class A (sub. vtg.)	1,442		57,709
			267,214
TOTAL CONSUMER DISCRETIONARY			2,348,342
CONSUMER STAPLES - 3.2%
Beverages - 0.1%
Hansen Natural Corp. (a)	360		11,693
Food & Staples Retailing - 1.1%
Casey's General Stores, Inc.	1,708		38,037
Longs Drug Stores Corp.	1,233		56,730
Topps Co., Inc.	3,650		32,704
Wild Oats Markets, Inc. (a)	2,829		45,745
			173,216
Food Products - 1.5%
Corn Products International, Inc.	923		30,034
Delta & Pine Land Co.	1,333		53,987
Gold Kist, Inc. (a)	3,079		64,166
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - continued
Ralcorp Holdings, Inc. (a)	997		$ 48,085
Reddy Ice Holdings, Inc.	2,010		48,642
			244,914
Personal Products - 0.5%
NBTY, Inc. (a)	1,200		35,124
Prestige Brands Holdings, Inc. (a)	4,348		48,437
			83,561
TOTAL CONSUMER STAPLES			513,384
ENERGY - 5.5%
Energy Equipment & Services - 2.3%
Grey Wolf, Inc. (a)	8,335		55,678
Gulfmark Offshore, Inc. (a)	1,287		40,978
Hanover Compressor Co. (a)	3,243		59,087
Hydril Co. (a)	559		31,338
Maverick Tube Corp. (a)	782		50,697
Parker Drilling Co. (a)	7,679		54,367
Universal Compression Holdings, Inc. (a)	766		40,943
Veritas DGC, Inc. (a)	556		36,596
			369,684
Oil, Gas & Consumable Fuels - 3.2%
Alon USA Energy, Inc.	1,067		31,466
Cimarex Energy Co.	548		19,284
Comstock Resources, Inc. (a)	2,113		57,368
Delek US Holdings, Inc.	2,592		47,952
Frontier Oil Corp.	1,212		32,215
Harvest Natural Resources, Inc. (a)	1,735		17,957
Helix Energy Solutions Group, Inc. (a)	705		23,547
NGP Capital Resources Co.	2,272		33,148
Penn Virginia Corp.	897		56,879
St. Mary Land & Exploration Co.	627		23,017
Stone Energy Corp. (a)	828		33,517
USEC, Inc.	3,713		35,793
Western Refining, Inc.	2,495		57,984
World Fuel Services Corp.	801		32,400
			502,527
TOTAL ENERGY			872,211
FINANCIALS - 20.1%
Capital Markets - 0.9%
GAMCO Investors, Inc. Class A	793		30,182
Knight Capital Group, Inc. Class A (a)	3,585		65,247
MCG Capital Corp.	3,347		54,657
			150,086
Commercial Banks - 6.1%
Ameris Bancorp	415		11,292
BancorpSouth, Inc.	1,259		34,950
Banner Corp.	1,182		48,509
	Shares		Value
Cascade Bancorp	1,358		$ 50,993
Center Financial Corp., California	407		9,678
Central Pacific Financial Corp.	1,118		40,896
City Holding Co.	1,288		51,353
Columbia Banking Systems, Inc.	577		18,470
Community Bank of Nevada (a)	1,369		41,768
Community Trust Bancorp, Inc.	1,009		37,989
First Community Bancorp, California	720		40,284
First Republic Bank, California	904		38,474
Frontier Financial Corp., Washington	2,112		54,785
Greene County Bancshares, Inc.	1,328		48,552
Hanmi Financial Corp.	1,722		33,751
Heartland Financial USA, Inc.	404		10,375
Integra Bank Corp.	1,918		48,487
Intervest Bancshares Corp. Class A (a)	550		23,958
Mercantile Bank Corp.	840		33,222
Peoples Bancorp, Inc.	1,608		47,002
Preferred Bank, Los Angeles California	280		16,792
Sandy Spring Bancorp, Inc.	460		16,266
Southwest Bancorp, Inc., Oklahoma	1,727		44,591
Texas United Bancshares, Inc.	700		23,093
Trustmark Corp.	1,805		56,731
UCBH Holdings, Inc.	778		13,584
Washington Trust Bancorp, Inc.	593		15,720
West Coast Bancorp, Oregon	1,208		36,892
Wilshire Bancorp, Inc.	933		17,764
			966,221
Consumer Finance - 1.0%
Advance America Cash Advance Centers, Inc.	2,459		35,459
Advanta Corp. Class B	1,085		40,037
Asta Funding, Inc.	1,279		47,950
First Cash Financial Services, Inc. (a)	1,315		27,076
			150,522
Diversified Financial Services - 0.2%
Encore Capital Group, Inc. (a)	928		12,045
Financial Federal Corp.	607		16,268
			28,313
Insurance - 1.9%
EMC Insurance Group	791		22,812
FBL Financial Group, Inc. Class A	1,191		39,863
FPIC Insurance Group, Inc. (a)	1,136		44,997
Harleysville Group, Inc.	1,137		39,784
Horace Mann Educators Corp.	2,681		51,556
LandAmerica Financial Group, Inc.	311		20,461
Odyssey Re Holdings Corp.	1,400		47,292
Safety Insurance Group, Inc.	816		39,707
			306,472
Real Estate Investment Trusts - 7.2%
Alexandria Real Estate Equities, Inc.	270		25,326
American Home Mortgage Investment Corp.	800		27,896
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
BioMed Realty Trust, Inc.	500		$ 15,170
Cedar Shopping Centers, Inc.	2,298		37,159
CentraCore Properties Trust	418		13,272
Corporate Office Properties Trust (SBI)	125		5,595
Entertainment Properties Trust (SBI)	1,177		58,050
Equity Inns, Inc.	1,857		29,563
FelCor Lodging Trust, Inc.	1,450		29,073
First Industrial Realty Trust, Inc.	425		18,700
Gramercy Capital Corp.	694		17,496
Highland Hospitality Corp.	3,571		51,172
Home Properties of New York, Inc.	125		7,145
Innkeepers USA Trust (SBI)	1,087		17,707
Kilroy Realty Corp.	120		9,041
LaSalle Hotel Properties (SBI)	1,008		43,687
Longview Fibre Co.	2,902		58,969
Luminent Mortgage Capital, Inc.	4,661		47,962
Maguire Properties, Inc.	613		24,974
Mid-America Apartment Communities, Inc.	377		23,080
National Retail Properties, Inc.	2,733		59,033
Nationwide Health Properties, Inc.	2,605		69,658
Newkirk Realty Trust, Inc.	2,100		34,608
NorthStar Realty Finance Corp.	2,819		35,801
Omega Healthcare Investors, Inc.	3,369		50,569
Pennsylvania (REIT) (SBI)	1,025		43,634
PS Business Parks, Inc.	375		22,613
Realty Income Corp.	2,745		67,829
Saul Centers, Inc.	171		7,695
Sovran Self Storage, Inc.	746		41,440
Spirit Finance Corp.	3,125		36,281
Sunstone Hotel Investors, Inc.	545		16,197
Tanger Factory Outlet Centers, Inc.	1,487		52,967
Winston Hotels, Inc.	2,712		33,412
			1,132,774
Real Estate Management & Development - 0.4%
Affordable Residential Communties, Inc.	1,250		12,113
Jones Lang LaSalle, Inc.	551		47,099
			59,212
Thrifts & Mortgage Finance - 2.4%
Accredited Home Lenders Holding Co. (a)	366		13,154
BankUnited Financial Corp. Class A	1,361		35,481
City Bank Lynnwood, Washington	463		21,775
Corus Bankshares, Inc.	1,588		35,508
First Busey Corp.	785		17,827
First Financial Holdings, Inc.	1,157		39,593
First Place Financial Corp.	655		14,842
FirstFed Financial Corp., Delaware (a)	984		55,812
ITLA Capital Corp.	594		31,933
Ocwen Financial Corp. (a)	1,844		27,476
	Shares		Value
TierOne Corp.	1,055		$ 35,796
Triad Guaranty, Inc. (a)	752		38,480
WSFS Financial Corp.	257		15,983
			383,660
TOTAL FINANCIALS			3,177,260
HEALTH CARE - 10.6%
Biotechnology - 1.5%
BioMarin Pharmaceutical, Inc. (a)	1,750		24,903
Cubist Pharmaceuticals, Inc. (a)	1,100		23,914
Enzon Pharmaceuticals, Inc. (a)	3,150		25,988
Human Genome Sciences, Inc. (a)	543		6,266
Medarex, Inc. (a)	1,496		16,067
Myriad Genetics, Inc. (a)	821		20,238
OSI Pharmaceuticals, Inc. (a)	920		34,528
Progenics Pharmaceuticals, Inc. (a)	800		18,768
Savient Pharmaceuticals, Inc. (a)	2,673		17,401
Trimeris, Inc. (a)	2,158		18,990
United Therapeutics Corp. (a)	542		28,477
			235,540
Health Care Equipment & Supplies - 3.8%
Abaxis, Inc. (a)	1,489		34,828
Biosite, Inc. (a)	894		41,330
Candela Corp. (a)	2,010		21,929
CONMED Corp. (a)	1,756		37,069
DJO, Inc. (a)	893		37,086
Encore Medical Corp. (a)	5,749		36,219
Greatbatch, Inc. (a)	2,213		50,058
Haemonetics Corp. (a)	421		19,703
ICU Medical, Inc. (a)	835		37,976
Intuitive Surgical, Inc. (a)	155		16,345
Inverness Medical Innovations, Inc. (a)	1,271		44,180
LifeCell Corp. (a)	1,077		34,701
Meridian Bioscience, Inc.	1,399		32,890
NeuroMetrix, Inc. (a)	2,134		40,567
Palomar Medical Technologies, Inc. (a)	618		26,080
SurModics, Inc. (a)	1,372		48,185
West Pharmaceutical Services, Inc.	1,194		46,888
			606,034
Health Care Providers & Services - 2.8%
AMN Healthcare Services, Inc. (a)	2,226		52,868
Apria Healthcare Group, Inc. (a)	710		14,015
Chemed Corp.	397		12,807
Healthspring, Inc.	2,018		38,847
Kindred Healthcare, Inc. (a)	1,744		51,849
LCA-Vision, Inc.	751		31,024
Magellan Health Services, Inc. (a)	1,046		44,560
Medcath Corp. (a)	1,695		51,003
Molina Healthcare, Inc. (a)	993		35,112
Odyssey Healthcare, Inc. (a)	3,290		46,652
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Pediatrix Medical Group, Inc. (a)	532		$ 24,259
Wellcare Health Plans, Inc. (a)	607		34,374
			437,370
Health Care Technology - 0.7%
Allscripts Healthcare Solutions, Inc. (a)	2,658		59,672
Vital Images, Inc. (a)	1,633		51,570
			111,242
Life Sciences Tools & Services - 0.7%
Albany Molecular Research, Inc. (a)	1,804		16,885
Bruker BioSciences Corp. (a)	3,000		21,030
Illumina, Inc. (a)	825		27,258
Luminex Corp. (a)	783		14,274
Molecular Devices Corp. (a)	609		11,260
PharmaNet Development Group, Inc. (a)	800		15,544
			106,251
Pharmaceuticals - 1.1%
Bradley Pharmaceuticals, Inc. (a)	1,800		28,656
Medicines Co. (a)	600		13,536
Medicis Pharmaceutical Corp. Class A	672		21,739
MGI Pharma, Inc. (a)	865		14,887
New River Pharmaceuticals, Inc. (a)	600		15,438
Noven Pharmaceuticals, Inc. (a)	1,500		36,180
Perrigo Co.	1,343		22,791
ViroPharma, Inc. (a)	2,000		24,340
			177,567
TOTAL HEALTH CARE			1,674,004
INDUSTRIALS - 14.3%
Aerospace & Defense - 1.2%
Armor Holdings, Inc. (a)	689		39,500
Heico Corp.	1,344		46,099
Orbital Sciences Corp. (a)	1,700		31,909
Teledyne Technologies, Inc. (a)	1,406		55,678
United Industrial Corp.	384		20,544
			193,730
Air Freight & Logistics - 0.5%
EGL, Inc. (a)	654		23,832
Forward Air Corp.	614		20,317
Hub Group, Inc. Class A	1,513		34,466
			78,615
Airlines - 0.2%
Continental Airlines, Inc. Class B (a)	1,076		30,462
Building Products - 1.0%
American Woodmark Corp.	425		14,318
Lennox International, Inc.	1,388		31,785
NCI Building Systems, Inc. (a)	783		45,547
	Shares		Value
Simpson Manufacturing Co. Ltd.	543		$ 14,677
Universal Forest Products, Inc.	1,032		50,620
			156,947
Commercial Services & Supplies - 4.1%
ACCO Brands Corp. (a)	2,581		57,453
Administaff, Inc.	1,582		53,313
American Reprographics Co. (a)	1,242		39,819
Brady Corp. Class A	1,053		37,023
Consolidated Graphics, Inc. (a)	636		38,268
FTI Consulting, Inc. (a)	2,241		56,159
Heidrick & Struggles International, Inc. (a)	1,357		48,852
IHS, Inc. Class A	1,640		52,611
John H. Harland Co.	988		36,013
Kenexa Corp. (a)	598		15,082
Kforce, Inc. (a)	3,933		46,921
Korn/Ferry International (a)	937		19,621
LECG Corp. (a)	2,644		49,601
Navigant Consulting, Inc. (a)	1,607		32,236
Teletech Holdings, Inc. (a)	1,415		22,116
Watson Wyatt Worldwide, Inc. Class A	900		36,828
			641,916
Construction & Engineering - 1.0%
Granite Construction, Inc.	1,103		58,845
Quanta Services, Inc. (a)	2,515		42,403
Washington Group International, Inc.	1,054		62,038
			163,286
Electrical Equipment - 1.6%
Acuity Brands, Inc.	642		29,147
General Cable Corp.	886		33,854
Genlyte Group, Inc. (a)	673		47,918
Lamson & Sessions Co. (a)	2,000		47,640
Regal-Beloit Corp.	1,190		51,765
Woodward Governor Co.	1,041		34,915
			245,239
Machinery - 2.9%
Actuant Corp. Class A	550		27,555
AGCO Corp. (a)	1,284		32,549
Albany International Corp. Class A	1,011		32,170
Cascade Corp.	1,121		51,174
Crane Co.	999		41,758
FreightCar America, Inc.	596		31,588
Gardner Denver, Inc. (a)	812		26,861
Kennametal, Inc.	440		24,926
Lincoln Electric Holdings, Inc.	686		37,353
Middleby Corp. (a)	240		18,494
Nordson Corp.	759		30,254
Valmont Industries, Inc.	499		26,073
Wabtec Corp.	1,215		32,963
Watts Water Technologies, Inc. Class A	1,634		51,896
			465,614
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Road & Rail - 0.7%
Arkansas Best Corp.	869		$ 37,393
Genesee & Wyoming, Inc. Class A (a)	1,232		28,607
Heartland Express, Inc.	2,302		36,095
			102,095
Trading Companies & Distributors - 1.1%
Applied Industrial Technologies, Inc.	2,337		57,023
BlueLinx Corp.	960		9,139
GATX Corp.	581		24,036
Interline Brands, Inc. (a)	2,058		50,791
Watsco, Inc.	294		13,527
WESCO International, Inc. (a)	423		24,547
			179,063
TOTAL INDUSTRIALS			2,256,967
INFORMATION TECHNOLOGY - 18.8%
Communications Equipment - 2.8%
Anaren, Inc. (a)	1,032		21,744
Avocent Corp. (a)	1,602		48,252
Carrier Access Corp. (a)	3,476		24,680
CommScope, Inc. (a)	2,053		67,462
Digi International, Inc. (a)	3,375		45,563
InterDigital Communication Corp. (a)	1,088		37,101
NETGEAR, Inc. (a)	1,326		27,302
Oplink Communications, Inc. (a)	1,847		36,903
Packeteer, Inc. (a)	3,004		25,864
Polycom, Inc. (a)	2,783		68,267
Sycamore Networks, Inc. (a)	9,629		36,398
			439,536
Computers & Peripherals - 0.8%
Brocade Communications Systems, Inc. (a)	8,238		58,160
Imation Corp.	959		38,504
Palm, Inc. (a)	1,548		22,539
Synaptics, Inc. (a)	735		17,912
			137,115
Electronic Equipment & Instruments - 2.5%
Aeroflex, Inc. (a)	1,731		17,795
Cogent, Inc. (a)	1,925		26,430
Coherent, Inc. (a)	1,460		50,604
DTS, Inc. (a)	1,919		40,644
Littelfuse, Inc. (a)	1,239		42,993
LoJack Corp. (a)	684		13,400
Park Electrochemical Corp.	1,023		32,409
RadiSys Corp. (a)	2,180		46,325
Rofin-Sinar Technologies, Inc. (a)	625		37,981
ScanSource, Inc. (a)	394		11,950
Technitrol, Inc.	1,711		51,073
TTM Technologies, Inc. (a)	1,779		20,814
			392,418
	Shares		Value
Internet Software & Services - 2.4%
Digital River, Inc. (a)	1,298		$ 66,354
EarthLink, Inc. (a)	5,292		38,473
Interwoven, Inc. (a)	4,308		47,517
Liquidity Services, Inc.	1,500		23,385
Perficient, Inc. (a)	3,292		51,619
SAVVIS, Inc. (a)	1,547		44,090
SonicWALL, Inc. (a)	4,754		51,914
Stellent, Inc.	2,264		24,542
United Online, Inc.	2,876		35,030
			382,924
IT Services - 1.1%
Acxiom Corp.	335		8,261
Forrester Research, Inc. (a)	1,225		32,230
Keane, Inc. (a)	3,297		47,510
Perot Systems Corp. Class A (a)	3,913		53,960
SI International, Inc. (a)	270		8,635
Wright Express Corp. (a)	828		19,922
			170,518
Semiconductors & Semiconductor Equipment - 5.1%
ADE Corp. (a)	1,155		36,983
Advanced Energy Industries, Inc. (a)	2,945		50,183
AMIS Holdings, Inc. (a)	4,952		46,994
Applied Micro Circuits Corp. (a)	7,845		22,672
Atmel Corp. (a)	7,035		42,491
Brooks Automation, Inc. (a)	2,915		38,041
Cymer, Inc. (a)	1,459		64,065
Diodes, Inc. (a)	524		22,621
Fairchild Semiconductor International, Inc. (a)	1,436		26,853
FormFactor, Inc. (a)	500		21,065
Integrated Device Technology, Inc. (a)	1,949		31,301
Micrel, Inc. (a)	2,522		24,186
Microtune, Inc. (a)	7,241		35,191
MIPS Technologies, Inc. (a)	3,991		26,939
MKS Instruments, Inc. (a)	2,397		48,683
Netlogic Microsystems, Inc. (a)	349		8,854
ON Semiconductor Corp. (a)	8,621		50,691
PortalPlayer, Inc. (a)	1,824		20,575
Semtech Corp. (a)	3,256		41,547
TriQuint Semiconductor, Inc. (a)	9,953		51,756
Varian Semiconductor Equipment Associates, Inc. (a)	900		33,030
Veeco Instruments, Inc. (a)	2,173		43,786
Zoran Corp. (a)	1,538		24,731
			813,238
Software - 4.1%
Aspen Technology, Inc. (a)	2,888		31,537
Blackbaud, Inc.	601		13,216
eSpeed, Inc. Class A (a)	4,635		42,642
FactSet Research Systems, Inc.	675		32,785
FileNET Corp. (a)	91		3,170
Hyperion Solutions Corp. (a)	600		20,688
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
JDA Software Group, Inc. (a)	2,500		$ 38,550
Macrovision Corp. (a)	2,401		56,880
Manhattan Associates, Inc. (a)	1,917		46,276
MicroStrategy, Inc. Class A (a)	580		59,061
Net 1 UEPS Technologies, Inc. (a)	1,460		33,376
Open Solutions, Inc. (a)	1,741		50,158
Parametric Technology Corp. (a)	1,422		24,828
Radiant Systems, Inc. (a)	3,300		39,864
Sybase, Inc. (a)	1,800		43,632
TIBCO Software, Inc. (a)	7,443		66,838
Ulticom, Inc. (a)	4,387		45,669
			649,170
TOTAL INFORMATION TECHNOLOGY			2,984,919
MATERIALS - 4.1%
Chemicals - 1.5%
H.B. Fuller Co.	1,552		36,379
Hercules, Inc. (a)	3,926		61,913
OM Group, Inc. (a)	1,417		62,263
Spartech Corp.	2,092		56,003
Westlake Chemical Corp.	865		27,689
			244,247
Construction Materials - 0.2%
Eagle Materials, Inc.	857		28,864
Containers & Packaging - 0.7%
Greif Brothers Corp. Class A	764		61,204
Rock-Tenn Co. Class A	2,381		47,144
			108,348
Metals & Mining - 1.7%
AK Steel Holding Corp. (a)	4,662		56,597
Amcol International Corp.	1,149		28,622
Carpenter Technology Corp.	311		33,436
Cleveland-Cliffs, Inc.	791		30,145
Gibraltar Industries, Inc.	1,184		26,261
Oregon Steel Mills, Inc. (a)	1,274		62,260
Steel Dynamics, Inc.	580		29,261
			266,582
TOTAL MATERIALS			648,041
TELECOMMUNICATION SERVICES - 2.1%
Diversified Telecommunication Services - 2.0%
Alaska Communication Systems Group, Inc.	3,563		47,281
Broadwing Corp. (a)	2,950		37,229
Cincinnati Bell, Inc.	11,741		56,592
Commonwealth Telephone Enterprises, Inc.	993		40,941
	Shares		Value
Consolidated Communications Holdings, Inc.	1,332		$ 24,922
CT Communications, Inc.	1,364		29,626
FairPoint Communications, Inc.	2,580		44,892
Iowa Telecommunication Services, Inc.	1,780		35,226
			316,709
Wireless Telecommunication Services - 0.1%
Syniverse Holdings, Inc. (a)	780		11,700
TOTAL TELECOMMUNICATION SERVICES			328,409
UTILITIES - 2.2%
Electric Utilities - 0.7%
Cleco Corp.	965		24,357
IDACORP, Inc.	750		28,358
Westar Energy, Inc.	2,353		55,319
			108,034
Gas Utilities - 0.9%
Laclede Group, Inc.	592		18,991
Nicor, Inc.	1,208		51,654
Northwest Natural Gas Co.	850		33,388
Southwest Gas Corp.	1,069		35,619
			139,652
Multi-Utilities - 0.6%
Avista Corp.	1,719		40,706
PNM Resources, Inc.	2,209		60,902
			101,608
TOTAL UTILITIES			349,294
TOTAL COMMON STOCKS (Cost $14,420,528)		15,152,831

U.S. Treasury Obligations - 0.2%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 4.81% 12/21/06 (c) (Cost $29,612)	$ 30,000	29,683

Money Market Funds - 3.8%
	Shares
Fidelity Cash Central Fund, 5.36% (b) (Cost $600,915)	600,915	600,915

TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $15,051,055) 15,783,429

NET OTHER ASSETS - 0.3%		43,112
NET ASSETS - 100%	$ 15,826,541

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
8 Russell 1000 Index Mini Contracts	Dec. 2006	$ 585,680	$ 894

The face value of futures purchased as a percentage of net assets - 3.7%

Legend

(a) Non-income producing

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

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $29,683.

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	$ 12,126

Income Tax Information

At September 30, 2006, the aggregate cost of investment securities for income tax purposes was $15,053,877. Net unrealized appreciation aggregated $729,552, of which $1,281,370 related to appreciated investment securities and $551,818 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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:
Asset Manager Portfolio

September 30, 2006

VIPAM-QTLY-1106

1.808793.102

Investments September 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 44.9%
	Shares		Value
CONSUMER DISCRETIONARY - 3.1%
Automobiles - 0.1%
Fiat Spa (a)	120,100		$ 1,915,158
Renault SA	10,100		1,158,466
			3,073,624
Hotels, Restaurants & Leisure - 0.4%
Greek Organization of Football Prognostics SA	28,500		957,733
International Game Technology	72,700		3,017,050
McDonald's Corp.	123,700		4,839,144
			8,813,927
Household Durables - 0.2%
Koninklijke Philips Electronics NV (NY Shares)	38,200		1,337,382
Nexity	14,600		923,676
Sony Corp.	20,000		807,200
Techtronic Industries Co. Ltd.	737,500		1,088,645
			4,156,903
Internet & Catalog Retail - 0.3%
Submarino SA	279,900		5,445,200
Media - 0.7%
Comcast Corp. Class A (special) (d)	397,200		14,620,932
NTL, Inc.	48,250		1,226,998
			15,847,930
Multiline Retail - 1.0%
Federated Department Stores, Inc.	311,000		13,438,310
Kohl's Corp. (a)	134,400		8,725,248
			22,163,558
Specialty Retail - 0.1%
Best Buy Co., Inc.	33,200		1,778,192
Circuit City Stores, Inc.	10,000		251,100
Inditex SA	8,900		414,877
			2,444,169
Textiles, Apparel & Luxury Goods - 0.3%
Crocs, Inc. (d)	159,700		5,421,815
TOTAL CONSUMER DISCRETIONARY			67,367,126
CONSUMER STAPLES - 5.3%
Beverages - 0.5%
PepsiCo, Inc.	128,700		8,398,962
Pernod Ricard SA	9,400		1,956,095
			10,355,057
Food & Staples Retailing - 1.6%
Aeon Co. Ltd.	66,300		1,624,601
Costco Wholesale Corp.	67,800		3,368,304
CVS Corp.	328,000		10,535,360
Kroger Co.	285,200		6,599,528
Shinsegae Co. Ltd.	1,029		532,822
Tesco PLC	131,000		882,812
	Shares		Value
Wal-Mart Stores, Inc.	130,100		$ 6,416,532
Walgreen Co.	132,200		5,868,358
			35,828,317
Food Products - 1.4%
Archer-Daniels-Midland Co.	99,600		3,772,848
Kellogg Co.	277,000		13,717,040
Koninklijke Numico NV	28,600		1,287,502
Nestle SA sponsored ADR	143,100		12,549,870
			31,327,260
Household Products - 0.1%
Reckitt Benckiser PLC	30,400		1,259,927
Personal Products - 0.5%
Avon Products, Inc.	351,900		10,789,254
Bare Escentuals, Inc. (a)	3,700		100,455
			10,889,709
Tobacco - 1.2%
Altria Group, Inc.	174,100		13,327,355
Reynolds American, Inc.	203,700		12,623,289
			25,950,644
TOTAL CONSUMER STAPLES			115,610,914
ENERGY - 4.5%
Energy Equipment & Services - 0.9%
Baker Hughes, Inc.	55,400		3,778,280
Compagnie Generale de Geophysique SA (a)	7,800		1,199,800
ENSCO International, Inc.	46,600		2,042,478
Noble Corp.	33,700		2,162,866
Schlumberger Ltd. (NY Shares)	173,100		10,737,393
			19,920,817
Oil, Gas & Consumable Fuels - 3.6%
Anadarko Petroleum Corp.	99,100		4,343,553
Canadian Natural Resources Ltd.	46,800		2,132,467
Chesapeake Energy Corp.	76,800		2,225,664
Chevron Corp.	99,400		6,447,084
EOG Resources, Inc.	209,300		13,614,965
Exxon Mobil Corp.	369,400		24,786,740
Hess Corp.	141,700		5,869,214
Norsk Hydro ASA	47,580		1,071,026
OMV AG	23,100		1,196,916
Quicksilver Resources, Inc. (a)	19,700		628,430
Talisman Energy, Inc.	108,000		1,762,082
Ultra Petroleum Corp. (a)	204,200		9,824,062
Valero Energy Corp.	94,900		4,884,503
			78,786,706
TOTAL ENERGY			98,707,523
FINANCIALS - 9.4%
Capital Markets - 0.2%
Daiwa Securities Group, Inc.	68,000		793,127
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Nikko Cordial Corp.	114,000		$ 1,321,935
UBS AG (NY Shares)	47,900		2,840,949
			4,956,011
Commercial Banks - 2.6%
Banca Intesa Spa	164,020		1,079,276
Banco Bradesco SA (PN) sponsored ADR (non-vtg.)	132,100		4,405,535
Bank of China Ltd. (H Shares)	1,792,000		770,565
BNP Paribas SA	18,200		1,958,289
Compass Bancshares, Inc.	76,800		4,376,064
Daegu Bank Co. Ltd.	41,040		687,397
Deutsche Postbank AG	11,800		895,570
Finansbank AS	183,526		733,135
Kookmin Bank sponsored ADR	11,100		866,133
Nedbank Group Ltd.	28,100		412,004
Raiffeisen International Bank Holding AG	26,600		2,833,443
Societe Generale Series A	14,700		2,339,454
Sumitomo Mitsui Financial Group, Inc.	211		2,214,567
Uniao de Bancos Brasileiros SA (Unibanco) GDR	120,000		8,880,000
Unicredito Italiano Spa	199,000		1,651,643
Wells Fargo & Co.	622,000		22,503,960
			56,607,035
Consumer Finance - 0.4%
Credit Saison Co. Ltd.	25,500		1,074,866
ORIX Corp.	7,140		1,973,177
SLM Corp.	88,000		4,574,240
			7,622,283
Diversified Financial Services - 1.1%
Bank of America Corp.	396,400		21,235,148
ING Groep NV (Certificaten Van Aandelen)	41,000		1,803,180
			23,038,328
Insurance - 3.5%
Allianz AG (Reg.)	9,700		1,681,010
American International Group, Inc.	372,600		24,688,476
AXA SA	52,611		1,941,872
Benfield Group PLC	92,100		630,146
Hartford Financial Services Group, Inc.	109,900		9,533,825
MetLife, Inc.	327,300		18,551,364
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	15,600		2,467,058
Prudential Financial, Inc.	226,400		17,263,000
T&D Holdings, Inc.	9,800		709,213
			77,465,964
Real Estate Investment Trusts - 1.4%
Equity Office Properties Trust	173,300		6,890,408
	Shares		Value
Equity Residential (SBI)	137,300		$ 6,944,634
Simon Property Group, Inc.	50,700		4,594,434
SL Green Realty Corp.	38,900		4,345,130
Vornado Realty Trust	64,200		6,997,800
			29,772,406
Real Estate Management & Development - 0.0%
Mitsui Fudosan Co. Ltd.	45,000		1,022,684
Thrifts & Mortgage Finance - 0.2%
Fannie Mae	83,600		4,674,076
TOTAL FINANCIALS			205,158,787
HEALTH CARE - 8.8%
Biotechnology - 2.0%
Celgene Corp. (a)	403,700		17,480,210
Genentech, Inc. (a)	159,800		13,215,460
Gilead Sciences, Inc. (a)	148,600		10,208,820
Neurocrine Biosciences, Inc. (a)	279,100		3,000,325
			43,904,815
Health Care Equipment & Supplies - 0.3%
Hologic, Inc. (a)	113,700		4,948,224
Synthes, Inc.	16,881		1,876,717
			6,824,941
Health Care Providers & Services - 2.2%
Brookdale Senior Living, Inc.	136,400		6,331,688
Laboratory Corp. of America Holdings (a)(d)	101,400		6,648,798
Medco Health Solutions, Inc. (a)	234,700		14,107,817
Quest Diagnostics, Inc.	108,200		6,617,512
UnitedHealth Group, Inc.	304,300		14,971,560
			48,677,375
Health Care Technology - 0.2%
Cerner Corp. (a)	97,700		4,435,580
Pharmaceuticals - 4.1%
Allergan, Inc.	131,400		14,796,954
AstraZeneca PLC sponsored ADR	106,600		6,662,500
Elan Corp. PLC sponsored ADR (a)	486,800		7,486,984
Forest Laboratories, Inc. (a)	141,900		7,181,559
Johnson & Johnson	265,100		17,215,594
Merck & Co., Inc.	394,600		16,533,740
Novartis AG:
(Reg.)	45,655		2,668,078
sponsored ADR	233,800		13,663,272
Roche Holding AG (participation certificate)	20,401		3,527,710
			89,736,391
TOTAL HEALTH CARE			193,579,102
INDUSTRIALS - 2.0%
Aerospace & Defense - 0.3%
General Dynamics Corp.	97,000		6,951,990
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Airlines - 0.1%
AMR Corp.	22,800		$ 527,592
JetBlue Airways Corp. (a)	213,600		1,980,072
			2,507,664
Building Products - 0.0%
Pfleiderer AG	43,500		1,044,775
Commercial Services & Supplies - 0.2%
Citiraya Industries Ltd. (a)	181,000		1
Techem AG	15,600		755,488
Waste Management, Inc.	95,600		3,506,608
			4,262,097
Electrical Equipment - 0.0%
Sumitomo Electric Industries Ltd.	76,400		1,034,014
Industrial Conglomerates - 1.0%
General Electric Co.	514,900		18,175,970
McDermott International, Inc. (a)	94,100		3,933,380
			22,109,350
Machinery - 0.2%
Atlas Copco AB (A Shares)	44,900		1,179,507
Fanuc Ltd.	10,800		842,829
Heidelberger Druckmaschinen AG	36,100		1,488,256
Metso Corp. sponsored ADR	17,400		640,146
			4,150,738
Marine - 0.1%
DryShips, Inc.	100,000		1,340,000
Road & Rail - 0.1%
Norfolk Southern Corp.	26,100		1,149,705
TOTAL INDUSTRIALS			44,550,333
INFORMATION TECHNOLOGY - 6.8%
Communications Equipment - 0.9%
Cisco Systems, Inc. (a)	488,900		11,244,700
QUALCOMM, Inc.	39,700		1,443,095
Research In Motion Ltd. (a)	52,900		5,430,714
Riverbed Technology, Inc.	3,200		62,400
Sandvine Corp. (e)	1,569,000		2,687,437
			20,868,346
Computers & Peripherals - 1.6%
Apple Computer, Inc. (a)	314,200		24,202,826
Network Appliance, Inc. (a)	284,900		10,544,149
			34,746,975
Electronic Equipment & Instruments - 0.0%
Hoya Corp.	31,800		1,197,765
Internet Software & Services - 0.1%
Google, Inc. Class A (sub. vtg.) (a)	6,400		2,572,160
	Shares		Value
IT Services - 0.3%
Cognizant Technology Solutions Corp. Class A (a)	63,500		$ 4,702,810
Infosys Technologies Ltd.	37,699		1,522,821
			6,225,631
Office Electronics - 0.1%
Neopost SA	13,700		1,634,796
Semiconductors & Semiconductor Equipment - 3.0%
Advanced Micro Devices, Inc. (a)	251,900		6,259,715
Advanced Semiconductor Engineering, Inc.	1,407,000		1,306,712
Broadcom Corp. Class A (a)	10,200		309,468
Intel Corp.	734,100		15,100,437
Marvell Technology Group Ltd. (a)	21,800		422,266
Renewable Energy Corp. AS	33,900		524,627
Samsung Electronics Co. Ltd.	3,380		2,371,678
Spansion, Inc. Class A	1,201,100		20,022,337
Tessera Technologies, Inc. (a)	143,200		4,980,496
Trident Microsystems, Inc. (a)	611,900		14,232,794
			65,530,530
Software - 0.8%
BEA Systems, Inc. (a)	431,400		6,557,280
Nintendo Co. Ltd.	6,700		1,380,321
Oracle Corp. (a)	281,000		4,984,940
Protect Data AB	256,900		4,382,254
			17,304,795
TOTAL INFORMATION TECHNOLOGY			150,080,998
MATERIALS - 1.2%
Chemicals - 0.9%
Bayer AG	18,700		952,765
Linde AG	10,900		1,026,858
Monsanto Co.	318,400		14,967,984
Nitto Denko Corp.	22,900		1,356,807
Syngenta AG (Switzerland)	9,861		1,488,025
			19,792,439
Metals & Mining - 0.3%
BHP Billiton Ltd.	43,800		829,572
Titanium Metals Corp. (a)	189,400		4,788,032
			5,617,604
TOTAL MATERIALS			25,410,043
TELECOMMUNICATION SERVICES - 2.8%
Diversified Telecommunication Services - 1.5%
AT&T, Inc.	801,900		26,109,866
Qwest Communications International, Inc. (a)	822,200		7,169,584
			33,279,450
Wireless Telecommunication Services - 1.3%
America Movil SA de CV Series L sponsored ADR	205,300		8,082,661
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
American Tower Corp. Class A (a)	293,900		$ 10,727,350
NII Holdings, Inc. (a)	141,700		8,808,072
			27,618,083
TOTAL TELECOMMUNICATION SERVICES			60,897,533
UTILITIES - 1.0%
Electric Utilities - 0.7%
E.ON AG	26,800		3,189,468
Edison International	153,700		6,400,068
Exelon Corp.	112,600		6,816,804
			16,406,340
Independent Power Producers & Energy Traders - 0.3%
TXU Corp.	100,300		6,270,756
TOTAL UTILITIES			22,677,096
TOTAL COMMON STOCKS (Cost $931,499,389)		984,039,455

U.S. Treasury Obligations - 0.3%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 4.93% to 5.04% 10/19/06 to 12/7/06 (f) (Cost $6,456,744)	$ 6,510,000	6,460,150

Fixed-Income Funds - 43.4%
	Shares
Fidelity Floating Rate Central Investment Portfolio (g)	703,100		70,534,992
Fidelity High Income Central Investment Portfolio 1 (g)	802,915		78,886,436
Fidelity VIP Investment Grade Central Investment Portfolio (g)	7,778,751		802,378,143
TOTAL FIXED-INCOME FUNDS (Cost $944,232,538)		951,799,571
Money Market Funds - 11.6%
	Shares		Value
Fidelity Cash Central Fund, 5.36% (b)	116,042,075		$ 116,042,075
Fidelity Money Market Central Fund, 5.4% (b)	123,860,162		123,860,162
Fidelity Securities Lending Cash Central Fund, 5.37% (b)(c)	15,452,325		15,452,325
TOTAL MONEY MARKET FUNDS (Cost $255,354,562)		255,354,562

TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $2,137,543,233) 2,197,653,738

NET OTHER ASSETS - (0.2)%		(3,509,953)
NET ASSETS - 100%	$ 2,194,143,785

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
203 Dow Jones Euro Stoxx 50 Index Contracts (Germany)	Dec. 2006	$ 10,073,013	$ 279,033
55 FTSE 100 Index Contracts (United Kingdom)	Dec. 2006	6,163,536	112,229
299 S&P 500 Index Contracts	Dec. 2006	100,568,650	2,355,163
43 TOPIX 150 Index Contracts (Japan)	Dec. 2006	5,877,946	(89,898)
TOTAL EQUITY INDEX CONTRACTS		$ 122,683,145	$ 2,656,527

The face value of futures purchased as a percentage of net assets - 5.7%

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,687,437 or 0.1% of net assets.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $6,460,150.

(g) 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.

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	$ 7,804,245
Fidelity Floating Rate Central Investment Portfolio	3,165,601
Fidelity High Income Central Investment Portfolio 1	6,693,206
Fidelity Money Market Central Fund	4,621,946
Fidelity Securities Lending Cash Central Fund	152,268
Fidelity Ultra-Short Central Fund	2,416,641
Fidelity VIP Investment Grade Central Investment Portfolio	11,020,373
Total	$ 35,874,280

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 Investment Portfolio	$ 46,624,748	$ 23,999,102	$ -	$ 70,534,992	4.6%
Fidelity High Income Central Investment Portfolio 1	144,892,045	-	67,471,586	78,886,436	13.4%
Fidelity Ultra-Short Central Fund	91,970,264	25,002,507	116,954,780	-	0.0%
Fidelity VIP Investment Grade Central Investment Portfolio	-	777,981,226*	-	802,378,143	29.2%
Total	$ 283,487,057	$ 847,709,283	$ 184,426,366	$ 951,799,571

* $652,127,185 represents the value of shares received through in-kind contributions.

Income Tax Information

At September 30, 2006, the aggregate cost of investment securities for income tax purposes was $2,119,195,908. Net unrealized appreciation aggregated $78,457,830, of which $105,517,502 related to appreciated investment securities and $27,059,672 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, including Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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:
Investment Grade Bond Portfolio

September 30, 2006

VIPIGB-QTLY-1106

1.808780.102

Investments September 30, 2006 (Unaudited)

Showing Percentage of Net Assets

Asset-Backed Securities - 0.1%
	Principal Amount	Value
GS Auto Loan Trust Series 2006-1 Class D, 6.25% 1/15/14 (a) (Cost $1,231,966)	$ 1,245,000	$ 1,234,380

Fixed-Income Central Funds - 96.3%
	Shares
Investment Grade Fixed-Income Funds - 95.2%
Fidelity VIP Investment Grade Central Investment Portfolio (b)	17,086,362		1,762,458,263
High Yield Fixed-Income Funds - 1.1%
Fidelity Specialized High Income Central Investment Portfolio (b)	200,090		19,834,922
TOTAL FIXED-INCOME FUNDS (Cost $1,790,830,457)		1,782,293,185
Cash Equivalents - 2.9%
	Maturity Amount
Investments in repurchase agreements (Collateralized by U.S. Government Obligations) in a joint trading account at 5.4%, dated 9/29/06 due 10/2/06 (Cost $54,317,000)	$ 54,341,421		54,317,000

TOTAL INVESTMENT PORTFOLIO - 99.3% (Cost $1,846,379,423) 1,837,844,565

NET OTHER ASSETS - 0.7%		12,892,852
NET ASSETS - 100%	$ 1,850,737,417

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,234,380 or 0.1%
of net assets.

(b) 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.

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 Specialized High Income Central Investment Portfolio	$ 997,583
Fidelity Ultra-Short Central Fund	5,622,690
Fidelity VIP Investment Grade Central Investment Portfolio	24,306,941
Total	$ 30,927,214

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 Specialized High Income Central Investment Portfolio	$ 19,830,920	$ -	$ -	$ 19,834,922	9.5%
Fidelity Ultra-Short Central Fund	239,885,774	-	239,875,236	-	0.0%
Fidelity VIP Investment Grade Central Investment Portfolio	-	1,708,732,662*	-	1,762,458,263	64.2%
Total	$ 259,716,694	$ 1,708,732,662	$ 239,875,236	$ 1,782,293,185

* $1,586,248,322 represents the value of shares received through in-kind contributions.

Income Tax Information

At September 30, 2006, the aggregate cost of investment securities for income tax purposes was $1,787,204,098. Net unrealized appreciation aggregated $50,640,467, of which $50,792,156 related to appreciated investment securities and $151,689 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. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Investments in open-end mutual funds, including Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

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

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

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

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

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

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