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)

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	December 31

Date of reporting period:	September 30, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Equity-Income Portfolio

September 30, 2008

1.808778.104

VIPEI-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
CONSUMER DISCRETIONARY - 12.5%
Auto Components - 1.2%
American Axle & Manufacturing Holdings, Inc.	749,853		$ 4,019,212
Gentex Corp.	246,980		3,531,814
Johnson Controls, Inc.	1,447,952		43,916,384
The Goodyear Tire & Rubber Co. (a)	1,691,300		25,893,803
TRW Automotive Holdings Corp. (a)	398,000		6,332,180
			83,693,393
Automobiles - 0.9%
Fiat SpA	815,400		10,961,587
Harley-Davidson, Inc. (d)	891,650		33,258,545
Renault SA	208,479		13,281,515
Winnebago Industries, Inc. (d)	349,700		4,518,124
			62,019,771
Diversified Consumer Services - 0.4%
H&R Block, Inc.	1,285,268		29,239,847
Hotels, Restaurants & Leisure - 0.5%
McDonald's Corp.	192,200		11,858,740
Starbucks Corp. (a)	1,483,800		22,064,106
			33,922,846
Household Durables - 1.9%
Beazer Homes USA, Inc. (d)	548,987		3,282,942
Black & Decker Corp. (d)	298,000		18,103,500
Centex Corp.	994,000		16,102,800
KB Home (d)	178,100		3,505,008
Lennar Corp. Class A (d)	600,900		9,127,671
Newell Rubbermaid, Inc.	1,080,120		18,642,871
Pulte Homes, Inc.	796,751		11,130,611
The Stanley Works	375,930		15,691,318
Whirlpool Corp.	539,034		42,740,006
			138,326,727
Internet & Catalog Retail - 0.2%
Liberty Media Corp. - Interactive Series A (a)	1,173,669		15,152,067
Leisure Equipment & Products - 0.5%
Brunswick Corp.	1,296,457		16,581,685
Eastman Kodak Co. (d)	1,345,500		20,693,790
			37,275,475
Media - 3.4%
Ascent Media Corp. (a)	30,800		751,828
Belo Corp. Series A	947,466		5,646,897
CC Media Holdings, Inc. Class A (a)	718,958		9,777,829
Citadel Broadcasting Corp. (a)(d)	1,986,704		1,629,097
Comcast Corp. Class A	2,573,236		50,512,623
Informa PLC	1,227,700		6,924,371
Interpublic Group of Companies, Inc. (a)	803,200		6,224,800
McGraw-Hill Companies, Inc.	209,900		6,634,939
Scripps Networks Interactive, Inc. Class A	496,560		18,030,094
The New York Times Co. Class A (d)	521,708		7,455,207
The Walt Disney Co.	826,500		25,365,285

	Shares		Value
Time Warner Cable, Inc. (a)	570,900		$ 13,815,780
Time Warner, Inc.	5,267,250		69,053,648
Virgin Media, Inc.	1,316,437		10,399,852
Vivendi	309,509		9,699,881
			241,922,131
Multiline Retail - 1.7%
Kohl's Corp. (a)	1,342,753		61,874,058
Macy's, Inc.	1,361,000		24,470,780
Target Corp.	682,400		33,471,720
Tuesday Morning Corp. (a)	555,523		2,294,310
			122,110,868
Specialty Retail - 1.7%
Chico's FAS, Inc. (a)	463,597		2,535,876
Home Depot, Inc.	2,614,700		67,694,583
Lowe's Companies, Inc.	173,200		4,103,108
OfficeMax, Inc.	513,300		4,563,237
PetSmart, Inc.	47,568		1,175,405
RadioShack Corp.	505,500		8,735,040
Staples, Inc.	943,545		21,229,763
Williams-Sonoma, Inc.	776,100		12,557,298
			122,594,310
Textiles, Apparel & Luxury Goods - 0.1%
Liz Claiborne, Inc.	693,815		11,399,380
TOTAL CONSUMER DISCRETIONARY			897,656,815
CONSUMER STAPLES - 5.3%
Beverages - 0.5%
Carlsberg AS Series B	177,950		13,564,317
Heineken NV (Bearer)	222,954		8,954,514
The Coca-Cola Co.	282,465		14,936,749
			37,455,580
Food & Staples Retailing - 1.2%
CVS Caremark Corp.	189,700		6,385,302
Rite Aid Corp. (a)(d)	2,371,968		1,921,294
Wal-Mart Stores, Inc.	1,136,763		68,080,736
Winn-Dixie Stores, Inc. (a)	480,520		6,679,228
			83,066,560
Food Products - 1.3%
Archer Daniels Midland Co.	215,623		4,724,300
Hershey Co.	641,800		25,376,772
Kraft Foods, Inc. Class A	557,454		18,256,619
Marine Harvest ASA (a)	17,409,000		8,685,240
Nestle SA (Reg.)	705,866		30,508,505
Tyson Foods, Inc. Class A	739,400		8,828,436
			96,379,872
Household Products - 1.3%
Energizer Holdings, Inc. (a)	154,800		12,469,140
Kimberly-Clark Corp.	590,000		38,255,600
Procter & Gamble Co.	567,942		39,579,878
			90,304,618
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Personal Products - 0.1%
Avon Products, Inc.	250,470		$ 10,412,038
Tobacco - 0.9%
Altria Group, Inc.	545,805		10,828,771
Philip Morris International, Inc.	1,165,705		56,070,411
			66,899,182
TOTAL CONSUMER STAPLES			384,517,850
ENERGY - 18.1%
Energy Equipment & Services - 3.2%
BJ Services Co.	430,124		8,228,272
Halliburton Co.	884,995		28,664,988
Nabors Industries Ltd. (a)	1,014,413		25,279,172
Noble Corp.	1,480,968		65,014,495
Pride International, Inc. (a)	350,700		10,384,227
Schlumberger Ltd. (NY Shares)	1,225,857		95,727,173
			233,298,327
Oil, Gas & Consumable Fuels - 14.9%
Anadarko Petroleum Corp.	141,700		6,873,867
Apache Corp.	426,080		44,431,622
Boardwalk Pipeline Partners, LP	364,300		7,504,580
Chevron Corp.	1,772,142		146,166,272
ConocoPhillips	1,742,000		127,601,500
CONSOL Energy, Inc.	237,990		10,921,361
Devon Energy Corp.	47,100		4,295,520
EOG Resources, Inc.	531,100		47,512,206
Exxon Mobil Corp.	5,299,393		411,550,860
Hess Corp.	545,000		44,733,600
Occidental Petroleum Corp.	847,900		59,734,555
Peabody Energy Corp.	232,761		10,474,245
Repsol YPF SA	101,300		3,001,052
Repsol YPF SA sponsored ADR	1,444,974		42,857,929
Royal Dutch Shell PLC:
Class A sponsored ADR	682,900		40,297,929
Class B ADR (d)	85,900		4,904,031
Total SA sponsored ADR	353,733		21,464,518
Valero Energy Corp.	900,774		27,293,452
Williams Companies, Inc.	435,100		10,290,115
			1,071,909,214
TOTAL ENERGY			1,305,207,541
FINANCIALS - 24.3%
Capital Markets - 3.8%
Bank of New York Mellon Corp.	2,759,395		89,901,089
Credit Suisse Group sponsored ADR	47,100		2,273,988
Deutsche Bank AG	61,500		4,397,965
Deutsche Bank AG (NY Shares)	284,600		20,716,034
Goldman Sachs Group, Inc.	387,579		49,610,112

	Shares		Value
KKR Private Equity Investors, LP	394,743		$ 3,848,744
KKR Private Equity Investors, LP Restricted Depositary Units (e)	601,500		5,864,625
Legg Mason, Inc.	291,750		11,104,005
Merrill Lynch & Co., Inc.	1,155,913		29,244,599
Morgan Stanley	1,622,077		37,307,771
State Street Corp.	247,280		14,065,286
UBS AG (NY Shares)	191,400		3,357,156
			271,691,374
Commercial Banks - 6.1%
Associated Banc-Corp. (d)	1,243,955		24,816,902
Fifth Third Bancorp	1,080,100		12,853,190
HSBC Holdings PLC sponsored ADR (d)	605,292		48,925,752
Huntington Bancshares, Inc.	119,090		951,529
KeyCorp	1,397,000		16,680,180
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	2,211,725		19,330,477
PNC Financial Services Group, Inc.	1,082,639		80,873,133
Sterling Financial Corp., Washington (d)	763,427		11,069,692
U.S. Bancorp, Delaware	1,016,538		36,615,699
Wachovia Corp. (d)	3,107,297		10,875,540
Wells Fargo & Co.	4,793,100		179,885,043
			442,877,137
Consumer Finance - 1.2%
Capital One Financial Corp. (d)	605,599		30,885,549
Discover Financial Services	2,698,269		37,290,078
Promise Co. Ltd.	365,950		7,083,859
SLM Corp. (a)	1,048,332		12,936,417
			88,195,903
Diversified Financial Services - 8.5%
Bank of America Corp.	7,406,019		259,210,665
CIT Group, Inc.	558,400		3,886,464
Citigroup, Inc.	3,814,698		78,239,456
JPMorgan Chase & Co.	5,824,712		272,014,050
			613,350,635
Insurance - 3.0%
ACE Ltd.	702,396		38,020,695
Allianz AG sponsored ADR	236,200		3,238,302
American International Group, Inc.	3,273,250		10,899,923
Hartford Financial Services Group, Inc.	646,300		26,491,837
MBIA, Inc.	402,400		4,788,560
MetLife, Inc.	141,317		7,913,752
MetLife, Inc. unit	722,300		9,043,196
Montpelier Re Holdings Ltd.	1,204,700		19,889,597
PartnerRe Ltd.	376,624		25,644,328
Reinsurance Group of America, Inc. Class B (d)	19,988		947,831
The Travelers Companies, Inc.	828,996		37,470,619
XL Capital Ltd. Class A	1,345,300		24,134,682
Zurich Financial Services AG (Reg.)	22,143		6,132,398
			214,615,720
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - 1.1%
Annaly Capital Management, Inc.	828,000		$ 11,136,600
Developers Diversified Realty Corp.	703,598		22,297,021
General Growth Properties, Inc.	237,800		3,590,780
HCP, Inc.	616,000		24,720,080
LaSalle Hotel Properties (SBI)	312,033		7,276,610
Senior Housing Properties Trust (SBI)	536,156		12,776,597
			81,797,688
Real Estate Management & Development - 0.3%
CB Richard Ellis Group, Inc. Class A (a)	1,506,641		20,143,790
Thrifts & Mortgage Finance - 0.3%
MGIC Investment Corp. (d)	722,352		5,078,135
New York Community Bancorp, Inc.	870,020		14,607,636
Washington Mutual, Inc.	2,055,442		168,546
			19,854,317
TOTAL FINANCIALS			1,752,526,564
HEALTH CARE - 7.3%
Biotechnology - 0.5%
Amgen, Inc. (a)	652,922		38,698,687
Health Care Equipment & Supplies - 0.9%
Boston Scientific Corp. (a)	1,612,200		19,781,694
Covidien Ltd.	575,936		30,962,319
Medtronic, Inc.	289,400		14,498,940
			65,242,953
Health Care Providers & Services - 0.3%
Brookdale Senior Living, Inc. (d)	715,901		15,742,663
UnitedHealth Group, Inc.	71,300		1,810,307
			17,552,970
Pharmaceuticals - 5.6%
Bristol-Myers Squibb Co.	1,151,400		24,006,690
Johnson & Johnson	1,576,700		109,233,776
Merck & Co., Inc.	1,439,500		45,430,620
Novartis AG sponsored ADR	166,000		8,771,440
Pfizer, Inc.	6,101,500		112,511,660
Schering-Plough Corp.	1,946,636		35,954,367
Wyeth	1,820,000		67,230,800
			403,139,353
TOTAL HEALTH CARE			524,633,963
INDUSTRIALS - 10.4%
Aerospace & Defense - 2.8%
General Dynamics Corp.	237,500		17,484,750
Honeywell International, Inc.	1,729,725		71,870,074
Lockheed Martin Corp.	109,500		12,008,865
Northrop Grumman Corp.	106,700		6,459,618

	Shares		Value
Spirit AeroSystems Holdings, Inc. Class A (a)	612,382		$ 9,840,979
The Boeing Co.	515,684		29,574,477
United Technologies Corp.	872,740		52,416,764
			199,655,527
Building Products - 0.3%
Masco Corp.	1,348,600		24,193,884
Commercial Services & Supplies - 0.6%
Avery Dennison Corp.	612,979		27,265,306
Waste Management, Inc.	405,800		12,778,642
			40,043,948
Industrial Conglomerates - 3.9%
3M Co.	768,100		52,468,911
General Electric Co.	5,331,790		135,960,645
Rheinmetall AG	23,600		1,269,728
Siemens AG sponsored ADR	734,300		68,943,427
Tyco International Ltd.	678,136		23,748,323
			282,391,034
Machinery - 1.7%
Briggs & Stratton Corp. (d)	1,119,488		18,113,316
Caterpillar, Inc.	255,400		15,221,840
Eaton Corp.	414,200		23,269,756
Illinois Tool Works, Inc.	271,800		12,081,510
Ingersoll-Rand Co. Ltd. Class A	644,488		20,088,691
Kennametal, Inc.	382,491		10,373,156
SPX Corp.	300,710		23,154,670
			122,302,939
Marine - 0.1%
Alexander & Baldwin, Inc.	127,500		5,613,825
Professional Services - 0.2%
Equifax, Inc.	344,434		11,865,751
Road & Rail - 0.8%
Burlington Northern Santa Fe Corp.	419,000		38,728,170
Union Pacific Corp.	285,300		20,301,948
			59,030,118
TOTAL INDUSTRIALS			745,097,026
INFORMATION TECHNOLOGY - 7.9%
Communications Equipment - 0.7%
Cisco Systems, Inc. (a)	1,693,600		38,207,616
Motorola, Inc.	2,291,112		16,358,540
			54,566,156
Computers & Peripherals - 2.0%
EMC Corp. (a)	600,900		7,186,764
Hewlett-Packard Co.	1,513,093		69,965,420
International Business Machines Corp.	564,600		66,035,616
			143,187,800
Electronic Equipment & Components - 0.8%
Arrow Electronics, Inc. (a)	589,500		15,456,690
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Avnet, Inc. (a)	595,330		$ 14,662,978
Tyco Electronics Ltd.	933,336		25,816,074
			55,935,742
IT Services - 0.1%
MoneyGram International, Inc.	895,100		1,271,042
The Western Union Co.	142,797		3,522,802
Unisys Corp. (a)	1,968,500		5,413,375
			10,207,219
Office Electronics - 0.2%
Xerox Corp.	1,107,335		12,767,573
Semiconductors & Semiconductor Equipment - 2.9%
Analog Devices, Inc.	970,200		25,564,770
Applied Materials, Inc.	2,033,600		30,768,368
Atmel Corp. (a)	832,800		2,823,192
Intel Corp.	3,847,300		72,059,929
Micron Technology, Inc. (a)	941,000		3,811,050
National Semiconductor Corp.	1,729,847		29,770,667
Novellus Systems, Inc. (a)	831,039		16,321,606
Teradyne, Inc. (a)	2,076,900		16,220,589
Varian Semiconductor Equipment Associates, Inc. (a)	347,400		8,726,688
			206,066,859
Software - 1.2%
CA, Inc.	94,400		1,884,224
Microsoft Corp.	1,644,760		43,898,644
Oracle Corp. (a)	918,108		18,646,773
Symantec Corp. (a)	1,133,533		22,194,576
			86,624,217
TOTAL INFORMATION TECHNOLOGY			569,355,566
MATERIALS - 2.2%
Chemicals - 1.4%
Celanese Corp. Class A	512,900		14,315,039
Chemtura Corp.	2,321,164		10,584,508
Dow Chemical Co.	509,900		16,204,622
E.I. du Pont de Nemours & Co.	748,500		30,164,550
Georgia Gulf Corp. (d)	546,858		1,367,145
H.B. Fuller Co.	389,950		8,138,257
Linde AG	181,300		19,353,382
			100,127,503
Containers & Packaging - 0.1%
Smurfit-Stone Container Corp. (a)	2,255,272		10,599,778
Metals & Mining - 0.7%
Alcoa, Inc.	1,328,771		30,003,649

	Shares		Value
Barrick Gold Corp.	191,300		$ 7,003,909
Nucor Corp.	269,700		10,653,150
			47,660,708
TOTAL MATERIALS			158,387,989
TELECOMMUNICATION SERVICES - 5.7%
Diversified Telecommunication Services - 5.2%
AT&T, Inc.	8,252,369		230,406,142
Qwest Communications International, Inc.	8,196,400		26,474,372
Telefonica SA sponsored ADR	74,400		5,318,856
Verizon Communications, Inc.	3,441,502		110,437,799
			372,637,169
Wireless Telecommunication Services - 0.5%
Sprint Nextel Corp.	2,913,400		17,771,740
Vodafone Group PLC sponsored ADR	973,387		21,511,853
			39,283,593
TOTAL TELECOMMUNICATION SERVICES			411,920,762
UTILITIES - 3.1%
Electric Utilities - 1.7%
Allegheny Energy, Inc.	621,104		22,837,994
Entergy Corp.	499,600		44,469,396
Exelon Corp.	534,200		33,451,604
PPL Corp.	524,600		19,420,692
			120,179,686
Independent Power Producers & Energy Traders - 0.3%
AES Corp. (a)	1,637,658		19,144,222
Multi-Utilities - 1.1%
Public Service Enterprise Group, Inc.	1,451,300		47,588,127
Wisconsin Energy Corp.	729,900		32,772,510
			80,360,637
TOTAL UTILITIES			219,684,545
TOTAL COMMON STOCKS (Cost $6,804,334,744)		6,968,988,621
Convertible Preferred Stocks - 1.4%

CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
General Motors Corp. Series C, 6.25%	726,200		6,172,700
FINANCIALS - 0.8%
Capital Markets - 0.1%
Legg Mason, Inc. 7.00%	230,600		7,993,518
Lehman Brothers Holdings, Inc. Series P, 7.25%	24,700		24,700
			8,018,218
Convertible Preferred Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - 0.1%
Huntington Bancshares, Inc. 8.50%	9,000		$ 6,911,910
Diversified Financial Services - 0.5%
Bank of America Corp. Series L, 7.25%	17,700		14,779,500
CIT Group, Inc.:
7.75%	406,600		3,557,750
Series C, 8.75%	81,800		2,382,016
Citigroup, Inc. Series T, 6.50%	432,849		17,746,809
			38,466,075
Insurance - 0.1%
American International Group, Inc. Series A, 8.50%	510,400		4,408,835
Thrifts & Mortgage Finance - 0.0%
Fannie Mae 8.75%	541,300		1,342,424
Washington Mutual, Inc. Series R, 7.75%	6,700		3,015
			1,345,439
TOTAL FINANCIALS			59,150,477
HEALTH CARE - 0.2%
Pharmaceuticals - 0.2%
Schering-Plough Corp. 6.00%	93,000		16,066,680
MATERIALS - 0.3%
Chemicals - 0.0%
Celanese Corp. 4.25%	67,100		2,396,141
Metals & Mining - 0.3%
Freeport-McMoRan Copper & Gold, Inc. 6.75%	232,700		19,651,282
TOTAL MATERIALS			22,047,423
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $234,780,683)		103,437,280
Investment Companies - 0.1%

Ares Capital Corp. (Cost $10,607,570)	604,054		6,300,283

Corporate Bonds - 1.3%
	Principal Amount
Convertible Bonds - 1.1%
CONSUMER DISCRETIONARY - 0.5%
Automobiles - 0.1%
Ford Motor Co. 4.25% 12/15/36	$ 10,280,000		6,726,204
Hotels, Restaurants & Leisure - 0.0%
Six Flags, Inc. 4.5% 5/15/15	3,650,000		1,656,188

	Principal Amount		Value
Media - 0.4%
Liberty Media Corp.:
3.5% 1/15/31	$ 258,180		$ 135,081
4% 11/15/29 (e)	4,750,000		2,565,000
3.5% 1/15/31 (e)	9,447,134		4,942,779
News America, Inc. liquid yield option note:
0% 2/28/21 (e)	22,670,000		13,290,288
0% 2/28/21	3,490,000		2,046,013
Virgin Media, Inc. 6.5% 11/15/16 (e)	9,500,000		6,113,250
			29,092,411
TOTAL CONSUMER DISCRETIONARY			37,474,803
CONSUMER STAPLES - 0.1%
Food & Staples Retailing - 0.1%
Rite Aid Corp. 8.5% 5/15/15	6,360,000		4,442,460
FINANCIALS - 0.1%
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp. 9% 4/1/63 (e)	5,740,000		4,247,600
INDUSTRIALS - 0.1%
Airlines - 0.1%
UAL Corp.:
4.5% 6/30/21 (e)	8,490,000		3,503,823
4.5% 6/30/21	280,000		115,556
			3,619,379
INFORMATION TECHNOLOGY - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Advanced Micro Devices, Inc.:
6% 5/1/15 (e)	14,340,000		6,632,250
6% 5/1/15	4,780,000		2,210,750
Micron Technology, Inc. 1.875% 6/1/14	2,570,000		1,222,472
			10,065,472
TELECOMMUNICATION SERVICES - 0.2%
Diversified Telecommunication Services - 0.2%
Level 3 Communications, Inc.:
3.5% 6/15/12	6,320,000		4,422,230
5.25% 12/15/11 (e)	11,850,000		9,783,242
5.25% 12/15/11	4,290,000		3,541,781
			17,747,253
TOTAL CONVERTIBLE BONDS			77,596,967
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - 0.2%
MATERIALS - 0.2%
Chemicals - 0.2%
Hercules, Inc. 6.5% 6/30/29 unit	$ 15,700,000		$ 13,979,986
TOTAL CORPORATE BONDS (Cost $133,213,283)		91,576,953

Money Market Funds - 1.6%
	Shares
Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c) (Cost $116,211,631)	116,211,631	116,211,631

TOTAL INVESTMENT PORTFOLIO - 101.2%

(Cost $7,299,147,911)

7,286,514,768

NET OTHER ASSETS - (1.2)%			(87,188,715)
NET ASSETS - 100%		$ 7,199,326,053

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 $56,942,857 or 0.8% 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	$ 289,064
Fidelity Securities Lending Cash Central Fund	4,261,327
Total	$ 4,550,391

Other Information

The following is a summary of the inputs used, as of September 30, 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 table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 7,286,514,768	$ 6,947,682,221	$ 338,832,547	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $7,313,020,846. Net unrealized depreciation aggregated $26,506,078, of which $1,705,576,277 related to appreciated investment securities and $1,732,082,355 related to depreciated investment securities.

Investment Valuation

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. 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 may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

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

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Growth Portfolio

September 30, 2008

1.808779.104

VIPGRWT-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
CONSUMER DISCRETIONARY - 4.8%
Automobiles - 0.2%
Harley-Davidson, Inc.	257,800		$ 9,615,940
Diversified Consumer Services - 1.0%
Strayer Education, Inc.	224,371		44,932,536
Hotels, Restaurants & Leisure - 1.0%
BJ's Restaurants, Inc. (a)	171,492		2,047,614
McDonald's Corp.	748,476		46,180,969
			48,228,583
Leisure Equipment & Products - 0.8%
Nikon Corp. (d)	1,511,000		36,261,065
Media - 1.1%
Ascent Media Corp. (a)	23,400		571,194
Focus Media Holding Ltd. ADR (a)(d)	984,100		28,056,691
The DIRECTV Group, Inc. (a)	949,400		24,845,798
			53,473,683
Specialty Retail - 0.4%
DSW, Inc. Class A (a)(d)	1,242,052		17,016,112
Textiles, Apparel & Luxury Goods - 0.3%
Lululemon Athletica, Inc. (a)	578,800		13,329,764
TOTAL CONSUMER DISCRETIONARY			222,857,683
CONSUMER STAPLES - 8.8%
Beverages - 1.2%
The Coca-Cola Co.	1,035,541		54,759,408
Food & Staples Retailing - 2.3%
CVS Caremark Corp.	3,060,206		103,006,534
Whole Foods Market, Inc. (d)	301,418		6,037,403
			109,043,937
Food Products - 2.8%
Nestle SA sponsored ADR	3,025,650		129,951,668
Household Products - 2.5%
Procter & Gamble Co.	1,686,517		117,533,370
TOTAL CONSUMER STAPLES			411,288,383
ENERGY - 6.9%
Energy Equipment & Services - 2.1%
National Oilwell Varco, Inc. (a)	706,448		35,484,883
Schlumberger Ltd. (NY Shares)	297,000		23,192,730
Smith International, Inc.	630,594		36,978,032
			95,655,645
Oil, Gas & Consumable Fuels - 4.8%
Chesapeake Energy Corp.	664,462		23,827,607
Denbury Resources, Inc. (a)	3,480,550		66,269,672
Petroleo Brasileiro SA - Petrobras sponsored ADR	1,017,000		44,697,150
Plains Exploration & Production Co. (a)	267,489		9,404,913
Reliance Industries Ltd.	302,436		12,750,436

	Shares		Value
Southwestern Energy Co. (a)	1,227,528		$ 37,488,705
Ultra Petroleum Corp. (a)	521,516		28,860,695
			223,299,178
TOTAL ENERGY			318,954,823
FINANCIALS - 14.2%
Capital Markets - 2.4%
Charles Schwab Corp.	2,077,128		54,005,328
Franklin Resources, Inc.	249,374		21,977,331
JMP Group, Inc.	138,900		722,280
State Street Corp.	629,400		35,800,272
			112,505,211
Commercial Banks - 3.2%
Wells Fargo & Co.	3,227,200		121,116,816
Zions Bancorp	758,800		29,365,560
			150,482,376
Diversified Financial Services - 1.7%
Bank of America Corp.	1,070,202		37,457,070
JPMorgan Chase & Co.	604,900		28,248,830
KKR Financial Holdings LLC	2,373,838		15,097,610
			80,803,510
Insurance - 6.5%
Berkshire Hathaway, Inc. Class B (a)	64,653		284,149,938
The First American Corp.	532,200		15,699,900
			299,849,838
Real Estate Investment Trusts - 0.4%
CapitalSource, Inc.	1,280,378		15,748,649
TOTAL FINANCIALS			659,389,584
HEALTH CARE - 19.5%
Biotechnology - 7.6%
Amgen, Inc. (a)	1,581,393		93,729,163
Biogen Idec, Inc. (a)	1,587,524		79,836,582
CSL Ltd.	3,110,922		94,239,072
Genentech, Inc. (a)	737,485		65,400,170
Gilead Sciences, Inc. (a)	440,591		20,082,138
			353,287,125
Health Care Equipment & Supplies - 5.1%
Alcon, Inc.	298,900		48,275,339
Baxter International, Inc.	1,011,451		66,381,529
C.R. Bard, Inc.	273,800		25,975,406
China Medical Technologies, Inc. sponsored ADR (d)	476,730		15,531,863
Covidien Ltd.	826,758		44,446,510
DENTSPLY International, Inc.	703,914		26,424,932
Medtronic, Inc.	241,200		12,084,120
			239,119,699
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 3.9%
Henry Schein, Inc. (a)(d)	644,275		$ 34,687,766
Medco Health Solutions, Inc. (a)	3,210,751		144,483,795
			179,171,561
Life Sciences Tools & Services - 1.5%
Charles River Laboratories International, Inc. (a)	209,374		11,626,538
Covance, Inc. (a)	508,376		44,945,522
Pharmaceutical Product Development, Inc.	290,499		12,012,134
			68,584,194
Pharmaceuticals - 1.4%
Novo Nordisk AS Series B	539,450		27,959,732
Pronova BioPharma ASA	756,500		2,500,064
Teva Pharmaceutical Industries Ltd. sponsored ADR	805,700		36,893,003
			67,352,799
TOTAL HEALTH CARE			907,515,378
INDUSTRIALS - 5.8%
Commercial Services & Supplies - 0.7%
Corrections Corp. of America (a)	623,845		15,502,548
Republic Services, Inc.	545,032		16,340,059
			31,842,607
Construction & Engineering - 0.4%
Shaw Group, Inc. (a)	588,600		18,087,678
Electrical Equipment - 1.8%
AMETEK, Inc.	281,500		11,476,755
Cooper Industries Ltd. Class A	680,100		27,169,995
SMA Solar Technology AG	93,100		7,270,560
Spire Corp. (a)(d)	300,249		4,266,538
Vestas Wind Systems AS (a)	371,850		32,449,236
			82,633,084
Industrial Conglomerates - 0.1%
Global Consumer Acquisition Corp. unit	467,900		4,257,890
Machinery - 1.4%
CLARCOR, Inc.	215,700		8,185,815
Cummins, Inc.	444,034		19,413,166
Danaher Corp.	421,700		29,265,980
Hansen Transmission International NV	2,189,397		9,126,842
			65,991,803
Professional Services - 0.2%
Equifax, Inc.	212,900		7,334,405
Robert Half International, Inc.	219,500		5,432,625
			12,767,030
Road & Rail - 1.0%
Burlington Northern Santa Fe Corp.	251,700		23,264,631
Union Pacific Corp.	339,100		24,130,356
			47,394,987

	Shares		Value
Trading Companies & Distributors - 0.2%
Fastenal Co. (d)	175,600		$ 8,672,884
TOTAL INDUSTRIALS			271,647,963
INFORMATION TECHNOLOGY - 29.9%
Communications Equipment - 9.6%
Cisco Systems, Inc. (a)	5,392,657		121,658,342
Juniper Networks, Inc. (a)	4,116,743		86,739,775
Nokia Corp. sponsored ADR	3,993,641		74,481,405
Nortel Networks Corp. (a)(e)	94,188		207,065
QUALCOMM, Inc.	2,687,353		115,475,558
Research In Motion Ltd. (a)	716,700		48,950,610
			447,512,755
Computers & Peripherals - 3.8%
Apple, Inc. (a)	669,786		76,127,877
SanDisk Corp. (a)(d)	5,110,760		99,915,358
			176,043,235
Electronic Equipment & Components - 1.7%
Amphenol Corp. Class A	1,280,764		51,409,867
Itron, Inc. (a)	280,994		24,876,399
			76,286,266
Internet Software & Services - 5.4%
Baidu.com, Inc. sponsored ADR (a)	69,900		17,351,277
Google, Inc. Class A (sub. vtg.) (a)	263,131		105,389,228
The Knot, Inc. (a)(d)	841,815		7,029,155
VeriSign, Inc. (a)	4,654,408		121,386,961
			251,156,621
IT Services - 4.7%
Cognizant Technology Solutions Corp. Class A (a)	1,055,262		24,091,631
ExlService Holdings, Inc. (a)	506,577		4,447,746
The Western Union Co.	3,336,925		82,321,940
VeriFone Holdings, Inc. (a)(d)	303,150		5,014,101
Visa, Inc.	1,685,832		103,493,226
			219,368,644
Semiconductors & Semiconductor Equipment - 2.8%
Applied Materials, Inc.	7,218,317		109,213,136
Microchip Technology, Inc. (d)	720,300		21,198,429
			130,411,565
Software - 1.9%
Autonomy Corp. PLC (a)	4,071,080		75,595,046
VMware, Inc. Class A (a)	543,987		14,491,814
			90,086,860
TOTAL INFORMATION TECHNOLOGY			1,390,865,946
MATERIALS - 6.9%
Chemicals - 5.6%
CF Industries Holdings, Inc.	106,900		9,777,074
FMC Corp.	164,779		8,467,993
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Israel Chemicals Ltd.	1,322,900		$ 20,275,795
Monsanto Co.	858,142		84,938,895
Novozymes AS Series B	191,200		17,034,551
Potash Corp. of Saskatchewan, Inc.	150,600		19,880,707
The Mosaic Co.	1,485,004		101,009,972
			261,384,987
Metals & Mining - 1.3%
Compass Minerals International, Inc.	1,142,686		59,865,320
TOTAL MATERIALS			321,250,307
UTILITIES - 1.3%
Electric Utilities - 1.3%
Entergy Corp.	322,714		28,724,773
Exelon Corp.	472,103		29,563,090
			58,287,863
TOTAL COMMON STOCKS (Cost $4,978,035,031)		4,562,057,930
Money Market Funds - 3.5%
	Shares		Value
Fidelity Cash Central Fund, 1.92% (b)	80,608,385		$ 80,608,385
Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)	82,245,500		82,245,500
TOTAL MONEY MARKET FUNDS (Cost $162,853,885)		162,853,885

TOTAL INVESTMENT
PORTFOLIO - 101.6%

(Cost $5,140,888,916)

4,724,911,815

NET OTHER ASSETS - (1.6)%			(74,321,396)
NET ASSETS - 100%		$ 4,650,590,419

Legend

(a) Non-income producing

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

(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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	$ 888,697
Fidelity Securities Lending Cash Central Fund	1,747,495
Total	$ 2,636,192

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	$ 90,859,702	$ 67,910,092	$ 1,407,934	$ -

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 4,724,911,815	$ 4,409,725,211	$ 315,186,604	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $5,166,137,358. Net unrealized depreciation aggregated $441,225,543, of which $306,043,017 related to appreciated investment securities and $747,268,560 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

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
High Income Portfolio

September 30, 2008

1.808795.104

VIPHI-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 84.3%
	Principal Amount		Value
Convertible Bonds - 0.7%
Energy - 0.2%
Chesapeake Energy Corp. 2.5% 5/15/37	$ 1,810,000		$ 1,767,465
Technology - 0.5%
Advanced Micro Devices, Inc. 6% 5/1/15	3,030,000		1,401,375
Lucent Technologies, Inc. 2.875% 6/15/25	837,000		551,709
Nortel Networks Corp.:
1.75% 4/15/12 (e)	4,651,000		2,325,500
1.75% 4/15/12	630,000		315,000
			4,593,584
TOTAL CONVERTIBLE BONDS			6,361,049
Nonconvertible Bonds - 83.6%
Aerospace - 0.7%
BE Aerospace, Inc. 8.5% 7/1/18	720,000		698,400
Bombardier, Inc. 7.45% 5/1/34 (e)	3,561,000		3,311,730
Sequa Corp.:
11.75% 12/1/15 (e)	2,085,000		1,751,400
13.5% 12/1/15 pay-in-kind (e)	1,080,268		896,082
			6,657,612
Air Transportation - 2.5%
American Airlines, Inc. pass-thru trust certificates:
6.817% 5/23/11	9,180,000		6,793,200
6.977% 11/23/22	617,202		382,665
8.608% 10/1/12	535,000		433,350
AMR Corp. 9% 8/1/12	1,980,000		1,267,200
Continental Airlines, Inc. pass-thru trust certificates:
7.566% 9/15/21	1,060,319		922,477
7.73% 9/15/12	303,607		212,525
7.875% 7/2/18	1,005,019		653,262
8.388% 5/1/22	561,285		416,754
9.558% 9/1/19	1,550,525		1,085,367
9.798% 4/1/21	7,812,255		6,562,294
Delta Air Lines, Inc. pass-thru trust certificates:
8.021% 8/10/22	1,611,038		1,143,837
8.954% 8/10/14	1,655,396		1,175,331
Northwest Airlines, Inc. pass-thru trust certificates 8.028% 11/1/17	1,175,000		728,500
United Air Lines, Inc. pass-thru trust certificates Class B, 7.336% 7/2/19	2,985,525		2,030,157
			23,806,919

	Principal Amount		Value
Automotive - 0.0%
Ford Motor Credit Co. LLC 7.875% 6/15/10	$ 425,000		$ 324,414
Broadcasting - 0.1%
Clear Channel Communications, Inc. 6.25% 3/15/11	990,000		638,550
Nexstar Broadcasting, Inc. 7% 1/15/14	835,000		609,550
			1,248,100
Building Materials - 0.7%
General Cable Corp. 7.125% 4/1/17	990,000		920,700
Nortek, Inc. 10% 12/1/13 (e)	4,510,000		3,991,350
Ply Gem Industries, Inc. 11.75% 6/15/13 (e)	2,095,000		1,770,275
			6,682,325
Cable TV - 4.0%
Cablevision Systems Corp. 8% 4/15/12	3,895,000		3,641,825
Charter Communications Holdings I LLC:
9.92% 4/1/14	5,570,000		2,116,600
11.125% 1/15/14	2,175,000		755,813
12.125% 1/15/15 (d)	2,915,000		1,457,500
Charter Communications Holdings I LLC/Charter Communications Holdings I Capital Corp. 11% 10/1/15	4,330,000		2,901,100
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp. 10.25% 9/15/10	4,875,000		4,387,500
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:
8.375% 4/30/14 (e)	1,400,000		1,225,000
10.875% 9/15/14 (e)	1,985,000		1,945,300
CSC Holdings, Inc.:
6.75% 4/15/12	3,130,000		2,879,600
8.5% 6/15/15 (e)	3,465,000		3,218,119
DIRECTV Holdings LLC/DIRECTV Financing, Inc. 8.375% 3/15/13	965,000		955,350
EchoStar Communications Corp.:
6.375% 10/1/11	2,560,000		2,355,200
7% 10/1/13	3,625,000		3,117,500
7.125% 2/1/16	1,460,000		1,175,300
Kabel Deutschland GmbH 10.625% 7/1/14	4,635,000		4,507,538
Videotron Ltd. 9.125% 4/15/18 (e)	1,705,000		1,722,050
			38,361,295
Capital Goods - 2.1%
Case Corp. 7.25% 1/15/16	1,460,000		1,335,900
Leucadia National Corp.:
7% 8/15/13	850,000		807,500
7.125% 3/15/17	6,115,000		5,625,800
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Capital Goods - continued
RBS Global, Inc. / Rexnord Corp.:
8.875% 9/1/16	$ 985,000		$ 871,725
9.5% 8/1/14	590,000		542,800
11.75% 8/1/16	985,000		886,500
Sensus Metering Systems, Inc. 8.625% 12/15/13	4,325,000		4,022,250
Terex Corp. 8% 11/15/17	6,830,000		6,232,375
			20,324,850
Chemicals - 2.1%
Chemtura Corp. 6.875% 6/1/16	3,675,000		2,903,250
Equistar Chemicals LP 7.55% 2/15/26	1,750,000		1,120,000
Momentive Performance Materials, Inc. 9.75% 12/1/14	7,825,000		6,103,500
Nalco Co. 7.75% 11/15/11	1,490,000		1,452,750
Nell AF Sarl 8.375% 8/15/15 (e)	765,000		359,550
NOVA Chemicals Corp.:
5.9525% 11/15/13 (f)	4,610,000		3,768,675
6.5% 1/15/12	2,915,000		2,630,788
PolyOne Corp. 8.875% 5/1/12	1,980,000		1,861,200
			20,199,713
Consumer Products - 0.6%
Jostens Holding Corp. 0% 12/1/13 (c)	3,050,000		2,897,500
Revlon Consumer Products Corp. 9.5% 4/1/11	3,120,000		2,808,000
			5,705,500
Containers - 1.1%
Berry Plastics Corp. 7.5406% 2/15/15 (f)	1,995,000		1,775,550
BWAY Corp. 10% 10/15/10	4,245,000		4,075,200
Crown Americas LLC/Crown Americas Capital Corp. 7.75% 11/15/15	985,000		960,375
Crown Cork & Seal, Inc.:
7.375% 12/15/26	395,000		300,200
8% 4/15/23	470,000		397,150
Greif, Inc. 6.75% 2/1/17	3,525,000		3,331,125
			10,839,600
Diversified Financial Services - 0.1%
Sprint Capital Corp. 8.75% 3/15/32	1,915,000		1,493,700
Diversified Media - 2.2%
Interpublic Group of Companies, Inc.:
6.25% 11/15/14	490,000		406,700
7.25% 8/15/11	905,000		850,700
Lamar Media Corp.:
Series B, 6.625% 8/15/15	750,000		620,625
6.625% 8/15/15	1,435,000		1,187,463

	Principal Amount		Value
LBI Media Holdings, Inc. 0% 10/15/13 (c)	$ 5,300,000		$ 3,975,000
Nielsen Finance LLC/Nielsen Finance Co.:
0% 8/1/16 (c)	2,580,000		1,689,900
10% 8/1/14	4,765,000		4,574,400
Quebecor Media, Inc.:
7.75% 3/15/16	5,920,000		5,150,400
7.75% 3/15/16	2,880,000		2,505,600
			20,960,788
Electric Utilities - 7.8%
AES Corp.:
7.75% 10/15/15	2,160,000		1,987,200
8% 10/15/17	1,180,000		1,088,550
Aquila, Inc. 11.875% 7/1/12 (d)(f)	2,825,000		3,107,500
Dynegy Holdings, Inc. 8.375% 5/1/16	3,405,000		2,962,350
Edison Mission Energy:
7% 5/15/17	2,795,000		2,515,500
7.2% 5/15/19	2,675,000		2,327,250
7.625% 5/15/27	2,915,000		2,332,000
Energy Future Holdings:
10.875% 11/1/17 (e)	7,270,000		6,579,350
11.25% 11/1/17 pay-in-kind (e)(f)	4,100,000		3,444,000
Intergen NV 9% 6/30/17 (e)	3,950,000		3,871,000
IPALCO Enterprises, Inc. 7.25% 4/1/16 (e)	2,205,000		2,116,800
Mirant Americas Generation LLC:
8.3% 5/1/11	480,000		460,800
8.5% 10/1/21	3,135,000		2,617,725
9.125% 5/1/31	1,270,000		1,092,200
NRG Energy, Inc.:
7.25% 2/1/14	2,870,000		2,626,050
7.375% 2/1/16	5,280,000		4,778,400
7.375% 1/15/17	6,745,000		6,272,850
NSG Holdings II, LLC 7.75% 12/15/25 (e)	7,850,000		7,457,500
Reliant Energy, Inc.:
7.625% 6/15/14	3,375,000		2,548,125
7.875% 6/15/17	1,085,000		802,900
Tenaska Alabama Partners LP 7% 6/30/21 (e)	1,995,856		1,716,436
Texas Competitive Electric Holdings Co. LLC:
Series A, 10.25% 11/1/15 (e)	7,345,000		6,628,863
Series B, 10.25% 11/1/15 (e)	3,895,000		3,544,450
10.5% 11/1/16 pay-in-kind (e)(f)	3,215,000		3,006,025
			75,883,824
Energy - 10.0%
Atlas Pipeline Partners LP 8.125% 12/15/15	1,385,000		1,288,050
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Energy - continued
Chaparral Energy, Inc.:
8.5% 12/1/15	$ 4,180,000		$ 3,239,500
8.875% 2/1/17	1,760,000		1,364,000
Chesapeake Energy Corp.:
6.5% 8/15/17	3,645,000		3,244,050
6.875% 1/15/16	2,770,000		2,506,850
Compagnie Generale de Geophysique SA:
7.5% 5/15/15	435,000		413,250
7.75% 5/15/17	835,000		793,250
Complete Production Services, Inc. 8% 12/15/16	385,000		358,050
Connacher Oil and Gas Ltd. 10.25% 12/15/15 (e)	1,190,000		1,172,150
Dynegy Holdings, Inc. 8.75% 2/15/12	2,205,000		2,083,725
El Paso Performance-Linked Trust 7.75% 7/15/11 (e)	3,050,000		2,989,000
Energy Partners Ltd.:
7.9156% 4/15/13 (f)	2,295,000		1,790,100
9.75% 4/15/14	2,250,000		1,755,000
Forest Oil Corp.:
7.25% 6/15/19	1,420,000		1,207,000
7.75% 5/1/14	1,430,000		1,372,800
Frontier Oil Corp. 8.5% 9/15/16	2,700,000		2,642,625
Helix Energy Solutions Group, Inc. 9.5% 1/15/16 (e)	1,815,000		1,742,400
Hilcorp Energy I LP/Hilcorp Finance Co.:
7.75% 11/1/15 (e)	5,890,000		5,065,400
9% 6/1/16 (e)	3,910,000		3,558,100
Newfield Exploration Co. 7.125% 5/15/18	1,915,000		1,685,200
OPTI Canada, Inc.:
7.875% 12/15/14	1,960,000		1,724,800
8.25% 12/15/14	4,375,000		3,981,250
Pan American Energy LLC 7.75% 2/9/12 (e)	3,960,000		3,643,200
Parker Drilling Co. 9.625% 10/1/13	1,775,000		1,721,750
Petrohawk Energy Corp.:
7.875% 6/1/15 (e)	2,560,000		2,227,200
9.125% 7/15/13	5,910,000		5,496,300
Petroleum Development Corp. 12% 2/15/18	2,810,000		2,810,000
Pioneer Natural Resources Co. 6.65% 3/15/17	3,365,000		2,927,550
Plains Exploration & Production Co. 7% 3/15/17	4,230,000		3,606,075
Range Resources Corp.:
6.375% 3/15/15 (Reg. S)	435,000		393,675
7.375% 7/15/13	10,075,000		9,621,625

	Principal Amount		Value
SandRidge Energy, Inc.:
6.4163% 4/1/14 (e)(f)	$ 5,320,000		$ 4,389,000
8.625% 4/1/15 pay-in-kind (e)	7,720,000		6,948,000
Seitel, Inc. 9.75% 2/15/14	4,330,000		3,593,900
Tesoro Corp. 6.5% 6/1/17	990,000		792,000
W&T Offshore, Inc. 8.25% 6/15/14 (e)	3,230,000		2,680,900
			96,827,725
Environmental - 0.4%
Allied Waste North America, Inc.:
6.875% 6/1/17	1,925,000		1,761,375
7.125% 5/15/16	1,385,000		1,291,513
Browning-Ferris Industries, Inc. 7.4% 9/15/35	585,000		497,250
			3,550,138
Food and Drug Retail - 0.5%
Rite Aid Corp.:
6.875% 8/15/13	1,110,000		588,300
7.5% 3/1/17	1,365,000		1,023,750
9.375% 12/15/15	1,110,000		566,100
10.375% 7/15/16	2,020,000		1,717,000
SUPERVALU, Inc. 7.5% 11/15/14	900,000		864,000
			4,759,150
Food/Beverage/Tobacco - 2.1%
Constellation Brands, Inc.:
7.25% 9/1/16	880,000		809,600
7.25% 5/15/17	2,060,000		1,915,800
8.375% 12/15/14	575,000		570,688
Dean Foods Co.:
6.9% 10/15/17	4,100,000		3,444,000
7% 6/1/16	3,175,000		2,762,250
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11	3,690,000		3,616,200
Pierre Foods, Inc. 9.875% 7/15/12 (b)	3,195,000		255,600
Pilgrims Pride Corp.:
7.625% 5/1/15	2,620,000		1,650,600
8.375% 5/1/17	1,455,000		683,850
Smithfield Foods, Inc. 7.75% 7/1/17	5,045,000		4,237,800
			19,946,388
Gaming - 6.8%
Boyd Gaming Corp. 7.75% 12/15/12	960,000		844,800
Chukchansi Economic Development Authority:
6.3275% 11/15/12 (e)(f)	1,010,000		757,500
8% 11/15/13 (e)	3,210,000		2,407,500
Fontainebleau Las Vegas Holdings LLC/Fontainebleau Las Vegas Capital Corp. 10.25% 6/15/15 (e)	1,135,000		249,700
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Gaming - continued
Galaxy Entertainment Finance Co. Ltd. 9.875% 12/15/12 (Reg. S)	$ 2,130,000		$ 1,384,500
Harrah's Operating Co., Inc.:
5.375% 12/15/13	880,000		272,800
5.5% 7/1/10	1,385,000		1,038,750
Mandalay Resort Group 9.375% 2/15/10	990,000		900,900
Mashantucket Western Pequot Tribe 8.5% 11/15/15 (e)	5,050,000		3,383,500
MGM Mirage, Inc.:
6.625% 7/15/15	2,015,000		1,390,350
6.75% 9/1/12	11,410,000		9,070,950
6.75% 4/1/13	1,065,000		841,350
6.875% 4/1/16	4,355,000		3,004,950
7.625% 1/15/17	4,105,000		2,955,600
8.375% 2/1/11	2,240,000		1,836,800
Mohegan Tribal Gaming Authority:
6.125% 2/15/13	1,295,000		1,074,850
6.375% 7/15/09	950,000		912,000
7.125% 8/15/14	1,830,000		1,281,000
Park Place Entertainment Corp.:
7.875% 3/15/10	985,000		748,600
8.125% 5/15/11	3,135,000		1,849,650
Scientific Games Corp.:
6.25% 12/15/12	3,275,000		2,882,000
7.875% 6/15/16 (e)	2,885,000		2,784,025
Seminole Hard Rock Entertainment, Inc. 5.3188% 3/15/14 (e)(f)	2,125,000		1,551,250
Seneca Gaming Corp.:
Series B, 7.25% 5/1/12	6,495,000		5,520,750
7.25% 5/1/12	4,295,000		3,650,750
Snoqualmie Entertainment Authority:
6.875% 2/1/14 (e)(f)	3,525,000		2,538,000
9.125% 2/1/15 (e)	2,125,000		1,535,313
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
6.625% 12/1/14	1,495,000		1,259,538
6.625% 12/1/14	9,000,000		7,627,500
			65,555,176
Healthcare - 6.1%
Biomet, Inc.:
10% 10/15/17	2,490,000		2,527,350
10.375% 10/15/17 pay-in-kind	2,620,000		2,600,350
11.625% 10/15/17	2,340,000		2,351,700
Community Health Systems, Inc. 8.875% 7/15/15	2,000,000		1,900,000
DJO Finance LLC / DJO Finance Corp. 10.875% 11/15/14	5,285,000		5,073,600

	Principal Amount		Value
HCA, Inc.:
6.5% 2/15/16	$ 2,670,000		$ 2,082,600
9.125% 11/15/14	5,140,000		4,998,650
9.25% 11/15/16	9,719,000		9,451,728
9.625% 11/15/16 pay-in-kind	5,135,000		4,865,413
HealthSouth Corp. 10.75% 6/15/16	395,000		398,950
Omega Healthcare Investors, Inc. 7% 4/1/14	9,970,000		9,172,400
Service Corp. International:
6.75% 4/1/15	1,440,000		1,252,800
7.5% 4/1/27	6,515,000		4,886,250
Ventas Realty LP:
6.5% 6/1/16	1,200,000		1,104,000
6.625% 10/15/14	1,820,000		1,692,600
Viant Holdings, Inc. 10.125% 7/15/17 (e)	3,679,000		2,943,200
VWR Funding, Inc. 10.25% 7/15/15	2,485,000		2,087,400
			59,388,991
Homebuilding/Real Estate - 1.7%
American Real Estate Partners/American Real Estate Finance Corp.:
7.125% 2/15/13	7,420,000		5,676,300
8.125% 6/1/12	8,345,000		7,093,250
D.R. Horton, Inc. 6.5% 4/15/16	1,640,000		1,246,400
K. Hovnanian Enterprises, Inc.:
6.375% 12/15/14	1,045,000		616,550
8.875% 4/1/12	625,000		393,750
11.5% 5/1/13 (e)	180,000		176,400
KB Home 6.375% 8/15/11	910,000		823,550
Pulte Homes, Inc. 5.25% 1/15/14	905,000		755,675
			16,781,875
Hotels - 0.5%
Host Marriott LP 7.125% 11/1/13	5,390,000		4,851,000
Leisure - 2.1%
Royal Caribbean Cruises Ltd.:
7.25% 3/15/18	1,815,000		1,470,150
yankee:
7% 6/15/13	5,610,000		4,824,600
7.25% 6/15/16	1,540,000		1,293,600
7.5% 10/15/27	1,465,000		1,153,688
Town Sports International Holdings, Inc. 0% 2/1/14 (c)	1,772,000		1,577,080
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10	5,125,000		5,112,188
Universal City Florida Holding Co. I/II:
7.5506% 5/1/10 (f)	4,340,000		4,068,750
8.375% 5/1/10	625,000		606,250
			20,106,306
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Metals/Mining - 4.1%
Compass Minerals International, Inc. 12% 6/1/13	$ 5,744,000		$ 5,744,000
Drummond Co., Inc. 7.375% 2/15/16 (e)	8,210,000		6,814,300
FMG Finance Property Ltd.:
6.8106% 9/1/11 (e)(f)	3,555,000		3,270,600
10% 9/1/13 (e)	4,010,000		3,769,400
10.625% 9/1/16 (e)	1,395,000		1,346,175
Freeport-McMoRan Copper & Gold, Inc.:
8.25% 4/1/15	1,140,000		1,120,050
8.375% 4/1/17	2,785,000		2,736,263
Massey Energy Co. 6.875% 12/15/13	6,595,000		5,951,988
Noranda Aluminium Acquisition Corp. 6.8275% 5/15/15 pay-in-kind (f)	3,500,000		2,660,000
Vedanta Resources PLC 6.625% 2/22/10 (e)	6,335,000		6,018,250
			39,431,026
Paper - 1.7%
Catalyst Paper Corp. 8.625% 6/15/11	1,380,000		1,090,200
Domtar Corp.:
5.375% 12/1/13	1,045,000		898,700
7.125% 8/15/15	1,425,000		1,311,000
Georgia-Pacific Corp.:
7% 1/15/15 (e)	8,875,000		7,898,750
8.875% 5/15/31	1,755,000		1,561,950
Graphic Packaging International, Inc. 8.5% 8/15/11	1,455,000		1,382,250
Rock-Tenn Co. 9.25% 3/15/16 (e)	890,000		907,800
Stone Container Corp. 8.375% 7/1/12	545,000		457,800
Stone Container Finance Co. 7.375% 7/15/14	835,000		638,775
			16,147,225
Publishing/Printing - 1.0%
Scholastic Corp. 5% 4/15/13	2,755,000		2,300,425
The Reader's Digest Association, Inc. 9% 2/15/17	3,305,000		1,867,325
TL Acquisitions, Inc.:
0% 7/15/15 (c)(e)	1,980,000		1,366,200
10.5% 1/15/15 (e)	5,325,000		4,260,000
			9,793,950
Railroad - 0.1%
Kansas City Southern Railway Co. 8% 6/1/15	1,475,000		1,445,500
Restaurants - 0.4%
Landry's Restaurants, Inc. 9.5% 12/15/14	4,550,000		4,186,000

	Principal Amount		Value
Services - 3.4%
ARAMARK Corp.:
6.3006% 2/1/15 (f)	$ 4,925,000		$ 4,309,375
8.5% 2/1/15	4,035,000		3,853,425
Ashtead Capital, Inc. 9% 8/15/16 (e)	3,090,000		2,688,300
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:
5.3044% 5/15/14 (f)	1,180,000		708,000
7.625% 5/15/14	1,475,000		885,000
7.75% 5/15/16	2,105,000		1,263,000
FTI Consulting, Inc.:
7.625% 6/15/13	4,965,000		5,064,300
7.75% 10/1/16	415,000		423,300
Hertz Corp.:
8.875% 1/1/14	2,160,000		1,879,200
10.5% 1/1/16	820,000		688,800
Iron Mountain, Inc.:
6.625% 1/1/16	575,000		540,500
7.75% 1/15/15	800,000		792,000
8% 6/15/20	1,045,000		1,011,038
8.625% 4/1/13	5,270,000		5,190,950
JohnsonDiversey Holdings, Inc. 10.67% 5/15/13	715,000		693,550
JohnsonDiversey, Inc. 9.625% 5/15/12	310,000		309,225
Penhall International Corp. 12% 8/1/14 (e)	610,000		390,400
Rental Service Corp. 9.5% 12/1/14	1,975,000		1,501,000
US Investigations Services, Inc. 10.5% 11/1/15 (e)	415,000		369,350
			32,560,713
Shipping - 3.5%
Navios Maritime Holdings, Inc. 9.5% 12/15/14	3,825,000		3,366,000
Ship Finance International Ltd. 8.5% 12/15/13	22,075,000		21,412,741
Teekay Corp. 8.875% 7/15/11	8,618,000		8,704,180
			33,482,921
Specialty Retailing - 0.3%
Michaels Stores, Inc. 10% 11/1/14	990,000		618,750
Sally Holdings LLC:
9.25% 11/15/14	1,980,000		1,881,000
10.5% 11/15/16	595,000		565,250
			3,065,000
Steels - 1.4%
Evraz Group SA:
8.875% 4/24/13 (e)	1,945,000		1,497,650
9.5% 4/24/18 (e)	1,080,000		799,200
RathGibson, Inc. 11.25% 2/15/14	4,820,000		4,386,200
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Steels - continued
Steel Dynamics, Inc.:
6.75% 4/1/15	$ 5,060,000		$ 4,351,600
7.375% 11/1/12	2,945,000		2,724,125
			13,758,775
Super Retail - 1.1%
AutoNation, Inc. 7% 4/15/14	1,810,000		1,574,700
NBC Acquisition Corp. 11% 3/15/13	1,665,000		1,252,913
Nebraska Book Co., Inc. 8.625% 3/15/12	2,740,000		2,068,700
Sonic Automotive, Inc. 8.625% 8/15/13	985,000		679,650
Toys 'R' US, Inc.:
7.375% 10/15/18	400,000		260,000
7.625% 8/1/11	5,810,000		4,996,600
			10,832,563
Technology - 3.6%
Amkor Technology, Inc.:
7.75% 5/15/13	2,665,000		2,251,925
9.25% 6/1/16	945,000		803,250
First Data Corp. 9.875% 9/24/15 (e)	1,490,000		1,169,650
Flextronics International Ltd.:
6.25% 11/15/14	760,000		653,600
6.5% 5/15/13	1,065,000		958,500
Freescale Semiconductor, Inc.:
6.6938% 12/15/14 (f)	2,520,000		1,688,400
8.875% 12/15/14	1,840,000		1,269,600
9.125% 12/15/14 pay-in-kind	400,000		252,000
10.125% 12/15/16	515,000		332,175
Jabil Circuit, Inc. 8.25% 3/15/18	435,000		395,850
Lucent Technologies, Inc.:
6.45% 3/15/29	4,675,000		2,851,750
6.5% 1/15/28	4,915,000		2,998,150
Nortel Networks Corp.:
7.0406% 7/15/11 (f)	4,280,000		2,760,600
10.125% 7/15/13	1,250,000		756,250
NXP BV:
5.5406% 10/15/13 (f)	2,850,000		1,895,250
9.5% 10/15/15	1,570,000		816,400
Seagate Technology HDD Holdings 6.8% 10/1/16	3,150,000		2,709,000
Spansion LLC 11.25% 1/15/16 (e)	1,025,000		589,375
SS&C Technologies, Inc. 11.75% 12/1/13	135,000		140,400
SunGard Data Systems, Inc.:
9.125% 8/15/13	1,460,000		1,317,650

	Principal Amount		Value
10.25% 8/15/15	$ 1,460,000		$ 1,273,850
Xerox Capital Trust I 8% 2/1/27	7,840,000		7,129,155
			35,012,780
Telecommunications - 8.4%
Cincinnati Bell, Inc. 8.375% 1/15/14	4,605,000		3,983,325
Citizens Communications Co.:
6.25% 1/15/13	1,920,000		1,795,200
9% 8/15/31	910,000		696,150
Cricket Communications, Inc. 10% 7/15/15 (e)	2,590,000		2,447,550
Digicel Group Ltd.:
8.875% 1/15/15 (e)	5,425,000		4,448,500
9.125% 1/15/15 pay-in-kind (e)(f)	2,727,000		2,236,140
9.25% 9/1/12 (e)	4,605,000		4,558,950
Intelsat Jackson Holdings Ltd.:
9.5% 6/15/16 (e)	6,995,000		6,610,275
11.5% 6/15/16 (e)	368,000		353,280
Intelsat Ltd.:
6.5% 11/1/13	10,705,000		6,958,250
7.625% 4/15/12	7,885,000		6,071,450
Intelsat Subsidiary Holding Co. Ltd. 8.875% 1/15/15 (e)	6,040,000		5,617,200
Level 3 Financing, Inc.:
6.845% 2/15/15 (f)	3,355,000		2,281,400
8.75% 2/15/17	1,965,000		1,355,850
9.25% 11/1/14	985,000		723,975
Mobile Telesystems Finance SA 8% 1/28/12 (e)	6,558,000		5,574,300
Nextel Communications, Inc. 6.875% 10/31/13	1,730,000		1,176,400
Orascom Telecom Finance SCA 7.875% 2/8/14 (e)	6,100,000		5,581,500
Qwest Communications International, Inc. 7.5% 2/15/14	900,000		792,000
Qwest Corp.:
6.0688% 6/15/13 (f)	4,530,000		3,941,100
7.5% 10/1/14	1,815,000		1,579,050
Sprint Capital Corp.:
6.875% 11/15/28	2,750,000		1,856,250
8.375% 3/15/12	1,270,000		1,143,000
Sprint Nextel Corp. 6% 12/1/16	1,305,000		1,011,375
Time Warner Telecom Holdings, Inc. 9.25% 2/15/14	2,145,000		1,984,125
U.S. West Communications:
6.875% 9/15/33	2,155,000		1,449,238
7.5% 6/15/23	1,135,000		908,000
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Telecommunications - continued
Vimpel Communications:
8.375% 4/30/13 (Issued by VIP Finance Ireland Ltd. for Vimpel Communications) (e)	$ 4,245,000		$ 3,268,650
9.125% 4/30/18 (Issued by VIP Finance Ireland Ltd. for Vimpel Communications) (e)	1,575,000		1,149,750
			81,552,233
Textiles & Apparel - 0.4%
Hanesbrands, Inc. 6.5081% 12/15/14 (e)(f)	3,020,000		2,521,700
Levi Strauss & Co.:
8.875% 4/1/16	915,000		736,575
9.75% 1/15/15	960,000		844,800
			4,103,075
TOTAL NONCONVERTIBLE BONDS			809,627,150
TOTAL CORPORATE BONDS (Cost $941,097,542)		815,988,199
Commercial Mortgage Securities - 0.0%

LB Multi-family Mortgage Trust Series 1991-4 Class A1, 7.0935% 4/25/21 (e)(f) (Cost $104,581)	141,126		127,014

Common Stocks - 0.0%
	Shares
Textiles & Apparel - 0.0%
Arena Brands Holding Corp. Class B (g) (Cost $1,974,910)	48,889	317,779
Convertible Preferred Stocks - 0.2%

Electric Utilities - 0.2%
AES Trust III 6.75% (Cost $2,507,572)	51,000	1,963,500

Floating Rate Loans - 6.6%
	Principal Amount
Automotive - 0.3%
Federal-Mogul Corp.:
Tranche B, term loan 4.49% 12/27/14 (f)	$ 2,299,322		1,529,049
Tranche C, term loan 4.89% 12/27/15 (f)	1,780,126		1,183,784
			2,712,833

	Principal Amount		Value
Broadcasting - 0.1%
Univision Communications, Inc. Tranche 1LN, term loan 5.1213% 9/29/14 (f)	$ 1,480,000		$ 939,800
Cable TV - 0.9%
Charter Communications Operating LLC Tranche B 1LN, term loan 4.8% 3/6/14 (f)	2,922,913		2,371,213
CSC Holdings, Inc. Tranche B, term loan 4.57% 3/31/13 (f)	3,577,653		3,148,335
Insight Midwest Holdings LLC Tranche B, term loan 4.49% 4/6/14 (f)	3,260,250		2,934,225
			8,453,773
Capital Goods - 0.4%
Dresser, Inc.:
Tranche 2LN, term loan 8.5569% 5/4/15 pay-in-kind (f)	4,305,000		3,917,550
Tranche B 1LN, term loan 5.096% 5/4/14 (f)	417,348		383,960
			4,301,510
Containers - 0.4%
Anchor Glass Container Corp. term loan 7.763% 6/20/14 (f)	4,175,180		4,039,487
Electric Utilities - 0.8%
Ashmore Energy International:
Revolving Credit-Linked Deposit 6.77% 3/30/12 (f)	659,006		576,630
term loan 6.7619% 3/30/14 (f)	4,752,371		4,158,325
Texas Competitive Electric Holdings Co. LLC Tranche B3, term loan 6.28% 10/10/14 (f)	3,622,033		3,019,870
			7,754,825
Entertainment/Film - 0.4%
Zuffa LLC term loan 5.25% 6/19/15 (f)	4,955,581		3,766,241
Gaming - 0.2%
Fantasy Springs Resort Casino term loan 10.3106% 8/6/12 (f)	2,960,000		2,604,800
Healthcare - 0.7%
Community Health Systems, Inc.:
term loan 5.28% 7/25/14 (f)	4,843,507		4,286,504
Tranche DD, term loan 7/25/14 (h)	247,796		219,299
PTS Acquisition Corp. term loan 6.0119% 4/10/14 (f)	2,497,580		1,979,332
			6,485,135
Paper - 0.5%
Georgia-Pacific Corp. Tranche B1, term loan 4.54% 12/23/12 (f)	5,379,079		4,706,694
Publishing/Printing - 0.3%
Education Media and Publishing Group Ltd. Tranche 2LN, term loan 11.9875% 12/12/14 (f)	3,503,030		2,627,273
Floating Rate Loans - continued
	Principal Amount		Value
Restaurants - 0.1%
OSI Restaurant Partners, Inc.:
Credit-Linked Deposit 5.0688% 6/14/13 (f)	$ 88,760		$ 59,469
term loan 6% 6/14/14 (f)	1,109,651		743,466
			802,935
Services - 0.1%
Penhall International Corp. term loan 10.1325% 4/1/12 pay-in-kind (f)	2,356,365		1,413,819
Technology - 0.8%
Flextronics International Ltd.:
Tranche B-A, term loan 5.041% 10/1/14 (f)	900,353		751,795
Tranche B-A1, term loan 5.0406% 10/1/14 (f)	139,158		116,197
Kronos, Inc.:
Tranche 1LN, term loan 6.0119% 6/11/14 (f)	3,468,394		3,017,503
Tranche 2LN, term loan 9.5119% 6/11/15 (f)	3,190,000		2,647,700
SS&C Technologies, Inc. term loan 5.7664% 11/23/12 (f)	1,494,120		1,397,003
			7,930,198
Telecommunications - 0.2%
Digicel International Finance Ltd. term loan 6.3125% 3/30/12 (f)	2,150,000		1,655,500
Textiles & Apparel - 0.4%
Hanesbrands, Inc. Tranche B 1LN, term loan 4.7091% 9/5/13 (f)	1,055,000		949,500
Levi Strauss & Co. term loan 4.7388% 4/4/14 (f)	3,525,000		2,661,375
			3,610,875
TOTAL FLOATING RATE LOANS (Cost $73,686,721)		63,805,698

Money Market Funds - 6.7%
	Shares	Value
Fidelity Cash Central Fund, 1.92% (a) (Cost $64,698,200)	64,698,200	$ 64,698,200

TOTAL INVESTMENT PORTFOLIO - 97.8%

(Cost $1,084,069,526)

946,900,390

NET OTHER ASSETS - 2.2%			21,170,144
NET ASSETS - 100%		$ 968,070,534

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) Non-income producing - Issuer is in default.

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

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

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

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $317,779 or 0.0% of net assets.

Additional information on each holding is as follows:

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

(h) Position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $247,796 and $219,299, respectively. The coupon rate will be determined at time of settlement.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,160,110

Other Information

The following is a summary of the inputs used, as of September 30, 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	$ 946,900,390	$ 64,698,200	$ 879,152,597	$ 3,049,593

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

	Investments in Securities
Beginning Balance	$ 3,364,330
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(310,638)
Cost of Purchases	-
Proceeds of Sales	(6,869)
Amortization/Accretion	2,770
Transfer in/out of Level 3	-
Ending Balance	$ 3,049,593

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 September 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,080,901,556. Net unrealized depreciation aggregated $134,001,166, of which $943,319 related to appreciated investment securities and $134,944,485 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. Actual prices received at disposition may differ.

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

September 30, 2008

1.808774.104

VIPOVRS-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%
	Shares		Value
Australia - 5.6%
AMP Ltd.	1,043,407		$ 5,932,632
Australian Wealth Management Ltd.	2,494,900		2,461,610
BHP Billiton Ltd.	526,845		13,628,944
Commonwealth Bank of Australia	298,434		10,517,235
CSL Ltd.	1,750,643		53,032,179
HFA Holdings Ltd.	1,251,777		627,725
Lion Nathan Ltd.	1,266,655		9,482,655
National Australia Bank Ltd.	173,073		3,492,815
Newcrest Mining Ltd.	58,033		1,205,729
Rio Tinto Ltd.	79,200		5,336,328
Seek Ltd. (d)	593,800		2,457,449
Telstra Corp. Ltd.	3,346,820		11,227,732
Woodside Petroleum Ltd.	51,129		2,062,970
TOTAL AUSTRALIA			121,466,003
Austria - 0.4%
Strabag SE	190,700		8,483,373
Belgium - 0.2%
Hamon & Compagnie International SA	73,974		2,892,919
KBC Groupe SA	26,700		2,321,849
TOTAL BELGIUM			5,214,768
Bermuda - 0.7%
Clear Media Ltd. (a)	249,000		126,215
Covidien Ltd.	179,800		9,666,048
Signet Jewelers Ltd. (United Kingdom)	276,865		5,508,895
TOTAL BERMUDA			15,301,158
Brazil - 0.9%
TIM Participacoes SA sponsored ADR (non-vtg.) (d)	681,500		14,216,090
Vivo Participacoes SA (PN) sponsored ADR	1,107,100		4,583,394
TOTAL BRAZIL			18,799,484
British Virgin Islands - 0.0%
Indochina Capital Vietnam Holdings Ltd. (a)	192,800		692,152
Canada - 0.2%
Nortel Networks Corp. (a)	40,149		88,264
Petrobank Energy & Resources Ltd. (a)	67,700		2,566,418
TimberWest Forest Corp.	175,300		2,009,263
TOTAL CANADA			4,663,945
Cyprus - 0.1%
ProSafe ASA	274,300		1,501,077
Denmark - 2.0%
Carlsberg AS Series B	155,725		11,870,207
Novo Nordisk AS:
Series B	224,400		11,630,668
Series B sponsored ADR	111,600		5,713,920

	Shares		Value
Novozymes AS Series B	105,600		$ 9,408,204
Vestas Wind Systems AS (a)	71,600		6,248,125
TOTAL DENMARK			44,871,124
Finland - 0.9%
Fortum Oyj	216,800		7,273,067
Nokia Corp. sponsored ADR	684,700		12,769,655
TOTAL FINLAND			20,042,722
France - 13.0%
Alstom SA (d)	947,400		71,891,001
AXA SA	247,415		8,096,096
AXA SA sponsored ADR	237,500		7,756,750
BNP Paribas SA	158,002		15,077,119
Carrefour SA	72,100		3,398,805
CNP Assurances	64,600		7,293,998
Compagnie Generale de Geophysique SA (a)	154,000		4,884,552
Credit Agricole SA	81,200		1,563,344
France Telecom SA	110,361		3,094,483
France Telecom SA sponsored ADR (d)	268,200		7,512,282
GDF Suez	129,801		6,754,093
Groupe Danone	138,500		9,820,579
Ingenico SA	378,300		9,498,631
Ipsos SA	113,100		3,329,393
L'Air Liquide SA	182,578		20,055,328
L'Oreal SA	134,295		13,172,830
Sanofi-Aventis sponsored ADR	347,200		11,412,464
Societe Generale Series A	26,400		2,370,661
Sodexho Alliance SA	206,500		12,182,074
Suez Environnement SA rights 6/22/10 (a)	136,000		841,443
Total SA:
Series B	340,200		20,659,790
sponsored ADR	182,900		11,098,372
Unibail-Rodamco	131,900		26,674,086
Vivendi	201,380		6,311,164
TOTAL FRANCE			284,749,338
Germany - 8.2%
Allianz AG (Reg.)	104,400		14,307,978
BASF AG	64,000		3,050,211
Bayer AG	107,200		7,848,235
Beiersdorf AG	251,600		15,897,098
Commerzbank AG	317,700		4,707,852
Daimler AG	102,400		5,171,200
Deutsche Bank AG	72,800		5,206,047
Deutsche Boerse AG	37,800		3,457,865
Deutsche Postbank AG (d)	194,500		7,365,018
Deutsche Telekom AG:
(Reg.)	74,300		1,128,011
sponsored ADR	160,500		2,444,415
E.ON AG	763,832		38,435,257
Fresenius AG	147,100		10,794,354
Common Stocks - continued
	Shares		Value
Germany - continued
GFK AG	95,269		$ 2,921,543
Linde AG	20,200		2,156,306
MLP AG (d)	441,600		8,160,449
Q-Cells AG (a)(d)	90,100		7,552,491
RWE AG	214,800		20,471,041
SAP AG sponsored ADR	182,400		9,745,632
Vossloh AG	73,300		7,594,650
TOTAL GERMANY			178,415,653
Hong Kong - 0.6%
China Unicom Ltd.	7,704,000		11,589,839
Dynasty Fine Wines Group Ltd.	7,224,000		1,018,482
TOTAL HONG KONG			12,608,321
India - 0.2%
Satyam Computer Services Ltd. sponsored ADR	301,200		4,864,380
Indonesia - 0.6%
PT Bumi Resources Tbk	9,391,000		3,071,041
PT Indosat Tbk sponsored ADR	298,400		9,745,744
TOTAL INDONESIA			12,816,785
Israel - 0.3%
Teva Pharmaceutical Industries Ltd. sponsored ADR	161,800		7,408,822
Italy - 3.2%
A2A SpA	1,154,100		2,943,816
Assicurazioni Generali SpA	376,200		12,484,322
Edison SpA	2,559,300		4,258,039
Enel SpA	275,100		2,295,633
ENI SpA	540,886		14,331,666
Finmeccanica SpA	532,400		11,537,044
Intesa Sanpaolo SpA	2,493,900		13,710,532
UniCredit SpA	2,263,100		8,461,137
TOTAL ITALY			70,022,189
Japan - 12.8%
ACOM Co. Ltd. (d)	409,250		13,991,863
Canon, Inc.	186,200		7,061,660
Canon, Inc. sponsored ADR	121,800		4,597,950
East Japan Railway Co.	786		5,863,907
Fujifilm Holdings Corp.	123,100		3,174,822
Honda Motor Co. Ltd.	97,400		2,955,523
KDDI Corp.	447		2,533,060
Matsui Securities Co. Ltd. (d)	659,000		4,778,956
Matsushita Electric Industrial Co. Ltd.	131,000		2,259,226
Mitsubishi Corp.	199,900		4,171,512
Mitsubishi Electric Corp.	287,000		1,937,136
Mitsubishi Estate Co. Ltd.	400,000		7,885,023
Mitsubishi UFJ Financial Group, Inc.	3,950,000		34,457,943
Mitsui & Co. Ltd.	384,000		4,768,892

	Shares		Value
Mitsui Sumitomo Insurance Group Holdings, Inc.	80,600		$ 2,746,058
Mizuho Financial Group, Inc.	3,403		14,887,420
Nafco Co. Ltd. (a)	147,900		2,012,067
Nikon Corp.	169,000		4,055,672
Nintendo Co. Ltd.	10,300		4,372,968
Nomura Holdings, Inc.	1,323,200		17,274,397
Nomura Holdings, Inc. sponsored ADR	381,100		4,984,788
NTT DoCoMo, Inc.	4,310		6,901,601
ORIX Corp.	17,270		2,163,157
Point, Inc.	125,450		4,804,765
Promise Co. Ltd.	248,050		4,801,615
Rakuten, Inc.	15,243		8,604,561
Ricoh Co. Ltd.	316,000		4,444,937
Seven & I Holdings Co. Ltd.	81,800		2,350,990
Sony Corp.	98,600		3,041,732
Sony Corp. sponsored ADR	34,500		1,065,015
Sumitomo Metal Industries Ltd.	975,000		3,023,784
Sumitomo Mitsui Financial Group, Inc.	3,061		19,198,664
Sumitomo Trust & Banking Co. Ltd.	1,477,000		9,844,133
T&D Holdings, Inc.	319,350		16,874,910
Tokyo Electric Power Co.	263,400		6,483,244
Tokyo Electron Ltd.	47,500		2,150,244
Toyo Tanso Co. Ltd. (d)	29,800		1,600,093
Toyota Motor Corp.	388,800		16,628,429
Toyota Motor Corp. sponsored ADR	80,100		6,872,580
USS Co. Ltd.	128,860		8,290,791
TOTAL JAPAN			279,916,088
Korea (South) - 0.3%
Doosan Heavy Industries & Construction Co. Ltd.	100,250		7,488,126
Luxembourg - 0.9%
ArcelorMittal SA:
(France)	147,900		7,489,513
(NY Shares) Class A	54,800		2,706,024
SES SA (A Shares) FDR unit	442,747		9,199,566
TOTAL LUXEMBOURG			19,395,103
Netherlands - 2.1%
ASML Holding NV (NY Shares)	111,300		1,959,993
Gemalto NV (a)	88,800		3,202,355
ING Groep NV (Certificaten Van Aandelen)	125,724		2,694,288
Koninklijke KPN NV	919,900		13,280,425
Royal DSM NV	47,300		2,236,479
Unilever NV:
(Certificaten Van Aandelen)	318,100		8,950,981
(NY Shares)	453,200		12,762,112
TOTAL NETHERLANDS			45,086,633
Norway - 1.1%
Lighthouse Caledonia ASA	60,299		50,972
Petroleum Geo-Services ASA (a)	645,800		8,531,634
Common Stocks - continued
	Shares		Value
Norway - continued
Pronova BioPharma ASA	940,800		$ 3,109,135
StatoilHydro ASA	320,900		7,623,711
StatoilHydro ASA sponsored ADR	163,600		3,893,680
TOTAL NORWAY			23,209,132
Panama - 0.1%
McDermott International, Inc. (a)	63,300		1,617,315
Papua New Guinea - 0.2%
Lihir Gold Ltd. (a)	1,719,939		3,889,189
Spain - 2.1%
Banco Bilbao Vizcaya Argentaria SA	154,500		2,497,491
Banco Santander SA	160,000		2,398,239
Repsol YPF SA sponsored ADR	183,600		5,445,576
Telefonica SA	1,288,180		30,618,913
Telefonica SA sponsored ADR	66,200		4,732,638
TOTAL SPAIN			45,692,857
Sweden - 0.6%
Swedish Match Co.	627,600		10,968,000
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (d)	306,400		2,889,352
TOTAL SWEDEN			13,857,352
Switzerland - 8.2%
Credit Suisse Group sponsored ADR	88,300		4,263,124
Credit Suisse Group (Reg.)	122,288		5,711,599
EFG International	148,600		4,290,638
Julius Baer Holding AG	114,046		5,672,064
Nestle SA (Reg.)	1,225,246		52,956,827
Novartis AG sponsored ADR	563,100		29,754,204
Roche Holding AG (participation certificate)	192,148		30,081,891
SGS Societe Generale de Surveillance Holding SA (Reg.)	18,982		22,342,050
Sonova Holding AG	60,656		3,954,960
Swisscom AG (Reg.)	30,718		9,155,292
UBS AG:
(For. Reg.)	387,382		6,621,894
(NY Shares)	94,443		1,656,530
Zurich Financial Services AG (Reg.)	9,136		2,530,172
TOTAL SWITZERLAND			178,991,245
Taiwan - 0.1%
HTC Corp.	136,000		2,105,663
United Kingdom - 26.9%
Aegis Group PLC	4,463,400		7,479,858
Anglo American PLC (United Kingdom)	317,408		10,722,837
AstraZeneca PLC sponsored ADR	162,900		7,148,052
BAE Systems PLC	799,000		5,890,669
Barclays PLC	1,154,300		6,858,781
BG Group PLC	1,523,200		27,627,164
BHP Billiton PLC	797,195		18,061,332
BP PLC	2,808,106		23,388,705

	Shares		Value
British American Tobacco PLC	402,800		$ 13,151,438
Cadbury PLC sponsored ADR	89,408		3,660,364
Centrica PLC	2,597,000		14,613,918
Compass Group PLC	1,848,500		11,465,379
Diageo PLC	1,382,900		23,593,534
Experian PLC	317,700		2,105,708
GlaxoSmithKline PLC	1,330,200		28,818,142
GlaxoSmithKline PLC sponsored ADR	41,700		1,812,282
Gottex Fund Management Holdings Ltd.	41,960		472,661
Hammerson PLC	390,400		6,883,289
HBOS PLC	815,900		1,851,253
HSBC Holdings PLC:
(Hong Kong) (Reg.)	382,000		6,100,959
(United Kingdom) (Reg.)	1,150,426		18,613,463
sponsored ADR	286,400		23,149,712
Imperial Tobacco Group PLC	254,300		8,163,910
Informa PLC	1,339,700		7,556,064
Intertek Group PLC	413,400		6,197,105
Jardine Lloyd Thompson Group PLC	2,833,873		22,613,454
Lloyds TSB Group PLC	548,500		2,204,221
Lloyds TSB Group PLC sponsored ADR	34,300		573,839
Man Group PLC	6,556,825		40,071,336
Misys PLC	759,700		1,675,078
NDS Group PLC sponsored ADR (a)	90,800		5,074,812
Prudential PLC	1,867,700		17,031,112
Reckitt Benckiser Group PLC	43,700		2,118,969
Reed Elsevier PLC	2,257,014		22,476,648
Rio Tinto PLC:
(Reg.)	145,506		9,132,625
sponsored ADR	13,600		3,393,200
Royal Bank of Scotland Group PLC	3,966,109		12,795,416
Royal Dutch Shell PLC:
Class A (United Kingdom)	665,900		19,233,105
Class A sponsored ADR (d)	420,800		24,831,408
Class B	293,900		8,257,180
Scottish & Southern Energy PLC	488,600		12,433,855
Shanks Group PLC	2,572,200		8,804,253
Smith & Nephew PLC sponsored ADR	75,000		3,981,750
SSL International PLC	472,100		3,806,874
Standard Chartered PLC (United Kingdom)	94,500		2,325,421
Tesco PLC	3,095,600		21,531,680
Vodafone Group PLC	15,586,462		34,424,522
Vodafone Group PLC sponsored ADR	157,900		3,489,590
William Morrison Supermarkets PLC	3,645,500		16,954,480
Xstrata PLC	89,200		2,780,117
TOTAL UNITED KINGDOM			587,401,524
United States of America - 4.2%
Apple, Inc. (a)	59,400		6,751,404
Calgon Carbon Corp. (a)(d)	1,118,817		22,779,114
Copart, Inc. (a)	105,500		4,009,000
Dr Pepper Snapple Group, Inc. (a)	67,056		1,775,643
Estee Lauder Companies, Inc. Class A	600,300		29,960,973
Common Stocks - continued
	Shares		Value
United States of America - continued
Franklin Resources, Inc.	41,900		$ 3,692,647
Fuel Tech, Inc. (a)(d)	271,800		4,916,862
Genentech, Inc. (a)	12,300		1,090,764
Hypercom Corp. (a)	171,800		683,764
Stryker Corp.	73,000		4,547,900
Sunpower Corp. Class A (a)(d)	90,300		6,404,979
Visa, Inc.	81,200		4,984,868
TOTAL UNITED STATES OF AMERICA			91,597,918
TOTAL COMMON STOCKS (Cost $2,271,708,804)		2,112,169,439
Money Market Funds - 6.1%

Fidelity Cash Central Fund, 1.92% (b)	60,939,745		60,939,745
Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)	72,986,273		72,986,273
TOTAL MONEY MARKET FUNDS (Cost $133,926,018)		133,926,018

TOTAL INVESTMENT PORTFOLIO - 102.8%

(Cost $2,405,634,822)

2,246,095,457

NET OTHER ASSETS - (2.8)%			(60,676,238)
NET ASSETS - 100%		$ 2,185,419,219

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	$ 1,819,750
Fidelity Securities Lending Cash Central Fund	3,633,456
Total	$ 5,453,206

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 2,246,095,457	$ 521,305,091	$ 1,724,790,366	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $2,413,665,355. Net unrealized depreciation aggregated $167,569,898, of which $233,031,752 related to appreciated investment securities and $400,601,650 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

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Value Portfolio

September 30, 2008

1.808786.104

VIPVAL-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
CONSUMER DISCRETIONARY - 21.7%
Auto Components - 1.3%
ArvinMeritor, Inc.	9,777		$ 127,492
Gentex Corp.	9,340		133,562
Johnson Controls, Inc.	17,451		529,289
The Goodyear Tire & Rubber Co. (a)	35,000		535,850
			1,326,193
Automobiles - 1.0%
Bayerische Motoren Werke AG (BMW)	1,019		39,483
Fiat SpA	5,021		67,498
Harley-Davidson, Inc.	6,600		246,180
Nissan Motor Co. Ltd.	18,300		123,787
Renault SA	5,300		337,646
Winnebago Industries, Inc.	18,964		245,015
			1,059,609
Diversified Consumer Services - 1.3%
H&R Block, Inc.	39,700		903,175
Hillenbrand, Inc.	14,618		294,699
Regis Corp.	3,100		85,250
Service Corp. International	8,400		70,224
			1,353,348
Hotels, Restaurants & Leisure - 2.2%
Brinker International, Inc.	33,200		593,948
Carnival Corp. unit	20,000		707,000
DineEquity, Inc.	1,000		16,860
Penn National Gaming, Inc. (a)	6,183		164,282
Pinnacle Entertainment, Inc. (a)	4,200		31,752
Royal Caribbean Cruises Ltd.	31,100		645,325
Starwood Hotels & Resorts Worldwide, Inc.	600		16,884
Vail Resorts, Inc. (a)	3,800		132,810
			2,308,861
Household Durables - 5.5%
Black & Decker Corp.	15,085		916,414
Centex Corp.	23,600		382,320
Ethan Allen Interiors, Inc.	18,905		529,718
Jarden Corp. (a)	14,940		350,343
KB Home	4,700		92,496
La-Z-Boy, Inc.	10,200		95,064
Leggett & Platt, Inc.	36,300		790,977
Newell Rubbermaid, Inc.	15,431		266,339
Pulte Homes, Inc.	14,100		196,977
Sealy Corp., Inc.	25,656		165,738
Tempur-Pedic International, Inc.	11,200		131,712
The Stanley Works	21,900		914,106
Whirlpool Corp.	11,000		872,190
			5,704,394
Leisure Equipment & Products - 1.7%
Brunswick Corp.	36,592		468,012

	Shares		Value
Eastman Kodak Co.	71,900		$ 1,105,822
Pool Corp.	5,902		137,694
			1,711,528
Media - 3.0%
Cinemark Holdings, Inc.	28,856		392,442
Gannett Co., Inc.	4,100		69,331
Informa PLC	15,500		87,422
Lamar Advertising Co. Class A (a)(d)	7,855		242,641
Live Nation, Inc. (a)	12,600		205,002
Omnicom Group, Inc.	10,100		389,456
R.H. Donnelley Corp. (a)	17,400		34,626
Regal Entertainment Group Class A	26,564		419,180
Scripps Networks Interactive, Inc. Class A	25,106		911,599
Viacom, Inc. Class B (non-vtg.) (a)	4,300		106,812
Virgin Media, Inc.	11,444		90,408
WPP Group PLC	15,800		127,810
			3,076,729
Multiline Retail - 0.2%
Macy's, Inc.	9,620		172,968
Sears Holdings Corp. (a)(d)	41		3,834
			176,802
Specialty Retail - 4.7%
Advance Auto Parts, Inc.	4,600		182,436
AnnTaylor Stores Corp. (a)	16,977		350,405
Asbury Automotive Group, Inc.	12,714		146,465
AutoNation, Inc. (a)	10,700		120,268
AutoZone, Inc. (a)	5,000		616,700
Chico's FAS, Inc. (a)	12,000		65,640
Group 1 Automotive, Inc.	10,432		226,687
OfficeMax, Inc.	29,774		264,691
PetSmart, Inc.	35,053		866,160
Pier 1 Imports, Inc. (a)	34,800		143,724
Select Comfort Corp. (a)	11,566		19,084
Sherwin-Williams Co.	5,700		325,812
Staples, Inc.	23,843		536,468
Talbots, Inc.	3,000		39,300
The Men's Wearhouse, Inc.	5,200		110,448
Williams-Sonoma, Inc.	48,070		777,773
			4,792,061
Textiles, Apparel & Luxury Goods - 0.8%
Liz Claiborne, Inc.	42,536		698,866
VF Corp.	1,400		108,234
			807,100
TOTAL CONSUMER DISCRETIONARY			22,316,625
CONSUMER STAPLES - 5.4%
Beverages - 0.5%
Carlsberg AS:
Series A	1,775		153,510
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
Carlsberg AS: - continued
Series B	1,700		$ 129,583
SABMiller PLC	11,600		226,505
			509,598
Food & Staples Retailing - 1.9%
Rite Aid Corp. (a)	110,300		89,343
Safeway, Inc.	4,200		99,624
SUPERVALU, Inc.	16,700		362,390
Sysco Corp.	41,100		1,267,113
Winn-Dixie Stores, Inc. (a)	8,187		113,799
			1,932,269
Food Products - 0.7%
Cermaq ASA	8,000		52,008
Leroy Seafood Group ASA	7,200		64,105
Marine Harvest ASA (a)	365,000		182,096
Tyson Foods, Inc. Class A	41,600		496,704
			794,913
Household Products - 0.6%
Energizer Holdings, Inc. (a)	7,774		626,196
Personal Products - 1.7%
Avon Products, Inc.	41,100		1,708,522
Bare Escentuals, Inc. (a)	2,200		23,914
			1,732,436
TOTAL CONSUMER STAPLES			5,595,412
ENERGY - 7.2%
Energy Equipment & Services - 1.9%
BJ Services Co.	13,000		248,690
Calfrac Well Services Ltd.	3,100		57,695
ENSCO International, Inc.	1,500		86,445
Nabors Industries Ltd. (a)	6,600		164,472
National Oilwell Varco, Inc. (a)	9,128		458,499
Patterson-UTI Energy, Inc.	6,126		122,643
Smith International, Inc.	6,900		404,616
Weatherford International Ltd. (a)	16,666		418,983
			1,962,043
Oil, Gas & Consumable Fuels - 5.3%
Boardwalk Pipeline Partners, LP	16,397		337,778
Cabot Oil & Gas Corp.	14,800		534,872
Canadian Natural Resources Ltd.	5,000		342,916
Chesapeake Energy Corp.	5,700		204,402
Copano Energy LLC	7,318		178,998
Energy Transfer Equity LP	9,409		204,646
EOG Resources, Inc.	5,700		509,922
EXCO Resources, Inc. (a)	16,100		262,752
Foundation Coal Holdings, Inc.	4,525		161,000
Hess Corp.	6,650		545,832
Petrohawk Energy Corp. (a)	9,100		196,833

	Shares		Value
Plains Exploration & Production Co. (a)	2,400		$ 84,384
Southwestern Energy Co. (a)	3,400		103,836
Suncor Energy, Inc.	12,000		496,054
Ultra Petroleum Corp. (a)	9,100		503,594
Valero Energy Corp.	23,600		715,080
Western Gas Partners LP	200		2,640
			5,385,539
TOTAL ENERGY			7,347,582
FINANCIALS - 18.5%
Capital Markets - 1.6%
Bank of New York Mellon Corp.	10,090		328,732
Fortress Investment Group LLC	16,540		173,670
Janus Capital Group, Inc.	9,000		218,520
Legg Mason, Inc.	4,130		157,188
State Street Corp.	2,800		159,264
T. Rowe Price Group, Inc.	5,259		282,461
TD Ameritrade Holding Corp. (a)	17,500		283,500
			1,603,335
Commercial Banks - 3.4%
Associated Banc-Corp.	10,451		208,497
Boston Private Financial Holdings, Inc.	8,663		75,715
Fifth Third Bancorp	52,600		625,940
KeyCorp	42,700		509,838
Marshall & Ilsley Corp.	4,300		86,645
PNC Financial Services Group, Inc.	4,700		351,090
Prosperity Bancshares, Inc.	1,700		57,783
Regions Financial Corp.	6,400		61,440
Sterling Financial Corp., Washington	3,115		45,168
Susquehanna Bancshares, Inc., Pennsylvania	6,700		130,784
U.S. Bancorp, Delaware	9,600		345,792
UCBH Holdings, Inc.	12,049		77,234
Wachovia Corp.	17,033		59,616
Zions Bancorp (d)	22,004		851,555
			3,487,097
Consumer Finance - 1.4%
Capital One Financial Corp.	23,300		1,188,300
Discover Financial Services	13,026		180,019
			1,368,319
Diversified Financial Services - 2.3%
Bank of America Corp.	28,010		980,350
CIT Group, Inc.	30,386		211,487
Deutsche Boerse AG	500		45,739
JPMorgan Chase & Co.	23,486		1,096,796
KKR Financial Holdings LLC	8,620		54,823
			2,389,195
Insurance - 2.1%
AMBAC Financial Group, Inc.	15,400		35,882
LandAmerica Financial Group, Inc.	300		7,275
Maiden Holdings Ltd. (e)	4,900		21,315
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Marsh & McLennan Companies, Inc.	27,700		$ 879,752
MBIA, Inc.	12,200		145,180
Principal Financial Group, Inc.	9,284		403,761
Willis Group Holdings Ltd.	10,400		335,504
XL Capital Ltd. Class A	18,300		328,302
			2,156,971
Real Estate Investment Trusts - 5.7%
Alexandria Real Estate Equities, Inc.	3,300		371,250
Annaly Capital Management, Inc.	4,200		56,490
CapitalSource, Inc.	24,900		306,270
Chimera Investment Corp.	4,600		28,566
Developers Diversified Realty Corp.	9,582		303,654
Digital Realty Trust, Inc.	9,508		449,253
General Growth Properties, Inc.	19,323		291,777
HCP, Inc.	16,400		658,132
Highwoods Properties, Inc. (SBI)	10,070		358,089
Kimco Realty Corp.	9,700		358,318
Public Storage	8,600		851,486
Simon Property Group, Inc.	3,800		368,600
SL Green Realty Corp.	3,200		207,360
Tanger Factory Outlet Centers, Inc.	3,000		131,370
UDR, Inc.	17,154		448,577
Vornado Realty Trust	7,200		654,840
			5,844,032
Real Estate Management & Development - 0.8%
Brookfield Properties Corp.	16,900		267,696
CB Richard Ellis Group, Inc. Class A (a)	34,422		460,222
The St. Joe Co.	3,100		121,179
			849,097
Thrifts & Mortgage Finance - 1.2%
Hudson City Bancorp, Inc.	26,600		490,770
MGIC Investment Corp.	3,900		27,417
New York Community Bancorp, Inc.	27,500		461,725
People's United Financial, Inc.	5,900		113,575
Washington Federal, Inc.	9,306		171,696
			1,265,183
TOTAL FINANCIALS			18,963,229
HEALTH CARE - 5.4%
Biotechnology - 0.6%
Cephalon, Inc. (a)	6,400		495,936
Cubist Pharmaceuticals, Inc. (a)	6,045		134,380
Molecular Insight Pharmaceuticals, Inc. (a)	1,100		8,448
			638,764
Health Care Equipment & Supplies - 0.3%
Boston Scientific Corp. (a)	7,200		88,344

	Shares		Value
Cooper Companies, Inc.	1,400		$ 48,664
Hill-Rom Holdings, Inc.	6,502		197,076
			334,084
Health Care Providers & Services - 3.2%
AmerisourceBergen Corp.	7,300		274,845
Brookdale Senior Living, Inc.	16,147		355,073
Community Health Systems, Inc. (a)	22,700		665,337
Emeritus Corp. (a)	5,310		132,219
HealthSouth Corp. (a)	21,780		401,405
McKesson Corp.	4,900		263,669
Quest Diagnostics, Inc.	2,600		134,342
Universal Health Services, Inc. Class B	15,900		890,877
VCA Antech, Inc. (a)	4,231		124,688
			3,242,455
Health Care Technology - 0.4%
IMS Health, Inc.	22,280		421,315
Pharmaceuticals - 0.9%
Alpharma, Inc. Class A (a)	8,547		315,299
Barr Pharmaceuticals, Inc. (a)	5,985		390,821
Mylan, Inc. (a)	12,056		137,680
Sepracor, Inc. (a)	5,300		97,043
			940,843
TOTAL HEALTH CARE			5,577,461
INDUSTRIALS - 12.0%
Aerospace & Defense - 0.5%
Heico Corp. Class A	6,717		188,479
Honeywell International, Inc.	7,200		299,160
			487,639
Air Freight & Logistics - 0.8%
United Parcel Service, Inc. Class B	13,200		830,148
Airlines - 0.1%
Delta Air Lines, Inc. (a)	11,300		84,185
Building Products - 1.0%
Masco Corp.	41,500		744,510
Owens Corning (a)	12,875		307,841
			1,052,351
Commercial Services & Supplies - 3.1%
ACCO Brands Corp. (a)	29,910		225,521
Allied Waste Industries, Inc. (a)	120,878		1,342,955
Consolidated Graphics, Inc. (a)	5,188		157,352
Copart, Inc. (a)	900		34,200
R.R. Donnelley & Sons Co.	24,017		589,137
The Brink's Co.	13,149		802,352
			3,151,517
Construction & Engineering - 0.6%
Chicago Bridge & Iron Co. NV (NY Shares)	6,400		123,136
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - continued
Dycom Industries, Inc. (a)	26,500		$ 345,030
URS Corp. (a)	4,998		183,277
			651,443
Electrical Equipment - 0.2%
Cooper Industries Ltd. Class A	5,977		238,781
Zumtobel AG	1,400		19,841
			258,622
Machinery - 3.8%
Albany International Corp. Class A	12,965		354,333
Briggs & Stratton Corp.	17,900		289,622
Cummins, Inc.	7,666		335,158
Deere & Co.	1,100		54,450
Eaton Corp.	4,200		235,956
Illinois Tool Works, Inc.	20,500		911,225
Ingersoll-Rand Co. Ltd. Class A	9,300		289,881
Navistar International Corp. (a)	6,000		325,080
Pentair, Inc.	22,900		791,653
Sulzer AG (Reg.)	2,260		240,479
Vallourec SA	100		21,570
Wabash National Corp.	7,900		74,655
			3,924,062
Marine - 0.1%
Alexander & Baldwin, Inc.	1,100		48,433
Safe Bulkers, Inc.	2,500		27,250
			75,683
Professional Services - 0.3%
Manpower, Inc.	4,400		189,904
Monster Worldwide, Inc. (a)	5,100		76,041
			265,945
Road & Rail - 1.0%
Canadian National Railway Co.	5,900		281,475
Con-way, Inc.	17,650		778,542
			1,060,017
Trading Companies & Distributors - 0.3%
Beacon Roofing Supply, Inc. (a)	7,699		120,258
W.W. Grainger, Inc.	2,100		182,637
			302,895
Transportation Infrastructure - 0.2%
Macquarie Infrastructure Co. LLC	16,261		214,808
TOTAL INDUSTRIALS			12,359,315
INFORMATION TECHNOLOGY - 15.8%
Communications Equipment - 0.7%
Alcatel-Lucent SA sponsored ADR (a)	49,621		190,545
Corning, Inc.	4,300		67,252

	Shares		Value
Motorola, Inc.	54,600		$ 389,844
Powerwave Technologies, Inc. (a)	18,010		71,320
			718,961
Computers & Peripherals - 1.0%
NCR Corp. (a)	24,300		535,815
NetApp, Inc. (a)	24,985		455,477
			991,292
Electronic Equipment & Components - 4.8%
Agilent Technologies, Inc. (a)	33,549		995,063
Arrow Electronics, Inc. (a)	39,753		1,042,324
Avnet, Inc. (a)	42,677		1,051,135
Flextronics International Ltd. (a)	110,300		780,924
Itron, Inc. (a)	3,116		275,859
Tyco Electronics Ltd.	29,400		813,204
			4,958,509
Internet Software & Services - 0.9%
Google, Inc. Class A (sub. vtg.) (a)	100		40,052
VeriSign, Inc. (a)	17,039		444,377
Yahoo!, Inc. (a)	27,300		472,290
			956,719
IT Services - 2.0%
Accenture Ltd. Class A	8,000		304,000
Lender Processing Services, Inc.	9,543		291,252
The Western Union Co.	39,000		962,130
Unisys Corp. (a)	61,362		168,746
Visa, Inc.	4,800		294,672
			2,020,800
Office Electronics - 1.2%
Xerox Corp.	104,000		1,199,120
Semiconductors & Semiconductor Equipment - 4.0%
Applied Materials, Inc.	39,300		594,609
ASML Holding NV (NY Shares)	23,544		414,610
Atmel Corp. (a)	32,440		109,972
Fairchild Semiconductor International, Inc. (a)	85,400		759,206
Integrated Device Technology, Inc. (a)	16,600		129,148
Lam Research Corp. (a)	2,100		66,129
Maxim Integrated Products, Inc.	19,400		351,140
Micron Technology, Inc. (a)	10,000		40,500
MKS Instruments, Inc. (a)	11,200		222,992
National Semiconductor Corp.	58,400		1,005,064
Standard Microsystems Corp. (a)	8,554		213,679
Varian Semiconductor Equipment Associates, Inc. (a)	8,051		202,241
			4,109,290
Software - 1.2%
CA, Inc.	13,632		272,095
Electronic Arts, Inc. (a)	17,094		632,307
Fair Isaac Corp.	1,304		30,057
Misys PLC	35,300		77,834
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Parametric Technology Corp. (a)	9,900		$ 182,160
THQ, Inc. (a)	4,468		53,795
			1,248,248
TOTAL INFORMATION TECHNOLOGY			16,202,939
MATERIALS - 3.4%
Chemicals - 1.2%
Albemarle Corp.	10,526		324,622
Arkema sponsored ADR	2,800		101,466
Chemtura Corp.	75,700		345,192
FMC Corp.	1,100		56,529
Georgia Gulf Corp.	3,417		8,543
H.B. Fuller Co.	10,100		210,787
Solutia, Inc. (a)	3,382		47,348
W.R. Grace & Co. (a)	6,900		104,328
			1,198,815
Containers & Packaging - 1.2%
Ball Corp.	10,200		402,798
Owens-Illinois, Inc. (a)	20,612		605,993
Rock-Tenn Co. Class A	4,690		187,506
			1,196,297
Metals & Mining - 1.0%
Alcoa, Inc.	16,900		381,602
Barrick Gold Corp.	4,600		168,416
Eldorado Gold Corp. (a)	5,600		34,934
Goldcorp, Inc.	1,300		40,878
Lihir Gold Ltd. (a)	40,465		91,501
Newcrest Mining Ltd.	6,298		130,851
Newmont Mining Corp.	2,114		81,939
Randgold Resources Ltd. sponsored ADR	2,934		120,382
			1,050,503
TOTAL MATERIALS			3,445,615
TELECOMMUNICATION SERVICES - 1.6%
Diversified Telecommunication Services - 1.3%
AT&T, Inc.	9,115		254,491
Cincinnati Bell, Inc. (a)	38,318		118,403
Qwest Communications International, Inc.	136,366		440,462
Verizon Communications, Inc.	15,100		484,559
			1,297,915
Wireless Telecommunication Services - 0.3%
Sprint Nextel Corp.	48,400		295,240
TOTAL TELECOMMUNICATION SERVICES			1,593,155

	Shares		Value
UTILITIES - 6.7%
Electric Utilities - 4.7%
Allegheny Energy, Inc.	21,700		$ 797,909
American Electric Power Co., Inc.	10,600		392,518
Edison International	14,100		562,590
Entergy Corp.	9,200		818,892
Exelon Corp.	4,400		275,528
FirstEnergy Corp.	9,900		663,201
FPL Group, Inc.	8,500		427,550
PPL Corp.	25,000		925,500
			4,863,688
Independent Power Producers & Energy Traders - 1.3%
AES Corp. (a)	21,500		251,335
Constellation Energy Group, Inc.	9,300		225,990
NRG Energy, Inc. (a)	24,500		606,375
Reliant Energy, Inc. (a)	33,407		245,541
			1,329,241
Multi-Utilities - 0.7%
CMS Energy Corp.	11,100		138,417
Public Service Enterprise Group, Inc.	17,900		586,941
			725,358
TOTAL UTILITIES			6,918,287
TOTAL COMMON STOCKS (Cost $130,460,900)		100,319,620
Preferred Stocks - 0.5%

Convertible Preferred Stocks - 0.4%
FINANCIALS - 0.4%
Capital Markets - 0.1%
Legg Mason, Inc. 7.00%	2,900		100,526
Commercial Banks - 0.2%
Huntington Bancshares, Inc. 8.50%	300		230,397
Diversified Financial Services - 0.1%
CIT Group, Inc. Series C, 8.75%	4,100		119,392
TOTAL FINANCIALS			450,315
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Fiat SpA	7,400		58,800
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - 0.0%
Thrifts & Mortgage Finance - 0.0%
Fannie Mae Series S, 8.25%	3,586		$ 7,817
Freddie Mac Series Z, 8.375%	3,530		5,577
			13,394
TOTAL NONCONVERTIBLE PREFERRED STOCKS			72,194
TOTAL PREFERRED STOCKS (Cost $859,484)		522,509
Investment Companies - 0.2%

Ares Capital Corp. (Cost $384,654)	24,787		258,528

Convertible Bonds - 0.4%
	Principal Amount
CONSUMER DISCRETIONARY - 0.4%
Automobiles - 0.4%
Ford Motor Co. 4.25% 12/15/36 (Cost $378,701)	$ 560,000	366,408

Money Market Funds - 1.7%
	Shares		Value
Fidelity Cash Central Fund, 1.92% (b)	1,056,161		$ 1,056,161
Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)	675,400		675,400
TOTAL MONEY MARKET FUNDS (Cost $1,731,561)		1,731,561

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $133,815,300)

103,198,626

NET OTHER ASSETS - (0.5)%			(527,851)
NET ASSETS - 100%		$ 102,670,775

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	$ 52,344
Fidelity Securities Lending Cash Central Fund	36,584
Total	$ 88,928

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 103,198,626	$ 100,002,369	$ 3,196,257	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $133,996,235. Net unrealized depreciation aggregated $30,797,609, of which $3,548,321 related to appreciated investment securities and $34,345,930 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

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

Date:	December 1, 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/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	December 1, 2008

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

Date:	December 1, 2008