N-CSRS 1 main.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3329

Variable Insurance Products Fund
 (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:

June 30, 2003

Item 1. Reports to Stockholders

Fidelity® Variable Insurance Products:

Growth Portfolio

Semiannual Report

June 30, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Investment Summary

<Click Here>

A summary of the fund's investments at period end.

Investments

<Click Here>

A complete list of the fund's investments with their
market values.

Financial Statements

<Click Here>

Statements of assets and liabilities, operations, and
changes in net assets, as well as financial highlights.

Notes

<Click Here>

Notes to the financial statements.

Fidelity Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

Third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Fidelity Variable Insurance Products: Growth Portfolio

Investment Summary

Top Five Stocks as of June 30, 2003

% of fund's
net assets

Pfizer, Inc.

4.2

Microsoft Corp.

3.8

Johnson & Johnson

3.1

Merck & Co., Inc.

2.6

Wal-Mart Stores, Inc.

2.5

16.2

Top Five Market Sectors as of June 30, 2003

% of fund's
net assets

Information Technology

33.2

Health Care

22.4

Consumer Discretionary

12.9

Financials

12.0

Consumer Staples

5.8

Asset Allocation as of June 30, 2003

% of fund's net assets *

Stocks

99.5%

Short-Term
Investments and
Net Other Assets

0.5%



* Foreign investments

7.0%

Semiannual Report

Fidelity Variable Insurance Products: Growth Portfolio

Investments June 30, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 12.9%

Hotels, Restaurants & Leisure - 0.5%

Brinker International, Inc. (a)

991,850

$ 35,726,437

Darden Restaurants, Inc.

462,900

8,785,842

44,512,279

Household Durables - 0.8%

Centex Corp.

91,600

7,125,564

KB Home

106,100

6,576,078

Leggett & Platt, Inc.

856,400

17,556,200

Maytag Corp.

241,970

5,908,907

Pulte Homes, Inc.

98,000

6,042,680

Whirlpool Corp.

487,400

31,047,380

74,256,809

Internet & Catalog Retail - 0.3%

eBay, Inc. (a)

296,600

30,899,788

Leisure Equipment & Products - 0.4%

Mattel, Inc.

1,760,600

33,310,552

Media - 6.7%

AOL Time Warner, Inc. (a)

7,776,900

125,130,321

Comcast Corp.:

Class A (a)

643,124

19,409,482

Class A (special) (a)

1,843,900

53,159,637

Cox Communications, Inc. Class A (a)

1,319,700

42,098,430

E.W. Scripps Co. Class A

495,500

43,960,760

Fox Entertainment Group, Inc. Class A (a)

1,772,500

51,012,550

General Motors Corp. Class H (a)

3,571,700

45,753,477

Interpublic Group of Companies, Inc.

1,705,600

22,820,928

Lamar Advertising Co. Class A (a)

848,700

29,882,727

Pixar (a)

450,000

27,378,000

Scholastic Corp. (a)

308,015

9,172,687

Tribune Co.

544,500

26,299,350

Univision Communications, Inc.
Class A (a)

1,220,600

37,106,240

Viacom, Inc. Class B (non-vtg.) (a)

1,081,430

47,215,234

Walt Disney Co.

1,344,200

26,547,950

606,947,773

Multiline Retail - 0.3%

Saks, Inc. (a)

2,452,800

23,792,160

Specialty Retail - 3.9%

AutoZone, Inc. (a)

103,200

7,840,104

Best Buy Co., Inc. (a)

1,529,000

67,153,680

Borders Group, Inc. (a)

556,400

9,798,204

Gap, Inc.

1,299,500

24,378,620

Home Depot, Inc.

3,996,400

132,360,768

Limited Brands, Inc.

1,965,700

30,468,350

Lowe's Companies, Inc.

1,333,430

57,270,819

Weight Watchers International, Inc. (a)

472,700

21,503,123

350,773,668

TOTAL CONSUMER DISCRETIONARY

1,164,493,029

Shares

Value (Note 1)

CONSUMER STAPLES - 5.8%

Beverages - 1.4%

PepsiCo, Inc.

945,500

$ 42,074,750

The Coca-Cola Co.

1,858,300

86,243,703

128,318,453

Food & Staples Retailing - 3.1%

Sysco Corp.

1,600,100

48,067,004

Wal-Mart Stores, Inc.

4,238,800

227,496,396

275,563,400

Household Products - 0.8%

Procter & Gamble Co.

784,860

69,993,815

Personal Products - 0.5%

Gillette Co.

1,370,100

43,651,386

TOTAL CONSUMER STAPLES

517,527,054

ENERGY - 5.4%

Energy Equipment & Services - 4.6%

Baker Hughes, Inc.

1,181,770

39,672,019

BJ Services Co. (a)

1,200,360

44,845,450

Cooper Cameron Corp. (a)

720,600

36,303,828

ENSCO International, Inc.

784,700

21,108,430

Global Industries Ltd. (a)

2,926,465

14,105,561

Grant Prideco, Inc. (a)

504,400

5,926,700

Nabors Industries Ltd. (a)

594,610

23,516,826

National-Oilwell, Inc. (a)

1,114,600

24,521,200

Noble Corp. (a)

908,400

31,158,120

Schlumberger Ltd. (NY Shares)

807,300

38,403,261

Smith International, Inc. (a)

887,300

32,599,402

Tidewater, Inc.

765,200

22,473,924

Transocean, Inc.

404,400

8,884,668

Varco International, Inc. (a)

1,266,100

24,815,560

Weatherford International Ltd. (a)

1,042,440

43,678,236

412,013,185

Oil & Gas - 0.8%

Apache Corp.

445,410

28,978,375

Burlington Resources, Inc.

272,800

14,750,296

YUKOS Corp. sponsored ADR

458,625

25,522,481

69,251,152

TOTAL ENERGY

481,264,337

FINANCIALS - 12.0%

Capital Markets - 2.3%

Bank of New York Co., Inc.

957,300

27,522,375

Charles Schwab Corp.

4,444,750

44,847,528

Goldman Sachs Group, Inc.

508,000

42,545,000

Merrill Lynch & Co., Inc.

964,600

45,027,528

Morgan Stanley

853,300

36,478,575

Nomura Holdings, Inc.

983,000

12,516,434

208,937,440

Common Stocks - continued

Shares

Value (Note 1)

FINANCIALS - continued

Commercial Banks - 2.3%

Bank of America Corp.

622,500

$ 49,196,175

Bank One Corp.

2,207,690

82,081,914

Fifth Third Bancorp

1,026,300

58,848,042

UCBH Holdings, Inc.

673,700

19,321,716

209,447,847

Consumer Finance - 1.9%

American Express Co.

1,210,900

50,627,729

MBNA Corp.

3,775,730

78,686,213

SLM Corp.

1,086,300

42,550,371

171,864,313

Diversified Financial Services - 0.8%

Citigroup, Inc.

1,634,710

69,965,588

Insurance - 3.4%

ACE Ltd.

1,202,200

41,223,438

AFLAC, Inc.

1,573,720

48,391,890

American International Group, Inc.

3,373,366

186,142,336

Travelers Property Casualty Corp.:

Class A

145,447

2,312,607

Class B

1,867,830

29,455,679

307,525,950

Real Estate - 0.0%

Corrections Corp. of America (a)

7,453

188,784

Thrifts & Mortgage Finance - 1.3%

Fannie Mae

1,654,600

111,586,224

TOTAL FINANCIALS

1,079,516,146

HEALTH CARE - 22.4%

Biotechnology - 3.5%

Amgen, Inc. (a)

2,114,200

140,467,448

Biogen, Inc. (a)

16,600

630,800

Cephalon, Inc. (a)

567,700

23,366,532

CSL Ltd.

917,900

7,388,106

Genentech, Inc. (a)

626,400

45,175,968

Geneprot, Inc. (d)

826,000

2,891,000

Genzyme Corp. - General Division (a)

501,500

20,962,700

IDEC Pharmaceuticals Corp. (a)

725,900

24,680,600

ImClone Systems, Inc. (a)

653,447

20,661,994

MedImmune, Inc. (a)

602,600

21,916,562

Tanox, Inc. (a)

523,600

8,403,780

316,545,490

Health Care Equipment & Supplies - 3.1%

Alcon, Inc.

1,302,700

59,533,390

Boston Scientific Corp. (a)

1,117,700

68,291,470

Medtronic, Inc.

1,929,700

92,567,709

Orthologic Corp. (a)

3,336

15,312

St. Jude Medical, Inc. (a)

1,019,400

58,615,500

279,023,381

Shares

Value (Note 1)

Health Care Providers & Services - 0.6%

McKesson Corp.

1,209,600

$ 43,231,104

WebMD Corp. (a)

884,060

9,574,370

52,805,474

Pharmaceuticals - 15.2%

Abbott Laboratories

2,938,100

128,571,256

Barr Laboratories, Inc. (a)

779,550

51,060,525

Eli Lilly & Co.

645,770

44,538,757

Johnson & Johnson

5,467,620

282,675,954

Merck & Co., Inc.

3,810,860

230,747,573

Pfizer, Inc.

11,090,325

378,734,594

Schering-Plough Corp.

3,851,900

71,645,340

Teva Pharmaceutical Industries Ltd. sponsored ADR

708,577

40,339,289

Wyeth

3,049,000

138,881,950

1,367,195,238

TOTAL HEALTH CARE

2,015,569,583

INDUSTRIALS - 5.3%

Aerospace & Defense - 1.1%

Goodrich Corp.

1,061,300

22,287,300

Lockheed Martin Corp.

786,220

37,400,485

Northrop Grumman Corp.

465,200

40,142,108

99,829,893

Airlines - 0.6%

Delta Air Lines, Inc.

2,001,800

29,386,424

Northwest Airlines Corp. (a)

2,108,986

23,810,452

53,196,876

Commercial Services & Supplies - 1.1%

ChoicePoint, Inc. (a)

242,300

8,364,196

Corinthian Colleges, Inc. (a)

462,600

22,468,482

Monster Worldwide, Inc.

1,282,889

25,311,400

Robert Half International, Inc. (a)

2,212,700

41,908,538

98,052,616

Industrial Conglomerates - 2.4%

3M Co.

201,100

25,937,878

General Electric Co.

3,635,440

104,264,419

Tyco International Ltd.

4,780,300

90,730,094

220,932,391

Machinery - 0.1%

Joy Global, Inc. (a)

385,600

5,695,312

TOTAL INDUSTRIALS

477,707,088

INFORMATION TECHNOLOGY - 33.2%

Communications Equipment - 4.6%

3Com Corp. (a)

2,736,300

12,805,884

Advanced Fibre Communications, Inc. (a)

991,100

16,125,197

Cisco Systems, Inc. (a)

5,544,920

92,544,715

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Emulex Corp. (a)

149,500

$ 3,404,115

Foundry Networks, Inc. (a)

1,539,100

22,163,040

Harris Corp.

1,192,900

35,846,645

Juniper Networks, Inc. (a)

2,984,900

36,923,213

Motorola, Inc.

5,924,050

55,863,792

Nortel Networks Corp. (a)

17,706,000

47,806,200

QUALCOMM, Inc.

668,800

23,909,600

Scientific-Atlanta, Inc.

958,300

22,845,872

Telefonaktiebolaget LM Ericsson ADR (a)

4,073,400

43,300,242

413,538,515

Computers & Peripherals - 4.0%

Apple Computer, Inc. (a)

1,614,100

30,861,592

ATI Technologies, Inc. (a)

1,222,400

12,153,257

Dell Computer Corp. (a)

5,549,500

177,362,020

EMC Corp. (a)

919,300

9,625,071

International Business Machines Corp.

316,570

26,117,025

Lexmark International, Inc. Class A (a)

702,400

49,708,848

Network Appliance, Inc. (a)

1,440,300

23,347,263

Sun Microsystems, Inc. (a)

6,957,500

32,004,500

361,179,576

Electronic Equipment & Instruments - 2.1%

Agilent Technologies, Inc. (a)

3,235,860

63,261,063

Amphenol Corp. Class A (a)

511,691

23,957,373

Celestica, Inc. (sub. vtg.) (a)

1,222,530

19,157,022

Flextronics International Ltd. (a)

856,400

8,897,996

National Instruments Corp. (a)

472,451

17,849,199

Sanmina-SCI Corp. (a)

4,656,200

29,380,622

Waters Corp. (a)

832,300

24,244,899

186,748,174

Internet Software & Services - 1.1%

EarthLink, Inc. (a)

1,541,175

12,159,871

Overture Services, Inc. (a)

1,500,637

27,206,549

Yahoo!, Inc. (a)

1,922,788

62,990,535

102,356,955

IT Services - 1.8%

Concord EFS, Inc. (a)

589,900

8,683,328

First Data Corp.

2,202,400

91,267,456

Paychex, Inc.

2,171,900

63,658,389

163,609,173

Semiconductors & Semiconductor Equipment - 12.5%

Advanced Micro Devices, Inc. (a)

3,202,400

20,527,384

Agere Systems, Inc.:

Class A (a)

10,101,845

23,537,299

Class B (a)

11,223,709

25,814,531

Altera Corp. (a)

1,352,100

22,174,440

Analog Devices, Inc. (a)

1,550,700

53,995,374

Applied Materials, Inc. (a)

4,140,600

65,669,916

ASML Holding NV (NY Shares) (a)

7,007,587

66,992,532

Shares

Value (Note 1)

Atmel Corp. (a)

7,940,400

$ 20,089,212

Broadcom Corp. Class A (a)

2,142,700

53,374,657

Cabot Microelectronics Corp. (a)

183,200

9,246,104

Chartered Semiconductor Manufacturing Ltd. ADR (a)

1,653,600

8,516,040

Cypress Semiconductor Corp. (a)

1,827,700

21,932,400

Integrated Circuit Systems, Inc. (a)

410,800

12,911,444

Integrated Device Technology, Inc. (a)

2,430,100

26,852,605

Intel Corp.

7,907,700

164,353,637

Intersil Corp. Class A (a)

1,431,301

38,086,920

KLA-Tencor Corp. (a)

953,920

44,347,741

Lam Research Corp. (a)

2,537,800

46,213,338

LSI Logic Corp. (a)

2,769,000

19,604,520

Marvell Technology Group Ltd. (a)

1,155,400

39,711,098

Micron Technology, Inc. (a)

4,519,400

52,560,622

National Semiconductor Corp. (a)

582,200

11,480,984

NVIDIA Corp. (a)

1,970,283

45,336,212

QLogic Corp. (a)

524,437

25,346,040

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (a)

5,423,232

54,666,179

Teradyne, Inc. (a)

2,072,400

35,873,244

Texas Instruments, Inc.

4,084,650

71,889,840

United Microelectronics Corp. sponsored ADR (a)

5,672,400

21,271,500

Xilinx, Inc. (a)

739,500

18,716,745

1,121,092,558

Software - 7.1%

Adobe Systems, Inc.

1,295,600

41,549,892

Business Objects SA sponsored ADR (a)

396,100

8,694,395

Cadence Design Systems, Inc. (a)

1,955,800

23,586,948

Compuware Corp. (a)

3,338,056

19,260,583

Electronic Arts, Inc. (a)

913,884

67,618,277

Hyperion Solutions Corp. (a)

287,607

9,709,612

Microsoft Corp.

13,295,677

340,502,288

Nintendo Co. Ltd.

139,900

10,204,086

Synopsys, Inc. (a)

662,478

40,974,264

Take-Two Interactive Software, Inc. (a)

1,168,500

33,115,290

VERITAS Software Corp. (a)

1,482,331

42,498,430

637,714,065

TOTAL INFORMATION TECHNOLOGY

2,986,239,016

MATERIALS - 1.8%

Chemicals - 0.7%

Dow Chemical Co.

846,900

26,220,024

Lyondell Chemical Co.

3,010,600

40,733,418

66,953,442

Construction Materials - 0.3%

Florida Rock Industries, Inc.

582,600

24,049,728

Containers & Packaging - 0.2%

Owens-Illinois, Inc. (a)

1,034,200

14,240,934

Common Stocks - continued

Shares

Value (Note 1)

MATERIALS - continued

Metals & Mining - 0.6%

Arch Coal, Inc.

949,500

$ 21,819,510

CONSOL Energy, Inc.

384,500

8,743,530

Massey Energy Co.

1,174,400

15,443,360

Peabody Energy Corp.

264,200

8,874,478

54,880,878

TOTAL MATERIALS

160,124,982

TELECOMMUNICATION SERVICES - 0.7%

Wireless Telecommunication Services - 0.7%

Nextel Communications, Inc. Class A (a)

1,386,500

25,067,920

Vodafone Group PLC sponsored ADR

1,826,400

35,888,760

60,956,680

TOTAL COMMON STOCKS

(Cost $7,536,439,726)

8,943,397,915

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies Series E (d)

88,646

88,646

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $1,528,257)

88,646

Convertible Bonds - 0.0%

Principal Amount

INFORMATION TECHNOLOGY - 0.0%

Semiconductors & Semiconductor Equipment - 0.0%

Micron Technology, Inc. 2.5% 2/1/10 (c)

$ 1,523,000

1,827,600

TOTAL CONVERTIBLE BONDS

(Cost $1,523,000)

1,827,600

Money Market Funds - 1.3%

Shares

Fidelity Cash Central Fund, 1.18% (b)

105,859,455

105,859,455

Fidelity Securities Lending Cash Central Fund, 1.19% (b)

13,809,300

13,809,300

TOTAL MONEY MARKET FUNDS

(Cost $119,668,755)

119,668,755

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $7,659,159,738)

9,064,982,916

NET OTHER ASSETS - (0.8)%

(73,873,673)

NET ASSETS - 100%

$ 8,991,109,243

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $1,827,600 or 0.0% of net assets.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

Chorum Technologies Series E

9/19/00

$ 1,528,257

Geneprot, Inc.

7/7/00

$ 4,543,000

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $2,452,653,342 and $2,679,967,996, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $413,077 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,979,646 or 0.0% of net assets.

The fund participated in the interfund lending program as a borrower. The average daily loan balance during the period for which the loans were outstanding amounted to $22,562,583. The weighted average interest rate was 1.39%. At period end there were no interfund loans outstanding.

Income Tax Information

At December 31, 2002, the fund had a capital loss carryforward of approximately $4,287,791,000 of which $2,090,079,000 and $2,197,712,000 will expire on December 31, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Growth Portfolio

Fidelity Variable Insurance Products: Growth Portfolio

Financial Statements

Statement of Assets and Liabilities

June 30, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $13,280,873) (cost $7,659,159,738) - See accompanying schedule

$ 9,064,982,916

Foreign currency held at value (cost $160,261)

160,140

Receivable for investments sold

6,892,466

Receivable for fund shares sold

5,213,511

Dividends receivable

6,189,174

Interest receivable

56,806

Redemption fees receivable

10

Other receivables

1,148,940

Total assets

9,084,643,963

Liabilities

Payable for investments purchased

$ 53,159,380

Payable for fund shares redeemed

21,581,186

Accrued management fee

4,435,200

Distribution fees payable

173,693

Other payables and accrued expenses

375,961

Collateral on securities loaned, at value

13,809,300

Total liabilities

93,534,720

Net Assets

$ 8,991,109,243

Net Assets consist of:

Paid in capital

$ 12,320,315,028

Undistributed net investment income

12,944,578

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(4,747,970,767)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

1,405,820,404

Net Assets

$ 8,991,109,243

Initial Class:
Net Asset Value, offering price and redemption price per share ($7,444,464,668 ÷ 280,856,552 shares)

$ 26.51

Service Class:
Net Asset Value, offering price and redemption price per share ($1,184,483,129 ÷ 44,846,953 shares)

$ 26.41

Service Class 2:
Net Asset Value, offering price and redemption price per share ($361,651,753 ÷ 13,770,302 shares)

$ 26.26

Service Class 2R:
Net Asset Value, offering price and redemption price per share ($509,693 ÷ 19,453 shares)

$ 26.20

Statement of Operations

Six months ended June 30, 2003 (Unaudited)

Investment Income

Dividends

$ 39,738,324

Interest

714,237

Security lending

130,432

Total income

40,582,993

Expenses

Management fee

$ 24,297,641

Transfer agent fees

2,859,164

Distribution fees

889,189

Accounting and security lending fees

408,147

Non-interested trustees' compensation

15,819

Depreciation in deferred trustee compensation account

(36,778)

Custodian fees and expenses

65,677

Audit

46,742

Legal

14,849

Interest

10,486

Miscellaneous

161,416

Total expenses before reductions

28,732,352

Expense reductions

(1,413,315)

27,319,037

Net investment income (loss)

13,263,956

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(313,113,971)

Foreign currency transactions

(56,481)

Total net realized gain (loss)

(313,170,452)

Change in net unrealized appreciation (depreciation) on:

Investment securities

1,361,132,642

Assets and liabilities in foreign currencies

(619)

Total change in net unrealized appreciation (depreciation)

1,361,132,023

Net gain (loss)

1,047,961,571

Net increase (decrease) in net assets resulting from operations

$ 1,061,225,527

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Variable Insurance Products: Growth Portfolio
Financial Statements - continued

Statement of Changes in Net Assets

Six months ended June 30, 2003
(Unaudited)

Year ended
December 31, 2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 13,263,956

$ 24,471,733

Net realized gain (loss)

(313,170,452)

(2,263,336,460)

Change in net unrealized appreciation (depreciation)

1,361,132,023

(1,669,661,651)

Net increase (decrease) in net assets resulting from operations

1,061,225,527

(3,908,526,378)

Distributions to shareholders from net investment income

(23,104,405)

(25,839,894)

Share transactions - net increase (decrease)

(360,651,094)

(1,057,887,768)

Redemption fees

435

134

Total increase (decrease) in net assets

677,470,463

(4,992,253,906)

Net Assets

Beginning of period

8,313,638,780

13,305,892,686

End of period (including undistributed net investment income of $12,944,578 and undistributed net investment income of $22,669,639, respectively)

$ 8,991,109,243

$ 8,313,638,780

Other Information:

Share Transactions

Six months ended June 30, 2003 (Unaudited)

Initial Class

Service Class

Service Class 2

Service Class 2R

Shares

Sold

12,260,756

4,550,069

5,828,400

14,693

Reinvested

941,499

102,591

14,708

31

Redeemed

(31,718,625)

(5,161,367)

(2,350,846)

(4,340)

Net increase (decrease)

(18,516,370)

(508,707)

3,492,262

10,384

Dollars

Sold

$ 297,648,018

$ 110,622,660

$ 140,187,600

$ 371,400

Reinvested

20,552,932

2,232,378

318,424

671

Redeemed

(755,505,403)

(121,473,153)

(55,502,416)

(104,205)

Net increase (decrease)

$ (437,304,453)

$ (8,618,115)

$ 85,003,608

$ 267,866

Share Transactions

Year ended December 31, 2002

Initial Class

Service Class

Service Class 2

Service Class 2R A

Shares

Sold

27,701,250

7,846,255

8,720,137

9,679

Reinvested

745,326

62,377

7,951

-

Redeemed

(69,998,416)

(12,009,200)

(4,193,267)

(610)

Net increase (decrease)

(41,551,840)

(4,100,568)

4,534,821

9,069

Dollars

Sold

$ 783,515,852

$ 225,005,883

$ 237,415,474

$ 256,038

Reinvested

23,619,367

1,970,483

250,044

-

Redeemed

(1,899,343,201)

(321,589,917)

(108,973,421)

(14,370)

Net increase (decrease)

$ (1,092,207,982)

$ (94,613,551)

$ 128,692,097

$ 241,668

Distributions

Six months ended June 30, 2003 (Unaudited)

Initial Class

Service Class

Service Class 2

Service Class 2R

From net investment income

$ 20,552,932

$ 2,232,378

$ 318,424

$ 671

From net realized gain

-

-

-

-

Total

$ 20,552,932

$ 2,232,378

$ 318,424

$ 671

Year ended December 31, 2002

Initial Class

Service Class

Service Class 2

Service Class 2R A

From net investment income

$ 23,619,367

$ 1,970,483

$ 250,044

$ -

From net realized gain

-

-

-

-

Total

$ 23,619,367

$ 1,970,483

$ 250,044

$ -

A For the period April 24, 2002 (commencement of sale of shares) to December 31, 2002.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Initial Class

Six months ended
June 30, 2003

Years ended December 31,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 23.44

$ 33.61

$ 43.66

$ 54.93

$ 44.87

$ 37.10

Income from Investment Operations

Net investment income (loss) E

.04

.07

.07

.03

.07

.08

Net realized and unrealized gain (loss)

3.10

(10.17)

(7.27)

(5.27)

15.10

12.85

Total from investment operations

3.14

(10.10)

(7.20)

(5.24)

15.17

12.93

Distributions from net investment income

(.07)

(.07)

(.03)

(.06)

(.08)

(.19)

Distributions from net realized gain

-

-

(2.82)

(5.97)

(5.03)

(4.97)

Total distributions

(.07)

(.07)

(2.85)

(6.03)

(5.11)

(5.16)

Redemption fees added to paid in capital E, G

-

-

-

-

-

-

Net asset value, end of period

$ 26.51

$ 23.44

$ 33.61

$ 43.66

$ 54.93

$ 44.87

Total Return B, C, D

13.46%

(30.10)%

(17.67)%

(10.96)%

37.44%

39.49%

Ratios to Average Net Assets F

Expenses before expense reductions

.67% A

.67%

.68%

.65%

.66%

.68%

Expenses net of voluntary waivers, if any

.67% A

.67%

.68%

.65%

.66%

.68%

Expenses net of all reductions

.63% A

.61%

.65%

.64%

.65%

.66%

Net investment income (loss)

.34% A

.25%

.19%

.07%

.14%

.21%

Supplemental Data

Net assets, end of period (000 omitted)

$ 7,444,465

$ 7,016,147

$ 11,458,659

$ 15,517,271

$ 17,142,411

$ 11,243,824

Portfolio turnover rate

60% A

90%

105%

103%

84%

123%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. D Total returns would have been lower had certain expenses not been reduced during the periods shown. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. GAmount represents less than $.01 per-share.

Financial Highlights - Service Class

Six months ended
June 30, 2003

Years ended December 31,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 23.34

$ 33.48

$ 43.51

$ 54.80

$ 44.82

$ 37.09

Income from Investment Operations

Net investment income (loss) E

.03

.04

.03

(.02)

.02

.06

Net realized and unrealized gain (loss)

3.09

(10.14)

(7.24)

(5.25)

15.07

12.83

Total from investment operations

3.12

(10.10)

(7.21)

(5.27)

15.09

12.89

Distributions from net investment income

(.05)

(.04)

-

(.05)

(.08)

(.19)

Distributions from net realized gain

-

-

(2.82)

(5.97)

(5.03)

(4.97)

Total distributions

(.05)

(.04)

(2.82)

(6.02)

(5.11)

(5.16)

Redemption fees added to paid in capital E, G

-

-

-

-

-

-

Net asset value, end of period

$ 26.41

$ 23.34

$ 33.48

$ 43.51

$ 54.80

$ 44.82

Total Return B, C, D

13.41%

(30.20)%

(17.74)%

(11.05)%

37.29%

39.38%

Ratios to Average Net Assets F

Expenses before expense reductions

.77% A

.77%

.78%

.76%

.77%

.80%

Expenses net of voluntary waivers, if any

.77% A

.77%

.78%

.76%

.77%

.80%

Expenses net of all reductions

.73% A

.71%

.75%

.74%

.75%

.75%

Net investment income (loss)

.24% A

.15%

.09%

(.04)%

.04%

.15%

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,184,483

$ 1,058,738

$ 1,655,758

$ 1,847,051

$ 916,330

$ 136,142

Portfolio turnover rate

60% A

90%

105%

103%

84%

123%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. D Total returns would have been lower had certain expenses not been reduced during the periods shown. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Amount represents less than $.01 per-share.

Financial Highlights - Service Class 2

Six months ended June 30, 2003

Years ended December 31,

(Unaudited)

2002

2001

2000 F

Selected Per-Share Data

Net asset value, beginning of period

$ 23.21

$ 33.34

$ 43.43

$ 53.40

Income from Investment Operations

Net investment income (loss) E

.01

- H

(.02)

(.09)

Net realized and unrealized gain (loss)

3.07

(10.09)

(7.22)

(3.86)

Total from investment operations

3.08

(10.09)

(7.24)

(3.95)

Distributions from net investment income

(.03)

(.04)

(.03)

(.05)

Distributions from net realized gain

-

-

(2.82)

(5.97)

Total distributions

(.03)

(.04)

(2.85)

(6.02)

Redemption fees added to paid in capital E, H

-

-

-

-

Net asset value, end of period

$ 26.26

$ 23.21

$ 33.34

$ 43.43

Total Return B, C, D

13.30%

(30.30)%

(17.87)%

(8.88)%

Ratios to Average Net Assets G

Expenses before expense reductions

.92% A

.93%

.93%

.91% A

Expenses net of voluntary waivers, if any

.92% A

.93%

.93%

.91% A

Expenses net of all reductions

.89% A

.87%

.90%

.90% A

Net investment income (loss)

.08% A

(.01)%

(.06)%

(.19)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 361,652

$ 238,543

$ 191,475

$ 57,095

Portfolio turnover rate

60% A

90%

105%

103%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. D Total returns would have been lower had certain expenses not been reduced during the periods shown. E Calculated based on average shares outstanding during the period. F For the period January 12, 2000 (commencement of sale of shares) to December 31, 2000. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.01 per-share.

Financial Highlights - Service Class 2R

Six months ended
June 30, 2003

Year ended
December 31,

(Unaudited)

2002 F

Selected Per-Share Data

Net asset value, beginning of period

$ 23.20

$ 31.05

Income from Investment Operations

Net investment income (loss) E

.01

(.01)

Net realized and unrealized gain (loss)

3.06

(7.84)

Total from investment operations

3.07

(7.85)

Distributions from net investment income

(.07)

-

Redemption fees added to paid in capital E, H

-

-

Net asset value, end of period

$ 26.20

$ 23.20

Total Return B, C, D

13.30%

(25.28)%

Ratios to Average Net Assets G

Expenses before expense reductions

.93% A

.96% A

Expenses net of voluntary waivers, if any

.93% A

.96% A

Expenses net of all reductions

.89% A

.90% A

Net investment income (loss)

.08% A

(.03)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 510

$ 210

Portfolio turnover rate

60% A

90%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. D Total returns would have been lower had certain expenses not been reduced during the periods shown. E Calculated based on average shares outstanding during the period. FFor the period April 24, 2002 (commencement of sale of shares) to December 31, 2002. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2003 (Unaudited)

1. Significant Accounting Policies.

Growth Portfolio (the fund) is a fund of Variable Insurance Products Fund (the trust) (referred to in this report as Fidelity Variable Insurance Products: Growth Portfolio) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Service Class 2R shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the fund. Each class differs with respect to distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Growth Portfolio

Income Tax Information and Distributions to Shareholders - continued

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 1,767,464,895

|

Unrealized depreciation

(451,914,509)

Net unrealized appreciation (depreciation)

$ 1,315,550,386

Cost for federal income tax purposes

$ 7,749,432,530

Trading (Redemption) Fees. Service Class 2R shares held less than 60 days are subject to a short-term trading fee equal to 1% of the proceeds of the redeemed shares. The fee, which is retained by the fund, is accounted for as an addition to paid in capital.

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of FMR, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's and Service Class 2R's average net assets.

For the period, each class paid FDC the following amounts, all of which were re-allowed to insurance companies, for the distribution of shares and providing shareholder support services:

Service Class

$ 536,213

|

Service Class 2

352,647

Service Class 2R

329

$ 889,189

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays a portion of the expenses related to the typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the transfer agent fees of the fund were equivalent to an annualized rate of .07% of average net assets.

For the period, the following amounts were paid to FIIOC:

Initial Class

$ 2,382,969

|

Service Class

371,290

Service Class 2

104,799

Service Class 2R

106

$ 2,859,164

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $697,576 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. Information regarding the fund's participation in the program is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services included payments of certain expenses on behalf of the fund totaling $1,413,315 for the period.

8. Other Information.

At the end of the period, FMR or its affiliates were the owners of record of 12% of the total outstanding shares of the fund and two unaffiliated shareholders were the owners of record of 37% of the total outstanding shares of the fund.

Growth Portfolio

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Adviser

FMR Co., Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Shareholder Servicing Agent

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Custodian

Mellon Bank, N.A.
Pittsburgh, PA

VIPGRWT-SANN-0803
1.705692.105

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Reserved

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Reserved

Item 9. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Variable Insurance Products Fund: Growth Portfolio's (the "Fund") 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 Fund 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 Fund'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 half-year that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting.

Item 10. Exhibits

(a)

(1)

Not applicable.

(a)

(2)

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

(b)

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

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

By:

/s/Maria Dwyer

Maria Dwyer

President and Treasurer

Date:

August 25, 2003

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/Maria Dwyer

Maria Dwyer

President and Treasurer

Date:

August 25, 2003

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

August 25, 2003