N-CSRS 1 main.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3759

Variable Insurance Products Fund IV
(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:	June 30, 2011

Item 1. Reports to Stockholders

Fidelity® Variable Insurance Products:
Consumer Discretionary Portfolio

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listings, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	.94%
Actual		$ 1,000.00	$ 1,041.40	$ 4.76
Hypothetical^A		$ 1,000.00	$ 1,020.13	$ 4.71
Investor Class	1.02%
Actual		$ 1,000.00	$ 1,041.50	$ 5.16
Hypothetical^A		$ 1,000.00	$ 1,019.74	$ 5.11

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Lowe's Companies, Inc.	5.6	5.7
Amazon.com, Inc.	5.2	4.6
McDonald's Corp.	4.8	5.2
The Walt Disney Co.	3.8	5.4
Target Corp.	3.8	4.2
DIRECTV	3.3	2.7
Time Warner, Inc.	3.3	0.0
News Corp. Class A	3.2	2.9
Bed Bath & Beyond, Inc.	2.6	2.9
Starbucks Corp.	2.5	2.3
	38.1

Top Industries (% of fund's net assets)
As of June 30, 2011
	Specialty Retail	22.7%
	Media	22.7%
	Hotels, Restaurants & Leisure	21.1%
	Internet & Catalog Retail	8.2%
	Multiline Retail	5.2%
	All Others*	20.1%

fid27

As of December 31, 2010
	Media	24.0%
	Hotels, Restaurants & Leisure	21.9%
	Specialty Retail	20.4%
	Textiles, Apparel & Luxury Goods	7.0%
	Internet & Catalog Retail	5.6%
	All Others*	21.1%

fid35

* Includes short-term investments and net other assets.

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
AUTO COMPONENTS - 4.2%
Auto Parts & Equipment - 4.2%
Autoliv, Inc.	4,965		$ 389,504
Gentex Corp.	11,500		347,645
TRW Automotive Holdings Corp. (a)	6,425		379,268
			1,116,417
AUTOMOBILES - 2.6%
Automobile Manufacturers - 1.5%
Bayerische Motoren Werke AG (BMW)	2,858		285,215
Honda Motor Co. Ltd.	3,400		130,959
			416,174
Motorcycle Manufacturers - 1.1%
Harley-Davidson, Inc.	6,984		286,134
TOTAL AUTOMOBILES			702,308
DIVERSIFIED CONSUMER SERVICES - 2.8%
Education Services - 1.0%
DeVry, Inc.	4,400		260,172
Specialized Consumer Services - 1.8%
Sotheby's Class A (Ltd. vtg.)	6,480		281,880
Steiner Leisure Ltd. (a)	3,021		137,999
Weight Watchers International, Inc.	900		67,923
			487,802
TOTAL DIVERSIFIED CONSUMER SERVICES			747,974
ELECTRONIC EQUIPMENT & COMPONENTS - 0.2%
Technology Distributors - 0.2%
Funtalk China Holdings Ltd. (a)(d)	9,600		63,936
FOOD & STAPLES RETAILING - 1.3%
Drug Retail - 0.1%
Droga Raia SA	2,000		33,310
Hypermarkets & Super Centers - 1.2%
Costco Wholesale Corp.	3,968		322,360
TOTAL FOOD & STAPLES RETAILING			355,670
HOTELS, RESTAURANTS & LEISURE - 21.1%
Casinos & Gaming - 4.5%
Betfair Group PLC (d)	4,000		48,564
Las Vegas Sands Corp. (a)	11,828		499,260
Las Vegas Sands Corp. unit	373		265,531
MGM Mirage, Inc. (a)(d)	20,800		274,768
Pinnacle Entertainment, Inc. (a)	4,856		72,354
WMS Industries, Inc. (a)	1,733		53,238
			1,213,715

	Shares		Value
Hotels, Resorts & Cruise Lines - 2.7%
Royal Caribbean Cruises Ltd. (a)	3,900		$ 146,796
Starwood Hotels & Resorts Worldwide, Inc.	10,286		576,427
			723,223
Restaurants - 13.9%
Ajisen (China) Holdings Ltd.	57,000		118,076
Arcos Dorados Holdings, Inc.	3,400		71,706
BJ's Restaurants, Inc. (a)(d)	4,916		257,402
Bravo Brio Restaurant Group, Inc.	3,800		92,834
Darden Restaurants, Inc.	7,627		379,520
Einstein Noah Restaurant Group, Inc.	1,171		17,530
McDonald's Corp.	15,272		1,287,735
Panera Bread Co. Class A (a)	1,607		201,936
Ruth's Hospitality Group, Inc. (a)	37,358		209,578
Starbucks Corp.	16,582		654,823
Texas Roadhouse, Inc. Class A	23,195		406,724
			3,697,864
TOTAL HOTELS, RESTAURANTS & LEISURE			5,634,802
HOUSEHOLD DURABLES - 2.7%
Home Furnishings - 1.3%
Tempur-Pedic International, Inc. (a)	5,000		339,100
Homebuilding - 1.4%
Lennar Corp. Class A	14,100		255,915
Toll Brothers, Inc. (a)	5,694		118,094
			374,009
TOTAL HOUSEHOLD DURABLES			713,109
INTERNET & CATALOG RETAIL - 8.2%
Internet Retail - 8.2%
Amazon.com, Inc. (a)	6,806		1,391,759
Blue Nile, Inc. (a)(d)	2,912		128,070
Ocado Group PLC (a)(d)	21,100		61,733
Priceline.com, Inc. (a)	1,024		524,216
Start Today Co. Ltd.	3,500		69,874
			2,175,652
INTERNET SOFTWARE & SERVICES - 0.8%
Internet Software & Services - 0.8%
Google, Inc. Class A (a)	240		121,531
XO Group, Inc. (a)	10,452		103,997
			225,528
LEISURE EQUIPMENT & PRODUCTS - 0.8%
Leisure Products - 0.8%
Hasbro, Inc.	4,944		217,190
MEDIA - 22.7%
Advertising - 2.4%
Dentsu, Inc.	3,500		103,576
Common Stocks - continued
	Shares		Value
MEDIA - CONTINUED
Advertising - continued
National CineMedia, Inc.	16,368		$ 276,783
WPP PLC	20,754		259,995
			640,354
Broadcasting - 0.8%
Discovery Communications, Inc. (a)	5,100		208,896
Cable & Satellite - 7.3%
DIRECTV (a)	17,543		891,535
Kabel Deutschland Holding AG (a)	1,851		113,823
Time Warner Cable, Inc.	7,870		614,175
Virgin Media, Inc.	11,100		332,223
			1,951,756
Movies & Entertainment - 12.2%
News Corp. Class A	47,416		839,263
The Walt Disney Co.	26,246		1,024,644
Time Warner, Inc.	24,405		887,610
Viacom, Inc. Class B (non-vtg.)	9,723		495,873
			3,247,390
TOTAL MEDIA			6,048,396
MULTILINE RETAIL - 5.2%
Department Stores - 0.4%
Marisa Lojas SA	6,500		99,097
General Merchandise Stores - 4.8%
Dollar Tree, Inc. (a)	3,986		265,547
Target Corp.	21,621		1,014,241
			1,279,788
TOTAL MULTILINE RETAIL			1,378,885
PROFESSIONAL SERVICES - 0.2%
Research & Consulting Services - 0.2%
Nielsen Holdings B.V. (a)	1,300		40,508
SPECIALTY RETAIL - 22.7%
Apparel Retail - 8.4%
Body Central Corp.	1,500		35,295
Chico's FAS, Inc.	15,700		239,111
Citi Trends, Inc. (a)	10,717		161,612
H&M Hennes & Mauritz AB (B Shares)	3,652		125,941
Inditex SA	1,565		142,629
Limited Brands, Inc.	12,960		498,312
rue21, Inc. (a)	2,200		71,500
TJX Companies, Inc.	12,278		644,963
Urban Outfitters, Inc. (a)	11,513		324,091
Workman Co. Ltd.	100		2,007
			2,245,461
Automotive Retail - 2.0%
Advance Auto Parts, Inc.	8,170		477,863

	Shares		Value
Asbury Automotive Group, Inc. (a)	100		$ 1,853
Penske Automotive Group, Inc.	2,600		59,124
			538,840
Computer & Electronics Retail - 0.9%
Best Buy Co., Inc.	7,340		230,549
Home Improvement Retail - 6.5%
Lowe's Companies, Inc.	64,011		1,492,100
Lumber Liquidators Holdings, Inc. (a)	9,500		241,300
			1,733,400
Homefurnishing Retail - 2.6%
Bed Bath & Beyond, Inc. (a)	11,800		688,766
Specialty Stores - 2.3%
Hengdeli Holdings Ltd.	164,000		86,618
OfficeMax, Inc. (a)	10,110		79,364
Tractor Supply Co.	5,571		372,588
Ulta Salon, Cosmetics & Fragrance, Inc. (a)	1,400		90,412
			628,982
TOTAL SPECIALTY RETAIL			6,065,998
TEXTILES, APPAREL & LUXURY GOODS - 2.8%
Apparel, Accessories & Luxury Goods - 2.8%
Phillips-Van Heusen Corp.	4,983		326,237
Polo Ralph Lauren Corp. Class A	555		73,599
Titan Industries Ltd.	16,400		78,748
Trinity Ltd.	64,000		64,397
VF Corp.	2,000		217,120
			760,101
TOTAL COMMON STOCKS (Cost $22,998,407)		26,246,474
Nonconvertible Preferred Stocks - 1.0%

AUTOMOBILES - 1.0%
Automobile Manufacturers - 1.0%
Volkswagen AG (Cost $254,837)	1,300		268,385
Money Market Funds - 3.1%
	Shares		Value
Fidelity Cash Central Fund, 0.11% (b)	215,112		$ 215,112
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	616,260		616,260
TOTAL MONEY MARKET FUNDS (Cost $831,372)		831,372

TOTAL INVESTMENT PORTFOLIO - 102.4%

(Cost $24,084,616)

27,346,231

NET OTHER ASSETS (LIABILITIES) - (2.4)%

(642,181)

NET ASSETS - 100%

$ 26,704,050

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(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	$ 105
Fidelity Securities Lending Cash Central Fund	1,784
Total	$ 1,889

Other Information

The following is a summary of the inputs used, as of June 30, 2011, 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 Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 26,246,474	$ 25,414,532	$ 831,942	$ -
Nonconvertible Preferred Stocks	268,385	268,385	-	-
Money Market Funds	831,372	831,372	-	-
Total Investments in Securities:	$ 27,346,231	$ 26,514,289	$ 831,942	$ -

Income Tax Information

At December 31, 2010, the Fund had a capital loss carryforward of approximately $1,260,189 of which $171,972 and $1,088,217 will expire in fiscal 2016 and 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $599,302) - See accompanying schedule: Unaffiliated issuers (cost $23,253,244)	$ 26,514,859
Fidelity Central Funds (cost $831,372)	831,372
Total Investments (cost $24,084,616)		$ 27,346,231
Receivable for investments sold		1,078,299
Receivable for fund shares sold		22,731
Dividends receivable		25,776
Distributions receivable from Fidelity Central Funds		896
Other receivables		1,516
Total assets		28,475,449

Liabilities
Payable for investments purchased	$ 1,057,048
Payable for fund shares redeemed	45,367
Accrued management fee	15,589
Other affiliated payables	3,451
Other payables and accrued expenses	33,684
Collateral on securities loaned, at value	616,260
Total liabilities		1,771,399

Net Assets		$ 26,704,050
Net Assets consist of:
Paid in capital		$ 22,813,023
Undistributed net investment income		38,295
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		593,858
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		3,258,874
Net Assets		$ 26,704,050

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)
Initial Class: Net Asset Value, offering price and redemption price per share ($10,026,725 ÷ 766,426 shares)		$ 13.08

Investor Class: Net Asset Value, offering price and redemption price per share ($16,677,325 ÷ 1,277,171 shares)		$ 13.06

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

Semiannual Report

Statement of Operations

Six months ended June 30, 2011 (Unaudited)

Investment Income
Dividends		$ 193,979
Income from Fidelity Central Funds		1,889
Total income		195,868

Expenses
Management fee	$ 90,968
Transfer agent fees	22,851
Accounting and security lending fees	6,389
Custodian fees and expenses	19,779
Independent trustees' compensation	87
Audit	20,163
Legal	22
Miscellaneous	120
Total expenses before reductions	160,379
Expense reductions	(2,806)	157,573
Net investment income (loss)		38,295
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $3,774)	2,029,805
Foreign currency transactions	(4,678)
Total net realized gain (loss)		2,025,127
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $198)	(793,723)
Assets and liabilities in foreign currencies	(604)
Total change in net unrealized appreciation (depreciation)		(794,327)
Net gain (loss)		1,230,800
Net increase (decrease) in net assets resulting from operations		$ 1,269,095

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 38,295	$ 34,434
Net realized gain (loss)	2,025,127	809,414
Change in net unrealized appreciation (depreciation)	(794,327)	3,250,944
Net increase (decrease) in net assets resulting from operations	1,269,095	4,094,792
Distributions to shareholders from net investment income	-	(46,369)
Share transactions - net increase (decrease)	(16,974,922)	29,996,122
Redemption fees	15,766	27,571
Total increase (decrease) in net assets	(15,690,061)	34,072,116

Net Assets
Beginning of period	42,394,111	8,321,995
End of period (including undistributed net investment income of $38,295 and undistributed net investment income of $0, respectively)	$ 26,704,050	$ 42,394,111

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 12.56	$ 9.58	$ 6.96	$ 10.72	$ 12.84	$ 11.45
Income from Investment Operations
Net investment income (loss)^E	.02	.02	.04	.04	(.01)	.11^H
Net realized and unrealized gain (loss)	.49	2.96	2.62	(3.68)	(1.02)	1.33
Total from investment operations	.51	2.98	2.66	(3.64)	(1.03)	1.44
Distributions from net investment income	-	(.02)	(.05)	(.05)	(.02)	(.06)
Distributions from net realized gain	-	-	-	(.09)	(1.08)	-
Total distributions	-	(.02)	(.05)	(.13)^J	(1.10)	(.06)
Redemption fees added to paid in capital^E	.01	.02	.01	.01	.01	.01
Net asset value, end of period	$ 13.08	$ 12.56	$ 9.58	$ 6.96	$ 10.72	$ 12.84
Total Return^B,C,D	4.14%	31.29%	38.32%	(34.10)%	(8.14)%	12.63%
Ratios to Average Net Assets^F,I
Expenses before reductions	.94%^A	1.08%	1.43%	1.40%	1.10%	1.20%
Expenses net of fee waivers, if any	.94%^A	1.00%	1.00%	1.00%	1.01%	1.15%
Expenses net of all reductions	.93%^A	.98%	.99%	1.00%	1.01%	1.14%
Net investment income (loss)	.28%^A	.23%	.57%	.48%	(.07)%	.90%^H
Supplemental Data
Net assets, end of period (000 omitted)	$ 10,027	$ 18,113	$ 4,098	$ 3,212	$ 6,989	$ 13,866
Portfolio turnover rate^G	159%^A	191%	166%	81%	114%	189%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects special dividends which amounted to $.09 per share. Excluding these special dividends, the ratio of net investment income (loss) to average net assets would have been .13%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Total distributions of $.13 per share is comprised of distributions from net investment income of $.046 and distributions from net realized gain of $.085 per share.

Financial Highlights - Investor Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 12.54	$ 9.57	$ 6.96	$ 10.72	$ 12.83	$ 11.44
Income from Investment Operations
Net investment income (loss)^E	.01	.02	.04	.04	(.03)	.10^H
Net realized and unrealized gain (loss)	.50	2.94	2.61	(3.68)	(1.02)	1.33
Total from investment operations	.51	2.96	2.65	(3.64)	(1.05)	1.43
Distributions from net investment income	-	(.01)	(.05)	(.05)	(.02)	(.05)
Distributions from net realized gain	-	-	-	(.09)	(1.05)	-
Total distributions	-	(.01)	(.05)	(.13)^J	(1.07)	(.05)
Redemption fees added to paid in capital^E	.01	.02	.01	.01	.01	.01
Net asset value, end of period	$ 13.06	$ 12.54	$ 9.57	$ 6.96	$ 10.72	$ 12.83
Total Return^B,C,D	4.15%	31.16%	38.17%	(34.10)%	(8.29)%	12.62%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.02%^A	1.14%	1.51%	1.54%	1.24%	1.41%
Expenses net of fee waivers, if any	1.02%^A	1.08%	1.08%	1.09%	1.15%	1.25%
Expenses net of all reductions	1.00%^A	1.06%	1.08%	1.09%	1.15%	1.24%
Net investment income (loss)	.21%^A	.15%	.48%	.39%	(.21)%	.80%^H
Supplemental Data
Net assets, end of period (000 omitted)	$ 16,677	$ 24,281	$ 4,224	$ 1,313	$ 2,352	$ 4,256
Portfolio turnover rate^G	159%^A	191%	166%	81%	114%	189%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects special dividends which amounted to $.09 per share. Excluding these special dividends, the ratio of net investment income (loss) to average net assets would have been .03%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Total distributions of $.13 per share is comprised of distributions from net investment income of $.046 and distributions from net realized gain of $.085 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

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

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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. The aggregate value of investments by input level, as of June 30, 2011, is included at the end of the Fund's Schedule of Investments. 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 an independent pricing service 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 significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 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.

Semiannual Report

3. Significant Accounting Policies - continued

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on realized short term capital gains on securities of certain issuers domiciled in India. An estimated deferred tax liability for net unrealized gains on these securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 4,151,763
Gross unrealized depreciation	(981,038)
Net unrealized appreciation (depreciation) on securities and other investments	$ 3,170,725

Tax cost	$ 24,175,506

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be December 31, 2011.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Trading (Redemption) Fees. Initial Class shares and Investor Class shares held by investors less than 60 days are subject to a redemption fee equal to 1% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

New Accounting Pronouncement. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update changes the wording used to describe the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities short-term securities, aggregated $26,239,076 and $43,101,078, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .56% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class (with the exception of Investor Class) pays a transfer agent fee, excluding out of pocket expenses, equal to an annual rate of .07% of average net assets. Investor Class pays a monthly asset-based transfer agent fee of .15% of average net assets. In addition, FIIOC receives an asset-based fee of .0045% of average net assets for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class, including printing and out of pocket expenses, were as follows:

Initial Class	$ 5,954
Investor Class	16,897
	$ 22,851

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $2,132 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $58 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Semiannual Report

7. Security Lending - continued

lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $1,784. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2011	Year ended December 31, 2010
From net investment income
Initial Class	$ -	$ 24,605
Investor Class	-	21,764
Total	$ -	$ 46,369

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	112,125	1,403,892	$ 1,445,258	$ 16,356,186
Reinvestment of distributions	-	1,962	-	24,605
Shares redeemed	(787,995)	(391,168)	(10,054,175)	(4,016,992)
Net increase (decrease)	(675,870)	1,014,686	$ (8,608,917)	$ 12,363,799
Investor Class
Shares sold	253,309	1,964,116	$ 3,217,966	$ 22,469,975
Reinvestment of distributions	-	1,738	-	21,764
Shares redeemed	(912,553)	(470,793)	(11,583,971)	(4,859,416)
Net increase (decrease)	(659,244)	1,495,061	$ (8,366,005)	$ 17,632,323

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

VCONIC-SANN-0811
1.817358.106

Fidelity® Variable Insurance Products:
Consumer Staples Portfolio

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	.92%
Actual		$ 1,000.00	$ 1,062.90	$ 4.71
Hypothetical^A		$ 1,000.00	$ 1,020.23	$ 4.61
Investor Class	.98%
Actual		$ 1,000.00	$ 1,063.00	$ 5.01
Hypothetical^A		$ 1,000.00	$ 1,019.93	$ 4.91

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Procter & Gamble Co.	15.3	15.0
The Coca-Cola Co.	10.9	11.5
British American Tobacco PLC sponsored ADR	7.6	5.6
CVS Caremark Corp.	7.2	6.2
Altria Group, Inc.	4.9	5.0
PepsiCo, Inc.	4.0	4.6
Colgate-Palmolive Co.	3.0	4.1
Molson Coors Brewing Co. Class B	2.8	2.7
Diageo PLC sponsored ADR	2.8	2.9
Constellation Brands, Inc. Class A (sub. vtg.)	2.8	2.2
	61.3

Top Industries (% of fund's net assets)
As of June 30, 2011
	Beverages	30.8%
	Household Products	18.5%
	Tobacco	15.9%
	Food & Staples Retailing	11.5%
	Food Products	9.7%
	All Others*	13.6%

fid54

As of December 31, 2010
	Beverages	28.7%
	Household Products	19.1%
	Food & Staples Retailing	16.7%
	Tobacco	13.2%
	Food Products	12.7%
	All Others*	9.6%

fid62

* Includes short-term investments and net other assets.

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.9%
	Shares		Value
BEVERAGES - 30.8%
Brewers - 5.7%
Anheuser-Busch InBev SA NV	13,931		$ 808,603
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	4,700		158,531
Molson Coors Brewing Co. Class B	21,513		962,492
			1,929,626
Distillers & Vintners - 8.3%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	45,278		942,688
Diageo PLC sponsored ADR	11,587		948,628
Pernod-Ricard SA	6,755		665,887
Remy Cointreau SA	3,054		257,072
			2,814,275
Soft Drinks - 16.8%
Coca-Cola Bottling Co. Consolidated	1,793		121,314
Coca-Cola FEMSA SAB de CV sponsored ADR	1,670		155,327
Coca-Cola Icecek AS	8,173		120,598
Embotelladora Andina SA sponsored ADR	5,700		164,445
Fomento Economico Mexicano SAB de CV sponsored ADR	985		65,493
PepsiCo, Inc.	19,498		1,373,244
The Coca-Cola Co.	55,410		3,728,539
			5,728,960
TOTAL BEVERAGES			10,472,861
FOOD & STAPLES RETAILING - 11.5%
Drug Retail - 9.8%
CVS Caremark Corp.	64,642		2,429,246
Drogasil SA	10,284		70,159
Walgreen Co.	19,515		828,607
			3,328,012
Food Distributors - 0.2%
United Natural Foods, Inc. (a)	1,600		68,272
Food Retail - 0.3%
Fresh Market, Inc.	200		7,736
Susser Holdings Corp. (a)	6,054		95,169
			102,905
Hypermarkets & Super Centers - 1.2%
Wal-Mart Stores, Inc.	8,014		425,864
TOTAL FOOD & STAPLES RETAILING			3,925,053
FOOD PRODUCTS - 9.7%
Agricultural Products - 3.4%
Archer Daniels Midland Co.	7,686		231,733
Bunge Ltd.	10,628		732,801
Cresud S.A.C.I.F. y A. sponsored ADR	1,319		21,421

	Shares		Value
Origin Agritech Ltd. (a)	1,500		$ 5,970
SLC Agricola SA	6,400		75,803
Viterra, Inc.	7,400		80,415
			1,148,143
Packaged Foods & Meats - 6.3%
Brasil Foods SA	200		3,395
Calavo Growers, Inc.	4,068		85,672
Cermaq ASA	3,400		54,362
Cosan Ltd. Class A	1,700		20,893
Danone	1,454		108,494
Green Mountain Coffee Roasters, Inc. (a)	1,894		169,058
Mead Johnson Nutrition Co. Class A	4,684		316,404
Nestle SA	7,924		492,481
Unilever NV unit	24,909		818,261
Want Want China Holdings Ltd.	71,000		68,886
			2,137,906
TOTAL FOOD PRODUCTS			3,286,049
HOUSEHOLD DURABLES - 0.1%
Household Appliances - 0.1%
SodaStream International Ltd.	600		36,486
HOUSEHOLD PRODUCTS - 18.5%
Household Products - 18.5%
Colgate-Palmolive Co.	11,857		1,036,420
Procter & Gamble Co.	81,822		5,201,422
Spectrum Brands Holdings, Inc. (a)	2,273		72,736
			6,310,578
PERSONAL PRODUCTS - 4.7%
Personal Products - 4.7%
Avon Products, Inc.	24,944		698,432
Hypermarcas SA	6,100		57,440
L'Oreal SA	4,800		623,467
Natura Cosmeticos SA	2,900		72,449
Nu Skin Enterprises, Inc. Class A	3,700		138,935
			1,590,723
PHARMACEUTICALS - 2.7%
Pharmaceuticals - 2.7%
Johnson & Johnson	13,784		916,912
TOBACCO - 15.9%
Tobacco - 15.9%
Altria Group, Inc.	62,776		1,657,914
British American Tobacco PLC sponsored ADR	29,632		2,607,616
KT&G Corp.	1,157		72,001
Lorillard, Inc.	1,000		108,870
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
Philip Morris International, Inc.	13,163		$ 878,894
Souza Cruz Industria Comerico	7,700		97,958
			5,423,253
TOTAL COMMON STOCKS (Cost $29,203,148)		31,961,915
Money Market Funds - 7.6%
	Shares		Value
Fidelity Cash Central Fund, 0.11% (b) (Cost $2,580,890)	2,580,890		$ 2,580,890

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $31,784,038)

34,542,805

NET OTHER ASSETS (LIABILITIES) - (1.5)%

(500,753)

NET ASSETS - 100%

$ 34,042,052

Legend

(a) Non-income producing

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	$ 910

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 31,961,915	$ 31,153,312	$ 808,603	$ -
Money Market Funds	2,580,890	2,580,890	-	-
Total Investments in Securities:	$ 34,542,805	$ 33,734,202	$ 808,603	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	72.2%
United Kingdom	10.4%
France	4.8%
Netherlands	2.4%
Belgium	2.4%
Bermuda	2.3%
Brazil	1.6%
Switzerland	1.4%
Others (Individually Less Than 1%)	2.5%
	100.0%

Income Tax Information

At December 31, 2010, the Fund had a capital loss carryforward of approximately $453,672 all of which will expire in fiscal 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $29,203,148)	$ 31,961,915
Fidelity Central Funds (cost $2,580,890)	2,580,890
Total Investments (cost $31,784,038)		$ 34,542,805
Cash		20,835
Foreign currency held at value (cost $4,113)		4,193
Receivable for investments sold		1,986
Receivable for fund shares sold		79,181
Dividends receivable		58,943
Distributions receivable from Fidelity Central Funds		281
Other receivables		186
Total assets		34,708,410

Liabilities
Payable for investments purchased	$ 563,942
Payable for fund shares redeemed	58,957
Accrued management fee	14,653
Other affiliated payables	4,315
Other payables and accrued expenses	24,491
Total liabilities		666,358

Net Assets		$ 34,042,052
Net Assets consist of:
Paid in capital		$ 31,589,154
Undistributed net investment income		255,737
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(561,374)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		2,758,535
Net Assets		$ 34,042,052

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)

Initial Class: Net Asset Value, offering price and redemption price per share ($9,959,802 ÷ 806,897 shares)		$ 12.34

Investor Class: Net Asset Value, offering price and redemption price per share ($24,082,250 ÷ 1,954,874 shares)		$ 12.32

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

Semiannual Report

Financial Statements - continued

Statement of Operations

Six months ended June 30, 2011 (Unaudited)

Investment Income
Dividends		$ 383,771
Interest		1
Income from Fidelity Central Funds		910
Total income		384,682

Expenses
Management fee	$ 73,882
Transfer agent fees	19,834
Accounting fees and expenses	5,168
Custodian fees and expenses	10,390
Independent trustees' compensation	64
Audit	18,684
Legal	15
Miscellaneous	112
Total expenses before reductions	128,149
Expense reductions	(91)	128,058
Net investment income (loss)		256,624
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	82,449
Foreign currency transactions	(2,541)
Total net realized gain (loss)		79,908
Change in net unrealized appreciation (depreciation) on: Investment securities	1,248,504
Assets and liabilities in foreign currencies	10
Total change in net unrealized appreciation (depreciation)		1,248,514
Net gain (loss)		1,328,422
Net increase (decrease) in net assets resulting from operations		$ 1,585,046

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 256,624	$ 312,808
Net realized gain (loss)	79,908	656,019
Change in net unrealized appreciation (depreciation)	1,248,514	1,857,779
Net increase (decrease) in net assets resulting from operations	1,585,046	2,826,606
Distributions to shareholders from net investment income	-	(318,633)
Share transactions - net increase (decrease)	8,813,341	2,147,026
Redemption fees	2,547	8,532
Total increase (decrease) in net assets	10,400,934	4,663,531

Net Assets
Beginning of period	23,641,118	18,977,587
End of period (including undistributed net investment income of $255,737 and distributions in excess of net investment income of $887, respectively)	$ 34,042,052	$ 23,641,118

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 11.61	$ 10.22	$ 8.60	$ 11.08	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.12	.17	.15	.15	.08
Net realized and unrealized gain (loss)	.61	1.39	1.63	(2.53)	1.11
Total from investment operations	.73	1.56	1.78	(2.38)	1.19
Distributions from net investment income	-	(.17)	(.16)	(.11)	(.04)
Distributions from net realized gain	-	-	-	-	(.07)
Total distributions	-	(.17)	(.16)	(.11)	(.11)
Redemption fees added to paid in capital^E	-^J	-^J	-^J	.01	-^J
Net asset value, end of period	$ 12.34	$ 11.61	$ 10.22	$ 8.60	$ 11.08
Total Return^B,C,D	6.29%	15.23%	20.73%	(21.35)%	11.92%
Ratios to Average Net Assets^F,I
Expenses before reductions	.92%^A	1.03%	1.12%	1.12%	1.66%^A
Expenses net of fee waivers, if any	.92%^A	1.00%	1.00%	1.00%	1.00%^A
Expenses net of all reductions	.92%^A	.99%	1.00%	1.00%	1.00%^A
Net investment income (loss)	1.97%^A	1.61%	1.68%	1.47%	1.05%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 9,960	$ 8,106	$ 8,532	$ 9,706	$ 7,964
Portfolio turnover rate^G	30%^A	60%	71%	91%	35%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Calculated based on average shares outstanding during the period.

^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period April 24, 2007 (commencement of operations) to December 31, 2007.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount represents less than $.01 per share.

Financial Highlights - Investor Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007^H
Selected Per-Share Data
Net asset value, beginning of period	$ 11.59	$ 10.21	$ 8.59	$ 11.07	$ 10.00
Income from Investment Operations
Net investment income (loss)^E	.11	.16	.14	.14	.07
Net realized and unrealized gain (loss)	.62	1.38	1.63	(2.52)	1.11
Total from investment operations	.73	1.54	1.77	(2.38)	1.18
Distributions from net investment income	-	(.16)	(.15)	(.11)	(.04)
Distributions from net realized gain	-	-	-	-	(.07)
Total distributions	-	(.16)	(.15)	(.11)	(.11)
Redemption fees added to paid in capital^E	-^J	-^J	-^J	.01	-^J
Net asset value, end of period	$ 12.32	$ 11.59	$ 10.21	$ 8.59	$ 11.07
Total Return^B,C,D	6.30%	15.09%	20.68%	(21.41)%	11.82%
Ratios to Average Net Assets^F,I
Expenses before reductions	.98%^A	1.10%	1.22%	1.22%	1.79%^A
Expenses net of fee waivers, if any	.98%^A	1.08%	1.08%	1.08%	1.15%^A
Expenses net of all reductions	.98%^A	1.07%	1.08%	1.08%	1.15%^A
Net investment income (loss)	1.91%^A	1.53%	1.60%	1.39%	.90%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 24,082	$ 15,536	$ 10,446	$ 13,518	$ 7,018
Portfolio turnover rate^G	30%^A	60%	71%	91%	35%^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period April 24, 2007 (commencement of operations) to December 31, 2007.

^J Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

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

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

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 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 significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 3,423,852
Gross unrealized depreciation	(807,953)
Net unrealized appreciation (depreciation) on securities and other investments	$ 2,615,899

Tax cost	$ 31,926,906

Trading (Redemption) Fees. Shares held by investors less than 60 days are subject to a redemption fee equal to 1% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

Semiannual Report

3. Significant Accounting Policies - continued

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $11,798,877 and $3,928,549, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$ 4,410
Investor Class	15,424
	$ 19,834

Accounting Fees. Fidelity Service Company, Inc.(FSC),an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $40 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $89 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $2.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2011	Year ended December 31, 2010
From net investment income
Initial Class	$ -	$ 114,030
Investor Class	-	204,603
Total	$ -	$ 318,633

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	237,437	208,392	$ 2,876,602	$ 2,240,019
Reinvestment of distributions	-	9,881	-	114,030
Shares redeemed	(128,862)	(354,465)	(1,511,075)	(3,773,876)
Net increase (decrease)	108,575	(136,192)	$ 1,365,527	$ (1,419,827)
Investor Class
Shares sold	840,511	656,909	$ 10,090,197	$ 7,132,294
Reinvestment of distributions	-	17,761	-	204,603
Shares redeemed	(226,276)	(357,080)	(2,642,383)	(3,770,044)
Net increase (decrease)	614,235	317,590	$ 7,447,814	$ 3,566,853

10. Other.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank and Trust Company
Quincy, MA

VCSP-SANN-0811
1.850997.104

Fidelity® Variable Insurance Products:
Emerging Markets Portfolio

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	1.10%
Actual		$ 1,000.00	$ 997.00	$ 5.45
Hypothetical ^A		$ 1,000.00	$ 1,019.34	$ 5.51
Service Class	1.20%
Actual		$ 1,000.00	$ 996.00	$ 5.94
Hypothetical ^A		$ 1,000.00	$ 1,018.84	$ 6.01
Service Class 2	1.35%
Actual		$ 1,000.00	$ 995.00	$ 6.68
Hypothetical ^A		$ 1,000.00	$ 1,018.10	$ 6.76
Initial Class R	1.10%
Actual		$ 1,000.00	$ 996.00	$ 5.44
Hypothetical ^A		$ 1,000.00	$ 1,019.34	$ 5.51
Service Class 2R	1.35%
Actual		$ 1,000.00	$ 995.00	$ 6.68
Hypothetical ^A		$ 1,000.00	$ 1,018.10	$ 6.76
Investor Class R	1.18%
Actual		$ 1,000.00	$ 996.00	$ 5.84
Hypothetical ^A		$ 1,000.00	$ 1,018.94	$ 5.91

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of June 30, 2011
	Korea (South)	19.5%
	Brazil	15.2%
	Taiwan	10.4%
	China	9.4%
	Russia	7.6%
	Indonesia	4.1%
	Cayman Islands	3.9%
	South Africa	3.7%
	India	3.7%
	Other*	22.5%

fid83

* Includes short term investments and other assets.

Percentages are adjusted for the effect of futures contracts, if applicable.

As of December 31, 2010
	Brazil	13.4%
	Korea (South)	12.9%
	Russia	8.7%
	Taiwan	8.4%
	China	8.2%
	India	6.6%
	South Africa	6.4%
	Indonesia	5.5%
	Hong Kong	3.7%
	Other*	26.2%

fid95

* Includes short term investments and other assets.

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	97.8	99.0
Short-Term Investments and Net Other Assets	2.2	1.0
Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)	2.9	2.4
Vale SA (PN-A) sponsored ADR (Brazil, Metals & Mining)	2.5	2.0
OAO Gazprom sponsored ADR (Russia, Oil, Gas & Consumable Fuels)	2.4	0.6
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment)	2.2	0.5
Hyundai Motor Co. (Korea (South), Automobiles)	1.9	1.2
Banco Bradesco SA (PN) sponsored ADR (Brazil, Commercial Banks)	1.8	1.7
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Commercial Banks)	1.6	1.7
CNOOC Ltd. (Hong Kong, Oil, Gas & Consumable Fuels)	1.6	2.0
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)	1.5	1.8
Kia Motors Corp. (Korea (South), Automobiles)	1.2	0.7
	19.6
Market Sectors as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.0	24.3
Energy	14.1	13.8
Materials	13.4	17.0
Information Technology	13.4	10.9
Consumer Discretionary	10.0	10.6
Consumer Staples	7.0	5.5
Industrials	6.9	7.1
Telecommunication Services	6.3	6.6
Utilities	4.0	1.8
Health Care	0.7	1.4

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
Bailiwick of Jersey - 0.6%
Randgold Resources Ltd. sponsored ADR	5,200		$ 437,060
West China Cement Ltd.	510,000		183,506
TOTAL BAILIWICK OF JERSEY			620,566
Bermuda - 1.9%
Alliance Oil Co. Ltd. (depositary receipt) (a)(d)	12,749		221,138
Cheung Kong Infrastructure Holdings Ltd.	63,000		327,073
China Glass Holdings Ltd.	324,000		128,239
China Yurun Food Group Ltd.	185,000		520,641
CNPC (Hong Kong) Ltd.	152,000		261,350
GP Investments Ltd. (depositary receipt) (a)	47,469		183,357
Great Eagle Holdings Ltd.	67,431		223,997
TOTAL BERMUDA			1,865,795
Brazil - 15.2%
Arezzo Industria e Comercio SA	10,000		139,965
Banco Bradesco SA (PN) sponsored ADR (d)	84,740		1,736,323
Banco do Estado do Rio Grande do Sul SA	30,800		353,161
BR Malls Participacoes SA	16,700		190,952
BR Properties SA	13,400		150,215
Brasil Foods SA	33,500		568,670
Cia.Hering SA	5,600		128,781
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	33,400		1,126,582
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)	18,500		550,817
Companhia de Saneamento de Minas Gerais	5,300		106,265
Eletropaulo Metropolitana SA (PN-B)	24,400		529,232
Even Construtora e Incorporadora SA	28,900		145,879
Hypermarcas SA	35,000		329,575
Itau Unibanco Banco Multiplo SA sponsored ADR	31,726		747,147
Light SA	18,300		344,173
Localiza Rent A Car SA	11,300		201,954
Marcopolo SA (PN)	36,300		162,770
Mills Estruturas e Servicos de Engenharia SA	11,700		168,631
OGX Petroleo e Gas Participacoes SA (a)	93,000		869,176
Petroleo Brasileiro SA - Petrobras:
(PN) (non-vtg.)	11,200		170,177
(PN) sponsored ADR (non-vtg.)	42,448		1,302,305
Qualicorp SA	11,000		104,990
Tecnisa SA	19,700		164,682
Tegma Gestao Logistica	17,200		278,201
Telecomunicacoes de Sao Paulo SA sponsored ADR	25,885		768,785
TIM Participacoes SA sponsored ADR (non-vtg.) (d)	16,900		831,649

	Shares		Value
Ultrapar Participacoes SA	16,000		$ 283,390
Vale SA (PN-A) sponsored ADR	82,974		2,402,927
TOTAL BRAZIL			14,857,374
British Virgin Islands - 0.5%
Arcos Dorados Holdings, Inc.	6,800		143,412
Camelot Information Systems, Inc. ADR	3,471		51,891
Mail.ru Group Ltd.:
GDR (a)(e)	7,300		242,506
GDR (Reg. S)	800		26,576
TOTAL BRITISH VIRGIN ISLANDS			464,385
Canada - 0.9%
Eldorado Gold Corp.	25,094		370,269
First Quantum Minerals Ltd.	3,100		452,014
Pacific Rubiales Energy Corp.	3,500		93,815
TOTAL CANADA			916,098
Cayman Islands - 3.9%
Central China Real Estate Ltd.	460,106		110,566
Changyou.com Ltd. (A Shares) ADR (a)(d)	5,800		255,374
China Shangshui Cement Group Ltd.	552,000		637,707
Country Garden Holdings Co. Ltd.	587,000		257,981
Eurasia Drilling Co. Ltd. GDR (Reg. S)	14,385		424,358
EVA Precision Industrial Holdings Ltd.	624,000		190,847
Gourmet Master Co. Ltd.	11,000		99,311
Haitian International Holdings Ltd.	102,000		132,125
JA Solar Holdings Co. Ltd. ADR (a)	8,900		49,395
Kaisa Group Holdings Ltd. (a)	463,000		169,570
Kingboard Chemical Holdings Ltd.	84,000		388,602
Minth Group Ltd.	1,000		1,617
Shenguan Holdings Group Ltd.	540,000		381,662
SOHO China Ltd.	260,500		232,657
TPK Holdings Co.	12,000		364,602
Trina Solar Ltd. (a)	3,700		82,954
TOTAL CAYMAN ISLANDS			3,779,328
Chile - 0.3%
CFR Pharmaceuticals SA	1,262,026		342,949
China - 9.4%
Agricultural Bank China Ltd. (H Shares)	878,000		461,467
Anhui Conch Cement Co. Ltd. (H Shares)	54,000		252,591
Anhui Expressway Co. Ltd. (H Shares)	174,000		145,340
Baidu.com, Inc. sponsored ADR (a)	3,050		427,397
China Communications Construction Co. Ltd. (H Shares)	554,000		476,276
China Communications Services Corp. Ltd. (H Shares)	678,000		400,784
China Construction Bank Corp. (H Shares)	943,000		781,617
China Datang Corp. Renewable Power Co. Ltd. (a)	354,000		86,888
China Minsheng Banking Corp. Ltd. (H Shares)	632,500		582,777
Common Stocks - continued
	Shares		Value
China - continued
China National Building Materials Co. Ltd. (H Shares)	242,000		$ 474,562
China Telecom Corp. Ltd. (H Shares)	638,000		416,503
Comba Telecom Systems Holdings Ltd.	137,750		145,154
Digital China Holdings Ltd. (H Shares)	159,000		257,449
Dongfeng Motor Group Co. Ltd. (H Shares)	130,000		245,575
Great Wall Motor Co. Ltd. (H Shares)	172,500		283,741
Guangzhou R&F Properties Co. Ltd. (H Shares)	154,400		210,318
Harbin Power Equipment Co. Ltd. (H Shares)	414,000		472,428
Industrial & Commercial Bank of China Ltd. (H Shares)	2,082,070		1,581,268
Shenzhen Expressway Co. Ltd. (H Shares)	152,000		86,335
SINA Corp. (a)	2,680		278,988
Yantai Changyu Pioneer Wine Co. (B Shares)	31,999		357,996
Yanzhou Coal Mining Co. Ltd. (H Shares)	110,000		423,816
ZTE Corp. (H Shares)	80,680		292,373
TOTAL CHINA			9,141,643
Czech Republic - 0.7%
Ceske Energeticke Zavody AS	12,500		643,607
Egypt - 0.5%
Commercial International Bank Ltd. sponsored GDR	89,430		452,516
Georgia - 0.2%
Bank of Georgia GDR (Reg. S) (a)	9,448		153,908
Hong Kong - 3.0%
China Insurance International Holdings Co. Ltd. (a)	129,400		292,332
China Overseas Land & Investment Ltd.	288,000		617,321
China Power International Development Ltd.	1,312,000		332,141
CNOOC Ltd.	648,000		1,526,277
Galaxy Entertainment Group Ltd. (a)	81,000		173,205
TOTAL HONG KONG			2,941,276
India - 3.7%
Bank of Baroda	28,703		573,756
Bharti Airtel Ltd.	65,309		577,874
Grasim Industries Ltd.	1,456		71,736
HCL Technologies Ltd.	21,862		242,353
Indian Overseas Bank	110,486		363,418
Jain Irrigation Systems Ltd.	41,031		156,613
Mahindra & Mahindra Financial Services Ltd.	6,437		90,425
Sintex Industries Ltd.	58,912		239,450
Tata Consultancy Services Ltd.	35,482		941,470

	Shares		Value
Tata Motors Ltd. Class A	16,321		$ 198,280
Thermax Ltd.	10,838		144,648
TOTAL INDIA			3,600,023
Indonesia - 4.1%
PT Astra International Tbk	117,500		870,652
PT Bank Rakyat Indonesia Tbk	1,289,000		976,916
PT Bank Tabungan Negara Tbk	950,000		187,198
PT Bumi Serpong Damai Tbk	1,288,000		135,160
PT Ciputra Development Tbk	1,939,500		97,241
PT Gadjah Tunggal Tbk	219,000		79,797
PT Indofood Sukses Makmur Tbk	956,500		641,274
PT Indosat Tbk	357,500		212,587
PT Indosat Tbk sponsored ADR	1,688		50,589
PT Summarecon Agung Tbk	486,500		64,666
PT Tower Bersama Infrastructure Tbk	874,500		242,167
PT XL Axiata Tbk	654,000		468,969
TOTAL INDONESIA			4,027,216
Kazakhstan - 0.4%
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	22,400		445,760
Korea (South) - 19.5%
BS Financial Group, Inc. (a)	26,160		370,212
Cheil Worldwide, Inc.	11,930		177,217
CJ CGV Co. Ltd.	7,290		202,576
CJ Corp.	6,494		442,468
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	5,870		248,939
Dong-A Pharmaceutical Co. Ltd.	1,240		110,287
Doosan Co. Ltd.	3,352		392,690
GS Holdings Corp.	8,132		595,229
Hankook Tire Co. Ltd.	5,490		234,367
Honam Petrochemical Corp.	1,205		446,652
Hyundai Department Store Co. Ltd.	3,772		613,348
Hyundai Engineering & Construction Co. Ltd.	5,012		404,436
Hyundai Fire & Marine Insurance Co. Ltd.	5,590		166,600
Hyundai Heavy Industries Co. Ltd.	2,562		1,064,899
Hyundai Hysco Co. Ltd.	5,000		239,456
Hyundai Mobis	2,249		843,111
Hyundai Motor Co.	8,154		1,811,151
Hyundai Steel Co.	4,556		552,954
Industrial Bank of Korea	45,060		787,600
Kia Motors Corp.	17,130		1,160,730
Korea Gas Corp.	7,390		256,261
Korea Zinc Co. Ltd.	643		246,775
KT&G Corp.	11,322		704,574
LG Chemical Ltd.	2,129		973,713
LIG Non-Life Insurance Co. Ltd.	7,450		190,614
Lotte Samkang Co. Ltd.	687		244,667
Meritz Fire & Marine Insurance Co. Ltd.	24,246		298,814
Nong Shim Co. Ltd.	1,497		341,630
Common Stocks - continued
	Shares		Value
Korea (South) - continued
OCI Co. Ltd.	1,216		$ 459,276
Paradise Co. Ltd.	45,433		295,080
Samsung Card Co. Ltd.	4,066		220,258
Samsung Electronics Co. Ltd.	3,705		2,868,156
Samsung Heavy Industries Ltd.	5,790		258,298
Shinsegae Co. Ltd.	786		250,091
SK Chemicals Co. Ltd.	4,450		298,613
SKC Co. Ltd.	1,380		87,430
Sungwoo Hitech Co. Ltd.	7,606		179,992
TOTAL KOREA (SOUTH)			19,039,164
Luxembourg - 0.5%
Millicom International Cellular SA	400		41,500
Millicom International Cellular SA unit	4,300		448,738
TOTAL LUXEMBOURG			490,238
Malaysia - 0.8%
Axiata Group Bhd	321,000		532,608
RHB Capital Bhd	83,629		253,698
TOTAL MALAYSIA			786,306
Mauritius - 0.3%
Golden Agri-Resources Ltd.	455,000		251,893
Mexico - 0.9%
America Movil SAB de CV Series L sponsored ADR	15,644		842,899
Netherlands - 0.1%
Yandex NV	2,600		92,326
Nigeria - 0.5%
Diamond Bank PLC	182,987		6,180
Guaranty Trust Bank PLC GDR (Reg. S)	74,394		371,970
Guinness Nigeria PLC	42,130		67,684
TOTAL NIGERIA			445,834
Peru - 0.5%
Compania de Minas Buenaventura SA sponsored ADR	12,390		470,572
Poland - 0.7%
Polska Grupa Energetyczna SA	32,900		287,678
Polski Koncern Naftowy Orlen SA (a)	22,700		428,349
TOTAL POLAND			716,027
Portugal - 0.2%
Jeronimo Martins SGPS SA	12,100		232,344
Russia - 7.6%
Cherkizovo Group OJSC GDR (a)	10,200		189,908
Magnit OJSC GDR (Reg. S)	18,000		565,020
Mostotrest OAO (a)	6,000		49,655
OAO Gazprom sponsored ADR	158,122		2,300,675
OAO NOVATEK GDR	6,422		886,878
OAO Tatneft sponsored ADR	13,807		595,082
Rosneft Oil Co. OJSC GDR (Reg. S)	103,700		873,154

	Shares		Value
Sberbank (Savings Bank of the Russian Federation) (a)	322,800		$ 1,156,616
Sistema JSFC sponsored GDR	5,700		146,490
Uralkali JSC GDR (Reg. S)	14,000		630,000
TOTAL RUSSIA			7,393,478
Singapore - 0.8%
Keppel Corp. Ltd.	48,300		435,695
Straits Asia Resources Ltd.	146,000		355,402
TOTAL SINGAPORE			791,097
South Africa - 3.7%
Absa Group Ltd.	23,647		471,450
African Bank Investments Ltd.	96,000		488,675
Barloworld Ltd.	24,255		247,149
Foschini Ltd.	41,923		546,900
Life Healthcare Group Holdings Ltd.	113,400		294,996
Murray & Roberts Holdings Ltd.	11,100		49,247
PSG Group Ltd.	7,337		52,029
Sanlam Ltd.	111,000		452,418
Sasol Ltd.	4,900		258,496
Sasol Ltd. sponsored ADR	9,536		504,359
Steinhoff International Holdings Ltd.	87,200		296,478
TOTAL SOUTH AFRICA			3,662,197
Taiwan - 10.4%
Advanced Semiconductor Engineering, Inc. sponsored ADR (d)	127,653		719,963
Catcher Technology Co. Ltd.	63,000		395,958
Chroma ATE, Inc.	85,170		270,311
Formosa Chemicals & Fibre Corp.	145,000		538,743
Formosa Plastics Corp.	208,000		747,539
Fubon Financial Holding Co. Ltd.	630,329		966,336
Hon Hai Precision Industry Co. Ltd. (Foxconn)	329,000		1,125,284
HTC Corp.	27,150		910,704
Huaku Development Co. Ltd.	54,586		161,871
Kinsus Interconnect Technology Corp.	53,000		215,324
Leofoo Development Co. Ltd. (a)	70,000		57,607
President Chain Store Corp.	67,000		386,201
SIMPLO Technology Co. Ltd.	20,000		160,772
Taishin Financial Holdings Co. Ltd.	1,205,850		713,917
Taiwan Cement Corp.	466,825		693,790
Taiwan Semiconductor Manufacturing Co. Ltd.	564,609		1,419,256
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (d)	51,021		643,375
TOTAL TAIWAN			10,126,951
Thailand - 3.2%
Advanced Info Service PCL (For. Reg.)	173,900		588,820
Asian Property Development PCL (For. Reg.)	1,166,060		187,541
Banpu PCL (For. Reg.)	6,500		151,522
Glow Energy PCL (For. Reg.)	108,500		176,624
Common Stocks - continued
	Shares		Value
Thailand - continued
PTT PCL (For. Reg.)	60,700		$ 662,038
Siam Cement PCL (For. Reg.)	40,400		536,650
Siam Commercial Bank PCL (For. Reg.)	199,800		722,051
Thai Petrochemical Industry PCL	867,700		151,138
Total Access Communication PCL (For. Reg.)	400		713
TOTAL THAILAND			3,177,097
Turkey - 1.3%
Aygaz AS	32,000		207,011
Emlak Konut Gayrimenkul Yatirim Ortakligi AS	86,000		145,179
Turkiye Garanti Bankasi AS	121,000		548,678
Turkiye Vakiflar Bankasi TAO	173,000		391,171
TOTAL TURKEY			1,292,039
United Arab Emirates - 0.0%
First Gulf Bank PJSC	2,707		13,119
United Kingdom - 0.3%
3Legs Resources PLC	18,600		64,329
Kazakhmys PLC	12,300		272,416
TOTAL UNITED KINGDOM			336,745
United States of America - 1.2%
Cognizant Technology Solutions Corp. Class A (a)	2,700		198,018
CTC Media, Inc.	20,570		438,552
Freeport-McMoRan Copper & Gold, Inc.	9,750		515,775
TOTAL UNITED STATES OF AMERICA			1,152,345
TOTAL COMMON STOCKS (Cost $79,024,672)		95,565,115
Money Market Funds - 6.5%
	Shares		Value
Fidelity Cash Central Fund, 0.11% (b)	1,977,676		$ 1,977,676
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	4,313,325		4,313,325
TOTAL MONEY MARKET FUNDS (Cost $6,291,001)		6,291,001
TOTAL INVESTMENT PORTFOLIO - 104.3% (Cost $85,315,673)			101,856,116
NET OTHER ASSETS (LIABILITIES) - (4.3)%		(4,177,482)
NET ASSETS - 100%		$ 97,678,634

Legend

(a) Non-income producing

(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 $242,506 or 0.2% 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	$ 1,031
Fidelity Securities Lending Cash Central Fund	8,679
Total	$ 9,710

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Korea (South)	$ 19,039,164	$ 19,039,164	$ -	$ -
Brazil	14,857,374	14,857,374	-	-
Taiwan	10,126,951	8,707,695	1,419,256	-
China	9,141,643	8,301,324	840,319	-
Russia	7,393,478	7,393,478	-	-
Indonesia	4,027,216	4,027,216	-	-
Cayman Islands	3,779,328	3,779,328	-	-
South Africa	3,662,197	3,403,701	258,496	-
India	3,600,023	2,954,531	645,492	-
Other	19,937,741	18,411,464	1,526,277	-
Money Market Funds	6,291,001	6,291,001	-	-
Total Investments in Securities:	$ 101,856,116	$ 97,166,276	$ 4,689,840	$ -

Income Tax Information

At December 31, 2010, the Fund had a capital loss carryforward of approximately $3,598,173 of which $773,916 and $2,824,257 will expire in fiscal 2016 and 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $4,248,124) - See accompanying schedule: Unaffiliated issuers (cost $79,024,672)	$ 95,565,115
Fidelity Central Funds (cost $6,291,001)	6,291,001
Total Investments (cost $85,315,673)		$ 101,856,116
Cash		34,410
Foreign currency held at value (cost $156,674)		157,125
Receivable for investments sold		951,068
Receivable for fund shares sold		69,887
Dividends receivable		512,206
Distributions receivable from Fidelity Central Funds		858
Receivable from investment adviser for expense reductions		21,492
Other receivables		17,555
Total assets		103,620,717

Liabilities
Payable for investments purchased	$ 1,427,174
Payable for fund shares redeemed	47,358
Accrued management fee	64,904
Distribution and service plan fees payable	433
Other affiliated payables	13,108
Other payables and accrued expenses	75,781
Collateral on securities loaned, at value	4,313,325
Total liabilities		5,942,083

Net Assets		$ 97,678,634
Net Assets consist of:
Paid in capital		$ 79,675,022
Undistributed net investment income		723,782
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		739,248
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		16,540,582
Net Assets		$ 97,678,634

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)

Initial Class: Net Asset Value, offering price and redemption price per share ($21,967,454 ÷ 2,223,739 shares)		$ 9.88

Service Class: Net Asset Value, offering price and redemption price per share ($96,135 ÷ 9,708 shares)		$ 9.90

Service Class 2: Net Asset Value, offering price and redemption price per share ($2,026,763 ÷ 204,710 shares)		$ 9.90

Initial Class R: Net Asset Value, offering price and redemption price per share ($21,270,206 ÷ 2,152,729 shares)		$ 9.88


Service Class 2R: Net Asset Value, offering price and redemption price per share ($95,816 ÷ 9,661 shares)		$ 9.92

Investor Class R: Net Asset Value, offering price and redemption price per share ($52,222,260 ÷ 5,300,165 shares)		$ 9.85

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

Semiannual Report

Statement of Operations

Six months ended June 30, 2011 (Unaudited)

Investment Income
Dividends		$ 1,498,218
Income from Fidelity Central Funds		9,710
Income before foreign taxes withheld		1,507,928
Less foreign taxes withheld		(129,324)
Total income		1,378,604

Expenses
Management fee	$ 399,459
Transfer agent fees	61,235
Distribution and service plan fees	2,231
Accounting and security lending fees	25,919
Custodian fees and expenses	128,037
Independent trustees' compensation	254
Audit	46,230
Legal	60
Miscellaneous	446
Total expenses before reductions	663,871
Expense reductions	(135,295)	528,576
Net investment income (loss)		850,028
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	4,991,176
Foreign currency transactions	(65,577)
Total net realized gain (loss)		4,925,599
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $4,803)	(6,526,931)
Assets and liabilities in foreign currencies	(8,465)
Total change in net unrealized appreciation (depreciation)		(6,535,396)
Net gain (loss)		(1,609,797)
Net increase (decrease) in net assets resulting from operations		$ (759,769)

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 850,028	$ 817,833
Net realized gain (loss)	4,925,599	1,482,603
Change in net unrealized appreciation (depreciation)	(6,535,396)	11,348,605
Net increase (decrease) in net assets resulting from operations	(759,769)	13,649,041
Distributions to shareholders from net investment income	-	(839,007)
Distributions to shareholders from net realized gain	-	(380,090)
Total distributions	-	(1,219,097)
Share transactions - net increase (decrease)	(5,377,951)	19,330,340
Redemption fees	47,877	21,709
Total increase (decrease) in net assets	(6,089,843)	31,781,993

Net Assets
Beginning of period	103,768,477	71,986,484
End of period (including undistributed net investment income of $723,782 and distributions in excess of net investment income of $126,246, respectively)	$ 97,678,634	$ 103,768,477

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 9.91	$ 8.51	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.09	.09	.04	.13
Net realized and unrealized gain (loss)	(.12)	1.43	3.64	(5.19)
Total from investment operations	(.03)	1.52	3.68	(5.06)
Distributions from net investment income	-	(.08)	(.02)	(.08)
Distributions from net realized gain	-	(.04)	(.03)	-
Total distributions	-	(.12)	(.05)	(.08)
Redemption fees added to paid in capital ^E	- ^J	- ^J	- ^J	.02
Net asset value, end of period	$ 9.88	$ 9.91	$ 8.51	$ 4.88
Total Return ^B,C,D	(.30)%	17.89%	75.40%	(50.45)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.30% ^A	1.33%	2.85%	3.92% ^A
Expenses net of fee waivers, if any	1.10% ^A	1.10%	1.10%	1.10% ^A
Expenses net of all reductions	1.03% ^A	1.04%	1.02%	1.02% ^A
Net investment income (loss)	1.76% ^A	1.05%	.60%	1.54% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 21,967	$ 18,478	$ 250	$ 516
Portfolio turnover rate ^G	139% ^A	100%	70%	79%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period January 23, 2008 (commencement of operations) to December 31, 2008. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share.

Financial Highlights - Service Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 9.94	$ 8.54	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.08	.08	.03	.12
Net realized and unrealized gain (loss)	(.12)	1.43	3.65	(5.19)
Total from investment operations	(.04)	1.51	3.68	(5.07)
Distributions from net investment income	-	(.07)	- ^J	(.07)
Distributions from net realized gain	-	(.04)	(.02)	-
Total distributions	-	(.11)	(.02)	(.07)
Redemption fees added to paid in capital ^E	- ^J	- ^J	- ^J	.02
Net asset value, end of period	$ 9.90	$ 9.94	$ 8.54	$ 4.88
Total Return ^B,C,D	(.40)%	17.70%	75.49%	(50.53)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.40% ^A	1.48%	3.02%	4.02% ^A
Expenses net of fee waivers, if any	1.20% ^A	1.20%	1.20%	1.20% ^A
Expenses net of all reductions	1.12% ^A	1.14%	1.12%	1.12% ^A
Net investment income (loss)	1.66% ^A	.95%	.50%	1.44% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 96	$ 102	$ 118	$ 396
Portfolio turnover rate ^G	139% ^A	100%	70%	79%

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

Semiannual Report

Financial Highlights - Service Class 2

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 9.95	$ 8.56	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.07	.07	.02	.11
Net realized and unrealized gain (loss)	(.12)	1.43	3.66	(5.19)
Total from investment operations	(.05)	1.50	3.68	(5.08)
Distributions from net investment income	-	(.07)	-	(.06)
Distributions from net realized gain	-	(.04)	-	-
Total distributions	-	(.11)	-	(.06)
Redemption fees added to paid in capital ^E	- ^J	- ^J	- ^J	.02
Net asset value, end of period	$ 9.90	$ 9.95	$ 8.56	$ 4.88
Total Return ^B,C,D	(.50)%	17.57%	75.41%	(50.65)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.53% ^A	1.59%	3.17%	4.17% ^A
Expenses net of fee waivers, if any	1.35% ^A	1.35%	1.35%	1.35% ^A
Expenses net of all reductions	1.27% ^A	1.30%	1.27%	1.27% ^A
Net investment income (loss)	1.51% ^A	.80%	.35%	1.29% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,027	$ 1,348	$ 117	$ 395
Portfolio turnover rate ^G	139% ^A	100%	70%	79%

Financial Highlights - Initial Class R

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 9.92	$ 8.51	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.09	.09	.04	.11
Net realized and unrealized gain (loss)	(.13)	1.44	3.63	(5.16)
Total from investment operations	(.04)	1.53	3.67	(5.05)
Distributions from net investment income	-	(.08)	(.02)	(.08)
Distributions from net realized gain	-	(.04)	(.03)	-
Total distributions	-	(.12)	(.05)	(.08)
Redemption fees added to paid in capital ^E	- ^J	- ^J	.01	.01
Net asset value, end of period	$ 9.88	$ 9.92	$ 8.51	$ 4.88
Total Return ^B,C,D	(.40)%	18.01%	75.40%	(50.45)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.29% ^A	1.35%	2.03%	3.71% ^A
Expenses net of fee waivers, if any	1.10% ^A	1.10%	1.10%	1.10% ^A
Expenses net of all reductions	1.02% ^A	1.04%	1.02%	1.02% ^A
Net investment income (loss)	1.77% ^A	1.05%	.60%	1.54% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 21,270	$ 30,649	$ 31,314	$ 3,158
Portfolio turnover rate ^G	139% ^A	100%	70%	79%

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

Semiannual Report

Financial Highlights - Service Class 2R

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 9.97	$ 8.56	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.07	.07	.02	.11
Net realized and unrealized gain (loss)	(.12)	1.43	3.66	(5.19)
Total from investment operations	(.05)	1.50	3.68	(5.08)
Distributions from net investment income	-	(.06)	-	(.06)
Distributions from net realized gain	-	(.04)	-	-
Total distributions	-	(.09) ^K	-	(.06)
Redemption fees added to paid in capital ^E	- ^J	- ^J	- ^J	.02
Net asset value, end of period	$ 9.92	$ 9.97	$ 8.56	$ 4.88
Total Return ^B,C,D	(.50)%	17.60%	75.41%	(50.65)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.55% ^A	1.63%	3.17%	4.17% ^A
Expenses net of fee waivers, if any	1.35% ^A	1.35%	1.35%	1.35% ^A
Expenses net of all reductions	1.27% ^A	1.29%	1.27%	1.27% ^A
Net investment income (loss)	1.51% ^A	.80%	.35%	1.29% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 96	$ 102	$ 117	$ 395
Portfolio turnover rate ^G	139% ^A	100%	70%	79%

Financial Highlights - Investor Class R

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 9.89	$ 8.50	$ 4.87	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.08	.08	.04	.10
Net realized and unrealized gain (loss)	(.12)	1.43	3.63	(5.16)
Total from investment operations	(.04)	1.51	3.67	(5.06)
Distributions from net investment income	-	(.08)	(.02)	(.08)
Distributions from net realized gain	-	(.04)	(.03)	-
Total distributions	-	(.12)	(.05)	(.08)
Redemption fees added to paid in capital ^E	- ^J	- ^J	.01	.01
Net asset value, end of period	$ 9.85	$ 9.89	$ 8.50	$ 4.87
Total Return ^B,C,D	(.40)%	17.79%	75.56%	(50.55)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.37% ^A	1.42%	2.07%	3.81% ^A
Expenses net of fee waivers, if any	1.18% ^A	1.18%	1.18%	1.18% ^A
Expenses net of all reductions	1.10% ^A	1.12%	1.10%	1.10% ^A
Net investment income (loss)	1.68% ^A	.97%	.52%	1.46% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 52,222	$ 53,089	$ 40,070	$ 3,377
Portfolio turnover rate ^G	139% ^A	100%	70%	79%

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

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

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

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.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 17,953,657
Gross unrealized depreciation	(1,935,141)
Net unrealized appreciation (depreciation) on securities and other investments	$ 16,018,516

Tax cost	$ 85,837,600

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Trading (Redemption) Fees. Initial Class R shares, Service Class 2R shares and Investor Class R shares held by investors less than 60 days are subject to a redemption fee equal to 1% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

4. Operating Policies.

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

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $68,089,674 and $73,727,587, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .81% of the Fund's average net assets.

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

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services were as follows:

Service Class	$ 49
Service Class 2	2,057
Service Class 2R	125
	$ 2,231

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class (with the exception of Investor Class R) pays a transfer agent fee, excluding out of pocket expenses, equal to an annual rate of .07% of average net assets. Investor Class R pays a monthly asset-based transfer agent fee of .15% of average net assets. In addition, FIIOC receives an asset-based fee of .0045% of average net assets for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class, including printing and out of pocket expenses, were as follows:

Initial Class	$ 8,829
Service Class	44
Service Class 2	598
Initial Class R	9,831
Service Class 2R	44
Investor Class R	41,889
	$ 61,235

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $173 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. The lending agent may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $8,679. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Initial Class	1.10%	$ 20,010
Service Class	1.20%	98
Service Class 2	1.35%	1,520
Initial Class R	1.10%	24,207
Service Class 2R	1.35%	99
Investor Class R	1.18%	50,121
		$ 96,055

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2011	Year ended December 31, 2010
From net investment income
Initial Class	$ -	$ 147,657
Service Class	-	719
Service Class 2	-	8,901
Initial Class R	-	247,442
Service Class 2R	-	565
Investor Class R	-	433,723
Total	$ -	$ 839,007
From net realized gain
Initial Class	$ -	$ 62,064
Service Class	-	383
Service Class 2	-	4,185
Initial Class R	-	115,662
Service Class 2R	-	382
Investor Class R	-	197,414
Total	$ -	$ 380,090

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	580,384	1,907,445	$ 5,713,078	$ 16,225,751
Reinvestment of distributions	-	21,780	-	209,721
Shares redeemed	(220,348)	(94,931)	(2,196,102)	(856,392)
Net increase (decrease)	360,036	1,834,294	$ 3,516,976	$ 15,579,080
Service Class
Shares sold	-	-	$ -	$ -
Reinvestment of distributions	-	115	-	1,102
Shares redeemed	(529)	(3,650)	(5,260)	(31,523)
Net increase (decrease)	(529)	(3,535)	$ (5,260)	$ (30,421)
Service Class 2
Shares sold	99,156	137,437	$ 980,412	$ 1,250,469
Reinvestment of distributions	-	1,356	-	13,086
Shares redeemed	(29,976)	(16,991)	(294,149)	(155,917)
Net increase (decrease)	69,180	121,802	$ 686,263	$ 1,107,638
Initial Class R
Shares sold	266,608	1,547,303	$ 2,680,080	$ 14,204,050
Reinvestment of distributions	-	38,007	-	363,104
Shares redeemed	(1,204,504)	(2,173,155)	(11,780,257)	(18,591,867)
Net increase (decrease)	(937,896)	(587,845)	$ (9,100,177)	$ (4,024,713)
Service Class 2R
Shares sold	-	-	$ -	$ -
Reinvestment of distributions	-	99	-	947
Shares redeemed	(527)	(3,639)	(5,245)	(31,476)
Net increase (decrease)	(527)	(3,540)	$ (5,245)	$ (30,529)
Investor Class R
Shares sold	872,927	3,120,989	$ 8,657,271	$ 27,575,797
Reinvestment of distributions	-	66,066	-	631,137
Shares redeemed	(939,076)	(2,534,983)	(9,127,779)	(21,477,649)
Net increase (decrease)	(66,149)	652,072	$ (470,508)	$ 6,729,285

Semiannual Report

12. Other.

At the end of the period, VIP Freedom 2020 Portfolio was the owner of record of approximately 11% of the total outstanding shares of the Fund. The VIP Freedom Funds and VIP Investor Freedom Funds were the owners of record, in the aggregate, of approximately 31% of the total outstanding shares of the Fund. FMR or its affiliates were the owners of record of 66% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

FIL Investments (Japan) Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank and Trust Company
Quincy, MA

VIPEM-SANN-0811
1.858138.103

Fidelity® Variable Insurance Products:
Emerging Markets Portfolio - Class R

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	1.10%
Actual		$ 1,000.00	$ 997.00	$ 5.45
Hypothetical ^A		$ 1,000.00	$ 1,019.34	$ 5.51
Service Class	1.20%
Actual		$ 1,000.00	$ 996.00	$ 5.94
Hypothetical ^A		$ 1,000.00	$ 1,018.84	$ 6.01
Service Class 2	1.35%
Actual		$ 1,000.00	$ 995.00	$ 6.68
Hypothetical ^A		$ 1,000.00	$ 1,018.10	$ 6.76
Initial Class R	1.10%
Actual		$ 1,000.00	$ 996.00	$ 5.44
Hypothetical ^A		$ 1,000.00	$ 1,019.34	$ 5.51
Service Class 2R	1.35%
Actual		$ 1,000.00	$ 995.00	$ 6.68
Hypothetical ^A		$ 1,000.00	$ 1,018.10	$ 6.76
Investor Class R	1.18%
Actual		$ 1,000.00	$ 996.00	$ 5.84
Hypothetical ^A		$ 1,000.00	$ 1,018.94	$ 5.91

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of June 30, 2011
	Korea (South)	19.5%
	Brazil	15.2%
	Taiwan	10.4%
	China	9.4%
	Russia	7.6%
	Indonesia	4.1%
	Cayman Islands	3.9%
	South Africa	3.7%
	India	3.7%
	Other*	22.5%

fid112

* Includes short term investments and other assets.

Percentages are adjusted for the effect of futures contracts, if applicable.

As of December 31, 2010
	Brazil	13.4%
	Korea (South)	12.9%
	Russia	8.7%
	Taiwan	8.4%
	China	8.2%
	India	6.6%
	South Africa	6.4%
	Indonesia	5.5%
	Hong Kong	3.7%
	Other*	26.2%

fid124

* Includes short term investments and other assets.

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	97.8	99.0
Short-Term Investments and Net Other Assets	2.2	1.0
Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)	2.9	2.4
Vale SA (PN-A) sponsored ADR (Brazil, Metals & Mining)	2.5	2.0
OAO Gazprom sponsored ADR (Russia, Oil, Gas & Consumable Fuels)	2.4	0.6
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment)	2.2	0.5
Hyundai Motor Co. (Korea (South), Automobiles)	1.9	1.2
Banco Bradesco SA (PN) sponsored ADR (Brazil, Commercial Banks)	1.8	1.7
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Commercial Banks)	1.6	1.7
CNOOC Ltd. (Hong Kong, Oil, Gas & Consumable Fuels)	1.6	2.0
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)	1.5	1.8
Kia Motors Corp. (Korea (South), Automobiles)	1.2	0.7
	19.6
Market Sectors as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.0	24.3
Energy	14.1	13.8
Materials	13.4	17.0
Information Technology	13.4	10.9
Consumer Discretionary	10.0	10.6
Consumer Staples	7.0	5.5
Industrials	6.9	7.1
Telecommunication Services	6.3	6.6
Utilities	4.0	1.8
Health Care	0.7	1.4

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
Bailiwick of Jersey - 0.6%
Randgold Resources Ltd. sponsored ADR	5,200		$ 437,060
West China Cement Ltd.	510,000		183,506
TOTAL BAILIWICK OF JERSEY			620,566
Bermuda - 1.9%
Alliance Oil Co. Ltd. (depositary receipt) (a)(d)	12,749		221,138
Cheung Kong Infrastructure Holdings Ltd.	63,000		327,073
China Glass Holdings Ltd.	324,000		128,239
China Yurun Food Group Ltd.	185,000		520,641
CNPC (Hong Kong) Ltd.	152,000		261,350
GP Investments Ltd. (depositary receipt) (a)	47,469		183,357
Great Eagle Holdings Ltd.	67,431		223,997
TOTAL BERMUDA			1,865,795
Brazil - 15.2%
Arezzo Industria e Comercio SA	10,000		139,965
Banco Bradesco SA (PN) sponsored ADR (d)	84,740		1,736,323
Banco do Estado do Rio Grande do Sul SA	30,800		353,161
BR Malls Participacoes SA	16,700		190,952
BR Properties SA	13,400		150,215
Brasil Foods SA	33,500		568,670
Cia.Hering SA	5,600		128,781
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	33,400		1,126,582
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)	18,500		550,817
Companhia de Saneamento de Minas Gerais	5,300		106,265
Eletropaulo Metropolitana SA (PN-B)	24,400		529,232
Even Construtora e Incorporadora SA	28,900		145,879
Hypermarcas SA	35,000		329,575
Itau Unibanco Banco Multiplo SA sponsored ADR	31,726		747,147
Light SA	18,300		344,173
Localiza Rent A Car SA	11,300		201,954
Marcopolo SA (PN)	36,300		162,770
Mills Estruturas e Servicos de Engenharia SA	11,700		168,631
OGX Petroleo e Gas Participacoes SA (a)	93,000		869,176
Petroleo Brasileiro SA - Petrobras:
(PN) (non-vtg.)	11,200		170,177
(PN) sponsored ADR (non-vtg.)	42,448		1,302,305
Qualicorp SA	11,000		104,990
Tecnisa SA	19,700		164,682
Tegma Gestao Logistica	17,200		278,201
Telecomunicacoes de Sao Paulo SA sponsored ADR	25,885		768,785
TIM Participacoes SA sponsored ADR (non-vtg.) (d)	16,900		831,649

	Shares		Value
Ultrapar Participacoes SA	16,000		$ 283,390
Vale SA (PN-A) sponsored ADR	82,974		2,402,927
TOTAL BRAZIL			14,857,374
British Virgin Islands - 0.5%
Arcos Dorados Holdings, Inc.	6,800		143,412
Camelot Information Systems, Inc. ADR	3,471		51,891
Mail.ru Group Ltd.:
GDR (a)(e)	7,300		242,506
GDR (Reg. S)	800		26,576
TOTAL BRITISH VIRGIN ISLANDS			464,385
Canada - 0.9%
Eldorado Gold Corp.	25,094		370,269
First Quantum Minerals Ltd.	3,100		452,014
Pacific Rubiales Energy Corp.	3,500		93,815
TOTAL CANADA			916,098
Cayman Islands - 3.9%
Central China Real Estate Ltd.	460,106		110,566
Changyou.com Ltd. (A Shares) ADR (a)(d)	5,800		255,374
China Shangshui Cement Group Ltd.	552,000		637,707
Country Garden Holdings Co. Ltd.	587,000		257,981
Eurasia Drilling Co. Ltd. GDR (Reg. S)	14,385		424,358
EVA Precision Industrial Holdings Ltd.	624,000		190,847
Gourmet Master Co. Ltd.	11,000		99,311
Haitian International Holdings Ltd.	102,000		132,125
JA Solar Holdings Co. Ltd. ADR (a)	8,900		49,395
Kaisa Group Holdings Ltd. (a)	463,000		169,570
Kingboard Chemical Holdings Ltd.	84,000		388,602
Minth Group Ltd.	1,000		1,617
Shenguan Holdings Group Ltd.	540,000		381,662
SOHO China Ltd.	260,500		232,657
TPK Holdings Co.	12,000		364,602
Trina Solar Ltd. (a)	3,700		82,954
TOTAL CAYMAN ISLANDS			3,779,328
Chile - 0.3%
CFR Pharmaceuticals SA	1,262,026		342,949
China - 9.4%
Agricultural Bank China Ltd. (H Shares)	878,000		461,467
Anhui Conch Cement Co. Ltd. (H Shares)	54,000		252,591
Anhui Expressway Co. Ltd. (H Shares)	174,000		145,340
Baidu.com, Inc. sponsored ADR (a)	3,050		427,397
China Communications Construction Co. Ltd. (H Shares)	554,000		476,276
China Communications Services Corp. Ltd. (H Shares)	678,000		400,784
China Construction Bank Corp. (H Shares)	943,000		781,617
China Datang Corp. Renewable Power Co. Ltd. (a)	354,000		86,888
China Minsheng Banking Corp. Ltd. (H Shares)	632,500		582,777
Common Stocks - continued
	Shares		Value
China - continued
China National Building Materials Co. Ltd. (H Shares)	242,000		$ 474,562
China Telecom Corp. Ltd. (H Shares)	638,000		416,503
Comba Telecom Systems Holdings Ltd.	137,750		145,154
Digital China Holdings Ltd. (H Shares)	159,000		257,449
Dongfeng Motor Group Co. Ltd. (H Shares)	130,000		245,575
Great Wall Motor Co. Ltd. (H Shares)	172,500		283,741
Guangzhou R&F Properties Co. Ltd. (H Shares)	154,400		210,318
Harbin Power Equipment Co. Ltd. (H Shares)	414,000		472,428
Industrial & Commercial Bank of China Ltd. (H Shares)	2,082,070		1,581,268
Shenzhen Expressway Co. Ltd. (H Shares)	152,000		86,335
SINA Corp. (a)	2,680		278,988
Yantai Changyu Pioneer Wine Co. (B Shares)	31,999		357,996
Yanzhou Coal Mining Co. Ltd. (H Shares)	110,000		423,816
ZTE Corp. (H Shares)	80,680		292,373
TOTAL CHINA			9,141,643
Czech Republic - 0.7%
Ceske Energeticke Zavody AS	12,500		643,607
Egypt - 0.5%
Commercial International Bank Ltd. sponsored GDR	89,430		452,516
Georgia - 0.2%
Bank of Georgia GDR (Reg. S) (a)	9,448		153,908
Hong Kong - 3.0%
China Insurance International Holdings Co. Ltd. (a)	129,400		292,332
China Overseas Land & Investment Ltd.	288,000		617,321
China Power International Development Ltd.	1,312,000		332,141
CNOOC Ltd.	648,000		1,526,277
Galaxy Entertainment Group Ltd. (a)	81,000		173,205
TOTAL HONG KONG			2,941,276
India - 3.7%
Bank of Baroda	28,703		573,756
Bharti Airtel Ltd.	65,309		577,874
Grasim Industries Ltd.	1,456		71,736
HCL Technologies Ltd.	21,862		242,353
Indian Overseas Bank	110,486		363,418
Jain Irrigation Systems Ltd.	41,031		156,613
Mahindra & Mahindra Financial Services Ltd.	6,437		90,425
Sintex Industries Ltd.	58,912		239,450
Tata Consultancy Services Ltd.	35,482		941,470

	Shares		Value
Tata Motors Ltd. Class A	16,321		$ 198,280
Thermax Ltd.	10,838		144,648
TOTAL INDIA			3,600,023
Indonesia - 4.1%
PT Astra International Tbk	117,500		870,652
PT Bank Rakyat Indonesia Tbk	1,289,000		976,916
PT Bank Tabungan Negara Tbk	950,000		187,198
PT Bumi Serpong Damai Tbk	1,288,000		135,160
PT Ciputra Development Tbk	1,939,500		97,241
PT Gadjah Tunggal Tbk	219,000		79,797
PT Indofood Sukses Makmur Tbk	956,500		641,274
PT Indosat Tbk	357,500		212,587
PT Indosat Tbk sponsored ADR	1,688		50,589
PT Summarecon Agung Tbk	486,500		64,666
PT Tower Bersama Infrastructure Tbk	874,500		242,167
PT XL Axiata Tbk	654,000		468,969
TOTAL INDONESIA			4,027,216
Kazakhstan - 0.4%
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	22,400		445,760
Korea (South) - 19.5%
BS Financial Group, Inc. (a)	26,160		370,212
Cheil Worldwide, Inc.	11,930		177,217
CJ CGV Co. Ltd.	7,290		202,576
CJ Corp.	6,494		442,468
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	5,870		248,939
Dong-A Pharmaceutical Co. Ltd.	1,240		110,287
Doosan Co. Ltd.	3,352		392,690
GS Holdings Corp.	8,132		595,229
Hankook Tire Co. Ltd.	5,490		234,367
Honam Petrochemical Corp.	1,205		446,652
Hyundai Department Store Co. Ltd.	3,772		613,348
Hyundai Engineering & Construction Co. Ltd.	5,012		404,436
Hyundai Fire & Marine Insurance Co. Ltd.	5,590		166,600
Hyundai Heavy Industries Co. Ltd.	2,562		1,064,899
Hyundai Hysco Co. Ltd.	5,000		239,456
Hyundai Mobis	2,249		843,111
Hyundai Motor Co.	8,154		1,811,151
Hyundai Steel Co.	4,556		552,954
Industrial Bank of Korea	45,060		787,600
Kia Motors Corp.	17,130		1,160,730
Korea Gas Corp.	7,390		256,261
Korea Zinc Co. Ltd.	643		246,775
KT&G Corp.	11,322		704,574
LG Chemical Ltd.	2,129		973,713
LIG Non-Life Insurance Co. Ltd.	7,450		190,614
Lotte Samkang Co. Ltd.	687		244,667
Meritz Fire & Marine Insurance Co. Ltd.	24,246		298,814
Nong Shim Co. Ltd.	1,497		341,630
Common Stocks - continued
	Shares		Value
Korea (South) - continued
OCI Co. Ltd.	1,216		$ 459,276
Paradise Co. Ltd.	45,433		295,080
Samsung Card Co. Ltd.	4,066		220,258
Samsung Electronics Co. Ltd.	3,705		2,868,156
Samsung Heavy Industries Ltd.	5,790		258,298
Shinsegae Co. Ltd.	786		250,091
SK Chemicals Co. Ltd.	4,450		298,613
SKC Co. Ltd.	1,380		87,430
Sungwoo Hitech Co. Ltd.	7,606		179,992
TOTAL KOREA (SOUTH)			19,039,164
Luxembourg - 0.5%
Millicom International Cellular SA	400		41,500
Millicom International Cellular SA unit	4,300		448,738
TOTAL LUXEMBOURG			490,238
Malaysia - 0.8%
Axiata Group Bhd	321,000		532,608
RHB Capital Bhd	83,629		253,698
TOTAL MALAYSIA			786,306
Mauritius - 0.3%
Golden Agri-Resources Ltd.	455,000		251,893
Mexico - 0.9%
America Movil SAB de CV Series L sponsored ADR	15,644		842,899
Netherlands - 0.1%
Yandex NV	2,600		92,326
Nigeria - 0.5%
Diamond Bank PLC	182,987		6,180
Guaranty Trust Bank PLC GDR (Reg. S)	74,394		371,970
Guinness Nigeria PLC	42,130		67,684
TOTAL NIGERIA			445,834
Peru - 0.5%
Compania de Minas Buenaventura SA sponsored ADR	12,390		470,572
Poland - 0.7%
Polska Grupa Energetyczna SA	32,900		287,678
Polski Koncern Naftowy Orlen SA (a)	22,700		428,349
TOTAL POLAND			716,027
Portugal - 0.2%
Jeronimo Martins SGPS SA	12,100		232,344
Russia - 7.6%
Cherkizovo Group OJSC GDR (a)	10,200		189,908
Magnit OJSC GDR (Reg. S)	18,000		565,020
Mostotrest OAO (a)	6,000		49,655
OAO Gazprom sponsored ADR	158,122		2,300,675
OAO NOVATEK GDR	6,422		886,878
OAO Tatneft sponsored ADR	13,807		595,082
Rosneft Oil Co. OJSC GDR (Reg. S)	103,700		873,154

	Shares		Value
Sberbank (Savings Bank of the Russian Federation) (a)	322,800		$ 1,156,616
Sistema JSFC sponsored GDR	5,700		146,490
Uralkali JSC GDR (Reg. S)	14,000		630,000
TOTAL RUSSIA			7,393,478
Singapore - 0.8%
Keppel Corp. Ltd.	48,300		435,695
Straits Asia Resources Ltd.	146,000		355,402
TOTAL SINGAPORE			791,097
South Africa - 3.7%
Absa Group Ltd.	23,647		471,450
African Bank Investments Ltd.	96,000		488,675
Barloworld Ltd.	24,255		247,149
Foschini Ltd.	41,923		546,900
Life Healthcare Group Holdings Ltd.	113,400		294,996
Murray & Roberts Holdings Ltd.	11,100		49,247
PSG Group Ltd.	7,337		52,029
Sanlam Ltd.	111,000		452,418
Sasol Ltd.	4,900		258,496
Sasol Ltd. sponsored ADR	9,536		504,359
Steinhoff International Holdings Ltd.	87,200		296,478
TOTAL SOUTH AFRICA			3,662,197
Taiwan - 10.4%
Advanced Semiconductor Engineering, Inc. sponsored ADR (d)	127,653		719,963
Catcher Technology Co. Ltd.	63,000		395,958
Chroma ATE, Inc.	85,170		270,311
Formosa Chemicals & Fibre Corp.	145,000		538,743
Formosa Plastics Corp.	208,000		747,539
Fubon Financial Holding Co. Ltd.	630,329		966,336
Hon Hai Precision Industry Co. Ltd. (Foxconn)	329,000		1,125,284
HTC Corp.	27,150		910,704
Huaku Development Co. Ltd.	54,586		161,871
Kinsus Interconnect Technology Corp.	53,000		215,324
Leofoo Development Co. Ltd. (a)	70,000		57,607
President Chain Store Corp.	67,000		386,201
SIMPLO Technology Co. Ltd.	20,000		160,772
Taishin Financial Holdings Co. Ltd.	1,205,850		713,917
Taiwan Cement Corp.	466,825		693,790
Taiwan Semiconductor Manufacturing Co. Ltd.	564,609		1,419,256
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (d)	51,021		643,375
TOTAL TAIWAN			10,126,951
Thailand - 3.2%
Advanced Info Service PCL (For. Reg.)	173,900		588,820
Asian Property Development PCL (For. Reg.)	1,166,060		187,541
Banpu PCL (For. Reg.)	6,500		151,522
Glow Energy PCL (For. Reg.)	108,500		176,624
Common Stocks - continued
	Shares		Value
Thailand - continued
PTT PCL (For. Reg.)	60,700		$ 662,038
Siam Cement PCL (For. Reg.)	40,400		536,650
Siam Commercial Bank PCL (For. Reg.)	199,800		722,051
Thai Petrochemical Industry PCL	867,700		151,138
Total Access Communication PCL (For. Reg.)	400		713
TOTAL THAILAND			3,177,097
Turkey - 1.3%
Aygaz AS	32,000		207,011
Emlak Konut Gayrimenkul Yatirim Ortakligi AS	86,000		145,179
Turkiye Garanti Bankasi AS	121,000		548,678
Turkiye Vakiflar Bankasi TAO	173,000		391,171
TOTAL TURKEY			1,292,039
United Arab Emirates - 0.0%
First Gulf Bank PJSC	2,707		13,119
United Kingdom - 0.3%
3Legs Resources PLC	18,600		64,329
Kazakhmys PLC	12,300		272,416
TOTAL UNITED KINGDOM			336,745
United States of America - 1.2%
Cognizant Technology Solutions Corp. Class A (a)	2,700		198,018
CTC Media, Inc.	20,570		438,552
Freeport-McMoRan Copper & Gold, Inc.	9,750		515,775
TOTAL UNITED STATES OF AMERICA			1,152,345
TOTAL COMMON STOCKS (Cost $79,024,672)		95,565,115
Money Market Funds - 6.5%
	Shares		Value
Fidelity Cash Central Fund, 0.11% (b)	1,977,676		$ 1,977,676
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	4,313,325		4,313,325
TOTAL MONEY MARKET FUNDS (Cost $6,291,001)		6,291,001
TOTAL INVESTMENT PORTFOLIO - 104.3% (Cost $85,315,673)			101,856,116
NET OTHER ASSETS (LIABILITIES) - (4.3)%		(4,177,482)
NET ASSETS - 100%		$ 97,678,634

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	$ 1,031
Fidelity Securities Lending Cash Central Fund	8,679
Total	$ 9,710

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Korea (South)	$ 19,039,164	$ 19,039,164	$ -	$ -
Brazil	14,857,374	14,857,374	-	-
Taiwan	10,126,951	8,707,695	1,419,256	-
China	9,141,643	8,301,324	840,319	-
Russia	7,393,478	7,393,478	-	-
Indonesia	4,027,216	4,027,216	-	-
Cayman Islands	3,779,328	3,779,328	-	-
South Africa	3,662,197	3,403,701	258,496	-
India	3,600,023	2,954,531	645,492	-
Other	19,937,741	18,411,464	1,526,277	-
Money Market Funds	6,291,001	6,291,001	-	-
Total Investments in Securities:	$ 101,856,116	$ 97,166,276	$ 4,689,840	$ -

Income Tax Information

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $4,248,124) - See accompanying schedule: Unaffiliated issuers (cost $79,024,672)	$ 95,565,115
Fidelity Central Funds (cost $6,291,001)	6,291,001
Total Investments (cost $85,315,673)		$ 101,856,116
Cash		34,410
Foreign currency held at value (cost $156,674)		157,125
Receivable for investments sold		951,068
Receivable for fund shares sold		69,887
Dividends receivable		512,206
Distributions receivable from Fidelity Central Funds		858
Receivable from investment adviser for expense reductions		21,492
Other receivables		17,555
Total assets		103,620,717

Liabilities
Payable for investments purchased	$ 1,427,174
Payable for fund shares redeemed	47,358
Accrued management fee	64,904
Distribution and service plan fees payable	433
Other affiliated payables	13,108
Other payables and accrued expenses	75,781
Collateral on securities loaned, at value	4,313,325
Total liabilities		5,942,083

Net Assets		$ 97,678,634
Net Assets consist of:
Paid in capital		$ 79,675,022
Undistributed net investment income		723,782
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		739,248
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		16,540,582
Net Assets		$ 97,678,634

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)

Initial Class: Net Asset Value, offering price and redemption price per share ($21,967,454 ÷ 2,223,739 shares)		$ 9.88

Service Class: Net Asset Value, offering price and redemption price per share ($96,135 ÷ 9,708 shares)		$ 9.90

Service Class 2: Net Asset Value, offering price and redemption price per share ($2,026,763 ÷ 204,710 shares)		$ 9.90

Initial Class R: Net Asset Value, offering price and redemption price per share ($21,270,206 ÷ 2,152,729 shares)		$ 9.88


Service Class 2R: Net Asset Value, offering price and redemption price per share ($95,816 ÷ 9,661 shares)		$ 9.92

Investor Class R: Net Asset Value, offering price and redemption price per share ($52,222,260 ÷ 5,300,165 shares)		$ 9.85

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

Semiannual Report

Statement of Operations

Six months ended June 30, 2011 (Unaudited)

Investment Income
Dividends		$ 1,498,218
Income from Fidelity Central Funds		9,710
Income before foreign taxes withheld		1,507,928
Less foreign taxes withheld		(129,324)
Total income		1,378,604

Expenses
Management fee	$ 399,459
Transfer agent fees	61,235
Distribution and service plan fees	2,231
Accounting and security lending fees	25,919
Custodian fees and expenses	128,037
Independent trustees' compensation	254
Audit	46,230
Legal	60
Miscellaneous	446
Total expenses before reductions	663,871
Expense reductions	(135,295)	528,576
Net investment income (loss)		850,028
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	4,991,176
Foreign currency transactions	(65,577)
Total net realized gain (loss)		4,925,599
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $4,803)	(6,526,931)
Assets and liabilities in foreign currencies	(8,465)
Total change in net unrealized appreciation (depreciation)		(6,535,396)
Net gain (loss)		(1,609,797)
Net increase (decrease) in net assets resulting from operations		$ (759,769)

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 850,028	$ 817,833
Net realized gain (loss)	4,925,599	1,482,603
Change in net unrealized appreciation (depreciation)	(6,535,396)	11,348,605
Net increase (decrease) in net assets resulting from operations	(759,769)	13,649,041
Distributions to shareholders from net investment income	-	(839,007)
Distributions to shareholders from net realized gain	-	(380,090)
Total distributions	-	(1,219,097)
Share transactions - net increase (decrease)	(5,377,951)	19,330,340
Redemption fees	47,877	21,709
Total increase (decrease) in net assets	(6,089,843)	31,781,993

Net Assets
Beginning of period	103,768,477	71,986,484
End of period (including undistributed net investment income of $723,782 and distributions in excess of net investment income of $126,246, respectively)	$ 97,678,634	$ 103,768,477

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 9.91	$ 8.51	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.09	.09	.04	.13
Net realized and unrealized gain (loss)	(.12)	1.43	3.64	(5.19)
Total from investment operations	(.03)	1.52	3.68	(5.06)
Distributions from net investment income	-	(.08)	(.02)	(.08)
Distributions from net realized gain	-	(.04)	(.03)	-
Total distributions	-	(.12)	(.05)	(.08)
Redemption fees added to paid in capital ^E	- ^J	- ^J	- ^J	.02
Net asset value, end of period	$ 9.88	$ 9.91	$ 8.51	$ 4.88
Total Return ^B,C,D	(.30)%	17.89%	75.40%	(50.45)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.30% ^A	1.33%	2.85%	3.92% ^A
Expenses net of fee waivers, if any	1.10% ^A	1.10%	1.10%	1.10% ^A
Expenses net of all reductions	1.03% ^A	1.04%	1.02%	1.02% ^A
Net investment income (loss)	1.76% ^A	1.05%	.60%	1.54% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 21,967	$ 18,478	$ 250	$ 516
Portfolio turnover rate ^G	139% ^A	100%	70%	79%

Financial Highlights - Service Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 9.94	$ 8.54	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.08	.08	.03	.12
Net realized and unrealized gain (loss)	(.12)	1.43	3.65	(5.19)
Total from investment operations	(.04)	1.51	3.68	(5.07)
Distributions from net investment income	-	(.07)	- ^J	(.07)
Distributions from net realized gain	-	(.04)	(.02)	-
Total distributions	-	(.11)	(.02)	(.07)
Redemption fees added to paid in capital ^E	- ^J	- ^J	- ^J	.02
Net asset value, end of period	$ 9.90	$ 9.94	$ 8.54	$ 4.88
Total Return ^B,C,D	(.40)%	17.70%	75.49%	(50.53)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.40% ^A	1.48%	3.02%	4.02% ^A
Expenses net of fee waivers, if any	1.20% ^A	1.20%	1.20%	1.20% ^A
Expenses net of all reductions	1.12% ^A	1.14%	1.12%	1.12% ^A
Net investment income (loss)	1.66% ^A	.95%	.50%	1.44% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 96	$ 102	$ 118	$ 396
Portfolio turnover rate ^G	139% ^A	100%	70%	79%

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

Semiannual Report

Financial Highlights - Service Class 2

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 9.95	$ 8.56	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.07	.07	.02	.11
Net realized and unrealized gain (loss)	(.12)	1.43	3.66	(5.19)
Total from investment operations	(.05)	1.50	3.68	(5.08)
Distributions from net investment income	-	(.07)	-	(.06)
Distributions from net realized gain	-	(.04)	-	-
Total distributions	-	(.11)	-	(.06)
Redemption fees added to paid in capital ^E	- ^J	- ^J	- ^J	.02
Net asset value, end of period	$ 9.90	$ 9.95	$ 8.56	$ 4.88
Total Return ^B,C,D	(.50)%	17.57%	75.41%	(50.65)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.53% ^A	1.59%	3.17%	4.17% ^A
Expenses net of fee waivers, if any	1.35% ^A	1.35%	1.35%	1.35% ^A
Expenses net of all reductions	1.27% ^A	1.30%	1.27%	1.27% ^A
Net investment income (loss)	1.51% ^A	.80%	.35%	1.29% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,027	$ 1,348	$ 117	$ 395
Portfolio turnover rate ^G	139% ^A	100%	70%	79%

Financial Highlights - Initial Class R

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 9.92	$ 8.51	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.09	.09	.04	.11
Net realized and unrealized gain (loss)	(.13)	1.44	3.63	(5.16)
Total from investment operations	(.04)	1.53	3.67	(5.05)
Distributions from net investment income	-	(.08)	(.02)	(.08)
Distributions from net realized gain	-	(.04)	(.03)	-
Total distributions	-	(.12)	(.05)	(.08)
Redemption fees added to paid in capital ^E	- ^J	- ^J	.01	.01
Net asset value, end of period	$ 9.88	$ 9.92	$ 8.51	$ 4.88
Total Return ^B,C,D	(.40)%	18.01%	75.40%	(50.45)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.29% ^A	1.35%	2.03%	3.71% ^A
Expenses net of fee waivers, if any	1.10% ^A	1.10%	1.10%	1.10% ^A
Expenses net of all reductions	1.02% ^A	1.04%	1.02%	1.02% ^A
Net investment income (loss)	1.77% ^A	1.05%	.60%	1.54% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 21,270	$ 30,649	$ 31,314	$ 3,158
Portfolio turnover rate ^G	139% ^A	100%	70%	79%

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

Semiannual Report

Financial Highlights - Service Class 2R

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 9.97	$ 8.56	$ 4.88	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.07	.07	.02	.11
Net realized and unrealized gain (loss)	(.12)	1.43	3.66	(5.19)
Total from investment operations	(.05)	1.50	3.68	(5.08)
Distributions from net investment income	-	(.06)	-	(.06)
Distributions from net realized gain	-	(.04)	-	-
Total distributions	-	(.09) ^K	-	(.06)
Redemption fees added to paid in capital ^E	- ^J	- ^J	- ^J	.02
Net asset value, end of period	$ 9.92	$ 9.97	$ 8.56	$ 4.88
Total Return ^B,C,D	(.50)%	17.60%	75.41%	(50.65)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.55% ^A	1.63%	3.17%	4.17% ^A
Expenses net of fee waivers, if any	1.35% ^A	1.35%	1.35%	1.35% ^A
Expenses net of all reductions	1.27% ^A	1.29%	1.27%	1.27% ^A
Net investment income (loss)	1.51% ^A	.80%	.35%	1.29% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 96	$ 102	$ 117	$ 395
Portfolio turnover rate ^G	139% ^A	100%	70%	79%

Financial Highlights - Investor Class R

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 9.89	$ 8.50	$ 4.87	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.08	.08	.04	.10
Net realized and unrealized gain (loss)	(.12)	1.43	3.63	(5.16)
Total from investment operations	(.04)	1.51	3.67	(5.06)
Distributions from net investment income	-	(.08)	(.02)	(.08)
Distributions from net realized gain	-	(.04)	(.03)	-
Total distributions	-	(.12)	(.05)	(.08)
Redemption fees added to paid in capital ^E	- ^J	- ^J	.01	.01
Net asset value, end of period	$ 9.85	$ 9.89	$ 8.50	$ 4.87
Total Return ^B,C,D	(.40)%	17.79%	75.56%	(50.55)%
Ratios to Average Net Assets ^F,I
Expenses before reductions	1.37% ^A	1.42%	2.07%	3.81% ^A
Expenses net of fee waivers, if any	1.18% ^A	1.18%	1.18%	1.18% ^A
Expenses net of all reductions	1.10% ^A	1.12%	1.10%	1.10% ^A
Net investment income (loss)	1.68% ^A	.97%	.52%	1.46% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 52,222	$ 53,089	$ 40,070	$ 3,377
Portfolio turnover rate ^G	139% ^A	100%	70%	79%

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

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.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 17,953,657
Gross unrealized depreciation	(1,935,141)
Net unrealized appreciation (depreciation) on securities and other investments	$ 16,018,516

Tax cost	$ 85,837,600

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $68,089,674 and $73,727,587, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .81% of the Fund's average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services were as follows:

Service Class	$ 49
Service Class 2	2,057
Service Class 2R	125
	$ 2,231

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class (with the exception of Investor Class R) pays a transfer agent fee, excluding out of pocket expenses, equal to an annual rate of .07% of average net assets. Investor Class R pays a monthly asset-based transfer agent fee of .15% of average net assets. In addition, FIIOC receives an asset-based fee of .0045% of average net assets for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class, including printing and out of pocket expenses, were as follows:

Initial Class	$ 8,829
Service Class	44
Service Class 2	598
Initial Class R	9,831
Service Class 2R	44
Investor Class R	41,889
	$ 61,235

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $173 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

9. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Initial Class	1.10%	$ 20,010
Service Class	1.20%	98
Service Class 2	1.35%	1,520
Initial Class R	1.10%	24,207
Service Class 2R	1.35%	99
Investor Class R	1.18%	50,121
		$ 96,055

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2011	Year ended December 31, 2010
From net investment income
Initial Class	$ -	$ 147,657
Service Class	-	719
Service Class 2	-	8,901
Initial Class R	-	247,442
Service Class 2R	-	565
Investor Class R	-	433,723
Total	$ -	$ 839,007
From net realized gain
Initial Class	$ -	$ 62,064
Service Class	-	383
Service Class 2	-	4,185
Initial Class R	-	115,662
Service Class 2R	-	382
Investor Class R	-	197,414
Total	$ -	$ 380,090

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	580,384	1,907,445	$ 5,713,078	$ 16,225,751
Reinvestment of distributions	-	21,780	-	209,721
Shares redeemed	(220,348)	(94,931)	(2,196,102)	(856,392)
Net increase (decrease)	360,036	1,834,294	$ 3,516,976	$ 15,579,080
Service Class
Shares sold	-	-	$ -	$ -
Reinvestment of distributions	-	115	-	1,102
Shares redeemed	(529)	(3,650)	(5,260)	(31,523)
Net increase (decrease)	(529)	(3,535)	$ (5,260)	$ (30,421)
Service Class 2
Shares sold	99,156	137,437	$ 980,412	$ 1,250,469
Reinvestment of distributions	-	1,356	-	13,086
Shares redeemed	(29,976)	(16,991)	(294,149)	(155,917)
Net increase (decrease)	69,180	121,802	$ 686,263	$ 1,107,638
Initial Class R
Shares sold	266,608	1,547,303	$ 2,680,080	$ 14,204,050
Reinvestment of distributions	-	38,007	-	363,104
Shares redeemed	(1,204,504)	(2,173,155)	(11,780,257)	(18,591,867)
Net increase (decrease)	(937,896)	(587,845)	$ (9,100,177)	$ (4,024,713)
Service Class 2R
Shares sold	-	-	$ -	$ -
Reinvestment of distributions	-	99	-	947
Shares redeemed	(527)	(3,639)	(5,245)	(31,476)
Net increase (decrease)	(527)	(3,540)	$ (5,245)	$ (30,529)
Investor Class R
Shares sold	872,927	3,120,989	$ 8,657,271	$ 27,575,797
Reinvestment of distributions	-	66,066	-	631,137
Shares redeemed	(939,076)	(2,534,983)	(9,127,779)	(21,477,649)
Net increase (decrease)	(66,149)	652,072	$ (470,508)	$ 6,729,285

Semiannual Report

12. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

FIL Investments (Japan) Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank and Trust Company
Quincy, MA

VIPEMR-SANN-0811
1.872305.103

Fidelity® Variable Insurance Products:
Energy Portfolio

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of the fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	.68%
Actual		$ 1,000.00	$ 1,105.70	$ 3.55
Hypothetical ^A		$ 1,000.00	$ 1,021.42	$ 3.41
Service Class 2	.93%
Actual		$ 1,000.00	$ 1,104.30	$ 4.85
Hypothetical ^A		$ 1,000.00	$ 1,020.18	$ 4.66
Investor Class	.77%
Actual		$ 1,000.00	$ 1,105.00	$ 4.02
Hypothetical ^A		$ 1,000.00	$ 1,020.98	$ 3.86

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Chevron Corp.	10.9	5.3
Exxon Mobil Corp.	10.7	17.2
Schlumberger Ltd.	6.0	6.5
Occidental Petroleum Corp.	5.7	6.7
Marathon Oil Corp.	5.6	4.1
Baker Hughes, Inc.	4.9	2.8
Halliburton Co.	4.1	3.8
Hess Corp.	3.9	1.2
Holly Corp.	3.0	2.0
National Oilwell Varco, Inc.	2.8	3.9
	57.6

Top Industries (% of fund's net assets)
As of June 30, 2011
	Oil, Gas & Consumable Fuels	64.3%
	Energy Equipment & Services	32.2%
	Chemicals	1.2%
	Construction & Engineering	1.0%
	Metals & Mining	0.8%
	All Others*	0.5%

fid139

As of December 31, 2010
	Oil, Gas & Consumable Fuels	68.4%
	Energy Equipment & Services	26.4%
	Construction & Engineering	2.1%
	Chemicals	1.4%
	Metals & Mining	0.9%
	All Others*	0.8%

fid147

* Includes short-term investments and net other assets.

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
CHEMICALS - 1.2%
Specialty Chemicals - 1.2%
LyondellBasell Industries NV Class A	139,390		$ 5,369,303
CONSTRUCTION & ENGINEERING - 1.0%
Construction & Engineering - 1.0%
Foster Wheeler AG (a)	31,900		969,122
Jacobs Engineering Group, Inc. (a)	65,600		2,837,200
KBR, Inc.	15,867		598,027
			4,404,349
ENERGY EQUIPMENT & SERVICES - 32.2%
Oil & Gas Drilling - 10.2%
Discovery Offshore S.A. (a)(e)	190,900		378,657
Ensco International Ltd. ADR	198,766		10,594,228
Hercules Offshore, Inc. (a)	209,631		1,155,067
Nabors Industries Ltd. (a)	232,800		5,736,192
Noble Corp.	164,021		6,464,068
Northern Offshore Ltd.	247,128		464,991
Ocean Rig UDW, Inc. (a)	112,600		2,066,476
Parker Drilling Co. (a)	179,230		1,048,496
Patterson-UTI Energy, Inc.	158,600		5,013,346
Rowan Companies, Inc. (a)	149,800		5,813,738
Transocean Ltd. (United States)	114,265		7,376,948
Tuscany International Drilling, Inc. (a)	301,400		287,524
			46,399,731
Oil & Gas Equipment & Services - 22.0%
Aker Drilling ASA (a)	127,600		397,390
Baker Hughes, Inc.	305,118		22,139,362
Basic Energy Services, Inc. (a)	35,000		1,101,450
Cal Dive International, Inc. (a)	102,836		614,959
Compagnie Generale de Geophysique SA (a)	41,400		1,517,435
Dresser-Rand Group, Inc. (a)	33,500		1,800,625
Global Industries Ltd. (a)	81,000		443,880
Halliburton Co.	363,244		18,525,444
ION Geophysical Corp. (a)	24,200		228,932
Key Energy Services, Inc. (a)	100,100		1,801,800
National Oilwell Varco, Inc.	166,167		12,995,921
Oceaneering International, Inc.	17,692		716,526
Oil States International, Inc. (a)	63,410		5,067,093
RPC, Inc. (d)	20,200		495,708
Schlumberger Ltd.	315,146		27,228,614
Schoeller-Bleckmann Oilfield Equipment AG	13,349		1,156,376
Superior Energy Services, Inc. (a)	38,154		1,417,040
Weatherford International Ltd. (a)	105,142		1,971,413
Willbros Group, Inc. (a)	97,333		831,224
			100,451,192
TOTAL ENERGY EQUIPMENT & SERVICES			146,850,923

	Shares		Value
METALS & MINING - 0.8%
Diversified Metals & Mining - 0.8%
Grande Cache Coal Corp. (a)	54,337		$ 495,253
MacArthur Coal Ltd.	88,202		1,035,833
Walter Energy, Inc.	18,165		2,103,507
			3,634,593
OIL, GAS & CONSUMABLE FUELS - 64.3%
Coal & Consumable Fuels - 4.1%
Alpha Natural Resources, Inc. (a)	232,371		10,558,938
Arch Coal, Inc.	35,100		935,766
Peabody Energy Corp.	116,740		6,877,153
Solazyme, Inc.	5,900		135,523
			18,507,380
Integrated Oil & Gas - 37.3%
Chevron Corp.	485,513		49,930,159
Exxon Mobil Corp.	598,359		48,694,455
Hess Corp.	236,131		17,653,154
Marathon Oil Corp.	488,525		25,735,497
OAO Gazprom sponsored ADR	147,218		2,142,022
Occidental Petroleum Corp.	249,793		25,988,464
			170,143,751
Oil & Gas Exploration & Production - 13.0%
3Legs Resources PLC	42,000		145,260
Anadarko Petroleum Corp.	46,498		3,569,186
Apache Corp.	60,919		7,516,795
Bankers Petroleum Ltd. (a)	229,600		1,637,959
Berry Petroleum Co. Class A	54,955		2,919,759
Brigham Exploration Co. (a)	32,300		966,739
Carrizo Oil & Gas, Inc. (a)	27,290		1,139,358
Cimarex Energy Co.	23,276		2,092,978
Clayton Williams Energy, Inc. (a)	6,600		396,330
Concho Resources, Inc. (a)	4,600		422,510
Gran Tierra Energy, Inc. (a)	567,900		3,739,283
Kosmos Energy Ltd.	7,300		123,954
Newfield Exploration Co. (a)	74,024		5,035,112
Niko Resources Ltd.	9,000		561,893
Noble Energy, Inc.	25,500		2,285,565
Northern Oil & Gas, Inc. (a)	80,192		1,776,253
Oasis Petroleum, Inc. (a)(d)	42,820		1,270,898
Pacific Rubiales Energy Corp.	43,400		1,163,304
Painted Pony Petroleum Ltd. Class A (a)	67,000		777,406
Petrobank Energy & Resources Ltd. (a)	25,230		370,445
Petroleum Development Corp. (a)	26,800		801,588
Petrominerales Ltd. (d)	26,633		781,813
Pioneer Natural Resources Co.	99,634		8,924,217
Stone Energy Corp. (a)	36,696		1,115,191
Talisman Energy, Inc.	86,000		1,766,549
Tourmaline Oil Corp. (a)	16,400		544,853
Whiting Petroleum Corp. (a)	134,406		7,649,045
			59,494,243
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Refining & Marketing - 8.8%
CVR Energy, Inc. (a)	134,234		$ 3,304,841
Frontier Oil Corp.	220,138		7,112,659
Holly Corp.	196,155		13,613,157
Keyera Corp.	20,200		915,116
Petroplus Holdings AG	34,970		499,155
Tesoro Corp. (a)	259,217		5,938,661
Valero Energy Corp.	290,457		7,426,985
Western Refining, Inc. (a)(d)	64,694		1,169,021
			39,979,595
Oil & Gas Storage & Transport - 1.1%
Atlas Energy LP	10,363		225,188
Atlas Pipeline Partners, LP	22,528		742,523
Targa Resources Corp.	6,300		210,798
Tesoro Logistics LP	2,000		48,700
Williams Companies, Inc.	122,163		3,695,431
			4,922,640
TOTAL OIL, GAS & CONSUMABLE FUELS			293,047,609
TOTAL COMMON STOCKS (Cost $367,990,160)		453,306,777

Convertible Bonds - 0.0%
	Principal Amount
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
Semiconductors - 0.0%
SunPower Corp. 4.75% 4/15/14 (Cost $180,000)	$ 180,000	190,800

Money Market Funds - 0.6%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) (Cost $2,620,017)	2,620,017		$ 2,620,017
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $370,790,177)			456,117,594
NET OTHER ASSETS (LIABILITIES) - (0.1)%			(454,477)
NET ASSETS - 100%		$ 455,663,117

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	$ 3,724
Fidelity Securities Lending Cash Central Fund	7,516
Total	$ 11,240

Other Information

The following is a summary of the inputs used, as of June 30, 2011, 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 tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 453,306,777	$ 451,789,342	$ 1,517,435	$ -
Convertible Bonds	190,800	-	190,800	-
Money Market Funds	2,620,017	2,620,017	-	-
Total Investments in Securities:	$ 456,117,594	$ 454,409,359	$ 1,708,235	$ -

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

Investments in Securities:
Beginning Balance	$ 200,308
Total Realized Gain (Loss)	(47,206)
Total Unrealized Gain (Loss)	38,184
Cost of Purchases	-
Proceeds of Sales	(191,286)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2011	$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in 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 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	82.6%
Netherlands Antilles	6.0%
Switzerland	3.7%
United Kingdom	2.3%
Canada	2.1%
Netherlands	1.2%
Others (Individually Less Than 1%)	2.1%
	100.0%

Income Tax Information

At December 31, 2010, the Fund had a capital loss carryforward of approximately $60,968,108 of which $53,220,311 and $7,747,797 will expire in fiscal 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $2,581,758) - See accompanying schedule: Unaffiliated issuers (cost $368,170,160)	$ 453,497,577
Fidelity Central Funds (cost $2,620,017)	2,620,017
Total Investments (cost $370,790,177)		$ 456,117,594
Cash		6,792
Foreign currency held at value (cost $79)		79
Receivable for investments sold		2,301,936
Receivable for fund shares sold		52,993
Dividends receivable		261,010
Interest receivable		1,775
Distributions receivable from Fidelity Central Funds		2,015
Other receivables		6,895
Total assets		458,751,089

Liabilities
Payable for fund shares redeemed	$ 145,119
Accrued management fee	207,189
Distribution and service plan fees payable	31,860
Other affiliated payables	48,241
Other payables and accrued expenses	35,546
Collateral on securities loaned, at value	2,620,017
Total liabilities		3,087,972

Net Assets		$ 455,663,117
Net Assets consist of:
Paid in capital		$ 403,327,284
Undistributed net investment income		1,194,397
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(34,184,896)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		85,326,332
Net Assets		$ 455,663,117

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)

Initial Class: Net Asset Value, offering price and redemption price per share ($165,774,100 ÷ 7,482,288 shares)		$ 22.16

Service Class 2: Net Asset Value, offering price and redemption price per share ($157,167,739 ÷ 7,139,865 shares)		$ 22.01

Investor Class: Net Asset Value, offering price and redemption price per share ($132,721,278 ÷ 6,004,979 shares)		$ 22.10

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

Semiannual Report

Statement of Operations

Six months ended June 30, 2011 (Unaudited)

Investment Income
Dividends		$ 3,103,417
Interest		4,242
Income from Fidelity Central Funds		11,240
Total income		3,118,899

Expenses
Management fee	$ 1,305,554
Transfer agent fees	228,274
Distribution and service plan fees	196,952
Accounting and security lending fees	91,904
Custodian fees and expenses	12,705
Independent trustees' compensation	1,149
Audit	18,618
Legal	269
Interest	614
Miscellaneous	2,317
Total expenses before reductions	1,858,356
Expense reductions	(13,091)	1,845,265
Net investment income (loss)		1,273,634
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	30,809,577
Foreign currency transactions	(1,988)
Total net realized gain (loss)		30,807,589
Change in net unrealized appreciation (depreciation) on: Investment securities	7,540,685
Assets and liabilities in foreign currencies	(472)
Total change in net unrealized appreciation (depreciation)		7,540,213
Net gain (loss)		38,347,802
Net increase (decrease) in net assets resulting from operations		$ 39,621,436

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,273,634	$ 1,821,852
Net realized gain (loss)	30,807,589	2,129,268
Change in net unrealized appreciation (depreciation)	7,540,213	52,797,353
Net increase (decrease) in net assets resulting from operations	39,621,436	56,748,473
Distributions to shareholders from net investment income	(204,278)	(1,680,556)
Share transactions - net increase (decrease)	34,646,991	(41,330,324)
Redemption fees	99,814	143,706
Total increase (decrease) in net assets	74,163,963	13,881,299

Net Assets
Beginning of period	381,499,154	367,617,855
End of period (including undistributed net investment income of $1,194,397 and undistributed net investment income of $125,041, respectively)	$ 455,663,117	$ 381,499,154

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 20.05	$ 16.88	$ 11.46	$ 26.55	$ 19.04	$ 18.92
Income from Investment Operations
Net investment income (loss) ^E	.07	.11	.07	.03	.07	.09
Net realized and unrealized gain (loss)	2.05	3.16	5.41	(14.31)	8.62	3.09
Total from investment operations	2.12	3.27	5.48	(14.28)	8.69	3.18
Distributions from net investment income	(.01)	(.11)	(.07)	(.03)	(.06)	(.16)
Distributions from net realized gain	-	-	-	(.80)	(1.13)	(2.91)
Total distributions	(.01)	(.11)	(.07)	(.83)	(1.19)	(3.07)
Redemption fees added to paid in capital ^E	- ^I	.01	.01	.02	.01	.01
Net asset value, end of period	$ 22.16	$ 20.05	$ 16.88	$ 11.46	$ 26.55	$ 19.04
Total Return^B,C,D	10.57%	19.45%	47.90%	(54.26)%	45.97%	16.91%
Ratios to Average Net Assets^F,H
Expenses before reductions	.68% ^A	.70%	.71%	.70%	.70%	.71%
Expenses net of fee waivers, if any	.68% ^A	.69%	.71%	.70%	.70%	.71%
Expenses net of all reductions	.68% ^A	.69%	.70%	.69%	.70%	.70%
Net investment income (loss)	.65% ^A	.65%	.47%	.13%	.31%	.43%
Supplemental Data
Net assets, end of period (000 omitted)	$ 165,774	$ 148,774	$ 152,028	$ 117,940	$ 355,854	$ 280,537
Portfolio turnover rate ^G	90% ^A	105%	113%	130%	61%	151%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I Amount represents less than $.01 per share.

Financial Highlights - Service Class 2

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 19.94	$ 16.79	$ 11.40	$ 26.44	$ 18.98	$ 18.90
Income from Investment Operations
Net investment income (loss) ^E	.04	.07	.03	(.03)	.02	.04
Net realized and unrealized gain (loss)	2.04	3.13	5.38	(14.23)	8.58	3.07
Total from investment operations	2.08	3.20	5.41	(14.26)	8.60	3.11
Distributions from net investment income	(.01)	(.06)	(.03)	-	(.02)	(.13)
Distributions from net realized gain	-	-	-	(.80)	(1.13)	(2.91)
Total distributions	(.01)	(.06)	(.03)	(.80)	(1.15)	(3.04)
Redemption fees added to paid in capital ^E	- ^I	.01	.01	.02	.01	.01
Net asset value, end of period	$ 22.01	$ 19.94	$ 16.79	$ 11.40	$ 26.44	$ 18.98
Total Return^B,C,D	10.43%	19.16%	47.57%	(54.40)%	45.64%	16.55%
Ratios to Average Net Assets^F,H
Expenses before reductions	.93% ^A	.95%	.96%	.95%	.95%	.96%
Expenses net of fee waivers, if any	.93% ^A	.94%	.96%	.95%	.95%	.96%
Expenses net of all reductions	.93% ^A	.94%	.95%	.94%	.94%	.95%
Net investment income (loss)	.40% ^A	.40%	.22%	(.12)%	.07%	.18%
Supplemental Data
Net assets, end of period (000 omitted)	$ 157,168	$ 129,043	$ 125,669	$ 90,109	$ 193,887	$ 70,305
Portfolio turnover rate ^G	90% ^A	105%	113%	130%	61%	151%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Investor Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 20.01	$ 16.85	$ 11.44	$ 26.49	$ 19.00	$ 18.91
Income from Investment Operations
Net investment income (loss) ^E	.06	.09	.05	.01	.05	.06
Net realized and unrealized gain (loss)	2.04	3.16	5.41	(14.28)	8.61	3.08
Total from investment operations	2.10	3.25	5.46	(14.27)	8.66	3.14
Distributions from net investment income	(.01)	(.10)	(.06)	-^I	(.05)	(.15)
Distributions from net realized gain	-	-	-	(.80)	(1.13)	(2.91)
Total distributions	(.01)	(.10)	(.06)	(.80)	(1.18)	(3.06)
Redemption fees added to paid in capital ^E	- ^I	.01	.01	.02	.01	.01
Net asset value, end of period	$ 22.10	$ 20.01	$ 16.85	$ 11.44	$ 26.49	$ 19.00
Total Return^B,C,D	10.50%	19.34%	47.79%	(54.32)%	45.88%	16.69%
Ratios to Average Net Assets^F,H
Expenses before reductions	.77% ^A	.79%	.81%	.79%	.81%	.84%
Expenses net of fee waivers, if any	.77% ^A	.78%	.81%	.79%	.81%	.84%
Expenses net of all reductions	.76% ^A	.77%	.80%	.78%	.81%	.82%
Net investment income (loss)	.57% ^A	.57%	.37%	.04%	.20%	.31%
Supplemental Data
Net assets, end of period (000 omitted)	$ 132,721	$ 103,682	$ 89,921	$ 55,256	$ 131,198	$ 51,436
Portfolio turnover rate ^G	90% ^A	105%	113%	130%	61%	151%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

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

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security 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 value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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. The aggregate value of investments by input level, as of June 30, 2011, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. 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 an independent pricing service 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 significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

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

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.

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 100,899,385
Gross unrealized depreciation	(19,058,166)
Net unrealized appreciation (depreciation) on securities and other investments	$ 81,841,219
Tax cost	$ 374,276,375

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Trading (Redemption) Fees. Initial Class shares, Service Class 2 shares, and Investor Class shares held by investors less than 60 days are subject to a redemption fee equal to 1% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $248,132,721 and $211,707,592, respectively.

6. Fees and Other Transactions with Affiliates.

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

For the period, total fees for Service Class 2, all of which was re-allowed to insurance companies for the distribution of shares and providing shareholder support services were $196,952.

Initial Class	$ 65,384
Service Class 2	56,868
Investor Class	106,022
	$ 228,274

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 9,120,143	.35%	$ 614

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $682 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. The lending agent may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $7,516. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2011	Year ended December 31, 2010
From net investment income
Initial Class	$ 78,577	$ 800,107
Service Class 2	68,889	408,455
Investor Class	56,812	471,994
Total	$ 204,278	$ 1,680,556

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	1,283,846	918,470	$ 28,279,282	$ 15,869,720
Reinvestment of distributions	3,585	41,413	78,577	800,107
Shares redeemed	(1,226,707)	(2,546,072)	(26,920,702)	(41,769,770)
Net increase (decrease)	60,724	(1,586,189)	$ 1,437,157	$ (25,099,943)
Service Class 2
Shares sold	1,364,373	892,222	$ 30,094,621	$ 15,494,576
Reinvestment of distributions	3,160	21,240	68,889	408,455
Shares redeemed	(698,650)	(1,926,104)	(15,282,779)	(31,528,158)
Net increase (decrease)	668,883	(1,012,642)	$ 14,880,731	$ (15,625,127)
Investor Class
Shares sold	1,651,153	1,261,085	$ 36,579,384	$ 22,374,304
Reinvestment of distributions	2,598	24,468	56,812	471,994
Shares redeemed	(831,256)	(1,440,817)	(18,307,093)	(23,451,552)
Net increase (decrease)	822,495	(155,264)	$ 18,329,103	$ (605,254)

12. Other.

At the end of the period, FMR or its affiliates were the owners of record of 66% of the total outstanding shares of the Fund and one otherwise unaffiliated shareholder was the owner of record of 34% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank & Trust Co.
Quincy, MA

VNRIC-SANN-0811
1.817382.106

Fidelity® Variable Insurance Products:
Energy Portfolio: Service Class 2

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of the fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	.68%
Actual		$ 1,000.00	$ 1,105.70	$ 3.55
Hypothetical ^A		$ 1,000.00	$ 1,021.42	$ 3.41
Service Class 2	.93%
Actual		$ 1,000.00	$ 1,104.30	$ 4.85
Hypothetical ^A		$ 1,000.00	$ 1,020.18	$ 4.66
Investor Class	.77%
Actual		$ 1,000.00	$ 1,105.00	$ 4.02
Hypothetical ^A		$ 1,000.00	$ 1,020.98	$ 3.86

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Chevron Corp.	10.9	5.3
Exxon Mobil Corp.	10.7	17.2
Schlumberger Ltd.	6.0	6.5
Occidental Petroleum Corp.	5.7	6.7
Marathon Oil Corp.	5.6	4.1
Baker Hughes, Inc.	4.9	2.8
Halliburton Co.	4.1	3.8
Hess Corp.	3.9	1.2
Holly Corp.	3.0	2.0
National Oilwell Varco, Inc.	2.8	3.9
	57.6

Top Industries (% of fund's net assets)
As of June 30, 2011
	Oil, Gas & Consumable Fuels	64.3%
	Energy Equipment & Services	32.2%
	Chemicals	1.2%
	Construction & Engineering	1.0%
	Metals & Mining	0.8%
	All Others*	0.5%

fid160

As of December 31, 2010
	Oil, Gas & Consumable Fuels	68.4%
	Energy Equipment & Services	26.4%
	Construction & Engineering	2.1%
	Chemicals	1.4%
	Metals & Mining	0.9%
	All Others*	0.8%

fid168

* Includes short-term investments and net other assets.

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
CHEMICALS - 1.2%
Specialty Chemicals - 1.2%
LyondellBasell Industries NV Class A	139,390		$ 5,369,303
CONSTRUCTION & ENGINEERING - 1.0%
Construction & Engineering - 1.0%
Foster Wheeler AG (a)	31,900		969,122
Jacobs Engineering Group, Inc. (a)	65,600		2,837,200
KBR, Inc.	15,867		598,027
			4,404,349
ENERGY EQUIPMENT & SERVICES - 32.2%
Oil & Gas Drilling - 10.2%
Discovery Offshore S.A. (a)(e)	190,900		378,657
Ensco International Ltd. ADR	198,766		10,594,228
Hercules Offshore, Inc. (a)	209,631		1,155,067
Nabors Industries Ltd. (a)	232,800		5,736,192
Noble Corp.	164,021		6,464,068
Northern Offshore Ltd.	247,128		464,991
Ocean Rig UDW, Inc. (a)	112,600		2,066,476
Parker Drilling Co. (a)	179,230		1,048,496
Patterson-UTI Energy, Inc.	158,600		5,013,346
Rowan Companies, Inc. (a)	149,800		5,813,738
Transocean Ltd. (United States)	114,265		7,376,948
Tuscany International Drilling, Inc. (a)	301,400		287,524
			46,399,731
Oil & Gas Equipment & Services - 22.0%
Aker Drilling ASA (a)	127,600		397,390
Baker Hughes, Inc.	305,118		22,139,362
Basic Energy Services, Inc. (a)	35,000		1,101,450
Cal Dive International, Inc. (a)	102,836		614,959
Compagnie Generale de Geophysique SA (a)	41,400		1,517,435
Dresser-Rand Group, Inc. (a)	33,500		1,800,625
Global Industries Ltd. (a)	81,000		443,880
Halliburton Co.	363,244		18,525,444
ION Geophysical Corp. (a)	24,200		228,932
Key Energy Services, Inc. (a)	100,100		1,801,800
National Oilwell Varco, Inc.	166,167		12,995,921
Oceaneering International, Inc.	17,692		716,526
Oil States International, Inc. (a)	63,410		5,067,093
RPC, Inc. (d)	20,200		495,708
Schlumberger Ltd.	315,146		27,228,614
Schoeller-Bleckmann Oilfield Equipment AG	13,349		1,156,376
Superior Energy Services, Inc. (a)	38,154		1,417,040
Weatherford International Ltd. (a)	105,142		1,971,413
Willbros Group, Inc. (a)	97,333		831,224
			100,451,192
TOTAL ENERGY EQUIPMENT & SERVICES			146,850,923

	Shares		Value
METALS & MINING - 0.8%
Diversified Metals & Mining - 0.8%
Grande Cache Coal Corp. (a)	54,337		$ 495,253
MacArthur Coal Ltd.	88,202		1,035,833
Walter Energy, Inc.	18,165		2,103,507
			3,634,593
OIL, GAS & CONSUMABLE FUELS - 64.3%
Coal & Consumable Fuels - 4.1%
Alpha Natural Resources, Inc. (a)	232,371		10,558,938
Arch Coal, Inc.	35,100		935,766
Peabody Energy Corp.	116,740		6,877,153
Solazyme, Inc.	5,900		135,523
			18,507,380
Integrated Oil & Gas - 37.3%
Chevron Corp.	485,513		49,930,159
Exxon Mobil Corp.	598,359		48,694,455
Hess Corp.	236,131		17,653,154
Marathon Oil Corp.	488,525		25,735,497
OAO Gazprom sponsored ADR	147,218		2,142,022
Occidental Petroleum Corp.	249,793		25,988,464
			170,143,751
Oil & Gas Exploration & Production - 13.0%
3Legs Resources PLC	42,000		145,260
Anadarko Petroleum Corp.	46,498		3,569,186
Apache Corp.	60,919		7,516,795
Bankers Petroleum Ltd. (a)	229,600		1,637,959
Berry Petroleum Co. Class A	54,955		2,919,759
Brigham Exploration Co. (a)	32,300		966,739
Carrizo Oil & Gas, Inc. (a)	27,290		1,139,358
Cimarex Energy Co.	23,276		2,092,978
Clayton Williams Energy, Inc. (a)	6,600		396,330
Concho Resources, Inc. (a)	4,600		422,510
Gran Tierra Energy, Inc. (a)	567,900		3,739,283
Kosmos Energy Ltd.	7,300		123,954
Newfield Exploration Co. (a)	74,024		5,035,112
Niko Resources Ltd.	9,000		561,893
Noble Energy, Inc.	25,500		2,285,565
Northern Oil & Gas, Inc. (a)	80,192		1,776,253
Oasis Petroleum, Inc. (a)(d)	42,820		1,270,898
Pacific Rubiales Energy Corp.	43,400		1,163,304
Painted Pony Petroleum Ltd. Class A (a)	67,000		777,406
Petrobank Energy & Resources Ltd. (a)	25,230		370,445
Petroleum Development Corp. (a)	26,800		801,588
Petrominerales Ltd. (d)	26,633		781,813
Pioneer Natural Resources Co.	99,634		8,924,217
Stone Energy Corp. (a)	36,696		1,115,191
Talisman Energy, Inc.	86,000		1,766,549
Tourmaline Oil Corp. (a)	16,400		544,853
Whiting Petroleum Corp. (a)	134,406		7,649,045
			59,494,243
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Refining & Marketing - 8.8%
CVR Energy, Inc. (a)	134,234		$ 3,304,841
Frontier Oil Corp.	220,138		7,112,659
Holly Corp.	196,155		13,613,157
Keyera Corp.	20,200		915,116
Petroplus Holdings AG	34,970		499,155
Tesoro Corp. (a)	259,217		5,938,661
Valero Energy Corp.	290,457		7,426,985
Western Refining, Inc. (a)(d)	64,694		1,169,021
			39,979,595
Oil & Gas Storage & Transport - 1.1%
Atlas Energy LP	10,363		225,188
Atlas Pipeline Partners, LP	22,528		742,523
Targa Resources Corp.	6,300		210,798
Tesoro Logistics LP	2,000		48,700
Williams Companies, Inc.	122,163		3,695,431
			4,922,640
TOTAL OIL, GAS & CONSUMABLE FUELS			293,047,609
TOTAL COMMON STOCKS (Cost $367,990,160)		453,306,777

Convertible Bonds - 0.0%
	Principal Amount
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
Semiconductors - 0.0%
SunPower Corp. 4.75% 4/15/14 (Cost $180,000)	$ 180,000	190,800

Money Market Funds - 0.6%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) (Cost $2,620,017)	2,620,017		$ 2,620,017
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $370,790,177)			456,117,594
NET OTHER ASSETS (LIABILITIES) - (0.1)%			(454,477)
NET ASSETS - 100%		$ 455,663,117

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	$ 3,724
Fidelity Securities Lending Cash Central Fund	7,516
Total	$ 11,240

Other Information

The following is a summary of the inputs used, as of June 30, 2011, 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 tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 453,306,777	$ 451,789,342	$ 1,517,435	$ -
Convertible Bonds	190,800	-	190,800	-
Money Market Funds	2,620,017	2,620,017	-	-
Total Investments in Securities:	$ 456,117,594	$ 454,409,359	$ 1,708,235	$ -

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

Investments in Securities:
Beginning Balance	$ 200,308
Total Realized Gain (Loss)	(47,206)
Total Unrealized Gain (Loss)	38,184
Cost of Purchases	-
Proceeds of Sales	(191,286)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2011	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	82.6%
Netherlands Antilles	6.0%
Switzerland	3.7%
United Kingdom	2.3%
Canada	2.1%
Netherlands	1.2%
Others (Individually Less Than 1%)	2.1%
	100.0%

Income Tax Information

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $2,581,758) - See accompanying schedule: Unaffiliated issuers (cost $368,170,160)	$ 453,497,577
Fidelity Central Funds (cost $2,620,017)	2,620,017
Total Investments (cost $370,790,177)		$ 456,117,594
Cash		6,792
Foreign currency held at value (cost $79)		79
Receivable for investments sold		2,301,936
Receivable for fund shares sold		52,993
Dividends receivable		261,010
Interest receivable		1,775
Distributions receivable from Fidelity Central Funds		2,015
Other receivables		6,895
Total assets		458,751,089

Liabilities
Payable for fund shares redeemed	$ 145,119
Accrued management fee	207,189
Distribution and service plan fees payable	31,860
Other affiliated payables	48,241
Other payables and accrued expenses	35,546
Collateral on securities loaned, at value	2,620,017
Total liabilities		3,087,972

Net Assets		$ 455,663,117
Net Assets consist of:
Paid in capital		$ 403,327,284
Undistributed net investment income		1,194,397
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(34,184,896)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		85,326,332
Net Assets		$ 455,663,117

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)

Initial Class: Net Asset Value, offering price and redemption price per share ($165,774,100 ÷ 7,482,288 shares)		$ 22.16

Service Class 2: Net Asset Value, offering price and redemption price per share ($157,167,739 ÷ 7,139,865 shares)		$ 22.01

Investor Class: Net Asset Value, offering price and redemption price per share ($132,721,278 ÷ 6,004,979 shares)		$ 22.10

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

Semiannual Report

Statement of Operations

Six months ended June 30, 2011 (Unaudited)

Investment Income
Dividends		$ 3,103,417
Interest		4,242
Income from Fidelity Central Funds		11,240
Total income		3,118,899

Expenses
Management fee	$ 1,305,554
Transfer agent fees	228,274
Distribution and service plan fees	196,952
Accounting and security lending fees	91,904
Custodian fees and expenses	12,705
Independent trustees' compensation	1,149
Audit	18,618
Legal	269
Interest	614
Miscellaneous	2,317
Total expenses before reductions	1,858,356
Expense reductions	(13,091)	1,845,265
Net investment income (loss)		1,273,634
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	30,809,577
Foreign currency transactions	(1,988)
Total net realized gain (loss)		30,807,589
Change in net unrealized appreciation (depreciation) on: Investment securities	7,540,685
Assets and liabilities in foreign currencies	(472)
Total change in net unrealized appreciation (depreciation)		7,540,213
Net gain (loss)		38,347,802
Net increase (decrease) in net assets resulting from operations		$ 39,621,436

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,273,634	$ 1,821,852
Net realized gain (loss)	30,807,589	2,129,268
Change in net unrealized appreciation (depreciation)	7,540,213	52,797,353
Net increase (decrease) in net assets resulting from operations	39,621,436	56,748,473
Distributions to shareholders from net investment income	(204,278)	(1,680,556)
Share transactions - net increase (decrease)	34,646,991	(41,330,324)
Redemption fees	99,814	143,706
Total increase (decrease) in net assets	74,163,963	13,881,299

Net Assets
Beginning of period	381,499,154	367,617,855
End of period (including undistributed net investment income of $1,194,397 and undistributed net investment income of $125,041, respectively)	$ 455,663,117	$ 381,499,154

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 20.05	$ 16.88	$ 11.46	$ 26.55	$ 19.04	$ 18.92
Income from Investment Operations
Net investment income (loss) ^E	.07	.11	.07	.03	.07	.09
Net realized and unrealized gain (loss)	2.05	3.16	5.41	(14.31)	8.62	3.09
Total from investment operations	2.12	3.27	5.48	(14.28)	8.69	3.18
Distributions from net investment income	(.01)	(.11)	(.07)	(.03)	(.06)	(.16)
Distributions from net realized gain	-	-	-	(.80)	(1.13)	(2.91)
Total distributions	(.01)	(.11)	(.07)	(.83)	(1.19)	(3.07)
Redemption fees added to paid in capital ^E	- ^I	.01	.01	.02	.01	.01
Net asset value, end of period	$ 22.16	$ 20.05	$ 16.88	$ 11.46	$ 26.55	$ 19.04
Total Return^B,C,D	10.57%	19.45%	47.90%	(54.26)%	45.97%	16.91%
Ratios to Average Net Assets^F,H
Expenses before reductions	.68% ^A	.70%	.71%	.70%	.70%	.71%
Expenses net of fee waivers, if any	.68% ^A	.69%	.71%	.70%	.70%	.71%
Expenses net of all reductions	.68% ^A	.69%	.70%	.69%	.70%	.70%
Net investment income (loss)	.65% ^A	.65%	.47%	.13%	.31%	.43%
Supplemental Data
Net assets, end of period (000 omitted)	$ 165,774	$ 148,774	$ 152,028	$ 117,940	$ 355,854	$ 280,537
Portfolio turnover rate ^G	90% ^A	105%	113%	130%	61%	151%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I Amount represents less than $.01 per share.

Financial Highlights - Service Class 2

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 19.94	$ 16.79	$ 11.40	$ 26.44	$ 18.98	$ 18.90
Income from Investment Operations
Net investment income (loss) ^E	.04	.07	.03	(.03)	.02	.04
Net realized and unrealized gain (loss)	2.04	3.13	5.38	(14.23)	8.58	3.07
Total from investment operations	2.08	3.20	5.41	(14.26)	8.60	3.11
Distributions from net investment income	(.01)	(.06)	(.03)	-	(.02)	(.13)
Distributions from net realized gain	-	-	-	(.80)	(1.13)	(2.91)
Total distributions	(.01)	(.06)	(.03)	(.80)	(1.15)	(3.04)
Redemption fees added to paid in capital ^E	- ^I	.01	.01	.02	.01	.01
Net asset value, end of period	$ 22.01	$ 19.94	$ 16.79	$ 11.40	$ 26.44	$ 18.98
Total Return^B,C,D	10.43%	19.16%	47.57%	(54.40)%	45.64%	16.55%
Ratios to Average Net Assets^F,H
Expenses before reductions	.93% ^A	.95%	.96%	.95%	.95%	.96%
Expenses net of fee waivers, if any	.93% ^A	.94%	.96%	.95%	.95%	.96%
Expenses net of all reductions	.93% ^A	.94%	.95%	.94%	.94%	.95%
Net investment income (loss)	.40% ^A	.40%	.22%	(.12)%	.07%	.18%
Supplemental Data
Net assets, end of period (000 omitted)	$ 157,168	$ 129,043	$ 125,669	$ 90,109	$ 193,887	$ 70,305
Portfolio turnover rate ^G	90% ^A	105%	113%	130%	61%	151%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I Amount represents less than $.01 per share.

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

Semiannual Report

Financial Highlights - Investor Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 20.01	$ 16.85	$ 11.44	$ 26.49	$ 19.00	$ 18.91
Income from Investment Operations
Net investment income (loss) ^E	.06	.09	.05	.01	.05	.06
Net realized and unrealized gain (loss)	2.04	3.16	5.41	(14.28)	8.61	3.08
Total from investment operations	2.10	3.25	5.46	(14.27)	8.66	3.14
Distributions from net investment income	(.01)	(.10)	(.06)	-^I	(.05)	(.15)
Distributions from net realized gain	-	-	-	(.80)	(1.13)	(2.91)
Total distributions	(.01)	(.10)	(.06)	(.80)	(1.18)	(3.06)
Redemption fees added to paid in capital ^E	- ^I	.01	.01	.02	.01	.01
Net asset value, end of period	$ 22.10	$ 20.01	$ 16.85	$ 11.44	$ 26.49	$ 19.00
Total Return^B,C,D	10.50%	19.34%	47.79%	(54.32)%	45.88%	16.69%
Ratios to Average Net Assets^F,H
Expenses before reductions	.77% ^A	.79%	.81%	.79%	.81%	.84%
Expenses net of fee waivers, if any	.77% ^A	.78%	.81%	.79%	.81%	.84%
Expenses net of all reductions	.76% ^A	.77%	.80%	.78%	.81%	.82%
Net investment income (loss)	.57% ^A	.57%	.37%	.04%	.20%	.31%
Supplemental Data
Net assets, end of period (000 omitted)	$ 132,721	$ 103,682	$ 89,921	$ 55,256	$ 131,198	$ 51,436
Portfolio turnover rate ^G	90% ^A	105%	113%	130%	61%	151%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security 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 value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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. The aggregate value of investments by input level, as of June 30, 2011, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. 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 an independent pricing service 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 significant 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 are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

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.

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 100,899,385
Gross unrealized depreciation	(19,058,166)
Net unrealized appreciation (depreciation) on securities and other investments	$ 81,841,219
Tax cost	$ 374,276,375

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $248,132,721 and $211,707,592, respectively.

6. Fees and Other Transactions with Affiliates.

For the period, total fees for Service Class 2, all of which was re-allowed to insurance companies for the distribution of shares and providing shareholder support services were $196,952.

Initial Class	$ 65,384
Service Class 2	56,868
Investor Class	106,022
	$ 228,274

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 9,120,143	.35%	$ 614

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $682 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. The lending agent may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $7,516. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2011	Year ended December 31, 2010
From net investment income
Initial Class	$ 78,577	$ 800,107
Service Class 2	68,889	408,455
Investor Class	56,812	471,994
Total	$ 204,278	$ 1,680,556

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	1,283,846	918,470	$ 28,279,282	$ 15,869,720
Reinvestment of distributions	3,585	41,413	78,577	800,107
Shares redeemed	(1,226,707)	(2,546,072)	(26,920,702)	(41,769,770)
Net increase (decrease)	60,724	(1,586,189)	$ 1,437,157	$ (25,099,943)
Service Class 2
Shares sold	1,364,373	892,222	$ 30,094,621	$ 15,494,576
Reinvestment of distributions	3,160	21,240	68,889	408,455
Shares redeemed	(698,650)	(1,926,104)	(15,282,779)	(31,528,158)
Net increase (decrease)	668,883	(1,012,642)	$ 14,880,731	$ (15,625,127)
Investor Class
Shares sold	1,651,153	1,261,085	$ 36,579,384	$ 22,374,304
Reinvestment of distributions	2,598	24,468	56,812	471,994
Shares redeemed	(831,256)	(1,440,817)	(18,307,093)	(23,451,552)
Net increase (decrease)	822,495	(155,264)	$ 18,329,103	$ (605,254)

12. Other.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank & Trust Co.
Quincy, MA

VNR2-SANN-0811
1.833454.105

Fidelity® Variable Insurance Products:
Financial Services Portfolio

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of the fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	.83%
Actual		$ 1,000.00	$ 947.90	$ 4.01
Hypothetical^A		$ 1,000.00	$ 1,020.68	$ 4.16
Investor Class	.91%
Actual		$ 1,000.00	$ 946.30	$ 4.39
Hypothetical^A		$ 1,000.00	$ 1,020.28	$ 4.56

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
MasterCard, Inc. Class A	6.8	3.4
SLM Corp.	5.5	1.4
Citigroup, Inc.	5.5	4.4
Morgan Stanley	4.9	4.6
JPMorgan Chase & Co.	4.5	4.9
E*TRADE Financial Corp.	4.4	2.0
CIT Group, Inc.	4.4	2.7
Comerica, Inc.	4.4	7.8
Invesco Ltd.	4.2	0.5
Bank of America Corp.	3.7	4.6
	48.3

Top Industries (% of fund's net assets)
As of June 30, 2011
	Capital Markets	27.1%
	Commercial Banks	23.2%
	Diversified Financial Services	15.9%
	IT Services	10.4%
	Consumer Finance	6.4%
	All Others*	17.0%

fid181

As of December 31, 2010
	Commercial Banks	45.8%
	Capital Markets	17.8%
	Diversified Financial Services	14.5%
	IT Services	13.0%
	Insurance	3.2%
	All Others*	5.7%

fid189

* Includes short-term investments and net other assets.

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value
CAPITAL MARKETS - 27.1%
Asset Management & Custody Banks - 9.8%
Affiliated Managers Group, Inc. (a)	7,850		$ 796,383
Apollo Global Management LLC Class A	13,076		224,907
Bank of New York Mellon Corp.	100		2,562
Franklin Resources, Inc.	3,762		493,913
Invesco Ltd.	56,900		1,331,460
Legg Mason, Inc.	2,062		67,551
Northern Trust Corp.	4,900		225,204
State Street Corp.	100		4,509
			3,146,489
Diversified Capital Markets - 0.0%
HFF, Inc. (a)	200		3,018
Investment Banking & Brokerage - 17.3%
E*TRADE Financial Corp. (a)	103,215		1,424,367
Evercore Partners, Inc. Class A	16,046		534,653
GFI Group, Inc.	125,439		575,765
Goldman Sachs Group, Inc.	184		24,489
Jefferies Group, Inc.	21,295		434,418
Lazard Ltd. Class A	13,998		519,326
Macquarie Group Ltd.	91		3,050
MF Global Holdings Ltd. (a)	57,747		446,962
Morgan Stanley	68,489		1,575,932
			5,538,962
TOTAL CAPITAL MARKETS			8,688,469
COMMERCIAL BANKS - 23.2%
Diversified Banks - 9.0%
Banco ABC Brasil SA	16,000		120,120
Banco Bradesco SA (PN) sponsored ADR	100		2,049
Banco Macro SA sponsored ADR	100		3,774
Banco Pine SA	8,122		62,433
Banco Santander (Brasil) SA ADR	600		7,026
Barclays PLC sponsored ADR	200		3,286
Comerica, Inc.	40,383		1,396,040
CorpBanca SA sponsored ADR	200		4,780
Credicorp Ltd. (NY Shares)	200		17,220
Grupo Financiero Galicia SA sponsored ADR	200		2,708
Guaranty Trust Bank PLC GDR (Reg. S)	1,200		6,000
HSBC Holdings PLC sponsored ADR	100		4,962
Industrial & Commercial Bank of China Ltd. (H Shares)	422,000		320,496
National Australia Bank Ltd.	59		1,621
Standard Chartered PLC (United Kingdom)	123		3,233
Sumitomo Mitsui Financial Group, Inc.	100		3,083
The Jammu & Kashmir Bank Ltd.	1,677		31,569
U.S. Bancorp	12,800		326,528
United Overseas Bank Ltd.	16,000		256,354
Wells Fargo & Co.	11,274		316,348
			2,889,630

	Shares		Value
Regional Banks - 14.2%
Banco Daycoval SA (PN)	18,900		$ 118,647
BancTrust Financial Group, Inc. (a)	7,400		19,018
Bank of the Ozarks, Inc.	300		15,618
Boston Private Financial Holdings, Inc.	500		3,290
Bridge Capital Holdings (a)	11,030		122,212
Canadian Western Bank, Edmonton	500		15,968
Cape Bancorp, Inc. (a)	300		3,000
Cascade Bancorp (a)(d)	200		2,020
CIT Group, Inc. (a)	31,782		1,406,671
Citizens & Northern Corp.	100		1,507
City Holding Co.	100		3,303
City National Corp.	100		5,425
CNB Financial Corp., Pennsylvania	200		2,778
CoBiz, Inc.	40,020		261,731
Fifth Third Bancorp	2,500		31,875
First Horizon National Corp.	300		2,862
First Interstate Bancsystem, Inc.	14,053		207,141
FNB Corp., Pennsylvania	2,600		26,910
Glacier Bancorp, Inc.	1,677		22,606
Huntington Bancshares, Inc.	56,492		370,588
KeyCorp	800		6,664
Lakeland Bancorp, Inc.	200		1,996
Landmark Bancorp, Inc.	89		1,395
MidWestOne Financial Group, Inc.	2		29
Northrim Bancorp, Inc.	362		6,867
Pacific Continental Corp.	700		6,405
PNC Financial Services Group, Inc.	530		31,593
Regions Financial Corp.	155,881		966,462
SunTrust Banks, Inc.	100		2,580
Susquehanna Bancshares, Inc.	15,256		122,048
SVB Financial Group (a)	624		37,259
Synovus Financial Corp. (d)	120,420		250,474
TCF Financial Corp.	21,155		291,939
Texas Capital Bancshares, Inc. (a)	100		2,583
Valley National Bancorp	200		2,722
Virginia Commerce Bancorp, Inc. (a)	100		591
Washington Trust Bancorp, Inc.	100		2,297
Webster Financial Corp.	6,100		128,222
Western Alliance Bancorp. (a)	9,200		65,320
Zions Bancorporation	42		1,008
			4,571,624
TOTAL COMMERCIAL BANKS			7,461,254
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Diversified Support Services - 0.0%
Intrum Justitia AB	200		2,941
CONSUMER FINANCE - 6.4%
Consumer Finance - 6.4%
American Express Co.	3,840		198,528
Capital One Financial Corp.	101		5,219
EZCORP, Inc. (non-vtg.) Class A (a)	100		3,558
Common Stocks - continued
	Shares		Value
CONSUMER FINANCE - CONTINUED
Consumer Finance - continued
Green Dot Corp. Class A (d)	2,300		$ 78,154
Nelnet, Inc. Class A	200		4,412
Netspend Holdings, Inc.	99		990
PT Clipan Finance Indonesia Tbk	77,000		6,105
SLM Corp.	105,305		1,770,177
			2,067,143
DIVERSIFIED CONSUMER SERVICES - 0.2%
Specialized Consumer Services - 0.2%
Sotheby's Class A (Ltd. vtg.)	1,200		52,200
DIVERSIFIED FINANCIAL SERVICES - 15.9%
Other Diversified Financial Services - 13.7%
Bank of America Corp.	109,080		1,195,517
Citigroup, Inc.	42,085		1,752,419
JPMorgan Chase & Co.	34,923		1,429,748
			4,377,684
Specialized Finance - 2.2%
CME Group, Inc.	100		29,159
IntercontinentalExchange, Inc. (a)	300		37,413
PHH Corp. (a)	31,636		649,171
			715,743
TOTAL DIVERSIFIED FINANCIAL SERVICES			5,093,427
HOTELS, RESTAURANTS & LEISURE - 0.6%
Casinos & Gaming - 0.6%
MGM Mirage, Inc. (a)(d)	15,300		202,113
INDUSTRIAL CONGLOMERATES - 1.5%
Industrial Conglomerates - 1.5%
Keppel Corp. Ltd.	52,000		469,071
INSURANCE - 5.0%
Life & Health Insurance - 1.0%
AFLAC, Inc.	100		4,668
Citizens, Inc. Class A (a)	500		3,410
CNO Financial Group, Inc. (a)	400		3,164
Delphi Financial Group, Inc. Class A	100		2,921
FBL Financial Group, Inc. Class A	100		3,215
Lincoln National Corp.	100		2,849
MetLife, Inc.	1,900		83,353
Phoenix Companies, Inc. (a)	1,300		3,198
Prudential Financial, Inc.	2,574		163,681
Resolution Ltd.	11,900		56,149
StanCorp Financial Group, Inc.	100		4,219
Symetra Financial Corp.	200		2,686
Unum Group	100		2,548
			336,061

	Shares		Value
Multi-Line Insurance - 0.0%
American International Group, Inc. (a)	100		$ 2,932
Genworth Financial, Inc. Class A (a)	600		6,168
			9,100
Property & Casualty Insurance - 3.6%
ACE Ltd.	500		32,910
Allstate Corp.	100		3,053
Assured Guaranty Ltd.	100		1,631
Axis Capital Holdings Ltd.	5,500		170,280
Berkshire Hathaway, Inc. Class B (a)	8,200		634,598
XL Group PLC Class A	14,526		319,281
			1,161,753
Reinsurance - 0.4%
Montpelier Re Holdings Ltd.	200		3,600
Validus Holdings Ltd.	3,666		113,463
			117,063
TOTAL INSURANCE			1,623,977
INTERNET SOFTWARE & SERVICES - 0.2%
Internet Software & Services - 0.2%
China Finance Online Co. Ltd. ADR (a)	15,374		55,193
IT SERVICES - 10.4%
Data Processing & Outsourced Services - 10.4%
Cielo SA	8,400		209,852
Fiserv, Inc. (a)	7,535		471,917
MasterCard, Inc. Class A	7,216		2,174,470
Redecard SA	32,000		482,122
			3,338,361
IT Consulting & Other Services - 0.0%
Accenture PLC Class A	100		6,042
TOTAL IT SERVICES			3,344,403
PROFESSIONAL SERVICES - 2.0%
Research & Consulting Services - 2.0%
Equifax, Inc.	18,200		631,904
REAL ESTATE INVESTMENT TRUSTS - 2.0%
Diversified REITs - 0.1%
Vornado Realty Trust	200		18,636
Industrial REITs - 0.1%
DCT Industrial Trust, Inc.	6,000		31,380
Mortgage REITs - 0.1%
American Capital Agency Corp.	1,100		32,021
Annaly Capital Management, Inc.	200		3,608
			35,629
Office REITs - 1.0%
Corporate Office Properties Trust (SBI)	100		3,111
Douglas Emmett, Inc.	300		5,967
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
Office REITs - continued
Lexington Corporate Properties Trust (d)	34,565		$ 315,578
MPG Office Trust, Inc. (a)	1,200		3,432
			328,088
Residential REITs - 0.0%
Campus Crest Communities, Inc.	300		3,882
Specialized REITs - 0.7%
Host Hotels & Resorts, Inc.	200		3,390
Nationwide Health Properties, Inc.	100		4,141
Public Storage	100		11,401
Strategic Hotel & Resorts, Inc. (a)	18,038		127,709
Ventas, Inc.	100		5,271
Weyerhaeuser Co.	3,100		67,766
			219,678
TOTAL REAL ESTATE INVESTMENT TRUSTS			637,293
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.4%
Real Estate Operating Companies - 0.3%
Castellum AB	6,800		101,929
Thomas Properties Group, Inc. (a)	500		1,605
			103,534
Real Estate Services - 0.1%
CB Richard Ellis Group, Inc. Class A (a)	700		17,577
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			121,111
SPECIALTY RETAIL - 0.1%
Home Improvement Retail - 0.1%
Home Depot, Inc.	1,360		49,259
THRIFTS & MORTGAGE FINANCE - 0.1%
Thrifts & Mortgage Finance - 0.1%
Brookline Bancorp, Inc., Delaware	200		1,854
Cheviot Financial Corp.	2,424		22,301
Hudson City Bancorp, Inc.	800		6,552
People's United Financial, Inc.	200		2,688
Washington Mutual, Inc. (a)	16,757		2,170
			35,565
WIRELESS TELECOMMUNICATION SERVICES - 0.0%
Wireless Telecommunication Services - 0.0%
American Tower Corp. Class A (a)	100		5,233
TOTAL COMMON STOCKS (Cost $31,245,531)		30,540,556
Money Market Funds - 2.3%
	Shares		Value
Fidelity Cash Central Fund, 0.11% (b)	1,000		$ 1,000
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	741,275		741,275
TOTAL MONEY MARKET FUNDS (Cost $742,275)		742,275
Cash Equivalents - 6.4%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.01%, dated 6/30/11 due 7/1/11 (Collateralized by U.S. Government Obligations) # (Cost $2,042,000)	$ 2,042,001		2,042,000

TOTAL INVESTMENT PORTFOLIO - 103.8%

(Cost $34,029,806)

33,324,831

NET OTHER ASSETS (LIABILITIES) - (3.8)%

(1,228,205)

NET ASSETS - 100%

$ 32,096,626

Legend

(a) Non-income producing

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

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

Repurchase Agreement / Counterparty	Value
$2,042,000 due 7/01/11 at 0.01%
BNP Paribas Securities Corp.	$ 736,107
Credit Agricole Securities (USA), Inc.	356,507
Mizuho Securities USA, Inc.	863,078
Wells Fargo Securities LLC	86,308
	$ 2,042,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1
Fidelity Securities Lending Cash Central Fund	1,994
Total	$ 1,995

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 30,540,556	$ 30,537,473	$ 3,083	$ -
Money Market Funds	742,275	742,275	-	-
Cash Equivalents	2,042,000	-	2,042,000	-
Total Investments in Securities:	$ 33,324,831	$ 31,279,748	$ 2,045,083	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	84.8%
Bermuda	6.8%
Brazil	3.1%
Singapore	2.3%
China	1.2%
Ireland	1.0%
Others (Individually Less Than 1%)	0.8%
	100.0%

Income Tax Information

At December 31, 2010, the Fund had a capital loss carryforward of approximately $13,908,817 of which $5,260,890 and $8,647,927 will expire in fiscal 2016 and 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $713,979 and repurchase agreements of $2,042,000) - See accompanying schedule: Unaffiliated issuers (cost $33,287,531)	$ 32,582,556
Fidelity Central Funds (cost $742,275)	742,275
Total Investments (cost $34,029,806)		$ 33,324,831
Cash		777
Receivable for investments sold		2,643,097
Receivable for fund shares sold		68,459
Dividends receivable		26,808
Distributions receivable from Fidelity Central Funds		90
Other receivables		8,398
Total assets		36,072,460

Liabilities
Payable for investments purchased	$ 3,163,645
Payable for fund shares redeemed	27,380
Accrued management fee	14,516
Other affiliated payables	3,993
Other payables and accrued expenses	25,025
Collateral on securities loaned, at value	741,275
Total liabilities		3,975,834

Net Assets		$ 32,096,626
Net Assets consist of:
Paid in capital		$ 47,186,640
Accumulated net investment loss		(34,372)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(14,350,877)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(704,765)
Net Assets		$ 32,096,626

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)

Initial Class: Net Asset Value, offering price and redemption price per share ($13,499,853 ÷ 2,033,870 shares)		$ 6.64

Investor Class: Net Asset Value, offering price and redemption price per share ($18,596,773 ÷ 2,811,686 shares)		$ 6.61

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

Semiannual Report

Financial Statements - continued

Statement of Operations

Six months ended June 30, 2011 (Unaudited)

Investment Income
Dividends		$ 139,657
Interest		323
Income from Fidelity Central Funds		1,995
Total income		141,975

Expenses
Management fee	$ 113,790
Transfer agent fees	27,394
Accounting and security lending fees	8,170
Custodian fees and expenses	7,651
Independent trustees' compensation	105
Audit	21,302
Legal	34
Miscellaneous	218
Total expenses before reductions	178,664
Expense reductions	(12,862)	165,802
Net investment income (loss)		(23,827)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	521,166
Foreign currency transactions	(31,341)
Total net realized gain (loss)		489,825
Change in net unrealized appreciation (depreciation) on: Investment securities	(2,539,953)
Assets and liabilities in foreign currencies	101
Total change in net unrealized appreciation (depreciation)		(2,539,852)
Net gain (loss)		(2,050,027)
Net increase (decrease) in net assets resulting from operations		$ (2,073,854)

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (23,827)	$ 123,372
Net realized gain (loss)	489,825	411,816
Change in net unrealized appreciation (depreciation)	(2,539,852)	(791,713)
Net increase (decrease) in net assets resulting from operations	(2,073,854)	(256,525)
Distributions to shareholders from net investment income	(33,223)	(76,655)
Share transactions - net increase (decrease)	(6,624,045)	4,212,776
Redemption fees	13,907	25,036
Total increase (decrease) in net assets	(8,717,215)	3,904,632

Net Assets
Beginning of period	40,813,841	36,909,209
End of period (including accumulated net investment loss of $34,372 and undistributed net investment income of $22,678, respectively)	$ 32,096,626	$ 40,813,841

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 7.01	$ 6.55	$ 5.22	$ 11.57	$ 14.60	$ 12.98
Income from Investment Operations
Net investment income (loss)^E	(-)^J	.02	.06	.21	.20	.18
Net realized and unrealized gain (loss)	(.36)	.46^H	1.35	(5.68)	(2.02)	1.86
Total from investment operations	(.36)	.48	1.41	(5.47)	(1.82)	2.04
Distributions from net investment income	(.01)	(.02)	(.09)	(.15)	(.36)	(.16)
Distributions from net realized gain	-	-	-	(.74)	(.86)	(.27)
Total distributions	(.01)	(.02)	(.09)	(.89)	(1.22)	(.43)
Redemption fees added to paid in capital^E	-^J	-^J	.01	.01	.01	.01
Net asset value, end of period	$ 6.64	$ 7.01	$ 6.55	$ 5.22	$ 11.57	$ 14.60
Total Return^B,C,D	(5.21)%	7.28%	27.30%	(50.08)%	(13.43)%	16.29%
Ratios to Average Net Assets^F,I
Expenses before reductions	.83%^A	.90%	.91%	.84%	.87%	.86%
Expenses net of fee waivers, if any	.83%^A	.90%	.91%	.84%	.87%	.86%
Expenses net of all reductions	.77%^A	.85%	.87%	.84%	.87%	.85%
Net investment income (loss)	(.07)%^A	.34%	1.09%	2.64%	1.48%	1.36%
Supplemental Data
Net assets, end of period (000 omitted)	$ 13,500	$ 18,959	$ 20,155	$ 17,436	$ 23,631	$ 44,781
Portfolio turnover rate^G	275%^A	288%	336%	100%	48%	68%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share.

Financial Highlights - Investor Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 6.99	$ 6.53	$ 5.20	$ 11.54	$ 14.57	$ 12.98
Income from Investment Operations
Net investment income (loss)^E	(.01)	.02	.06	.20	.18	.16
Net realized and unrealized gain (loss)	(.36)	.45^H	1.34	(5.67)	(2.02)	1.86
Total from investment operations	(.37)	.47	1.40	(5.47)	(1.84)	2.02
Distributions from net investment income	(.01)	(.01)	(.08)	(.14)	(.34)	(.17)
Distributions from net realized gain	-	-	-	(.74)	(.86)	(.27)
Total distributions	(.01)	(.01)	(.08)	(.88)	(1.20)	(.44)
Redemption fees added to paid in capital^E	-^J	-^J	.01	.01	.01	.01
Net asset value, end of period	$ 6.61	$ 6.99	$ 6.53	$ 5.20	$ 11.54	$ 14.57
Total Return^B,C,D	(5.37)%	7.24%	27.30%	(50.18)%	(13.60)%	16.12%
Ratios to Average Net Assets^F,I
Expenses before reductions	.91%^A	.99%	1.01%	.94%	.99%	1.00%
Expenses net of fee waivers, if any	.91%^A	.98%	1.01%	.94%	.99%	1.00%
Expenses net of all reductions	.85%^A	.94%	.97%	.94%	.99%	.99%
Net investment income (loss)	(.15)%^A	.25%	.99%	2.54%	1.36%	1.22%
Supplemental Data
Net assets, end of period (000 omitted)	$ 18,597	$ 21,855	$ 16,754	$ 12,012	$ 10,530	$ 13,030
Portfolio turnover rate^G	275%^A	288%	336%	100%	48%	68%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^JAmount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

VIP Financial Services Portfolio (the Fund) is a fund of Variable Insurance Products Fund IV (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

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. Short-term securities with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. As a result of a change in the estimate of the return of capital component of dividend income realized in the year ended December 31, 2010, dividend income has been reduced $54,618 with a corresponding increase to net unrealized appreciation (depreciation). The change in estimate has no impact on total net assets or total return of the Fund. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, partnerships, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 1,323,835
Gross unrealized depreciation	(2,587,018)
Net unrealized appreciation (depreciation) on securities and other investments	$ (1,263,183)

Tax cost	$ 34,588,014

Semiannual Report

3. Significant Accounting Policies - continued

4. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the SEC which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $54,295,116 and $61,431,263, respectively.

6. Fees and Other Transactions with Affiliates.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class(with the exception of Investor Class) pays a transfer agent fee, excluding out of pocket expenses, equal to an annual rate of .07% of average net assets. Investor Class pays a monthly asset-based transfer agent fee of .15% of average net assets. In addition, FIIOC receives an asset-based fee of .0045% of average net assets for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class, including printing and out of pocket expenses, were as follows:

Initial Class	$ 8,126
Investor Class	19,268
	$ 27,394

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $69 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. The lending agent may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $1,994. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2011	Year ended December 31, 2010
From net investment income
Initial Class	$ 15,062	$ 42,604
Investor Class	18,161	34,051
Total	$ 33,223	$ 76,655

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	526,320	2,381,105	$ 3,776,151	$ 17,410,002
Reinvestment of distributions	2,086	6,451	15,062	42,604
Shares redeemed	(1,198,674)	(2,758,772)	(8,379,292)	(17,958,382)
Net increase (decrease)	(670,268)	(371,216)	$ (4,588,079)	$ (505,776)
Investor Class
Shares sold	983,465	2,187,245	$ 6,955,338	$ 15,259,152
Reinvestment of distributions	2,526	5,183	18,161	34,051
Shares redeemed	(1,301,400)	(1,629,111)	(9,009,465)	(10,574,651)
Net increase (decrease)	(315,409)	563,317	$ (2,035,966)	$ 4,718,552

Semiannual Report

12. Other.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management and Research (Hong Kong) Limited

Fidelity Management and Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

VFSIC-SANN-0811
1.817370.106

Fidelity® Variable Insurance Products:
Growth Stock Portfolio

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	.85%
Actual		$ 1,000.00	$ 1,087.20	$ 4.40
Hypothetical^A		$ 1,000.00	$ 1,020.58	$ 4.26
Service Class	.95%
Actual		$ 1,000.00	$ 1,086.20	$ 4.91
Hypothetical^A		$ 1,000.00	$ 1,020.08	$ 4.76
Service Class 2	1.10%
Actual		$ 1,000.00	$ 1,084.80	$ 5.69
Hypothetical^A		$ 1,000.00	$ 1,019.34	$ 5.51
Investor Class	.93%
Actual		$ 1,000.00	$ 1,086.20	$ 4.81
Hypothetical^A		$ 1,000.00	$ 1,020.18	$ 4.66

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Apple, Inc.	6.2	5.8
Exxon Mobil Corp.	4.5	6.0
Google, Inc. Class A	3.4	3.4
Cognizant Technology Solutions Corp. Class A	2.3	1.8
Amazon.com, Inc.	2.2	1.7
QUALCOMM, Inc.	2.0	1.6
Oracle Corp.	1.8	1.5
United Technologies Corp.	1.6	2.1
TJX Companies, Inc.	1.5	1.4
Herbalife Ltd.	1.4	1.0
	26.9
Top Five Market Sectors as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	28.4	30.8
Consumer Discretionary	14.2	15.6
Industrials	12.2	11.6
Energy	11.8	10.3
Health Care	10.5	8.5

Asset Allocation (% of fund's net assets)
As of June 30, 2011 *			As of December 31, 2010 **
	Stocks 98.3%			Stocks 95.8%
	Short-Term Investments and Net Other Assets 1.7%			Short-Term Investments and Net Other Assets 4.2%
* Foreign investments		13.1%	** Foreign investments		10.0%

fid202

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
CONSUMER DISCRETIONARY - 14.2%
Auto Components - 0.4%
Autoliv, Inc.	1,000		$ 78,450
Minth Group Ltd.	12,000		19,399
TRW Automotive Holdings Corp. (a)	600		35,418
			133,267
Automobiles - 0.1%
Hyundai Motor Co.	123		27,321
Tesla Motors, Inc. (a)	200		5,826
			33,147
Diversified Consumer Services - 1.6%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	600		67,032
Weight Watchers International, Inc.	6,100		460,367
			527,399
Hotels, Restaurants & Leisure - 0.4%
Arcos Dorados Holdings, Inc.	2,000		42,180
Ctrip.com International Ltd. sponsored ADR (a)	2,200		94,776
Las Vegas Sands Corp. (a)	200		8,442
			145,398
Household Durables - 2.4%
iRobot Corp. (a)	2,700		95,283
M.D.C. Holdings, Inc.	3,200		78,848
Meritage Homes Corp. (a)	3,253		73,388
Ryland Group, Inc.	3,700		61,161
Standard Pacific Corp. (a)	23,500		78,725
Tempur-Pedic International, Inc. (a)	6,600		447,612
			835,017
Internet & Catalog Retail - 3.3%
Amazon.com, Inc. (a)	3,780		772,972
Netflix, Inc. (a)	200		52,538
Priceline.com, Inc. (a)	600		307,158
			1,132,668
Media - 1.5%
Discovery Communications, Inc. (a)	2,400		98,304
Focus Media Holding Ltd. ADR (a)	2,300		71,530
Pandora Media, Inc.	100		1,891
The Walt Disney Co.	2,500		97,600
Time Warner, Inc.	4,400		160,028
Valassis Communications, Inc. (a)	2,900		87,870
			517,223
Multiline Retail - 0.7%
Dollar Tree, Inc. (a)	1,800		119,916
Macy's, Inc.	4,100		119,884
			239,800
Specialty Retail - 2.9%
Best Buy Co., Inc.	3,800		119,358
Sally Beauty Holdings, Inc. (a)	15,600		266,760

	Shares		Value
TJX Companies, Inc.	9,600		$ 504,288
Vitamin Shoppe, Inc. (a)	2,300		105,248
			995,654
Textiles, Apparel & Luxury Goods - 0.9%
Deckers Outdoor Corp. (a)	1,100		96,954
Phillips-Van Heusen Corp.	2,600		170,222
Titan Industries Ltd.	7,920		38,029
			305,205
TOTAL CONSUMER DISCRETIONARY			4,864,778
CONSUMER STAPLES - 10.0%
Beverages - 2.5%
Anheuser-Busch InBev SA NV	1,347		78,184
Dr Pepper Snapple Group, Inc.	7,600		318,668
PepsiCo, Inc.	2,300		161,989
The Coca-Cola Co.	4,450		299,441
			858,282
Food & Staples Retailing - 0.6%
Wal-Mart de Mexico SA de CV Series V	14,500		42,960
Whole Foods Market, Inc.	2,500		158,625
			201,585
Food Products - 2.3%
Danone sponsored ADR	5,400		80,730
Green Mountain Coffee Roasters, Inc. (a)	4,600		410,596
Mead Johnson Nutrition Co. Class A	2,800		189,140
Nestle SA sponsored ADR	1,300		81,094
Shenguan Holdings Group Ltd.	52,000		36,753
SunOpta, Inc. (a)	400		2,844
			801,157
Household Products - 1.3%
Colgate-Palmolive Co.	3,100		270,971
Procter & Gamble Co.	2,800		177,996
			448,967
Personal Products - 3.3%
Estee Lauder Companies, Inc. Class A	1,100		115,709
Herbalife Ltd.	8,100		466,884
Nu Skin Enterprises, Inc. Class A	2,600		97,630
Schiff Nutrition International, Inc.	38,700		433,053
			1,113,276
TOTAL CONSUMER STAPLES			3,423,267
ENERGY - 11.8%
Energy Equipment & Services - 3.4%
Baker Hughes, Inc.	2,900		210,424
Halliburton Co.	5,800		295,800
Noble Corp.	3,300		130,053
Oceaneering International, Inc.	3,600		145,800
Schlumberger Ltd.	1,790		154,656
Transocean Ltd. (United States)	3,400		219,504
			1,156,237
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - 8.4%
Alpha Natural Resources, Inc. (a)	2,152		$ 97,787
Amyris, Inc.	1,400		39,326
Atlas Pipeline Partners, LP	1,800		59,328
Chesapeake Energy Corp.	3,100		92,039
Chevron Corp.	2,600		267,384
Exxon Mobil Corp.	19,090		1,553,544
Hess Corp.	2,000		149,520
Holly Corp.	2,700		187,380
Marathon Oil Corp.	4,100		215,988
Solazyme, Inc.	400		9,188
Southwestern Energy Co. (a)	3,200		137,216
Whiting Petroleum Corp. (a)	1,600		91,056
			2,899,756
TOTAL ENERGY			4,055,993
FINANCIALS - 4.3%
Capital Markets - 1.1%
Bank of New York Mellon Corp.	2,700		69,174
Charles Schwab Corp.	8,000		131,600
HFF, Inc. (a)	2,300		34,707
Morgan Stanley	2,900		66,729
TD Ameritrade Holding Corp.	4,400		85,844
			388,054
Commercial Banks - 1.1%
Aozora Bank Ltd.	16,000		37,079
Comerica, Inc.	2,500		86,425
Regions Financial Corp.	10,800		66,960
SunTrust Banks, Inc.	2,700		69,660
Synovus Financial Corp. (d)	28,900		60,112
Wells Fargo & Co.	2,000		56,120
			376,356
Consumer Finance - 0.3%
SLM Corp.	6,500		109,265
Diversified Financial Services - 0.7%
Citigroup, Inc.	2,520		104,933
Encore Capital Group, Inc. (a)	1,800		55,296
JPMorgan Chase & Co.	1,900		77,786
			238,015
Insurance - 0.4%
Assured Guaranty Ltd.	7,800		127,218
Real Estate Management & Development - 0.7%
CB Richard Ellis Group, Inc. Class A (a)	4,000		100,440

	Shares		Value
Jones Lang LaSalle, Inc.	1,000		$ 94,300
The St. Joe Co. (a)	2,400		50,016
			244,756
TOTAL FINANCIALS			1,483,664
HEALTH CARE - 10.5%
Biotechnology - 5.2%
Achillion Pharmaceuticals, Inc. (a)	11,900		88,536
ADVENTRX Pharmaceuticals, Inc. (a)(d)	13,600		40,936
Alexion Pharmaceuticals, Inc. (a)	2,900		136,387
Amarin Corp. PLC ADR (a)	4,500		65,115
Amgen, Inc. (a)	2,300		134,205
Amicus Therapeutics, Inc. (a)	11,117		66,035
Amylin Pharmaceuticals, Inc. (a)	500		6,680
Ardea Biosciences, Inc. (a)	2,020		51,429
ARIAD Pharmaceuticals, Inc. (a)	9,900		112,167
ArQule, Inc. (a)	7,600		47,500
Biogen Idec, Inc. (a)	1,700		181,764
BioMarin Pharmaceutical, Inc. (a)	3,400		92,514
Dynavax Technologies Corp. (a)	11,900		32,725
Exelixis, Inc. (a)	3,500		31,360
Gilead Sciences, Inc. (a)	5,900		244,319
Inhibitex, Inc. (a)	12,600		49,392
Keryx Biopharmaceuticals, Inc. (a)	8,500		40,205
Lexicon Pharmaceuticals, Inc. (a)	12,800		22,528
Neurocrine Biosciences, Inc. (a)	11,900		95,795
NPS Pharmaceuticals, Inc. (a)	3,800		35,910
SIGA Technologies, Inc. (a)	6,800		66,232
Theravance, Inc. (a)	3,100		68,851
United Therapeutics Corp. (a)	1,500		82,650
			1,793,235
Health Care Equipment & Supplies - 1.0%
Alere, Inc. (a)	2,325		85,142
Edwards Lifesciences Corp. (a)	2,500		217,950
Mako Surgical Corp. (a)	900		26,757
Sirona Dental Systems, Inc. (a)	100		5,310
			335,159
Health Care Providers & Services - 1.5%
McKesson Corp.	3,200		267,680
Medco Health Solutions, Inc. (a)	3,400		192,168
WellPoint, Inc.	800		63,016
			522,864
Health Care Technology - 0.8%
Allscripts-Misys Healthcare Solutions, Inc. (a)	8,300		161,186
Cerner Corp. (a)	2,000		122,220
			283,406
Life Sciences Tools & Services - 0.8%
Illumina, Inc. (a)	1,000		75,150
Thermo Fisher Scientific, Inc. (a)	2,800		180,292
			255,442
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 1.2%
Auxilium Pharmaceuticals, Inc. (a)	800		$ 15,680
AVANIR Pharmaceuticals Class A (a)(d)	22,900		76,944
Cadence Pharmaceuticals, Inc. (a)(d)	5,500		50,600
MAP Pharmaceuticals, Inc. (a)	33		527
Shire PLC sponsored ADR	800		75,368
Valeant Pharmaceuticals International, Inc. (Canada)	3,658		190,221
			409,340
TOTAL HEALTH CARE			3,599,446
INDUSTRIALS - 12.2%
Aerospace & Defense - 4.3%
Embraer SA sponsored ADR	800		24,624
Esterline Technologies Corp. (a)	1,600		122,240
Precision Castparts Corp.	1,200		197,580
Raytheon Co.	3,200		159,520
Textron, Inc.	17,400		410,814
The Boeing Co.	100		7,393
United Technologies Corp.	6,200		548,762
			1,470,933
Airlines - 0.6%
Copa Holdings SA Class A	1,500		100,110
Southwest Airlines Co.	8,900		101,638
			201,748
Building Products - 0.3%
Masco Corp.	3,900		46,917
Quanex Building Products Corp.	4,000		65,560
			112,477
Commercial Services & Supplies - 0.0%
Sykes Enterprises, Inc. (a)	200		4,306
Construction & Engineering - 1.2%
Fluor Corp.	2,200		142,252
Jacobs Engineering Group, Inc. (a)	1,700		73,525
KBR, Inc.	1,600		60,304
Shaw Group, Inc. (a)	3,100		93,651
URS Corp. (a)	1,000		44,740
			414,472
Electrical Equipment - 1.0%
Alstom SA (d)	4,649		286,689
Emerson Electric Co.	1,100		61,875
			348,564
Industrial Conglomerates - 0.1%
General Electric Co.	1,800		33,948
Machinery - 2.1%
Cummins, Inc.	2,000		206,980
Fanuc Corp.	100		16,718
Ingersoll-Rand Co. Ltd.	6,400		290,624
Marcopolo SA (PN)	5,900		26,456

	Shares		Value
Pall Corp.	2,300		$ 129,329
WABCO Holdings, Inc. (a)	200		13,812
Wabtec Corp.	300		19,716
Weg SA	3,000		34,207
			737,842
Professional Services - 1.5%
IHS, Inc. Class A (a)	1,700		141,814
Towers Watson & Co.	5,500		361,405
			503,219
Road & Rail - 0.6%
Union Pacific Corp.	1,900		198,360
Trading Companies & Distributors - 0.5%
Mills Estruturas e Servicos de Engenharia SA	1,000		14,413
WESCO International, Inc. (a)	2,800		151,452
			165,865
TOTAL INDUSTRIALS			4,191,734
INFORMATION TECHNOLOGY - 28.4%
Communications Equipment - 3.8%
Acme Packet, Inc. (a)	1,100		77,143
Alcatel-Lucent SA sponsored ADR (a)	21,500		124,055
Calix Networks, Inc. (a)	4,000		83,280
Juniper Networks, Inc. (a)	7,900		248,850
QUALCOMM, Inc.	12,300		698,517
Riverbed Technology, Inc. (a)	1,900		75,221
			1,307,066
Computers & Peripherals - 6.7%
Apple, Inc. (a)	6,380		2,141,574
NetApp, Inc. (a)	700		36,946
SanDisk Corp. (a)	1,800		74,700
Western Digital Corp. (a)	1,500		54,570
			2,307,790
Internet Software & Services - 6.2%
Baidu.com, Inc. sponsored ADR (a)	1,200		168,156
eBay, Inc. (a)	9,100		293,657
Facebook, Inc. Class B (a)(e)	1,414		35,350
Google, Inc. Class A (a)	2,330		1,179,865
LinkedIn Corp. (a)	100		9,009
OpenTable, Inc. (a)	900		74,808
Rackspace Hosting, Inc. (a)	7,700		329,098
Travelzoo, Inc. (a)(d)	600		38,784
			2,128,727
IT Services - 3.4%
Cognizant Technology Solutions Corp. Class A (a)	10,560		774,470
International Business Machines Corp.	1,300		223,015
MasterCard, Inc. Class A	300		90,402
Virtusa Corp. (a)	4,700		89,065
			1,176,952
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 2.6%
Avago Technologies Ltd.	1,800		$ 68,400
Broadcom Corp. Class A	2,400		80,736
Freescale Semiconductor Holdings I Ltd.	1,900		34,941
GT Solar International, Inc. (a)(d)	14,700		238,140
Inphi Corp.	100		1,740
LTX-Credence Corp. (a)	5,300		47,382
Marvell Technology Group Ltd. (a)	9,200		135,838
NVIDIA Corp. (a)	16,900		269,302
			876,479
Software - 5.7%
Citrix Systems, Inc. (a)	1,100		88,000
Informatica Corp. (a)	3,400		198,662
Intuit, Inc. (a)	1,900		98,534
Longtop Financial Technologies Ltd. ADR (a)	1,100		2,082
Microsoft Corp.	700		18,200
Oracle Corp.	18,600		612,126
Red Hat, Inc. (a)	3,600		165,240
Rovi Corp. (a)	3,500		200,760
salesforce.com, Inc. (a)	1,700		253,266
Solera Holdings, Inc.	3,300		195,228
VMware, Inc. Class A (a)	1,100		110,253
			1,942,351
TOTAL INFORMATION TECHNOLOGY			9,739,365
MATERIALS - 5.7%
Chemicals - 2.4%
Ashland, Inc.	2,700		174,474
CF Industries Holdings, Inc.	2,400		340,008
Innophos Holdings, Inc.	2,300		112,240
LyondellBasell Industries NV Class A	3,900		150,228
Olin Corp.	2,000		45,320
			822,270
Metals & Mining - 3.3%
Alcoa, Inc.	4,100		65,026
AngloGold Ashanti Ltd. sponsored ADR	2,600		109,434
Barrick Gold Corp.	1,500		68,110
Freeport-McMoRan Copper & Gold, Inc.	2,000		105,800
Goldcorp, Inc.	4,500		217,674
Ivanhoe Mines Ltd. (a)	5,100		128,875
Kinross Gold Corp.	8,300		131,075
Newcrest Mining Ltd.	4,068		164,526
Reliance Steel & Aluminum Co.	1,600		79,440
United States Steel Corp.	1,500		69,060
			1,139,020
TOTAL MATERIALS			1,961,290

	Shares		Value
TELECOMMUNICATION SERVICES - 1.1%
Wireless Telecommunication Services - 1.1%
American Tower Corp. Class A (a)	6,900		$ 361,077
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
The AES Corp. (a)	1,700		21,658
TOTAL COMMON STOCKS (Cost $28,444,725)		33,702,272
Money Market Funds - 4.5%

Fidelity Cash Central Fund, 0.11% (b)	958,519		958,519
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	602,616		602,616
TOTAL MONEY MARKET FUNDS (Cost $1,561,135)		1,561,135

TOTAL INVESTMENT PORTFOLIO - 102.8%

(Cost $30,005,860)

35,263,407

NET OTHER ASSETS (LIABILITIES) - (2.8)%

(974,031)

NET ASSETS - 100%

$ 34,289,376

Legend

(a) Non-income producing

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

(e) 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 $35,350 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 35,360

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	$ 420
Fidelity Securities Lending Cash Central Fund	7,597
Total	$ 8,017

Other Information

The following is a summary of the inputs used, as of June 30, 2011, 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 tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 4,864,778	$ 4,864,778	$ -	$ -
Consumer Staples	3,423,267	3,345,083	78,184	-
Energy	4,055,993	4,055,993	-	-
Financials	1,483,664	1,446,585	37,079	-
Health Care	3,599,446	3,599,446	-	-
Industrials	4,191,734	4,175,016	16,718	-
Information Technology	9,739,365	9,701,933	-	37,432
Materials	1,961,290	1,961,290	-	-
Telecommunication Services	361,077	361,077	-	-
Utilities	21,658	21,658	-	-
Money Market Funds	1,561,135	1,561,135	-	-
Total Investments in Securities:	$ 35,263,407	$ 35,093,994	$ 131,981	$ 37,432

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(37,726)
Cost of Purchases	35,360
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	39,798
Transfers out of Level 3	-
Ending Balance	$ 37,432
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2011	$ (37,726)

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	86.9%
Canada	2.2%
Cayman Islands	2.1%
France	1.4%
Switzerland	1.2%
Others (Individually Less Than 1%)	6.2%
	100.0%

Income Tax Information

At December 31, 2010, the Fund had a capital loss carryforward of approximately $3,607,300 of which $1,276,671 and $2,330,629 will expire in fiscal 2016 and 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $582,908) - See accompanying schedule: Unaffiliated issuers (cost $28,444,725)	$ 33,702,272
Fidelity Central Funds (cost $1,561,135)	1,561,135
Total Investments (cost $30,005,860)		$ 35,263,407
Cash		732
Foreign currency held at value (cost $18,016)		18,016
Receivable for investments sold		741,135
Receivable for fund shares sold		60,960
Dividends receivable		16,166
Distributions receivable from Fidelity Central Funds		2,043
Receivable from investment adviser for expense reductions		718
Other receivables		851
Total assets		36,104,028

Liabilities
Payable for investments purchased	$ 1,092,926
Payable for fund shares redeemed	71,215
Accrued management fee	15,100
Distribution and service plan fees payable	543
Other affiliated payables	4,331
Other payables and accrued expenses	27,921
Collateral on securities loaned, at value	602,616
Total liabilities		1,814,652

Net Assets		$ 34,289,376
Net Assets consist of:
Paid in capital		$ 31,494,381
Accumulated net investment loss		(20,571)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(2,441,674)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		5,257,240
Net Assets		$ 34,289,376

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)

Initial Class: Net Asset Value, offering price and redemption price per share ($8,708,257 ÷ 592,165 shares)		$ 14.71

Service Class: Net Asset Value, offering price and redemption price per share ($533,917 ÷ 36,524 shares)		$ 14.62

Service Class 2: Net Asset Value, offering price and redemption price per share ($2,474,607 ÷ 171,078 shares)		$ 14.46

Investor Class: Net Asset Value, offering price and redemption price per share ($22,572,595 ÷ 1,545,037 shares)		$ 14.61

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

Semiannual Report

Statement of Operations

Six months ended June 30, 2011 (Unaudited)

Investment Income
Dividends		$ 113,299
Interest		1
Income from Fidelity Central Funds (including $7,597 from security lending)		8,017
Total income		121,317

Expenses
Management fee	$ 86,048
Transfer agent fees	22,174
Distribution and service plan fees	3,557
Accounting and security lending fees	6,057
Custodian fees and expenses	15,238
Independent trustees' compensation	74
Audit	22,955
Legal	17
Miscellaneous	104
Total expenses before reductions	156,224
Expense reductions	(14,336)	141,888
Net investment income (loss)		(20,571)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,326,621
Foreign currency transactions	(2,977)
Total net realized gain (loss)		1,323,644
Change in net unrealized appreciation (depreciation) on: Investment securities	1,065,483
Assets and liabilities in foreign currencies	(273)
Total change in net unrealized appreciation (depreciation)		1,065,210
Net gain (loss)		2,388,854
Net increase (decrease) in net assets resulting from operations		$ 2,368,283

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (20,571)	$ (11,171)
Net realized gain (loss)	1,323,644	1,076,846
Change in net unrealized appreciation (depreciation)	1,065,210	2,442,733
Net increase (decrease) in net assets resulting from operations	2,368,283	3,508,408
Share transactions - net increase (decrease)	7,322,315	6,165,555
Total increase (decrease) in net assets	9,690,598	9,673,963

Net Assets
Beginning of period	24,598,778	14,924,815
End of period (including accumulated net investment loss of $20,571 and undistributed net investment income of $0, respectively)	$ 34,289,376	$ 24,598,778

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 13.53	$ 11.27	$ 7.81	$ 14.15	$ 12.07	$ 11.94
Income from Investment Operations
Net investment income (loss)^E	-^J	-^J	.04	.02	-^J	-^J
Net realized and unrealized gain (loss)	1.18	2.26	3.46	(6.34)	2.74	.13
Total from investment operations	1.18	2.26	3.50	(6.32)	2.74	.13
Distributions from net investment income	-	-	(.04)	(.02)	-	-^J
Distributions from net realized gain	-	-	-	-	(.66)	-
Total distributions	-	-	(.04)	(.02)	(.66)	-^J
Net asset value, end of period	$ 14.71	$ 13.53	$ 11.27	$ 7.81	$ 14.15	$ 12.07
Total Return^B,C,D	8.72%	20.05%	44.86%	(44.67)%	22.67%	1.12%
Ratios to Average Net Assets^F,I
Expenses before reductions	.94%^A	1.09%	1.35%	1.16%	1.10%	.98%
Expenses net of fee waivers, if any	.85%^A	.85%	.85%	.85%	.85%	.86%
Expenses net of all reductions	.84%^A	.84%	.84%	.85%	.84%	.86%
Net investment income (loss)	(.06)%^A	.01%	.39%	.19%	-%^H	.03%
Supplemental Data
Net assets, end of period (000 omitted)	$ 8,708	$ 7,008	$ 5,374	$ 3,368	$ 13,752	$ 7,414
Portfolio turnover rate^G	85%^A	114%	173%	137%	167%	93%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Amount represents less than .01%.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount represents less than $.01 per share.

Financial Highlights - Service Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 13.46	$ 11.22	$ 7.78	$ 14.08	$ 12.02	$ 11.90
Income from Investment Operations
Net investment income (loss)^E	(.01)	(.01)	.03	.01	(.01)	(.01)
Net realized and unrealized gain (loss)	1.17	2.25	3.44	(6.30)	2.73	.13
Total from investment operations	1.16	2.24	3.47	(6.29)	2.72	.12
Distributions from net investment income	-	-	(.03)	(.01)	-	-
Distributions from net realized gain	-	-	-	-	(.66)	-
Total distributions	-	-	(.03)	(.01)	(.66)	-
Net asset value, end of period	$ 14.62	$ 13.46	$ 11.22	$ 7.78	$ 14.08	$ 12.02
Total Return^B,C,D	8.62%	19.96%	44.61%	(44.71)%	22.60%	1.01%
Ratios to Average Net Assets^F,H
Expenses before reductions	1.02%^A	1.17%	1.42%	1.22%	1.17%	1.16%
Expenses net of fee waivers, if any	.95%^A	.95%	.95%	.95%	.95%	.96%
Expenses net of all reductions	.94%^A	.94%	.94%	.95%	.95%	.95%
Net investment income (loss)	(.16)%^A	(.10)%	.30%	.09%	(.10)%	(.07)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 534	$ 573	$ 823	$ 1,021	$ 2,545	$ 2,077
Portfolio turnover rate^G	85%^A	114%	173%	137%	167%	93%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

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

Semiannual Report

Financial Highlights - Service Class 2

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 13.33	$ 11.13	$ 7.71	$ 13.96	$ 11.95	$ 11.84
Income from Investment Operations
Net investment income (loss)^E	(.02)	(.03)	.01	(.01)	(.03)	(.03)
Net realized and unrealized gain (loss)	1.15	2.23	3.42	(6.24)	2.70	.14
Total from investment operations	1.13	2.20	3.43	(6.25)	2.67	.11
Distributions from net investment income	-	-	(.01)	-	-	-
Distributions from net realized gain	-	-	-	-	(.66)	-
Total distributions	-	-	(.01)	-	(.66)	-
Net asset value, end of period	$ 14.46	$ 13.33	$ 11.13	$ 7.71	$ 13.96	$ 11.95
Total Return^B,C,D	8.48%	19.77%	44.42%	(44.77)%	22.31%	.93%
Ratios to Average Net Assets^F,H
Expenses before reductions	1.23%^A	1.42%	1.67%	1.42%	1.38%	1.35%
Expenses net of fee waivers, if any	1.10%^A	1.10%	1.10%	1.10%	1.10%	1.11%
Expenses net of all reductions	1.09%^A	1.10%	1.09%	1.10%	1.09%	1.10%
Net investment income (loss)	(.31)%^A	(.25)%	.15%	(.06)%	(.25)%	(.22)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,475	$ 2,592	$ 1,684	$ 2,183	$ 5,116	$ 3,220
Portfolio turnover rate^G	85%^A	114%	173%	137%	167%	93%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

Financial Highlights - Investor Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 13.45	$ 11.21	$ 7.78	$ 14.10	$ 12.05	$ 11.94
Income from Investment Operations
Net investment income (loss)^E	(.01)	(.01)	.03	.01	(.02)	(.01)
Net realized and unrealized gain (loss)	1.17	2.25	3.44	(6.31)	2.73	.12
Total from investment operations	1.16	2.24	3.47	(6.30)	2.71	.11
Distributions from net investment income	-	-	(.04)	(.02)	-	-^I
Distributions from net realized gain	-	-	-	-	(.66)	-
Total distributions	-	-	(.04)	(.02)	(.66)	-^I
Net asset value, end of period	$ 14.61	$ 13.45	$ 11.21	$ 7.78	$ 14.10	$ 12.05
Total Return^B,C,D	8.62%	19.98%	44.64%	(44.69)%	22.45%	.95%
Ratios to Average Net Assets^F,H
Expenses before reductions	1.01%^A	1.16%	1.43%	1.25%	1.22%	1.21%
Expenses net of fee waivers, if any	.93%^A	.93%	.93%	.93%	1.00%	1.01%
Expenses net of all reductions	.92%^A	.92%	.93%	.93%	.99%	1.01%
Net investment income (loss)	(.14)%^A	(.08)%	.31%	.11%	(.15)%	(.12)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 22,573	$ 14,427	$ 7,044	$ 3,416	$ 9,142	$ 3,849
Portfolio turnover rate^G	85%^A	114%	173%	137%	167%	93%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

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

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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. The aggregate value of investments by input level, as of June 30, 2011, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Book-tax differences are primarily due to foreign currency transactions, partnerships, net operating losses, capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 6,090,716
Gross unrealized depreciation	(902,544)
Net unrealized appreciation (depreciation) on securities and other investments	$ 5,188,172

Tax cost	$ 30,075,235

New Accounting Pronouncement. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update changes the wording used to describe the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.

Semiannual Report

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $20,771,486 and $13,017,858, respectively.

6. Fees and Other Transactions with Affiliates.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services were as follows:

Service Class	$ 279
Service Class 2	3,278
	$ 3,557

Initial Class	$ 4,237
Service Class	223
Service Class 2	1,759
Investor Class	15,955
	$ 22,174

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $42 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. The lending agent may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser

Initial Class	.85%	$ 3,948
Service Class	.95%	212
Service Class 2	1.10%	1,714
Investor Class	.93%	7,425
		$ 13,299

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	198,459	260,041	$ 2,839,936	$ 3,046,011
Shares redeemed	(124,089)	(219,070)	(1,786,839)	(2,515,104)
Net increase (decrease)	74,370	40,971	$ 1,053,097	$ 530,907
Service Class
Shares sold	-	-	$ -	$ -
Shares redeemed	(6,016)	(30,783)	(84,848)	(358,163)
Net increase (decrease)	(6,016)	(30,783)	$ (84,848)	$ (358,163)
Service Class 2
Shares sold	10,005	106,491	$ 142,927	$ 1,360,264
Shares redeemed	(33,367)	(63,429)	(471,506)	(719,641)
Net increase (decrease)	(23,362)	43,062	$ (328,579)	$ 640,623
Investor Class
Shares sold	649,924	700,899	$ 9,230,161	$ 8,319,842
Shares redeemed	(177,411)	(256,737)	(2,547,516)	(2,967,654)
Net increase (decrease)	472,513	444,162	$ 6,682,645	$ 5,352,188

Semiannual Report

11. Other.

At the end of the period, FMR or its affiliates were owners of record of 93% of the total shares outstanding of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

The Bank of New York Mellon
New York, NY

VIPGR-SANN-0811
1.787988.108

Fidelity® Variable Insurance Products:
Health Care Portfolio

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of the fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	.74%
Actual		$ 1,000.00	$ 1,154.30	$ 3.95
Hypothetical^A		$ 1,000.00	$ 1,021.12	$ 3.71
Investor Class	.82%
Actual		$ 1,000.00	$ 1,154.10	$ 4.38
Hypothetical^A		$ 1,000.00	$ 1,020.73	$ 4.11

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Covidien PLC	5.9	4.9
Baxter International, Inc.	4.7	0.0
Amgen, Inc.	4.5	2.7
Medco Health Solutions, Inc.	4.4	5.7
Merck & Co., Inc.	2.7	3.9
Illumina, Inc.	2.5	5.9
Thermo Fisher Scientific, Inc.	2.4	2.1
Valeant Pharmaceuticals International, Inc. (Canada)	2.4	2.9
Boston Scientific Corp.	2.2	0.7
Gilead Sciences, Inc.	2.2	1.2
	33.9

Top Industries (% of fund's net assets)
As of June 30, 2011
	Health Care Equipment & Supplies	23.4%
	Health Care Providers & Services	21.6%
	Biotechnology	20.7%
	Pharmaceuticals	14.8%
	Life Sciences Tools & Services	8.4%
	All Others*	11.1%

fid215

As of December 31, 2010
	Health Care Providers & Services	21.0%
	Life Sciences Tools & Services	19.8%
	Biotechnology	18.8%
	Health Care Equipment & Supplies	18.4%
	Pharmaceuticals	15.0%
	All Others*	7.0%

fid223

* Includes short-term investments and net other assets.

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%
	Shares		Value
BIOTECHNOLOGY - 20.7%
Biotechnology - 20.7%
Achillion Pharmaceuticals, Inc. (a)	75,000		$ 558,000
Acorda Therapeutics, Inc. (a)	40,800		1,318,248
Affymax, Inc. (a)	27,900		191,673
Alexion Pharmaceuticals, Inc. (a)	39,200		1,843,576
AMAG Pharmaceuticals, Inc. (a)(d)	13,600		255,680
Amgen, Inc. (a)	104,341		6,088,297
Anthera Pharmaceuticals, Inc. (a)	40,912		334,251
Ardea Biosciences, Inc. (a)	51,100		1,301,006
ARIAD Pharmaceuticals, Inc. (a)(d)	99,062		1,122,372
ArQule, Inc. (a)	14,100		88,125
AVEO Pharmaceuticals, Inc. (a)	18,500		381,285
AVEO Pharmaceuticals, Inc.	4,421		91,117
Biogen Idec, Inc. (a)	21,700		2,320,164
BioMarin Pharmaceutical, Inc. (a)	89,637		2,439,023
Chelsea Therapeutics International Ltd. (a)	55,762		284,386
Dynavax Technologies Corp. (a)(d)	200,000		550,000
Gilead Sciences, Inc. (a)	71,215		2,949,013
Human Genome Sciences, Inc. (a)	24,400		598,776
Incyte Corp. (a)(d)	23,319		441,662
Inhibitex, Inc. (a)	68,400		268,128
Medivir AB (B Shares) (a)	24,400		508,301
Micromet, Inc. (a)	16,900		97,006
Neurocrine Biosciences, Inc. (a)	39,745		319,947
NPS Pharmaceuticals, Inc. (a)	33,000		311,850
Seattle Genetics, Inc. (a)	26,276		539,184
Targacept, Inc. (a)	33,233		700,219
Theravance, Inc. (a)(d)	40,200		892,842
United Therapeutics Corp. (a)	22,852		1,259,145
YM Biosciences, Inc. (a)	52,300		146,965
			28,200,241
DIVERSIFIED CONSUMER SERVICES - 0.4%
Specialized Consumer Services - 0.4%
Carriage Services, Inc.	53,939		305,834
Stewart Enterprises, Inc. Class A	37,332		272,524
			578,358
FOOD & STAPLES RETAILING - 1.4%
Drug Retail - 1.4%
CVS Caremark Corp.	36,400		1,367,912
Droga Raia SA	4,000		66,620
Rite Aid Corp. (a)	324,905		432,124
			1,866,656
HEALTH CARE EQUIPMENT & SUPPLIES - 23.4%
Health Care Equipment - 21.7%
Atricure, Inc. (a)	20,000		258,000
Baxter International, Inc.	107,180		6,397,574
Boston Scientific Corp. (a)	435,900		3,012,069
C. R. Bard, Inc.	25,391		2,789,455
Conceptus, Inc. (a)	38,800		452,796

	Shares		Value
Covidien PLC	150,989		$ 8,037,144
Cyberonics, Inc. (a)	17,200		480,740
Edwards Lifesciences Corp. (a)	28,376		2,473,820
Genmark Diagnostics, Inc.	50,000		291,500
HeartWare International, Inc. (a)(d)	8,000		592,640
Hologic, Inc. (a)	29,800		601,066
Integra LifeSciences Holdings Corp. (a)	18,500		884,485
Kinetic Concepts, Inc. (a)	6,000		345,780
Masimo Corp.	28,036		832,108
Orthofix International NV (a)	14,000		594,580
William Demant Holding A/S (a)	8,700		785,296
Zimmer Holdings, Inc. (a)	11,500		726,800
			29,555,853
Health Care Supplies - 1.7%
Endologix, Inc. (a)	63,000		585,900
RTI Biologics, Inc. (a)	19,113		51,796
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	8,000		11,535
The Cooper Companies, Inc.	17,200		1,362,928
Unilife Corp. (a)(d)	60,000		310,800
			2,322,959
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			31,878,812
HEALTH CARE PROVIDERS & SERVICES - 21.6%
Health Care Distributors & Services - 2.4%
Amplifon SpA	69,100		430,326
McKesson Corp.	34,479		2,884,168
			3,314,494
Health Care Facilities - 3.1%
Capital Senior Living Corp. (a)	70,000		650,300
Emeritus Corp. (a)	14,528		308,720
Hanger Orthopedic Group, Inc. (a)	21,690		530,754
HCA Holdings, Inc.	31,300		1,032,900
HealthSouth Corp. (a)	33,600		882,000
LCA-Vision, Inc. (a)	46,000		219,880
Sunrise Senior Living, Inc. (a)	65,978		628,770
			4,253,324
Health Care Services - 10.4%
Accretive Health, Inc. (a)	38,203		1,099,864
American Dental Partners, Inc. (a)	25,000		324,000
Express Scripts, Inc. (a)	16,768		905,137
Fresenius Medical Care AG & Co. KGaA	19,600		1,466,132
Laboratory Corp. of America Holdings (a)	8,400		813,036
Medco Health Solutions, Inc. (a)	106,505		6,019,663
MEDNAX, Inc. (a)	9,000		649,710
Omnicare, Inc.	62,100		1,980,369
Sun Healthcare Group, Inc. (a)	37,900		303,958
Team Health Holdings, Inc. (a)	27,525		619,588
			14,181,457
Managed Health Care - 5.7%
CIGNA Corp.	33,632		1,729,694
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Managed Health Care - continued
HealthSpring, Inc. (a)	5,000		$ 230,550
Humana, Inc.	23,200		1,868,528
UnitedHealth Group, Inc.	33,633		1,734,790
Universal American Spin Corp. (a)	25,600		280,320
WellPoint, Inc.	23,292		1,834,711
			7,678,593
TOTAL HEALTH CARE PROVIDERS & SERVICES			29,427,868
HEALTH CARE TECHNOLOGY - 1.5%
Health Care Technology - 1.5%
Allscripts-Misys Healthcare Solutions, Inc. (a)	78,480		1,524,082
athenahealth, Inc. (a)	1,800		73,980
Omnicell, Inc. (a)	25,000		389,750
			1,987,812
INSURANCE - 0.4%
Life & Health Insurance - 0.4%
Qualicorp SA	58,000		553,584
INTERNET SOFTWARE & SERVICES - 0.8%
Internet Software & Services - 0.8%
WebMD Health Corp. (a)	23,000		1,048,340
LIFE SCIENCES TOOLS & SERVICES - 8.4%
Life Sciences Tools & Services - 8.4%
Agilent Technologies, Inc. (a)	8,766		448,030
Bruker BioSciences Corp. (a)	58,855		1,198,288
Covance, Inc. (a)	29,018		1,722,799
Illumina, Inc. (a)(d)	45,000		3,381,750
QIAGEN NV (a)(d)	33,624		639,528
Sequenom, Inc. (a)(d)	102,400		773,120
Thermo Fisher Scientific, Inc. (a)	51,641		3,325,164
			11,488,679
MACHINERY - 0.4%
Industrial Machinery - 0.4%
Pall Corp.	10,116		568,823
PERSONAL PRODUCTS - 0.2%
Personal Products - 0.2%
Prestige Brands Holdings, Inc. (a)	25,826		331,606
PHARMACEUTICALS - 14.7%
Pharmaceuticals - 14.7%
Cardiome Pharma Corp. (a)	51,400		225,981
Columbia Laboratories, Inc. (a)(d)	70,000		216,300
Elan Corp. PLC sponsored ADR (a)	57,800		657,186
Eli Lilly & Co.	22,400		840,672
Medicis Pharmaceutical Corp. Class A	17,200		656,524
Merck & Co., Inc.	103,716		3,660,138
Optimer Pharmaceuticals, Inc. (a)	27,067		321,827
Perrigo Co.	8,974		788,545

	Shares		Value
Pfizer, Inc.	108,350		$ 2,232,010
Sanofi-Aventis sponsored ADR	69,550		2,793,824
Shire PLC sponsored ADR	30,300		2,854,563
Teva Pharmaceutical Industries Ltd. sponsored ADR	10,800		520,776
Valeant Pharmaceuticals International, Inc. (Canada)	63,060		3,279,198
Watson Pharmaceuticals, Inc. (a)	11,500		790,395
XenoPort, Inc. (a)	22,900		163,048
			20,000,987
SOFTWARE - 0.9%
Application Software - 0.9%
Nuance Communications, Inc. (a)	56,100		1,204,467
TOTAL COMMON STOCKS (Cost $110,969,585)		129,136,233
Convertible Preferred Stocks - 0.1%

PHARMACEUTICALS - 0.1%
Pharmaceuticals - 0.1%
Merrimack Pharmaceuticals, Inc. Series G (e) (Cost $104,839)	14,977		104,839
Money Market Funds - 11.5%

Fidelity Cash Central Fund, 0.11% (b)	7,846,116		7,846,116
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	7,809,737		7,809,737
TOTAL MONEY MARKET FUNDS (Cost $15,655,853)		15,655,853

TOTAL INVESTMENT PORTFOLIO - 106.4%

(Cost $126,730,277)

144,896,925

NET OTHER ASSETS (LIABILITIES) - (6.4)%			(8,771,688)
NET ASSETS - 100%		$ 136,125,237

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Merrimack Pharmaceuticals, Inc. Series G	3/31/11	$ 104,839

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,906
Fidelity Securities Lending Cash Central Fund	5,954
Total	$ 8,860

Other Information

The following is a summary of the inputs used, as of June 30, 2011, 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 tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 129,136,233	$ 127,670,101	$ 1,466,132	$ -
Convertible Preferred Stocks	104,839	-	-	104,839
Money Market Funds	15,655,853	15,655,853	-	-
Total Investments in Securities:	$ 144,896,925	$ 143,325,954	$ 1,466,132	$ 104,839

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	104,839
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 104,839
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2011	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	83.0%
Ireland	6.4%
Canada	2.7%
Bailiwick of Jersey	2.1%
France	2.0%
Germany	1.1%
Others (Individually Less Than 1%)	2.7%
	100.0%

Income Tax Information

At December 31, 2010, the Fund had a capital loss carryforward of approximately $4,278,581 all of which will expire in fiscal 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $7,571,038) - See accompanying schedule: Unaffiliated issuers (cost $111,074,424)	$ 129,241,072
Fidelity Central Funds (cost $15,655,853)	15,655,853
Total Investments (cost $126,730,277)		$ 144,896,925
Receivable for investments sold		2,861,843
Receivable for fund shares sold		364,595
Dividends receivable		95,785
Distributions receivable from Fidelity Central Funds		1,889
Other receivables		7,594
Total assets		148,228,631

Liabilities
Payable for investments purchased	$ 4,188,109
Payable for fund shares redeemed	39
Accrued management fee	59,758
Other affiliated payables	15,802
Other payables and accrued expenses	29,949
Collateral on securities loaned, at value	7,809,737
Total liabilities		12,103,394

Net Assets		$ 136,125,237
Net Assets consist of:
Paid in capital		$ 116,265,185
Accumulated net investment loss		(98,330)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		1,792,552
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		18,165,830
Net Assets		$ 136,125,237

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)

Initial Class: Net Asset Value, offering price and redemption price per share ($66,751,920 ÷ 4,575,366 shares)		$ 14.59

Investor Class: Net Asset Value, offering price and redemption price per share ($69,373,317 ÷ 4,775,010 shares)		$ 14.53

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

Semiannual Report

Statement of Operations

Six months ended June 30, 2011 (Unaudited)

Investment Income
Dividends		$ 268,495
Income from Fidelity Central Funds		8,860
Total income		277,355

Expenses
Management fee	$ 269,039
Transfer agent fees	57,764
Accounting and security lending fees	19,231
Custodian fees and expenses	12,331
Independent trustees' compensation	220
Audit	20,982
Legal	52
Miscellaneous	343
Total expenses before reductions	379,962
Expense reductions	(4,277)	375,685
Net investment income (loss)		(98,330)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	6,545,169
Foreign currency transactions	2,750
Total net realized gain (loss)		6,547,919
Change in net unrealized appreciation (depreciation) on: Investment securities	5,563,335
Assets and liabilities in foreign currencies	(335)
Total change in net unrealized appreciation (depreciation)		5,563,000
Net gain (loss)		12,110,919
Net increase (decrease) in net assets resulting from operations		$ 12,012,589

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (98,330)	$ 87,396
Net realized gain (loss)	6,547,919	5,118,295
Change in net unrealized appreciation (depreciation)	5,563,000	4,473,321
Net increase (decrease) in net assets resulting from operations	12,012,589	9,679,012
Distributions to shareholders from net investment income	-	(95,078)
Share transactions - net increase (decrease)	56,197,151	(3,931,126)
Redemption fees	10,912	16,002
Total increase (decrease) in net assets	68,220,652	5,668,810

Net Assets
Beginning of period	67,904,585	62,235,775
End of period (including accumulated net investment loss of $98,330 and undistributed net investment income of $0, respectively)	$ 136,125,237	$ 67,904,585

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 12.64	$ 10.79	$ 8.15	$ 13.57	$ 13.17	$ 12.39
Income from Investment Operations
Net investment income (loss)^E	(.01)	.02^H	.03	.04	.03	.04
Net realized and unrealized gain (loss)	1.96	1.85	2.64	(4.05)	1.25	.75
Total from investment operations	1.95	1.87	2.67	(4.01)	1.28	.79
Distributions from net investment income	-	(.02)	(.03)	(.04)	(.07)	(.01)
Distributions from net realized gain	-	-	-	(1.37)	(.81)	-
Total distributions	-	(.02)	(.03)	(1.41)	(.88)	(.01)
Redemption fees added to paid in capital^{E, J}	-	-	-	-	-	-
Net asset value, end of period	$ 14.59	$ 12.64	$ 10.79	$ 8.15	$ 13.57	$ 13.17
Total Return^{B, C, D}	15.43%	17.35%	32.80%	(32.31)%	10.21%	6.34%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	.74%^A	.79%	.83%	.84%	.81%	.77%
Expenses net of fee waivers, if any	.74%^A	.78%	.83%	.84%	.81%	.77%
Expenses net of all reductions	.73%^A	.78%	.82%	.84%	.80%	.76%
Net investment income (loss)	(.16)%^A	.17%^H	.30%	.36%	.23%	.33%
Supplemental Data
Net assets, end of period (000 omitted)	$ 66,752	$ 36,651	$ 37,787	$ 37,961	$ 55,676	$ 69,418
Portfolio turnover rate^G	105%^A	108%	132%	189%	128%	106%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .04%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share.

Financial Highlights - Investor Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 12.59	$ 10.75	$ 8.13	$ 13.53	$ 13.14	$ 12.37
Income from Investment Operations
Net investment income (loss)^E	(.02)	.01^H	.02	.03	.01	.03
Net realized and unrealized gain (loss)	1.96	1.84	2.62	(4.03)	1.24	.75
Total from investment operations	1.94	1.85	2.64	(4.00)	1.25	.78
Distributions from net investment income	-	(.01)	(.02)	(.03)	(.05)	(.01)
Distributions from net realized gain	-	-	-	(1.37)	(.81)	-
Total distributions	-	(.01)	(.02)	(1.40)	(.86)	(.01)
Redemption fees added to paid in capital^{E, J}	-	-	-	-	-	-
Net asset value, end of period	$ 14.53	$ 12.59	$ 10.75	$ 8.13	$ 13.53	$ 13.14
Total Return^{B, C, D}	15.41%	17.24%	32.53%	(32.31)%	10.01%	6.30%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	.82%^A	.88%	.94%	.94%	.93%	.90%
Expenses net of fee waivers, if any	.82%^A	.87%	.94%	.94%	.93%	.90%
Expenses net of all reductions	.81%^A	.86%	.93%	.93%	.92%	.89%
Net investment income (loss)	(.24)%^A	.09%^H	.20%	.26%	.11%	.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 69,373	$ 31,254	$ 24,448	$ 21,901	$ 26,948	$ 16,229
Portfolio turnover rate^G	105%^A	108%	132%	189%	128%	106%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.04)%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

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

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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. The aggregate value of investments by input level, as of June 30, 2011, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

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.

Semiannual Report

3. Significant Accounting Policies - continued

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 20,224,809
Gross unrealized depreciation	(2,588,502)
Net unrealized appreciation (depreciation) on securities and other investments	$ 17,636,307
Tax cost	$ 127,260,618

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

New Accounting Pronouncement. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update changes the wording used to describe the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $100,902,121 and $50,074,246, respectively.

6. Fees and Other Transactions with Affiliates.

Initial Class	$ 18,647
Investor Class	39,117
	$ 57,764

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $122 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

Semiannual Report

8. Security Lending - continued

borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $5,954, including $9 from securities loaned to FCM.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $4,273 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $4.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2011	Year ended December 31, 2010
From net investment income
Initial Class	$ -	$ 63,626
Investor Class	-	31,452
Total	$ -	$ 95,078

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	1,804,457	391,589	$ 25,911,095	$ 4,450,278
Reinvestment of distributions	-	4,998	-	63,626
Shares redeemed	(129,635)	(998,727)	(1,766,279)	(11,104,327)
Net increase (decrease)	1,674,822	(602,140)	$ 24,144,816	$ (6,590,423)
Investor Class
Shares sold	2,356,706	834,983	$ 32,945,931	$ 9,599,046
Reinvestment of distributions	-	2,480	-	31,452
Shares redeemed	(64,517)	(629,065)	(893,596)	(6,971,201)
Net increase (decrease)	2,292,189	208,398	$ 32,052,335	$ 2,659,297

12. Other.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

VHCIC-SANN-0811
1.817376.106

Fidelity® Variable Insurance Products:
Industrials Portfolio

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro- rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro- rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	.73%
Actual		$ 1,000.00	$ 1,070.90	$ 3.75
Hypothetical ^A		$ 1,000.00	$ 1,021.17	$ 3.66
Investor Class	.81%
Actual		$ 1,000.00	$ 1,070.50	$ 4.16
Hypothetical ^A		$ 1,000.00	$ 1,020.78	$ 4.06

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one- half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
General Electric Co.	12.9	13.1
United Technologies Corp.	5.6	6.2
Union Pacific Corp.	4.9	4.0
The Boeing Co.	4.0	0.0
Emerson Electric Co.	3.8	3.4
Honeywell International, Inc.	3.5	2.7
Danaher Corp.	3.4	2.9
Cummins, Inc.	2.7	2.2
Tyco International Ltd.	2.6	0.0
Textron, Inc.	2.3	2.2
	45.7

Top Industries (% of fund's net assets)
As of June 30, 2011
	Aerospace & Defense	23.2%
	Machinery	19.2%
	Industrial Conglomerates	17.5%
	Electrical Equipment	10.8%
	Construction & Engineering	6.6%
	All Others*	22.7%

fid236

As of December 31, 2010
	Machinery	20.8%
	Industrial Conglomerates	19.5%
	Aerospace & Defense	16.6%
	Electrical Equipment	10.4%
	Road & Rail	8.3%
	All Others*	24.4%

fid244

* Includes short-term investments and net other assets.

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
AEROSPACE & DEFENSE - 23.2%
Aerospace & Defense - 23.2%
Esterline Technologies Corp. (a)	10,838		$ 828,023
GeoEye, Inc. (a)	11,705		437,767
Goodrich Corp.	19,264		1,839,712
Honeywell International, Inc.	67,529		4,024,053
MTU Aero Engines Holdings AG	9,581		765,354
Precision Castparts Corp.	15,700		2,585,005
Rockwell Collins, Inc.	28,398		1,751,873
Textron, Inc.	112,160		2,648,098
The Boeing Co.	62,060		4,588,096
TransDigm Group, Inc. (a)	8,779		800,557
United Technologies Corp.	73,623		6,516,372
			26,784,910
AIR FREIGHT & LOGISTICS - 0.8%
Air Freight & Logistics - 0.8%
C.H. Robinson Worldwide, Inc.	11,689		921,561
AIRLINES - 0.4%
Airlines - 0.4%
Copa Holdings SA Class A	6,500		433,810
AUTO COMPONENTS - 0.4%
Auto Parts & Equipment - 0.4%
TRW Automotive Holdings Corp. (a)	7,195		424,721
BUILDING PRODUCTS - 2.9%
Building Products - 2.9%
A.O. Smith Corp.	23,317		986,309
Armstrong World Industries, Inc.	900		41,004
Lennox International, Inc.	15,000		646,050
Owens Corning (a)	37,200		1,389,420
Quanex Building Products Corp.	16,216		265,780
			3,328,563
COMMERCIAL SERVICES & SUPPLIES - 3.0%
Diversified Support Services - 0.5%
Ritchie Brothers Auctioneers, Inc. (d)	20,600		566,294
Environmental & Facility Services - 1.5%
Republic Services, Inc.	55,714		1,718,777
Office Services & Supplies - 0.4%
Mine Safety Appliances Co.	13,228		493,934
Security & Alarm Services - 0.6%
The Geo Group, Inc. (a)	32,125		739,839
TOTAL COMMERCIAL SERVICES & SUPPLIES			3,518,844
CONSTRUCTION & ENGINEERING - 6.6%
Construction & Engineering - 6.6%
AECOM Technology Corp. (a)	17,234		471,178
Dycom Industries, Inc. (a)	20,240		330,722
EMCOR Group, Inc. (a)	44,539		1,305,438
Fluor Corp.	20,678		1,337,039
Foster Wheeler AG (a)	45,140		1,371,353

	Shares		Value
Jacobs Engineering Group, Inc. (a)	23,000		$ 994,750
MYR Group, Inc. (a)	14,886		348,332
Quanta Services, Inc. (a)	44,127		891,365
SNC-Lavalin Group, Inc.	10,000		610,535
			7,660,712
ELECTRICAL EQUIPMENT - 10.6%
Electrical Components & Equipment - 9.7%
AMETEK, Inc.	21,225		953,003
Cooper Industries PLC Class A	18,000		1,074,060
Emerson Electric Co.	78,553		4,418,606
GrafTech International Ltd. (a)	67,100		1,360,117
Polypore International, Inc. (a)	6,500		440,960
Prysmian SpA	63,987		1,287,141
Regal-Beloit Corp.	9,395		627,304
Roper Industries, Inc.	11,800		982,940
			11,144,131
Heavy Electrical Equipment - 0.9%
Alstom SA (d)	18,022		1,111,358
TOTAL ELECTRICAL EQUIPMENT			12,255,489
ENERGY EQUIPMENT & SERVICES - 0.7%
Oil & Gas Equipment & Services - 0.7%
Dresser-Rand Group, Inc. (a)	14,456		777,010
INDUSTRIAL CONGLOMERATES - 17.5%
Industrial Conglomerates - 17.5%
3M Co.	15,293		1,450,541
Carlisle Companies, Inc.	10,757		529,567
Cookson Group PLC	26,500		286,013
General Electric Co.	788,171		14,864,903
Tyco International Ltd.	61,111		3,020,717
			20,151,741
LIFE SCIENCES TOOLS & SERVICES - 0.3%
Life Sciences Tools & Services - 0.3%
Agilent Technologies, Inc. (a)	7,862		401,827
MACHINERY - 19.2%
Construction & Farm Machinery & Heavy Trucks - 6.8%
Caterpillar, Inc.	18,046		1,921,177
Cummins, Inc.	29,704		3,074,067
Fiat Industrial SpA (a)	82,804		1,068,807
Jain Irrigation Systems Ltd.	221,892		846,948
PACCAR, Inc.	11,617		593,513
Sauer-Danfoss, Inc. (a)	7,200		362,808
			7,867,320
Industrial Machinery - 12.4%
Actuant Corp. Class A	30,254		811,715
Charter International PLC	71,792		912,534
Danaher Corp.	74,638		3,955,068
Flowserve Corp.	12,500		1,373,625
Graco, Inc.	15,500		785,230
Ingersoll-Rand Co. Ltd.	56,981		2,587,507
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Industrial Machinery - continued
Pall Corp.	19,100		$ 1,073,993
SPX Corp.	15,200		1,256,432
Stanley Black & Decker, Inc.	11,020		793,991
TriMas Corp. (a)	3,800		94,050
Weg SA	55,400		631,683
			14,275,828
TOTAL MACHINERY			22,143,148
MARINE - 0.4%
Marine - 0.4%
Kuehne & Nagel International AG	2,720		412,837
PROFESSIONAL SERVICES - 2.7%
Human Resource & Employment Services - 1.1%
Towers Watson & Co.	19,814		1,301,978
Research & Consulting Services - 1.6%
Bureau Veritas SA	7,100		599,705
IHS, Inc. Class A (a)	13,984		1,166,545
			1,766,250
TOTAL PROFESSIONAL SERVICES			3,068,228
ROAD & RAIL - 5.9%
Railroads - 5.9%
Kansas City Southern (a)	20,347		1,207,188
Union Pacific Corp.	53,928		5,630,083
			6,837,271
TRADING COMPANIES & DISTRIBUTORS - 2.6%
Trading Companies & Distributors - 2.6%
Barloworld Ltd.	42,613		434,209
Beacon Roofing Supply, Inc. (a)	12,600		287,532
Mills Estruturas e Servicos de Engenharia SA	63,400		913,779
Rush Enterprises, Inc. Class A (a)	46,430		883,563
WESCO International, Inc. (a)	7,850		424,607
			2,943,690
TOTAL COMMON STOCKS (Cost $92,559,016)		112,064,362
Nonconvertible Preferred Stocks - 0.5%

AUTOMOBILES - 0.5%
Automobile Manufacturers - 0.5%
Volkswagen AG (Cost $531,016)	2,900		598,706

Convertible Bonds - 0.2%
	Principal Amount	Value
ELECTRICAL EQUIPMENT - 0.2%
Electrical Components & Equipment - 0.2%
Aspen Aerogels, Inc. 8% 6/1/14 (e) (Cost $200,133)	$ 249,306	$ 249,306

Money Market Funds - 4.2%
	Shares
Fidelity Cash Central Fund, 0.11% (b)	3,203,049		3,203,049
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	1,585,840		1,585,840
TOTAL MONEY MARKET FUNDS (Cost $4,788,889)		4,788,889
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $98,079,054)		117,701,263
NET OTHER ASSETS (LIABILITIES) - (2.1)%		(2,422,120)
NET ASSETS - 100%		$ 115,279,143

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/14/11	$ 249,306

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,443
Fidelity Securities Lending Cash Central Fund	6,175
Total	$ 8,618

Other Information

The following is a summary of the inputs used, as of June 30, 2011, 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 112,064,362	$ 112,064,362	$ -	$ -
Nonconvertible Preferred Stocks	598,706	598,706	-	-
Convertible Bonds	249,306	-	249,306	-
Money Market Funds	4,788,889	4,788,889	-	-
Total Investments in Securities:	$ 117,701,263	$ 117,451,957	$ 249,306	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	83.1%
Switzerland	4.2%
Ireland	3.1%
Italy	2.0%
France	1.5%
Brazil	1.4%
Germany	1.2%
Canada	1.0%
Others (Individually Less Than 1%)	2.5%
	100.0%

Income Tax Information

At December 31, 2010, the Fund had a capital loss carryforward of approximately $9,628,270 of which $592,150 and $9,036,120 will expire in fiscal 2016 and 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $1,549,492) - See accompanying schedule: Unaffiliated issuers (cost $93,290,165)	$ 112,912,374
Fidelity Central Funds (cost $4,788,889)	4,788,889
Total Investments (cost $98,079,054)		$ 117,701,263
Receivable for investments sold		1,286,758
Receivable for fund shares sold		18,006
Dividends receivable		207,470
Interest receivable		871
Distributions receivable from Fidelity Central Funds		3,091
Other receivables		2,120
Total assets		119,219,579

Liabilities
Payable for investments purchased	$ 2,258,657
Payable for fund shares redeemed	134
Accrued management fee	52,279
Other affiliated payables	14,303
Other payables and accrued expenses	29,223
Collateral on securities loaned, at value	1,585,840
Total liabilities		3,940,436

Net Assets		$ 115,279,143
Net Assets consist of:
Paid in capital		$ 99,808,876
Undistributed net investment income		434,965
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(4,588,867)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		19,624,169
Net Assets		$ 115,279,143

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)
Initial Class: Net Asset Value, offering price and redemption price per share ($49,535,972 ÷ 3,051,707 shares)		$ 16.23

Investor Class: Net Asset Value, offering price and redemption price per share ($65,743,171 ÷ 4,068,079 shares)		$ 16.16

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

Semiannual Report

Statement of Operations

Six months ended June 30, 2011 (Unaudited)
Investment Income
Dividends		$ 895,023
Interest		872
Income from Fidelity Central Funds		8,618
Total income		904,513

Expenses
Management fee	$ 331,280
Transfer agent fees	73,094
Accounting and security lending fees	23,235
Custodian fees and expenses	14,265
Independent trustees' compensation	289
Audit	18,944
Legal.	64
Miscellaneous	411
Total expenses before reductions	461,582
Expense reductions	(4,173)	457,409
Net investment income (loss)		447,104
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	5,357,721
Foreign currency transactions	(15,287)
Total net realized gain (loss)		5,342,434
Change in net unrealized appreciation (depreciation) on: Investment securities	580,059
Assets and liabilities in foreign currencies	1,840
Total change in net unrealized appreciation (depreciation)		581,899
Net gain (loss)		5,924,333
Net increase (decrease) in net assets resulting from operations		$ 6,371,437

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 447,104	$ 509,405
Net realized gain (loss)	5,342,434	5,081,295
Change in net unrealized appreciation (depreciation)	581,899	12,728,692
Net increase (decrease) in net assets resulting from operations	6,371,437	18,319,392
Distributions to shareholders from net investment income	(34,197)	(468,304)
Share transactions - net increase (decrease)	16,789,498	16,185,455
Redemption fees	25,880	27,168
Total increase (decrease) in net assets	23,152,618	34,063,711

Net Assets
Beginning of period	92,126,525	58,062,814
End of period (including undistributed net investment income of $434,965 and undistributed net investment income of $22,058, respectively)	$ 115,279,143	$ 92,126,525

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 15.16	$ 11.63	$ 8.37	$ 14.43	$ 13.90	$ 14.20
Income from Investment Operations
Net investment income (loss) ^E	.06	.10	.10	.12	.10	.14
Net realized and unrealized gain (loss)	1.02	3.51	3.27	(5.79)	2.43	2.02
Total from investment operations	1.08	3.61	3.37	(5.67)	2.53	2.16
Distributions from net investment income	(.01)	(.09)	(.11)	(.14)	(.09)	(.15)
Distributions from net realized gain	-	-	-	(.26)	(1.91)	(2.33)
Total distributions	(.01)	(.09)	(.11)	(.40)	(2.00)	(2.47) ^J
Redemption fees added to paid in capital ^E	- ^I	.01	- ^I	.01	- ^I	.01
Net asset value, end of period	$ 16.23	$ 15.16	$ 11.63	$ 8.37	$ 14.43	$ 13.90
Total Return ^B,C,D	7.09%	31.09%	40.22%	(39.84)%	18.21%	15.71%
Ratios to Average Net Assets ^F,H
Expenses before reductions	.73% ^A	.77%	.81%	.78%	.78%	.79%
Expenses net of fee waivers, if any	.73% ^A	.76%	.81%	.78%	.78%	.79%
Expenses net of all reductions	.72% ^A	.75%	.80%	.78%	.78%	.78%
Net investment income (loss)	.80% ^A	.77%	1.10%	1.02%	.64%	.95%
Supplemental Data
Net assets, end of period (000 omitted)	$ 49,536	$ 43,295	$ 32,183	$ 23,747	$ 50,586	$ 51,332
Portfolio turnover rate ^G	94% ^A	91%	117%	138%	122%	137%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I Amount represents less than $.01 per share. ^J Total distributions of $2.47 per share is comprised of distributions from net investment income of $.147 and distributions from net realized gain of $2.325 per share.

Financial Highlights - Investor Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 15.10	$ 11.59	$ 8.35	$ 14.38	$ 13.86	$ 14.19
Income from Investment Operations
Net investment income (loss) ^E	.06	.09	.09	.11	.08	.12
Net realized and unrealized gain (loss)	1.01	3.49	3.25	(5.76)	2.43	2.00
Total from investment operations	1.07	3.58	3.34	(5.65)	2.51	2.12
Distributions from net investment income	(.01)	(.08)	(.10)	(.13)	(.08)	(.14)
Distributions from net realized gain	-	-	-	(.26)	(1.91)	(2.33)
Total distributions	(.01)	(.08)	(.10)	(.39)	(1.99)	(2.46) ^J
Redemption fees added to paid in capital ^E	- ^I	.01	- ^I	.01	- ^I	.01
Net asset value, end of period	$ 16.16	$ 15.10	$ 11.59	$ 8.35	$ 14.38	$ 13.86
Total Return ^B,C,D	7.05%	30.96%	39.97%	(39.84)%	18.12%	15.43%
Ratios to Average Net Assets ^F,H
Expenses before reductions	.81% ^A	.85%	.91%	.88%	.90%	.92%
Expenses net of fee waivers, if any	.81% ^A	.84%	.91%	.88%	.90%	.92%
Expenses net of all reductions	.80% ^A	.84%	.90%	.87%	.90%	.92%
Net investment income (loss)	.71% ^A	.69%	1.00%	.92%	.52%	.81%
Supplemental Data
Net assets, end of period (000 omitted)	$ 65,743	$ 48,832	$ 25,879	$ 17,359	$ 26,063	$ 12,758
Portfolio turnover rate ^G	94% ^A	91%	117%	138%	122%	137%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I Amount represents less than $.01 per share. ^J Total distributions of $2.46 per share is comprised of distributions from net investment income of $.138 and distributions from net realized gain of $2.325 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

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

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security 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 value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

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.

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards, and losses deferred due to wash sales, and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 20,763,827
Gross unrealized depreciation	(1,517,925)
Net unrealized appreciation (depreciation) on securities and other investments	$ 19,245,902

Tax cost	$ 98,455,361

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

New Accounting Pronouncement. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update changes the wording used to describe the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $71,024,171 and $54,658,233, respectively.

6. Fees and Other Transactions with Affiliates.

Initial Class	$ 20,637
Investor Class	52,457
	$ 73,094

Semiannual Report

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $166 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. The lending agent may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $6,175. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $2.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2011	Year ended December 31, 2010
From net investment income
Initial Class	$ 15,428	$ 236,371
Investor Class	18,769	231,933
Total	$ 34,197	$ 468,304

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	883,911	772,352	$ 14,264,277	$ 10,403,734
Reinvestment of distributions	963	15,769	15,428	236,371
Shares redeemed	(688,163)	(700,942)	(10,927,606)	(8,772,538)
Net increase (decrease)	196,711	87,179	$ 3,352,099	$ 1,867,567
Investor Class
Shares sold	1,659,771	1,541,960	$ 26,520,012	$ 20,928,605
Reinvestment of distributions	1,176	15,535	18,769	231,933
Shares redeemed	(825,860)	(558,313)	(13,101,382)	(6,842,649)
Net increase (decrease)	835,087	999,182	$ 13,437,399	$ 14,317,888

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

12. Other.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

VCYLIC-SANN-0811
1.817364.106

Fidelity® Variable Insurance Products:
International Capital Appreciation Portfolio

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	1.10%
Actual		$ 1,000.00	$ 1,039.00	$ 5.56
Hypothetical^A		$ 1,000.00	$ 1,019.34	$ 5.51
Service Class	1.20%
Actual		$ 1,000.00	$ 1,039.10	$ 6.07
Hypothetical^A		$ 1,000.00	$ 1,018.84	$ 6.01
Service Class 2	1.34%
Actual		$ 1,000.00	$ 1,037.10	$ 6.77
Hypothetical^A		$ 1,000.00	$ 1,018.15	$ 6.71
Initial Class R	1.10%
Actual		$ 1,000.00	$ 1,039.00	$ 5.56
Hypothetical^A		$ 1,000.00	$ 1,019.34	$ 5.51
Service Class R	1.20%
Actual		$ 1,000.00	$ 1,039.10	$ 6.07
Hypothetical^A		$ 1,000.00	$ 1,018.84	$ 6.01
Service Class 2R	1.35%
Actual		$ 1,000.00	$ 1,037.10	$ 6.82
Hypothetical^A		$ 1,000.00	$ 1,018.10	$ 6.76
Investor Class R	1.18%
Actual		$ 1,000.00	$ 1,038.20	$ 5.96
Hypothetical^A		$ 1,000.00	$ 1,018.94	$ 5.91

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of June 30, 2011
	United States of America	15.4%
	Japan	11.7%
	United Kingdom	10.6%
	France	8.1%
	Indonesia	4.4%
	Brazil	4.4%
	Switzerland	4.2%
	Cayman Islands	4.1%
	Germany	4.1%
	Other	33.0%

fid261

Percentages are adjusted for the effect of futures contracts, if applicable.

As of December 31, 2010
	United Kingdom	12.1%
	Japan	9.3%
	United States of America	7.1%
	India	6.9%
	Cayman Islands	6.7%
	Brazil	5.6%
	France	5.1%
	Russia	4.9%
	Switzerland	4.3%
	Other	38.0%

fid273

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	98.9	98.5
Short-Term Investments and Net Other Assets	1.1	1.5
Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)	1.8	1.7
Nestle SA (Switzerland, Food Products)	1.8	1.7
Siemens AG sponsored ADR (Germany, Industrial Conglomerates)	1.2	0.0
Unilever PLC (United Kingdom, Food Products)	1.1	0.0
Banco Santander SA sponsored ADR (Spain, Commercial Banks)	1.1	1.0
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco)	1.0	0.9
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels)	1.0	0.9
BNP Paribas SA (France, Commercial Banks)	1.0	0.9
Anglo American PLC (United Kingdom) (United Kingdom, Metals & Mining)	0.9	0.9
Honda Motor Co. Ltd. sponsored ADR (Japan, Automobiles)	0.9	0.9
	11.8
Market Sectors as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	19.3	25.0
Financials	18.2	21.0
Consumer Staples	18.1	13.9
Materials	12.6	10.9
Industrials	11.7	8.5
Information Technology	9.4	7.6
Energy	7.3	9.0
Health Care	2.3	0.5
Telecommunication Services	0.0	1.6
Utilities	0.0	0.5

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
Australia - 1.1%
Atlas Iron Ltd. (a)	63,217		$ 252,895
Fortescue Metals Group Ltd.	35,615		242,552
TOTAL AUSTRALIA			495,447
Bailiwick of Jersey - 1.1%
Experian PLC	20,100		255,971
Randgold Resources Ltd. sponsored ADR	2,800		235,340
TOTAL BAILIWICK OF JERSEY			491,311
Belgium - 0.8%
Anheuser-Busch InBev SA NV	6,026		349,770
Bermuda - 2.6%
China Yurun Food Group Ltd.	89,000		250,471
Credicorp Ltd. (NY Shares)	2,600		223,860
GOME Electrical Appliances Holdings Ltd.	553,000		221,008
Petra Diamonds Ltd. (a)	89,482		230,134
Sihuan Pharmaceutical Holdings Group Ltd.	483,000		227,791
TOTAL BERMUDA			1,153,264
Brazil - 4.4%
BR Malls Participacoes SA	21,000		240,119
Bradespar SA (PN)	9,500		240,984
Brasil Foods SA sponsored ADR (d)	15,100		261,683
Cia.Hering SA	9,700		223,067
Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR	3,600		169,020
Iguatemi Empresa de Shopping Centers SA	9,000		221,094
Itau Unibanco Banco Multiplo SA sponsored ADR	15,000		353,250
Mills Estruturas e Servicos de Engenharia SA	16,200		233,489
TOTAL BRAZIL			1,942,706
British Virgin Islands - 0.2%
Sable Mining Africa Ltd. (a)	266,135		82,221
Canada - 3.6%
Canadian Natural Resources Ltd.	8,300		347,956
Potash Corp. of Saskatchewan, Inc.	6,300		359,813
Silver Wheaton Corp.	7,700		254,138
Suncor Energy, Inc.	9,100		356,678
Teck Resources Ltd. Class B (sub. vtg.)	5,900		299,894
TOTAL CANADA			1,618,479
Cayman Islands - 4.1%
Ajisen (China) Holdings Ltd.	109,000		225,795
Belle International Holdings Ltd.	122,000		257,114
China Shineway Pharmaceutical Group Ltd.	117,000		231,842
Hengan International Group Co. Ltd.	27,000		242,182
Hengdeli Holdings Ltd.	396,000		209,151
Maoye International Holdings Ltd.	443,000		220,881

	Shares		Value
Real Nutriceutical Group Ltd.	297,000		$ 195,029
Shenguan Holdings Group Ltd.	318,000		224,757
TOTAL CAYMAN ISLANDS			1,806,751
China - 1.5%
Baidu.com, Inc. sponsored ADR (a)	1,600		224,208
China Minsheng Banking Corp. Ltd. (H Shares)	240,000		221,133
Tsingtao Brewery Co. Ltd. (H Shares)	36,000		207,948
TOTAL CHINA			653,289
Denmark - 1.3%
Carlsberg A/S Series B	2,200		239,349
Novo Nordisk A/S Series B	2,857		357,972
TOTAL DENMARK			597,321
France - 8.1%
Alcatel-Lucent SA sponsored ADR (a)	46,300		267,151
Atos Origin SA	3,950		223,190
AXA SA	14,200		322,712
BNP Paribas SA	5,469		422,204
Casino Guichard Perrachon et Compagnie	2,585		243,687
Christian Dior SA	1,600		251,772
Danone	4,400		328,319
LVMH Moet Hennessy - Louis Vuitton	1,887		339,626
PPR SA	1,500		267,145
Schneider Electric SA	1,962		327,800
Societe Generale Series A	5,824		359,520
Vallourec SA	2,000		243,621
TOTAL FRANCE			3,596,747
Germany - 3.3%
Bayerische Motoren Werke AG (BMW)	3,193		318,646
Deutsche Bank AG (NY Shares)	6,100		361,364
K&S AG	3,200		245,971
Siemens AG sponsored ADR	3,800		522,614
TOTAL GERMANY			1,448,595
Hong Kong - 0.5%
China Resources Enterprise Ltd.	60,000		245,189
India - 3.5%
Bank of Baroda	11,066		221,203
Exide Industries Ltd.	59,267		214,665
Gitanjali Gems Ltd.	33,045		224,311
ITC Ltd.	55,487		252,321
Smithkline Beecham Consumer Healthcare Ltd.	4,054		218,315
Titan Industries Ltd.	44,320		212,811
Yes Bank Ltd.	32,343		226,140
TOTAL INDIA			1,569,766
Indonesia - 4.4%
PT Ace Hardware Indonesia Tbk	683,500		241,077
PT Astra International Tbk	38,000		281,573
Common Stocks - continued
	Shares		Value
Indonesia - continued
PT Bank Rakyat Indonesia Tbk	324,000		$ 245,555
PT Bumi Resources Tbk	612,500		210,678
PT Global Mediacom Tbk	2,193,000		214,788
PT Gudang Garam Tbk	38,500		223,553
PT Indofood Sukses Makmur Tbk	363,000		228,555
PT Mitra Adiperkasa Tbk	466,500		216,212
PT Modern Internasional Tbk	365,000		95,756
TOTAL INDONESIA			1,957,747
Israel - 0.6%
Israel Chemicals Ltd.	16,200		257,067
Italy - 0.6%
Saipem SpA	4,861		250,977
Japan - 11.7%
Canon, Inc. sponsored ADR (d)	7,700		366,443
Fanuc Corp.	1,900		317,645
Hitachi Ltd.	49,000		290,743
Honda Motor Co. Ltd. sponsored ADR	10,100		389,961
Itochu Corp.	25,700		267,236
Japan Tobacco, Inc.	70		270,138
Keyence Corp.	900		255,474
Komatsu Ltd.	9,300		290,303
Kubota Corp.	27,000		239,473
Makita Corp.	4,800		223,619
Mitsubishi Corp.	12,500		312,146
Mitsubishi Electric Corp.	23,000		267,104
Mitsui & Co. Ltd.	17,100		295,588
Omron Corp.	8,800		244,653
ORIX Corp.	2,630		255,761
Rakuten, Inc.	227		234,892
Sysmex Corp.	5,800		218,095
THK Co. Ltd.	9,100		232,507
Unicharm Corp.	5,400		235,866
TOTAL JAPAN			5,207,647
Korea (South) - 1.7%
Hyundai Motor Co.	1,447		321,405
KT&G Corp.	3,745		233,053
Lock & Lock Co. Ltd.	5,480		222,641
TOTAL KOREA (SOUTH)			777,099
Mexico - 0.6%
Grupo Televisa SA de CV (CPO) sponsored ADR	10,400		255,840
Netherlands - 1.3%
ING Groep NV sponsored ADR (a)	28,314		350,244
LyondellBasell Industries NV Class A	5,747		221,374
TOTAL NETHERLANDS			571,618
Nigeria - 0.5%
Guaranty Trust Bank PLC GDR (Reg. S)	46,516		232,580

	Shares		Value
Norway - 0.6%
DnB NOR ASA	18,200		$ 253,715
Poland - 0.5%
Eurocash SA	19,400		208,682
Russia - 2.2%
Magnit OJSC GDR (Reg. S)	7,400		232,286
Sberbank (Savings Bank of the Russian Federation) (a)	87,800		314,594
TNK-BP Holding (a)	69,100		216,858
Uralkali JSC GDR (Reg. S)	5,300		238,500
TOTAL RUSSIA			1,002,238
South Africa - 2.3%
African Bank Investments Ltd.	46,600		237,211
Mr Price Group Ltd.	23,800		240,049
Naspers Ltd. Class N	5,000		282,432
Shoprite Holdings Ltd.	16,700		251,421
TOTAL SOUTH AFRICA			1,011,113
Spain - 3.0%
Banco Bilbao Vizcaya Argentaria SA	31,370		368,284
Banco Santander SA sponsored ADR	40,729		468,791
Inditex SA	3,073		280,064
Obrascon Huarte Lain SA	6,332		241,980
TOTAL SPAIN			1,359,119
Sweden - 0.6%
Nordea Bank AB	26,600		286,003
Switzerland - 4.2%
Compagnie Financiere Richemont SA Series A	4,856		317,976
Dufry AG (a)	1,830		230,519
Nestle SA	12,641		785,646
The Swatch Group AG (Bearer)	540		272,216
Transocean Ltd. (United States)	4,400		284,064
TOTAL SWITZERLAND			1,890,421
Taiwan - 0.6%
HTC Corp.	7,650		256,607
Turkey - 0.6%
Turkiye Garanti Bankasi AS	57,000		258,468
United Kingdom - 10.6%
Anglo American PLC (United Kingdom)	8,000		396,410
Barclays PLC sponsored ADR (d)	20,400		335,172
BG Group PLC	19,021		431,649
British American Tobacco PLC (United Kingdom)	10,400		456,042
Burberry Group PLC	11,000		255,982
Imperial Tobacco Group PLC	8,910		296,146
Reckitt Benckiser Group PLC	5,300		292,605
Royal Dutch Shell PLC Class B	22,024		785,924
Standard Chartered PLC (United Kingdom)	14,771		388,304
Unilever PLC	14,600		471,069
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Vedanta Resources PLC	7,100		$ 238,607
Xstrata PLC	16,100		354,380
TOTAL UNITED KINGDOM			4,702,290
United States of America - 14.3%
AGCO Corp. (a)	4,800		236,928
Alpha Natural Resources, Inc. (a)	4,900		222,656
Apple, Inc. (a)	655		219,864
CF Industries Holdings, Inc.	1,480		209,672
Citigroup, Inc.	5,683		236,640
Citrix Systems, Inc. (a)	2,800		224,000
Cummins, Inc.	2,300		238,027
Deere & Co.	2,600		214,370
Freeport-McMoRan Copper & Gold, Inc.	4,250		224,825
Goldman Sachs Group, Inc.	1,900		252,871
Google, Inc. Class A (a)	400		202,552
Informatica Corp. (a)	3,900		227,877
JPMorgan Chase & Co.	5,811		237,902
Juniper Networks, Inc. (a)	7,300		229,950
Las Vegas Sands Corp. (a)	5,275		222,658
MasterCard, Inc. Class A	800		241,072
Mead Johnson Nutrition Co. Class A	3,200		216,160
Philip Morris International, Inc.	3,200		213,664
Rackspace Hosting, Inc. (a)	5,500		235,070
Royal Gold, Inc.	3,800		222,566
salesforce.com, Inc. (a)	1,500		223,470
Sotheby's Class A (Ltd. vtg.)	5,303		230,681
Southern Copper Corp.	7,000		230,090
The Mosaic Co.	3,400		230,282
Tiffany & Co., Inc.	2,844		223,311
VMware, Inc. Class A (a)	2,350		235,541
Walter Energy, Inc.	1,900		220,020
Wells Fargo & Co.	8,108		227,510
TOTAL UNITED STATES OF AMERICA			6,350,229
TOTAL COMMON STOCKS (Cost $37,702,537)		43,140,316
Nonconvertible Preferred Stocks - 1.9%
	Shares		Value
Germany - 0.8%
Volkswagen AG	1,600		$ 330,320
Italy - 1.1%
Fiat Industrial SpA (a)	35,900		253,977
Fiat SpA (Risparmio Shares)	31,041		245,352
TOTAL ITALY			499,329
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $722,241)		829,649
Money Market Funds - 0.8%

Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) (Cost $369,075)	369,075		369,075

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $38,793,853)

44,339,040

NET OTHER ASSETS (LIABILITIES) - 0.3%

119,849

NET ASSETS - 100%

$ 44,458,889

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	$ 142
Fidelity Securities Lending Cash Central Fund	13,130
Total	$ 13,272

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United States of America	$ 6,350,229	$ 6,350,229	$ -	$ -
Japan	5,207,647	756,404	4,451,243	-
United Kingdom	4,702,290	2,989,255	1,713,035	-
France	3,596,747	3,596,747	-	-
Indonesia	1,957,747	1,957,747	-	-
Brazil	1,942,706	1,942,706	-	-
Switzerland	1,890,421	1,890,421	-	-
Cayman Islands	1,806,751	1,806,751	-	-
Germany	1,778,915	1,778,915	-	-
Other	14,736,512	13,439,283	1,297,229	-
Money Market Funds	369,075	369,075	-	-
Total Investments in Securities:	$ 44,339,040	$ 36,877,533	$ 7,461,507	$ -

Income Tax Information

At December 31, 2010, the Fund had a capital loss carryforward of approximately $22,327,177 of which $17,897,995 and $4,429,182 will expire in fiscal 2016 and 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $360,909) - See accompanying schedule: Unaffiliated issuers (cost $38,424,778)	$ 43,969,965
Fidelity Central Funds (cost $369,075)	369,075
Total Investments (cost $38,793,853)		$ 44,339,040
Foreign currency held at value (cost $231,646)		67,924
Receivable for investments sold		1,955,944
Receivable for fund shares sold		49,289
Dividends receivable		152,521
Distributions receivable from Fidelity Central Funds		1,914
Receivable from investment adviser for expense reductions		1,313
Other receivables		77,060
Total assets		46,645,005

Liabilities
Payable to custodian bank	$ 384,238
Payable for investments purchased	1,351,238
Payable for fund shares redeemed	491
Accrued management fee	25,648
Distribution and service plan fees payable	51
Other affiliated payables	6,352
Other payables and accrued expenses	49,023
Collateral on securities loaned, at value	369,075
Total liabilities		2,186,116

Net Assets		$ 44,458,889
Net Assets consist of:
Paid in capital		$ 59,461,610
Undistributed net investment income		299,305
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(20,846,358)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		5,544,332
Net Assets		$ 44,458,889

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)

Initial Class: Net Asset Value, offering price and redemption price per share ($729,126 ÷ 72,146 shares)		$ 10.11

Service Class: Net Asset Value, offering price and redemption price per share ($93,163 ÷ 9,237 shares)		$ 10.09

Service Class 2: Net Asset Value, offering price and redemption price per share ($77,589 ÷ 7,702 shares)		$ 10.07

Initial Class R: Net Asset Value, offering price and redemption price per share ($13,227,818 ÷ 1,308,684 shares)		$ 10.11

Service Class R: Net Asset Value, offering price and redemption price per share ($93,163 ÷ 9,237 shares)		$ 10.09

Service Class 2R: Net Asset Value, offering price and redemption price per share ($101,653 ÷ 10,101 shares)		$ 10.06

Investor Class R: Net Asset Value, offering price and redemption price per share ($30,136,377 ÷ 2,998,539 shares)		$ 10.05

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

Semiannual Report

Statement of Operations

Six months ended June 30, 2011 (Unaudited)

Investment Income
Dividends		$ 568,001
Income from Fidelity Central Funds		13,272
Income before foreign taxes withheld		581,273
Less foreign taxes withheld		(43,954)
Total income		537,319

Expenses
Management fee	$ 160,641
Transfer agent fees	31,624
Distribution and service plan fees	345
Accounting and security lending fees	11,981
Custodian fees and expenses	58,301
Independent trustees' compensation	116
Audit	45,899
Legal	32
Miscellaneous	231
Total expenses before reductions	309,170
Expense reductions	(64,157)	245,013
Net investment income (loss)		292,306
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $(4,890))	2,295,963
Foreign currency transactions	(19,261)
Total net realized gain (loss)		2,276,702
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $22,943)	(810,607)
Assets and liabilities in foreign currencies	4,040
Total change in net unrealized appreciation (depreciation)		(806,567)
Net gain (loss)		1,470,135
Net increase (decrease) in net assets resulting from operations		$ 1,762,441

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 292,306	$ 501,549
Net realized gain (loss)	2,276,702	3,396,257
Change in net unrealized appreciation (depreciation)	(806,567)	2,011,744
Net increase (decrease) in net assets resulting from operations	1,762,441	5,909,550
Distributions to shareholders from net investment income	-	(494,828)
Distributions to shareholders from net realized gain	(46,342)	(483,411)
Total distributions	(46,342)	(978,239)
Share transactions - net increase (decrease)	(2,969,049)	(5,534,279)
Redemption fees	1,931	10,678
Total increase (decrease) in net assets	(1,251,019)	(592,290)

Net Assets
Beginning of period	45,709,908	46,302,198
End of period (including undistributed net investment income of $299,305 and undistributed net investment income of $6,999, respectively)	$ 44,458,889	$ 45,709,908

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 9.74	$ 8.60	$ 5.61	$ 11.44	$ 12.68	$ 11.46
Income from Investment Operations
Net investment income (loss)^E	.07	.10	.07	.15	.11^H	.11
Net realized and unrealized gain (loss)	.31	1.24	3.07	(5.92)	.53	1.54
Total from investment operations	.38	1.34	3.14	(5.77)	.64	1.65
Distributions from net investment income	-	(.11)	(.06)	-	(.09)	(.10)
Distributions from net realized gain	(.01)	(.10)	(.09)	(.06)	(1.79)	(.34)
Total distributions	(.01)	(.20)^K	(.15)	(.06)	(1.88)	(.43)^L
Redemption fees added to paid in capital ^E,J	-	-	-	-	-	-
Net asset value, end of period	$ 10.11	$ 9.74	$ 8.60	$ 5.61	$ 11.44	$ 12.68
Total Return^B,C,D	3.90%	15.73%	56.04%	(50.69)%	5.17%	14.49%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.29%^A	1.60%	1.81%	1.54%	1.20%	1.80%
Expenses net of fee waivers, if any	1.10%^A	1.10%	1.10%	1.10%	1.10%	1.10%
Expenses net of all reductions	1.03%^A	.96%	.93%	.91%	1.07%	1.00%
Net investment income (loss)	1.34%^A	1.19%	1.03%	1.65%	.82%^H	.95%
Supplemental Data
Net assets, end of period (000 omitted)	$ 729	$ 732	$ 645	$ 388	$ 1,409	$ 1,357
Portfolio turnover rate^G	256%^A	463%	416%	350%	224%	185%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .68%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $.20 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.097 per share. ^L Total distributions of $.43 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.335 per share.

Financial Highlights - Service Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 9.72	$ 8.58	$ 5.61	$ 11.43	$ 12.67	$ 11.46
Income from Investment Operations
Net investment income (loss)^E	.06	.10	.06	.14	.10^H	.10
Net realized and unrealized gain (loss)	.32	1.23	3.05	(5.90)	.53	1.53
Total from investment operations	.38	1.33	3.11	(5.76)	.63	1.63
Distributions from net investment income	-	(.10)	(.05)	-	(.08)	(.08)
Distributions from net realized gain	(.01)	(.10)	(.09)	(.06)	(1.79)	(.34)
Total distributions	(.01)	(.19)^K	(.14)	(.06)	(1.87)	(.42)^L
Redemption fees added to paid in capital^E,J	-	-	-	-	-	-
Net asset value, end of period	$ 10.09	$ 9.72	$ 8.58	$ 5.61	$ 11.43	$ 12.67
Total Return^B,C,D	3.91%	15.65%	55.52%	(50.64)%	5.06%	14.30%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.42%^A	1.67%	1.73%	1.51%	1.20%	1.62%
Expenses net of fee waivers, if any	1.20%^A	1.20%	1.20%	1.20%	1.20%	1.20%
Expenses net of all reductions	1.12%^A	1.05%	1.04%	1.01%	1.16%	1.10%
Net investment income (loss)	1.24%^A	1.09%	.92%	1.55%	.72%^H	.85%
Supplemental Data
Net assets, end of period (000 omitted)	$ 93	$ 100	$ 117	$ 135	$ 414	$ 394
Portfolio turnover rate^G	256%^A	463%	416%	350%	224%	185%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .58%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $.19 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.097 per share. ^L Total distributions of $.42 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.335 per share.

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

Semiannual Report

Financial Highlights - Service Class 2

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 9.72	$ 8.57	$ 5.60	$ 11.43	$ 12.67	$ 11.46
Income from Investment Operations
Net investment income (loss)^E	.05	.08	.05	.12	.08^H	.08
Net realized and unrealized gain (loss)	.31	1.24	3.05	(5.89)	.53	1.53
Total from investment operations	.36	1.32	3.10	(5.77)	.60	1.61
Distributions from net investment income	-	(.07)	(.04)	-	(.06)	(.07)
Distributions from net realized gain	(.01)	(.10)	(.09)	(.06)	(1.79)	(.34)
Total distributions	(.01)	(.17)	(.13)	(.06)	(1.84)	(.40)^K
Redemption fees added to paid in capital^E,J	-	-	-	-	-	-
Net asset value, end of period	$ 10.07	$ 9.72	$ 8.57	$ 5.60	$ 11.43	$ 12.67
Total Return^B,C,D	3.71%	15.53%	55.44%	(50.73)%	4.89%	14.14%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.59%^A	1.88%	2.02%	1.79%	1.41%	1.77%
Expenses net of fee waivers, if any	1.34%^A	1.35%	1.35%	1.35%	1.35%	1.35%
Expenses net of all reductions	1.26%^A	1.21%	1.19%	1.16%	1.32%	1.25%
Net investment income (loss)	1.10%^A	.94%	.77%	1.40%	.57%^H	.70%
Supplemental Data
Net assets, end of period (000 omitted)	$ 78	$ 115	$ 424	$ 302	$ 550	$ 524
Portfolio turnover rate^G	256%^A	463%	416%	350%	224%	185%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .43%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $.40 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.335 per share.

Financial Highlights - Initial Class R

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 9.74	$ 8.60	$ 5.62	$ 11.44	$ 12.68	$ 11.46
Income from Investment Operations
Net investment income (loss)^E	.07	.10	.07	.15	.11^H	.11
Net realized and unrealized gain (loss)	.31	1.24	3.06	(5.91)	.53	1.54
Total from investment operations	.38	1.34	3.13	(5.76)	.64	1.65
Distributions from net investment income	-	(.11)	(.06)	-	(.09)	(.10)
Distributions from net realized gain	(.01)	(.10)	(.09)	(.06)	(1.79)	(.34)
Total distributions	(.01)	(.20)^K	(.15)	(.06)	(1.88)	(.43)^L
Redemption fees added to paid in capital^E,J	-	-	-	-	-	-
Net asset value, end of period	$ 10.11	$ 9.74	$ 8.60	$ 5.62	$ 11.44	$ 12.68
Total Return^B,C,D	3.90%	15.73%	55.76%	(50.60)%	5.17%	14.50%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.31%^A	1.55%	1.60%	1.44%	1.11%	1.46%
Expenses net of fee waivers, if any	1.10%^A	1.10%	1.10%	1.10%	1.10%	1.10%
Expenses net of all reductions	1.02%^A	.95%	.93%	.91%	1.06%	1.00%
Net investment income (loss)	1.35%^A	1.19%	1.02%	1.65%	.82%^H	.95%
Supplemental Data
Net assets, end of period (000 omitted)	$ 13,228	$ 15,305	$ 17,150	$ 8,483	$ 32,345	$ 17,219
Portfolio turnover rate^G	256%^A	463%	416%	350%	224%	185%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .68%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $.20 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.097 per share. ^L Total distributions of $.43 per share is comprised of distributions from net investment income of $.096 and distributions from net realized gain of $.335 per share.

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

Semiannual Report

Financial Highlights - Service Class R

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 9.72	$ 8.58	$ 5.61	$ 11.43	$ 12.67	$ 11.46
Income from Investment Operations
Net investment income (loss)^E	.06	.10	.06	.14	.10^H	.10
Net realized and unrealized gain (loss)	.32	1.23	3.05	(5.90)	.53	1.53
Total from investment operations	.38	1.33	3.11	(5.76)	.63	1.63
Distributions from net investment income	-	(.10)	(.05)	-	(.08)	(.08)
Distributions from net realized gain	(.01)	(.10)	(.09)	(.06)	(1.79)	(.34)
Total distributions	(.01)	(.19)^K	(.14)	(.06)	(1.87)	(.42)^L
Redemption fees added to paid in capital^E,J	-	-	-	-	-	-
Net asset value, end of period	$ 10.09	$ 9.72	$ 8.58	$ 5.61	$ 11.43	$ 12.67
Total Return^B,C,D	3.91%	15.65%	55.52%	(50.64)%	5.06%	14.30%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.42%^A	1.67%	1.73%	1.51%	1.20%	1.62%
Expenses net of fee waivers, if any	1.20%^A	1.20%	1.20%	1.20%	1.20%	1.20%
Expenses net of all reductions	1.12%^A	1.05%	1.04%	1.01%	1.16%	1.10%
Net investment income (loss)	1.24%^A	1.09%	.92%	1.55%	.72%^H	.85%
Supplemental Data
Net assets, end of period (000 omitted)	$ 93	$ 100	$ 117	$ 135	$ 414	$ 394
Portfolio turnover rate^G	256%^A	463%	416%	350%	224%	185%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .58%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $.19 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.097 per share. ^L Total distributions of $.42 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.335 per share.

Financial Highlights - Service Class 2R

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 9.71	$ 8.57	$ 5.60	$ 11.43	$ 12.67	$ 11.46
Income from Investment Operations
Net investment income (loss)^E	.05	.08	.05	.13	.08^H	.08
Net realized and unrealized gain (loss)	.31	1.23	3.05	(5.90)	.53	1.53
Total from investment operations	.36	1.31	3.10	(5.77)	.61	1.61
Distributions from net investment income	-	(.08)	(.04)	-	(.06)	(.07)
Distributions from net realized gain	(.01)	(.10)	(.09)	(.06)	(1.79)	(.34)
Total distributions	(.01)	(.17)^K	(.13)	(.06)	(1.85)	(.40)^L
Redemption fees added to paid in capital^E,J	-	-	-	-	-	-
Net asset value, end of period	$ 10.06	$ 9.71	$ 8.57	$ 5.60	$ 11.43	$ 12.67
Total Return^B,C,D	3.71%	15.45%	55.36%	(50.73)%	4.90%	14.14%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.57%^A	1.83%	1.87%	1.66%	1.35%	1.77%
Expenses net of fee waivers, if any	1.35%^A	1.35%	1.35%	1.35%	1.35%	1.35%
Expenses net of all reductions	1.27%^A	1.21%	1.19%	1.16%	1.31%	1.25%
Net investment income (loss)	1.09%^A	.94%	.77%	1.40%	.57%^H	.70%
Supplemental Data
Net assets, end of period (000 omitted)	$ 102	$ 109	$ 155	$ 179	$ 550	$ 524
Portfolio turnover rate^G	256%^A	463%	416%	350%	224%	185%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .43%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $.17 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.097 per share. ^L Total distributions of $.40 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.335 per share.

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

Semiannual Report

Financial Highlights - Investor Class R

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 9.69	$ 8.56	$ 5.60	$ 11.41	$ 12.65	$ 11.46
Income from Investment Operations
Net investment income (loss)^E	.06	.10	.07	.14	.09^H	.09
Net realized and unrealized gain (loss)	.31	1.23	3.04	(5.89)	.54	1.53
Total from investment operations	.37	1.33	3.11	(5.75)	.63	1.62
Distributions from net investment income	-	(.11)	(.06)	-	(.08)	(.10)
Distributions from net realized gain	(.01)	(.10)	(.09)	(.06)	(1.79)	(.34)
Total distributions	(.01)	(.20)^K	(.15)	(.06)	(1.87)	(.43)^L
Redemption fees added to paid in capital^E,J	-	-	-	-	-	-
Net asset value, end of period	$ 10.05	$ 9.69	$ 8.56	$ 5.60	$ 11.41	$ 12.65
Total Return^B,C,D	3.82%	15.69%	55.61%	(50.65)%	5.07%	14.23%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.38%^A	1.63%	1.68%	1.51%	1.22%	1.61%
Expenses net of fee waivers, if any	1.18%^A	1.18%	1.18%	1.17%	1.22%	1.25%
Expenses net of all reductions	1.11%^A	1.04%	1.01%	.97%	1.18%	1.15%
Net investment income (loss)	1.26%^A	1.11%	.94%	1.59%	.71%^H	.80%
Supplemental Data
Net assets, end of period (000 omitted)	$ 30,136	$ 29,249	$ 27,695	$ 14,208	$ 38,719	$ 24,505
Portfolio turnover rate^G	256%^A	463%	416%	350%	224%	185%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .57%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $.20 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.097 per share. ^L Total distributions of $.43 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.335 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

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

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 6,046,308
Gross unrealized depreciation	(892,890)
Net unrealized appreciation (depreciation) on securities and other investments	$ 5,153,418

Tax cost	$ 39,185,622

Trading (Redemption) Fees. Initial Class R shares, Service Class R shares, Service Class 2R shares and Investor Class R shares held by investors less than 60 days are subject to a redemption fee equal to 1% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

Semiannual Report

3. Significant Accounting Policies - continued

New Accounting Pronouncement. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update changes the wording used to describe the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $58,069,743 and $60,564,721, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .71% of the Fund's average net assets.

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

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

Service Class	$ 47
Service Class 2	118
Service Class R	47
Service Class 2 R	133
	$ 345

Initial Class	$ 258
Service Class	50
Service Class 2	55
Initial Class R	6,468
Service Class R	50
Service Class 2R	54
Investor Class R	24,689
	$ 31,624

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $79 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. The lending agent may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $13,130. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Initial Class	1.10%	$ 674
Service Class	1.20%	107
Service Class 2	1.35%	115
Initial Class R	1.10%	15,174
Service Class R	1.20%	106
Service Class 2R	1.35%	118
Investor Class R	1.18%	30,182
		$ 46,476

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2011	Year ended December 31, 2010
From net investment income
Initial Class	$ -	$ 7,768
Service Class	-	961
Service Class 2	-	434
Initial Class R	-	168,615
Service Class R	-	961
Service Class 2R	-	883
Investor Class R	-	315,206
Total	$ -	$ 494,828

Semiannual Report

9. Distributions to Shareholders - continued

	Six months ended June 30, 2011	Year ended December 31, 2010
From net realized gain
Initial Class	$ 710	$ 7,019
Service Class	103	1,064
Service Class 2	118	542
Initial Class R	15,106	168,298
Service Class R	103	1,064
Service Class 2R	112	1,291
Investor Class R	30,090	304,133
Total	$ 46,342	$ 483,411

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	4,880	25,624	$ 48,335	$ 225,829
Reinvestment of distributions	73	1,589	710	14,787
Shares redeemed	(8,028)	(26,957)	(80,019)	(240,709)
Net increase (decrease)	(3,075)	256	$ (30,974)	$ (93)
Service Class
Reinvestment of distributions	10	220	103	2,025
Shares redeemed	(1,029)	(3,601)	(10,041)	(31,344)
Net increase (decrease)	(1,019)	(3,381)	$ (9,938)	$ (29,319)
Service Class 2
Shares sold	67	6,746	$ 668	$ 65,263
Reinvestment of distributions	12	105	118	976
Shares redeemed	(4,178)	(44,506)	(40,952)	(374,788)
Net increase (decrease)	(4,099)	(37,655)	$ (40,166)	$ (308,549)
Initial Class R
Shares sold	106,711	440,907	$ 1,048,994	$ 3,898,339
Reinvestment of distributions	1,545	36,492	15,106	336,913
Shares redeemed	(371,386)	(900,018)	(3,675,704)	(7,801,721)
Net increase (decrease)	(263,130)	(422,619)	$ (2,611,604)	$ (3,566,469)
Service Class R
Reinvestment of distributions	10	220	103	2,025
Shares redeemed	(1,029)	(3,601)	(10,041)	(31,344)
Net increase (decrease)	(1,019)	(3,381)	$ (9,938)	$ (29,319)
Service Class 2R
Reinvestment of distributions	12	239	112	2,174
Shares redeemed	(1,125)	(7,096)	(10,961)	(61,060)
Net increase (decrease)	(1,113)	(6,857)	$ (10,849)	$ (58,886)
Investor Class R
Shares sold	416,325	675,944	$ 4,073,463	$ 6,013,493
Reinvestment of distributions	3,092	67,265	30,090	619,339
Shares redeemed	(440,576)	(958,233)	(4,359,133)	(8,174,476)
Net increase (decrease)	(21,159)	(215,024)	$ (255,580)	$ (1,541,644)

11. Other.

At the end of the period, FMR or its affiliates were the owners of record of 98% of the total outstanding shares of the fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

FIL Investment Advisors

FIL Investment Advisors (UK) Limited

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.
Boston, MA

VIPCAP-SANN-0811
1.818378.106

Fidelity® Variable Insurance Products:
International Capital Appreciation Portfolio - Class R

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	1.10%
Actual		$ 1,000.00	$ 1,039.00	$ 5.56
Hypothetical^A		$ 1,000.00	$ 1,019.34	$ 5.51
Service Class	1.20%
Actual		$ 1,000.00	$ 1,039.10	$ 6.07
Hypothetical^A		$ 1,000.00	$ 1,018.84	$ 6.01
Service Class 2	1.34%
Actual		$ 1,000.00	$ 1,037.10	$ 6.77
Hypothetical^A		$ 1,000.00	$ 1,018.15	$ 6.71
Initial Class R	1.10%
Actual		$ 1,000.00	$ 1,039.00	$ 5.56
Hypothetical^A		$ 1,000.00	$ 1,019.34	$ 5.51
Service Class R	1.20%
Actual		$ 1,000.00	$ 1,039.10	$ 6.07
Hypothetical^A		$ 1,000.00	$ 1,018.84	$ 6.01
Service Class 2R	1.35%
Actual		$ 1,000.00	$ 1,037.10	$ 6.82
Hypothetical^A		$ 1,000.00	$ 1,018.10	$ 6.76
Investor Class R	1.18%
Actual		$ 1,000.00	$ 1,038.20	$ 5.96
Hypothetical^A		$ 1,000.00	$ 1,018.94	$ 5.91

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of June 30, 2011
	United States of America	15.4%
	Japan	11.7%
	United Kingdom	10.6%
	France	8.1%
	Indonesia	4.4%
	Brazil	4.4%
	Switzerland	4.2%
	Cayman Islands	4.1%
	Germany	4.1%
	Other	33.0%

fid290

Percentages are adjusted for the effect of futures contracts, if applicable.

As of December 31, 2010
	United Kingdom	12.1%
	Japan	9.3%
	United States of America	7.1%
	India	6.9%
	Cayman Islands	6.7%
	Brazil	5.6%
	France	5.1%
	Russia	4.9%
	Switzerland	4.3%
	Other	38.0%

fid302

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	98.9	98.5
Short-Term Investments and Net Other Assets	1.1	1.5
Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)	1.8	1.7
Nestle SA (Switzerland, Food Products)	1.8	1.7
Siemens AG sponsored ADR (Germany, Industrial Conglomerates)	1.2	0.0
Unilever PLC (United Kingdom, Food Products)	1.1	0.0
Banco Santander SA sponsored ADR (Spain, Commercial Banks)	1.1	1.0
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco)	1.0	0.9
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels)	1.0	0.9
BNP Paribas SA (France, Commercial Banks)	1.0	0.9
Anglo American PLC (United Kingdom) (United Kingdom, Metals & Mining)	0.9	0.9
Honda Motor Co. Ltd. sponsored ADR (Japan, Automobiles)	0.9	0.9
	11.8
Market Sectors as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	19.3	25.0
Financials	18.2	21.0
Consumer Staples	18.1	13.9
Materials	12.6	10.9
Industrials	11.7	8.5
Information Technology	9.4	7.6
Energy	7.3	9.0
Health Care	2.3	0.5
Telecommunication Services	0.0	1.6
Utilities	0.0	0.5

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
Australia - 1.1%
Atlas Iron Ltd. (a)	63,217		$ 252,895
Fortescue Metals Group Ltd.	35,615		242,552
TOTAL AUSTRALIA			495,447
Bailiwick of Jersey - 1.1%
Experian PLC	20,100		255,971
Randgold Resources Ltd. sponsored ADR	2,800		235,340
TOTAL BAILIWICK OF JERSEY			491,311
Belgium - 0.8%
Anheuser-Busch InBev SA NV	6,026		349,770
Bermuda - 2.6%
China Yurun Food Group Ltd.	89,000		250,471
Credicorp Ltd. (NY Shares)	2,600		223,860
GOME Electrical Appliances Holdings Ltd.	553,000		221,008
Petra Diamonds Ltd. (a)	89,482		230,134
Sihuan Pharmaceutical Holdings Group Ltd.	483,000		227,791
TOTAL BERMUDA			1,153,264
Brazil - 4.4%
BR Malls Participacoes SA	21,000		240,119
Bradespar SA (PN)	9,500		240,984
Brasil Foods SA sponsored ADR (d)	15,100		261,683
Cia.Hering SA	9,700		223,067
Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR	3,600		169,020
Iguatemi Empresa de Shopping Centers SA	9,000		221,094
Itau Unibanco Banco Multiplo SA sponsored ADR	15,000		353,250
Mills Estruturas e Servicos de Engenharia SA	16,200		233,489
TOTAL BRAZIL			1,942,706
British Virgin Islands - 0.2%
Sable Mining Africa Ltd. (a)	266,135		82,221
Canada - 3.6%
Canadian Natural Resources Ltd.	8,300		347,956
Potash Corp. of Saskatchewan, Inc.	6,300		359,813
Silver Wheaton Corp.	7,700		254,138
Suncor Energy, Inc.	9,100		356,678
Teck Resources Ltd. Class B (sub. vtg.)	5,900		299,894
TOTAL CANADA			1,618,479
Cayman Islands - 4.1%
Ajisen (China) Holdings Ltd.	109,000		225,795
Belle International Holdings Ltd.	122,000		257,114
China Shineway Pharmaceutical Group Ltd.	117,000		231,842
Hengan International Group Co. Ltd.	27,000		242,182
Hengdeli Holdings Ltd.	396,000		209,151
Maoye International Holdings Ltd.	443,000		220,881

	Shares		Value
Real Nutriceutical Group Ltd.	297,000		$ 195,029
Shenguan Holdings Group Ltd.	318,000		224,757
TOTAL CAYMAN ISLANDS			1,806,751
China - 1.5%
Baidu.com, Inc. sponsored ADR (a)	1,600		224,208
China Minsheng Banking Corp. Ltd. (H Shares)	240,000		221,133
Tsingtao Brewery Co. Ltd. (H Shares)	36,000		207,948
TOTAL CHINA			653,289
Denmark - 1.3%
Carlsberg A/S Series B	2,200		239,349
Novo Nordisk A/S Series B	2,857		357,972
TOTAL DENMARK			597,321
France - 8.1%
Alcatel-Lucent SA sponsored ADR (a)	46,300		267,151
Atos Origin SA	3,950		223,190
AXA SA	14,200		322,712
BNP Paribas SA	5,469		422,204
Casino Guichard Perrachon et Compagnie	2,585		243,687
Christian Dior SA	1,600		251,772
Danone	4,400		328,319
LVMH Moet Hennessy - Louis Vuitton	1,887		339,626
PPR SA	1,500		267,145
Schneider Electric SA	1,962		327,800
Societe Generale Series A	5,824		359,520
Vallourec SA	2,000		243,621
TOTAL FRANCE			3,596,747
Germany - 3.3%
Bayerische Motoren Werke AG (BMW)	3,193		318,646
Deutsche Bank AG (NY Shares)	6,100		361,364
K&S AG	3,200		245,971
Siemens AG sponsored ADR	3,800		522,614
TOTAL GERMANY			1,448,595
Hong Kong - 0.5%
China Resources Enterprise Ltd.	60,000		245,189
India - 3.5%
Bank of Baroda	11,066		221,203
Exide Industries Ltd.	59,267		214,665
Gitanjali Gems Ltd.	33,045		224,311
ITC Ltd.	55,487		252,321
Smithkline Beecham Consumer Healthcare Ltd.	4,054		218,315
Titan Industries Ltd.	44,320		212,811
Yes Bank Ltd.	32,343		226,140
TOTAL INDIA			1,569,766
Indonesia - 4.4%
PT Ace Hardware Indonesia Tbk	683,500		241,077
PT Astra International Tbk	38,000		281,573
Common Stocks - continued
	Shares		Value
Indonesia - continued
PT Bank Rakyat Indonesia Tbk	324,000		$ 245,555
PT Bumi Resources Tbk	612,500		210,678
PT Global Mediacom Tbk	2,193,000		214,788
PT Gudang Garam Tbk	38,500		223,553
PT Indofood Sukses Makmur Tbk	363,000		228,555
PT Mitra Adiperkasa Tbk	466,500		216,212
PT Modern Internasional Tbk	365,000		95,756
TOTAL INDONESIA			1,957,747
Israel - 0.6%
Israel Chemicals Ltd.	16,200		257,067
Italy - 0.6%
Saipem SpA	4,861		250,977
Japan - 11.7%
Canon, Inc. sponsored ADR (d)	7,700		366,443
Fanuc Corp.	1,900		317,645
Hitachi Ltd.	49,000		290,743
Honda Motor Co. Ltd. sponsored ADR	10,100		389,961
Itochu Corp.	25,700		267,236
Japan Tobacco, Inc.	70		270,138
Keyence Corp.	900		255,474
Komatsu Ltd.	9,300		290,303
Kubota Corp.	27,000		239,473
Makita Corp.	4,800		223,619
Mitsubishi Corp.	12,500		312,146
Mitsubishi Electric Corp.	23,000		267,104
Mitsui & Co. Ltd.	17,100		295,588
Omron Corp.	8,800		244,653
ORIX Corp.	2,630		255,761
Rakuten, Inc.	227		234,892
Sysmex Corp.	5,800		218,095
THK Co. Ltd.	9,100		232,507
Unicharm Corp.	5,400		235,866
TOTAL JAPAN			5,207,647
Korea (South) - 1.7%
Hyundai Motor Co.	1,447		321,405
KT&G Corp.	3,745		233,053
Lock & Lock Co. Ltd.	5,480		222,641
TOTAL KOREA (SOUTH)			777,099
Mexico - 0.6%
Grupo Televisa SA de CV (CPO) sponsored ADR	10,400		255,840
Netherlands - 1.3%
ING Groep NV sponsored ADR (a)	28,314		350,244
LyondellBasell Industries NV Class A	5,747		221,374
TOTAL NETHERLANDS			571,618
Nigeria - 0.5%
Guaranty Trust Bank PLC GDR (Reg. S)	46,516		232,580

	Shares		Value
Norway - 0.6%
DnB NOR ASA	18,200		$ 253,715
Poland - 0.5%
Eurocash SA	19,400		208,682
Russia - 2.2%
Magnit OJSC GDR (Reg. S)	7,400		232,286
Sberbank (Savings Bank of the Russian Federation) (a)	87,800		314,594
TNK-BP Holding (a)	69,100		216,858
Uralkali JSC GDR (Reg. S)	5,300		238,500
TOTAL RUSSIA			1,002,238
South Africa - 2.3%
African Bank Investments Ltd.	46,600		237,211
Mr Price Group Ltd.	23,800		240,049
Naspers Ltd. Class N	5,000		282,432
Shoprite Holdings Ltd.	16,700		251,421
TOTAL SOUTH AFRICA			1,011,113
Spain - 3.0%
Banco Bilbao Vizcaya Argentaria SA	31,370		368,284
Banco Santander SA sponsored ADR	40,729		468,791
Inditex SA	3,073		280,064
Obrascon Huarte Lain SA	6,332		241,980
TOTAL SPAIN			1,359,119
Sweden - 0.6%
Nordea Bank AB	26,600		286,003
Switzerland - 4.2%
Compagnie Financiere Richemont SA Series A	4,856		317,976
Dufry AG (a)	1,830		230,519
Nestle SA	12,641		785,646
The Swatch Group AG (Bearer)	540		272,216
Transocean Ltd. (United States)	4,400		284,064
TOTAL SWITZERLAND			1,890,421
Taiwan - 0.6%
HTC Corp.	7,650		256,607
Turkey - 0.6%
Turkiye Garanti Bankasi AS	57,000		258,468
United Kingdom - 10.6%
Anglo American PLC (United Kingdom)	8,000		396,410
Barclays PLC sponsored ADR (d)	20,400		335,172
BG Group PLC	19,021		431,649
British American Tobacco PLC (United Kingdom)	10,400		456,042
Burberry Group PLC	11,000		255,982
Imperial Tobacco Group PLC	8,910		296,146
Reckitt Benckiser Group PLC	5,300		292,605
Royal Dutch Shell PLC Class B	22,024		785,924
Standard Chartered PLC (United Kingdom)	14,771		388,304
Unilever PLC	14,600		471,069
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Vedanta Resources PLC	7,100		$ 238,607
Xstrata PLC	16,100		354,380
TOTAL UNITED KINGDOM			4,702,290
United States of America - 14.3%
AGCO Corp. (a)	4,800		236,928
Alpha Natural Resources, Inc. (a)	4,900		222,656
Apple, Inc. (a)	655		219,864
CF Industries Holdings, Inc.	1,480		209,672
Citigroup, Inc.	5,683		236,640
Citrix Systems, Inc. (a)	2,800		224,000
Cummins, Inc.	2,300		238,027
Deere & Co.	2,600		214,370
Freeport-McMoRan Copper & Gold, Inc.	4,250		224,825
Goldman Sachs Group, Inc.	1,900		252,871
Google, Inc. Class A (a)	400		202,552
Informatica Corp. (a)	3,900		227,877
JPMorgan Chase & Co.	5,811		237,902
Juniper Networks, Inc. (a)	7,300		229,950
Las Vegas Sands Corp. (a)	5,275		222,658
MasterCard, Inc. Class A	800		241,072
Mead Johnson Nutrition Co. Class A	3,200		216,160
Philip Morris International, Inc.	3,200		213,664
Rackspace Hosting, Inc. (a)	5,500		235,070
Royal Gold, Inc.	3,800		222,566
salesforce.com, Inc. (a)	1,500		223,470
Sotheby's Class A (Ltd. vtg.)	5,303		230,681
Southern Copper Corp.	7,000		230,090
The Mosaic Co.	3,400		230,282
Tiffany & Co., Inc.	2,844		223,311
VMware, Inc. Class A (a)	2,350		235,541
Walter Energy, Inc.	1,900		220,020
Wells Fargo & Co.	8,108		227,510
TOTAL UNITED STATES OF AMERICA			6,350,229
TOTAL COMMON STOCKS (Cost $37,702,537)		43,140,316
Nonconvertible Preferred Stocks - 1.9%
	Shares		Value
Germany - 0.8%
Volkswagen AG	1,600		$ 330,320
Italy - 1.1%
Fiat Industrial SpA (a)	35,900		253,977
Fiat SpA (Risparmio Shares)	31,041		245,352
TOTAL ITALY			499,329
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $722,241)		829,649
Money Market Funds - 0.8%

Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) (Cost $369,075)	369,075		369,075

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $38,793,853)

44,339,040

NET OTHER ASSETS (LIABILITIES) - 0.3%

119,849

NET ASSETS - 100%

$ 44,458,889

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	$ 142
Fidelity Securities Lending Cash Central Fund	13,130
Total	$ 13,272

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United States of America	$ 6,350,229	$ 6,350,229	$ -	$ -
Japan	5,207,647	756,404	4,451,243	-
United Kingdom	4,702,290	2,989,255	1,713,035	-
France	3,596,747	3,596,747	-	-
Indonesia	1,957,747	1,957,747	-	-
Brazil	1,942,706	1,942,706	-	-
Switzerland	1,890,421	1,890,421	-	-
Cayman Islands	1,806,751	1,806,751	-	-
Germany	1,778,915	1,778,915	-	-
Other	14,736,512	13,439,283	1,297,229	-
Money Market Funds	369,075	369,075	-	-
Total Investments in Securities:	$ 44,339,040	$ 36,877,533	$ 7,461,507	$ -

Income Tax Information

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $360,909) - See accompanying schedule: Unaffiliated issuers (cost $38,424,778)	$ 43,969,965
Fidelity Central Funds (cost $369,075)	369,075
Total Investments (cost $38,793,853)		$ 44,339,040
Foreign currency held at value (cost $231,646)		67,924
Receivable for investments sold		1,955,944
Receivable for fund shares sold		49,289
Dividends receivable		152,521
Distributions receivable from Fidelity Central Funds		1,914
Receivable from investment adviser for expense reductions		1,313
Other receivables		77,060
Total assets		46,645,005

Liabilities
Payable to custodian bank	$ 384,238
Payable for investments purchased	1,351,238
Payable for fund shares redeemed	491
Accrued management fee	25,648
Distribution and service plan fees payable	51
Other affiliated payables	6,352
Other payables and accrued expenses	49,023
Collateral on securities loaned, at value	369,075
Total liabilities		2,186,116

Net Assets		$ 44,458,889
Net Assets consist of:
Paid in capital		$ 59,461,610
Undistributed net investment income		299,305
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(20,846,358)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		5,544,332
Net Assets		$ 44,458,889

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)

Initial Class: Net Asset Value, offering price and redemption price per share ($729,126 ÷ 72,146 shares)		$ 10.11

Service Class: Net Asset Value, offering price and redemption price per share ($93,163 ÷ 9,237 shares)		$ 10.09

Service Class 2: Net Asset Value, offering price and redemption price per share ($77,589 ÷ 7,702 shares)		$ 10.07

Initial Class R: Net Asset Value, offering price and redemption price per share ($13,227,818 ÷ 1,308,684 shares)		$ 10.11

Service Class R: Net Asset Value, offering price and redemption price per share ($93,163 ÷ 9,237 shares)		$ 10.09

Service Class 2R: Net Asset Value, offering price and redemption price per share ($101,653 ÷ 10,101 shares)		$ 10.06

Investor Class R: Net Asset Value, offering price and redemption price per share ($30,136,377 ÷ 2,998,539 shares)		$ 10.05

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

Semiannual Report

Statement of Operations

Six months ended June 30, 2011 (Unaudited)

Investment Income
Dividends		$ 568,001
Income from Fidelity Central Funds		13,272
Income before foreign taxes withheld		581,273
Less foreign taxes withheld		(43,954)
Total income		537,319

Expenses
Management fee	$ 160,641
Transfer agent fees	31,624
Distribution and service plan fees	345
Accounting and security lending fees	11,981
Custodian fees and expenses	58,301
Independent trustees' compensation	116
Audit	45,899
Legal	32
Miscellaneous	231
Total expenses before reductions	309,170
Expense reductions	(64,157)	245,013
Net investment income (loss)		292,306
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $(4,890))	2,295,963
Foreign currency transactions	(19,261)
Total net realized gain (loss)		2,276,702
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $22,943)	(810,607)
Assets and liabilities in foreign currencies	4,040
Total change in net unrealized appreciation (depreciation)		(806,567)
Net gain (loss)		1,470,135
Net increase (decrease) in net assets resulting from operations		$ 1,762,441

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 292,306	$ 501,549
Net realized gain (loss)	2,276,702	3,396,257
Change in net unrealized appreciation (depreciation)	(806,567)	2,011,744
Net increase (decrease) in net assets resulting from operations	1,762,441	5,909,550
Distributions to shareholders from net investment income	-	(494,828)
Distributions to shareholders from net realized gain	(46,342)	(483,411)
Total distributions	(46,342)	(978,239)
Share transactions - net increase (decrease)	(2,969,049)	(5,534,279)
Redemption fees	1,931	10,678
Total increase (decrease) in net assets	(1,251,019)	(592,290)

Net Assets
Beginning of period	45,709,908	46,302,198
End of period (including undistributed net investment income of $299,305 and undistributed net investment income of $6,999, respectively)	$ 44,458,889	$ 45,709,908

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 9.74	$ 8.60	$ 5.61	$ 11.44	$ 12.68	$ 11.46
Income from Investment Operations
Net investment income (loss)^E	.07	.10	.07	.15	.11^H	.11
Net realized and unrealized gain (loss)	.31	1.24	3.07	(5.92)	.53	1.54
Total from investment operations	.38	1.34	3.14	(5.77)	.64	1.65
Distributions from net investment income	-	(.11)	(.06)	-	(.09)	(.10)
Distributions from net realized gain	(.01)	(.10)	(.09)	(.06)	(1.79)	(.34)
Total distributions	(.01)	(.20)^K	(.15)	(.06)	(1.88)	(.43)^L
Redemption fees added to paid in capital ^E,J	-	-	-	-	-	-
Net asset value, end of period	$ 10.11	$ 9.74	$ 8.60	$ 5.61	$ 11.44	$ 12.68
Total Return^B,C,D	3.90%	15.73%	56.04%	(50.69)%	5.17%	14.49%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.29%^A	1.60%	1.81%	1.54%	1.20%	1.80%
Expenses net of fee waivers, if any	1.10%^A	1.10%	1.10%	1.10%	1.10%	1.10%
Expenses net of all reductions	1.03%^A	.96%	.93%	.91%	1.07%	1.00%
Net investment income (loss)	1.34%^A	1.19%	1.03%	1.65%	.82%^H	.95%
Supplemental Data
Net assets, end of period (000 omitted)	$ 729	$ 732	$ 645	$ 388	$ 1,409	$ 1,357
Portfolio turnover rate^G	256%^A	463%	416%	350%	224%	185%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .68%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $.20 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.097 per share. ^L Total distributions of $.43 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.335 per share.

Financial Highlights - Service Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 9.72	$ 8.58	$ 5.61	$ 11.43	$ 12.67	$ 11.46
Income from Investment Operations
Net investment income (loss)^E	.06	.10	.06	.14	.10^H	.10
Net realized and unrealized gain (loss)	.32	1.23	3.05	(5.90)	.53	1.53
Total from investment operations	.38	1.33	3.11	(5.76)	.63	1.63
Distributions from net investment income	-	(.10)	(.05)	-	(.08)	(.08)
Distributions from net realized gain	(.01)	(.10)	(.09)	(.06)	(1.79)	(.34)
Total distributions	(.01)	(.19)^K	(.14)	(.06)	(1.87)	(.42)^L
Redemption fees added to paid in capital^E,J	-	-	-	-	-	-
Net asset value, end of period	$ 10.09	$ 9.72	$ 8.58	$ 5.61	$ 11.43	$ 12.67
Total Return^B,C,D	3.91%	15.65%	55.52%	(50.64)%	5.06%	14.30%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.42%^A	1.67%	1.73%	1.51%	1.20%	1.62%
Expenses net of fee waivers, if any	1.20%^A	1.20%	1.20%	1.20%	1.20%	1.20%
Expenses net of all reductions	1.12%^A	1.05%	1.04%	1.01%	1.16%	1.10%
Net investment income (loss)	1.24%^A	1.09%	.92%	1.55%	.72%^H	.85%
Supplemental Data
Net assets, end of period (000 omitted)	$ 93	$ 100	$ 117	$ 135	$ 414	$ 394
Portfolio turnover rate^G	256%^A	463%	416%	350%	224%	185%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .58%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $.19 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.097 per share. ^L Total distributions of $.42 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.335 per share.

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

Semiannual Report

Financial Highlights - Service Class 2

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 9.72	$ 8.57	$ 5.60	$ 11.43	$ 12.67	$ 11.46
Income from Investment Operations
Net investment income (loss)^E	.05	.08	.05	.12	.08^H	.08
Net realized and unrealized gain (loss)	.31	1.24	3.05	(5.89)	.53	1.53
Total from investment operations	.36	1.32	3.10	(5.77)	.60	1.61
Distributions from net investment income	-	(.07)	(.04)	-	(.06)	(.07)
Distributions from net realized gain	(.01)	(.10)	(.09)	(.06)	(1.79)	(.34)
Total distributions	(.01)	(.17)	(.13)	(.06)	(1.84)	(.40)^K
Redemption fees added to paid in capital^E,J	-	-	-	-	-	-
Net asset value, end of period	$ 10.07	$ 9.72	$ 8.57	$ 5.60	$ 11.43	$ 12.67
Total Return^B,C,D	3.71%	15.53%	55.44%	(50.73)%	4.89%	14.14%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.59%^A	1.88%	2.02%	1.79%	1.41%	1.77%
Expenses net of fee waivers, if any	1.34%^A	1.35%	1.35%	1.35%	1.35%	1.35%
Expenses net of all reductions	1.26%^A	1.21%	1.19%	1.16%	1.32%	1.25%
Net investment income (loss)	1.10%^A	.94%	.77%	1.40%	.57%^H	.70%
Supplemental Data
Net assets, end of period (000 omitted)	$ 78	$ 115	$ 424	$ 302	$ 550	$ 524
Portfolio turnover rate^G	256%^A	463%	416%	350%	224%	185%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .43%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $.40 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.335 per share.

Financial Highlights - Initial Class R

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 9.74	$ 8.60	$ 5.62	$ 11.44	$ 12.68	$ 11.46
Income from Investment Operations
Net investment income (loss)^E	.07	.10	.07	.15	.11^H	.11
Net realized and unrealized gain (loss)	.31	1.24	3.06	(5.91)	.53	1.54
Total from investment operations	.38	1.34	3.13	(5.76)	.64	1.65
Distributions from net investment income	-	(.11)	(.06)	-	(.09)	(.10)
Distributions from net realized gain	(.01)	(.10)	(.09)	(.06)	(1.79)	(.34)
Total distributions	(.01)	(.20)^K	(.15)	(.06)	(1.88)	(.43)^L
Redemption fees added to paid in capital^E,J	-	-	-	-	-	-
Net asset value, end of period	$ 10.11	$ 9.74	$ 8.60	$ 5.62	$ 11.44	$ 12.68
Total Return^B,C,D	3.90%	15.73%	55.76%	(50.60)%	5.17%	14.50%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.31%^A	1.55%	1.60%	1.44%	1.11%	1.46%
Expenses net of fee waivers, if any	1.10%^A	1.10%	1.10%	1.10%	1.10%	1.10%
Expenses net of all reductions	1.02%^A	.95%	.93%	.91%	1.06%	1.00%
Net investment income (loss)	1.35%^A	1.19%	1.02%	1.65%	.82%^H	.95%
Supplemental Data
Net assets, end of period (000 omitted)	$ 13,228	$ 15,305	$ 17,150	$ 8,483	$ 32,345	$ 17,219
Portfolio turnover rate^G	256%^A	463%	416%	350%	224%	185%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .68%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $.20 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.097 per share. ^L Total distributions of $.43 per share is comprised of distributions from net investment income of $.096 and distributions from net realized gain of $.335 per share.

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

Semiannual Report

Financial Highlights - Service Class R

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 9.72	$ 8.58	$ 5.61	$ 11.43	$ 12.67	$ 11.46
Income from Investment Operations
Net investment income (loss)^E	.06	.10	.06	.14	.10^H	.10
Net realized and unrealized gain (loss)	.32	1.23	3.05	(5.90)	.53	1.53
Total from investment operations	.38	1.33	3.11	(5.76)	.63	1.63
Distributions from net investment income	-	(.10)	(.05)	-	(.08)	(.08)
Distributions from net realized gain	(.01)	(.10)	(.09)	(.06)	(1.79)	(.34)
Total distributions	(.01)	(.19)^K	(.14)	(.06)	(1.87)	(.42)^L
Redemption fees added to paid in capital^E,J	-	-	-	-	-	-
Net asset value, end of period	$ 10.09	$ 9.72	$ 8.58	$ 5.61	$ 11.43	$ 12.67
Total Return^B,C,D	3.91%	15.65%	55.52%	(50.64)%	5.06%	14.30%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.42%^A	1.67%	1.73%	1.51%	1.20%	1.62%
Expenses net of fee waivers, if any	1.20%^A	1.20%	1.20%	1.20%	1.20%	1.20%
Expenses net of all reductions	1.12%^A	1.05%	1.04%	1.01%	1.16%	1.10%
Net investment income (loss)	1.24%^A	1.09%	.92%	1.55%	.72%^H	.85%
Supplemental Data
Net assets, end of period (000 omitted)	$ 93	$ 100	$ 117	$ 135	$ 414	$ 394
Portfolio turnover rate^G	256%^A	463%	416%	350%	224%	185%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .58%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $.19 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.097 per share. ^L Total distributions of $.42 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.335 per share.

Financial Highlights - Service Class 2R

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 9.71	$ 8.57	$ 5.60	$ 11.43	$ 12.67	$ 11.46
Income from Investment Operations
Net investment income (loss)^E	.05	.08	.05	.13	.08^H	.08
Net realized and unrealized gain (loss)	.31	1.23	3.05	(5.90)	.53	1.53
Total from investment operations	.36	1.31	3.10	(5.77)	.61	1.61
Distributions from net investment income	-	(.08)	(.04)	-	(.06)	(.07)
Distributions from net realized gain	(.01)	(.10)	(.09)	(.06)	(1.79)	(.34)
Total distributions	(.01)	(.17)^K	(.13)	(.06)	(1.85)	(.40)^L
Redemption fees added to paid in capital^E,J	-	-	-	-	-	-
Net asset value, end of period	$ 10.06	$ 9.71	$ 8.57	$ 5.60	$ 11.43	$ 12.67
Total Return^B,C,D	3.71%	15.45%	55.36%	(50.73)%	4.90%	14.14%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.57%^A	1.83%	1.87%	1.66%	1.35%	1.77%
Expenses net of fee waivers, if any	1.35%^A	1.35%	1.35%	1.35%	1.35%	1.35%
Expenses net of all reductions	1.27%^A	1.21%	1.19%	1.16%	1.31%	1.25%
Net investment income (loss)	1.09%^A	.94%	.77%	1.40%	.57%^H	.70%
Supplemental Data
Net assets, end of period (000 omitted)	$ 102	$ 109	$ 155	$ 179	$ 550	$ 524
Portfolio turnover rate^G	256%^A	463%	416%	350%	224%	185%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .43%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $.17 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.097 per share. ^L Total distributions of $.40 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.335 per share.

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

Semiannual Report

Financial Highlights - Investor Class R

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 9.69	$ 8.56	$ 5.60	$ 11.41	$ 12.65	$ 11.46
Income from Investment Operations
Net investment income (loss)^E	.06	.10	.07	.14	.09^H	.09
Net realized and unrealized gain (loss)	.31	1.23	3.04	(5.89)	.54	1.53
Total from investment operations	.37	1.33	3.11	(5.75)	.63	1.62
Distributions from net investment income	-	(.11)	(.06)	-	(.08)	(.10)
Distributions from net realized gain	(.01)	(.10)	(.09)	(.06)	(1.79)	(.34)
Total distributions	(.01)	(.20)^K	(.15)	(.06)	(1.87)	(.43)^L
Redemption fees added to paid in capital^E,J	-	-	-	-	-	-
Net asset value, end of period	$ 10.05	$ 9.69	$ 8.56	$ 5.60	$ 11.41	$ 12.65
Total Return^B,C,D	3.82%	15.69%	55.61%	(50.65)%	5.07%	14.23%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.38%^A	1.63%	1.68%	1.51%	1.22%	1.61%
Expenses net of fee waivers, if any	1.18%^A	1.18%	1.18%	1.17%	1.22%	1.25%
Expenses net of all reductions	1.11%^A	1.04%	1.01%	.97%	1.18%	1.15%
Net investment income (loss)	1.26%^A	1.11%	.94%	1.59%	.71%^H	.80%
Supplemental Data
Net assets, end of period (000 omitted)	$ 30,136	$ 29,249	$ 27,695	$ 14,208	$ 38,719	$ 24,505
Portfolio turnover rate^G	256%^A	463%	416%	350%	224%	185%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .57%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $.20 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.097 per share. ^L Total distributions of $.43 per share is comprised of distributions from net investment income of $.095 and distributions from net realized gain of $.335 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 6,046,308
Gross unrealized depreciation	(892,890)
Net unrealized appreciation (depreciation) on securities and other investments	$ 5,153,418

Tax cost	$ 39,185,622

Semiannual Report

3. Significant Accounting Policies - continued

New Accounting Pronouncement. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update changes the wording used to describe the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $58,069,743 and $60,564,721, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .71% of the Fund's average net assets.

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

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

Service Class	$ 47
Service Class 2	118
Service Class R	47
Service Class 2 R	133
	$ 345

Initial Class	$ 258
Service Class	50
Service Class 2	55
Initial Class R	6,468
Service Class R	50
Service Class 2R	54
Investor Class R	24,689
	$ 31,624

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $79 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. The lending agent may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $13,130. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Initial Class	1.10%	$ 674
Service Class	1.20%	107
Service Class 2	1.35%	115
Initial Class R	1.10%	15,174
Service Class R	1.20%	106
Service Class 2R	1.35%	118
Investor Class R	1.18%	30,182
		$ 46,476

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2011	Year ended December 31, 2010
From net investment income
Initial Class	$ -	$ 7,768
Service Class	-	961
Service Class 2	-	434
Initial Class R	-	168,615
Service Class R	-	961
Service Class 2R	-	883
Investor Class R	-	315,206
Total	$ -	$ 494,828

Semiannual Report

9. Distributions to Shareholders - continued

	Six months ended June 30, 2011	Year ended December 31, 2010
From net realized gain
Initial Class	$ 710	$ 7,019
Service Class	103	1,064
Service Class 2	118	542
Initial Class R	15,106	168,298
Service Class R	103	1,064
Service Class 2R	112	1,291
Investor Class R	30,090	304,133
Total	$ 46,342	$ 483,411

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	4,880	25,624	$ 48,335	$ 225,829
Reinvestment of distributions	73	1,589	710	14,787
Shares redeemed	(8,028)	(26,957)	(80,019)	(240,709)
Net increase (decrease)	(3,075)	256	$ (30,974)	$ (93)
Service Class
Reinvestment of distributions	10	220	103	2,025
Shares redeemed	(1,029)	(3,601)	(10,041)	(31,344)
Net increase (decrease)	(1,019)	(3,381)	$ (9,938)	$ (29,319)
Service Class 2
Shares sold	67	6,746	$ 668	$ 65,263
Reinvestment of distributions	12	105	118	976
Shares redeemed	(4,178)	(44,506)	(40,952)	(374,788)
Net increase (decrease)	(4,099)	(37,655)	$ (40,166)	$ (308,549)
Initial Class R
Shares sold	106,711	440,907	$ 1,048,994	$ 3,898,339
Reinvestment of distributions	1,545	36,492	15,106	336,913
Shares redeemed	(371,386)	(900,018)	(3,675,704)	(7,801,721)
Net increase (decrease)	(263,130)	(422,619)	$ (2,611,604)	$ (3,566,469)
Service Class R
Reinvestment of distributions	10	220	103	2,025
Shares redeemed	(1,029)	(3,601)	(10,041)	(31,344)
Net increase (decrease)	(1,019)	(3,381)	$ (9,938)	$ (29,319)
Service Class 2R
Reinvestment of distributions	12	239	112	2,174
Shares redeemed	(1,125)	(7,096)	(10,961)	(61,060)
Net increase (decrease)	(1,113)	(6,857)	$ (10,849)	$ (58,886)
Investor Class R
Shares sold	416,325	675,944	$ 4,073,463	$ 6,013,493
Reinvestment of distributions	3,092	67,265	30,090	619,339
Shares redeemed	(440,576)	(958,233)	(4,359,133)	(8,174,476)
Net increase (decrease)	(21,159)	(215,024)	$ (255,580)	$ (1,541,644)

11. Other.

At the end of the period, FMR or its affiliates were the owners of record of 98% of the total outstanding shares of the fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

FIL Investment Advisors

FIL Investment Advisors (UK) Limited

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.
Boston, MA

VIPCAR-SANN-0811
1.833456.105

Fidelity® Variable Insurance Products:
Materials Portfolio

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	.75%
Actual		$ 1,000.00	$ 1,054.90	$ 3.82
Hypothetical^A		$ 1,000.00	$ 1,021.08	$ 3.76
Investor Class	.83%
Actual		$ 1,000.00	$ 1,054.10	$ 4.23
Hypothetical^A		$ 1,000.00	$ 1,020.68	$ 4.16

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
E.I. du Pont de Nemours & Co.	8.2	6.8
Dow Chemical Co.	7.7	8.6
Freeport-McMoRan Copper & Gold, Inc.	5.1	8.0
Newmont Mining Corp.	4.4	3.3
Praxair, Inc.	4.2	4.8
Air Products & Chemicals, Inc.	3.5	4.0
PPG Industries, Inc.	3.3	0.0
The Mosaic Co.	3.0	2.6
Celanese Corp. Class A	2.3	2.4
Ball Corp.	2.2	1.4
	43.9

Top Industries (% of fund's net assets)
As of June 30, 2011
	Chemicals	61.2%
	Metals & Mining	27.1%
	Containers & Packaging	6.3%
	Food Products	1.0%
	Real Estate Investment Trusts	0.7%
	All Others*	3.7%

fid315

As of December 31, 2010
	Chemicals	55.9%
	Metals & Mining	31.1%
	Containers & Packaging	5.9%
	Oil, Gas & Consumable Fuels	1.7%
	Construction Materials	1.2%
	All Others*	4.2%

fid323

* Includes short-term investments and net other assets.

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
CHEMICALS - 61.2%
Commodity Chemicals - 4.1%
Arkema SA	11,400		$ 1,173,708
Celanese Corp. Class A	46,172		2,461,428
Grasim Industries Ltd.	3,607		177,715
TPC Group, Inc. (a)	5,633		220,926
Westlake Chemical Corp. (d)	7,707		399,993
			4,433,770
Diversified Chemicals - 24.7%
Ashland, Inc.	31,277		2,021,120
BASF AG	6,945		680,588
Cabot Corp.	19,906		793,652
Dow Chemical Co.	231,453		8,332,308
E.I. du Pont de Nemours & Co.	162,536		8,785,069
FMC Corp.	11,200		963,424
Lanxess AG	11,258		924,135
Olin Corp.	26,907		609,713
PPG Industries, Inc.	38,674		3,511,212
			26,621,221
Fertilizers & Agricultural Chemicals - 9.2%
CF Industries Holdings, Inc.	15,880		2,249,720
CVR Partners LP	28,600		642,356
Intrepid Potash, Inc. (a)(d)	17,100		555,750
Israel Chemicals Ltd.	16,500		261,828
Monsanto Co.	31,431		2,280,005
The Mosaic Co.	48,309		3,271,969
Uralkali JSC GDR (Reg. S)	13,200		594,000
			9,855,628
Industrial Gases - 8.9%
Air Products & Chemicals, Inc.	39,658		3,790,512
Airgas, Inc.	17,936		1,256,237
Praxair, Inc.	41,944		4,546,310
			9,593,059
Specialty Chemicals - 14.3%
Chemtura Corp. (a)	14,300		260,260
Cytec Industries, Inc.	11,200		640,528
Ecolab, Inc.	34,300		1,933,834
Innophos Holdings, Inc.	34,477		1,682,478
Innospec, Inc. (a)	19,498		655,328
Kraton Performance Polymers, Inc. (a)	40,837		1,599,585
LyondellBasell Industries NV Class A	51,359		1,978,349
OMNOVA Solutions, Inc. (a)	65,745		457,585
PolyOne Corp.	54,800		847,756
Rockwood Holdings, Inc. (a)	21,768		1,203,553
Sherwin-Williams Co.	24,642		2,066,725
W.R. Grace & Co. (a)	45,090		2,057,457
			15,383,438
TOTAL CHEMICALS			65,887,116

	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Environmental & Facility Services - 0.4%
Swisher Hygiene, Inc. (e)	9,270		$ 52,190
Swisher Hygiene, Inc. (e)	10,563		53,523
Swisher Hygiene, Inc. (Canada) (a)(d)	64,600		362,387
			468,100
CONSTRUCTION MATERIALS - 0.1%
Construction Materials - 0.1%
Prism Cement Ltd.	102,685		106,412
CONTAINERS & PACKAGING - 6.3%
Metal & Glass Containers - 4.9%
Aptargroup, Inc.	18,400		963,056
Ball Corp.	63,200		2,430,672
Greif, Inc. Class A	12,220		794,667
Silgan Holdings, Inc.	28,000		1,147,160
			5,335,555
Paper Packaging - 1.4%
Rock-Tenn Co. Class A	22,200		1,472,748
TOTAL CONTAINERS & PACKAGING			6,808,303
FOOD PRODUCTS - 1.0%
Agricultural Products - 1.0%
Archer Daniels Midland Co.	34,154		1,029,743
MACHINERY - 0.5%
Industrial Machinery - 0.5%
Pall Corp.	9,200		517,316
METALS & MINING - 27.1%
Diversified Metals & Mining - 12.1%
Anglo American PLC (United Kingdom)	21,469		1,063,817
BHP Billiton PLC	13,315		523,180
Copper Mountain Mining Corp. (a)	4,100		31,758
First Quantum Minerals Ltd.	6,500		947,771
Freeport-McMoRan Copper & Gold, Inc.	104,147		5,509,376
Gujarat NRE Coke Ltd.	170,751		185,175
HudBay Minerals, Inc.	46,700		697,304
Ivanhoe Mines Ltd. (a)	22,200		560,985
Kenmare Resources PLC (a)	171,100		161,876
MacArthur Coal Ltd.	71,580		840,627
Molycorp, Inc. (d)	9,200		561,752
Mongolian Mining Corp.	194,000		239,828
Walter Energy, Inc.	15,055		1,743,369
			13,066,818
Gold - 7.1%
AngloGold Ashanti Ltd. sponsored ADR	11,489		483,572
Kinross Gold Corp.	23,600		372,696
Newcrest Mining Ltd.	19,020		769,244
Newmont Mining Corp.	87,520		4,723,454
Common Stocks - continued
	Shares		Value
METALS & MINING - CONTINUED
Gold - continued
Randgold Resources Ltd. sponsored ADR	6,385		$ 536,659
Royal Gold, Inc.	12,772		748,056
			7,633,681
Precious Metals & Minerals - 0.2%
Coeur d'Alene Mines Corp. (a)	6,271		152,134
Steel - 7.7%
Allegheny Technologies, Inc.	20,456		1,298,342
Carpenter Technology Corp.	33,700		1,943,816
Fortescue Metals Group Ltd.	98,629		671,700
Haynes International, Inc.	2,900		179,597
Reliance Steel & Aluminum Co.	32,835		1,630,258
Ternium SA sponsored ADR	23,260		686,868
United States Steel Corp. (d)	41,434		1,907,621
			8,318,202
TOTAL METALS & MINING			29,170,835
OIL, GAS & CONSUMABLE FUELS - 0.5%
Coal & Consumable Fuels - 0.5%
PT Bumi Resources Tbk	1,473,000		506,659
REAL ESTATE INVESTMENT TRUSTS - 0.7%
Specialized REITs - 0.7%
Weyerhaeuser Co.	37,022		809,301
TOTAL COMMON STOCKS (Cost $88,050,907)		105,303,785

Convertible Bonds - 0.5%
	Principal Amount
ELECTRICAL EQUIPMENT - 0.5%
Electrical Components & Equipment - 0.5%
Aspen Aerogels, Inc. 8% 6/1/14 (e) (Cost $569,500)	$ 569,500	569,500

Money Market Funds - 4.5%
	Shares		Value
Fidelity Cash Central Fund, 0.11% (b)	1,932,465		$ 1,932,465
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	2,898,450		2,898,450
TOTAL MONEY MARKET FUNDS (Cost $4,830,915)		4,830,915
TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $93,451,322)			110,704,200
NET OTHER ASSETS (LIABILITIES) - (2.8)%			(3,047,434)
NET ASSETS - 100%		$ 107,656,766

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11	$ 569,500
Swisher Hygiene, Inc.	3/22/11	$ 46,350
Swisher Hygiene, Inc.	4/15/11	$ 81,335

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,100
Fidelity Securities Lending Cash Central Fund	13,102
Total	$ 15,202

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 105,303,785	$ 104,549,367	$ 754,418	$ -
Convertible Bonds	569,500	-	569,500	-
Money Market Funds	4,830,915	4,830,915	-	-
Total Investments in Securities:	$ 110,704,200	$ 109,380,282	$ 1,323,918	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	86.0%
Canada	2.3%
Australia	2.1%
Netherlands	1.8%
United Kingdom	1.5%
Germany	1.4%
France	1.1%
Others (Individually Less Than 1%)	3.8%
	100.0%

Income Tax Information

At December 31, 2010, the Fund had a capital loss carryforward of approximately $3,798,653 all of which will expire in fiscal 2016. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $2,872,965) - See accompanying schedule: Unaffiliated issuers (cost $88,620,407)	$ 105,873,285
Fidelity Central Funds (cost $4,830,915)	4,830,915
Total Investments (cost $93,451,322)		$ 110,704,200
Cash		16
Receivable for investments sold		1,524,359
Receivable for fund shares sold		30,377
Dividends receivable		114,794
Interest receivable		3,670
Distributions receivable from Fidelity Central Funds		1,974
Other receivables		2,247
Total assets		112,381,637

Liabilities
Payable for investments purchased	$ 1,665,540
Payable for fund shares redeemed	72,686
Accrued management fee	48,921
Other affiliated payables	13,889
Other payables and accrued expenses	25,385
Collateral on securities loaned, at value	2,898,450
Total liabilities		4,724,871

Net Assets		$ 107,656,766
Net Assets consist of:
Paid in capital		$ 88,658,937
Undistributed net investment income		499,485
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		1,246,019
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		17,252,325
Net Assets		$ 107,656,766

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)
Initial Class: Net Asset Value, offering price and redemption price per share ($39,615,724 ÷ 2,902,717 shares)		$ 13.65

Investor Class: Net Asset Value, offering price and redemption price per share ($68,041,042 ÷ 4,988,756 shares)		$ 13.64

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

Semiannual Report

Financial Statements - continued

Statement of Operations

Six months ended June 30, 2011 (Unaudited)

Investment Income
Dividends		$ 923,337
Interest		3,670
Income from Fidelity Central Funds		15,202
Total income		942,209

Expenses
Management fee	$ 311,538
Transfer agent fees	72,448
Accounting and security lending fees	22,217
Custodian fees and expenses	17,705
Independent trustees' compensation	276
Audit	22,728
Legal	64
Miscellaneous	372
Total expenses before reductions	447,348
Expense reductions	(4,624)	442,724
Net investment income (loss)		499,485
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	5,732,140
Foreign currency transactions	(5,124)
Total net realized gain (loss)		5,727,016
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $723)	(859,519)
Assets and liabilities in foreign currencies	(373)
Total change in net unrealized appreciation (depreciation)		(859,892)
Net gain (loss)		4,867,124
Net increase (decrease) in net assets resulting from operations		$ 5,366,609

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 499,485	$ 1,559,845
Net realized gain (loss)	5,727,016	4,677,306
Change in net unrealized appreciation (depreciation)	(859,892)	10,200,079
Net increase (decrease) in net assets resulting from operations	5,366,609	16,437,230
Distributions to shareholders from net investment income	-	(1,597,131)
Distributions to shareholders from net realized gain	-	(21,424)
Total distributions	-	(1,618,555)
Share transactions - net increase (decrease)	154,071	14,458,074
Redemption fees	26,221	42,650
Total increase (decrease) in net assets	5,546,901	29,319,399

Net Assets
Beginning of period	102,109,865	72,790,466
End of period (including undistributed net investment income of $499,485 and undistributed net investment income of $0 respectively)	$ 107,656,766	$ 102,109,865

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007 ^K
Selected Per-Share Data
Net asset value, beginning of period	$ 12.94	$ 10.25	$ 5.80	$ 11.13	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.06	.25 ^H	.10 ^I	.07	.10 ^J
Net realized and unrealized gain (loss)	.65	2.66	4.42	(5.31)	1.20
Total from investment operations	.71	2.91	4.52	(5.24)	1.30
Distributions from net investment income	-	(.23)	(.08)	(.08)	(.07)
Distributions from net realized gain	-	- ^M	-	(.06)	(.11)
Total distributions	-	(.23)	(.08)	(.14)	(.18)
Redemption fees added to paid in capital ^E	- ^M	.01	.01	.05	.01
Net asset value, end of period	$ 13.65	$ 12.94	$ 10.25	$ 5.80	$ 11.13
Total Return ^{B, C, D}	5.49%	28.54%	78.09%	(46.88)%	13.12%
Ratios to Average Net Assets ^{F, L}
Expenses before reductions	.75% ^A	.79%	.82%	.88%	1.08% ^A
Expenses net of fee waivers, if any	.75% ^A	.78%	.82%	.88%	1.00% ^A
Expenses net of all reductions	.74% ^A	.77%	.81%	.88%	1.00% ^A
Net investment income (loss)	.94% ^A	2.31% ^H	1.27% ^I	.74%	1.31% ^{A, J}
Supplemental Data
Net assets, end of period (000 omitted)	$ 39,616	$ 46,131	$ 34,218	$ 9,963	$ 13,730
Portfolio turnover rate ^G	115% ^A	115%	105%	171%	35% ^A

^A Annualized ^BTotal returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.16 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .86%. ^I Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.03%. ^J Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.03%. ^K For the period April 24, 2007 (commencement of operations) to December 31, 2007. ^L Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^M Amount represents less than $.01 per share.

Financial Highlights - Investor Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007 ^K
Selected Per-Share Data
Net asset value, beginning of period	$ 12.94	$ 10.25	$ 5.80	$ 11.13	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.06	.24 ^H	.10 ^I	.06	.09 ^J
Net realized and unrealized gain (loss)	.64	2.66	4.41	(5.31)	1.21
Total from investment operations	.70	2.90	4.51	(5.25)	1.30
Distributions from net investment income	-	(.22)	(.07)	(.07)	(.07)
Distributions from net realized gain	-	- ^M	-	(.06)	(.11)
Total distributions	-	(.22)	(.07)	(.13)	(.18)
Redemption fees added to paid in capital ^E	- ^M	.01	.01	.05	.01
Net asset value, end of period	$ 13.64	$ 12.94	$ 10.25	$ 5.80	$ 11.13
Total Return ^{B, C, D}	5.41%	28.45%	78.02%	(46.98)%	13.05%
Ratios to Average Net Assets ^{F, L}
Expenses before reductions	.83% ^A	.87%	.91%	.97%	1.20% ^A
Expenses net of fee waivers, if any	.83% ^A	.86%	.91%	.97%	1.15% ^A
Expenses net of all reductions	.82% ^A	.85%	.90%	.96%	1.15% ^A
Net investment income (loss)	.86% ^A	2.23% ^H	1.18% ^I	.65%	1.16% ^{A, J}
Supplemental Data
Net assets, end of period (000 omitted)	$ 68,041	$ 55,979	$ 38,572	$ 7,844	$ 10,793
Portfolio turnover rate ^G	115% ^A	115%	105%	171%	35% ^A

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.16 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .78%. ^I Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .94%. ^J Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .88%. ^K For the period April 24, 2007 (commencement of operations) to December 31, 2007. ^L Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^M Amount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

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

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security 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 value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 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.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 20,518,384
Gross unrealized depreciation	(3,738,655)
Net unrealized appreciation (depreciation) on securities and other investments	$ 16,779,729
Tax cost	$ 93,924,471

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $64,404,003 and $63,769,540, respectively.

6. Fees and Other Transactions with Affiliates.

Initial Class	16,707
Investor Class	55,741
	$ 72,448

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $164 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. The lending agent may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $13,102. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2011	Year ended December 31, 2010
From net investment income
Initial Class	-	768,995
Investor Class	-	828,136
Total	$ -	$ 1,597,131
From net realized gain
Initial Class	-	9,884
Investor Class	-	11,540
Total	$ -	$ 21,424

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	609,652	1,674,640	$ 8,118,879	$ 19,438,449
Reinvestment of distributions	-	61,964	-	778,878
Shares redeemed	(1,270,893)	(1,510,202)	(16,681,286)	(15,253,448)
Net increase (decrease)	(661,241)	226,402	$ (8,562,407)	$ 4,963,879
Investor Class
Shares sold	1,774,021	2,259,987	$ 23,537,879	$ 26,397,630
Reinvestment of distributions	-	66,823	-	839,676
Shares redeemed	(1,111,196)	(1,763,634)	(14,821,401)	(17,743,111)
Net increase (decrease)	662,825	563,176	$ 8,716,478	$ 9,494,195

Semiannual Report

12. Other.

At the end of the period, FMR or its affiliates were the owner of record of 100% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank and Trust Company
Quincy, MA

VMATP-SANN-0811
1.851002.104

Fidelity® Variable Insurance Products:
Real Estate Portfolio

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	.70%
Actual		$ 1,000.00	$ 1,107.40	$ 3.66
Hypothetical ^A		$ 1,000.00	$ 1,021.32	$ 3.51
Service Class	.80%
Actual		$ 1,000.00	$ 1,106.80	$ 4.18
Hypothetical ^A		$ 1,000.00	$ 1,020.83	$ 4.01
Service Class 2	.95%
Actual		$ 1,000.00	$ 1,106.30	$ 4.96
Hypothetical ^A		$ 1,000.00	$ 1,020.08	$ 4.76
Investor Class	.79%
Actual		$ 1,000.00	$ 1,107.10	$ 4.13
Hypothetical ^A		$ 1,000.00	$ 1,020.88	$ 3.96

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Simon Property Group, Inc.	9.5	10.2
Public Storage	7.1	7.2
Prologis, Inc.	6.4	5.7
Ventas, Inc.	6.3	5.5
Boston Properties, Inc.	5.0	2.8
SL Green Realty Corp.	4.5	4.3
Alexandria Real Estate Equities, Inc.	3.9	3.5
Essex Property Trust, Inc.	3.9	3.1
Equity Residential (SBI)	3.5	3.1
Mid-America Apartment Communities, Inc.	3.3	3.2
	53.4
Top Five REIT Sectors as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
REITs - Office Buildings	16.8	14.0
REITs - Apartments	15.4	15.1
REITs - Malls	15.4	15.5
REITs - Industrial Buildings	14.7	13.5
REITs - Health Care Facilities	10.9	10.8

Asset Allocation (% of fund's net assets)
As of June 30, 2011 *			As of December 31, 2010 **
	Stocks 98.0%			Stocks 98.2%
	Convertible Securities 0.0%			Convertible Securities 0.2%
	Short-Term Investments and Net Other Assets 2.0%			Short-Term Investments and Net Other Assets 1.6%
* Foreign investments		1.2%	** Foreign investments		1.3%

fid337

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.9%
Security & Alarm Services - 0.9%
The Geo Group, Inc. (a)	106,851		$ 2,460,779
HEALTH CARE PROVIDERS & SERVICES - 3.9%
Health Care Facilities - 3.9%
Brookdale Senior Living, Inc. (a)	151,900		3,683,575
Capital Senior Living Corp. (a)	133,144		1,236,908
Emeritus Corp. (a)	189,737		4,031,911
Sunrise Senior Living, Inc. (a)(d)	159,231		1,517,471
TOTAL HEALTH CARE FACILITIES			10,469,865
REAL ESTATE INVESTMENT TRUSTS - 89.5%
REITs - Apartments - 15.4%
AvalonBay Communities, Inc.	17,959		2,305,936
Camden Property Trust (SBI)	10,800		687,096
Education Realty Trust, Inc.	570,600		4,890,042
Equity Residential (SBI)	156,674		9,400,440
Essex Property Trust, Inc.	76,731		10,380,937
Mid-America Apartment Communities, Inc.	130,300		8,791,341
Post Properties, Inc.	120,460		4,909,950
TOTAL REITS - APARTMENTS			41,365,742
REITs - Factory Outlets - 0.1%
Tanger Factory Outlet Centers, Inc.	3,700		99,049
REITs - Health Care Facilities - 10.9%
HCP, Inc.	157,541		5,780,179
Health Care REIT, Inc. (d)	23,700		1,242,591
Healthcare Realty Trust, Inc.	249,900		5,155,437
Nationwide Health Properties, Inc.	3,100		128,371
Ventas, Inc.	320,915		16,915,430
TOTAL REITS - HEALTH CARE FACILITIES			29,222,008
REITs - Hotels - 6.1%
Chesapeake Lodging Trust	220,418		3,760,331
DiamondRock Hospitality Co.	405,948		4,355,822
Host Hotels & Resorts, Inc.	189,730		3,215,924
Summit Hotel Properties, Inc.	62,160		705,516
Sunstone Hotel Investors, Inc. (a)	466,532		4,324,752
TOTAL REITS - HOTELS			16,362,345
REITs - Industrial Buildings - 14.7%
DCT Industrial Trust, Inc.	398,700		2,085,201
Prologis, Inc.	479,614		17,189,366
Public Storage	167,989		19,152,426
Stag Industrial, Inc.	85,300		1,044,925
TOTAL REITS - INDUSTRIAL BUILDINGS			39,471,918

	Shares		Value
REITs - Malls - 15.4%
CBL & Associates Properties, Inc.	407,644		$ 7,390,586
Simon Property Group, Inc.	219,261		25,484,703
The Macerich Co.	157,959		8,450,807
TOTAL REITS - MALLS			41,326,096
REITs - Management/Investment - 3.3%
Digital Realty Trust, Inc. (d)	137,254		8,479,552
Lexington Corporate Properties Trust	38,000		346,940
TOTAL REITS - MANAGEMENT/INVESTMENT			8,826,492
REITs - Office Buildings - 16.8%
Alexandria Real Estate Equities, Inc.	135,662		10,502,952
Boston Properties, Inc.	127,292		13,513,319
Brandywine Realty Trust (SBI)	227,369		2,635,207
Douglas Emmett, Inc.	85,687		1,704,314
Highwoods Properties, Inc. (SBI)	137,193		4,545,204
Parkway Properties, Inc.	12,200		208,132
SL Green Realty Corp.	146,600		12,148,742
TOTAL REITS - OFFICE BUILDINGS			45,257,870
REITs - Shopping Centers - 6.8%
Acadia Realty Trust (SBI)	256,936		5,223,509
Developers Diversified Realty Corp.	52,700		743,070
Excel Trust, Inc.	99,862		1,101,478
Glimcher Realty Trust	90,199		856,891
Kimco Realty Corp.	181,296		3,379,357
Kite Realty Group Trust	219,515		1,093,185
Vornado Realty Trust	63,539		5,920,564
TOTAL REITS - SHOPPING CENTERS			18,318,054
TOTAL REAL ESTATE INVESTMENT TRUSTS			240,249,574
REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.7%
Diversified Real Estate Activities - 0.6%
The St. Joe Co. (a)(d)	79,475		1,656,259
Real Estate Operating Companies - 2.3%
Brookfield Properties Corp.	163,790		3,164,048
Forest City Enterprises, Inc. Class A (a)	154,500		2,884,515
TOTAL REAL ESTATE OPERATING COMPANIES			6,048,563
Common Stocks - continued
	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - CONTINUED
Real Estate Services - 0.8%
CB Richard Ellis Group, Inc. Class A (a)	45,516		$ 1,142,907
Jones Lang LaSalle, Inc.	11,700		1,103,310
TOTAL REAL ESTATE SERVICES			2,246,217
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			9,951,039
TOTAL COMMON STOCKS (Cost $205,822,506)		263,131,257
Convertible Preferred Stocks - 0.0%

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%
Real Estate Services - 0.0%
Grubb & Ellis Co. 12.00% (e) (Cost $270,000)	2,700		134,163
Money Market Funds - 7.3%

Fidelity Cash Central Fund, 0.11% (b)	7,033,894		7,033,894
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	12,451,600		12,451,600
TOTAL MONEY MARKET FUNDS (Cost $19,485,494)		19,485,494
TOTAL INVESTMENT PORTFOLIO - 105.3% (Cost $225,578,000)		282,750,914
NET OTHER ASSETS (LIABILITIES) - (5.3)%		(14,150,102)
NET ASSETS - 100%		$ 268,600,812

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	$ 5,416
Fidelity Securities Lending Cash Central Fund	125,350
Total	$ 130,766

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 263,131,257	$ 263,131,257	$ -	$ -
Convertible Preferred Stocks	134,163	-	134,163	-
Money Market Funds	19,485,494	19,485,494	-	-
Total Investments in Securities:	$ 282,750,914	$ 282,616,751	$ 134,163	$ -

Income Tax Information

At December 31, 2010, the Fund had a capital loss carryforward of approximately $15,606,914 all of which will expire in fiscal 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $12,110,898) - See accompanying schedule: Unaffiliated issuers (cost $206,092,506)	$ 263,265,420
Fidelity Central Funds (cost $19,485,494)	19,485,494
Total Investments (cost $225,578,000)		$ 282,750,914
Cash		6,087
Foreign currency held at value (cost $13,357)		13,357
Receivable for investments sold		556,354
Receivable for fund shares sold		242,233
Dividends receivable		555,708
Distributions receivable from Fidelity Central Funds		24,769
Other receivables		7,320
Total assets		284,156,742

Liabilities
Payable for investments purchased	$ 1,090,702
Payable for fund shares redeemed	1,803,408
Accrued management fee	122,155
Distribution and service plan fees payable	24,995
Other affiliated payables	28,863
Other payables and accrued expenses	34,207
Collateral on securities loaned, at value	12,451,600
Total liabilities		15,555,930

Net Assets		$ 268,600,812
Net Assets consist of:
Paid in capital		$ 221,512,261
Undistributed net investment income		881,436
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(10,965,799)
Net unrealized appreciation (depreciation) on investments		57,172,914
Net Assets		$ 268,600,812

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)

Initial Class: Net Asset Value, offering price and redemption price per share ($61,411,351 ÷ 3,943,450 shares)		$ 15.57

Service Class: Net Asset Value, offering price and redemption price per share ($753,743 ÷ 48,502 shares)		$ 15.54

Service Class 2: Net Asset Value, offering price and redemption price per share ($120,782,517 ÷ 7,844,976 shares)		$ 15.40

Investor Class: Net Asset Value, offering price and redemption price per share ($85,653,201 ÷ 5,521,645 shares)		$ 15.51

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

Semiannual Report

Statement of Operations

Six months ended June 30, 2011 (Unaudited)
Investment Income
Dividends		$ 2,489,324
Interest		2,314
Income from Fidelity Central Funds		130,766
Total income		2,622,404

Expenses
Management fee	$ 701,289
Transfer agent fees	126,677
Distribution and service plan fees	144,059
Accounting and security lending fees	50,300
Custodian fees and expenses	15,901
Independent trustees' compensation	618
Audit	22,264
Legal	137
Miscellaneous	1,162
Total expenses before reductions	1,062,407
Expense reductions	(7,737)	1,054,670
Net investment income (loss)		1,567,734
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	7,348,149
Foreign currency transactions	(469)
Total net realized gain (loss)		7,347,680
Change in net unrealized appreciation (depreciation) on investment securities		15,900,328
Net gain (loss)		23,248,008
Net increase (decrease) in net assets resulting from operations		$ 24,815,742

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,567,734	$ 1,643,043
Net realized gain (loss)	7,347,680	5,424,260
Change in net unrealized appreciation (depreciation)	15,900,328	34,601,498
Net increase (decrease) in net assets resultingfrom operations	24,815,742	41,668,801
Distributions to shareholders from net investment income	-	(2,468,435)
Share transactions - net increase (decrease)	22,689,946	95,325,522
Total increase (decrease) in net assets	47,505,688	134,525,888

Net Assets
Beginning of period	221,095,124	86,569,236
End of period (including undistributed net investment income of $881,436 and distributions in excess of net investment income of $686,298, respectively)	$ 268,600,812	$ 221,095,124

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 14.06	$ 10.93	$ 8.13	$ 14.38	$ 22.74	$ 18.48
Income from Investment Operations
Net investment income (loss) ^E	.10	.15	.24	.33	.27	.38
Net realized and unrealized gain (loss)	1.41	3.16	2.80	(6.06)	(4.15)	6.23
Total from investment operations	1.51	3.31	3.04	(5.73)	(3.88)	6.61
Distributions from net investment income	-	(.18)	(.24)	(.36)	(.36)	(.33)
Distributions from net realized gain	-	-	-	(.16)	(4.12)	(2.02)
Total distributions	-	(.18)	(.24)	(.52)	(4.48)	(2.35)
Net asset value, end of period	$ 15.57	$ 14.06	$ 10.93	$ 8.13	$ 14.38	$ 22.74
Total Return ^B,C,D	10.74%	30.42%	37.69%	(39.87)%	(17.72)%	36.71%
Ratios to Average Net Assets ^F,H
Expenses before reductions	.70% ^A	.73%	.80%	.76%	.74%	.72%
Expenses net of fee waivers, if any	.70% ^A	.73%	.80%	.76%	.74%	.72%
Expenses net of all reductions	.70% ^A	.72%	.80%	.76%	.74%	.71%
Net investment income (loss)	1.38% ^A	1.22%	3.01%	2.51%	1.21%	1.76%
Supplemental Data
Net assets, end of period (000 omitted)	$ 61,411	$ 56,893	$ 41,714	$ 32,918	$ 68,401	$ 205,802
Portfolio turnover rate ^G	54% ^A	64%	94%	87%	102%	70%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

Financial Highlights - Service Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 14.04	$ 10.91	$ 8.11	$ 14.33	$ 22.69	$ 18.44
Income from Investment Operations
Net investment income (loss) ^E	.10	.14	.23	.32	.24	.35
Net realized and unrealized gain (loss)	1.40	3.15	2.80	(6.04)	(4.13)	6.22
Total from investment operations	1.50	3.29	3.03	(5.72)	(3.89)	6.57
Distributions from net investment income	-	(.16)	(.23)	(.34)	(.35)	(.30)
Distributions from net realized gain	-	-	-	(.16)	(4.12)	(2.02)
Total distributions	-	(.16)	(.23)	(.50)	(4.47)	(2.32)
Net asset value, end of period	$ 15.54	$ 14.04	$ 10.91	$ 8.11	$ 14.33	$ 22.69
Total Return ^B,C,D	10.68%	30.30%	37.62%	(39.95)%	(17.80)%	36.61%
Ratios to Average Net Assets ^F,H
Expenses before reductions	.80% ^A	.83%	.90%	.86%	.83%	.82%
Expenses net of fee waivers, if any	.80% ^A	.83%	.90%	.86%	.83%	.82%
Expenses net of all reductions	.80% ^A	.82%	.89%	.85%	.83%	.81%
Net investment income (loss)	1.28% ^A	1.12%	2.91%	2.41%	1.12%	1.66%
Supplemental Data
Net assets, end of period (000 omitted)	$ 754	$ 793	$ 1,051	$ 1,385	$ 3,543	$ 4,311
Portfolio turnover rate ^G	54% ^A	64%	94%	87%	102%	70%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Semiannual Report

Financial Highlights - Service Class 2

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 13.92	$ 10.84	$ 8.07	$ 14.28	$ 22.62	$ 18.40
Income from Investment Operations
Net investment income (loss) ^E	.08	.12	.23	.28	.21	.32
Net realized and unrealized gain (loss)	1.40	3.13	2.76	(5.99)	(4.11)	6.19
Total from investment operations	1.48	3.25	2.99	(5.71)	(3.90)	6.51
Distributions from net investment income	-	(.17)	(.22)	(.34)	(.32)	(.27)
Distributions from net realized gain	-	-	-	(.16)	(4.12)	(2.02)
Total distributions	-	(.17)	(.22)	(.50)	(4.44)	(2.29)
Net asset value, end of period	$ 15.40	$ 13.92	$ 10.84	$ 8.07	$ 14.28	$ 22.62
Total Return ^B,C,D	10.63%	30.09%	37.40%	(40.06)%	(17.91)%	36.35%
Ratios to Average Net Assets ^F,H
Expenses before reductions	.95% ^A	.98%	1.07%	1.03%	.98%	.97%
Expenses net of fee waivers, if any	.95% ^A	.97%	1.07%	1.03%	.98%	.97%
Expenses net of all reductions	.94% ^A	.96%	1.06%	1.03%	.98%	.96%
Net investment income (loss)	1.13% ^A	.97%	2.74%	2.24%	.97%	1.51%
Supplemental Data
Net assets, end of period (000 omitted)	$ 120,783	$ 101,038	$ 9,878	$ 2,864	$ 3,558	$ 4,284
Portfolio turnover rate ^G	54% ^A	64%	94%	87%	102%	70%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

Financial Highlights - Investor Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 14.01	$ 10.90	$ 8.11	$ 14.34	$ 22.69	$ 18.46
Income from Investment Operations
Net investment income (loss) ^E	.10	.14	.24	.31	.24	.35
Net realized and unrealized gain (loss)	1.40	3.14	2.78	(6.03)	(4.13)	6.22
Total from investment operations	1.50	3.28	3.02	(5.72)	(3.89)	6.57
Distributions from net investment income	-	(.17)	(.23)	(.35)	(.34)	(.32)
Distributions from net realized gain	-	-	-	(.16)	(4.12)	(2.02)
Total distributions	-	(.17)	(.23)	(.51)	(4.46)	(2.34)
Net asset value, end of period	$ 15.51	$ 14.01	$ 10.90	$ 8.11	$ 14.34	$ 22.69
Total Return ^B,C,D	10.71%	30.25%	37.57%	(39.91)%	(17.83)%	36.53%
Ratios to Average Net Assets ^F,H
Expenses before reductions	.79% ^A	.82%	.90%	.85%	.85%	.85%
Expenses net of fee waivers, if any	.79% ^A	.81%	.90%	.85%	.85%	.85%
Expenses net of all reductions	.78% ^A	.80%	.89%	.85%	.85%	.85%
Net investment income (loss)	1.30% ^A	1.13%	2.91%	2.42%	1.10%	1.62%
Supplemental Data
Net assets, end of period (000 omitted)	$ 85,653	$ 62,371	$ 33,926	$ 22,711	$ 31,632	$ 50,198
Portfolio turnover rate ^G	54% ^A	64%	94%	87%	102%	70%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

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

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

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.

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 63,087,422
Gross unrealized depreciation	(7,530,100)
Net unrealized appreciation (depreciation) on securities and other investments	$ 55,557,322
Tax cost	$ 227,193,592

Semiannual Report

3. Significant Accounting Policies - continued

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $90,391,742 and $66,694,125, respectively.

6. Fees and Other Transactions with Affiliates.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services were as follows:

Service Class	$ 391
Service Class 2	143,668
	$ 144,059

Initial Class	$ 23,395
Service Class	300
Service Class 2	42,245
Investor Class	60,737
	$ 126,677

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $397 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. The lending agent may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $5,560,200. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $125,350, including $4,976 from securities loaned to FCM.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $7,727 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $10.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2011	Year ended December 31, 2010
From net investment income
Initial Class	$ -	$ 709,586
Service Class	-	10,202
Service Class 2	-	1,025,592
Investor Class	-	723,055
Total	$ -	$ 2,468,435

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	434,031	1,702,146	$ 6,528,497	$ 21,466,837
Reinvestment of distributions	-	54,676	-	709,586
Shares redeemed	(536,932)	(1,525,235)	(8,096,786)	(18,550,051)
Net increase (decrease)	(102,901)	231,587	$ (1,568,289)	$ 3,626,372
Service Class
Shares sold	-	-	$ -	$ -
Reinvestment of distributions	-	811	-	10,202
Shares redeemed	(7,968)	(40,685)	(118,584)	(503,857)
Net increase (decrease)	(7,968)	(39,874)	$ (118,584)	$ (493,655)

Semiannual Report

11. Share Transactions - continued

Transactions for each class of shares were as follows: - continued

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Service Class 2
Shares sold	1,671,129	7,627,300	$ 24,698,085	$ 90,519,353
Reinvestment of distributions	-	77,314	-	1,025,592
Shares redeemed	(1,085,790)	(1,356,033)	(16,253,589)	(16,978,350)
Net increase (decrease)	585,339	6,348,581	$ 8,444,496	$ 74,566,595
Investor Class
Shares sold	1,344,846	2,227,709	$ 20,047,243	$ 28,497,534
Reinvestment of distributions	-	55,531	-	723,055
Shares redeemed	(274,722)	(943,977)	(4,114,920)	(11,594,379)
Net increase (decrease)	1,070,124	1,339,263	$ 15,932,323	$ 17,626,210

12. Other.

At the end of the period, FMR or its affiliates were the owners of record of 54% of the total outstanding shares of the Fund and one otherwise unaffiliated shareholder was the owner of record of 43% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Japan) Inc.

Fidelity Management & Research (Hong Kong) Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

The Bank of New York Mellon
New York, NY

VIPRE-SANN-0811
1.787989.108

Fidelity® Variable Insurance Products:
Technology Portfolio

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	.71%
Actual		$ 1,000.00	$ 1,029.90	$ 3.57
Hypothetical ^A		$ 1,000.00	$ 1,021.27	$ 3.56
Investor Class	.80%
Actual		$ 1,000.00	$ 1,030.00	$ 4.03
Hypothetical ^A		$ 1,000.00	$ 1,020.83	$ 4.01

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Apple, Inc.	8.6	14.1
Oracle Corp.	5.9	2.4
Google, Inc. Class A	3.6	6.6
salesforce.com, Inc.	3.3	1.8
EMC Corp.	3.0	2.3
Accenture PLC Class A	2.8	1.1
Amazon.com, Inc.	2.2	0.3
Cognizant Technology Solutions Corp. Class A	1.8	0.7
International Business Machines Corp.	1.5	0.0
SanDisk Corp.	1.4	1.3
	34.1

Top Industries (% of fund's net assets)
As of June 30, 2011
	Software	30.0%
	Computers & Peripherals	14.9%
	IT Services	11.4%
	Semiconductors & Semiconductor Equipment	11.1%
	Internet Software & Services	10.3%
	All Others*	22.3%

fid350

As of December 31, 2010
	Computers & Peripherals	22.1%
	Software	19.3%
	Semiconductors & Semiconductor Equipment	17.6%
	Internet Software & Services	11.9%
	Communications Equipment	8.6%
	All Others*	20.5%

fid358

* Includes short-term investments and net other assets.

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
AUTOMOBILES - 0.1%
Automobile Manufacturers - 0.1%
Tesla Motors, Inc. (a)	6,800		$ 198,084
CHEMICALS - 0.0%
Commodity Chemicals - 0.0%
STR Holdings, Inc. (a)(d)	1,300		19,396
COMMUNICATIONS EQUIPMENT - 6.1%
Communications Equipment - 6.1%
Acme Packet, Inc. (a)	5,900		413,767
Alcatel-Lucent SA sponsored ADR (a)	115,300		665,281
Aruba Networks, Inc. (a)	3,500		103,425
Brocade Communications Systems, Inc. (a)	91,400		590,444
China Wireless Technologies Ltd.	48,000		9,623
Ciena Corp. (a)	50,700		931,866
Cisco Systems, Inc.	117,037		1,826,948
Comverse Technology, Inc. (a)	12,970		100,518
F5 Networks, Inc. (a)	118		13,010
Finisar Corp. (a)	32,600		587,778
HTC Corp.	3,850		129,142
Infinera Corp. (a)	13,800		95,358
JDS Uniphase Corp. (a)	47,500		791,350
Juniper Networks, Inc. (a)	5,800		182,700
Mitel Networks, Inc. (a)	2,300		10,074
Motorola Mobility Holdings, Inc.	3,875		85,405
NETGEAR, Inc. (a)	5,700		249,204
Oclaro, Inc. (a)	18,500		124,320
Polycom, Inc. (a)	17,200		1,105,960
QUALCOMM, Inc.	25,134		1,427,360
Riverbed Technology, Inc. (a)	9,400		372,146
Sandvine Corp. (a)	100,288		234,990
Sandvine Corp. (U.K.) (a)	252,300		604,327
ShoreTel, Inc. (a)	9,900		100,980
Sonus Networks, Inc. (a)	5,300		17,172
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	51,500		740,570
			11,513,718
COMPUTERS & PERIPHERALS - 14.9%
Computer Hardware - 9.8%
Apple, Inc. (a)	48,345		16,227,966
Hewlett-Packard Co.	53,217		1,937,099
Stratasys, Inc. (a)(d)	13,110		441,807
			18,606,872
Computer Storage & Peripherals - 5.1%
EMC Corp. (a)	203,600		5,609,180
Gemalto NV	10,832		518,026
Intevac, Inc. (a)	1,500		15,315
NetApp, Inc. (a)	9,500		501,410
SanDisk Corp. (a)	63,819		2,648,489
Seagate Technology	6,100		98,576

	Shares		Value
Smart Technologies, Inc. Class A (a)	11,200		$ 63,840
Western Digital Corp. (a)	6,800		247,384
			9,702,220
TOTAL COMPUTERS & PERIPHERALS			28,309,092
CONSUMER FINANCE - 0.2%
Consumer Finance - 0.2%
Discover Financial Services	14,200		379,850
Netspend Holdings, Inc.	700		7,000
			386,850
DIVERSIFIED CONSUMER SERVICES - 1.4%
Education Services - 1.4%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	23,300		2,603,076
ELECTRICAL EQUIPMENT - 0.0%
Electrical Components & Equipment - 0.0%
A123 Systems, Inc. (a)	500		2,660
Acuity Brands, Inc.	316		17,626
			20,286
ELECTRONIC EQUIPMENT & COMPONENTS - 3.1%
Electronic Components - 2.1%
Aeroflex Holding Corp.	10,900		197,835
Amphenol Corp. Class A	300		16,197
AU Optronics Corp. sponsored ADR (a)	24,000		165,120
AVX Corp.	6,500		99,060
Cando Corp. (a)	210,734		178,548
Chimei Innolux Corp. (a)	96,000		68,337
Corning, Inc.	102,600		1,862,190
DTS, Inc. (a)	400		16,220
E Ink Holdings, Inc. GDR (a)(e)	1,000		18,716
LG Display Co. Ltd. sponsored ADR	6,700		94,135
Omron Corp.	7,700		214,071
Universal Display Corp. (a)	13,600		477,224
Vishay Intertechnology, Inc. (a)	25,500		383,520
Wintek Corp. (a)	28,000		37,092
Young Fast Optoelectron Co. Ltd.	14,000		87,018
			3,915,283
Electronic Equipment & Instruments - 0.2%
Chroma ATE, Inc.	81,678		259,228
Comverge, Inc. (a)	1,211		3,597
Itron, Inc. (a)	400		19,264
National Instruments Corp.	3,355		99,610
Vishay Precision Group, Inc. (a)	1,178		19,885
			401,584
Electronic Manufacturing Services - 0.3%
Jabil Circuit, Inc.	1,000		20,200
KEMET Corp. (a)	25,800		368,682
Multi-Fineline Electronix, Inc. (a)	411		8,882
Common Stocks - continued
	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED
Electronic Manufacturing Services - continued
TE Connectivity Ltd.	600		$ 22,056
Trimble Navigation Ltd. (a)	3,185		126,253
			546,073
Technology Distributors - 0.5%
Anixter International, Inc.	300		19,602
Arrow Electronics, Inc. (a)	9,700		402,550
Digital China Holdings Ltd. (H Shares)	295,000		477,656
Supreme Electronics Co. Ltd.	13,000		9,796
VST Holdings Ltd. (a)	270,000		59,678
WPG Holding Co. Ltd.	12,896		21,808
			991,090
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			5,854,030
HEALTH CARE EQUIPMENT & SUPPLIES - 0.6%
Health Care Equipment - 0.3%
Biosensors International Group Ltd. (a)	466,000		489,408
China Medical Technologies, Inc. sponsored ADR (a)(d)	300		2,313
Mingyuan Medicare Development Co. Ltd.	200,000		14,650
			506,371
Health Care Supplies - 0.3%
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	424,000		611,338
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			1,117,709
HEALTH CARE TECHNOLOGY - 0.0%
Health Care Technology - 0.0%
athenahealth, Inc. (a)	100		4,110
HOTELS, RESTAURANTS & LEISURE - 0.6%
Hotels, Resorts & Cruise Lines - 0.6%
Ctrip.com International Ltd. sponsored ADR (a)	27,800		1,197,624
HOUSEHOLD DURABLES - 0.3%
Consumer Electronics - 0.1%
Skyworth Digital Holdings Ltd.	349,728		209,879
Sony Corp. sponsored ADR	500		13,195
			223,074
Household Appliances - 0.2%
Haier Electronics Group Co. Ltd. (a)	178,000		220,963
Techtronic Industries Co. Ltd.	146,500		174,894
			395,857
TOTAL HOUSEHOLD DURABLES			618,931

	Shares		Value
INTERNET & CATALOG RETAIL - 2.5%
Internet Retail - 2.5%
Amazon.com, Inc. (a)	20,600		$ 4,212,494
E-Commerce China Dangdang, Inc. ADR	700		8,113
MakeMyTrip Ltd.	3,400		83,300
Priceline.com, Inc. (a)	988		505,787
			4,809,694
INTERNET SOFTWARE & SERVICES - 10.3%
Internet Software & Services - 10.3%
21Vianet Group, Inc. ADR	5,300		72,822
Alibaba.com Ltd.	100,000		159,347
Baidu.com, Inc. sponsored ADR (a)	9,600		1,345,248
China Finance Online Co. Ltd. ADR (a)	16,800		60,312
ChinaCache International Holdings Ltd. sponsored ADR (d)	10,000		92,600
Constant Contact, Inc. (a)	9,500		241,110
Cornerstone Ondemand, Inc.	5,400		95,310
DealerTrack Holdings, Inc. (a)	1,500		34,425
eBay, Inc. (a)	76,200		2,458,974
Facebook, Inc. Class B (a)(f)	9,689		242,225
Google, Inc. Class A (a)	13,300		6,734,854
IntraLinks Holdings, Inc.	9,900		171,072
Kakaku.com, Inc.	98		688,950
LinkedIn Corp. (a)(d)	400		36,036
LivePerson, Inc. (a)(d)	8,800		124,432
LogMeIn, Inc. (a)	6,691		258,072
MediaMind Technologies, Inc. (a)	6,800		149,192
Mercadolibre, Inc.	9,100		721,994
Open Text Corp. (a)	4,200		269,272
OpenTable, Inc. (a)	2,200		182,864
Opera Software ASA	39,900		250,743
Phoenix New Media Ltd. ADR	29,400		263,718
Qihoo 360 Technology Co. Ltd. ADR (d)	200		3,882
Rackspace Hosting, Inc. (a)	22,200		948,828
Renren, Inc. ADR	1,500		13,275
Responsys, Inc.	400		7,092
RightNow Technologies, Inc. (a)	3,400		110,160
SINA Corp. (a)	12,900		1,342,890
SouFun Holdings Ltd. ADR	4,980		102,887
VeriSign, Inc.	8,900		297,794
VistaPrint Ltd. (a)	4,100		196,185
Vocus, Inc. (a)	15,000		459,150
XO Group, Inc. (a)	67,700		673,615
Yahoo!, Inc. (a)	30,200		454,208
YouKu.com, Inc. ADR (a)(d)	10,500		360,675
			19,624,213
IT SERVICES - 11.4%
Data Processing & Outsourced Services - 3.4%
Fidelity National Information Services, Inc.	36,100		1,111,519
Fiserv, Inc. (a)	26,300		1,647,169
MasterCard, Inc. Class A	8,000		2,410,720
Common Stocks - continued
	Shares		Value
IT SERVICES - CONTINUED
Data Processing & Outsourced Services - continued
Paychex, Inc.	6,100		$ 187,392
Syntel, Inc.	2,000		118,240
Teletech Holdings, Inc. (a)	4,994		105,274
Visa, Inc. Class A	11,600		977,416
			6,557,730
IT Consulting & Other Services - 8.0%
Accenture PLC Class A	88,767		5,363,302
Atos Origin SA	19,927		1,125,949
Camelot Information Systems, Inc. ADR	10,500		156,975
China Information Technology, Inc. (a)	83		173
Cognizant Technology Solutions Corp. Class A (a)	45,900		3,366,306
Digital Garage, Inc. (a)	153		624,581
hiSoft Technology International Ltd. ADR (a)	2,500		36,625
iGate Corp.	1,200		19,584
International Business Machines Corp.	16,300		2,796,265
Lionbridge Technologies, Inc. (a)	158,200		503,076
Teradata Corp. (a)	15,700		945,140
Virtusa Corp. (a)	10,000		189,500
			15,127,476
TOTAL IT SERVICES			21,685,206
LEISURE EQUIPMENT & PRODUCTS - 0.0%
Photographic Products - 0.0%
Eastman Kodak Co. (a)(d)	20,300		72,674
LIFE SCIENCES TOOLS & SERVICES - 0.0%
Life Sciences Tools & Services - 0.0%
Agilent Technologies, Inc. (a)	500		25,555
MACHINERY - 0.2%
Industrial Machinery - 0.2%
Fanuc Corp.	1,400		234,054
Shin Zu Shing Co. Ltd.	3,515		7,543
Sunpower Group Ltd.	655,000		194,639
			436,236
MEDIA - 1.9%
Advertising - 1.5%
AirMedia Group, Inc. ADR (a)	9,400		30,080
Dentsu, Inc.	6,000		177,559
Focus Media Holding Ltd. ADR (a)(d)	59,430		1,848,273
ReachLocal, Inc. (a)(d)	30,100		626,983
VisionChina Media, Inc. ADR (a)(d)	30,500		86,315
			2,769,210
Cable & Satellite - 0.3%
DISH Network Corp. Class A (a)	17,500		536,725
Movies & Entertainment - 0.1%
IMAX Corp. (a)	5,900		191,337

	Shares		Value
Publishing - 0.0%
Next Media Ltd. (a)	400,000		$ 44,206
TOTAL MEDIA			3,541,478
METALS & MINING - 0.0%
Diversified Metals & Mining - 0.0%
Timminco Ltd. (a)	700		247
OFFICE ELECTRONICS - 0.1%
Office Electronics - 0.1%
Canon, Inc.	2,000		95,109
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
Real Estate Services - 0.1%
China Real Estate Information Corp. ADR (a)(d)	21,800		155,652
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 11.1%
Semiconductor Equipment - 1.7%
Amkor Technology, Inc. (a)	32,695		201,728
Applied Materials, Inc.	7,000		91,070
ASM International NV unit	9,200		363,860
ASML Holding NV	2,600		96,096
Axcelis Technologies, Inc. (a)	124,800		204,672
centrotherm photovoltaics AG	500		22,153
Cymer, Inc. (a)	18,100		896,131
GCL-Poly Energy Holdings Ltd.	68,000		35,216
KLA-Tencor Corp.	1,000		40,480
Lam Research Corp. (a)	18,700		828,036
LTX-Credence Corp. (a)	2,538		22,690
MEMC Electronic Materials, Inc. (a)	8,700		74,211
Novellus Systems, Inc. (a)	1,100		39,754
Roth & Rau AG (a)	700		21,634
Teradyne, Inc. (a)	6,500		96,200
Tessera Technologies, Inc. (a)	4,100		70,274
			3,104,205
Semiconductors - 9.4%
Altera Corp.	10,300		477,405
Applied Micro Circuits Corp. (a)	7,200		63,792
ARM Holdings PLC sponsored ADR	4,600		130,778
Atmel Corp. (a)	5,300		74,571
Avago Technologies Ltd.	5,100		193,800
Broadcom Corp. Class A	52,200		1,756,008
Canadian Solar, Inc. (a)(d)	56,800		653,200
Cavium, Inc. (a)	2,291		99,865
CSR PLC	17,600		87,450
Cypress Semiconductor Corp.	5,600		118,384
Diodes, Inc. (a)	3,600		93,960
Energy Conversion Devices, Inc. (a)(d)	2,100		2,478
Fairchild Semiconductor International, Inc. (a)	13,200		220,572
First Solar, Inc. (a)(d)	8,986		1,188,578
Freescale Semiconductor Holdings I Ltd.	13,300		244,587
Gintech Energy Corp.	31,000		75,889
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Global Unichip Corp.	4,994		$ 19,682
Hanwha Solarone Co. Ltd. ADR (a)(d)	33,100		211,178
Hittite Microwave Corp. (a)	321		19,873
Hynix Semiconductor, Inc.	3,730		87,569
Inphi Corp.	16,500		287,100
Intel Corp.	600		13,296
International Rectifier Corp. (a)	12,000		335,640
Intersil Corp. Class A	21,600		277,560
JA Solar Holdings Co. Ltd. ADR (a)	237,800		1,319,790
Jinkosolar Holdings Co. Ltd. ADR (a)(d)	65,600		1,739,712
MagnaChip Semiconductor Corp.	13,700		157,824
Marvell Technology Group Ltd. (a)	96,695		1,427,702
Micron Technology, Inc. (a)	75,000		561,000
Microsemi Corp. (a)	900		18,450
Monolithic Power Systems, Inc. (a)	12,100		186,582
Motech Industries, Inc.	11,000		42,398
Neo Solar Power Corp. (a)	20,000		37,294
Netlogic Microsystems, Inc. (a)	2,700		109,134
NVIDIA Corp. (a)	142,500		2,270,738
NXP Semiconductors NV	7,400		197,802
Power Integrations, Inc.	5,314		204,217
Radiant Opto-Electronics Corp.	2,352		7,579
Rambus, Inc. (a)	11,300		165,884
RDA Microelectronics, Inc. sponsored ADR	7,500		67,425
Silicon Laboratories, Inc. (a)	4,700		193,922
Spreadtrum Communications, Inc. ADR (d)	10,940		172,414
SunPower Corp. Class B (a)	364		6,053
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	35,300		277,811
Texas Instruments, Inc.	700		22,981
Trina Solar Ltd. (a)(d)	60,000		1,345,200
Volterra Semiconductor Corp. (a)	2,000		49,320
Xilinx, Inc.	9,600		350,112
Yingli Green Energy Holding Co. Ltd. ADR (a)(d)	15,900		146,439
YoungTek Electronics Corp.	17,170		59,323
			17,870,321
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			20,974,526
SOFTWARE - 30.0%
Application Software - 19.4%
Adobe Systems, Inc. (a)	38,400		1,207,680
ANSYS, Inc. (a)	12,500		683,375
AsiaInfo-Linkage, Inc. (a)(d)	108,200		1,791,792
Aspen Technology, Inc. (a)	53,800		924,284
Autodesk, Inc. (a)	28,700		1,107,820
AutoNavi Holdings Ltd. ADR	8,900		132,165
Autonomy Corp. PLC (a)	35,000		958,848

	Shares		Value
Blackboard, Inc. (a)	9,300		$ 403,527
BroadSoft, Inc. (a)(d)	27,400		1,044,762
Cadence Design Systems, Inc. (a)	21,400		225,984
Citrix Systems, Inc. (a)	28,100		2,248,000
Compuware Corp. (a)	19,200		187,392
Concur Technologies, Inc. (a)(d)	31,800		1,592,226
Convio, Inc. (a)	33,200		358,892
Descartes Systems Group, Inc. (a)	78,200		561,931
Informatica Corp. (a)	38,300		2,237,869
Intuit, Inc. (a)	48,100		2,494,466
JDA Software Group, Inc. (a)	643		19,862
Kenexa Corp. (a)	4,200		100,716
Kingdee International Software Group Co. Ltd.	1,884,400		1,012,213
Longtop Financial Technologies Ltd. ADR (a)	22,700		42,971
Magma Design Automation, Inc. (a)	54,000		431,460
Manhattan Associates, Inc. (a)	2,888		99,463
Micro Focus International PLC	33,400		179,733
MicroStrategy, Inc. Class A (a)	6,501		1,057,583
Nuance Communications, Inc. (a)	44,400		953,268
Parametric Technology Corp. (a)	88,568		2,030,864
Pegasystems, Inc. (d)	18,600		865,830
QLIK Technologies, Inc.	15,500		527,930
Quest Software, Inc. (a)	4,400		100,012
RealPage, Inc.	3,300		87,351
salesforce.com, Inc. (a)	41,500		6,182,670
SolarWinds, Inc. (a)	32,000		836,480
SuccessFactors, Inc. (a)	31,500		926,100
Synopsys, Inc. (a)	8,100		208,251
Taleo Corp. Class A (a)	22,900		847,987
TeleNav, Inc. (a)	5,100		90,423
TIBCO Software, Inc. (a)	22,200		644,244
Ultimate Software Group, Inc. (a)	9,000		489,870
VanceInfo Technologies, Inc. ADR (a)(d)	31,400		725,654
Verint Systems, Inc. (a)	3,100		114,824
			36,736,772
Home Entertainment Software - 0.3%
NCsoft Corp.	1,080		294,545
Perfect World Co. Ltd. sponsored ADR Class B (a)	4,500		84,420
RealD, Inc. (d)	9,800		229,222
Rosetta Stone, Inc. (a)(d)	1,100		17,754
			625,941
Systems Software - 10.3%
Ariba, Inc. (a)	52,092		1,795,611
BMC Software, Inc. (a)	3,500		191,450
Check Point Software Technologies Ltd. (a)	10,600		602,610
CommVault Systems, Inc. (a)	35,300		1,569,085
Fortinet, Inc. (a)	23,400		638,586
Insyde Software Corp.	5,823		32,048
Microsoft Corp.	925		24,050
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Systems Software - continued
NetSuite, Inc. (a)	2,900		$ 113,680
Oracle Corp.	339,000		11,156,490
Red Hat, Inc. (a)	2,400		110,160
Rovi Corp. (a)	6,719		385,402
Symantec Corp. (a)	1,100		21,692
Totvs SA	14,700		271,193
VMware, Inc. Class A (a)	26,200		2,626,026
			19,538,083
TOTAL SOFTWARE			56,900,796
WIRELESS TELECOMMUNICATION SERVICES - 1.9%
Wireless Telecommunication Services - 1.9%
American Tower Corp. Class A (a)	25,100		1,313,483
Crown Castle International Corp. (a)	25,400		1,036,066
SBA Communications Corp. Class A (a)	27,800		1,061,682
SOFTBANK CORP.	2,500		94,657
			3,505,888
TOTAL COMMON STOCKS (Cost $151,580,082)		183,670,180

Convertible Bonds - 0.1%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.1%
Communications Equipment - 0.1%
Ciena Corp. 0.25% 5/1/13 (Cost $157,875)	$ 150,000	146,760

Money Market Funds - 9.1%
	Shares		Value
Fidelity Cash Central Fund, 0.11% (b)	6,212,440		$ 6,212,440
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	11,104,960		11,104,960
TOTAL MONEY MARKET FUNDS (Cost $17,317,400)		17,317,400

TOTAL INVESTMENT PORTFOLIO - 106.0%

(Cost $169,055,357)

201,134,340

NET OTHER ASSETS (LIABILITIES) - (6.0)%			(11,392,326)
NET ASSETS - 100%		$ 189,742,014

Legend

(a) Non-income producing

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

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $242,225 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 242,289

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,777
Fidelity Securities Lending Cash Central Fund	34,869
Total	$ 37,646

Other Information

The following is a summary of the inputs used, as of June 30, 2011, 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 tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 183,670,180	$ 181,256,003	$ 2,128,981	$ 285,196
Convertible Bonds	146,760	-	146,760	-
Money Market Funds	17,317,400	17,317,400	-	-
Total Investments in Securities:	$ 201,134,340	$ 198,573,403	$ 2,275,741	$ 285,196

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(774,673)
Cost of Purchases	361,595
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	698,274
Transfers out of Level 3	-
Ending Balance	$ 285,196
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2011	$ (774,673)

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	79.5%
Cayman Islands	6.5%
China	3.0%
Ireland	2.8%
Bermuda	1.6%
Canada	1.2%
Japan	1.2%
Others (Individually Less Than 1%)	4.2%
	100.0%

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $11,081,866) - See accompanying schedule: Unaffiliated issuers (cost $151,737,957)	$ 183,816,940
Fidelity Central Funds (cost $17,317,400)	17,317,400
Total Investments (cost $169,055,357)		$ 201,134,340
Receivable for investments sold		5,670,659
Receivable for fund shares sold		4,727
Dividends receivable		23,265
Interest receivable		61
Distributions receivable from Fidelity Central Funds		19,797
Other receivables		10,008
Total assets		206,862,857

Liabilities
Payable for investments purchased	$ 5,859,806
Payable for fund shares redeemed	11,402
Accrued management fee	86,296
Other affiliated payables	23,153
Other payables and accrued expenses	35,226
Collateral on securities loaned, at value	11,104,960
Total liabilities		17,120,843

Net Assets		$ 189,742,014
Net Assets consist of:
Paid in capital		$ 138,775,326
Accumulated net investment loss		(363,770)
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		19,251,430
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		32,079,028
Net Assets		$ 189,742,014

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)


Initial Class: Net Asset Value, offering price and redemption price per share ($89,229,038 ÷ 7,798,408 shares)		$ 11.44

Investor Class: Net Asset Value, offering price and redemption price per share ($100,512,976 ÷ 8,835,572 shares)		$ 11.38

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

Semiannual Report

Statement of Operations

Six months ended June 30, 2011 (Unaudited)

Investment Income
Dividends		$ 381,685
Interest		186
Income from Fidelity Central Funds (including $34,869 from security lending)		37,646
Total income		419,517

Expenses
Management fee	$ 595,922
Transfer agent fees	125,685
Accounting and security lending fees	42,364
Custodian fees and expenses	17,081
Independent trustees' compensation	539
Audit	23,572
Legal .	147
Interest	283
Miscellaneous	850
Total expenses before reductions	806,443
Expense reductions	(23,156)	783,287
Net investment income (loss)		(363,770)
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	19,642,009
Foreign currency transactions	14,409
Total net realized gain (loss)		19,656,418
Change in net unrealized appreciation (depreciation) on: Investment securities	(14,353,345)
Assets and liabilities in foreign currencies	(23)
Total change in net unrealized appreciation (depreciation)		(14,353,368)
Net gain (loss)		5,303,050
Net increase (decrease) in net assets resulting from operations		$ 4,939,280

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ (363,770)	$ (594,832)
Net realized gain (loss)	19,656,418	21,727,514
Change in net unrealized appreciation (depreciation)	(14,353,368)	14,642,560
Net increase (decrease) in net assets resulting from operations	4,939,280	35,775,242
Distributions to shareholders from net realized gain	(3,496,825)	-
Share transactions - net increase (decrease)	(4,338,213)	4,540,824
Redemption fees	39,973	70,230
Total increase (decrease) in net assets	(2,855,785)	40,386,296

Net Assets
Beginning of period	192,597,799	152,211,503
End of period (including accumulated net investment loss of $363,770 and accumulated net investment loss of $0, respectively)	$ 189,742,014	$ 192,597,799

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 11.28	$ 8.83	$ 4.51	$ 11.02	$ 10.37	$ 10.35
Income from Investment Operations
Net investment income (loss) ^E	(.02)	(.03)	.01 ^H	.01	(.05)	(.04)
Net realized and unrealized gain (loss)	.37	2.48	4.32	(5.01)	1.52	.88
Total from investment operations	.35	2.45	4.33	(5.00)	1.47	.84
Distributions from net investment income	-	-	(.01)	(.01)	-	-
Distributions from net realized gain	(.19)	-	-	(1.49)	(.83)	(.83)
Total distributions	(.19)	-	(.01)	(1.51) ^K	(.83)	(.83)
Redemption fees added to paid in capital ^E	- ^J	- ^J	- ^J	- ^J	.01	.01
Net asset value, end of period	$ 11.44	$ 11.28	$ 8.83	$ 4.51	$ 11.02	$ 10.37
Total Return ^B,C,D	2.99%	27.75%	96.02%	(50.77)%	15.36%	8.19%
Ratios to Average Net Assets ^F,I
Expenses before reductions	.71% ^A	.73%	.78%	.81%	.81%	.80%
Expenses net of fee waivers, if any	.71% ^A	.72%	.78%	.81%	.81%	.80%
Expenses net of all reductions	.69% ^A	71%	.76%	.79%	.79%	.77%
Net investment income (loss)	(.30)% ^A	(.35)%	.13% ^H	.19%	(.44)%	(.43)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 89,229	$ 100,854	$ 88,231	$ 25,400	$ 70,788	$ 64,689
Portfolio turnover rate ^G	150% ^A	114%	130%	237%	213%	269%
^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.08)%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $1.51 per share is comprised of distributions from net investment income of $0.011 and distributions from net realized gain of $1.494 per share.

Financial Highlights - Investor Class

	Six months ended	Years ended December 31,
	June 30, 2011 (Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 11.22	$ 8.79	$ 4.50	$ 10.97	$ 10.34	$ 10.33
Income from Investment Operations
Net investment income (loss) ^E	(.02)	(.04)	- ^H,J	.01	(.06)	(.06)
Net realized and unrealized gain (loss)	.37	2.47	4.30	(4.99)	1.50	.89
Total from investment operations	.35	2.43	4.30	(4.98)	1.44	.83
Distributions from net investment income	-	-	(.01)	(.01)	-	-
Distributions from net realized gain	(.19)	-	-	(1.49)	(.82)	(.83)
Total distributions	(.19)	-	(.01)	(1.49) ^K	(.82)	(.83)
Redemption fees added to paid in capital ^E	- ^J	- ^J	- ^J	- ^J	.01	.01
Net asset value, end of period	$ 11.38	$ 11.22	$ 8.79	$ 4.50	$ 10.97	$ 10.34
Total Return ^B,C,D	3.00%	27.65%	95.49%	(50.74)%	15.15%	8.10%
Ratios to Average Net Assets ^F,I
Expenses before reductions	.80% ^A	.81%	.88%	.90%	.93%	.93%
Expenses net of fee waivers, if any	.80% ^A	.81%	.88%	.90%	.93%	.93%
Expenses net of all reductions	.77% ^A	.80%	.85%	.89%	.91%	.90%
Net investment income (loss)	(.38)% ^A	(.44)%	.03% ^H	.10%	(.56)%	(.56)%
Supplemental Data
Net assets, end of period (000 omitted)	$ 100,513	$ 91,743	$ 63,980	$ 12,903	$ 34,367	$ 15,939
Portfolio turnover rate ^G	150% ^A	114%	130%	237%	213%	269%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H Investment income per share reflects a special dividend which amounted to $.01 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been (.17)%. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^J Amount represents less than $.01 per share. ^K Total distributions of $1.49 per share is comprised of distributions from net investment income of $0.005 and distributions from net realized gain of $1.485 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

VIP Technology Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund IV (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security 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 value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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. The aggregate value of investments by input level, as of June 30, 2011, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

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.

Book-tax differences are primarily due to foreign currency transactions, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 38,944,563
Gross unrealized depreciation	(7,830,965)
Net unrealized appreciation (depreciation) on securities and other investments	$ 31,113,598
Tax cost	$ 170,020,742

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $157,323,813 and $169,939,486, respectively.

6. Fees and Other Transactions with Affiliates.

Initial Class	$ 39,756
Investor Class	85,929
	$ 125,685

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 3,630,571	.40%	$ 283

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $339 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. The lending agent may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $112 from securities loaned to FCM.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $23,094 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $62.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2011	Year ended December 31, 2010
From net realized gain
Initial Class	$ 1,796,938	$ -
Investor Class	1,699,887	-
Total	$ 3,496,825	$ -

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	1,291,338	2,243,164	$ 15,338,146	$ 22,111,972
Reinvestment of distributions	150,246	-	1,796,938	-
Shares redeemed	(2,586,411)	(3,290,097)	(29,759,699)	(29,026,956)
Net increase (decrease)	(1,144,827)	(1,046,933)	$ (12,624,615)	$ (6,914,984)
Investor Class
Shares sold	2,404,391	3,459,301	$ 28,227,244	$ 34,104,347
Reinvestment of distributions	142,848	-	1,699,887	-
Shares redeemed	(1,890,113)	(2,557,328)	(21,640,729)	(22,648,539)
Net increase (decrease)	657,126	901,973	$ 8,286,402	$ 11,455,808

12. Other.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

VTECIC-SANN-0811
1.817388.106

Fidelity® Variable Insurance Products:
Telecommunications Portfolio

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	1.00%
Actual		$ 1,000.00	$ 1,081.50	$ 5.16
Hypothetical^A		$ 1,000.00	$ 1,019.84	$ 5.01
Investor Class	1.08%
Actual		$ 1,000.00	$ 1,081.80	$ 5.57
Hypothetical^A		$ 1,000.00	$ 1,019.44	$ 5.41

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
AT&T, Inc.	19.1	5.7
Verizon Communications, Inc.	16.1	19.0
CenturyLink, Inc.	6.7	5.1
American Tower Corp. Class A	5.0	6.9
Sprint Nextel Corp.	4.7	2.4
Crown Castle International Corp.	3.7	5.7
Cogent Communications Group, Inc.	2.9	0.2
tw telecom, inc.	2.9	1.9
NII Holdings, Inc.	2.7	3.9
PAETEC Holding Corp.	2.5	0.1
	66.3

Top Industries (% of fund's net assets)
As of June 30, 2011
	Diversified Telecommunication Services	62.8%
	Wireless Telecommunication Services	25.5%
	Media	3.9%
	Communications Equipment	2.3%
	Internet Software & Services	1.3%
	All Others*	4.2%

fid371


As of December 31, 2010
	Diversified Telecommunication Services	48.6%
	Wireless Telecommunication Services	35.9%
	Media	8.8%
	Internet Software & Services	2.5%
	Software	1.9%
	All Others*	2.3%

fid379

* Includes short-term investments and net other assets.

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.6%
Diversified Support Services - 0.6%
Blue Label Telecoms Ltd.	132,800		$ 98,788
COMMUNICATIONS EQUIPMENT - 2.3%
Communications Equipment - 2.3%
Juniper Networks, Inc. (a)	3,313		104,360
Nortel Networks Corp. (a)	100		0
QUALCOMM, Inc.	4,700		266,913
			371,273
CONSTRUCTION & ENGINEERING - 0.7%
Construction & Engineering - 0.7%
PT Tower Bersama Infrastructure Tbk	425,000		117,691
DIVERSIFIED TELECOMMUNICATION SERVICES - 62.8%
Alternative Carriers - 13.2%
AboveNet, Inc.	3,800		267,748
Cogent Communications Group, Inc. (a)	26,906		457,671
Global Crossing Ltd. (a)	6,319		242,523
PAETEC Holding Corp. (a)	83,400		399,486
tw telecom, inc. (a)	22,233		456,443
Vonage Holdings Corp. (a)	61,900		272,979
			2,096,850
Integrated Telecommunication Services - 49.6%
AT&T, Inc.	96,883		3,043,096
Cbeyond, Inc. (a)	20,550		271,877
CenturyLink, Inc.	26,288		1,062,824
China Unicom (Hong Kong) Ltd. sponsored ADR	4,500		91,215
Cincinnati Bell, Inc. New (a)	76,200		252,984
General Communications, Inc. Class A (a)	11,200		135,184
PT XL Axiata Tbk	105,500		75,652
Telecomunicacoes de Sao Paulo SA sponsored ADR	5,050		149,985
Telenor ASA sponsored ADR	5,250		258,825
Verizon Communications, Inc.	68,828		2,562,466
			7,904,108
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			10,000,958
INTERNET SOFTWARE & SERVICES - 1.3%
Internet Software & Services - 1.3%
Rackspace Hosting, Inc. (a)	3,200		136,768
Support.com, Inc. (a)	13,400		64,320
			201,088
MEDIA - 3.9%
Cable & Satellite - 3.9%
Kabel Deutschland Holding AG (a)	4,400		270,568

	Shares		Value
Liberty Global, Inc. Class A (a)	2,666		$ 120,077
Virgin Media, Inc.	7,800		233,454
			624,099
SOFTWARE - 0.7%
Application Software - 0.7%
Asiainfo-Linkage, Inc. (a)	4,500		74,520
Synchronoss Technologies, Inc. (a)	1,201		38,108
			112,628
WIRELESS TELECOMMUNICATION SERVICES - 25.5%
Wireless Telecommunication Services - 25.5%
American Tower Corp. Class A (a)	15,300		800,649
Axiata Group Bhd	86,400		143,356
Clearwire Corp. Class A (a)	33,731		127,503
Crown Castle International Corp. (a)	14,617		596,227
ICO Global Communications Holdings Ltd. Class A (a)	138,923		384,817
Leap Wireless International, Inc. (a)	2		32
MetroPCS Communications, Inc. (a)	17,678		304,238
NII Holdings, Inc. (a)	9,981		422,995
PT Indosat Tbk	233,000		138,553
SBA Communications Corp. Class A (a)	10,418		397,863
Sprint Nextel Corp. (a)	137,268		739,875
			4,056,108
TOTAL COMMON STOCKS (Cost $14,028,177)		15,582,633
Money Market Funds - 6.1%

Fidelity Cash Central Fund, 0.11% (b) (Cost $967,991)	967,991		967,991
TOTAL INVESTMENT PORTFOLIO - 103.9% (Cost $14,996,168)			16,550,624
NET OTHER ASSETS (LIABILITIES) - (3.9)%			(624,964)
NET ASSETS - 100%		$ 15,925,660

Legend

(a) Non-income producing

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	$ 243

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At December 31, 2010, the Fund had a capital loss carryforward of approximately $2,037,085 of which $1,678,905 and $358,180 will expire in fiscal 2016 and 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $14,028,177)	$ 15,582,633
Fidelity Central Funds (cost $967,991)	967,991
Total Investments (cost $14,996,168)		$ 16,550,624
Foreign currency held at value (cost $902)		906
Receivable for fund shares sold		11,276
Dividends receivable		748
Distributions receivable from Fidelity Central Funds		121
Receivable from investment adviser for expense reductions		2,162
Other receivables		1,470
Total assets		16,567,307

Liabilities
Payable for investments purchased	$ 612,583
Payable for fund shares redeemed	21
Accrued management fee	6,263
Other affiliated payables	1,768
Other payables and accrued expenses	21,012
Total liabilities		641,647

Net Assets		$ 15,925,660
Net Assets consist of:
Paid in capital		$ 16,109,193
Undistributed net investment income		42,649
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(1,780,518)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		1,554,336
Net Assets		$ 15,925,660

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)
Initial Class: Net Asset Value, offering price and redemption price per share ($6,129,567 ÷ 699,642 shares)		$ 8.76

Investor Class: Net Asset Value, offering price and redemption price per share ($9,796,093 ÷ 1,122,718 shares)		$ 8.73

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

Semiannual Report

Statement of Operations

Six months ended June 30, 2011 (Unaudited)

Investment Income
Dividends		$ 122,463
Interest		1
Income from Fidelity Central Funds		243
Total income		122,707

Expenses
Management fee	$ 29,644
Transfer agent fees	8,973
Accounting fees and expenses	2,074
Custodian fees and expenses	3,975
Independent trustees' compensation	25
Audit	19,752
Legal	6
Miscellaneous	42
Total expenses before reductions	64,491
Expense reductions	(9,456)	55,035
Net investment income (loss)		67,672
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	420,143
Foreign currency transactions	(153)
Total net realized gain (loss)		419,990
Change in net unrealized appreciation (depreciation) on: Investment securities	396,982
Assets and liabilities in foreign currencies	3
Total change in net unrealized appreciation (depreciation)		396,985
Net gain (loss)		816,975
Net increase (decrease) in net assets resulting from operations		$ 884,647

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 67,672	$ 113,039
Net realized gain (loss)	419,990	380,162
Change in net unrealized appreciation (depreciation)	396,985	797,145
Net increase (decrease) in net assets resulting from operations	884,647	1,290,346
Distributions to shareholders from net investment income	-	(157,959)
Share transactions - net increase (decrease)	5,554,731	1,086,899
Redemption fees	2,691	9,541
Total increase (decrease) in net assets	6,442,069	2,228,827

Net Assets
Beginning of period	9,483,591	7,254,764
End of period (including undistributed net investment income of $42,649 and distributions in excess of net investment income of $25,023, respectively)	$ 15,925,660	$ 9,483,591

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 8.10	$ 7.01	$ 4.81	$ 9.36	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.05	.11	.09	.09	.05
Net realized and unrealized gain (loss)	.61	1.10	2.21	(4.53)	(.17)
Total from investment operations	.66	1.21	2.30	(4.44)	(.12)
Distributions from net investment income	-	(.13)	(.11)	(.11)	(.05)
Distributions from net realized gain	-	-	-	-	(.48)
Total distributions	-	(.13)	(.11)	(.11)	(.53)
Redemption fees added to paid in capital ^E	- ^J	.01	.01	- ^J	.01
Net asset value, end of period	$ 8.76	$ 8.10	$ 7.01	$ 4.81	$ 9.36
Total Return ^{B, C, D}	8.15%	17.54%	48.00%	(47.41)%	(1.18)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.16% ^A	1.55%	1.70%	2.07%	1.37% ^A
Expenses net of fee waivers, if any	1.00% ^A	1.00%	1.00%	1.00%	1.00% ^A
Expenses net of all reductions	.98% ^A	.98%	.98%	.99%	1.00% ^A
Net investment income (loss)	1.31% ^A	1.57%	1.55%	1.32%	.63% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 6,130	$ 3,823	$ 3,626	$ 1,549	$ 3,956
Portfolio turnover rate ^G	89% ^A	93%	167%	203%	160% ^A

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HFor the period April 24, 2007 (commencement of operations) to December 31, 2007. ^IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^JAmount represents less than $.01 per share.

Financial Highlights - Investor Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 8.07	$ 6.99	$ 4.80	$ 9.35	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.05	.11	.09	.09	.04
Net realized and unrealized gain (loss)	.61	1.09	2.20	(4.53)	(.17)
Total from investment operations	.66	1.20	2.29	(4.44)	(.13)
Distributions from net investment income	-	(.13)	(.11)	(.11)	(.05)
Distributions from net realized gain	-	-	-	-	(.48)
Total distributions	-	(.13)	(.11)	(.11)	(.53)
Redemption fees added to paid in capital ^E	- ^J	.01	.01	- ^J	.01
Net asset value, end of period	$ 8.73	$ 8.07	$ 6.99	$ 4.80	$ 9.35
Total Return ^{B, C, D}	8.18%	17.45%	47.90%	(47.46)%	(1.28)%
Ratios to Average Net Assets ^{F, I}
Expenses before reductions	1.23% ^A	1.61%	1.78%	2.15%	1.50% ^A
Expenses net of fee waivers, if any	1.08% ^A	1.08%	1.08%	1.09%	1.15% ^A
Expenses net of all reductions	1.06% ^A	1.07%	1.07%	1.08%	1.15% ^A
Net investment income (loss)	1.23% ^A	1.49%	1.47%	1.23%	.48% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 9,796	$ 5,661	$ 3,629	$ 1,632	$ 4,298
Portfolio turnover rate ^G	89% ^A	93%	167%	203%	160% ^A

^AAnnualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HFor the period April 24, 2007 (commencement of operations) to December 31, 2007. ^IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^JAmount represents less than $.01 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

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

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

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.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 2,040,764
Gross unrealized depreciation	(625,917)
Net unrealized appreciation (depreciation) on securities and other investments	$ 1,414,847
Tax cost	$ 15,135,777

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $10,229,879 and $4,857,399, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$ 2,769
Investor Class	6,204
	$ 8,973

Accounting Fees. Fidelity Service Company, Inc.(FSC), an affiliate of FMR, maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $17 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Initial Class	1.00%	$ 3,567
Investor Class	1.08%	4,973
		$ 8,540

Semiannual Report

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2011	Year ended December 31, 2010
From net investment income
Initial Class	$ -	$ 70,546
Investor Class	-	87,413
Total	$ -	$ 157,959

9. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	386,358	394,184	$ 3,283,856	$ 2,812,772
Reinvestment of distributions	-	9,174	-	70,546
Shares redeemed	(158,768)	(448,829)	(1,323,970)	(3,234,790)
Net increase (decrease)	227,590	(45,471)	$ 1,959,886	$ (351,472)
Investor Class
Shares sold	682,536	501,711	$ 5,745,049	$ 3,672,849
Reinvestment of distributions	-	11,365	-	87,413
Shares redeemed	(261,486)	(330,817)	(2,150,204)	(2,321,891)
Net increase (decrease)	421,050	182,259	$ 3,594,845	$ 1,438,371

10. Other.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Hong Kong)
Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank and Trust Company
Quincy, MA

VTELP-SANN-0811
1.851007.104

Fidelity® Variable Insurance Products:
Utilities Portfolio

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of the fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	.82%
Actual		$ 1,000.00	$ 1,091.50	$ 4.25
Hypothetical^A		$ 1,000.00	$ 1,020.73	$ 4.11
Investor Class	.90%
Actual		$ 1,000.00	$ 1,090.80	$ 4.67
Hypothetical^A		$ 1,000.00	$ 1,020.33	$ 4.51

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Exelon Corp.	11.4	0.0
NextEra Energy, Inc.	10.2	12.1
Public Service Enterprise Group, Inc.	7.9	3.9
Edison International	6.9	7.5
FirstEnergy Corp.	6.7	0.0
The AES Corp.	5.6	3.5
Constellation Energy Group, Inc.	4.8	2.5
American Electric Power Co., Inc.	4.8	0.0
PG&E Corp.	4.7	3.9
Sempra Energy	4.6	7.6
	67.6

Top Industries (% of fund's net assets)
As of June 30, 2011
	Electric Utilities	49.4%
	Multi-Utilities	22.0%
	Independent Power Producers & Energy Traders	19.6%
	Gas Utilities	5.8%
	Oil, Gas & Consumable Fuels	1.7%
	All Others*	1.5%

fid392

As of December 31, 2010
	Electric Utilities	47.0%
	Multi-Utilities	30.7%
	Gas Utilities	9.5%
	Independent Power Producers & Energy Traders	8.7%
	Oil, Gas & Consumable Fuels	3.9%
	All Others*	0.2%

fid400

* Includes short-term investments and net other assets.

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
CONSTRUCTION & ENGINEERING - 0.5%
Construction & Engineering - 0.5%
Shaw Group, Inc. (a)	7,200		$ 217,512
ELECTRIC UTILITIES - 49.4%
Electric Utilities - 49.4%
American Electric Power Co., Inc.	60,400		2,275,872
Edison International	84,638		3,279,723
Entergy Corp.	17,728		1,210,468
Exelon Corp.	127,476		5,461,069
FirstEnergy Corp.	73,100		3,227,365
ITC Holdings Corp.	29,306		2,103,292
NextEra Energy, Inc.	85,089		4,889,214
NV Energy, Inc.	77,548		1,190,362
			23,637,365
GAS UTILITIES - 5.8%
Gas Utilities - 5.8%
National Fuel Gas Co.	13,107		954,190
ONEOK, Inc.	24,780		1,833,968
			2,788,158
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 19.6%
Independent Power Producers & Energy Traders - 19.6%
Calpine Corp. (a)	132,133		2,131,305
Constellation Energy Group, Inc.	60,853		2,309,980
GenOn Energy, Inc. (a)	314,400		1,213,584
NRG Energy, Inc. (a)	42,100		1,034,818
The AES Corp. (a)	208,563		2,657,093
			9,346,780
MULTI-UTILITIES - 22.0%
Multi-Utilities - 22.0%
CenterPoint Energy, Inc.	40,891		791,241

	Shares		Value
NiSource, Inc.	6,414		$ 129,884
OGE Energy Corp.	27,097		1,363,521
PG&E Corp.	53,796		2,261,046
Public Service Enterprise Group, Inc.	115,188		3,759,736
Sempra Energy	41,941		2,217,840
			10,523,268
OIL, GAS & CONSUMABLE FUELS - 1.7%
Oil & Gas Storage & Transport - 1.7%
Williams Companies, Inc.	26,100		789,525
TOTAL COMMON STOCKS (Cost $43,200,359)		47,302,608
Money Market Funds - 2.5%

Fidelity Cash Central Fund, 0.11% (b) (Cost $1,211,852)	1,211,852		1,211,852

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $44,412,211)

48,514,460

NET OTHER ASSETS (LIABILITIES) - (1.5)%

(706,468)

NET ASSETS - 100%

$ 47,807,992

Legend

(a) Non-income producing

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	$ 409
Fidelity Securities Lending Cash Central Fund	554
Total	$ 963

Other Information

Income Tax Information

At December 31, 2010, the Fund had a capital loss carryforward of approximately $10,726,953 of which $928,081 and $9,798,872 will expire in fiscal 2016 and 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $43,200,359)	$ 47,302,608
Fidelity Central Funds (cost $1,211,852)	1,211,852
Total Investments (cost $44,412,211)		$ 48,514,460
Receivable for investments sold		51,457
Receivable for fund shares sold		11,852
Dividends receivable		88,751
Distributions receivable from Fidelity Central Funds		119
Other receivables		4,855
Total assets		48,671,494

Liabilities
Payable for investments purchased	$ 722,823
Payable for fund shares redeemed	91,759
Accrued management fee	20,837
Other affiliated payables	5,584
Other payables and accrued expenses	22,499
Total liabilities		863,502

Net Assets		$ 47,807,992
Net Assets consist of:
Paid in capital		$ 52,804,290
Undistributed net investment income		532,383
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(9,630,930)
Net unrealized appreciation (depreciation) on investments		4,102,249
Net Assets		$ 47,807,992

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)
Initial Class: Net Asset Value, offering price and redemption price per share ($22,196,402 ÷ 2,066,983 shares)		$ 10.74

Investor Class: Net Asset Value, offering price and redemption price per share ($25,611,590 ÷ 2,394,761 shares)		$ 10.69

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

Semiannual Report

Statement of Operations

Six months ended June 30, 2011 (Unaudited)

Investment Income
Dividends		$ 704,231
Income from Fidelity Central Funds		963
Total income		705,194

Expenses
Management fee	$ 116,167
Transfer agent fees	26,859
Accounting and security lending fees	8,191
Custodian fees and expenses	7,143
Independent trustees' compensation	104
Audit	21,659
Legal	25
Miscellaneous	210
Total expenses before reductions	180,358
Expense reductions	(9,373)	170,985
Net investment income (loss)		534,209
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,733,326
Foreign currency transactions	(254)
Total net realized gain (loss)		1,733,072
Change in net unrealized appreciation (depreciation) on: Investment securities	1,361,538
Assets and liabilities in foreign currencies	(246)
Total change in net unrealized appreciation (depreciation)		1,361,292
Net gain (loss)		3,094,364
Net increase (decrease) in net assets resulting from operations		$ 3,628,573

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 534,209	$ 1,033,539
Net realized gain (loss)	1,733,072	3,586,017
Change in net unrealized appreciation (depreciation)	1,361,292	(708,115)
Net increase (decrease) in net assets resulting from operations	3,628,573	3,911,441
Distributions to shareholders from net investment income	-	(1,110,975)
Share transactions - net increase (decrease)	3,294,936	(2,560,920)
Redemption fees	2,709	31,911
Total increase (decrease) in net assets	6,926,218	271,457

Net Assets
Beginning of period	40,881,774	40,610,317
End of period (including undistributed net investment income of $532,383 and distributions in excess of net investment income of $1,826, respectively)	$ 47,807,992	$ 40,881,774

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 9.84	$ 9.10	$ 8.14	$ 13.09	$ 11.29	$ 9.53
Income from Investment Operations
Net investment income (loss) ^E	.13	.26	.25	.20	.21	.24
Net realized and unrealized gain (loss)	.77	.75	1.01	(4.86)	2.12	2.76
Total from investment operations	.90	1.01	1.26	(4.66)	2.33	3.00
Distributions from net investment income	-	(.28)	(.30)	(.26)	(.25)	(.14)
Distributions from net realized gain	-	-	-	(.03)	(.29)	(1.10)
Total distributions	-	(.28)	(.30)	(.29)	(.54)	(1.24)^J
Redemption fees added to paid in capital ^E	- ^I	.01	- ^I	- ^I	.01	- ^I
Net asset value, end of period	$ 10.74	$ 9.84	$ 9.10	$ 8.14	$ 13.09	$ 11.29
Total Return ^B,C,D	9.15%	11.20%	15.42%	(35.61)%	20.67%	31.79%
Ratios to Average Net Assets ^F,H
Expenses before reductions	.82% ^A	.82%	.81%	.75%	.73%	.81%
Expenses net of fee waivers, if any	.82% ^A	.81%	.81%	.75%	.73%	.81%
Expenses net of all reductions	.78% ^A	.78%	.79%	.74%	.73%	.80%
Net investment income (loss)	2.60% ^A	2.75%	3.13%	1.81%	1.65%	2.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 22,196	$ 21,142	$ 24,159	$ 31,760	$ 84,105	$ 77,153
Portfolio turnover rate ^G	204% ^A	249%	219%	112%	90%	139%
^A Annualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^IAmount represents less than $.01 per share. ^JTotal distributions of $1.24 per share is comprised of distributions from net investment income of $.139 and distributions from net realized gain of $1.105 per share.

Financial Highlights - Investor Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 9.80	$ 9.07	$ 8.12	$ 13.05	$ 11.26	$ 9.52
Income from Investment Operations
Net investment income (loss) ^E	.13	.25	.25	.19	.19	.23
Net realized and unrealized gain (loss)	.76	.74	.99	(4.84)	2.12	2.75
Total from investment operations	.89	.99	1.24	(4.65)	2.31	2.98
Distributions from net investment income	-	(.27)	(.29)	(.25)	(.24)	(.13)
Distributions from net realized gain	-	-	-	(.03)	(.29)	(1.10)
Total distributions	-	(.27)	(.29)	(.28)	(.53)	(1.24)^J
Redemption fees added to paid in capital ^E	- ^I	.01	- ^I	- ^I	.01	- ^I
Net asset value, end of period	$ 10.69	$ 9.80	$ 9.07	$ 8.12	$ 13.05	$ 11.26
Total Return ^B,C,D	9.08%	11.04%	15.24%	(35.65)%	20.53%	31.56%
Ratios to Average Net Assets ^F,H
Expenses before reductions	.90% ^A	.91%	.92%	.84%	.84%	.96%
Expenses net of fee waivers, if any	.90% ^A	.90%	.92%	.84%	.84%	.96%
Expenses net of all reductions	.86% ^A	.87%	.90%	.84%	.84%	.96%
Net investment income (loss)	2.51% ^A	2.66%	3.02%	1.72%	1.53%	2.04%
Supplemental Data
Net assets, end of period (000 omitted)	$ 25,612	$ 19,740	$ 16,452	$ 18,518	$ 42,196	$ 18,889
Portfolio turnover rate ^G	204% ^A	249%	219%	112%	90%	139%
^A Annualized ^BTotal returns for periods of less than one year are not annualized. ^CTotal returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown. ^DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown. ^ECalculated based on average shares outstanding during the period. ^FFees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^GAmount does not include the portfolio activity of any underlying Fidelity Central Funds. ^HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^IAmount represents less than $.01 per share. ^JTotal distributions of $1.24 per share is comprised of distributions from net investment income of $.134 and distributions from net realized gain of $1.105 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

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

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

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.

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 4,183,633
Gross unrealized depreciation	(635,110)
Net unrealized appreciation (depreciation) on securities and other investments	$ 3,548,523

Tax cost	$ 44,965,937

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $46,334,308 and $42,937,810, respectively.

5. Fees and Other Transactions with Affiliates.

Initial Class	$ 9,054
Investor Class	17,805
	$ 26,859

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $71 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. The lending agent may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $554. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2011	Year ended December 31, 2010
From net investment income
Initial Class	$ -	$ 585,861
Investor Class	-	525,114
Total	$ -	$ 1,110,975

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	227,663	227,625	$ 2,395,790	$ 2,170,873
Reinvestment of distributions	-	60,212	-	585,861
Shares redeemed	(309,340)	(794,278)	(3,159,127)	(7,319,333)
Net increase (decrease)	(81,677)	(506,441)	$ (763,337)	$ (4,562,599)
Investor Class
Shares sold	662,193	896,575	$ 6,902,065	$ 8,491,867
Reinvestment of distributions	-	54,135	-	525,114
Shares redeemed	(281,005)	(751,317)	(2,843,792)	(7,015,302)
Net increase (decrease)	381,188	199,393	$ 4,058,273	$ 2,001,679

11. Other.

At the end of the period, FMR or its affiliates were the owners of record of 100% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

VTELIC-SANN-0811
1.817394.106

Fidelity® Variable Insurance Products:
Value Leaders Portfolio

Semiannual Report

June 30, 2011

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value January 1, 2011	Ending Account Value June 30, 2011	Expenses Paid During Period* January 1, 2011 to June 30, 2011
Initial Class	.85%
Actual		$ 1,000.00	$ 1,053.80	$ 4.33
Hypothetical^A		$ 1,000.00	$ 1,020.58	$ 4.26
Service Class	.95%
Actual		$ 1,000.00	$ 1,052.80	$ 4.84
Hypothetical^A		$ 1,000.00	$ 1,020.08	$ 4.76
Service Class 2	1.10%
Actual		$ 1,000.00	$ 1,052.00	$ 5.60
Hypothetical^A		$ 1,000.00	$ 1,019.34	$ 5.51
Investor Class	.93%
Actual		$ 1,000.00	$ 1,052.80	$ 4.73
Hypothetical^A		$ 1,000.00	$ 1,020.18	$ 4.66

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Citigroup, Inc.	5.0	2.6
Alcatel-Lucent SA sponsored ADR	4.8	0.0
Grupo Modelo SAB de CV Series C	4.6	2.8
Pfizer, Inc.	4.5	5.8
Garmin Ltd.	3.9	2.7
Goldman Sachs Group, Inc.	3.8	1.4
General Electric Co.	3.3	3.2
Chevron Corp.	2.9	2.6
Merck & Co., Inc.	2.9	1.8
Johnson & Johnson	2.7	2.7
	38.4
Top Five Market Sectors as of June 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	26.0	23.0
Information Technology	14.9	10.3
Health Care	13.8	14.6
Energy	11.4	13.3
Consumer Discretionary	9.7	7.3

Asset Allocation (% of fund's net assets)
As of June 30, 2011 *			As of December 31, 2010 **
	Stocks 98.3%			Stocks 97.8%
	Short-Term Investments and Net Other Assets 1.7%			Short-Term Investments and Net Other Assets 2.2%
* Foreign investments		23.8%	** Foreign investments		22.1%

fid411

Semiannual Report

Investments June 30, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
CONSUMER DISCRETIONARY - 9.7%
Automobiles - 0.3%
Honda Motor Co. Ltd.	2,200		$ 84,738
Household Durables - 4.0%
D.R. Horton, Inc.	1,300		14,976
Garmin Ltd. (d)	31,880		1,052,996
			1,067,972
Media - 3.6%
Comcast Corp. Class A (special) (non-vtg.)	4,100		99,343
Time Warner, Inc.	7,000		254,590
Washington Post Co. Class B (d)	1,500		628,425
			982,358
Multiline Retail - 0.8%
JCPenney Co., Inc.	5,993		206,998
Specialty Retail - 1.0%
American Eagle Outfitters, Inc.	20,685		263,734
TOTAL CONSUMER DISCRETIONARY			2,605,800
CONSUMER STAPLES - 9.1%
Beverages - 4.6%
Grupo Modelo SAB de CV Series C	206,000		1,240,541
Food & Staples Retailing - 1.9%
CVS Caremark Corp.	9,800		368,284
Kroger Co.	5,895		146,196
			514,480
Food Products - 1.9%
Dean Foods Co. (a)	10,700		131,289
Kraft Foods, Inc. Class A	10,700		376,961
			508,250
Tobacco - 0.7%
Lorillard, Inc.	1,816		197,708
TOTAL CONSUMER STAPLES			2,460,979
ENERGY - 11.4%
Energy Equipment & Services - 0.9%
Transocean Ltd. (United States)	3,717		239,970
Oil, Gas & Consumable Fuels - 10.5%
Anadarko Petroleum Corp.	4,130		317,019
Apache Corp.	1,200		148,068
BP PLC sponsored ADR	6,703		296,876
Chevron Corp.	7,700		791,868
ConocoPhillips	3,600		270,684
Kosmos Energy Ltd.	5,000		84,900
Marathon Oil Corp.	6,468		340,734

	Shares		Value
Occidental Petroleum Corp.	4,200		$ 436,968
Suncor Energy, Inc.	3,300		129,345
			2,816,462
TOTAL ENERGY			3,056,432
FINANCIALS - 26.0%
Capital Markets - 6.6%
Bank of New York Mellon Corp.	10,800		276,696
Goldman Sachs Group, Inc.	7,656		1,018,937
Morgan Stanley	6,300		144,963
Northern Trust Corp.	3,700		170,052
State Street Corp.	3,700		166,833
			1,777,481
Commercial Banks - 4.2%
Aozora Bank Ltd.	83,000		192,349
Sumitomo Mitsui Financial Group, Inc.	11,100		342,180
Wells Fargo & Co.	20,755		582,385
			1,116,914
Consumer Finance - 0.9%
Discover Financial Services	8,900		238,075
Diversified Financial Services - 9.1%
Bank of America Corp.	41,712		457,164
Citigroup, Inc.	32,293		1,344,680
JPMorgan Chase & Co.	15,896		650,782
			2,452,626
Insurance - 4.9%
Berkshire Hathaway, Inc. Class B (a)	2,471		191,231
First American Financial Corp.	14,400		225,360
Lincoln National Corp.	6,700		190,883
MetLife, Inc.	10,900		478,183
RenaissanceRe Holdings Ltd.	1,351		94,502
XL Group PLC Class A	6,900		151,662
			1,331,821
Thrifts & Mortgage Finance - 0.3%
Radian Group, Inc.	17,700		74,871
TOTAL FINANCIALS			6,991,788
HEALTH CARE - 13.8%
Biotechnology - 0.7%
Gilead Sciences, Inc. (a)	4,700		194,627
Health Care Equipment & Supplies - 0.7%
CareFusion Corp. (a)	7,000		190,190
Health Care Providers & Services - 1.1%
Omnicare, Inc.	9,098		290,135
Pharmaceuticals - 11.3%
Eli Lilly & Co.	8,612		323,208
Johnson & Johnson	10,975		730,057
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Merck & Co., Inc.	22,170		$ 782,379
Pfizer, Inc.	57,767		1,190,000
			3,025,644
TOTAL HEALTH CARE			3,700,596
INDUSTRIALS - 7.2%
Aerospace & Defense - 1.7%
Textron, Inc.	7,788		183,875
United Technologies Corp.	3,100		274,381
			458,256
Building Products - 0.5%
Armstrong World Industries, Inc.	2,800		127,568
Construction & Engineering - 0.8%
Jacobs Engineering Group, Inc. (a)	4,604		199,123
Electrical Equipment - 0.9%
Alstom SA (d)	4,027		248,332
Industrial Conglomerates - 3.3%
General Electric Co.	47,602		897,774
TOTAL INDUSTRIALS			1,931,053
INFORMATION TECHNOLOGY - 14.9%
Communications Equipment - 8.6%
Alcatel-Lucent SA sponsored ADR (a)(d)	223,146		1,287,552
Cisco Systems, Inc.	32,628		509,323
Comverse Technology, Inc. (a)	67,800		525,450
			2,322,325
Computers & Peripherals - 2.2%
Seagate Technology	11,856		191,593
Western Digital Corp. (a)	11,000		400,180
			591,773
Electronic Equipment & Components - 0.5%
Corning, Inc.	6,920		125,598
Office Electronics - 1.2%
Xerox Corp.	31,850		331,559
Semiconductors & Semiconductor Equipment - 1.1%
Advanced Micro Devices, Inc. (a)	40,543		283,396
Software - 1.3%
Microsoft Corp.	13,400		348,400
TOTAL INFORMATION TECHNOLOGY			4,003,051

	Shares		Value
MATERIALS - 2.9%
Chemicals - 2.1%
Clariant AG (Reg.) (a)	29,050		$ 555,291
Metals & Mining - 0.8%
Goldcorp, Inc.	4,700		227,349
TOTAL MATERIALS			782,640
TELECOMMUNICATION SERVICES - 2.4%
Wireless Telecommunication Services - 2.4%
Sprint Nextel Corp. (a)	118,468		638,543
UTILITIES - 0.9%
Electric Utilities - 0.9%
NextEra Energy, Inc.	4,250		244,205
TOTAL COMMON STOCKS (Cost $26,295,583)		26,415,087
Money Market Funds - 7.7%

Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) (Cost $2,077,295)	2,077,295		2,077,295
TOTAL INVESTMENT PORTFOLIO - 106.0% (Cost $28,372,878)			28,492,382
NET OTHER ASSETS (LIABILITIES) - (6.0)%			(1,602,422)
NET ASSETS - 100%		$ 26,889,960

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	$ 255
Fidelity Securities Lending Cash Central Fund	15,346
Total	$ 15,601

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 2,605,800	$ 2,521,062	$ 84,738	$ -
Consumer Staples	2,460,979	2,460,979	-	-
Energy	3,056,432	3,056,432	-	-
Financials	6,991,788	6,457,259	534,529	-
Health Care	3,700,596	3,700,596	-	-
Industrials	1,931,053	1,931,053	-	-
Information Technology	4,003,051	4,003,051	-	-
Materials	782,640	782,640	-	-
Telecommunication Services	638,543	638,543	-	-
Utilities	244,205	244,205	-	-
Money Market Funds	2,077,295	2,077,295	-	-
Total Investments in Securities:	$ 28,492,382	$ 27,873,115	$ 619,267	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	76.2%
Switzerland	6.9%
France	5.7%
Mexico	4.6%
Japan	2.3%
Canada	1.3%
Ireland	1.3%
United Kingdom	1.1%
Others (Individually Less Than 1%)	0.6%
	100.0%

Income Tax Information

At December 31, 2010, the Fund had a capital loss carryforward of approximately $23,114,277 of which $11,669,055 and $11,445,222 will expire in fiscal 2016 and 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

The Fund intends to elect to defer to its fiscal year ending December 31, 2011 approximately $1,302,610 of losses recognized during the period November 1, 2010 to December 31, 2010.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	June 30, 2011 (Unaudited)
Assets
Investment in securities, at value (including securities loaned of $2,043,319) - See accompanying schedule: Unaffiliated issuers (cost $26,295,583)	$ 26,415,087
Fidelity Central Funds (cost $2,077,295)	2,077,295
Total Investments (cost $28,372,878)		$ 28,492,382
Receivable for investments sold		472,026
Receivable for fund shares sold		272,475
Dividends receivable		31,760
Distributions receivable from Fidelity Central Funds		2,465
Receivable from investment adviser for expense reductions		2,349
Other receivables		1,745
Total assets		29,275,202

Liabilities
Payable to custodian bank	$ 74,737
Payable for investments purchased	167,612
Payable for fund shares redeemed	2,357
Accrued management fee	12,233
Distribution and service plan fees payable	379
Other affiliated payables	3,429
Other payables and accrued expenses	47,200
Collateral on securities loaned, at value	2,077,295
Total liabilities		2,385,242

Net Assets		$ 26,889,960
Net Assets consist of:
Paid in capital		$ 49,945,952
Undistributed net investment income		165,306
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(23,320,494)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		99,196
Net Assets		$ 26,889,960

Statement of Assets and Liabilities - continued

	June 30, 2011 (Unaudited)
Initial Class: Net Asset Value, offering price and redemption price per share ($8,416,982 ÷ 780,728 shares)		$ 10.78

Service Class: Net Asset Value, offering price and redemption price per share ($381,525 ÷ 35,413 shares)		$ 10.77

Service Class 2: Net Asset Value, offering price and redemption price per share ($1,601,178 ÷ 149,190 shares)		$ 10.73

Investor Class: Net Asset Value, offering price and redemption price per share ($16,490,275 ÷ 1,532,091 shares)		$ 10.76

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

Semiannual Report

Statement of Operations

Six months ended June 30, 2011 (Unaudited)
Investment Income
Dividends		$ 303,667
Income from Fidelity Central Funds		15,601
Total income		319,268

Expenses
Management fee	$ 79,139
Transfer agent fees	19,920
Distribution and service plan fees	2,423
Accounting and security lending fees	5,693
Custodian fees and expenses	16,389
Independent trustees' compensation	73
Audit	21,856
Legal	19
Miscellaneous	160
Total expenses before reductions	145,672
Expense reductions	(18,890)	126,782
Net investment income (loss)		192,486
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,737,746
Foreign currency transactions	193
Total net realized gain (loss)		1,737,939
Change in net unrealized appreciation (depreciation) on: Investment securities	(397,870)
Assets and liabilities in foreign currencies	(152)
Total change in net unrealized appreciation (depreciation)		(398,022)
Net gain (loss)		1,339,917
Net increase (decrease) in net assets resulting from operations		$ 1,532,403

Statement of Changes in Net Assets

	Six months ended June 30, 2011 (Unaudited)	Year ended December 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 192,486	$ 306,676
Net realized gain (loss)	1,737,939	(277,696)
Change in net unrealized appreciation (depreciation)	(398,022)	2,710,098
Net increase (decrease) in net assets resulting from operations	1,532,403	2,739,078
Distributions to shareholders from net investment income	-	(362,992)
Share transactions - net increase (decrease)	(3,564,837)	(7,962,055)
Total increase (decrease) in net assets	(2,032,434)	(5,585,969)

Net Assets
Beginning of period	28,922,394	34,508,363
End of period (including undistributed net investment income of $165,306 and distributions in excess of net investment income of $27,180, respectively)	$ 26,889,960	$ 28,922,394

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

Semiannual Report

Financial Highlights - Initial Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 10.23	$ 9.42	$ 7.49	$ 13.89	$ 14.82	$ 13.30
Income from Investment Operations
Net investment income (loss) ^E	.08	.10	.12	.20	.20	.15
Net realized and unrealized gain (loss)	.47	.84	1.97	(6.39)	.48	1.86
Total from investment operations	.55	.94	2.09	(6.19)	.68	2.01
Distributions from net investment income	-	(.13)	(.16)	(.19)	(.21)	(.13)
Distributions from net realized gain	-	-	-	(.02)	(1.40)	(.37)
Total distributions	-	(.13)	(.16)	(.21)	(1.61)	(.49) ^I
Net asset value, end of period	$ 10.78	$ 10.23	$ 9.42	$ 7.49	$ 13.89	$ 14.82
Total Return ^{B, C, D}	5.38%	10.04%	27.91%	(44.61)%	4.56%	15.18%
Ratios to Average Net Assets ^{F, H}
Expenses before reductions	.97% ^A	.90%	.89%	.81%	.80%	.84%
Expenses net of fee waivers, if any	.85% ^A	.85%	.85%	.81%	.80%	.84%
Expenses net of all reductions	.83% ^A	.85%	.85%	.81%	.80%	.83%
Net investment income (loss)	1.42% ^A	1.05%	1.48%	1.79%	1.27%	1.09%
Supplemental Data
Net assets, end of period (000 omitted)	$ 8,417	$ 9,855	$ 12,826	$ 18,847	$ 30,300	$ 42,725
Portfolio turnover rate ^G	90% ^A	109%	58%	95%	98%	94%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I Total distributions of $.49 per share is comprised of distributions from net investment income of $.129 and distributions from net realized gain of $.365 per share.

Financial Highlights - Service Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 10.23	$ 9.41	$ 7.48	$ 13.86	$ 14.80	$ 13.28
Income from Investment Operations
Net investment income (loss) ^E	.07	.09	.11	.19	.18	.14
Net realized and unrealized gain (loss)	.47	.85	1.96	(6.38)	.48	1.86
Total from investment operations	.54	.94	2.07	(6.19)	.66	2.00
Distributions from net investment income	-	(.12)	(.14)	(.17)	(.20)	(.12)
Distributions from net realized gain	-	-	-	(.02)	(1.40)	(.37)
Total distributions	-	(.12)	(.14)	(.19)	(1.60)	(.48) ^I
Net asset value, end of period	$ 10.77	$ 10.23	$ 9.41	$ 7.48	$ 13.86	$ 14.80
Total Return ^{B, C, D}	5.28%	10.01%	27.80%	(44.69)%	4.43%	15.11%
Ratios to Average Net Assets ^{F, H}
Expenses before reductions	1.05% ^A	.98%	.97%	.90%	.89%	.93%
Expenses net of fee waivers, if any	.95% ^A	.95%	.95%	.90%	.89%	.93%
Expenses net of all reductions	.93% ^A	.95%	.95%	.90%	.89%	.93%
Net investment income (loss)	1.32% ^A	.95%	1.38%	1.70%	1.18%	1.00%
Supplemental Data
Net assets, end of period (000 omitted)	$ 382	$ 430	$ 677	$ 956	$ 2,577	$ 2,458
Portfolio turnover rate ^G	90% ^A	109%	58%	95%	98%	94%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I Total distributions of $.48 per share is comprised of distributions from net investment income of $.116 and distributions from net realized gain of $.365 per share.

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

Semiannual Report

Financial Highlights - Service Class 2

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 10.20	$ 9.39	$ 7.46	$ 13.80	$ 14.75	$ 13.25
Income from Investment Operations
Net investment income (loss) ^E	.06	.08	.10	.18	.15	.12
Net realized and unrealized gain (loss)	.47	.84	1.96	(6.35)	.48	1.84
Total from investment operations	.53	.92	2.06	(6.17)	.63	1.96
Distributions from net investment income	-	(.11)	(.13)	(.15)	(.18)	(.10)
Distributions from net realized gain	-	-	-	(.02)	(1.40)	(.37)
Total distributions	-	(.11)	(.13)	(.17)	(1.58)	(.46) ^I
Net asset value, end of period	$ 10.73	$ 10.20	$ 9.39	$ 7.46	$ 13.80	$ 14.75
Total Return ^{B, C, D}	5.20%	9.81%	27.70%	(44.77)%	4.22%	14.86%
Ratios to Average Net Assets ^{F, H}
Expenses before reductions	1.19% ^A	1.12%	1.12%	1.05%	1.07%	1.14%
Expenses net of fee waivers, if any	1.10% ^A	1.10%	1.10%	1.05%	1.07%	1.10%
Expenses net of all reductions	1.08% ^A	1.10%	1.10%	1.05%	1.06%	1.09%
Net investment income (loss)	1.17% ^A	.80%	1.23%	1.55%	1.01%	.83%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,601	$ 1,779	$ 1,756	$ 2,001	$ 5,724	$ 4,467
Portfolio turnover rate ^G	90% ^A	109%	58%	95%	98%	94%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I Total distributions of $.46 per share is comprised of distributions from net investment income of $.099 and distributions from net realized gain of $.365 per share.

Financial Highlights - Investor Class

	Six months ended June 30, 2011	Years ended December 31,
	(Unaudited)	2010	2009	2008	2007	2006
Selected Per-Share Data
Net asset value, beginning of period	$ 10.22	$ 9.40	$ 7.48	$ 13.87	$ 14.81	$ 13.30
Income from Investment Operations
Net investment income (loss) ^E	.07	.09	.11	.19	.18	.14
Net realized and unrealized gain (loss)	.47	.85	1.96	(6.38)	.48	1.86
Total from investment operations	.54	.94	2.07	(6.19)	.66	2.00
Distributions from net investment income	-	(.12)	(.15)	(.18)	(.20)	(.12)
Distributions from net realized gain	-	-	-	(.02)	(1.40)	(.37)
Total distributions	-	(.12)	(.15)	(.20)	(1.60)	(.49) ^I
Net asset value, end of period	$ 10.76	$ 10.22	$ 9.40	$ 7.48	$ 13.87	$ 14.81
Total Return ^{B, C, D}	5.28%	10.08%	27.72%	(44.67)%	4.41%	15.06%
Ratios to Average Net Assets ^{F, H}
Expenses before reductions	1.04% ^A	.96%	.97%	.90%	.91%	.97%
Expenses net of fee waivers, if any	.93% ^A	.93%	.93%	.90%	.91%	.97%
Expenses net of all reductions	.91% ^A	.93%	.93%	.90%	.91%	.96%
Net investment income (loss)	1.34% ^A	.97%	1.40%	1.71%	1.16%	.96%
Supplemental Data
Net assets, end of period (000 omitted)	$ 16,490	$ 16,858	$ 19,249	$ 23,606	$ 39,614	$ 28,274
Portfolio turnover rate ^G	90% ^A	109%	58%	95%	98%	94%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I Total distributions of $.49 per share is comprised of distributions from net investment income of $.123 and distributions from net realized gain of $.365 per share.

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

Semiannual Report

Notes to Financial Statements

For the period ended June 30, 2011 (Unaudited)

1. Organization.

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

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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)

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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Book-tax differences are primarily due to foreign currency transactions, partnerships, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 2,421,885
Gross unrealized depreciation	(2,936,533)
Net unrealized appreciation (depreciation) on securities and other investments	$ (514,648)
Tax cost	$ 29,007,030

Semiannual Report

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $12,678,011 and $15,870,406, respectively.

5. Fees and Other Transactions with Affiliates.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services were as follows:

Service Class	$ 205
Service Class 2	2,218
	$ 2,423

Initial Class	$ 4,725
Service Class	173
Service Class 2	644
Investor Class	14,378
	$ 19,920

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $50 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Security Lending - continued

Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $15,346. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Initial Class	.85%	$ 5,582
Service Class	.95%	211
Service Class 2	1.10%	782
Investor Class	.93%	8,908
		$ 15,483

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2011	Year ended December 31, 2010
From net investment income
Initial Class	$ -	$ 130,937
Service Class	-	5,302
Service Class 2	-	18,862
Investor Class	-	207,891
Total	$ -	$ 362,992

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Initial Class
Shares sold	30,323	106,286	$ 327,779	$ 1,020,513
Reinvestment of distributions	-	13,140	-	130,937
Shares redeemed	(212,599)	(518,502)	(2,267,797)	(4,946,649)
Net increase (decrease)	(182,276)	(399,076)	$ (1,940,018)	$ (3,795,199)
Service Class
Reinvestment of distributions	-	533	-	5,302
Shares redeemed	(6,613)	(30,453)	(70,656)	(288,127)
Net increase (decrease)	(6,613)	(29,920)	$ (70,656)	$ (282,825)
Service Class 2
Shares sold	19,096	42,974	$ 204,386	$ 405,896
Reinvestment of distributions	-	1,899	-	18,862
Shares redeemed	(44,309)	(57,569)	(467,470)	(536,974)
Net increase (decrease)	(25,213)	(12,696)	$ (263,084)	$ (112,216)

Semiannual Report

10. Share Transactions - continued

	Shares		Dollars
	Six months ended June 30, 2011	Year ended December 31, 2010	Six months ended June 30, 2011	Year ended December 31, 2010
Investor Class
Shares sold	222,365	328,691	$ 2,351,162	$ 3,157,179
Reinvestment of distributions	-	20,878	-	207,891
Shares redeemed	(339,653)	(746,921)	(3,642,241)	(7,136,885)
Net increase (decrease)	(117,288)	(397,352)	$ (1,291,079)	$ (3,771,815)

11. Other.

At the end of the period, FMR or its affiliates were the owners of record of 94% of the total outstanding shares of the Fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.
Boston, MA

VVL-SANN-0811
1.788834.108

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Variable Insurance Products Fund IV's Board of Trustees.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Variable Insurance Products Fund IV'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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 12. Exhibits

(a)	(1)	Not applicable.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Variable Insurance Products Fund IV

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	August 22, 2011

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:	August 22, 2011

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

Date:	August 22, 2011

Contents

Shareholder Expense Example

Investment Changes (Unaudited)

Investments June 30, 2011 (Unaudited)

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Initial Class

Financial Highlights - Investor Class

Notes to Financial Statements

Contents

Shareholder Expense Example

Investment Changes (Unaudited)

Investments June 30, 2011 (Unaudited)

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Initial Class

Financial Highlights - Investor Class

Notes to Financial Statements

Contents

Shareholder Expense Example

Investment Changes (Unaudited)

Investments June 30, 2011 (Unaudited)

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Initial Class

Financial Highlights - Service Class

Financial Highlights - Service Class 2

Financial Highlights - Initial Class R

Financial Highlights - Service Class 2R

Financial Highlights - Investor Class R

Notes to Financial Statements

Contents

Shareholder Expense Example

Investment Changes (Unaudited)

Investments June 30, 2011 (Unaudited)

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Initial Class

Financial Highlights - Service Class

Financial Highlights - Service Class 2

Financial Highlights - Initial Class R

Financial Highlights - Service Class 2R

Financial Highlights - Investor Class R

Notes to Financial Statements

Contents

Shareholder Expense Example

Investment Changes (Unaudited)

Investments June 30, 2011 (Unaudited)

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Initial Class

Financial Highlights - Service Class 2

Financial Highlights - Investor Class

Notes to Financial Statements

Contents

Shareholder Expense Example

Investment Changes (Unaudited)

Investments June 30, 2011 (Unaudited)

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Initial Class

Financial Highlights - Service Class 2

Financial Highlights - Investor Class

Notes to Financial Statements

Contents

Shareholder Expense Example

Investment Changes (Unaudited)

Investments June 30, 2011 (Unaudited)