N-Q 1 main.htm Investments March 31, 2015 (Unaudited)

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)

245 Summer St., Boston, Massachusetts 02210
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

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

Date of fiscal year end:

December 31

 

 

Date of reporting period:

March 31, 2015

This report on Form N-Q relates solely to the Registrant's Equity-Income Portfolio series (a "Fund").

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Equity-Income Portfolio

March 31, 2015 

1.799856.111

VIPEI-QTLY-0515

Investments March 31, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.5%

Shares

Value

CONSUMER DISCRETIONARY - 8.8%

Automobiles - 0.1%

Ford Motor Co.

287,361

$ 4,638,007

Hotels, Restaurants & Leisure - 2.5%

Darden Restaurants, Inc. (i)

537,199

37,249,379

Dunkin' Brands Group, Inc.

267,900

12,741,324

McDonald's Corp.

467,600

45,562,944

Texas Roadhouse, Inc. Class A

328,697

11,974,432

Yum! Brands, Inc.

586,800

46,192,896

 

153,720,975

Household Durables - 0.5%

M.D.C. Holdings, Inc. (f)

434,300

12,377,550

Qingdao Haier Co. Ltd.

1,638,700

6,830,230

Tupperware Brands Corp.

207,500

14,321,650

 

33,529,430

Leisure Products - 0.6%

Mattel, Inc.

511,100

11,678,635

New Academy Holding Co. LLC unit (a)(k)(l)

127,200

24,776,016

 

36,454,651

Media - 1.5%

Comcast Corp. Class A

1,385,943

78,264,201

Sinclair Broadcast Group, Inc. Class A

498,504

15,658,011

 

93,922,212

Multiline Retail - 2.4%

Kohl's Corp. (i)

385,775

30,186,894

Macy's, Inc.

465,300

30,202,623

Target Corp. (i)

1,090,060

89,461,224

 

149,850,741

Specialty Retail - 0.8%

Foot Locker, Inc.

404,085

25,457,355

GNC Holdings, Inc.

430,000

21,100,100

 

46,557,455

Textiles, Apparel & Luxury Goods - 0.4%

Japan Tobacco, Inc.

717,300

22,677,343

TOTAL CONSUMER DISCRETIONARY

541,350,814

CONSUMER STAPLES - 8.5%

Beverages - 0.8%

Anheuser-Busch InBev SA NV ADR

133,000

16,214,030

Molson Coors Brewing Co. Class B

450,200

33,517,390

 

49,731,420

Food & Staples Retailing - 2.4%

CVS Health Corp.

689,800

71,194,258

Tesco PLC

1,920,600

6,855,690

Wal-Mart Stores, Inc.

385,378

31,697,341

Walgreens Boots Alliance, Inc.

419,707

35,540,789

 

145,288,078

 

Shares

Value

Food Products - 1.0%

B&G Foods, Inc. Class A

287,313

$ 8,455,622

Kellogg Co.

748,957

49,393,714

Sanderson Farms, Inc. (f)

42,600

3,393,090

 

61,242,426

Household Products - 2.4%

Procter & Gamble Co.

1,808,319

148,173,659

Personal Products - 0.3%

Avon Products, Inc.

1,806,000

14,429,940

Tobacco - 1.6%

Lorillard, Inc.

601,215

39,289,400

Philip Morris International, Inc.

430,984

32,466,025

Reynolds American, Inc. (i)

392,600

27,054,066

 

98,809,491

TOTAL CONSUMER STAPLES

517,675,014

ENERGY - 9.4%

Energy Equipment & Services - 0.6%

Ensco PLC Class A

731,776

15,418,520

National Oilwell Varco, Inc.

223,706

11,183,063

Oceaneering International, Inc.

176,600

9,524,038

 

36,125,621

Oil, Gas & Consumable Fuels - 8.8%

Anadarko Petroleum Corp.

345,486

28,609,696

Apache Corp.

593,068

35,779,792

BG Group PLC

1,412,500

17,336,655

Cameco Corp.

318,700

4,441,242

Chevron Corp. (i)

1,646,280

172,826,474

CONSOL Energy, Inc.

551,435

15,379,522

Foresight Energy LP

380,700

5,935,113

HollyFrontier Corp.

152,485

6,140,571

Kinder Morgan, Inc.

714,800

30,064,488

Legacy Reserves LP

1,001,001

10,130,130

Markwest Energy Partners LP

618,329

40,871,547

Suncor Energy, Inc.

1,940,700

56,709,413

The Williams Companies, Inc.

1,815,749

91,858,742

Williams Partners LP

505,556

24,883,466

 

540,966,851

TOTAL ENERGY

577,092,472

FINANCIALS - 25.4%

Banks - 12.4%

Bank of America Corp.

2,610,400

40,174,056

BB&T Corp.

158,900

6,195,511

CIT Group, Inc.

187,438

8,457,203

Comerica, Inc.

621,848

28,064,000

First Niagara Financial Group, Inc.

1,779,614

15,731,788

FirstMerit Corp.

1,135,620

21,644,917

JPMorgan Chase & Co.

4,169,564

252,592,187

KeyCorp

588,395

8,331,673

M&T Bank Corp.

569,391

72,312,657

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Banks - continued

PNC Financial Services Group, Inc.

168,500

$ 15,710,940

Regions Financial Corp.

1,427,000

13,485,150

Standard Chartered PLC (United Kingdom)

1,125,797

18,261,529

SunTrust Banks, Inc.

1,153,900

47,413,751

TCF Financial Corp.

164,800

2,590,656

U.S. Bancorp

1,813,738

79,205,938

Valley National Bancorp (f)

549,200

5,184,448

Wells Fargo & Co.

2,293,586

124,771,078

 

760,127,482

Capital Markets - 5.9%

Apollo Global Management LLC Class A

302,742

6,539,227

Apollo Investment Corp. (f)

2,591,463

19,889,479

Ares Capital Corp.

1,475,295

25,330,815

Ares Management LP

588,100

10,903,374

Carlyle Group LP

299,200

8,108,320

Greenhill & Co., Inc.

185,003

7,335,369

KKR & Co. LP

4,306,421

98,229,463

Morgan Stanley

681,075

24,307,567

Pershing Square Holdings Ltd. (a)

88,400

2,342,600

State Street Corp.

550,419

40,472,309

The Blackstone Group LP

2,905,626

112,999,795

TPG Specialty Lending, Inc.

398,000

6,849,580

 

363,307,898

Insurance - 4.5%

ACE Ltd.

506,011

56,415,166

Allied World Assurance Co.

344,600

13,921,840

MetLife, Inc.

1,747,670

88,344,719

Prudential Financial, Inc.

357,462

28,707,773

The Chubb Corp.

464,300

46,940,730

The Travelers Companies, Inc.

372,045

40,229,226

 

274,559,454

Real Estate Investment Trusts - 2.5%

American Capital Agency Corp.

1,203,948

25,680,211

American Homes 4 Rent (g)

262,132

4,338,285

Annaly Capital Management, Inc.

2,189,509

22,770,894

Coresite Realty Corp.

162,447

7,907,920

Cousins Properties, Inc.

850,300

9,013,180

Duke Realty LP

609,000

13,257,930

First Potomac Realty Trust

1,276,157

15,173,507

Home Properties, Inc.

171,272

11,867,437

Piedmont Office Realty Trust, Inc. Class A

490,424

9,126,791

Retail Properties America, Inc.

659,732

10,575,504

Sabra Health Care REIT, Inc.

189,317

6,275,859

Two Harbors Investment Corp.

873,534

9,276,931

Ventas, Inc.

84,390

6,162,158

 

151,426,607

 

Shares

Value

Thrifts & Mortgage Finance - 0.1%

Radian Group, Inc.

385,508

$ 6,472,679

TOTAL FINANCIALS

1,555,894,120

HEALTH CARE - 10.5%

Biotechnology - 0.4%

Amgen, Inc. (i)

151,771

24,260,594

Health Care Equipment & Supplies - 1.7%

Baxter International, Inc.

354,100

24,255,850

DENTSPLY International, Inc.

208,800

10,625,832

Medtronic PLC

614,952

47,960,106

Meridian Bioscience, Inc.

388,088

7,404,719

St. Jude Medical, Inc.

174,646

11,421,848

 

101,668,355

Health Care Providers & Services - 0.3%

UnitedHealth Group, Inc.

170,723

20,194,824

Pharmaceuticals - 8.1%

AbbVie, Inc.

248,900

14,570,606

Astellas Pharma, Inc.

690,300

11,310,497

GlaxoSmithKline PLC

1,980,200

45,584,089

Johnson & Johnson (i)

2,557,368

257,271,215

Merck & Co., Inc.

438,094

25,181,643

Pfizer, Inc. (i)

3,642,012

126,705,597

Sanofi SA

183,732

18,145,199

 

498,768,846

TOTAL HEALTH CARE

644,892,619

INDUSTRIALS - 11.0%

Aerospace & Defense - 1.7%

The Boeing Co.

237,000

35,568,960

United Technologies Corp.

603,971

70,785,401

 

106,354,361

Air Freight & Logistics - 2.5%

C.H. Robinson Worldwide, Inc.

208,328

15,253,776

PostNL NV (a)

3,595,900

15,319,039

United Parcel Service, Inc. Class B

1,283,337

124,406,689

 

154,979,504

Airlines - 0.2%

Copa Holdings SA Class A

108,000

10,904,760

Commercial Services & Supplies - 0.5%

KAR Auction Services, Inc.

542,500

20,577,025

Republic Services, Inc.

155,726

6,316,247

 

26,893,272

Electrical Equipment - 0.9%

Eaton Corp. PLC

502,700

34,153,438

Emerson Electric Co.

333,394

18,876,768

 

53,030,206

Industrial Conglomerates - 3.5%

General Electric Co.

8,619,976

213,861,605

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - 0.9%

Cummins, Inc.

78,300

$ 10,855,512

Deere & Co.

287,500

25,210,875

Stanley Black & Decker, Inc.

213,953

20,402,558

 

56,468,945

Professional Services - 0.2%

Acacia Research Corp. (f)

589,426

6,306,858

Bureau Veritas SA

272,100

5,848,585

 

12,155,443

Road & Rail - 0.2%

Daqin Railway Co. Ltd. (A Shares)

6,426,100

11,433,161

Trading Companies & Distributors - 0.4%

Watsco, Inc.

210,800

26,497,560

TOTAL INDUSTRIALS

672,578,817

INFORMATION TECHNOLOGY - 11.3%

Communications Equipment - 2.9%

Cisco Systems, Inc.

5,044,131

138,839,706

QUALCOMM, Inc.

589,139

40,850,898

 

179,690,604

Electronic Equipment & Components - 0.6%

Hitachi Ltd.

1,378,000

9,411,538

TE Connectivity Ltd.

339,761

24,333,683

 

33,745,221

Internet Software & Services - 0.9%

Google, Inc. Class A (a)

31,000

17,195,700

Yahoo!, Inc. (a)

792,300

35,205,851

 

52,401,551

IT Services - 2.7%

IBM Corp.

635,123

101,937,242

Paychex, Inc.

1,258,331

62,432,093

 

164,369,335

Semiconductors & Semiconductor Equipment - 1.6%

Applied Materials, Inc. (i)

1,631,500

36,806,640

Broadcom Corp. Class A

1,015,260

43,955,682

Maxim Integrated Products, Inc.

473,900

16,496,459

Xilinx, Inc.

80,500

3,405,150

 

100,663,931

Software - 1.5%

Microsoft Corp. (i)

2,231,024

90,702,281

Technology Hardware, Storage & Peripherals - 1.1%

EMC Corp.

1,541,300

39,395,628

First Data Holdings, Inc. Class B (l)

6,341,091

28,217,855

 

67,613,483

TOTAL INFORMATION TECHNOLOGY

689,186,406

 

Shares

Value

MATERIALS - 1.4%

Chemicals - 0.6%

LyondellBasell Industries NV Class A

103,515

$ 9,088,617

Potash Corp. of Saskatchewan, Inc.

555,300

17,901,306

Tronox Ltd. Class A

459,600

9,343,668

 

36,333,591

Metals & Mining - 0.8%

Commercial Metals Co.

730,527

11,827,232

Freeport-McMoRan, Inc.

1,033,178

19,578,723

Nucor Corp.

259,200

12,319,776

SunCoke Energy Partners LP

169,017

3,598,372

 

47,324,103

TOTAL MATERIALS

83,657,694

TELECOMMUNICATION SERVICES - 3.6%

Diversified Telecommunication Services - 2.9%

AT&T, Inc.

1,785,393

58,293,081

TDC A/S (f)

2,171,400

15,562,119

Verizon Communications, Inc.

2,103,459

102,291,211

 

176,146,411

Wireless Telecommunication Services - 0.7%

Vodafone Group PLC

13,392,280

43,823,902

TOTAL TELECOMMUNICATION SERVICES

219,970,313

UTILITIES - 2.6%

Electric Utilities - 2.5%

American Electric Power Co., Inc.

573,148

32,239,575

Exelon Corp.

1,529,500

51,406,495

PPL Corp. (i)

654,700

22,037,202

Southern Co. (i)

1,044,989

46,272,113

 

151,955,385

Independent Power and Renewable Electricity Producers - 0.1%

Abengoa Yield PLC

252,800

8,539,584

TOTAL UTILITIES

160,494,969

TOTAL COMMON STOCKS

(Cost $4,577,154,056)


5,662,793,238

Preferred Stocks - 1.4%

 

 

 

 

Convertible Preferred Stocks - 1.0%

ENERGY - 0.1%

Oil, Gas & Consumable Fuels - 0.1%

Southwestern Energy Co. Series B 6.25%

116,800

5,885,552

FINANCIALS - 0.1%

Real Estate Investment Trusts - 0.1%

Crown Castle International Corp. 4.50%

55,700

5,839,031

Preferred Stocks - continued

Shares

Value

Convertible Preferred Stocks - continued

HEALTH CARE - 0.2%

Health Care Equipment & Supplies - 0.1%

Alere, Inc. 3.00%

20,623

$ 6,857,148

Pharmaceuticals - 0.1%

Actavis PLC 5.50%

2,700

2,732,400

TOTAL HEALTH CARE

9,589,548

INDUSTRIALS - 0.1%

Aerospace & Defense - 0.1%

United Technologies Corp. 7.50%

113,700

6,997,098

TELECOMMUNICATION SERVICES - 0.1%

Wireless Telecommunication Services - 0.1%

T-Mobile U.S., Inc. Series A 5.50% (a)

140,600

8,247,596

UTILITIES - 0.4%

Electric Utilities - 0.3%

Exelon Corp. 6.50%

123,200

5,993,680

NextEra Energy, Inc. Series E, 5.599%

158,600

10,797,488

 

16,791,168

Independent Power and Renewable Electricity Producers - 0.0%

Dynegy, Inc. 5.375% (a)

25,000

2,728,750

Multi-Utilities - 0.1%

CenterPoint Energy, Inc. 2.00% ZENS (a)

120,200

7,903,150

TOTAL UTILITIES

27,423,068

TOTAL CONVERTIBLE PREFERRED STOCKS

63,981,893

Nonconvertible Preferred Stocks - 0.4%

FINANCIALS - 0.4%

Consumer Finance - 0.4%

Ally Financial, Inc.:

7.00% (g)

18,256

18,646,793

Series A, 8.50%

155,954

4,159,293

 

22,806,086

TOTAL PREFERRED STOCKS

(Cost $75,261,964)


86,787,979

Corporate Bonds - 2.8%

 

Principal Amount (d)

 

Convertible Bonds - 2.2%

CONSUMER DISCRETIONARY - 0.3%

Automobiles - 0.1%

Volkswagen International Finance NV 5.5% 11/9/15 (g)

EUR

6,400,000

9,572,306

Household Durables - 0.1%

Lennar Corp. 3.25% 11/15/21 (g)

$ 1,890,000

4,215,881

 

 

Principal Amount (d)

Value

Media - 0.1%

Liberty Media Corp. 3.5% 1/15/31

$ 7,360,000

$ 4,054,955

TOTAL CONSUMER DISCRETIONARY

17,843,142

CONSUMER STAPLES - 0.1%

Tobacco - 0.1%

Vector Group Ltd. 2.5% 1/15/19 (j)

4,143,000

5,840,292

ENERGY - 0.2%

Oil, Gas & Consumable Fuels - 0.2%

Amyris, Inc. 3% 2/27/17

1,383,000

1,197,056

Clean Energy Fuels Corp. 5.25% 10/1/18 (g)

2,190,000

1,579,538

Scorpio Tankers, Inc. 2.375% 7/1/19 (g)

8,300,000

8,574,938

Ship Finance International Ltd. 3.25% 2/1/18

3,590,000

3,580,156

 

14,931,688

FINANCIALS - 0.3%

Insurance - 0.1%

FNF Group 4.25% 8/15/18

3,560,000

7,177,850

Thrifts & Mortgage Finance - 0.2%

MGIC Investment Corp. 9% 4/1/63 (g)

10,438,000

13,252,085

TOTAL FINANCIALS

20,429,935

HEALTH CARE - 0.6%

Health Care Providers & Services - 0.5%

HealthSouth Corp. 2% 12/1/43

4,448,000

5,482,160

WellPoint, Inc. 2.75% 10/15/42

12,800,000

26,440,000

 

31,922,160

Pharmaceuticals - 0.1%

Jazz Investments I Ltd. 1.875% 8/15/21 (g)

2,580,000

3,002,475

TOTAL HEALTH CARE

34,924,635

INFORMATION TECHNOLOGY - 0.6%

Communications Equipment - 0.2%

InterDigital, Inc. 1.5% 3/1/20 (g)

8,130,000

8,074,106

Liberty Interactive LLC 0.75% 3/30/43

2,480,000

3,461,150

 

11,535,256

Semiconductors & Semiconductor Equipment - 0.3%

GT Advanced Technologies, Inc.:

3% 10/1/17 (d)

5,999,492

1,215,200

3% 12/15/20 (d)

5,580,000

1,729,800

Intel Corp. 3.25% 8/1/39

4,280,000

6,757,050

Corporate Bonds - continued

 

Principal Amount (d)

Value

Convertible Bonds - continued

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Microchip Technology, Inc. 1.625% 2/15/25 (g)

$ 5,460,000

$ 5,668,163

Micron Technology, Inc. 3% 11/15/43

3,430,000

3,792,294

 

19,162,507

Software - 0.1%

TiVo, Inc. 2% 10/1/21 (g)

3,660,000

3,424,388

TOTAL INFORMATION TECHNOLOGY

34,122,151

UTILITIES - 0.1%

Electric Utilities - 0.1%

NRG Yield, Inc. 3.5% 2/1/19 (g)

5,040,000

5,926,284

TOTAL CONVERTIBLE BONDS

134,018,127

Nonconvertible Bonds - 0.6%

CONSUMER DISCRETIONARY - 0.1%

Media - 0.1%

Altice SA 7.625% 2/15/25 (g)

7,475,000

7,489,016

CONSUMER STAPLES - 0.1%

Food Products - 0.1%

Post Holdings, Inc. 7.375% 2/15/22

3,100,000

3,208,500

ENERGY - 0.0%

Oil, Gas & Consumable Fuels - 0.0%

Western Refining, Inc. 6.25% 4/1/21

1,155,000

1,149,225

FINANCIALS - 0.0%

Capital Markets - 0.0%

Argos Merger Sub, Inc. 7.125% 3/15/23 (g)

2,900,000

3,005,125

HEALTH CARE - 0.1%

Health Care Providers & Services - 0.1%

HCA Holdings, Inc. 4.25% 10/15/19

3,380,000

3,472,950

Kindred Escrow Corp. II 8.75% 1/15/23 (g)

2,800,000

3,066,000

 

6,538,950

INDUSTRIALS - 0.1%

Commercial Services & Supplies - 0.1%

APX Group, Inc. 8.75% 12/1/20

4,460,000

4,114,350

 

 

Principal Amount (d)

Value

MATERIALS - 0.1%

Metals & Mining - 0.1%

JMC Steel Group, Inc. 8.25% 3/15/18 (g)

$ 4,200,000

$ 3,528,000

Walter Energy, Inc. 8.5% 4/15/21

5,250,000

315,000

 

3,843,000

TELECOMMUNICATION SERVICES - 0.0%

Wireless Telecommunication Services - 0.0%

T-Mobile U.S.A., Inc. 6.5% 1/15/24

2,280,000

2,382,600

UTILITIES - 0.1%

Independent Power and Renewable Electricity Producers - 0.1%

Dynegy Finance I, Inc./Dynegy Finance II, Inc. 7.375% 11/1/22 (g)

3,350,000

3,521,688

TOTAL NONCONVERTIBLE BONDS

35,252,454

TOTAL CORPORATE BONDS

(Cost $156,802,414)


169,270,581

Bank Loan Obligations - 0.1%

 

HEALTH CARE - 0.0%

Health Care Providers & Services - 0.0%

HCA Holdings, Inc. Tranche B 4LN, term loan 3.0254% 5/1/18 (j)

3,413,306

3,413,306

INDUSTRIALS - 0.1%

Machinery - 0.1%

Generac Power Systems, Inc. Tranche B, term loan 3.25% 5/31/20 (j)

5,618,171

5,576,035

TOTAL BANK LOAN OBLIGATIONS

(Cost $8,964,147)


8,989,341

Preferred Securities - 0.0%

 

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

Baggot Securities Ltd. 10.24% (g)(h)

(Cost $3,931,535)

EUR

2,560,000

2,925,445

Money Market Funds - 5.1%

Shares

Value

Fidelity Cash Central Fund, 0.14% (b)

286,795,273

$ 286,795,273

Fidelity Securities Lending Cash Central Fund, 0.15% (b)(c)

24,054,666

24,054,666

TOTAL MONEY MARKET FUNDS

(Cost $310,849,939)


310,849,939

TOTAL INVESTMENT
PORTFOLIO - 101.9%

(Cost $5,132,964,055)

6,241,616,523

NET OTHER ASSETS (LIABILITIES) - (1.9)%

(118,555,987)

NET ASSETS - 100%

$ 6,123,060,536

Written Options

Expiration Date/Exercise Price

Number of Contracts

Premium

Value

Call Options

Amgen, Inc.

4/17/15 -
$160.00

272

$ 183,261

$ (95,200)

Applied Materials, Inc.

4/17/15 -
$26.00

5,370

437,333

(42,960)

Chevron Corp.

6/19/15 -
$120.00

3,901

495,778

(64,367)

Darden Restaurants, Inc.

4/17/15 -
$60.00

2,670

739,617

(2,536,499)

Johnson & Johnson

7/17/15 -
$105.00

12,291

1,511,757

(1,720,740)

Kohl's Corp.

4/17/15 -
$70.00

1,898

412,958

(1,556,360)

Microsoft Corp.

5/15/15 -
$45.00

5,308

420,040

(69,004)

Microsoft Corp.

4/17/15 -
$45.00

5,308

229,639

(7,962)

Pfizer, Inc.

4/17/15 -
$35.00

18,478

575,577

(720,642)

PPL Corp.

7/17/15 -
$35.00

2,962

122,920

(192,530)

Reynolds American, Inc.

5/15/15 -
$67.50

2,334

464,199

(1,003,620)

Southern Co.

5/15/15 -
$47.00

4,981

174,584

(72,225)

Target Corp.

4/17/15 -
$80.00

3,148

547,866

(804,314)

TOTAL WRITTEN OPTIONS

$ 6,315,529

$ 8,886,423

Currency Abbreviations

EUR

-

European Monetary Unit

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Non-income producing - Security is in default.

(e) Amount is stated in United States dollars unless otherwise noted.

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

(g) 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 $109,810,513 or 1.8% of net assets.

(h) Security is perpetual in nature with no stated maturity date.

(i) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $374,240,908.

(j) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(k) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.

(l) 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 $52,993,871 or 0.9% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost

First Data Holdings, Inc. Class B

6/26/14

$ 25,364,364

New Academy Holding Co. LLC unit

8/1/11

$ 13,406,880

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

$ 93,922

Fidelity Securities Lending Cash Central Fund

71,112

Total

$ 165,034

Other Information

The following is a summary of the inputs used, as of March 31, 2015, involving the Fund's assets and liabilities carried at fair 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:

Equities:

Consumer Discretionary

$ 541,350,814

$ 493,897,455

$ 22,677,343

$ 24,776,016

Consumer Staples

517,675,014

510,819,324

6,855,690

-

Energy

582,978,024

565,641,369

17,336,655

-

Financials

1,584,539,237

1,565,892,444

18,646,793

-

Health Care

654,482,167

579,442,382

75,039,785

-

Industrials

679,575,915

679,575,915

-

-

Information Technology

689,186,406

651,557,013

9,411,538

28,217,855

Materials

83,657,694

83,657,694

-

-

Telecommunication Services

228,217,909

184,394,007

43,823,902

-

Utilities

187,918,037

180,014,887

7,903,150

-

Corporate Bonds

169,270,581

-

169,270,581

-

Bank Loan Obligations

8,989,341

-

8,989,341

-

Preferred Securities

2,925,445

-

2,925,445

-

Money Market Funds

310,849,939

310,849,939

-

-

Total Investments in Securities:

$ 6,241,616,523

$ 5,805,742,429

$ 382,880,223

$ 52,993,871

Derivative Instruments:

Liabilities

Written Options

$ (8,886,423)

$ (8,886,423)

$ -

$ -

Income Tax Information

At March 31, 2015, the cost of investment securities for income tax purposes was $5,139,217,441. Net unrealized appreciation aggregated $1,102,399,082, of which $1,387,735,119 related to appreciated investment securities and $285,336,037 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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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 a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations, and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in 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 see 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

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:

May 29, 2015

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:

May 29, 2015

By:

/s/Howard J. Galligan III

 

Howard J. Galligan III

 

Chief Financial Officer

 

 

Date:

May 29, 2015