SECURITIES AND EXCHANGE COMMISSION

FORM N-Q Quarterly schedule of portfolio holdings of registered management investment company filed on Form N-Q

Filing Date: 2007-11-29 | Period of Report: 2007-09-30 SEC Accession No. 0000927384-07-000018

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FILER VARIABLE INSURANCE PRODUCTS III Mailing Address Business Address 82 DEVONSHIRE STREET 82 DEVONSHIRE STREET CIK:927384| IRS No.: 000000000 | Fiscal Year End: 1231 MAILZONE Z1C MAILZONE Z1C Type: N-Q | Act: 40 | File No.: 811-07205 | Film No.: 071274987 BOSTON MA 02109 BOSTON MA 02109 6175707348

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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)

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end: December, 31

Date of reporting period: September 30, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products: Aggressive Growth Portfolio

September 30, 2007

1.808772.103

VIPAG-QTLY-1107

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%

Shares Value

CONSUMER STAPLES - 0.7%

Food Products - 0.7%

Marine Harvest ASA (a) 223,905 $ 284,917

ENERGY - 8.4%

Energy Equipment & Services - 1.8%

FMC Technologies, Inc. (a) 12,700 732,282

Oil, Gas & Consumable Fuels - 6.6%

Denbury Resources, Inc. (a) 12,700 567,563

Gulfport Energy Corp. (a) 12,896 305,119

Quicksilver Resources, Inc. (a) 8,300 390,515

Range Resources Corp. 14,350 583,471

Williams Companies, Inc. 22,945 781,507

2,628,175

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document TOTAL ENERGY 3,360,457

FINANCIALS - 14.5%

Capital Markets - 3.9%

Indiabulls Financial Services Ltd. 51,578 777,897

T. Rowe Price Group, Inc. 14,377 800,655

1,578,552

Commercial Banks - 1.1%

Commerce Bancorp, Inc. 11,744 455,432

Diversified Financial Services - 5.2%

Deutsche Boerse AG 4,400 599,205

IntercontinentalExchange, Inc. (a) 2,600 394,940

JSE Ltd. 30,297 351,887

MarketAxess Holdings, Inc. (a) 15,308 229,620

NYMEX Holdings, Inc. 3,800 494,684

2,070,336

Real Estate Management & Development - 4.3%

Dev Property Development PLC 171,000 254,559

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Indiabulls Real Estate Ltd. (a) 85,109 1,470,201

1,724,760

TOTAL FINANCIALS 5,829,080

HEALTH CARE - 28.2%

Biotechnology - 6.8%

Alnylam Pharmaceuticals, Inc. (a) 35,908 1,176,705

Amylin Pharmaceuticals, Inc. (a) 5,300 265,000

CytRx Corp. (a) 51,354 177,684

Isis Pharmaceuticals, Inc. (a) 16,971 254,056

Omrix Biopharmaceuticals, Inc. (a) 13,820 487,984

ONYX Pharmaceuticals, Inc. (a) 8,527 371,095

2,732,524

Health Care Equipment & Supplies - 13.6%

ArthroCare Corp. (a) 11,200 625,968

Conceptus, Inc. (a) 14,163 268,814

Shares Value

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