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, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Consumer Discretionary Portfolio

September 30, 2007

1.807732.103

VCI-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
AUTO COMPONENTS - 1.8%
Auto Parts & Equipment - 1.8%
Johnson Controls, Inc.	1,800		$ 212,598
AUTOMOBILES - 2.6%
Automobile Manufacturers - 1.9%
General Motors Corp.	3,700		135,790
Renault SA	300		43,473
Toyota Motor Corp. sponsored ADR	400		46,744
			226,007
Motorcycle Manufacturers - 0.7%
Harley-Davidson, Inc.	1,700		78,557
TOTAL AUTOMOBILES			304,564
DIVERSIFIED CONSUMER SERVICES - 1.8%
Education Services - 1.0%
Apollo Group, Inc. Class A (non-vtg.) (a)	2,000		120,300
Specialized Consumer Services - 0.8%
Sotheby's Class A (ltd. vtg.)	1,900		90,801
TOTAL DIVERSIFIED CONSUMER SERVICES			211,101
FOOD & STAPLES RETAILING - 2.8%
Food Retail - 0.7%
Susser Holdings Corp.	4,000		85,000
Hypermarkets & Super Centers - 2.1%
Costco Wholesale Corp.	3,900		239,343
TOTAL FOOD & STAPLES RETAILING			324,343
HOTELS, RESTAURANTS & LEISURE - 14.9%
Casinos & Gaming - 4.3%
International Game Technology	5,800		249,980
Las Vegas Sands Corp. (a)	1,100		146,762
Penn National Gaming, Inc. (a)	1,800		106,236
			502,978
Hotels, Resorts & Cruise Lines - 5.0%
Accor SA	1,600		142,052
Carnival Corp. unit	2,900		140,447
Hilton Hotels Corp.	4,000		185,960
Home Inns & Hotels Management, Inc. ADR	900		31,320
Starwood Hotels & Resorts Worldwide, Inc.	1,400		85,050
			584,829
Restaurants - 5.6%
McDonald's Corp.	11,900		648,193
TOTAL HOTELS, RESTAURANTS & LEISURE			1,736,000

	Shares		Value
HOUSEHOLD DURABLES - 1.5%
Homebuilding - 0.8%
D.R. Horton, Inc.	1,600		$ 20,496
Toll Brothers, Inc. (a)	3,300		65,967
			86,463
Household Appliances - 0.7%
The Stanley Works	500		28,065
Whirlpool Corp.	600		53,460
			81,525
TOTAL HOUSEHOLD DURABLES			167,988
INTERNET & CATALOG RETAIL - 3.4%
Catalog Retail - 1.2%
Liberty Media Corp. - Interactive Series A (a)	7,100		136,391
Internet Retail - 2.2%
Amazon.com, Inc. (a)	1,500		139,725
Blue Nile, Inc. (a)	1,100		103,532
Orbitz Worldwide, Inc.	1,500		16,935
			260,192
TOTAL INTERNET & CATALOG RETAIL			396,583
INTERNET SOFTWARE & SERVICES - 2.5%
Internet Software & Services - 2.5%
Google, Inc. Class A (sub. vtg.) (a)	400		226,908
LoopNet, Inc. (a)	3,200		65,728
			292,636
LEISURE EQUIPMENT & PRODUCTS - 0.7%
Leisure Products - 0.3%
Mattel, Inc.	1,300		30,498
Photographic Products - 0.4%
Eastman Kodak Co.	1,800		48,168
TOTAL LEISURE EQUIPMENT & PRODUCTS			78,666
MEDIA - 28.0%
Advertising - 2.3%
National CineMedia, Inc.	3,600		80,640
Omnicom Group, Inc.	4,000		192,360
			273,000
Broadcasting & Cable TV - 6.7%
Clear Channel Communications, Inc.	3,800		142,272
Comcast Corp. Class A	19,400		469,092
Grupo Televisa SA de CV (CPO) sponsored ADR	4,800		116,016
Time Warner Cable, Inc.	1,500		49,200
			776,580
Movies & Entertainment - 15.3%
Cinemark Holdings, Inc.	1,900		35,264
Live Nation, Inc. (a)	2,100		44,625
Common Stocks - continued
	Shares		Value
MEDIA - CONTINUED
Movies & Entertainment - continued
News Corp.:
Class A	15,941		$ 350,543
Class B	1,200		28,068
Regal Entertainment Group Class A	12,200		267,790
The Walt Disney Co.	8,900		306,071
Time Warner, Inc.	38,700		710,533
Viacom, Inc. Class B (non-vtg.) (a)	1,000		38,970
			1,781,864
Publishing - 3.7%
McGraw-Hill Companies, Inc.	4,800		244,368
R.H. Donnelley Corp. (a)	3,300		184,866
			429,234
TOTAL MEDIA			3,260,678
MULTILINE RETAIL - 10.8%
Department Stores - 4.7%
JCPenney Co., Inc.	2,700		171,099
Kohl's Corp. (a)	1,900		108,927
Macy's, Inc.	3,100		100,192
Nordstrom, Inc.	2,600		121,914
Sears Holdings Corp. (a)	300		38,160
			540,292
General Merchandise Stores - 6.1%
Family Dollar Stores, Inc.	1,000		26,560
Target Corp.	10,800		686,556
			713,116
TOTAL MULTILINE RETAIL			1,253,408
PERSONAL PRODUCTS - 0.6%
Personal Products - 0.6%
Bare Escentuals, Inc.	3,000		74,610
SPECIALTY RETAIL - 20.6%
Apparel Retail - 4.8%
Abercrombie & Fitch Co. Class A	1,600		129,120
Casual Male Retail Group, Inc. (a)	6,750		60,480
Collective Brands, Inc. (a)	3,700		81,622
Gap, Inc.	3,800		70,072
TJX Companies, Inc.	4,800		139,536
Tween Brands, Inc. (a)	1,300		42,692
Urban Outfitters, Inc. (a)	1,700		37,060
			560,582
Automotive Retail - 0.7%
Advance Auto Parts, Inc.	1,500		50,340
Penske Auto Group, Inc.	1,800		36,432
			86,772

	Shares		Value
Computer & Electronics Retail - 1.0%
Best Buy Co., Inc.	2,650		$ 121,953
Home Improvement Retail - 7.0%
Home Depot, Inc.	12,884		417,957
Lowe's Companies, Inc.	12,000		336,240
Sherwin-Williams Co.	900		59,139
			813,336
Homefurnishing Retail - 0.6%
Williams-Sonoma, Inc.	2,000		65,240
Specialty Stores - 6.5%
Office Depot, Inc. (a)	1,800		37,116
PETsMART, Inc.	6,963		222,120
Staples, Inc.	15,950		342,766
Tiffany & Co., Inc.	2,900		151,815
			753,817
TOTAL SPECIALTY RETAIL			2,401,700
TEXTILES, APPAREL & LUXURY GOODS - 6.4%
Apparel, Accessories & Luxury Goods - 3.9%
Burberry Group PLC	4,500		60,497
Coach, Inc. (a)	6,400		302,528
G-III Apparel Group Ltd. (a)	3,205		63,106
Lululemon Athletica, Inc.	500		21,015
			447,146
Footwear - 2.5%
Deckers Outdoor Corp. (a)	1,273		139,775
Iconix Brand Group, Inc. (a)	4,800		114,192
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	1,712		37,835
			291,802
TOTAL TEXTILES, APPAREL & LUXURY GOODS			738,948
TOTAL COMMON STOCKS (Cost $10,610,901)		11,453,823
NET OTHER ASSETS - 1.6%			183,460
NET ASSETS - 100%		$ 11,637,283

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,992

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $10,641,357. Net unrealized appreciation aggregated $812,466, of which $1,472,945 related to appreciated investment securities and $660,479 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Consumer Staples Portfolio

September 30, 2007

1.856924.100

VCSP-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
BEVERAGES - 26.6%
Brewers - 5.6%
Grupo Modelo SA de CV Series C	100		$ 479
Heineken NV (Bearer)	1,910		125,343
InBev SA	1,070		96,981
Molson Coors Brewing Co. Class B	2,255		224,756
SABMiller PLC	3,380		96,275
			543,834
Distillers & Vintners - 2.5%
Brown-Forman Corp. Class B (non-vtg.)	315		23,597
Constellation Brands, Inc. Class A (sub. vtg.) (a)	50		1,211
Diageo PLC sponsored ADR	1,075		94,310
Pernod Ricard SA	570		124,386
			243,504
Soft Drinks - 18.5%
Coca-Cola Amatil Ltd.	2,750		21,972
Coca-Cola Femsa SA de CV sponsored ADR	670		28,750
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	1,430		83,655
Jones Soda Co. (a)	1,450		17,487
PepsiCo, Inc.	10,550		772,893
The Coca-Cola Co.	15,150		870,671
			1,795,428
TOTAL BEVERAGES			2,582,766
BIOTECHNOLOGY - 0.2%
Biotechnology - 0.2%
Senomyx, Inc. (a)	2,000		24,500
FOOD & STAPLES RETAILING - 19.2%
Drug Retail - 8.7%
CVS Caremark Corp.	13,640		540,553
Rite Aid Corp. (a)	4,650		21,483
Walgreen Co.	5,900		278,716
			840,752
Food Distributors - 1.1%
Sysco Corp.	3,050		108,550
Food Retail - 4.8%
Kroger Co.	5,800		165,416
Safeway, Inc.	4,500		148,995
SUPERVALU, Inc.	2,100		81,921
The Great Atlantic & Pacific Tea Co. (a)	760		23,150
Whole Foods Market, Inc.	1,005		49,205
			468,687
Hypermarkets & Super Centers - 4.6%
Wal-Mart Stores, Inc.	10,150		443,048
TOTAL FOOD & STAPLES RETAILING			1,861,037

	Shares		Value
FOOD PRODUCTS - 13.3%
Agricultural Products - 2.5%
Archer-Daniels-Midland Co.	3,300		$ 109,164
Bunge Ltd.	830		89,184
Corn Products International, Inc.	510		23,394
Nutreco Holding NV	245		17,318
			239,060
Packaged Foods & Meats - 10.8%
BioMar Holding AS	250		10,999
Cadbury Schweppes PLC sponsored ADR	2,045		95,133
Chiquita Brands International, Inc. (a)	800		12,664
Dean Foods Co.	3,895		99,634
Groupe Danone	1,770		139,211
Industrias Bachoco SA de CV sponsored ADR	650		19,695
Kellogg Co.	1,035		57,960
Koninklijke Wessanen NV	70		1,031
Lindt & Spruengli AG	1		37,899
Marine Harvest ASA (a)	21,300		27,104
Nestle SA sponsored ADR	2,745		307,166
Smithfield Foods, Inc. (a)	790		24,885
TreeHouse Foods, Inc. (a)	100		2,705
Tyson Foods, Inc. Class A	1,850		33,023
Unilever NV (NY Shares)	5,925		182,786
			1,051,895
TOTAL FOOD PRODUCTS			1,290,955
HOTELS, RESTAURANTS & LEISURE - 0.5%
Restaurants - 0.5%
Panera Bread Co. Class A (a)	560		22,848
Starbucks Corp. (a)	950		24,890
			47,738
HOUSEHOLD PRODUCTS - 21.5%
Household Products - 21.5%
Central Garden & Pet Co. Class A (non-vtg.) (a)	2,500		22,450
Colgate-Palmolive Co.	5,435		387,624
Henkel KGaA	970		45,937
Procter & Gamble Co.	23,100		1,624,849
			2,080,860
PERSONAL PRODUCTS - 3.4%
Personal Products - 3.4%
Avon Products, Inc.	6,500		243,945
Bare Escentuals, Inc.	905		22,507
Herbalife Ltd.	700		31,822
Physicians Formula Holdings, Inc.	2,540		29,794
			328,068
PHARMACEUTICALS - 0.5%
Pharmaceuticals - 0.5%
Johnson & Johnson	720		47,304
Common Stocks - continued
	Shares		Value
TOBACCO - 11.6%
Altria Group, Inc.	6,500		$ 451,945
British American Tobacco PLC sponsored ADR	6,000		431,880
Japan Tobacco, Inc.	8		43,865
KT&G Corp.	610		47,659
Loews Corp. - Carolina Group	895		73,596
Souza Cruz Industria Comerico	2,950		76,140
			1,125,085
TOTAL COMMON STOCKS (Cost $8,832,764)		9,388,313
Money Market Funds - 3.4%

Fidelity Cash Central Fund, 5.12% (b) (Cost $328,773)	328,773		328,773

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $9,161,537)

9,717,086

NET OTHER ASSETS - (0.2)%			(18,476)
NET ASSETS - 100%		$ 9,698,610

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 8,307
Total	$ 8,307

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $9,174,029. Net unrealized appreciation aggregated $543,057, of which $681,148 related to appreciated investment securities and $138,091 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Energy Portfolio

September 30, 2007

1.807722.103

VNR-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Environmental & Facility Services - 0.0%
Fuel Tech, Inc. (a)	10,149		$ 224,191
CONSTRUCTION & ENGINEERING - 1.1%
Construction & Engineering - 1.1%
Chicago Bridge & Iron Co. NV (NY Shares)	11,800		508,108
Fluor Corp.	10,700		1,540,586
Jacobs Engineering Group, Inc. (a)	58,200		4,398,756
			6,447,450
ELECTRICAL EQUIPMENT - 1.7%
Electrical Components & Equipment - 0.2%
Energy Conversion Devices, Inc. (a)	5,600		127,232
First Solar, Inc.	1,400		164,836
Sunpower Corp. Class A (a)	1,900		157,358
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	9,900		395,010
			844,436
Heavy Electrical Equipment - 1.5%
Suzlon Energy Ltd.	44,913		1,643,299
Vestas Wind Systems AS (a)	93,183		7,361,595
			9,004,894
TOTAL ELECTRICAL EQUIPMENT			9,849,330
ENERGY EQUIPMENT & SERVICES - 32.3%
Oil & Gas Drilling - 8.7%
Atwood Oceanics, Inc. (a)	45,800		3,506,448
Diamond Offshore Drilling, Inc.	82,600		9,357,754
GlobalSantaFe Corp.	130,300		9,905,406
Noble Corp.	202,460		9,930,663
Pride International, Inc. (a)	202,700		7,408,685
Transocean, Inc. (a)	104,000		11,757,200
			51,866,156
Oil & Gas Equipment & Services - 23.6%
Acergy SA	15,200		451,440
Baker Hughes, Inc.	84,880		7,670,606
Cameron International Corp. (a)	31,700		2,925,593
Compagnie Generale de Geophysique SA (a)	10,100		3,300,356
Expro International Group PLC	12,600		253,444
Exterran Holdings, Inc. (a)	39,695		3,189,096
FMC Technologies, Inc. (a)	87,820		5,063,701
Global Industries Ltd. (a)	22,600		582,176
Grant Prideco, Inc. (a)	13,100		714,212
Halliburton Co.	11,600		445,440
NATCO Group, Inc. Class A (a)	1,300		67,275
National Oilwell Varco, Inc. (a)	259,239		37,460,036
Oceaneering International, Inc. (a)	88,200		6,685,560
Saipem SpA	14,700		627,189
Schlumberger Ltd. (NY Shares)	428,620		45,005,100
Smith International, Inc.	161,480		11,529,672

	Shares		Value
Subsea 7, Inc. (a)	14,500		$ 402,105
Superior Energy Services, Inc. (a)	108,300		3,838,152
W-H Energy Services, Inc. (a)	52,000		3,835,000
Weatherford International Ltd. (a)	79,400		5,334,092
WorleyParsons Ltd.	17,476		657,962
			140,038,207
TOTAL ENERGY EQUIPMENT & SERVICES			191,904,363
GAS UTILITIES - 0.1%
Gas Utilities - 0.1%
Questar Corp.	12,300		646,119
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.3%
Independent Power Producers & Energy Traders - 0.3%
AES Corp. (a)	23,400		468,936
Constellation Energy Group, Inc.	5,900		506,161
NRG Energy, Inc. (a)	12,400		524,396
			1,499,493
INDUSTRIAL CONGLOMERATES - 0.5%
Industrial Conglomerates - 0.5%
McDermott International, Inc. (a)	51,900		2,806,752
MULTI-UTILITIES - 0.4%
Multi-Utilities - 0.4%
Sempra Energy	41,600		2,417,792
OIL, GAS & CONSUMABLE FUELS - 62.6%
Coal & Consumable Fuels - 3.5%
Alpha Natural Resources, Inc. (a)	5,600		130,088
Arch Coal, Inc.	98,050		3,308,207
CONSOL Energy, Inc.	160,300		7,469,980
Foundation Coal Holdings, Inc.	14,600		572,320
International Coal Group, Inc. (a)	8,100		35,964
Natural Resource Partners LP	2,700		84,186
Peabody Energy Corp.	184,600		8,836,802
			20,437,547
Integrated Oil & Gas - 27.9%
Chevron Corp.	189,880		17,768,970
ConocoPhillips	287,575		25,240,458
Exxon Mobil Corp.	979,511		90,663,541
Hess Corp.	103,800		6,905,814
Marathon Oil Corp.	142,900		8,148,158
Murphy Oil Corp.	14,500		1,013,405
Occidental Petroleum Corp.	141,500		9,067,320
Petroleo Brasileiro SA Petrobras sponsored ADR	62,400		4,711,200
Suncor Energy, Inc.	26,300		2,498,037
			166,016,903
Oil & Gas Exploration & Production - 20.3%
Aurora Oil & Gas Corp. (a)	198,107		285,274
Cabot Oil & Gas Corp.	436,118		15,333,909
Canadian Natural Resources Ltd.	39,700		3,016,322
Chesapeake Energy Corp. (d)	319,200		11,254,992
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Concho Resources, Inc.	111,300		$ 1,648,353
EOG Resources, Inc.	143,700		10,393,821
EXCO Resources, Inc. (a)	3,700		61,198
Goodrich Petroleum Corp. (a)	5,900		187,030
Kodiak Oil & Gas Corp. (a)	3,800		12,540
Mariner Energy, Inc. (a)	147,716		3,059,198
Newfield Exploration Co. (a)	12,600		606,816
Noble Energy, Inc.	58,600		4,104,344
Petrohawk Energy Corp. (a)	206,000		3,382,520
Plains Exploration & Production Co. (a)	132,400		5,854,728
Quicksilver Resources, Inc. (a)	168,784		7,941,287
Range Resources Corp.	452,200		18,386,452
Southwestern Energy Co. (a)	87,600		3,666,060
Talisman Energy, Inc.	89,300		1,753,674
Ultra Petroleum Corp. (a)	260,500		16,161,420
W&T Offshore, Inc.	45,900		1,119,042
Western Oil Sands, Inc. Class A (a)	49,000		1,918,612
XTO Energy, Inc.	170,900		10,568,456
			120,716,048
Oil & Gas Refining & Marketing - 8.7%
Petroplus Holdings AG	16,762		1,478,725
Sunoco, Inc.	73,500		5,202,330
Tesoro Corp.	77,500		3,566,550
Valero Energy Corp.	615,224		41,330,748
Western Refining, Inc.	5,300		215,074
			51,793,427
Oil & Gas Storage & Transport - 2.2%
Williams Companies, Inc.	387,350		13,193,141
TOTAL OIL, GAS & CONSUMABLE FUELS			372,157,066
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
Semiconductors - 0.1%
LDK Solar Co. Ltd. Sponsored ADR	7,200		496,080
TOTAL COMMON STOCKS (Cost $403,796,508)		588,448,636
Money Market Funds - 3.1%

Fidelity Cash Central Fund, 5.12% (b)	10,732,112		10,732,112
Fidelity Securities Lending Cash Central Fund, 5.17% (b)(c)	7,793,750		7,793,750
TOTAL MONEY MARKET FUNDS (Cost $18,525,862)		18,525,862
Cash Equivalents - 0.0%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 3.95%, dated 9/28/07 due 10/1/07 (Collateralized by U.S. Government Obligations) # (Cost $33,000)	$ 33,011		$ 33,000

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $422,355,370)

607,007,498

NET OTHER ASSETS - (2.2)%			(12,799,181)
NET ASSETS - 100%		$ 594,208,317

Legend

(a) Non-income producing

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

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

Repurchase Agreement / Counterparty	Value
$33,000 due 10/01/07 at 3.95%
ABN AMRO Bank N.V., New York Branch	$ 9,617
Banc of America Securities LLC	9,616
Barclays Capital, Inc.	6,828
Deutsche Bank Securities, Inc.	5,481
Morgan Stanley & Co., Inc.	83
UBS Securities LLC	1,375
	$ 33,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 218,346
Fidelity Securities Lending Cash Central Fund	27,029
Total	$ 245,375

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $423,482,591. Net unrealized appreciation aggregated $183,524,907, of which $186,290,050 related to appreciated investment securities and $2,765,143 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Financial Services Portfolio

September 30, 2007

1.807734.103

VFS-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value
CAPITAL MARKETS - 16.6%
Asset Management & Custody Banks - 8.8%
Bank New York Mellon Corp.	10,200		$ 450,228
BlackRock Kelso Capital Corp.	3,200		46,400
EFG International	5,250		247,133
Fortress Investment Group LLC (d)	5,100		108,732
Franklin Resources, Inc.	4,000		510,000
Janus Capital Group, Inc.	9,400		265,832
Julius Baer Holding AG (Bearer)	2,188		163,609
KKR Private Equity Investors, LP	2,200		43,560
KKR Private Equity Investors, LP Restricted Depositary Units (e)	4,300		85,140
State Street Corp. (d)	12,267		836,119
T. Rowe Price Group, Inc.	4,100		228,329
The Blackstone Group LP	5,200		130,416
			3,115,498
Diversified Capital Markets - 0.6%
UBS AG (NY Shares)	3,800		202,350
Investment Banking & Brokerage - 7.2%
Bear Stearns Companies, Inc. (d)	3,200		392,992
Charles Schwab Corp.	17,400		375,840
Goldman Sachs Group, Inc.	2,100		455,154
Lazard Ltd. Class A	2,500		106,000
Lehman Brothers Holdings, Inc.	5,000		308,650
Merrill Lynch & Co., Inc.	7,700		548,856
Morgan Stanley	5,910		372,330
			2,559,822
TOTAL CAPITAL MARKETS			5,877,670
COMMERCIAL BANKS - 12.8%
Diversified Banks - 8.7%
ICICI Bank Ltd. sponsored ADR	2,500		131,800
U.S. Bancorp, Delaware	12,900		419,637
Wachovia Corp.	14,797		742,070
Wells Fargo & Co.	50,300		1,791,686
			3,085,193
Regional Banks - 4.1%
Cathay General Bancorp	4,383		141,176
Center Financial Corp., California	6,100		84,851
Colonial Bancgroup, Inc.	4,100		88,642
Commerce Bancorp, Inc.	4,000		155,120
Nara Bancorp, Inc.	4,200		65,604
PNC Financial Services Group, Inc.	8,700		592,470
SVB Financial Group (a)	5,100		241,536
Wintrust Financial Corp.	400		17,076
Zions Bancorp	900		61,803
			1,448,278
TOTAL COMMERCIAL BANKS			4,533,471

	Shares		Value
CONSUMER FINANCE - 3.5%
Consumer Finance - 3.5%
American Express Co.	12,740		$ 756,374
Capital One Financial Corp. (d)	3,700		245,791
Discover Financial Services (a)	4,255		88,504
Dollar Financial Corp. (a)	5,110		145,788
			1,236,457
DIVERSIFIED FINANCIAL SERVICES - 18.5%
Other Diversifed Financial Services - 15.9%
Bank of America Corp.	38,049		1,912,722
Citigroup, Inc.	38,930		1,816,863
JPMorgan Chase & Co.	41,638		1,907,853
			5,637,438
Specialized Finance - 2.6%
CME Group, Inc.	787		462,244
Deutsche Boerse AG	1,900		258,748
JSE Ltd.	3,400		39,490
MarketAxess Holdings, Inc. (a)	9,400		141,000
			901,482
TOTAL DIVERSIFIED FINANCIAL SERVICES			6,538,920
INSURANCE - 32.7%
Insurance Brokers - 1.0%
National Financial Partners Corp. (d)	4,900		259,602
Willis Group Holdings Ltd.	2,300		94,162
			353,764
Life & Health Insurance - 6.8%
AFLAC, Inc.	7,700		439,208
MetLife, Inc.	13,610		949,025
Principal Financial Group, Inc. (d)	6,600		416,394
Prudential Financial, Inc.	6,300		614,754
			2,419,381
Multi-Line Insurance - 7.1%
American International Group, Inc.	28,010		1,894,877
Assurant, Inc.	2,700		144,450
Hartford Financial Services Group, Inc.	5,060		468,303
			2,507,630
Property & Casualty Insurance - 9.6%
ACE Ltd.	20,550		1,244,714
AMBAC Financial Group, Inc.	1,500		94,365
Argo Group International Holdings, Ltd. (a)	4,044		175,954
Aspen Insurance Holdings Ltd.	15,500		432,605
Axis Capital Holdings Ltd.	10,900		424,119
MBIA, Inc. (d)	5,060		308,913
The Travelers Companies, Inc.	7,400		372,516
United America Indemnity Ltd. Class A (a)	8,200		176,382
XL Capital Ltd. Class A	2,300		182,160
			3,411,728
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Reinsurance - 8.2%
Endurance Specialty Holdings Ltd.	16,960		$ 704,688
Everest Re Group Ltd.	2,400		264,576
Greenlight Capital Re, Ltd.	100		2,028
IPC Holdings Ltd.	8,800		253,880
Max Capital Group Ltd.	12,199		342,060
Montpelier Re Holdings Ltd.	5,200		92,040
PartnerRe Ltd.	1,500		118,485
Platinum Underwriters Holdings Ltd.	31,500		1,132,740
			2,910,497
TOTAL INSURANCE			11,603,000
REAL ESTATE INVESTMENT TRUSTS - 5.3%
Mortgage REITs - 0.8%
Annaly Capital Management, Inc.	18,000		286,740
Residential REITs - 1.1%
Equity Lifestyle Properties, Inc.	4,400		227,920
UDR, Inc.	7,000		170,240
			398,160
Retail REITs - 3.4%
CBL & Associates Properties, Inc.	2,600		91,130
Developers Diversified Realty Corp.	8,100		452,547
General Growth Properties, Inc.	8,000		428,960
Simon Property Group, Inc.	2,200		220,000
			1,192,637
TOTAL REAL ESTATE INVESTMENT TRUSTS			1,877,537
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.1%
Real Estate Management & Development - 1.1%
Mitsubishi Estate Co. Ltd.	14,000		398,941
THRIFTS & MORTGAGE FINANCE - 9.0%
Thrifts & Mortgage Finance - 9.0%
BankUnited Financial Corp. Class A	11,300		175,602
Countrywide Financial Corp.	16,812		319,596
Fannie Mae	17,650		1,073,297
FirstFed Financial Corp., Delaware (a)(d)	3,600		178,380
Freddie Mac	12,100		714,021
Hudson City Bancorp, Inc.	17,179		264,213
MGIC Investment Corp.	1,000		32,310

	Shares		Value
Radian Group, Inc.	2,400		$ 55,872
Washington Mutual, Inc. (d)	10,700		377,817
			3,191,108
TOTAL COMMON STOCKS (Cost $28,200,854)		35,257,104
Money Market Funds - 8.9%

Fidelity Cash Central Fund, 5.12% (b)	171,703		171,703
Fidelity Securities Lending Cash Central Fund, 5.17% (b)(c)	2,979,973		2,979,973
TOTAL MONEY MARKET FUNDS (Cost $3,151,676)		3,151,676

TOTAL INVESTMENT PORTFOLIO - 108.4%

(Cost $31,352,530)

38,408,780

NET OTHER ASSETS - (8.4)%			(2,982,165)
NET ASSETS - 100%		$ 35,426,615

Legend

(a) Non-income producing

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $85,140 or 0.2% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 6,184
Fidelity Securities Lending Cash Central Fund	4,250
Total	$ 10,434

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $31,464,507. Net unrealized appreciation aggregated $6,944,273, of which $7,751,524 related to appreciated investment securities and $807,251 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Indexed securities are marked-to-market daily based on dealer-supplied valuations. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Growth Stock Portfolio

September 30, 2007

1.808784.103

VIPGR-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
CONSUMER DISCRETIONARY - 9.1%
Household Durables - 0.9%
Centex Corp.	2,100		$ 55,797
Garmin Ltd.	1,200		143,280
			199,077
Internet & Catalog Retail - 1.6%
Amazon.com, Inc. (a)(d)	3,000		279,450
Blue Nile, Inc. (a)	600		56,472
			335,922
Media - 1.2%
Time Warner, Inc.	14,750		270,810
Multiline Retail - 1.8%
JCPenney Co., Inc.	4,300		272,491
Target Corp.	1,700		108,069
			380,560
Specialty Retail - 0.9%
Casual Male Retail Group, Inc. (a)(d)	21,275		190,624
Textiles, Apparel & Luxury Goods - 2.7%
Coach, Inc. (a)	7,200		340,344
Crocs, Inc. (a)	900		60,525
G-III Apparel Group Ltd. (a)	5,300		104,357
Under Armour, Inc. Class A (sub. vtg.) (a)(d)	1,200		71,784
			577,010
TOTAL CONSUMER DISCRETIONARY			1,954,003
CONSUMER STAPLES - 8.4%
Beverages - 2.4%
Molson Coors Brewing Co. Class B	3,100		308,977
PepsiCo, Inc.	2,800		205,128
			514,105
Food & Staples Retailing - 1.3%
Costco Wholesale Corp.	4,500		276,165
Food Products - 1.1%
Ralcorp Holdings, Inc. (a)	500		27,910
Tyson Foods, Inc. Class A	11,400		203,490
			231,400
Household Products - 1.5%
Procter & Gamble Co.	4,700		330,598
Personal Products - 2.1%
Avon Products, Inc.	12,100		454,113
TOTAL CONSUMER STAPLES			1,806,381
ENERGY - 6.8%
Energy Equipment & Services - 4.0%
National Oilwell Varco, Inc. (a)	2,273		328,449

	Shares		Value
Oceaneering International, Inc. (a)	1,700		$ 128,860
Schlumberger Ltd. (NY Shares)	3,900		409,500
			866,809
Oil, Gas & Consumable Fuels - 2.8%
Canadian Natural Resources Ltd.	1,000		75,978
EOG Resources, Inc.	1,000		72,330
Exxon Mobil Corp.	1,200		111,072
Suncor Energy, Inc.	800		75,986
Ultra Petroleum Corp. (a)	1,300		80,652
Valero Energy Corp.	2,700		181,386
			597,404
TOTAL ENERGY			1,464,213
FINANCIALS - 4.8%
Capital Markets - 3.7%
Goldman Sachs Group, Inc.	400		86,696
Janus Capital Group, Inc. (d)	10,600		299,768
Lazard Ltd. Class A	1,100		46,640
Lehman Brothers Holdings, Inc.	2,000		123,460
Northern Trust Corp.	1,800		119,286
State Street Corp.	1,800		122,688
			798,538
Diversified Financial Services - 1.1%
CME Group, Inc.	400		234,940
JSE Ltd.	200		2,323
			237,263
TOTAL FINANCIALS			1,035,801
HEALTH CARE - 16.8%
Biotechnology - 5.1%
Alexion Pharmaceuticals, Inc. (a)	1,100		71,665
Alkermes, Inc. (a)	600		11,040
Alnylam Pharmaceuticals, Inc. (a)	7,200		235,944
Amylin Pharmaceuticals, Inc. (a)	3,800		190,000
Cougar Biotechnology, Inc. (a)	1,100		28,050
CSL Ltd.	2,935		279,575
Gilead Sciences, Inc. (a)	3,700		151,219
PDL BioPharma, Inc. (a)	4,700		101,567
Theravance, Inc. (a)	1,300		33,917
			1,102,977
Health Care Equipment & Supplies - 6.8%
Becton, Dickinson & Co.	2,800		229,740
C.R. Bard, Inc.	3,100		273,389
HemoSense, Inc. (a)	26,400		395,472
I-Flow Corp. (a)	900		16,731
Inverness Medical Innovations, Inc. (a)	3,500		193,620
St. Jude Medical, Inc. (a)	6,600		290,862
Zoll Medical Corp. (a)	2,400		62,208
			1,462,022
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 0.0%
athenahealth, Inc.	100		$ 3,391
Health Care Technology - 1.6%
Cerner Corp. (a)	4,188		250,484
Eclipsys Corp. (a)	4,100		95,612
			346,096
Life Sciences Tools & Services - 0.3%
Exelixis, Inc. (a)	500		5,295
Illumina, Inc. (a)	1,300		67,444
			72,739
Pharmaceuticals - 3.0%
Allergan, Inc.	3,700		238,539
Merck & Co., Inc.	3,400		175,746
Nastech Pharmaceutical Co., Inc. (a)(d)	17,100		227,601
			641,886
TOTAL HEALTH CARE			3,629,111
INDUSTRIALS - 12.5%
Aerospace & Defense - 2.3%
General Dynamics Corp.	5,800		489,926
Commercial Services & Supplies - 1.4%
Fuel Tech, Inc. (a)	14,125		312,021
Construction & Engineering - 0.8%
Larsen & Toubro Ltd.	300		21,240
Washington Group International, Inc. (a)	1,800		158,058
			179,298
Electrical Equipment - 7.2%
ABB Ltd. sponsored ADR	19,800		519,354
Alstom SA	1,600		325,288
American Superconductor Corp. (a)(d)	10,800		221,184
Bharat Heavy Electricals Ltd.	400		20,544
Q-Cells AG (a)	2,200		224,937
Renewable Energy Corp. AS (a)	5,250		242,001
			1,553,308
Industrial Conglomerates - 0.8%
Siemens AG sponsored ADR	1,200		164,700
TOTAL INDUSTRIALS			2,699,253
INFORMATION TECHNOLOGY - 31.0%
Communications Equipment - 5.4%
Cisco Systems, Inc. (a)	21,000		695,311
F5 Networks, Inc. (a)	1,300		48,347
Juniper Networks, Inc. (a)	5,300		194,033
Research In Motion Ltd. (a)	2,200		216,810
			1,154,501
Computers & Peripherals - 6.9%
Apple, Inc. (a)	3,500		537,390

	Shares		Value
EMC Corp. (a)	13,000		$ 270,400
Sun Microsystems, Inc. (a)	123,200		691,152
			1,498,942
Electronic Equipment & Instruments - 1.9%
Agilent Technologies, Inc. (a)	11,000		405,680
Internet Software & Services - 4.5%
Google, Inc. Class A (sub. vtg.) (a)	1,220		692,069
Omniture, Inc. (a)	4,100		124,312
ValueClick, Inc. (a)	6,500		145,990
			962,371
IT Services - 5.8%
Cognizant Technology Solutions Corp. Class A (a)	7,630		608,645
Genpact Ltd.	5,900		100,005
Mastercard, Inc. Class A	3,670		543,050
			1,251,700
Semiconductors & Semiconductor Equipment - 2.9%
Applied Materials, Inc.	16,700		345,690
Intel Corp.	11,200		289,632
			635,322
Software - 3.6%
Adobe Systems, Inc. (a)	2,800		122,248
BladeLogic, Inc.	500		12,820
Nintendo Co. Ltd.	800		415,040
Salesforce.com, Inc. (a)	900		46,188
VMware, Inc. Class A	2,225		189,125
			785,421
TOTAL INFORMATION TECHNOLOGY			6,693,937
MATERIALS - 5.2%
Chemicals - 4.1%
Calgon Carbon Corp. (a)(d)	7,200		100,512
Monsanto Co.	7,200		617,328
Potash Corp. of Saskatchewan, Inc.	1,600		169,120
			886,960
Metals & Mining - 1.1%
Gold Fields Ltd. sponsored ADR	800		14,472
Goldcorp, Inc.	500		15,284
Kinross Gold Corp. (a)	1,000		14,942
Lihir Gold Ltd. (a)	5,100		17,838
Titanium Metals Corp. (a)(d)	5,100		171,156
Yamana Gold, Inc.	1,100		12,996
			246,688
TOTAL MATERIALS			1,133,648
TELECOMMUNICATION SERVICES - 3.1%
Diversified Telecommunication Services - 1.6%
AT&T, Inc.	8,100		342,711
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - 1.5%
American Tower Corp. Class A (a)	7,000		$ 304,780
Bharti Airtel Ltd. (a)	900		21,667
			326,447
TOTAL TELECOMMUNICATION SERVICES			669,158
UTILITIES - 0.9%
Independent Power Producers & Energy Traders - 0.9%
AES Corp. (a)	9,600		192,384
TOTAL COMMON STOCKS (Cost $17,896,817)		21,277,889
Money Market Funds - 5.8%

Fidelity Cash Central Fund, 5.12% (b)	320,480		320,480
Fidelity Securities Lending Cash Central Fund, 5.17% (b)(c)	925,325		925,325
TOTAL MONEY MARKET FUNDS (Cost $1,245,805)		1,245,805

TOTAL INVESTMENT PORTFOLIO - 104.4%

(Cost $19,142,622)

22,523,694

NET OTHER ASSETS - (4.4)%			(947,775)
NET ASSETS - 100%		$ 21,575,919

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 10,542
Fidelity Securities Lending Cash Central Fund	7,529
Total	$ 18,071

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $19,184,205. Net unrealized appreciation aggregated $3,339,489, of which $3,720,542 related to appreciated investment securities and $381,053 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Health Care Portfolio

September 30, 2007

1.807727.103

VHC-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
BIOTECHNOLOGY - 13.7%
Biotechnology - 13.7%
3SBio, Inc. sponsored ADR	19,200		$ 277,056
Alexion Pharmaceuticals, Inc. (a)	1,400		91,210
Alnylam Pharmaceuticals, Inc. (a)	16,400		537,428
Amgen, Inc. (a)	30,725		1,738,113
Amylin Pharmaceuticals, Inc. (a)	6,800		340,000
Arena Pharmaceuticals, Inc. (a)(d)	4,200		45,990
Biogen Idec, Inc. (a)	6,947		460,795
Celgene Corp. (a)	20,620		1,470,412
Cephalon, Inc. (a)	4,300		314,158
Cougar Biotechnology, Inc. (a)	500		12,750
CSL Ltd.	3,990		380,070
CytRx Corp. (a)	19,500		67,470
deCODE genetics, Inc. (a)(d)	17,838		61,898
Genentech, Inc. (a)	6,214		484,816
Genmab AS (a)	600		37,301
Genzyme Corp. (a)	9,700		601,012
Gilead Sciences, Inc. (a)	55,500		2,268,285
Grifols SA	2,792		64,100
GTx, Inc. (a)(d)	19,300		314,204
Human Genome Sciences, Inc. (a)	5,900		60,711
Isis Pharmaceuticals, Inc. (a)(d)	6,314		94,521
MannKind Corp. (a)	1,700		16,456
Memory Pharmaceuticals Corp. (a)	74,581		132,754
Molecular Insight Pharmaceuticals, Inc.	8,300		56,357
Myriad Genetics, Inc. (a)	1,700		88,655
ONYX Pharmaceuticals, Inc. (a)	1,600		69,632
OREXIGEN Therapeutics, Inc.	1,800		23,778
OSI Pharmaceuticals, Inc. (a)	4,092		139,087
PDL BioPharma, Inc. (a)	7,943		171,648
Progenics Pharmaceuticals, Inc. (a)	4,801		106,150
Theravance, Inc. (a)	5,400		140,886
Vertex Pharmaceuticals, Inc. (a)	5,400		207,414
Zymogenetics, Inc. (a)	2,100		27,405
			10,902,522
CHEMICALS - 1.3%
Diversified Chemicals - 0.7%
Bayer AG sponsored ADR	6,791		538,866
Fertilizers & Agricultural Chemicals - 0.5%
Agrium, Inc.	800		43,584
Monsanto Co.	1,600		137,184
Potash Corp. of Saskatchewan, Inc.	1,800		190,260
			371,028
Specialty Chemicals - 0.1%
Lonza Group AG	810		88,365
TOTAL CHEMICALS			998,259

	Shares		Value
DIVERSIFIED CONSUMER SERVICES - 0.1%
Specialized Consumer Services - 0.1%
Service Corp. International	7,000		$ 90,300
FOOD & STAPLES RETAILING - 0.5%
Drug Retail - 0.5%
CVS Caremark Corp.	10,842		429,668
FOOD PRODUCTS - 1.4%
Agricultural Products - 0.4%
Bunge Ltd.	800		85,960
Nutreco Holding NV	2,600		183,786
			269,746
Packaged Foods & Meats - 1.0%
BioMar Holding AS	1,500		65,994
Cermaq ASA	18,600		345,019
Leroy Seafood Group ASA	3,600		82,137
Marine Harvest ASA (a)	257,000		327,030
			820,180
TOTAL FOOD PRODUCTS			1,089,926
HEALTH CARE EQUIPMENT & SUPPLIES - 15.6%
Health Care Equipment - 13.1%
American Medical Systems Holdings, Inc. (a)	9,300		157,635
ArthroCare Corp. (a)	4,671		261,062
Aspect Medical Systems, Inc. (a)(d)	27,400		371,818
Baxter International, Inc.	31,820		1,790,830
Beckman Coulter, Inc.	600		44,256
Becton, Dickinson & Co.	28,700		2,354,835
BioLase Technology, Inc. (a)(d)	6,400		43,776
C.R. Bard, Inc.	17,700		1,560,963
Covidien Ltd. (a)	8,800		365,200
Electro-Optical Sciences, Inc. (a)	28,520		156,860
Electro-Optical Sciences, Inc.:
warrants 11/2/11 (a)(f)	7,563		19,273
warrants 8/2/12 (a)(f)	1,900		4,848
Gen-Probe, Inc. (a)	15,300		1,018,674
Golden Meditech Co. Ltd.	76,000		34,804
Gyrus Group PLC (a)	8,500		66,529
Hologic, Inc. (a)	1,200		73,200
I-Flow Corp. (a)	18,871		350,812
Integra LifeSciences Holdings Corp. (a)	4,900		238,042
Intuitive Surgical, Inc. (a)	312		71,760
Kinetic Concepts, Inc. (a)	300		16,884
Medtronic, Inc.	3,100		174,871
Meridian Bioscience, Inc.	400		12,128
NeuroMetrix, Inc. (a)	7,900		68,967
Northstar Neuroscience, Inc. (a)	21,600		241,056
Orthofix International NV (a)	900		44,073
Quidel Corp. (a)	2,300		44,988
Respironics, Inc. (a)	7,800		374,634
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - CONTINUED
Health Care Equipment - continued
Sirona Dental Systems, Inc. (a)	3,065		$ 109,329
Stryker Corp.	3,400		233,784
The Spectranetics Corp. (a)	7,091		95,587
ThermoGenesis Corp. (a)	14,749		32,890
			10,434,368
Health Care Supplies - 2.5%
Cooper Companies, Inc.	2,057		107,828
Inverness Medical Innovations, Inc. (a)	29,331		1,622,591
Omega Pharma SA	2,200		192,938
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	32,000		82,163
			2,005,520
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			12,439,888
HEALTH CARE PROVIDERS & SERVICES - 19.4%
Health Care Distributors & Services - 3.2%
Chindex International, Inc. (a)	700		16,898
Henry Schein, Inc. (a)	3,100		188,604
McKesson Corp.	27,900		1,640,241
Profarma Distribuidora de Produtos Farmaceuticos SA	36,000		707,038
			2,552,781
Health Care Facilities - 4.2%
Acibadem Saglik Hizmetleri AS	38,888		289,969
Apollo Hospitals Enterprise Ltd.	11,417		139,719
Bangkok Dusit Medical Service PCL (For. Reg.)	63,900		74,129
Brookdale Senior Living, Inc. (d)	24,703		983,426
Bumrungrad Hospital PCL (For. Reg.)	150,800		196,944
Community Health Systems, Inc. (a)	2,400		75,456
Emeritus Corp. (a)	16,069		435,470
LifePoint Hospitals, Inc. (a)	13,182		395,592
Raffles Medical Group Ltd.	7,000		7,115
Southern Cross Healthcare Group	3,900		40,700
Sun Healthcare Group, Inc. (a)	29,338		490,238
Tenet Healthcare Corp. (a)	8,500		28,560
VCA Antech, Inc. (a)	3,180		132,765
			3,290,083
Health Care Services - 4.4%
AMN Healthcare Services, Inc. (a)	2,100		39,333
athenahealth, Inc.	100		3,391
Diagnosticos da America SA	29,200		670,342
Emergency Medical Services Corp. Class A (a)	100		3,025
Express Scripts, Inc. (a)	17,500		976,850
HAPC, Inc.	36,000		210,960

	Shares		Value
HAPC, Inc. warrants 4/11/11 (a)	13,400		$ 3,886
Health Grades, Inc. (a)	40,866		241,109
Healthways, Inc. (a)	1,487		80,253
HMS Holdings Corp. (a)	5,000		123,050
LHC Group, Inc. (a)(d)	19,414		416,819
Matria Healthcare, Inc. (a)	500		13,080
Nighthawk Radiology Holdings, Inc. (a)	20,497		502,381
Omnicare, Inc.	7,069		234,196
Rural/Metro Corp. (a)	1,600		5,168
			3,523,843
Managed Health Care - 7.6%
Health Net, Inc. (a)	8,000		432,400
Healthspring, Inc. (a)	4,500		87,750
Humana, Inc. (a)	20,554		1,436,314
UnitedHealth Group, Inc.	66,370		3,214,299
WellPoint, Inc. (a)	11,400		899,688
			6,070,451
TOTAL HEALTH CARE PROVIDERS & SERVICES			15,437,158
HEALTH CARE TECHNOLOGY - 1.8%
Health Care Technology - 1.8%
Allscripts Healthcare Solutions, Inc. (a)	18,000		486,540
Cerner Corp. (a)	8,770		524,534
Eclipsys Corp. (a)	14,633		341,242
SXC Health Solutions Corp. (a)	1,100		17,498
Vital Images, Inc. (a)	3,700		72,224
			1,442,038
INSURANCE - 1.0%
Life & Health Insurance - 1.0%
Universal American Financial Corp. (a)	34,276		781,836
INTERNET SOFTWARE & SERVICES - 0.4%
Internet Software & Services - 0.4%
WebMD Health Corp. Class A (a)	5,222		272,066
LIFE SCIENCES TOOLS & SERVICES - 8.2%
Life Sciences Tools & Services - 8.2%
AMAG Pharmaceuticals, Inc. (a)	8,751		500,556
Applera Corp. - Applied Biosystems Group	7,600		263,264
Bruker BioSciences Corp. (a)	49,474		435,371
Covance, Inc. (a)	3,400		264,860
Exelixis, Inc. (a)	41,100		435,249
Illumina, Inc. (a)	5,704		295,924
Luminex Corp. (a)	3,465		52,252
Millipore Corp. (a)(d)	7,550		572,290
PerkinElmer, Inc.	39,522		1,154,438
Pharmaceutical Product Development, Inc.	4,100		145,304
QIAGEN NV (a)	13,100		254,271
Thermo Fisher Scientific, Inc. (a)	25,775		1,487,733
Common Stocks - continued
	Shares		Value
LIFE SCIENCES TOOLS & SERVICES - CONTINUED
Life Sciences Tools & Services - continued
Third Wave Technologies, Inc. (a)	4,299		$ 37,100
Waters Corp. (a)	9,400		629,048
			6,527,660
MACHINERY - 0.1%
Industrial Machinery - 0.1%
Pall Corp.	1,400		54,460
PERSONAL PRODUCTS - 0.5%
Personal Products - 0.5%
Bare Escentuals, Inc.	5,272		131,115
Hengan International Group Co. Ltd.	50,000		187,809
Natura Cosmeticos SA	6,500		77,837
			396,761
PHARMACEUTICALS - 34.0%
Pharmaceuticals - 34.0%
Abbott Laboratories	14,000		750,680
Adams Respiratory Therapeutics, Inc. (a)	5,095		196,361
Allergan, Inc. (d)	32,400		2,088,828
Aurobindo Pharma Ltd.	4,061		61,565
Barr Pharmaceuticals, Inc. (a)	12,100		688,611
BioMimetic Therapeutics, Inc. (a)	26,945		359,446
Bristol-Myers Squibb Co.	85,900		2,475,638
China Shineway Pharmaceutical Group Ltd.	192,000		138,310
Collagenex Pharmaceuticals, Inc. (a)	4,600		41,308
Eczacibasi ILAC Sanayi TAS (a)	10,000		43,082
Elan Corp. PLC sponsored ADR (a)	9,300		195,672
Endo Pharmaceuticals Holdings, Inc. (a)	6,000		186,060
Forest Laboratories, Inc. (a)	1,400		52,206
Jazz Pharmaceuticals, Inc. (a)	4,100		45,920
Johnson & Johnson	79,419		5,217,828
Merck & Co., Inc.	117,880		6,093,215
Nexmed, Inc. (a)	19,100		31,515
Novo Nordisk AS Series B sponsored ADR	400		48,416
Pfizer, Inc.	17,740		433,388
Schering-Plough Corp.	107,300		3,393,899
Shire PLC sponsored ADR (d)	13,600		1,006,128
Sirtris Pharmaceuticals, Inc.	400		6,832
Stada Arzneimittel AG (d)	2,200		143,464
Teva Pharmaceutical Industries Ltd. sponsored ADR	2,800		124,516
Wyeth	62,420		2,780,811
XenoPort, Inc. (a)	9,900		465,795
			27,069,494

	Shares		Value
SOFTWARE - 0.1%
Systems Software - 0.1%
Quality Systems, Inc.	1,852		$ 67,839
WATER UTILITIES - 0.2%
Water Utilities - 0.2%
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) sponsored ADR (d)	3,200		158,080
TOTAL COMMON STOCKS (Cost $63,202,258)		78,157,955

Convertible Bonds - 0.1%
	Principal Amount
HEALTH CARE EQUIPMENT & SUPPLIES - 0.1%
Health Care Supplies - 0.1%
Inverness Medical Innovations, Inc. 3% 5/15/16 (e) (Cost $86,000)	$ 86,000	110,080

Money Market Funds - 7.5%
	Shares
Fidelity Cash Central Fund, 5.12% (b)	1,145,601		1,145,601
Fidelity Securities Lending Cash Central Fund, 5.17% (b)(c)	4,823,392		4,823,392
TOTAL MONEY MARKET FUNDS (Cost $5,968,993)		5,968,993

TOTAL INVESTMENT PORTFOLIO - 105.9%

(Cost $69,257,251)

84,237,028

NET OTHER ASSETS - (5.9)%			(4,708,601)
NET ASSETS - 100%		$ 79,528,427

Legend

(a) Non-income producing

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

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $24,121 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Electro-Optical Sciences, Inc. warrants 11/2/11	11/1/06	$ 1
Electro-Optical Sciences, Inc. warrants 8/2/12	8/1/07	$ 2

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 30,322
Fidelity Securities Lending Cash Central Fund	37,943
Total	$ 68,265

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $69,483,834. Net unrealized appreciation aggregated $14,753,194, of which $16,010,509 related to appreciated investment securities and $1,257,315 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Industrials Portfolio

September 30, 2007

1.807737.103

VCY-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
AEROSPACE & DEFENSE - 19.5%
Aerospace & Defense - 19.5%
General Dynamics Corp.	16,900		$ 1,427,543
Honeywell International, Inc.	49,400		2,937,818
Lockheed Martin Corp.	20,100		2,180,649
Raytheon Co.	26,200		1,672,084
Rockwell Collins, Inc.	5,900		430,936
Spirit AeroSystems Holdings, Inc. Class A	12,200		475,068
United Technologies Corp.	60,099		4,836,768
			13,960,866
AIR FREIGHT & LOGISTICS - 1.0%
Air Freight & Logistics - 1.0%
C.H. Robinson Worldwide, Inc.	9,700		526,613
Panalpina Welttransport Holding AG	1,310		218,305
			744,918
AIRLINES - 1.7%
Airlines - 1.7%
Delta Air Lines, Inc. (a)	18,795		337,370
UAL Corp. (a)	7,100		330,363
US Airways Group, Inc. (a)	19,900		522,375
			1,190,108
AUTO COMPONENTS - 1.0%
Auto Parts & Equipment - 1.0%
Johnson Controls, Inc.	6,200		732,282
AUTOMOBILES - 1.3%
Automobile Manufacturers - 1.3%
DaimlerChrysler AG	9,400		941,880
BUILDING PRODUCTS - 1.6%
Building Products - 1.6%
Lennox International, Inc.	9,400		317,720
Masco Corp.	37,020		857,753
			1,175,473
CHEMICALS - 3.1%
Fertilizers & Agricultural Chemicals - 0.7%
Agrium, Inc.	9,200		501,213
Industrial Gases - 1.7%
Airgas, Inc.	23,200		1,197,816
Specialty Chemicals - 0.7%
Albemarle Corp.	1,250		55,250
Ecolab, Inc.	10,400		490,880
			546,130
TOTAL CHEMICALS			2,245,159

	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 7.2%
Diversified Commercial & Professional Services - 2.5%
Equifax, Inc.	11,300		$ 430,756
The Brink's Co.	23,835		1,331,900
			1,762,656
Environmental & Facility Services - 4.7%
Allied Waste Industries, Inc. (a)	102,900		1,311,975
Casella Waste Systems, Inc. Class A (a)	9,200		115,368
Fuel Tech, Inc. (a)	11,500		254,035
Stericycle, Inc. (a)	1,300		74,308
Waste Connections, Inc. (a)	11,800		374,768
Waste Management, Inc.	32,700		1,234,098
			3,364,552
TOTAL COMMERCIAL SERVICES & SUPPLIES			5,127,208
CONSTRUCTION & ENGINEERING - 5.0%
Construction & Engineering - 5.0%
Chicago Bridge & Iron Co. NV (NY Shares)	12,600		542,556
Fluor Corp.	4,200		604,716
Great Lakes Dredge & Dock Corp. (a)	3,200		28,032
Jacobs Engineering Group, Inc. (a)	6,200		468,596
Outotec Oyj	2,500		176,468
Quanta Services, Inc. (a)	15,047		397,993
Shaw Group, Inc. (a)	24,100		1,400,210
			3,618,571
ELECTRICAL EQUIPMENT - 8.5%
Electrical Components & Equipment - 5.5%
AMETEK, Inc.	10,950		473,259
Cooper Industries Ltd. Class A	17,700		904,293
Emerson Electric Co.	39,300		2,091,546
General Cable Corp. (a)	3,800		255,056
Genlyte Group, Inc. (a)	3,700		237,762
			3,961,916
Heavy Electrical Equipment - 3.0%
ABB Ltd. sponsored ADR	30,500		800,015
Alstom SA	3,400		691,236
Suzlon Energy Ltd.	6,550		239,655
Vestas Wind Systems AS (a)	5,000		395,007
			2,125,913
TOTAL ELECTRICAL EQUIPMENT			6,087,829
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.6%
Electronic Equipment & Instruments - 0.6%
Itron, Inc. (a)	4,300		400,201
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.4%
Independent Power Producers & Energy Traders - 0.4%
NRG Energy, Inc. (a)	6,200		262,198
Common Stocks - continued
	Shares		Value
INDUSTRIAL CONGLOMERATES - 17.8%
Industrial Conglomerates - 17.8%
3M Co.	28,700		$ 2,685,746
General Electric Co.	191,319		7,920,607
Siemens AG sponsored ADR	8,600		1,180,350
Tyco International Ltd.	22,781		1,010,110
			12,796,813
MACHINERY - 18.9%
Construction & Farm Machinery & Heavy Trucks - 6.0%
Bucyrus International, Inc. Class A	12,160		886,829
Cummins, Inc.	10,400		1,330,056
Navistar International Corp. (a)	5,100		314,670
Oshkosh Truck Co.	14,000		867,580
PACCAR, Inc.	10,055		857,189
			4,256,324
Industrial Machinery - 12.9%
Danaher Corp.	25,500		2,109,105
Donaldson Co., Inc.	9,500		396,720
Eaton Corp.	10,318		1,021,895
Flowserve Corp.	10,600		807,508
Harsco Corp.	1,500		88,905
IDEX Corp.	11,700		425,763
Illinois Tool Works, Inc.	26,700		1,592,388
Ingersoll-Rand Co. Ltd. Class A	18,100		985,907
Pall Corp.	10,000		389,000
SPX Corp.	10,202		944,297
Sulzer AG (Reg.)	347		497,779
			9,259,267
TOTAL MACHINERY			13,515,591
MARINE - 0.6%
Marine - 0.6%
Kirby Corp. (a)	10,500		463,470
METALS & MINING - 1.8%
Diversified Metals & Mining - 0.9%
Titanium Metals Corp. (a)(d)	19,670		660,125
Steel - 0.9%
Carpenter Technology Corp.	2,400		312,024
Reliance Steel & Aluminum Co.	5,041		285,018
			597,042
TOTAL METALS & MINING			1,257,167
ROAD & RAIL - 7.8%
Railroads - 4.2%
Burlington Northern Santa Fe Corp.	16,700		1,355,539
Union Pacific Corp.	14,600		1,650,676
			3,006,215

	Shares		Value
Trucking - 3.6%
Hertz Global Holdings, Inc.	25,000		$ 568,000
Knight Transportation, Inc.	15,300		263,313
Landstar System, Inc.	12,356		518,581
Old Dominion Freight Lines, Inc. (a)	21,466		514,540
Ryder System, Inc.	15,000		735,000
			2,599,434
TOTAL ROAD & RAIL			5,605,649
TRADING COMPANIES & DISTRIBUTORS - 0.6%
Trading Companies & Distributors - 0.6%
Rush Enterprises, Inc. Class A (a)	16,632		421,621
TOTAL COMMON STOCKS (Cost $59,245,822)		70,547,004
Nonconvertible Bonds - 0.0%
	Principal Amount
AIRLINES - 0.0%
Airlines - 0.0%
Delta Air Lines, Inc. 8.3% 12/15/29 (a) (Cost $15,608)	$ 540,000		32,400
Money Market Funds - 3.4%
	Shares
Fidelity Cash Central Fund, 5.12% (b)	1,761,862		1,761,862
Fidelity Securities Lending Cash Central Fund, 5.17% (b)(c)	679,000		679,000
TOTAL MONEY MARKET FUNDS (Cost $2,440,862)		2,440,862

TOTAL INVESTMENT PORTFOLIO - 101.8%

(Cost $61,702,292)

73,020,266

NET OTHER ASSETS - (1.8)%			(1,314,866)
NET ASSETS - 100%		$ 71,705,400

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 25,755
Fidelity Securities Lending Cash Central Fund	3,606
Total	$ 29,361

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $61,799,567. Net unrealized appreciation aggregated $11,220,699, of which $12,566,836 related to appreciated investment securities and $1,346,137 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
International Capital Appreciation Portfolio

September 30, 2007

1.822576.102

VIPCAP-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 82.7%
	Shares		Value
Argentina - 2.2%
Cresud S.A.C.I.F. y A. sponsored ADR	37,262		$ 846,593
Inversiones y Representaciones SA sponsored GDR (a)	17,800		282,486
Pampa Holding SA (a)	691,289		605,797
Pampa Holding SA GDR (a)(e)	1,800		39,435
TOTAL ARGENTINA			1,774,311
Australia - 0.0%
Newcrest Mining Ltd.	1,316		32,712
Canada - 20.8%
Abitibi-Consolidated, Inc. (a)	867,300		1,534,890
Absolut Resources Corp. (a)	111,000		64,736
Aquiline Resources, Inc. (a)	163,600		1,677,949
Aquiline Resources, Inc. (a)(e)	32,400		332,308
Canadian Natural Resources Ltd.	16,300		1,238,439
Canfor Corp. (a)	122,000		1,355,556
Catalyst Paper Corp. (a)	862,700		1,639,520
European Goldfields Ltd. (a)	235,400		1,387,073
Guyana Goldfields, Inc. (a)	41,100		409,140
IAMGOLD Corp.	187,100		1,627,366
Meridian Gold, Inc. (a)	13,500		446,850
NuVista Energy Ltd. (a)	26,600		367,773
ProEx Energy Ltd. (a)	51,000		725,128
Saskatchewan Wheat Pool, Inc. (a)	18,800		219,286
Saskatchewan Wheat Pool, Inc. (a)(e)	109,800		1,280,724
Suncor Energy, Inc.	8,200		778,856
Trican Well Service Ltd.	76,500		1,557,692
TOTAL CANADA			16,643,286
Cayman Islands - 1.0%
Apex Silver Mines Ltd. (a)	41,000		797,450
Czech Republic - 2.3%
Philip Morris CR AS	3,550		1,818,176
France - 2.7%
Sanofi-Aventis sponsored ADR	50,400		2,137,968
Germany - 4.3%
E.ON AG	13,900		2,559,129
Lanxess AG	19,300		915,926
TOTAL GERMANY			3,475,055
Hong Kong - 4.6%
Hutchison Whampoa Ltd.	349,000		3,732,942
India - 1.2%
Reliance Industries Ltd.	17,009		985,566
Japan - 22.2%
Aioi Insurance Co. Ltd.	188,000		1,093,080
Kose Corp.	71,600		1,900,775
Kubota Corp.	353,000		2,882,743

	Shares		Value
Kubota Corp. sponsored ADR (d)	11,700		$ 478,062
Millea Holdings, Inc.	27,763		1,109,132
Mitsui Marine & Fire Insurance Co. Ltd.	89,000		1,040,789
Nissin Healthcare Food Service Co.	10,900		151,797
Parco Co. Ltd.	62,900		839,287
Seino Holdings Co. Ltd.	38,200		352,774
SFCG Co. Ltd.	8,070		1,130,179
Shinsei Bank Ltd.	773,000		2,423,669
Takeda Pharamaceutical Co. Ltd.	44,800		3,141,183
Tokyo Steel Manufacturing Co. Ltd.	21,200		329,191
Torii Pharmaceutical Co. Ltd.	8,300		145,931
Tsutsumi Jewelry Co. Ltd.	15,300		371,547
USS Co. Ltd.	5,800		381,147
TOTAL JAPAN			17,771,286
Korea (South) - 0.0%
Samwhan Corp.	760		26,284
Netherlands - 1.9%
Koninklijke Philips Electronics NV	33,600		1,509,984
Philippines - 1.4%
DMCI Holdings, Inc.	2,218,000		446,544
Semirara Mining Corp.	847,700		647,028
TOTAL PHILIPPINES			1,093,572
South Africa - 5.1%
Gold Fields Ltd.	25,900		468,531
Gold Fields Ltd. sponsored ADR	202,100		3,655,989
TOTAL SOUTH AFRICA			4,124,520
Switzerland - 2.5%
Actelion Ltd. (Reg.) (a)	36,599		2,027,776
Taiwan - 2.5%
Taiwan Mobile Co. Ltd.	1,462,000		1,989,055
United Kingdom - 1.4%
Benfield Group PLC	187,773		1,114,268
United States of America - 6.6%
Bowater, Inc. (d)	81,400		1,214,488
Deere & Co.	200		29,684
Synthes, Inc.	17,311		1,937,571
Virgin Media, Inc.	86,085		2,089,283
TOTAL UNITED STATES OF AMERICA			5,271,026
TOTAL COMMON STOCKS (Cost $63,440,801)		66,325,237
Nonconvertible Preferred Stocks - 1.6%

Italy - 1.6%
Istituto Finanziario Industriale SpA (IFI) (a) (Cost $1,282,615)	32,800		1,263,333

Government Obligations - 4.7%
		Principal Amount		Value
Finland - 1.9%
Finnish Government 0.3% 10/18/07	JPY	171,700,000		$ 1,493,726
Japan - 1.9%
Japan Government 0.6503% 11/5/07	JPY	180,000,000		1,565,956
Switzerland - 0.9%
Switzerland Confederation 4.25% 1/8/08	CHF	860,000		742,061
TOTAL GOVERNMENT OBLIGATIONS (Cost $3,646,661)			3,801,743

Money Market Funds - 12.0%
	Shares
Fidelity Cash Central Fund, 5.12% (b)	7,968,611		7,968,611
Fidelity Securities Lending Cash Central Fund, 5.17% (b)(c)	1,629,000		1,629,000
TOTAL MONEY MARKET FUNDS (Cost $9,597,611)		9,597,611

TOTAL INVESTMENT PORTFOLIO - 101.0%

(Cost $77,967,688)

80,987,924

NET OTHER ASSETS - (1.0)%			(831,037)
NET ASSETS - 100%		$ 80,156,887

Forward Foreign Currency Contracts
	Settlement Dates	Value	Unrealized Appreciation/ (Depreciation)
Contracts to Buy
477,869 AUD	Oct. 2007	$ 423,911	$ 23,911
473,140 CHF	Oct. 2007	406,973	6,973
1,367,084 EUR	Oct. 2007	1,950,377	50,377
640,830 GBP	Oct. 2007	1,310,818	10,818
136,525,200 JPY	Oct. 2007	1,190,835	(9,165)
		$ 5,282,914	$ 82,914

(Payable Amount $5,200,000)

The value of contracts to buy as a percentage of net assets - 6.5%

Currency Abbreviations
AUD	-	Australian dollar
CHF	-	Swiss franc
EUR	-	European Monetary Unit
GBP	-	British pound
JPY	-	Japanese yen

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 275,766
Fidelity Securities Lending Cash Central Fund	28,077
Total	$ 303,843

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $78,426,499. Net unrealized appreciation aggregated $2,561,425, of which $6,955,729 related to appreciated investment securities and $4,394,304 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Indexed securities are marked-to-market daily based on dealer-supplied valuations. Forward foreign currency contracts are valued using spot rates and forward points as reported by an independent pricing service. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Materials Portfolio

September 30, 2007

1.856922.100

VMATP-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.9%
	Shares		Value
CHEMICALS - 51.6%
Commodity Chemicals - 3.9%
Celanese Corp. Class A	11,300		$ 440,474
Lyondell Chemical Co.	6,400		296,640
			737,114
Diversified Chemicals - 17.7%
Cabot Corp.	2,900		103,037
Dow Chemical Co.	18,300		787,998
E.I. du Pont de Nemours & Co.	27,900		1,382,724
Eastman Chemical Co.	2,600		173,498
FMC Corp.	3,000		156,060
Hercules, Inc.	8,500		178,670
Huntsman Corp.	3,200		84,768
Olin Corp.	4,600		102,948
PPG Industries, Inc.	4,700		355,085
			3,324,788
Fertilizers & Agricultural Chemicals - 10.7%
Agrium, Inc.	3,700		201,575
Monsanto Co.	17,000		1,457,579
The Mosaic Co. (a)	6,600		353,232
			2,012,386
Industrial Gases - 8.9%
Air Products & Chemicals, Inc.	6,300		615,888
Airgas, Inc.	6,400		330,432
Praxair, Inc.	8,500		711,960
			1,658,280
Specialty Chemicals - 10.4%
Albemarle Corp.	4,300		190,060
Chemtura Corp.	6,300		56,007
Cytec Industries, Inc.	1,300		88,907
Ecolab, Inc.	7,700		363,440
H.B. Fuller Co.	5,200		154,336
Lubrizol Corp.	2,800		182,168
Minerals Technologies, Inc.	1,220		81,740
Nalco Holding Co.	7,200		213,480
Rohm & Haas Co.	6,400		356,288
Sigma Aldrich Corp.	3,500		170,590
Valspar Corp.	2,600		70,746
Zoltek Companies, Inc. (a)	641		27,967
			1,955,729
TOTAL CHEMICALS			9,688,297
CONSTRUCTION MATERIALS - 2.4%
Construction Materials - 2.4%
Martin Marietta Materials, Inc.	500		66,775
Polaris Minerals Corp. (a)	10,200		143,590
Polaris Minerals Corp. (a)(c)	6,200		87,280
Vulcan Materials Co.	1,800		160,470
			458,115

	Shares		Value
CONTAINERS & PACKAGING - 4.0%
Metal & Glass Containers - 1.7%
Ball Corp.	1,500		$ 80,625
Crown Holdings, Inc. (a)	2,900		66,004
Owens-Illinois, Inc. (a)	2,700		111,915
Pactiv Corp. (a)	2,200		63,052
			321,596
Paper Packaging - 2.3%
Bemis Co., Inc.	2,200		64,042
Packaging Corp. of America	5,800		168,606
Smurfit-Stone Container Corp. (a)	6,300		73,584
Temple-Inland, Inc.	2,400		126,312
			432,544
TOTAL CONTAINERS & PACKAGING			754,140
INDUSTRIAL CONGLOMERATES - 2.7%
Industrial Conglomerates - 2.7%
3M Co.	5,400		505,332
METALS & MINING - 25.4%
Aluminum - 4.0%
Alcoa, Inc.	19,400		758,928
Diversified Metals & Mining - 7.0%
Freeport-McMoRan Copper & Gold, Inc. Class B	9,100		954,499
Rio Tinto PLC sponsored ADR	300		103,020
Titanium Metals Corp. (a)	7,800		261,768
			1,319,287
Gold - 2.4%
Goldcorp, Inc.	5,800		177,295
Newmont Mining Corp.	6,200		277,326
			454,621
Steel - 12.0%
Allegheny Technologies, Inc.	2,100		230,895
ArcelorMittal SA (NY Shares) Class A	2,600		203,736
Carpenter Technology Corp.	1,700		221,017
Commercial Metals Co.	2,300		72,795
Nucor Corp.	8,600		511,442
Reliance Steel & Aluminum Co.	5,400		305,316
Ryerson Tull, Inc.	3,600		121,464
Steel Dynamics, Inc.	6,300		294,210
United States Steel Corp.	2,700		286,038
			2,246,913
TOTAL METALS & MINING			4,779,749
OIL, GAS & CONSUMABLE FUELS - 1.6%
Coal & Consumable Fuels - 1.6%
Cameco Corp.	1,600		73,814
Coalcorp Mining, Inc. (a)	18,271		59,709
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Coal & Consumable Fuels - continued
CONSOL Energy, Inc.	1,700		$ 79,220
Peabody Energy Corp.	1,700		81,379
			294,122
PAPER & FOREST PRODUCTS - 4.7%
Forest Products - 2.5%
Deltic Timber Corp.	1,600		91,072
Weyerhaeuser Co.	5,100		368,730
			459,802
Paper Products - 2.2%
Glatfelter	5,965		88,521
International Paper Co.	7,400		265,438
MeadWestvaco Corp.	2,300		67,919
			421,878
TOTAL PAPER & FOREST PRODUCTS			881,680
REAL ESTATE INVESTMENT TRUSTS - 0.5%
Specialized REITs - 0.5%
Potlatch Corp.	2,100		94,563
TOTAL COMMON STOCKS (Cost $16,134,564)		17,455,998
Money Market Funds - 6.5%
	Shares		Value
Fidelity Cash Central Fund, 5.12% (b) (Cost $1,221,048)	1,221,048		$ 1,221,048

TOTAL INVESTMENT PORTFOLIO - 99.4%

(Cost $17,355,612)

18,677,046

NET OTHER ASSETS - 0.6%			118,937
NET ASSETS - 100%		$ 18,795,983

Legend

(a) Non-income producing

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $87,280 or 0.5% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 18,148

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $17,398,161. Net unrealized appreciation aggregated $1,278,885, of which $1,733,815 related to appreciated investment securities and $454,930 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Real Estate Portfolio

September 30, 2007

1.808791.103

VIPRE-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.9%
Diversified Commercial & Professional Services - 0.9%
Corrections Corp. of America (a)	51,200		$ 1,339,904
HEALTH CARE PROVIDERS & SERVICES - 1.3%
Health Care Facilities - 1.3%
Brookdale Senior Living, Inc.	15,500		617,055
Capital Senior Living Corp. (a)	55,200		464,784
Emeritus Corp. (a)	14,400		390,240
Sun Healthcare Group, Inc. (a)	28,100		469,551
TOTAL HEALTH CARE FACILITIES			1,941,630
HOTELS, RESTAURANTS & LEISURE - 1.8%
Hotels, Resorts & Cruise Lines - 1.8%
Gaylord Entertainment Co. (a)	19,600		1,043,112
Starwood Hotels & Resorts Worldwide, Inc.	24,500		1,488,375
TOTAL HOTELS, RESORTS & CRUISE LINES			2,531,487
HOUSEHOLD DURABLES - 0.0%
Homebuilding - 0.0%
Standard Pacific Corp.	3,500		19,215
REAL ESTATE INVESTMENT TRUSTS - 90.0%
Industrial REITs - 1.4%
DCT Industrial Trust, Inc.	185,200		1,939,044
REITs - Apartments - 19.5%
Apartment Investment & Management Co. Class A	42,400		1,913,512
Archstone-Smith Trust	64,600		3,885,044
AvalonBay Communities, Inc.	45,400		5,359,924
BRE Properties, Inc. Class A	73,300		4,099,669
Equity Residential (SBI)	121,200		5,134,032
GMH Communities Trust	81,500		631,625
Home Properties, Inc.	95,300		4,972,754
Pennsylvania (REIT) (SBI)	46,200		1,799,028
TOTAL REITS - APARTMENTS			27,795,588
REITs - Factory Outlets - 1.8%
Tanger Factory Outlet Centers, Inc.	63,700		2,585,583
REITs - Health Care Facilities - 1.0%
Healthcare Realty Trust, Inc.	40,300		1,074,398

	Shares		Value
Senior Housing Properties Trust (SBI)	13,100		$ 288,986
Ventas, Inc.	1,900		78,660
TOTAL REITS - HEALTH CARE FACILITIES			1,442,044
REITs - Hotels - 7.4%
Host Hotels & Resorts, Inc.	205,647		4,614,719
LaSalle Hotel Properties (SBI)	76,000		3,198,080
Strategic Hotel & Resorts, Inc.	132,000		2,717,880
TOTAL REITS - HOTELS			10,530,679
REITs - Industrial Buildings - 12.6%
Duke Realty LP	51,520		1,741,891
ProLogis Trust	137,816		9,144,092
Public Storage	91,040		7,160,296
TOTAL REITS - INDUSTRIAL BUILDINGS			18,046,279
REITs - Malls - 15.5%
General Growth Properties, Inc.	158,051		8,474,695
Simon Property Group, Inc.	124,540		12,453,999
Taubman Centers, Inc.	22,000		1,204,500
TOTAL REITS - MALLS			22,133,194
REITs - Management/Investment - 1.0%
Equity Lifestyle Properties, Inc.	20,541		1,064,024
Unibail-Rodamco	1,600		411,806
TOTAL REITS - MANAGEMENT/INVESTMENT			1,475,830
REITs - Office Buildings - 17.0%
Alexandria Real Estate Equities, Inc.	47,700		4,591,602
American Financial Realty Trust (SBI)	156,300		1,258,215
Boston Properties, Inc.	47,800		4,966,420
Corporate Office Properties Trust (SBI)	98,100		4,083,903
Highwoods Properties, Inc. (SBI)	91,800		3,366,306
Kilroy Realty Corp.	51,000		3,092,130
SL Green Realty Corp.	25,600		2,989,312
TOTAL REITS - OFFICE BUILDINGS			24,347,888
REITs - Shopping Centers - 11.6%
Developers Diversified Realty Corp.	72,100		4,028,227
Equity One, Inc.	12,100		329,120
Inland Real Estate Corp.	202,900		3,142,921
Kimco Realty Corp.	62,515		2,826,303
Vornado Realty Trust	56,800		6,211,080
TOTAL REITS - SHOPPING CENTERS			16,537,651
Residential REITs - 1.0%
UDR, Inc.	58,600		1,425,152
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
Specialized REITs - 0.2%
HCP, Inc.	6,700		$ 222,239
TOTAL REAL ESTATE INVESTMENT TRUSTS			128,481,171
REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.7%
Real Estate Management & Development - 3.7%
Brookfield Properties Corp.	194,450		4,841,805
Grubb & Ellis Co. (a)	44,600		414,780
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			5,256,585
TOTAL COMMON STOCKS (Cost $110,213,794)		139,569,992
Money Market Funds - 1.0%
	Shares		Value
Fidelity Cash Central Fund, 5.12% (b) (Cost $1,354,390)	1,354,390		$ 1,354,390

TOTAL INVESTMENT PORTFOLIO - 98.7%

(Cost $111,568,184)

140,924,382

NET OTHER ASSETS - 1.3%			1,874,812
NET ASSETS - 100%		$ 142,799,194

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 116,818

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $112,026,936. Net unrealized appreciation aggregated $28,897,446, of which $33,271,417 related to appreciated investment securities and $4,373,971 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Technology Portfolio

September 30, 2007

1.807723.103

VTC-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 1.3%
Diversified Commercial & Professional Services - 1.0%
China Security & Surveillance Technology, Inc. (a)	28,500		$ 692,550
Equifax, Inc.	1,000		38,120
Intermap Technologies Corp. (a)	40,000		249,372
			980,042
Human Resource & Employment Services - 0.3%
Kenexa Corp. (a)	7,800		240,084
TOTAL COMMERCIAL SERVICES & SUPPLIES			1,220,126
COMMUNICATIONS EQUIPMENT - 27.5%
Communications Equipment - 27.5%
AAC Acoustic Technology Holdings, Inc. (a)	286,000		352,816
Adtran, Inc.	7,900		181,937
ADVA AG Optical Networking (a)	21,525		185,703
Airvana, Inc.	53,100		321,255
AudioCodes Ltd. (a)	43,550		238,219
Avocent Corp. (a)	30,600		891,072
Balda AG (a)	15,400		148,233
Blue Coat Systems, Inc. (a)	7,400		582,824
Cisco Systems, Inc. (a)	242,700		8,035,794
CommScope, Inc. (a)	1,600		80,384
Comtech Group, Inc. (a)	53,199		968,754
Comverse Technology, Inc. (a)	19,170		379,566
CyberTAN Technology, Inc.	30,000		106,634
Delta Networks, Inc.	195,000		82,778
ECI Telecom Ltd. (a)	23,582		234,877
Extreme Networks, Inc. (a)	35,700		137,088
F5 Networks, Inc. (a)	88,026		3,273,687
Finisar Corp. (a)	88,129		246,761
Foundry Networks, Inc. (a)	29,000		515,330
Foxconn International Holdings Ltd. (a)	271,000		742,528
Harris Stratex Networks, Inc. Class A (a)	19,900		347,653
Infinera Corp.	200		4,030
Ixia (a)	32,700		285,144
Juniper Networks, Inc. (a)	49,996		1,830,354
Mogem Co. Ltd.	31,554		207,222
Motorola, Inc.	38,000		704,140
Nokia Corp. sponsored ADR	17,500		663,775
Opnext, Inc.	17,609		204,264
Powerwave Technologies, Inc. (a)	115,000		708,400
RADWARE Ltd. (a)	4,903		76,928
Research In Motion Ltd. (a)	34,290		3,379,280
Riverbed Technology, Inc.	2,500		100,975
Sonus Networks, Inc. (a)	77,600		473,360
Starent Networks Corp.	100		2,111
			26,693,876
COMPUTERS & PERIPHERALS - 14.8%
Computer Hardware - 7.4%
Apple, Inc. (a)	29,145		4,474,923

	Shares		Value
Concurrent Computer Corp. (a)	143,236		$ 186,207
Cray, Inc. (a)	52,700		379,440
Diebold, Inc.	14,300		649,506
Foxconn Technology Co. Ltd.	14,000		162,157
High Tech Computer Corp.	6,500		95,304
Palm, Inc. (a)	19,900		323,773
Sun Microsystems, Inc. (a)	163,100		914,991
			7,186,301
Computer Storage & Peripherals - 7.4%
ASUSTeK Computer, Inc.	119,178		362,628
Brocade Communications Systems, Inc. (a)	113,400		970,704
Data Domain, Inc.	300		9,285
EMC Corp. (a)	78,900		1,641,120
Innolux Display Corp.	32,235		138,284
Netezza Corp.	26,700		334,017
Network Appliance, Inc. (a)	96,000		2,583,360
SanDisk Corp. (a)	21,800		1,201,180
			7,240,578
TOTAL COMPUTERS & PERIPHERALS			14,426,879
DIVERSIFIED CONSUMER SERVICES - 0.9%
Education Services - 0.9%
New Oriental Education & Technology Group, Inc. sponsored ADR	13,000		865,280
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.0%
Alternative Carriers - 0.0%
Aruba Networks, Inc.	900		18,000
ELECTRICAL EQUIPMENT - 1.3%
Electrical Components & Equipment - 1.3%
Evergreen Solar, Inc. (a)(d)	30,803		275,071
General Cable Corp. (a)	900		60,408
Neo-Neon Holdings Ltd.	380,000		493,706
Q-Cells AG	200		20,449
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	6,800		271,320
Superior Essex, Inc. (a)	4,960		184,909
			1,305,863
ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.9%
Electronic Equipment & Instruments - 1.3%
Chi Mei Optoelectronics Corp.	150,080		174,292
Chunghwa Picture Tubes LTD. (a)	514,000		146,475
Cognex Corp.	1,400		24,864
Cyntec Co. Ltd.	45,076		82,182
ENE Technology, Inc.	7,000		39,252
Motech Industries, Inc.	19,400		211,031
Motech Industries, Inc. GDR (a)(e)	8,482		92,170
National Instruments Corp.	7,392		253,767
Tektronix, Inc.	5,100		141,474
Vishay Intertechnology, Inc. (a)	9,700		126,391
			1,291,898
Common Stocks - continued
	Shares		Value
ELECTRONIC EQUIPMENT & INSTRUMENTS - CONTINUED
Electronic Manufacturing Services - 2.3%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	97,848		$ 737,570
Jabil Circuit, Inc.	32,400		740,016
KEMET Corp. (a)	28,832		211,915
Molex, Inc.	9,200		247,756
Trimble Navigation Ltd. (a)	6,100		239,181
TTM Technologies, Inc. (a)	4,500		52,065
			2,228,503
Technology Distributors - 0.3%
Mellanox Technologies Ltd.	14,100		275,373
TOTAL ELECTRONIC EQUIPMENT & INSTRUMENTS			3,795,774
HEALTH CARE PROVIDERS & SERVICES - 0.0%
Health Care Services - 0.0%
athenahealth, Inc.	100		3,391
HEALTH CARE TECHNOLOGY - 0.2%
Health Care Technology - 0.2%
Cerner Corp. (a)	3,600		215,316
HOUSEHOLD DURABLES - 1.9%
Consumer Electronics - 1.9%
Directed Electronics, Inc. (a)	8,772		35,000
Harman International Industries, Inc.	2,300		198,996
Tele Atlas NV (a)	56,894		1,655,069
			1,889,065
Household Appliances - 0.0%
iRobot Corp. (a)	100		1,988
TOTAL HOUSEHOLD DURABLES			1,891,053
INTERNET & CATALOG RETAIL - 0.0%
Catalog Retail - 0.0%
Acorn International, Inc. sponsored ADR	100		2,067
INTERNET SOFTWARE & SERVICES - 8.5%
Internet Software & Services - 8.5%
Akamai Technologies, Inc. (a)	11,400		327,522
Equinix, Inc. (a)	2,800		248,332
Google, Inc. Class A (sub. vtg.) (a)	10,550		5,984,699
Greenfield Online, Inc. (a)	10,300		157,075
Internap Network Services Corp. (a)	6,100		86,437
LivePerson, Inc. (a)	38,900		239,624
Omniture, Inc. (a)	21,900		664,008
Openwave Systems, Inc.	32,533		142,495
Switch & Data Facilities Co., Inc.	300		4,887
TechTarget, Inc.	300		5,070
Visual Sciences, Inc. (a)(d)	25,105		362,516
			8,222,665

	Shares		Value
IT SERVICES - 2.7%
Data Processing & Outsourced Services - 0.8%
ExlService Holdings, Inc.	9,300		$ 197,718
The Western Union Co.	16,900		354,393
WNS Holdings Ltd. ADR (a)	10,000		172,000
			724,111
IT Consulting & Other Services - 1.9%
Cognizant Technology Solutions Corp. Class A (a)	15,500		1,236,435
RightNow Technologies, Inc. (a)	33,052		531,807
Satyam Computer Services Ltd. sponsored ADR	4,600		119,094
			1,887,336
TOTAL IT SERVICES			2,611,447
MACHINERY - 0.3%
Industrial Machinery - 0.3%
Hi-P International Ltd.	441,000		210,763
Shin Zu Shing Co. Ltd.	11,250		85,491
			296,254
MEDIA - 0.4%
Advertising - 0.4%
Focus Media Holding Ltd. ADR (a)(d)	6,500		377,130
Publishing - 0.0%
Gemstar-TV Guide International, Inc. (a)	178		1,239
TOTAL MEDIA			378,369
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
Real Estate Management & Development - 0.1%
Move, Inc. (a)	25,400		70,104
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 21.6%
Semiconductor Equipment - 2.2%
Applied Materials, Inc.	28,800		596,160
ASML Holding NV (NY Shares) (a)	10,900		358,174
FormFactor, Inc. (a)	5,600		248,472
Global Unichip Corp.	20,317		158,751
LTX Corp. (a)	43,300		154,581
PDF Solutions, Inc. (a)	1,700		16,796
Rudolph Technologies, Inc. (a)	4,180		57,809
Tessera Technologies, Inc. (a)	13,700		513,750
			2,104,493
Semiconductors - 19.4%
Advanced Analog Technology, Inc.	48,260		242,520
Advanced Micro Devices, Inc. (a)(d)	138,564		1,829,045
Altera Corp.	20,500		493,640
Anpec Electronics Corp.	33,509		111,919
Applied Micro Circuits Corp. (a)	117,500		371,300
Atheros Communications, Inc. (a)	14,200		425,574
Atmel Corp. (a)	68,600		353,976
AuthenTec, Inc.	14,100		141,000
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Broadcom Corp. Class A (a)	51,477		$ 1,875,822
Cavium Networks, Inc.	21,900		711,750
Cypress Semiconductor Corp. (a)	25,000		730,250
Elan Microelectronics Corp.	20,000		45,105
Faraday Technology Corp.	30,000		99,280
Formosa Epitaxy, Inc. (a)	93,000		122,537
Global Mixed-mode Technology, Inc.	44,600		334,825
Hittite Microwave Corp. (a)	12,700		560,705
Infineon Technologies AG sponsored ADR (a)	50,200		862,436
Lanoptics Ltd. (a)	14,300		269,698
Marvell Technology Group Ltd. (a)	185,400		3,034,998
Maxim Integrated Products, Inc.	5,000		146,750
MediaTek, Inc.	10,000		180,175
Micrel, Inc.	6,700		72,360
Micron Technology, Inc. (a)	32,500		360,750
Microsemi Corp. (a)	3,500		97,580
Mindspeed Technologies, Inc. (a)	422,210		700,869
Monolithic Power Systems, Inc. (a)	11,400		289,560
MoSys, Inc. (a)	3,300		23,298
NVIDIA Corp. (a)	9,150		331,596
Omnivision Technologies, Inc. (a)	16,300		370,499
PLX Technology, Inc. (a)	4,600		49,680
PMC-Sierra, Inc. (a)	130,100		1,091,539
Richtek Technology Corp.	72,950		867,308
Semtech Corp. (a)	15,500		317,440
Silicon Laboratories, Inc. (a)	6,624		276,618
SiRF Technology Holdings, Inc. (a)	18,800		401,380
Supertex, Inc. (a)	6,700		267,196
Taiwan Semiconductor Co. Ltd.	61,000		127,664
Taiwan Semiconductor Manufacturing Co. Ltd.	414		807
Volterra Semiconductor Corp. (a)	9,600		117,888
Xilinx, Inc.	7,900		206,506
			18,913,843
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			21,018,336
SOFTWARE - 10.5%
Application Software - 4.7%
Ansys, Inc. (a)	11,800		403,206
BladeLogic, Inc.	3,600		92,304
Concur Technologies, Inc. (a)	7,800		245,856
Global Digital Creations Holdings Ltd. (a)	340,000		124,649
Informatica Corp. (a)	16,155		253,634
NAVTEQ Corp. (a)	14,800		1,153,956
Salesforce.com, Inc. (a)	18,400		944,288
Smith Micro Software, Inc. (a)	56,600		908,996
Synopsys, Inc. (a)	4,900		132,692

	Shares		Value
Taleo Corp. Class A (a)	400		$ 10,164
Ulticom, Inc. (a)	35,093		284,253
			4,553,998
Home Entertainment Software - 2.2%
Gameloft (a)	32,800		272,218
Nintendo Co. Ltd.	3,300		1,712,040
Perfect World Co. Ltd. sponsored ADR Class B	200		5,462
THQ, Inc. (a)	3,600		89,928
			2,079,648
Systems Software - 3.6%
Moldflow Corp. (a)	9,600		184,896
Oracle Corp. (a)	43,900		950,435
Quality Systems, Inc.	5,400		197,802
Sandvine Corp. (a)	69,300		468,272
Sandvine Corp. (United Kingdom) (a)	81,788		531,364
Sourcefire, Inc.	100		908
VMware, Inc. Class A	14,100		1,198,500
			3,532,177
TOTAL SOFTWARE			10,165,823
TOTAL COMMON STOCKS (Cost $78,128,025)		93,200,623
Convertible Bonds - 0.1%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.1%
Communications Equipment - 0.1%
Ciena Corp. 0.25% 5/1/13 (Cost $120,000)	$ 120,000		128,758
Money Market Funds - 7.4%
	Shares
Fidelity Cash Central Fund, 5.12% (b)	5,030,111		5,030,111
Fidelity Securities Lending Cash Central Fund, 5.17% (b)(c)	2,123,825		2,123,825
TOTAL MONEY MARKET FUNDS (Cost $7,153,936)		7,153,936

TOTAL INVESTMENT PORTFOLIO - 103.4%

(Cost $85,401,961)

100,483,317

NET OTHER ASSETS - (3.4)%			(3,312,519)
NET ASSETS - 100%		$ 97,170,798

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 57,402
Fidelity Securities Lending Cash Central Fund	19,903
Total	$ 77,305

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $85,714,543. Net unrealized appreciation aggregated $14,768,774, of which $18,446,647 related to appreciated investment securities and $3,677,873 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Telecommunications Portfolio

September 30, 2007

1.856920.100

VTELP-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.6%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 2.8%
Communications Equipment - 2.8%
Juniper Networks, Inc. (a)	300		$ 10,983
Sonus Networks, Inc. (a)	700		4,270
Starent Networks Corp.	17,004		358,954
			374,207
DIVERSIFIED TELECOMMUNICATION SERVICES - 57.6%
Alternative Carriers - 14.6%
Aruba Networks, Inc.	13,705		274,100
Cable & Wireless PLC	47,600		179,219
Cogent Communications Group, Inc. (a)	8,100		189,054
Global Crossing Ltd. (a)	3,600		75,888
Level 3 Communications, Inc. (a)	141,300		657,045
PAETEC Holding Corp. (a)	2,000		24,940
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)	27,000		593,190
			1,993,436
Integrated Telecommunication Services - 43.0%
AT&T, Inc.	70,900		2,999,780
BT Group PLC	103		647
Cbeyond, Inc. (a)	1,486		60,614
Cincinnati Bell, Inc. (a)	14,700		72,618
FairPoint Communications, Inc.	3,100		58,466
NeuStar, Inc. Class A (a)	1,300		44,577
NTELOS Holdings Corp.	9,600		282,816
Qwest Communications International, Inc. (a)	130,300		1,193,548
Telefonica SA	1,800		50,268
Telefonica SA sponsored ADR	1,800		150,804
Telenor ASA	1,800		36,240
Telenor ASA sponsored ADR	100		6,040
Verizon Communications, Inc.	20,200		894,456
Windstream Corp.	1,000		14,120
			5,864,994
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			7,858,430
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.1%
Electronic Manufacturing Services - 0.1%
Trimble Navigation Ltd. (a)	200		7,842
INTERNET SOFTWARE & SERVICES - 3.1%
Internet Software & Services - 3.1%
Google, Inc. Class A (sub. vtg.) (a)	30		17,018
SAVVIS, Inc. (a)	10,600		411,068
			428,086

	Shares		Value
MEDIA - 0.1%
Broadcasting & Cable TV - 0.1%
Virgin Media, Inc.	500		$ 12,135
SOFTWARE - 10.2%
Application Software - 7.7%
Smith Micro Software, Inc. (a)	9,400		150,964
Synchronoss Technologies, Inc. (a)	21,237		893,228
			1,044,192
Home Entertainment Software - 2.3%
Gameloft (a)	32,714		271,504
Glu Mobile, Inc.	5,189		47,064
			318,568
Systems Software - 0.2%
Sandvine Corp. (a)	4,600		31,083
TOTAL SOFTWARE			1,393,843
WIRELESS TELECOMMUNICATION SERVICES - 18.7%
Wireless Telecommunication Services - 18.7%
America Movil SAB de CV Series L sponsored ADR	1,600		102,400
American Tower Corp. Class A (a)	9,100		396,214
Bharti Airtel Ltd. (a)	11,619		279,718
Centennial Communications Corp. Class A (a)	2,600		26,312
Clearwire Corp.	400		9,776
Crown Castle International Corp. (a)	11,000		446,930
Dobson Communications Corp. Class A (a)	400		5,116
InPhonic, Inc. (a)	1,000		2,750
Leap Wireless International, Inc. (a)	1,500		122,055
MetroPCS Communications, Inc.	1,057		28,835
NII Holdings, Inc. (a)	300		24,645
Orascom Telecom Holding SAE unit	800		52,320
Rural Cellular Corp. Class A (a)	400		17,400
SBA Communications Corp. Class A (a)	12,236		431,686
Sprint Nextel Corp.	18,600		353,400
Vodafone Group PLC sponsored ADR	6,900		250,470
			2,550,027
TOTAL COMMON STOCKS (Cost $11,850,554)		12,624,570
Money Market Funds - 4.7%
	Shares		Value
Fidelity Cash Central Fund, 5.12% (b) (Cost $646,453)	646,453		$ 646,453

TOTAL INVESTMENT PORTFOLIO - 97.3%

(Cost $12,497,007)

13,271,023

NET OTHER ASSETS - 2.7%			364,370
NET ASSETS - 100%		$ 13,635,393

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,343

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $12,513,746. Net unrealized appreciation aggregated $757,277, of which $1,144,018 related to appreciated investment securities and $386,741 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Utilities Portfolio

September 30, 2007

1.807738.103

VUT-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.5%
	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - 0.2%
Other Diversifed Financial Services - 0.2%
Hicks Acquisition Co. I, Inc. unit	25,600		$ 254,720
ELECTRIC UTILITIES - 45.8%
Electric Utilities - 45.8%
Allegheny Energy, Inc.	81,400		4,253,964
American Electric Power Co., Inc.	107,800		4,967,424
DPL, Inc.	28,400		745,784
Edison International	72,600		4,025,670
Entergy Corp.	71,500		7,742,735
Exelon Corp. (d)	155,000		11,680,799
FirstEnergy Corp.	70,320		4,454,069
FPL Group, Inc.	80,400		4,894,752
Great Plains Energy, Inc.	19,500		561,795
ITC Holdings Corp.	9,700		480,635
Northeast Utilities	36,300		1,037,091
Pepco Holdings, Inc.	40,400		1,094,032
PPL Corp.	180,500		8,357,150
Reliant Energy, Inc. (a)	73,700		1,886,720
Sierra Pacific Resources	52,400		824,252
			57,006,872
GAS UTILITIES - 6.6%
Gas Utilities - 6.6%
Energen Corp.	16,100		919,632
Equitable Resources, Inc.	29,200		1,514,604
National Fuel Gas Co.	18,700		875,347
Questar Corp.	39,000		2,048,670
Southern Union Co.	92,100		2,865,231
			8,223,484
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 25.2%
Independent Power Producers & Energy Traders - 25.2%
AES Corp. (a)	425,350		8,524,014
Constellation Energy Group, Inc.	91,900		7,884,101
Dynegy, Inc. Class A (a)	117,500		1,085,700
Mirant Corp. (a)	60,200		2,448,936
NRG Energy, Inc. (a)	115,200		4,871,808
TXU Corp.	96,680		6,619,680
			31,434,239
MULTI-UTILITIES - 22.1%
Multi-Utilities - 22.1%
Ameren Corp.	66,600		3,496,500

	Shares		Value
CenterPoint Energy, Inc. (d)	93,500		$ 1,498,805
CMS Energy Corp. (d)	170,710		2,871,342
DTE Energy Co.	41,700		2,019,948
PG&E Corp.	99,300		4,746,540
Public Service Enterprise Group, Inc.	62,100		5,464,179
Sempra Energy	78,300		4,550,796
Wisconsin Energy Corp.	25,900		1,166,277
Xcel Energy, Inc.	81,900		1,764,126
			27,578,513
WATER UTILITIES - 0.6%
Water Utilities - 0.6%
Aqua America, Inc. (d)	33,400		757,512
TOTAL COMMON STOCKS (Cost $109,061,861)		125,255,340
Money Market Funds - 11.6%

Fidelity Cash Central Fund, 5.12% (b)	149,747		149,747
Fidelity Securities Lending Cash Central Fund, 5.17% (b)(c)	14,324,375		14,324,375
TOTAL MONEY MARKET FUNDS (Cost $14,474,122)		14,474,122

TOTAL INVESTMENT PORTFOLIO - 112.1%

(Cost $123,535,983)

139,729,462

NET OTHER ASSETS - (12.1)%			(15,107,271)
NET ASSETS - 100%		$ 124,622,191

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 235,835
Fidelity Securities Lending Cash Central Fund	15,288
Total	$ 251,123

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $123,740,296. Net unrealized appreciation aggregated $15,989,166, of which $17,575,994 related to appreciated investment securities and $1,586,828 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Value Leaders Portfolio

September 30, 2007

1.808797.103

VVL-QTLY-1107

Investments September 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value
CONSUMER DISCRETIONARY - 6.7%
Automobiles - 0.7%
General Motors Corp. (d)	9,300		$ 341,310
Renault SA	1,700		246,347
			587,657
Hotels, Restaurants & Leisure - 0.3%
McDonald's Corp.	5,540		301,764
Household Durables - 1.2%
Bassett Furniture Industries, Inc.	4,961		51,495
Beazer Homes USA, Inc.	7,466		61,595
KB Home	24,500		613,970
Standard Pacific Corp. (d)	25,200		138,348
Whirlpool Corp.	1,700		151,470
			1,016,878
Leisure Equipment & Products - 0.7%
Brunswick Corp.	6,300		144,018
Eastman Kodak Co.	8,420		225,319
Mattel, Inc.	9,700		227,562
			596,899
Media - 1.5%
News Corp. Class A	14,800		325,452
Regal Entertainment Group Class A	10,700		234,865
Time Warner, Inc.	39,500		725,220
			1,285,537
Multiline Retail - 0.6%
Retail Ventures, Inc. (a)	8,300		86,403
Sears Holdings Corp. (a)(d)	2,800		356,160
Tuesday Morning Corp.	5,300		47,647
			490,210
Specialty Retail - 1.5%
Advance Auto Parts, Inc.	5,800		194,648
Home Depot, Inc.	5,850		189,774
PETsMART, Inc.	6,900		220,110
Ross Stores, Inc.	10,500		269,220
Staples, Inc.	8,000		171,920
Williams-Sonoma, Inc.	7,200		234,864
			1,280,536
Textiles, Apparel & Luxury Goods - 0.2%
Liz Claiborne, Inc.	6,600		226,578
TOTAL CONSUMER DISCRETIONARY			5,786,059
CONSUMER STAPLES - 7.4%
Food & Staples Retailing - 1.0%
Rite Aid Corp. (a)(d)	37,900		175,098
SUPERVALU, Inc.	4,600		179,446
Wal-Mart Stores, Inc.	6,500		283,725
Winn-Dixie Stores, Inc. (a)	11,700		219,024
			857,293
Food Products - 2.1%
Cermaq ASA	11,200		207,754

	Shares		Value
Chiquita Brands International, Inc. (a)(d)	13,000		$ 205,790
Marine Harvest ASA (a)	256,000		325,758
Nestle SA (Reg.)	1,861		832,984
Tyson Foods, Inc. Class A	10,400		185,640
			1,757,926
Household Products - 2.4%
Central Garden & Pet Co. Class A (non-vtg.) (a)	16,500		148,170
Procter & Gamble Co.	27,500		1,934,350
			2,082,520
Tobacco - 1.9%
Altria Group, Inc.	9,100		632,723
British American Tobacco PLC sponsored ADR	14,200		1,022,116
			1,654,839
TOTAL CONSUMER STAPLES			6,352,578
ENERGY - 16.5%
Energy Equipment & Services - 3.1%
Exterran Holdings, Inc. (a)	1,847		148,388
National Oilwell Varco, Inc. (a)	7,163		1,035,054
Smith International, Inc.	14,600		1,042,440
Transocean, Inc. (a)	4,000		452,200
			2,678,082
Oil, Gas & Consumable Fuels - 13.4%
Chesapeake Energy Corp.	6,700		236,242
ConocoPhillips	42,280		3,710,916
CONSOL Energy, Inc.	8,000		372,800
EnCana Corp.	3,700		228,808
EOG Resources, Inc.	10,800		781,164
EXCO Resources, Inc. (a)	9,800		162,092
Exxon Mobil Corp.	24,100		2,230,696
Occidental Petroleum Corp.	15,600		999,648
Quicksilver Resources, Inc. (a)	10,400		489,320
Suncor Energy, Inc.	3,300		313,442
Ultra Petroleum Corp. (a)	15,900		986,436
Uranium One, Inc. (a)	9,800		129,583
Valero Energy Corp.	14,300		960,674
			11,601,821
TOTAL ENERGY			14,279,903
FINANCIALS - 31.0%
Capital Markets - 4.1%
Ares Capital Corp.	9,700		157,819
Bear Stearns Companies, Inc.	3,500		429,835
Charles Schwab Corp.	7,968		172,109
Franklin Resources, Inc.	1,900		242,250
Goldman Sachs Group, Inc.	1,900		411,806
Julius Baer Holding AG (Bearer)	3,191		238,609
KKR Private Equity Investors, LP	12,838		254,192
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
KKR Private Equity Investors, LP Restricted Depositary Units (e)	1,700		$ 33,660
Legg Mason, Inc.	2,900		244,441
Lehman Brothers Holdings, Inc.	6,500		401,245
Nomura Holdings, Inc.	6,200		103,230
State Street Corp.	12,494		851,591
			3,540,787
Commercial Banks - 2.8%
Associated Banc-Corp.	6,058		179,499
Commerce Bancorp, Inc.	8,800		341,264
HSBC Holdings PLC sponsored ADR	3,700		342,620
Mizuho Financial Group, Inc.	20		112,936
Siam City Bank PCL NVDR	271,400		140,195
Sterling Financial Corp., Washington	6,700		180,297
Unicredito Italiano SpA	25,000		213,900
Wachovia Corp.	18,201		912,780
			2,423,491
Consumer Finance - 0.2%
Discover Financial Services (a)	6,750		140,400
Diversified Financial Services - 11.1%
Bank of America Corp.	76,008		3,820,922
Citigroup, Inc.	76,800		3,584,256
JPMorgan Chase & Co.	46,696		2,139,611
			9,544,789
Insurance - 8.5%
ACE Ltd.	13,820		837,077
AMBAC Financial Group, Inc.	5,585		351,352
American International Group, Inc.	44,560		3,014,484
Argo Group International Holdings, Ltd. (a)	4,952		215,462
Assurant, Inc.	4,600		246,100
Everest Re Group Ltd.	2,500		275,600
Hartford Financial Services Group, Inc.	5,900		546,045
IPC Holdings Ltd.	19,338		557,901
Max Capital Group Ltd.	9,949		278,970
Montpelier Re Holdings Ltd.	17,100		302,670
Platinum Underwriters Holdings Ltd.	11,300		406,348
Principal Financial Group, Inc.	5,100		321,759
			7,353,768
Real Estate Investment Trusts - 1.3%
Alexandria Real Estate Equities, Inc.	2,500		240,650
Annaly Capital Management, Inc.	18,400		293,112
Developers Diversified Realty Corp.	2,700		150,849
Duke Realty LP	3,500		118,335
General Growth Properties, Inc.	3,370		180,699
Home Properties, Inc.	3,300		172,194
			1,155,839
Real Estate Management & Development - 0.2%
CB Richard Ellis Group, Inc. Class A (a)	5,800		161,472

	Shares		Value
Thrifts & Mortgage Finance - 2.8%
BankUnited Financial Corp. Class A	13,953		$ 216,830
Countrywide Financial Corp.	17,800		338,378
Fannie Mae	15,610		949,244
FirstFed Financial Corp., Delaware (a)(d)	3,800		188,290
Hudson City Bancorp, Inc.	15,800		243,004
New York Community Bancorp, Inc.	12,900		245,745
Washington Federal, Inc.	10,000		262,600
			2,444,091
TOTAL FINANCIALS			26,764,637
HEALTH CARE - 6.1%
Biotechnology - 1.5%
Amgen, Inc. (a)	16,800		950,376
Biogen Idec, Inc. (a)	2,800		185,724
PDL BioPharma, Inc. (a)	5,400		116,694
			1,252,794
Health Care Equipment & Supplies - 1.0%
Becton, Dickinson & Co.	3,800		311,790
C.R. Bard, Inc.	2,700		238,113
Covidien Ltd. (a)	6,982		289,753
			839,656
Health Care Providers & Services - 0.3%
Brookdale Senior Living, Inc.	6,200		246,822
Life Sciences Tools & Services - 0.2%
Thermo Fisher Scientific, Inc. (a)	3,500		202,020
Pharmaceuticals - 3.1%
Endo Pharmaceuticals Holdings, Inc. (a)	6,600		204,666
Johnson & Johnson	12,400		814,680
Merck & Co., Inc.	24,300		1,256,067
MGI Pharma, Inc. (a)	9,100		252,798
Wyeth	3,660		163,053
			2,691,264
TOTAL HEALTH CARE			5,232,556
INDUSTRIALS - 10.4%
Aerospace & Defense - 3.5%
General Dynamics Corp.	10,700		903,829
Honeywell International, Inc.	12,300		731,481
Raytheon Co.	5,800		370,156
United Technologies Corp.	12,200		981,856
			2,987,322
Air Freight & Logistics - 0.3%
United Parcel Service, Inc. Class B	3,900		292,890
Airlines - 0.3%
Delta Air Lines, Inc. (a)	7,400		132,830
US Airways Group, Inc. (a)	3,200		84,000
			216,830
Building Products - 0.1%
Masco Corp.	5,300		122,801
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - 0.8%
Allied Waste Industries, Inc. (a)	23,800		$ 303,450
Robert Half International, Inc.	5,300		158,258
The Brink's Co.	4,500		251,460
			713,168
Construction & Engineering - 0.3%
Fluor Corp.	2,000		287,960
Industrial Conglomerates - 3.7%
General Electric Co.	67,040		2,775,456
Siemens AG sponsored ADR	3,000		411,750
			3,187,206
Machinery - 0.9%
Bucyrus International, Inc. Class A	3,600		262,548
Oshkosh Truck Co.	4,400		272,668
Sulzer AG (Reg.)	137		196,530
			731,746
Road & Rail - 0.5%
Knight Transportation, Inc.	12,000		206,520
Ryder System, Inc.	4,100		200,900
			407,420
TOTAL INDUSTRIALS			8,947,343
INFORMATION TECHNOLOGY - 6.5%
Communications Equipment - 1.0%
Alcatel-Lucent SA sponsored ADR	17,200		175,096
Comverse Technology, Inc. (a)	7,800		154,440
Motorola, Inc.	29,000		537,370
			866,906
Computers & Peripherals - 2.6%
Hewlett-Packard Co.	21,200		1,055,548
International Business Machines Corp.	5,100		600,780
NCR Corp. (a)	4,900		244,020
Sun Microsystems, Inc. (a)	62,900		352,869
			2,253,217
Electronic Equipment & Instruments - 1.1%
Agilent Technologies, Inc. (a)	6,400		236,032
Amphenol Corp. Class A	1,200		47,712
Flextronics International Ltd. (a)	15,700		175,526
Motech Industries, Inc.	21,975		239,042
Tyco Electronics Ltd. (a)	6,982		247,372
			945,684
Internet Software & Services - 0.2%
VeriSign, Inc. (a)	5,700		192,318
IT Services - 0.4%
The Western Union Co.	10,500		220,185
Unisys Corp. (a)	26,602		176,105
			396,290

	Shares		Value
Semiconductors & Semiconductor Equipment - 1.2%
Advanced Micro Devices, Inc. (a)	14,500		$ 191,400
Analog Devices, Inc.	3,900		141,024
Applied Materials, Inc.	8,200		169,740
Maxim Integrated Products, Inc.	6,100		179,035
Novellus Systems, Inc. (a)	6,400		174,464
ON Semiconductor Corp. (a)	4,100		51,496
Volterra Semiconductor Corp. (a)	8,100		99,468
			1,006,627
TOTAL INFORMATION TECHNOLOGY			5,661,042
MATERIALS - 3.8%
Chemicals - 1.3%
Agrium, Inc.	7,100		386,805
Albemarle Corp.	5,310		234,702
Chemtura Corp.	11,400		101,346
Dyno Nobel Ltd.	69,947		167,658
Ecolab, Inc.	4,300		202,960
			1,093,471
Metals & Mining - 2.5%
Alcoa, Inc.	12,100		473,352
ArcelorMittal SA (NY Shares) Class A	4,200		329,112
Carpenter Technology Corp.	1,800		234,018
Freeport-McMoRan Copper & Gold, Inc. Class B	3,600		377,604
Goldcorp, Inc.	4,200		128,386
Lihir Gold Ltd. (a)	54,383		190,217
Newcrest Mining Ltd.	7,007		174,173
Randgold Resources Ltd. sponsored ADR	3,700		122,988
Reliance Steel & Aluminum Co.	3,300		186,582
			2,216,432
TOTAL MATERIALS			3,309,903
TELECOMMUNICATION SERVICES - 6.8%
Diversified Telecommunication Services - 6.4%
AT&T, Inc.	101,740		4,304,618
Cincinnati Bell, Inc. (a)	36,400		179,816
Verizon Communications, Inc.	24,000		1,062,720
			5,547,154
Wireless Telecommunication Services - 0.4%
American Tower Corp. Class A (a)	3,950		171,983
Sprint Nextel Corp.	9,500		180,500
			352,483
TOTAL TELECOMMUNICATION SERVICES			5,899,637
UTILITIES - 4.7%
Electric Utilities - 1.9%
E.ON AG sponsored ADR	3,800		233,206
Entergy Corp.	5,900		638,911
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Electric Utilities - continued
PPL Corp.	9,500		$ 439,850
Reliant Energy, Inc. (a)	12,700		325,120
			1,637,087
Independent Power Producers & Energy Traders - 1.6%
AES Corp. (a)	12,500		250,500
Constellation Energy Group, Inc.	9,000		772,110
NRG Energy, Inc. (a)	8,200		346,778
			1,369,388
Multi-Utilities - 1.2%
CMS Energy Corp.	7,600		127,832
Public Service Enterprise Group, Inc.	7,900		695,121
Sempra Energy	4,300		249,916
			1,072,869
TOTAL UTILITIES			4,079,344
TOTAL COMMON STOCKS (Cost $76,496,258)		86,313,002
Money Market Funds - 1.6%

Fidelity Cash Central Fund, 5.12% (b)	74,527		74,527
Fidelity Securities Lending Cash Central Fund, 5.17% (b)(c)	1,310,250		1,310,250
TOTAL MONEY MARKET FUNDS (Cost $1,384,777)		1,384,777

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $77,881,035)

87,697,779

NET OTHER ASSETS - (1.5)%			(1,308,492)
NET ASSETS - 100%		$ 86,389,287

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 16,891
Fidelity Securities Lending Cash Central Fund	3,030
Total	$ 19,921

Income Tax Information

At September 30, 2007, the aggregate cost of investment securities for income tax purposes was $78,077,769. Net unrealized appreciation aggregated $9,620,010, of which $13,567,721 related to appreciated investment securities and $3,947,711 related to depreciated investment securities.

Investment Valuation

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/Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	November 29, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Kimberley Monasterio
	Kimberley Monasterio
	President and Treasurer

Date:	November 29, 2007

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

Date:	November 29, 2007