N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-7205

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	December 31

Date of reporting period:	March 31, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Aggressive Growth Portfolio

March 31, 2009

(To be renamed Growth Strategies Portfolio
effective May 2009)

1.799850.105

VIPAG-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
CONSUMER DISCRETIONARY - 17.7%
Auto Components - 1.1%
BorgWarner, Inc.	6,600		$ 133,980
Diversified Consumer Services - 2.6%
DeVry, Inc.	3,514		169,305
Strayer Education, Inc.	900		161,883
			331,188
Hotels, Restaurants & Leisure - 4.6%
Buffalo Wild Wings, Inc. (a)	3,400		124,372
Burger King Holdings, Inc.	10,715		245,909
Chipotle Mexican Grill, Inc. Class B (a)	1,399		80,177
Wendy's/Arby's Group, Inc.	26,545		133,521
			583,979
Household Durables - 1.0%
Mohawk Industries, Inc. (a)	4,350		129,935
Media - 2.1%
The DIRECTV Group, Inc. (a)	11,786		268,603
Specialty Retail - 6.3%
Abercrombie & Fitch Co. Class A	6,312		150,226
Advance Auto Parts, Inc.	3,192		131,127
Best Buy Co., Inc.	10,200		387,192
O'Reilly Automotive, Inc. (a)	3,900		136,539
			805,084
TOTAL CONSUMER DISCRETIONARY			2,252,769
CONSUMER STAPLES - 3.2%
Beverages - 2.1%
Heckmann Corp. (a)	55,800		268,956
Food & Staples Retailing - 1.1%
Costco Wholesale Corp.	3,100		143,592
TOTAL CONSUMER STAPLES			412,548
ENERGY - 9.3%
Energy Equipment & Services - 7.2%
Cameron International Corp. (a)	5,700		125,001
Dril-Quip, Inc. (a)	3,300		101,310
ENSCO International, Inc.	6,600		174,240
IHS, Inc. Class A (a)	6,560		270,141
National Oilwell Varco, Inc. (a)	4,300		123,453
Noble Corp.	5,300		127,677
			921,822
Oil, Gas & Consumable Fuels - 2.1%
Denbury Resources, Inc. (a)	9,466		140,665
Hess Corp.	2,300		124,660
			265,325
TOTAL ENERGY			1,187,147

	Shares		Value
FINANCIALS - 5.4%
Capital Markets - 1.1%
Greenhill & Co., Inc.	1,900		$ 140,315
Diversified Financial Services - 3.3%
BM&F BOVESPA SA	45,900		139,511
CME Group, Inc.	600		147,834
IntercontinentalExchange, Inc. (a)	1,800		134,046
			421,391
Real Estate Management & Development - 1.0%
China Overseas Land & Investment Ltd.	84,000		131,791
TOTAL FINANCIALS			693,497
HEALTH CARE - 26.1%
Biotechnology - 5.3%
Alnylam Pharmaceuticals, Inc. (a)	2,908		55,368
Amylin Pharmaceuticals, Inc. (a)	5,894		69,255
Cephalon, Inc. (a)	2,666		181,555
Isis Pharmaceuticals, Inc. (a)	9,053		135,886
OSI Pharmaceuticals, Inc. (a)	1,838		70,322
RXi Pharmaceuticals Corp.	10,234		52,091
Vertex Pharmaceuticals, Inc. (a)	4,049		116,328
			680,805
Health Care Equipment & Supplies - 10.9%
ArthroCare Corp. (a)	22,152		108,545
Conceptus, Inc. (a)	4,456		52,358
Cyberonics, Inc. (a)	19,396		257,385
Edwards Lifesciences Corp. (a)	3,000		181,890
Inverness Medical Innovations, Inc. (a)	4,903		130,567
Masimo Corp. (a)	4,932		142,929
NuVasive, Inc. (a)	4,005		125,677
St. Jude Medical, Inc. (a)	10,484		380,884
TranS1, Inc. (a)	1,783		10,858
			1,391,093
Health Care Providers & Services - 0.5%
CardioNet, Inc.	2,215		62,153
Health Care Technology - 1.0%
Cerner Corp. (a)	2,900		127,513
Life Sciences Tools & Services - 5.4%
AMAG Pharmaceuticals, Inc. (a)	12,978		477,199
Illumina, Inc. (a)	2,700		100,548
QIAGEN NV (a)	7,278		116,157
			693,904
Pharmaceuticals - 3.0%
Allergan, Inc.	5,385		257,188
BioMimetic Therapeutics, Inc. (a)	2,652		18,829
Vivus, Inc. (a)	9,251		39,964
XenoPort, Inc. (a)	3,200		61,952
			377,933
TOTAL HEALTH CARE			3,333,401
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 7.1%
Airlines - 1.1%
Allegiant Travel Co. (a)	3,088		$ 140,380
Construction & Engineering - 1.5%
Quanta Services, Inc. (a)	8,800		188,760
Electrical Equipment - 0.4%
Ocean Power Technologies, Inc. (a)	8,170		53,922
Machinery - 1.6%
Energy Recovery, Inc.	8,626		65,558
Navistar International Corp. (a)	4,100		137,186
			202,744
Marine - 0.5%
Ultrapetrol (Bahamas) Ltd. (a)	25,049		67,632
Professional Services - 1.0%
FTI Consulting, Inc. (a)	2,581		127,708
Road & Rail - 1.0%
Old Dominion Freight Lines, Inc. (a)	5,188		121,866
TOTAL INDUSTRIALS			903,012
INFORMATION TECHNOLOGY - 21.6%
Communications Equipment - 4.6%
Corning, Inc.	14,300		189,761
Infinera Corp. (a)	8,200		60,680
Juniper Networks, Inc. (a)	22,200		334,332
			584,773
Electronic Equipment & Components - 0.9%
BYD Co. Ltd. (H Shares)	59,000		108,706
Internet Software & Services - 3.0%
Equinix, Inc. (a)	2,512		141,049
Omniture, Inc. (a)	18,675		246,323
			387,372
IT Services - 1.0%
Lender Processing Services, Inc.	4,301		131,654
Semiconductors & Semiconductor Equipment - 8.6%
Broadcom Corp. Class A (a)	12,500		249,750
Marvell Technology Group Ltd. (a)	26,785		245,351
MEMC Electronic Materials, Inc. (a)	15,095		248,917
NVIDIA Corp. (a)	24,200		238,612
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	13,294		118,981
			1,101,611
Software - 3.5%
Ansys, Inc. (a)	5,000		125,500
Autonomy Corp. PLC (a)	6,691		125,283
BMC Software, Inc. (a)	6,000		198,000
			448,783
TOTAL INFORMATION TECHNOLOGY			2,762,899

	Shares		Value
MATERIALS - 5.2%
Chemicals - 2.4%
Rockwood Holdings, Inc. (a)	7,860		$ 62,408
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR	2,200		58,432
Terra Industries, Inc.	6,761		189,916
			310,756
Metals & Mining - 2.8%
Agnico-Eagle Mines Ltd.	2,300		132,239
Newcrest Mining Ltd.	6,198		142,643
Timminco Ltd. (a)	38,000		76,877
			351,759
TOTAL MATERIALS			662,515
TELECOMMUNICATION SERVICES - 2.6%
Wireless Telecommunication Services - 2.6%
Crown Castle International Corp. (a)	3,798		77,517
SBA Communications Corp. Class A (a)	5,104		118,923
Sprint Nextel Corp. (a)	37,600		134,232
			330,672
TOTAL COMMON STOCKS (Cost $14,916,702)		12,538,460
Money Market Funds - 2.9%

Fidelity Cash Central Fund, 0.52% (b) (Cost $370,218)	370,218		370,218
Cash Equivalents - 0.2%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.16%, dated 3/31/09 due 4/1/09 (Collateralized by U.S. Treasury Obligations) # (Cost $28,000)	$ 28,000		28,000

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $15,314,920)

12,936,678

NET OTHER ASSETS - (1.3)%			(166,981)
NET ASSETS - 100%		$ 12,769,697

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.

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

Repurchase Agreement / Counterparty	Value
$28,000 due 4/01/09 at 0.16%
Barclays Capital, Inc.	$ 4,069
Deutsche Bank Securities, Inc.	6,172
J.P. Morgan Securities, Inc.	16,783
UBS Securities LLC	976
	$ 28,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 196

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 12,936,678	$ 12,766,035	$ 170,643	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $15,743,438. Net unrealized depreciation aggregated $2,806,760, of which $1,055,408 related to appreciated investment securities and $3,862,168 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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 1-800-634-9361 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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Balanced Portfolio

March 31, 2009

1.799884.105

VIPBAL-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 61.0%
	Shares		Value
CONSUMER DISCRETIONARY - 7.2%
Auto Components - 0.4%
BorgWarner, Inc.	32,200		$ 653,660
Federal-Mogul Corp. Class A (a)	120,714		806,370
Johnson Controls, Inc.	97,800		1,173,600
The Goodyear Tire & Rubber Co. (a)	141,500		885,790
			3,519,420
Automobiles - 0.0%
Thor Industries, Inc.	15,100		235,862
Winnebago Industries, Inc.	40,542		215,278
			451,140
Distributors - 0.1%
LKQ Corp. (a)	41,600		593,632
Diversified Consumer Services - 0.9%
Carriage Services, Inc. Class A (a)	24,247		37,098
DeVry, Inc.	18,200		876,876
H&R Block, Inc.	120,075		2,184,164
Hillenbrand, Inc.	145,162		2,324,044
Navitas Ltd.	101,719		161,991
Princeton Review, Inc. (a)	69,846		303,830
Regis Corp.	38,251		552,727
Service Corp. International	131,200		457,888
Stewart Enterprises, Inc. Class A	494,458		1,602,044
Weight Watchers International, Inc.	5,200		96,460
			8,597,122
Hotels, Restaurants & Leisure - 0.9%
Brinker International, Inc.	95,700		1,445,070
Burger King Holdings, Inc.	42,700		979,965
Darden Restaurants, Inc.	29,000		993,540
DineEquity, Inc. (d)	67,002		794,644
Las Vegas Sands Corp. unit	31,200		1,565,201
McCormick & Schmick's Seafood Restaurants (a)	12,503		49,012
Sonic Corp. (a)	98,800		989,976
Starwood Hotels & Resorts Worldwide, Inc.	115,100		1,461,770
Vail Resorts, Inc. (a)	21,993		449,317
WMS Industries, Inc. (a)	10,600		221,646
Wyndham Worldwide Corp.	20,900		87,780
			9,037,921
Household Durables - 0.7%
Black & Decker Corp.	26,200		826,872
Centex Corp.	25,800		193,500
Dorel Industries, Inc. Class B (sub. vtg.)	500		7,604
Meritage Homes Corp. (a)	27,500		314,050
Mohawk Industries, Inc. (a)	47,900		1,430,773
Newell Rubbermaid, Inc.	76,700		489,346
Pulte Homes, Inc.	111,500		1,218,695
Snap-On, Inc.	17,500		439,250
Stanley Furniture Co., Inc.	23,900		179,728

	Shares		Value
The Stanley Works	20,800		$ 605,696
Whirlpool Corp.	45,300		1,340,427
			7,045,941
Leisure Equipment & Products - 0.1%
Hasbro, Inc.	44,800		1,123,136
Media - 1.8%
Cablevision Systems Corp. - NY Group Class A	66,300		857,922
CC Media Holdings, Inc. Class A (a)	100,000		176,000
Comcast Corp. Class A (special) (non-vtg.)	408,801		5,261,269
DISH Network Corp. Class A (a)	163,227		1,813,452
Informa PLC	139,500		525,406
Lamar Advertising Co. Class A (a)	45,200		440,700
Liberty Media Corp. - Entertainment Class A (a)	133,932		2,671,943
Live Nation, Inc. (a)	168,920		451,016
The DIRECTV Group, Inc. (a)	59,210		1,349,396
The Walt Disney Co.	77,340		1,404,494
Time Warner Cable, Inc.	38,428		953,014
Time Warner, Inc.	138,696		2,676,833
			18,581,445
Multiline Retail - 0.2%
Target Corp.	68,000		2,338,520
Tuesday Morning Corp. (a)	75,116		95,397
			2,433,917
Specialty Retail - 2.0%
Advance Auto Parts, Inc.	73,600		3,023,488
Asbury Automotive Group, Inc.	38,400		165,504
AutoNation, Inc. (a)	29,200		405,296
Collective Brands, Inc. (a)	75,100		731,474
Group 1 Automotive, Inc.	16,900		236,093
Gymboree Corp. (a)	14,100		301,035
Home Depot, Inc.	86,300		2,033,228
Lowe's Companies, Inc.	244,400		4,460,300
Lumber Liquidators, Inc. (a)	75,599		963,887
OfficeMax, Inc.	43,300		135,096
Sally Beauty Holdings, Inc. (a)	184,225		1,046,398
Sherwin-Williams Co.	17,100		888,687
Sonic Automotive, Inc. Class A (sub. vtg.)	59,500		95,200
Staples, Inc.	166,900		3,022,559
The Men's Wearhouse, Inc.	126,389		1,913,529
Tween Brands, Inc. (a)	221,000		472,940
Urban Outfitters, Inc. (a)	17,600		288,112
			20,182,826
Textiles, Apparel & Luxury Goods - 0.1%
American Apparel, Inc. (a)	213,300		622,836
TOTAL CONSUMER DISCRETIONARY			72,189,336
CONSUMER STAPLES - 4.5%
Beverages - 0.9%
Anheuser-Busch InBev NV	126,560		3,487,041
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
Carlsberg AS Series B	32,100		$ 1,316,723
Coca-Cola Enterprises, Inc.	78,400		1,034,096
Diageo PLC	7,800		87,098
PepsiCo, Inc.	12,800		658,944
The Coca-Cola Co.	57,600		2,531,520
			9,115,422
Food & Staples Retailing - 1.0%
Costco Wholesale Corp.	13,100		606,792
CVS Caremark Corp.	183,074		5,032,704
Kroger Co.	75,500		1,602,110
Rite Aid Corp. (a)	58,400		21,024
Safeway, Inc.	7,102		143,389
Winn-Dixie Stores, Inc. (a)	241,827		2,311,866
			9,717,885
Food Products - 1.5%
Bunge Ltd.	4,200		237,930
Cermaq ASA	145,300		652,859
Corn Products International, Inc.	72,515		1,537,318
Global Bio-Chem Technology Group Co. Ltd.	6,654,000		858,531
Leroy Seafood Group ASA	115,050		1,001,358
Marine Harvest ASA (a)	8,935,000		2,818,235
Nestle SA (Reg.)	43,229		1,461,348
Ralcorp Holdings, Inc. (a)	18,100		975,228
Smithfield Foods, Inc. (a)(d)	117,911		1,115,438
The J.M. Smucker Co.	13,940		519,544
Tyson Foods, Inc. Class A	379,000		3,558,810
			14,736,599
Household Products - 0.6%
Central Garden & Pet Co. (a)	56,890		432,933
Clorox Co.	27,600		1,420,848
Energizer Holdings, Inc. (a)	26,000		1,291,940
Kimberly-Clark Corp.	43,800		2,019,618
Procter & Gamble Co.	23,023		1,084,153
			6,249,492
Personal Products - 0.0%
Avon Products, Inc.	27,500		528,825
Tobacco - 0.5%
Imperial Tobacco Group PLC	40,400		908,326
Philip Morris International, Inc.	125,085		4,450,524
			5,358,850
TOTAL CONSUMER STAPLES			45,707,073
ENERGY - 7.8%
Energy Equipment & Services - 3.2%
Diamond Offshore Drilling, Inc.	14,100		886,326
Exterran Holdings, Inc. (a)	51,447		824,181
Global Industries Ltd. (a)	429,759		1,650,275
Halliburton Co.	99,400		1,537,718

	Shares		Value
Helix Energy Solutions Group, Inc. (a)	77,600		$ 398,864
Nabors Industries Ltd. (a)	77,100		770,229
National Oilwell Varco, Inc. (a)	399,300		11,463,903
Noble Corp.	81,000		1,951,290
Parker Drilling Co. (a)	175,986		323,814
Patterson-UTI Energy, Inc.	16,000		143,360
Pride International, Inc. (a)	59,673		1,072,921
Rowan Companies, Inc.	49,400		591,318
Smith International, Inc.	120,900		2,596,932
Superior Energy Services, Inc. (a)	48,644		627,021
Tidewater, Inc.	56,067		2,081,768
Transocean Ltd. (a)	9,800		576,632
Weatherford International Ltd. (a)	447,848		4,957,677
			32,454,229
Oil, Gas & Consumable Fuels - 4.6%
Arch Coal, Inc.	35,412		473,458
Boardwalk Pipeline Partners, LP	66,166		1,482,118
Cabot Oil & Gas Corp.	33,200		782,524
Canadian Natural Resources Ltd.	7,200		279,386
Chesapeake Energy Corp.	295,300		5,037,818
Comstock Resources, Inc. (a)	17,900		533,420
Concho Resources, Inc. (a)	24,600		629,514
Continental Resources, Inc. (a)(d)	10,400		220,584
Denbury Resources, Inc. (a)	107,310		1,594,627
El Paso Corp.	125,400		783,750
Ellora Energy, Inc. (a)(e)	30,267		193,146
Energy Transfer Equity LP	53,900		1,138,907
EXCO Resources, Inc. (a)	263,939		2,639,390
Foundation Coal Holdings, Inc.	80,501		1,155,189
Frontier Oil Corp.	75,300		963,087
Goodrich Petroleum Corp. (a)	38,800		751,168
Hess Corp.	92,218		4,998,216
Holly Corp.	4,700		99,640
James River Coal Co. (a)	7,200		88,848
Nexen, Inc.	105,500		1,789,512
OPTI Canada, Inc. (a)	772,400		606,669
Peabody Energy Corp.	24,500		613,480
Penn Virginia Corp.	44,800		491,904
Petro-Canada	43,900		1,179,653
Petrohawk Energy Corp. (a)	418,287		8,043,659
Plains Exploration & Production Co. (a)	147,882		2,548,007
Range Resources Corp.	75,850		3,121,986
Rosetta Resources, Inc. (a)	15,148		74,983
Southwestern Energy Co. (a)	84,700		2,514,743
Sunoco, Inc.	48,850		1,293,548
Uranium One, Inc. (a)	62,900		127,252
Valero Energy Corp.	23,023		412,112
			46,662,298
TOTAL ENERGY			79,116,527
Common Stocks - continued
	Shares		Value
FINANCIALS - 7.8%
Capital Markets - 1.7%
Ameriprise Financial, Inc.	28,400		$ 581,916
Bank of New York Mellon Corp.	224,754		6,349,301
Bank Sarasin & Co. Ltd. Series B (Reg.)	27,785		584,600
Cohen & Steers, Inc.	68,300		762,228
Fortress Investment Group LLC (d)	183,600		460,836
Franklin Resources, Inc.	26,900		1,449,103
Goldman Sachs Group, Inc.	56,600		6,000,732
Morgan Stanley	15,556		354,210
Nomura Holdings, Inc. sponsored ADR	47,000		236,410
T. Rowe Price Group, Inc.	10,430		301,010
The Blackstone Group LP	53,200		385,700
			17,466,046
Commercial Banks - 2.1%
CapitalSource, Inc.	595,000		725,900
Mitsubishi UFJ Financial Group, Inc.	161,200		794,068
PNC Financial Services Group, Inc.	245,455		7,189,377
U.S. Bancorp, Delaware	178,200		2,603,502
Wells Fargo & Co.	715,559		10,189,560
			21,502,407
Consumer Finance - 0.2%
Capital One Financial Corp.	42,300		517,752
Discover Financial Services	102,100		644,251
Promise Co. Ltd. (d)	23,000		364,190
SLM Corp. (a)	54,600		270,270
			1,796,463
Diversified Financial Services - 2.1%
Bank of America Corp.	491,821		3,354,219
CIT Group, Inc. (d)	180,829		515,363
JPMorgan Chase & Co.	459,900		12,224,142
PICO Holdings, Inc. (a)	151,361		4,551,425
			20,645,149
Insurance - 1.2%
ACE Ltd.	30,400		1,228,160
Assurant, Inc.	26,029		566,912
Berkshire Hathaway, Inc. Class B (a)	450		1,269,000
Endurance Specialty Holdings Ltd.	18,300		456,402
Everest Re Group Ltd.	19,600		1,387,680
Fidelity National Financial, Inc. Class A	2,600		50,726
Loews Corp.	23,200		512,720
Maiden Holdings Ltd. (e)	19,000		84,930
Marsh & McLennan Companies, Inc.	13,900		281,475
MBIA, Inc. (a)(d)	186,900		856,002
MetLife, Inc.	38,159		868,880
Montpelier Re Holdings Ltd.	57,100		740,016
Platinum Underwriters Holdings Ltd.	24,300		689,148
Reinsurance Group of America, Inc.	24,163		782,640
The Travelers Companies, Inc.	54,360		2,209,190
			11,983,881

	Shares		Value
Real Estate Investment Trusts - 0.2%
Developers Diversified Realty Corp.	38,000		$ 80,940
Highwoods Properties, Inc. (SBI)	5,900		126,378
ProLogis Trust	80,200		521,300
SL Green Realty Corp.	18,110		195,588
UDR, Inc.	17,508		150,744
Vornado Realty Trust	16,571		550,820
			1,625,770
Real Estate Management & Development - 0.3%
CB Richard Ellis Group, Inc. Class A (a)	595,872		2,401,364
Forestar Group, Inc. (a)	23,930		183,065
Jones Lang LaSalle, Inc.	32,888		764,975
Unite Group PLC	41,718		40,852
			3,390,256
Thrifts & Mortgage Finance - 0.0%
Washington Mutual, Inc.	101,600		5,639
TOTAL FINANCIALS			78,415,611
HEALTH CARE - 8.1%
Biotechnology - 2.0%
Amgen, Inc. (a)	98,300		4,867,816
Biogen Idec, Inc. (a)	34,600		1,813,732
Cephalon, Inc. (a)(d)	38,386		2,614,087
DUSA Pharmaceuticals, Inc. (a)	149,175		190,944
Genzyme Corp. (a)	15,700		932,423
Gilead Sciences, Inc. (a)	51,300		2,376,216
Theravance, Inc. (a)	249,441		4,240,497
United Therapeutics Corp. (a)	7,800		515,502
Vertex Pharmaceuticals, Inc. (a)	98,100		2,818,413
			20,369,630
Health Care Equipment & Supplies - 1.0%
Boston Scientific Corp. (a)	26,450		210,278
C.R. Bard, Inc.	13,550		1,080,206
Cooper Companies, Inc.	14,100		372,804
Covidien Ltd.	70,725		2,350,899
DENTSPLY International, Inc.	36,628		983,462
Integra LifeSciences Holdings Corp. (a)	46,700		1,154,891
Inverness Medical Innovations, Inc. (a)	42,224		1,124,425
Kinetic Concepts, Inc. (a)	29,900		631,488
Orthofix International NV (a)	14,611		270,596
Sonova Holding AG	31,135		1,881,831
			10,060,880
Health Care Providers & Services - 1.4%
Amedisys, Inc. (a)	4,700		129,203
Brookdale Senior Living, Inc.	170,544		861,247
Coventry Health Care, Inc. (a)	36,635		474,057
Emeritus Corp. (a)	7,900		51,824
Express Scripts, Inc. (a)	25,700		1,186,569
Fresenius Medical Care AG & Co. KGaA	18,329		712,296
Health Net, Inc. (a)	15,500		224,440
HealthSouth Corp. (a)	88,283		783,953
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
IPC The Hospitalist Co., Inc. (a)	10,366		$ 197,265
McKesson Corp.	22,300		781,392
Medco Health Solutions, Inc. (a)	60,300		2,492,802
Triple-S Management Corp. (a)	80,926		997,008
UnitedHealth Group, Inc.	103,565		2,167,615
Universal Health Services, Inc. Class B	39,983		1,532,948
WellPoint, Inc. (a)	51,800		1,966,846
			14,559,465
Health Care Technology - 0.1%
IMS Health, Inc.	48,500		604,795
Life Sciences Tools & Services - 0.1%
Bruker BioSciences Corp. (a)	80,784		497,629
Life Technologies Corp. (a)	18,300		594,384
			1,092,013
Pharmaceuticals - 3.5%
Allergan, Inc.	41,800		1,996,368
Cadence Pharmaceuticals, Inc. (a)	20,900		196,042
Merck & Co., Inc.	151,485		4,052,224
Novo Nordisk AS Series B	5,200		249,006
Optimer Pharmaceuticals, Inc. (a)	7,300		96,287
Perrigo Co.	36,500		906,295
Pfizer, Inc.	524,675		7,146,074
Schering-Plough Corp.	235,400		5,543,670
Shire PLC sponsored ADR	5,200		186,888
Teva Pharmaceutical Industries Ltd. sponsored ADR	38,100		1,716,405
Vivus, Inc. (a)	148,805		642,838
Wyeth	272,000		11,706,880
XenoPort, Inc. (a)	28,200		545,952
			34,984,929
TOTAL HEALTH CARE			81,671,712
INDUSTRIALS - 6.3%
Aerospace & Defense - 1.2%
Alliant Techsystems, Inc. (a)	7,300		488,954
DigitalGlobe, Inc. (e)	163		408
Finmeccanica SpA	60,496		752,859
Honeywell International, Inc.	102,500		2,855,650
Northrop Grumman Corp.	61,200		2,670,768
Orbital Sciences Corp. (a)	77,950		926,826
Raytheon Co.	7,600		295,944
Raytheon Co. warrants 6/16/11 (a)	200		1,340
United Technologies Corp.	105,300		4,525,794
			12,518,543
Air Freight & Logistics - 0.2%
FedEx Corp.	41,500		1,846,335

	Shares		Value
Airlines - 0.4%
AirTran Holdings, Inc. (a)	112,400		$ 511,420
Delta Air Lines, Inc. (a)	603,466		3,397,514
			3,908,934
Building Products - 0.2%
Masco Corp.	170,000		1,186,600
Owens Corning (a)	69,600		629,184
			1,815,784
Commercial Services & Supplies - 0.7%
ACCO Brands Corp. (a)	161,895		158,657
Cintas Corp.	38,200		944,304
Clean Harbors, Inc. (a)	15,500		744,000
Consolidated Graphics, Inc. (a)	12,084		153,708
Corrections Corp. of America (a)	15,700		201,117
EnergySolutions, Inc.	99,600		861,540
GeoEye, Inc. (a)	105,478		2,083,191
R.R. Donnelley & Sons Co.	123,100		902,323
Republic Services, Inc.	43,495		745,939
			6,794,779
Construction & Engineering - 0.5%
Chicago Bridge & Iron Co. NV (NY Shares)	102,600		643,302
Great Lakes Dredge & Dock Corp.	538,797		1,621,779
MYR Group, Inc. (a)	44,204		674,111
Quanta Services, Inc. (a)	3,100		66,495
Shaw Group, Inc. (a)	12,969		355,480
URS Corp. (a)	48,012		1,940,165
			5,301,332
Electrical Equipment - 1.0%
AMETEK, Inc.	18,800		587,876
Cooper Industries Ltd. Class A	207,323		5,361,373
First Solar, Inc. (a)	5,900		782,930
JA Solar Holdings Co. Ltd. ADR (a)	86,700		292,179
Regal-Beloit Corp.	2,600		79,664
Renewable Energy Corp. AS (a)(d)	97,100		842,237
Saft Groupe SA	44,198		1,191,642
Sunpower Corp.:
Class A (a)(d)	18,200		432,796
Class B (a)	25,726		509,375
			10,080,072
Industrial Conglomerates - 0.7%
McDermott International, Inc. (a)	219,800		2,943,122
Rheinmetall AG	3,500		119,049
Siemens AG sponsored ADR	45,100		2,569,347
Textron, Inc.	265,700		1,525,118
			7,156,636
Machinery - 0.5%
Cummins, Inc.	53,300		1,356,485
Danaher Corp.	27,100		1,469,362
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Navistar International Corp. (a)	62,800		$ 2,101,288
Vallourec SA	7,100		658,299
			5,585,434
Marine - 0.0%
Alexander & Baldwin, Inc.	23,550		448,157
Professional Services - 0.1%
Monster Worldwide, Inc. (a)	77,100		628,365
Road & Rail - 0.8%
Burlington Northern Santa Fe Corp.	6,800		409,020
Con-way, Inc.	51,660		926,264
Old Dominion Freight Lines, Inc. (a)	20,800		488,592
Ryder System, Inc.	33,400		945,554
Union Pacific Corp.	69,900		2,873,589
Universal Truckload Services, Inc.	156,493		2,244,110
			7,887,129
TOTAL INDUSTRIALS			63,971,500
INFORMATION TECHNOLOGY - 12.1%
Communications Equipment - 2.7%
Adtran, Inc.	113,928		1,846,773
Cisco Systems, Inc. (a)	708,400		11,879,868
Comtech Telecommunications Corp. (a)	8,867		219,636
Comverse Technology, Inc. (a)	224,200		1,286,908
Corning, Inc.	239,600		3,179,492
Juniper Networks, Inc. (a)	209,280		3,151,757
Motorola, Inc.	778,100		3,291,363
Palm, Inc. (a)	44,000		379,280
QUALCOMM, Inc.	47,108		1,832,972
			27,068,049
Computers & Peripherals - 1.3%
Apple, Inc. (a)	15,000		1,576,800
Hewlett-Packard Co.	210,800		6,758,248
International Business Machines Corp.	20,520		1,988,183
NCR Corp. (a)	25,700		204,315
SanDisk Corp. (a)	45,189		571,641
Seagate Technology	283,100		1,701,431
			12,800,618
Electronic Equipment & Components - 1.1%
Amphenol Corp. Class A	86,600		2,467,234
Arrow Electronics, Inc. (a)	84,300		1,606,758
Avnet, Inc. (a)	171,211		2,997,905
Bell Microproducts, Inc. (a)	250,592		117,778
BYD Co. Ltd. (H Shares)	33,500		61,723
Ingram Micro, Inc. Class A (a)	124,200		1,569,888
Itron, Inc. (a)	20,400		965,940
Tyco Electronics Ltd.	67,375		743,820
			10,531,046

	Shares		Value
Internet Software & Services - 0.7%
Art Technology Group, Inc. (a)	174,877		$ 445,936
Google, Inc. Class A (sub. vtg.) (a)	11,260		3,919,156
NetEase.com, Inc. sponsored ADR (a)	4,200		112,770
Sina Corp. (a)	10,500		244,125
VeriSign, Inc. (a)	125,800		2,373,846
			7,095,833
IT Services - 1.7%
Accenture Ltd. Class A	148,200		4,074,018
Affiliated Computer Services, Inc. Class A (a)	12,700		608,203
Alliance Data Systems Corp. (a)	40,748		1,505,639
Cognizant Technology Solutions Corp. Class A (a)	2,252		46,819
Fidelity National Information Services, Inc.	76,100		1,385,020
Lender Processing Services, Inc.	108,400		3,318,124
Perot Systems Corp. Class A (a)	89,000		1,146,320
Sapient Corp. (a)	201,600		901,152
The Western Union Co.	57,400		721,518
Unisys Corp. (a)	690,808		366,128
Visa, Inc.	47,300		2,629,880
WNS Holdings Ltd. sponsored ADR (a)	69,454		361,161
Wright Express Corp. (a)	19,681		358,588
			17,422,570
Semiconductors & Semiconductor Equipment - 3.1%
Altera Corp.	35,900		630,045
Analog Devices, Inc.	79,000		1,522,330
Applied Materials, Inc.	282,600		3,037,950
ASAT Holdings Ltd. (a)	1,762		17
ASAT Holdings Ltd. warrants 7/24/11 (a)	48		1
Atmel Corp. (a)	1,924,799		6,987,020
Axcelis Technologies, Inc. (a)	205,668		78,154
Cymer, Inc. (a)	62,982		1,401,979
Cypress Semiconductor Corp. (a)	93,800		635,026
Fairchild Semiconductor International, Inc. (a)	128,100		477,813
International Rectifier Corp. (a)	90,500		1,222,655
Lam Research Corp. (a)	273,000		6,216,210
LTX-Credence Corp. (a)	660,082		184,823
Maxim Integrated Products, Inc.	185,100		2,445,171
MEMC Electronic Materials, Inc. (a)	55,400		913,546
Microchip Technology, Inc.	13,900		294,541
Micron Technology, Inc. (a)	121,100		491,666
National Semiconductor Corp.	96,400		990,028
ON Semiconductor Corp. (a)	153,835		599,957
Semitool, Inc. (a)	144,021		400,378
Teradyne, Inc. (a)	147,380		645,524
Varian Semiconductor Equipment Associates, Inc. (a)	113,300		2,454,078
			31,628,912
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 1.5%
BMC Software, Inc. (a)	26,100		$ 861,300
CA, Inc.	72,700		1,280,247
Citrix Systems, Inc. (a)	5,200		117,728
Informatica Corp. (a)	49,000		649,740
McAfee, Inc. (a)	33,200		1,112,200
Misys PLC	395,100		714,281
Oracle Corp.	264,700		4,783,129
Phoenix Technologies Ltd. (a)	12,101		19,604
Quest Software, Inc. (a)	167,020		2,117,814
Sourcefire, Inc. (a)	169,303		1,232,526
Symantec Corp. (a)	123,531		1,845,553
THQ, Inc. (a)	165,002		501,606
			15,235,728
TOTAL INFORMATION TECHNOLOGY			121,782,756
MATERIALS - 3.8%
Chemicals - 1.8%
Airgas, Inc.	51,759		1,749,972
Albemarle Corp.	46,100		1,003,597
Arkema sponsored ADR	31,631		499,770
Ashland, Inc.	7,800		80,574
Celanese Corp. Class A	164,399		2,198,015
CF Industries Holdings, Inc.	5,800		412,554
Huabao International Holdings Ltd.	95,000		78,202
Lubrizol Corp.	28,100		955,681
Monsanto Co.	50,600		4,204,860
Rockwood Holdings, Inc. (a)	31,219		247,879
Solutia, Inc. (a)	192,826		360,585
Spartech Corp.	176,086		433,172
Symrise AG	47,300		559,740
Terra Industries, Inc.	40,200		1,129,218
The Mosaic Co.	40,700		1,708,586
Valspar Corp.	56,800		1,134,296
W.R. Grace & Co. (a)	181,949		1,149,918
			17,906,619
Construction Materials - 0.0%
Eagle Materials, Inc.	7,300		177,025
Containers & Packaging - 0.6%
Greif, Inc. Class A	21,100		702,419
Owens-Illinois, Inc. (a)	93,500		1,350,140
Pactiv Corp. (a)	54,300		792,237
Rock-Tenn Co. Class A	43,000		1,163,150
Temple-Inland, Inc.	261,847		1,406,118
			5,414,064
Metals & Mining - 1.4%
Agnico-Eagle Mines Ltd.	5,000		287,477
ArcelorMittal SA (NY Shares) Class A	28,225		565,629
Commercial Metals Co.	147,900		1,708,245

	Shares		Value
Companhia Vale do Rio Doce sponsored ADR	18,800		$ 250,040
Compass Minerals International, Inc.	2,100		118,377
Eldorado Gold Corp. (a)	213,300		1,929,168
Franco-Nevada Corp.	9,300		200,838
Ivanhoe Mines Ltd. (a)	262,400		1,619,638
Lihir Gold Ltd. (a)	530,054		1,198,980
Newcrest Mining Ltd.	63,670		1,465,326
Newmont Mining Corp.	32,100		1,436,796
Red Back Mining, Inc. (a)(e)	7,400		47,848
Silver Wheaton Corp. (a)	61,500		504,998
Steel Dynamics, Inc.	7,800		68,718
Timminco Ltd. (a)	177,500		359,098
Xstrata PLC	15,500		103,802
Yamana Gold, Inc.	231,220		2,159,117
			14,024,095
Paper & Forest Products - 0.0%
Clearwater Paper Corp. (a)	39,300		315,579
TOTAL MATERIALS			37,837,382
TELECOMMUNICATION SERVICES - 1.5%
Diversified Telecommunication Services - 1.3%
AT&T, Inc.	186,700		4,704,840
Cincinnati Bell, Inc. (a)	393,700		905,510
Qwest Communications International, Inc.	1,256,786		4,298,208
Verizon Communications, Inc.	110,700		3,343,140
			13,251,698
Wireless Telecommunication Services - 0.2%
Sprint Nextel Corp. (a)	557,900		1,991,703
Vivo Participacoes SA sponsored ADR	1,475		19,249
			2,010,952
TOTAL TELECOMMUNICATION SERVICES			15,262,650
UTILITIES - 1.9%
Electric Utilities - 1.1%
Allegheny Energy, Inc.	109,237		2,531,021
Entergy Corp.	23,586		1,605,971
Exelon Corp.	68,859		3,125,510
FirstEnergy Corp.	63,300		2,443,380
Northeast Utilities	7,302		157,650
Public Power Corp. of Greece	35,800		646,650
			10,510,182
Gas Utilities - 0.1%
EQT Corp.	40,000		1,253,200
Questar Corp.	5,700		167,751
			1,420,951
Independent Power Producers & Energy Traders - 0.5%
AES Corp. (a)	113,800		661,178
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Independent Power Producers & Energy Traders - continued
NRG Energy, Inc. (a)	209,220		$ 3,682,272
Reliant Energy, Inc. (a)	178,281		568,716
			4,912,166
Multi-Utilities - 0.2%
CMS Energy Corp.	24,900		294,816
OGE Energy Corp.	14,500		345,390
PG&E Corp.	4,200		160,524
Public Service Enterprise Group, Inc.	13,400		394,898
Sempra Energy	22,700		1,049,648
			2,245,276
TOTAL UTILITIES			19,088,575
TOTAL COMMON STOCKS (Cost $872,443,669)		615,043,122
Preferred Stocks - 0.9%

Convertible Preferred Stocks - 0.8%
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
McMoRan Exploration Co. 6.75%	1,100		45,890
SandRidge Energy, Inc. 8.50% (a)(e)	9,800		928,354
			974,244
FINANCIALS - 0.5%
Commercial Banks - 0.2%
East West Bancorp, Inc. Series A, 8.00%	300		89,106
Huntington Bancshares, Inc. 8.50%	1,300		435,500
UCBH Holdings, Inc. Series B, 8.50%	410		146,186
Wells Fargo & Co. 7.50%	2,200		1,053,778
			1,724,570
Diversified Financial Services - 0.3%
Bank of America Corp. Series L, 7.25%	3,900		1,589,250
CIT Group, Inc. Series C, 8.75%	61,900		1,098,725
Citigroup, Inc. Series T, 6.50%	34,100		922,831
			3,610,806
TOTAL FINANCIALS			5,335,376
HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Mylan, Inc. 6.50%	1,000		861,250
INFORMATION TECHNOLOGY - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
ASAT Holdings Ltd. 13.00% (a)	48		0

	Shares		Value
MATERIALS - 0.1%
Metals & Mining - 0.1%
Freeport-McMoRan Copper & Gold, Inc. 6.75%	19,100		$ 1,231,415
TOTAL CONVERTIBLE PREFERRED STOCKS			8,402,285
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Fiat SpA	117,994		472,100
TOTAL PREFERRED STOCKS (Cost $12,026,531)		8,874,385
Investment Companies - 0.0%

Ares Capital Corp. (Cost $1,917,062)	128,532		622,095

Corporate Bonds - 0.6%
	Principal Amount
Convertible Bonds - 0.6%
CONSUMER DISCRETIONARY - 0.2%
Auto Components - 0.1%
Johnson Controls, Inc. 6.5% 9/30/12	$ 530,000		669,856
Diversified Consumer Services - 0.0%
Ingersoll-Rand Global Holding Co. Ltd. 4.5% 4/15/12	200,000		200,000
Household Durables - 0.0%
Newell Rubbermaid, Inc. 5.5% 3/15/14	230,000		255,013
Media - 0.1%
Virgin Media, Inc. 6.5% 11/15/16 (e)	790,000		444,849
TOTAL CONSUMER DISCRETIONARY			1,569,718
FINANCIALS - 0.0%
Thrifts & Mortgage Finance - 0.0%
MGIC Investment Corp. 9% 4/1/63 (e)	1,956,000		317,850
HEALTH CARE - 0.2%
Biotechnology - 0.1%
BioMarin Pharmaceutical, Inc. 1.875% 4/23/17	1,010,000		767,600
Pharmaceuticals - 0.1%
Endo Pharmaceuticals Holdings, Inc. 1.75% 4/15/15 (e)	1,500,000		1,158,750
TOTAL HEALTH CARE			1,926,350
Corporate Bonds - continued
	Principal Amount		Value
Convertible Bonds - continued
INDUSTRIALS - 0.0%
Electrical Equipment - 0.0%
JA Solar Holdings Co. Ltd. 4.5% 5/15/13	$ 390,000		$ 192,075
INFORMATION TECHNOLOGY - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Advanced Micro Devices, Inc. 6% 5/1/15	1,740,000		652,500
Amkor Technology, Inc. 6% 4/15/14	520,000		558,532
			1,211,032
MATERIALS - 0.1%
Metals & Mining - 0.1%
Alcoa, Inc. 5.25% 3/15/14	500,000		661,250
TOTAL CONVERTIBLE BONDS			5,878,275
Nonconvertible Bonds - 0.0%
ENERGY - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
OPTI Canada, Inc. 7.875% 12/15/14	25,000		10,750
TELECOMMUNICATION SERVICES - 0.0%
Diversified Telecommunication Services - 0.0%
Telecom Italia Capital SA 7.2% 7/18/36	20,000		15,825
TOTAL NONCONVERTIBLE BONDS			26,575
TOTAL CORPORATE BONDS (Cost $6,337,102)		5,904,850

Fixed-Income Funds - 34.9%
	Shares
Fidelity High Income Central Fund 2 (f)	550,753		41,725,056
Fidelity VIP Investment Grade Central Fund (f)	3,259,275		310,576,264
TOTAL FIXED-INCOME FUNDS (Cost $381,928,846)		352,301,320
Money Market Funds - 2.8%
	Shares		Value
Fidelity Cash Central Fund, 0.52% (b)	22,566,849		$ 22,566,849
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)	5,329,110		5,329,110
TOTAL MONEY MARKET FUNDS (Cost $27,895,959)		27,895,959

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $1,302,549,169)

1,010,641,731

NET OTHER ASSETS - (0.2)%			(2,265,137)
NET ASSETS - 100%		$ 1,008,376,594

Legend

(a) Non-income producing

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $ 3,176,135 or 0.3% of net assets.

(f) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's web site at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at advisor.fidelity.com. In addition, each Fidelity Central Fund's financial statements are available on the SEC's web site 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:

Funds	Income earned

Fidelity Cash Central Fund	$ 45,371
Fidelity High Income Central Fund 2	945,808
Fidelity Securities Lending Cash Central Fund	15,379
Fidelity VIP Investment Grade Central Fund	3,971,677
Total	$ 4,978,235

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:

Funds	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity High Income Central Fund 2	$ 39,712,692	$ 945,808	$ -	$ 41,725,056	11.4%
Fidelity VIP Investment Grade Central Fund	304,949,284	3,972,754	-	310,576,264	10.0%
Total	$ 344,661,976	$ 4,918,562	$ -	$ 352,301,320

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 1,010,641,731	$ 991,993,448	$ 18,455,137	$ 193,146

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 4,853,678
Total Realized Gain (Loss)	(1,125,638)
Total Unrealized Gain (Loss)	(960,814)
Cost of Purchases	73,671
Proceeds of Sales	(1,082,142)
Amortization/Accretion	-
Transfer in/out of Level 3	(1,565,609)
Ending Balance	$ 193,146

The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $1,309,460,390. Net unrealized depreciation aggregated $298,818,659, of which $35,126,606 related to appreciated investment securities and $333,945,265 related to depreciated investment securities.

Investment Valuation

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, 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 available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Dynamic Capital Appreciation Portfolio

March 31, 2009

1.799855.105

VIPDCA-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.7%
	Shares		Value
CONSUMER DISCRETIONARY - 17.7%
Diversified Consumer Services - 1.0%
Apollo Group, Inc. Class A (non-vtg.) (a)	2,103		$ 164,728
ITT Educational Services, Inc. (a)	1,679		203,864
			368,592
Hotels, Restaurants & Leisure - 1.4%
Paddy Power PLC (Ireland)	14,200		228,957
Wendy's/Arby's Group, Inc.	52,389		263,517
			492,474
Media - 11.6%
CBS Corp. Class B	42,900		164,736
Comcast Corp. Class A (special) (non-vtg.)	45,456		585,019
Interpublic Group of Companies, Inc. (a)	89,300		367,916
Mediacom Communications Corp. Class A (a)	33,449		134,799
The DIRECTV Group, Inc. (a)	18,767		427,700
The Walt Disney Co.	114,800		2,084,768
Virgin Media, Inc.	75,025		360,120
			4,125,058
Specialty Retail - 3.7%
Abercrombie & Fitch Co. Class A	3,900		92,820
Aeropostale, Inc. (a)	3,060		81,274
American Eagle Outfitters, Inc.	6,254		76,549
AnnTaylor Stores Corp. (a)	3,100		16,120
AutoNation, Inc. (a)	8,600		119,368
bebe Stores, Inc.	3,100		20,677
Brown Shoe Co., Inc.	2,500		9,375
CarMax, Inc. (a)	8,669		107,842
Charlotte Russe Holding, Inc. (a)	2,494		20,326
Charming Shoppes, Inc. (a)	1,600		2,240
Chico's FAS, Inc. (a)	3,180		17,077
Dress Barn, Inc. (a)	3,100		38,099
Finish Line, Inc. Class A	3,100		20,522
Foot Locker, Inc.	3,147		32,981
Gap, Inc.	3,100		40,269
Genesco, Inc. (a)	3,115		58,655
Guess?, Inc.	1,601		33,749
Gymboree Corp. (a)	3,110		66,399
Hot Topic, Inc. (a)	2,300		25,737
New York & Co., Inc. (a)	3,100		11,005
Ross Stores, Inc.	3,066		110,008
Stage Stores, Inc.	3,100		31,248
Talbots, Inc.	3,100		10,881
The Buckle, Inc.	1,581		50,481
The Children's Place Retail Stores, Inc. (a)	3,100		67,859
The Men's Wearhouse, Inc.	3,100		46,934
TJX Companies, Inc.	2,336		59,895

	Shares		Value
Urban Outfitters, Inc. (a)	3,100		$ 50,747
Wet Seal, Inc. Class A (a)	1,600		5,376
			1,324,513
TOTAL CONSUMER DISCRETIONARY			6,310,637
CONSUMER STAPLES - 1.3%
Tobacco - 1.3%
Lorillard, Inc.	7,411		457,555
ENERGY - 6.1%
Energy Equipment & Services - 1.0%
Transocean Ltd. (a)	5,100		300,084
Willbros Group, Inc. (a)	6,591		63,933
			364,017
Oil, Gas & Consumable Fuels - 5.1%
Arch Coal, Inc.	9,148		122,309
EXCO Resources, Inc. (a)	15,533		155,330
James River Coal Co. (a)	17,271		213,124
Petrohawk Energy Corp. (a)	7,071		135,975
Petroleo Brasileiro SA - Petrobras sponsored ADR	15,200		463,144
Range Resources Corp.	5,100		209,916
Southwestern Energy Co. (a)	5,400		160,326
XTO Energy, Inc.	11,700		358,254
			1,818,378
TOTAL ENERGY			2,182,395
FINANCIALS - 10.1%
Capital Markets - 3.5%
Charles Schwab Corp.	13,271		205,701
Janus Capital Group, Inc.	18,904		125,712
Morgan Stanley	40,262		916,766
			1,248,179
Commercial Banks - 0.2%
TCF Financial Corp.	5,500		64,680
Diversified Financial Services - 5.5%
CME Group, Inc.	8,050		1,983,440
Real Estate Management & Development - 0.9%
CB Richard Ellis Group, Inc. Class A (a)	77,376		311,825
TOTAL FINANCIALS			3,608,124
HEALTH CARE - 20.7%
Biotechnology - 6.5%
Biogen Idec, Inc. (a)	41,452		2,172,913
Gilead Sciences, Inc. (a)	3,091		143,175
			2,316,088
Health Care Equipment & Supplies - 0.1%
Wright Medical Group, Inc. (a)	3,100		40,393
Health Care Providers & Services - 2.1%
VCA Antech, Inc. (a)	32,789		739,392
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Life Sciences Tools & Services - 0.5%
Techne Corp.	2,915		$ 159,480
Pharmaceuticals - 11.5%
Allergan, Inc.	9,840		469,958
Bristol-Myers Squibb Co.	22,580		494,954
Elan Corp. PLC sponsored ADR (a)	87,645		581,963
Merck & Co., Inc.	16,100		430,675
Pfizer, Inc.	72,000		980,640
Questcor Pharmaceuticals, Inc. (a)	9,448		46,484
Schering-Plough Corp.	23,953		564,093
Wyeth	12,500		538,000
			4,106,767
TOTAL HEALTH CARE			7,362,120
INDUSTRIALS - 9.6%
Airlines - 5.9%
AMR Corp. (a)	221,900		707,861
Continental Airlines, Inc. Class B (a)	74,229		653,957
Delta Air Lines, Inc. (a)	55,596		313,005
UAL Corp. (a)	57,860		259,213
US Airways Group, Inc. (a)	76,000		192,280
			2,126,316
Electrical Equipment - 1.5%
Alstom SA	10,218		529,067
Industrial Conglomerates - 0.7%
General Electric Co.	25,000		252,750
Machinery - 0.6%
Deere & Co.	6,510		213,984
Marine - 0.4%
Diana Shipping, Inc.	11,700		137,943
Professional Services - 0.4%
Corporate Executive Board Co.	1,600		23,200
Watson Wyatt Worldwide, Inc. Class A	2,300		113,551
			136,751
Trading Companies & Distributors - 0.1%
Beacon Roofing Supply, Inc. (a)	2,100		28,119
TOTAL INDUSTRIALS			3,424,930
INFORMATION TECHNOLOGY - 11.9%
Communications Equipment - 1.9%
Alcatel-Lucent SA sponsored ADR (a)	39,100		72,726
Cisco Systems, Inc. (a)	11,800		197,886
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	52,300		423,107
			693,719

	Shares		Value
Computers & Peripherals - 1.9%
Apple, Inc. (a)	4,300		$ 452,016
NetApp, Inc. (a)	14,700		218,148
			670,164
Internet Software & Services - 1.8%
DealerTrack Holdings, Inc. (a)	11,037		144,585
Equinix, Inc. (a)	7,823		439,261
Omniture, Inc. (a)	4,267		56,282
			640,128
Semiconductors & Semiconductor Equipment - 5.2%
Applied Materials, Inc.	72,917		783,858
ASML Holding NV (NY Shares)	11,400		199,614
Broadcom Corp. Class A (a)	8,600		171,828
KLA-Tencor Corp.	11,371		227,420
Kulicke & Soffa Industries, Inc. (a)	22,062		57,802
Lam Research Corp. (a)	12,500		284,625
Novellus Systems, Inc. (a)	6,500		108,095
			1,833,242
Software - 1.1%
Oracle Corp.	21,400		386,698
TOTAL INFORMATION TECHNOLOGY			4,223,951
MATERIALS - 6.0%
Chemicals - 3.6%
Ashland, Inc.	4,830		49,894
FMC Corp.	8,716		376,008
Monsanto Co.	6,912		574,387
Terra Industries, Inc.	9,800		275,282
			1,275,571
Metals & Mining - 2.4%
AngloGold Ashanti Ltd. sponsored ADR	8,200		301,432
Compass Minerals International, Inc.	3,100		174,747
Gold Fields Ltd. sponsored ADR	16,000		181,440
Harmony Gold Mining Co. Ltd. sponsored ADR (a)	17,200		188,168
			845,787
TOTAL MATERIALS			2,121,358
TELECOMMUNICATION SERVICES - 8.3%
Diversified Telecommunication Services - 4.1%
Cbeyond, Inc. (a)	18,098		340,785
Qwest Communications International, Inc.	324,100		1,108,422
			1,449,207
Wireless Telecommunication Services - 4.2%
Crown Castle International Corp. (a)	8,404		171,526
Leap Wireless International, Inc. (a)	13,428		468,234
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
Millicom International Cellular SA	7,000		$ 259,280
Sprint Nextel Corp. (a)	173,674		620,016
			1,519,056
TOTAL TELECOMMUNICATION SERVICES			2,968,263
TOTAL COMMON STOCKS (Cost $46,739,486)		32,659,333
Money Market Funds - 8.7%

Fidelity Cash Central Fund, 0.52% (b) (Cost $3,088,806)	3,088,806		3,088,806

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $49,828,292)

35,748,139

NET OTHER ASSETS - (0.4)%			(156,755)
NET ASSETS - 100%		$ 35,591,384

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 5,358
Fidelity Securities Lending Cash Central Fund	6,465
Total	$ 11,823

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 35,748,139	$ 35,748,139	$ -	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $50,104,449. Net unrealized depreciation aggregated $14,356,310, of which $2,494,917 related to appreciated investment securities and $16,851,227 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Growth & Income Portfolio

March 31, 2009

1.799851.105

VIPGI-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.5%
	Shares		Value
CONSUMER DISCRETIONARY - 10.4%
Auto Components - 0.3%
Johnson Controls, Inc.	54,000		$ 648,000
The Goodyear Tire & Rubber Co. (a)	227,100		1,421,646
			2,069,646
Automobiles - 0.4%
Ford Motor Co. (a)(d)	367,900		967,577
Toyota Motor Corp. sponsored ADR	24,700		1,563,510
			2,531,087
Hotels, Restaurants & Leisure - 1.6%
Buffalo Wild Wings, Inc. (a)	48,494		1,773,911
Burger King Holdings, Inc.	132,100		3,031,695
Carnival Corp. unit	71,900		1,553,040
Darden Restaurants, Inc.	70,100		2,401,626
Sonic Corp. (a)	38,300		383,766
Starbucks Corp. (a)	52,350		581,609
			9,725,647
Household Durables - 1.2%
D.R. Horton, Inc.	124,900		1,211,530
Ethan Allen Interiors, Inc.	37,630		423,714
Pulte Homes, Inc.	60,200		657,986
Toll Brothers, Inc. (a)	272,100		4,941,336
Whirlpool Corp.	13,800		408,342
			7,642,908
Internet & Catalog Retail - 0.1%
Amazon.com, Inc. (a)	9,700		712,368
Media - 2.2%
Comcast Corp. Class A (special) (non-vtg.)	309,800		3,987,126
Lamar Advertising Co. Class A (a)(d)	75,606		737,159
Scripps Networks Interactive, Inc. Class A	39,500		889,145
The DIRECTV Group, Inc. (a)	91,800		2,092,122
The Walt Disney Co.	104,900		1,904,984
Time Warner Cable, Inc.	32,664		810,067
Time Warner, Inc.	130,133		2,511,567
Viacom, Inc. Class B (non-vtg.) (a)	65,800		1,143,604
			14,075,774
Multiline Retail - 0.2%
Kohl's Corp. (a)	31,400		1,328,848
Target Corp.	2,200		75,658
			1,404,506
Specialty Retail - 4.2%
Best Buy Co., Inc.	80,081		3,039,875
Lowe's Companies, Inc.	558,800		10,198,100
PetSmart, Inc.	10,400		217,984
Sherwin-Williams Co.	48,500		2,520,545
Staples, Inc.	365,302		6,615,619
Tiffany & Co., Inc.	21,500		463,540
TJX Companies, Inc.	117,800		3,020,392
Williams-Sonoma, Inc.	60,300		607,824
			26,683,879

	Shares		Value
Textiles, Apparel & Luxury Goods - 0.2%
NIKE, Inc. Class B	1,400		$ 65,646
Polo Ralph Lauren Corp. Class A	26,700		1,128,075
			1,193,721
TOTAL CONSUMER DISCRETIONARY			66,039,536
CONSUMER STAPLES - 8.0%
Beverages - 1.3%
Molson Coors Brewing Co. Class B	14,307		490,444
PepsiCo, Inc.	47,300		2,435,004
The Coca-Cola Co.	121,100		5,322,345
			8,247,793
Food & Staples Retailing - 3.9%
CVS Caremark Corp.	225,200		6,190,748
Wal-Mart Stores, Inc.	353,900		18,438,190
			24,628,938
Food Products - 0.9%
Corn Products International, Inc.	24,900		527,880
Kraft Foods, Inc. Class A	24,100		537,189
Nestle SA:
(Reg.)	29,054		982,165
sponsored ADR	103,850		3,484,168
			5,531,402
Household Products - 1.2%
Colgate-Palmolive Co.	76,100		4,488,378
Procter & Gamble Co.	71,550		3,369,290
			7,857,668
Personal Products - 0.0%
Mead Johnson Nutrition Co. Class A	11,200		323,344
Tobacco - 0.7%
Philip Morris International, Inc.	119,060		4,236,155
TOTAL CONSUMER STAPLES			50,825,300
ENERGY - 10.2%
Energy Equipment & Services - 1.9%
BJ Services Co.	500		4,975
Cameron International Corp. (a)	239,128		5,244,077
Halliburton Co.	48,493		750,187
Helmerich & Payne, Inc.	24,357		554,609
Nabors Industries Ltd. (a)	62,500		624,375
Schlumberger Ltd. (NY Shares)	82,300		3,343,026
Smith International, Inc.	64,976		1,395,684
			11,916,933
Oil, Gas & Consumable Fuels - 8.3%
Apache Corp.	53,800		3,448,042
Chesapeake Energy Corp.	84,500		1,441,570
EOG Resources, Inc.	60,500		3,312,980
Exxon Mobil Corp.	350,264		23,852,972
Hess Corp.	72,800		3,945,760
Occidental Petroleum Corp.	83,200		4,630,080
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Peabody Energy Corp.	52,200		$ 1,307,088
Plains Exploration & Production Co. (a)	38,310		660,081
Range Resources Corp.	88,300		3,634,428
Southwestern Energy Co. (a)	92,500		2,746,325
Ultra Petroleum Corp. (a)	77,590		2,784,705
Valero Energy Corp.	24,900		445,710
Williams Companies, Inc.	43,200		491,616
			52,701,357
TOTAL ENERGY			64,618,290
FINANCIALS - 13.2%
Capital Markets - 4.3%
Ameriprise Financial, Inc.	39,601		811,424
Bank of New York Mellon Corp.	156,546		4,422,425
Charles Schwab Corp.	204,005		3,162,078
Goldman Sachs Group, Inc.	54,334		5,760,491
Janus Capital Group, Inc.	259,917		1,728,448
Morgan Stanley	77,702		1,769,275
State Street Corp.	310,857		9,568,178
			27,222,319
Commercial Banks - 1.8%
KeyCorp	134,900		1,061,663
PNC Financial Services Group, Inc.	80,600		2,360,774
U.S. Bancorp, Delaware	52,800		771,408
Wells Fargo & Co.	520,391		7,410,368
			11,604,213
Consumer Finance - 0.3%
American Express Co.	30,700		418,441
Capital One Financial Corp.	700		8,568
Discover Financial Services	57,500		362,825
SLM Corp. (a)	174,100		861,795
			1,651,629
Diversified Financial Services - 2.7%
Bank of America Corp.	751,594		5,125,871
Citigroup, Inc. (d)	569,900		1,441,847
JPMorgan Chase & Co.	409,050		10,872,549
			17,440,267
Insurance - 4.0%
ACE Ltd.	187,600		7,579,040
AFLAC, Inc.	7,100		137,456
Berkshire Hathaway, Inc. Class A (a)	58		5,028,600
Everest Re Group Ltd.	58,569		4,146,685
Hartford Financial Services Group, Inc.	97,042		761,780
MBIA, Inc. (a)(d)	77,800		356,324
MetLife, Inc.	115,500		2,629,935
PartnerRe Ltd.	33,950		2,107,277
The Travelers Companies, Inc.	65,466		2,660,538
			25,407,635

	Shares		Value
Real Estate Management & Development - 0.1%
CB Richard Ellis Group, Inc. Class A (a)	95,300		$ 384,059
TOTAL FINANCIALS			83,710,122
HEALTH CARE - 15.9%
Biotechnology - 3.6%
Amgen, Inc. (a)	77,900		3,857,608
Biogen Idec, Inc. (a)	34,730		1,820,547
Celgene Corp. (a)	59,942		2,661,425
Cephalon, Inc. (a)	48,700		3,316,470
Genzyme Corp. (a)	16,500		979,935
Gilead Sciences, Inc. (a)	57,900		2,681,928
MannKind Corp. (a)	35,200		122,496
Myriad Genetics, Inc. (a)	47,084		2,140,909
OSI Pharmaceuticals, Inc. (a)	43,900		1,679,614
PDL BioPharma, Inc.	236,634		1,675,369
Vertex Pharmaceuticals, Inc. (a)	55,200		1,585,896
			22,522,197
Health Care Equipment & Supplies - 2.5%
Baxter International, Inc.	137,732		7,054,633
C.R. Bard, Inc.	22,935		1,828,378
China Medical Technologies, Inc. sponsored ADR (d)	33,300		458,541
Covidien Ltd.	135,600		4,507,344
Medtronic, Inc.	15,600		459,732
St. Jude Medical, Inc. (a)	30,970		1,125,140
Wright Medical Group, Inc. (a)	41,500		540,745
			15,974,513
Health Care Providers & Services - 2.6%
Henry Schein, Inc. (a)	122,305		4,893,423
Medco Health Solutions, Inc. (a)	127,800		5,283,252
UnitedHealth Group, Inc.	239,752		5,018,009
WellPoint, Inc. (a)	23,800		903,686
			16,098,370
Life Sciences Tools & Services - 0.2%
Illumina, Inc. (a)	39,600		1,474,704
Pharmaceuticals - 7.0%
Abbott Laboratories	143,750		6,856,875
Allergan, Inc.	45,100		2,153,976
Bristol-Myers Squibb Co.	151,600		3,323,072
Johnson & Johnson	133,670		7,031,042
Merck & Co., Inc.	135,000		3,611,250
Pfizer, Inc.	783,900		10,676,718
Schering-Plough Corp.	225,049		5,299,904
Wyeth	124,930		5,376,987
			44,329,824
TOTAL HEALTH CARE			100,399,608
INDUSTRIALS - 6.2%
Aerospace & Defense - 1.5%
Honeywell International, Inc.	66,800		1,861,048
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Aerospace & Defense - continued
Lockheed Martin Corp.	29,400		$ 2,029,482
United Technologies Corp.	132,900		5,712,042
			9,602,572
Air Freight & Logistics - 0.3%
C.H. Robinson Worldwide, Inc.	30,200		1,377,422
FedEx Corp.	7,800		347,022
			1,724,444
Airlines - 0.3%
Alaska Air Group, Inc. (a)	45,550		800,314
Delta Air Lines, Inc. (a)	57,198		322,025
UAL Corp. (a)	196,300		879,424
			2,001,763
Building Products - 0.1%
Masco Corp.	69,100		482,318
Electrical Equipment - 0.7%
Alstom SA	1,100		56,956
Evergreen Solar, Inc. (a)	70,726		150,646
First Solar, Inc. (a)(d)	6,900		915,630
Renewable Energy Corp. AS (a)(d)	34,700		300,985
Sunpower Corp. Class B (a)	52,600		1,041,480
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	65,100		761,019
Vestas Wind Systems AS (a)	27,100		1,188,957
			4,415,673
Industrial Conglomerates - 1.1%
General Electric Co.	509,772		5,153,795
McDermott International, Inc. (a)	135,700		1,817,023
			6,970,818
Machinery - 1.1%
Danaher Corp.	66,400		3,600,208
Eaton Corp.	43,600		1,607,096
Ingersoll-Rand Co. Ltd. Class A	1,200		16,560
Navistar International Corp. (a)	65,600		2,194,976
			7,418,840
Professional Services - 0.1%
Manpower, Inc.	16,150		509,210
Road & Rail - 1.0%
Landstar System, Inc.	87,100		2,915,237
Union Pacific Corp.	81,600		3,354,576
			6,269,813
TOTAL INDUSTRIALS			39,395,451
INFORMATION TECHNOLOGY - 21.9%
Communications Equipment - 3.8%
Cisco Systems, Inc. (a)	528,800		8,867,976
Comverse Technology, Inc. (a)	227,365		1,305,075
Corning, Inc.	371,500		4,929,805
Infinera Corp. (a)	30,300		224,220

	Shares		Value
Juniper Networks, Inc. (a)	115,245		$ 1,735,590
QUALCOMM, Inc.	165,700		6,447,387
Research In Motion Ltd. (a)	13,098		564,131
			24,074,184
Computers & Peripherals - 4.3%
Apple, Inc. (a)	95,513		10,040,327
Dell, Inc. (a)	227,900		2,160,492
Hewlett-Packard Co.	284,000		9,105,040
International Business Machines Corp.	55,400		5,367,706
SanDisk Corp. (a)	50,227		635,372
			27,308,937
Internet Software & Services - 2.4%
eBay, Inc. (a)	49,231		618,341
Google, Inc. Class A (sub. vtg.) (a)	34,950		12,164,697
Move, Inc. (a)	672,295		974,828
Yahoo!, Inc. (a)	102,300		1,310,463
			15,068,329
IT Services - 1.2%
Paychex, Inc.	76,400		1,961,188
The Western Union Co.	51,900		652,383
Visa, Inc.	87,600		4,870,560
			7,484,131
Semiconductors & Semiconductor Equipment - 5.7%
Altera Corp.	20,800		365,040
Applied Materials, Inc.	1,445,300		15,536,975
ARM Holdings PLC sponsored ADR	324,000		1,432,080
ASML Holding NV (NY Shares)	81,000		1,418,310
Broadcom Corp. Class A (a)	20,400		407,592
Intel Corp.	404,200		6,083,210
Intersil Corp. Class A	7,712		88,688
Lam Research Corp. (a)	152,300		3,467,871
MEMC Electronic Materials, Inc. (a)	131,300		2,165,137
Micron Technology, Inc. (a)	186,300		756,378
NVIDIA Corp. (a)	61,100		602,446
Samsung Electronics Co. Ltd.	770		320,261
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	221,400		1,981,530
Texas Instruments, Inc.	102,500		1,692,275
			36,317,793
Software - 4.5%
Adobe Systems, Inc. (a)	63,000		1,347,570
Autonomy Corp. PLC (a)	34,700		649,728
BMC Software, Inc. (a)	19,400		640,200
Microsoft Corp.	766,600		14,082,442
Oracle Corp.	509,700		9,210,279
Quest Software, Inc. (a)	189,467		2,402,442
			28,332,661
TOTAL INFORMATION TECHNOLOGY			138,586,035
Common Stocks - continued
	Shares		Value
MATERIALS - 3.4%
Chemicals - 2.2%
Airgas, Inc.	49,800		$ 1,683,738
Albemarle Corp.	85,384		1,858,810
E.I. du Pont de Nemours & Co.	101,900		2,275,427
Ecolab, Inc.	51,200		1,778,176
Monsanto Co.	61,520		5,112,312
Praxair, Inc.	1,500		100,935
The Mosaic Co.	21,000		881,580
			13,690,978
Containers & Packaging - 0.2%
Crown Holdings, Inc. (a)	58,500		1,329,705
Metals & Mining - 1.0%
Barrick Gold Corp.	95,700		3,098,510
Freeport-McMoRan Copper & Gold, Inc. Class B	47,000		1,791,170
Nucor Corp.	45,700		1,744,369
			6,634,049
TOTAL MATERIALS			21,654,732
TELECOMMUNICATION SERVICES - 2.3%
Diversified Telecommunication Services - 1.5%
AT&T, Inc.	64,732		1,631,246
Verizon Communications, Inc.	267,400		8,075,480
			9,706,726
Wireless Telecommunication Services - 0.8%
American Tower Corp. Class A (a)	114,300		3,478,149
Sprint Nextel Corp. (a)	430,300		1,536,171
			5,014,320
TOTAL TELECOMMUNICATION SERVICES			14,721,046
UTILITIES - 1.0%
Electric Utilities - 1.0%
Exelon Corp.	112,700		5,115,453
FirstEnergy Corp.	11,300		436,180
Northeast Utilities	30,500		658,495
			6,210,128
TOTAL COMMON STOCKS (Cost $746,481,821)		586,160,248
Convertible Preferred Stocks - 0.0%

FINANCIALS - 0.0%
Commercial Banks - 0.0%
East West Bancorp, Inc. Series A, 8.00% (Cost $1,000,000)	1,000		297,020

U.S. Treasury Obligations - 0.3%
	Principal Amount	Value
U.S. Treasury Bills, yield at date of purchase 0.15% to 0.21% 5/14/09 to 5/21/09 (e) (Cost $1,999,449)	$ 2,000,000	$ 1,999,584

Money Market Funds - 7.7%
	Shares
Fidelity Cash Central Fund, 0.52% (b)	43,182,534		43,182,534
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)	5,380,740		5,380,740
TOTAL MONEY MARKET FUNDS (Cost $48,563,274)		48,563,274

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $798,044,544)

637,020,126

NET OTHER ASSETS - (0.5)%			(3,118,149)
NET ASSETS - 100%		$ 633,901,977

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
411 CME E-mini S&P 500 Index Contracts	June 2009	$ 16,333,140	$ 825,983

The face value of futures purchased as a percentage of net assets - 2.6%

Legend

(a) Non-income producing

(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 $1,999,584.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 66,328
Fidelity Securities Lending Cash Central Fund	69,925
Total	$ 136,253

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 637,020,126	$ 634,403,261	$ 2,616,865	$ -
Other Financial Instruments*	$ 825,983	$ 825,983	$ -	$ -

*Other financial instruments include Futures Contracts.

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $840,285,216. Net unrealized depreciation aggregated $203,265,090, of which $20,843,614 related to appreciated investment securities and $224,108,704 related to depreciated investment securities.

Investment Valuation

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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Growth Opportunities Portfolio

March 31, 2009

1.799866.105

VIPGRO-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
CONSUMER DISCRETIONARY - 9.8%
Auto Components - 0.2%
Johnson Controls, Inc.	44,000		$ 528,000
Diversified Consumer Services - 0.1%
Strayer Education, Inc.	1,600		287,792
Hotels, Restaurants & Leisure - 2.6%
Buffalo Wild Wings, Inc. (a)	1,823		66,685
Las Vegas Sands Corp. unit	28,000		1,404,668
McDonald's Corp.	48,300		2,635,731
Starbucks Corp. (a)	166,000		1,844,260
Starwood Hotels & Resorts Worldwide, Inc.	78,100		991,870
			6,943,214
Internet & Catalog Retail - 1.4%
Amazon.com, Inc. (a)	51,900		3,811,536
Media - 1.1%
Comcast Corp. Class A	19,200		261,888
The DIRECTV Group, Inc. (a)	67,600		1,540,604
The Walt Disney Co.	65,200		1,184,032
			2,986,524
Multiline Retail - 0.6%
Target Corp.	47,900		1,647,281
Specialty Retail - 3.3%
Best Buy Co., Inc.	157,400		5,974,904
Gamestop Corp. Class A (a)	10,000		280,200
Home Depot, Inc.	47,800		1,126,168
Staples, Inc.	94,700		1,715,017
			9,096,289
Textiles, Apparel & Luxury Goods - 0.5%
Coach, Inc. (a)	21,700		362,390
Lululemon Athletica, Inc. (a)(d)	98,186		850,291
NIKE, Inc. Class B	4,900		229,761
			1,442,442
TOTAL CONSUMER DISCRETIONARY			26,743,078
CONSUMER STAPLES - 9.3%
Beverages - 2.6%
Anheuser-Busch InBev NV	49,700		1,369,358
Dr Pepper Snapple Group, Inc. (a)	56,400		953,724
PepsiCo, Inc.	47,400		2,440,152
The Coca-Cola Co.	55,500		2,439,225
			7,202,459
Food & Staples Retailing - 2.9%
Costco Wholesale Corp.	20,400		944,928
Wal-Mart Stores, Inc.	110,800		5,772,680
Walgreen Co.	48,300		1,253,868
			7,971,476

	Shares		Value
Food Products - 1.1%
Green Mountain Coffee Roasters, Inc. (a)(d)	28,145		$ 1,350,960
Smithfield Foods, Inc. (a)(d)	95,200		900,592
Tyson Foods, Inc. Class A	96,300		904,257
			3,155,809
Household Products - 0.7%
Procter & Gamble Co.	38,400		1,808,256
Personal Products - 0.6%
Avon Products, Inc.	63,958		1,229,912
Mead Johnson Nutrition Co. Class A	10,300		297,361
			1,527,273
Tobacco - 1.4%
Philip Morris International, Inc.	106,400		3,785,712
TOTAL CONSUMER STAPLES			25,450,985
ENERGY - 10.1%
Energy Equipment & Services - 1.5%
FMC Technologies, Inc. (a)	22,430		703,629
National Oilwell Varco, Inc. (a)	77,603		2,227,982
Schlumberger Ltd. (NY Shares)	12,900		523,998
Transocean Ltd. (a)	14,179		834,292
			4,289,901
Oil, Gas & Consumable Fuels - 8.6%
Chesapeake Energy Corp.	190,836		3,255,662
EOG Resources, Inc.	10,800		591,408
EXCO Resources, Inc. (a)	80,000		800,000
Exxon Mobil Corp.	15,900		1,082,790
Hess Corp.	38,500		2,086,700
Occidental Petroleum Corp.	41,300		2,298,345
Peabody Energy Corp.	59,651		1,493,661
Petrohawk Energy Corp. (a)	207,200		3,984,456
Petroleo Brasileiro SA - Petrobras sponsored ADR	44,500		1,355,915
Range Resources Corp.	22,235		915,193
SandRidge Energy, Inc. (a)	48,800		321,592
Southwestern Energy Co. (a)	130,707		3,880,691
Ultra Petroleum Corp. (a)	24,700		886,483
XTO Energy, Inc.	19,000		581,780
			23,534,676
TOTAL ENERGY			27,824,577
FINANCIALS - 6.6%
Capital Markets - 3.1%
Charles Schwab Corp.	78,300		1,213,650
Goldman Sachs Group, Inc.	19,909		2,110,752
Greenhill & Co., Inc.	16,954		1,252,053
Knight Capital Group, Inc. Class A (a)	35,500		523,270
Lazard Ltd. Class A	55,100		1,619,940
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Morgan Stanley	55,800		$ 1,270,566
Northern Trust Corp.	11,400		681,948
			8,672,179
Commercial Banks - 1.2%
Signature Bank, New York (a)	34,600		976,758
TCF Financial Corp.	22,700		266,952
U.S. Bancorp, Delaware	78,200		1,142,502
Wells Fargo & Co.	68,000		968,320
			3,354,532
Consumer Finance - 0.2%
Discover Financial Services	95,000		599,450
Diversified Financial Services - 1.6%
BM&F BOVESPA SA	663,429		2,016,458
CME Group, Inc.	4,000		985,560
JPMorgan Chase & Co.	51,500		1,368,870
			4,370,888
Insurance - 0.4%
Validus Holdings Ltd.	43,300		1,025,344
Real Estate Investment Trusts - 0.1%
Simon Property Group, Inc.	6,039		209,191
TOTAL FINANCIALS			18,231,584
HEALTH CARE - 15.8%
Biotechnology - 9.4%
Alexion Pharmaceuticals, Inc. (a)	21,300		802,158
Biogen Idec, Inc. (a)	12,900		676,218
Celgene Corp. (a)	101,765		4,518,366
Cephalon, Inc. (a)(d)	14,300		973,830
Cepheid, Inc. (a)	105,600		728,640
Gilead Sciences, Inc. (a)	60,952		2,823,297
ImmunoGen, Inc. (a)	88,800		630,480
InterMune, Inc. (d)	163,600		2,689,584
Isis Pharmaceuticals, Inc. (a)	193,700		2,907,437
Myriad Genetics, Inc. (a)	20,100		913,947
NeurogesX, Inc. (a)	104,600		317,984
Rigel Pharmaceuticals, Inc. (a)	93,400		573,476
Seattle Genetics, Inc. (a)	301,600		2,973,776
Transition Therapeutics, Inc. (a)	2,291		8,815
Vertex Pharmaceuticals, Inc. (a)	149,100		4,283,643
			25,821,651
Health Care Equipment & Supplies - 1.3%
Baxter International, Inc.	13,400		686,348
Boston Scientific Corp. (a)	77,100		612,945
Edwards Lifesciences Corp. (a)	4,300		260,709
Medtronic, Inc.	19,300		568,771
Thoratec Corp. (a)	60,700		1,559,383
			3,688,156

	Shares		Value
Health Care Providers & Services - 0.9%
Express Scripts, Inc. (a)	19,300		$ 891,081
Medco Health Solutions, Inc. (a)	23,600		975,624
UnitedHealth Group, Inc.	27,800		581,854
			2,448,559
Life Sciences Tools & Services - 0.4%
Exelixis, Inc. (a)	137,600		632,960
Illumina, Inc. (a)	11,600		431,984
			1,064,944
Pharmaceuticals - 3.8%
Abbott Laboratories	71,800		3,424,860
Allergan, Inc.	48,400		2,311,584
Elan Corp. PLC sponsored ADR (a)	82,100		545,144
Johnson & Johnson	14,500		762,700
Merck & Co., Inc.	66,900		1,789,575
Teva Pharmaceutical Industries Ltd. sponsored ADR	28,800		1,297,440
Wyeth	6,400		275,456
			10,406,759
TOTAL HEALTH CARE			43,430,069
INDUSTRIALS - 5.4%
Aerospace & Defense - 1.1%
Honeywell International, Inc.	38,700		1,078,182
The Boeing Co.	58,600		2,084,988
			3,163,170
Air Freight & Logistics - 0.8%
United Parcel Service, Inc. Class B	42,800		2,106,616
Construction & Engineering - 0.3%
Fluor Corp.	11,400		393,870
Quanta Services, Inc. (a)	17,441		374,109
			767,979
Electrical Equipment - 0.1%
American Superconductor Corp. (a)(d)	23,000		398,130
Industrial Conglomerates - 0.8%
3M Co.	42,200		2,098,184
Machinery - 1.3%
Caterpillar, Inc.	51,700		1,445,532
Danaher Corp.	24,500		1,328,390
Deere & Co.	13,600		447,032
ITT Corp.	11,500		442,405
			3,663,359
Road & Rail - 1.0%
Burlington Northern Santa Fe Corp.	16,900		1,016,535
Union Pacific Corp.	39,400		1,619,734
			2,636,269
TOTAL INDUSTRIALS			14,833,707
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 32.6%
Communications Equipment - 5.2%
Cisco Systems, Inc. (a)	289,100		$ 4,848,207
Corning, Inc.	69,900		927,573
Infinera Corp. (a)	1,100		8,140
Juniper Networks, Inc. (a)	25,500		384,030
Palm, Inc. (a)	35,700		307,734
QUALCOMM, Inc.	180,795		7,034,733
Research In Motion Ltd. (a)	19,010		818,761
			14,329,178
Computers & Peripherals - 6.9%
Apple, Inc. (a)	88,442		9,297,023
Hewlett-Packard Co.	126,100		4,042,766
International Business Machines Corp.	31,900		3,090,791
NetApp, Inc. (a)	50,700		752,388
Sun Microsystems, Inc. (a)	239,200		1,750,944
			18,933,912
Electronic Equipment & Components - 0.3%
Dolby Laboratories, Inc. Class A (a)	28,200		961,902
Internet Software & Services - 4.4%
Google, Inc. Class A (sub. vtg.) (a)	34,392		11,970,481
IT Services - 3.2%
Cognizant Technology Solutions Corp. Class A (a)	56,432		1,173,221
MasterCard, Inc. Class A	7,700		1,289,596
The Western Union Co.	22,000		276,540
Visa, Inc.	107,400		5,971,440
			8,710,797
Semiconductors & Semiconductor Equipment - 6.4%
Analog Devices, Inc.	26,500		510,655
Applied Materials, Inc.	165,100		1,774,825
Atheros Communications, Inc. (a)	17,700		259,482
Broadcom Corp. Class A (a)	63,300		1,264,734
Cree, Inc. (a)(d)	140,900		3,315,377
Intel Corp.	267,400		4,024,370
International Rectifier Corp. (a)	69,200		934,892
NVIDIA Corp. (a)	181,400		1,788,604
Power Integrations, Inc.	34,100		586,520
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	169,927		1,520,847
Texas Instruments, Inc.	49,200		812,292
Xilinx, Inc.	33,700		645,692
			17,438,290
Software - 6.2%
ArcSight, Inc. (a)	30,600		390,762
Electronic Arts, Inc. (a)	23,000		418,370
Microsoft Corp.	189,300		3,477,441
Nintendo Co. Ltd.	21,200		6,190,400
Oracle Corp.	140,600		2,540,642
Salesforce.com, Inc. (a)	82,200		2,690,406

	Shares		Value
SuccessFactors, Inc. (a)	87,100		$ 664,573
TiVo, Inc. (a)	108,100		761,024
			17,133,618
TOTAL INFORMATION TECHNOLOGY			89,478,178
MATERIALS - 3.8%
Chemicals - 2.1%
Monsanto Co.	69,900		5,808,690
Metals & Mining - 1.7%
ArcelorMittal SA (NY Shares) Class A	39,100		783,564
Barrick Gold Corp.	18,900		611,931
Freeport-McMoRan Copper & Gold, Inc. Class B	68,200		2,599,102
Nucor Corp.	14,100		538,197
			4,532,794
TOTAL MATERIALS			10,341,484
TELECOMMUNICATION SERVICES - 2.6%
Wireless Telecommunication Services - 2.6%
American Tower Corp. Class A (a)	14,700		447,321
Bharti Airtel Ltd. (a)	41,109		508,804
Leap Wireless International, Inc. (a)	33,100		1,154,197
MetroPCS Communications, Inc. (a)	79,600		1,359,568
Sprint Nextel Corp. (a)	1,008,500		3,600,345
			7,070,235
UTILITIES - 0.5%
Electric Utilities - 0.5%
Exelon Corp.	28,000		1,270,920
TOTAL COMMON STOCKS (Cost $300,406,567)		264,674,817
Money Market Funds - 5.0%

Fidelity Cash Central Fund, 0.52% (b)	10,078,884		10,078,884
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)	3,467,650		3,467,650
TOTAL MONEY MARKET FUNDS (Cost $13,546,534)		13,546,534

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $313,953,101)

278,221,351

NET OTHER ASSETS - (1.5)%			(4,062,724)
NET ASSETS - 100%		$ 274,158,627

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 20,412
Fidelity Securities Lending Cash Central Fund	41,756
Total	$ 62,168

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 278,221,351	$ 270,117,479	$ 8,103,872	$ -

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 3,146,400
Total Realized Gain (Loss)	(45,491)
Total Unrealized Gain (Loss)	(1,501,732)
Cost of Purchases	-
Proceeds of Sales	(194,509)
Amortization/Accretion	-
Transfer in/out of Level 3	(1,404,668)
Ending Balance	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $316,086,306. Net unrealized depreciation aggregated $37,864,955, of which $19,327,052 related to appreciated investment securities and $57,192,007 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Mid Cap Portfolio

March 31, 2009

1.799869.105

VIPMID-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.2%
	Shares		Value
CONSUMER DISCRETIONARY - 22.1%
Auto Components - 0.8%
Amerigon, Inc. (a)	306,609		$ 1,134,453
China Automotive Systems, Inc. (a)	141,584		496,960
Fuel Systems Solutions, Inc. (a)(d)(e)	1,579,885		21,296,850
Gentex Corp.	75,994		756,900
New Focus Auto Tech Holdings Ltd.	5,687,675		689,820
Xinyi Glass Holdings Co. Ltd.	30,936,000		13,730,795
			38,105,778
Automobiles - 0.1%
Bajaj Auto Ltd.	100		1,220
Geely Automobile Holdings Ltd.	43,345,000		3,802,953
Hyundai Motor Co. GDR (f)	100		2,030
Thor Industries, Inc.	100		1,562
			3,807,765
Distributors - 0.0%
Xinyu Hengdeli Holdings Ltd.	4,000		655
Diversified Consumer Services - 0.3%
Benesse Corp.	127,300		4,688,501
Brinks Home Security Holdings, Inc. (a)	147,700		3,338,020
Educomp Solutions Ltd.	37,700		1,555,413
New Oriental Education & Technology Group, Inc. sponsored ADR (a)(d)	149,744		7,524,636
Universal Technical Institute, Inc. (a)	100		1,200
			17,107,770
Hotels, Restaurants & Leisure - 2.3%
BJ's Restaurants, Inc. (a)	200		2,782
Chipotle Mexican Grill, Inc. Class B (a)	200		11,462
Jollibee Food Corp.	700		631
Kappa Create Co. Ltd.	319,750		5,146,223
McDonald's Corp.	217,600		11,874,432
Minor International PCL (For. Reg.)	1,826,011		334,752
P.F. Chang's China Bistro, Inc. (a)(d)	197,377		4,515,986
Papa John's International, Inc. (a)	88,751		2,029,735
Shangri-La Asia Ltd.	958,111		1,087,856
Sonic Corp. (a)	473,533		4,744,796
Starbucks Corp. (a)	576,800		6,408,248
Starwood Hotels & Resorts Worldwide, Inc.	2,043,961		25,958,305
TAJ GVK Hotels & Resorts Ltd.	297,699		281,017
WMS Industries, Inc. (a)	2,379,106		49,747,106
			112,143,331
Household Durables - 1.2%
Desarrolladora Homex SAB de CV sponsored ADR (a)	100		1,324
Goldcrest Co. Ltd.	395,670		8,769,508
La-Z-Boy, Inc.	100		125
Makita Corp. sponsored ADR	100		2,302
Tupperware Brands Corp.	2,502,931		42,524,798
Whirlpool Corp.	181,200		5,361,708
			56,659,765

	Shares		Value
Internet & Catalog Retail - 4.2%
Netflix, Inc. (a)(d)(e)	4,866,672		$ 208,877,561
Wotif.com Holdings Ltd.	100		263
			208,877,824
Leisure Equipment & Products - 3.2%
Beneteau SA	500		4,071
Hasbro, Inc.	6,223,770		156,029,914
Leapfrog Enterprises, Inc. Class A (a)	170,013		234,618
Nidec Copal Corp.	100		661
			156,269,264
Media - 2.0%
Ascent Media Corp. (a)	69,536		1,738,400
Cinemax India Ltd.	478,887		434,792
E.W. Scripps Co. Class A	33		45
Entertainment Network (India) Ltd. (a)	90,000		200,326
Eros International PLC (a)	1,056,050		1,242,481
SinoMedia Holding Ltd.	5,488,000		764,735
The Walt Disney Co.	4,515,000		81,992,400
VisionChina Media, Inc. ADR (a)	2,203,276		14,211,130
Zee News Ltd.	39		25
			100,584,334
Multiline Retail - 0.0%
Golden Eagle Retail Group Ltd. (H Shares)	1,000		658
Intime Department Store Group Co. Ltd.	1,000		252
Kohl's Corp. (a)	100		4,232
Mothercare PLC	100		556
Parkson Retail Group Ltd.	1,000		1,012
REI Six Ten Retail Ltd. (a)	314		5,261
			11,971
Specialty Retail - 7.2%
ABC-Mart, Inc.	1,457,300		27,811,715
Advance Auto Parts, Inc.	400,000		16,432,000
Aeropostale, Inc. (a)	2,386,729		63,391,522
Asahi Co. Ltd.	200		3,617
Chow Sang Sang Holdings International Ltd.	2,000		1,161
Hot Topic, Inc. (a)	1,164,041		13,025,619
Inditex SA	687		26,780
JB Hi-Fi Ltd.	100		803
Nitori Co. Ltd.	398,000		22,272,352
Pou Sheng International (Holdings) Ltd.	102,932		10,757
Ross Stores, Inc.	3,203,531		114,942,692
Sally Beauty Holdings, Inc. (a)(d)(e)	9,384,811		53,305,726
SAZABY, Inc.	200,700		2,245,182
TJX Companies, Inc.	1,564,699		40,118,882
Tsutsumi Jewelry Co. Ltd.	21,800		379,478
Ulta Salon, Cosmetics & Fragrance, Inc. (a)	100		662
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Urban Outfitters, Inc. (a)	100		$ 1,637
USS Co. Ltd.	100		4,385
			353,974,970
Textiles, Apparel & Luxury Goods - 0.8%
China Dongxiang Group Co. Ltd.	15,066,000		5,540,078
Columbia Sportswear Co. (d)	168,999		5,056,450
Daphne International Holdings Ltd.	8,182,000		1,762,987
Shenzhou International Group Holdings Ltd.	12,353,000		3,171,747
Under Armour, Inc. Class A (sub. vtg.) (a)(d)	375,476		6,169,071
VF Corp.	330,435		18,871,143
			40,571,476
TOTAL CONSUMER DISCRETIONARY			1,088,114,903
CONSUMER STAPLES - 8.8%
Beverages - 2.0%
Companhia de Bebidas das Americas (AmBev) sponsored ADR	20		772
Molson Coors Brewing Co. Class B	2,846,280		97,570,478
Yantai Changyu Pioneer Wine Co. (B Shares)	130		474
			97,571,724
Food & Staples Retailing - 3.3%
BJ's Wholesale Club, Inc. (a)	1,075,595		34,408,284
Breadtalk Group Ltd.	1,000		192
China Nepstar Chain Drugstore Ltd. ADR	100		405
Colruyt NV	100		22,934
Cosmos Pharmaceutical Corp.	100		1,190
Daikokutenbussan Co. Ltd.	79,000		1,273,012
Heng Tai Consumables Group Ltd. (a)	26,032,200		1,259,549
Kroger Co.	477,000		10,121,940
Pricesmart, Inc.	100		1,801
Shinsegae Food Co. Ltd.	100		3,270
Sugi Holdings Co. Ltd.	447,400		8,237,197
Tsuruha Holdings, Inc.	263,000		6,714,274
Wal-Mart de Mexico SA de CV Class V sponsored ADR	204		4,763
Wal-Mart Stores, Inc.	1,917,696		99,911,962
X5 Retail Group NV GDR (a)(f)	120		1,200
			161,961,973
Food Products - 3.4%
Britannia Industries Ltd.	41,784		1,154,564
China Agri-Industries Holding Ltd. (a)	2,000		952
China Foods Ltd.	4,000		1,548
China Huiyuan Juice Group Ltd.	500		319
China Yurun Food Group Ltd.	1,000		1,275
Chiquita Brands International, Inc. (a)	491,298		3,257,306
ConAgra Foods, Inc.	1,015,077		17,124,349

	Shares		Value
Hormel Foods Corp.	1,822,546		$ 57,792,934
Kellogg Co.	452,964		16,592,071
PureCircle Ltd. (a)	340,700		928,789
REI Agro Ltd.	4,190		3,214
Rocky Mountain Chocolate Factory, Inc.	105		649
Smart Balance, Inc. (a)	100		604
Tingyi (Cayman Island) Holding Corp.	2,000		2,312
Toyo Suisan Kaisha Ltd.	1,936,000		39,940,694
Want Want China Holdings Ltd.	65,053,600		30,216,692
			167,018,272
Personal Products - 0.1%
American Oriental Bioengineering, Inc. (a)	33,100		127,766
Concern Kalina OJSC:
GDR (f)	21,643		108,086
sponsored ADR	94,200		470,437
Hengan International Group Co. Ltd.	1,641,200		6,596,182
			7,302,471
TOTAL CONSUMER STAPLES			433,854,440
ENERGY - 5.9%
Energy Equipment & Services - 4.7%
Atwood Oceanics, Inc. (a)	14,900		247,191
BJ Services Co.	1,135,600		11,299,220
Dresser-Rand Group, Inc. (a)	2,346,769		51,863,595
ENSCO International, Inc.	605,400		15,982,560
Helix Energy Solutions Group, Inc. (a)	1,075,596		5,528,563
Helmerich & Payne, Inc.	440,900		10,039,293
IHS, Inc. Class A (a)	100		4,118
Nabors Industries Ltd. (a)	4,906,408		49,015,016
Newpark Resources, Inc. (a)(e)	7,471,341		18,902,493
Noble Corp.	139,300		3,355,737
Parker Drilling Co. (a)	5,224,031		9,612,217
Patterson-UTI Energy, Inc.	1,025,904		9,192,100
Weatherford International Ltd. (a)	4,098,574		45,371,214
			230,413,317
Oil, Gas & Consumable Fuels - 1.2%
China Coal Energy Co. Ltd. (H Shares)	1,000		738
China Shenhua Energy Co. Ltd. (H Shares)	500		1,126
Forest Oil Corp. (a)	480,970		6,324,756
Niko Resources Ltd.	100		4,655
Oil Search Ltd.	1,032,781		3,793,733
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	400		9,800
Pioneer Natural Resources Co.	2,989,743		49,241,067
Sasol Ltd. sponsored ADR	100		2,895
Surgutneftegaz JSC sponsored ADR	500		3,100
			59,381,870
TOTAL ENERGY			289,795,187
Common Stocks - continued
	Shares		Value
FINANCIALS - 8.5%
Capital Markets - 0.9%
Espirito Santo Financial Group SA	100		$ 1,197
Franklin Resources, Inc.	628		33,830
JAFCO Co. Ltd.	103,800		1,872,051
Janus Capital Group, Inc.	2,849,637		18,950,086
Marusan Securities Co. Ltd. (d)	2,756,100		14,293,542
W.P. Carey & Co. LLC	338,848		7,519,037
			42,669,743
Commercial Banks - 0.6%
Bank of Baroda	634,966		2,937,799
Bank of Georgia unit (a)	100		240
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	421,100		2,071,812
Punjab National Bank	100		813
The Jammu & Kashmir Bank Ltd.	423		2,621
The Mie Bank Ltd.	1,000		3,136
Union Bank of India	7,849,690		22,757,419
			27,773,840
Insurance - 5.8%
Admiral Group PLC	217,663		2,665,505
AFLAC, Inc.	27,100		524,656
AXA SA sponsored ADR	100		1,198
Axis Capital Holdings Ltd.	1,200		27,048
Bajaj Finserv Ltd.	100		333
China Life Insurance Co. Ltd.	215,070		70,032
China Life Insurance Co. Ltd. ADR	266		13,098
Old Republic International Corp.	8,063,082		87,242,547
Presidential Life Corp.	790,158		6,155,331
Progressive Corp. (a)	1,945,808		26,151,660
Protective Life Corp.	1,086,244		5,702,781
Reinsurance Group of America, Inc.	3,123,328		101,164,594
The Chubb Corp.	1,356,847		57,421,765
			287,140,548
Real Estate Investment Trusts - 0.9%
CapitaMall Trust (d)	45,850,800		39,937,767
Digital Realty Trust, Inc.	110,600		3,669,708
			43,607,475
Real Estate Management & Development - 0.3%
Allgreen Properties Ltd.	1,148,000		307,255
Ayala Land, Inc.	14,622,600		1,727,795
Cyrela Commercial Properties SA Empreendimentos e Participações	680		2,257
Housing Development and Infrastructure Ltd.	1,549,624		2,504,251
Iguatemi Empresa de Shopping Centers SA	1,489,400		8,893,378
New World China Land Ltd.	9,968,800		3,395,626
Songbird Estates PLC Class B (a)	591,400		220,621
SPG Land (Holdings) Ltd.	2,200,100		292,383
			17,343,566

	Shares		Value
Thrifts & Mortgage Finance - 0.0%
Housing Development Finance Corp. Ltd.	142		$ 3,963
People's United Financial, Inc.	100		1,797
			5,760
TOTAL FINANCIALS			418,540,932
HEALTH CARE - 17.3%
Biotechnology - 0.5%
3SBio, Inc. sponsored ADR (a)	208,984		1,414,822
Celera Corp. (a)	400		3,052
Gilead Sciences, Inc. (a)	100		4,632
Grifols SA	1,380,339		19,891,275
Halozyme Therapeutics, Inc. (a)	100		546
Sangamo Biosciences, Inc. (a)	197,488		835,374
Sino Biopharmaceutical Ltd.	4,000		614
			22,150,315
Health Care Equipment & Supplies - 6.2%
Abcam PLC	420,200		3,662,635
Angiodynamics, Inc. (a)	648		7,284
Becton, Dickinson & Co.	595,148		40,017,752
Boston Scientific Corp. (a)	3,838,049		30,512,490
Covidien Ltd.	1,052,900		34,998,396
DENTSPLY International, Inc.	184,126		4,943,783
DiaSorin S.p.A.	100		2,235
Edwards Lifesciences Corp. (a)	821,350		49,798,451
Heartware International, Inc. unit (a)	100		68
Home Diagnostics, Inc. (a)	100		567
Kinetic Concepts, Inc. (a)(d)	3,247,825		68,594,064
Meridian Bioscience, Inc.	150		2,718
Mingyuan Medicare Development Co. Ltd.	145,000,000		8,699,495
Quidel Corp. (a)	422,433		3,894,832
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	8,216,000		14,628,931
Steris Corp.	1,933,402		45,009,599
ThermoGenesis Corp. (a)	351,638		210,983
Vascular Solutions, Inc. (a)	79,168		484,508
			305,468,791
Health Care Providers & Services - 3.0%
Almost Family, Inc. (a)	100		1,909
American CareSource Holdings, Inc. (a)	241,317		1,848,488
Apollo Hospitals Enterprise Ltd.	100		799
CardioNet, Inc.	100		2,806
Centene Corp. (a)	1,254,277		22,602,072
Genoptix, Inc. (a)	100		2,728
Henry Schein, Inc. (a)	167,400		6,697,674
HMS Holdings Corp. (a)	100		3,290
IPC The Hospitalist Co., Inc. (a)	349,291		6,647,008
Laboratory Corp. of America Holdings (a)	681,125		39,839,001
LifePoint Hospitals, Inc. (a)	430,649		8,983,338
Medial Saude SA	751,000		1,728,967
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Message Co. Ltd. (d)	1,619		$ 2,077,480
Patterson Companies, Inc. (a)	100		1,886
Quest Diagnostics, Inc.	595,600		28,279,088
Ramsay Health Care Ltd.	101		690
ResCare, Inc. (a)(e)	1,779,274		25,906,229
U.S. Physical Therapy, Inc. (a)	284,515		2,754,105
			147,377,558
Health Care Technology - 4.4%
Allscripts Healthcare Solutions, Inc. (d)	3,591,172		36,953,160
athenahealth, Inc. (a)(d)	972,762		23,453,292
Cerner Corp. (a)(d)	2,917,013		128,261,062
Eclipsys Corp. (a)(d)	1,962,063		19,895,319
HLTH Corp. (a)	797,194		8,250,958
Omnicell, Inc. (a)	42		328
			216,814,119
Life Sciences Tools & Services - 1.9%
Bachem Holding AG (B Shares)	100		5,447
Bio-Rad Laboratories, Inc. Class A (a)	84,589		5,574,415
Clinical Data, Inc. (a)	150		1,620
Harvard Bioscience, Inc. (a)(e)	1,882,775		5,610,670
QIAGEN NV (a)	1,523,000		24,307,080
Thermo Fisher Scientific, Inc. (a)	1,694,180		60,431,401
			95,930,633
Pharmaceuticals - 1.3%
Aspen Pharmacare Holdings Ltd.	117,594		565,941
Boiron SA	55		1,476
Endo Pharmaceuticals Holdings, Inc. (a)	3,571,683		63,147,355
Hi-Tech Pharmacal Co., Inc. (a)	100		570
Novo Nordisk AS Series B sponsored ADR	100		4,798
Pfizer Ltd.	100		1,154
Questcor Pharmaceuticals, Inc. (a)	100		492
Ranbaxy Laboratories Ltd. sponsored GDR	75		255
			63,722,041
TOTAL HEALTH CARE			851,463,457
INDUSTRIALS - 6.4%
Air Freight & Logistics - 0.0%
Business Post Group PLC	200		717
FedEx Corp.	100		4,449
Transport Corp. of India Ltd.	83,610		55,095
			60,261
Building Products - 0.1%
Asahi Glass Co. Ltd.	462,000		2,452,369
Blue Star Ltd.	1,018,317		3,123,229
Duratex SA	100		547
Universal Forest Products, Inc.	100		2,661
			5,578,806

	Shares		Value
Commercial Services & Supplies - 0.8%
Cintas Corp.	1,068,723		$ 26,418,833
Fuel Tech, Inc. (a)(d)	613,451		6,416,697
R.R. Donnelley & Sons Co.	200,172		1,467,261
Republic Services, Inc.	56,500		968,975
Steelcase, Inc. Class A	100		501
Taiwan Secom Co.	2,000		2,720
The Brink's Co.	147,700		3,908,142
			39,183,129
Construction & Engineering - 0.1%
China Communications Construction Co. Ltd. (H Shares)	1,000		1,097
Insituform Technologies, Inc. Class A (a)	222,367		3,477,820
Maire Tecnimont SpA	624,000		1,287,073
Midas Holdings Ltd.	1,000		276
Orascom Construction Industries SAE GDR	100		4,700
			4,770,966
Electrical Equipment - 1.4%
AstroPower, Inc. (a)	100		0
Cooper Industries Ltd. Class A	1,326,184		34,295,118
Fortune Electric Co. Ltd.	1,921,500		1,843,077
Neo-Neon Holdings Ltd.	24,838,000		4,454,557
PowerSecure International, Inc. (a)	316,345		1,081,900
Q-Cells SE (a)(d)	1,118,100		21,799,866
Thomas & Betts Corp. (a)	223,700		5,596,974
Woodward Governor Co.	100		1,118
			69,072,610
Industrial Conglomerates - 0.2%
Hutchison Whampoa Ltd. ADR	100		2,450
Max India Ltd. (a)	3,936,465		7,669,418
			7,671,868
Machinery - 2.6%
3D Systems Corp. (a)	100		659
AGCO Corp. (a)	3,499,247		68,585,241
Badger Meter, Inc.	45,100		1,302,939
Bell Equipment Ltd.	30,078		17,460
Cummins India Ltd.	100		365
Cummins, Inc.	858,901		21,859,030
Energy Recovery, Inc.	100		760
EVA Precision Industrial Holdings Ltd.	8,824,000		535,102
K-Tron International, Inc. (a)	62,700		3,804,009
KCI Konecranes Oyj	100		1,673
Komax Holding AG (Reg.)	100		4,120
Miura Co. Ltd.	155,400		3,507,319
NGK Insulators Ltd.	1,255,000		19,625,957
Nippon Thompson Co. Ltd.	989,000		3,344,377
R. STAHL AG	47,627		806,511
Spirax-Sarco Engineering PLC	100		1,205
Thermax Ltd.	100		357
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Uzel Makina Sanayi AS	456,690		$ 107,120
Weichai Power Co. Ltd. (H Shares)	2,601,760		5,673,186
			129,177,390
Professional Services - 0.7%
51job, Inc. sponsored ADR (a)	100		690
JobStreet Corp. Bhd	2,617,600		703,883
Manpower, Inc.	470,835		14,845,428
Michael Page International PLC	4,281,645		11,288,322
Randstad Holdings NV	586,000		9,946,622
SGS Societe Generale de Surveillance Holding SA (Reg.)	100		104,981
			36,889,926
Road & Rail - 0.5%
CSX Corp.	996,734		25,765,574
Guangshen Railway Co. Ltd. sponsored ADR	100		1,621
Old Dominion Freight Lines, Inc. (a)	100		2,349
			25,769,544
Trading Companies & Distributors - 0.0%
Richelieu Hardware Ltd.	100		1,190
TOTAL INDUSTRIALS			318,175,690
INFORMATION TECHNOLOGY - 16.5%
Communications Equipment - 2.2%
Airvana, Inc. (a)	100		585
Alvarion Ltd. (a)	600		1,986
BYD Electronic International Co. Ltd.	100		35
Comtech Telecommunications Corp. (a)	1,059,543		26,244,880
Juniper Networks, Inc. (a)	3,440,384		51,812,183
MIC Electronics Ltd.	1,883,689		667,655
Option NV (a)	360		426
Polycom, Inc. (a)	1,912,738		29,437,038
ZTE Corp. (H Shares)	182,000		740,873
			108,905,661
Computers & Peripherals - 0.3%
ASUSTeK Computer, Inc.	2,186,820		2,297,337
Gemalto NV (a)	394,450		11,263,609
Lenovo Group Ltd.	2,000		459
Lenovo Group Ltd. ADR	10,700		49,434
Logitech International SA (a)	56		576
			13,611,415
Electronic Equipment & Components - 0.8%
Ingenico SA	750,000		12,451,406
Ingenico SA (a)	396,730		6,586,462
L-1 Identity Solutions, Inc. (a)	100		511
Lumax International Corp. Ltd.	467,500		543,477
MTS Systems Corp.	257,143		5,850,003
RadiSys Corp. (a)	16,368		99,190

	Shares		Value
Trimble Navigation Ltd. (a)	700		$ 10,696
Vishay Intertechnology, Inc. (a)	4,000,644		13,922,241
			39,463,986
Internet Software & Services - 0.9%
Answers Corp. (a)	100		648
Constant Contact, Inc. (a)	200		2,798
Digital River, Inc. (a)	100		2,982
eBay, Inc. (a)	747,442		9,387,872
F@N Communications, Inc. (d)	325		427,462
GigaMedia Ltd. (a)	1,361,921		7,517,804
INFO Edge India Ltd.	100		876
LoopNet, Inc. (a)	694		4,220
Rediff.com India Ltd. sponsored ADR (a)	1,100		2,046
ValueClick, Inc. (a)	1,103,527		9,391,015
VeriSign, Inc. (a)	733,147		13,834,484
Vocus, Inc. (a)	100		1,329
Web.com, Inc. (a)	43		143
WebMD Health Corp. Class A (a)	262,088		5,844,562
			46,418,241
IT Services - 3.7%
Accenture Ltd. Class A	1,954,022		53,716,065
Affiliated Computer Services, Inc. Class A (a)	1,838,115		88,027,327
Cap Gemini SA	232,400		7,475,795
Datacash Group PLC	184,200		541,795
Paracon Holdings Ltd.	32,405		3,899
Perot Systems Corp. Class A (a)	2,162,573		27,853,940
SRA International, Inc. Class A (a)	229,100		3,367,770
WNS Holdings Ltd. sponsored ADR (a)	100		520
Yucheng Technologies Ltd. (a)	100		637
			180,987,748
Semiconductors & Semiconductor Equipment - 2.5%
Aixtron AG	700		3,617
Aixtron AG sponsored ADR	100		509
Cree, Inc. (a)	658		15,483
Disco Corp. (d)	156,000		3,893,680
Formosa Epitaxy, Inc. (e)	10,277,353		6,147,938
International Rectifier Corp. (a)	8,400		113,484
KLA-Tencor Corp.	100		2,000
Kontron AG	2,137,445		20,610,034
Mellanox Technologies Ltd. (a)	100		833
MJC Probe, Inc.	1,212		1,018
Opto Technology Corp.	5,566,404		2,919,758
PMC-Sierra, Inc. (a)	5,998,030		38,267,431
Richtek Technology Corp.	1,269,845		5,987,187
Samco, Inc.	120		503
Silicon Laboratories, Inc. (a)	100		2,640
Siliconware Precision Industries Co. Ltd. sponsored ADR (d)	6,092,073		35,334,023
Varian Semiconductor Equipment Associates, Inc. (a)	100		2,166
Veeco Instruments, Inc. (a)	1,402,362		9,353,755
			122,656,059
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 6.1%
Adobe Systems, Inc. (a)	232,279		$ 4,968,448
Aspen Technology, Inc. (a)	383,550		2,681,015
Autonomy Corp. PLC (a)	931,064		17,433,373
Citrix Systems, Inc. (a)	100		2,264
DemandTec, Inc. (a)	38,200		334,250
Epicor Software Corp. (a)	711,865		2,712,206
Financial Technologies India Ltd.	78		955
Global Digital Creations Holdings Ltd. (a)	2,446,000		42,921
Kingdee International Software Group Co. Ltd.	15,696,000		2,025,173
Longtop Financial Technologies Ltd. ADR (a)	3,900,345		82,804,324
Manhattan Associates, Inc. (a)	387,385		6,709,508
NetScout Systems, Inc. (a)	100		716
NetSuite, Inc. (a)	100		1,126
PROS Holdings, Inc. (a)	100		465
Quality Systems, Inc.	35,220		1,593,705
Salesforce.com, Inc. (a)	100		3,273
Shanda Interactive Entertainment Ltd. sponsored ADR (a)(d)	2,962,364		117,102,249
Solera Holdings, Inc. (a)	228,126		5,652,962
Symantec Corp. (a)	1,677,400		25,060,356
Tata Elxsi Ltd.	100		162
Ubisoft Entertainment SA (a)	1,601,274		29,263,833
VMware, Inc. Class A (a)	100		2,362
Yedang Online Corp. (a)	202,840		1,248,266
			299,643,912
TOTAL INFORMATION TECHNOLOGY			811,687,022
MATERIALS - 6.4%
Chemicals - 1.6%
Asian Paints India Ltd.	482		7,504
Calgon Carbon Corp. (a)	100		1,417
FMC Corp.	436,907		18,848,168
Recticel SA	100		295
Sensient Technologies Corp. (e)	2,497,568		58,692,848
			77,550,232
Construction Materials - 0.0%
CRH PLC	1		22
Containers & Packaging - 1.2%
Aptargroup, Inc.	100		3,114
Ball Corp.	1,230,811		53,417,197
Greif, Inc. Class A	199,390		6,637,693
			60,058,004
Metals & Mining - 3.6%
Africa Cellular Towers Ltd. (a)	290,317		27,576
Agnico-Eagle Mines Ltd.	265,500		15,265,012
Centerra Gold, Inc. (a)	469,400		1,672,106
Eldorado Gold Corp. (a)	6,697,600		60,575,699
FNX Mining Co., Inc. (a)	100		358

	Shares		Value
Franco-Nevada Corp.	39,900		$ 861,659
Great Basin Gold Ltd. (a)	4,733,400		6,083,627
IAMGOLD Corp.	3,415,700		29,483,769
Inmet Mining Corp.	100		2,477
Kinross Gold Corp.	177,800		3,231,701
Lihir Gold Ltd. (a)	3,500,494		7,918,105
Minefinders Corp. Ltd. (a)	1,317,300		10,336,068
Newcrest Mining Ltd.	1,222,296		28,130,399
Northgate Minerals Corp. (a)	12,600		17,094
Yamana Gold, Inc.	1,492,554		13,937,372
			177,543,022
Paper & Forest Products - 0.0%
Pope Resources, Inc. LP	100		2,025
TOTAL MATERIALS			315,153,305
TELECOMMUNICATION SERVICES - 1.9%
Diversified Telecommunication Services - 1.9%
LG Dacom Corp.	111,840		1,430,495
Verizon Communications, Inc.	3,030,143		91,510,319
			92,940,814
Wireless Telecommunication Services - 0.0%
Telemig Celular Participacoes SA sponsored ADR	61		2,174
TOTAL TELECOMMUNICATION SERVICES			92,942,988
UTILITIES - 0.4%
Independent Power Producers & Energy Traders - 0.3%
Calpine Corp. (a)	1,835,815		12,501,900
PTC India Ltd.	100		138
			12,502,038
Multi-Utilities - 0.1%
Sempra Energy	128,900		5,960,336
Water Utilities - 0.0%
Cadiz, Inc. (a)	100		798
TOTAL UTILITIES			18,463,172
TOTAL COMMON STOCKS (Cost $5,578,995,541)		4,638,191,096
Investment Companies - 0.0%

Templeton Emerging Markets Income Fund (Cost $230,258)	23,300		213,195

Nonconvertible Bonds - 0.6%
	Principal Amount		Value
CONSUMER DISCRETIONARY - 0.0%
Specialty Retail - 0.0%
GSC Holdings Corp./Gamestop, Inc. 8% 10/1/12	$ 695,000		$ 688,050
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Southwestern Energy Co. 7.5% 2/1/18 (f)	8,005,000		7,604,750
HEALTH CARE - 0.0%
Health Care Providers & Services - 0.0%
Sun Healthcare Group, Inc. 9.125% 4/15/15	2,025,000		1,883,250
MATERIALS - 0.4%
Containers & Packaging - 0.4%
Crown Americas LLC/Crown Americas Capital Corp. 7.75% 11/15/15	6,975,000		6,957,563
Owens-Brockway Glass Container, Inc. 8.25% 5/15/13	11,070,000		11,153,025
			18,110,588
TOTAL NONCONVERTIBLE BONDS (Cost $26,167,821)		28,286,638
Floating Rate Loans - 0.1%

MATERIALS - 0.1%
Chemicals - 0.1%
Lyondell Chemical Co. term loan 9.1679% 12/15/09 (g)(h) (Cost $6,259,255)	6,200,000		6,076,000

Money Market Funds - 12.8%
	Shares		Value
Fidelity Cash Central Fund, 0.52% (b)	319,219,297		$ 319,219,297
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)	313,042,691		313,042,691
TOTAL MONEY MARKET FUNDS (Cost $632,261,988)		632,261,988

TOTAL INVESTMENT PORTFOLIO - 107.7%

(Cost $6,243,914,863)

5,305,028,917

NET OTHER ASSETS - (7.7)%		(380,564,137)
NET ASSETS - 100%		$ 4,924,464,780

Legend

(a) Non-income producing

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

(e) Affiliated company

(f) 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 $7,716,066 or 0.2% of net assets.

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

(h) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $2,066,031 and $2,024,710, respectively. The coupon rate will be determined at time of settlement.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 647,536
Fidelity Securities Lending Cash Central Fund	1,708,813
Total	$ 2,356,349

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Aeropostale, Inc.	$ 55,532,120	$ -	$ 26,677,735	$ -	$ -
Comtech Telecommunications Corp.	84,416,935	-	32,742,008	-	-
Formosa Epitaxy, Inc.	3,684,482	-	-	-	6,147,938
Fuel Systems Solutions, Inc.	40,714,128	13,520,719	6,817,571	-	21,296,850
Harvard Bioscience, Inc.	4,989,354	-	-	-	5,610,670
Netflix, Inc.	145,464,826	-	-	-	208,877,561
Newpark Resources, Inc.	20,431,785	5,182,888	-	-	18,902,493
ResCare, Inc.	10,919,555	14,911,285	-	-	25,906,229
Sally Beauty Holdings, Inc.	32,867,932	18,399,292	-	-	53,305,726
Sensient Technologies Corp.	34,605,439	22,228,560	-	285,140	58,692,848
Total	$ 433,626,556	$ 74,242,744	$ 66,237,314	$ 285,140	$ 398,740,315

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 5,305,028,917	$ 4,964,389,835	$ 340,526,701	$ 112,381

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 189,938
Total Realized Gain (Loss)	(883,077)
Total Unrealized Gain (Loss)	899,162
Cost of Purchases	-
Proceeds of Sales	(50,721)
Amortization/Accretion	-
Transfer in/out of Level 3	(42,921)
Ending Balance	$ 112,381

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $6,305,934,438. Net unrealized depreciation aggregated $1,000,905,521, of which $342,981,546 related to appreciated investment securities and $1,343,887,067 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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, 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 available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Value Strategies Portfolio

March 31, 2009

1.799889.105

VIPVS-QTLY-0509

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
CONSUMER DISCRETIONARY - 19.4%
Auto Components - 2.1%
BorgWarner, Inc. (e)	48,700		$ 988,610
Federal-Mogul Corp. Class A (a)	107,300		716,764
Johnson Controls, Inc.	71,500		858,000
The Goodyear Tire & Rubber Co. (a)	117,800		737,428
			3,300,802
Automobiles - 0.2%
Renault SA	15,700		322,893
Diversified Consumer Services - 1.1%
H&R Block, Inc.	49,700		904,043
Princeton Review, Inc. (a)	72,285		314,440
Regis Corp.	38,700		559,215
			1,777,698
Hotels, Restaurants & Leisure - 2.2%
Burger King Holdings, Inc.	39,500		906,525
McCormick & Schmick's Seafood Restaurants (a)	52,200		204,624
Royal Caribbean Cruises Ltd.	22,200		177,822
Starwood Hotels & Resorts Worldwide, Inc.	41,513		527,215
Vail Resorts, Inc. (a)(e)	29,894		610,734
Wendy's/Arby's Group, Inc.	44,900		225,847
WMS Industries, Inc. (a)	37,100		775,761
			3,428,528
Household Durables - 4.8%
Black & Decker Corp.	21,700		684,852
Centex Corp.	132,400		993,000
Ethan Allen Interiors, Inc.	40,700		458,282
KB Home	16,700		220,106
Mohawk Industries, Inc. (a)	42,800		1,278,436
Newell Rubbermaid, Inc.	95,300		608,014
Pulte Homes, Inc.	94,000		1,027,420
Stanley Furniture Co., Inc.	40,100		301,552
The Stanley Works	37,600		1,094,912
Whirlpool Corp.	30,375		898,796
			7,565,370
Leisure Equipment & Products - 0.3%
Brunswick Corp.	71,700		247,365
Hasbro, Inc.	9,600		240,672
			488,037
Media - 2.4%
Cablevision Systems Corp. - NY Group Class A	47,129		609,849
Discovery Communications, Inc. (a)	29,300		469,386
DISH Network Corp. Class A (a)	91,121		1,012,354
Grupo Televisa SA de CV (CPO) sponsored ADR	60,600		826,584

	Shares		Value
Liberty Media Corp. - Capital Series A (a)	58,100		$ 405,538
Virgin Media, Inc.	111,600		535,680
			3,859,391
Specialty Retail - 5.9%
Abercrombie & Fitch Co. Class A	35,100		835,380
Advance Auto Parts, Inc.	23,100		948,948
Asbury Automotive Group, Inc.	157,059		676,924
Dick's Sporting Goods, Inc. (a)	29,700		423,819
Group 1 Automotive, Inc. (e)	73,224		1,022,939
J. Crew Group, Inc. (a)(e)	16,647		219,407
Jos. A. Bank Clothiers, Inc. (a)	14,942		415,537
Lowe's Companies, Inc.	49,800		908,850
Lumber Liquidators, Inc. (a)(e)	82,996		1,058,199
MarineMax, Inc. (a)	44,500		87,220
OfficeMax, Inc.	137,783		429,883
Shoe Carnival, Inc. (a)	4,385		45,385
Sonic Automotive, Inc. Class A (sub. vtg.) (e)	129,134		206,614
Staples, Inc.	63,300		1,146,363
The Men's Wearhouse, Inc.	47,868		724,722
Tween Brands, Inc. (a)	91,000		194,740
			9,344,930
Textiles, Apparel & Luxury Goods - 0.4%
Hanesbrands, Inc. (a)	65,200		623,964
Heelys, Inc.	44,955		76,873
			700,837
TOTAL CONSUMER DISCRETIONARY			30,788,486
CONSUMER STAPLES - 2.6%
Beverages - 0.3%
Coca-Cola Enterprises, Inc.	37,300		491,987
Molson Coors Brewing Co. Class B	300		10,284
			502,271
Food & Staples Retailing - 0.7%
CVS Caremark Corp.	27,500		755,975
Winn-Dixie Stores, Inc. (a)	41,970		401,233
			1,157,208
Food Products - 1.3%
Cermaq ASA	106,900		480,321
Lighthouse Caledonia ASA (a)	171,726		2,810
Marine Harvest ASA (a)(e)	1,581,000		498,671
Ralcorp Holdings, Inc. (a)	12,000		646,560
Tyson Foods, Inc. Class A	43,700		410,343
			2,038,705
Household Products - 0.3%
Energizer Holdings, Inc. (a)	8,300		412,427
TOTAL CONSUMER STAPLES			4,110,611
Common Stocks - continued
	Shares		Value
ENERGY - 8.1%
Energy Equipment & Services - 1.4%
Helmerich & Payne, Inc.	13,000		$ 296,010
National Oilwell Varco, Inc. (a)	18,969		544,600
Noble Corp.	20,300		489,027
Weatherford International Ltd. (a)	81,200		898,884
			2,228,521
Oil, Gas & Consumable Fuels - 6.7%
Boardwalk Pipeline Partners, LP	18,213		407,971
Canadian Natural Resources Ltd.	20,400		791,593
Comstock Resources, Inc. (a)	6,600		196,680
Concho Resources, Inc. (a)	36,628		937,311
Denbury Resources, Inc. (a)	157,742		2,344,044
El Paso Corp.	133,000		831,250
Energy Transfer Equity LP	57,000		1,204,410
EXCO Resources, Inc. (a)	31,000		310,000
Hess Corp.	16,500		894,300
Petrohawk Energy Corp. (a)	82,070		1,578,206
Plains Exploration & Production Co. (a)	21,400		368,722
Ultra Petroleum Corp. (a)	21,703		778,921
			10,643,408
TOTAL ENERGY			12,871,929
FINANCIALS - 18.4%
Capital Markets - 3.8%
AllianceBernstein Holding LP	36,752		540,989
Ameriprise Financial, Inc.	60,100		1,231,449
Bank of New York Mellon Corp.	46,754		1,320,801
Cohen & Steers, Inc. (e)	58,283		650,438
EFG International	46,986		350,445
Fortress Investment Group LLC (e)	210,816		529,148
Franklin Resources, Inc.	12,400		667,988
GFI Group, Inc.	39,200		125,832
State Street Corp.	17,900		550,962
			5,968,052
Commercial Banks - 3.0%
Associated Banc-Corp.	71,100		1,097,784
CapitalSource, Inc. (e)	219,714		268,051
First Horizon National Corp.	23,853		256,181
PNC Financial Services Group, Inc.	63,000		1,845,270
Wells Fargo & Co.	88,979		1,267,061
			4,734,347
Consumer Finance - 0.3%
Capital One Financial Corp.	13,700		167,688
Discover Financial Services	56,966		359,455
			527,143

	Shares		Value
Diversified Financial Services - 1.5%
CIT Group, Inc.	129,100		$ 367,935
JPMorgan Chase & Co.	73,600		1,956,288
			2,324,223
Insurance - 6.1%
ACE Ltd.	35,700		1,442,280
Allied World Assurance Co. Holdings Ltd.	24,000		912,720
Argo Group International Holdings, Ltd. (a)	41,327		1,245,183
Axis Capital Holdings Ltd.	29,800		671,692
Endurance Specialty Holdings Ltd.	6,400		159,616
Everest Re Group Ltd.	30,200		2,138,160
Fidelity National Financial, Inc. Class A	15,700		306,307
MetLife, Inc.	18,100		412,137
Montpelier Re Holdings Ltd.	92,800		1,202,688
Unum Group	32,200		402,500
W.R. Berkley Corp.	37,400		843,370
			9,736,653
Real Estate Investment Trusts - 2.9%
Alexandria Real Estate Equities, Inc. (e)	19,999		727,964
Big Yellow Group PLC	26,500		72,242
CBL & Associates Properties, Inc. (e)	19,850		46,846
Corporate Office Properties Trust (SBI)	58,700		1,457,521
Developers Diversified Realty Corp. (e)	67,396		143,553
Public Storage	12,375		683,719
Simon Property Group, Inc.	11,300		391,432
SL Green Realty Corp.	10,800		116,640
Tanger Factory Outlet Centers, Inc.	31,700		978,262
The Macerich Co.	12,400		77,624
			4,695,803
Real Estate Management & Development - 0.8%
CB Richard Ellis Group, Inc. Class A (a)	167,100		673,413
Forestar Group, Inc. (a)	56,228		430,144
Jones Lang LaSalle, Inc.	7,700		179,102
			1,282,659
Thrifts & Mortgage Finance - 0.0%
Washington Mutual, Inc.	182,857		10,149
TOTAL FINANCIALS			29,279,029
HEALTH CARE - 6.9%
Biotechnology - 0.4%
GTx, Inc. (a)(e)	54,727		579,012
Health Care Equipment & Supplies - 1.5%
Cooper Companies, Inc.	18,400		486,496
Covidien Ltd.	22,950		762,858
DENTSPLY International, Inc.	12,581		337,800
Orthofix International NV (a)	28,900		535,228
RTI Biologics, Inc. (a)	47,400		135,090
Sirona Dental Systems, Inc. (a)	11,300		161,816
			2,419,288
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 2.1%
Brookdale Senior Living, Inc.	54,730		$ 276,387
Capital Senior Living Corp. (a)	103,725		253,089
Community Health Systems, Inc. (a)	20,200		309,868
Emeritus Corp. (a)	128,153		840,684
HealthSouth Corp. (a)	34,500		306,360
Henry Schein, Inc. (a)	14,842		593,828
VCA Antech, Inc. (a)	36,515		823,413
			3,403,629
Health Care Technology - 0.3%
IMS Health, Inc.	31,600		394,052
Life Sciences Tools & Services - 0.6%
AMAG Pharmaceuticals, Inc. (a)	26,100		959,697
Pharmaceuticals - 2.0%
Allergan, Inc.	19,600		936,096
Elan Corp. PLC sponsored ADR (a)	22,200		147,408
Perrigo Co.	14,500		360,035
Sepracor, Inc. (a)	46,900		687,554
Teva Pharmaceutical Industries Ltd. sponsored ADR	13,500		608,175
XenoPort, Inc. (a)	22,500		435,600
			3,174,868
TOTAL HEALTH CARE			10,930,546
INDUSTRIALS - 14.8%
Aerospace & Defense - 0.4%
Heico Corp. Class A	31,400		647,782
Building Products - 1.2%
Masco Corp.	154,800		1,080,504
Owens Corning (a)	85,700		774,728
			1,855,232
Commercial Services & Supplies - 3.3%
Cenveo, Inc. (a)	92,293		299,952
Clean Harbors, Inc. (a)	5,034		241,632
Consolidated Graphics, Inc. (a)	31,530		401,062
EnergySolutions, Inc.	87,527		757,109
GeoEye, Inc. (a)(e)	110,100		2,174,475
R.R. Donnelley & Sons Co.	92,400		677,292
Republic Services, Inc.	37,620		645,183
			5,196,705
Construction & Engineering - 2.0%
Great Lakes Dredge & Dock Corp.	63,858		192,213
MYR Group, Inc. (a)	128,400		1,958,100
URS Corp. (a)	26,036		1,052,115
			3,202,428
Electrical Equipment - 1.9%
Acuity Brands, Inc.	28,800		649,152
Cooper Industries Ltd. Class A	38,400		993,024

	Shares		Value
Energy Conversion Devices, Inc. (a)(e)	17,500		$ 232,225
First Solar, Inc. (a)	1,100		145,970
Renewable Energy Corp. AS (a)(e)	12,700		110,159
Sunpower Corp. Class B (a)	25,700		508,860
Zumtobel AG	49,700		359,749
			2,999,139
Industrial Conglomerates - 0.2%
Rheinmetall AG	1,600		54,422
Siemens AG (Reg.)	4,500		256,363
			310,785
Machinery - 2.3%
Cummins, Inc.	46,400		1,180,880
Deere & Co.	28,150		925,291
Navistar International Corp. (a)	28,400		950,264
PACCAR, Inc.	21,800		561,568
			3,618,003
Marine - 0.2%
Ultrapetrol (Bahamas) Ltd. (a)	148,247		400,267
Professional Services - 1.6%
CoStar Group, Inc. (a)	23,388		707,487
Equifax, Inc.	36,500		892,425
Experian PLC	93,770		587,609
Monster Worldwide, Inc. (a)	46,200		376,530
			2,564,051
Road & Rail - 1.2%
Con-way, Inc.	53,600		961,048
Ryder System, Inc.	36,000		1,019,160
			1,980,208
Transportation Infrastructure - 0.5%
Aegean Marine Petroleum Network, Inc.	36,000		603,000
Macquarie Infrastructure Co. LLC (e)	99,021		136,649
			739,649
TOTAL INDUSTRIALS			23,514,249
INFORMATION TECHNOLOGY - 14.8%
Communications Equipment - 1.3%
Comverse Technology, Inc. (a)	57,000		327,180
Corning, Inc.	64,400		854,588
Juniper Networks, Inc. (a)	60,100		905,106
			2,086,874
Computers & Peripherals - 0.4%
NCR Corp. (a)	19,100		151,845
Seagate Technology	78,900		474,189
			626,034
Electronic Equipment & Components - 3.4%
Agilent Technologies, Inc. (a)	61,600		946,792
Arrow Electronics, Inc. (a)	49,300		939,658
Avnet, Inc. (a)	57,950		1,014,705
Bell Microproducts, Inc. (a)	246,115		115,674
Ingram Micro, Inc. Class A (a)	76,900		972,016
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Itron, Inc. (a)	9,430		$ 446,511
Tyco Electronics Ltd.	84,250		930,120
			5,365,476
Internet Software & Services - 2.2%
DealerTrack Holdings, Inc. (a)	98,976		1,296,586
Dice Holdings, Inc. (a)	190,026		528,272
Move, Inc. (a)	616,023		893,233
VeriSign, Inc. (a)	38,300		722,721
			3,440,812
IT Services - 2.3%
Affiliated Computer Services, Inc. Class A (a)	9,800		469,322
CACI International, Inc. Class A (a)	11,300		412,337
Cognizant Technology Solutions Corp. Class A (a)	9,900		205,821
infoGROUP, Inc.	86,068		358,043
Lender Processing Services, Inc.	35,032		1,072,330
The Western Union Co.	22,420		281,819
VeriFone Holdings, Inc. (a)(e)	97,791		664,979
Wright Express Corp. (a)	8,799		160,318
			3,624,969
Office Electronics - 0.3%
Xerox Corp.	89,252		406,097
Semiconductors & Semiconductor Equipment - 3.3%
ASML Holding NV (NY Shares)	62,300		1,090,873
Atmel Corp. (a)	100,300		364,089
Globe Specialty Metals, Inc. (Reg. S) (a)	101,055		277,901
International Rectifier Corp. (a)	15,200		205,352
Lam Research Corp. (a)	59,600		1,357,092
LTX-Credence Corp. (a)	169,015		47,324
ON Semiconductor Corp. (a)	368,391		1,436,725
Varian Semiconductor Equipment Associates, Inc. (a)	24,000		519,840
			5,299,196
Software - 1.6%
BMC Software, Inc. (a)	28,500		940,500
Electronic Arts, Inc. (a)	13,400		243,746
Gameloft (a)	275,843		600,832
Misys PLC	319,421		577,465
THQ, Inc. (a)	87,800		266,912
			2,629,455
TOTAL INFORMATION TECHNOLOGY			23,478,913

	Shares		Value
MATERIALS - 7.9%
Chemicals - 4.6%
Albemarle Corp.	44,600		$ 970,942
Arkema sponsored ADR	23,100		364,980
Calgon Carbon Corp. (a)	738		10,457
Celanese Corp. Class A	90,122		1,204,931
FMC Corp.	21,060		908,528
H.B. Fuller Co.	66,000		858,000
Lubrizol Corp.	29,300		996,493
Nalco Holding Co.	33,900		443,073
OMNOVA Solutions, Inc. (a)	84,877		147,686
Rockwood Holdings, Inc. (a)	23,600		187,384
Solutia, Inc. (a)	125,320		234,348
Terra Industries, Inc.	5,700		160,113
W.R. Grace & Co. (a)	129,436		818,036
			7,304,971
Containers & Packaging - 1.5%
Ball Corp.	13,500		585,900
Crown Holdings, Inc. (a)	44,100		1,002,393
Owens-Illinois, Inc. (a)	21,700		313,348
Temple-Inland, Inc.	91,800		492,966
			2,394,607
Metals & Mining - 1.6%
Agnico-Eagle Mines Ltd.	14,900		856,681
Commercial Metals Co.	54,000		623,700
Newcrest Mining Ltd.	15,309		352,327
Randgold Resources Ltd. sponsored ADR	12,200		663,070
			2,495,778
Paper & Forest Products - 0.2%
Schweitzer-Mauduit International, Inc.	23,174		427,792
TOTAL MATERIALS			12,623,148
TELECOMMUNICATION SERVICES - 0.7%
Diversified Telecommunication Services - 0.5%
Global Crossing Ltd. (a)	106,235		743,645
Wireless Telecommunication Services - 0.2%
Sprint Nextel Corp. (a)	99,000		353,430
TOTAL TELECOMMUNICATION SERVICES			1,097,075
UTILITIES - 4.3%
Electric Utilities - 2.2%
Allegheny Energy, Inc.	32,373		750,082
Edison International	13,400		386,054
Entergy Corp.	17,800		1,212,002
Exelon Corp.	7,500		340,425
FirstEnergy Corp.	18,800		725,680
			3,414,243
Independent Power Producers & Energy Traders - 0.9%
AES Corp. (a)	99,400		577,514
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Independent Power Producers & Energy Traders - continued
Constellation Energy Group, Inc.	17,500		$ 361,550
NRG Energy, Inc. (a)	30,676		539,898
			1,478,962
Multi-Utilities - 1.2%
Public Service Enterprise Group, Inc.	19,955		588,074
Sempra Energy	29,100		1,345,584
			1,933,658
TOTAL UTILITIES			6,826,863
TOTAL COMMON STOCKS (Cost $268,186,932)		155,520,849
Preferred Stocks - 0.9%

Convertible Preferred Stocks - 0.7%
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
SandRidge Energy, Inc. 8.50% (a)(f)	900		85,257
FINANCIALS - 0.6%
Commercial Banks - 0.6%
Fifth Third Bancorp 8.50%	4,500		188,370
Huntington Bancshares, Inc. 8.50%	200		67,000
UCBH Holdings, Inc. Series B, 8.50%	860		306,633
Wells Fargo & Co. 7.50%	700		335,293
			897,296
Diversified Financial Services - 0.0%
CIT Group, Inc. Series C, 8.75%	3,500		62,125
TOTAL FINANCIALS			959,421
TOTAL CONVERTIBLE PREFERRED STOCKS			1,044,678
Nonconvertible Preferred Stocks - 0.2%
CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.2%
Fiat SpA	76,300		305,280
TOTAL PREFERRED STOCKS (Cost $2,589,812)		1,349,958

Nonconvertible Bonds - 0.2%
	Principal Amount		Value
FINANCIALS - 0.1%
Real Estate Investment Trusts - 0.1%
Rouse Co. 3.625% 12/31/49 (d)	$ 315,000		$ 89,775
INDUSTRIALS - 0.1%
Industrial Conglomerates - 0.1%
Textron, Inc. 4.5% 8/1/10	180,000		145,878
TOTAL NONCONVERTIBLE BONDS (Cost $295,602)		235,653

Money Market Funds - 3.2%
	Shares
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c) (Cost $5,155,775)	5,155,775	5,155,775

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $276,228,121)

162,262,235

NET OTHER ASSETS - (2.2)%			(3,423,347)
NET ASSETS - 100%		$ 158,838,888

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 507
Fidelity Securities Lending Cash Central Fund	54,822
Total	$ 55,329

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 162,262,235	$ 160,775,507	$ 1,486,728	$ -

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

	Investments in Securities
Beginning Balance	$ 190,937
Total Realized Gain (Loss)	(170,728)
Total Unrealized Gain (Loss)	144,149
Cost of Purchases	-
Proceeds of Sales	(161,548)
Amortization/Accretion	-
Transfer in/out of Level 3	(2,810)
Ending Balance	$ -

Income Tax Information

At March 31, 2009, the aggregate cost of investment securities for income tax purposes was $279,818,502. Net unrealized depreciation aggregated $117,556,267, of which $6,603,657 related to appreciated investment securities and $124,159,924 related to depreciated investment securities.

Investment Valuation

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, 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 available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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 III'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 III

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	May 29, 2009

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/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	May 29, 2009

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	May 29, 2009