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 811-3329

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:	September 30, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Equity-Income Portfolio

September 30, 2007

1.808778.103

VIPEI-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
CONSUMER DISCRETIONARY - 10.6%
Auto Components - 0.3%
American Axle & Manufacturing Holdings, Inc.	344,527		$ 8,699,307
The Goodyear Tire & Rubber Co. (a)	881,100		26,794,251
TRW Automotive Holdings Corp. (a)	130,000		4,118,400
			39,611,958
Automobiles - 1.3%
Ford Motor Co.	2,890,630		24,541,449
General Motors Corp. (d)	432,600		15,876,420
Harley-Davidson, Inc.	47,800		2,208,838
Hyundai Motor Co.	195,980		15,825,735
Monaco Coach Corp.	485,150		6,806,655
Peugeot Citroen SA	269,100		22,210,674
Renault SA	117,501		17,027,084
Toyota Motor Corp. sponsored ADR	398,700		46,592,082
Winnebago Industries, Inc. (d)	349,700		8,350,836
			159,439,773
Diversified Consumer Services - 0.3%
H&R Block, Inc.	862,270		18,262,879
Service Corp. International	1,298,000		16,744,200
			35,007,079
Hotels, Restaurants & Leisure - 0.3%
McDonald's Corp.	340,200		18,530,694
Wyndham Worldwide Corp.	418,802		13,719,954
			32,250,648
Household Durables - 1.1%
Beazer Homes USA, Inc.	608,000		5,016,000
Black & Decker Corp.	230,000		19,159,000
Centex Corp.	409,300		10,875,101
KB Home	226,400		5,673,584
Lennar Corp. Class A (d)	674,700		15,281,955
The Stanley Works	355,730		19,967,125
Whirlpool Corp.	679,334		60,528,659
			136,501,424
Internet & Catalog Retail - 0.2%
Liberty Media Corp. - Interactive Series A (a)	1,355,269		26,034,717
Leisure Equipment & Products - 0.6%
Brunswick Corp.	1,296,457		29,637,007
Eastman Kodak Co. (d)	1,346,200		36,024,312
			65,661,319
Media - 3.6%
Belo Corp. Series A	412,394		7,159,160
Citadel Broadcasting Corp.	1,425,863		5,931,590
Clear Channel Communications, Inc.	2,816,500		105,449,760
Comcast Corp. Class A	2,265,536		54,780,660
E.W. Scripps Co. Class A	269,879		11,334,918
Gannett Co., Inc.	533,900		23,331,430

	Shares		Value
News Corp. Class B	1,248,804		$ 29,209,526
The McClatchy Co. Class A (d)	1,365,303		27,278,754
The New York Times Co. Class A (d)	985,108		19,465,734
The Walt Disney Co.	618,500		21,270,215
Time Warner Cable, Inc.	648,700		21,277,360
Time Warner, Inc.	5,290,050		97,125,318
Viacom, Inc. Class B (non-vtg.) (a)	81,679		3,183,031
Virgin Media, Inc.	478,187		11,605,598
			438,403,054
Multiline Retail - 1.1%
Family Dollar Stores, Inc.	722,000		19,176,320
Kohl's Corp. (a)	95,500		5,475,015
Macy's, Inc.	1,075,500		34,760,160
Nordstrom, Inc.	348,300		16,331,787
Retail Ventures, Inc. (a)	653,788		6,805,933
Sears Holdings Corp. (a)	237,500		30,210,000
Target Corp.	237,200		15,078,804
Tuesday Morning Corp.	555,523		4,994,152
			132,832,171
Specialty Retail - 1.6%
Advance Auto Parts, Inc.	308,458		10,351,850
AnnTaylor Stores Corp. (a)	269,191		8,525,279
Chico's FAS, Inc. (a)	994,100		13,967,105
Circuit City Stores, Inc.	843,700		6,673,667
Gap, Inc.	1,100,200		20,287,688
Home Depot, Inc.	2,154,600		69,895,224
OfficeMax, Inc.	233,100		7,988,337
RadioShack Corp.	590,100		12,191,466
Staples, Inc.	728,645		15,658,581
Williams-Sonoma, Inc.	649,000		21,170,380
			186,709,577
Textiles, Apparel & Luxury Goods - 0.2%
Liz Claiborne, Inc.	621,415		21,333,177
TOTAL CONSUMER DISCRETIONARY			1,273,784,897
CONSUMER STAPLES - 5.1%
Beverages - 0.5%
Anheuser-Busch Companies, Inc.	783,150		39,149,669
Heineken NV (Bearer)	383,154		25,144,297
			64,293,966
Food & Staples Retailing - 1.5%
CVS Caremark Corp.	1,021,100		40,466,193
Rite Aid Corp. (a)(d)	2,226,768		10,287,668
Wal-Mart Stores, Inc.	2,762,400		120,578,760
Winn-Dixie Stores, Inc. (a)	237,142		4,439,298
			175,771,919
Food Products - 0.9%
Hershey Co.	854,300		39,648,063
Kraft Foods, Inc. Class A	584,254		20,162,606
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - continued
Marine Harvest ASA (a)	18,535,000		$ 23,585,624
Tyson Foods, Inc. Class A	1,138,400		20,320,440
			103,716,733
Household Products - 0.6%
Kimberly-Clark Corp.	357,900		25,146,054
Procter & Gamble Co.	669,842		47,116,686
			72,262,740
Personal Products - 0.8%
Avon Products, Inc.	2,258,370		84,756,626
Estee Lauder Companies, Inc. Class A	285,700		12,130,822
			96,887,448
Tobacco - 0.8%
Altria Group, Inc.	1,389,905		96,640,095
TOTAL CONSUMER STAPLES			609,572,901
ENERGY - 16.3%
Energy Equipment & Services - 3.7%
Baker Hughes, Inc.	1,316,200		118,944,994
Halliburton Co.	1,367,595		52,515,648
Nabors Industries Ltd. (a)	1,127,113		34,681,267
Noble Corp.	1,131,000		55,475,550
Pride International, Inc. (a)	238,000		8,698,900
Schlumberger Ltd. (NY Shares)	1,690,557		177,508,485
			447,824,844
Oil, Gas & Consumable Fuels - 12.6%
Apache Corp.	538,680		48,513,521
BP PLC sponsored ADR	324,500		22,504,075
Chevron Corp.	2,216,142		207,386,568
ConocoPhillips	1,770,600		155,405,562
CONSOL Energy, Inc.	95,500		4,450,300
Devon Energy Corp.	53,900		4,484,480
EOG Resources, Inc.	713,300		51,592,989
Exxon Mobil Corp.	7,732,136		715,686,503
Hess Corp.	729,600		48,540,288
Lukoil Oil Co. sponsored ADR	254,900		21,136,308
Occidental Petroleum Corp.	1,035,400		66,348,432
Royal Dutch Shell PLC Class A sponsored ADR	76,900		6,319,642
Spectra Energy Corp.	409,800		10,031,904
Total SA sponsored ADR	984,633		79,784,812
Valero Energy Corp.	754,620		50,695,372
Williams Companies, Inc.	512,700		17,462,562
			1,510,343,318
TOTAL ENERGY			1,958,168,162

	Shares		Value
FINANCIALS - 25.7%
Capital Markets - 3.4%
Ameriprise Financial, Inc.	320,402		$ 20,220,570
Ares Capital Corp.	597,691		9,724,433
Bank New York Mellon Corp.	3,382,595		149,307,743
KKR Private Equity Investors, LP	616,300		12,202,740
KKR Private Equity Investors, LP Restricted Depositary Units (e)	643,800		12,747,240
Legg Mason, Inc.	114,600		9,659,634
Merrill Lynch & Co., Inc.	1,059,800		75,542,544
Morgan Stanley	1,442,400		90,871,200
State Street Corp.	444,453		30,293,916
			410,570,020
Commercial Banks - 4.8%
Associated Banc-Corp. (d)	796,996		23,614,991
Barclays PLC Sponsored ADR (d)	628,100		30,538,222
HSBC Holdings PLC sponsored ADR	661,900		61,291,940
KeyCorp (d)	705,300		22,802,349
Lloyds TSB Group PLC	2,033,200		22,570,363
Marshall & Ilsley Corp.	514,000		22,497,780
PNC Financial Services Group, Inc.	796,014		54,208,553
Royal Bank of Scotland Group PLC	1,653,864		17,767,151
Sterling Financial Corp., Washington	151,064		4,065,132
U.S. Bancorp, Delaware (d)	1,379,738		44,882,877
Wachovia Corp.	2,911,957		146,034,644
Wells Fargo & Co.	3,645,200		129,842,024
			580,116,026
Consumer Finance - 0.5%
American Express Co.	564,296		33,502,254
Discover Financial Services (a)	1,199,098		24,941,238
			58,443,492
Diversified Financial Services - 7.4%
Bank of America Corp.	7,527,077		378,386,161
Citigroup, Inc.	5,545,719		258,818,706
FirstRand Ltd.	3,704,192		11,884,993
JPMorgan Chase & Co.	5,351,012		245,183,370
			894,273,230
Insurance - 6.8%
ACE Ltd.	1,514,096		91,708,795
AFLAC, Inc.	201,800		11,510,672
Allstate Corp.	956,200		54,685,078
American International Group, Inc.	4,305,450		291,263,693
Hartford Financial Services Group, Inc.	769,900		71,254,245
MetLife, Inc. unit	758,600		26,019,980
Montpelier Re Holdings Ltd.	1,408,300		24,926,910
Paris RE Holdings Ltd.	327,700		7,897,373
PartnerRe Ltd.	543,124		42,901,365
Swiss Reinsurance Co. (Reg.)	233,164		20,769,752
The Travelers Companies, Inc.	2,078,296		104,621,421
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Willis Group Holdings Ltd.	774,800		$ 31,720,312
XL Capital Ltd. Class A	420,471		33,301,303
			812,580,899
Real Estate Investment Trusts - 0.6%
Annaly Capital Management, Inc.	873,800		13,919,634
Developers Diversified Realty Corp.	354,700		19,817,089
HCP, Inc.	726,700		24,104,639
Senior Housing Properties Trust (SBI)	502,056		11,075,355
			68,916,717
Real Estate Management & Development - 0.0%
CB Richard Ellis Group, Inc. Class A (a)	214,900		5,982,816
Thrifts & Mortgage Finance - 2.2%
Countrywide Financial Corp.	396,510		7,537,655
Fannie Mae	2,465,910		149,951,987
Freddie Mac	1,106,400		65,288,664
MGIC Investment Corp.	564,352		18,234,213
New York Community Bancorp, Inc.	1,029,020		19,602,831
People's United Financial, Inc.	243,300		4,204,224
			264,819,574
TOTAL FINANCIALS			3,095,702,774
HEALTH CARE - 7.0%
Biotechnology - 0.3%
Amgen, Inc. (a)	775,022		43,842,995
Health Care Equipment & Supplies - 0.8%
Baxter International, Inc.	605,637		34,085,250
Covidien Ltd. (a)	1,038,336		43,090,944
Medtronic, Inc.	293,600		16,561,976
			93,738,170
Health Care Providers & Services - 0.2%
UnitedHealth Group, Inc.	408,247		19,771,402
Pharmaceuticals - 5.7%
Bristol-Myers Squibb Co.	1,688,500		48,662,570
Eli Lilly & Co.	216,500		12,325,345
Johnson & Johnson	1,701,600		111,795,120
Merck & Co., Inc.	1,981,300		102,413,397
Pfizer, Inc.	8,618,800		210,557,284
Schering-Plough Corp.	3,378,936		106,875,746
Wyeth	2,061,300		91,830,915
			684,460,377
TOTAL HEALTH CARE			841,812,944
INDUSTRIALS - 9.7%
Aerospace & Defense - 2.5%
General Dynamics Corp.	287,000		24,242,890
Honeywell International, Inc.	2,060,525		122,539,422
Lockheed Martin Corp.	486,000		52,726,140

	Shares		Value
Northrop Grumman Corp.	194,300		$ 15,155,400
United Technologies Corp.	1,046,140		84,193,347
			298,857,199
Airlines - 0.2%
AMR Corp. (a)	517,400		11,532,846
Delta Air Lines, Inc. (a)	305,400		5,481,930
US Airways Group, Inc. (a)	108,500		2,848,125
			19,862,901
Building Products - 0.2%
Masco Corp.	1,130,100		26,184,417
Commercial Services & Supplies - 0.3%
Cintas Corp.	305,400		11,330,340
Equifax, Inc.	150,881		5,751,584
Waste Management, Inc.	704,300		26,580,282
			43,662,206
Electrical Equipment - 0.4%
Emerson Electric Co.	923,100		49,127,382
Industrial Conglomerates - 2.8%
3M Co.	920,700		86,159,106
General Electric Co.	4,464,190		184,817,466
Textron, Inc.	373,400		23,229,214
Tyco International Ltd.	1,030,936		45,711,702
			339,917,488
Machinery - 2.6%
Briggs & Stratton Corp. (d)	1,081,488		27,231,868
Bucyrus International, Inc. Class A	162,400		11,843,832
Caterpillar, Inc.	336,200		26,368,166
Deere & Co.	79,400		11,784,548
Dover Corp.	933,266		47,549,903
Eaton Corp.	225,100		22,293,904
Illinois Tool Works, Inc.	323,800		19,311,432
Ingersoll-Rand Co. Ltd. Class A	764,988		41,668,896
Navistar International Corp. (a)	293,095		18,083,962
SPX Corp.	902,289		83,515,870
			309,652,381
Road & Rail - 0.7%
Burlington Northern Santa Fe Corp.	724,500		58,807,665
Union Pacific Corp.	245,500		27,756,230
			86,563,895
TOTAL INDUSTRIALS			1,173,827,869
INFORMATION TECHNOLOGY - 10.1%
Communications Equipment - 1.5%
Alcatel-Lucent SA sponsored ADR	2,960,722		30,140,150
Cisco Systems, Inc. (a)	1,994,900		66,051,139
Harris Corp.	542,600		31,356,854
Lucent Technologies, Inc. warrants 12/10/07 (a)	8,328		92
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Motorola, Inc.	2,733,712		$ 50,655,683
Nortel Networks Corp. (a)	308,740		5,234,144
			183,438,062
Computers & Peripherals - 2.9%
EMC Corp. (a)	2,608,800		54,263,040
Hewlett-Packard Co.	2,637,611		131,326,652
Imation Corp.	268,166		6,578,112
International Business Machines Corp.	1,167,600		137,543,280
Sun Microsystems, Inc. (a)	3,352,675		18,808,507
			348,519,591
Electronic Equipment & Instruments - 1.3%
Agilent Technologies, Inc. (a)	767,900		28,320,152
Arrow Electronics, Inc. (a)	695,400		29,568,408
Avnet, Inc. (a)	754,530		30,075,566
Solectron Corp. (a)	4,997,600		19,490,640
Tektronix, Inc.	452,007		12,538,674
Tyco Electronics Ltd. (a)	1,038,336		36,788,244
			156,781,684
Internet Software & Services - 0.2%
Google, Inc. Class A (sub. vtg.) (a)	33,880		19,219,108
IT Services - 0.4%
MoneyGram International, Inc.	895,100		20,220,309
The Western Union Co.	1,125,200		23,595,444
Unisys Corp. (a)	1,162,000		7,692,440
			51,508,193
Office Electronics - 0.3%
Xerox Corp. (a)	1,952,835		33,862,159
Semiconductors & Semiconductor Equipment - 2.6%
Analog Devices, Inc.	1,118,400		40,441,344
Applied Materials, Inc.	2,379,700		49,259,790
Intel Corp.	4,834,900		125,030,514
LSI Corp. (a)	1,413,200		10,485,944
Micron Technology, Inc. (a)	1,341,600		14,891,760
National Semiconductor Corp.	2,040,447		55,336,923
Novellus Systems, Inc. (a)	265,166		7,228,425
Teradyne, Inc. (a)	1,074,900		14,833,620
			317,508,320
Software - 0.9%
Microsoft Corp.	2,563,500		75,520,710
Symantec Corp. (a)	1,337,133		25,913,638
			101,434,348
TOTAL INFORMATION TECHNOLOGY			1,212,271,465
MATERIALS - 3.3%
Chemicals - 1.8%
Air Products & Chemicals, Inc.	475,500		46,484,880

	Shares		Value
Arkema (a)	12,180		$ 741,816
Arkema sponsored ADR (a)	224,254		13,601,005
Bayer AG sponsored ADR	223,500		17,734,725
Celanese Corp. Class A	620,800		24,198,784
Chemtura Corp.	2,658,064		23,630,189
Dow Chemical Co.	656,400		28,264,584
E.I. du Pont de Nemours & Co.	480,200		23,798,712
Georgia Gulf Corp. (d)	789,000		10,967,100
H.B. Fuller Co.	389,950		11,573,716
PolyOne Corp. (a)	1,185,313		8,854,288
Rohm & Haas Co.	153,456		8,542,896
			218,392,695
Containers & Packaging - 0.3%
Smurfit-Stone Container Corp. (a)	2,533,472		29,590,953
Metals & Mining - 1.0%
Alcan, Inc.	410,200		40,929,257
Alcoa, Inc.	1,751,471		68,517,546
Century Aluminum Co. (a)	164,000		8,634,600
			118,081,403
Paper & Forest Products - 0.2%
Glatfelter	302,858		4,494,413
Weyerhaeuser Co.	301,800		21,820,140
			26,314,553
TOTAL MATERIALS			392,379,604
TELECOMMUNICATION SERVICES - 7.3%
Diversified Telecommunication Services - 6.4%
AT&T, Inc.	12,291,869		520,068,977
Qwest Communications International, Inc. (a)	5,408,300		49,540,028
Telkom SA Ltd. sponsored ADR (d)	311,575		31,609,284
Verizon Communications, Inc.	3,929,202		173,985,065
			775,203,354
Wireless Telecommunication Services - 0.9%
Sprint Nextel Corp.	3,436,500		65,293,500
Vodafone Group PLC sponsored ADR	1,163,687		42,241,838
			107,535,338
TOTAL TELECOMMUNICATION SERVICES			882,738,692
UTILITIES - 2.9%
Electric Utilities - 1.3%
Allegheny Energy, Inc.	499,300		26,093,418
Entergy Corp.	600,300		65,006,487
Exelon Corp.	630,100		47,484,336
PPL Corp.	458,600		21,233,180
			159,817,421
Gas Utilities - 0.0%
AGL Resources, Inc.	142,500		5,645,850
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Independent Power Producers & Energy Traders - 0.6%
AES Corp. (a)	1,928,158		$ 38,640,286
TXU Corp.	445,240		30,485,583
			69,125,869
Multi-Utilities - 1.0%
Public Service Enterprise Group, Inc.	864,400		76,058,556
Wisconsin Energy Corp.	861,000		38,770,830
			114,829,386
TOTAL UTILITIES			349,418,526
TOTAL COMMON STOCKS (Cost $8,057,969,643)		11,789,677,834
Preferred Stocks - 0.8%

Convertible Preferred Stocks - 0.8%
CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.1%
General Motors Corp.:
Series B, 5.25%	412,200		8,746,884
Series C, 6.25%	286,800		6,997,920
			15,744,804
Hotels, Restaurants & Leisure - 0.1%
Six Flags, Inc. 7.25% PIERS	404,400		8,189,100
TOTAL CONSUMER DISCRETIONARY			23,933,904
HEALTH CARE - 0.2%
Pharmaceuticals - 0.2%
Schering-Plough Corp. 6.00%	95,600		26,427,664
MATERIALS - 0.4%
Chemicals - 0.1%
Celanese Corp. 4.25%	67,100		3,381,169
Metals & Mining - 0.3%
Freeport-McMoRan Copper & Gold, Inc. 6.75%	239,000		36,985,250
TOTAL MATERIALS			40,366,419
TELECOMMUNICATION SERVICES - 0.0%
Diversified Telecommunication Services - 0.0%
Cincinnati Bell, Inc. Series B, 6.75%	8,500		386,665
TOTAL CONVERTIBLE PREFERRED STOCKS			91,114,652

	Shares		Value
Nonconvertible Preferred Stocks - 0.0%
FINANCIALS - 0.0%
Thrifts & Mortgage Finance - 0.0%
Fannie Mae 7.00%	7,400		$ 384,800
TOTAL PREFERRED STOCKS (Cost $78,915,875)		91,499,452

Corporate Bonds - 0.9%
	Principal Amount
Convertible Bonds - 0.8%
CONSUMER DISCRETIONARY - 0.3%
Automobiles - 0.1%
Ford Motor Co. 4.25% 12/15/36	$ 10,280,000		11,950,500
Hotels, Restaurants & Leisure - 0.0%
Six Flags, Inc. 4.5% 5/15/15	3,650,000		3,125,313
Media - 0.2%
Liberty Media Corp.:
4% 11/15/29 (e)	3,260,000		2,099,440
3.5% 1/15/31 (e)	9,513,733		8,945,402
News America, Inc. liquid yield option note 0% 2/28/21 (e)	23,920,000		14,202,500
			25,247,342
TOTAL CONSUMER DISCRETIONARY			40,323,155
INDUSTRIALS - 0.1%
Airlines - 0.1%
UAL Corp. 4.5% 6/30/21 (e)	8,960,000		13,303,808
INFORMATION TECHNOLOGY - 0.2%
Semiconductors & Semiconductor Equipment - 0.2%
Advanced Micro Devices, Inc.:
6% 5/1/15 (e)	14,340,000		12,870,150
6% 5/1/15	4,780,000		4,290,050
			17,160,200
TELECOMMUNICATION SERVICES - 0.2%
Diversified Telecommunication Services - 0.2%
Level 3 Communications, Inc.:
3.5% 6/15/12	6,320,000		6,841,400
5.25% 12/15/11 (e)	12,040,000		15,667,050
5.25% 12/15/11	4,100,000		5,335,125
			27,843,575
TOTAL CONVERTIBLE BONDS			98,630,738
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - 0.1%
MATERIALS - 0.1%
Chemicals - 0.1%
Hercules, Inc. 6.5% 6/30/29 unit	$ 15,700,000		$ 14,027,417
TOTAL CORPORATE BONDS (Cost $106,566,192)		112,658,155
Money Market Funds - 1.3%
	Shares
Fidelity Securities Lending Cash Central Fund, 5.17% (b)(c) (Cost $159,487,878)	159,487,878		159,487,878
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 3.95%, dated 9/28/07 due 10/1/07 (Collateralized by U.S. Government Obligations) # (Cost $3,330,000)	$ 3,331,096		3,330,000

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $8,406,269,588)

12,156,653,319

NET OTHER ASSETS - (1.0)%			(118,572,301)
NET ASSETS - 100%		$ 12,038,081,018

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.

(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 $79,835,590 or 0.7% of net assets.

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

Repurchase Agreement / Counterparty	Value
$3,330,000 due 10/01/07 at 3.95%
Banc of America Securities LLC	$ 680,762
Barclays Capital, Inc.	1,067,054
Deutsche Bank Securities, Inc.	1,582,184
	$ 3,330,000

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	$ 717,457
Fidelity Securities Lending Cash Central Fund	1,547,897
Total	$ 2,265,354

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $8,412,568,538. Net unrealized appreciation aggregated $3,744,084,781, of which $4,171,948,568 related to appreciated investment securities and $427,863,787 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please call Fidelity at 1-800-634-9361 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:
Growth Portfolio

September 30, 2007

1.808779.103

VIPGRWT-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
CONSUMER DISCRETIONARY - 2.8%
Distributors - 0.2%
Li & Fung Ltd.	3,080,000		$ 13,074,603
Hotels, Restaurants & Leisure - 1.2%
BJ's Restaurants, Inc. (a)	190,992		4,020,382
McCormick & Schmick's Seafood Restaurants (a)	487,327		9,176,367
McDonald's Corp.	869,200		47,345,324
Starbucks Corp. (a)	1,348,454		35,329,495
			95,871,568
Household Durables - 1.0%
Tele Atlas NV (a)	251,200		7,307,508
TomTom Group BV (a)(d)	989,135		76,886,710
			84,194,218
Leisure Equipment & Products - 0.2%
Nikon Corp.	365,000		12,471,477
Media - 0.2%
National CineMedia, Inc.	819,490		18,356,576
TOTAL CONSUMER DISCRETIONARY			223,968,442
CONSUMER STAPLES - 5.8%
Beverages - 0.6%
PepsiCo, Inc.	642,529		47,071,675
Food & Staples Retailing - 1.5%
CVS Caremark Corp.	1,646,785		65,262,090
Walgreen Co.	1,093,700		51,666,388
			116,928,478
Food Products - 1.0%
Nestle SA sponsored ADR	725,200		81,149,880
Household Products - 2.7%
Colgate-Palmolive Co.	602,200		42,948,904
Procter & Gamble Co.	2,478,031		174,304,701
			217,253,605
TOTAL CONSUMER STAPLES			462,403,638
ENERGY - 11.2%
Energy Equipment & Services - 4.1%
Cameron International Corp. (a)	216,400		19,971,556
FMC Technologies, Inc. (a)	357,100		20,590,386
National Oilwell Varco, Inc. (a)	279,874		40,441,793
Schlumberger Ltd. (NY Shares)	2,341,834		245,892,570
			326,896,305
Oil, Gas & Consumable Fuels - 7.1%
Canadian Natural Resources Ltd.	1,086,300		82,534,769
Chesapeake Energy Corp.	1,207,791		42,586,711
Copano Energy LLC	187,783		6,897,270
Denbury Resources, Inc. (a)	647,400		28,932,306
EnCana Corp.	239,600		14,816,893
Enterprise Products Partners LP	492,700		14,904,175
EOG Resources, Inc.	790,931		57,208,039

	Shares		Value
Gazprom OAO sponsored ADR	1,151,675		$ 50,673,700
Petroplus Holdings AG	232,327		20,495,626
Ultra Petroleum Corp. (a)	1,096,726		68,040,881
Valero Energy Corp.	1,341,000		90,088,380
Williams Companies, Inc.	2,531,847		86,234,709
Williams Partners LP	169,400		6,999,608
			570,413,067
TOTAL ENERGY			897,309,372
FINANCIALS - 9.4%
Capital Markets - 4.0%
Charles Schwab Corp.	5,102,972		110,224,195
Goldman Sachs Group, Inc.	415,100		89,968,774
Janus Capital Group, Inc.	1,087,600		30,757,328
Northern Trust Corp.	561,079		37,182,705
T. Rowe Price Group, Inc.	937,719		52,221,571
			320,354,573
Commercial Banks - 2.9%
Commerce Bancorp, Inc. (d)	5,612,604		217,656,783
East West Bancorp, Inc.	398,622		14,334,447
			231,991,230
Diversified Financial Services - 0.2%
CME Group, Inc.	28,800		16,915,680
Insurance - 2.3%
AFLAC, Inc.	693,120		39,535,565
AMBAC Financial Group, Inc.	671,500		42,244,065
American International Group, Inc.	550,066		37,211,965
MBIA, Inc.	594,333		36,284,030
Willis Group Holdings Ltd.	796,700		32,616,898
			187,892,523
TOTAL FINANCIALS			757,154,006
HEALTH CARE - 12.5%
Biotechnology - 5.0%
Acorda Therapeutics, Inc. (a)(d)	1,272,583		23,351,898
Altus Pharmaceuticals, Inc. (a)	1,229,209		12,894,402
Amylin Pharmaceuticals, Inc. (a)(d)	495,033		24,751,650
Biogen Idec, Inc. (a)	2,667,567		176,939,719
CSL Ltd.	659,505		62,821,528
Genentech, Inc. (a)	460,900		35,959,418
Gilead Sciences, Inc. (a)	1,549,284		63,319,237
			400,037,852
Health Care Equipment & Supplies - 2.7%
Alcon, Inc.	54,500		7,843,640
ArthroCare Corp. (a)	255,015		14,252,788
Becton, Dickinson & Co.	729,600		59,863,680
C.R. Bard, Inc.	505,300		44,562,407
Cochlear Ltd.	355,296		24,589,677
DENTSPLY International, Inc.	931,714		38,796,571
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Mindray Medical International Ltd. sponsored ADR (d)	181,400		$ 7,791,130
Sirona Dental Systems, Inc. (a)	423,041		15,089,872
			212,789,765
Health Care Providers & Services - 1.3%
Henry Schein, Inc. (a)	1,005,175		61,154,847
Medco Health Solutions, Inc. (a)	437,700		39,563,703
VCA Antech, Inc. (a)	178,102		7,435,759
			108,154,309
Life Sciences Tools & Services - 1.0%
Covance, Inc. (a)(d)	943,520		73,500,208
Waters Corp. (a)	118,300		7,916,636
			81,416,844
Pharmaceuticals - 2.5%
Allergan, Inc.	912,600		58,835,322
Merck & Co., Inc.	2,737,300		141,491,037
			200,326,359
TOTAL HEALTH CARE			1,002,725,129
INDUSTRIALS - 11.3%
Air Freight & Logistics - 0.1%
C.H. Robinson Worldwide, Inc.	137,560		7,468,132
Airlines - 0.2%
Ryanair Holdings PLC sponsored ADR (a)	371,200		15,408,512
Commercial Services & Supplies - 0.0%
Equifax, Inc.	115,258		4,393,635
Construction & Engineering - 2.7%
Fluor Corp.	561,000		80,772,780
Foster Wheeler Ltd. (a)	319,500		41,943,960
Jacobs Engineering Group, Inc. (a)	676,200		51,107,196
KBR, Inc.	1,124,679		43,603,805
			217,427,741
Electrical Equipment - 4.8%
ABB Ltd. sponsored ADR	9,826,800		257,756,964
Alstom SA	265,527		53,982,919
Gamesa Corporacion Tecnologica, SA	117,020		4,780,840
GrafTech International Ltd. (a)	437,365		7,802,592
Q-Cells AG (a)	86,650		8,859,460
Vestas Wind Systems AS (a)	698,400		55,174,636
			388,357,411
Industrial Conglomerates - 2.8%
McDermott International, Inc. (a)	4,092,328		221,313,098
Machinery - 0.7%
Eaton Corp.	75,800		7,507,232
Harsco Corp.	132,700		7,865,129

	Shares		Value
IDEX Corp.	102,300		$ 3,722,697
Sulzer AG (Reg.)	25,546		36,646,326
			55,741,384
TOTAL INDUSTRIALS			910,109,913
INFORMATION TECHNOLOGY - 41.4%
Communications Equipment - 13.0%
Cisco Systems, Inc. (a)	9,350,300		309,588,433
Corning, Inc.	5,689,000		140,233,850
Harris Corp.	659,700		38,124,063
Nice Systems Ltd. sponsored ADR (a)	1,451,567		52,024,161
Nokia Corp. sponsored ADR	5,624,300		213,329,699
Polycom, Inc. (a)	1,079,386		28,992,308
Research In Motion Ltd. (a)	2,606,400		256,860,733
			1,039,153,247
Computers & Peripherals - 6.4%
Dell, Inc. (a)	3,387,691		93,500,272
Diebold, Inc.	584,243		26,536,317
EMC Corp. (a)	18,780,544		390,635,313
			510,671,902
Electronic Equipment & Instruments - 0.8%
Amphenol Corp. Class A	1,566,764		62,294,537
Itron, Inc. (a)	53,661		4,994,229
			67,288,766
Internet Software & Services - 6.2%
eBay, Inc. (a)	1,505,141		58,730,602
Google, Inc. Class A (sub. vtg.) (a)	650,300		368,895,681
Omniture, Inc. (a)	683,506		20,723,902
VeriSign, Inc. (a)(d)	1,469,700		49,587,678
			497,937,863
IT Services - 5.4%
Cognizant Technology Solutions Corp. Class A (a)	1,045,400		83,391,558
ExlService Holdings, Inc.	1,152,549		24,503,192
Infosys Technologies Ltd.	1,164,339		55,567,389
Infosys Technologies Ltd. sponsored ADR	642,300		31,080,897
Mastercard, Inc. Class A	336,100		49,732,717
Paychex, Inc. (d)	358,648		14,704,568
The Western Union Co.	7,556,824		158,466,599
WNS Holdings Ltd. ADR (a)	871,100		14,982,920
			432,429,840
Semiconductors & Semiconductor Equipment - 6.2%
Applied Materials, Inc.	8,896,100		184,149,270
Broadcom Corp. Class A (a)	7,665,910		279,345,760
MediaTek, Inc.	2,068,650		37,271,831
			500,766,861
Software - 3.4%
Activision, Inc. (a)	2,631,589		56,816,007
Cadence Design Systems, Inc. (a)	992,800		22,030,232
Electronic Arts, Inc. (a)	760,987		42,607,662
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Nintendo Co. Ltd.	168,100		$ 87,210,283
Red Hat, Inc. (a)	1,807,219		35,909,442
Salesforce.com, Inc. (a)	318,871		16,364,460
THQ, Inc. (a)	470,225		11,746,221
			272,684,307
TOTAL INFORMATION TECHNOLOGY			3,320,932,786
MATERIALS - 2.3%
Chemicals - 1.9%
Monsanto Co.	1,213,400		104,036,916
The Mosaic Co. (a)	247,400		13,240,848
Zoltek Companies, Inc. (a)(d)	712,042		31,066,392
			148,344,156
Metals & Mining - 0.4%
ArcelorMittal SA (NY Shares) Class A	423,100		33,154,116
TOTAL MATERIALS			181,498,272
TELECOMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 0.4%
AT&T, Inc.	827,815		35,024,853
Wireless Telecommunication Services - 0.6%
America Movil SAB de CV Series L sponsored ADR	712,500		45,600,000
TOTAL TELECOMMUNICATION SERVICES			80,624,853
UTILITIES - 0.6%
Independent Power Producers & Energy Traders - 0.6%
Dynegy, Inc. Class A (a)	5,421,902		50,098,374
TOTAL COMMON STOCKS (Cost $6,104,190,034)		7,886,824,785
Money Market Funds - 3.2%
	Shares		Value
Fidelity Cash Central Fund, 5.12% (b)	175,419,628		$ 175,419,628
Fidelity Securities Lending Cash Central Fund, 5.17% (b)(c)	85,096,510		85,096,510
TOTAL MONEY MARKET FUNDS (Cost $260,516,138)		260,516,138

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $6,364,706,172)

8,147,340,923

NET OTHER ASSETS - (1.5)%		(123,835,127)
NET ASSETS - 100%		$ 8,023,505,796

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	$ 2,339,159
Fidelity Securities Lending Cash Central Fund	1,713,952
Total	$ 4,053,111

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $6,369,518,548. Net unrealized appreciation aggregated $1,777,822,375, of which $1,860,636,783 related to appreciated investment securities and $82,814,408 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
High Income Portfolio

September 30, 2007

1.808795.103

VIPHI-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 83.3%
	Principal Amount		Value
Convertible Bonds - 0.8%
Energy - 0.3%
Chesapeake Energy Corp. 2.75% 11/15/35	$ 3,460,000		$ 3,797,350
Shipping - 0.2%
Horizon Lines, Inc. 4.25% 8/15/12 (e)	2,622,000		2,808,162
Technology - 0.3%
Advanced Micro Devices, Inc. 6% 5/1/15	1,420,000		1,274,450
Nortel Networks Corp. 1.75% 4/15/12 (e)	1,974,000		1,649,514
			2,923,964
TOTAL CONVERTIBLE BONDS			9,529,476
Nonconvertible Bonds - 82.5%
Aerospace - 1.2%
Bombardier, Inc.:
7.45% 5/1/34 (e)	6,226,000		6,163,740
8% 11/15/14 (e)	2,595,000		2,711,775
L-3 Communications Corp.:
6.375% 10/15/15	1,220,000		1,195,600
7.625% 6/15/12	4,705,000		4,810,863
			14,881,978
Air Transportation - 2.1%
American Airlines, Inc. pass thru trust certificates:
6.817% 5/23/11	7,425,000		7,202,250
8.608% 10/1/12	535,000		541,688
AMR Corp. 9% 8/1/12	1,980,000		2,009,700
Continental Airlines, Inc. 7.339% 4/19/14	1,100,000		1,045,000
Continental Airlines, Inc.:
7.875% 7/2/18	1,132,082		1,112,271
9.558% 9/1/19	1,629,989		1,719,638
Continental Airlines, Inc. pass thru trust certificates:
7.566% 9/15/21	630,795		618,179
7.73% 9/15/12	318,910		311,734
8.312% 10/2/12	306,540		300,409
8.388% 5/1/22	585,291		580,902
9.798% 4/1/21	8,143,265		8,550,428
United Air Lines, Inc. pass-thru certificates Class B, 7.336% 7/2/19	3,300,000		3,135,000
			27,127,199
Auto Parts Distribution - 0.1%
ArvinMeritor, Inc. 8.125% 9/15/15	1,460,000		1,416,200
Automotive - 4.2%
Ford Motor Co. 7.45% 7/16/31	5,555,000		4,360,675

	Principal Amount		Value
Ford Motor Credit Co. LLC:
7% 10/1/13	$ 5,205,000		$ 4,749,563
7.375% 10/28/09	1,945,000		1,907,183
7.8% 6/1/12	3,000,000		2,835,000
8.11% 1/13/12 (f)	8,215,000		7,742,638
10.9444% 6/15/11 (f)	4,999,000		5,048,990
General Motors Acceptance Corp.:
6.75% 12/1/14	2,085,000		1,907,775
6.875% 9/15/11	6,550,000		6,255,250
8% 11/1/31	1,895,000		1,847,625
General Motors Corp.:
7.125% 7/15/13	1,945,000		1,784,538
8.25% 7/15/23	1,945,000		1,701,875
8.375% 7/15/33	1,780,000		1,566,400
GMAC LLC:
6% 12/15/11	2,740,000		2,507,100
6.625% 5/15/12	9,615,000		8,941,950
			53,156,562
Broadcasting - 0.4%
Nexstar Broadcasting, Inc. 7% 1/15/14	3,015,000		2,894,400
Nexstar Finance Holdings LLC/Nexstar Finance Holdings, Inc. 0% 4/1/13 (c)	1,850,000		1,822,250
			4,716,650
Building Materials - 0.4%
Anixter International, Inc. 5.95% 3/1/15	1,540,000		1,401,400
Belden, Inc. 7% 3/15/17 (e)	2,170,000		2,137,450
General Cable Corp. 7.125% 4/1/17	1,280,000		1,267,200
			4,806,050
Cable TV - 3.2%
Cablevision Systems Corp. 8% 4/15/12	2,095,000		2,026,913
Charter Communications Holdings I LLC:
9.92% 4/1/14	7,090,000		6,097,400
11.125% 1/15/14	2,970,000		2,769,525
12.125% 1/15/15 (d)	2,915,000		2,754,675
Charter Communications Holdings I LLC/Charter Communications Holdings I Capital Corp. 11% 10/1/15	1,380,000		1,400,700
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp. 10.25% 9/15/10	1,735,000		1,782,713
CSC Holdings, Inc. 7.625% 7/15/18	1,165,000		1,112,575
DirecTV Holdings LLC/DirecTV Financing, Inc. 6.375% 6/15/15	1,070,000		1,016,500
EchoStar Communications Corp.:
6.375% 10/1/11	1,170,000		1,158,300
6.625% 10/1/14	3,190,000		3,205,950
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Cable TV - continued
EchoStar Communications Corp.: - continued
7% 10/1/13	$ 3,890,000		$ 3,987,250
Kabel Deutschland GmbH 10.625% 7/1/14	4,635,000		4,913,100
NTL Cable PLC 9.125% 8/15/16	1,380,000		1,431,750
Umbrella Acquisition, Inc. 9.75% 3/15/15 pay-in-kind (e)	7,285,000		7,139,300
			40,796,651
Capital Goods - 1.0%
Leucadia National Corp.:
7% 8/15/13	335,000		321,600
7.125% 3/15/17	8,230,000		7,839,075
Sensus Metering Systems, Inc. 8.625% 12/15/13	4,325,000		4,216,875
			12,377,550
Chemicals - 3.3%
Chemtura Corp. 6.875% 6/1/16	2,640,000		2,504,832
Equistar Chemicals LP 7.55% 2/15/26	1,750,000		1,522,500
Equistar Chemicals LP/Equistar Funding Corp.:
8.75% 2/15/09	1,740,000		1,783,500
10.125% 9/1/08	1,040,000		1,071,200
Lyondell Chemical Co.:
6.875% 6/15/17	7,590,000		8,273,100
8% 9/15/14	3,110,000		3,401,563
8.25% 9/15/16	2,110,000		2,371,113
Momentive Performance Materials, Inc. 9.75% 12/1/14 (e)	9,250,000		9,111,250
Nalco Co.:
7.75% 11/15/11	3,005,000		3,065,100
8.875% 11/15/13	260,000		273,000
Nell AF Sarl 8.375% 8/15/15 (e)	765,000		684,675
NOVA Chemicals Corp. 8.4838% 11/15/13 (f)	2,425,000		2,367,406
Phibro Animal Health Corp.:
10% 8/1/13 (e)	2,440,000		2,476,600
13% 8/1/14 (e)	3,010,000		3,070,200
			41,976,039
Consumer Products - 0.3%
ALH Finance LLC/ALH Finance Corp. 8.5% 1/15/13	1,625,000		1,568,125
Jostens Holding Corp. 0% 12/1/13 (c)	3,050,000		2,867,000
			4,435,125
Containers - 0.8%
BWAY Corp. 10% 10/15/10	4,985,000		5,109,625

	Principal Amount		Value
Crown Americas LLC/Crown Americas Capital Corp. 7.75% 11/15/15	$ 1,570,000		$ 1,613,175
Greif, Inc. 6.75% 2/1/17	3,800,000		3,800,000
			10,522,800
Diversified Financial Services - 0.5%
Residential Capital Corp.:
6.125% 11/21/08	590,000		528,050
7.375% 6/30/10 (d)	3,300,000		2,739,000
7.5% 4/17/13	1,160,000		936,700
7.875% 6/30/15 (d)	2,280,000		1,841,100
Residential Capital LLC 6.2238% 6/9/08 (f)	975,000		901,875
			6,946,725
Diversified Media - 1.8%
LBI Media Holdings, Inc. 0% 10/15/13 (c)	6,440,000		5,892,600
Liberty Media Corp. 8.25% 2/1/30	1,870,000		1,832,600
Nielsen Finance LLC/Co.:
0% 8/1/16 (c)	3,435,000		2,395,913
10% 8/1/14	3,570,000		3,775,275
Quebecor Media, Inc.:
7.75% 3/15/16	5,920,000		5,653,600
7.75% 3/15/16 (e)	2,880,000		2,700,000
			22,249,988
Drug Stores - 0.5%
Rite Aid Corp. 7.5% 3/1/17	7,110,000		6,718,950
Electric Utilities - 3.7%
AES Corp. 7.75% 3/1/14	1,420,000		1,437,750
AES Gener SA 7.5% 3/25/14	165,000		172,425
Aquila, Inc. 14.875% 7/1/12	2,555,000		3,219,300
Edison Mission Energy 7.2% 5/15/19 (e)	1,005,000		984,900
Intergen NV 9% 6/30/17 (e)	3,950,000		4,157,375
Mirant Americas Generation LLC:
8.5% 10/1/21	1,525,000		1,456,375
9.125% 5/1/31	1,270,000		1,270,000
NRG Energy, Inc.:
7.375% 2/1/16	5,825,000		5,846,844
7.375% 1/15/17	4,155,000		4,160,194
NSG Holdings II, LLC 7.75% 12/15/25 (e)	7,230,000		7,193,850
Reliant Energy, Inc.:
7.625% 6/15/14	3,860,000		3,879,300
7.875% 6/15/17	3,800,000		3,800,000
Tenaska Alabama Partners LP 7% 6/30/21 (e)	2,076,977		2,087,362
Utilicorp Canada Finance Corp. 7.75% 6/15/11	6,740,000		7,043,300
Utilicorp United, Inc. 9.95% 2/1/11 (f)	55,000		59,675
			46,768,650
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Energy - 8.9%
Atlas Pipeline Partners LP 8.125% 12/15/15	$ 4,080,000		$ 4,039,200
Chaparral Energy, Inc.:
8.5% 12/1/15	4,800,000		4,500,000
8.875% 2/1/17 (e)	1,760,000		1,654,400
Chesapeake Energy Corp.:
6.5% 8/15/17	5,020,000		4,881,950
6.625% 1/15/16	2,045,000		2,019,438
6.875% 1/15/16	3,520,000		3,546,400
7.5% 6/15/14	2,095,000		2,147,375
7.75% 1/15/15	4,390,000		4,510,725
Compagnie Generale de Geophysique SA 7.75% 5/15/17	2,250,000		2,317,500
Complete Production Services, Inc. 8% 12/15/16	3,535,000		3,508,488
El Paso Performance-Linked Trust 7.75% 7/15/11 (e)	5,015,000		5,190,525
Energy Partners Ltd.:
9.75% 4/15/14 (e)	2,600,000		2,502,500
10.48% 4/15/13 (e)(f)	2,870,000		2,819,775
Forest Oil Corp.:
7.25% 6/15/19 (e)	4,990,000		5,014,950
7.75% 5/1/14	1,430,000		1,458,600
8% 12/15/11	1,440,000		1,494,000
Hilcorp Energy I LP/Hilcorp Finance Co.:
7.75% 11/1/15 (e)	5,890,000		5,757,475
9% 6/1/16 (e)	3,910,000		4,027,300
OPTI Canada, Inc. 8.25% 12/15/14 (e)	4,175,000		4,222,178
Pan American Energy LLC 7.75% 2/9/12 (e)	4,700,000		4,582,500
Parker Drilling Co. 9.625% 10/1/13	2,960,000		3,159,800
Petrohawk Energy Corp. 9.125% 7/15/13	5,910,000		6,220,275
Pioneer Natural Resources Co. 6.65% 3/15/17	2,800,000		2,618,000
Plains Exploration & Production Co. 7% 3/15/17	4,230,000		3,965,625
Range Resources Corp.:
6.375% 3/15/15 (Reg. S)	885,000		865,088
7.375% 7/15/13	10,075,000		10,276,500
Seitel, Inc. 9.75% 2/15/14	4,330,000		4,091,850
Tesoro Corp. 6.5% 6/1/17 (e)	4,690,000		4,666,550

	Principal Amount		Value
W&T Offshore, Inc. 8.25% 6/15/14 (e)	$ 4,490,000		$ 4,366,525
Williams Partners LP/Williams Partners Finance Corp. 7.25% 2/1/17	2,760,000		2,801,400
			113,226,892
Entertainment/Film - 0.2%
AMC Entertainment, Inc. 8% 3/1/14	2,825,000		2,690,813
Environmental - 0.7%
Allied Waste North America, Inc.:
6.875% 6/1/17	4,655,000		4,660,819
7.125% 5/15/16	3,180,000		3,239,625
Browning-Ferris Industries, Inc. 7.4% 9/15/35	585,000		544,050
			8,444,494
Food and Drug Retail - 0.7%
Albertsons, Inc.:
7.45% 8/1/29	2,280,000		2,194,737
7.75% 6/15/26	2,565,000		2,552,175
8% 5/1/31	1,685,000		1,710,331
SUPERVALU, Inc. 7.5% 11/15/14	2,375,000		2,428,438
			8,885,681
Food/Beverage/Tobacco - 1.0%
Dean Foods Co. 6.9% 10/15/17	2,430,000		2,272,050
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11	3,690,000		3,745,350
Pierre Foods, Inc. 9.875% 7/15/12	3,195,000		2,939,400
Smithfield Foods, Inc. 7.75% 7/1/17	3,030,000		3,105,750
			12,062,550
Gaming - 6.8%
Chukchansi Economic Development Authority:
8% 11/15/13 (e)	3,210,000		3,242,100
8.8588% 11/15/12 (e)(f)	1,010,000		1,010,000
Mandalay Resort Group 9.375% 2/15/10	4,655,000		4,876,113
MGM Mirage, Inc.:
5.875% 2/27/14	1,320,000		1,223,482
6.625% 7/15/15	2,275,000		2,158,406
6.75% 9/1/12	9,015,000		8,879,775
6.75% 4/1/13	510,000		498,525
6.875% 4/1/16	6,155,000		5,901,106
7.625% 1/15/17	9,460,000		9,389,050
Mohegan Tribal Gaming Authority:
6.375% 7/15/09	950,000		944,063
7.125% 8/15/14	2,010,000		2,015,025
Park Place Entertainment Corp. 7% 4/15/13	5,705,000		5,897,544
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Gaming - continued
Scientific Games Corp. 6.25% 12/15/12	$ 3,275,000		$ 3,144,000
Seminole Hard Rock Entertainment, Inc. 8.1944% 3/15/14 (e)(f)	1,520,000		1,485,800
Seneca Gaming Corp.:
Series B, 7.25% 5/1/12	6,495,000		6,559,950
7.25% 5/1/12	6,020,000		6,057,625
Snoqualmie Entertainment Authority:
9.0625% 2/1/14 (e)(f)	3,315,000		3,232,125
9.125% 2/1/15 (e)	1,930,000		1,901,050
Station Casinos, Inc.:
6.625% 3/15/18	470,000		394,800
6.875% 3/1/16	3,795,000		3,330,113
Virgin River Casino Corp./RBG LLC/B&BB, Inc.:
0% 1/15/13 (c)	2,100,000		1,470,000
9% 1/15/12	3,610,000		3,528,775
Wheeling Island Gaming, Inc. 10.125% 12/15/09	5,900,000		5,914,750
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 6.625% 12/1/14	3,550,000		3,487,875
			86,542,052
Healthcare - 5.7%
Community Health Systems, Inc. 8.875% 7/15/15 (e)	1,240,000		1,274,100
FMC Finance III SA 6.875% 7/15/17 (e)	5,460,000		5,419,050
HCA, Inc.:
6.5% 2/15/16	2,670,000		2,269,500
9.125% 11/15/14 (e)	3,950,000		4,177,125
9.25% 11/15/16 (e)	9,334,000		9,905,708
9.625% 11/15/16 pay-in-kind (e)	3,860,000		4,125,375
HealthSouth Corp. 10.75% 6/15/16	2,380,000		2,510,900
IASIS Healthcare LLC/IASIS Capital Corp. 8.75% 6/15/14	2,815,000		2,850,188
Multiplan, Inc. 10.375% 4/15/16 (e)	2,485,000		2,485,000
Omega Healthcare Investors, Inc. 7% 4/1/14	9,970,000		9,945,075
Rural/Metro Corp. 9.875% 3/15/15	840,000		789,600
Service Corp. International:
6.75% 4/1/15	3,165,000		3,133,350
7.5% 4/1/27	6,515,000		6,058,950
Team Finance LLC/Health Finance Corp. 11.25% 12/1/13	4,310,000		4,353,100
United Surgical Partners International, Inc.:
8.875% 5/1/17	1,540,000		1,557,325

	Principal Amount		Value
9.25% 5/1/17 pay-in-kind	$ 1,980,000		$ 1,984,950
US Oncology Holdings, Inc. 10.0094% 3/15/12 pay-in-kind (e)(f)	3,290,000		2,944,550
Ventas Realty LP:
6.5% 6/1/16	1,705,000		1,675,163
6.625% 10/15/14	1,820,000		1,815,450
Viant Holdings, Inc. 10.125% 7/15/17 (e)	3,679,000		3,421,470
			72,695,929
Homebuilding/Real Estate - 1.5%
American Real Estate Partners/American Real Estate Finance Corp.:
7.125% 2/15/13	2,765,000		2,640,575
7.125% 2/15/13 (e)	2,945,000		2,856,650
8.125% 6/1/12	7,950,000		7,870,500
K. Hovnanian Enterprises, Inc.:
6.25% 1/15/15	805,000		635,950
8.875% 4/1/12	1,715,000		1,286,250
KB Home 7.75% 2/1/10	3,315,000		3,165,825
TOUSA, Inc.:
7.5% 3/15/11	410,000		98,400
7.5% 1/15/15	3,140,000		706,500
			19,260,650
Hotels - 0.7%
Grupo Posadas SA de CV 8.75% 10/4/11 (e)	3,875,000		4,000,938
Host Marriott LP 7.125% 11/1/13	5,390,000		5,423,688
			9,424,626
Insurance - 0.5%
Unum Group 7.375% 6/15/32	580,000		602,652
USI Holdings Corp.:
9.4325% 11/15/14 (e)(f)	4,305,000		4,046,700
9.75% 5/15/15 (e)	1,310,000		1,185,550
			5,834,902
Leisure - 2.2%
NCL Corp. Ltd. 10.625% 7/15/14	4,740,000		4,763,700
Royal Caribbean Cruises Ltd.:
7.25% 3/15/18	3,080,000		2,949,100
yankee:
7% 6/15/13	1,210,000		1,203,282
7.25% 6/15/16	1,540,000		1,501,500
7.5% 10/15/27	1,980,000		1,841,400
Six Flags, Inc.:
9.625% 6/1/14	2,200,000		1,826,000
9.75% 4/15/13	2,085,000		1,772,250
Town Sports International Holdings, Inc. 0% 2/1/14 (c)	1,052,000		978,360
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10	5,125,000		5,381,250
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Leisure - continued
Universal City Florida Holding Co. I/II:
8.375% 5/1/10	$ 625,000		$ 628,125
10.1063% 5/1/10 (f)	4,340,000		4,437,650
			27,282,617
Metals/Mining - 5.2%
Arch Western Finance LLC 6.75% 7/1/13	6,050,000		5,868,500
Compass Minerals International, Inc.:
0% 12/15/12 (c)	4,520,000		4,565,200
0% 6/1/13 (c)	8,615,000		8,593,463
Drummond Co., Inc. 7.375% 2/15/16 (e)	7,370,000		6,780,400
FMG Finance Property Ltd.:
9.6213% 9/1/11 (e)(f)	1,200,000		1,248,000
10% 9/1/13 (e)	2,595,000		2,835,038
10.625% 9/1/16 (e)	935,000		1,100,963
Freeport-McMoRan Copper & Gold, Inc.:
8.25% 4/1/15	1,415,000		1,524,663
8.375% 4/1/17	1,485,000		1,614,938
Massey Energy Co. 6.875% 12/15/13	7,890,000		7,317,975
Noranda Aluminium Acquisition Corp. 9.36% 5/15/15 pay-in-kind (e)(f)	3,040,000		2,834,800
Peabody Energy Corp.:
7.375% 11/1/16	2,675,000		2,822,125
7.875% 11/1/26	1,715,000		1,809,325
PNA Group, Inc. 10.75% 9/1/16	4,345,000		4,431,900
PNA Intermediate Holding Corp. 12.5575% 2/15/13 pay-in-kind (e)(f)	1,420,000		1,391,600
RathGibson, Inc. 11.25% 2/15/14	4,820,000		4,892,300
Vedanta Resources PLC 6.625% 2/22/10 (e)	6,335,000		6,271,650
			65,902,840
Paper - 1.6%
Catalyst Paper Corp. 8.625% 6/15/11	1,710,000		1,308,150
Georgia-Pacific Corp.:
7% 1/15/15 (e)	11,005,000		10,674,850
8.875% 5/15/31	2,325,000		2,336,625
Jefferson Smurfit Corp. U.S. 7.5% 6/1/13	2,815,000		2,695,363
Stone Container Finance Co. 7.375% 7/15/14	3,740,000		3,571,700
			20,586,688
Publishing/Printing - 1.1%
Scholastic Corp. 5% 4/15/13	2,755,000		2,383,075

	Principal Amount		Value
The Reader's Digest Association, Inc. 9% 2/15/17 (e)	$ 3,305,000		$ 3,007,550
TL Acquisitions, Inc.:
0% 7/15/15 (c)(e)	1,880,000		1,518,100
10.5% 1/15/15 (e)	2,900,000		2,842,000
Valassis Communications, Inc. 8.25% 3/1/15	4,250,000		3,665,625
			13,416,350
Railroad - 0.4%
Kansas City Southern Railway Co. 7.5% 6/15/09	4,860,000		4,908,600
Restaurants - 0.5%
Landry's Seafood Restaurants, Inc. 7.5% 12/15/14	6,915,000		6,940,931
Services - 3.3%
ARAMARK Corp.:
8.5% 2/1/15	3,640,000		3,703,700
8.8563% 2/1/15 (f)	1,010,000		1,020,100
Ashtead Capital, Inc. 9% 8/15/16 (e)	3,090,000		3,043,650
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:
7.625% 5/15/14	1,590,000		1,550,250
7.75% 5/15/16	4,435,000		4,301,950
8.0575% 5/15/14 (f)	310,000		298,375
Corrections Corp. of America 6.25% 3/15/13	1,570,000		1,558,225
Education Management LLC/Education Management Finance Corp. 10.25% 6/1/16	3,320,000		3,452,800
FTI Consulting, Inc. 7.625% 6/15/13	4,965,000		4,865,700
Iron Mountain, Inc.:
6.625% 1/1/16	575,000		534,750
7.75% 1/15/15	800,000		792,000
8.25% 7/1/11	5,110,000		5,084,450
8.625% 4/1/13	5,270,000		5,335,875
Penhall International Corp. 12% 8/1/14 (e)	1,250,000		1,268,750
Rental Service Corp. 9.5% 12/1/14	2,830,000		2,723,875
Rural/Metro Corp. 0% 3/15/16 (c)	3,185,000		2,325,050
			41,859,500
Shipping - 3.3%
Britannia Bulk PLC 11% 12/1/11	2,885,000		2,928,275
Navios Maritime Holdings, Inc. 9.5% 12/15/14	4,795,000		4,974,813
Ship Finance International Ltd. 8.5% 12/15/13	22,075,000		22,682,045
Teekay Corp. 8.875% 7/15/11	10,618,000		10,989,630
			41,574,763
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Specialty Retailing - 0.4%
Michaels Stores, Inc. 10% 11/1/14	$ 620,000		$ 635,500
VWR Funding, Inc. 10.25% 7/15/15 (e)	4,320,000		4,190,400
			4,825,900
Steels - 0.8%
Steel Dynamics, Inc. 6.75% 4/1/15 (e)	10,060,000		9,733,050
Super Retail - 0.8%
NBC Acquisition Corp. 0% 3/15/13 (c)	1,665,000		1,498,500
Nebraska Book Co., Inc. 8.625% 3/15/12	4,270,000		4,259,325
Toys 'R' US, Inc. 7.625% 8/1/11	4,685,000		4,321,913
			10,079,738
Technology - 4.2%
Advanced Micro Devices, Inc. 7.75% 11/1/12	1,040,000		954,200
Amkor Technology, Inc. 7.75% 5/15/13	840,000		802,200
Flextronics International Ltd.:
6.25% 11/15/14	3,110,000		2,915,625
6.5% 5/15/13	3,260,000		3,117,375
Freescale Semiconductor, Inc.:
8.875% 12/15/14	4,225,000		4,082,618
9.125% 12/15/14 pay-in-kind	2,335,000		2,154,038
9.5694% 12/15/14 (f)	3,625,000		3,403,150
10.125% 12/15/16	3,995,000		3,715,350
FTI Consulting, Inc. 7.75% 10/1/16	1,555,000		1,609,425
Hynix Semiconductor, Inc. 7.875% 6/27/17 (e)	4,850,000		4,680,250
Lucent Technologies, Inc.:
6.45% 3/15/29	3,915,000		3,249,450
6.5% 1/15/28	2,915,000		2,419,450
Nortel Networks Corp.:
9.61% 7/15/11 (e)(f)	3,340,000		3,331,650
10.125% 7/15/13 (e)	1,825,000		1,875,188
NXP BV:
7.875% 10/15/14	815,000		782,400
8.11% 10/15/13 (f)	1,095,000		1,023,825
9.5% 10/15/15	2,000,000		1,870,000
Seagate Technology HDD Holdings 6.8% 10/1/16	5,425,000		5,248,688
Xerox Capital Trust I 8% 2/1/27	6,235,000		6,203,825
			53,438,707
Telecommunications - 7.7%
Cincinnati Bell, Inc. 8.375% 1/15/14	2,410,000		2,391,925
Digicel Group Ltd.:
8.875% 1/15/15 (e)	4,130,000		3,861,550

	Principal Amount		Value
9.125% 1/15/15 pay-in-kind (e)	$ 1,847,000		$ 1,726,945
9.25% 9/1/12 (e)	4,605,000		4,731,638
Intelsat Ltd.:
6.5% 11/1/13	8,880,000		6,748,800
7.625% 4/15/12	7,885,000		6,820,525
9.25% 6/15/16	3,790,000		3,922,650
11.25% 6/15/16	1,580,000		1,694,550
Level 3 Financing, Inc.:
8.75% 2/15/17	1,510,000		1,457,150
9.15% 2/15/15 (f)	4,580,000		4,373,900
9.25% 11/1/14	12,270,000		12,116,625
12.25% 3/15/13	5,355,000		5,970,825
MetroPCS Wireless, Inc.:
9.25% 11/1/14 (e)	2,045,000		2,080,788
9.25% 11/1/14 (e)	1,930,000		1,963,775
Mobile Telesystems Finance SA 8% 1/28/12 (e)	6,558,000		6,713,753
Orascom Telecom Finance SCA 7.875% 2/8/14 (e)	4,560,000		4,332,000
Qwest Corp.:
6.5% 6/1/17 (e)	2,635,000		2,569,125
7.625% 6/15/15	1,970,000		2,068,500
8.9444% 6/15/13 (f)	5,695,000		6,107,888
Rural Cellular Corp. 8.6213% 6/1/13 (e)(f)	3,010,000		3,070,200
Time Warner Telecom Holdings, Inc. 9.25% 2/15/14	1,280,000		1,332,800
U.S. West Communications:
6.875% 9/15/33	3,255,000		3,043,425
7.5% 6/15/23	4,335,000		4,291,650
Windstream Corp.:
8.125% 8/1/13	1,350,000		1,431,000
8.625% 8/1/16	2,565,000		2,744,550
			97,566,537
Textiles & Apparel - 0.8%
Hanesbrands, Inc. 8.7841% 12/15/14 (e)(f)	2,720,000		2,730,200
Levi Strauss & Co.:
8.875% 4/1/16	5,165,000		5,268,300
9.75% 1/15/15	2,165,000		2,275,956
			10,274,456
TOTAL NONCONVERTIBLE BONDS		1,046,356,383
TOTAL CORPORATE BONDS (Cost $1,062,072,016)		1,055,885,859
Commercial Mortgage Securities - 0.0%

LB Multi-family Mortgage Trust Series 1991-4 Class A1, 7.1055% 4/25/21 (e)(f) (Cost $138,617)	178,825		160,943
Common Stocks - 0.4%
	Shares		Value
Air Transportation - 0.4%
Delta Air Lines, Inc. (a)	251,576		$ 4,515,789
Textiles & Apparel - 0.0%
Arena Brands Holding Corp. Class B (a)(g)	48,889		293,334
TOTAL COMMON STOCKS (Cost $7,950,980)		4,809,123
Preferred Stocks - 1.0%

Convertible Preferred Stocks - 0.6%
Electric Utilities - 0.1%
AES Trust III 6.75%	23,200		1,117,080
Energy - 0.5%
El Paso Corp. 4.99%	5,184		7,370,329
TOTAL CONVERTIBLE PREFERRED STOCKS			8,487,409
Nonconvertible Preferred Stocks - 0.4%
Telecommunications - 0.4%
Rural Cellular Corp. 12.25% pay-in-kind	3,862		4,827,500
TOTAL PREFERRED STOCKS (Cost $12,735,150)		13,314,909

Floating Rate Loans - 7.8%
	Principal Amount
Auto Parts Distribution - 0.4%
Federal-Mogul Corp. term loan 6.89% 12/31/07 (f)	$ 3,060,000		3,037,050
Navistar International Corp.:
term loan 8.61% 1/19/12 (f)	1,965,333		1,926,027
Credit-Linked Deposit 8.5908% 1/19/12 (f)	714,667		700,373
			5,663,450
Automotive - 0.5%
Ford Motor Co. term loan 8.7% 12/15/13 (f)	6,581,951		6,368,038
Broadcasting - 0.3%
Univision Communications, Inc.:
Tranche 1LN, term loan 7.61% 9/29/14 (f)	3,983,893		3,764,779
Tranche DD 1LN, term loan 9/29/14 (h)	256,107		242,021
			4,006,800
Cable TV - 1.1%
Charter Communications Operating LLC Tranche B 1LN, term loan 7.13% 3/6/14 (f)	3,995,000		3,865,163

	Principal Amount		Value
CSC Holdings, Inc. Tranche B, term loan 7.5688% 3/31/13 (f)	$ 4,888,125		$ 4,814,803
Insight Midwest Holdings LLC Tranche B, term loan 7.11% 4/6/14 (f)	4,830,000		4,733,400
			13,413,366
Capital Goods - 0.3%
Dresser, Inc.:
Tranche 2LN, term loan 11.1288% 5/4/15 pay-in-kind (f)	3,250,000		3,185,000
Tranche B 1LN, term loan 7.9982% 5/4/14 (f)	425,617		419,233
			3,604,233
Energy - 1.6%
Ashmore Energy International:
Revolving Credit-Linked Deposit 8.0981% 3/30/12 (f)	659,006		642,530
term loan 8.1981% 3/30/14 (f)	4,967,270		4,843,088
Kinder Morgan, Inc. Tranche B, term loan 6.6396% 5/30/14 (f)	7,524,793		7,364,892
NRG Energy, Inc. term loan 6/8/14 (h)	545,018		534,117
Petroleum Geo-Services ASA term loan 6.95% 6/29/15 (f)	2,892,750		2,813,489
Sandridge Energy, Inc. term loan:
8.625% 4/1/15 (f)	3,550,000		3,532,250
8.985% 4/1/14 (f)	660,000		653,400
			20,383,766
Entertainment/Film - 0.3%
Zuffa LLC term loan 7.5625% 6/19/15 (f)	4,418,925		4,076,458
Food/Beverage/Tobacco - 0.1%
Pierre Foods, Inc. Tranche B, term loan 7.78% 6/30/10 (f)	825,455		775,927
Gaming - 0.2%
Fantasy Springs Resort Casino term loan 12.75% 8/6/12 (f)	2,960,000		2,930,400
Healthcare - 0.4%
Community Health Systems, Inc.:
term loan 7.7563% 7/25/14 (f)	5,009,606		4,909,413
Tranche DD, term loan 7/25/14 (h)	330,394		323,787
			5,233,200
Paper - 0.4%
Georgia-Pacific Corp. Tranche B1, term loan 7.4119% 12/23/12 (f)	5,651,489		5,545,524
Services - 1.0%
Adesa, Inc. term loan 7.45% 10/20/13 (f)	5,835,375		5,616,548
NES Rentals Holdings, Inc. Tranche 2, term loan 12.125% 7/20/13 (f)	3,943,252		3,844,671
Floating Rate Loans - continued
	Principal Amount		Value
Services - continued
Penhall International Corp. term loan 12.8238% 4/1/12 (f)	$ 2,211,885		$ 2,167,647
RSC Equipment Rental Tranche 2LN, term loan 8.86% 11/30/13 (f)	550,000		533,500
			12,162,366
Technology - 0.5%
Kronos, Inc.:
Tranche 1LN, term loan 7.4481% 6/11/14 (f)	3,291,750		3,143,621
Tranche 2LN, term loan 10.9481% 6/11/15 (f)	3,190,000		2,934,800
			6,078,421
Telecommunications - 0.5%
Digicel International Finance Ltd. term loan 7.75% 3/30/12 (f)	3,680,000		3,588,000
Level 3 Communications, Inc. term loan 7.61% 3/13/14 (f)	2,500,000		2,453,125
			6,041,125
Textiles & Apparel - 0.2%
Levi Strauss & Co. term loan 7.5681% 4/4/14 (f)	2,310,000		2,171,400
TOTAL FLOATING RATE LOANS (Cost $101,276,755)		98,454,474
Money Market Funds - 7.1%
	Shares
Fidelity Cash Central Fund, 5.12% (b) (Cost $90,670,328)	90,670,328	90,670,328
Cash Equivalents - 0.8%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 3.95%, dated 9/28/07 due 10/1/07 (Collateralized by U.S. Government Obligations) # (Cost $9,512,000)	$ 9,515,131		9,512,000

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $1,284,355,846)

1,272,807,636

NET OTHER ASSETS - (0.4)%		(4,622,326)
NET ASSETS - 100%		$ 1,268,185,310

Legend

(a) Non-income producing

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

(d) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $293,334 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Arena Brands Holding Corp. Class B	6/18/97	$ 1,974,627

(h) Position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $1,131,519 and $1,099,925, respectively. The coupon rate will be determined at time of settlement.

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

Repurchase Agreement / Counterparty	Value
$9,512,000 due 10/01/07 at 3.95%
Banc of America Securities LLC	$ 1,944,567
Barclays Capital, Inc.	3,047,994
Deutsche Bank Securities, Inc.	4,519,439
	$ 9,512,000

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	$ 2,335,503

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $1,282,948,398. Net unrealized depreciation aggregated $10,140,762, of which $18,138,769 related to appreciated investment securities and $28,279,531 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Overseas Portfolio

September 30, 2007

1.808774.103

VIPOVRS-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
Argentina - 0.3%
Cresud S.A.C.I.F. y A. sponsored ADR	430,600		$ 9,783,232
Mercadolibre, Inc.	7,900		289,377
TOTAL ARGENTINA			10,072,609
Australia - 6.4%
AMP Ltd.	859,100		8,038,500
Australian Wealth Management Ltd.	2,494,900		5,492,822
Babcock & Brown Japan Property Trust	2,867,800		4,366,200
Babcock & Brown Ltd.	200,800		4,896,808
Babcock & Brown Wind Partners	4,714,700		7,596,637
BHP Billiton Ltd.	855,200		33,609,360
Commonwealth Bank of Australia	412,100		20,629,818
Computershare Ltd.	1,203,606		9,926,376
CSL Ltd.	582,871		55,521,712
Gunns Ltd.	1,497,600		3,709,289
Macquarie Bank Ltd.	212,500		15,921,796
National Australia Bank Ltd.	843,935		29,750,863
Rio Tinto Ltd. (d)	79,200		7,608,927
Seek Ltd.	593,800		4,802,300
Westfield Group unit	710,000		13,677,564
WorleyParsons Ltd.	236,518		8,904,779
TOTAL AUSTRALIA			234,453,751
Belgium - 0.7%
Hamon & Compagnie International SA (a)	73,974		4,441,000
InBev SA	205,800		18,653,004
KBC Groupe SA	26,700		3,673,399
TOTAL BELGIUM			26,767,403
Bermuda - 0.2%
Aquarius Platinum Ltd. (United Kingdom)	174,800		6,152,173
Clear Media Ltd. (a)	249,000		275,462
TOTAL BERMUDA			6,427,635
Brazil - 0.3%
Vivo Participacoes SA (PN) sponsored ADR (a)	1,938,000		9,612,480
British Virgin Islands - 0.1%
Indochina Capital Vietnam Holdings Ltd.	271,800		2,467,944
Canada - 0.3%
Cameco Corp.	269,200		12,419,202
Denmark - 1.1%
Novozymes AS Series B	101,800		12,793,764
Vestas Wind Systems AS (a)	357,800		28,266,731
TOTAL DENMARK			41,060,495
Finland - 1.2%
Fortum Oyj	216,800		7,957,696
Neste Oil Oyj	204,600		7,489,469
Nokia Corp. sponsored ADR	734,700		27,867,171
TOTAL FINLAND			43,314,336

	Shares		Value
France - 14.8%
Alstom SA	463,800		$ 94,292,776
AXA SA	247,415		11,037,183
BNP Paribas SA	212,302		23,232,471
Bouygues SA	181,900		15,690,465
Cap Gemini SA	344,000		21,201,312
Carrefour SA	290,500		20,352,250
CNP Assurances	100,300		12,831,024
Electricite de France	186,600		19,730,692
France Telecom SA	149,061		4,984,600
Gaz de France	141,600		7,358,023
Groupe Danone	167,600		13,181,741
Ingenico SA	198,100		5,751,509
L'Air Liquide SA	154,280		20,557,806
L'Oreal SA	170,595		22,390,595
Michelin SA (Compagnie Generale des Etablissements) Series B	90,800		12,207,450
Neopost SA	49,500		6,982,466
Pinault Printemps-Redoute SA	81,600		15,352,750
Remy Cointreau SA	109,300		7,917,779
Renault SA	61,300		8,882,990
Societe Generale Series A	134,610		22,614,480
Sodexho Alliance SA	159,800		11,051,928
Suez SA (France)	423,600		24,822,961
Total SA:
Series B	318,500		25,808,055
sponsored ADR	164,600		13,337,538
Veolia Environnement	589,975		50,806,370
Vinci SA	364,800		28,502,021
Vivendi Universal SA	447,100		18,871,912
TOTAL FRANCE			539,751,147
Germany - 11.5%
Allianz AG (Reg.)	114,900		26,737,230
BASF AG	34,500		4,728,570
Bayer AG	285,700		22,670,295
Beiersdorf AG	255,700		19,150,273
Commerzbank AG	465,900		18,861,561
DaimlerChrysler AG	146,900		14,719,380
DaimlerChrysler AG (Reg.)	158,400		15,871,680
Deutsche Boerse AG	138,800		18,902,200
Deutsche Postbank AG	91,600		6,725,706
Deutsche Telekom AG sponsored ADR	148,200		2,909,166
E.ON AG	297,644		54,799,237
ESCADA AG (a)(d)	241,821		8,920,927
GFK AG (d)	111,269		4,499,870
Henkel KGaA	282,177		13,363,186
Hochtief AG	95,200		11,548,695
IVG Immobilien AG	68,700		2,560,836
Lanxess AG	244,300		11,593,814
Metro AG	119,900		10,829,709
MLP AG (d)	980,300		13,084,417
MPC Muenchmeyer Petersen Capital AG	50,800		4,340,653
Common Stocks - continued
	Shares		Value
Germany - continued
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	40,500		$ 7,783,372
Q-Cells AG	95,700		9,784,770
SAP AG sponsored ADR (d)	195,900		11,493,453
SGL Carbon AG (a)	494,300		28,335,846
Siemens AG sponsored ADR	450,500		61,831,125
Wincor Nixdorf AG	145,500		12,034,014
TOTAL GERMANY			418,079,985
Hong Kong - 0.6%
China Unicom Ltd.	8,928,000		18,605,952
Dynasty Fine Wines Group Ltd. (d)	7,224,000		2,824,979
TOTAL HONG KONG			21,430,931
India - 0.1%
IVRCL Infrastructures & Projects Ltd.	340,000		3,631,896
Power Finance Corp. Ltd.	11,522		58,641
TOTAL INDIA			3,690,537
Ireland - 0.3%
Allied Irish Banks PLC	226,000		5,477,110
Irish Life & Permanent PLC	276,700		6,135,629
TOTAL IRELAND			11,612,739
Italy - 2.6%
Alleanza Assicurazioni SpA	1,108,600		14,741,553
Assicurazioni Generali SpA	376,200		16,528,370
Edison SpA	2,366,800		7,732,255
ENI SpA	302,086		11,140,932
Intesa Sanpaolo SpA	1,556,700		12,018,291
Lottomatica SpA	155,800		5,632,030
Mariella Burani Fashion Group SpA	105,600		3,467,986
Unicredito Italiano SpA	2,840,000		24,299,040
TOTAL ITALY			95,560,457
Japan - 15.5%
Canon, Inc.	555,000		30,130,951
Daiwa Securities Group, Inc.	1,038,000		9,820,011
Fujifilm Holdings Corp.	294,000		13,633,185
Honda Motor Co. Ltd.	97,400		3,249,264
Ibiden Co. Ltd.	177,100		14,906,058
Japan Steel Works Ltd.	722,000		11,919,365
Japan Tobacco, Inc.	2,877		15,774,786
KDDI Corp.	1,275		9,445,611
Kinden Corp.	661,000		6,040,996
Konica Minolta Holdings, Inc.	717,000		12,102,834
Matsui Securities Co. Ltd. (d)	659,000		5,047,611
Millea Holdings, Inc.	329,580		13,166,721
Mitsubishi Corp.	254,100		8,001,141
Mitsubishi Electric Corp.	507,000		6,323,601
Mitsubishi Estate Co. Ltd.	532,000		15,159,770
Mitsubishi UFJ Financial Group, Inc.	2,076		18,850,081
Mitsui & Co. Ltd.	384,000		9,284,592

	Shares		Value
Mitsui Fudosan Co. Ltd.	355,000		$ 9,799,805
Mizuho Financial Group, Inc.	2,634		14,873,670
Murata Manufacturing Co. Ltd.	184,300		13,282,305
Nafco Co. Ltd.	147,900		3,655,984
Namco Bandai Holdings, Inc.	334,100		4,856,358
NGK Insulators Ltd.	561,000		17,967,308
Nidec Corp.	152,100		10,630,717
Nintendo Co. Ltd.	28,200		14,630,160
Nippon Steel Corp.	1,308,000		9,374,032
Nomura Holdings, Inc.	939,300		15,639,346
Nomura Holdings, Inc. sponsored ADR	95,200		1,585,080
NSK Ltd.	1,575,000		13,761,673
NTT DoCoMo, Inc.	11,822		16,834,529
ORIX Corp.	23,670		5,397,807
Point, Inc.	125,450		4,323,980
SHIMIZU Corp.	962,000		5,215,490
Sompo Japan Insurance, Inc.	517,000		5,911,769
Sony Corp.	98,600		4,738,716
Sony Corp. sponsored ADR	138,100		6,637,086
Stanley Electric Co. Ltd.	351,500		8,474,672
Sumitomo Forestry Co. Ltd.	581,000		4,794,047
Sumitomo Metal Industries Ltd.	1,829,000		10,600,654
Sumitomo Mitsui Financial Group, Inc.	4,220		32,732,505
Sumitomo Trust & Banking Co. Ltd.	215,600		1,622,922
T&D Holdings, Inc.	342,050		20,945,445
Takeda Pharamaceutical Co. Ltd.	299,100		20,971,600
Tokuyama Corp.	565,000		8,571,634
Tokyo Electric Power Co.	115,000		2,896,806
Toyota Motor Corp.	929,000		54,281,472
USS Co. Ltd.	128,860		8,468,039
Yahoo! Japan Corp.	17,317		6,528,986
TOTAL JAPAN			562,861,175
Korea (South) - 0.2%
Doosan Heavy Industries & Construction Co. Ltd.	67,890		7,173,647
Luxembourg - 1.0%
ArcelorMittal SA (d)	206,000		16,259,395
ArcelorMittal SA (NY Shares) Class A	83,100		6,511,716
SES SA (A Shares) FDR unit	562,747		13,160,626
TOTAL LUXEMBOURG			35,931,737
Malaysia - 0.6%
DiGi.com Bhd	1,196,100		7,546,926
Gamuda Bhd	5,982,300		15,449,520
TOTAL MALAYSIA			22,996,446
Netherlands - 4.4%
ABN AMRO Holding NV	306,776		16,105,740
ABN AMRO Holding NV sponsored ADR	247,140		12,974,850
Heineken NV (Bearer)	202,900		13,315,215
ING Groep NV (Certificaten Van Aandelen)	125,724		5,570,830
Koninklijke Ahold NV sponsored ADR	1,357,200		20,358,000
Common Stocks - continued
	Shares		Value
Netherlands - continued
Koninklijke KPN NV	633,300		$ 10,990,554
Koninklijke Philips Electronics NV (NY Shares)	680,900		30,599,646
SBM Offshore NV	516,900		20,321,831
TNT NV	204,400		8,569,347
Unilever NV (NY Shares)	688,800		21,249,480
TOTAL NETHERLANDS			160,055,493
Norway - 1.3%
Acta Holding ASA (d)	1,404,500		6,330,801
Aker Kvaerner ASA	712,400		22,696,105
Marine Harvest ASA (a)	7,094,000		9,027,052
Statoil ASA	320,900		10,937,743
TOTAL NORWAY			48,991,701
Panama - 0.8%
McDermott International, Inc. (a)	503,400		27,223,872
Portugal - 0.2%
Energias de Portugal SA	1,342,900		7,851,399
South Africa - 0.6%
Impala Platinum Holdings Ltd.	195,400		6,808,461
JSE Ltd.	786,800		9,138,344
Mondi Ltd. unit	34,880		348,301
Murray & Roberts Holdings Ltd.	285,400		3,723,347
TOTAL SOUTH AFRICA			20,018,453
Spain - 1.7%
Banco Santander Central Hispano SA	861,600		16,637,496
Telefonica SA	1,359,680		37,971,330
Telefonica SA sponsored ADR	72,400		6,065,672
TOTAL SPAIN			60,674,498
Sweden - 1.9%
Scania AB (B Shares)	602,700		14,683,576
Skandinaviska Enskilda Banken AB (A Shares)	354,600		11,527,994
Svenska Cellulosa AB (SCA) (B Shares)	634,900		11,847,355
Swedish Match Co.	982,400		20,427,920
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	298,900		11,896,220
TOTAL SWEDEN			70,383,065
Switzerland - 7.2%
ABB Ltd.:
(Reg.)	2,177,538		57,349,410
sponsored ADR	1,308,800		34,329,824
Actelion Ltd. (Reg.) (a)	100,260		5,554,928
Compagnie Financiere Richemont unit	282,272		18,706,597
Credit Suisse Group (Reg.)	55,387		3,673,820
EFG International	148,600		6,995,044
Julius Baer Holding AG (Bearer)	181,838		13,597,043
Nestle SA (Reg.)	66,014		29,547,866

	Shares		Value
Roche Holding AG (participation certificate)	252,270		$ 45,559,962
Schindler Holding AG (Reg.)	106,251		6,717,411
SGS Societe Generale de Surveillance Holding SA (Reg.)	19,208		21,944,457
Sonova Holding AG	82,458		8,273,070
UBS AG (Reg.)	107,689		5,734,439
Zurich Financial Services AG (Reg.)	18,066		5,419,878
TOTAL SWITZERLAND			263,403,749
Thailand - 0.2%
Bangkok Bank Ltd. PCL (For. Reg.)	734,100		2,463,782
Krung Thai Bank Public Co. Ltd.	7,727,000		2,480,578
Siam Commercial Bank PCL (For. Reg.)	1,232,000		2,840,449
TOTAL THAILAND			7,784,809
United Kingdom - 19.9%
Aegis Group PLC	2,734,700		6,994,850
Alfred McAlpine Group PLC	487,800		4,868,529
Anglo American PLC:
ADR	205,534		6,875,112
(United Kingdom)	317,408		21,361,927
Barclays PLC	818,100		9,944,006
BG Group PLC	1,615,700		28,113,181
BHP Billiton PLC	745,995		26,713,615
BP PLC	4,134,006		47,782,219
BP PLC sponsored ADR	50,700		3,516,045
British American Tobacco PLC	402,800		14,496,772
BT Group PLC	273,600		1,719,029
BT Group PLC sponsored ADR	108,500		6,817,055
Burberry Group PLC	675,700		9,084,018
Cadbury Schweppes PLC sponsored ADR	195,500		9,094,660
Climate Exchange PLC (a)	110,500		3,260,515
Diageo PLC	1,250,200		27,420,011
GlaxoSmithKline PLC	1,450,300		38,577,980
Gyrus Group PLC (a)	1,486,200		11,632,348
HBOS plc	636,600		11,912,668
HSBC Holdings PLC:
(Hong Kong) (Reg.)	382,000		7,074,640
(United Kingdom) (Reg.)	561,626		10,401,314
sponsored ADR (d)	248,600		23,020,360
Imperial Tobacco Group PLC sponsored ADR	11,400		1,046,064
Informa PLC	571,800		5,856,079
InterContinental Hotel Group PLC	357,069		7,090,982
International Power PLC	2,530,000		23,516,372
Intertek Group PLC	331,800		6,429,616
Jardine Lloyd Thompson Group PLC (d)	1,809,273		13,827,810
Lloyds TSB Group PLC	304,800		3,383,556
Man Group plc	4,205,700		47,633,732
Mondi PLC	368,300		3,504,398
Prudential PLC	1,654,700		25,445,263
Reed Elsevier PLC	2,650,900		33,522,817
Reuters Group PLC	1,118,100		14,770,101
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Rio Tinto PLC (Reg.)	187,306		$ 16,080,220
Royal Bank of Scotland Group PLC	1,594,500		17,129,415
Royal Dutch Shell PLC:
Class A sponsored ADR (d)	413,900		34,014,302
Class A (United Kingdom)	600,700		24,792,608
Class B	153,800		6,313,490
RPS Group PLC	1,075,400		7,454,320
SSL International PLC	412,400		3,586,462
Taylor Nelson Sofres PLC	4,138,600		19,117,888
Tesco PLC	1,297,400		11,667,947
Vodafone Group PLC	15,082,262		54,748,611
Vodafone Group PLC sponsored ADR	111,900		4,061,970
Xstrata PLC	140,400		9,319,801
TOTAL UNITED KINGDOM			724,994,678
United States of America - 1.2%
American Superconductor Corp. (a)(d)	145,500		2,979,840
Calgon Carbon Corp. (a)(d)	1,264,617		17,654,053
Fluor Corp.	54,500		7,846,910
Fuel Tech, Inc. (a)	271,800		6,004,062
Hypercom Corp. (a)	171,800		776,536
Sunpower Corp. Class A (a)(d)	115,900		9,598,838
TOTAL UNITED STATES OF AMERICA			44,860,239
TOTAL COMMON STOCKS (Cost $2,660,275,794)		3,541,926,612
Nonconvertible Preferred Stocks - 0.4%

Germany - 0.4%
Porsche AG (Cost $7,685,783)	6,855	14,562,453
Money Market Funds - 4.6%
	Shares		Value
Fidelity Cash Central Fund, 5.12% (b)	94,833,334		$ 94,833,334
Fidelity Securities Lending Cash Central Fund, 5.17% (b)(c)	73,017,674		73,017,674
TOTAL MONEY MARKET FUNDS (Cost $167,851,008)		167,851,008

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $2,835,812,585)

3,724,340,073

NET OTHER ASSETS - (2.2)%		(80,423,082)
NET ASSETS - 100%		$ 3,643,916,991

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	$ 2,286,774
Fidelity Securities Lending Cash Central Fund	3,127,649
Total	$ 5,414,423

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $2,838,305,201. Net unrealized appreciation aggregated $886,034,872, of which $966,879,633 related to appreciated investment securities and $80,844,761 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Value Portfolio

September 30, 2007

1.808786.103

VIPVAL-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
CONSUMER DISCRETIONARY - 17.9%
Auto Components - 0.3%
Gentex Corp.	13,740		$ 294,586
The Goodyear Tire & Rubber Co. (a)	4,800		145,968
			440,554
Automobiles - 1.4%
Ford Motor Co.	77,100		654,579
Monaco Coach Corp.	2,231		31,301
Nissan Motor Co. Ltd.	18,300		183,092
Renault SA	5,800		840,479
Winnebago Industries, Inc.	11,453		273,498
			1,982,949
Diversified Consumer Services - 0.5%
H&R Block, Inc.	29,100		616,338
Service Corp. International	8,400		108,360
			724,698
Hotels, Restaurants & Leisure - 2.3%
Aristocrat Leisure Ltd.	11,761		145,127
Brinker International, Inc.	21,800		598,192
Carnival Corp. unit	18,300		886,269
Royal Caribbean Cruises Ltd.	28,000		1,092,840
WMS Industries, Inc. (a)	13,800		456,780
			3,179,208
Household Durables - 3.0%
Beazer Homes USA, Inc.	900		7,425
Black & Decker Corp.	9,000		749,700
Centex Corp.	4,600		122,222
Ethan Allen Interiors, Inc.	9,643		315,230
KB Home	4,600		115,276
La-Z-Boy, Inc.	10,200		75,276
Leggett & Platt, Inc.	35,500		680,180
Samson Holding Ltd.	6,000		1,706
Sealy Corp., Inc.	22,456		315,282
The Stanley Works	19,700		1,105,761
Whirlpool Corp.	6,900		614,790
			4,102,848
Leisure Equipment & Products - 2.0%
Brunswick Corp.	34,292		783,915
Eastman Kodak Co.	48,200		1,289,832
Mattel, Inc.	6,100		143,106
Polaris Industries, Inc.	12,400		540,888
			2,757,741
Media - 2.6%
Cinemark Holdings, Inc.	11,100		206,016
E.W. Scripps Co. Class A	20,506		861,252
Gannett Co., Inc.	14,700		642,390
Grupo Televisa SA de CV (CPO) sponsored ADR	2,600		62,842
Live Nation, Inc. (a)	10,500		223,125
Omnicom Group, Inc.	8,200		394,338

	Shares		Value
R.H. Donnelley Corp. (a)	11,000		$ 616,220
Regal Entertainment Group Class A	18,764		411,870
The McClatchy Co. Class A	5,167		103,237
Valassis Communications, Inc. (a)	7,954		70,950
			3,592,240
Multiline Retail - 0.8%
Family Dollar Stores, Inc.	24,400		648,064
Retail Ventures, Inc. (a)	11,330		117,945
Sears Holdings Corp. (a)	2,059		261,905
Tuesday Morning Corp.	6,602		59,352
			1,087,266
Specialty Retail - 4.2%
AnnTaylor Stores Corp. (a)	10,417		329,906
Asbury Automotive Group, Inc.	12,714		251,864
AutoZone, Inc. (a)	1,300		150,982
Best Buy Co., Inc.	6,800		312,936
Circuit City Stores, Inc.	22,697		179,533
Gap, Inc.	38,500		709,940
Group 1 Automotive, Inc.	9,432		316,632
OfficeMax, Inc.	23,400		801,918
PETsMART, Inc.	25,000		797,500
Select Comfort Corp. (a)	11,566		161,346
Staples, Inc.	9,743		209,377
Tiffany & Co., Inc.	15,500		811,425
Williams-Sonoma, Inc.	25,400		828,548
			5,861,907
Textiles, Apparel & Luxury Goods - 0.8%
Liz Claiborne, Inc.	32,936		1,130,693
TOTAL CONSUMER DISCRETIONARY			24,860,104
CONSUMER STAPLES - 4.6%
Beverages - 0.3%
Cott Corp. (a)	22,900		181,911
SABMiller PLC	10,400		296,232
			478,143
Food & Staples Retailing - 1.3%
Rite Aid Corp. (a)	106,800		493,416
Sysco Corp.	31,900		1,135,321
Winn-Dixie Stores, Inc. (a)	8,187		153,261
			1,781,998
Food Products - 1.4%
Bunge Ltd.	6,900		741,405
Chiquita Brands International, Inc. (a)	5,900		93,397
Leroy Seafood Group ASA	7,200		164,274
Marine Harvest ASA (a)	135,000		171,786
Ralcorp Holdings, Inc. (a)	3,703		206,701
Tyson Foods, Inc. Class A	31,500		562,275
			1,939,838
Household Products - 0.1%
Central Garden & Pet Co.	5,200		46,280
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Household Products - continued
Central Garden & Pet Co. Class A (non-vtg.) (a)	4,090		$ 36,728
Colgate-Palmolive Co.	1,500		106,980
			189,988
Personal Products - 1.0%
Avon Products, Inc.	36,200		1,358,586
Tobacco - 0.5%
Altria Group, Inc.	7,570		526,342
British American Tobacco PLC	4,449		160,120
			686,462
TOTAL CONSUMER STAPLES			6,435,015
ENERGY - 11.4%
Energy Equipment & Services - 7.4%
Baker Hughes, Inc.	7,600		686,812
Cameron International Corp. (a)	11,000		1,015,190
ENSCO International, Inc.	6,300		353,430
Exterran Holdings, Inc. (a)	5,309		426,525
FMC Technologies, Inc. (a)	22,200		1,280,052
GlobalSantaFe Corp.	5,500		418,110
Halliburton Co.	11,000		422,400
Hornbeck Offshore Services, Inc. (a)	763		28,002
Key Energy Services, Inc. (a)	15,400		261,800
National Oilwell Varco, Inc. (a)	12,814		1,851,618
Noble Corp.	8,800		431,640
Oceaneering International, Inc. (a)	1,880		142,504
Smith International, Inc.	19,200		1,370,880
Subsea 7, Inc. (a)	1,000		27,731
Superior Energy Services, Inc. (a)	7,700		272,888
Transocean, Inc. (a)	4,300		486,115
Weatherford International Ltd. (a)	11,400		765,852
			10,241,549
Oil, Gas & Consumable Fuels - 4.0%
Arch Coal, Inc.	13,700		462,238
Cabot Oil & Gas Corp.	10,200		358,632
Canadian Natural Resources Ltd.	4,600		349,498
Cheniere Energy Partners LP	2,300		42,389
Copano Energy LLC	4,994		183,430
EOG Resources, Inc.	5,400		390,582
EXCO Resources, Inc. (a)	14,500		239,830
Foundation Coal Holdings, Inc.	15,500		607,600
International Coal Group, Inc. (a)	1,300		5,772
Noble Energy, Inc.	3,800		266,152
Southwestern Energy Co. (a)	1,700		71,145
Suncor Energy, Inc.	5,300		503,407
Ultra Petroleum Corp. (a)	6,100		378,444
Valero Energy Corp.	14,800		994,264

	Shares		Value
Williams Companies, Inc.	20,100		$ 684,606
Williams Partners LP	900		37,188
			5,575,177
TOTAL ENERGY			15,816,726
FINANCIALS - 13.4%
Capital Markets - 1.4%
Ares Capital Corp.	11,458		186,422
Bank New York Mellon Corp.	1,790		79,011
Bear Stearns Companies, Inc.	2,400		294,744
Janus Capital Group, Inc.	2,200		62,216
Legg Mason, Inc.	6,430		541,985
Lehman Brothers Holdings, Inc.	3,800		234,574
State Street Corp.	4,610		314,218
TD Ameritrade Holding Corp. (a)	13,300		242,326
			1,955,496
Commercial Banks - 1.8%
Appalachian Bancshares, Inc. (a)	846		12,056
Associated Banc-Corp.	2,551		75,586
Boston Private Financial Holdings, Inc.	4,600		128,064
Colonial Bancgroup, Inc.	3,500		75,670
Commerce Bancorp, Inc.	10,970		425,417
Popular, Inc.	4,600		56,488
Sterling Financial Corp., Washington	1,915		51,533
U.S. Bancorp, Delaware	3,200		104,096
UCBH Holdings, Inc.	11,704		204,586
UnionBanCal Corp.	6,400		373,824
Wachovia Corp.	12,700		636,905
Zions Bancorp	5,300		363,951
			2,508,176
Consumer Finance - 0.7%
Advance America Cash Advance Centers, Inc.	7,057		75,298
Capital One Financial Corp.	11,300		750,659
Cash America International, Inc.	4,484		168,598
			994,555
Diversified Financial Services - 0.8%
Bank of America Corp.	14,920		750,028
JPMorgan Chase & Co.	6,700		306,994
Maiden Holdings Ltd. (c)	4,900		44,100
			1,101,122
Insurance - 2.6%
AMBAC Financial Group, Inc.	9,700		610,227
Assurant, Inc.	3,200		171,200
Genworth Financial, Inc. Class A (non-vtg.)	4,400		135,212
Marsh & McLennan Companies, Inc.	25,400		647,700
MBIA, Inc.	12,100		738,705
MetLife, Inc.	1,000		69,730
Montpelier Re Holdings Ltd.	2,000		35,400
National Financial Partners Corp.	5,700		301,986
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Principal Financial Group, Inc.	2,984		$ 188,261
Prudential Financial, Inc.	1,400		136,612
The Chubb Corp.	2,700		144,828
The Travelers Companies, Inc.	1,091		54,921
Willis Group Holdings Ltd.	9,700		397,118
			3,631,900
Real Estate Investment Trusts - 3.8%
Alexandria Real Estate Equities, Inc.	2,600		250,276
American Financial Realty Trust (SBI)	16,500		132,825
Annaly Capital Management, Inc.	10,800		172,044
BRE Properties, Inc. Class A	5,400		302,022
Developers Diversified Realty Corp.	6,600		368,742
Duke Realty LP	13,100		442,911
Education Realty Trust, Inc.	4,800		64,800
General Growth Properties, Inc.	15,923		853,791
GMH Communities Trust	4,500		34,875
HCP, Inc.	12,800		424,576
Highwoods Properties, Inc. (SBI)	1,600		58,672
Kimco Realty Corp.	8,500		384,285
Public Storage	5,400		424,710
Senior Housing Properties Trust (SBI)	900		19,854
Simon Property Group, Inc.	3,100		310,000
UDR, Inc.	11,600		282,112
Vornado Realty Trust	6,600		721,710
			5,248,205
Real Estate Management & Development - 0.1%
CB Richard Ellis Group, Inc. Class A (a)	7,300		203,232
Thrifts & Mortgage Finance - 2.2%
BankUnited Financial Corp. Class A	500		7,770
Countrywide Financial Corp.	18,000		342,180
Fannie Mae	17,500		1,064,175
Freddie Mac	15,600		920,556
Hudson City Bancorp, Inc.	28,700		441,406
New York Community Bancorp, Inc.	12,300		234,315
			3,010,402
TOTAL FINANCIALS			18,653,088
HEALTH CARE - 8.8%
Biotechnology - 0.7%
Amgen, Inc. (a)	8,600		486,502
Cephalon, Inc. (a)	6,200		452,972
Molecular Insight Pharmaceuticals, Inc.	1,100		7,469
			946,943
Health Care Equipment & Supplies - 2.1%
American Medical Systems Holdings, Inc. (a)	5,100		86,445
Baxter International, Inc.	21,400		1,204,392
Becton, Dickinson & Co.	9,100		746,655
C.R. Bard, Inc.	1,700		149,923

	Shares		Value
Covidien Ltd. (a)	11,725		$ 486,588
Wright Medical Group, Inc. (a)	9,100		244,062
			2,918,065
Health Care Providers & Services - 3.3%
Brookdale Senior Living, Inc.	6,250		248,813
Community Health Systems, Inc. (a)	19,800		622,512
DaVita, Inc. (a)	13,500		852,930
Health Net, Inc. (a)	10,420		563,201
McKesson Corp.	14,700		864,213
Medco Health Solutions, Inc. (a)	7,700		696,003
Universal Health Services, Inc. Class B	14,200		772,764
			4,620,436
Health Care Technology - 0.1%
IMS Health, Inc.	4,400		134,816
Life Sciences Tools & Services - 0.3%
Charles River Laboratories International, Inc. (a)	8,500		477,275
Pharmaceuticals - 2.3%
Alpharma, Inc. Class A	16,800		358,848
Barr Pharmaceuticals, Inc. (a)	14,685		835,723
Endo Pharmaceuticals Holdings, Inc. (a)	7,400		229,474
MGI Pharma, Inc. (a)	25,701		713,974
Schering-Plough Corp.	31,400		993,182
			3,131,201
TOTAL HEALTH CARE			12,228,736
INDUSTRIALS - 9.0%
Aerospace & Defense - 0.3%
Honeywell International, Inc.	6,600		392,502
Air Freight & Logistics - 0.7%
United Parcel Service, Inc. Class B	12,300		923,730
Airlines - 0.0%
Delta Air Lines, Inc. (a)	4,700		84,365
Building Products - 0.6%
Masco Corp.	36,600		848,022
Commercial Services & Supplies - 2.3%
ACCO Brands Corp. (a)	11,443		256,781
Allied Waste Industries, Inc. (a)	78,278		998,045
Cintas Corp.	15,808		586,477
Equifax, Inc.	4,339		165,403
R.R. Donnelley & Sons Co.	700		25,592
The Brink's Co.	20,100		1,123,188
			3,155,486
Construction & Engineering - 1.3%
Fluor Corp.	10,200		1,468,596
Washington Group International, Inc. (a)	3,577		314,096
			1,782,692
Industrial Conglomerates - 0.4%
Tyco International Ltd.	11,725		519,887
Machinery - 2.7%
Albany International Corp. Class A	3,200		119,968
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Briggs & Stratton Corp.	16,400		$ 412,952
Bucyrus International, Inc. Class A	5,400		393,822
Deere & Co.	4,300		638,206
Eaton Corp.	1,500		148,560
Illinois Tool Works, Inc.	16,700		995,988
Pentair, Inc.	20,200		670,236
Sulzer AG (Reg.)	204		292,643
Wabash National Corp.	7,900		89,191
			3,761,566
Road & Rail - 0.6%
Canadian National Railway Co.	5,300		302,492
Con-way, Inc.	8,900		409,400
CSX Corp.	1,000		42,730
Ryder System, Inc.	600		29,400
			784,022
Trading Companies & Distributors - 0.0%
Beacon Roofing Supply, Inc. (a)	7,699		78,684
Transportation Infrastructure - 0.1%
Macquarie Infrastructure Co. LLC	5,300		204,527
TOTAL INDUSTRIALS			12,535,483
INFORMATION TECHNOLOGY - 19.8%
Communications Equipment - 2.3%
Alcatel-Lucent SA sponsored ADR	69,621		708,742
Avocent Corp. (a)	14,129		411,436
Dycom Industries, Inc. (a)	24,600		753,498
Motorola, Inc.	50,000		926,500
Nortel Networks Corp. (a)	14,010		237,515
Powerwave Technologies, Inc. (a)	17,600		108,416
			3,146,107
Computers & Peripherals - 2.9%
Diebold, Inc.	10,300		467,826
Intermec, Inc. (a)	34,761		907,957
NCR Corp. (a)	4,800		239,040
Network Appliance, Inc. (a)	21,185		570,088
SanDisk Corp. (a)	10,300		567,530
Seagate Technology	41,300		1,056,454
Sun Microsystems, Inc. (a)	36,700		205,887
			4,014,782
Electronic Equipment & Instruments - 5.1%
Agilent Technologies, Inc. (a)	36,900		1,360,872
Arrow Electronics, Inc. (a)	22,800		969,456
Avnet, Inc. (a)	27,679		1,103,285
Flextronics International Ltd. (a)	103,200		1,153,776
Ingram Micro, Inc. Class A (a)	14,900		292,189
Itron, Inc. (a)	3,000		279,210
Jabil Circuit, Inc.	23,865		545,077
Molex, Inc.	15,800		425,494

	Shares		Value
Tektronix, Inc.	7,000		$ 194,180
Tyco Electronics Ltd. (a)	20,100		712,143
			7,035,682
Internet Software & Services - 1.3%
Open Text Corp. (a)	1,100		28,714
ValueClick, Inc. (a)	10,100		226,846
VeriSign, Inc. (a)	13,000		438,620
Yahoo!, Inc. (a)	39,600		1,062,864
			1,757,044
IT Services - 1.1%
Mastercard, Inc. Class A	1,918		283,806
MoneyGram International, Inc.	10,695		241,600
Perot Systems Corp. Class A (a)	12,142		205,321
The Western Union Co.	24,000		503,280
Unisys Corp. (a)	57,300		379,326
			1,613,333
Office Electronics - 1.2%
Xerox Corp. (a)	93,400		1,619,556
Semiconductors & Semiconductor Equipment - 4.6%
Advanced Micro Devices, Inc. (a)	34,300		452,760
Applied Materials, Inc.	36,000		745,200
ASML Holding NV (NY Shares) (a)	28,400		933,224
Atmel Corp. (a)	29,400		151,704
Fairchild Semiconductor International, Inc. (a)	53,300		995,644
Integrated Device Technology, Inc. (a)	22,700		351,396
Intersil Corp. Class A	16,400		548,252
LSI Corp. (a)	18,100		134,302
Maxim Integrated Products, Inc.	12,600		369,810
MKS Instruments, Inc. (a)	9,600		182,592
National Semiconductor Corp.	47,200		1,280,064
Standard Microsystems Corp. (a)	8,554		328,645
			6,473,593
Software - 1.3%
Electronic Arts, Inc. (a)	12,394		693,940
Fair Isaac Corp.	7,300		263,603
Parametric Technology Corp. (a)	8,600		149,812
Quest Software, Inc. (a)	10,145		174,088
Symantec Corp. (a)	25,700		498,066
			1,779,509
TOTAL INFORMATION TECHNOLOGY			27,439,606
MATERIALS - 3.9%
Chemicals - 1.5%
Albemarle Corp.	6,827		301,753
Arkema sponsored ADR (a)	1,400		84,910
Celanese Corp. Class A	6,200		241,676
Chemtura Corp.	68,400		608,076
Cytec Industries, Inc.	3,700		253,043
Georgia Gulf Corp.	3,417		47,496
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
H.B. Fuller Co.	9,100		$ 270,088
Lubrizol Corp.	3,533		229,857
			2,036,899
Containers & Packaging - 1.3%
Owens-Illinois, Inc. (a)	44,488		1,844,028
Metals & Mining - 1.1%
Agnico-Eagle Mines Ltd.	1,500		74,404
Alcoa, Inc.	15,800		618,096
ArcelorMittal SA (NY Shares) Class A	1,200		94,032
Barrick Gold Corp.	2,100		84,359
Compass Minerals International, Inc.	4,943		168,260
Kinross Gold Corp. (a)	5,500		82,182
Lihir Gold Ltd. (a)	27,033		94,554
Newcrest Mining Ltd.	4,593		114,168
Randgold Resources Ltd. sponsored ADR	2,834		94,202
Titanium Metals Corp. (a)	3,100		104,036
			1,528,293
TOTAL MATERIALS			5,409,220
TELECOMMUNICATION SERVICES - 2.5%
Diversified Telecommunication Services - 1.6%
AT&T, Inc.	35,715		1,511,102
Cbeyond, Inc. (a)	1,300		53,027
NeuStar, Inc. Class A (a)	3,800		130,302
Verizon Communications, Inc.	13,800		611,064
			2,305,495
Wireless Telecommunication Services - 0.9%
Crown Castle International Corp. (a)	5,900		239,717
MTN Group Ltd.	7,400		112,269
Sprint Nextel Corp.	45,800		870,200
			1,222,186
TOTAL TELECOMMUNICATION SERVICES			3,527,681
UTILITIES - 6.7%
Electric Utilities - 3.8%
Allegheny Energy, Inc.	10,700		559,182
American Electric Power Co., Inc.	9,900		456,192
DPL, Inc.	16,919		444,293
Edison International	12,900		715,305
Entergy Corp.	8,800		952,952
FirstEnergy Corp.	6,700		424,378
FPL Group, Inc.	7,600		462,688

	Shares		Value
PPL Corp.	16,300		$ 754,690
Reliant Energy, Inc. (a)	19,907		509,619
			5,279,299
Gas Utilities - 0.4%
Equitable Resources, Inc.	9,986		517,974
Independent Power Producers & Energy Traders - 1.8%
AES Corp. (a)	15,400		308,616
Constellation Energy Group, Inc.	8,700		746,373
Mirant Corp. (a)	3,300		134,244
NRG Energy, Inc. (a)	22,000		930,380
TXU Corp.	5,800		397,126
			2,516,739
Multi-Utilities - 0.7%
CMS Energy Corp.	11,100		186,702
Public Service Enterprise Group, Inc.	8,400		739,116
			925,818
TOTAL UTILITIES			9,239,830
TOTAL COMMON STOCKS (Cost $127,694,203)		136,145,489
Convertible Preferred Stocks - 0.1%

MATERIALS - 0.1%
Containers & Packaging - 0.1%
Owens-Illinois, Inc. 4.75% (Cost $140,764)	3,800		171,000
Convertible Bonds - 0.1%
	Principal Amount
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Ford Motor Co. 4.25% 12/15/36 (Cost $60,000)	$ 60,000		69,750
Money Market Funds - 2.0%
	Shares
Fidelity Cash Central Fund, 5.12% (b) (Cost $2,727,931)	2,727,931		2,727,931

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $130,622,898)

139,114,170

NET OTHER ASSETS - (0.2)%			(249,136)
NET ASSETS - 100%		$ 138,865,034

Legend

(a) Non-income producing

(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 end of the period, the value of these securities amounted to $44,100 or 0.0% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 169,949
Fidelity Securities Lending Cash Central Fund	1,903
Total	$ 171,852

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $130,685,388. Net unrealized appreciation aggregated $8,428,782, of which $15,611,679 related to appreciated investment securities and $7,182,897 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Item 2. Controls and Procedures

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

By:	/s/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	November 29, 2007

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

By:	/s/ Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	November 29, 2007

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

Date:	November 29, 2007