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:	March 31, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Equity-Income Portfolio

March 31, 2008

1.799856.104

VIPEI-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
CONSUMER DISCRETIONARY - 12.2%
Auto Components - 0.6%
American Axle & Manufacturing Holdings, Inc.	713,053		$ 14,617,587
Johnson Controls, Inc.	338,452		11,439,678
The Goodyear Tire & Rubber Co. (a)	833,400		21,501,720
TRW Automotive Holdings Corp. (a)	436,300		10,196,331
			57,755,316
Automobiles - 1.1%
Ford Motor Co. (a)(d)	3,185,030		18,218,372
General Motors Corp. (d)	671,200		12,786,360
Harley-Davidson, Inc.	721,950		27,073,125
Monaco Coach Corp.	485,150		4,599,222
Renault SA	124,879		13,819,093
Toyota Motor Corp. sponsored ADR	228,400		23,043,276
Winnebago Industries, Inc. (d)	349,700		5,909,930
			105,449,378
Diversified Consumer Services - 0.3%
H&R Block, Inc.	1,447,268		30,045,284
Hotels, Restaurants & Leisure - 0.5%
McDonald's Corp.	317,900		17,729,283
Starbucks Corp. (a)	1,047,700		18,334,750
Wyndham Worldwide Corp.	394,102		8,150,029
			44,214,062
Household Durables - 1.7%
Beazer Homes USA, Inc. (d)	608,000		5,745,600
Black & Decker Corp.	334,400		22,103,840
Centex Corp.	923,200		22,350,672
KB Home	226,400		5,598,872
Lennar Corp. Class A (d)	674,700		12,691,107
Newell Rubbermaid, Inc.	391,200		8,946,744
The Stanley Works	424,130		20,197,071
Whirlpool Corp.	649,734		56,383,917
			154,017,823
Internet & Catalog Retail - 0.2%
Liberty Media Corp. - Interactive Series A (a)	1,316,969		21,255,880
Leisure Equipment & Products - 0.6%
Brunswick Corp.	1,296,457		20,704,418
Eastman Kodak Co.	1,502,800		26,554,476
Polaris Industries, Inc.	239,053		9,803,564
			57,062,458
Media - 3.7%
A.H. Belo Corp. Class A (d)	67,258		768,759
Belo Corp. Series A	716,667		7,575,170
Citadel Broadcasting Corp.	1,986,704		3,297,929
Clear Channel Communications, Inc.	1,634,558		47,761,785
Comcast Corp. Class A	2,735,736		52,909,134
E.W. Scripps Co. Class A	454,413		19,089,890
Gannett Co., Inc.	499,800		14,519,190
Informa PLC	1,017,000		6,321,329

	Shares		Value
McGraw-Hill Companies, Inc.	182,500		$ 6,743,375
News Corp. Class B	1,299,804		24,748,268
The McClatchy Co. Class A (d)	1,309,203		14,008,472
The New York Times Co. Class A (d)	884,308		16,695,735
The Walt Disney Co.	932,400		29,258,712
Time Warner Cable, Inc. (a)	644,100		16,089,618
Time Warner, Inc.	5,883,050		82,480,361
Virgin Media, Inc.	478,187		6,728,091
Vivendi	52,255		2,041,621
			351,037,439
Multiline Retail - 1.7%
Family Dollar Stores, Inc.	687,400		13,404,300
JCPenney Co., Inc.	396,500		14,952,015
Kohl's Corp. (a)	1,219,153		52,289,472
Macy's, Inc.	1,042,500		24,040,050
Sears Holdings Corp. (a)(d)	242,300		24,736,407
Target Corp.	603,700		30,595,516
Tuesday Morning Corp.	555,523		2,877,609
			162,895,369
Specialty Retail - 1.6%
Advance Auto Parts, Inc.	362,958		12,358,720
AnnTaylor Stores Corp. (a)	337,791		8,167,786
Chico's FAS, Inc. (a)	940,100		6,684,111
Foot Locker, Inc.	710,557		8,363,256
Home Depot, Inc.	2,091,300		58,493,661
OfficeMax, Inc.	513,300		9,824,562
RadioShack Corp.	590,100		9,589,125
Staples, Inc.	943,045		20,850,725
Williams-Sonoma, Inc. (d)	776,100		18,812,664
			153,144,610
Textiles, Apparel & Luxury Goods - 0.2%
Liz Claiborne, Inc.	788,315		14,307,917
TOTAL CONSUMER DISCRETIONARY			1,151,185,536
CONSUMER STAPLES - 4.8%
Beverages - 0.4%
Carlsberg AS Series B (d)	52,900		6,763,890
Heineken NV (Bearer)	463,754		26,933,299
			33,697,189
Food & Staples Retailing - 1.6%
Rite Aid Corp. (a)(d)	2,693,868		7,919,972
Wal-Mart Stores, Inc.	2,590,100		136,446,468
Winn-Dixie Stores, Inc. (a)	237,142		4,259,070
			148,625,510
Food Products - 0.9%
Hershey Co.	816,300		30,750,021
Kraft Foods, Inc. Class A	545,054		16,902,125
Marine Harvest ASA (a)	17,541,000		10,263,937
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - continued
Nestle SA (Reg.)	18,372		$ 9,179,988
Tyson Foods, Inc. Class A	1,091,700		17,412,615
			84,508,686
Household Products - 0.9%
Energizer Holdings, Inc. (a)	119,700		10,830,456
Kimberly-Clark Corp.	500,000		32,275,000
Procter & Gamble Co.	634,342		44,448,344
			87,553,800
Personal Products - 0.7%
Avon Products, Inc.	1,269,670		50,202,752
Estee Lauder Companies, Inc. Class A	387,300		17,757,705
			67,960,457
Tobacco - 0.3%
Altria Group, Inc.	1,302,005		28,904,511
TOTAL CONSUMER STAPLES			451,250,153
ENERGY - 18.0%
Energy Equipment & Services - 3.6%
Baker Hughes, Inc.	184,505		12,638,593
BJ Services Co.	470,624		13,417,490
Halliburton Co.	1,096,495		43,125,148
Nabors Industries Ltd. (a)	1,144,413		38,646,827
Noble Corp.	1,654,068		82,157,558
Pride International, Inc. (a)	386,200		13,497,690
Schlumberger Ltd. (NY Shares)	1,544,957		134,411,259
			337,894,565
Oil, Gas & Consumable Fuels - 14.4%
Apache Corp.	501,880		60,637,142
Boardwalk Pipeline Partners, LP	310,500		7,641,405
Chevron Corp.	2,077,942		177,373,129
ConocoPhillips	1,945,600		148,274,176
CONSOL Energy, Inc.	232,200		16,065,918
Devon Energy Corp.	76,900		8,022,977
EOG Resources, Inc.	670,600		80,472,000
Exxon Mobil Corp.	6,366,793		538,503,345
Hess Corp.	684,100		60,323,938
Occidental Petroleum Corp.	970,800		71,033,436
Peabody Energy Corp.	321,961		16,420,011
Royal Dutch Shell PLC:
ADR Class B	92,000		6,198,960
ADR Class A	764,700		52,749,006
Spectra Energy Corp.	388,000		8,827,000
Total SA sponsored ADR	830,133		61,438,143

	Shares		Value
Valero Energy Corp.	740,714		$ 36,376,465
Williams Companies, Inc.	479,100		15,800,718
			1,366,157,769
TOTAL ENERGY			1,704,052,334
FINANCIALS - 23.4%
Capital Markets - 3.7%
Ares Capital Corp.	559,591		7,034,059
Ares Capital Corp. rights 4/21/08 (a)	186,530		104,457
Bank of New York Mellon Corp.	2,770,995		115,633,621
Goldman Sachs Group, Inc.	266,779		44,122,579
KKR Private Equity Investors, LP	343,400		4,240,990
KKR Private Equity Investors, LP Restricted Depositary Units (e)	601,500		7,428,525
Legg Mason, Inc.	341,450		19,114,371
Lehman Brothers Holdings, Inc.	751,046		28,269,371
Merrill Lynch & Co., Inc.	988,800		40,283,712
Morgan Stanley	1,514,700		69,221,790
T. Rowe Price Group, Inc.	182,500		9,125,000
			344,578,475
Commercial Banks - 4.7%
Associated Banc-Corp.	1,179,455		31,408,887
HSBC Holdings PLC sponsored ADR	588,892		48,465,812
KeyCorp	610,900		13,409,255
Lloyds TSB Group PLC	2,336,400		20,908,368
PNC Financial Services Group, Inc.	1,065,239		69,847,721
Royal Bank of Scotland Group PLC	1,578,164		10,560,889
Societe Generale (a)	21,047		2,025,051
Societe Generale Series A	82,900		8,116,306
Sterling Financial Corp., Washington	693,927		10,832,200
U.S. Bancorp, Delaware	1,289,038		41,713,270
Wachovia Corp.	2,516,257		67,938,939
Wells Fargo & Co.	4,054,800		117,994,680
			443,221,378
Consumer Finance - 0.8%
American Express Co.	442,496		19,345,925
Capital One Financial Corp.	47,299		2,328,057
Discover Financial Services	2,720,169		44,529,167
SLM Corp.	652,132		10,010,226
			76,213,375
Diversified Financial Services - 6.8%
Bank of America Corp.	7,379,277		279,748,391
Citigroup, Inc.	6,415,119		137,411,849
JPMorgan Chase & Co.	5,276,012		226,604,715
			643,764,955
Insurance - 5.0%
ACE Ltd.	940,596		51,789,216
Allstate Corp.	320,300		15,393,618
American International Group, Inc.	4,670,050		201,979,663
Hartford Financial Services Group, Inc.	721,900		54,698,363
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
MetLife, Inc. unit	722,300		$ 21,452,310
Montpelier Re Holdings Ltd.	1,371,200		22,007,760
Paris RE Holdings Ltd.	106,119		2,512,792
PartnerRe Ltd.	424,924		32,421,701
The Travelers Companies, Inc.	1,412,696		67,597,504
XL Capital Ltd. Class A	200,471		5,923,918
			475,776,845
Real Estate Investment Trusts - 0.6%
Developers Diversified Realty Corp.	439,700		18,414,636
General Growth Properties, Inc.	52,000		1,984,840
HCP, Inc.	688,100		23,264,661
LaSalle Hotel Properties (SBI)	130,900		3,760,757
Senior Housing Properties Trust (SBI)	475,356		11,265,937
			58,690,831
Real Estate Management & Development - 0.4%
CB Richard Ellis Group, Inc. Class A (a)	1,506,641		32,603,711
Thrifts & Mortgage Finance - 1.4%
Countrywide Financial Corp.	724,710		3,985,905
Fannie Mae	2,781,675		73,213,686
Freddie Mac	1,058,200		26,793,624
MGIC Investment Corp. (d)	722,352		7,606,367
New York Community Bancorp, Inc.	958,020		17,455,124
People's United Financial, Inc.	243,300		4,211,523
			133,266,229
TOTAL FINANCIALS			2,208,115,799
HEALTH CARE - 7.1%
Biotechnology - 0.4%
Amgen, Inc. (a)	729,322		30,471,073
Cubist Pharmaceuticals, Inc. (a)	157,102		2,893,819
			33,364,892
Health Care Equipment & Supplies - 1.4%
Boston Scientific Corp. (a)	752,600		9,685,962
Covidien Ltd.	970,136		42,928,518
Medtronic, Inc.	326,500		15,792,805
Philip Morris International, Inc. (a)	1,302,005		65,855,413
			134,262,698
Health Care Providers & Services - 0.1%
Brookdale Senior Living, Inc.	78,100		1,866,590
UnitedHealth Group, Inc.	302,479		10,393,178
			12,259,768
Pharmaceuticals - 5.2%
Bristol-Myers Squibb Co.	1,589,500		33,856,350
Johnson & Johnson	1,595,500		103,500,085
Merck & Co., Inc.	1,733,500		65,786,325

	Shares		Value
Pfizer, Inc.	7,751,800		$ 162,245,174
Schering-Plough Corp.	2,985,836		43,025,897
Wyeth	1,920,700		80,208,432
			488,622,263
TOTAL HEALTH CARE			668,509,621
INDUSTRIALS - 10.5%
Aerospace & Defense - 3.3%
General Dynamics Corp.	270,300		22,534,911
Goodrich Corp.	315,300		18,132,903
Honeywell International, Inc.	1,932,025		109,004,851
Lockheed Martin Corp.	330,500		32,818,650
Northrop Grumman Corp.	186,300		14,496,003
Spirit AeroSystems Holdings, Inc. Class A (a)	677,882		15,035,423
The Boeing Co.	438,984		32,647,240
United Technologies Corp.	974,740		67,081,607
			311,751,588
Airlines - 0.0%
Delta Air Lines, Inc. (a)	361,200		3,106,320
Building Products - 0.3%
Masco Corp.	1,394,300		27,648,969
Commercial Services & Supplies - 0.5%
Avery Dennison Corp.	155,800		7,673,150
Cintas Corp.	215,600		6,153,224
Equifax, Inc.	387,234		13,351,828
Waste Management, Inc.	592,900		19,897,724
			47,075,926
Electrical Equipment - 0.2%
Emerson Electric Co.	324,930		16,720,898
Industrial Conglomerates - 3.3%
3M Co.	857,900		67,902,785
General Electric Co.	5,488,390		203,125,314
Siemens AG sponsored ADR	26,000		2,832,440
Tyco International Ltd.	899,336		39,615,751
			313,476,290
Machinery - 2.0%
Briggs & Stratton Corp. (d)	1,052,988		18,848,485
Caterpillar, Inc.	290,700		22,758,903
Dover Corp.	507,166		21,189,395
Eaton Corp.	210,300		16,754,601
Illinois Tool Works, Inc.	302,300		14,579,929
Ingersoll-Rand Co. Ltd. Class A	719,788		32,088,149
SPX Corp.	559,910		58,734,559
			184,954,021
Marine - 0.1%
Alexander & Baldwin, Inc.	202,200		8,710,776
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Road & Rail - 0.8%
Burlington Northern Santa Fe Corp.	599,500		$ 55,285,890
Union Pacific Corp.	160,800		20,161,104
			75,446,994
TOTAL INDUSTRIALS			988,891,782
INFORMATION TECHNOLOGY - 9.3%
Communications Equipment - 1.0%
Cisco Systems, Inc. (a)	1,891,600		45,568,644
Harris Corp.	519,000		25,187,070
Motorola, Inc.	2,620,012		24,366,112
			95,121,826
Computers & Peripherals - 2.7%
EMC Corp. (a)	2,158,500		30,952,890
Hewlett-Packard Co.	2,392,111		109,223,788
International Business Machines Corp.	997,500		114,852,150
			255,028,828
Electronic Equipment & Instruments - 1.0%
Agilent Technologies, Inc. (a)	394,120		11,756,600
Arrow Electronics, Inc. (a)	665,100		22,380,615
Avnet, Inc. (a)	677,530		22,175,557
Tyco Electronics Ltd.	1,110,736		38,120,460
			94,433,232
Internet Software & Services - 0.1%
Google, Inc. Class A (sub. vtg.) (a)	25,192		11,096,320
IT Services - 0.8%
Electronic Data Systems Corp.	743,500		12,379,275
Metavante Holding Co. (a)	171,333		3,424,947
MoneyGram International, Inc.	895,100		1,664,886
The Western Union Co.	1,092,800		23,243,856
Unisys Corp. (a)	2,001,700		8,867,531
Visa, Inc.	347,100		21,645,156
			71,225,651
Office Electronics - 0.3%
Xerox Corp.	1,855,935		27,783,347
Semiconductors & Semiconductor Equipment - 2.7%
Analog Devices, Inc.	1,068,300		31,536,216
Applied Materials, Inc.	2,239,300		43,688,743
Atmel Corp. (a)	940,400		3,272,592
Intel Corp.	4,297,100		91,012,578
Micron Technology, Inc. (a)(d)	1,011,000		6,035,670
National Semiconductor Corp.	1,951,647		35,754,173
Novellus Systems, Inc. (a)	548,866		11,553,629
Teradyne, Inc. (a)	2,076,900		25,795,098
Varian Semiconductor Equipment Associates, Inc. (a)	329,400		9,272,610
			257,921,309

	Shares		Value
Software - 0.7%
Microsoft Corp.	1,665,600		$ 47,269,728
Symantec Corp. (a)	1,290,133		21,442,010
			68,711,738
TOTAL INFORMATION TECHNOLOGY			881,322,251
MATERIALS - 2.5%
Chemicals - 1.5%
Arkema sponsored ADR (a)	51,312		2,869,060
Celanese Corp. Class A	620,800		24,242,240
Chemtura Corp.	2,564,864		18,826,102
Dow Chemical Co.	624,900		23,027,565
E.I. du Pont de Nemours & Co.	422,100		19,737,396
Georgia Gulf Corp. (d)	789,000		5,467,770
H.B. Fuller Co.	389,950		7,958,880
Hercules, Inc.	591,016		10,809,683
Linde AG	205,400		29,016,635
			141,955,331
Containers & Packaging - 0.2%
Smurfit-Stone Container Corp. (a)	2,544,372		19,591,664
Metals & Mining - 0.7%
Alcoa, Inc.	1,642,271		59,220,292
Nucor Corp.	141,200		9,564,888
			68,785,180
Paper & Forest Products - 0.1%
Glatfelter	311,079		4,700,404
TOTAL MATERIALS			235,032,579
TELECOMMUNICATION SERVICES - 6.3%
Diversified Telecommunication Services - 5.7%
AT&T, Inc.	9,217,269		353,021,403
Qwest Communications International, Inc.	7,426,500		33,642,045
Telkom SA Ltd. sponsored ADR	209,614		13,715,044
Verizon Communications, Inc.	3,764,002		137,197,873
			537,576,365
Wireless Telecommunication Services - 0.6%
Sprint Nextel Corp.	3,315,900		22,183,371
Vodafone Group PLC sponsored ADR	1,087,187		32,082,888
			54,266,259
TOTAL TELECOMMUNICATION SERVICES			591,842,624
UTILITIES - 3.1%
Electric Utilities - 1.7%
Allegheny Energy, Inc.	486,800		24,583,400
Entergy Corp.	558,000		60,866,640
Exelon Corp.	596,600		48,485,682
PPL Corp.	585,900		26,904,528
			160,840,250
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Independent Power Producers & Energy Traders - 0.3%
AES Corp. (a)	1,847,558		$ 30,798,792
Multi-Utilities - 1.1%
Public Service Enterprise Group, Inc.	1,621,000		65,147,990
Wisconsin Energy Corp.	815,300		35,865,047
			101,013,037
TOTAL UTILITIES			292,652,079
TOTAL COMMON STOCKS (Cost $7,714,856,085)		9,172,854,758
Convertible Preferred Stocks - 1.3%

CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.1%
General Motors Corp.:
Series B, 5.25%	412,200		6,739,470
Series C, 6.25%	286,800		4,869,864
			11,609,334
Hotels, Restaurants & Leisure - 0.1%
Six Flags, Inc. 7.25% PIERS	404,400		4,650,600
TOTAL CONSUMER DISCRETIONARY			16,259,934
FINANCIALS - 0.6%
Diversified Financial Services - 0.4%
Bank of America Corp. Series L, 7.25%	17,700		18,183,564
CIT Group, Inc. 7.75%	406,600		4,891,398
Citigroup, Inc. Series T, 6.50%	432,849		20,313,257
			43,388,219
Insurance - 0.1%
AMBAC Financial Group, Inc. 9.50%	130,700		5,680,222
Thrifts & Mortgage Finance - 0.1%
Washington Mutual, Inc. Series R, 7.75%	11,800		8,202,475
TOTAL FINANCIALS			57,270,916
HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Schering-Plough Corp. 6.00%	93,000		14,223,420
MATERIALS - 0.4%
Chemicals - 0.0%
Celanese Corp. 4.25%	67,100		3,384,524
Metals & Mining - 0.4%
Freeport-McMoRan Copper & Gold, Inc. 6.75%	232,700		32,770,676
TOTAL MATERIALS			36,155,200
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $144,709,450)		123,909,470

Corporate Bonds - 1.0%
	Principal Amount		Value
Convertible Bonds - 0.8%
CONSUMER DISCRETIONARY - 0.4%
Automobiles - 0.1%
Ford Motor Co. 4.25% 12/15/36	$ 10,280,000		$ 8,721,552
Hotels, Restaurants & Leisure - 0.0%
Six Flags, Inc. 4.5% 5/15/15	3,650,000		1,934,500
Media - 0.3%
Liberty Media Corp.:
3.5% 1/15/31	259,247		193,025
4% 11/15/29 (e)	4,750,000		2,470,000
3.5% 1/15/31 (e)	9,480,723		7,058,948
News America, Inc. liquid yield option note:
0% 2/28/21 (e)	23,810,000		14,137,188
0% 2/28/21	2,350,000		1,395,313
			25,254,474
TOTAL CONSUMER DISCRETIONARY			35,910,526
FINANCIALS - 0.0%
Thrifts & Mortgage Finance - 0.0%
MGIC Investment Corp. 9% 4/1/63 (e)	5,740,000		5,636,680
INDUSTRIALS - 0.1%
Airlines - 0.1%
UAL Corp.:
4.5% 6/30/21 (e)	8,490,000		7,599,399
4.5% 6/30/21	280,000		250,628
			7,850,027
INFORMATION TECHNOLOGY - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Advanced Micro Devices, Inc.:
6% 5/1/15 (e)	14,340,000		9,070,050
6% 5/1/15	4,780,000		3,023,350
			12,093,400
TELECOMMUNICATION SERVICES - 0.2%
Diversified Telecommunication Services - 0.2%
Level 3 Communications, Inc.:
3.5% 6/15/12	6,320,000		4,331,222
5.25% 12/15/11 (e)	11,850,000		9,287,319
5.25% 12/15/11	4,290,000		3,362,245
			16,980,786
TOTAL CONVERTIBLE BONDS			78,471,419
Nonconvertible Bonds - 0.2%
MATERIALS - 0.2%
Chemicals - 0.2%
Hercules, Inc. 6.5% 6/30/29 unit	15,700,000		13,447,215
TOTAL CORPORATE BONDS (Cost $114,912,133)		91,918,634

Money Market Funds - 1.2%
	Shares	Value
Fidelity Securities Lending Cash Central Fund, 2.84% (b)(c) (Cost $115,175,150)	115,175,150	$ 115,175,150

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $8,089,652,818)

9,503,858,012

NET OTHER ASSETS - (0.7)%			(68,939,765)
NET ASSETS - 100%		$ 9,434,918,247

Security Type Abbreviation

PIERS - Preferred Income Equity Redeemable Securities

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 $62,688,109 or 0.7% 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	$ 133,478
Fidelity Securities Lending Cash Central Fund	1,008,613
Total	$ 1,142,091

Other Information

The following is a summary of the inputs used, as of March 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 9,503,858,012	$ 9,273,491,333	$ 230,366,679	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $8,103,102,025. Net unrealized appreciation aggregated $1,400,755,987, of which $2,563,857,009 related to appreciated investment securities and $1,163,101,022 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, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

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

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

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

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

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

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Growth Portfolio

March 31, 2008

1.799861.104

VIPGRWT-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
CONSUMER DISCRETIONARY - 5.1%
Automobiles - 0.1%
Harley-Davidson, Inc.	181,900		$ 6,821,250
Diversified Consumer Services - 1.5%
Apollo Group, Inc. Class A (non-vtg.) (a)	1,328,000		57,369,600
Strayer Education, Inc.	284,471		43,381,828
			100,751,428
Hotels, Restaurants & Leisure - 1.1%
BJ's Restaurants, Inc. (a)	171,492		2,471,200
McDonald's Corp.	1,247,226		69,557,794
			72,028,994
Household Durables - 0.5%
Pulte Homes, Inc.	2,151,500		31,304,325
Leisure Equipment & Products - 0.7%
Nikon Corp.	1,788,000		47,852,602
Media - 0.4%
Focus Media Holding Ltd. ADR (a)	349,300		12,277,895
National CineMedia, Inc.	819,490		18,422,135
			30,700,030
Multiline Retail - 0.1%
Target Corp.	131,100		6,644,148
Specialty Retail - 0.5%
DSW, Inc. Class A (a)(d)(e)	1,242,052		16,084,573
Gamestop Corp. Class A (a)	318,500		16,469,635
			32,554,208
Textiles, Apparel & Luxury Goods - 0.2%
Lululemon Athletica, Inc.	578,800		16,455,284
TOTAL CONSUMER DISCRETIONARY			345,112,269
CONSUMER STAPLES - 7.3%
Beverages - 0.5%
PepsiCo, Inc.	482,829		34,860,254
Food & Staples Retailing - 1.4%
CVS Caremark Corp.	1,472,485		59,650,367
Whole Foods Market, Inc. (d)	915,818		30,194,519
			89,844,886
Food Products - 1.2%
Nestle SA sponsored ADR	648,400		80,996,954
Household Products - 4.2%
Colgate-Palmolive Co.	1,538,963		119,900,607
Procter & Gamble Co.	2,354,017		164,945,971
			284,846,578
TOTAL CONSUMER STAPLES			490,548,672
ENERGY - 11.7%
Energy Equipment & Services - 2.0%
Atwood Oceanics, Inc. (a)	3,300		302,676
Cameron International Corp. (a)	221,056		9,204,772
FMC Technologies, Inc. (a)	203,400		11,571,426

	Shares		Value
National Oilwell Varco, Inc. (a)	714,848		$ 41,732,826
Smith International, Inc.	463,594		29,776,643
Transocean, Inc. (a)	322,100		43,547,920
			136,136,263
Oil, Gas & Consumable Fuels - 9.7%
Chesapeake Energy Corp.	1,084,191		50,035,415
Denbury Resources, Inc. (a)	3,783,750		108,026,063
Enterprise Products Partners LP	440,500		13,082,850
EOG Resources, Inc.	707,431		84,891,720
Hess Corp.	243,200		21,445,376
OAO Gazprom sponsored ADR	1,029,775		52,518,525
Occidental Petroleum Corp.	95,600		6,995,052
Petroleo Brasileiro SA - Petrobras sponsored ADR	693,800		70,843,918
Reliance Industries Ltd.	117,494		6,650,460
Southwestern Energy Co. (a)	1,238,800		41,735,172
Ultra Petroleum Corp. (a)	1,096,726		84,996,265
Valero Energy Corp.	765,782		37,607,554
Williams Companies, Inc.	2,263,947		74,664,972
			653,493,342
TOTAL ENERGY			789,629,605
FINANCIALS - 20.2%
Capital Markets - 2.2%
Charles Schwab Corp.	3,471,572		65,369,701
Lehman Brothers Holdings, Inc.	1,778,570		66,945,375
Northern Trust Corp.	310,179		20,617,598
			152,932,674
Commercial Banks - 0.9%
U.S. Bancorp, Delaware	1,159,200		37,511,712
UCBH Holdings, Inc.	1,036,100		8,040,136
Wells Fargo & Co.	513,600		14,945,760
			60,497,608
Diversified Financial Services - 1.4%
JPMorgan Chase & Co.	1,206,314		51,811,186
KKR Financial Holdings LLC	3,246,366		41,098,994
			92,910,180
Insurance - 12.3%
AFLAC, Inc.	818,620		53,169,369
American International Group, Inc.	2,069,069		89,487,234
Assurant, Inc.	508,556		30,950,718
Berkshire Hathaway, Inc.:
Class A (a)	404		53,893,600
Class B (a)	80,391		359,580,904
Fidelity National Financial, Inc. Class A	2,251,877		41,276,905
LandAmerica Financial Group, Inc.	108,790		4,293,941
Principal Financial Group, Inc.	630,975		35,157,927
Prudential Financial, Inc.	1,268,564		99,265,133
The First American Corp.	1,789,200		60,725,448
			827,801,179
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - 2.5%
Annaly Capital Management, Inc.	8,369,148		$ 128,215,347
MFA Mortgage Investments, Inc.	6,523,692		41,099,260
			169,314,607
Thrifts & Mortgage Finance - 0.9%
New York Community Bancorp, Inc. (d)	3,233,700		58,918,014
TOTAL FINANCIALS			1,362,374,262
HEALTH CARE - 13.9%
Biotechnology - 5.9%
Acorda Therapeutics, Inc. (a)(d)	1,075,683		19,308,510
Altus Pharmaceuticals, Inc. (a)	606,714		2,760,549
Biogen Idec, Inc. (a)	1,451,424		89,538,347
CSL Ltd.	3,182,602		107,373,307
Genentech, Inc. (a)	1,265,186		102,707,799
Gilead Sciences, Inc. (a)	1,406,203		72,461,641
			394,150,153
Health Care Equipment & Supplies - 3.0%
Alcon, Inc.	349,200		49,673,700
Becton, Dickinson & Co.	705,780		60,591,213
C.R. Bard, Inc.	476,300		45,915,320
Cochlear Ltd.	317,679		15,883,485
DENTSPLY International, Inc.	833,014		32,154,340
			204,218,058
Health Care Providers & Services - 3.5%
Henry Schein, Inc. (a)	904,675		51,928,345
Medco Health Solutions, Inc. (a)	4,201,763		183,995,202
			235,923,547
Life Sciences Tools & Services - 1.1%
Covance, Inc. (a)	738,376		61,263,057
Pharmaceutical Product Development, Inc.	343,799		14,405,178
			75,668,235
Pharmaceuticals - 0.4%
Allergan, Inc.	529,315		29,848,073
TOTAL HEALTH CARE			939,808,066
INDUSTRIALS - 7.5%
Aerospace & Defense - 1.8%
General Dynamics Corp.	884,400		73,732,428
Rockwell Collins, Inc.	652,849		37,310,320
United Technologies Corp.	97,800		6,730,596
			117,773,344

	Shares		Value
Commercial Services & Supplies - 0.5%
Corrections Corp. of America (a)	1,066,020		$ 29,336,870
Robert Half International, Inc.	259,800		6,687,252
			36,024,122
Electrical Equipment - 1.9%
Alstom SA	237,527		51,489,524
Vestas Wind Systems AS (a)	726,800		79,390,497
			130,880,021
Industrial Conglomerates - 2.0%
Global Consumer Acquisition Corp. unit	501,100		4,985,945
McDermott International, Inc. (a)	2,334,928		128,000,753
			132,986,698
Machinery - 0.4%
Danaher Corp.	320,900		24,398,027
Marine - 0.7%
DryShips, Inc.	315,600		18,907,596
Eagle Bulk Shipping, Inc.	400,570		10,318,683
Genco Shipping & Trading Ltd.	282,900		15,964,047
			45,190,326
Trading Companies & Distributors - 0.2%
Fastenal Co.	353,700		16,245,441
TOTAL INDUSTRIALS			503,497,979
INFORMATION TECHNOLOGY - 20.9%
Communications Equipment - 6.5%
Harris Corp.	589,800		28,622,994
Nokia Corp. sponsored ADR	9,489,600		302,053,968
QUALCOMM, Inc.	1,909,653		78,295,773
Research In Motion Ltd. (a)	256,900		28,831,888
			437,804,623
Computers & Peripherals - 0.4%
EMC Corp. (a)	2,005,899		28,764,592
Electronic Equipment & Instruments - 0.8%
Amphenol Corp. Class A	1,501,264		55,922,084
Internet Software & Services - 3.5%
Google, Inc. Class A (sub. vtg.) (a)	252,743		111,325,709
The Knot, Inc. (a)(d)	996,215		11,705,526
VeriSign, Inc. (a)	3,301,872		109,754,225
			232,785,460
IT Services - 5.1%
Cognizant Technology Solutions Corp. Class A (a)	2,580,262		74,388,953
ExlService Holdings, Inc. (a)(d)	918,112		21,079,852
Infosys Technologies Ltd.	1,041,066		37,447,687
Infosys Technologies Ltd. sponsored ADR	1,077,000		38,524,290
The Western Union Co.	5,657,425		120,333,430
Visa, Inc.	666,500		41,562,940
WNS Holdings Ltd. ADR (a)	872,100		13,473,945
			346,811,097
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 3.1%
Applied Materials, Inc.	10,777,639		$ 210,271,737
Software - 1.5%
Nintendo Co. Ltd.	129,700		67,856,238
Ubisoft Entertainment SA (a)	104,500		9,002,069
VMware, Inc. Class A	492,261		21,078,616
			97,936,923
TOTAL INFORMATION TECHNOLOGY			1,410,296,516
MATERIALS - 8.1%
Chemicals - 2.5%
Monsanto Co.	332,042		37,022,683
The Mosaic Co. (a)	1,276,470		130,965,822
			167,988,505
Metals & Mining - 5.6%
ArcelorMittal SA (NY Reg.) Class A	1,005,000		82,209,000
BHP Billiton PLC	980,200		29,077,180
Compass Minerals International, Inc. (e)	1,679,683		99,067,703
Evraz Group SA GDR	144,200		12,444,460
Fording Canadian Coal Trust (d)	598,700		31,340,481
Goldcorp, Inc.	2,046,100		79,504,119
Rio Tinto PLC sponsored ADR	95,200		39,207,168
Vedanta Resources PLC	158,300		6,583,678
			379,433,789
TOTAL MATERIALS			547,422,294
UTILITIES - 5.1%
Electric Utilities - 3.0%
Entergy Corp.	671,814		73,281,471
Exelon Corp.	1,196,703		97,256,053
PPL Corp.	653,798		30,022,404
			200,559,928

	Shares		Value
Independent Power Producers & Energy Traders - 1.4%
Constellation Energy Group, Inc.	1,038,501		$ 91,668,483
Multi-Utilities - 0.7%
Public Service Enterprise Group, Inc.	906,200		36,420,178
Wisconsin Energy Corp.	313,596		13,795,088
			50,215,266
TOTAL UTILITIES			342,443,677
TOTAL COMMON STOCKS (Cost $6,405,527,134)		6,731,133,340
Money Market Funds - 2.3%

Fidelity Cash Central Fund, 2.69% (b)	70,054,326		70,054,326
Fidelity Securities Lending Cash Central Fund, 2.84% (b)(c)	83,447,061		83,447,061
TOTAL MONEY MARKET FUNDS (Cost $153,501,387)		153,501,387

TOTAL INVESTMENT PORTFOLIO - 102.1%

(Cost $6,559,028,521)

6,884,634,727

NET OTHER ASSETS - (2.1)%			(144,012,325)
NET ASSETS - 100%		$ 6,740,622,402

Legend

(a) Non-income producing

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

(e) Affiliated company

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	$ 439,728
Fidelity Securities Lending Cash Central Fund	171,359
Total	$ 611,087

Other Affiliated Issuers

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

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Compass Minerals International, Inc.	$ 16,984,537	$ 63,624,528	$ -	$ 461,837	$ 99,067,703
DSW, Inc. Class A	19,970,996	3,116,488	-	-	16,084,573
Total	$ 36,955,533	$ 66,741,016	$ -	$ 461,837	$ 115,152,276

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 6,884,634,727	$ 6,703,266,646	$ 181,368,081	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $6,574,056,426. Net unrealized appreciation aggregated $310,578,301, of which $776,911,406 related to appreciated investment securities and $466,333,105 related to depreciated investment securities.

Investment Valuation

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
High Income Portfolio

March 31, 2008

1.799878.104

VIPHI-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 85.3%
	Principal Amount		Value
Convertible Bonds - 0.6%
Technology - 0.6%
Advanced Micro Devices, Inc. 6% 5/1/15	$ 3,030,000		$ 1,916,475
Lucent Technologies, Inc. 2.875% 6/15/25	2,407,000		1,849,274
Nortel Networks Corp. 1.75% 4/15/12 (d)	3,261,000		2,235,807
			6,001,556
Nonconvertible Bonds - 84.7%
Aerospace - 1.6%
Alliant Techsystems, Inc. 6.75% 4/1/16	2,315,000		2,251,338
Bombardier, Inc.:
7.45% 5/1/34 (d)	6,226,000		5,821,310
8% 11/15/14 (d)	2,595,000		2,672,850
L-3 Communications Corp.:
5.875% 1/15/15	445,000		427,200
6.375% 10/15/15	1,220,000		1,195,600
7.625% 6/15/12	4,705,000		4,810,863
			17,179,161
Air Transportation - 2.6%
American Airlines, Inc. pass-thru trust certificates:
6.817% 5/23/11	7,885,000		7,372,475
8.608% 10/1/12	535,000		513,600
AMR Corp. 9% 8/1/12	1,980,000		1,425,600
Continental Airlines, Inc.:
7.875% 7/2/18	1,069,795		909,326
9.558% 9/1/19	1,591,212		1,448,003
Continental Airlines, Inc. pass-thru trust certificates:
7.566% 9/15/21	627,861		599,607
7.73% 9/15/12	303,607		282,354
8.388% 5/1/22	573,572		539,157
9.798% 4/1/21	7,981,839		7,862,112
Delta Air Lines, Inc. pass-thru trust certificates:
8.021% 8/10/22 (d)	1,628,648		1,514,642
8.954% 8/10/14 (d)	1,266,230		1,171,263
Northwest Airlines, Inc. pass-thru trust certificates 8.028% 11/1/17	1,175,000		1,057,500
United Air Lines, Inc. pass-thru certificates Class B, 7.336% 7/2/19	3,041,813		2,555,123
			27,250,762

	Principal Amount		Value
Broadcasting - 0.3%
Nexstar Broadcasting, Inc. 7% 1/15/14	$ 835,000		$ 709,750
Umbrella Acquisition, Inc. 9.75% 3/15/15 pay-in-kind (d)	4,830,000		2,946,300
			3,656,050
Cable TV - 3.1%
Cablevision Systems Corp. 8% 4/15/12	2,025,000		1,974,375
Charter Communications Holdings I LLC:
9.92% 4/1/14	7,090,000		3,403,200
11.125% 1/15/14	2,970,000		1,425,600
12.125% 1/15/15 (c)	2,915,000		1,457,500
Charter Communications Holdings I LLC/Charter Communications Holdings I Capital Corp. 11% 10/1/15	5,075,000		3,552,500
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp. 10.25% 9/15/10	4,875,000		4,485,000
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:
8.375% 4/30/14 (d)	1,565,000		1,416,325
10.875% 9/15/14 (d)	2,265,000		2,236,688
CSC Holdings, Inc. 6.75% 4/15/12	2,165,000		2,089,225
DirecTV Holdings LLC/DirecTV Financing, Inc. 6.375% 6/15/15	1,070,000		1,000,450
EchoStar Communications Corp.:
6.375% 10/1/11	3,580,000		3,436,800
7% 10/1/13	2,540,000		2,409,952
Kabel Deutschland GmbH 10.625% 7/1/14	4,635,000		4,588,650
			33,476,265
Capital Goods - 2.0%
Leucadia National Corp.:
7% 8/15/13	850,000		837,250
7.125% 3/15/17	8,230,000		7,818,500
Sensus Metering Systems, Inc. 8.625% 12/15/13	4,325,000		4,108,750
SPX Corp. 7.625% 12/15/14 (d)	3,660,000		3,792,675
Terex Corp. 8% 11/15/17	4,370,000		4,348,150
			20,905,325
Chemicals - 1.8%
Chemtura Corp. 6.875% 6/1/16	2,640,000		2,323,200
Equistar Chemicals LP 7.55% 2/15/26	1,750,000		1,120,000
Momentive Performance Materials, Inc. 9.75% 12/1/14	9,250,000		8,301,875
Nalco Co.:
7.75% 11/15/11	3,005,000		3,035,050
8.875% 11/15/13	260,000		265,850
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Chemicals - continued
Nell AF Sarl 8.375% 8/15/15 (d)	$ 765,000		$ 550,800
NOVA Chemicals Corp.:
6.5% 1/15/12	2,005,000		1,864,650
7.8625% 11/15/13 (e)	2,425,000		2,030,938
			19,492,363
Consumer Products - 0.5%
ALH Finance LLC/ALH Finance Corp. 8.5% 1/15/13	2,610,000		2,368,575
Jostens Holding Corp. 0% 12/1/13 (b)	3,050,000		2,851,750
			5,220,325
Containers - 0.7%
BWAY Corp. 10% 10/15/10	4,245,000		4,022,138
Greif, Inc. 6.75% 2/1/17	3,800,000		3,733,500
			7,755,638
Diversified Financial Services - 0.3%
Residential Capital Corp. 7.625% 11/21/08	1,500,000		1,035,000
Residential Capital LLC 3.49% 6/9/08 (e)	2,140,000		1,690,600
			2,725,600
Diversified Media - 1.5%
LBI Media Holdings, Inc. 0% 10/15/13 (b)	5,300,000		4,372,500
Liberty Media Corp. 8.25% 2/1/30	1,005,000		843,411
Nielsen Finance LLC/Nielsen Finance Co.:
0% 8/1/16 (b)	1,185,000		728,775
10% 8/1/14	2,270,000		2,235,950
Quebecor Media, Inc.:
7.75% 3/15/16	5,920,000		5,357,600
7.75% 3/15/16	2,880,000		2,606,400
			16,144,636
Electric Utilities - 7.8%
AES Corp.:
7.75% 3/1/14	3,685,000		3,721,850
7.75% 10/15/15	2,560,000		2,579,200
8% 10/15/17	2,560,000		2,582,400
8.875% 2/15/11	745,000		771,075
Aquila, Inc. 14.875% 7/1/12	2,825,000		3,474,750
Dynegy Holdings, Inc.:
8.375% 5/1/16	920,000		915,400
8.75% 2/15/12	2,205,000		2,265,638
Edison Mission Energy 7.2% 5/15/19	2,675,000		2,621,500
Energy Future Holdings:
10.875% 11/1/17 (d)	6,825,000		6,893,250
11.25% 11/1/17 pay-in-kind (d)	885,000		871,725
Intergen NV 9% 6/30/17 (d)	3,950,000		4,088,250

	Principal Amount		Value
Mirant Americas Generation LLC:
8.3% 5/1/11	$ 480,000		$ 494,400
8.5% 10/1/21	3,135,000		2,821,500
9.125% 5/1/31	1,270,000		1,143,000
NRG Energy, Inc.:
7.25% 2/1/14	2,475,000		2,431,688
7.375% 2/1/16	5,825,000		5,679,375
7.375% 1/15/17	5,535,000		5,313,600
NSG Holdings II, LLC 7.75% 12/15/25 (d)	7,850,000		7,614,500
Reliant Energy, Inc.:
7.625% 6/15/14	3,860,000		3,821,400
7.875% 6/15/17	3,800,000		3,800,000
Tenaska Alabama Partners LP 7% 6/30/21 (d)	2,056,601		1,933,205
Texas Competitive Electric Holdings Co. LLC:
Series A, 10.25% 11/1/15 (d)	6,920,000		6,902,700
Series B, 10.25% 11/1/15 (d)	3,895,000		3,885,263
10.5% 11/1/16 pay-in-kind (d)	2,400,000		2,340,000
Utilicorp Canada Finance Corp. 7.75% 6/15/11	4,285,000		4,563,525
Utilicorp United, Inc. 9.95% 2/1/11 (e)	130,000		133,900
			83,663,094
Energy - 10.0%
Atlas Pipeline Partners LP 8.125% 12/15/15	4,080,000		4,120,800
Chaparral Energy, Inc.:
8.5% 12/1/15	4,800,000		4,176,000
8.875% 2/1/17	1,760,000		1,526,800
Chesapeake Energy Corp.:
6.5% 8/15/17	5,515,000		5,308,188
6.625% 1/15/16	2,045,000		2,004,100
6.875% 1/15/16	3,520,000		3,484,800
7.5% 6/15/14	2,095,000		2,147,375
7.75% 1/15/15	4,390,000		4,521,700
Compagnie Generale de Geophysique SA:
7.5% 5/15/15	435,000		440,438
7.75% 5/15/17	835,000		847,525
Connacher Oil and Gas Ltd. 10.25% 12/15/15 (d)	2,235,000		2,251,763
El Paso Performance-Linked Trust 7.75% 7/15/11 (d)	5,015,000		5,190,525
Energy Partners Ltd.:
9.3825% 4/15/13 (e)	2,870,000		2,296,000
9.75% 4/15/14	2,600,000		2,132,000
Forest Oil Corp.:
7.25% 6/15/19	4,990,000		5,089,800
7.75% 5/1/14	1,430,000		1,458,600
8% 12/15/11	1,440,000		1,504,800
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Energy - continued
Hilcorp Energy I LP/Hilcorp Finance Co.:
7.75% 11/1/15 (d)	$ 5,890,000		$ 5,507,150
9% 6/1/16 (d)	3,910,000		3,919,775
OPTI Canada, Inc.:
7.875% 12/15/14	525,000		513,188
8.25% 12/15/14	5,275,000		5,235,438
Pan American Energy LLC 7.75% 2/9/12 (d)	4,700,000		4,758,750
Parker Drilling Co. 9.625% 10/1/13	1,775,000		1,863,750
Petrohawk Energy Corp. 9.125% 7/15/13	5,910,000		6,057,750
Petroleum Development Corp. 12% 2/15/18 (d)	2,810,000		2,908,350
Pioneer Natural Resources Co. 6.65% 3/15/17	3,365,000		3,163,100
Plains Exploration & Production Co. 7% 3/15/17	4,230,000		4,060,800
Range Resources Corp.:
6.375% 3/15/15 (Reg. S)	885,000		876,150
7.375% 7/15/13	10,075,000		10,226,125
Seitel, Inc. 9.75% 2/15/14	4,330,000		3,648,025
Tesoro Corp. 6.5% 6/1/17	1,465,000		1,303,850
W&T Offshore, Inc. 8.25% 6/15/14 (d)	4,490,000		4,265,500
			106,808,915
Entertainment/Film - 0.1%
AMC Entertainment, Inc. 8% 3/1/14	1,160,000		986,000
Environmental - 0.8%
Allied Waste North America, Inc.:
6.875% 6/1/17	4,655,000		4,526,988
7.125% 5/15/16	3,180,000		3,164,100
Browning-Ferris Industries, Inc. 7.4% 9/15/35	585,000		526,500
			8,217,588
Food and Drug Retail - 0.2%
Stater Brothers Holdings, Inc. 8.125% 6/15/12	675,000		669,938
SUPERVALU, Inc. 7.5% 11/15/14	1,120,000		1,108,800
			1,778,738
Food/Beverage/Tobacco - 1.5%
Constellation Brands, Inc.:
7.25% 9/1/16	410,000		398,725
7.25% 5/15/17	1,045,000		1,013,650
8.375% 12/15/14	575,000		592,250
Dean Foods Co.:
6.9% 10/15/17	2,940,000		2,506,350
7% 6/1/16	1,705,000		1,491,875

	Principal Amount		Value
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11	$ 3,690,000		$ 3,496,275
Pierre Foods, Inc. 9.875% 7/15/12	3,195,000		1,661,400
Smithfield Foods, Inc. 7.75% 7/1/17	5,045,000		4,893,650
			16,054,175
Gaming - 7.7%
Chukchansi Economic Development Authority:
8% 11/15/13 (d)	3,210,000		2,889,000
8.2375% 11/15/12 (d)(e)	1,010,000		863,550
Harrah's Operating Co., Inc. 5.375% 12/15/13	880,000		578,600
Mandalay Resort Group 9.375% 2/15/10	4,655,000		4,765,556
Mashantucket Western Pequot Tribe 8.5% 11/15/15 (d)	3,630,000		3,194,400
MGM Mirage, Inc.:
5.875% 2/27/14	1,320,000		1,141,800
6.625% 7/15/15	2,275,000		1,962,188
6.75% 9/1/12	9,015,000		8,327,606
6.75% 4/1/13	1,065,000		969,150
6.875% 4/1/16	6,155,000		5,339,463
7.625% 1/15/17	9,460,000		8,584,950
Mohegan Tribal Gaming Authority:
6.125% 2/15/13	2,140,000		1,952,750
6.375% 7/15/09	950,000		941,688
7.125% 8/15/14	3,045,000		2,474,063
Park Place Entertainment Corp. 8.125% 5/15/11	3,135,000		2,609,888
Scientific Games Corp. 6.25% 12/15/12	3,275,000		3,029,375
Seminole Hard Rock Entertainment, Inc. 5.3% 3/15/14 (d)(e)	1,520,000		1,246,400
Seneca Gaming Corp.:
Series B, 7.25% 5/1/12	6,495,000		6,137,775
7.25% 5/1/12	6,020,000		5,688,900
Snoqualmie Entertainment Authority:
6.9363% 2/1/14 (d)(e)	3,315,000		2,701,725
9.125% 2/1/15 (d)	1,930,000		1,650,150
Station Casinos, Inc. 6.875% 3/1/16	2,230,000		1,315,700
Virgin River Casino Corp./RBG LLC/B&BB, Inc.:
0% 1/15/13 (b)	2,100,000		1,155,000
9% 1/15/12	3,610,000		2,671,400
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
6.625% 12/1/14	2,040,000		1,960,950
6.625% 12/1/14 (d)	8,455,000		8,116,800
			82,268,827
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Healthcare - 7.0%
Bausch & Lomb, Inc. 9.875% 11/1/15 (d)	$ 550,000		$ 556,875
Community Health Systems, Inc. 8.875% 7/15/15	2,000,000		2,010,000
FMC Finance III SA 6.875% 7/15/17	5,015,000		5,027,538
HCA, Inc.:
6.5% 2/15/16	2,670,000		2,242,800
9.125% 11/15/14	4,755,000		4,873,875
9.25% 11/15/16	9,334,000		9,637,355
9.625% 11/15/16 pay-in-kind	5,135,000		5,301,888
IASIS Healthcare LLC/IASIS Capital Corp. 8.75% 6/15/14	2,815,000		2,772,775
LVB Acquisition Merger Sub, Inc.:
10% 10/15/17 (d)	2,490,000		2,602,050
10.375% 10/15/17 pay-in-kind (d)	2,620,000		2,705,150
11.625% 10/15/17 (d)	1,675,000		1,658,250
Multiplan, Inc. 10.375% 4/15/16 (d)	1,895,000		1,724,450
Omega Healthcare Investors, Inc. 7% 4/1/14	9,970,000		9,571,200
ReAble Therapeutics Finance LLC/ReAble Therapeutics Finance Corp. 10.875% 11/15/14 (d)	3,590,000		3,437,425
Rural/Metro Corp. 9.875% 3/15/15	460,000		400,200
Service Corp. International:
6.75% 4/1/15	3,165,000		3,101,700
7.5% 4/1/27	6,515,000		5,537,750
United Surgical Partners International, Inc.:
8.875% 5/1/17	1,540,000		1,436,050
9.25% 5/1/17 pay-in-kind	1,980,000		1,806,750
Ventas Realty LP:
6.5% 6/1/16	1,200,000		1,167,000
6.625% 10/15/14	1,820,000		1,788,150
Viant Holdings, Inc. 10.125% 7/15/17 (d)	3,679,000		2,979,990
VWR Funding, Inc. 10.25% 7/15/15	3,010,000		2,799,300
			75,138,521
Homebuilding/Real Estate - 1.6%
American Real Estate Partners/American Real Estate Finance Corp.:
7.125% 2/15/13	6,145,000		5,576,588
8.125% 6/1/12	8,345,000		8,136,375
KB Home:
6.25% 6/15/15	1,030,000		912,838

	Principal Amount		Value
6.375% 8/15/11	$ 1,030,000		$ 968,200
7.75% 2/1/10	1,025,000		999,375
			16,593,376
Hotels - 0.9%
Grupo Posadas SA de CV 8.75% 10/4/11 (d)	3,875,000		4,030,000
Host Marriott LP 7.125% 11/1/13	5,390,000		5,255,250
			9,285,250
Insurance - 0.4%
USI Holdings Corp.:
6.94% 11/15/14 (d)(e)	4,305,000		3,056,550
9.75% 5/15/15 (d)	1,310,000		982,500
			4,039,050
Leisure - 1.9%
Royal Caribbean Cruises Ltd.:
7.25% 3/15/18	3,080,000		2,679,600
yankee:
7% 6/15/13	2,580,000		2,412,615
7.25% 6/15/16	1,540,000		1,378,300
7.5% 10/15/27	1,980,000		1,683,000
Town Sports International Holdings, Inc. 0% 2/1/14 (b)	1,772,000		1,603,660
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10	5,125,000		5,278,750
Universal City Florida Holding Co. I/II:
7.9894% 5/1/10 (e)	4,340,000		4,220,650
8.375% 5/1/10	625,000		618,750
			19,875,325
Metals/Mining - 5.6%
Arch Western Finance LLC 6.75% 7/1/13	6,050,000		5,959,250
Compass Minerals International, Inc. 0% 6/1/13 (b)	8,615,000		8,873,450
Drummond Co., Inc. 7.375% 2/15/16 (d)	8,210,000		7,471,100
FMG Finance Property Ltd.:
7.0756% 9/1/11 (d)(e)	2,555,000		2,446,413
10% 9/1/13 (d)	4,010,000		4,250,600
10.625% 9/1/16 (d)	935,000		1,040,188
Freeport-McMoRan Copper & Gold, Inc.:
8.25% 4/1/15	4,595,000		4,836,238
8.375% 4/1/17	2,340,000		2,480,400
8.3944% 4/1/15 (e)	755,000		743,675
Massey Energy Co.:
6.625% 11/15/10	350,000		348,250
6.875% 12/15/13	7,890,000		7,594,125
Noranda Aluminium Acquisition Corp. 8.7375% 5/15/15 pay-in-kind (d)(e)	3,500,000		2,782,500
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Metals/Mining - continued
Peabody Energy Corp.:
7.375% 11/1/16	$ 2,675,000		$ 2,755,250
7.875% 11/1/26	1,715,000		1,697,850
Vedanta Resources PLC 6.625% 2/22/10 (d)	6,335,000		6,113,275
			59,392,564
Paper - 1.8%
Georgia-Pacific Corp.:
7% 1/15/15 (d)	11,005,000		10,427,238
8.875% 5/15/31	2,325,000		2,069,250
Jefferson Smurfit Corp. U.S. 7.5% 6/1/13	2,855,000		2,455,300
Rock-Tenn Co. 9.25% 3/15/16 (d)	620,000		641,700
Stone Container Corp. 8.375% 7/1/12	545,000		493,225
Stone Container Finance Co. 7.375% 7/15/14	3,165,000		2,658,600
			18,745,313
Publishing/Printing - 0.8%
Scholastic Corp. 5% 4/15/13	2,755,000		2,327,975
The Reader's Digest Association, Inc. 9% 2/15/17 (d)	3,305,000		2,346,550
TL Acquisitions, Inc.:
0% 7/15/15 (b)(d)	1,590,000		1,120,950
10.5% 1/15/15 (d)	3,265,000		2,824,225
			8,619,700
Railroad - 0.1%
Kansas City Southern Railway Co. 7.5% 6/15/09	1,415,000		1,429,150
Restaurants - 0.4%
Landry's Restaurants, Inc. 9.5% 12/15/14	4,550,000		4,436,250
Services - 3.1%
ARAMARK Corp.:
6.7394% 2/1/15 (e)	2,630,000		2,320,975
8.5% 2/1/15	3,640,000		3,640,000
Ashtead Capital, Inc. 9% 8/15/16 (d)	3,090,000		2,549,250
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:
5.565% 5/15/14 (e)	310,000		243,350
7.625% 5/15/14	1,015,000		867,825
7.75% 5/15/16	2,960,000		2,408,315
FTI Consulting, Inc.:
7.625% 6/15/13	4,965,000		5,113,950
7.75% 10/1/16	535,000		553,725
Hertz Corp. 8.875% 1/1/14	1,300,000		1,235,000
Iron Mountain, Inc.:
6.625% 1/1/16	575,000		547,688
7.75% 1/15/15	800,000		804,000
8.25% 7/1/11	5,110,000		5,090,838

	Principal Amount		Value
8.625% 4/1/13	$ 5,270,000		$ 5,322,700
Penhall International Corp. 12% 8/1/14 (d)	610,000		488,000
Rural/Metro Corp. 0% 3/15/16 (b)	3,185,000		2,293,200
			33,478,816
Shipping - 4.0%
Britannia Bulk PLC 11% 12/1/11	3,395,000		3,462,900
Navios Maritime Holdings, Inc. 9.5% 12/15/14	4,795,000		4,699,100
Overseas Shipholding Group, Inc. 8.25% 3/15/13	445,000		449,450
Ship Finance International Ltd. 8.5% 12/15/13	22,075,000		22,406,102
Teekay Corp. 8.875% 7/15/11	10,618,000		11,201,990
			42,219,542
Steels - 1.8%
PNA Group, Inc. 10.75% 9/1/16	1,845,000		1,595,925
RathGibson, Inc. 11.25% 2/15/14	4,820,000		4,699,500
Steel Dynamics, Inc.:
6.75% 4/1/15	10,060,000		9,770,775
7.375% 11/1/12 (d)	2,945,000		2,970,769
			19,036,969
Super Retail - 0.7%
NBC Acquisition Corp. 11% 3/15/13	1,665,000		1,465,200
Nebraska Book Co., Inc. 8.625% 3/15/12	2,740,000		2,452,300
Toys 'R' US, Inc. 7.625% 8/1/11	4,685,000		3,806,563
			7,724,063
Technology - 4.5%
Avago Technologies Finance Ltd. 10.125% 12/1/13	1,125,000		1,192,500
Celestica, Inc. 7.875% 7/1/11	725,000		708,688
First Data Corp. 9.875% 9/24/15 (d)	3,455,000		2,859,013
Flextronics International Ltd.:
6.25% 11/15/14	3,110,000		2,876,750
6.5% 5/15/13	2,520,000		2,406,600
Freescale Semiconductor, Inc.:
6.675% 12/15/14 (e)	2,735,000		1,887,150
8.875% 12/15/14	3,165,000		2,476,613
9.125% 12/15/14 pay-in-kind	1,745,000		1,271,756
10.125% 12/15/16	2,570,000		1,734,750
IKON Office Solutions, Inc. 9.9263% 1/1/12 (d)(e)	2,430,000		2,332,800
Jabil Circuit, Inc. 8.25% 3/15/18 (d)	205,000		201,677
Lucent Technologies, Inc.:
6.45% 3/15/29	3,915,000		2,789,438
6.5% 1/15/28	5,915,000		4,214,438
Nortel Networks Corp.:
8.5075% 7/15/11 (e)	3,860,000		3,319,600
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Technology - continued
Nortel Networks Corp.: - continued
10.125% 7/15/13	$ 1,825,000		$ 1,674,438
NXP BV:
7.0075% 10/15/13 (e)	2,560,000		2,099,200
7.875% 10/15/14	300,000		273,750
Seagate Technology HDD Holdings 6.8% 10/1/16	5,425,000		5,180,875
Unisys Corp. 6.875% 3/15/10	1,335,000		1,254,900
Xerox Capital Trust I 8% 2/1/27	7,840,000		7,722,400
			48,477,336
Telecommunications - 6.8%
Cincinnati Bell, Inc. 8.375% 1/15/14	3,595,000		3,334,363
Digicel Group Ltd.:
8.875% 1/15/15 (d)	4,570,000		3,804,525
9.125% 1/15/15 pay-in-kind (d)	1,847,000		1,519,158
9.25% 9/1/12 (d)	4,605,000		4,570,463
Intelsat Ltd.:
6.5% 11/1/13	8,880,000		5,772,000
7.625% 4/15/12	7,885,000		5,913,750
9.25% 6/15/16	5,055,000		5,105,550
11.25% 6/15/16	2,150,000		2,182,250
Level 3 Financing, Inc.:
6.7044% 2/15/15 (e)	4,580,000		3,137,300
8.75% 2/15/17	465,000		349,913
9.25% 11/1/14	2,555,000		2,075,938
Mobile Telesystems Finance SA 8% 1/28/12 (d)	6,558,000		6,689,160
Nextel Communications, Inc.:
6.875% 10/31/13	1,155,000		912,450
7.375% 8/1/15	2,210,000		1,701,700
Orascom Telecom Finance SCA 7.875% 2/8/14 (d)	6,100,000		5,703,500
PanAmSat Corp. 9% 8/15/14	475,000		479,750
Qwest Corp.:
6.05% 6/15/13 (e)	5,695,000		5,097,025
6.5% 6/1/17	2,165,000		1,926,850
7.625% 6/15/15	1,970,000		1,871,500
Rural Cellular Corp. 6.0756% 6/1/13 (e)	3,010,000		3,010,000
Sprint Capital Corp. 6.875% 11/15/28	990,000		737,550
Time Warner Telecom Holdings, Inc. 9.25% 2/15/14	1,705,000		1,722,050

	Principal Amount		Value
U.S. West Communications:
6.875% 9/15/33	$ 1,605,000		$ 1,284,000
7.5% 6/15/23	4,080,000		3,549,600
			72,450,345
Textiles & Apparel - 0.8%
Hanesbrands, Inc. 8.2038% 12/15/14 (d)(e)	3,205,000		2,852,450
Levi Strauss & Co.:
8.875% 4/1/16	2,595,000		2,471,738
9.75% 1/15/15	2,960,000		2,930,400
			8,254,588
TOTAL NONCONVERTIBLE BONDS			902,779,620
TOTAL CORPORATE BONDS (Cost $968,933,366)		908,781,176
Commercial Mortgage Securities - 0.0%

LB Multi-family Mortgage Trust Series 1991-4 Class A1, 7.0935% 4/25/21 (d)(e) (Cost $107,218)	145,620		131,058
Common Stocks - 0.0%
	Shares
Textiles & Apparel - 0.0%
Arena Brands Holding Corp. Class B (f) (Cost $1,974,627)	48,889		308,001
Preferred Stocks - 1.1%

Convertible Preferred Stocks - 0.6%
Electric Utilities - 0.1%
AES Trust III 6.75%	23,200		1,082,280
Energy - 0.5%
El Paso Corp. 4.99%	3,849		5,260,641
TOTAL CONVERTIBLE PREFERRED STOCKS			6,342,921
Nonconvertible Preferred Stocks - 0.5%
Telecommunications - 0.5%
Rural Cellular Corp. 12.25% pay-in-kind	3,862		4,827,500
TOTAL PREFERRED STOCKS (Cost $10,825,253)		11,170,421

Floating Rate Loans - 5.9%
	Principal Amount		Value
Cable TV - 0.9%
Charter Communications Operating LLC Tranche B 1LN, term loan 5.26% 3/6/14 (e)	$ 2,937,638		$ 2,482,304
CSC Holdings, Inc. Tranche B, term loan 4.75% 3/31/13 (e)	4,851,000		4,547,813
Insight Midwest Holdings LLC Tranche B, term loan 6.73% 4/6/14 (e)	3,260,250		2,966,828
			9,996,945
Capital Goods - 0.3%
Dresser, Inc.:
Tranche 2LN, term loan 8.82% 5/4/15 pay-in-kind (e)	3,250,000		2,941,250
Tranche B 1LN, term loan 5.5565% 5/4/14 (e)	422,310		394,859
			3,336,109
Electric Utilities - 0.6%
Ashmore Energy International:
Revolving Credit-Linked Deposit 5.5963% 3/30/12 (e)	659,006		560,155
term loan 5.6963% 3/30/14 (e)	4,859,821		4,130,847
Texas Competitive Electric Holdings Co. LLC Tranche B3, term loan 6.5827% 10/10/14 (e)	1,860,326		1,690,571
			6,381,573
Energy - 1.1%
SandRidge Energy, Inc. term loan:
8.3538% 4/1/14 (e)	5,320,000		4,921,000
8.625% 4/1/15 (e)	6,925,000		6,838,438
			11,759,438
Entertainment/Film - 0.3%
Zuffa LLC term loan 4.625% 6/19/15 (e)	4,615,672		2,677,090
Gaming - 0.2%
Fantasy Springs Resort Casino term loan 9.44% 8/6/12 (e)	2,960,000		2,604,800
Healthcare - 0.6%
Community Health Systems, Inc.:
term loan 5.335% 7/25/14 (e)	4,843,507		4,456,027
Tranche DD, term loan 7/25/14 (e)(g)	247,796		227,972
Fresenius Medical Care Holdings, Inc. Tranche B, term loan 5.47% 3/31/12 (e)	640,000		595,200
PTS Acquisition Corp. term loan 4.95% 4/10/14 (e)	1,895,226		1,563,562
			6,842,761
Paper - 0.5%
Georgia-Pacific Corp. Tranche B1, term loan 4.7518% 12/23/12 (e)	5,622,728		5,215,081

	Principal Amount		Value
Services - 0.2%
Penhall International Corp. term loan 12.6425% 4/1/12 pay-in-kind (e)	$ 2,211,885		$ 1,725,270
Technology - 0.5%
Kronos, Inc.:
Tranche 1LN, term loan 4.9463% 6/11/14 (e)	3,486,084		2,788,867
Tranche 2LN, term loan 8.4463% 6/11/15 (e)	3,190,000		2,233,000
			5,021,867
Telecommunications - 0.4%
Digicel International Finance Ltd. term loan 5.25% 3/30/12 (e)	2,150,000		1,913,500
PanAmSat Corp. term loan 9.25% 8/15/14	2,905,000		2,617,144
			4,530,644
Textiles & Apparel - 0.3%
Hanesbrands, Inc. Tranche B 1LN, term loan 4.8908% 9/5/13 (e)	1,055,000		1,015,438
Levi Strauss & Co. term loan 5.33% 4/4/14 (e)	2,310,000		1,836,450
			2,851,888
TOTAL FLOATING RATE LOANS (Cost $71,379,598)		62,943,466
Money Market Funds - 6.2%
	Shares
Fidelity Cash Central Fund, 2.69% (a) (Cost $66,201,808)	66,201,808		66,201,808
Cash Equivalents - 0.5%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 1.44%, dated 3/31/08 due 4/1/08 (Collateralized by U.S. Treasury Obligations) # (Cost $5,710,000)	$ 5,710,229		5,710,000

TOTAL INVESTMENT PORTFOLIO - 99.0%

(Cost $1,125,131,870)

1,055,245,930

NET OTHER ASSETS - 1.0%			10,928,699
NET ASSETS - 100%		$ 1,066,174,629

Legend

(a) 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.

(b) 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.

(c) 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.

(d) 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 $210,221,193 or 19.7% of net assets.

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

(f) 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 $308,001 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

(g) Position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $247,796 and $227,972, 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
$5,710,000 due 4/01/08 at 1.44%
Banc of America Securities LLC	$ 1,028,718
Barclays Capital, Inc.	1,885,516
Lehman Brothers, Inc.	2,795,766
	$ 5,710,000

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	$ 591,645

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 1,055,245,930	$ 66,201,808	$ 988,736,121	$ 308,001

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

	Investments in Securities
Beginning Balance	$ 293,334
Total Realized Gain (Loss)	0
Total Unrealized Gain (Loss)	14,667
Cost of Purchases	0
Proceeds of Sales	0
Amortization/Accretion	0
Transfer in/out of Level 3	0
Ending Balance	$ 308,001

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

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,123,119,541. Net unrealized depreciation aggregated $67,873,611, of which $6,504,943 related to appreciated investment securities and $74,378,554 related to depreciated investment securities.

Investment Valuation

Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Overseas Portfolio

March 31, 2008

1.799852.104

VIPOVRS-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%
	Shares		Value
Argentina - 0.2%
Cresud S.A.C.I.F. y A. sponsored ADR (d)	430,600		$ 6,682,912
Australia - 5.3%
AMP Ltd.	859,100		6,164,294
Australian Wealth Management Ltd.	2,494,900		3,853,983
Babcock & Brown Wind Partners	4,714,700		6,636,586
BHP Billiton Ltd.	900,617		29,652,815
Commonwealth Bank of Australia	367,933		14,061,086
Computershare Ltd.	1,203,606		9,626,366
CSL Ltd.	1,764,917		59,544,038
Energy Resources of Australia Ltd.	270,330		4,867,774
Gunns Ltd.	1,497,600		4,284,598
HFA Holdings Ltd.	1,251,777		1,121,303
Lion Nathan Ltd.	1,266,655		10,130,627
National Australia Bank Ltd.	229,182		6,315,937
Rio Tinto Ltd.	79,200		8,868,113
Seek Ltd.	593,800		2,871,216
TOTAL AUSTRALIA			167,998,736
Austria - 0.4%
Strabag SE	219,800		14,021,311
Belgium - 0.4%
Fortis	226,300		5,701,505
Hamon & Compagnie International SA (a)	73,974		3,479,906
KBC Groupe SA	26,700		3,462,088
TOTAL BELGIUM			12,643,499
Bermuda - 0.4%
Aquarius Platinum Ltd. (United Kingdom)	451,300		6,675,893
Clear Media Ltd. (a)	249,000		208,598
Covidien Ltd.	108,500		4,801,125
TOTAL BERMUDA			11,685,616
Brazil - 1.1%
Banco do Brasil SA	324,800		4,279,334
Bolsa de Mercadorias & Futuros - BM&F SA	408,800		3,683,114
Gafisa SA ADR (d)	107,100		3,572,856
MRV Engenharia e Participacoes SA	601,500		10,694,552
Uniao de Bancos Brasileiros SA (Unibanco) GDR	43,600		5,085,504
Vivo Participacoes SA (PN) sponsored ADR	1,092,500		6,511,300
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	96,100		2,739,811
TOTAL BRAZIL			36,566,471
British Virgin Islands - 0.1%
Indochina Capital Vietnam Holdings Ltd.	271,800		2,113,245
Canada - 0.1%
TimberWest Forest Corp.	175,300		2,168,625

	Shares		Value
China - 0.2%
Global Bio-Chem Technology Group Co. Ltd.	3,238,000		$ 1,243,976
Home Inns & Hotels Management, Inc. ADR (a)	282,300		5,558,487
TOTAL CHINA			6,802,463
Denmark - 1.3%
Novo Nordisk AS Series B	187,200		12,800,068
Novozymes AS Series B	105,600		9,880,754
Vestas Wind Systems AS (a)	176,200		19,246,843
TOTAL DENMARK			41,927,665
Finland - 1.3%
Fortum Oyj (d)	216,800		8,833,227
Neste Oil Oyj	233,400		8,157,378
Nokia Corp. sponsored ADR	779,200		24,801,936
TOTAL FINLAND			41,792,541
France - 14.4%
Alstom SA	545,100		118,163,147
AXA SA	247,415		8,934,156
BNP Paribas SA	210,902		21,270,891
Bouygues SA	181,900		11,554,809
Carrefour SA	290,500		22,410,966
CNP Assurances	72,800		8,973,116
Compagnie Generale de Geophysique SA (a)	11,400		2,837,616
France Telecom SA	169,361		5,687,142
Groupe Danone	187,200		16,737,908
Ingenico SA	319,400		10,487,461
L'Air Liquide SA	165,980		25,302,888
L'Oreal SA	126,795		16,100,757
Remy Cointreau SA	99,500		6,691,212
Sanofi-Aventis sponsored ADR	179,800		6,749,692
Societe Generale Series A	56,210		5,503,227
Sodexho Alliance SA	185,500		11,402,812
Suez SA (France)	450,700		29,576,016
Total SA:
Series B	340,200		25,178,202
sponsored ADR	245,600		18,176,856
Unibail-Rodamco	56,900		14,600,621
Veolia Environnement	836,775		58,332,402
Vivendi	405,338		15,836,697
TOTAL FRANCE			460,508,594
Germany - 9.6%
Allianz AG (Reg.)	85,500		16,809,300
Bayer AG	256,100		20,521,225
Beiersdorf AG	310,600		26,128,788
Commerzbank AG	380,000		11,877,386
Daimler AG (Reg.)	107,000		9,153,850
Deutsche Bank AG	70,200		7,936,110
Deutsche Boerse AG	157,500		25,367,668
Deutsche Postbank AG	104,200		9,946,718
Common Stocks - continued
	Shares		Value
Germany - continued
Deutsche Telekom AG:
(Reg.)	45,900		$ 761,022
sponsored ADR	148,200		2,457,156
E.ON AG	343,144		63,518,231
ESCADA AG (a)(d)	241,821		6,634,617
Fresenius AG	132,100		11,239,932
GFK AG (d)	111,269		4,400,014
Henkel KGaA	282,177		11,973,551
K&S AG	17,000		5,563,413
MLP AG (d)	1,114,100		15,863,639
Q-Cells AG (a)(d)	90,100		8,940,695
RWE AG	139,700		17,170,498
SAP AG sponsored ADR (d)	241,900		11,990,983
Siemens AG:
(Reg.)	19,900		2,167,906
sponsored ADR	62,800		6,841,432
Vossloh AG	73,300		10,339,969
TOTAL GERMANY			307,604,103
Greece - 0.5%
Public Power Corp. of Greece	383,300		16,760,643
Hong Kong - 1.6%
China Unicom Ltd.	10,572,000		22,486,644
China Unicom Ltd. sponsored ADR	995,300		21,170,031
Dynasty Fine Wines Group Ltd.	7,224,000		1,568,659
Esprit Holdings Ltd.	509,100		6,109,619
TOTAL HONG KONG			51,334,953
Ireland - 0.2%
Irish Life & Permanent PLC	330,500		6,458,984
Israel - 0.3%
Israel Chemicals Ltd.	224,500		3,141,598
Teva Pharmaceutical Industries Ltd. sponsored ADR	108,900		5,030,091
TOTAL ISRAEL			8,171,689
Italy - 4.2%
A2A SpA	1,154,100		4,241,295
Alleanza Assicurazioni SpA	1,108,600		14,481,548
Assicurazioni Generali SpA	376,200		16,913,398
Edison SpA	2,559,300		6,710,624
ENI SpA	464,586		15,821,476
Finmeccanica SpA	779,900		26,518,974
Intesa Sanpaolo SpA	1,556,700		10,972,321
Lottomatica SpA (d)	155,800		4,848,331
Mariella Burani Fashion Group SpA	105,600		2,912,252
Saipem SpA	259,200		10,478,924
UniCredit SpA	2,840,000		18,995,420
TOTAL ITALY			132,894,563

	Shares		Value
Japan - 9.6%
Canon, Inc.	209,300		$ 9,705,241
Daiwa Securities Group, Inc.	1,038,000		9,064,664
Honda Motor Co. Ltd.	97,400		2,806,094
Ibiden Co. Ltd.	180,500		7,158,600
Japan Steel Works Ltd. (d)	783,000		13,477,921
Japan Tobacco, Inc.	2,877		14,391,458
KDDI Corp.	536		3,296,703
Matsui Securities Co. Ltd. (d)	659,000		3,750,061
Mitsubishi Corp.	254,100		7,774,061
Mitsubishi Electric Corp.	507,000		4,427,285
Mitsubishi Estate Co. Ltd.	344,000		8,430,611
Mitsubishi UFJ Financial Group, Inc.	1,725,000		15,007,501
Mitsui & Co. Ltd.	384,000		7,879,522
Mitsui Fudosan Co. Ltd.	164,000		3,298,989
Nafco Co. Ltd.	147,900		2,082,056
NGK Insulators Ltd.	585,000		10,464,057
Nidec Corp.	86,400		5,331,286
Nippon Steel Corp.	1,308,000		6,687,224
Nomura Holdings, Inc.	1,217,700		18,302,032
Nomura Holdings, Inc. sponsored ADR	209,500		3,148,785
NSK Ltd.	1,575,000		11,985,086
NTT DoCoMo, Inc.	4,310		6,572,750
Point, Inc.	125,450		5,948,423
Sony Corp.	98,600		3,950,902
Sony Corp. sponsored ADR	138,100		5,533,667
Sumitomo Metal Industries Ltd.	1,829,000		7,007,097
Sumitomo Mitsui Financial Group, Inc.	6,509		43,235,919
Sumitomo Trust & Banking Co. Ltd.	1,251,000		8,669,367
T&D Holdings, Inc.	268,350		14,230,733
Tokai Carbon Co. Ltd.	132,000		1,353,726
Tokyo Electric Power Co.	115,000		3,093,306
Toyo Tanso Co. Ltd.	29,800		2,801,558
Toyota Motor Corp.	555,900		28,042,377
USS Co. Ltd.	128,860		8,978,311
TOTAL JAPAN			307,887,373
Korea (South) - 0.4%
Doosan Heavy Industries & Construction Co. Ltd.	84,920		11,360,965
Luxembourg - 1.1%
ArcelorMittal SA:
(France)	147,900		12,115,015
(NY Reg.) Class A	60,100		4,916,180
Evraz Group SA GDR	54,900		4,737,870
SES SA (A Shares) FDR unit	562,747		11,992,758
TOTAL LUXEMBOURG			33,761,823
Malaysia - 0.4%
Gamuda Bhd	12,433,700		12,828,266
Mexico - 0.1%
America Movil SAB de CV Series L sponsored ADR	67,600		4,305,444
Common Stocks - continued
	Shares		Value
Netherlands - 2.3%
ING Groep NV (Certificaten Van Aandelen)	125,724		$ 4,698,306
Koninklijke KPN NV	919,900		15,538,049
Koninklijke Philips Electronics NV (NY Shares) (d)	722,300		27,692,982
Unilever NV (NY Shares)	741,900		25,024,287
TOTAL NETHERLANDS			72,953,624
Norway - 1.4%
Acta Holding ASA (d)	787,000		2,627,042
Lighthouse Caledonia ASA	60,299		49,610
Marine Harvest ASA (a)	7,094,000		4,150,982
Orkla ASA (A Shares)	1,043,500		13,215,864
Petroleum Geo-Services ASA	604,900		14,965,716
StatoilHydro ASA	320,900		9,615,406
TOTAL NORWAY			44,624,620
Panama - 0.2%
McDermott International, Inc. (a)	94,400		5,175,008
Portugal - 0.3%
Energias de Portugal SA	1,342,900		8,140,423
South Africa - 0.5%
Exxaro Resources Ltd.	260,200		3,540,409
Gold Fields Ltd. sponsored ADR	306,200		4,234,746
Impala Platinum Holdings Ltd.	195,400		7,541,239
TOTAL SOUTH AFRICA			15,316,394
Spain - 2.1%
Banco Santander SA	861,600		17,180,304
Telefonica SA	1,417,480		40,875,398
Telefonica SA sponsored ADR	111,200		9,619,912
TOTAL SPAIN			67,675,614
Sweden - 1.8%
Scania AB (B Shares)	542,400		11,386,712
Skandinaviska Enskilda Banken AB (A Shares)	354,600		9,279,130
Svenska Cellulosa AB (SCA) (B Shares)	634,900		11,565,685
Swedish Match Co.	1,097,400		23,915,135
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	153,200		3,010,380
TOTAL SWEDEN			59,157,042
Switzerland - 6.3%
Compagnie Financiere Richemont unit	284,161		15,936,936
Credit Suisse Group (Reg.)	61,589		3,133,648
EFG International	148,600		5,087,248
Julius Baer Holding AG	114,046		8,405,747
Nestle SA (Reg.) (d)	69,645		34,799,709
Novartis AG sponsored ADR	249,300		12,771,639
Roche Holding AG (participation certificate)	241,714		45,487,939
SGS Societe Generale de Surveillance Holding SA (Reg.)	22,193		31,910,189

	Shares		Value
Sonova Holding AG	92,538		$ 8,488,357
Swisscom AG (Reg.)	30,718		10,523,888
Syngenta AG:
sponsored ADR	98,500		5,763,235
(Switzerland)	11,610		3,396,506
UBS AG:
(NY Shares)	116,800		3,363,840
(Reg.)	194,224		5,593,651
Zurich Financial Services AG (Reg.)	18,066		5,689,112
TOTAL SWITZERLAND			200,351,644
Thailand - 0.3%
Bangkok Bank Ltd. PCL (For. Reg.)	734,100		3,252,786
Krung Thai Bank Public Co. Ltd.	7,727,000		2,487,813
Siam Commercial Bank PCL (For. Reg.)	1,232,000		3,554,224
TOTAL THAILAND			9,294,823
United Kingdom - 25.9%
Anglo American PLC:
ADR	354,534		10,554,477
(United Kingdom)	317,408		19,070,854
AstraZeneca PLC sponsored ADR	209,000		7,939,910
Barclays PLC	469,900		4,252,595
BG Group PLC	1,733,700		40,145,900
BHP Billiton PLC	797,195		23,648,421
BP PLC	4,282,606		43,290,009
BP PLC sponsored ADR	24,700		1,498,055
British American Tobacco PLC	402,800		15,258,064
BT Group PLC	273,600		1,179,216
BT Group PLC sponsored ADR	108,500		4,676,350
Cadbury Schweppes PLC sponsored ADR	139,700		6,177,534
Centrica plc	2,597,000		15,369,113
Climate Exchange PLC (a)	110,500		4,058,496
Diageo PLC	1,382,900		28,114,357
GlaxoSmithKline PLC	1,408,200		29,874,963
Gottex Fund Management Holdings Ltd.	73,770		3,112,282
Hammerson PLC	144,800		3,200,738
HBOS PLC	441,600		4,906,971
HSBC Holdings PLC:
(Hong Kong) (Reg.)	382,000		6,287,720
(United Kingdom) (Reg.)	1,150,426		18,936,012
sponsored ADR (d)	276,700		22,772,410
Icap PLC	952,200		10,750,702
Imperial Tobacco Group PLC sponsored ADR	11,400		1,049,598
Informa PLC	571,800		3,554,116
InterContinental Hotel Group PLC	357,069		5,384,708
International Power PLC	2,979,200		23,527,681
Intertek Group PLC	413,400		8,465,382
Jardine Lloyd Thompson Group PLC	2,703,273		19,860,097
Lloyds TSB Group PLC	757,300		6,777,053
Man Group PLC	6,039,625		66,451,979
Misys PLC	759,700		2,087,797
NDS Group PLC sponsored ADR (a)	63,200		3,088,584
Common Stocks - continued
	Shares		Value
United Kingdom - continued
New Star Asset Management Group PLC	770,200		$ 1,757,510
Prudential PLC	1,867,700		24,663,322
QinetiQ Group PLC	1,705,000		6,529,472
Reed Elsevier PLC	2,609,114		33,185,432
Rio Tinto PLC:
(Reg.)	120,306		12,386,706
sponsored ADR	21,500		8,854,560
Royal Bank of Scotland Group PLC	1,594,500		10,670,208
Royal Dutch Shell PLC:
ADR Class A	482,600		33,289,748
Class A (United Kingdom)	780,500		26,901,043
Class B	153,800		5,181,522
Scottish & Southern Energy PLC	553,200		15,411,527
Shanks Group PLC	2,572,200		13,270,109
Shire PLC	608,100		11,748,492
Signet Group PLC	6,748,200		8,268,397
Smith & Nephew PLC sponsored ADR	75,000		4,949,250
SSL International PLC	472,100		4,248,227
Standard Chartered PLC (United Kingdom)	198,100		6,768,836
Taylor Nelson Sofres PLC	5,050,400		15,858,638
Tesco PLC	4,970,900		37,382,697
Vodafone Group PLC	15,586,462		45,995,650
Vodafone Group PLC sponsored ADR	255,800		7,548,658
William Morrison Supermarkets PLC	3,291,100		17,909,527
Xstrata PLC	140,400		9,825,824
TOTAL UNITED KINGDOM			827,927,499
United States of America - 2.3%
Becton, Dickinson & Co.	54,700		4,695,995
Calgon Carbon Corp. (a)(d)	1,353,417		20,368,926
Estee Lauder Companies, Inc. Class A	681,400		31,242,190
Fuel Tech, Inc. (a)	271,800		5,571,900
Hypercom Corp. (a)	171,800		745,612
Sunpower Corp. Class A (a)(d)	90,300		6,728,253
Visa, Inc.	81,200		5,063,632
TOTAL UNITED STATES OF AMERICA			74,416,508
TOTAL COMMON STOCKS (Cost $2,701,362,742)		3,083,313,683
Nonconvertible Preferred Stocks - 0.3%
	Shares		Value
Germany - 0.3%
Porsche Automobil Holding SE (Cost $6,047,228)	55,550		$ 10,152,891
Money Market Funds - 6.8%

Fidelity Cash Central Fund, 2.69% (b)	99,879,245		99,879,245
Fidelity Securities Lending Cash Central Fund, 2.84% (b)(c)	116,642,704		116,642,704
TOTAL MONEY MARKET FUNDS (Cost $216,521,949)		216,521,949

TOTAL INVESTMENT PORTFOLIO - 103.7%

(Cost $2,923,931,919)

3,309,988,523

NET OTHER ASSETS - (3.7)%			(118,556,374)
NET ASSETS - 100%		$ 3,191,432,149

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	$ 1,121,310
Fidelity Securities Lending Cash Central Fund	540,052
Total	$ 1,661,362

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 3,309,988,523	$ 2,568,811,860	$ 741,176,663	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $2,928,547,780. Net unrealized appreciation aggregated $381,440,743, of which $608,694,727 related to appreciated investment securities and $227,253,984 related to depreciated investment securities.

Investment Valuation

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Value Portfolio

March 31, 2008

1.799871.104

VIPVAL-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
CONSUMER DISCRETIONARY - 19.3%
Auto Components - 0.6%
ArvinMeritor, Inc.	9,777		$ 122,310
Gentex Corp.	13,740		235,641
Johnson Controls, Inc.	400		13,520
The Goodyear Tire & Rubber Co. (a)	13,600		350,880
			722,351
Automobiles - 1.2%
Ford Motor Co. (a)	82,200		470,184
Nissan Motor Co. Ltd.	18,300		152,622
Renault SA	5,300		586,497
Winnebago Industries, Inc.	11,453		193,556
			1,402,859
Diversified Consumer Services - 0.7%
H&R Block, Inc.	32,100		666,396
Regis Corp.	2,600		71,474
Service Corp. International	8,400		85,176
			823,046
Hotels, Restaurants & Leisure - 2.0%
Brinker International, Inc.	23,300		432,215
Carnival Corp. unit	19,100		773,168
IHOP Corp.	1,000		47,900
Pinnacle Entertainment, Inc. (a)	2,800		35,840
Royal Caribbean Cruises Ltd.	30,600		1,006,740
Starwood Hotels & Resorts Worldwide, Inc.	600		31,050
Vail Resorts, Inc. (a)	700		33,803
			2,360,716
Household Durables - 4.4%
Black & Decker Corp.	14,485		957,459
Centex Corp.	22,000		532,620
Ethan Allen Interiors, Inc.	17,243		490,218
Jarden Corp. (a)	7,740		168,268
KB Home	4,700		116,231
La-Z-Boy, Inc.	10,200		85,068
Leggett & Platt, Inc.	33,600		512,400
Newell Rubbermaid, Inc.	7,400		169,238
Sealy Corp., Inc.	22,456		170,666
Tempur-Pedic International, Inc.	6,400		70,400
The Stanley Works	21,000		1,000,020
Whirlpool Corp.	9,900		859,122
			5,131,710
Leisure Equipment & Products - 2.1%
Brunswick Corp.	34,292		547,643
Eastman Kodak Co.	63,900		1,129,113
Mattel, Inc.	11,800		234,820
Polaris Industries, Inc.	13,300		545,433
			2,457,009
Media - 2.7%
Cinemark Holdings, Inc.	28,856		369,068

	Shares		Value
E.W. Scripps Co. Class A	25,006		$ 1,050,502
Gannett Co., Inc.	15,400		447,370
Grupo Televisa SA de CV (CPO) sponsored ADR	4,600		111,504
Live Nation, Inc. (a)	10,500		127,365
Omnicom Group, Inc.	9,500		419,710
R.H. Donnelley Corp. (a)	17,400		88,044
Regal Entertainment Group Class A	24,764		477,698
Valassis Communications, Inc. (a)	5,342		57,961
			3,149,222
Multiline Retail - 0.8%
Family Dollar Stores, Inc.	26,000		507,000
Sears Holdings Corp. (a)(d)	3,459		353,129
			860,129
Specialty Retail - 4.2%
Advance Auto Parts, Inc.	4,600		156,630
AnnTaylor Stores Corp. (a)	16,977		410,504
Asbury Automotive Group, Inc.	12,714		174,945
AutoZone, Inc. (a)	5,000		569,150
Chico's FAS, Inc. (a)	12,000		85,320
Foot Locker, Inc.	10,300		121,231
Group 1 Automotive, Inc.	10,432		244,943
OfficeMax, Inc.	29,774		569,874
PetSmart, Inc.	36,053		736,923
Pier 1 Imports, Inc. (a)	8,500		53,380
Select Comfort Corp. (a)	11,566		41,638
Sherwin-Williams Co.	2,000		102,080
Staples, Inc.	22,843		505,059
Talbots, Inc.	900		9,702
The Children's Place Retail Stores, Inc. (a)	2,500		61,400
The Men's Wearhouse, Inc.	5,200		121,004
Williams-Sonoma, Inc. (d)	36,800		892,032
			4,855,815
Textiles, Apparel & Luxury Goods - 0.6%
Liz Claiborne, Inc.	36,736		666,758
TOTAL CONSUMER DISCRETIONARY			22,429,615
CONSUMER STAPLES - 4.6%
Beverages - 0.3%
Carlsberg AS Series A	500		63,613
Cott Corp. (a)	22,900		81,419
SABMiller plc	11,600		254,111
			399,143
Food & Staples Retailing - 1.8%
Rite Aid Corp. (a)	123,800		363,972
SUPERVALU, Inc.	16,700		500,666
Sysco Corp.	37,300		1,082,446
Winn-Dixie Stores, Inc. (a)	8,187		147,039
			2,094,123
Food Products - 0.9%
Cermaq ASA	8,000		101,320
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - continued
Chiquita Brands International, Inc. (a)	800		$ 18,488
Corn Products International, Inc.	200		7,428
Leroy Seafood Group ASA	7,200		160,462
Marine Harvest ASA (a)	365,000		213,576
Tyson Foods, Inc. Class A	35,100		559,845
			1,061,119
Household Products - 0.2%
Energizer Holdings, Inc. (a)	2,700		244,296
Personal Products - 1.4%
Avon Products, Inc.	40,200		1,589,506
TOTAL CONSUMER STAPLES			5,388,187
ENERGY - 11.0%
Energy Equipment & Services - 4.0%
BJ Services Co.	12,500		356,375
Cameron International Corp. (a)	10,000		416,400
Compagnie Generale de Geophysique SA (a)	400		99,565
FMC Technologies, Inc. (a)	7,525		428,097
Nabors Industries Ltd. (a)	7,100		239,767
National Oilwell Varco, Inc. (a)	13,528		789,765
Noble Corp.	5,300		263,251
Patterson-UTI Energy, Inc.	6,100		159,698
Smith International, Inc.	9,800		629,454
Transocean, Inc. (a)	3,924		530,525
Weatherford International Ltd. (a)	9,900		717,453
			4,630,350
Oil, Gas & Consumable Fuels - 7.0%
Arch Coal, Inc.	15,300		665,550
Boardwalk Pipeline Partners, LP	11,142		274,205
Cabot Oil & Gas Corp.	14,800		752,432
Canadian Natural Resources Ltd.	5,000		342,246
Cheniere Energy Partners LP	2,300		34,316
CONSOL Energy, Inc.	6,800		470,492
Copano Energy LLC	4,994		170,745
El Paso Pipeline Partners LP	8,200		185,812
Energy Transfer Equity LP	7,220		225,553
EOG Resources, Inc.	5,800		696,000
EXCO Resources, Inc. (a)	14,500		268,250
Foundation Coal Holdings, Inc.	16,500		830,445
Hess Corp.	7,050		621,669
NuStar Energy LP	2,700		130,788
Peabody Energy Corp.	7,100		362,100
Petrohawk Energy Corp. (a)	3,200		64,544
Plains Exploration & Production Co. (a)	2,400		127,536
Southwestern Energy Co. (a)	3,400		114,546
Suncor Energy, Inc.	6,000		579,836

	Shares		Value
Ultra Petroleum Corp. (a)	6,100		$ 472,750
Valero Energy Corp.	15,300		751,383
			8,141,198
TOTAL ENERGY			12,771,548
FINANCIALS - 17.2%
Capital Markets - 2.1%
Ares Capital Corp.	22,296		280,261
Ares Capital Corp. rights 4/21/08 (a)	6,132		3,434
Bank of New York Mellon Corp.	3,590		149,811
Cohen & Steers, Inc.	2,803		74,251
Fortress Investment Group LLC	1,000		12,280
Greenhill & Co., Inc.	400		27,824
Janus Capital Group, Inc.	7,300		169,871
Legg Mason, Inc.	10,830		606,263
Lehman Brothers Holdings, Inc.	16,200		609,768
T. Rowe Price Group, Inc.	5,459		272,950
TD Ameritrade Holding Corp. (a)	14,900		245,999
			2,452,712
Commercial Banks - 2.6%
Associated Banc-Corp.	8,151		217,061
Boston Private Financial Holdings, Inc.	8,663		91,741
Colonial Bancgroup, Inc.	11,018		106,103
PNC Financial Services Group, Inc.	3,800		249,166
Sterling Financial Corp., Washington	3,115		48,625
Susquehanna Bancshares, Inc., Pennsylvania	6,300		128,331
U.S. Bancorp, Delaware	19,800		640,728
UCBH Holdings, Inc.	20,349		157,908
UnionBanCal Corp.	9,300		456,444
Wachovia Corp.	11,500		310,500
Zions Bancorp	13,104		596,887
			3,003,494
Consumer Finance - 1.0%
Capital One Financial Corp.	15,700		772,754
Cash America International, Inc.	4,484		163,218
Discover Financial Services	11,986		196,211
			1,132,183
Diversified Financial Services - 1.5%
Bank of America Corp.	15,620		592,154
Bolsa de Mercadorias & Futuros - BM&F SA	2,900		26,128
Deutsche Boerse AG	500		80,532
JPMorgan Chase & Co.	20,686		888,464
KKR Financial Holdings LLC	7,020		88,873
Maiden Holdings Ltd. (e)	4,900		39,200
			1,715,351
Insurance - 2.2%
AMBAC Financial Group, Inc.	15,400		88,550
American International Group, Inc.	12,800		553,600
LandAmerica Financial Group, Inc.	300		11,841
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Marsh & McLennan Companies, Inc.	27,700		$ 674,495
MBIA, Inc.	12,200		149,084
National Financial Partners Corp.	7,100		159,537
Principal Financial Group, Inc.	10,884		606,456
Willis Group Holdings Ltd.	10,400		349,544
			2,593,107
Real Estate Investment Trusts - 4.7%
Alexandria Real Estate Equities, Inc.	3,300		305,976
Annaly Capital Management, Inc.	4,200		64,344
British Land Co. PLC	3,326		60,551
Chimera Investment Corp.	4,200		51,660
Developers Diversified Realty Corp.	9,582		401,294
Digital Realty Trust, Inc.	9,508		337,534
General Growth Properties, Inc.	19,323		737,559
HCP, Inc.	15,600		527,436
Highwoods Properties, Inc. (SBI)	10,070		312,875
Kimco Realty Corp.	9,700		379,949
Public Storage	8,200		726,684
Simon Property Group, Inc.	3,800		353,058
SL Green Realty Corp.	2,800		228,116
UDR, Inc.	17,154		420,616
Vornado Realty Trust	6,900		594,849
			5,502,501
Real Estate Management & Development - 1.0%
Brookfield Properties Corp.	16,900		326,339
CB Richard Ellis Group, Inc. Class A (a)	34,422		744,892
The St. Joe Co.	1,600		68,688
			1,139,919
Thrifts & Mortgage Finance - 2.1%
Fannie Mae	20,500		539,560
Freddie Mac	19,100		483,612
Hudson City Bancorp, Inc.	32,400		572,832
MGIC Investment Corp.	3,900		41,067
New York Community Bancorp, Inc.	29,800		542,956
People's United Financial, Inc.	3,900		67,509
Washington Federal, Inc.	9,941		227,052
			2,474,588
TOTAL FINANCIALS			20,013,855
HEALTH CARE - 5.4%
Biotechnology - 0.6%
Amgen, Inc. (a)	4,429		185,044
Cephalon, Inc. (a)	6,600		425,040
Cubist Pharmaceuticals, Inc. (a)	6,045		111,349
Molecular Insight Pharmaceuticals, Inc.	1,100		7,436
			728,869
Health Care Equipment & Supplies - 0.7%
American Medical Systems Holdings, Inc. (a)	6,100		86,559

	Shares		Value
Boston Scientific Corp. (a)	9,900		$ 127,413
Covidien Ltd.	7,073		312,980
Hillenbrand Industries, Inc.	6,502		310,796
			837,748
Health Care Providers & Services - 2.4%
Brookdale Senior Living, Inc.	9,941		237,590
Community Health Systems, Inc. (a)	22,700		762,039
Emeritus Corp. (a)	3,010		62,789
Health Net, Inc. (a)	4,220		129,976
HealthSouth Corp. (a)	15,464		275,105
McKesson Corp.	4,900		256,613
Quest Diagnostics, Inc.	2,600		117,702
Universal Health Services, Inc. Class B	15,500		832,195
VCA Antech, Inc. (a)	3,931		107,513
			2,781,522
Health Care Technology - 0.4%
IMS Health, Inc.	20,780		436,588
Pharmaceuticals - 1.3%
Alpharma, Inc. Class A (a)	16,800		440,328
Barr Pharmaceuticals, Inc. (a)	16,085		777,066
Schering-Plough Corp.	18,000		259,380
			1,476,774
TOTAL HEALTH CARE			6,261,501
INDUSTRIALS - 11.4%
Aerospace & Defense - 0.4%
Honeywell International, Inc.	7,200		406,224
Air Freight & Logistics - 0.8%
United Parcel Service, Inc. Class B	13,200		963,864
Airlines - 0.1%
Delta Air Lines, Inc. (a)	11,300		97,180
Building Products - 0.8%
Masco Corp.	41,500		822,945
Owens Corning (a)	3,836		69,547
			892,492
Commercial Services & Supplies - 3.5%
ACCO Brands Corp. (a)	28,410		385,524
Allied Waste Industries, Inc. (a)	118,278		1,278,585
Consolidated Graphics, Inc. (a)	3,988		223,527
Manpower, Inc.	600		33,756
R.R. Donnelley & Sons Co.	21,117		640,056
The Brink's Co.	21,700		1,457,806
			4,019,254
Construction & Engineering - 0.4%
Fluor Corp.	1,820		256,911
URS Corp. (a)	4,798		156,847
			413,758
Electrical Equipment - 0.1%
Cooper Industries Ltd. Class A	2,900		116,435
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - 2.8%
Albany International Corp. Class A	11,365		$ 410,731
Briggs & Stratton Corp.	16,400		293,560
Eaton Corp.	1,500		119,505
Illinois Tool Works, Inc.	18,100		872,963
Ingersoll-Rand Co. Ltd. Class A	3,700		164,946
Navistar International Corp. (a)	5,300		318,795
Pentair, Inc.	22,900		730,510
Sulzer AG (Reg.)	226		298,785
Wabash National Corp.	7,900		71,021
			3,280,816
Marine - 0.0%
Alexander & Baldwin, Inc.	1,100		47,388
Road & Rail - 1.9%
Canadian National Railway Co.	5,900		286,034
Con-way, Inc.	17,650		873,322
CSX Corp.	1,500		84,105
J.B. Hunt Transport Services, Inc.	1,900		59,717
Ryder System, Inc.	15,602		950,318
			2,253,496
Trading Companies & Distributors - 0.4%
Beacon Roofing Supply, Inc. (a)	7,699		76,990
W.W. Grainger, Inc.	1,900		145,141
WESCO International, Inc. (a)	6,100		222,589
			444,720
Transportation Infrastructure - 0.2%
Macquarie Infrastructure Co. LLC	9,700		282,561
TOTAL INDUSTRIALS			13,218,188
INFORMATION TECHNOLOGY - 16.7%
Communications Equipment - 1.2%
Alcatel-Lucent SA sponsored ADR	74,221		427,513
Avocent Corp. (a)	6,429		108,650
Dycom Industries, Inc. (a)	26,500		318,265
Motorola, Inc.	54,600		507,780
Powerwave Technologies, Inc. (a)	27,500		70,125
			1,432,333
Computers & Peripherals - 1.4%
Diebold, Inc.	4,500		168,975
Intermec, Inc. (a)	11,910		264,283
NCR Corp. (a)	24,300		554,769
NetApp, Inc. (a)	23,485		470,874
Western Digital Corp. (a)	4,400		118,976
			1,577,877
Electronic Equipment & Instruments - 4.9%
Agilent Technologies, Inc. (a)	28,849		860,566
Anixter International, Inc. (a)	600		38,424
Arrow Electronics, Inc. (a)	31,100		1,046,515
Avnet, Inc. (a)	35,877		1,174,254

	Shares		Value
Cogent, Inc. (a)	1,400		$ 13,202
Flextronics International Ltd. (a)	110,300		1,035,717
Ingram Micro, Inc. Class A (a)	14,900		235,867
Itron, Inc. (a)	3,116		281,157
Jabil Circuit, Inc.	31,065		293,875
Tyco Electronics Ltd.	22,500		772,200
			5,751,777
Internet Software & Services - 1.1%
Google, Inc. Class A (sub. vtg.) (a)	100		44,047
VeriSign, Inc. (a)	13,500		448,740
Yahoo!, Inc. (a)	25,900		749,287
			1,242,074
IT Services - 1.5%
Accenture Ltd. Class A	2,700		94,959
NeuStar, Inc. Class A (a)	3,800		100,624
The Western Union Co.	42,400		901,848
Unisys Corp. (a)	88,100		390,283
Visa, Inc.	4,800		299,328
			1,787,042
Office Electronics - 1.3%
Xerox Corp.	101,900		1,525,443
Semiconductors & Semiconductor Equipment - 4.3%
Advanced Micro Devices, Inc. (a)	34,300		202,027
Applied Materials, Inc.	37,600		733,576
ASML Holding NV (NY Shares)	18,144		450,153
Atmel Corp. (a)	56,100		195,228
Fairchild Semiconductor International, Inc. (a)	80,100		954,792
Integrated Device Technology, Inc. (a)	26,400		235,752
LSI Corp. (a)	22,700		112,365
Maxim Integrated Products, Inc.	15,300		311,967
MKS Instruments, Inc. (a)	11,200		239,680
National Semiconductor Corp.	58,400		1,069,888
Standard Microsystems Corp. (a)	8,554		249,606
Varian Semiconductor Equipment Associates, Inc. (a)	6,651		187,226
			4,942,260
Software - 1.0%
Electronic Arts, Inc. (a)	13,694		683,604
Fair Isaac Corp.	5,300		114,056
Misys PLC	35,300		97,011
Parametric Technology Corp. (a)	8,600		137,428
THQ, Inc. (a)	4,468		97,402
			1,129,501
TOTAL INFORMATION TECHNOLOGY			19,388,307
MATERIALS - 3.2%
Chemicals - 1.4%
Albemarle Corp.	9,826		358,846
Arkema sponsored ADR (a)	2,000		111,828
Chemtura Corp.	75,700		555,638
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
FMC Corp.	200		$ 11,098
Georgia Gulf Corp.	3,417		23,680
H.B. Fuller Co.	10,100		206,141
Nalco Holding Co.	1,100		23,265
Rohm & Haas Co.	5,500		297,440
W.R. Grace & Co. (a)	1,800		41,076
			1,629,012
Containers & Packaging - 0.6%
Ball Corp.	2,800		128,632
Owens-Illinois, Inc. (a)	10,152		572,877
			701,509
Metals & Mining - 1.2%
Alcoa, Inc.	16,900		609,414
Barrick Gold Corp.	2,200		96,178
Goldcorp, Inc.	700		27,199
Kinross Gold Corp.	5,800		129,379
Lihir Gold Ltd. (a)	29,160		95,687
Newcrest Mining Ltd.	4,791		146,134
Nucor Corp.	1,500		101,610
Randgold Resources Ltd. sponsored ADR	2,934		135,962
			1,341,563
TOTAL MATERIALS			3,672,084
TELECOMMUNICATION SERVICES - 2.1%
Diversified Telecommunication Services - 1.5%
AT&T, Inc.	9,115		349,105
Cbeyond, Inc. (a)	1,300		24,427
Cincinnati Bell, Inc. (a)	38,318		163,235
Embarq Corp.	5,500		220,550
Qwest Communications International, Inc.	109,066		494,069
Verizon Communications, Inc.	14,400		524,880
			1,776,266
Wireless Telecommunication Services - 0.6%
Crown Castle International Corp. (a)	6,600		227,634
MTN Group Ltd.	7,400		112,230
Sprint Nextel Corp.	48,400		323,796
			663,660
TOTAL TELECOMMUNICATION SERVICES			2,439,926

	Shares		Value
UTILITIES - 8.2%
Electric Utilities - 4.4%
Allegheny Energy, Inc.	13,500		$ 681,750
American Electric Power Co., Inc.	10,600		441,278
DPL, Inc.	18,019		462,007
Edison International	13,500		661,770
Entergy Corp.	9,200		1,003,536
FirstEnergy Corp.	7,200		494,064
Fortum Oyj	200		8,149
FPL Group, Inc.	8,500		533,290
Great Plains Energy, Inc.	2,350		57,928
PPL Corp.	17,100		785,232
			5,129,004
Gas Utilities - 0.0%
Energen Corp.	1,100		68,530
Independent Power Producers & Energy Traders - 2.5%
AES Corp. (a)	21,500		358,405
Constellation Energy Group, Inc.	9,300		820,911
NRG Energy, Inc. (a)	23,500		916,265
Reliant Energy, Inc. (a)	33,407		790,076
			2,885,657
Multi-Utilities - 1.3%
CMS Energy Corp.	11,100		150,294
PNM Resources, Inc.	700		8,729
Public Service Enterprise Group, Inc.	17,900		719,401
Wisconsin Energy Corp.	13,488		593,337
			1,471,761
TOTAL UTILITIES			9,554,952
TOTAL COMMON STOCKS (Cost $133,143,342)		115,138,163
Preferred Stocks - 0.2%

Convertible Preferred Stocks - 0.1%
FINANCIALS - 0.1%
Diversified Financial Services - 0.1%
Citigroup, Inc. Series T, 6.50%	2,435		114,273
Nonconvertible Preferred Stocks - 0.1%
FINANCIALS - 0.1%
Thrifts & Mortgage Finance - 0.1%
Fannie Mae Series S, 8.25%	3,586		86,243
Freddie Mac Series Z, 8.375%	3,530		86,132
			172,375
TOTAL PREFERRED STOCKS (Cost $299,650)		286,648
Money Market Funds - 2.6%
	Shares		Value
Fidelity Cash Central Fund, 2.69% (b)	1,670,664		$ 1,670,664
Fidelity Securities Lending Cash Central Fund, 2.84% (b)(c)	1,331,500		1,331,500
TOTAL MONEY MARKET FUNDS (Cost $3,002,164)		3,002,164

TOTAL INVESTMENT PORTFOLIO - 101.9%

(Cost $136,445,156)

118,426,975

NET OTHER ASSETS - (1.9)%		(2,238,431)
NET ASSETS - 100%		$ 116,188,544

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	$ 19,162
Fidelity Securities Lending Cash Central Fund	9,357
Total	$ 28,519

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 118,426,975	$ 118,009,052	$ 417,923	$ -

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $136,492,400. Net unrealized depreciation aggregated $18,065,425, of which $7,378,477 related to appreciated investment securities and $25,443,902 related to depreciated investment securities.

Investment Valuation

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

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

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

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Variable Insurance Products Fund'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:	May 30, 2008

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:	May 30, 2008

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

Date:	May 30, 2008