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)

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	December 31

Date of reporting period:	September 30, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Consumer Discretionary Portfolio

September 30, 2010

1.807732.106

VCI-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
AUTO COMPONENTS - 3.9%
Auto Parts & Equipment - 3.9%
Autoliv, Inc.	3,495		$ 228,328
Gentex Corp.	6,800		132,668
Johnson Controls, Inc.	2,430		74,115
Tenneco, Inc. (a)	5,133		148,703
TRW Automotive Holdings Corp. (a)	3,500		145,460
			729,274
AUTOMOBILES - 1.3%
Automobile Manufacturers - 1.3%
Bayerische Motoren Werke AG (BMW)	3,513		246,378
DIVERSIFIED CONSUMER SERVICES - 2.3%
Education Services - 1.1%
Navitas Ltd.	20,174		82,880
Strayer Education, Inc.	666		116,217
			199,097
Specialized Consumer Services - 1.2%
Sotheby's Class A (ltd. vtg.)	3,583		131,926
Steiner Leisure Ltd. (a)	2,621		99,860
			231,786
TOTAL DIVERSIFIED CONSUMER SERVICES			430,883
FOOD & STAPLES RETAILING - 0.8%
Hypermarkets & Super Centers - 0.8%
BJ's Wholesale Club, Inc. (a)	1,200		49,800
Costco Wholesale Corp.	1,550		99,960
			149,760
HOTELS, RESTAURANTS & LEISURE - 22.4%
Casinos & Gaming - 5.8%
Bally Technologies, Inc. (a)	3,500		122,325
Las Vegas Sands Corp. unit	573		335,188
MGM Mirage, Inc. (a)	12,588		141,993
Pinnacle Entertainment, Inc. (a)	8,756		97,629
Shuffle Master, Inc. (a)	11,435		96,168
WMS Industries, Inc. (a)	7,640		290,855
			1,084,158
Hotels, Resorts & Cruise Lines - 4.5%
China Lodging Group Ltd. ADR	2,170		50,930
Home Inns & Hotels Management, Inc. sponsored ADR (a)	1,700		84,048
Marriott International, Inc. Class A	3,716		133,144
Starwood Hotels & Resorts Worldwide, Inc.	5,129		269,529
Wyndham Worldwide Corp.	10,931		300,275
			837,926
Restaurants - 12.1%
BJ's Restaurants, Inc. (a)	4,216		118,723
Country Style Cooking Restaurant Chain Co. Ltd. ADR	400		11,436

	Shares		Value
Darden Restaurants, Inc.	4,627		$ 197,943
McDonald's Corp.	15,915		1,185,825
P.F. Chang's China Bistro, Inc.	2,313		106,861
Ruth's Hospitality Group, Inc. (a)	21,181		84,936
Starbucks Corp.	13,000		332,540
Texas Roadhouse, Inc. Class A (a)	7,500		105,450
The Cheesecake Factory, Inc. (a)	4,100		108,527
			2,252,241
TOTAL HOTELS, RESTAURANTS & LEISURE			4,174,325
HOUSEHOLD DURABLES - 4.3%
Home Furnishings - 1.2%
La-Z-Boy, Inc. (a)	11,700		98,748
Tempur-Pedic International, Inc. (a)	4,000		124,000
			222,748
Homebuilding - 1.6%
Lennar Corp. Class A	14,100		216,858
Toll Brothers, Inc. (a)	3,994		75,966
			292,824
Household Appliances - 1.5%
Stanley Black & Decker, Inc.	4,537		278,027
TOTAL HOUSEHOLD DURABLES			793,599
INTERNET & CATALOG RETAIL - 6.6%
Internet Retail - 6.6%
Amazon.com, Inc. (a)	5,260		826,136
Expedia, Inc.	6,289		177,413
Ocado Group PLC (a)	1,800		3,707
Priceline.com, Inc. (a)	640		222,938
			1,230,194
INTERNET SOFTWARE & SERVICES - 2.5%
Internet Software & Services - 2.5%
eBay, Inc. (a)	7,345		179,218
Google, Inc. Class A (a)	333		175,088
Monster Worldwide, Inc. (a)	7,720		100,051
			454,357
LEISURE EQUIPMENT & PRODUCTS - 0.6%
Leisure Products - 0.6%
Polaris Industries, Inc.	1,700		110,670
MEDIA - 23.2%
Advertising - 3.6%
Interpublic Group of Companies, Inc. (a)	20,625		206,869
Lamar Advertising Co. Class A (a)	6,982		222,167
National CineMedia, Inc.	13,130		235,027
			664,063
Broadcasting - 0.8%
Scripps Networks Interactive, Inc. Class A	3,200		152,256
Common Stocks - continued
	Shares		Value
MEDIA - CONTINUED
Cable & Satellite - 10.0%
Comcast Corp. Class A (special) (non-vtg.)	21,544		$ 366,463
DIRECTV (a)	16,212		674,906
Kabel Deutschland Holding AG	2,317		91,927
Time Warner Cable, Inc.	6,582		355,362
Virgin Media, Inc.	16,300		375,226
			1,863,884
Movies & Entertainment - 8.8%
The Walt Disney Co.	29,400		973,434
Time Warner, Inc.	11,968		366,819
Viacom, Inc. Class B (non-vtg.)	8,500		307,615
			1,647,868
TOTAL MEDIA			4,328,071
MULTILINE RETAIL - 5.2%
Department Stores - 1.2%
Nordstrom, Inc.	6,000		223,200
General Merchandise Stores - 4.0%
Target Corp.	13,893		742,442
TOTAL MULTILINE RETAIL			965,642
SPECIALTY RETAIL - 22.1%
Apparel Retail - 6.1%
Citi Trends, Inc. (a)	7,712		186,708
DSW, Inc. Class A (a)	1,601		45,949
Inditex SA	1,707		135,613
J. Crew Group, Inc. (a)	2,700		90,774
TJX Companies, Inc.	8,378		373,910
Urban Outfitters, Inc. (a)	9,793		307,892
			1,140,846
Automotive Retail - 1.8%
Advance Auto Parts, Inc.	5,670		332,716
Computer & Electronics Retail - 1.6%
Best Buy Co., Inc.	5,469		223,299
hhgregg, Inc. (a)	3,200		79,232
			302,531
Home Improvement Retail - 7.5%
Home Depot, Inc.	7,378		233,735

	Shares		Value
Lowe's Companies, Inc.	48,545		$ 1,082,068
Lumber Liquidators Holdings, Inc. (a)	2,800		68,796
			1,384,599
Homefurnishing Retail - 2.6%
Bed Bath & Beyond, Inc. (a)	11,048		479,594
Specialty Stores - 2.5%
Hengdeli Holdings Ltd.	268,000		124,000
OfficeMax, Inc. (a)	13,201		172,801
Tractor Supply Co.	4,400		174,504
			471,305
TOTAL SPECIALTY RETAIL			4,111,591
TEXTILES, APPAREL & LUXURY GOODS - 4.1%
Apparel, Accessories & Luxury Goods - 4.1%
Coach, Inc.	6,300		270,648
G-III Apparel Group Ltd. (a)	2,200		69,036
Phillips-Van Heusen Corp.	3,000		180,480
Polo Ralph Lauren Corp. Class A	1,750		157,255
Titan Industries Ltd.	1,217		89,396
			766,815
TOTAL COMMON STOCKS (Cost $16,794,396)		18,491,559
Money Market Funds - 3.0%

Fidelity Cash Central Fund, 0.25% (b) (Cost $557,597)	557,597		557,597

TOTAL INVESTMENT PORTFOLIO - 102.3%

(Cost $17,351,993)

19,049,156

NET OTHER ASSETS (LIABILITIES) - (2.3)%		(422,843)
NET ASSETS - 100%		$ 18,626,313

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	$ 492

Other Information

The following is a summary of the inputs used, as of September 30, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 18,491,559	$ 18,156,371	$ 335,188	$ -
Money Market Funds	557,597	557,597	-	-
Total Investments in Securities:	$ 19,049,156	$ 18,713,968	$ 335,188	$ -

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $17,574,912. Net unrealized appreciation aggregated $1,474,244, of which $2,357,454 related to appreciated investment securities and $883,210 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 fair value and are categorized as Level 2 in the hierarchy.

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please 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, 2010

1.856924.103

VCSP-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value
BEVERAGES - 30.3%
Brewers - 6.4%
Anadolu Efes Biracilik ve Malt Sanayiive Malt Sanayii SA	3,200		$ 49,997
Anheuser-Busch InBev SA NV	8,620		507,121
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	880		108,926
Molson Coors Brewing Co. Class B	13,066		616,977
			1,283,021
Distillers & Vintners - 5.4%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	31,889		564,116
Diageo PLC sponsored ADR	7,587		523,579
			1,087,695
Soft Drinks - 18.5%
Coca-Cola Bottling Co. Consolidated	1,901		100,620
Coca-Cola Enterprises, Inc.	5,198		161,138
Coca-Cola FEMSA SAB de CV sponsored ADR	1,270		99,339
Coca-Cola Icecek AS	4,450		54,452
Cott Corp. (a)	100		785
Embotelladora Andina SA sponsored ADR	3,500		100,275
Fomento Economico Mexicano SAB de CV sponsored ADR	985		49,969
PepsiCo, Inc.	13,241		879,732
The Coca-Cola Co.	38,755		2,267,943
			3,714,253
TOTAL BEVERAGES			6,084,969
BIOTECHNOLOGY - 0.2%
Biotechnology - 0.2%
Martek Biosciences (a)	1,500		33,945
FOOD & STAPLES RETAILING - 19.7%
Drug Retail - 9.4%
CVS Caremark Corp.	27,267		858,092
Walgreen Co.	30,964		1,037,294
			1,895,386
Food Distributors - 0.4%
Sysco Corp.	2,466		70,330
United Natural Foods, Inc. (a)	200		6,628
			76,958
Food Retail - 5.1%
Koninklijke Ahold NV	7,089		95,569
Kroger Co.	23,963		519,039
Safeway, Inc.	13,322		281,894
Susser Holdings Corp. (a)	3,800		53,200
The Pantry, Inc. (a)	3,244		78,213
			1,027,915

	Shares		Value
Hypermarkets & Super Centers - 4.8%
BJ's Wholesale Club, Inc. (a)	4,613		$ 191,440
Wal-Mart Stores, Inc.	14,286		764,587
			956,027
TOTAL FOOD & STAPLES RETAILING			3,956,286
FOOD PRODUCTS - 12.0%
Agricultural Products - 3.7%
Archer Daniels Midland Co.	10,486		334,713
Bunge Ltd.	4,505		266,516
Corn Products International, Inc.	448		16,800
Origin Agritech Ltd. (a)	1,500		12,270
SLC Agricola SA	4,900		53,900
Viterra, Inc. (a)	5,900		51,501
			735,700
Packaged Foods & Meats - 8.3%
Ausnutria Dairy Hunan Co. Ltd. (H Shares)	20,000		9,537
Brasil Foods SA	200		3,034
Calavo Growers, Inc.	2,400		52,032
Cermaq ASA	4,400		48,832
Cosan Ltd. Class A	1,700		19,703
Danone	754		45,104
Dean Foods Co. (a)	22,450		229,215
Lindt & Spruengli AG	2		55,881
Mead Johnson Nutrition Co. Class A	1,598		90,942
Nestle SA	9,042		481,804
Smart Balance, Inc. (a)	1,000		3,880
Smithfield Foods, Inc. (a)	2,888		48,605
Tyson Foods, Inc. Class A	1,283		20,554
Unilever NV unit	16,950		506,466
Want Want China Holdings Ltd.	58,000		53,821
			1,669,410
TOTAL FOOD PRODUCTS			2,405,110
HOTELS, RESTAURANTS & LEISURE - 0.5%
Restaurants - 0.5%
Domino's Pizza, Inc. (a)	3,712		49,073
Sonic Corp. (a)	5,806		46,912
			95,985
HOUSEHOLD DURABLES - 0.1%
Housewares & Specialties - 0.1%
Tupperware Brands Corp.	330		15,101
HOUSEHOLD PRODUCTS - 15.2%
Household Products - 15.2%
Colgate-Palmolive Co.	7,135		548,396
Energizer Holdings, Inc. (a)	1,218		81,886
Procter & Gamble Co.	40,509		2,429,322
			3,059,604
Common Stocks - continued
	Shares		Value
PERSONAL PRODUCTS - 3.9%
Personal Products - 3.9%
Avon Products, Inc.	22,371		$ 718,333
China-Biotics, Inc. (a)	1,985		21,835
Natura Cosmeticos SA	1,900		51,279
			791,447
PHARMACEUTICALS - 3.0%
Pharmaceuticals - 3.0%
Johnson & Johnson	9,688		600,268
Perrigo Co.	53		3,404
			603,672
TOBACCO - 13.2%
Tobacco - 13.2%
Altria Group, Inc.	41,057		986,189
British American Tobacco PLC sponsored ADR	13,532		1,010,976
KT&G Corp.	894		53,315
Philip Morris International, Inc.	9,612		538,464
Souza Cruz Industria Comerico	1,000		50,471
			2,639,415
TOTAL COMMON STOCKS (Cost $19,443,734)		19,685,534
Money Market Funds - 2.4%
	Shares		Value
Fidelity Cash Central Fund,0.25% (b) (Cost $492,275)	492,275		$ 492,275
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $19,936,009)			20,177,809
NET OTHER ASSETS (LIABILITIES) - (0.5)%			(104,062)
NET ASSETS - 100%		$ 20,073,747

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	$ 617

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $20,125,185. Net unrealized appreciation aggregated $52,624, of which $1,606,365 related to appreciated investment securities and $1,553,741 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Emerging Markets Portfolio

September 30, 2010

1.864820.102

VIPEM-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
Argentina - 0.3%
Banco Macro SA sponsored ADR	5,600		$ 249,424
Austria - 0.1%
Erste Bank AG	3,200		128,138
Bahamas (Nassau) - 0.2%
Petrominerales Ltd.	5,400		130,965
Bailiwick of Jersey - 0.7%
Heritage Oil PLC	28,839		134,464
Randgold Resources Ltd. sponsored ADR	3,400		344,964
West China Cement Ltd. (a)	266,000		80,222
TOTAL BAILIWICK OF JERSEY			559,650
Bermuda - 1.5%
Aquarius Platinum Ltd. (Australia)	69,569		378,611
CNPC (Hong Kong) Ltd.	276,000		356,427
Jinhui Shipping & Transportation Ltd. (a)	2,751		10,715
Orient Overseas International Ltd.	50,000		398,892
Sinofert Holdings Ltd. (a)	264,000		152,092
TOTAL BERMUDA			1,296,737
Brazil - 13.9%
AES Tiete SA (PN) (non-vtg.)	12,300		163,114
Banco Bradesco SA (PN) sponsored ADR	83,240		1,696,431
Banco Do Brasil SA	34,200		643,957
Banco do Estado do Rio Grande do Sul SA	9,000		89,647
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)	82		1,344
Companhia Siderurgica Nacional SA (CSN) sponsored ADR (c)	44,700		789,849
Confab Industrial SA (PN) (non-vtg.)	14,800		52,519
Drogasil SA	5,700		145,390
Eletropaulo Metropolitana SA (PN-B)	6,600		117,375
Fleury SA	6,700		83,036
Gafisa SA sponsored ADR	28,600		443,014
Gerdau SA sponsored ADR (c)	31,700		431,437
Light SA	12,000		153,184
Localiza Rent A Car SA	16,800		279,727
Lojas Renner SA	11,700		397,219
Natura Cosmeticos SA	13,100		353,557
OGX Petroleo e Gas Participacoes SA (a)	75,000		975,113
OSX Brasil SA	100		33,360
PDG Realty SA Empreendimentos e Participacoes	35,500		421,728
Petroleo Brasileiro SA - Petrobras:
(ON) sponsored ADR	8,700		315,549
(PN) (non-vtg.)	39,200		633,718
(PN) sponsored ADR (non-vtg.) (c)	35,100		1,151,982
TIM Participacoes SA sponsored ADR (non-vtg.)	9,600		316,704

	Shares		Value
Vale SA (PN-A) sponsored ADR	76,674		$ 2,127,698
Weg SA	8,000		87,905
TOTAL BRAZIL			11,904,557
Canada - 1.5%
Eldorado Gold Corp.	12,894		238,390
First Quantum Minerals Ltd.	5,400		410,741
Niko Resources Ltd.	2,000		196,860
Pacific Rubiales Energy Corp. (a)	3,100		87,177
Sherritt International Corp.	7,700		59,953
Uranium One, Inc. (a)	76,800		259,048
TOTAL CANADA			1,252,169
Cayman Islands - 2.5%
3SBio, Inc. sponsored ADR (a)	8,811		114,367
Alibaba.com Ltd.	39,000		81,227
China Shanshui Cement Group Ltd.	373,000		228,828
Daphne International Holdings Ltd.	240,000		283,645
Eurasia Drilling Co. Ltd.:
GDR (d)	2,100		48,825
GDR (Reg. S)	16,598		385,904
Hidili Industry International Development Ltd.	245,000		240,611
International Mining Machinery Holdings Ltd.	106,500		100,612
Kingboard Chemical Holdings Ltd.	79,500		402,674
Kingboard Chemical Holdings Ltd. warrants 10/31/12 (a)	5,000		3,119
Microport Scientific Corp.	3,000		3,345
Shenguan Holdings Group Ltd.	76,000		89,135
Trina Solar Ltd. ADR (a)(c)	5,100		153,918
TOTAL CAYMAN ISLANDS			2,136,210
China - 8.3%
Anhui Expressway Co. Ltd. (H Shares)	46,000		30,829
Baidu.com, Inc. sponsored ADR (a)	4,050		415,611
China Communications Services Corp. Ltd. (H Shares)	186,000		110,272
China Construction Bank Corp. (H Shares)	1,114,000		976,311
China Merchants Bank Co. Ltd. (H Shares)	281,356		725,238
China Minsheng Banking Corp. Ltd. (H Shares)	230,500		206,467
China Yurun Food Group Ltd.	91,000		337,776
Digital China Holdings Ltd. (H Shares)	72,000		125,459
Golden Eagle Retail Group Ltd. (H Shares)	139,000		394,123
Harbin Power Equipment Co. Ltd. (H Shares)	214,000		266,155
Industrial & Commercial Bank of China Ltd. (H Shares)	1,955,000		1,456,360
Minth Group Ltd.	179,000		357,123
Ping An Insurance Group Co. China Ltd. (H Shares)	86,500		882,949
Common Stocks - continued
	Shares		Value
China - continued
Weichai Power Co. Ltd. (H Shares)	14,000		$ 147,957
Yantai Changyu Pioneer Wine Co. (B Shares)	53,199		678,786
TOTAL CHINA			7,111,416
Colombia - 0.5%
Ecopetrol SA ADR (c)	9,500		396,625
Czech Republic - 1.1%
Ceske Energeticke Zavody AS	9,800		438,887
Komercni Banka AS	2,400		523,579
TOTAL CZECH REPUBLIC			962,466
Egypt - 0.8%
Commercial International Bank Ltd. sponsored GDR	91,830		698,826
Georgia - 0.1%
Bank of Georgia unit (a)	6,217		86,416
Hong Kong - 4.3%
China Mobile (Hong Kong) Ltd.	140,000		1,432,162
CNOOC Ltd.	617,000		1,197,546
CNOOC Ltd. sponsored ADR (c)	1,900		369,170
I.T Ltd.	86,000		58,856
Shanghai Industrial Holdings Ltd.	94,000		474,907
Texwinca Holdings Ltd.	110,000		125,467
TOTAL HONG KONG			3,658,108
Hungary - 0.1%
Egis Rt.	1,000		110,064
India - 7.9%
Bank of Baroda	21,608		439,212
Bharat Heavy Electricals Ltd.	10,257		570,383
Housing Development Finance Corp. Ltd.	50,895		836,143
Idea Cellular Ltd. (a)	98,859		163,360
Indian Oil Corp. Ltd.	13,227		123,693
Infosys Technologies Ltd. sponsored ADR	15,982		1,075,748
Infotech Enterprises Ltd.	11,531		40,619
Infrastructure Development Finance Co. Ltd.	107,589		489,425
Jain Irrigation Systems Ltd.	13,520		360,751
JSW Steel Ltd.	16,981		508,039
Radico Khaitan Ltd.	13,082		50,910
Reliance Industries Ltd.	16,085		356,292
Rural Electrification Corp. Ltd.	49,407		392,093
Shriram Transport Finance Co. Ltd.	9,540		166,056
Tata Consultancy Services Ltd.	31,279		650,529
Tata Motors Ltd.	5,048		124,379
Tata Motors Ltd. sponsored ADR (c)	5,100		130,101
Ultratech Cement Ltd.	12,483		297,609
TOTAL INDIA			6,775,342
Indonesia - 5.6%
Indofood Sukses Makmur Tbk PT (a)(e)	128,500		77,676
PT Astra International Tbk	107,500		682,942

	Shares		Value
PT Bank Mandiri (Persero) Tbk	234,500		$ 189,177
PT Bank Negara Indonesia (Persero) Tbk	953,000		392,412
PT Bank Rakyat Indonesia Tbk	497,000		556,864
PT Bank Tabungan Negara Tbk	581,000		118,479
PT Delta Dunia Petroindo Tbk (a)	811,000		93,595
PT Gudang Garam Tbk	78,000		450,959
PT Indo Tambangraya Megah Tbk	49,000		228,393
PT Indocement Tunggal Prakarsa Tbk	293,000		604,057
PT Indofood Sukses Makmur Tbk	850,500		519,354
PT Kalbe Farma Tbk	493,500		141,000
PT Perusahaan Gas Negara Tbk Series B	751,800		324,306
PT Tambang Batubbara Bukit Asam Tbk	50,500		110,053
PT XL Axiata Tbk (a)	545,500		330,051
TOTAL INDONESIA			4,819,318
Kazakhstan - 0.3%
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	14,000		247,380
Korea (South) - 11.0%
Busan Bank	14,000		172,506
CJ CheilJedang Corp.	1,757		371,355
CJ Corp.	4,591		369,615
Daegu Bank Co. Ltd.	12,040		158,386
Daelim Industrial Co.	4,015		297,186
GS Holdings Corp.	2,940		142,327
Hanjin Heavy Industries & Consolidated Co. Ltd.	7,940		249,986
Honam Petrochemical Corp.	1,850		344,771
Hyundai Department Store Co. Ltd.	1,129		136,639
Hyundai Heavy Industries Co. Ltd.	1,798		516,418
Hyundai Mobis	3,570		804,640
Hyundai Motor Co.	8,428		1,130,879
Industrial Bank of Korea	34,740		475,285
Kia Motors Corp.	17,690		570,921
Korea Exchange Bank	13,600		164,596
KT Corp.	8,910		356,696
Lumens Co. Ltd. (a)	13,389		104,505
NCsoft Corp.	1,708		355,007
Samsung Electronics Co. Ltd.	2,537		1,728,787
Shinhan Financial Group Co. Ltd.	22,090		846,294
Tong Yang Securities, Inc.	16,870		157,567
TOTAL KOREA (SOUTH)			9,454,366
Lebanon - 0.0%
BLOM Bank SAL GDR	437		41,515
Luxembourg - 0.8%
Evraz Group SA GDR (a)	10,784		321,902
Millicom International Cellular SA	3,400		326,230
TOTAL LUXEMBOURG			648,132
Malaysia - 0.8%
AirAsia Bhd (a)	149,700		109,109
Axiata Group Bhd (a)	257,800		365,774
Common Stocks - continued
	Shares		Value
Malaysia - continued
RHB Capital BHD	38,800		$ 90,871
Top Glove Corp. Bhd	78,400		130,284
TOTAL MALAYSIA			696,038
Mexico - 2.7%
America Movil SAB de CV Series L sponsored ADR	34,544		1,842,232
Banco Compartamos SA de CV	45,500		290,023
Fomento Economico Mexicano SAB de CV sponsored ADR	700		35,511
Genomma Lab Internacional SA de CV (a)	59,400		114,204
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR	1,187		40,880
TOTAL MEXICO			2,322,850
Nigeria - 0.3%
Guaranty Trust Bank PLC GDR (Reg. S)	38,175		248,138
Norway - 0.1%
Det Norske Oljeselskap ASA (DNO) (A Shares) (a)	54,600		83,766
Panama - 0.4%
Copa Holdings SA Class A	6,200		334,242
Peru - 0.6%
Compania de Minas Buenaventura SA sponsored ADR	11,290		510,082
Poland - 0.1%
Bank Handlowy w Warszawie SA	3,900		117,651
Qatar - 0.1%
Commercial Bank of Qatar GDR (Reg. S)	27,036		126,267
Russia - 7.8%
Cherkizovo Group OJSC GDR (a)	9,400		171,982
LSR Group OJSC GDR (Reg. S) (a)	12,700		107,950
Magnit OJSC GDR (Reg. S)	22,400		564,480
Mechel Steel Group OAO sponsored ADR	17,900		445,710
OAO Gazprom sponsored ADR	10,394		217,754
OAO NOVATEK GDR	8,822		757,810
OAO Tatneft sponsored ADR	17,276		540,566
OJSC MMC Norilsk Nickel sponsored ADR	32,844		556,706
OJSC Oil Company Rosneft GDR (Reg. S)	123,000		820,410
Polymetal JSC GDR (Reg. S) (a)	28,500		438,900
Protek (a)	6,900		13,915
RusHydro JSC:
rights 6/30/10 (a)	15,118		776
sponsored ADR (a)	71,044		365,877
Sberbank (Savings Bank of the Russian Federation) (a)	295,100		829,933
Sberbank (Savings Bank of the Russian Federation) GDR	850		260,750
Severstal JSC (a)	8,700		127,996

	Shares		Value
Sistema JSFC sponsored GDR	14,975		$ 404,325
TGK-1 OAO (a)	121,003,300		89,809
TOTAL RUSSIA			6,715,649
Singapore - 0.5%
Keppel Corp. Ltd.	24,000		163,844
Straits Asia Resources Ltd.	159,000		265,927
TOTAL SINGAPORE			429,771
South Africa - 7.8%
African Bank Investments Ltd.	96,800		497,874
African Rainbow Minerals Ltd.	17,459		420,807
AngloGold Ashanti Ltd.	9,800		453,770
AngloGold Ashanti Ltd. sponsored ADR	6,800		314,432
Aspen Pharmacare Holdings Ltd.	27,099		365,457
Aveng Ltd.	37,900		236,528
Clicks Group Ltd.	51,394		325,904
FirstRand Ltd.	199,200		613,301
Foschini Ltd.	32,440		386,244
Illovo Sugar Ltd.	27,525		99,514
Imperial Holdings Ltd.	24,195		393,808
Mr. Price Group Ltd.	56,300		444,248
Mvelaphanda Resources Ltd. (a)	59,174		377,786
Shoprite Holdings Ltd.	31,588		448,428
Standard Bank Group Ltd.	52,947		843,178
Wilson Bayly Holmes-Ovcon Ltd.	2,300		41,247
Woolworths Holdings Ltd.	107,934		418,716
TOTAL SOUTH AFRICA			6,681,242
Spain - 0.3%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR	12,046		162,380
Banco Santander SA sponsored ADR	6,300		79,758
TOTAL SPAIN			242,138
Taiwan - 6.8%
Advanced Semiconductor Engineering, Inc.	102,291		83,514
Advanced Semiconductor Engineering, Inc. sponsored ADR	67,753		278,465
Alpha Networks, Inc.	143,000		122,604
Asia Cement Corp.	348,346		355,603
Chroma ATE, Inc.	69,170		165,166
Farglory Land Development Co. Ltd.	59,000		143,718
Formosa Plastics Corp.	238,000		585,083
Fubon Financial Holding Co. Ltd.	438,329		540,184
HTC Corp.	49,150		1,116,902
Huaku Development Co. Ltd.	40,000		110,897
Macronix International Co. Ltd.	686,506		427,966
Pegatron Corp. (a)	151,000		197,704
Taishin Financial Holdings Co. Ltd.	1,037,850		465,702
Taiwan Cement Corp.	191,000		204,468
Taiwan Semiconductor Manufacturing Co. Ltd.	225,609		447,074
Common Stocks - continued
	Shares		Value
Taiwan - continued
Unimicron Technology Corp.	51,000		$ 89,577
Wistron Corp.	258,774		472,760
TOTAL TAIWAN			5,807,387
Thailand - 1.5%
Advanced Info Service PCL (For. Reg.)	111,800		350,412
Banpu PCL (For. Reg.)	9,300		219,690
BEC World PCL (For. Reg.)	153,200		195,859
Siam Commercial Bank PCL (For. Reg.)	146,700		500,939
Total Access Communication PCL (For. Reg.)	400		551
TOTAL THAILAND			1,267,451
Turkey - 2.9%
Enka Insaat ve Sanayi AS	40,333		175,664
Tofas Turk Otomobil Fabrikasi AS	70,853		367,368
Turk Hava Yollari AO	143,285		584,432
Turkiye Garanti Bankasi AS	174,000		1,010,439
Turkiye Halk Bankasi AS	42,000		389,077
TOTAL TURKEY			2,526,980
United Arab Emirates - 0.3%
DP World Ltd.	414,983		215,376
United Kingdom - 0.8%
Hikma Pharmaceuticals PLC	25,387		274,586
Xstrata PLC	23,751		454,456
TOTAL UNITED KINGDOM			729,042
United States of America - 0.8%
CTC Media, Inc.	11,100		243,534
Freeport-McMoRan Copper & Gold, Inc.	4,800		409,872
TOTAL UNITED STATES OF AMERICA			653,406
TOTAL COMMON STOCKS (Cost $64,172,056)		82,375,300
Money Market Funds - 7.9%
	Shares		Value
Fidelity Cash Central Fund, 0.25% (f)	4,212,793		$ 4,212,793
Fidelity Securities Lending Cash Central Fund, 0.26% (b)(f)	2,559,898		2,559,898
TOTAL MONEY MARKET FUNDS (Cost $6,772,691)		6,772,691

TOTAL INVESTMENT PORTFOLIO - 104.0%

(Cost $70,944,747)

89,147,991

NET OTHER ASSETS (LIABILITIES) - (4.0)%		(3,391,292)
NET ASSETS - 100%		$ 85,756,699

Legend

(a) Non-income producing

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

(d) 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 $48,825 or 0.1% of net assets.

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

(f) 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	$ 2,830
Fidelity Securities Lending Cash Central Fund	5,094
Total	$ 7,924

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Brazil	$ 11,904,557	$ 11,904,557	$ -	$ -
Korea (South)	9,454,366	8,251,376	1,202,990	-
China	7,111,416	7,111,416	-	-
India	6,775,342	4,983,515	1,791,827	-
Russia	6,715,649	6,714,873	776	-
South Africa	6,681,242	6,227,472	453,770	-
Taiwan	5,807,387	5,276,799	530,588	-
Indonesia	4,819,318	4,741,642	77,676	-
Hong Kong	3,658,108	1,028,400	2,629,708	-
Other	19,447,915	19,447,915	-	-
Money Market Funds	6,772,691	6,772,691	-	-
Total Investments in Securities:	$ 89,147,991	$ 82,460,656	$ 6,687,335	$ -

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $71,510,725. Net unrealized appreciation aggregated $17,637,266, of which $18,667,606 related to appreciated investment securities and $1,030,340 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Energy Portfolio

September 30, 2010

1.807722.106

VNR-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
CONSTRUCTION & ENGINEERING - 1.4%
Construction & Engineering - 1.4%
Jacobs Engineering Group, Inc. (a)	42,600		$ 1,648,620
KBR, Inc.	107,541		2,649,810
			4,298,430
ENERGY EQUIPMENT & SERVICES - 29.1%
Oil & Gas Drilling - 7.9%
Ensco International Ltd. ADR	93,466		4,180,734
Helmerich & Payne, Inc.	43,951		1,778,257
Hercules Offshore, Inc. (a)	91,780		243,217
Nabors Industries Ltd. (a)	109,294		1,973,850
Noble Corp.	197,320		6,667,443
Northern Offshore Ltd. (a)	223,328		527,989
Transocean, Inc. (a)	125,195		8,048,787
Tuscany International Drilling, Inc. (a)	253,200		315,039
			23,735,316
Oil & Gas Equipment & Services - 21.2%
Baker Hughes, Inc.	129,130		5,500,938
Cameron International Corp. (a)	55,100		2,367,096
Complete Production Services, Inc. (a)	25,900		529,655
Core Laboratories NV	15,500		1,364,620
Dresser-Rand Group, Inc. (a)	18,600		686,154
Halliburton Co.	407,994		13,492,362
National Oilwell Varco, Inc.	195,178		8,679,566
Oceaneering International, Inc. (a)	80,234		4,321,403
Oil States International, Inc. (a)	12,400		577,220
Schlumberger Ltd.	299,891		18,476,285
Superior Energy Services, Inc. (a)	56,554		1,509,426
TSC Offshore Group Ltd. (a)	746,000		105,761
Weatherford International Ltd. (a)	320,543		5,481,285
Willbros Group, Inc. (a)	90,933		833,856
			63,925,627
TOTAL ENERGY EQUIPMENT & SERVICES			87,660,943
GAS UTILITIES - 0.1%
Gas Utilities - 0.1%
China Gas Holdings Ltd.	459,260		246,825
METALS & MINING - 0.2%
Diversified Metals & Mining - 0.2%
Walter Energy, Inc.	10,100		821,029
OIL, GAS & CONSUMABLE FUELS - 67.3%
Coal & Consumable Fuels - 5.7%
Alpha Natural Resources, Inc. (a)	160,783		6,616,220
CONSOL Energy, Inc.	90,887		3,359,184
International Coal Group, Inc. (a)	83,100		442,092
Massey Energy Co.	220,744		6,847,479
			17,264,975

	Shares		Value
Integrated Oil & Gas - 38.2%
Chevron Corp.	395,000		$ 32,014,750
Exxon Mobil Corp.	904,464		55,886,827
Marathon Oil Corp.	425,089		14,070,446
Murphy Oil Corp.	20,600		1,275,552
Occidental Petroleum Corp.	152,629		11,950,851
			115,198,426
Oil & Gas Exploration & Production - 16.8%
Anadarko Petroleum Corp.	114,951		6,557,955
Apache Corp.	108,519		10,608,817
Cimarex Energy Co.	72,444		4,794,344
EXCO Resources, Inc.	144,394		2,147,139
Newfield Exploration Co. (a)	84,824		4,872,291
Niko Resources Ltd.	7,700		757,912
Painted Pony Petroleum Ltd. Class A (a)	67,000		384,253
Petrobank Energy & Resources Ltd. (a)	12,500		508,384
Petrohawk Energy Corp. (a)	119,870		1,934,702
Southwestern Energy Co. (a)	274,512		9,179,681
Talisman Energy, Inc.	77,900		1,363,013
Whiting Petroleum Corp. (a)	77,903		7,440,516
			50,549,007
Oil & Gas Refining & Marketing - 6.6%
CVR Energy, Inc. (a)	20,900		172,425
Frontier Oil Corp.	243,781		3,266,665
Holly Corp.	109,100		3,136,625
Petroplus Holdings AG	34,970		424,289
Sunoco, Inc.	157,622		5,753,203
Tesoro Corp.	81,100		1,083,496
Valero Energy Corp.	251,757		4,408,265
Western Refining, Inc. (a)(c)	96,994		508,249
World Fuel Services Corp.	42,650		1,109,327
			19,862,544
TOTAL OIL, GAS & CONSUMABLE FUELS			202,874,952
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.7%
Semiconductor Equipment - 0.2%
centrotherm photovoltaics AG (a)	12,199		513,101
Semiconductors - 1.5%
First Solar, Inc. (a)(c)	24,357		3,589,004
JA Solar Holdings Co. Ltd. ADR (a)	106,907		997,442
			4,586,446
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			5,099,547
TOTAL COMMON STOCKS (Cost $297,567,997)		301,001,726

Convertible Bonds - 0.1%
	Principal Amount	Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
Semiconductors - 0.1%
SunPower Corp. 4.75% 4/15/14 (Cost $180,000)	$ 180,000	$ 164,925

Money Market Funds - 0.5%
	Shares
Fidelity Securities Lending Cash Central Fund, 0.26% (b)(d) (Cost $1,466,800)	1,466,800	1,466,800

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $299,214,797)

302,633,451

NET OTHER ASSETS (LIABILITIES) - (0.4)%		(1,122,274)
NET ASSETS - 100%		$ 301,511,177

Legend

(a) Non-income producing

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

(d) 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	$ 2,240
Fidelity Securities Lending Cash Central Fund	48,421
Total	$ 50,661

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 301,001,726	$ 301,001,726	$ -	$ -
Convertible Bonds	164,925	-	164,925	-
Money Market Funds	1,466,800	1,466,800	-	-
Total Investments in Securities:	$ 302,633,451	$ 302,468,526	$ 164,925	$ -

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $303,491,374. Net unrealized depreciation aggregated $857,923, of which $38,613,936 related to appreciated investment securities and $39,471,859 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Financial Services Portfolio

September 30, 2010

1.807734.106

VFS-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.2%
	Shares		Value
CAPITAL MARKETS - 18.6%
Asset Management & Custody Banks - 3.3%
AllianceBernstein Holding LP	8,300		$ 219,203
EFG International	38,598		445,913
Janus Capital Group, Inc.	11,600		127,020
Legg Mason, Inc.	11,262		341,351
Northern Trust Corp.	1,566		75,544
U.S. Global Investments, Inc. Class A	7,664		48,436
			1,257,467
Investment Banking & Brokerage - 15.3%
E*TRADE Financial Corp. (a)	56,582		822,703
Evercore Partners, Inc. Class A	16,046		459,076
GFI Group, Inc.	125,439		582,037
Gleacher & Co., Inc. (a)	58,901		94,831
Goldman Sachs Group, Inc.	4,548		657,550
Jefferies Group, Inc. (c)	27,795		630,669
MF Global Holdings Ltd. (a)	80,947		582,818
Morgan Stanley	78,350		1,933,678
			5,763,362
TOTAL CAPITAL MARKETS			7,020,829
COMMERCIAL BANKS - 48.9%
Diversified Banks - 7.4%
Banco do Estado do Rio Grande do Sul SA	1,700		16,933
Banco Pine SA	400		3,219
Comerica, Inc.	43,490		1,615,654
National Bank of Greece SA sponsored ADR (a)(c)	16,500		37,455
U.S. Bancorp, Delaware	16,280		351,974
Wells Fargo & Co.	29,410		739,073
			2,764,308
Regional Banks - 41.5%
Banco Daycoval SA (PN)	15,500		101,951
Bancorp New Jersey, Inc.	715		7,636
BancTrust Financial Group, Inc. (a)(c)	8,800		26,928
Bar Harbor Bankshares	300		8,310
BB&T Corp.	11,700		281,736
Bridge Capital Holdings (a)	1,100		9,625
Cathay General Bancorp	1,504		17,883
Chicopee Bancorp, Inc. (a)	600		6,774
CIT Group, Inc. (a)	28,682		1,170,799
Citizens Banking Corp., Michigan (a)	293,384		264,368
City National Corp.	11,499		610,252
CoBiz, Inc.	60,520		336,491
Evans Bancorp, Inc.	652		8,574
Fifth Third Bancorp	19,238		231,433
First Horizon National Corp.	51,933		592,556
First Interstate Bancsystem, Inc.	11,300		152,098
Glacier Bancorp, Inc.	29,460		430,116

	Shares		Value
Huntington Bancshares, Inc.	23,500		$ 133,245
Landmark Bancorp, Inc.	300		4,539
Marshall & Ilsley Corp.	230,101		1,619,911
MidWestOne Financial Group, Inc.	862		12,637
Monroe Bancorp	1,300		6,305
Nara Bancorp, Inc. (a)	10,716		75,655
Oriental Financial Group, Inc.	15,200		202,160
PNC Financial Services Group, Inc.	6,294		326,722
Regions Financial Corp.	273,254		1,986,557
Savannah Bancorp, Inc.	8,962		82,988
Southwest Bancorp, Inc., Oklahoma	2,300		29,831
Sun Bancorp, Inc., New Jersey (a)	6,700		34,170
SunTrust Banks, Inc.	73,989		1,911,136
Susquehanna Bancshares, Inc., Pennsylvania	43,556		367,613
SVB Financial Group (a)	7,073		299,329
Synovus Financial Corp. (c)	829,877		2,041,497
Umpqua Holdings Corp.	23,141		262,419
United Security Bancshares, California (c)	1,734		7,890
Washington Trust Bancorp, Inc.	700		13,384
West Bancorp., Inc. (a)	1,595		10,049
Western Alliance Bancorp. (a)	6,000		40,200
Zions Bancorporation (c)	90,191		1,926,480
			15,652,247
TOTAL COMMERCIAL BANKS			18,416,555
CONSUMER FINANCE - 1.7%
Consumer Finance - 1.7%
Capital One Financial Corp.	900		35,595
SLM Corp. (a)	52,698		608,662
			644,257
DIVERSIFIED FINANCIAL SERVICES - 13.7%
Other Diversified Financial Services - 9.9%
Banco ABC Brasil SA	22,000		209,134
Citigroup, Inc. (a)	492,855		1,922,135
JPMorgan Chase & Co.	41,395		1,575,908
			3,707,177
Specialized Finance - 3.8%
Infrastructure Development Finance Co. Ltd.	66,250		301,373
JSE Ltd.	200		2,110
Moody's Corp. (c)	45,637		1,140,012
			1,443,495
TOTAL DIVERSIFIED FINANCIAL SERVICES			5,150,672
INSURANCE - 4.0%
Life & Health Insurance - 1.0%
MetLife, Inc.	9,700		372,965
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Multi-Line Insurance - 2.9%
Genworth Financial, Inc. Class A (a)	66,595		$ 813,791
Hartford Financial Services Group, Inc.	12,560		288,252
			1,102,043
Property & Casualty Insurance - 0.1%
United Fire & Casualty Co.	1,400		29,694
TOTAL INSURANCE			1,504,702
INTERNET SOFTWARE & SERVICES - 0.9%
Internet Software & Services - 0.9%
China Finance Online Co. Ltd. ADR (a)(c)	50,047		355,334
IT SERVICES - 11.8%
Data Processing & Outsourced Services - 11.8%
Alliance Data Systems Corp. (a)	24,035		1,568,524
CoreLogic, Inc. (a)	27,268		522,455
MoneyGram International, Inc. (a)	129,068		314,926
Visa, Inc. Class A	27,561		2,046,678
			4,452,583
MEDIA - 0.0%
Advertising - 0.0%
SearchMedia Holdings Ltd. (a)	1,200		3,120
SPECIALTY RETAIL - 0.1%
Home Improvement Retail - 0.1%
Home Depot, Inc.	1,360		43,085
THRIFTS & MORTGAGE FINANCE - 0.5%
Thrifts & Mortgage Finance - 0.5%
BofI Holding, Inc. (a)(c)	3,933		46,685
Cheviot Financial Corp.	6,470		57,583
Mayflower Bancorp, Inc.	1,140		10,978
Ocean Shore Holding Co.	4,522		48,340
Osage Bancshares, Inc.	2,201		15,407

	Shares		Value
Washington Mutual, Inc. (a)	11,457		$ 2,188
Washington Mutual, Inc.	5,300		1,012
			182,193
TOTAL COMMON STOCKS (Cost $38,787,716)		37,773,330
Convertible Preferred Stocks - 0.5%

INSURANCE - 0.5%
Multi-Line Insurance - 0.5%
American International Group, Inc. Series A, 8.50% (Cost $185,784)	22,904		196,745
Money Market Funds - 17.2%

Fidelity Cash Central Fund, 0.25% (d)	1,000		1,000
Fidelity Securities Lending Cash Central Fund, 0.26% (b)(d)	6,467,060		6,467,060
TOTAL MONEY MARKET FUNDS (Cost $6,468,060)		6,468,060
TOTAL INVESTMENT PORTFOLIO - 117.9% (Cost $45,441,560)			44,438,135
NET OTHER ASSETS (LIABILITIES) - (17.9)%			(6,746,444)
NET ASSETS - 100%		$ 37,691,691

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,239
Fidelity Securities Lending Cash Central Fund	16,425
Total	$ 17,664

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 37,773,330	$ 37,773,330	$ -	$ -
Convertible Preferred Stocks	196,745	-	196,745	-
Money Market Funds	6,468,060	6,468,060	-	-
Total Investments in Securities:	$ 44,438,135	$ 44,241,390	$ 196,745	$ -

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $45,954,696. Net unrealized depreciation aggregated $1,516,561, of which $2,328,346 related to appreciated investment securities and $3,844,907 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Growth Stock Portfolio

September 30, 2010

1.808784.106

VIPGR-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
CONSUMER DISCRETIONARY - 14.3%
Auto Components - 0.5%
TRW Automotive Holdings Corp. (a)	2,300		$ 95,588
Automobiles - 0.4%
Ford Motor Co. (a)	6,100		74,664
Household Durables - 2.3%
Beazer Homes USA, Inc. (a)	7,500		30,975
iRobot Corp. (a)	1,900		35,283
La-Z-Boy, Inc. (a)	7,100		59,924
Meritage Homes Corp. (a)	500		9,810
Ryland Group, Inc.	1,500		26,880
Tempur-Pedic International, Inc. (a)	7,900		244,900
			407,772
Internet & Catalog Retail - 2.0%
Amazon.com, Inc. (a)	2,180		342,391
Netflix, Inc. (a)	100		16,216
			358,607
Leisure Equipment & Products - 1.1%
Hasbro, Inc.	4,300		191,393
Media - 1.9%
DIRECTV (a)	4,500		187,335
The Walt Disney Co.	2,500		82,775
Virgin Media, Inc.	3,600		82,872
			352,982
Specialty Retail - 4.7%
Best Buy Co., Inc.	3,300		134,739
DSW, Inc. Class A (a)	6,300		180,810
Sally Beauty Holdings, Inc. (a)	19,400		217,280
TJX Companies, Inc.	5,200		232,076
Urban Outfitters, Inc. (a)	3,000		94,320
			859,225
Textiles, Apparel & Luxury Goods - 1.4%
Deckers Outdoor Corp. (a)	900		44,964
Phillips-Van Heusen Corp.	1,600		96,256
Polo Ralph Lauren Corp. Class A	1,200		107,832
			249,052
TOTAL CONSUMER DISCRETIONARY			2,589,283
CONSUMER STAPLES - 7.9%
Beverages - 2.5%
Anheuser-Busch InBev SA NV	1,425		83,834
Dr Pepper Snapple Group, Inc.	3,000		106,560
The Coca-Cola Co.	4,450		260,414
			450,808
Food & Staples Retailing - 1.0%
Drogasil SA	1,200		30,608
Kroger Co.	3,800		82,308

	Shares		Value
Wal-Mart de Mexico SA de CV Series V	14,500		$ 36,335
Wal-Mart Stores, Inc.	400		21,408
			170,659
Food Products - 1.4%
Danone	760		45,463
Mead Johnson Nutrition Co. Class A	900		51,219
Nestle SA sponsored ADR	1,600		85,488
The J.M. Smucker Co.	800		48,424
Tingyi (Cayman Islands) Holding Corp.	8,000		22,065
			252,659
Household Products - 0.5%
Procter & Gamble Co.	1,500		89,955
Personal Products - 2.5%
BaWang International (Group) Holding Ltd.	27,000		11,971
Estee Lauder Companies, Inc. Class A	1,100		69,553
Hengan International Group Co. Ltd.	3,500		34,892
Herbalife Ltd.	4,500		271,575
Schiff Nutrition International, Inc.	8,300		68,060
			456,051
TOTAL CONSUMER STAPLES			1,420,132
ENERGY - 10.3%
Energy Equipment & Services - 2.6%
Baker Hughes, Inc.	1,300		55,380
Complete Production Services, Inc. (a)	900		18,405
Halliburton Co.	5,500		181,885
Newpark Resources, Inc. (a)	3,800		31,920
Schlumberger Ltd.	2,190		134,926
Weatherford International Ltd. (a)	2,200		37,620
			460,136
Oil, Gas & Consumable Fuels - 7.7%
Arch Coal, Inc.	1,000		26,710
Atlas Pipeline Partners, LP (a)	2,200		38,588
Chesapeake Energy Corp.	1,700		38,505
Chevron Corp.	1,800		145,890
Exxon Mobil Corp.	17,090		1,055,989
Massey Energy Co.	1,000		31,020
Southwestern Energy Co. (a)	900		30,096
Whiting Petroleum Corp. (a)	300		28,653
			1,395,451
TOTAL ENERGY			1,855,587
FINANCIALS - 5.5%
Capital Markets - 1.7%
Bank of New York Mellon Corp.	2,700		70,551
Charles Schwab Corp.	4,300		59,770
Goldman Sachs Group, Inc.	300		43,374
Morgan Stanley	5,600		138,208
			311,903
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - 1.5%
Regions Financial Corp.	12,800		$ 93,056
SunTrust Banks, Inc.	3,500		90,405
Wells Fargo & Co.	3,300		82,929
			266,390
Consumer Finance - 0.2%
SLM Corp. (a)	2,600		30,030
Diversified Financial Services - 1.5%
Citigroup, Inc. (a)	48,800		190,320
JPMorgan Chase & Co.	2,300		87,561
			277,881
Real Estate Management & Development - 0.6%
CB Richard Ellis Group, Inc. Class A (a)	2,600		47,528
Henderson Land Development Co. Ltd.	2,000		14,242
Jones Lang LaSalle, Inc.	600		51,762
			113,532
TOTAL FINANCIALS			999,736
HEALTH CARE - 9.4%
Biotechnology - 3.6%
Alexion Pharmaceuticals, Inc. (a)	1,400		90,104
Amgen, Inc. (a)	600		33,066
Amicus Therapeutics, Inc. (a)	7,300		28,543
Amylin Pharmaceuticals, Inc. (a)	200		4,170
ARIAD Pharmaceuticals, Inc. (a)	12,100		46,222
Biogen Idec, Inc. (a)	800		44,896
BioMarin Pharmaceutical, Inc. (a)	2,700		60,345
Dendreon Corp. (a)	450		18,531
Gilead Sciences, Inc. (a)	4,400		156,684
Nanosphere, Inc. (a)	2,100		10,563
SIGA Technologies, Inc. (a)	2,100		17,766
Theravance, Inc. (a)	2,600		52,260
United Therapeutics Corp. (a)	1,200		67,212
Vertex Pharmaceuticals, Inc. (a)	500		17,285
			647,647
Health Care Equipment & Supplies - 1.5%
Alere, Inc. (a)	3,025		93,563
Edwards Lifesciences Corp. (a)	1,400		93,870
Hologic, Inc. (a)	4,600		73,646
Mako Surgical Corp. (a)	900		8,622
Orthovita, Inc. (a)	4,900		11,123
			280,824
Health Care Providers & Services - 1.2%
Express Scripts, Inc. (a)	2,600		126,620
Medco Health Solutions, Inc. (a)	1,400		72,884
Team Health Holdings, Inc.	1,300		16,783
			216,287

	Shares		Value
Health Care Technology - 1.7%
Allscripts-Misys Healthcare Solutions, Inc. (a)	5,100		$ 94,197
Cerner Corp. (a)	2,500		209,975
			304,172
Pharmaceuticals - 1.4%
Allergan, Inc.	600		39,918
Ardea Biosciences, Inc. (a)	300		6,900
Cadence Pharmaceuticals, Inc. (a)(c)	5,200		43,420
GlaxoSmithKline PLC	2,200		43,396
MAP Pharmaceuticals, Inc. (a)	33		505
Teva Pharmaceutical Industries Ltd. sponsored ADR	800		42,200
Valeant Pharmaceuticals International, Inc.	1,958		49,390
ViroPharma, Inc. (a)	2,000		29,820
			255,549
TOTAL HEALTH CARE			1,704,479
INDUSTRIALS - 11.6%
Aerospace & Defense - 4.3%
Alliant Techsystems, Inc. (a)	1,300		98,020
DigitalGlobe, Inc. (a)	4,700		142,880
Precision Castparts Corp.	1,400		178,290
Raytheon Co.	2,000		91,420
United Technologies Corp.	3,800		270,674
			781,284
Air Freight & Logistics - 0.7%
C.H. Robinson Worldwide, Inc.	1,800		125,856
Airlines - 0.7%
AMR Corp. (a)	6,700		42,009
Delta Air Lines, Inc. (a)	3,700		43,068
Southwest Airlines Co.	3,500		45,745
			130,822
Building Products - 0.2%
Masco Corp.	3,100		34,131
Quanex Building Products Corp.	500		8,635
			42,766
Commercial Services & Supplies - 0.5%
Stericycle, Inc. (a)	1,400		97,272
Construction & Engineering - 1.3%
Fluor Corp.	1,900		94,107
Foster Wheeler AG (a)	1,500		36,690
Jacobs Engineering Group, Inc. (a)	1,400		54,180
KBR, Inc.	1,600		39,424
			224,401
Electrical Equipment - 0.5%
American Superconductor Corp. (a)(c)	3,000		93,300
Industrial Conglomerates - 0.6%
Textron, Inc.	4,800		98,688
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - 1.6%
Cummins, Inc.	800		$ 72,464
Ingersoll-Rand Co. Ltd.	3,000		107,130
PACCAR, Inc.	1,400		67,410
Weg SA	4,000		43,952
			290,956
Road & Rail - 0.6%
Union Pacific Corp.	1,400		114,520
Trading Companies & Distributors - 0.6%
WESCO International, Inc. (a)	2,500		98,225
TOTAL INDUSTRIALS			2,098,090
INFORMATION TECHNOLOGY - 32.0%
Communications Equipment - 5.5%
Cisco Systems, Inc. (a)	17,400		381,060
Juniper Networks, Inc. (a)	7,000		212,450
Motorola, Inc. (a)	10,700		91,271
QUALCOMM, Inc.	7,100		320,352
			1,005,133
Computers & Peripherals - 7.3%
Apple, Inc. (a)	3,420		970,425
Hewlett-Packard Co.	6,500		273,455
SanDisk Corp. (a)	1,900		69,635
			1,313,515
Electronic Equipment & Components - 0.7%
Agilent Technologies, Inc. (a)	2,100		70,077
Vishay Intertechnology, Inc. (a)	5,900		57,112
			127,189
Internet Software & Services - 5.2%
Baidu.com, Inc. sponsored ADR (a)	900		92,358
eBay, Inc. (a)	11,800		287,920
Google, Inc. Class A (a)	790		415,374
NetEase.com, Inc. sponsored ADR (a)	1,500		59,160
OpenTable, Inc. (a)	600		40,848
Rackspace Hosting, Inc. (a)	1,500		38,970
			934,630
IT Services - 4.3%
Cognizant Technology Solutions Corp. Class A (a)	3,360		216,619
International Business Machines Corp.	2,700		362,178
MasterCard, Inc. Class A	300		67,200
Teradata Corp. (a)	1,500		57,840
Visa, Inc. Class A	900		66,834
			770,671
Semiconductors & Semiconductor Equipment - 2.9%
Broadcom Corp. Class A	1,200		42,468
LTX-Credence Corp. (a)	18,300		38,247
Marvell Technology Group Ltd. (a)	7,700		134,827

	Shares		Value
NVIDIA Corp. (a)	3,400		$ 39,712
Power Integrations, Inc.	1,300		41,327
Skyworks Solutions, Inc. (a)	6,600		136,488
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	3,818		38,715
Teradyne, Inc. (a)	4,200		46,788
			518,572
Software - 6.1%
Autonomy Corp. PLC (a)	3,000		85,444
BMC Software, Inc. (a)	2,400		97,152
CA, Inc.	3,100		65,472
Check Point Software Technologies Ltd. (a)	1,400		51,702
Citrix Systems, Inc. (a)	1,100		75,064
Informatica Corp. (a)	2,900		111,389
Intuit, Inc. (a)	1,800		78,858
MICROS Systems, Inc. (a)	2,300		97,359
Nuance Communications, Inc. (a)	3,300		51,612
Red Hat, Inc. (a)	2,200		90,200
Salesforce.com, Inc. (a)	700		78,260
Solera Holdings, Inc.	2,400		105,984
Symantec Corp. (a)	3,300		50,061
VMware, Inc. Class A (a)	800		67,952
			1,106,509
TOTAL INFORMATION TECHNOLOGY			5,776,219
MATERIALS - 4.5%
Chemicals - 2.7%
Ashland, Inc.	900		43,893
Cabot Corp.	1,800		58,626
CF Industries Holdings, Inc.	600		57,300
Dow Chemical Co.	1,600		43,936
LyondellBasell Industries NV Class A (a)	3,900		93,210
Praxair, Inc.	1,400		126,364
The Mosaic Co.	1,000		58,760
			482,089
Metals & Mining - 1.8%
AngloGold Ashanti Ltd. sponsored ADR	2,000		92,480
Freeport-McMoRan Copper & Gold, Inc.	700		59,773
Newmont Mining Corp.	2,800		175,868
			328,121
TOTAL MATERIALS			810,210
TELECOMMUNICATION SERVICES - 2.2%
Wireless Telecommunication Services - 2.2%
American Tower Corp. Class A (a)	4,600		235,796
Sprint Nextel Corp. (a)	34,500		159,735
			395,531
Common Stocks - continued
	Shares		Value
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
AES Corp. (a)	1,700		$ 19,295
TOTAL COMMON STOCKS (Cost $15,735,545)		17,668,562
Money Market Funds - 2.9%

Fidelity Cash Central Fund, 0.25% (d)	427,182		427,182
Fidelity Securities Lending Cash Central Fund, 0.26% (b)(d)	106,850		106,850
TOTAL MONEY MARKET FUNDS (Cost $534,032)		534,032

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $16,269,577)

18,202,594

NET OTHER ASSETS (LIABILITIES) - (0.7)%		(128,828)
NET ASSETS - 100%		$ 18,073,766

Legend

(a) Non-income producing

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

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	$ 321
Fidelity Securities Lending Cash Central Fund	1,759
Total	$ 2,080

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 2,589,283	$ 2,589,283	$ -	$ -
Consumer Staples	1,420,132	1,420,132	-	-
Energy	1,855,587	1,855,587	-	-
Financials	999,736	999,736	-	-
Health Care	1,704,479	1,661,083	43,396	-
Industrials	2,098,090	2,098,090	-	-
Information Technology	5,776,219	5,776,219	-	-
Materials	810,210	810,210	-	-
Telecommunication Services	395,531	395,531	-	-
Utilities	19,295	19,295	-	-
Money Market Funds	534,032	534,032	-	-
Total Investments in Securities:	$ 18,202,594	$ 18,159,198	$ 43,396	$ -

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was$16,378,600. Net unrealized appreciation aggregated$1,823,994, of which$2,528,059 related to appreciated investment securities and$704,065 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Health Care Portfolio

September 30, 2010

1.807727.106

VHC-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
BIOTECHNOLOGY - 20.9%
Biotechnology - 20.9%
Acorda Therapeutics, Inc. (a)	13,500		$ 445,770
Alexion Pharmaceuticals, Inc. (a)	20,005		1,287,522
Allos Therapeutics, Inc. (a)(c)	18,900		89,208
Alnylam Pharmaceuticals, Inc. (a)	8,200		100,696
Amgen, Inc. (a)	20,840		1,148,492
Anadys Pharmaceuticals, Inc. (a)	31,199		72,382
ARIAD Pharmaceuticals, Inc. (a)(c)	106,753		407,796
ArQule, Inc. (a)	19,000		97,850
Biogen Idec, Inc. (a)	26,000		1,459,120
BioMarin Pharmaceutical, Inc. (a)	45,977		1,027,586
Celgene Corp. (a)	7,326		422,051
Cephalon, Inc. (a)	5,300		330,932
Dynavax Technologies Corp. (a)	57,304		104,866
Genzyme Corp. (a)	13,269		939,313
Gilead Sciences, Inc. (a)	31,315		1,115,127
Human Genome Sciences, Inc. (a)	11,400		339,606
Incyte Corp. (a)	36,919		590,335
Ironwood Pharmaceuticals, Inc. Class A	8,700		88,566
Keryx Biopharmaceuticals, Inc. (a)	27,360		131,602
Micromet, Inc. (a)(c)	16,900		113,568
Neurocrine Biosciences, Inc. (a)	21,400		129,684
Protalix BioTherapeutics, Inc. (a)(c)	23,800		206,822
Seattle Genetics, Inc. (a)	22,250		345,543
Targacept, Inc. (a)	17,133		382,751
Theravance, Inc. (a)(c)	12,400		249,240
United Therapeutics Corp. (a)	16,452		921,477
ZIOPHARM Oncology, Inc. (a)(c)	31,483		118,061
			12,665,966
CAPITAL MARKETS - 0.1%
Asset Management & Custody Banks - 0.1%
Safeguard Scientifics, Inc. (a)	5,423		67,950
DIVERSIFIED CONSUMER SERVICES - 0.5%
Specialized Consumer Services - 0.5%
Carriage Services, Inc. (a)	37,339		187,068
Stewart Enterprises, Inc. Class A	25,532		137,617
			324,685
ELECTRONIC EQUIPMENT & COMPONENTS - 2.2%
Electronic Equipment & Instruments - 2.2%
Agilent Technologies, Inc. (a)	39,810		1,328,460
HEALTH CARE EQUIPMENT & SUPPLIES - 18.2%
Health Care Equipment - 16.5%
American Medical Systems Holdings, Inc. (a)	34,200		669,636
ArthroCare Corp. (a)	13,465		365,979
C. R. Bard, Inc.	23,291		1,896,586
Covidien PLC	56,889		2,286,369
Edwards Lifesciences Corp. (a)	23,774		1,594,047
Genmark Diagnostics, Inc.	12,047		40,478

	Shares		Value
HeartWare International, Inc. (a)(c)	3,827		$ 263,145
HeartWare International, Inc. CDI (a)	37,898		76,565
Hologic, Inc. (a)	26,700		427,467
Masimo Corp.	11,300		308,603
Orthofix International NV (a)	10,466		328,842
Orthovita, Inc. (a)	103,839		235,715
William Demant Holding AS (a)	5,099		376,294
Wright Medical Group, Inc. (a)	13,433		193,570
Zimmer Holdings, Inc. (a)	18,400		962,872
			10,026,168
Health Care Supplies - 1.7%
AGA Medical Holdings, Inc.	11,700		163,332
Cooper Companies, Inc.	13,679		632,243
RTI Biologics, Inc. (a)	93,093		244,835
			1,040,410
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			11,066,578
HEALTH CARE PROVIDERS & SERVICES - 23.0%
Health Care Distributors & Services - 3.6%
Henry Schein, Inc. (a)	11,126		651,761
McKesson Corp.	20,379		1,259,015
Sinopharm Group Co. Ltd. (H Shares)	26,000		107,398
United Drug PLC (Ireland)	56,424		192,244
			2,210,418
Health Care Facilities - 1.4%
Emeritus Corp. (a)(c)	13,661		233,057
Hanger Orthopedic Group, Inc. (a)	19,590		284,839
LCA-Vision, Inc. (a)	22,220		123,765
Sunrise Senior Living, Inc. (a)(c)	52,595		180,401
			822,062
Health Care Services - 13.5%
Express Scripts, Inc. (a)	48,668		2,370,132
Fresenius Medical Care AG & Co. KGaA	5,400		333,552
HMS Holdings Corp. (a)	3,800		223,972
Laboratory Corp. of America Holdings (a)	5,500		431,365
LHC Group, Inc. (a)	6,064		140,624
Medco Health Solutions, Inc. (a)	79,595		4,143,711
MEDNAX, Inc. (a)	5,700		303,810
Team Health Holdings, Inc.	20,325		262,396
			8,209,562
Managed Health Care - 4.5%
Aetna, Inc.	22,500		711,225
CIGNA Corp.	27,632		988,673
Health Net, Inc. (a)	7,501		203,952
UnitedHealth Group, Inc.	18,933		664,738
WellPoint, Inc. (a)	3,081		174,508
			2,743,096
TOTAL HEALTH CARE PROVIDERS & SERVICES			13,985,138
Common Stocks - continued
	Shares		Value
HEALTH CARE TECHNOLOGY - 3.7%
Health Care Technology - 3.7%
Allscripts-Misys Healthcare Solutions, Inc. (a)	47,180		$ 871,415
Cerner Corp. (a)	13,600		1,142,264
Computer Programs & Systems, Inc.	4,666		198,632
			2,212,311
INTERNET SOFTWARE & SERVICES - 0.6%
Internet Software & Services - 0.6%
WebMD Health Corp. (a)	7,600		379,012
LIFE SCIENCES TOOLS & SERVICES - 11.3%
Life Sciences Tools & Services - 11.3%
Bruker BioSciences Corp. (a)	3,700		51,911
Covance, Inc. (a)	25,718		1,203,345
Illumina, Inc. (a)	63,303		3,114,508
Life Technologies Corp. (a)	4,758		222,151
Lonza Group AG	3,760		321,291
MDS, Inc. (a)	15,000		151,203
PAREXEL International Corp. (a)	26,183		605,613
PerkinElmer, Inc.	24,246		561,052
QIAGEN NV (a)(c)	34,324		608,908
			6,839,982
PERSONAL PRODUCTS - 0.1%
Personal Products - 0.1%
Prestige Brands Holdings, Inc. (a)	3,900		38,571
PHARMACEUTICALS - 19.1%
Pharmaceuticals - 19.1%
Allergan, Inc.	14,182		943,528
Ardea Biosciences, Inc. (a)	21,571		496,133
Cadence Pharmaceuticals, Inc. (a)(c)	22,845		190,756
Cardiome Pharma Corp. (a)	38,100		231,841
Johnson & Johnson	3,796		235,200
King Pharmaceuticals, Inc. (a)	26,200		260,952

	Shares		Value
Merck & Co., Inc.	79,616		$ 2,930,665
Optimer Pharmaceuticals, Inc. (a)	13,367		122,575
Perrigo Co.	9,374		601,998
Pfizer, Inc.	134,350		2,306,790
Piramal Healthcare Ltd.	22,936		257,046
Shire PLC sponsored ADR	16,600		1,116,848
Teva Pharmaceutical Industries Ltd. sponsored ADR	5,639		297,457
Valeant Pharmaceuticals International, Inc.	64,160		1,618,422
			11,610,211
TOTAL COMMON STOCKS (Cost $52,847,898)		60,518,864
Money Market Funds - 2.1%

Fidelity Cash Central Fund, 0.25% (d)	82,774		82,774
Fidelity Securities Lending Cash Central Fund, 0.26% (b)(d)	1,214,191		1,214,191
TOTAL MONEY MARKET FUNDS (Cost $1,296,965)		1,296,965
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $54,144,863)			61,815,829
NET OTHER ASSETS (LIABILITIES) - (1.8)%			(1,106,005)
NET ASSETS - 100%		$ 60,709,824

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,511
Fidelity Securities Lending Cash Central Fund	14,371
Total	$ 15,882

Other Information

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $54,898,007. Net unrealized appreciation aggregated $6,917,822, of which $10,181,071 related to appreciated investment securities and $3,263,249 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Industrials Portfolio

September 30, 2010

1.807737.106

VCY-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
AEROSPACE & DEFENSE - 18.5%
Aerospace & Defense - 18.5%
Alliant Techsystems, Inc. (a)	6,382		$ 481,203
BE Aerospace, Inc. (a)	18,857		571,556
DigitalGlobe, Inc. (a)	17,223		523,579
Esterline Technologies Corp. (a)	10,538		603,090
Goodrich Corp.	12,800		943,744
Honeywell International, Inc.	44,115		1,938,413
Moog, Inc. Class A (a)	8,446		299,917
Precision Castparts Corp.	14,200		1,808,370
Raytheon Co.	16,405		749,873
TransDigm Group, Inc.	8,500		527,425
United Technologies Corp.	64,456		4,591,201
			13,038,371
AIR FREIGHT & LOGISTICS - 1.5%
Air Freight & Logistics - 1.5%
C.H. Robinson Worldwide, Inc.	15,254		1,066,560
AUTO COMPONENTS - 0.5%
Auto Parts & Equipment - 0.5%
Modine Manufacturing Co. (a)	12,535		162,579
Stoneridge, Inc. (a)	14,157		148,790
			311,369
AUTOMOBILES - 0.3%
Automobile Manufacturers - 0.3%
Fiat SpA	14,900		229,962
BUILDING PRODUCTS - 2.7%
Building Products - 2.7%
A.O. Smith Corp.	7,267		420,687
Masco Corp.	69,616		766,472
Owens Corning (a)	28,000		717,640
			1,904,799
COMMERCIAL SERVICES & SUPPLIES - 4.1%
Diversified Support Services - 0.7%
Iron Mountain, Inc.	21,519		480,734
Environmental & Facility Services - 1.0%
Republic Services, Inc.	24,300		740,907
Office Services & Supplies - 1.2%
Interface, Inc. Class A	19,777		281,427
Pitney Bowes, Inc.	18,500		395,530
Steelcase, Inc. Class A	19,810		165,017
			841,974
Security & Alarm Services - 1.2%
The Brink's Co.	4,943		113,689
The Geo Group, Inc. (a)	30,600		714,510
			828,199
TOTAL COMMERCIAL SERVICES & SUPPLIES			2,891,814

	Shares		Value
CONSTRUCTION & ENGINEERING - 4.5%
Construction & Engineering - 4.5%
EMCOR Group, Inc. (a)	9,371		$ 230,433
Fluor Corp.	26,778		1,326,314
Foster Wheeler AG (a)	19,500		476,970
Jacobs Engineering Group, Inc. (a)	22,900		886,230
MYR Group, Inc. (a)	15,069		246,981
			3,166,928
ELECTRICAL EQUIPMENT - 6.7%
Electrical Components & Equipment - 6.2%
Acuity Brands, Inc.	8,100		358,344
AMETEK, Inc.	12,050		575,629
Cooper Industries PLC Class A	13,400		655,662
Emerson Electric Co.	26,769		1,409,656
Fushi Copperweld, Inc. (a)(c)	55,290		480,470
General Cable Corp. (a)(c)	12,742		345,563
Regal-Beloit Corp.	8,895		522,048
			4,347,372
Heavy Electrical Equipment - 0.5%
Alstom SA	7,000		357,129
TOTAL ELECTRICAL EQUIPMENT			4,704,501
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5%
Electronic Equipment & Instruments - 0.5%
Agilent Technologies, Inc. (a)	10,800		360,396
HOUSEHOLD DURABLES - 1.1%
Household Appliances - 1.1%
Stanley Black & Decker, Inc.	13,112		803,503
INDUSTRIAL CONGLOMERATES - 20.4%
Industrial Conglomerates - 20.4%
3M Co.	39,640		3,437,184
General Electric Co.	567,942		9,229,055
Textron, Inc. (c)	82,665		1,699,592
			14,365,831
MACHINERY - 22.4%
Construction & Farm Machinery & Heavy Trucks - 10.7%
Bucyrus International, Inc. Class A	8,689		602,582
Caterpillar, Inc.	43,146		3,394,727
Cummins, Inc.	16,673		1,510,240
MAN SE	3,356		365,863
PACCAR, Inc.	30,117		1,450,134
Weichai Power Co. Ltd. (H Shares)	19,000		200,799
			7,524,345
Industrial Machinery - 11.7%
Actuant Corp. Class A	14,500		332,920
Danaher Corp.	52,800		2,144,208
Gardner Denver, Inc.	8,500		456,280
Harsco Corp.	11,057		271,781
Ingersoll-Rand Co. Ltd.	65,000		2,321,150
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Industrial Machinery - continued
Kennametal, Inc.	2,500		$ 77,325
SmartHeat, Inc. (a)(c)	62,762		391,635
SPX Corp.	13,400		847,952
Timken Co.	17,500		671,300
TriMas Corp. (a)	10,340		153,549
Weg SA	54,100		594,456
			8,262,556
TOTAL MACHINERY			15,786,901
PROFESSIONAL SERVICES - 3.1%
Human Resource & Employment Services - 2.2%
Manpower, Inc.	7,320		382,104
Towers Watson & Co.	23,100		1,136,058
			1,518,162
Research & Consulting Services - 0.9%
Equifax, Inc.	20,400		636,480
TOTAL PROFESSIONAL SERVICES			2,154,642
ROAD & RAIL - 7.8%
Railroads - 7.3%
CSX Corp.	15,361		849,771
Norfolk Southern Corp.	17,690		1,052,732
Union Pacific Corp.	39,515		3,232,327
			5,134,830
Trucking - 0.5%
Saia, Inc. (a)	22,721		339,225
TOTAL ROAD & RAIL			5,474,055
TRADING COMPANIES & DISTRIBUTORS - 4.3%
Trading Companies & Distributors - 4.3%
Finning International, Inc.	7,600		176,712

	Shares		Value
Interline Brands, Inc. (a)	29,300		$ 528,572
Mills Estruturas e Servicos de Engenharia SA (a)	56,000		555,817
Rush Enterprises, Inc. Class A (a)	92,517		1,419,211
WESCO International, Inc. (a)	8,500		333,965
			3,014,277
TRANSPORTATION INFRASTRUCTURE - 0.2%
Highways & Railtracks - 0.2%
Ecorodovias Infraestrutura e Logistica SA (a)	21,000		139,492
TOTAL COMMON STOCKS (Cost $60,056,829)		69,413,401
Money Market Funds - 4.5%

Fidelity Cash Central Fund, 0.25% (d)	1,188,824		1,188,824
Fidelity Securities Lending Cash Central Fund, 0.26% (b)(d)	1,958,350		1,958,350
TOTAL MONEY MARKET FUNDS (Cost $3,147,174)		3,147,174
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $63,204,003)			72,560,575
NET OTHER ASSETS (LIABILITIES) - (3.1)%			(2,177,738)
NET ASSETS - 100%		$ 70,382,837

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,495
Fidelity Securities Lending Cash Central Fund	19,722
Total	$ 21,217

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $63,504,053. Net unrealized appreciation aggregated $9,056,522, of which $12,079,361 related to appreciated investment securities and $3,022,839 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
International Capital Appreciation Portfolio

September 30, 2010

1.822576.105

VIPCAP-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
Australia - 1.3%
JB Hi-Fi Ltd.	10,359		$ 206,879
Murchison Metals Ltd. (a)	64,557		103,591
OZ Minerals Ltd.	176,312		247,979
TOTAL AUSTRALIA			558,449
Austria - 0.6%
Erste Bank AG	5,962		238,737
Bailiwick of Jersey - 0.6%
Randgold Resources Ltd. sponsored ADR	2,433		246,852
Belgium - 0.7%
Anheuser-Busch InBev SA NV	5,244		308,508
Brazil - 6.4%
Anhanguera Educacional Participacoes SA unit	12,247		216,934
Banco Do Brasil SA	13,500		254,194
BR Malls Participacoes SA	26,000		214,460
Cia Hering SA	5,400		234,601
Hypermarcas SA (a)	16,300		249,844
Iguatemi Empresa de Shopping Centers SA	9,900		221,072
Itau Unibanco Banco Multiplo SA ADR (a)(d)	17,600		425,569
Lojas Renner SA	6,800		230,862
Mills Estruturas e Servicos de Engenharia SA (a)	23,200		230,267
Natura Cosmeticos SA	8,100		218,611
TIM Participacoes SA sponsored ADR (non-vtg.)	7,166		236,406
TOTAL BRAZIL			2,732,820
Canada - 5.3%
Consolidated Thompson Iron Mines Ltd. (a)	27,200		233,200
Goldcorp, Inc.	6,800		295,465
Grande Cache Coal Corp. (a)	35,600		219,050
Niko Resources Ltd.	2,200		216,546
Petrobank Energy & Resources Ltd. (a)	6,200		252,158
Suncor Energy, Inc.	10,300		335,407
Teck Resources Ltd. Class B (sub. vtg.)	6,600		271,506
Uranium One, Inc. (a)	59,800		201,707
Western Coal Corp. (a)	40,700		232,232
TOTAL CANADA			2,257,271
Cayman Islands - 5.5%
Belle International Holdings Ltd.	119,000		238,951
Bosideng International Holdings Ltd.	514,000		223,248
Ctrip.com International Ltd. sponsored ADR (a)	4,655		222,276
Hengan International Group Co. Ltd.	22,500		224,304
Hengdeli Holdings Ltd.	440,000		203,583
Hidili Industry International Development Ltd.	86,000		84,459

	Shares		Value
Kingdee International Software Group Co. Ltd.	518,000		$ 242,343
Maoye International Holdings Ltd. (c)	488,000		228,308
Shenguan Holdings Group Ltd.	190,000		222,838
Trina Solar Ltd. ADR (a)(c)	7,500		226,350
Want Want China Holdings Ltd.	268,000		248,692
TOTAL CAYMAN ISLANDS			2,365,352
China - 4.4%
Baidu.com, Inc. sponsored ADR (a)	2,200		225,764
BYD Co. Ltd. (H Shares)	31,500		253,129
China Life Insurance Co. Ltd. (H Shares)	74,000		293,060
China Yurun Food Group Ltd.	64,000		237,556
Digital China Holdings Ltd. (H Shares)	120,000		209,099
Golden Eagle Retail Group Ltd. (H Shares)	80,000		226,833
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	80,000		227,864
Tingyi (Cayman Islands) Holding Corp.	78,000		215,131
TOTAL CHINA			1,888,436
Cyprus - 0.5%
AFI Development PLC:
(B Shares) (a)	151,700		125,153
GDR (Reg. S)	98,800		84,474
TOTAL CYPRUS			209,627
Denmark - 1.8%
Carlsberg AS Series B	2,400		250,261
Novo Nordisk AS Series B sponsored ADR	3,100		305,164
Novozymes AS Series B	1,700		216,298
TOTAL DENMARK			771,723
France - 7.7%
Atos Origin SA (a)	5,149		232,788
BNP Paribas SA	5,369		381,889
Christian Dior SA	2,100		274,518
Credit Agricole SA	16,200		253,228
Edenred (a)	12,200		241,684
Iliad Group SA	2,228		232,168
Lafarge SA (Bearer)	4,400		251,956
LVMH Moet Hennessy - Louis Vuitton	2,157		316,436
PPR SA	1,600		259,046
Schneider Electric SA	2,420		306,880
Societe Generale Series A	5,124		295,161
Vallourec SA	2,568		255,133
TOTAL FRANCE			3,300,887
Germany - 2.8%
Bayerische Motoren Werke AG (BMW)	4,296		301,293
Daimler AG (Germany) (a)	6,236		395,010
Common Stocks - continued
	Shares		Value
Germany - continued
Fresenius Medical Care AG & Co. KGaA sponsored ADR	3,992		$ 246,466
HeidelbergCement AG	5,019		241,897
TOTAL GERMANY			1,184,666
Hong Kong - 0.6%
Emperor Watch & Jewellery Ltd.	2,190,000		251,205
India - 7.6%
Adani Enterprises Ltd.	15,202		226,069
Adani Power Ltd. (a)	21,944		65,975
Asian Paints India Ltd.	3,656		218,458
Bank of Baroda	11,236		228,387
Crompton Greaves Ltd.	31,139		218,469
Gitanjali Gems Ltd.	43,124		228,488
Housing Development Finance Corp. Ltd.	18,166		298,445
Infrastructure Development Finance Co. Ltd.	50,162		228,188
ITC Ltd.	60,959		243,863
Jain Irrigation Systems Ltd.	7,801		208,152
LIC Housing Finance Ltd.	6,919		223,024
Rural Electrification Corp. Ltd.	27,112		215,160
Sun TV Ltd.	19,792		230,470
United Spirits Ltd.	6,424		226,771
Voltas Ltd.	37,767		204,554
TOTAL INDIA			3,264,473
Indonesia - 0.5%
PT Bank Rakyat Indonesia Tbk	195,500		219,048
Israel - 0.6%
Bezeq Israeli Telecommunication Corp. Ltd.	98,110		244,534
Italy - 0.6%
Saipem SpA	6,399		256,323
Japan - 9.7%
Canon, Inc. sponsored ADR	7,600		355,072
eAccess Ltd.	303		232,721
Fanuc Ltd.	2,200		280,826
Fast Retailing Co. Ltd.	1,700		239,485
Itochu Corp.	32,400		296,572
Kakaku.com, Inc.	40		231,880
Keyence Corp.	1,000		218,080
Komatsu Ltd.	12,800		297,797
Marubeni Corp.	49,000		277,083
Mitsubishi Corp.	14,100		335,024
Mitsui & Co. Ltd.	21,900		325,649
Nitori Holdings Co. Ltd.	2,900		242,512
ORIX Corp.	3,490		267,133
Rakuten, Inc.	342		250,696
SOFTBANK CORP.	8,700		284,685
TOTAL JAPAN			4,135,215

	Shares		Value
Korea (South) - 1.2%
Hyundai Motor Co.	2,026		$ 271,851
Lock & Lock Co. Ltd.	6,850		229,184
TOTAL KOREA (SOUTH)			501,035
Malaysia - 0.5%
QSR Brands Bhd	141,400		226,273
Mexico - 2.3%
Fomento Economico Mexicano SAB de CV sponsored ADR	4,700		238,431
Grupo Mexico SA de CV Series B	87,300		251,319
Grupo Modelo SAB de CV Series C	41,600		228,491
Wal-Mart de Mexico SA de CV Series V	99,700		249,833
TOTAL MEXICO			968,074
Netherlands - 2.4%
ASM International NV (Netherlands) (a)(c)	9,000		228,908
ING Groep NV sponsored ADR (a)	31,082		319,834
Koninklijke Philips Electronics NV	9,127		287,212
X5 Retail Group NV GDR (Reg. S) (a)	5,400		216,000
TOTAL NETHERLANDS			1,051,954
Nigeria - 0.5%
Guaranty Trust Bank PLC GDR (Reg. S)	35,300		229,450
Norway - 0.6%
Aker Solutions ASA	16,800		243,596
Qatar - 0.5%
Commercial Bank of Qatar GDR (Reg. S)	46,168		215,620
Russia - 2.9%
LSR Group OJSC GDR (Reg. S) (a)	25,900		220,150
Magnit OJSC GDR (Reg. S)	9,600		241,920
Mechel Steel Group OAO sponsored ADR (a)	30,800		253,484
OAO NOVATEK GDR	2,800		240,520
Sberbank (Savings Bank of the Russian Federation) GDR	1,000		306,765
TOTAL RUSSIA			1,262,839
South Africa - 2.9%
AngloGold Ashanti Ltd. sponsored ADR	5,400		249,696
Aveng Ltd.	40,400		252,130
Clicks Group Ltd.	41,152		260,956
Mr. Price Group Ltd.	30,518		240,809
Shoprite Holdings Ltd.	16,500		234,236
TOTAL SOUTH AFRICA			1,237,827
Spain - 2.8%
Banco Santander SA sponsored ADR	37,390		473,357
Inditex SA	3,449		274,007
Telefonica SA sponsored ADR (c)	6,400		474,560
TOTAL SPAIN			1,221,924
Common Stocks - continued
	Shares		Value
Sweden - 1.2%
EnergyO Solutions AB (a)	36,960		$ 218,831
H&M Hennes & Mauritz AB (B Shares)	8,013		290,247
TOTAL SWEDEN			509,078
Switzerland - 4.4%
Compagnie Financiere Richemont SA Series A	6,156		296,443
Credit Suisse Group sponsored ADR	7,500		319,200
Dufry AG (a)	2,390		228,430
Lonza Group AG	2,659		227,211
Sonova Holding AG Class B	1,823		222,668
The Swatch Group AG (Bearer)	700		263,413
UBS AG (NY Shares) (a)	20,512		349,319
TOTAL SWITZERLAND			1,906,684
Taiwan - 1.1%
HTC Corp.	10,650		242,014
Ruentex Development Co. Ltd.	127,000		212,888
TOTAL TAIWAN			454,902
Turkey - 0.6%
Turkiye Garanti Bankasi AS	46,000		267,128
United Kingdom - 9.6%
Anglo American PLC (United Kingdom)	9,300		368,971
Associated British Foods PLC	14,200		234,006
Barclays PLC Sponsored ADR	18,100		341,185
BG Group PLC	21,567		378,955
British American Tobacco PLC (United Kingdom)	10,700		399,612
Britvic PLC	26,300		200,465
Burberry Group PLC	16,300		266,307
Imperial Tobacco Group PLC	9,440		281,321
Lloyds Banking Group PLC (a)	299,700		347,711
Royal Dutch Shell PLC Class B	25,478		744,383
Vedanta Resources PLC	6,900		234,676
Xstrata PLC	16,800		321,454
TOTAL UNITED KINGDOM			4,119,046
United States of America - 7.5%
Apple, Inc. (a)	755		214,231
AsiaInfo Holdings, Inc. (a)(c)	11,700		230,841
Bank of America Corp.	16,400		215,004
Citigroup, Inc. (a)	53,350		208,065
Google, Inc. Class A (a)	400		210,316
JPMorgan Chase & Co.	5,511		209,804
Las Vegas Sands Corp. (a)(c)	6,500		226,525

	Shares		Value
MasterCard, Inc. Class A	900		$ 201,600
Mercadolibre, Inc. (a)(c)	3,000		216,540
Morgan Stanley	8,300		204,844
Motorola, Inc. (a)	24,700		210,691
NII Holdings, Inc. (a)	5,411		222,392
Tiffany & Co., Inc.	4,700		220,853
Visa, Inc. Class A	2,900		215,354
Wells Fargo & Co.	8,288		208,277
TOTAL UNITED STATES OF AMERICA			3,215,337
TOTAL COMMON STOCKS (Cost $37,153,376)		42,064,893
Nonconvertible Preferred Stocks - 1.3%

Germany - 0.7%
Volkswagen AG	2,300		277,614
Italy - 0.6%
Fiat SpA (Risparmio Shares)	24,700		262,504
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $368,926)		540,118
Money Market Funds - 2.6%

Fidelity Securities Lending Cash Central Fund, 0.26% (b)(e) (Cost $1,122,366)	1,122,366		1,122,366
TOTAL INVESTMENT PORTFOLIO - 102.1% (Cost $38,644,668)			43,727,377
NET OTHER ASSETS (LIABILITIES) - (2.1)%			(912,402)
NET ASSETS - 100%		$ 42,814,975

Legend

(a) Non-income producing

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

(e) 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	$ 332
Fidelity Securities Lending Cash Central Fund	27,796
Total	$ 28,128

Other Information

The following is a summary of the inputs used, as of September 30, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Japan	$ 4,135,215	$ 355,072	$ 3,780,143	$ -
United Kingdom	4,119,046	2,627,340	1,491,706	-
France	3,300,887	3,300,887	-	-
India	3,264,473	2,522,481	741,992	-
United States of America	3,215,337	3,215,337	-	-
Brazil	2,732,820	2,732,820	-	-
Cayman Islands	2,365,352	2,365,352	-	-
Canada	2,257,271	2,257,271	-	-
Switzerland	1,906,684	1,906,684	-	-
Other	15,307,926	14,727,654	580,272	-
Money Market Funds	1,122,366	1,122,366	-	-
Total Investments in Securities:	$ 43,727,377	$ 37,133,264	$ 6,594,113	$ -

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

Investments in Securities:
Beginning Balance	$ 249,900
Total Realized Gain (Loss)	(22,982)
Total Unrealized Gain (Loss)	(3,667)
Cost of Purchases	257,403
Proceeds of Sales	(480,654)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2010	$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $39,257,658. Net unrealized appreciation aggregated $4,469,719, of which $5,348,521 related to appreciated investment securities and $878,802 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Materials Portfolio

September 30, 2010

1.856922.103

VMATP-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
BUILDING PRODUCTS - 1.0%
Building Products - 1.0%
Masco Corp.	54,110		$ 595,751
CHEMICALS - 56.5%
Commodity Chemicals - 3.2%
Celanese Corp. Class A	59,413		1,907,157
Diversified Chemicals - 22.8%
Ashland, Inc.	25,777		1,257,144
BASF AG	5,789		365,078
Cabot Corp.	5,656		184,216
Dow Chemical Co.	173,346		4,760,080
E.I. du Pont de Nemours & Co.	102,533		4,575,022
FMC Corp.	10,300		704,623
Huntsman Corp.	75,323		870,734
Olin Corp.	7,400		149,184
Solutia, Inc. (a)	40,222		644,356
			13,510,437
Fertilizers & Agricultural Chemicals - 9.7%
CF Industries Holdings, Inc.	12,834		1,225,647
Israel Chemicals Ltd.	10,100		142,448
Monsanto Co.	57,535		2,757,653
The Mosaic Co.	22,827		1,341,315
Yara International ASA	6,900		312,175
			5,779,238
Industrial Gases - 9.6%
Air Products & Chemicals, Inc.	28,300		2,343,806
Praxair, Inc.	37,344		3,370,669
			5,714,475
Specialty Chemicals - 11.2%
Albemarle Corp.	10,550		493,846
Ecolab, Inc.	30,300		1,537,422
Ferro Corp. (a)	39,565		509,993
Innophos Holdings, Inc.	26,340		871,854
Kraton Performance Polymers, Inc.	19,100		518,565
LyondellBasell Industries NV Class A (a)	50,048		1,196,147
Rockwood Holdings, Inc. (a)	12,968		408,103
Stepan Co.	2,600		153,686
Symrise AG	5,317		147,775
W.R. Grace & Co. (a)	29,618		827,527
			6,664,918
TOTAL CHEMICALS			33,576,225
CONSTRUCTION & ENGINEERING - 0.8%
Construction & Engineering - 0.8%
Fluor Corp.	9,500		470,535

	Shares		Value
CONSTRUCTION MATERIALS - 2.2%
Construction Materials - 2.2%
HeidelbergCement AG	15,820		$ 762,464
Martin Marietta Materials, Inc. (c)	6,800		523,396
			1,285,860
CONTAINERS & PACKAGING - 6.1%
Metal & Glass Containers - 6.1%
Ball Corp.	17,200		1,012,220
Crown Holdings, Inc. (a)	38,162		1,093,723
Owens-Illinois, Inc. (a)	41,700		1,170,102
Pactiv Corp. (a)	11,120		366,738
			3,642,783
FOOD PRODUCTS - 0.5%
Agricultural Products - 0.5%
Archer Daniels Midland Co.	8,959		285,971
MACHINERY - 0.8%
Construction & Farm Machinery & Heavy Trucks - 0.8%
Bucyrus International, Inc. Class A	2,300		159,505
Caterpillar, Inc.	4,102		322,745
			482,250
METALS & MINING - 27.6%
Diversified Metals & Mining - 12.1%
Anglo American PLC (United Kingdom)	8,369		332,035
BHP Billiton PLC	12,396		395,352
Compass Minerals International, Inc.	7,800		597,636
Freeport-McMoRan Copper & Gold, Inc.	45,864		3,916,327
Kazakhmys PLC	15,300		348,996
Teck Resources Ltd. Class B (sub. vtg.)	11,100		456,624
Walter Energy, Inc.	14,000		1,138,060
			7,185,030
Gold - 7.6%
AngloGold Ashanti Ltd. sponsored ADR	24,853		1,149,203
Newcrest Mining Ltd.	12,915		495,252
Newmont Mining Corp.	27,900		1,752,399
Randgold Resources Ltd. sponsored ADR	5,185		526,070
Yamana Gold, Inc.	55,000		627,120
			4,550,044
Steel - 7.9%
Allegheny Technologies, Inc.	17,100		794,295
Carpenter Technology Corp.	25,800		869,718
Commercial Metals Co.	53,310		772,462
Jindal Steel & Power Ltd.	13,396		212,572
Reliance Steel & Aluminum Co.	2,900		120,437
Steel Dynamics, Inc.	54,599		770,392
Common Stocks - continued
	Shares		Value
METALS & MINING - CONTINUED
Steel - continued
Ternium SA sponsored ADR	18,400		$ 600,760
Vale SA sponsored ADR (c)	17,100		534,717
			4,675,353
TOTAL METALS & MINING			16,410,427
OIL, GAS & CONSUMABLE FUELS - 0.5%
Coal & Consumable Fuels - 0.5%
Massey Energy Co.	9,000		279,180
PAPER & FOREST PRODUCTS - 2.2%
Forest Products - 2.2%
Weyerhaeuser Co.	82,036		1,292,887
TOTAL COMMON STOCKS (Cost $52,849,953)		58,321,869
Money Market Funds - 3.5%
	Shares		Value
Fidelity Cash Central Fund, 0.25% (d)	1,049,478		$ 1,049,478
Fidelity Securities Lending Cash Central Fund, 0.26% (b)(d)	1,023,750		1,023,750
TOTAL MONEY MARKET FUNDS (Cost $2,073,228)		2,073,228
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $54,923,181)			60,395,097
NET OTHER ASSETS (LIABILITIES) - (1.7)%			(997,802)
NET ASSETS - 100%		$ 59,397,295

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,388
Fidelity Securities Lending Cash Central Fund	2,005
Total	$ 3,393

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 58,321,869	$ 57,926,517	$ 395,352	$ -
Money Market Funds	2,073,228	2,073,228	-	-
Total Investments in Securities:	$ 60,395,097	$ 59,999,745	$ 395,352	$ -

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $56,029,058. Net unrealized appreciation aggregated $4,366,039, of which $10,990,291 related to appreciated investment securities and $6,624,252 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Real Estate Portfolio

September 30, 2010

1.808791.106

VIPRE-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - 2.4%
Health Care Facilities - 2.4%
Brookdale Senior Living, Inc. (a)	92,200		$ 1,503,782
Emeritus Corp. (a)(c)	159,053		2,713,444
Sunrise Senior Living, Inc. (a)	163,931		562,283
TOTAL HEALTH CARE FACILITIES			4,779,509
REAL ESTATE INVESTMENT TRUSTS - 92.3%
REITs - Apartments - 15.5%
American Campus Communities, Inc.	32,200		980,168
AvalonBay Communities, Inc.	23,424		2,434,456
Camden Property Trust (SBI)	21,500		1,031,355
Colonial Properties Trust (SBI)	27,300		441,987
Education Realty Trust, Inc.	511,400		3,656,510
Equity Residential (SBI)	112,669		5,359,664
Essex Property Trust, Inc.	61,329		6,711,846
Mid-America Apartment Communities, Inc.	117,800		6,865,384
Post Properties, Inc.	99,300		2,772,456
TOTAL REITS - APARTMENTS			30,253,826
REITs - Health Care Facilities - 12.2%
HCP, Inc.	140,436		5,052,887
Healthcare Realty Trust, Inc.	136,300		3,188,057
National Health Investors, Inc.	50,104		2,207,582
Omega Healthcare Investors, Inc.	99,276		2,228,746
Ventas, Inc.	214,900		11,082,393
TOTAL REITS - HEALTH CARE FACILITIES			23,759,665
REITs - Hotels - 6.5%
DiamondRock Hospitality Co.	609,320		5,782,447
Host Hotels & Resorts, Inc.	211,430		3,061,506
Sunstone Hotel Investors, Inc. (a)	431,246		3,911,401
TOTAL REITS - HOTELS			12,755,354
REITs - Industrial Buildings - 12.8%
DCT Industrial Trust, Inc.	218,700		1,047,573
ProLogis Trust	796,066		9,377,657
Public Storage	143,661		13,940,863
U-Store-It Trust	80,500		672,175
TOTAL REITS - INDUSTRIAL BUILDINGS			25,038,268
REITs - Malls - 15.8%
CBL & Associates Properties, Inc.	333,288		4,352,741
Simon Property Group, Inc.	227,662		21,113,376
The Macerich Co.	127,159		5,461,479
TOTAL REITS - MALLS			30,927,596

	Shares		Value
REITs - Management/Investment - 4.6%
Digital Realty Trust, Inc. (c)	146,276		$ 9,025,229
REITs - Office Buildings - 14.2%
Alexandria Real Estate Equities, Inc. (c)	107,433		7,520,310
Boston Properties, Inc.	63,393		5,269,226
Brandywine Realty Trust (SBI)	133,800		1,639,050
Highwoods Properties, Inc. (SBI)	143,038		4,644,444
SL Green Realty Corp.	137,200		8,688,876
TOTAL REITS - OFFICE BUILDINGS			27,761,906
REITs - Shopping Centers - 10.7%
Acadia Realty Trust (SBI)	178,600		3,393,400
Cedar Shopping Centers, Inc.	103,100		626,848
Developers Diversified Realty Corp.	251,060		2,816,893
Glimcher Realty Trust	76,411		469,928
Kimco Realty Corp.	114,474		1,802,966
Kite Realty Group Trust	200,815		891,619
Vornado Realty Trust	127,239		10,882,752
TOTAL REITS - SHOPPING CENTERS			20,884,406
TOTAL REAL ESTATE INVESTMENT TRUSTS			180,406,250
REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.7%
Diversified Real Estate Activities - 0.4%
Coresite Realty Corp.	41,400		678,546
Real Estate Operating Companies - 1.4%
Brookfield Properties Corp. (c)	140,090		2,188,332
Forest City Enterprises, Inc. Class A (a)(c)	49,300		632,519
TOTAL REAL ESTATE OPERATING COMPANIES			2,820,851
Real Estate Services - 1.9%
CB Richard Ellis Group, Inc. Class A (a)	201,785		3,688,630
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			7,188,027
TOTAL COMMON STOCKS (Cost $165,609,337)		192,373,786
Convertible Preferred Stocks - 0.1%

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
Real Estate Services - 0.1%
Grubb & Ellis Co.:
12.00% (d)	2,000		176,000
12.00% (a)(d)	700		61,600
TOTAL REAL ESTATE SERVICES (Cost $2,700)			237,600
Convertible Bonds - 0.1%
	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
Real Estate Services - 0.1%
Grubb & Ellis Co. 7.95% 5/1/15 (d) (Cost $116,000)	116,000		$ 99,760
Money Market Funds - 6.8%

Fidelity Cash Central Fund, 0.25% (e)	6,410,754		6,410,754
Fidelity Securities Lending Cash Central Fund, 0.26% (b)(e)	6,932,497		6,932,497
TOTAL MONEY MARKET FUNDS (Cost $13,343,251)		13,343,251
TOTAL INVESTMENT PORTFOLIO - 105.4% (Cost $179,338,588)			206,054,397
NET OTHER ASSETS (LIABILITIES) - (5.4)%			(10,538,841)
NET ASSETS - 100%		$ 195,515,556

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 5,873
Fidelity Securities Lending Cash Central Fund	14,300
Total	$ 20,173

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 192,373,786	$ 192,373,786	$ -	$ -
Convertible Preferred Stocks	237,600	-	237,600	-
Convertible Bonds	99,760	-	99,760	-
Money Market Funds	13,343,251	13,343,251	-	-
Total Investments in Securities:	$ 206,054,397	$ 205,717,037	$ 337,360	$ -

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $182,133,674. Net unrealized appreciation aggregated $23,920,723, of which $33,488,592 related to appreciated investment securities and $9,567,869 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Technology Portfolio

September 30, 2010

1.807723.106

VTC-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
AUTOMOBILES - 0.1%
Automobile Manufacturers - 0.1%
Tesla Motors, Inc. (a)(c)	6,900		$ 139,794
BIOTECHNOLOGY - 0.0%
Biotechnology - 0.0%
China Biologic Products, Inc. (a)	3,300		32,604
CHEMICALS - 0.3%
Commodity Chemicals - 0.2%
STR Holdings, Inc. (c)	15,200		327,408
Diversified Chemicals - 0.1%
DC Chemical Co. Ltd.	512		158,730
Specialty Chemicals - 0.0%
Shin-Etsu Chemical Co., Ltd.	200		9,760
TOTAL CHEMICALS			495,898
COMMUNICATIONS EQUIPMENT - 14.5%
Communications Equipment - 14.5%
Acme Packet, Inc. (a)	35,900		1,362,046
Adtran, Inc.	12,700		448,310
Aruba Networks, Inc. (a)(c)	14,100		300,894
Brocade Communications Systems, Inc. (a)	100		584
Ciena Corp. (a)	5,200		80,964
Cisco Systems, Inc. (a)	33,137		725,700
Comverse Technology, Inc. (a)	12,970		87,288
F5 Networks, Inc. (a)	11,818		1,226,827
Finisar Corp. (a)(c)	5,600		105,224
HTC Corp.	72,850		1,655,470
Infinera Corp. (a)	13,800		161,046
JDS Uniphase Corp. (a)	26,000		322,140
Juniper Networks, Inc. (a)	23,200		704,120
Mitel Networks, Inc. (a)	17,100		105,678
Motorola, Inc. (a)	347,900		2,967,587
Netronix, Inc.	24,240		64,485
Polycom, Inc. (a)	23,500		641,080
QUALCOMM, Inc.	136,134		6,142,366
Research In Motion Ltd. (a)	1,500		73,035
Riverbed Technology, Inc. (a)	26,500		1,207,870
Sandvine Corp. (a)	100,288		178,816
Sandvine Corp. (U.K.) (a)	185,700		335,749
ShoreTel, Inc. (a)	20,000		99,200
Sonus Networks, Inc. (a)	5,300		18,709
Tekelec (a)	9,000		116,640
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	126,300		1,385,511
ZTE Corp. (H Shares)	106,600		424,532
			20,941,871
COMPUTERS & PERIPHERALS - 20.1%
Computer Hardware - 15.4%
Apple, Inc. (a)	75,745		21,492,645

	Shares		Value
Hewlett-Packard Co.	8,517		$ 358,310
Stratasys, Inc. (a)(c)	13,110		363,409
			22,214,364
Computer Storage & Peripherals - 4.7%
Chicony Electronics Co. Ltd.	11,830		25,025
EMC Corp. (a)	34,100		692,571
Imagination Technologies Group PLC (a)	63,000		377,471
Intevac, Inc. (a)	37,200		372,372
Isilon Systems, Inc. (a)(c)	32,309		719,845
NetApp, Inc. (a)	21,400		1,065,506
Qisda Corp. (a)	26,000		18,458
SanDisk Corp. (a)	24,419		894,956
Seagate Technology (a)	87,000		1,024,860
Smart Technologies, Inc. Class A (a)	15,800		213,636
Synaptics, Inc. (a)	13,100		368,634
Western Digital Corp. (a)	36,400		1,033,396
			6,806,730
TOTAL COMPUTERS & PERIPHERALS			29,021,094
DIVERSIFIED CONSUMER SERVICES - 0.2%
Education Services - 0.0%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	200		19,516
Specialized Consumer Services - 0.2%
Coinstar, Inc. (a)	6,700		288,033
TOTAL DIVERSIFIED CONSUMER SERVICES			307,549
ELECTRICAL EQUIPMENT - 0.1%
Electrical Components & Equipment - 0.1%
A123 Systems, Inc.	500		4,485
Acuity Brands, Inc.	1,616		71,492
			75,977
ELECTRONIC EQUIPMENT & COMPONENTS - 5.5%
Electronic Components - 2.7%
Amphenol Corp. Class A	300		14,694
AU Optronics Corp. sponsored ADR	40,800		426,768
Cando Corp. (a)	447,842		348,800
Chimei Innolux Corp.	115,000		156,651
Corning, Inc.	82,900		1,515,412
DTS, Inc. (a)	4,400		167,948
E Ink Holdings, Inc. (a)	70,000		135,962
E Ink Holdings, Inc. GDR (a)(d)	1,000		19,397
LG Display Co. Ltd. sponsored ADR	32,600		568,544
Power-One, Inc. (a)	14,200		129,078
Universal Display Corp. (a)(c)	13,600		319,600
Vishay Intertechnology, Inc. (a)	16,500		159,720
			3,962,574
Electronic Equipment & Instruments - 0.4%
Chroma ATE, Inc.	90,678		216,523
Comverge, Inc. (a)	1,211		9,518
Itron, Inc. (a)	200		12,246
Common Stocks - continued
	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED
Electronic Equipment & Instruments - continued
National Instruments Corp.	8,937		$ 291,882
Vishay Precision Group, Inc. (a)	1,178		18,389
			548,558
Electronic Manufacturing Services - 1.8%
Ju Teng International Holdings Ltd.	62,000		31,164
Multi-Fineline Electronix, Inc. (a)	411		9,038
Trimble Navigation Ltd. (a)	72,485		2,539,874
			2,580,076
Technology Distributors - 0.6%
Digital China Holdings Ltd. (H Shares)	165,000		287,511
Inspur International Ltd.	411,000		34,431
Supreme Electronics Co. Ltd.	13,000		9,458
Synnex Technology International Corp.	60,237		139,781
VST Holdings Ltd. (a)	270,000		72,032
WPG Holding Co. Ltd.	134,896		268,063
			811,276
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			7,902,484
HEALTH CARE EQUIPMENT & SUPPLIES - 0.6%
Health Care Equipment - 0.2%
Biosensors International Group Ltd. (a)	98,000		73,757
China Medical Technologies, Inc. sponsored ADR	300		3,897
Golden Meditech Holdings Ltd. (a)	262,000		49,300
Microport Scientific Corp.	132,000		147,158
Mingyuan Medicare Development Co. Ltd.	200,000		27,065
			301,177
Health Care Supplies - 0.4%
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	184,000		524,088
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			825,265
HEALTH CARE TECHNOLOGY - 0.0%
Health Care Technology - 0.0%
athenahealth, Inc. (a)	100		3,302
HOUSEHOLD DURABLES - 0.2%
Consumer Electronics - 0.1%
Sharp Corp.	2,000		19,937
Skyworth Digital Holdings Ltd.	150,000		104,588
Sony Corp. sponsored ADR	2,400		74,208
			198,733
Household Appliances - 0.1%
Haier Electronics Group Co. Ltd. (a)	150,000		126,434
TOTAL HOUSEHOLD DURABLES			325,167

	Shares		Value
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 0.1%
Independent Power Producers & Energy Traders - 0.1%
GCL-Poly Energy Holdings Ltd. (a)	640,000		$ 197,139
INTERNET & CATALOG RETAIL - 2.2%
Internet Retail - 2.2%
Amazon.com, Inc. (a)	11,500		1,806,190
Expedia, Inc.	15,500		437,255
MakeMyTrip Ltd.	3,400		131,614
Overstock.com, Inc. (a)(c)	9,800		154,056
Priceline.com, Inc. (a)	1,888		657,666
			3,186,781
INTERNET SOFTWARE & SERVICES - 15.1%
Internet Software & Services - 15.1%
Akamai Technologies, Inc. (a)	50,200		2,519,036
Alibaba.com Ltd.	436,500		909,117
Art Technology Group, Inc. (a)	31,503		130,107
Baidu.com, Inc. sponsored ADR (a)	8,000		820,960
China Finance Online Co. Ltd. ADR (a)	9,100		64,610
Constant Contact, Inc. (a)	9,500		203,585
DealerTrack Holdings, Inc. (a)	1,500		25,620
eBay, Inc. (a)	59,900		1,461,560
Google, Inc. Class A (a)	20,600		10,831,274
Internap Network Services Corp. (a)	16,500		81,015
IntraLinks Holdings, Inc.	12,800		216,448
Kakaku.com, Inc.	25		144,925
LivePerson, Inc. (a)	21,500		180,600
Local.com Corp. (a)(c)	9,700		42,874
LogMeIn, Inc. (a)(c)	6,691		240,742
MediaMind Technologies, Inc. (a)	12,200		168,360
Mercadolibre, Inc. (a)(c)	10,600		765,108
ModusLink Global Solutions, Inc. (a)	15,000		95,250
Monster Worldwide, Inc. (a)	44,900		581,904
Open Text Corp. (a)	6,700		316,194
OpenTable, Inc. (a)	2,200		149,776
Rackspace Hosting, Inc. (a)	9,300		241,614
SouFun Holdings Ltd. ADR	3,300		215,094
Tencent Holdings Ltd.	6,700		146,452
The Knot, Inc. (a)	18,300		167,079
VeriSign, Inc. (a)	8,900		282,486
VistaPrint Ltd. (a)	13,200		510,180
Vocus, Inc. (a)	15,000		277,200
			21,789,170
IT SERVICES - 3.0%
Data Processing & Outsourced Services - 2.1%
Amadeus IT Holding SA Class A (a)	27,000		496,775
hiSoft Technology International Ltd. ADR (a)	10,700		263,113
Teletech Holdings, Inc. (a)	4,994		74,111
Visa, Inc. Class A	30,000		2,227,800
			3,061,799
Common Stocks - continued
	Shares		Value
IT SERVICES - CONTINUED
IT Consulting & Other Services - 0.9%
Accenture PLC Class A	15,367		$ 652,944
Atos Origin SA (a)	4,634		209,505
China Information Technology, Inc. (a)	83		404
Cognizant Technology Solutions Corp. Class A (a)	2,800		180,516
RightNow Technologies, Inc. (a)	11,400		224,580
			1,267,949
TOTAL IT SERVICES			4,329,748
MACHINERY - 0.1%
Industrial Machinery - 0.1%
Meyer Burger Technology AG (a)(c)	2,490		78,569
Shin Zu Shing Co. Ltd.	3,515		9,824
			88,393
MEDIA - 0.6%
Advertising - 0.5%
AirMedia Group, Inc. ADR (a)	66,700		394,864
ReachLocal, Inc.	24,600		338,988
			733,852
Publishing - 0.1%
Next Media Ltd. (a)	400,000		57,739
TOTAL MEDIA			791,591
METALS & MINING - 0.0%
Diversified Metals & Mining - 0.0%
Timminco Ltd. (a)	700		245
OFFICE ELECTRONICS - 0.5%
Office Electronics - 0.5%
Xerox Corp.	64,000		662,400
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5%
Real Estate Services - 0.5%
China Real Estate Information Corp. ADR (c)	71,500		767,195
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 15.7%
Semiconductor Equipment - 4.0%
Amkor Technology, Inc. (a)	10,795		70,923
ASM International NV unit (a)	5,900		150,096
ASML Holding NV	51,700		1,537,041
ATMI, Inc. (a)	4,500		66,870
centrotherm photovoltaics AG (a)(c)	9,600		403,785
Cymer, Inc. (a)	16,800		622,944
GT Solar International, Inc. (a)	91,200		763,344
Lam Research Corp. (a)	13,900		581,715
LTX-Credence Corp. (a)	51,715		108,084
MEMC Electronic Materials, Inc. (a)	17,900		213,368
Photronics, Inc. (a)	9,700		51,313

	Shares		Value
Roth & Rau AG (a)	10,500		$ 250,525
Teradyne, Inc. (a)	20,000		222,800
Tessera Technologies, Inc. (a)	4,100		75,850
Varian Semiconductor Equipment Associates, Inc. (a)	25,700		739,646
			5,858,304
Semiconductors - 11.7%
Advanced Micro Devices, Inc. (a)	67,900		482,769
Applied Micro Circuits Corp. (a)	21,300		213,000
ARM Holdings PLC sponsored ADR (c)	34,100		639,716
Atmel Corp. (a)	46,900		373,324
Avago Technologies Ltd. (a)	38,500		866,635
Broadcom Corp. Class A	31,500		1,114,785
Cavium Networks, Inc. (a)(c)	41,891		1,204,785
Cirrus Logic, Inc. (a)	12,200		217,648
Cree, Inc. (a)	1,360		73,834
CSR PLC (a)	19,700		111,102
Cypress Semiconductor Corp. (a)	33,100		416,398
Energy Conversion Devices, Inc. (a)(c)	2,100		10,542
Fairchild Semiconductor International, Inc. (a)	29,000		272,600
First Solar, Inc. (a)	786		115,817
Global Unichip Corp.	36,994		131,613
Hittite Microwave Corp. (a)	10,621		506,091
Hynix Semiconductor, Inc. (a)	830		16,123
Infineon Technologies AG (a)	10,364		71,796
Intel Corp.	600		11,538
International Rectifier Corp. (a)	20,500		432,345
Intersil Corp. Class A	75,000		876,750
JA Solar Holdings Co. Ltd. ADR (a)	18,300		170,739
Jinkosolar Holdings Co. Ltd. ADR (c)	4,800		151,728
LSI Corp. (a)	15,500		70,680
Marvell Technology Group Ltd. (a)	76,695		1,342,929
MediaTek, Inc.	1,008		14,183
Micron Technology, Inc. (a)	110,200		794,542
Microsemi Corp. (a)	900		15,435
Monolithic Power Systems, Inc. (a)	6,900		112,677
Netlogic Microsystems, Inc. (a)(c)	9,000		248,220
NVIDIA Corp. (a)	145,200		1,695,936
NXP Semiconductors NV	42,000		520,380
Power Integrations, Inc.	20,714		658,498
Radiant Opto-Electronics Corp.	2,284		3,426
Rambus, Inc. (a)	11,300		235,492
Realtek Semiconductor Corp.	32,000		74,051
Silicon Laboratories, Inc. (a)	4,700		172,255
Skyworks Solutions, Inc. (a)	28,530		590,000
SolarWorld AG (c)	4,739		59,443
Spreadtrum Communications, Inc. ADR (a)(c)	11,200		135,072
Standard Microsystems Corp. (a)	16,500		376,365
SunPower Corp. Class B (a)	1,042		14,442
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(c)	600		5,784
Trina Solar Ltd. ADR (a)(c)	19,300		582,474
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
TriQuint Semiconductor, Inc. (a)	55,300		$ 530,880
Volterra Semiconductor Corp. (a)	2,000		43,040
Wolfson Microelectronics PLC (a)	3,300		13,945
YoungTek Electronics Corp.	17,170		47,548
			16,839,375
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			22,697,679
SOFTWARE - 18.6%
Application Software - 12.9%
Adobe Systems, Inc. (a)	25,100		656,365
ANSYS, Inc. (a)	3,700		156,325
AsiaInfo Holdings, Inc. (a)	6,300		124,299
Autodesk, Inc. (a)	40,800		1,304,376
AutoNavi Holdings Ltd. ADR	8,900		155,750
Autonomy Corp. PLC (a)	21,200		603,804
Citrix Systems, Inc. (a)	21,500		1,467,160
Compuware Corp. (a)	32,900		280,637
Concur Technologies, Inc. (a)	20,700		1,023,408
Epicor Software Corp. (a)	24,595		213,977
Gameloft (a)	32,800		160,096
Informatica Corp. (a)	39,900		1,532,559
Intuit, Inc. (a)	21,400		937,534
JDA Software Group, Inc. (a)	16,043		406,850
Kenexa Corp. (a)	11,600		203,232
Kingdee International Software Group Co. Ltd.	2,580,000		1,207,037
Longtop Financial Technologies Ltd. ADR (a)	10,200		401,370
Magma Design Automation, Inc. (a)	54,000		199,800
Manhattan Associates, Inc. (a)	2,888		84,763
MicroStrategy, Inc. Class A (a)	901		78,036
Nuance Communications, Inc. (a)	61,800		966,552
Parametric Technology Corp. (a)	33,668		657,873
Pegasystems, Inc. (c)	6,200		192,510
QLIK Technologies, Inc.	500		11,025
RealPage, Inc.	3,300		62,964
Salesforce.com, Inc. (a)	30,300		3,387,540
Smith Micro Software, Inc. (a)	7,400		73,556
SolarWinds, Inc. (a)	16,900		291,694
SuccessFactors, Inc. (a)	28,100		705,591
Taleo Corp. Class A (a)	13,200		382,668
TeleNav, Inc.	13,700		72,473

	Shares		Value
TIBCO Software, Inc. (a)	22,200		$ 393,828
Verint Systems, Inc. (a)	9,300		274,815
			18,670,467
Home Entertainment Software - 1.2%
Activision Blizzard, Inc.	12,200		132,004
Changyou.com Ltd. (A Shares) ADR (a)(c)	13,000		357,500
Giant Interactive Group, Inc. ADR (c)	10,489		67,339
NCsoft Corp.	1,248		259,396
Neowiz Games Corp. (a)	2,059		83,155
Nintendo Co. Ltd. ADR	8,200		255,840
Perfect World Co. Ltd. sponsored ADR Class B (a)	15,200		390,032
RealD, Inc.	800		14,792
Rosetta Stone, Inc. (a)	1,100		23,364
Shanda Games Ltd. sponsored ADR	30,000		160,800
			1,744,222
Systems Software - 4.5%
Ariba, Inc. (a)	13,092		247,439
BMC Software, Inc. (a)	51,700		2,092,816
CommVault Systems, Inc. (a)	3,400		88,502
Fortinet, Inc. (c)	26,900		672,500
Insyde Software Corp.	24,823		69,218
Microsoft Corp.	2,925		71,633
Oracle Corp.	13,300		357,105
Red Hat, Inc. (a)	28,300		1,160,300
Rovi Corp. (a)	12,119		610,919
TeleCommunication Systems, Inc. Class A (a)	20,600		80,546
VMware, Inc. Class A (a)	11,500		976,810
			6,427,788
TOTAL SOFTWARE			26,842,477
WIRELESS TELECOMMUNICATION SERVICES - 1.2%
Wireless Telecommunication Services - 1.2%
American Tower Corp. Class A (a)	1,800		92,268
Crown Castle International Corp. (a)	2,000		88,300
SBA Communications Corp. Class A (a)	2,200		88,660
Sprint Nextel Corp. (a)	243,700		1,128,331
Syniverse Holdings, Inc. (a)	12,043		273,015
			1,670,574
TOTAL COMMON STOCKS (Cost $108,208,660)		143,094,397

Convertible Bonds - 0.1%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.1%
Communications Equipment - 0.1%
Ciena Corp. 0.25% 5/1/13 (Cost $157,875)	$ 150,000	132,525

Money Market Funds - 5.9%
	Shares		Value
Fidelity Cash Central Fund, 0.25% (e)	1,318,372		$ 1,318,372
Fidelity Securities Lending Cash Central Fund, 0.26% (b)(e)	7,227,986		7,227,986
TOTAL MONEY MARKET FUNDS (Cost $8,546,358)		8,546,358

TOTAL INVESTMENT PORTFOLIO - 105.2%

(Cost $116,912,893)

151,773,280

NET OTHER ASSETS (LIABILITIES) - (5.2)%		(7,476,205)
NET ASSETS - 100%		$ 144,297,075

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,088
Fidelity Securities Lending Cash Central Fund	40,630
Total	$ 42,718

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 143,094,397	$ 142,919,775	$ 174,622	$ -
Convertible Bonds	132,525	-	132,525	-
Money Market Funds	8,546,358	8,546,358	-	-
Total Investments in Securities:	$ 151,773,280	$ 151,466,133	$ 307,147	$ -

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $117,287,855. Net unrealized appreciation aggregated $34,485,425, of which $38,989,332 related to appreciated investment securities and $4,503,907 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Telecommunications Portfolio

September 30, 2010

1.856920.103

VTELP-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.3%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.5%
Diversified Support Services - 0.5%
Blue Label Telecoms Ltd.	47,100		$ 42,571
COMMUNICATIONS EQUIPMENT - 0.6%
Communications Equipment - 0.6%
Aruba Networks, Inc. (a)	5		107
Cisco Systems, Inc. (a)	900		19,710
Juniper Networks, Inc. (a)	933		28,317
Nortel Networks Corp. (a)	100		0
Sandvine Corp. (U.K.) (a)	100		181
Sonus Networks, Inc. (a)	1,300		4,589
			52,904
DIVERSIFIED TELECOMMUNICATION SERVICES - 42.6%
Alternative Carriers - 4.8%
Cable & Wireless Worldwide PLC	309		357
Cogent Communications Group, Inc. (a)	1,206		11,421
Global Crossing Ltd. (a)	6,219		79,976
Iliad Group SA	1,142		119,002
Level 3 Communications, Inc. (a)	192		180
PAETEC Holding Corp. (a)	1,700		6,987
tw telecom, inc. (a)	10,633		197,455
			415,378
Integrated Telecommunication Services - 37.8%
AT&T, Inc.	22,683		648,734
BT Group PLC	109		240
Cable & Wireless PLC	309		275
Cbeyond, Inc. (a)	3,650		46,830
CenturyTel, Inc.	9,385		370,332
China Unicom (Hong Kong) Ltd. sponsored ADR	7,100		103,376
Cincinnati Bell, Inc. (a)	4,500		12,015
Deutsche Telekom AG	17		233
FairPoint Communications, Inc. (a)	522		18
Frontier Communications Corp.	639		5,221
Hellenic Telecommunications Organization SA	37		265
Qwest Communications International, Inc.	72,855		456,801
Telenor ASA sponsored ADR	3,020		141,547
Verizon Communications, Inc.	37,000		1,205,829
Windstream Corp.	19,993		245,714
			3,237,430
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			3,652,808
INTERNET SOFTWARE & SERVICES - 2.4%
Internet Software & Services - 2.4%
Akamai Technologies, Inc. (a)	1,500		75,270
Google, Inc. Class A (a)	155		81,497

	Shares		Value
Rackspace Hosting, Inc. (a)	1,800		$ 46,764
SAVVIS, Inc. (a)	1		21
			203,552
MEDIA - 9.0%
Cable & Satellite - 9.0%
Comcast Corp. Class A	8,500		153,680
DIRECTV (a)	2,871		119,520
Dish TV India Ltd. (a)	112		139
Kabel Deutschland Holding AG	2,300		91,252
Liberty Global, Inc. Class A (a)	3,466		106,787
Net Servicos de Comunicacao SA sponsored ADR (a)	5,600		72,968
Time Warner Cable, Inc.	1,028		55,502
Virgin Media, Inc.	7,500		172,650
			772,498
Movies & Entertainment - 0.0%
Madison Square Garden, Inc. Class A (a)	11		232
TOTAL MEDIA			772,730
SOFTWARE - 1.4%
Application Software - 1.4%
AsiaInfo Holdings, Inc. (a)	700		13,811
Gameloft (a)	13,914		67,914
Synchronoss Technologies, Inc. (a)	2,437		43,403
			125,128
WIRELESS TELECOMMUNICATION SERVICES - 37.8%
Wireless Telecommunication Services - 37.8%
American Tower Corp. Class A (a)	11,400		584,364
Axiata Group Bhd (a)	78,500		111,378
Clearwire Corp. Class A (a)	33,731		272,884
Crown Castle International Corp. (a)	10,917		481,986
ICO Global Communications Holdings Ltd. Class A (a)	61,123		100,242
Idea Cellular Ltd. (a)	63		104
Leap Wireless International, Inc. (a)	12,392		153,041
MetroPCS Communications, Inc. (a)	21,278		222,568
Mobile TeleSystems OJSC sponsored ADR	2,000		42,460
NII Holdings, Inc. (a)	6,481		266,369
NTELOS Holdings Corp.	36		609
PT Indosat Tbk	35,000		21,569
SBA Communications Corp. Class A (a)	8,618		347,305
Sprint Nextel Corp. (a)	93,568		433,220
Syniverse Holdings, Inc. (a)	1,332		30,196
Telephone & Data Systems, Inc.	290		9,512
TIM Participacoes SA sponsored ADR (non-vtg.)	1,800		59,382
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
Vivo Participacoes SA sponsored ADR	2,400		$ 65,208
Vodafone Group PLC sponsored ADR	1,400		34,734
			3,237,131
TOTAL COMMON STOCKS (Cost $7,394,075)		8,086,824
Money Market Funds - 4.9%

Fidelity Cash Central Fund, 0.25% (b) (Cost $417,848)	417,848		417,848
TOTAL INVESTMENT PORTFOLIO - 99.2% (Cost $7,811,923)			8,504,672
NET OTHER ASSETS (LIABILITIES) - 0.8%			68,223
NET ASSETS - 100%		$ 8,572,895

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	$ 258

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 8,086,824	$ 8,086,319	$ 505	$ -
Money Market Funds	417,848	417,848	-	-
Total Investments in Securities:	$ 8,504,672	$ 8,504,167	$ 505	$ -

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $7,988,801. Net unrealized appreciation aggregated $515,871, of which $1,233,728 related to appreciated investment securities and $717,857 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Utilities Portfolio

September 30, 2010

1.807738.106

VUT-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value
ELECTRIC UTILITIES - 49.8%
Electric Utilities - 49.8%
American Electric Power Co., Inc.	81,321		$ 2,946,260
Companhia Paranaense de Energia-Copel (PN-B) sponsored ADR (c)	18,280		406,730
Edison International	56,085		1,928,763
ITC Holdings Corp.	30,915		1,924,459
NextEra Energy, Inc.	81,245		4,418,914
NV Energy, Inc.	169,915		2,234,382
Pepco Holdings, Inc.	500		9,300
Pinnacle West Capital Corp.	33,400		1,378,418
PPL Corp.	137,251		3,737,345
Southern Co.	19,700		733,628
			19,718,199
ELECTRICAL EQUIPMENT - 0.3%
Heavy Electrical Equipment - 0.3%
Shanghai Electric Group Co. Ltd. (H Shares)	202,000		112,208
GAS UTILITIES - 1.4%
Gas Utilities - 1.4%
National Fuel Gas Co. New Jersey	10,718		555,300
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 6.2%
Independent Power Producers & Energy Traders - 6.2%
AES Corp. (a)	106,445		1,208,151
Calpine Corp. (a)	61,900		770,655
China Longyuan Power Group Corp. (H Shares)	73,000		72,445
International Power PLC	64,075		390,555
			2,441,806
MULTI-UTILITIES - 40.0%
Multi-Utilities - 40.0%
CenterPoint Energy, Inc.	37,900		595,788
CMS Energy Corp.	96,200		1,733,524
National Grid PLC	225,400		1,911,960
NiSource, Inc.	61,300		1,066,620
PG&E Corp.	42,645		1,936,936
Public Service Enterprise Group, Inc.	96,338		3,186,861

	Shares		Value
Sempra Energy	50,009		$ 2,690,484
Veolia Environnement	29,400		774,775
Xcel Energy, Inc.	83,600		1,920,292
			15,817,240
OIL, GAS & CONSUMABLE FUELS - 2.2%
Coal & Consumable Fuels - 0.2%
Amyris, Inc.	3,700		63,825
Oil & Gas Exploration & Production - 2.0%
Canacol Energy Ltd. (a)	281,700		355,976
Pacific Rubiales Energy Corp. (a)	15,600		438,696
			794,672
TOTAL OIL, GAS & CONSUMABLE FUELS			858,497
TOTAL COMMON STOCKS (Cost $36,556,552)		39,503,250
Money Market Funds - 3.5%

Fidelity Cash Central Fund, 0.25% (d)	980,895		980,895
Fidelity Securities Lending Cash Central Fund, 0.26% (b)(d)	414,000		414,000
TOTAL MONEY MARKET FUNDS (Cost $1,394,895)		1,394,895
TOTAL INVESTMENT PORTFOLIO - 103.4% (Cost $37,951,447)			40,898,145
NET OTHER ASSETS (LIABILITIES) - (3.4)%			(1,328,827)
NET ASSETS - 100%		$ 39,569,318

Legend

(a) Non-income producing

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

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	$ 497
Fidelity Securities Lending Cash Central Fund	1,270
Total	$ 1,767

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 39,503,250	$ 36,816,515	$ 2,686,735	$ -
Money Market Funds	1,394,895	1,394,895	-	-
Total Investments in Securities:	$ 40,898,145	$ 38,211,410	$ 2,686,735	$ -

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $38,728,304. Net unrealized appreciation aggregated $2,169,841, of which $2,991,078 related to appreciated investment securities and $821,237 related to depreciated investment securities.

Investment Valuation

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Value Leaders Portfolio

September 30, 2010

1.808797.106

VVL-QTLY-1110

Investments September 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.2%
	Shares		Value
CONSUMER DISCRETIONARY - 5.5%
Auto Components - 0.4%
Johnson Controls, Inc.	4,000		$ 122,000
Household Durables - 2.1%
KB Home (c)	26,200		296,846
PulteGroup, Inc. (a)	17,430		152,687
Stanley Black & Decker, Inc.	2,805		171,890
			621,423
Media - 1.8%
Time Warner Cable, Inc.	5,462		294,893
Time Warner, Inc.	7,000		214,550
			509,443
Specialty Retail - 1.2%
Best Buy Co., Inc.	2,000		81,660
Lowe's Companies, Inc.	8,035		179,100
Staples, Inc.	4,600		96,232
			356,992
TOTAL CONSUMER DISCRETIONARY			1,609,858
CONSUMER STAPLES - 6.9%
Beverages - 2.1%
Anheuser-Busch InBev SA NV	1,976		116,249
Grupo Modelo SAB de CV Series C	14,500		79,642
The Coca-Cola Co.	7,200		421,344
			617,235
Food & Staples Retailing - 1.9%
CVS Caremark Corp.	9,500		298,965
Kroger Co.	4,300		93,138
Walgreen Co.	3,200		107,200
Winn-Dixie Stores, Inc. (a)	6,600		47,058
			546,361
Food Products - 0.7%
Nestle SA	4,073		217,030
Household Products - 0.6%
Procter & Gamble Co.	2,953		177,091
Personal Products - 0.5%
Avon Products, Inc.	4,200		134,862
Tobacco - 1.1%
British American Tobacco PLC sponsored ADR	1,900		141,949
Philip Morris International, Inc.	2,900		162,458
			304,407
TOTAL CONSUMER STAPLES			1,996,986
ENERGY - 14.5%
Energy Equipment & Services - 4.1%
Baker Hughes, Inc.	6,323		269,360
Ensco International Ltd. ADR	2,950		131,954

	Shares		Value
Halliburton Co.	9,900		$ 327,393
Noble Corp.	3,300		111,507
Transocean, Inc. (a)	1,700		109,293
Weatherford International Ltd. (a)	14,100		241,110
			1,190,617
Oil, Gas & Consumable Fuels - 10.4%
Alpha Natural Resources, Inc. (a)	2,900		119,335
Apache Corp.	500		48,880
BP PLC sponsored ADR	3,600		148,212
Chevron Corp.	12,100		980,705
Cimarex Energy Co.	1,200		79,416
Exxon Mobil Corp.	6,900		426,351
Marathon Oil Corp.	11,700		387,270
Massey Energy Co.	2,900		89,958
Occidental Petroleum Corp.	4,600		360,180
Petrohawk Energy Corp. (a)	7,800		125,892
Royal Dutch Shell PLC Class B ADR	2,200		129,338
Southwestern Energy Co. (a)	3,875		129,580
			3,025,117
TOTAL ENERGY			4,215,734
FINANCIALS - 28.5%
Capital Markets - 2.6%
Franklin Resources, Inc.	1,200		128,280
Morgan Stanley	17,400		429,432
State Street Corp.	4,800		180,768
			738,480
Commercial Banks - 8.8%
BB&T Corp.	8,700		209,496
Huntington Bancshares, Inc.	14,500		82,215
PNC Financial Services Group, Inc.	6,200		321,842
Regions Financial Corp.	21,268		154,618
SunTrust Banks, Inc.	2,400		61,992
SVB Financial Group (a)	2,100		88,872
U.S. Bancorp, Delaware	15,052		325,424
Wells Fargo & Co.	52,256		1,313,193
			2,557,652
Consumer Finance - 0.5%
Capital One Financial Corp.	3,662		144,832
Diversified Financial Services - 11.1%
Bank of America Corp.	78,712		1,031,914
Citigroup, Inc. (a)	155,800		607,620
JPMorgan Chase & Co.	36,896		1,404,634
KKR Financial Holdings LLC	11,600		101,848
Moody's Corp.	3,500		87,430
			3,233,446
Insurance - 3.6%
Allstate Corp.	5,985		188,827
Everest Re Group Ltd.	700		60,529
Genworth Financial, Inc. Class A (a)	18,373		224,518
Lincoln National Corp.	4,100		98,072
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
MetLife, Inc.	4,100		$ 157,645
Old Republic International Corp.	5,300		73,405
Unum Group	4,300		95,245
XL Capital Ltd. Class A	6,400		138,624
			1,036,865
Real Estate Investment Trusts - 1.0%
ProLogis Trust	3,800		44,764
Public Storage	1,200		116,448
SL Green Realty Corp.	1,900		120,327
			281,539
Real Estate Management & Development - 0.7%
CB Richard Ellis Group, Inc. Class A (a)	11,200		204,736
Thrifts & Mortgage Finance - 0.2%
Radian Group, Inc.	8,700		68,034
TOTAL FINANCIALS			8,265,584
HEALTH CARE - 15.1%
Biotechnology - 2.1%
Amgen, Inc. (a)	6,700		369,237
Biogen Idec, Inc. (a)	3,100		173,972
Gilead Sciences, Inc. (a)	2,100		74,781
			617,990
Health Care Equipment & Supplies - 1.4%
C. R. Bard, Inc.	1,300		105,859
Covidien PLC	5,782		232,379
Stryker Corp.	1,400		70,070
			408,308
Health Care Providers & Services - 1.6%
Brookdale Senior Living, Inc. (a)	6,400		104,384
CIGNA Corp.	4,100		146,698
Humana, Inc. (a)	4,500		226,080
			477,162
Pharmaceuticals - 10.0%
Johnson & Johnson	13,963		865,147
Merck & Co., Inc.	24,600		905,526
Pfizer, Inc.	60,652		1,041,395
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,500		79,125
			2,891,193
TOTAL HEALTH CARE			4,394,653
INDUSTRIALS - 12.0%
Aerospace & Defense - 2.1%
Goodrich Corp.	1,600		117,968
Honeywell International, Inc.	2,900		127,426

	Shares		Value
Precision Castparts Corp.	600		$ 76,410
United Technologies Corp.	3,900		277,797
			599,601
Building Products - 1.1%
Masco Corp.	19,500		214,695
Owens Corning (a)	3,900		99,957
			314,652
Commercial Services & Supplies - 0.7%
Avery Dennison Corp.	2,300		85,376
Republic Services, Inc.	3,945		120,283
			205,659
Construction & Engineering - 0.9%
Fluor Corp.	3,200		158,496
Jacobs Engineering Group, Inc. (a)	2,450		94,815
			253,311
Electrical Equipment - 0.2%
Regal-Beloit Corp.	1,300		76,297
Industrial Conglomerates - 2.0%
General Electric Co.	24,100		391,625
Textron, Inc.	9,040		185,862
			577,487
Machinery - 2.4%
Caterpillar, Inc.	1,900		149,492
Cummins, Inc.	1,380		125,000
Ingersoll-Rand Co. Ltd.	9,700		346,387
Navistar International Corp. (a)	1,820		79,425
			700,304
Road & Rail - 2.4%
CSX Corp.	4,900		271,068
Union Pacific Corp.	5,300		433,540
			704,608
Trading Companies & Distributors - 0.2%
WESCO International, Inc. (a)	1,400		55,006
TOTAL INDUSTRIALS			3,486,925
INFORMATION TECHNOLOGY - 7.2%
Communications Equipment - 1.1%
Cisco Systems, Inc. (a)	10,900		238,710
Juniper Networks, Inc. (a)	3,000		91,050
			329,760
Computers & Peripherals - 1.1%
Hewlett-Packard Co.	7,800		328,146
Electronic Equipment & Components - 1.9%
Agilent Technologies, Inc. (a)	3,150		105,116
Avnet, Inc. (a)	7,254		195,931
Flextronics International Ltd. (a)	13,000		78,520
Tyco Electronics Ltd.	5,482		160,184
			539,751
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 0.7%
eBay, Inc. (a)	7,800		$ 190,320
IT Services - 0.3%
International Business Machines Corp.	700		93,898
Semiconductors & Semiconductor Equipment - 2.1%
Applied Materials, Inc.	8,000		93,440
KLA-Tencor Corp.	7,600		267,748
Lam Research Corp. (a)	5,900		246,915
			608,103
TOTAL INFORMATION TECHNOLOGY			2,089,978
MATERIALS - 2.7%
Chemicals - 1.3%
Celanese Corp. Class A	2,500		80,250
Dow Chemical Co.	10,500		288,330
			368,580
Construction Materials - 0.3%
HeidelbergCement AG	2,125		102,417
Containers & Packaging - 0.4%
Owens-Illinois, Inc. (a)	4,066		114,092
Metals & Mining - 0.4%
Alcoa, Inc.	4,000		48,440
Newcrest Mining Ltd.	1,641		62,927
			111,367
Paper & Forest Products - 0.3%
Weyerhaeuser Co.	5,932		93,488
TOTAL MATERIALS			789,944
TELECOMMUNICATION SERVICES - 3.2%
Diversified Telecommunication Services - 2.4%
Qwest Communications International, Inc.	11,900		74,613
Verizon Communications, Inc.	18,640		607,478
			682,091
Wireless Telecommunication Services - 0.8%
Sprint Nextel Corp. (a)	50,100		231,963
TOTAL TELECOMMUNICATION SERVICES			914,054

	Shares		Value
UTILITIES - 4.6%
Electric Utilities - 3.6%
American Electric Power Co., Inc.	5,300		$ 192,019
Edison International	2,473		85,046
Entergy Corp.	2,100		160,713
FirstEnergy Corp.	4,500		173,430
NextEra Energy, Inc.	4,700		255,633
PPL Corp.	7,000		190,610
			1,057,451
Independent Power Producers & Energy Traders - 0.2%
AES Corp. (a)	5,400		61,290
Multi-Utilities - 0.8%
CMS Energy Corp.	8,600		154,972
PG&E Corp.	1,600		72,672
			227,644
TOTAL UTILITIES			1,346,385
TOTAL COMMON STOCKS (Cost $32,134,224)		29,110,101
Money Market Funds - 1.1%

Fidelity Securities Lending Cash Central Fund, 0.26% (b)(d) (Cost $305,500)	305,500		305,500

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $32,439,724)

29,415,601

NET OTHER ASSETS (LIABILITIES) - (1.3)%			(364,254)
NET ASSETS - 100%		$ 29,051,347

Legend

(a) Non-income producing

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

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	$ 228
Fidelity Securities Lending Cash Central Fund	310
Total	$ 538

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At September 30, 2010, the cost of investment securities for income tax purposes was $33,590,101. Net unrealized depreciation aggregated $4,174,500, of which $3,068,961 related to appreciated investment securities and $7,243,461 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/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	November 29, 2010

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

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	November 29, 2010

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

Date:	November 29, 2010