N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811- 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)

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	December 31

Date of reporting period:	September 30, 2004

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Consumer Industries Portfolio

September 30, 2004

1.807732.100

VCI-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
AUTOMOBILES - 2.1%
Automobile Manufacturers - 0.6%
Thor Industries, Inc.	2,400		$ 63,528
Motorcycle Manufacturers - 1.5%
Harley-Davidson, Inc.	2,400		142,656
TOTAL AUTOMOBILES			206,184
BEVERAGES - 2.9%
Brewers - 1.0%
Anheuser-Busch Companies, Inc.	1,900		94,905
Soft Drinks - 1.9%
PepsiCo, Inc.	1,800		87,570
The Coca-Cola Co.	2,430		97,322
			184,892
TOTAL BEVERAGES			279,797
COMMERCIAL SERVICES & SUPPLIES - 2.1%
Commercial Printing - 0.2%
R.R. Donnelley & Sons Co.	800		25,056
Diversified Commercial Services - 1.9%
Bright Horizons Family Solutions, Inc. (a)	927		50,327
Cendant Corp.	4,100		88,560
Strayer Education, Inc.	400		46,004
			184,891
TOTAL COMMERCIAL SERVICES & SUPPLIES			209,947
FOOD & STAPLES RETAILING - 5.6%
Drug Retail - 0.7%
CVS Corp.	1,600		67,408
Food Retail - 0.2%
Whole Foods Market, Inc.	200		17,158
Hypermarkets & Super Centers - 4.7%
Costco Wholesale Corp.	2,700		112,212
Wal-Mart Stores, Inc.	6,680		355,376
			467,588
TOTAL FOOD & STAPLES RETAILING			552,154
FOOD PRODUCTS - 3.4%
Agricultural Products - 1.0%
Bunge Ltd.	1,400		55,972
Fresh Del Monte Produce, Inc.	1,900		47,329
			103,301
Packaged Foods & Meats - 2.4%
Dean Foods Co. (a)	2,740		82,255
Smithfield Foods, Inc. (a)	4,100		102,500

	Shares		Value
SunOpta, Inc. (a)	1,800		$ 13,852
The J.M. Smucker Co.	800		35,528
			234,135
TOTAL FOOD PRODUCTS			337,436
HOTELS, RESTAURANTS & LEISURE - 14.2%
Casinos & Gaming - 2.1%
Caesars Entertainment, Inc. (a)	2,000		33,400
International Game Technology	1,600		57,520
MGM MIRAGE (a)	2,300		114,195
			205,115
Hotels, Resorts & Cruise Lines - 4.9%
Carnival Corp. unit	2,700		127,683
Hilton Hotels Corp.	2,800		52,752
Kerzner International Ltd. (a)	600		26,382
Royal Caribbean Cruises Ltd.	2,300		100,280
Starwood Hotels & Resorts Worldwide, Inc. unit	3,000		139,260
Wyndham International, Inc. Class A (a)	48,000		39,360
			485,717
Restaurants - 7.2%
Brinker International, Inc. (a)	1,930		60,120
CBRL Group, Inc.	700		25,256
Krispy Kreme Doughnuts, Inc. (a)	3,900		49,374
McDonald's Corp.	10,210		286,186
Outback Steakhouse, Inc.	2,480		102,994
Starbucks Corp. (a)	600		27,276
Wendy's International, Inc.	2,780		93,408
Yum! Brands, Inc.	1,400		56,924
			701,538
TOTAL HOTELS, RESTAURANTS & LEISURE			1,392,370
HOUSEHOLD PRODUCTS - 5.5%
Household Products - 5.5%
Colgate-Palmolive Co.	2,500		112,950
Kimberly-Clark Corp.	540		34,879
Procter & Gamble Co.	7,140		386,417
			534,246
INDUSTRIAL CONGLOMERATES - 0.5%
Industrial Conglomerates - 0.5%
3M Co.	600		47,982
INTERNET & CATALOG RETAIL - 1.2%
Internet Retail - 1.2%
Amazon.com, Inc. (a)	1,700		69,462
eBay, Inc. (a)	500		45,970
			115,432
INTERNET SOFTWARE & SERVICES - 5.5%
Internet Software & Services - 5.5%
Google, Inc. Class A	1,500		194,400
Common Stocks - continued
	Shares		Value
INTERNET SOFTWARE & SERVICES - CONTINUED
Internet Software & Services - continued
iVillage, Inc. (a)	9,300		$ 55,800
Sina Corp. (a)	1,200		30,588
Sohu.com, Inc. (a)	1,600		26,608
Yahoo!, Inc. (a)	6,864		232,758
			540,154
LEISURE EQUIPMENT & PRODUCTS - 4.0%
Leisure Products - 4.0%
Brunswick Corp.	3,900		178,464
MarineMax, Inc. (a)	2,200		49,544
Polaris Industries, Inc.	2,200		122,804
SCP Pool Corp.	1,650		44,121
			394,933
MEDIA - 28.5%
Advertising - 4.0%
ADVO, Inc.	1,100		34,034
Harte-Hanks, Inc.	800		20,008
JC Decaux SA (a)	4,800		109,238
Lamar Advertising Co. Class A (a)	2,670		111,099
Omnicom Group, Inc.	1,600		116,896
			391,275
Broadcasting & Cable TV - 5.7%
Clear Channel Communications, Inc.	4,040		125,927
E.W. Scripps Co. Class A	2,000		95,560
EchoStar Communications Corp. Class A (a)	1,600		49,792
Liberty Media Corp. Class A (a)	11,110		96,879
Liberty Media International, Inc. Class A (a)	1,015		33,862
Radio One, Inc. Class D (non-vtg.) (a)	1,800		25,614
SBS Broadcasting SA (a)	700		23,562
Spanish Broadcasting System, Inc. Class A (a)	2,820		27,749
Univision Communications, Inc. Class A (a)	2,500		79,025
			557,970
Movies & Entertainment - 16.1%
Fox Entertainment Group, Inc. Class A (a)	12,640		350,634
News Corp. Ltd. sponsored ADR	11,000		344,630
Time Warner, Inc. (a)	8,100		130,734
Viacom, Inc.:
Class A	3,500		119,000
Class B (non-vtg.)	18,970		636,631
			1,581,629
Publishing - 2.7%
Gannett Co., Inc.	1,380		115,589
Reuters Group PLC sponsored ADR	700		23,814

	Shares		Value
Tribune Co.	2,200		$ 90,530
Washington Post Co. Class B	40		36,800
			266,733
TOTAL MEDIA			2,797,607
MULTILINE RETAIL - 4.2%
Department Stores - 1.7%
Federated Department Stores, Inc.	1,100		49,973
JCPenney Co., Inc.	1,400		49,392
Neiman Marcus Group, Inc. Class A	400		23,000
Nordstrom, Inc.	900		34,416
Saks, Inc.	600		7,230
			164,011
General Merchandise Stores - 2.5%
Big Lots, Inc. (a)	1,800		22,014
Family Dollar Stores, Inc.	1,660		44,986
Target Corp.	3,900		176,475
			243,475
TOTAL MULTILINE RETAIL			407,486
PERSONAL PRODUCTS - 3.2%
Personal Products - 3.2%
Alberto-Culver Co.	1,100		47,828
Avon Products, Inc.	3,800		165,984
Gillette Co.	2,400		100,176
			313,988
REAL ESTATE - 0.3%
Real Estate Investment Trusts - 0.3%
MeriStar Hospitality Corp. (a)	5,000		27,250
SPECIALTY RETAIL - 12.0%
Apparel Retail - 3.9%
Aeropostale, Inc. (a)	800		20,960
American Eagle Outfitters, Inc.	4,800		176,880
Chico's FAS, Inc. (a)	1,200		41,040
Foot Locker, Inc.	3,100		73,470
Gap, Inc.	1,100		20,570
Hot Topic, Inc. (a)	800		13,632
Limited Brands, Inc.	1,530		34,104
			380,656
Computer & Electronics Retail - 0.5%
Best Buy Co., Inc.	900		48,816
Home Improvement Retail - 5.0%
Home Depot, Inc.	9,910		388,472
Lowe's Companies, Inc.	1,900		103,265
			491,737
Specialty Stores - 2.6%
Office Depot, Inc. (a)	2,900		43,587
PETsMART, Inc.	800		22,712
Staples, Inc.	2,800		83,496
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Specialty Stores - continued
Steiner Leisure Ltd. (a)	2,128		$ 47,029
Toys 'R' Us, Inc. (a)	1,800		31,932
West Marine, Inc. (a)	1,300		27,794
			256,550
TOTAL SPECIALTY RETAIL			1,177,759
TEXTILES APPAREL & LUXURY GOODS - 3.2%
Apparel, Accessories & Luxury Goods - 2.0%
Coach, Inc. (a)	500		21,210
Kenneth Cole Productions, Inc. Class A (sub. vtg.)	600		16,884
Liz Claiborne, Inc.	2,100		79,212
Polo Ralph Lauren Corp. Class A	1,500		54,555
Quiksilver, Inc. (a)	900		22,878
			194,739
Footwear - 1.2%
NIKE, Inc. Class B	1,300		102,440
Phoenix Footwear Group, Inc. (a)	2,100		14,721
			117,161
TOTAL TEXTILES APPAREL & LUXURY GOODS			311,900
TOTAL COMMON STOCKS (Cost $9,119,278)		9,646,625
Money Market Funds - 2.5%

Fidelity Cash Central Fund, 1.74% (b) (Cost $246,134)	246,134		246,134

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $9,365,412)

9,892,759

NET OTHER ASSETS - (0.9)%		(87,747)
NET ASSETS - 100%		$ 9,805,012

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 listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $9,408,882. Net unrealized appreciation aggregated $483,877, of which $1,025,971 related to appreciated investment securities and $542,094 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please call Fidelity at 1-800-221-5207 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Cyclical Industries Portfolio

September 30, 2004

1.807737.100

VCY-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.5%
	Shares		Value
AEROSPACE & DEFENSE - 18.3%
Aerospace & Defense - 18.3%
BAE Systems PLC	21,500		$ 87,561
Bombardier, Inc. Class B (sub. vtg.)	700		1,614
DRS Technologies, Inc. (a)	9,300		348,192
EADS NV	2,771		73,504
EDO Corp.	2,120		58,830
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	4,900		129,360
General Dynamics Corp.	2,000		204,200
Goodrich Corp.	7,400		232,064
Honeywell International, Inc.	44,500		1,595,770
L-3 Communications Holdings, Inc.	2,800		187,600
Lockheed Martin Corp.	18,470		1,030,257
Northrop Grumman Corp.	13,758		733,714
Precision Castparts Corp.	8,600		516,430
Raytheon Co.	7,200		273,456
Rockwell Collins, Inc.	7,820		290,435
The Boeing Co.	22,510		1,161,966
United Defense Industries, Inc. (a)	8,300		331,917
			7,256,870
AIR FREIGHT & LOGISTICS - 9.2%
Air Freight & Logistics - 9.2%
C.H. Robinson Worldwide, Inc.	1,950		90,461
CNF, Inc.	6,900		282,831
Dynamex, Inc. (a)	11,325		195,243
EGL, Inc. (a)	17,600		532,576
Expeditors International of Washington, Inc.	7,900		408,430
FedEx Corp.	11,400		976,866
Forward Air Corp. (a)	4,800		192,096
Hub Group, Inc. Class A (a)	900		33,525
J.B. Hunt Transport Services, Inc.	2,500		92,850
Park-Ohio Holdings Corp. (a)	5,447		97,501
Ryder System, Inc.	2,300		108,192
United Parcel Service, Inc. Class B	8,300		630,136
			3,640,707
AIRLINES - 2.1%
Airlines - 2.1%
AirTran Holdings, Inc. (a)	35,300		351,588
Alaska Air Group, Inc. (a)	1,300		32,214
AMR Corp. (a)	400		2,932
Continental Airlines, Inc. Class B (a)	11,100		94,572
Frontier Airlines, Inc. (a)	5,290		40,627
Southwest Airlines Co.	22,400		305,088
			827,021
AUTO COMPONENTS - 0.6%
Auto Parts & Equipment - 0.6%
American Axle & Manufacturing Holdings, Inc.	100		2,926
Amerigon, Inc. (a)	800		2,936

	Shares		Value
Autoliv, Inc.	1,400		$ 56,560
Delphi Corp.	100		929
Gentex Corp.	3,000		105,390
Lear Corp.	1,000		54,450
			223,191
Tires & Rubber - 0.0%
Goodyear Tire & Rubber Co. (a)	100		1,074
TOTAL AUTO COMPONENTS			224,265
AUTOMOBILES - 0.4%
Automobile Manufacturers - 0.4%
Bayerische Motoren Werke AG (BMW)	2,904		119,538
Ford Motor Co.	300		4,215
Hyundai Motor Co. Ltd.	680		31,357
			155,110
BUILDING PRODUCTS - 1.4%
Building Products - 1.4%
American Standard Companies, Inc. (a)	7,210		280,541
Masco Corp.	8,220		283,837
			564,378
CHEMICALS - 17.1%
Commodity Chemicals - 3.5%
Lyondell Chemical Co.	37,997		853,413
Millennium Chemicals, Inc. (a)	18,720		397,051
NOVA Chemicals Corp.	2,600		100,476
Spartech Corp.	1,800		45,180
			1,396,120
Diversified Chemicals - 6.5%
Dow Chemical Co.	23,300		1,052,694
Eastman Chemical Co.	1,100		52,305
FMC Corp. (a)	4,800		233,136
Hercules, Inc. (a)	6,900		98,325
Olin Corp.	53,400		1,068,000
PPG Industries, Inc.	1,200		73,536
			2,577,996
Fertilizers & Agricultural Chemicals - 1.7%
Agrium, Inc.	4,600		81,847
IMC Global, Inc. (a)	5,700		99,123
Monsanto Co.	6,600		240,372
Potash Corp. of Saskatchewan	3,600		231,108
			652,450
Industrial Gases - 3.1%
Air Products & Chemicals, Inc.	9,800		532,924
Airgas, Inc.	5,600		134,792
Praxair, Inc.	13,100		559,894
			1,227,610
Specialty Chemicals - 2.3%
Albemarle Corp.	2,600		91,234
Cytec Industries, Inc.	3,900		190,905
Ecolab, Inc.	6,700		210,648
Common Stocks - continued
	Shares		Value
CHEMICALS - CONTINUED
Specialty Chemicals - continued
Ferro Corp.	7,330		$ 159,867
Great Lakes Chemical Corp.	2,700		69,120
Minerals Technologies, Inc.	200		11,772
PolyOne Corp. (a)	13,430		100,994
Rohm & Haas Co.	200		8,594
Valspar Corp.	1,200		56,016
			899,150
TOTAL CHEMICALS			6,753,326
COMMERCIAL SERVICES & SUPPLIES - 1.9%
Diversified Commercial Services - 0.3%
Central Parking Corp.	3,300		43,626
United Rentals, Inc. (a)	5,500		87,395
			131,021
Environmental Services - 1.0%
Allied Waste Industries, Inc. (a)	3,500		30,975
Waste Connections, Inc. (a)	3,800		120,384
Waste Management, Inc.	9,600		262,464
			413,823
Office Services & Supplies - 0.6%
Herman Miller, Inc.	7,700		189,805
HNI Corp.	800		31,664
			221,469
TOTAL COMMERCIAL SERVICES & SUPPLIES			766,313
CONSTRUCTION & ENGINEERING - 2.1%
Construction & Engineering - 2.1%
Dycom Industries, Inc. (a)	12,200		346,358
EMCOR Group, Inc. (a)	1,600		60,192
Fluor Corp.	2,600		115,752
Granite Construction, Inc.	9,300		222,270
Shaw Group, Inc. (a)	8,700		104,400
			848,972
CONSTRUCTION MATERIALS - 0.9%
Construction Materials - 0.9%
Eagle Materials, Inc.	20		1,426
Texas Industries, Inc.	3,200		164,608
Vulcan Materials Co.	4,000		203,800
			369,834
CONTAINERS & PACKAGING - 0.0%
Metal & Glass Containers - 0.0%
Owens-Illinois, Inc. (a)	350		5,600
ELECTRICAL EQUIPMENT - 1.1%
Electrical Components & Equipment - 0.9%
Cooper Industries Ltd. Class A	900		53,100

	Shares		Value
Emerson Electric Co.	2,500		$ 154,725
Roper Industries, Inc.	2,570		147,672
			355,497
Heavy Electrical Equipment - 0.2%
ABB Ltd. sponsored ADR	11,300		69,156
TOTAL ELECTRICAL EQUIPMENT			424,653
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.4%
Electronic Equipment & Instruments - 0.2%
Cognex Corp.	1,600		41,920
Mettler-Toledo International, Inc. (a)	800		37,776
			79,696
Electronic Manufacturing Svcs. - 0.1%
Molex, Inc.	1,300		38,766
Technology Distributors - 0.1%
Tech Data Corp. (a)	700		26,985
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			145,447
ENERGY EQUIPMENT & SERVICES - 0.4%
Oil & Gas Equipment & Services - 0.4%
Cooper Cameron Corp. (a)	2,500		137,100
Willbros Group, Inc. (a)	50		746
			137,846
HEALTH CARE EQUIPMENT & SUPPLIES - 0.2%
Health Care Equipment - 0.1%
Thermo Electron Corp. (a)	1,910		51,608
Health Care Supplies - 0.1%
Millipore Corp. (a)	940		44,979
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			96,587
HOUSEHOLD DURABLES - 4.5%
Home Furnishings - 0.2%
Interface, Inc. Class A (a)	9,800		78,596
Homebuilding - 3.9%
D.R. Horton, Inc.	9,250		306,268
KB Home	4,200		354,858
Pulte Homes, Inc.	5,300		325,261
Ryland Group, Inc.	3,340		309,484
Standard Pacific Corp.	100		5,637
Toll Brothers, Inc. (a)	5,200		240,916
			1,542,424
Household Appliances - 0.4%
Blount International, Inc. (a)	6,100		79,910
Maytag Corp.	4,100		75,317
			155,227
TOTAL HOUSEHOLD DURABLES			1,776,247
Common Stocks - continued
	Shares		Value
INDUSTRIAL CONGLOMERATES - 16.9%
Industrial Conglomerates - 16.9%
3M Co.	21,060		$ 1,684,168
Carlisle Companies, Inc.	400		25,572
General Electric Co.	56,060		1,882,495
Siemens AG sponsored ADR	12,400		913,880
Teleflex, Inc.	300		12,750
Tyco International Ltd.	70,240		2,153,557
			6,672,422
MACHINERY - 7.4%
Construction & Farm Machinery & Heavy Trucks - 2.9%
AGCO Corp. (a)	13,210		298,810
Astec Industries, Inc. (a)	5,000		95,600
Caterpillar, Inc.	3,200		257,440
Cummins, Inc.	1,900		140,391
Navistar International Corp. (a)	3,580		133,140
Oshkosh Truck Co.	320		18,259
PACCAR, Inc.	1,040		71,885
Terex Corp. (a)	800		34,720
Toro Co.	900		61,470
Wabash National Corp. (a)	1,900		52,193
			1,163,908
Industrial Machinery - 4.5%
Briggs & Stratton Corp.	2,300		186,760
Danaher Corp.	3,200		164,096
Dover Corp.	5,000		194,350
IDEX Corp.	3,130		106,295
ITT Industries, Inc.	5,500		439,945
Kennametal, Inc.	539		24,336
Manitowoc Co., Inc.	5,600		198,576
Pall Corp.	5,800		141,984
Pentair, Inc.	3,780		131,960
SPX Corp.	5,000		177,000
			1,765,302
TOTAL MACHINERY			2,929,210
MEDIA - 0.2%
Broadcasting & Cable TV - 0.2%
EchoStar Communications Corp. Class A (a)	2,400		74,688

	Shares		Value
METALS & MINING - 0.6%
Diversified Metals & Mining - 0.2%
Massey Energy Co.	2,800		$ 81,004
Steel - 0.4%
Nucor Corp.	1,830		167,207
TOTAL METALS & MINING			248,211
OIL & GAS - 1.5%
Oil & Gas Refining & Marketing & Transportation - 1.5%
Frontline Ltd. (NY Shares)	4,600		217,074
General Maritime Corp. (a)	3,000		104,490
Nippon Mining Holdings, Inc.	6,000		30,429
Teekay Shipping Corp.	2,600		112,034
Top Tankers, Inc.	7,900		126,321
			590,348
ROAD & RAIL - 4.7%
Railroads - 4.1%
Burlington Northern Santa Fe Corp.	11,700		448,227
CSX Corp.	9,020		299,464
Norfolk Southern Corp.	18,160		540,078
Union Pacific Corp.	5,860		343,396
			1,631,165
Trucking - 0.6%
Arkansas Best Corp.	1,600		58,592
Landstar System, Inc. (a)	2,478		145,409
Swift Transportation Co., Inc. (a)	1,000		16,820
			220,821
TOTAL ROAD & RAIL			1,851,986
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
Semiconductor Equipment - 0.0%
Cabot Microelectronics Corp. (a)	500		18,125
TRADING COMPANIES & DISTRIBUTORS - 0.6%
Trading Companies & Distributors - 0.6%
Fastenal Co.	100		5,760
MSC Industrial Direct Co., Inc. Class A	2,900		98,832
W.W. Grainger, Inc.	2,120		122,218
			226,810
TOTAL COMMON STOCKS (Cost $32,446,631)		36,604,976
Nonconvertible Preferred Stocks - 0.1%

AUTOMOBILES - 0.1%
Automobile Manufacturers - 0.1%
Porsche AG (non-vtg.) (Cost $53,550)	83		54,001
Money Market Funds - 9.7%
	Shares		Value
Fidelity Cash Central Fund, 1.74% (b)	3,593,708		$ 3,593,708
Fidelity Securities Lending Cash Central Fund, 1.71% (b)(c)	226,500		226,500
TOTAL MONEY MARKET FUNDS (Cost $3,820,208)		3,820,208

TOTAL INVESTMENT PORTFOLIO - 102.3%

(Cost $36,320,389)

40,479,185

NET OTHER ASSETS - (2.3)%		(923,166)
NET ASSETS - 100%		$ 39,556,019

Legend

(a) Non-income producing

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $36,445,990. Net unrealized appreciation aggregated $4,033,195, of which $4,522,904 related to appreciated investment securities and $489,709 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Financial Services Portfolio

September 30, 2004

1.807734.100

VFS-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.6%
	Shares		Value
CAPITAL MARKETS - 13.7%
Asset Management & Custody Banks - 3.8%
American Capital Strategies Ltd.	1,000		$ 31,340
Bank of New York Co., Inc.	3,650		106,471
Federated Investors, Inc. Class B (non-vtg.)	1,580		44,935
Firstcity Financial Corp. (a)	2,228		20,319
Franklin Resources, Inc.	3,700		206,312
Janus Capital Group, Inc.	3,300		44,913
Northern Trust Corp.	12,250		499,800
State Street Corp.	8,800		375,848
Waddell & Reed Financial, Inc. Class A	5,510		121,220
			1,451,158
Investment Banking & Brokerage - 9.9%
Ameritrade Holding Corp. (a)	21,400		257,014
Bear Stearns Companies, Inc.	1,780		171,183
Charles Schwab Corp.	10,700		98,333
Goldman Sachs Group, Inc.	4,440		413,986
LaBranche & Co., Inc. (a)	2,230		18,844
Lehman Brothers Holdings, Inc.	8,580		683,998
Merrill Lynch & Co., Inc.	18,700		929,764
Morgan Stanley	24,610		1,213,273
Piper Jaffray Companies (a)	183		7,245
TradeStation Group, Inc. (a)	6,600		40,458
			3,834,098
TOTAL CAPITAL MARKETS			5,285,256
COMMERCIAL BANKS - 23.2%
Diversified Banks - 19.4%
Banco Popolare di Verona e Novara	8,000		140,477
Bank of America Corp.	76,496		3,314,567
HDFC Bank Ltd. sponsored ADR	3,700		125,615
Mitsubishi Tokyo Financial Group, Inc. (MTFG) sponsored ADR	15,000		125,100
National Bank of Canada	5,600		194,707
Royal Bank of Canada	4,160		197,656
U.S. Bancorp, Delaware	26,200		757,180
Wachovia Corp.	30,072		1,411,880
Wells Fargo & Co.	19,600		1,168,748
			7,435,930
Regional Banks - 3.8%
Cathay General Bancorp	4,810		178,884
City National Corp.	800		51,960
East West Bancorp, Inc.	3,900		131,001
Hanmi Financial Corp.	4,300		129,860
M&T Bank Corp.	1,700		162,690
Mercantile Bankshares Corp.	1,200		57,552
Nara Bancorp, Inc.	400		8,060
National Commerce Financial Corp.	4,400		150,524
North Fork Bancorp, Inc., New York	2,760		122,682
Silicon Valley Bancshares (a)	600		22,302
SouthTrust Corp.	2,500		104,150

	Shares		Value
Synovus Financial Corp.	100		$ 2,615
UCBH Holdings, Inc.	6,800		265,676
Valley National Bancorp	18		460
Westcorp	1,800		76,536
			1,464,952
TOTAL COMMERCIAL BANKS			8,900,882
COMMERCIAL SERVICES & SUPPLIES - 1.0%
Diversified Commercial Services - 1.0%
Asset Acceptance Capital Corp.	17,248		292,699
Portfolio Recovery Associates, Inc. (a)	3,200		94,048
			386,747
CONSUMER FINANCE - 10.4%
Consumer Finance - 10.4%
American Express Co.	25,140		1,293,704
AmeriCredit Corp. (a)	2,300		48,024
Capital One Financial Corp.	8,000		591,200
First Marblehead Corp.	7,900		366,560
MBNA Corp.	56,205		1,416,366
SLM Corp.	6,740		300,604
			4,016,458
DIVERSIFIED FINANCIAL SERVICES - 11.1%
Other Diversifed Financial Services - 9.4%
Citigroup, Inc.	42,862		1,891,071
J.P. Morgan Chase & Co.	41,038		1,630,440
Principal Financial Group, Inc.	2,700		97,119
			3,618,630
Specialized Finance - 1.7%
Archipelago Holdings, Inc.	4,000		58,400
CIT Group, Inc.	14,400		538,416
Encore Capital Group, Inc. (a)	2,400		45,240
			642,056
TOTAL DIVERSIFIED FINANCIAL SERVICES			4,260,686
INDUSTRIAL CONGLOMERATES - 0.7%
Industrial Conglomerates - 0.7%
General Electric Co.	8,600		288,788
INSURANCE - 22.5%
Insurance Brokers - 0.7%
Marsh & McLennan Companies, Inc.	5,700		260,832
Life & Health Insurance - 3.8%
AFLAC, Inc.	7,300		286,233
Lincoln National Corp.	500		23,500
MetLife, Inc.	14,710		568,542
Protective Life Corp.	1,200		47,172
Sun Life Financial, Inc.	11,390		344,747
Torchmark Corp.	1,400		74,452
UnumProvident Corp.	7,300		114,537
			1,459,183
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Multi-Line Insurance - 8.0%
American International Group, Inc.	35,410		$ 2,407,526
Genworth Financial, Inc. Class A	2,100		48,930
Hartford Financial Services Group, Inc.	8,760		542,507
HCC Insurance Holdings, Inc.	2,220		66,933
			3,065,896
Property & Casualty Insurance - 8.3%
ACE Ltd.	12,750		510,765
Allstate Corp.	1,640		78,704
AMBAC Financial Group, Inc.	6,110		488,495
Berkshire Hathaway, Inc. Class B (a)	321		921,591
Cincinnati Financial Corp.	2,845		117,271
Fidelity National Financial, Inc.	2,642		100,660
MBIA, Inc.	6,360		370,216
St. Paul Travelers Companies, Inc.	4,300		142,158
XL Capital Ltd. Class A	6,200		458,738
			3,188,598
Reinsurance - 1.7%
Endurance Specialty Holdings Ltd.	10,860		349,149
Everest Re Group Ltd.	1,300		96,629
Montpelier Re Holdings Ltd.	1,800		66,024
PartnerRe Ltd.	1,900		103,911
Scottish Re Group Ltd.	2,200		46,574
			662,287
TOTAL INSURANCE			8,636,796
REAL ESTATE - 2.7%
Real Estate Investment Trusts - 2.7%
Apartment Investment & Management Co. Class A	9,130		317,541
CBL & Associates Properties, Inc.	900		54,855
Duke Realty Corp.	1,830		60,756
Equity Residential (SBI)	2,390		74,090
Federal Realty Investment Trust (SBI)	580		25,520
Healthcare Realty Trust, Inc.	3,600		140,544
Manufactured Home Communities, Inc.	1,000		33,240
Reckson Associates Realty Corp.	1,800		51,750
Simon Property Group, Inc.	4,200		225,246
The Mills Corp.	700		36,309
Vornado Realty Trust	60		3,761
			1,023,612
THRIFTS & MORTGAGE FINANCE - 8.3%
Thrifts & Mortgage Finance - 8.3%
Countrywide Financial Corp.	11,211		441,601
Doral Financial Corp.	50		2,074
Fannie Mae	11,750		744,950
Freddie Mac	4,900		319,676
Golden West Financial Corp., Delaware	3,700		410,515
Greenpoint Financial Corp.	2,100		97,146
MGIC Investment Corp.	2,900		192,995

	Shares		Value
NetBank, Inc.	9,740		$ 97,497
New York Community Bancorp, Inc.	4,533		93,108
Provident Financial Services, Inc.	100		1,725
Radian Group, Inc.	1,625		75,124
Sovereign Bancorp, Inc.	24,990		545,282
The PMI Group, Inc.	2,300		93,334
W Holding Co., Inc.	2,400		45,600
Washington Mutual, Inc.	1,000		39,080
			3,199,707
TOTAL COMMON STOCKS (Cost $30,059,025)		35,998,932
Money Market Funds - 6.4%

Fidelity Cash Central Fund, 1.74% (b)	2,342,511		2,342,511
Fidelity Securities Lending Cash Central Fund, 1.71% (b)(c)	98,000		98,000
TOTAL MONEY MARKET FUNDS (Cost $2,440,511)		2,440,511
Cash Equivalents - 0.1%
	Maturity Amount
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 1.72%, dated 9/30/04 due 10/1/04) (Cost $34,000)	$ 34,002		34,000

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $32,533,536)

38,473,443

NET OTHER ASSETS - (0.1)%		(32,767)
NET ASSETS - 100%		$ 38,440,676

Legend

(a) Non-income producing

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $32,716,763. Net unrealized appreciation aggregated $5,756,680, of which $6,268,230 related to appreciated investment securities and $511,550 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Growth Stock Portfolio

September 30, 2004

1.808784.100

VIPGR-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.5%
	Shares		Value
CONSUMER DISCRETIONARY - 9.2%
Automobiles - 1.8%
Harley-Davidson, Inc.	1,800		$ 106,992
Internet & Catalog Retail - 0.3%
eBay, Inc. (a)	200		18,388
Media - 4.9%
Clear Channel Communications, Inc.	400		12,468
Fox Entertainment Group, Inc. Class A (a)	500		13,870
Getty Images, Inc. (a)	1,000		55,300
Lamar Advertising Co. Class A (a)	1,800		74,898
Radio One, Inc. Class D (non-vtg.) (a)	1,400		19,922
Spanish Broadcasting System, Inc. Class A (a)	6,900		67,896
Univision Communications, Inc. Class A (a)	1,000		31,610
Viacom, Inc. Class B (non-vtg.)	450		15,102
			291,066
Multiline Retail - 0.5%
Dollar General Corp.	1,600		32,240
Specialty Retail - 1.7%
Foot Locker, Inc.	3,800		90,060
Ross Stores, Inc.	500		11,720
			101,780
TOTAL CONSUMER DISCRETIONARY			550,466
CONSUMER STAPLES - 10.9%
Beverages - 3.1%
Anheuser-Busch Companies, Inc.	600		29,970
PepsiCo, Inc.	1,900		92,435
The Coca-Cola Co.	1,560		62,478
			184,883
Food & Staples Retailing - 3.1%
CVS Corp.	1,100		46,343
Wal-Mart Stores, Inc.	2,000		106,400
Walgreen Co.	800		28,664
			181,407
Household Products - 4.4%
Colgate-Palmolive Co.	400		18,072
Procter & Gamble Co.	4,560		246,787
			264,859
Personal Products - 0.3%
Alberto-Culver Co.	400		17,392
TOTAL CONSUMER STAPLES			648,541
ENERGY - 4.0%
Energy Equipment & Services - 3.5%
BJ Services Co.	2,200		115,302

	Shares		Value
Nabors Industries Ltd. (a)	800		$ 37,880
Pride International, Inc. (a)	2,800		55,412
			208,594
Oil & Gas - 0.5%
Quicksilver Resources, Inc. (a)	900		29,403
TOTAL ENERGY			237,997
FINANCIALS - 6.1%
Capital Markets - 0.2%
Harris & Harris Group, Inc. (a)	1,200		12,408
Commercial Banks - 0.4%
Wachovia Corp.	500		23,475
Consumer Finance - 1.1%
American Express Co.	600		30,876
MBNA Corp.	1,300		32,760
			63,636
Insurance - 3.4%
American International Group, Inc.	3,000		203,970
Thrifts & Mortgage Finance - 1.0%
Golden West Financial Corp., Delaware	300		33,285
New York Community Bancorp, Inc.	1,166		23,950
			57,235
TOTAL FINANCIALS			360,724
HEALTH CARE - 30.7%
Biotechnology - 5.8%
Biogen Idec, Inc. (a)	400		24,468
Cephalon, Inc. (a)	600		28,740
Charles River Laboratories International, Inc. (a)	400		18,320
Genentech, Inc. (a)	2,700		141,534
Harvard Bioscience, Inc. (a)	4,200		18,480
ImmunoGen, Inc. (a)	4,300		21,715
Millennium Pharmaceuticals, Inc. (a)	4,200		57,582
ONYX Pharmaceuticals, Inc. (a)	200		8,602
OSI Pharmaceuticals, Inc. (a)	200		12,292
Protein Design Labs, Inc. (a)	700		13,706
			345,439
Health Care Equipment & Supplies - 7.0%
Cholestech Corp. (a)	2,600		17,576
Dade Behring Holdings, Inc. (a)	400		22,287
Fisher Scientific International, Inc. (a)	600		34,998
Illumina, Inc. (a)	7,000		41,370
Invacare Corp.	300		13,800
Kinetic Concepts, Inc.	400		21,020
Medtronic, Inc.	2,700		140,130
ResMed, Inc. (a)	400		19,044
St. Jude Medical, Inc. (a)	900		67,743
Synthes, Inc.	381		41,618
			419,586
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 2.0%
McKesson Corp.	1,000		$ 25,650
Pediatrix Medical Group, Inc. (a)	100		5,485
ProxyMed, Inc. (a)	700		6,979
UnitedHealth Group, Inc.	700		51,618
WebMD Corp. (a)	4,000		27,840
			117,572
Pharmaceuticals - 15.9%
Barr Pharmaceuticals, Inc. (a)	1,000		41,430
Eli Lilly & Co.	700		42,035
Endo Pharmaceuticals Holdings, Inc. (a)	3,700		67,932
IVAX Corp. (a)	2,375		45,481
Johnson & Johnson	1,700		95,761
Pfizer, Inc.	8,200		250,920
Schering-Plough Corp.	13,200		251,592
Watson Pharmaceuticals, Inc. (a)	600		17,676
Wyeth	3,600		134,640
			947,467
TOTAL HEALTH CARE			1,830,064
INDUSTRIALS - 4.1%
Aerospace & Defense - 2.6%
Honeywell International, Inc.	3,500		125,510
The Boeing Co.	500		25,810
			151,320
Air Freight & Logistics - 0.5%
United Parcel Service, Inc. Class B	400		30,368
Industrial Conglomerates - 1.0%
General Electric Co.	1,800		60,444
TOTAL INDUSTRIALS			242,132
INFORMATION TECHNOLOGY - 26.2%
Communications Equipment - 1.9%
Cisco Systems, Inc. (a)	4,000		72,400
Comverse Technology, Inc. (a)	1,000		18,830
Juniper Networks, Inc. (a)	400		9,440
Powerwave Technologies, Inc. (a)	1,800		11,088
			111,758
Computers & Peripherals - 6.6%
Brocade Communications Systems, Inc. (a)	1,900		10,735
Dell, Inc. (a)	7,400		263,440

	Shares		Value
EMC Corp. (a)	2,300		$ 26,542
Seagate Technology	2,100		28,392
UNOVA, Inc. (a)	4,700		66,035
			395,144
Electronic Equipment & Instruments - 6.2%
Benchmark Electronics, Inc. (a)	1,100		32,780
Flextronics International Ltd. (a)	8,800		116,600
Jabil Circuit, Inc. (a)	3,300		75,900
National Instruments Corp.	600		18,162
Solectron Corp. (a)	19,300		95,535
Symbol Technologies, Inc.	1,400		17,696
Veeco Instruments, Inc. (a)	700		14,679
			371,352
Internet Software & Services - 1.3%
Yahoo!, Inc. (a)	2,300		77,993
Semiconductors & Semiconductor Equipment - 4.0%
Analog Devices, Inc.	400		15,512
Cree, Inc. (a)	800		24,424
Freescale Semiconductor, Inc. Class A	1,100		15,730
Integrated Circuit Systems, Inc. (a)	900		19,350
Intersil Corp. Class A	5,200		82,836
Micrel, Inc. (a)	1,400		14,574
NVIDIA Corp. (a)	2,000		29,040
Varian Semiconductor Equipment Associates, Inc. (a)	1,200		37,080
			238,546
Software - 6.2%
Microsoft Corp.	12,400		342,859
Siebel Systems, Inc. (a)	1,900		14,326
VERITAS Software Corp. (a)	700		12,460
			369,645
TOTAL INFORMATION TECHNOLOGY			1,564,438
MATERIALS - 3.3%
Chemicals - 2.8%
Ferro Corp.	1,100		23,991
NOVA Chemicals Corp.	2,100		81,154
Olin Corp.	3,200		64,000
			169,145
Metals & Mining - 0.5%
Freeport-McMoRan Copper & Gold, Inc. Class B	300		12,150
Massey Energy Co.	600		17,358
			29,508
TOTAL MATERIALS			198,653
TOTAL COMMON STOCKS (Cost $5,548,887)		5,633,015
Money Market Funds - 2.2%
	Shares		Value
Fidelity Cash Central Fund, 1.74% (b) (Cost $134,484)	134,484		$ 134,484
TOTAL INVESTMENT PORTFOLIO - 96.7% (Cost $5,683,371)		5,767,499
NET OTHER ASSETS - 3.3%			194,266
NET ASSETS - 100%		$ 5,961,765

Legend

(a) Non-income producing

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $5,694,058. Net unrealized appreciation aggregated $73,441, of which $364,808 related to appreciated investment securities and $291,367 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Health Care Portfolio

September 30, 2004

1.807727.100

VHC-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
BIOTECHNOLOGY - 15.4%
Biotechnology - 15.4%
Affymetrix, Inc. (a)	5,300		$ 162,763
Alkermes, Inc. (a)	16,100		185,794
Amgen, Inc. (a)	48,800		2,765,984
Biogen Idec, Inc. (a)	14,900		911,433
Celgene Corp. (a)	7,300		425,079
Genentech, Inc. (a)	72,800		3,816,176
Genzyme Corp. - General Division (a)	14,500		788,945
ImClone Systems, Inc. (a)	4,500		237,825
MedImmune, Inc. (a)	19,230		455,751
Millennium Pharmaceuticals, Inc. (a)	34,000		466,140
Neurocrine Biosciences, Inc. (a)	7,700		363,132
OSI Pharmaceuticals, Inc. (a)	2,300		141,358
Protein Design Labs, Inc. (a)	3,900		76,362
			10,796,742
HEALTH CARE EQUIPMENT & SUPPLIES - 30.7%
Health Care Equipment - 27.2%
Aspect Medical Systems, Inc. (a)	1,200		21,708
Baxter International, Inc.	111,150		3,574,584
Biomet, Inc.	37,365		1,751,671
Boston Scientific Corp. (a)	33,920		1,347,642
Cytyc Corp. (a)	11,100		268,065
Epix Pharmaceuticals, Inc. (a)	7,900		152,549
Guidant Corp.	36,400		2,403,856
Hospira, Inc. (a)	352		10,771
Kinetic Concepts, Inc.	6,400		336,320
Medtronic, Inc.	96,360		5,001,084
ResMed, Inc. (a)	6,000		285,660
Respironics, Inc. (a)	5,300		283,232
St. Jude Medical, Inc. (a)	26,010		1,957,773
Stereotaxis, Inc.	21,800		212,332
Thoratec Corp. (a)	7,500		72,150
Waters Corp. (a)	13,600		599,760
Zimmer Holdings, Inc. (a)	10,000		790,400
			19,069,557
Health Care Supplies - 3.5%
Alcon, Inc.	15,400		1,235,080
Dade Behring Holdings, Inc. (a)	6,050		337,094
DJ Orthopedics, Inc. (a)	7,000		123,550
Edwards Lifesciences Corp. (a)	21,800		730,300
			2,426,024
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			21,495,581
HEALTH CARE PROVIDERS & SERVICES - 15.9%
Health Care Distributors & Services - 1.6%
McKesson Corp.	19,700		505,305

	Shares		Value
Omnicare, Inc.	14,700		$ 416,892
Patterson Companies, Inc. (a)	2,100		160,776
			1,082,973
Health Care Facilities - 0.7%
Community Health Systems, Inc. (a)	5,500		146,740
Tenet Healthcare Corp. (a)	32,000		345,280
			492,020
Health Care Services - 4.9%
Caremark Rx, Inc. (a)	48,370		1,551,226
DaVita, Inc. (a)	6,450		200,918
IMS Health, Inc.	17,200		411,424
Inveresk Research Group, Inc. (a)	2,300		84,847
Laboratory Corp. of America Holdings (a)	9,300		406,596
Quest Diagnostics, Inc.	6,700		591,074
WebMD Corp. (a)	28,000		194,880
			3,440,965
Managed Health Care - 8.7%
Coventry Health Care, Inc. (a)	13,100		699,147
Health Net, Inc. (a)	7,900		195,288
PacifiCare Health Systems, Inc. (a)	31,200		1,145,040
UnitedHealth Group, Inc.	55,400		4,085,196
			6,124,671
TOTAL HEALTH CARE PROVIDERS & SERVICES			11,140,629
PERSONAL PRODUCTS - 0.1%
Personal Products - 0.1%
NBTY, Inc. (a)	2,900		62,524
PHARMACEUTICALS - 36.7%
Pharmaceuticals - 36.7%
Abbott Laboratories	94,820		4,016,575
Allergan, Inc.	7,400		536,870
Barr Pharmaceuticals, Inc. (a)	8,700		360,441
Biovail Corp. (a)	19,900		343,824
Eli Lilly & Co.	43,200		2,594,160
Endo Pharmaceuticals Holdings, Inc. (a)	6,900		126,684
Forest Laboratories, Inc. (a)	8,500		382,330
Hollis-Eden Pharmaceutcals, Inc. (a)	13,100		141,087
Johnson & Johnson	106,815		6,016,888
King Pharmaceuticals, Inc. (a)	20,000		238,800
Medicis Pharmaceutical Corp. Class A	2,200		85,888
Merck & Co., Inc.	69,280		2,286,240
Perrigo Co.	13,400		275,370
Pfizer, Inc.	159,840		4,891,104
Schering-Plough Corp.	88,750		1,691,575
Sepracor, Inc. (a)	5,200		253,656
Watson Pharmaceuticals, Inc. (a)	9,500		279,870
Wyeth	33,320		1,246,168
			25,767,530
TOTAL COMMON STOCKS (Cost $63,193,273)		69,263,006
Money Market Funds - 1.1%
	Shares		Value
Fidelity Cash Central Fund, 1.74% (b) (Cost $725,421)	725,421		$ 725,421

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $63,918,694)

69,988,427

NET OTHER ASSETS - 0.1%			104,125
NET ASSETS - 100%		$ 70,092,552

Legend

(a) Non-income producing

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $64,302,466. Net unrealized appreciation aggregated $5,685,961, of which $9,303,189 related to appreciated investment securities and $3,617,228 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Natural Resources Portfolio

September 30, 2004

1.807722.100

VNR-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
CONTAINERS & PACKAGING - 1.6%
Paper Packaging - 1.6%
Packaging Corp. of America	23,490		$ 574,800
Smurfit-Stone Container Corp. (a)	48,710		943,513
			1,518,313
ENERGY EQUIPMENT & SERVICES - 23.8%
Oil & Gas Drilling - 5.8%
Diamond Offshore Drilling, Inc.	11,960		394,560
ENSCO International, Inc.	14,700		480,249
GlobalSantaFe Corp.	26,406		809,344
Grey Wolf, Inc. (a)	19,200		93,888
Nabors Industries Ltd. (a)	20,500		970,675
Noble Corp. (a)	16,630		747,519
Patterson-UTI Energy, Inc.	6,600		125,862
Precision Drilling Corp. (a)	9,600		552,604
Pride International, Inc. (a)	35,400		700,566
Rowan Companies, Inc. (a)	5,200		137,280
Transocean, Inc. (a)	14,400		515,232
			5,527,779
Oil & Gas Equipment & Services - 18.0%
Baker Hughes, Inc.	33,980		1,485,606
BJ Services Co.	17,400		911,934
FMC Technologies, Inc. (a)	6,300		210,420
Grant Prideco, Inc. (a)	54,800		1,122,852
Halliburton Co.	93,700		3,156,753
National-Oilwell, Inc. (a)	20,750		681,845
Pason Systems, Inc.	3,600		88,648
Schlumberger Ltd. (NY Shares)	65,460		4,406,113
Smith International, Inc. (a)	34,240		2,079,395
Superior Energy Services, Inc. (a)	10,100		130,492
Tidewater, Inc.	10,030		326,477
Varco International, Inc. (a)	8,900		238,698
Weatherford International Ltd. (a)	40,500		2,066,310
Willbros Group, Inc. (a)	19,900		296,709
			17,202,252
TOTAL ENERGY EQUIPMENT & SERVICES			22,730,031
GAS UTILITIES - 0.2%
Gas Utilities - 0.2%
Southern Union Co. (a)	8,100		166,050
MACHINERY - 0.4%
Construction & Farm Machinery & Heavy Trucks - 0.4%
Bucyrus International, Inc. Class A	10,800		362,880
METALS & MINING - 15.4%
Aluminum - 5.3%
Alcan, Inc.	38,420		1,842,211
Alcoa, Inc.	96,990		3,257,894
			5,100,105

	Shares		Value
Diversified Metals & Mining - 4.5%
CONSOL Energy, Inc.	22,900		$ 798,981
Freeport-McMoRan Copper & Gold, Inc. Class B	25,580		1,035,990
Inco Ltd. (a)	7,400		289,725
Massey Energy Co.	16,300		471,559
Peabody Energy Corp.	15,900		946,050
Phelps Dodge Corp.	7,800		717,834
			4,260,139
Gold - 5.6%
Eldorado Gold Corp. (a)	64,700		209,727
Newmont Mining Corp.	101,500		4,621,295
Wheaton River Minerals Ltd. (a)	166,600		524,194
			5,355,216
TOTAL METALS & MINING			14,715,460
MULTI-UTILITIES & UNREGULATED POWER - 0.3%
Multi-Utilities & Unregulated Power - 0.3%
Questar Corp.	6,400		293,248
OIL & GAS - 49.6%
Integrated Oil & Gas - 38.9%
Amerada Hess Corp.	2,300		204,700
BP PLC sponsored ADR	145,740		8,384,422
ChevronTexaco Corp.	129,800		6,962,472
ConocoPhillips	43,381		3,594,116
Exxon Mobil Corp.	175,500		8,481,915
Marathon Oil Corp.	33,700		1,391,136
Occidental Petroleum Corp.	58,400		3,266,312
Petro-Canada	23,400		1,219,192
Royal Dutch Petroleum Co. (NY Shares)	1,850		95,460
Sibneft sponsored ADR	100		3,428
Total SA sponsored ADR	33,510		3,423,717
YUKOS Corp. sponsored ADR	3,688		59,377
			37,086,247
Oil & Gas Exploration & Production - 7.7%
Abraxas Petroleum Corp. (a)	29,800		63,474
Burlington Resources, Inc.	13,800		563,040
Canadian Natural Resources Ltd.	2,400		96,057
Denbury Resources, Inc. (a)	5,500		139,700
EnCana Corp.	31,518		1,457,559
Encore Acquisition Co. (a)	14,300		493,350
EOG Resources, Inc.	3,400		223,890
Forest Oil Corp. (a)	6,700		201,804
Newfield Exploration Co. (a)	6,200		379,688
Patina Oil & Gas Corp.	31,500		931,455
Quicksilver Resources, Inc. (a)	27,400		895,158
Range Resources Corp.	26,400		461,736
Talisman Energy, Inc.	36,280		942,834
Ultra Petroleum Corp. (a)	8,900		436,545
			7,286,290
Common Stocks - continued
	Shares		Value
OIL & GAS - CONTINUED
Oil & Gas Refining & Marketing & Transportation - 3.0%
Holly Corp.	9,600		$ 244,800
Kinder Morgan, Inc.	4,270		268,241
Premcor, Inc. (a)	9,500		365,750
Tesoro Petroleum Corp. (a)	7,700		227,381
Valero Energy Corp.	21,600		1,732,536
			2,838,708
TOTAL OIL & GAS			47,211,245
PAPER & FOREST PRODUCTS - 4.7%
Forest Products - 1.4%
Canfor Corp. (a)	184		2,326
Weyerhaeuser Co.	20,600		1,369,488
			1,371,814
Paper Products - 3.3%
Georgia-Pacific Corp.	22,100		794,495
International Paper Co.	49,700		2,008,377
MeadWestvaco Corp.	9,417		300,402
			3,103,274
TOTAL PAPER & FOREST PRODUCTS			4,475,088
SPECIALTY RETAIL - 0.1%
Specialty Stores - 0.1%
Boise Cascade Corp.	2,000		66,560
TOTAL COMMON STOCKS (Cost $78,351,229)		91,538,875
Money Market Funds - 6.1%

Fidelity Cash Central Fund, 1.74% (b) (Cost $5,756,245)	5,756,245		5,756,245

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $84,107,474)

97,295,120

NET OTHER ASSETS - (2.2)%		(2,067,093)
NET ASSETS - 100%		$ 95,228,027

Legend

(a) Non-income producing

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $84,654,551. Net unrealized appreciation aggregated $12,640,569, of which $13,026,915 related to appreciated investment securities and $386,346 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Real Estate Portfolio

September 30, 2004

1.808791.100

VIPRE-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Diversified Commercial Services - 0.4%
Cendant Corp.	17,200		$ 371,520
HOTELS, RESTAURANTS & LEISURE - 7.7%
Hotels, Resorts & Cruise Lines - 7.7%
Starwood Hotels & Resorts Worldwide, Inc. unit	158,930		7,377,529
REAL ESTATE - 87.0%
REITs - Apartments - 7.2%
American Campus Communities, Inc.	33,300		618,048
Apartment Investment & Management Co. Class A	87,220		3,033,512
Cornerstone Realty Income Trust, Inc.	37,100		362,096
Equity Residential (SBI)	77,600		2,405,600
Home Properties of New York, Inc.	12,000		474,720
TOTAL REITS - APARTMENTS			6,893,976
REITs - Health Care Facilities - 0.8%
Ventas, Inc.	31,200		808,704
REITs - Hotels - 0.3%
MeriStar Hospitality Corp. (a)	47,820		260,619
REITs - Industrial Buildings - 24.0%
Catellus Development Corp.	106,652		2,827,345
CenterPoint Properties Trust (SBI)	110,530		4,816,897
Duke Realty Corp.	137,620		4,568,984
Liberty Property Trust (SBI)	20,300		808,752
Plum Creek Timber Co., Inc.	13,700		479,911
ProLogis	167,820		5,913,977
Public Storage, Inc.	74,040		3,668,682
TOTAL REITS - INDUSTRIAL BUILDINGS			23,084,548
REITs - Malls - 20.0%
CBL & Associates Properties, Inc.	86,510		5,272,785
General Growth Properties, Inc.	145,310		4,504,610
Simon Property Group, Inc.	97,940		5,252,522
The Mills Corp.	28,350		1,470,515
The Rouse Co.	41,300		2,762,144
TOTAL REITS - MALLS			19,262,576
REITs - Management/Investment - 1.6%
Newcastle Investment Corp. (a)	49,800		1,528,860
REITs - Mobile Home Parks - 1.0%
Manufactured Home Communities, Inc.	27,800		924,072
REITs - Mortgage - 0.8%
Capital Trust, Inc. Class A	4,700		136,770

	Shares		Value
HomeBanc Mortgage Corp. Georgia	58,100		$ 522,900
MortgageIT Holdings, Inc.	6,200		89,590
TOTAL REITS - MORTGAGE			749,260
REITs - Office Buildings - 15.4%
Boston Properties, Inc.	63,500		3,517,265
Equity Office Properties Trust	176,400		4,806,900
Highwoods Properties, Inc. (SBI)	7,990		196,634
Kilroy Realty Corp.	17,700		673,131
Reckson Associates Realty Corp.	162,710		4,677,913
Trizec Properties, Inc.	60,300		962,991
TOTAL REITS - OFFICE BUILDINGS			14,834,834
REITs - Prisons - 0.9%
Correctional Properties Trust	30,398		829,865
REITs - Shopping Centers - 15.0%
Cedar Shopping Centers, Inc.	9,000		125,550
Federal Realty Investment Trust (SBI)	41,040		1,805,760
Inland Real Estate Corp.	26,400		386,760
Kimco Realty Corp.	39,400		2,021,220
Pan Pacific Retail Properties, Inc.	23,900		1,292,990
Price Legacy Corp.	28,395		538,085
Regency Centers Corp.	11,500		534,635
Vornado Realty Trust	112,200		7,032,696
Weingarten Realty Investors (SBI)	22,000		726,220
TOTAL REITS - SHOPPING CENTERS			14,463,916
TOTAL REAL ESTATE			83,641,230
TOTAL COMMON STOCKS (Cost $82,045,290)		91,390,279
Money Market Funds - 4.9%

Fidelity Cash Central Fund, 1.74% (b) (Cost $4,732,815)	4,732,815		4,732,815
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $86,778,105)		96,123,094
NET OTHER ASSETS - 0.0%		(37,232)
NET ASSETS - 100%		$ 96,085,862

Legend

(a) Non-income producing

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $87,311,626. Net unrealized appreciation aggregated $8,811,468, of which $9,648,865 related to appreciated investment securities and $837,397 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Strategic Income Portfolio

September 30, 2004

1.808796.100

VIPSI-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 46.3%
		Principal Amount (d)		Value
CONSUMER DISCRETIONARY - 8.7%
Auto Components - 0.1%
Dana Corp. 10.125% 3/15/10		$ 30,000		$ 34,200
EaglePicher, Inc. 9.75% 9/1/13		30,000		30,675
Tenneco Automotive, Inc. 11.625% 10/15/09		20,000		21,100
				85,975
Hotels, Restaurants & Leisure - 2.5%
Domino's, Inc. 8.25% 7/1/11		100,000		108,000
Gaylord Entertainment Co. 8% 11/15/13		100,000		105,130
Herbst Gaming, Inc. 8.125% 6/1/12 (g)		60,000		61,650
Hilton Hotels Corp.:
7.625% 12/1/12		50,000		58,375
8.25% 2/15/11		40,000		47,200
ITT Corp. 7.375% 11/15/15		125,000		136,094
Mandalay Resort Group:
6.375% 12/15/11		80,000		82,000
6.5% 7/31/09		20,000		20,700
MGM MIRAGE:
6% 10/1/09 (g)		40,000		40,400
6.75% 9/1/12 (g)		110,000		113,718
8.5% 9/15/10		50,000		56,875
Morton's Restaurant Group, Inc. 7.5% 7/1/10		90,000		85,950
Penn National Gaming, Inc. 6.875% 12/1/11		140,000		143,500
Royal Caribbean Cruises Ltd. 6.875% 12/1/13		40,000		42,400
Speedway Motorsports, Inc. 6.75% 6/1/13 (g)		95,000		99,038
Starwood Hotels & Resorts Worldwide, Inc. 7.875% 5/1/12		100,000		113,000
Station Casinos, Inc.:
6% 4/1/12		80,000		82,200
6.5% 2/1/14		20,000		20,450
Sun International Hotels Ltd./Sun International North America, Inc. 8.875% 8/15/11		120,000		131,700
Town Sports International Holdings, Inc. 0% 2/1/14 (e)		35,000		17,675
Vail Resorts, Inc. 6.75% 2/15/14		225,000		225,563
Wynn Las Vegas LLC/ Wynn Las Vegas Capital Corp. 12% 11/1/10		77,000		95,095
				1,886,713
Household Durables - 0.5%
Beazer Homes USA, Inc. 8.625% 5/15/11		50,000		55,125
K. Hovnanian Enterprises, Inc. 7.75% 5/15/13		100,000		107,500
KB Home 8.625% 12/15/08		50,000		56,500
Standard Pacific Corp.:
7.75% 3/15/13		20,000		21,700

		Principal Amount (d)		Value
9.25% 4/15/12		$ 30,000		$ 34,500
William Lyon Homes, Inc. 7.5% 2/15/14		100,000		102,000
				377,325
Leisure Equipment & Products - 0.1%
Riddell Bell Holdings, Inc. 8.375% 10/1/12 (g)		40,000		40,700
Media - 5.2%
AMC Entertainment, Inc.:
8% 3/1/14 (g)		75,000		70,500
8.625% 8/15/12 (g)		50,000		52,750
9.875% 2/1/12		70,000		72,800
Cablevision Systems Corp. 8% 4/15/12 (g)		615,000		639,600
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:
8% 4/30/12 (g)		50,000		49,750
8.375% 4/30/14 (g)		85,000		84,150
Cinemark USA, Inc. 9% 2/1/13		30,000		33,525
Cinemark, Inc. 0% 3/15/14 (e)		160,000		110,000
Corus Entertainment, Inc. 8.75% 3/1/12		60,000		66,150
CSC Holdings, Inc.:
7.625% 4/1/11		40,000		42,100
7.625% 7/15/18		365,000		374,125
7.875% 2/15/18		15,000		15,525
Dex Media, Inc. 8% 11/15/13		230,000		240,925
EchoStar DBS Corp.:
6.375% 10/1/11		45,000		45,450
6.625% 10/1/14 (g)		150,000		148,695
Entravision Communications Corp. 8.125% 3/15/09		90,000		95,400
Haights Cross Communications, Inc. 0% 8/15/11 (e)		20,000		12,200
Haights Cross Operating Co. 11.75% 8/15/11		40,000		44,000
Houghton Mifflin Co.:
0% 10/15/13 (e)		580,000		353,800
8.25% 2/1/11		20,000		20,900
9.875% 2/1/13		130,000		136,500
IMAX Corp. 9.625% 12/1/10 (g)		45,000		45,000
Innova S. de R.L. 9.375% 9/19/13		230,000		251,275
Lamar Media Corp. 7.25% 1/1/13		50,000		53,750
PEI Holdings, Inc. 11% 3/15/10		60,000		69,450
Rainbow National LLC & RNS Co. Corp.:
8.75% 9/1/12 (g)		110,000		114,400
10.375% 9/1/14 (g)		215,000		224,675
Rogers Cable, Inc.:
5.5% 3/15/14		65,000		59,800
6.25% 6/15/13		240,000		234,600
The Reader's Digest Association, Inc. 6.5% 3/1/11		125,000		128,750
TV Azteca SA de CV:
euro 10.5% 2/15/07 (Reg. S)		75,000		76,594
yankee 10.5% 2/15/07		15,000		15,319
				3,982,458
Nonconvertible Bonds - continued
		Principal Amount (d)		Value
CONSUMER DISCRETIONARY - continued
Multiline Retail - 0.2%
Barneys, Inc. 9% 4/1/08		$ 165,000		$ 172,013
Specialty Retail - 0.1%
Blockbuster, Inc. 9% 9/1/12 (g)		70,000		72,275
TOTAL CONSUMER DISCRETIONARY				6,617,459
CONSUMER STAPLES - 0.8%
Food & Staples Retailing - 0.2%
Jean Coutu Group, Inc. 7.625% 8/1/12 (g)		105,000		106,838
Pathmark Stores, Inc. 8.75% 2/1/12		50,000		46,750
				153,588
Food Products - 0.5%
Doane Pet Care Co.:
9.75% 5/15/07		45,000		43,650
10.75% 3/1/10		135,000		144,450
Hines Nurseries, Inc. 10.25% 10/1/11		120,000		127,200
Philipp Brothers Chemicals, Inc. 9.875% 6/1/08		35,000		32,900
				348,200
Household Products - 0.1%
Central Garden & Pet Co. 9.125% 2/1/13		75,000		82,313
Personal Products - 0.0%
Elizabeth Arden, Inc. 7.75% 1/15/14		40,000		42,000
TOTAL CONSUMER STAPLES				626,101
ENERGY - 5.4%
Energy Equipment & Services - 0.7%
CHC Helicopter Corp. 7.375% 5/1/14		240,000		249,600
Hanover Compressor Co. 9% 6/1/14		30,000		32,925
Petroliam Nasional BHD (Petronas) 7.625% 10/15/26 (Reg. S)		100,000		117,375
Seabulk International, Inc. 9.5% 8/15/13		135,000		139,725
				539,625
Oil & Gas - 4.7%
Belden & Blake Corp. 8.75% 7/15/12 (g)		190,000		201,400
Chesapeake Energy Corp.:
7.5% 9/15/13		40,000		43,650
7.5% 6/15/14		35,000		38,150
7.75% 1/15/15		30,000		32,700
El Paso Corp. 7.875% 6/15/12		70,000		68,950
El Paso Energy Corp. 7.375% 12/15/12		125,000		119,375
Encore Acquisition Co. 8.375% 6/15/12		40,000		43,600
Energy Partners Ltd. 8.75% 8/1/10		155,000		167,400

		Principal Amount (d)		Value
EXCO Resources, Inc. 7.25% 1/15/11		$ 10,000		$ 10,600
General Maritime Corp. 10% 3/15/13		250,000		283,750
InterNorth, Inc. 9.625% 3/15/06 (c)		100,000		26,000
OAO Gazprom 9.625% 3/1/13		180,000		200,034
Pecom Energia SA:
8.125% 7/15/10 (Reg. S)		35,000		35,000
9% 1/30/07 (g)		65,000		68,738
9% 5/1/09 (Reg. S)		150,000		155,625
Petroleos Mexicanos 9.25% 3/30/18		115,000		138,288
Plains Exploration & Production Co. 7.125% 6/15/14 (g)		30,000		32,700
Plains Exploration & Production Co. Series B, 8.75% 7/1/12		100,000		112,500
Range Resources Corp. 7.375% 7/15/13		100,000		105,500
Ship Finance International Ltd. 8.5% 12/15/13		145,000		145,000
Teekay Shipping Corp. 8.875% 7/15/11		220,000		250,800
The Coastal Corp. 7.75% 6/15/10		115,000		115,000
Williams Companies, Inc.:
7.625% 7/15/19		215,000		235,425
7.75% 6/15/31		150,000		151,500
7.875% 9/1/21		30,000		32,775
8.125% 3/15/12		530,000		606,850
YPF SA yankee 9.125% 2/24/09		135,000		148,838
				3,570,148
TOTAL ENERGY				4,109,773
FINANCIALS - 6.2%
Capital Markets - 0.5%
BCP Caylux Holdings Luxembourg SCA 9.625% 6/15/14 (g)		350,000		378,000
Consumer Finance - 0.1%
Cumbernauld Funding 5.2% 3/16/09	GBP	50,000		90,538
Diversified Financial Services - 4.9%
Ahold Finance USA, Inc. 8.25% 7/15/10		153,000		171,360
Arch Western Finance LLC 6.75% 7/1/13 (g)		25,000		26,625
Canada Housing Trust No. 1 4.65% 9/15/09	CAD	550,000		444,839
Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp. 0% 5/15/11 (e)		80,000		49,600
Crystal US Holding 3LLC/Crystal US Sub 3Corp.:
Series A, 0% 10/1/14 (e)(g)		90,000		55,125
Series B, 0% 10/1/14 (e)(g)		230,000		137,425
Entercom Radio LLC/Entercom Capital, Inc. 7.625% 3/1/14		125,000		134,688
FIMEP SA 10.5% 2/15/13		70,000		82,075
Fresenius Medical Care Capital Trust IV 7.875% 6/15/11		125,000		135,625
Nonconvertible Bonds - continued
		Principal Amount (d)		Value
FINANCIALS - continued
Diversified Financial Services - continued
Gerdau AmeriSteel Corp./GUSAP Partners 10.375% 7/15/11		$ 70,000		$ 79,450
Global Cash Access LLC/Global Cash Access Finance Corp. 8.75% 3/15/12 (g)		170,000		180,200
Graham Packaging Co. LP/ GPC Capital Corp.:
8.5% 10/15/12 (g)		80,000		80,000
9.875% 10/15/14 (g)		110,000		110,000
Huntsman Advanced Materials LLC 11% 7/15/10 (g)		20,000		23,150
Hurricane Finance BV:
9.625% 2/12/10 (g)		40,000		43,200
9.625% 2/12/10 (Reg. S)		10,000		10,800
Ispat Inland ULC 9.75% 4/1/14		30,000		33,000
Jostens Holding Corp. 0% 12/1/13 (e)		205,000		140,425
Jostens IH Corp. 7.625% 10/1/12 (g)		50,000		50,250
Level 3 Financing, Inc. 10.75% 10/15/11 (g)		80,000		67,200
Mobile Telesystems Finance SA:
8.375% 10/14/10 (g)		105,000		105,263
9.75% 1/30/08 (g)		35,000		37,100
9.75% 1/30/08 (Reg. S)		85,000		90,100
MSW Energy Holdings II LLC/MSW Finance Co. II, Inc. 7.375% 9/1/10		120,000		128,556
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11		75,000		76,875
Norcraft Holdings LP/Norcraft Capital Corp. 0% 9/1/12 (e)(g)		160,000		116,400
Pemex Project Funding Master Trust:
3.18% 6/15/10 (g)(h)		175,000		176,750
3.4% 10/15/09 (g)(h)		75,000		78,000
8.625% 2/1/22		160,000		182,200
Petronas Capital Ltd. 7.875% 5/22/22 (Reg. S)		100,000		119,750
R.H. Donnelley Finance Corp. I 10.875% 12/15/12		75,000		91,125
Refco Finance Holdings LLC/Refco Finance, Inc. 9% 8/1/12 (g)		100,000		106,000
TRW Automotive Acquisition Corp.:
9.375% 2/15/13		120,000		136,200
11% 2/15/13		13,000		15,470
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10		90,000		104,850
WH Holdings Ltd./WH Capital Corp. 9.5% 4/1/11		50,000		54,000
Xerox Capital Trust I 8% 2/1/27		75,000		73,313
				3,746,989
Real Estate - 0.7%
American Real Estate Partners/American Real Estate Finance Corp. 8.125% 6/1/12 (g)		70,000		73,675
BF Saul REIT 7.5% 3/1/14		80,000		81,200

		Principal Amount (d)		Value
Crescent Real Estate Equities LP/Crescent Finance Co. 9.25% 4/15/09		$ 50,000		$ 52,750
La Quinta Properties, Inc.:
7% 8/15/12 (g)		50,000		52,875
8.875% 3/15/11		80,000		89,700
Senior Housing Properties Trust 8.625% 1/15/12		140,000		155,750
				505,950
TOTAL FINANCIALS				4,721,477
HEALTH CARE - 3.1%
Biotechnology - 0.0%
Polypore, Inc. 8.75% 5/15/12 (g)		20,000		20,850
Health Care Equipment & Supplies - 0.1%
Bio-Rad Laboratories, Inc. 7.5% 8/15/13		70,000		75,075
Health Care Providers & Services - 2.6%
AmeriPath, Inc. 10.5% 4/1/13		150,000		153,000
AmerisourceBergen Corp.:
7.25% 11/15/12		40,000		43,200
8.125% 9/1/08		20,000		22,150
Beverly Enterprises, Inc. 7.875% 6/15/14 (g)		235,000		250,863
Concentra Operating Corp. 9.125% 6/1/12 (g)		120,000		131,400
Genesis HealthCare Corp. 8% 10/15/13		125,000		135,625
HCA, Inc. 7.875% 2/1/11		100,000		113,390
IASIS Healthcare LLC/IASIS Capital Corp. 8.75% 6/15/14 (g)		90,000		94,050
Service Corp. International (SCI) 6.75% 4/1/16 (g)		150,000		150,000
Tenet Healthcare Corp. 9.875% 7/1/14 (g)		85,000		88,188
Triad Hospitals, Inc. 7% 11/15/13		120,000		121,200
U.S. Oncology, Inc.:
9% 8/15/12 (g)		150,000		153,750
10.75% 8/15/14 (g)		185,000		190,550
Vanguard Health Holding Co. I 0% 10/1/15 (e)(g)		170,000		96,900
Vanguard Health Holding Co. II LLC 9% 10/1/14 (g)		240,000		240,300
				1,984,566
Pharmaceuticals - 0.4%
Leiner Health Products, Inc. 11% 6/1/12 (g)		90,000		95,625
VWR International, Inc. 6.875% 4/15/12 (g)		150,000		155,625
				251,250
TOTAL HEALTH CARE				2,331,741
INDUSTRIALS - 2.7%
Aerospace & Defense - 0.1%
BE Aerospace, Inc. 8.875% 5/1/11		85,000		86,063
Nonconvertible Bonds - continued
		Principal Amount (d)		Value
INDUSTRIALS - continued
Airlines - 0.4%
American Airlines, Inc. pass thru trust certificates:
7.377% 5/23/19		$ 107,763		$ 61,425
7.379% 5/23/16		7,597		4,330
Continental Airlines, Inc. pass thru trust certificates:
6.9% 7/2/18		23,731		18,273
8.321% 11/1/06		55,000		51,150
Delta Air Lines, Inc. pass thru trust certificates:
7.57% 11/18/10		30,000		26,942
7.711% 9/18/11		25,000		13,000
7.779% 11/18/05		30,000		11,400
7.92% 5/18/12		110,000		55,000
Northwest Airlines Corp. 10% 2/1/09		20,000		14,000
Northwest Airlines, Inc. pass thru trust certificates:
7.95% 9/1/16		53,363		41,624
8.304% 9/1/10		44,723		33,990
				331,134
Building Products - 0.2%
Jacuzzi Brands, Inc. 9.625% 7/1/10		155,000		171,275
Commercial Services & Supplies - 0.2%
Allied Security Escrow Corp. 11.375% 7/15/11 (g)		40,000		42,200
Browning-Ferris Industries, Inc. 9.25% 5/1/21		100,000		108,000
Worldspan LP 9.625% 6/15/11		30,000		27,225
				177,425
Construction & Engineering - 0.1%
Blount, Inc. 8.875% 8/1/12		50,000		53,000
Electrical Equipment - 0.2%
General Cable Corp. 9.5% 11/15/10		125,000		138,750
Machinery - 0.2%
Navistar International Corp. 7.5% 6/15/11		100,000		106,750
Marine - 0.4%
Horizon Lines LLC/Holdings Corp. 9% 11/1/12 (g)		105,000		110,775
OMI Corp. 7.625% 12/1/13		190,000		196,650
				307,425
Road & Rail - 0.9%
Kansas City Southern Railway Co. 7.5% 6/15/09		340,000		346,800
TFM SA de CV yankee 11.75% 6/15/09		350,000		351,750
				698,550
TOTAL INDUSTRIALS				2,070,372

		Principal Amount (d)		Value
INFORMATION TECHNOLOGY - 2.4%
Communications Equipment - 0.4%
Lucent Technologies, Inc. 6.45% 3/15/29		$ 385,000		$ 309,925
Electronic Equipment & Instruments - 0.3%
Celestica, Inc. 7.875% 7/1/11		250,000		260,625
IT Services - 0.3%
Iron Mountain, Inc. 6.625% 1/1/16		205,000		198,850
Office Electronics - 1.0%
Xerox Corp.:
6.875% 8/15/11		210,000		219,450
7.125% 6/15/10		225,000		238,500
7.625% 6/15/13		300,000		324,000
				781,950
Semiconductors & Semiconductor Equipment - 0.4%
Freescale Semiconductor, Inc. 7.125% 7/15/14 (g)		170,000		176,800
Viasystems, Inc. 10.5% 1/15/11		140,000		133,700
				310,500
TOTAL INFORMATION TECHNOLOGY				1,861,850
MATERIALS - 6.8%
Chemicals - 2.3%
America Rock Salt Co. LLC 9.5% 3/15/14 (g)		160,000		165,600
Braskem SA 12.5% 11/5/08		30,000		33,450
Equistar Chemicals LP/Equistar Funding Corp. 10.625% 5/1/11		40,000		45,400
Huntsman ICI Chemicals LLC 10.125% 7/1/09		185,000		194,250
Huntsman ICI Holdings LLC 0% 12/31/09		60,000		31,800
Huntsman LLC:
8.8% 7/15/11 (g)(h)		20,000		21,100
11.625% 10/15/10		280,000		324,800
Innophos, Inc. 8.875% 8/15/14 (g)		30,000		31,875
JohnsonDiversey Holdings, Inc. 0% 5/15/13 (e)		295,000		243,375
Lyondell Chemical Co. 11.125% 7/15/12		100,000		116,000
Millennium America, Inc.:
9.25% 6/15/08		115,000		125,781
9.25% 6/15/08 (g)		30,000		32,813
Phibro Animal Health Corp. 13% 12/1/07 unit (g)		40,000		43,600
Pliant Corp. 0% 6/15/09 (e)		180,000		152,100
Resolution Performance Products LLC/RPP Capital Corp. 9.5% 4/15/10		50,000		51,000
Solutia, Inc. 6.72% 10/15/37 (c)		150,000		99,000
				1,711,944
Containers & Packaging - 1.2%
BWAY Corp. 10% 10/15/10		90,000		97,200
Crown Cork & Seal, Inc. 8% 4/15/23		185,000		172,975
Crown European Holdings SA:
9.5% 3/1/11		25,000		27,875
Nonconvertible Bonds - continued
		Principal Amount (d)		Value
MATERIALS - continued
Containers & Packaging - continued
Crown European Holdings SA: - continued
10.875% 3/1/13		$ 150,000		$ 174,750
Jefferson Smurfit Corp. U.S. 7.5% 6/1/13		125,000		131,875
Owens-Brockway Glass Container, Inc.:
8.25% 5/15/13		110,000		117,150
8.75% 11/15/12		100,000		110,875
8.875% 2/15/09		80,000		86,800
				919,500
Metals & Mining - 2.3%
Century Aluminum Co. 7.5% 8/15/14 (g)		165,000		173,250
Compass Minerals International, Inc. 0% 6/1/13 (e)		160,000		126,400
CSN Islands VIII Corp. 9.75% 12/16/13 (g)		455,000		456,138
Foundation Pennsylvania Coal Co. 7.25% 8/1/14 (g)		50,000		53,250
Freeport-McMoRan Copper & Gold, Inc.:
6.875% 2/1/14		300,000		287,625
10.125% 2/1/10		25,000		28,250
International Steel Group, Inc. 6.5% 4/15/14 (g)		275,000		275,000
Luscar Coal Ltd. 9.75% 10/15/11		40,000		45,400
Massey Energy Co. 6.625% 11/15/10		70,000		73,150
Oregon Steel Mills, Inc. 10% 7/15/09		170,000		185,725
Peabody Energy Corp. 6.875% 3/15/13		50,000		53,625
				1,757,813
Paper & Forest Products - 1.0%
Ainsworth Lumber Co. Ltd. 6.75% 3/15/14		50,000		48,750
Georgia-Pacific Corp.:
7.375% 12/1/25		307,000		326,571
8% 1/15/24		90,000		101,813
8.875% 5/15/31		50,000		60,000
9.375% 2/1/13		70,000		82,250
Millar Western Forest Products Ltd. 7.75% 11/15/13		95,000		99,750
Norske Skog Canada Ltd. 8.625% 6/15/11		20,000		21,650
Stone Container Corp. 9.75% 2/1/11		40,000		44,400
				785,184
TOTAL MATERIALS				5,174,441

		Principal Amount (d)		Value
TELECOMMUNICATION SERVICES - 8.0%
Diversified Telecommunication Services - 4.5%
Empresa Brasileira de Telecomm SA 11% 12/15/08		$ 195,000		$ 215,963
Eschelon Operating Co. 8.375% 3/15/10		95,000		76,000
MCI, Inc. 7.735% 5/1/14		50,000		47,125
Mobifon Holdings BV 12.5% 7/31/10		280,000		329,000
NTL Cable PLC 8.75% 4/15/14 (g)		950,000		1,026,000
Qwest Corp. 9.125% 3/15/12 (g)		1,120,000		1,232,000
Qwest Services Corp.:
14% 12/15/10 (g)(h)		10,000		11,725
14.5% 12/15/14 (g)(h)		10,000		12,100
Telefonica de Argentina SA 9.125% 11/7/10		80,000		81,000
Telenet Group Holding NV 0% 6/15/14 (e)(g)		500,000		367,500
U.S. West Communications:
7.25% 9/15/25		5,000		4,500
7.5% 6/15/23		25,000		22,813
8.875% 6/1/31		5,000		4,938
				3,430,664
Wireless Telecommunication Services - 3.5%
Centennial Cellular Operating Co./Centennial Communications Corp. 10.125% 6/15/13		280,000		296,100
Centennial Communications Corp./Centennial Cellular Operating Co. LLC/Centennial Puerto Rico Operations Corp. 8.125% 2/1/14 (g)		80,000		76,200
Crown Castle International Corp.:
Series B, 7.5% 12/1/13		195,000		204,263
7.5% 12/1/13		50,000		52,375
9.375% 8/1/11		15,000		17,250
DirecTV Holdings LLC/DirecTV Financing, Inc. 8.375% 3/15/13		20,000		22,850
Globe Telecom, Inc. 9.75% 4/15/12		35,000		38,763
Kyivstar GSM 10.375% 8/17/09 (g)		200,000		213,500
Millicom International Cellular SA 10% 12/1/13 (g)		375,000		375,000
Nextel Communications, Inc.:
5.95% 3/15/14		20,000		19,550
7.375% 8/1/15		760,000		815,100
Rogers Wireless, Inc. 6.375% 3/1/14		200,000		183,000
Telemig Cellular SA/Amazonia Cellular SA 8.75% 1/20/09 (g)		70,000		69,650
UbiquiTel Operating Co.:
9.875% 3/1/11		20,000		20,900
9.875% 3/1/11 (g)		60,000		62,700
Western Wireless Corp. 9.25% 7/15/13		215,000		219,300
				2,686,501
TOTAL TELECOMMUNICATION SERVICES				6,117,165
Nonconvertible Bonds - continued
		Principal Amount (d)		Value
UTILITIES - 2.2%
Electric Utilities - 0.1%
Illinois Power Co. 11.5% 12/15/10		$ 50,000		$ 59,250
Sierra Pacific Power Co. 6.25% 4/15/12 (g)		40,000		40,800
				100,050
Gas Utilities - 1.0%
ANR Pipeline, Inc.:
7.375% 2/15/24		25,000		25,031
9.625% 11/1/21		205,000		243,950
Southern Natural Gas Co.:
7.35% 2/15/31		40,000		39,200
8% 3/1/32		15,000		15,450
8.875% 3/15/10		120,000		134,550
Tennessee Gas Pipeline Co.:
7% 10/15/28		10,000		9,475
7.5% 4/1/17		225,000		234,000
8.375% 6/15/32		40,000		42,800
				744,456
Multi-Utilities & Unregulated Power - 1.1%
AES Corp.:
8.75% 5/15/13 (g)		100,000		112,250
8.875% 2/15/11		40,000		44,350
Calpine Corp.:
8.5% 7/15/10 (g)		60,000		45,750
8.75% 7/15/13 (g)		335,000		252,088
9.875% 12/1/11 (g)		20,000		15,600
CMS Energy Corp. 8.5% 4/15/11		120,000		130,950
Enron Corp. 7.625% 9/10/49 (c)		400,000		102,000
Sierra Pacific Resources 8.625% 3/15/14 (g)		95,000		102,600
				805,588
TOTAL UTILITIES				1,650,094
TOTAL NONCONVERTIBLE BONDS (Cost $34,340,600)			35,280,473
U.S. Government and Government Agency Obligations - 21.3%

U.S. Government Agency Obligations - 4.0%
Fannie Mae:
3.25% 1/15/08		400,000		399,279
3.25% 2/15/09		2,681,000		2,640,788
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS				3,040,067
U.S. Treasury Inflation Protected Obligations - 4.1%
U.S. Treasury Inflation-Indexed Bonds:
2.375% 1/15/25		351,694		366,380
3.625% 4/15/28		442,668		561,670

		Principal Amount (d)		Value
U.S. Treasury Inflation-Indexed Notes:
1.875% 7/15/13		$ 2,042,966		$ 2,077,680
2% 1/15/14		102,509		104,964
TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS				3,110,694
U.S. Treasury Obligations - 13.2%
U.S. Treasury Bonds:
5.375% 2/15/31		775,000		830,219
6.125% 8/15/29		500,000		582,715
U.S. Treasury Notes:
1.875% 11/30/05		4,449,000		4,429,519
2.375% 8/31/06		1,500,000		1,494,434
4.25% 11/15/13		2,038,000		2,064,272
5% 2/15/11		650,000		698,826
TOTAL U.S. TREASURY OBLIGATIONS				10,099,985
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $15,998,292)			16,250,746
Foreign Government and Government Agency Obligations - 24.8%

Argentine Republic 1.98% 8/3/12 (h)		160,000		118,225
Bogota Distrito Capital 9.5% 12/12/06 (Reg. S)		120,000		129,600
Brazilian Federative Republic:
Brady:
capitalization bond 8% 4/15/14		1,137,587		1,125,529
debt conversion bond 2.125% 4/15/12 (h)		98,824		91,659
par Z-L 6% 4/15/24		250,000		223,450
11% 8/17/40		445,000		499,290
12% 4/15/10		80,000		95,560
12.75% 1/15/20		10,000		12,700
Canadian Government:
3% 6/1/06	CAD	250,000		197,880
5.5% 6/1/09	CAD	945,000		797,193
5.75% 6/1/29	CAD	426,000		368,350
Central Bank of Nigeria promissory note 5.092% 1/5/10		56,814		53,646
City of Kiev 8.75% 8/8/08		200,000		210,000
Colombian Republic:
10.75% 1/15/13		170,000		194,905
11.75% 2/25/20		25,000		30,625
Dominican Republic:
Brady 2.75% 8/30/09 (h)		129,166		96,229
9.5% 9/27/06 (Reg. S)		10,000		8,500
Ecuador Republic:
8% 8/15/30 (Reg. S) (f)		130,000		105,950
12% 11/15/12 (Reg. S)		190,000		187,625
German Federal Republic:
4.25% 1/4/14	EUR	1,535,000		1,951,936
4.25% 7/4/14	EUR	600,000		761,309
Foreign Government and Government Agency Obligations - continued
		Principal Amount (d)		Value
German Federal Republic: - continued
4.5% 7/4/09	EUR	$ 340,000		$ 445,588
4.75% 7/4/34	EUR	280,000		354,387
Hellenic Republic 3.25% 6/21/07	EUR	1,500,000		1,880,754
Japan Government:
0.2% 7/20/06	JPY	30,000,000		273,173
0.5% 12/20/06	JPY	72,000,000		659,451
1.5% 3/20/14	JPY	83,000,000		761,661
2.4% 6/20/24	JPY	10,000,000		96,053
Lebanese Republic:
10.125% 8/6/08		45,000		50,231
10.25% 10/6/09 (Reg. S)		30,000		34,200
Panamanian Republic:
9.625% 2/8/11		25,000		28,625
10.75% 5/15/20		85,000		102,000
Peruvian Republic 9.125% 2/21/12		115,000		128,513
Philippine Republic:
8.375% 2/15/11		420,000		426,300
9% 2/15/13		70,000		72,275
9.875% 1/15/19		30,000		30,938
Russian Federation:
5% 3/31/30 (Reg. S) (f)		1,010,000		972,125
euro 10% 6/26/07		250,000		282,500
South African Republic:
8.5% 6/23/17		100,000		121,250
9.125% 5/19/09		40,000		47,400
13% 8/31/10	ZAR	130,000		23,954
Turkish Republic:
0% 8/24/05	TRL	318,000,000,000		172,995
0% 12/7/05	TRL	66,820,000,000		34,053
7.25% 3/15/15		60,000		58,973
10.5% 1/13/08		210,000		238,875
11% 1/14/13		110,000		134,888
11.75% 6/15/10		50,000		62,063
Ukraine Government 7.65% 6/11/13 (Reg. S)		100,000		100,000
United Kingdom, Great Britain & Northern Ireland:
4.25% 3/7/36	GBP	30,000		51,300
5% 3/7/08	GBP	130,000		237,569
5% 9/7/14	GBP	631,000		1,158,382
6% 12/7/28	GBP	100,000		215,513
United Mexican States:
7.5% 4/8/33		380,000		399,570
8.375% 1/14/11		100,000		117,250
10.375% 2/17/09		200,000		246,300
11.5% 5/15/26		225,000		336,375
Uruguay Republic:
7.25% 2/15/11		130,000		122,200
17.75% 2/4/06	UYU	3,100,000		113,514
Venezuelan Republic:
Discount A, 2.1325% 3/31/20 (h)		250,000		223,750

		Principal Amount (d)		Value
5.375% 8/7/10		$ 60,000		$ 54,060
8.5% 10/8/14		80,000		78,200
9.25% 9/15/27		30,000		29,580
10.75% 9/19/13		250,000		280,250
13.625% 8/15/18		65,000		83,200
euro Brady par W-A 6.75% 3/31/20		250,000		243,125
Vietnamese Socialist Republic Brady par 3.75% 3/12/28 (f)		125,000		88,438
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $18,218,686)			18,931,962

Common Stocks - 0.5%
	Shares
CONSUMER DISCRETIONARY - 0.2%
Hotels, Restaurants & Leisure - 0.2%
Volume Services America Holdings, Inc. Income Deposit Security	10,000		147,000
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
Telewest Global, Inc. (a)	21,681		251,933
TOTAL COMMON STOCKS (Cost $452,329)		398,933
Nonconvertible Preferred Stocks - 0.1%

CONSUMER DISCRETIONARY - 0.1%
Media - 0.1%
Spanish Broadcasting System, Inc. Class B, 10.75% (a)	60		66,600
Specialty Retail - 0.0%
General Nutrition Centers Holding Co. 12.00% (g)	30		31,950
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $92,871)		98,550

Floating Rate Loans - 0.4%
		Principal Amount (d)
CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.2%
AM General LLC:
Tranche B1, term loan 8.25% 11/1/11 (h)		$ 100,000		99,375
Tranche C2, term loan 12.75% 5/2/12 (h)		50,000		50,750
				150,125
Floating Rate Loans - continued
		Principal Amount (d)		Value
FINANCIALS - 0.1%
Consumer Finance - 0.1%
Metris Companies, Inc. term loan 11.15% 5/6/07 (h)		$ 100,000		$ 104,750
UTILITIES - 0.1%
Electric Utilities - 0.1%
Astoria Energy LLC term loan 10.725% 4/15/12 (h)		50,000		51,375
TOTAL FLOATING RATE LOANS (Cost $301,793)			306,250
Sovereign Loan Participations - 0.2%
Indonesian Republic loan participation:
- Credit Suisse First Boston 2.875% 3/28/13 (h)		124,405		110,098
- Deutsche Bank 2.875% 3/28/13 (h)	JPY	2,860,000		21,835
TOTAL SOVEREIGN LOAN PARTICIPATIONS (Cost $126,764)			131,933

Money Market Funds - 6.4%

Fidelity Cash Central Fund, 1.74% (b)
(Cost $4,856,871)

4,856,871

4,856,871

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $74,388,206)

76,255,718

NET OTHER ASSETS - 0.0%

(6,889)

NET ASSETS - 100%

$ 76,248,829

Currency Abbreviations
CAD	-	Canadian dollar
EUR	-	European Monetary Unit
GBP	-	British pound
JPY	-	Japanese yen
TRL	-	Turkish lira
UYU	-	Uraguay peso
ZAR	-	South African rand

Legend

(a) Non-income producing

(d) Principal amount is stated in United States dollars unless otherwise noted.

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

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

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $11,462,130 or 15.0% of net assets.

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

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $74,354,706. Net unrealized appreciation aggregated $1,901,012, of which $2,192,564 related to appreciated investment securities and $291,552 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Technology Portfolio

September 30, 2004

1.807723.100

VTC-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 21.1%
Communications Equipment - 21.1%
Alcatel SA sponsored ADR (a)	32,100		$ 376,533
Alvarion Ltd. (a)	8,800		113,872
Andrew Corp. (a)	31,100		380,664
Avaya, Inc. (a)	74,500		1,038,530
Avocent Corp. (a)	7,100		184,813
Carrier Access Corp. (a)	14,600		101,470
Cisco Systems, Inc. (a)	454,600		8,228,260
Comverse Technology, Inc. (a)	19,670		370,386
Corning, Inc. (a)	28,700		317,996
CSR PLC	30,909		198,831
Enterasys Networks, Inc. (a)	146,500		234,400
Extreme Networks, Inc. (a)	44,500		198,025
Foundry Networks, Inc. (a)	22,300		211,627
Juniper Networks, Inc. (a)	24,496		578,106
Marconi Corp. PLC (a)	14,950		157,394
Motorola, Inc.	163,130		2,942,865
Nokia Corp. sponsored ADR	33,800		463,736
Nortel Networks Corp. (a)	22,700		77,180
Plantronics, Inc.	9,900		428,076
Powerwave Technologies, Inc. (a)	60,300		371,448
QUALCOMM, Inc.	54,900		2,143,296
Research in Motion Ltd. (a)	8,400		641,376
Scientific-Atlanta, Inc.	12,800		331,776
Sierra Wireless, Inc. (a)	16,400		293,361
Telefonaktiebolaget LM Ericsson ADR (a)	15,100		471,724
			20,855,745
COMPUTERS & PERIPHERALS - 22.1%
Computer Hardware - 11.4%
Apple Computer, Inc. (a)	41,100		1,592,625
Compal Electronics, Inc.	216,970		215,245
Dell, Inc. (a)	194,730		6,932,388
Gateway, Inc. (a)	23,100		114,345
International Business Machines Corp.	13,510		1,158,347
PalmOne, Inc. (a)	11,156		339,589
Quanta Computer, Inc.	164,680		283,597
Sun Microsystems, Inc. (a)	151,100		610,444
			11,246,580
Computer Storage & Peripherals - 10.7%
Brocade Communications Systems, Inc. (a)	17,300		97,745
Dot Hill Systems Corp. (a)	76,100		610,322
EMC Corp. (a)	530,540		6,122,432
Emulex Corp. (a)	43,600		502,272
Hutchinson Technology, Inc. (a)	7,500		200,475
Lexmark International, Inc. Class A (a)	8,200		688,882
Maxtor Corp. (a)	52,600		273,520
McDATA Corp. Class A (a)	23,500		118,205
Network Appliance, Inc. (a)	23,100		531,300

	Shares		Value
QLogic Corp. (a)	16,100		$ 476,721
Seagate Technology	8,900		120,328
Storage Technology Corp. (a)	3,900		98,514
Synaptics, Inc. (a)	8,269		166,703
Western Digital Corp. (a)	64,310		565,285
			10,572,704
TOTAL COMPUTERS & PERIPHERALS			21,819,284
ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.4%
Electronic Equipment & Instruments - 1.0%
Aeroflex, Inc. (a)	10,100		106,757
Amphenol Corp. Class A (a)	8,100		277,506
AU Optronics Corp. sponsored ADR	8,100		101,412
Symbol Technologies, Inc.	26,800		338,752
Vishay Intertechnology, Inc. (a)	11,400		147,060
			971,487
Electronic Manufacturing Svcs. - 1.5%
Benchmark Electronics, Inc. (a)	8,800		262,240
Celestica, Inc. (sub. vtg.) (a)	35,500		451,575
Flextronics International Ltd. (a)	15,700		208,025
Hon Hai Precision Industries Co. Ltd.	111,549		384,199
Xyratex Ltd.	21,500		250,475
			1,556,514
Technology Distributors - 0.9%
Arrow Electronics, Inc. (a)	9,300		209,994
Avnet, Inc. (a)	11,100		190,032
CDW Corp.	8,200		475,846
			875,872
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			3,403,873
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Health Care Equipment - 0.1%
Waters Corp. (a)	2,200		97,020
HOUSEHOLD DURABLES - 0.4%
Consumer Electronics - 0.4%
Harman International Industries, Inc.	2,600		280,150
ReignCom Ltd.	3,226		66,117
			346,267
INTERNET & CATALOG RETAIL - 2.0%
Internet Retail - 2.0%
Amazon.com, Inc. (a)	13,300		543,438
eBay, Inc. (a)	15,100		1,388,294
Netflix, Inc. (a)	5,700		87,894
			2,019,626
INTERNET SOFTWARE & SERVICES - 2.7%
Internet Software & Services - 2.7%
DoubleClick, Inc. (a)	18,700		110,517
Google, Inc. Class A	5,300		686,880
Common Stocks - continued
	Shares		Value
INTERNET SOFTWARE & SERVICES - CONTINUED
Internet Software & Services - continued
Openwave Systems, Inc. (a)	22,933		$ 202,269
Yahoo!, Inc. (a)	50,040		1,696,856
			2,696,522
IT SERVICES - 1.3%
Data Processing & Outsourced Services - 0.3%
Ceridian Corp. (a)	15,800		290,878
IT Consulting & Other Services - 1.0%
Cognizant Technology Solutions Corp. Class A (a)	21,800		665,118
Infosys Technologies Ltd. sponsored ADR	4,700		266,020
Kanbay International, Inc.	800		17,008
			948,146
TOTAL IT SERVICES			1,239,024
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 28.4%
Semiconductor Equipment - 4.7%
Applied Materials, Inc. (a)	66,840		1,102,192
ATMI, Inc. (a)	12,000		245,760
KLA-Tencor Corp. (a)	43,900		1,820,972
Lam Research Corp. (a)	21,900		479,172
Teradyne, Inc. (a)	67,500		904,500
Varian Semiconductor Equipment Associates, Inc. (a)	4,400		135,960
			4,688,556
Semiconductors - 23.7%
Agere Systems, Inc. Class B (a)	31,100		31,722
Altera Corp. (a)	29,700		581,229
Analog Devices, Inc.	65,100		2,524,578
ATI Technologies, Inc. (a)	13,700		210,427
Broadcom Corp. Class A (a)	8,200		223,778
Cree, Inc. (a)	7,400		225,922
Cypress Semiconductor Corp. (a)	50,600		447,304
Fairchild Semiconductor International, Inc. (a)	17,400		246,558
Freescale Semiconductor, Inc. Class A	22,900		327,470
Integrated Circuit Systems, Inc. (a)	74,900		1,610,350
Integrated Device Technology, Inc. (a)	57,900		551,787
Intel Corp.	310,140		6,221,408
International Rectifier Corp. (a)	14,700		504,210
Intersil Corp. Class A	24,900		396,657
Lattice Semiconductor Corp. (a)	38,100		187,071
Linear Technology Corp.	5,400		195,696
Marvell Technology Group Ltd. (a)	50,100		1,309,113
Micron Technology, Inc. (a)	114,260		1,374,548
Mindspeed Technologies, Inc. (a)	75,400		150,800
National Semiconductor Corp. (a)	208,100		3,223,469
O2Micro International Ltd. (a)	4,400		47,256

	Shares		Value
ON Semiconductor Corp. (a)	33,900		$ 106,107
PMC-Sierra, Inc. (a)	10,800		95,148
Samsung Electronics Co. Ltd.	1,111		441,891
Semiconductor Manufacturing International Corp. sponsored ADR	1,480		14,622
Sigmatel, Inc.	5,891		124,948
Silicon Image, Inc. (a)	24,980		315,747
Taiwan Semiconductor Manufacturing Co. Ltd.	92,410		117,791
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	97,157		693,701
Texas Instruments, Inc.	10,700		227,696
Trident Microsystems, Inc. (a)	2,800		28,196
United Microelectronics Corp. sponsored ADR (a)	123,505		417,447
Xilinx, Inc.	7,200		194,400
Zoran Corp. (a)	3,700		58,164
			23,427,211
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			28,115,767
SOFTWARE - 16.4%
Application Software - 1.6%
Amdocs Ltd. (a)	6,100		133,163
Lawson Software, Inc. (a)	15,796		88,458
Mercury Interactive Corp. (a)	2,900		101,152
Quest Software, Inc. (a)	39,479		439,006
SAP AG sponsored ADR	10,500		408,975
Siebel Systems, Inc. (a)	54,200		408,668
			1,579,422
Systems Software - 14.8%
Microsoft Corp.	330,800		9,146,619
Novell, Inc. (a)	33,181		209,372
Oracle Corp. (a)	252,600		2,849,328
Red Hat, Inc. (a)	80,260		982,382
Secure Computing Corp. (a)	6,300		47,817
Symantec Corp. (a)	10,600		581,728
VERITAS Software Corp. (a)	40,630		723,214
Visual Networks, Inc. (a)	18,800		49,068
			14,589,528
TOTAL SOFTWARE			16,168,950
SPECIALTY RETAIL - 0.0%
Computer & Electronics Retail - 0.0%
Best Buy Co., Inc.	300		16,272
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
Leap Wireless International, Inc. (a)	8,100		$ 178,200
Nextel Communications, Inc. Class A (a)	5,900		140,656
			318,856
TOTAL COMMON STOCKS (Cost $91,585,297)		97,097,206
Money Market Funds - 2.1%

Fidelity Cash Central Fund, 1.74% (b)	1,525,828		1,525,828
Fidelity Securities Lending Cash Central Fund, 1.71% (b)(c)	540,861		540,861
TOTAL MONEY MARKET FUNDS (Cost $2,066,689)		2,066,689
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $93,651,986)		99,163,895
NET OTHER ASSETS - (0.3)%		(292,918)
NET ASSETS - 100%		$ 98,870,977

Legend

(a) Non-income producing

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $95,004,893. Net unrealized appreciation aggregated $4,159,002, of which $13,084,075 related to appreciated investment securities and $8,925,073 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Telecommunications & Utilities Growth Portfolio

September 30, 2004

1.807738.100

VUT-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Diversified Commercial Services - 0.0%
Adesa, Inc.	700		$ 11,501
CONSTRUCTION & ENGINEERING - 0.6%
Construction & Engineering - 0.6%
Dycom Industries, Inc. (a)	5,180		147,060
DIVERSIFIED TELECOMMUNICATION SERVICES - 37.8%
Integrated Telecommunication Services - 37.8%
ALLTEL Corp.	2,610		143,315
BellSouth Corp.	86,330		2,341,270
Citizens Communications Co.	80,830		1,082,314
Qwest Communications International, Inc. (a)	143,870		479,087
SBC Communications, Inc.	92,810		2,408,415
Sprint Corp.	30,100		605,913
Verizon Communications, Inc.	60,660		2,388,791
			9,449,105
ELECTRIC UTILITIES - 23.6%
Electric Utilities - 23.6%
Allete, Inc.	233		7,573
Entergy Corp.	12,000		727,320
Exelon Corp.	6,400		234,816
FirstEnergy Corp.	26,220		1,077,118
PG&E Corp. (a)	33,400		1,015,360
PPL Corp.	9,500		448,210
TXU Corp.	42,440		2,033,725
Westar Energy, Inc.	1,300		26,260
Wisconsin Energy Corp.	10,920		348,348
			5,918,730
GAS UTILITIES - 0.5%
Gas Utilities - 0.5%
KeySpan Corp.	2,340		91,728
UGI Corp.	800		29,808
			121,536
MEDIA - 8.6%
Broadcasting & Cable TV - 8.6%
EchoStar Communications Corp. Class A (a)	40,600		1,263,472
The DIRECTV Group, Inc. (a)	40,983		720,891
XM Satellite Radio Holdings, Inc. Class A (a)	5,400		167,508
			2,151,871
MULTI-UTILITIES & UNREGULATED POWER - 6.4%
Multi-Utilities & Unregulated Power - 6.4%
AES Corp. (a)	3,550		35,465
Constellation Energy Group, Inc.	7,290		290,434
Dominion Resources, Inc.	15,770		1,028,993
Equitable Resources, Inc.	1,500		81,465

	Shares		Value
SCANA Corp.	330		$ 12,322
Sierra Pacific Resources (a)	17,150		153,493
			1,602,172
WATER UTILITIES - 0.1%
Water Utilities - 0.1%
Aqua America, Inc.	1,387		30,667
WIRELESS TELECOMMUNICATION SERVICES - 20.1%
Wireless Telecommunication Services - 20.1%
American Tower Corp. Class A (a)	45,310		695,509
AT&T Wireless Services, Inc. (a)	78,900		1,166,142
Crown Castle International Corp. (a)	19,190		285,547
Nextel Communications, Inc. Class A (a)	68,920		1,643,053
Nextel Partners, Inc. Class A (a)	24,500		406,210
NII Holdings, Inc. (a)	9,600		395,616
SpectraSite, Inc. (a)	4,900		227,850
Western Wireless Corp. Class A (a)	8,000		205,680
			5,025,607
TOTAL COMMON STOCKS (Cost $21,487,204)		24,458,249
Money Market Funds - 3.1%

Fidelity Cash Central Fund, 1.74% (b) (Cost $775,337)	775,337		775,337
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $22,262,541)		25,233,586
NET OTHER ASSETS - (0.8)%		(202,016)
NET ASSETS - 100%		$ 25,031,570

Legend

(a) Non-income producing

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $22,437,743. Net unrealized appreciation aggregated $2,795,843, of which $3,234,859 related to appreciated investment securities and $439,016 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Value Leaders Portfolio

September 30, 2004

1.808797.100

VVL-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
CONSUMER DISCRETIONARY - 10.6%
Auto Components - 0.1%
TRW Automotive Holdings Corp.	300		$ 5,655
Hotels, Restaurants & Leisure - 0.8%
McDonald's Corp.	1,640		45,969
Household Durables - 1.8%
Blount International, Inc. (a)	100		1,310
Centex Corp.	500		25,230
D.R. Horton, Inc.	200		6,622
KB Home	300		25,347
Lennar Corp. Class A	300		14,280
LG Electronics, Inc.	130		7,474
Newell Rubbermaid, Inc.	600		12,024
Techtronic Industries Co. Ltd.	6,500		12,796
			105,083
Leisure Equipment & Products - 0.3%
Eastman Kodak Co.	520		16,754
Media - 5.6%
ADVO, Inc.	200		6,188
Cablevision Systems Corp. - NY Group Class A (a)	600		12,168
Clear Channel Communications, Inc.	1,180		36,781
Emmis Communications Corp. Class A (a)	650		11,739
Fox Entertainment Group, Inc. Class A (a)	700		19,418
Grupo Televisa SA de CV sponsored ADR	400		21,092
Lamar Advertising Co. Class A (a)	700		29,127
Liberty Media Corp. Class A (a)	1,700		14,824
News Corp. Ltd. sponsored ADR	319		9,994
NTL, Inc. (a)	105		6,517
Salem Communications Corp. Class A (a)	296		7,495
The DIRECTV Group, Inc. (a)	1,170		20,580
Time Warner, Inc. (a)	1,750		28,245
Univision Communications, Inc. Class A (a)	300		9,483
Valassis Communications, Inc. (a)	200		5,916
Viacom, Inc. Class B (non-vtg.)	1,560		52,354
Walt Disney Co.	1,580		35,629
			327,550
Multiline Retail - 0.5%
99 Cents Only Stores (a)	400		5,692
JCPenney Co., Inc.	500		17,640
Nordstrom, Inc.	200		7,648
			30,980
Specialty Retail - 1.5%
American Eagle Outfitters, Inc.	200		7,370
CarMax, Inc. (a)	300		6,465
Home Depot, Inc.	1,000		39,200

	Shares		Value
Sonic Automotive, Inc. Class A (sub. vtg.)	500		$ 10,025
Toys 'R' Us, Inc. (a)	1,400		24,836
			87,896
TOTAL CONSUMER DISCRETIONARY			619,887
CONSUMER STAPLES - 2.2%
Beverages - 0.4%
Anheuser-Busch Companies, Inc.	50		2,498
PepsiCo, Inc.	450		21,893
			24,391
Food & Staples Retailing - 0.6%
Albertsons, Inc.	500		11,965
Safeway, Inc. (a)	1,000		19,310
Wal-Mart Stores, Inc.	100		5,320
			36,595
Food Products - 0.1%
Smithfield Foods, Inc. (a)	200		5,000
Household Products - 0.7%
Clorox Co.	240		12,792
Procter & Gamble Co.	500		27,060
			39,852
Personal Products - 0.3%
Gillette Co.	400		16,696
Tobacco - 0.1%
Altria Group, Inc.	170		7,997
TOTAL CONSUMER STAPLES			130,531
ENERGY - 12.4%
Energy Equipment & Services - 4.3%
Baker Hughes, Inc.	400		17,488
ENSCO International, Inc.	510		16,662
GlobalSantaFe Corp.	800		24,520
Halliburton Co.	1,000		33,690
National-Oilwell, Inc. (a)	400		13,144
Pride International, Inc. (a)	1,200		23,748
Rowan Companies, Inc. (a)	400		10,560
Smith International, Inc. (a)	400		24,292
Transocean, Inc. (a)	1,000		35,780
Varco International, Inc. (a)	460		12,337
Weatherford International Ltd. (a)	770		39,285
			251,506
Oil & Gas - 8.1%
Apache Corp.	330		16,536
BP PLC sponsored ADR	440		25,313
Burlington Resources, Inc.	600		24,480
ChevronTexaco Corp.	1,500		80,460
ConocoPhillips	430		35,626
Encore Acquisition Co. (a)	300		10,350
Exxon Mobil Corp.	4,550		219,902
Occidental Petroleum Corp.	550		30,762
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil & Gas - continued
Premcor, Inc. (a)	400		$ 15,400
Quicksilver Resources, Inc. (a)	500		16,335
			475,164
TOTAL ENERGY			726,670
FINANCIALS - 23.2%
Capital Markets - 3.4%
Bear Stearns Companies, Inc.	300		28,851
Lehman Brothers Holdings, Inc.	400		31,888
Merrill Lynch & Co., Inc.	1,340		66,625
Morgan Stanley	1,400		69,020
			196,384
Commercial Banks - 6.5%
Bank of America Corp.	4,598		199,231
East West Bancorp, Inc.	100		3,359
SouthTrust Corp.	800		33,328
SunTrust Banks, Inc.	100		7,041
Texas Capital Bancshares, Inc. (a)	400		7,260
UCBH Holdings, Inc.	400		15,628
Wachovia Corp.	1,600		75,120
Wells Fargo & Co.	650		38,760
			379,727
Consumer Finance - 0.1%
MBNA Corp.	300		7,560
Diversified Financial Services - 4.1%
CIT Group, Inc.	170		6,356
Citigroup, Inc.	3,250		143,390
J.P. Morgan Chase & Co.	2,346		93,207
			242,953
Insurance - 5.9%
ACE Ltd.	920		36,855
AFLAC, Inc.	1,000		39,210
Allianz AG sponsored ADR	600		6,036
AMBAC Financial Group, Inc.	340		27,183
American International Group, Inc.	1,760		119,662
Hartford Financial Services Group, Inc.	400		24,772
MetLife, Inc.	430		16,620
PartnerRe Ltd.	150		8,204
Scottish Re Group Ltd.	200		4,234
St. Paul Travelers Companies, Inc.	273		9,025
UnumProvident Corp.	1,000		15,690
W.R. Berkley Corp.	600		25,296
XL Capital Ltd. Class A	160		11,838
			344,625
Real Estate - 1.1%
Apartment Investment & Management Co. Class A	1,000		34,780
General Growth Properties, Inc.	500		15,500
iStar Financial, Inc.	200		8,246

	Shares		Value
Manufactured Home Communities, Inc.	150		$ 4,986
Spirit Financial Corp. (b)	200		2,000
			65,512
Thrifts & Mortgage Finance - 2.1%
Fannie Mae	500		31,700
Freddie Mac	300		19,572
Golden West Financial Corp., Delaware	120		13,314
New York Community Bancorp, Inc.	1,633		33,542
Sovereign Bancorp, Inc.	800		17,456
Washington Mutual, Inc.	200		7,816
			123,400
TOTAL FINANCIALS			1,360,161
HEALTH CARE - 10.3%
Biotechnology - 0.9%
Amgen, Inc. (a)	300		17,004
Biogen Idec, Inc. (a)	200		12,234
BioMarin Pharmaceutical, Inc. (a)	1,000		5,190
Genentech, Inc. (a)	200		10,484
MedImmune, Inc. (a)	200		4,740
Millennium Pharmaceuticals, Inc. (a)	450		6,170
			55,822
Health Care Equipment & Supplies - 5.0%
Baxter International, Inc.	3,480		111,917
Dade Behring Holdings, Inc. (a)	300		16,715
Guidant Corp.	500		33,020
Medtronic, Inc.	440		22,836
PerkinElmer, Inc.	1,000		17,220
St. Jude Medical, Inc. (a)	200		15,054
Thermo Electron Corp. (a)	600		16,212
Varian Medical Systems, Inc. (a)	200		6,914
Waters Corp. (a)	1,200		52,920
			292,808
Health Care Providers & Services - 1.4%
Covance, Inc. (a)	150		5,996
HealthSouth Corp. (a)	1,910		9,741
PacifiCare Health Systems, Inc. (a)	340		12,478
Tenet Healthcare Corp. (a)	800		8,632
UnitedHealth Group, Inc.	600		44,244
			81,091
Pharmaceuticals - 3.0%
Barr Pharmaceuticals, Inc. (a)	400		16,572
Johnson & Johnson	410		23,095
Merck & Co., Inc.	680		22,440
Pfizer, Inc.	400		12,240
Schering-Plough Corp.	2,750		52,415
Wyeth	1,300		48,620
			175,382
TOTAL HEALTH CARE			605,103
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 18.7%
Aerospace & Defense - 4.4%
Goodrich Corp.	200		$ 6,272
Honeywell International, Inc.	3,700		132,682
Lockheed Martin Corp.	640		35,699
Northrop Grumman Corp.	200		10,666
Precision Castparts Corp.	250		15,013
Raytheon Co.	800		30,384
The Boeing Co.	400		20,648
United Defense Industries, Inc. (a)	200		7,998
			259,362
Air Freight & Logistics - 0.1%
Expeditors International of Washington, Inc.	100		5,170
Airlines - 0.4%
AirTran Holdings, Inc. (a)	500		4,980
Ryanair Holdings PLC sponsored ADR (a)	100		2,920
Southwest Airlines Co.	1,100		14,982
			22,882
Building Products - 1.2%
Masco Corp.	2,000		69,060
Commercial Services & Supplies - 2.7%
Avery Dennison Corp.	50		3,289
Career Education Corp. (a)	800		22,744
Cendant Corp.	900		19,440
Cintas Corp.	1,000		42,040
On Assignment, Inc. (a)	566		2,513
Robert Half International, Inc.	2,200		56,694
Waste Management, Inc.	390		10,663
			157,383
Construction & Engineering - 0.9%
Chicago Bridge & Iron Co. NV	500		14,995
Fluor Corp.	600		26,712
MasTec, Inc. (a)	1,900		9,975
			51,682
Electrical Equipment - 0.1%
FuelCell Energy, Inc. (a)	700		7,175
Industrial Conglomerates - 8.2%
3M Co.	80		6,398
General Electric Co.	10,320		346,541
Siemens AG sponsored ADR	100		7,370
Tyco International Ltd.	3,930		120,494
			480,803
Machinery - 0.1%
Navistar International Corp. (a)	100		3,719
Road & Rail - 0.5%
Norfolk Southern Corp.	500		14,870
Swift Transportation Co., Inc. (a)	300		5,046
Union Pacific Corp.	200		11,720
			31,636

	Shares		Value
Trading Companies & Distributors - 0.1%
W.W. Grainger, Inc.	130		$ 7,495
TOTAL INDUSTRIALS			1,096,367
INFORMATION TECHNOLOGY - 7.1%
Communications Equipment - 0.9%
Cisco Systems, Inc. (a)	500		9,050
Comverse Technology, Inc. (a)	600		11,298
Foundry Networks, Inc. (a)	1,800		17,082
Juniper Networks, Inc. (a)	400		9,440
Scientific-Atlanta, Inc.	100		2,592
			49,462
Computers & Peripherals - 0.5%
International Business Machines Corp.	220		18,863
Western Digital Corp. (a)	1,200		10,548
			29,411
Electronic Equipment & Instruments - 0.9%
Aeroflex, Inc. (a)	600		6,342
Agilent Technologies, Inc. (a)	500		10,785
Amphenol Corp. Class A (a)	300		10,278
Flextronics International Ltd. (a)	900		11,925
National Instruments Corp.	150		4,541
Symbol Technologies, Inc.	500		6,320
			50,191
Internet Software & Services - 0.2%
Yahoo!, Inc. (a)	400		13,564
IT Services - 0.5%
Affiliated Computer Services, Inc. Class A (a)	260		14,474
Paychex, Inc.	500		15,075
			29,549
Office Electronics - 0.2%
Xerox Corp. (a)	900		12,672
Semiconductors & Semiconductor Equipment - 2.1%
Analog Devices, Inc.	400		15,512
Cabot Microelectronics Corp. (a)	500		18,125
Freescale Semiconductor, Inc. Class A	1,000		14,300
Intel Corp.	700		14,042
KLA-Tencor Corp. (a)	600		24,888
Lam Research Corp. (a)	400		8,752
NVIDIA Corp. (a)	800		11,616
PMC-Sierra, Inc. (a)	400		3,524
Samsung Electronics Co. Ltd.	35		13,921
			124,680
Software - 1.8%
BEA Systems, Inc. (a)	1,400		9,674
Microsoft Corp.	3,360		92,904
PalmSource, Inc. (a)	200		4,148
			106,726
TOTAL INFORMATION TECHNOLOGY			416,255
Common Stocks - continued
	Shares		Value
MATERIALS - 7.3%
Chemicals - 3.4%
Dow Chemical Co.	1,630		$ 73,643
E.I. du Pont de Nemours & Co.	1,040		44,512
Lubrizol Corp.	300		10,380
Lyondell Chemical Co.	1,300		29,198
Millennium Chemicals, Inc. (a)	1,300		27,573
Olin Corp.	800		16,000
			201,306
Containers & Packaging - 1.4%
Ball Corp.	200		7,486
Owens-Illinois, Inc. (a)	1,300		20,800
Packaging Corp. of America	900		22,023
Smurfit-Stone Container Corp. (a)	1,500		29,055
			79,364
Metals & Mining - 2.5%
Alcoa, Inc.	900		30,231
Companhia Vale do Rio Doce sponsored ADR	500		11,235
Freeport-McMoRan Copper & Gold, Inc. Class B	400		16,200
Massey Energy Co.	500		14,465
Newmont Mining Corp.	250		11,383
Nucor Corp.	490		44,771
Phelps Dodge Corp.	200		18,406
			146,691
TOTAL MATERIALS			427,361
TELECOMMUNICATION SERVICES - 4.9%
Diversified Telecommunication Services - 4.2%
Citizens Communications Co.	400		5,356
Covad Communications Group, Inc. (a)	7,200		12,096
SBC Communications, Inc.	4,890		126,896
Telewest Global, Inc. (a)	600		6,972
Verizon Communications, Inc.	2,400		94,512
			245,832
Wireless Telecommunication Services - 0.7%
American Tower Corp. Class A (a)	800		12,280
Leap Wireless International, Inc. (a)	100		2,200
Nextel Communications, Inc. Class A (a)	450		10,728
Nextel Partners, Inc. Class A (a)	1,000		16,580
			41,788
TOTAL TELECOMMUNICATION SERVICES			287,620
UTILITIES - 2.2%
Electric Utilities - 1.9%
Entergy Corp.	360		21,820
FirstEnergy Corp.	500		20,540
PG&E Corp. (a)	700		21,280
PPL Corp.	300		14,154

	Shares		Value
Southern Co.	240		$ 7,195
TXU Corp.	300		14,376
Westar Energy, Inc.	400		8,080
			107,445
Multi-Utilities & Unregulated Power - 0.3%
AES Corp. (a)	1,500		14,985
Public Service Enterprise Group, Inc.	100		4,260
			19,245
TOTAL UTILITIES			126,690
TOTAL COMMON STOCKS (Cost $5,208,307)		5,796,645

TOTAL INVESTMENT PORTFOLIO - 98.9%

(Cost $5,208,307)

5,796,645

NET OTHER ASSETS - 1.1%			61,835
NET ASSETS - 100%		$ 5,858,480

Legend

(a) Non-income producing

(b) 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 period end, the value of these securities amounted to $2,000 or 0.0% of net assets.

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $5,223,376. Net unrealized appreciation aggregated $573,269, of which $696,963 related to appreciated investment securities and $123,694 related to depreciated investment securities.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Variable Insurance Products Fund 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 Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Variable Insurance Products Fund IV

By:	/s/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	November 22, 2004

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/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	November 22, 2004

By:	/s/Timothy F. Hayes
	Timothy F. Hayes
	Chief Financial Officer

Date:	November 22, 2004

Fidelity ® Variable Insurance Products: Consumer Industries Portfolio

Investments September 30, 2004 (Unaudited)

Fidelity ® Variable Insurance Products: Cyclical Industries Portfolio

Investments September 30, 2004 (Unaudited)

Fidelity ® Variable Insurance Products: Financial Services Portfolio

Investments September 30, 2004 (Unaudited)

Fidelity ® Variable Insurance Products: Growth Stock Portfolio

Investments September 30, 2004 (Unaudited)

Fidelity ® Variable Insurance Products: Health Care Portfolio

Investments September 30, 2004 (Unaudited)

Fidelity ® Variable Insurance Products: Natural Resources Portfolio

Investments September 30, 2004 (Unaudited)

Fidelity ® Variable Insurance Products: Real Estate Portfolio

Investments September 30, 2004 (Unaudited)

Fidelity ® Variable Insurance Products: Strategic Income Portfolio

Investments September 30, 2004 (Unaudited)

Fidelity ® Variable Insurance Products: Technology Portfolio

Investments September 30, 2004 (Unaudited)

Fidelity ® Variable Insurance Products: Telecommunications & Utilities Growth Portfolio

Investments September 30, 2004 (Unaudited)

Fidelity ® Variable Insurance Products: Value Leaders Portfolio

Investments September 30, 2004 (Unaudited)

Fidelity ® Variable Insurance Products:
Consumer Industries Portfolio

Fidelity ® Variable Insurance Products:
Cyclical Industries Portfolio

Fidelity ® Variable Insurance Products:
Financial Services Portfolio

Fidelity ® Variable Insurance Products:
Growth Stock Portfolio

Fidelity ® Variable Insurance Products:
Health Care Portfolio

Fidelity ® Variable Insurance Products:
Natural Resources Portfolio

Fidelity ® Variable Insurance Products:
Real Estate Portfolio

Fidelity ® Variable Insurance Products:
Strategic Income Portfolio

Fidelity ® Variable Insurance Products:
Technology Portfolio

Fidelity ® Variable Insurance Products:
Telecommunications & Utilities Growth Portfolio

Fidelity ® Variable Insurance Products:
Value Leaders Portfolio