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, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Telecommunications Portfolio

September 30, 2012

1.856920.105

VTELP-QTLY-1112

Investments September 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 87.2%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 0.0%
Communications Equipment - 0.0%
Nortel Networks Corp. (a)	100		$ 0
DIVERSIFIED TELECOMMUNICATION SERVICES - 57.7%
Alternative Carriers - 8.1%
Cogent Communications Group, Inc.	16,606		381,772
Level 3 Communications, Inc. (a)	20,106		461,835
tw telecom, inc. (a)	12,833		334,556
Vonage Holdings Corp. (a)	81,700		186,276
			1,364,439
Integrated Telecommunication Services - 49.6%
AT&T, Inc.	69,783		2,630,819
Atlantic Tele-Network, Inc.	7,200		309,456
CenturyLink, Inc.	41,088		1,659,955
China Unicom Ltd. sponsored ADR	10,000		163,100
Frontier Communications Corp.	38,800		190,120
General Communications, Inc. Class A (a)	53,500		524,300
PT Telkomunikasi Indonesia Tbk Series B	47,000		46,136
PT Xl Axiata Tbk	31,000		21,541
Telefonica Brasil SA sponsored ADR	6,750		146,745
Telenor ASA sponsored ADR	10		583
Verizon Communications, Inc.	58,828		2,680,794
			8,373,549
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			9,737,988
MEDIA - 1.9%
Cable & Satellite - 1.9%
Time Warner Cable, Inc.	500		47,530
Virgin Media, Inc.	9,600		282,624
			330,154
SOFTWARE - 0.1%
Application Software - 0.1%
Synchronoss Technologies, Inc. (a)	701		16,053

	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - 27.5%
Wireless Telecommunication Services - 27.5%
Clearwire Corp. Class A (a)	215,721		$ 291,223
Crown Castle International Corp. (a)	12,817		821,570
Leap Wireless International, Inc. (a)	23,700		161,634
MetroPCS Communications, Inc. (a)	31,478		368,607
Mobile TeleSystems OJSC sponsored ADR	3,400		59,568
NII Holdings, Inc. (a)	17,781		139,581
NTELOS Holdings Corp.	400		6,948
NTT DoCoMo, Inc.	30		48,470
SBA Communications Corp. Class A (a)	13,518		850,282
Sprint Nextel Corp. (a)	162,568		897,375
Telephone & Data Systems, Inc.	20,400		522,444
Turkcell Iletisim Hizmet A/S (a)	10,000		60,986
Vodafone Group PLC sponsored ADR	14,800		421,726
			4,650,414
TOTAL COMMON STOCKS (Cost $13,391,060)		14,734,609
Money Market Funds - 11.7%

Fidelity Cash Central Fund, 0.17% (b) (Cost $1,970,545)	1,970,545		1,970,545
TOTAL INVESTMENT PORTFOLIO - 98.9% (Cost $15,361,605)			16,705,154
NET OTHER ASSETS (LIABILITIES) - 1.1%			179,915
NET ASSETS - 100%		$ 16,885,069

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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	$ 704

Other Information

The following is a summary of the inputs used, as of September 30, 2012, 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	$ 14,734,609	$ 14,579,017	$ 155,592	$ -
Money Market Funds	1,970,545	1,970,545	-	-
Total Investments in Securities:	$ 16,705,154	$ 16,549,562	$ 155,592	$ -

Income Tax Information

At September 30, 2012, the cost of investment securities for income tax purposes was $15,603,253. Net unrealized appreciation aggregated $1,101,901, of which $2,191,644 related to appreciated investment securities and $1,089,743 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and 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 Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

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

Quarterly Report

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

September 30, 2012

1.807738.108

VUT-QTLY-1112

Investments September 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
ELECTRIC UTILITIES - 53.4%
Electric Utilities - 53.4%
American Electric Power Co., Inc.	153,588		$ 6,748,657
Duke Energy Corp.	172,666		11,188,756
Edison International	126,638		5,786,090
Exelon Corp.	44,700		1,590,426
FirstEnergy Corp.	144,121		6,355,736
Great Plains Energy, Inc.	54,628		1,216,019
ITC Holdings Corp.	9,306		703,347
NextEra Energy, Inc.	41,509		2,919,328
Northeast Utilities	45,061		1,722,682
OGE Energy Corp.	23,397		1,297,598
UIL Holdings Corp.	29,092		1,043,239
			40,571,878
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5%
Electronic Equipment & Instruments - 0.5%
Itron, Inc. (a)	8,800		379,720
GAS UTILITIES - 5.5%
Gas Utilities - 5.5%
Atmos Energy Corp.	9,866		353,104
National Fuel Gas Co.	18,399		994,282
ONEOK, Inc.	59,347		2,867,054
			4,214,440
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 11.9%
Independent Power Producers & Energy Traders - 11.9%
Black Hills Corp.	3,500		124,495
Calpine Corp. (a)	180,489		3,122,460
GenOn Energy, Inc. (a)	202,600		512,578
NRG Energy, Inc.	90,447		1,934,661
The AES Corp.	305,040		3,346,289
			9,040,483
MULTI-UTILITIES - 23.7%
Multi-Utilities - 23.7%
CenterPoint Energy, Inc.	171,202		3,646,603

	Shares		Value
CMS Energy Corp.	46,700		$ 1,099,785
NiSource, Inc.	143,270		3,650,520
PG&E Corp.	140,696		6,003,498
Sempra Energy	55,740		3,594,673
			17,995,079
OIL, GAS & CONSUMABLE FUELS - 1.2%
Oil & Gas Storage & Transport - 1.2%
Cheniere Energy, Inc. (a)	57,622		896,022
WATER UTILITIES - 3.0%
Water Utilities - 3.0%
American Water Works Co., Inc.	61,900		2,294,014
TOTAL COMMON STOCKS (Cost $69,653,729)		75,391,636
Money Market Funds - 1.3%

Fidelity Cash Central Fund, 0.17% (b) (Cost $1,019,888)	1,019,888		1,019,888
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $70,673,617)			76,411,524
NET OTHER ASSETS (LIABILITIES) - (0.5)%			(389,169)
NET ASSETS - 100%		$ 76,022,355

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	$ 2,078
Fidelity Securities Lending Cash Central Fund	5,976
Total	$ 8,054

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, 2012, the cost of investment securities for income tax purposes was $70,818,229. Net unrealized appreciation aggregated $5,593,295, of which $6,223,112 related to appreciated investment securities and $629,817 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, 2012

1.808797.108

VVL-QTLY-1112

Investments September 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.7%
	Shares		Value
CONSUMER DISCRETIONARY - 7.6%
Diversified Consumer Services - 1.1%
DeVry, Inc. (d)	9,331		$ 212,374
Household Durables - 2.0%
Garmin Ltd. (d)	8,740		364,808
Media - 2.9%
DISH Network Corp. Class A	8,369		256,175
Time Warner, Inc.	460		20,852
Washington Post Co. Class B	693		251,580
			528,607
Multiline Retail - 1.6%
JCPenney Co., Inc. (d)	12,502		303,674
TOTAL CONSUMER DISCRETIONARY			1,409,463
CONSUMER STAPLES - 7.3%
Beverages - 1.3%
Grupo Modelo SAB de CV Series C	25,860		233,110
Food & Staples Retailing - 2.2%
CVS Caremark Corp.	4,652		225,250
Wal-Mart Stores, Inc.	2,448		180,662
			405,912
Food Products - 3.5%
Kraft Foods, Inc. Class A	9,611		397,415
Ralcorp Holdings, Inc. (a)	3,421		249,733
			647,148
Household Products - 0.3%
Procter & Gamble Co.	832		57,708
TOTAL CONSUMER STAPLES			1,343,878
ENERGY - 15.9%
Energy Equipment & Services - 1.9%
Cameron International Corp. (a)	4,588		257,249
Halliburton Co.	2,685		90,458
			347,707
Oil, Gas & Consumable Fuels - 14.0%
Anadarko Petroleum Corp.	5,797		405,326
Apache Corp.	600		51,882
Chevron Corp.	4,900		571,144
Exxon Mobil Corp.	8,565		783,269
Hess Corp.	4,854		260,757
Marathon Petroleum Corp.	938		51,205
Occidental Petroleum Corp.	3,179		273,585
The Williams Companies, Inc.	5,030		175,899
			2,573,067
TOTAL ENERGY			2,920,774

	Shares		Value
FINANCIALS - 23.5%
Capital Markets - 3.8%
Bank of New York Mellon Corp.	4,600		$ 104,052
E*TRADE Financial Corp. (a)	32,214		283,805
Goldman Sachs Group, Inc.	861		97,878
State Street Corp.	5,000		209,800
			695,535
Commercial Banks - 7.5%
Aozora Bank Ltd.	75,000		229,690
Fifth Third Bancorp	10,453		162,126
KeyCorp	38,091		332,915
U.S. Bancorp	4,713		161,656
Wells Fargo & Co.	11,355		392,088
Zions Bancorporation	5,313		109,740
			1,388,215
Consumer Finance - 0.6%
Capital One Financial Corp.	1,800		102,618
Diversified Financial Services - 5.0%
Bank of America Corp.	13,812		121,960
Citigroup, Inc.	15,688		513,311
JPMorgan Chase & Co.	7,197		291,335
			926,606
Insurance - 4.8%
Allstate Corp.	2,200		87,142
Assurant, Inc.	3,919		146,179
Berkshire Hathaway, Inc. Class B (a)	1,171		103,282
MetLife, Inc.	2,000		68,920
RenaissanceRe Holdings Ltd.	2,140		164,866
The Chubb Corp.	1,338		102,063
XL Group PLC Class A	8,858		212,858
			885,310
Real Estate Investment Trusts - 0.8%
Weyerhaeuser Co.	5,665		148,083
Thrifts & Mortgage Finance - 1.0%
Radian Group, Inc. (d)	42,750		185,535
TOTAL FINANCIALS			4,331,902
HEALTH CARE - 13.8%
Health Care Providers & Services - 1.1%
HCA Holdings, Inc.	5,810		193,183
Pharmaceuticals - 12.7%
Bristol-Myers Squibb Co.	6,171		208,271
Eli Lilly & Co.	3,622		171,719
Johnson & Johnson	5,340		367,979
Merck & Co., Inc.	12,970		584,947
Pfizer, Inc.	30,087		747,662
Sanofi SA sponsored ADR	6,144		264,561
			2,345,139
TOTAL HEALTH CARE			2,538,322
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 7.3%
Aerospace & Defense - 1.9%
Textron, Inc.	13,459		$ 352,222
Construction & Engineering - 1.1%
Jacobs Engineering Group, Inc. (a)	5,251		212,298
Industrial Conglomerates - 4.3%
General Electric Co.	34,595		785,651
TOTAL INDUSTRIALS			1,350,171
INFORMATION TECHNOLOGY - 9.4%
Communications Equipment - 0.9%
Cisco Systems, Inc.	8,916		170,206
Computers & Peripherals - 1.5%
Hewlett-Packard Co.	16,572		282,718
Electronic Equipment & Components - 0.8%
Corning, Inc.	10,795		141,954
Office Electronics - 1.0%
Xerox Corp.	24,996		183,471
Semiconductors & Semiconductor Equipment - 1.1%
Advanced Micro Devices, Inc. (a)	59,994		202,180
Software - 4.1%
Comverse Technology, Inc. (a)	60,581		372,573
Microsoft Corp.	2,407		71,680
Symantec Corp. (a)	17,048		306,864
			751,117
TOTAL INFORMATION TECHNOLOGY			1,731,646
MATERIALS - 1.5%
Metals & Mining - 1.5%
Newmont Mining Corp.	4,818		269,856
TELECOMMUNICATION SERVICES - 2.4%
Diversified Telecommunication Services - 1.2%
AT&T, Inc.	5,047		190,272
CenturyLink, Inc.	924		37,330
			227,602
Wireless Telecommunication Services - 1.2%
Sprint Nextel Corp. (a)	40,359		222,782
TOTAL TELECOMMUNICATION SERVICES			450,384
UTILITIES - 6.0%
Electric Utilities - 5.3%
Duke Energy Corp.	1,634		105,883
Edison International	3,611		164,987
Exelon Corp.	4,931		175,445

	Shares		Value
FirstEnergy Corp.	6,918		$ 305,084
NextEra Energy, Inc.	3,231		227,236
			978,635
Multi-Utilities - 0.7%
Sempra Energy	1,929		124,401
TOTAL UTILITIES			1,103,036
TOTAL COMMON STOCKS (Cost $17,286,323)		17,449,432
Money Market Funds - 8.3%

Fidelity Cash Central Fund, 0.17% (b)	694,691		694,691
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	839,100		839,100
TOTAL MONEY MARKET FUNDS (Cost $1,533,791)		1,533,791
TOTAL INVESTMENT PORTFOLIO - 103.0% (Cost $18,820,114)			18,983,223
NET OTHER ASSETS (LIABILITIES) - (3.0)%			(553,542)
NET ASSETS - 100%		$ 18,429,681

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
2 NYFE Russell 1000 Index Contracts	Dec. 2012	$ 141,240	$ (284)

The face value of futures purchased as a percentage of net assets is 0.8%

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 905
Fidelity Securities Lending Cash Central Fund	3,310
Total	$ 4,215

Other Information

Income Tax Information

At September 30, 2012, the cost of investment securities for income tax purposes was $19,312,540. Net unrealized depreciation aggregated $329,317, of which $2,190,786 related to appreciated investment securities and $2,520,103 related to depreciated investment securities.

Investment Valuation

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Industrials Portfolio

September 30, 2012

1.807737.108

VCY-QTLY-1112

Investments September 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%
	Shares		Value
AEROSPACE & DEFENSE - 15.5%
Aerospace & Defense - 15.5%
Honeywell International, Inc.	49,140		$ 2,936,115
Precision Castparts Corp.	11,762		1,921,205
Teledyne Technologies, Inc. (a)	11,100		703,629
Textron, Inc.	73,910		1,934,225
United Technologies Corp.	61,351		4,803,170
			12,298,344
AIR FREIGHT & LOGISTICS - 1.0%
Air Freight & Logistics - 1.0%
United Parcel Service, Inc. Class B	10,630		760,789
BUILDING PRODUCTS - 1.4%
Building Products - 1.4%
Owens Corning (a)	33,100		1,107,526
COMMERCIAL SERVICES & SUPPLIES - 3.0%
Diversified Support Services - 0.3%
Aggreko PLC	6,200		231,572
Environmental & Facility Services - 1.8%
Clean Harbors, Inc. (a)	2,500		122,125
Republic Services, Inc.	40,498		1,114,100
Stericycle, Inc. (a)	2,246		203,308
			1,439,533
Office Services & Supplies - 0.3%
Mine Safety Appliances Co.	7,224		269,238
Security & Alarm Services - 0.6%
Corrections Corp. of America	13,800		461,610
TOTAL COMMERCIAL SERVICES & SUPPLIES			2,401,953
CONSTRUCTION & ENGINEERING - 4.6%
Construction & Engineering - 4.6%
AECOM Technology Corp. (a)	43,367		917,646
EMCOR Group, Inc.	27,238		777,373
Jacobs Engineering Group, Inc. (a)	27,107		1,095,936
MasTec, Inc. (a)	13,676		269,417
Quanta Services, Inc. (a)	25,249		623,650
			3,684,022
ELECTRICAL EQUIPMENT - 6.1%
Electrical Components & Equipment - 6.1%
AMETEK, Inc.	39,737		1,408,677
Emerson Electric Co.	27,364		1,320,860
GrafTech International Ltd. (a)	32,566		292,768
Hubbell, Inc. Class B	12,452		1,005,374
Regal-Beloit Corp.	12,053		849,495
			4,877,174
INDUSTRIAL CONGLOMERATES - 27.9%
Industrial Conglomerates - 27.9%
3M Co.	33,797		3,123,519

	Shares		Value
Carlisle Companies, Inc.	13,456		$ 698,636
Danaher Corp.	56,248		3,102,077
General Electric Co.	578,635		13,140,800
Tyco International Ltd.	37,485		2,108,906
			22,173,938
MACHINERY - 21.1%
Construction & Farm Machinery & Heavy Trucks - 7.3%
Cummins, Inc.	25,895		2,387,778
Deere & Co.	19,622		1,618,619
Manitowoc Co., Inc.	66,103		881,814
Oshkosh Truck Corp. (a)	16,834		461,757
Toro Co.	9,483		377,234
Wabtec Corp.	1,100		88,319
			5,815,521
Industrial Machinery - 13.8%
Actuant Corp. Class A	14,854		425,121
Dover Corp.	15,900		945,891
Flowserve Corp.	5,805		741,531
Graco, Inc.	16,032		806,089
Illinois Tool Works, Inc.	35,380		2,104,049
Ingersoll-Rand PLC	25,451		1,140,714
Pall Corp.	15,025		953,937
Parker Hannifin Corp.	16,210		1,354,832
Timken Co.	18,600		691,176
TriMas Corp. (a)	37,292		899,110
Valmont Industries, Inc.	7,225		950,088
			11,012,538
TOTAL MACHINERY			16,828,059
MARINE - 0.5%
Marine - 0.5%
Kirby Corp. (a)	7,628		421,676
PROFESSIONAL SERVICES - 5.6%
Human Resource & Employment Services - 2.2%
Manpower, Inc.	14,450		531,760
Towers Watson & Co.	22,712		1,204,872
			1,736,632
Research & Consulting Services - 3.4%
Bureau Veritas SA	7,225		742,016
Dun & Bradstreet Corp.	4,700		374,214
IHS, Inc. Class A (a)	10,871		1,058,292
Nielsen Holdings B.V. (a)	19,052		571,179
			2,745,701
TOTAL PROFESSIONAL SERVICES			4,482,333
ROAD & RAIL - 7.2%
Railroads - 6.0%
CSX Corp.	60,068		1,246,411
Common Stocks - continued
	Shares		Value
ROAD & RAIL - CONTINUED
Railroads - continued
Genesee & Wyoming, Inc. Class A (a)	8,473		$ 566,505
Union Pacific Corp.	25,128		2,982,694
			4,795,610
Trucking - 1.2%
J.B. Hunt Transport Services, Inc.	15,951		830,090
Quality Distribution, Inc. (a)	11,629		107,568
			937,658
TOTAL ROAD & RAIL			5,733,268
TRADING COMPANIES & DISTRIBUTORS - 2.8%
Trading Companies & Distributors - 2.8%
W.W. Grainger, Inc.	3,855		803,266
Watsco, Inc.	9,600		727,584
WESCO International, Inc. (a)	11,665		667,238
			2,198,088
TOTAL COMMON STOCKS (Cost $64,818,966)		76,967,170
Convertible Preferred Stocks - 0.1%

AEROSPACE & DEFENSE - 0.1%
Aerospace & Defense - 0.1%
United Technologies Corp. 7.50% (Cost $85,000)	1,700		95,370

Convertible Bonds - 0.6%
	Principal Amount
BUILDING PRODUCTS - 0.6%
Building Products - 0.6%
Aspen Aerogels, Inc.:
8% 6/1/14 (d)	$ 249,306	249,306
8% 12/6/14 (d)	219,100	219,100
TOTAL CONVERTIBLE BONDS (Cost $468,406)		468,406
U.S. Treasury Obligations - 0.1%

U.S. Treasury Bills, yield at date of purchase 0.1% 11/23/12 (c) (Cost $59,991)	60,000	59,993

Money Market Funds - 3.0%
	Shares	Value
Fidelity Cash Central Fund, 0.17% (b) (Cost $2,413,562)	2,413,562	$ 2,413,562

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $67,845,925)

80,004,501

NET OTHER ASSETS (LIABILITIES) - (0.5)%			(426,154)
NET ASSETS - 100%		$ 79,578,347

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
25 CME E-mini Industrial Select Sector Index Contracts	Dec. 2012	$ 909,250	$ (18,788)

The face value of futures purchased as a percentage of net assets is 1.1%

Legend

(a) Non-income producing

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $39,996.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $468,406 or 0.6% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/14/11	$ 249,306
Aspen Aerogels, Inc. 8% 12/6/14	12/6/11 - 6/12/12	$ 219,100

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	$ 2,918
Fidelity Securities Lending Cash Central Fund	4,845
Total	$ 7,763

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 76,967,170	$ 76,967,170	$ -	$ -
Convertible Preferred Stocks	95,370	95,370	-	-
Convertible Bonds	468,406	-	-	468,406
U.S. Treasury Obligations	59,993	-	59,993	-
Money Market Funds	2,413,562	2,413,562	-	-
Total Investments in Securities:	$ 80,004,501	$ 79,476,102	$ 59,993	$ 468,406
Derivative Instruments:
Liabilities
Futures Contracts	$ (18,788)	$ (18,788)	$ -	$ -

Income Tax Information

At September 30, 2012, the cost of investment securities for income tax purposes was $68,116,311. Net unrealized appreciation aggregated $11,888,190, of which $13,800,964 related to appreciated investment securities and $1,912,774 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and 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 Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. 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 third party pricing vendors or from brokers who make markets in such securities. For corporate bonds and U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-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 methodologies which consider similar factors that would be used by third party pricing vendors. 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:
International Capital Appreciation Portfolio

September 30, 2012

1.822576.107

VIPCAP-QTLY-1112

Investments September 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
Australia - 1.5%
ALS Ltd.	20,230		$ 180,258
Coca-Cola Amatil Ltd.	11,478		161,447
Iluka Resources Ltd.	15,904		163,817
Orica Ltd.	6,568		169,439
TOTAL AUSTRALIA			674,961
Austria - 0.4%
Andritz AG	3,100		175,560
Bailiwick of Jersey - 0.9%
Experian PLC	13,300		220,997
Petrofac Ltd.	6,600		169,990
TOTAL BAILIWICK OF JERSEY			390,987
Belgium - 1.3%
Anheuser-Busch InBev SA NV	4,368		373,677
Umicore SA	3,719		194,390
TOTAL BELGIUM			568,067
Bermuda - 1.2%
Credicorp Ltd. (NY Shares)	1,500		187,920
Jardine Matheson Holdings Ltd.	2,800		159,320
Petra Diamonds Ltd. (a)	89,783		169,628
TOTAL BERMUDA			516,868
Brazil - 3.1%
BR Malls Participacoes SA	13,700		190,236
CCR SA	18,900		171,077
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	6,300		241,101
Iguatemi Empresa de Shopping Centers SA	6,900		176,342
Itau Unibanco Banco Multiplo SA sponsored ADR	16,300		249,064
Multiplan Empreendimentos Imobiliarios SA	5,700		167,830
Souza Cruz SA	12,000		162,782
TOTAL BRAZIL			1,358,432
Canada - 0.6%
Canadian National Railway Co.	3,000		265,456
Cayman Islands - 0.8%
Baidu.com, Inc. sponsored ADR (a)	1,500		175,230
Sands China Ltd.	50,000		186,677
TOTAL CAYMAN ISLANDS			361,907
Chile - 0.7%
Embotelladora Andina SA Class A	33,155		155,168
Parque Arauco SA	70,151		144,487
TOTAL CHILE			299,655

	Shares		Value
Denmark - 1.1%
FLSmidth & Co. A/S	2,443		$ 141,699
Novo Nordisk A/S Series B sponsored ADR	2,200		347,182
TOTAL DENMARK			488,881
Finland - 0.8%
Kone Oyj (B Shares)	2,700		186,840
Nokian Tyres PLC	4,186		170,252
TOTAL FINLAND			357,092
France - 8.4%
Air Liquide SA	1,980		245,407
Bureau Veritas SA	1,900		195,132
Casino Guichard Perrachon SA	1,988		175,992
Christian Dior SA	1,288		172,797
Danone SA	3,900		240,110
Dassault Systemes SA	1,500		157,599
Edenred SA	5,700		160,156
Essilor International SA	2,097		196,366
Eurofins Scientific SA	1,200		170,243
L'Oreal SA	1,800		222,658
LVMH Moet Hennessy - Louis Vuitton SA	1,751		263,264
Pernod Ricard SA	2,100		235,615
PPR SA	1,300		199,465
Publicis Groupe SA	3,600		201,470
Remy Cointreau SA	1,500		172,518
Schneider Electric SA	3,929		232,530
Technip SA	1,800		200,105
Vivendi SA	11,769		229,503
TOTAL FRANCE			3,670,930
Germany - 4.3%
adidas AG	2,300		188,686
BASF AG	4,619		389,675
Bayerische Motoren Werke AG (BMW)	3,324		243,091
Brenntag AG	1,200		153,589
Fresenius Medical Care AG & Co. KGaA sponsored ADR	2,500		183,500
Henkel AG & Co. KGaA	3,700		241,395
Hugo Boss AG	1,700		149,644
SAP AG	4,925		350,480
TOTAL GERMANY			1,900,060
Hong Kong - 1.0%
AIA Group Ltd.	65,600		244,497
Galaxy Entertainment Group Ltd. (a)	55,000		184,420
TOTAL HONG KONG			428,917
India - 4.5%
Asian Paints India Ltd.	2,488		185,027
Bajaj Auto Ltd. (a)	5,172		178,894
Bosch Ltd. (a)	930		153,458
Colgate-Palmolive (India)	6,440		146,911
HDFC Bank Ltd.	18,248		216,735
Common Stocks - continued
	Shares		Value
India - continued
Housing Development Finance Corp. Ltd. (a)	14,679		$ 214,844
ITC Ltd. (a)	40,857		210,347
Page Industries Ltd.	2,468		148,316
Smithkline Beecham Consumer Healthcare Ltd.	3,282		186,189
Titan Industries Ltd. (a)	35,499		175,214
TTK Prestige Ltd. (a)	2,339		164,913
TOTAL INDIA			1,980,848
Indonesia - 3.8%
PT ACE Hardware Indonesia Tbk	255,000		163,871
PT Bank Central Asia Tbk	195,500		161,384
PT Bank Rakyat Indonesia Tbk	223,500		173,989
PT Global Mediacom Tbk	849,500		181,972
PT Jasa Marga Tbk	266,000		162,602
PT Mitra Adiperkasa Tbk	210,000		140,439
PT Modern Internasional Tbk (a)	2,194,500		169,689
PT Semen Gresik (Persero) Tbk	121,000		182,701
PT Surya Citra Media Tbk	144,500		166,092
PT Tower Bersama Infrastructure Tbk (a)	383,500		178,325
TOTAL INDONESIA			1,681,064
Ireland - 0.8%
Accenture PLC Class A	2,600		182,078
Dragon Oil PLC	17,000		166,082
TOTAL IRELAND			348,160
Israel - 0.8%
Check Point Software Technologies Ltd. (a)	3,500		168,560
Israel Chemicals Ltd.	13,800		167,305
TOTAL ISRAEL			335,865
Italy - 1.9%
Fiat Industrial SpA	16,487		161,124
Pirelli & C SpA (d)	14,700		158,300
Prada SpA	21,400		159,795
Saipem SpA	4,140		198,812
Salvatore Ferragamo Italia SpA (d)	7,000		145,635
TOTAL ITALY			823,666
Japan - 9.4%
Daihatsu Motor Co. Ltd.	10,000		166,838
Fanuc Corp.	1,600		257,919
Fast Retailing Co. Ltd.	800		186,058
Hamamatsu Photonics KK	4,200		144,288
Hitachi Ltd.	42,000		233,573
Itochu Corp.	18,800		190,554
Japan Tobacco, Inc.	8,500		255,087
Kansai Paint Co. Ltd.	16,000		177,345
Keyence Corp.	780		199,898
Komatsu Ltd.	10,400		204,828
Kubota Corp.	17,000		172,091

	Shares		Value
Marubeni Corp.	27,000		$ 172,296
Mitsubishi Corp.	11,500		209,104
Mitsui & Co. Ltd.	15,600		219,487
Nabtesco Corp.	8,700		159,753
Rakuten, Inc.	18,500		188,461
SMC Corp.	1,200		193,439
Softbank Corp.	6,600		267,248
Sysmex Corp.	3,700		178,031
Unicharm Corp.	3,200		183,701
USS Co. Ltd.	1,350		142,715
TOTAL JAPAN			4,102,714
Korea (South) - 1.4%
Samsung Electronics Co. Ltd.	493		595,848
Mexico - 1.3%
Fomento Economico Mexicano SAB de CV sponsored ADR	2,200		202,356
Grupo Mexico SA de CV Series B	64,000		211,216
Grupo Televisa SA de CV (CPO) sponsored ADR	7,600		178,676
TOTAL MEXICO			592,248
Netherlands - 2.4%
ASML Holding NV (Netherlands)	4,100		219,303
Kweichow Moutai Co. Ltd. (BNP Paribas Warrant Program) warrants 8/20/13 (a)(e)	4,300		168,182
Core Laboratories NV	1,200		145,776
Heineken Holding NV (A Shares)	4,000		194,274
LyondellBasell Industries NV Class A	3,200		165,312
Yandex NV (a)	7,100		171,181
TOTAL NETHERLANDS			1,064,028
Nigeria - 0.8%
Guaranty Trust Bank PLC	1,437,351		175,097
Nigerian Breweries PLC	207,290		180,653
TOTAL NIGERIA			355,750
Panama - 0.4%
Intergroup Financial Services Corp.	5,049		164,093
Philippines - 2.3%
Alliance Global Group, Inc.	515,100		181,691
International Container Terminal Services, Inc.	93,020		157,135
Metropolitan Bank & Trust Co.	70,400		156,257
Security Bank Corp.	43,400		170,788
SM Investments Corp.	9,730		170,436
SM Prime Holdings, Inc.	509,400		173,569
TOTAL PHILIPPINES			1,009,876
Portugal - 0.4%
Jeronimo Martins SGPS SA	9,495		158,437
Russia - 1.4%
Magnit OJSC GDR (Reg. S)	5,400		183,546
Common Stocks - continued
	Shares		Value
Russia - continued
NOVATEK OAO GDR (Reg. S)	1,600		$ 189,280
Sberbank (Savings Bank of the Russian Federation)	81,600		238,247
TOTAL RUSSIA			611,073
Singapore - 0.4%
Jardine Cycle & Carriage Ltd.	4,000		156,780
South Africa - 1.3%
Mr Price Group Ltd.	11,100		168,027
Naspers Ltd. Class N	3,800		235,118
Shoprite Holdings Ltd.	9,000		182,033
TOTAL SOUTH AFRICA			585,178
Spain - 0.9%
Amadeus IT Holding SA Class A	7,300		170,075
Inditex SA	1,969		244,499
TOTAL SPAIN			414,574
Sweden - 2.6%
ASSA ABLOY AB (B Shares)	6,000		194,739
Atlas Copco AB (A Shares)	10,200		238,043
Elekta AB (B Shares)	13,200		174,324
Getinge AB (B Shares)	5,200		156,899
Sandvik AB	13,300		180,504
Swedish Match Co. AB	4,400		177,908
TOTAL SWEDEN			1,122,417
Switzerland - 4.6%
Compagnie Financiere Richemont SA Series A	4,197		251,686
Dufry AG (a)	1,330		159,374
Nestle SA	11,774		742,369
Schindler Holding AG (Reg.)	1,520		187,636
SGS SA (Reg.)	90		184,880
Swatch Group AG (Bearer)	520		207,447
Syngenta AG (Switzerland)	720		269,339
TOTAL SWITZERLAND			2,002,731
Taiwan - 0.9%
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	24,900		393,918
Thailand - 1.6%
C.P. ALL PCL (For. Reg.)	140,700		162,276
Home Product Center PCL (For. Reg.)	390,500		166,197
Kasikornbank PCL (For. Reg.)	30,800		182,619
Siam Commercial Bank PCL (For. Reg.)	31,200		170,799
TOTAL THAILAND			681,891
Turkey - 1.2%
Coca-Cola Icecek A/S	9,000		168,257
TAV Havalimanlari Holding A/S	31,525		156,112
Turkiye Garanti Bankasi A/S	47,091		196,513
TOTAL TURKEY			520,882

	Shares		Value
United Kingdom - 13.2%
Aggreko PLC	5,100		$ 190,487
AMEC PLC	9,079		168,012
Antofagasta PLC	9,400		191,561
BHP Billiton PLC ADR	10,723		669,759
British American Tobacco PLC (United Kingdom)	9,700		498,419
Burberry Group PLC	10,600		171,340
Diageo PLC sponsored ADR	3,200		360,736
Halma PLC	22,400		153,331
IMI PLC	12,300		178,758
Imperial Tobacco Group PLC	7,248		268,257
InterContinental Hotel Group PLC ADR	6,100		160,125
Intertek Group PLC	4,100		181,407
Johnson Matthey PLC	4,916		191,553
Meggitt PLC	28,500		181,740
Prudential PLC	19,596		254,459
Rexam PLC	24,500		172,058
Rolls-Royce Group PLC	17,700		240,946
Rotork PLC	4,500		164,443
SABMiller PLC	6,400		281,104
Spectris PLC	5,700		158,775
Standard Chartered PLC (United Kingdom)	14,596		329,975
The Weir Group PLC	6,000		171,298
Unilever PLC	12,200		445,446
TOTAL UNITED KINGDOM			5,783,989
United States of America - 14.6%
Allergan, Inc.	1,800		164,844
Altera Corp.	4,240		144,096
American Tower Corp.	2,158		154,060
Apple, Inc.	206		137,456
Caterpillar, Inc.	2,000		172,080
Colgate-Palmolive Co.	1,470		157,613
Crown Castle International Corp. (a)	2,400		153,840
Cummins, Inc.	1,800		165,978
Deere & Co.	1,800		148,482
EMC Corp. (a)	5,993		163,429
Estee Lauder Companies, Inc. Class A	2,596		159,836
FMC Corp.	2,800		155,064
FMC Technologies, Inc. (a)	3,200		148,160
Freeport-McMoRan Copper & Gold, Inc.	4,196		166,078
Google, Inc. Class A (a)	200		150,900
Joy Global, Inc.	2,900		162,574
KLA-Tencor Corp.	3,300		157,427
Las Vegas Sands Corp.	3,675		170,410
Limited Brands, Inc.	3,200		157,632
Lorillard, Inc.	1,500		174,675
MasterCard, Inc. Class A	340		153,503
McGraw-Hill Companies, Inc.	2,800		152,852
Mettler-Toledo International, Inc. (a)	1,000		170,740
Moody's Corp.	3,620		159,895
Common Stocks - continued
	Shares		Value
United States of America - continued
National Oilwell Varco, Inc.	2,100		$ 168,231
NIKE, Inc. Class B	1,600		151,856
Oceaneering International, Inc.	2,700		149,175
Oracle Corp.	5,020		158,080
Perrigo Co.	1,300		151,021
Philip Morris International, Inc.	2,400		215,856
QUALCOMM, Inc.	2,500		156,225
Rockwood Holdings, Inc.	3,400		158,440
SBA Communications Corp. Class A (a)	2,600		163,540
Starbucks Corp.	3,225		163,669
The Coca-Cola Co.	4,000		151,720
TJX Companies, Inc.	3,385		151,614
Union Pacific Corp.	1,300		154,310
Visa, Inc. Class A	1,200		161,136
Waters Corp. (a)	1,900		158,327
Yum! Brands, Inc.	2,470		163,860
TOTAL UNITED STATES OF AMERICA			6,378,684
TOTAL COMMON STOCKS (Cost $37,584,290)		43,322,487
Nonconvertible Preferred Stocks - 0.6%

Germany - 0.6%
Volkswagen AG (Cost $144,689)	1,300		237,137
Money Market Funds - 0.7%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c) (Cost $319,635)	319,635		$ 319,635
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $38,048,614)			43,879,259
NET OTHER ASSETS (LIABILITIES) - (0.3)%			(132,126)
NET ASSETS - 100%		$ 43,747,133

Legend

(a) Non-income producing

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $168,182 or 0.4% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 241
Fidelity Securities Lending Cash Central Fund	10,779
Total	$ 11,020

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 8,198,725	$ 8,198,725	$ -	$ -
Consumer Staples	8,430,469	7,112,927	1,317,542	-
Energy	1,703,623	1,703,623	-	-
Financials	4,821,881	4,182,505	639,376	-
Health Care	2,051,477	2,051,477	-	-
Industrials	8,109,490	8,109,490	-	-
Information Technology	4,856,389	4,286,606	569,783	-
Materials	4,395,114	4,125,775	269,339	-
Telecommunication Services	992,456	992,456	-	-
Money Market Funds	319,635	319,635	-	-
Total Investments in Securities:	$ 43,879,259	$ 41,083,219	$ 2,796,040	$ -

Income Tax Information

At September 30, 2012, the cost of investment securities for income tax purposes was $38,410,682. Net unrealized appreciation aggregated $5,468,577, of which $6,275,790 related to appreciated investment securities and $807,213 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:
Materials Portfolio

September 30, 2012

1.856922.105

VMATP-QTLY-1112

Investments September 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.0%
	Shares		Value
CHEMICALS - 60.1%
Commodity Chemicals - 2.4%
Arkema SA	3,255		$ 304,762
PetroLogistics LP	33,774		438,049
Westlake Chemical Corp.	13,500		986,310
			1,729,121
Diversified Chemicals - 17.7%
E.I. du Pont de Nemours & Co.	120,450		6,055,017
Eastman Chemical Co.	48,678		2,775,133
FMC Corp.	18,570		1,028,407
Lanxess AG	4,158		344,799
PPG Industries, Inc.	23,853		2,739,279
			12,942,635
Fertilizers & Agricultural Chemicals - 10.9%
CF Industries Holdings, Inc.	6,470		1,437,893
Monsanto Co.	66,075		6,014,147
Rentech Nitrogen Partners LP	14,175		549,423
			8,001,463
Industrial Gases - 5.7%
Air Products & Chemicals, Inc.	50,211		4,152,450
Specialty Chemicals - 23.4%
Albemarle Corp.	25,292		1,332,383
Ashland, Inc.	22,877		1,637,993
Celanese Corp. Class A	26,234		994,531
Cytec Industries, Inc.	10,168		666,207
Ecolab, Inc.	37,943		2,459,086
LyondellBasell Industries NV Class A	66,191		3,419,427
OMNOVA Solutions, Inc. (a)	12,158		92,036
Rockwood Holdings, Inc.	15,768		734,789
Sherwin-Williams Co.	16,158		2,406,088
Sigma Aldrich Corp.	24,015		1,728,360
W.R. Grace & Co. (a)	28,490		1,683,189
			17,154,089
TOTAL CHEMICALS			43,979,758
COMMERCIAL SERVICES & SUPPLIES - 0.2%
Environmental & Facility Services - 0.2%
Swisher Hygiene, Inc. (a)	19,833		24,632
Swisher Hygiene, Inc. (Canada) (a)(d)	87,600		120,888
			145,520
CONSTRUCTION MATERIALS - 1.8%
Construction Materials - 1.8%
Martin Marietta Materials, Inc. (d)	16,000		1,325,920
CONTAINERS & PACKAGING - 8.1%
Metal & Glass Containers - 5.2%
Aptargroup, Inc.	27,787		1,436,866
Ball Corp.	41,942		1,774,566

	Shares		Value
Nampak Ltd.	4,100		$ 14,089
Silgan Holdings, Inc.	13,688		595,565
			3,821,086
Paper Packaging - 2.9%
Rock-Tenn Co. Class A	28,810		2,079,506
TOTAL CONTAINERS & PACKAGING			5,900,592
METALS & MINING - 20.2%
Diversified Metals & Mining - 8.3%
Copper Mountain Mining Corp. (a)	123,925		424,806
First Quantum Minerals Ltd.	42,800		912,074
Freeport-McMoRan Copper & Gold, Inc.	94,547		3,742,170
HudBay Minerals, Inc.	20,100		197,913
Iluka Resources Ltd.	7,074		72,865
Turquoise Hill Resources Ltd. (a)	81,405		693,073
			6,042,901
Gold - 6.8%
Allied Nevada Gold Corp. (a)	17,228		672,926
Franco-Nevada Corp.	11,100		654,303
Goldcorp, Inc.	22,700		1,042,293
Newmont Mining Corp.	31,110		1,742,471
Royal Gold, Inc.	8,999		898,640
			5,010,633
Steel - 5.1%
Carpenter Technology Corp.	19,700		1,030,704
Haynes International, Inc.	11,486		598,995
Nucor Corp.	18,784		718,676
Reliance Steel & Aluminum Co.	18,878		988,263
Steel Dynamics, Inc.	38,950		437,409
			3,774,047
TOTAL METALS & MINING			14,827,581
OIL, GAS & CONSUMABLE FUELS - 0.6%
Coal & Consumable Fuels - 0.6%
Peabody Energy Corp.	19,500		434,655
PAPER & FOREST PRODUCTS - 3.0%
Paper Products - 3.0%
International Paper Co.	59,700		2,168,304
TOTAL COMMON STOCKS (Cost $59,672,856)		68,782,330

Convertible Bonds - 0.8%
	Principal Amount
BUILDING PRODUCTS - 0.8%
Building Products - 0.8%
Aspen Aerogels, Inc. 8% 6/1/14 (f) (Cost $569,500)	$ 569,500	569,500
U.S. Treasury Obligations - 0.1%
	Principal Amount	Value
U.S. Treasury Bills, yield at date of purchase 0.1% 11/23/12 (e) (Cost $49,992)	$ 50,000	$ 49,995

Money Market Funds - 6.6%
	Shares
Fidelity Cash Central Fund, 0.17% (b)	3,669,212		3,669,212
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	1,175,800		1,175,800
TOTAL MONEY MARKET FUNDS (Cost $4,845,012)		4,845,012
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $65,137,360)			74,246,837
NET OTHER ASSETS (LIABILITIES) - (1.5)%			(1,065,742)
NET ASSETS - 100%		$ 73,181,095

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
20 CME E-mini Materials Select Sector Index Contracts	Dec. 2012	$ 772,600	$ 784

The face value of futures purchased as a percentage of net assets is 1.1%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $49,995.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $569,500 or 0.8% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11	$ 569,500

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	$ 2,850
Fidelity Securities Lending Cash Central Fund	12,794
Total	$ 15,644

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 68,782,330	$ 68,757,698	$ 24,632	$ -
Convertible Bonds	569,500	-	-	569,500
U.S. Treasury Obligations	49,995	-	49,995	-
Money Market Funds	4,845,012	4,845,012	-	-
Total Investments in Securities:	$ 74,246,837	$ 73,602,710	$ 74,627	$ 569,500
Derivative Instruments:
Assets
Futures Contracts	$ 784	$ 784	$ -	$ -

Income Tax Information

At September 30, 2012, the cost of investment securities for income tax purposes was $65,519,981. Net unrealized appreciation aggregated $8,726,856, of which $13,091,158 related to appreciated investment securities and $4,364,302 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and 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 Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. 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:
Real Estate Portfolio

September 30, 2012

1.808791.108

VIPRE-QTLY-1112

Investments September 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - 2.2%
Health Care Facilities - 2.2%
Brookdale Senior Living, Inc. (a)	137,880		$ 3,201,574
Emeritus Corp. (a)	198,940		4,165,804
TOTAL HEALTH CARE FACILITIES			7,367,378
REAL ESTATE INVESTMENT TRUSTS - 93.5%
REITs - Apartments - 16.9%
Apartment Investment & Management Co. Class A	137,100		3,563,229
AvalonBay Communities, Inc.	36,292		4,935,349
Camden Property Trust (SBI)	178,913		11,538,099
Education Realty Trust, Inc.	749,500		8,169,550
Equity Residential (SBI)	137,801		7,927,692
Essex Property Trust, Inc.	93,360		13,839,686
Home Properties, Inc.	119,600		7,327,892
TOTAL REITS - APARTMENTS			57,301,497
REITs - Health Care Facilities - 11.2%
HCP, Inc.	250,525		11,143,352
Health Care REIT, Inc.	33,289		1,922,440
Ventas, Inc.	401,571		24,997,795
TOTAL REITS - HEALTH CARE FACILITIES			38,063,587
REITs - Hotels - 5.4%
Chesapeake Lodging Trust	289,709		5,756,518
Host Hotels & Resorts, Inc.	248,330		3,985,697
LaSalle Hotel Properties (SBI)	127,213		3,395,315
Sunstone Hotel Investors, Inc. (a)	469,332		5,162,652
TOTAL REITS - HOTELS			18,300,182
REITs - Industrial Buildings - 14.4%
DCT Industrial Trust, Inc.	450,100		2,912,147
First Potomac Realty Trust	104,500		1,345,960
Prologis, Inc.	572,967		20,071,034
Public Storage	162,489		22,613,594
Stag Industrial, Inc.	123,500		2,008,110
TOTAL REITS - INDUSTRIAL BUILDINGS			48,950,845
REITs - Malls - 16.9%
CBL & Associates Properties, Inc.	517,544		11,044,389
General Growth Properties, Inc.	249,300		4,856,364
Simon Property Group, Inc.	273,732		41,555,254
TOTAL REITS - MALLS			57,456,007
REITs - Management/Investment - 3.7%
Digital Realty Trust, Inc.	163,351		11,410,067

	Shares		Value
Lexington Corporate Properties Trust	41,000		$ 396,060
Retail Properties America, Inc.	71,078		804,603
TOTAL REITS - MANAGEMENT/INVESTMENT			12,610,730
REITs - Mobile Home Parks - 0.7%
Sun Communities, Inc.	53,500		2,360,420
REITs - Mortgage - 0.2%
Newcastle Investment Corp.	111,800		841,854
REITs - Office Buildings - 14.5%
Boston Properties, Inc.	148,374		16,411,648
Cousins Properties, Inc.	42,700		339,038
Douglas Emmett, Inc.	350,905		8,095,378
Highwoods Properties, Inc. (SBI)	239,993		7,828,572
SL Green Realty Corp.	187,159		14,985,821
Sovran Self Storage, Inc.	28,600		1,654,510
TOTAL REITS - OFFICE BUILDINGS			49,314,967
REITs - Shopping Centers - 9.6%
Acadia Realty Trust (SBI)	209,195		5,192,220
Cedar Shopping Centers, Inc.	293,328		1,548,772
Equity One, Inc.	469,058		9,878,361
Excel Trust, Inc.	35,762		408,402
Glimcher Realty Trust	406,999		4,301,979
Kimco Realty Corp.	210,000		4,256,700
Kite Realty Group Trust	267,715		1,365,347
Vornado Realty Trust	68,439		5,546,981
TOTAL REITS - SHOPPING CENTERS			32,498,762
TOTAL REAL ESTATE INVESTMENT TRUSTS			317,698,851
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.1%
Real Estate Operating Companies - 0.9%
Forest City Enterprises, Inc. Class A (a)	198,520		3,146,542
Real Estate Services - 0.2%
CBRE Group, Inc. (a)	26,892		495,082
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			3,641,624
TOTAL COMMON STOCKS (Cost $256,983,661)		328,707,853
Money Market Funds - 3.0%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b) (Cost $10,393,371)	10,393,371		$ 10,393,371
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $267,377,032)			339,101,224
NET OTHER ASSETS (LIABILITIES) - 0.2%			555,307
NET ASSETS - 100%		$ 339,656,531

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	$ 11,880
Fidelity Securities Lending Cash Central Fund	18,366
Total	$ 30,246

Other Information

Income Tax Information

At September 30, 2012, the cost of investment securities for income tax purposes was $268,839,166. Net unrealized appreciation aggregated $70,262,058, of which $76,865,555 related to appreciated investment securities and $6,603,497 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:
Consumer Discretionary Portfolio

September 30, 2012

1.807732.108

VCI-QTLY-1112

Investments September 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
AUTO COMPONENTS - 1.6%
Auto Parts & Equipment - 1.6%
BorgWarner, Inc. (a)	5,525		$ 381,833
Delphi Automotive PLC	6,142		190,402
			572,235
BUILDING PRODUCTS - 0.8%
Building Products - 0.8%
Owens Corning (a)	8,900		297,794
COMMERCIAL SERVICES & SUPPLIES - 0.7%
Office Services & Supplies - 0.7%
Interface, Inc.	18,335		242,205
DISTRIBUTORS - 1.5%
Distributors - 1.5%
LKQ Corp. (a)	29,080		537,980
HOTELS, RESTAURANTS & LEISURE - 12.3%
Restaurants - 12.3%
BJ's Restaurants, Inc. (a)	1,717		77,866
Buffalo Wild Wings, Inc. (a)	3,300		282,942
Domino's Pizza, Inc.	13,800		520,260
McDonald's Corp.	14,858		1,363,222
Panera Bread Co. Class A (a)	1,335		228,138
Starbucks Corp.	6,042		306,632
Texas Roadhouse, Inc. Class A	12,243		209,355
Yum! Brands, Inc.	20,360		1,350,682
			4,339,097
HOUSEHOLD DURABLES - 5.0%
Homebuilding - 2.3%
Lennar Corp. Class A (d)	8,621		299,752
Ryland Group, Inc.	9,397		281,910
Toll Brothers, Inc. (a)	6,700		222,641
			804,303
Housewares & Specialties - 2.7%
Jarden Corp.	14,700		776,748
Tupperware Brands Corp.	3,181		170,470
			947,218
TOTAL HOUSEHOLD DURABLES			1,751,521
INTERNET & CATALOG RETAIL - 4.8%
Internet Retail - 4.8%
Amazon.com, Inc. (a)	3,144		799,582
Priceline.com, Inc. (a)	1,421		879,215
			1,678,797
INTERNET SOFTWARE & SERVICES - 0.6%
Internet Software & Services - 0.6%
eBay, Inc. (a)	4,500		217,845

	Shares		Value
LEISURE EQUIPMENT & PRODUCTS - 1.3%
Leisure Products - 1.3%
Brunswick Corp.	20,268		$ 458,665
MEDIA - 30.9%
Broadcasting - 3.2%
CBS Corp. Class B	17,620		640,135
Discovery Communications, Inc. (a)	8,400		500,892
			1,141,027
Cable & Satellite - 14.1%
Charter Communications, Inc. Class A (a)	5,300		397,871
Comcast Corp. Class A	80,646		2,884,705
DIRECTV (a)	25,080		1,315,697
Sirius XM Radio, Inc. (a)(d)	139,302		362,185
			4,960,458
Movies & Entertainment - 13.6%
News Corp. Class A	67,906		1,665,734
The Walt Disney Co.	38,321		2,003,422
Time Warner, Inc.	24,881		1,127,856
			4,797,012
TOTAL MEDIA			10,898,497
MULTILINE RETAIL - 7.7%
General Merchandise Stores - 7.7%
Dollar General Corp. (a)	17,435		898,600
Dollar Tree, Inc. (a)	18,900		912,398
Target Corp.	14,130		896,831
			2,707,829
SPECIALTY RETAIL - 27.8%
Apparel Retail - 6.0%
Abercrombie & Fitch Co. Class A	6,700		227,264
Ascena Retail Group, Inc. (a)	5,335		114,436
Limited Brands, Inc.	9,265		456,394
Ross Stores, Inc.	11,275		728,365
TJX Companies, Inc.	12,763		571,655
			2,098,114
Automotive Retail - 4.7%
AutoZone, Inc. (a)	1,650		609,956
CarMax, Inc. (a)	20,878		590,847
O'Reilly Automotive, Inc. (a)	5,600		468,272
			1,669,075
Home Improvement Retail - 2.6%
Lowe's Companies, Inc.	30,499		922,290
Homefurnishing Retail - 2.3%
Select Comfort Corp. (a)	11,300		356,515
Williams-Sonoma, Inc.	10,581		465,247
			821,762
Specialty Stores - 12.2%
Cabela's, Inc. Class A (a)	1,148		62,773
Dick's Sporting Goods, Inc.	16,665		864,080
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Specialty Stores - continued
Hibbett Sports, Inc. (a)	5,800		$ 344,810
PetSmart, Inc.	10,866		749,537
Sally Beauty Holdings, Inc. (a)	21,300		534,417
Tiffany & Co., Inc.	7,997		494,854
Tractor Supply Co.	7,258		717,744
Ulta Salon, Cosmetics & Fragrance, Inc.	2,500		240,763
Vitamin Shoppe, Inc. (a)	5,120		298,598
			4,307,576
TOTAL SPECIALTY RETAIL			9,818,817
TEXTILES, APPAREL & LUXURY GOODS - 4.4%
Apparel, Accessories & Luxury Goods - 4.4%
Hanesbrands, Inc. (a)	13,656		435,353
PVH Corp.	5,400		506,088
Under Armour, Inc. Class A (sub. vtg.) (a)(d)	3,994		222,985
VF Corp.	2,500		398,400
			1,562,826
TOTAL COMMON STOCKS (Cost $31,224,754)		35,084,108
Money Market Funds - 2.6%
	Shares		Value
Fidelity Cash Central Fund, 0.17% (b)	236,706		$ 236,706
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	678,350		678,350
TOTAL MONEY MARKET FUNDS (Cost $915,056)		915,056
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $32,139,810)			35,999,164
NET OTHER ASSETS (LIABILITIES) - (2.0)%			(714,194)
NET ASSETS - 100%		$ 35,284,970

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 576
Fidelity Securities Lending Cash Central Fund	14,693
Total	$ 15,269

Other Information

Income Tax Information

At September 30, 2012, the cost of investment securities for income tax purposes was $32,414,901. Net unrealized appreciation aggregated $3,584,263, of which $4,238,171 related to appreciated investment securities and $653,908 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:
Emerging Markets Portfolio

September 30, 2012

1.864820.104

VIPEM-QTLY-1112

Investments September 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares		Value
Bailiwick of Jersey - 0.7%
Randgold Resources Ltd. sponsored ADR	5,350		$ 658,050
Bermuda - 1.8%
Credicorp Ltd. (NY Shares)	8,100		1,014,768
Digital China Holdings Ltd. (H Shares)	233,000		371,403
Great Eagle Holdings Ltd.	128,000		390,403
TOTAL BERMUDA			1,776,574
Brazil - 10.7%
BR Malls Participacoes SA	47,100		654,021
CCR SA	58,100		525,902
Cetip SA - Mercados Organizado	28,100		368,706
Cielo SA	24,400		608,902
Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR	12,200		550,342
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	34,038		1,302,634
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)	15,900		650,902
Companhia de Saneamento de Minas Gerais	20,000		454,803
Gerdau SA sponsored ADR	89,826		854,245
Itau Unibanco Banco Multiplo SA sponsored ADR	98,600		1,506,608
Mills Estruturas e Servicos de Engenharia SA	21,000		303,515
Multiplan Empreendimentos Imobiliarios SA	21,500		633,042
Multiplus SA	27,500		549,390
Totvs SA	8,300		172,407
Ultrapar Participacoes SA	34,600		778,447
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)	138,200		689,892
TOTAL BRAZIL			10,603,758
British Virgin Islands - 0.7%
Gem Diamonds Ltd. (a)	55,788		156,750
Mail.ru Group Ltd. GDR (e)	14,800		494,172
TOTAL BRITISH VIRGIN ISLANDS			650,922
Canada - 0.7%
Africa Oil Corp. (a)	7,100		69,982
First Quantum Minerals Ltd.	30,500		649,959
TOTAL CANADA			719,941
Cayman Islands - 4.6%
Anta Sports Products Ltd.	190,000		146,040
Chailease Holding Co. Ltd.	171,000		322,378
Changyou.com Ltd. (A Shares) ADR	13,013		341,461
China Liansu Group Holdings Ltd.	533,000		277,703
Country Garden Holdings Co. Ltd.	45,572		17,749
ENN Energy Holdings Ltd.	60,000		252,642
Eurasia Drilling Co. Ltd. GDR (Reg. S)	16,153		533,049
KWG Property Holding Ltd.	159,500		88,451
MStar Semiconductor, Inc.	8,000		64,228

	Shares		Value
NetEase.com, Inc. sponsored ADR (a)	5,611		$ 315,002
SINA Corp. (a)	3,900		252,252
Tencent Holdings Ltd.	45,500		1,550,300
Vinda International Holdings Ltd.	278,000		382,902
TOTAL CAYMAN ISLANDS			4,544,157
Chile - 0.7%
CAP SA	7,922		276,063
Embotelladora Andina SA Class A	5,042		23,597
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR	6,900		425,316
TOTAL CHILE			724,976
China - 4.4%
Air China Ltd. (H Shares)	216,000		135,939
China Communications Construction Co. Ltd. (H Shares)	748,000		604,840
China Communications Services Corp. Ltd. (H Shares)	1,112,000		643,906
China Minsheng Banking Corp. Ltd. (H Shares)	987,500		779,399
China Railway Construction Corp. Ltd. (H Shares)	300,500		268,952
China Shenhua Energy Co. Ltd. (H Shares)	125,000		485,230
Great Wall Motor Co. Ltd. (H Shares)	312,500		824,166
Huadian Power International Corp. Ltd. (H Shares) (a)	1,530,000		426,203
Yantai Changyu Pioneer Wine Co. (B Shares)	53,039		261,226
TOTAL CHINA			4,429,861
Colombia - 1.2%
Almacenes Exito SA	23,746		389,219
Ecopetrol SA ADR (d)	13,638		803,687
TOTAL COLOMBIA			1,192,906
Czech Republic - 0.4%
Philip Morris CR A/S	743		430,603
Hong Kong - 4.8%
China Mobile Ltd.	167,500		1,856,890
China Power International Development Ltd.	2,341,000		640,042
CNOOC Ltd.	724,000		1,469,966
Dah Chong Hong Holdings Ltd.	1,000		910
Guangdong Investment Ltd.	762,000		602,403
Shenzhen Investment Ltd.	212,000		49,213
Singamas Container Holdings Ltd.	472,000		115,656
TOTAL HONG KONG			4,735,080
India - 5.7%
GlaxoSmithKline Pharmaceuticals Ltd.	1,840		68,893
Hindustan Unilever Ltd.	90,142		929,957
ICICI Bank Ltd.	42,188		842,862
Jaypee Infratech Ltd.	119,437		116,931
Larsen & Toubro Ltd.	14,614		441,044
Common Stocks - continued
	Shares		Value
India - continued
Mahindra & Mahindra Financial Services Ltd. (a)	35,469		$ 601,585
Tata Consultancy Services Ltd.	26,983		660,882
Tata Motors Ltd. (a)	143,422		728,376
Tata Steel Ltd. (a)	58,346		442,089
Tech Mahindra Ltd.	9,415		172,970
Ultratech Cemco Ltd.	18,150		675,042
TOTAL INDIA			5,680,631
Indonesia - 8.3%
PT AKR Corporindo Tbk	116,000		51,515
PT Astra International Tbk	1,219,000		942,590
PT Bank Mandiri (Persero) Tbk	944,500		809,288
PT Bank Rakyat Indonesia Tbk	1,268,000		987,104
PT Bank Tabungan Negara Tbk	5,000		752
PT Bumi Serpong Damai Tbk	2,661,000		314,203
PT Ciputra Development Tbk	3,116,500		231,213
PT Gadjah Tunggal Tbk	434,000		103,171
PT Global Mediacom Tbk	1,284,000		275,046
PT Indocement Tunggal Prakarsa Tbk	282,000		599,654
PT Indofood Sukses Makmur Tbk	277,000		183,798
PT Jasa Marga Tbk	298,000		182,163
PT Media Nusantara Citra Tbk	455,000		123,615
PT Mitra Adiperkasa Tbk	586,500		392,225
PT Pembangunan Perumahan Persero Tbk	639,500		48,781
PT Resource Alam Indonesia Tbk	350,000		108,803
PT Semen Gresik (Persero) Tbk	265,000		400,130
PT Sumber Alfaria Trijaya Tbk	251,000		144,253
PT Summarecon Agung Tbk	1,909,000		335,122
PT Telkomunikasi Indonesia Tbk Series B	663,000		650,815
PT Tower Bersama Infrastructure Tbk (a)	1,769,500		822,807
PT Wijaya Karya Persero Tbk	434,500		54,937
PT Xl Axiata Tbk	679,500		472,170
TOTAL INDONESIA			8,234,155
Ireland - 0.2%
Dragon Oil PLC	25,805		252,103
Israel - 0.4%
Israel Chemicals Ltd.	33,110		401,410
Kazakhstan - 0.3%
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	18,583		342,856
Korea (South) - 20.5%
Cheil Worldwide, Inc.	16,110		342,113
CJ Corp.	2,540		229,215
Cosmax, Inc.	3,870		141,954
DGB Financial Group Co. Ltd.	16,190		213,702
Dongbu Insurance Co. Ltd.	12,462		541,597
Grand Korea Leisure Co. Ltd.	9,690		255,373
Hana Financial Group, Inc.	29,740		909,288
Honam Petrochemical Corp.	2,572		613,167
Hotel Shilla Co.	12,345		614,107

	Shares		Value
Hyundai Glovis Co. Ltd.	1,109		$ 242,479
Hyundai Heavy Industries Co. Ltd.	2,654		601,736
Hyundai Hysco Co. Ltd.	17,460		739,997
Hyundai Motor Co.	8,040		1,819,282
Hyundai Wia Corp.	2,746		462,323
Industrial Bank of Korea	35,880		394,668
Interflex Co. Ltd.	3,218		193,600
Kia Motors Corp.	18,020		1,122,943
Korea Zinc Co. Ltd.	1,569		688,226
KT Corp.	17,670		557,040
KT&G Corp.	8,220		625,171
LG Chemical Ltd.	3,093		920,676
Lotte Samkang Co. Ltd.	720		369,158
Paradise Co. Ltd.	37,285		604,303
Samsung C&T Corp.	6,692		396,591
Samsung Electronics Co. Ltd.	4,188		5,061,687
Samsung Heavy Industries Ltd.	15,920		538,924
Silicon Works Co. Ltd.	7,273		191,675
SK Energy Co. Ltd.	2,649		400,798
Sung Kwang Bend Co. Ltd.	16,987		401,921
TK Corp. (a)	6,292		169,776
TOTAL KOREA (SOUTH)			20,363,490
Malaysia - 0.3%
Malayan Banking Bhd	96,700		285,054
Mexico - 1.9%
CEMEX SA de CV sponsored ADR	125,724		1,047,281
Corporacion Inmobiliaria Vesta SAB de CV	62,200		92,732
Grupo Financiero Banorte SAB de CV Series O	134,700		761,417
TOTAL MEXICO			1,901,430
Netherlands - 0.4%
Yandex NV (a)	18,200		438,802
Nigeria - 0.7%
Guaranty Trust Bank PLC GDR (Reg. S)	119,661		741,898
Panama - 0.9%
Banco Latinoamericano de Exporaciones SA (BLADEX) Series E	15,311		338,220
Copa Holdings SA Class A	6,300		512,001
TOTAL PANAMA			850,221
Philippines - 1.6%
International Container Terminal Services, Inc.	151,600		256,092
Manila Water Co., Inc.	193,400		125,298
Philippine National Bank (a)	222,080		390,339
PUREGOLD Price Club, Inc.	365,100		260,191
Security Bank Corp.	146,180		575,249
TOTAL PHILIPPINES			1,607,169
Poland - 0.6%
Bank Polska Kasa Opieki SA	11,400		561,522
Common Stocks - continued
	Shares		Value
Russia - 5.8%
Cherkizovo Group OJSC GDR (a)	22,002		$ 248,623
M Video OJSC (a)	18,430		153,094
Mechel Steel Group OAO sponsored ADR (d)	12,600		88,704
Mobile TeleSystems OJSC sponsored ADR	46,600		816,432
NOVATEK OAO GDR (Reg. S)	8,898		1,052,633
Raspadskaya OAO (a)	37,480		101,380
Sberbank (Savings Bank of the Russian Federation)	535,700		1,564,083
Tatneft OAO sponsored ADR	19,500		808,665
TNK-BP Holding	133,300		360,566
Uralkali OJSC GDR (Reg. S)	13,600		562,632
TOTAL RUSSIA			5,756,812
Singapore - 1.0%
First Resources Ltd.	359,000		617,251
Keppel Corp. Ltd.	43,000		399,446
TOTAL SINGAPORE			1,016,697
South Africa - 4.0%
African Bank Investments Ltd.	169,500		673,072
AVI Ltd.	57,477		412,691
Foschini Ltd.	39,423		599,231
Imperial Holdings Ltd.	31,838		717,283
Life Healthcare Group Holdings Ltd.	174,700		666,433
Mpact Ltd.	56,747		129,203
Mr Price Group Ltd.	37,300		564,631
Tongaat Hulett Ltd.	11,644		195,512
TOTAL SOUTH AFRICA			3,958,056
Taiwan - 3.8%
ASUSTeK Computer, Inc.	79,000		857,788
Chipbond Technology Corp.	140,000		221,934
Far EasTone Telecommunications Co. Ltd.	242,000		598,132
MediaTek, Inc.	64,910		684,882
Novatek Microelectronics Corp.	101,000		364,981
Radiant Opto-Electronics Corp.	89,340		386,806
Unified-President Enterprises Corp.	380,890		675,222
TOTAL TAIWAN			3,789,745
Thailand - 4.5%
Advanced Info Service PCL (For. Reg.)	150,800		1,048,447
Asian Property Development PCL (For. Reg.)	1,113,500		327,394
Bangkok Bank Public Co. Ltd. (For. Reg.)	68,500		447,320
Bangkok Expressway PCL (For.Reg.)	466,000		446,621
Bumrungrad Hospital PCL (For. Reg.)	58,700		156,381
Hemaraj Land & Development PCL	510,300		52,389
PTT PCL (For. Reg.)	90,700		969,470
Siam Commercial Bank PCL (For. Reg.)	186,900		1,023,153
TOTAL THAILAND			4,471,175

	Shares		Value
Turkey - 2.6%
Coca-Cola Icecek A/S	23,115		$ 432,140
Turk Hava Yollari AO (a)	132,000		276,155
Turkiye Garanti Bankasi A/S	190,000		792,878
Turkiye Halk Bankasi A/S	77,902		606,832
Turkiye Is Bankasi A/S Series C	153,000		480,134
TOTAL TURKEY			2,588,139
United Arab Emirates - 0.2%
NMC Health PLC	60,781		177,650
United Kingdom - 1.9%
Afren PLC (a)	50,300		113,795
International Personal Finance PLC	159,870		773,700
Ophir Energy PLC (a)	54,051		530,672
Tullow Oil PLC	23,500		519,885
TOTAL UNITED KINGDOM			1,938,052
TOTAL COMMON STOCKS (Cost $79,758,406)		95,823,895
Nonconvertible Preferred Stocks - 0.8%

Russia - 0.8%
Surgutneftegaz JSC (Cost $758,535)	1,143,800		764,159

Convertible Bonds - 0.1%
	Principal Amount
Canada - 0.1%
Ivanplats Ltd. 8% 11/10/14 pay-in-kind (f)(g) (Cost $67,416)	$ 65,000	67,412

Money Market Funds - 3.5%
	Shares
Fidelity Cash Central Fund, 0.17% (b)	2,796,333		2,796,333
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	722,500		722,500
TOTAL MONEY MARKET FUNDS (Cost $3,518,833)		3,518,833
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $84,103,190)			100,174,299
NET OTHER ASSETS (LIABILITIES) - (0.7)%			(700,989)
NET ASSETS - 100%		$ 99,473,310

Legend

(a) Non-income producing

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

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

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $67,412 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Ivanplats Ltd. 8% 11/10/14 pay-in-kind	3/28/12	$ 67,416

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	$ 1,483
Fidelity Securities Lending Cash Central Fund	5,450
Total	$ 6,933

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 10,790,822	$ 10,062,446	$ 728,376	$ -
Consumer Staples	8,576,444	8,576,444	-	-
Energy	10,364,766	8,894,800	1,469,966	-
Financials	22,493,508	21,650,646	842,862	-
Health Care	1,069,357	1,069,357	-	-
Industrials	8,148,225	8,148,225	-	-
Information Technology	13,406,134	13,406,134	-	-
Materials	11,119,866	11,119,866	-	-
Telecommunication Services	7,466,639	4,401,894	3,064,745	-
Utilities	3,152,293	3,152,293	-	-
Corporate Bonds	67,412	-	-	67,412
Money Market Funds	3,518,833	3,518,833	-	-
Total Investments in Securities:	$ 100,174,299	$ 94,000,938	$ 6,105,949	$ 67,412

Income Tax Information

At September 30, 2012, the cost of investment securities for income tax purposes was $84,342,230. Net unrealized appreciation aggregated $15,832,069, of which $17,857,638 related to appreciated investment securities and $2,025,569 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and 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 Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. 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 third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices and are generally categorized as Level 2 in the hierarchy.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Energy Portfolio

September 30, 2012

1.807722.108

VNR-QTLY-1112

Investments September 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
CHEMICALS - 0.9%
Specialty Chemicals - 0.9%
LyondellBasell Industries NV Class A	56,690		$ 2,928,605
CONSTRUCTION & ENGINEERING - 0.5%
Construction & Engineering - 0.5%
Foster Wheeler AG (a)	76,943		1,843,554
ENERGY EQUIPMENT & SERVICES - 22.6%
Oil & Gas Drilling - 6.7%
Discovery Offshore S.A. (a)(e)	347,710		682,808
Ensco PLC Class A	96,676		5,274,643
Noble Corp.	288,270		10,314,301
Northern Offshore Ltd.	173,621		312,154
Ocean Rig UDW, Inc. (United States)	81,400		1,327,634
Rowan Companies PLC (a)	98,400		3,322,968
Tuscany International Drilling, Inc. (a)	554,500		129,727
Vantage Drilling Co. (a)	490,300		902,152
			22,266,387
Oil & Gas Equipment & Services - 15.9%
Anton Oilfield Services Group	216,000		50,420
Cameron International Corp. (a)	44,700		2,506,329
Compagnie Generale de Geophysique SA (a)(d)	62,800		2,016,857
Compagnie Generale de Geophysique SA rights 10/12/12 (a)	62,800		101,361
Core Laboratories NV	5,700		692,436
FMC Technologies, Inc. (a)	48,100		2,227,030
Forum Energy Technologies, Inc.	6,900		167,808
Fugro NV (Certificaten Van Aandelen) unit	93,743		6,374,978
Gulfmark Offshore, Inc. Class A (a)	71,273		2,354,860
Halliburton Co.	121,755		4,101,926
McDermott International, Inc. (a)	80,791		987,266
National Oilwell Varco, Inc.	207,255		16,603,198
Oil States International, Inc. (a)	41,510		3,298,385
Schlumberger Ltd.	136,381		9,864,438
Superior Energy Services, Inc. (a)	26,954		553,096
Total Energy Services, Inc.	27,900		451,803
Weatherford International Ltd. (a)	80,042		1,014,933
			53,367,124
TOTAL ENERGY EQUIPMENT & SERVICES			75,633,511
HOTELS, RESTAURANTS & LEISURE - 0.0%
Casinos & Gaming - 0.0%
Icahn Enterprises LP rights	34,746		0
OIL, GAS & CONSUMABLE FUELS - 75.0%
Coal & Consumable Fuels - 1.2%
Cloud Peak Energy, Inc. (a)	42,500		769,250
Peabody Energy Corp.	143,357		3,195,428
			3,964,678

	Shares		Value
Integrated Oil & Gas - 37.6%
Chevron Corp.	322,791		$ 37,624,516
ENI SpA sponsored ADR (d)	38,084		1,669,603
Exxon Mobil Corp.	367,108		33,572,027
Hess Corp.	229,836		12,346,790
InterOil Corp. (a)(d)	29,760		2,299,258
Murphy Oil Corp.	73,466		3,944,390
Occidental Petroleum Corp.	264,186		22,735,847
Royal Dutch Shell PLC Class A sponsored ADR	66,315		4,602,924
Suncor Energy, Inc.	216,200		7,112,103
			125,907,458
Oil & Gas Exploration & Production - 26.0%
Anadarko Petroleum Corp.	73,115		5,112,201
Apache Corp.	63,897		5,525,174
Bill Barrett Corp. (a)	13,900		344,303
BPZ Energy, Inc. (a)	131,626		376,450
C&C Energia Ltd. (a)	61,000		396,491
Cabot Oil & Gas Corp.	228,875		10,276,488
Canadian Natural Resources Ltd.	51,910		1,601,496
Cobalt International Energy, Inc. (a)	69,687		1,551,929
Comstock Resources, Inc. (a)	162,500		2,986,750
Concho Resources, Inc. (a)	38,844		3,680,469
Energen Corp.	25,500		1,336,455
EOG Resources, Inc.	60,932		6,827,431
EQT Corp.	200,474		11,827,966
EV Energy Partners LP	30,319		1,883,416
Gran Tierra Energy, Inc. (Canada) (a)	197,600		1,021,064
Halcon Resources Corp. (f)	150,000		1,099,500
Harvest Natural Resources, Inc. (a)(d)	64,400		574,448
Kodiak Oil & Gas Corp. (a)	41,000		383,760
Marathon Oil Corp.	135,155		3,996,533
Midstates Petroleum Co., Inc.	98,200		849,430
Noble Energy, Inc.	73,406		6,805,470
Northern Oil & Gas, Inc. (a)	41,100		698,289
Painted Pony Petroleum Ltd. (a)(e)	2,500		27,490
Pioneer Natural Resources Co.	73,903		7,715,473
Plains Exploration & Production Co. (a)	28,700		1,075,389
QEP Resources, Inc.	11,100		351,426
Range Resources Corp.	9,700		677,739
Rosetta Resources, Inc. (a)	97,121		4,652,096
SM Energy Co.	59,508		3,219,978
TAG Oil Ltd. (a)	37,900		278,342
TAG Oil Ltd. (e)	5,900		43,330
			87,196,776
Oil & Gas Refining & Marketing - 7.5%
Calumet Specialty Products Partners LP	60,430		1,933,760
Marathon Petroleum Corp.	111,273		6,074,393
Northern Tier Energy LP Class A	93,100		1,966,272
Phillips 66	37,874		1,756,217
Tesoro Corp.	218,977		9,175,136
Valero Energy Corp.	133,766		4,237,707
			25,143,485
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Storage & Transport - 2.7%
Atlas Energy LP	16,063		$ 554,816
Atlas Pipeline Partners, LP	54,860		1,870,726
Cheniere Energy, Inc. (a)	36,545		568,275
Markwest Energy Partners LP	17,800		968,676
Tesoro Logistics LP	37,500		1,623,750
The Williams Companies, Inc.	98,430		3,442,097
			9,028,340
TOTAL OIL, GAS & CONSUMABLE FUELS			251,240,737
TOTAL COMMON STOCKS (Cost $299,548,218)		331,646,407
Money Market Funds - 2.0%

Fidelity Cash Central Fund, 0.17% (b)	419,565		419,565
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	6,150,475		6,150,475
TOTAL MONEY MARKET FUNDS (Cost $6,570,040)		6,570,040
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $306,118,258)			338,216,447
NET OTHER ASSETS (LIABILITIES) - (1.0)%			(3,347,223)
NET ASSETS - 100%		$ 334,869,224

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Halcon Resources Corp.	3/1/12	$ 1,350,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,006
Fidelity Securities Lending Cash Central Fund	43,921
Total	$ 47,927

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 331,646,407	$ 329,629,550	$ 2,016,857	$ -
Money Market Funds	6,570,040	6,570,040	-	-
Total Investments in Securities:	$ 338,216,447	$ 336,199,590	$ 2,016,857	$ -

Income Tax Information

At September 30, 2012, the cost of investment securities for income tax purposes was $309,116,627. Net unrealized appreciation aggregated $29,099,820, of which $54,182,984 related to appreciated investment securities and $25,083,164 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:
Financial Services Portfolio

September 30, 2012

1.807734.108

VFS-QTLY-1112

Investments September 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.7%
	Shares		Value
CAPITAL MARKETS - 11.2%
Asset Management & Custody Banks - 8.0%
A.F.P. Provida SA sponsored ADR	2,500		$ 228,700
Affiliated Managers Group, Inc. (a)	64		7,872
Ameriprise Financial, Inc.	100		5,669
Apollo Global Management LLC Class A	41,482		608,126
Ares Capital Corp.	29,100		498,774
Bank of New York Mellon Corp.	1,731		39,155
BlackRock, Inc. Class A	37		6,597
Cetip SA - Mercados Organizado	16,000		209,940
Fortress Investment Group LLC	19,100		84,422
Franklin Resources, Inc.	917		114,689
Invesco Ltd.	177		4,423
Janus Capital Group, Inc.	76,500		722,160
Julius Baer Group Ltd.	70		2,441
Legg Mason, Inc.	162		3,998
Northern Trust Corp.	100		4,642
State Street Corp.	2,473		103,767
The Blackstone Group LP	53,252		760,439
			3,405,814
Diversified Capital Markets - 0.6%
Credit Suisse Group sponsored ADR	140		2,961
HFF, Inc. (a)	4,127		61,492
UBS AG (NY Shares)	14,230		173,321
			237,774
Investment Banking & Brokerage - 2.6%
Charles Schwab Corp.	200		2,558
E*TRADE Financial Corp. (a)	395		3,480
Evercore Partners, Inc. Class A	20,566		555,282
GFI Group, Inc.	111,319		353,994
Goldman Sachs Group, Inc.	93		10,572
Greenhill & Co., Inc.	200		10,350
Investment Technology Group, Inc. (a)	404		3,515
Knight Capital Group, Inc. Class A (a)	14,700		39,396
Lazard Ltd. Class A	105		3,069
Macquarie Group Ltd.	91		2,686
Monex Group, Inc.	10		1,643
Morgan Stanley	6,445		107,889
Nomura Holdings, Inc. sponsored ADR	900		3,204
			1,097,638
TOTAL CAPITAL MARKETS			4,741,226
COMMERCIAL BANKS - 13.0%
Diversified Banks - 6.0%
Banco ABC Brasil SA	3,000		17,906
Banco Bradesco SA (PN) sponsored ADR	12,500		200,875
Banco Macro SA sponsored ADR (a)	400		5,672
Banco Pine SA	25		181
Banco Santander Chile sponsored ADR	100		7,324
Banco Santander SA (Spain) sponsored ADR	600		4,476
Banco Santander SA (Brasil) ADR	10,510		77,459

	Shares		Value
BanColombia SA sponsored ADR	10,915		$ 651,735
Bangkok Bank Public Co. Ltd. (For. Reg.)	7,700		50,283
Bank of Baroda	2,474		37,304
Bank of the Philippine Islands (BPI)	4,810		9,210
Barclays PLC sponsored ADR (d)	30,540		423,590
BBVA Banco Frances SA sponsored ADR (a)	500		2,050
BNP Paribas SA	100		4,752
China CITIC Bank Corp. Ltd. (H Shares)	7,000		3,322
Comerica, Inc.	3,767		116,965
CorpBanca SA sponsored ADR	100		1,808
Credicorp Ltd. (NY Shares)	400		50,112
Development Credit Bank Ltd. (a)	8,228		6,835
Grupo Financiero Banorte SAB de CV Series O	24,100		136,230
Grupo Financiero Galicia SA sponsored ADR (a)(d)	400		2,316
Guaranty Trust Bank PLC GDR (Reg. S)	1,200		7,440
Hana Financial Group, Inc.	960		29,352
Hong Leong Bank Bhd	1,100		4,823
HSBC Holdings PLC sponsored ADR	100		4,646
ICICI Bank Ltd. sponsored ADR	100		4,014
Industrial & Commercial Bank of China Ltd. (H Shares)	1,000		591
Intesa Sanpaolo SpA	2,880		4,378
Itau Unibanco Banco Multiplo SA sponsored ADR	106		1,620
KB Financial Group, Inc.	880		31,129
Malayan Banking Bhd	31,885		93,991
National Australia Bank Ltd.	59		1,560
Nordea Bank AB	200		1,978
PT Bank Bukopin Tbk	1,482,500		99,143
PT Bank Central Asia Tbk	3,000		2,476
Raiffeisen International Bank-Holding AG	300		10,866
Sberbank (Savings Bank of the Russian Federation) sponsored ADR	200		2,330
Standard Chartered PLC (United Kingdom)	187		4,228
Sumitomo Mitsui Financial Group, Inc.	500		15,579
Swedbank AB (A Shares)	200		3,757
The Jammu & Kashmir Bank Ltd.	1,677		29,562
The Toronto-Dominion Bank	1,500		125,099
U.S. Bancorp	1,800		61,740
UniCredit SpA (a)	150		623
United Overseas Bank Ltd.	13,000		208,157
Wells Fargo & Co.	87		3,004
Yes Bank Ltd.	624		4,506
			2,566,997
Regional Banks - 7.0%
Alerus Financial Corp.	126		3,742
Banco Daycoval SA (PN)	4,500		24,195
BancTrust Financial Group, Inc. (a)	7,400		22,274
Bank of Hawaii Corp.	100		4,562
Bank of the Ozarks, Inc.	3,100		106,857
Common Stocks - continued
	Shares		Value
COMMERCIAL BANKS - CONTINUED
Regional Banks - continued
BankUnited, Inc.	100		$ 2,461
BB&T Corp.	200		6,632
Boston Private Financial Holdings, Inc.	500		4,795
Bridge Capital Holdings (a)	11,030		170,524
BS Financial Group, Inc.	21,430		230,912
Canadian Western Bank, Edmonton (d)	2,200		67,045
Cascade Bancorp (a)	200		1,056
CIT Group, Inc. (a)	1,055		41,556
Citizens & Northern Corp.	100		1,961
City Holding Co.	100		3,584
City National Corp.	100		5,151
CNB Financial Corp., Pennsylvania	200		3,502
CoBiz, Inc.	58,220		407,540
Commerce Bancshares, Inc.	200		8,066
Fifth Third Bancorp	11,163		173,138
First Business Finance Services, Inc.	200		4,818
First Commonwealth Financial Corp.	7,400		52,170
First Interstate Bancsystem, Inc.	30,020		449,099
First Midwest Bancorp, Inc., Delaware	300		3,765
First Republic Bank	1,286		44,316
FirstMerit Corp.	200		2,946
FNB Corp., Pennsylvania	400		4,484
Glacier Bancorp, Inc.	277		4,316
Huntington Bancshares, Inc.	31,692		218,675
KeyCorp	321		2,806
Landmark Bancorp, Inc.	93		1,902
MidWestOne Financial Group, Inc.	2		43
Northrim Bancorp, Inc.	462		9,305
Pacific Continental Corp.	9,553		85,308
PNC Financial Services Group, Inc.	1,276		80,516
PrivateBancorp, Inc.	300		4,797
PT Bank Tabungan Negara Tbk	472,000		71,022
Regions Financial Corp.	691		4,982
Savannah Bancorp, Inc. (a)	3,451		34,475
SCBT Financial Corp.	200		8,056
SunTrust Banks, Inc.	115		3,251
Susquehanna Bancshares, Inc.	15,356		160,624
SVB Financial Group (a)	24		1,451
Synovus Financial Corp. (d)	7,581		17,967
TCF Financial Corp.	355		4,239
Texas Capital Bancshares, Inc. (a)	693		34,449
UMB Financial Corp.	1,100		53,548
Valley National Bancorp	1,260		12,625
Virginia Commerce Bancorp, Inc. (a)	800		7,000
Washington Trust Bancorp, Inc.	2,400		63,048
Webster Financial Corp.	2,145		50,837

	Shares		Value
Western Alliance Bancorp. (a)	16,369		$ 166,964
Zions Bancorporation	42		868
			2,954,225
TOTAL COMMERCIAL BANKS			5,521,222
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Diversified Support Services - 0.0%
Intrum Justitia AB	200		2,923
CONSTRUCTION MATERIALS - 0.0%
Construction Materials - 0.0%
Headwaters, Inc. (a)	1,800		11,844
CONSUMER FINANCE - 3.0%
Consumer Finance - 3.0%
American Express Co.	100		5,686
Capital One Financial Corp.	12,594		717,984
DFC Global Corp. (a)	800		13,720
Discover Financial Services	600		23,838
EZCORP, Inc. (non-vtg.) Class A (a)	6,492		148,862
First Cash Financial Services, Inc. (a)	1,610		74,076
Green Dot Corp. Class A (a)	198		2,422
International Personal Finance PLC	65		315
Nelnet, Inc. Class A	200		4,748
Netspend Holdings, Inc. (a)	299		2,939
PT Clipan Finance Indonesia Tbk	77,000		3,218
Regional Management Corp.	4,200		72,450
SLM Corp.	12,680		199,330
			1,269,588
DIVERSIFIED CONSUMER SERVICES - 0.0%
Specialized Consumer Services - 0.0%
Sotheby's Class A (Ltd. vtg.)	643		20,255
DIVERSIFIED FINANCIAL SERVICES - 10.5%
Other Diversified Financial Services - 4.9%
Bank of America Corp.	11,842		104,565
Citigroup, Inc.	54,153		1,771,881
JPMorgan Chase & Co.	5,241		212,156
			2,088,602
Specialized Finance - 5.6%
BM&F Bovespa SA	500		3,021
CBOE Holdings, Inc.	22,418		659,538
CME Group, Inc.	3,651		209,202
IntercontinentalExchange, Inc. (a)	72		9,606
MarketAxess Holdings, Inc.	300		9,480
Moody's Corp.	1,919		84,762
NYSE Euronext	100		2,465
PHH Corp. (a)(d)	29,504		600,406
The NASDAQ Stock Market, Inc.	33,000		768,735
			2,347,215
TOTAL DIVERSIFIED FINANCIAL SERVICES			4,435,817
Common Stocks - continued
	Shares		Value
ENERGY EQUIPMENT & SERVICES - 0.0%
Oil & Gas Equipment & Services - 0.0%
SBM Offshore NV (a)	300		$ 4,275
HOTELS, RESTAURANTS & LEISURE - 0.0%
Casinos & Gaming - 0.0%
Las Vegas Sands Corp.	108		5,008
MGM Mirage, Inc. (a)	204		2,193
			7,201
HOUSEHOLD DURABLES - 0.0%
Homebuilding - 0.0%
M.D.C. Holdings, Inc.	200		7,702
PulteGroup, Inc. (a)	500		7,750
			15,452
INSURANCE - 14.8%
Insurance Brokers - 0.5%
Aon PLC	100		5,229
Brasil Insurance Participacoes e Administracao SA	5,100		47,925
Marsh & McLennan Companies, Inc.	2,800		95,004
National Financial Partners Corp. (a)	2,700		45,630
			193,788
Life & Health Insurance - 1.4%
AIA Group Ltd.	23,400		87,214
Citizens, Inc. Class A (a)	500		5,245
CNO Financial Group, Inc.	500		4,825
Delta Lloyd NV	311		4,742
Lincoln National Corp.	200		4,838
MetLife, Inc.	6,913		238,222
Phoenix Companies, Inc. (a)	65		1,994
Ping An Insurance Group Co. China Ltd. (H Shares)	1,000		7,557
Prudential Financial, Inc.	3,781		206,102
Resolution Ltd.	700		2,454
StanCorp Financial Group, Inc.	1,200		37,488
Symetra Financial Corp.	200		2,460
Unum Group	200		3,844
			606,985
Multi-Line Insurance - 3.8%
American International Group, Inc. (a)	41,061		1,346,390
Assurant, Inc.	3,580		133,534
Fairfax Financial Holdings Ltd. (sub. vtg.)	100		38,626
Genworth Financial, Inc. Class A (a)	773		4,043
Hartford Financial Services Group, Inc.	1,400		27,216
Loews Corp.	800		33,008
Porto Seguro SA	3,900		39,226
			1,622,043
Property & Casualty Insurance - 7.3%
ACE Ltd.	18,296		1,383,178
Allied World Assurance Co. Holdings Ltd.	700		54,075

	Shares		Value
Allstate Corp.	100		$ 3,961
Arch Capital Group Ltd. (a)	3,893		162,260
Assured Guaranty Ltd.	200		2,724
Axis Capital Holdings Ltd.	2,500		87,300
Berkshire Hathaway, Inc. Class B (a)	33		2,911
Erie Indemnity Co. Class A	100		6,427
Fidelity National Financial, Inc. Class A	200		4,278
First American Financial Corp.	2,139		46,352
The Travelers Companies, Inc.	15,505		1,058,371
W.R. Berkley Corp.	1,300		48,737
XL Group PLC Class A	9,226		221,701
			3,082,275
Reinsurance - 1.8%
Everest Re Group Ltd.	2,000		213,920
Montpelier Re Holdings Ltd.	200		4,426
Platinum Underwriters Holdings Ltd.	2,200		89,914
RenaissanceRe Holdings Ltd.	3,200		246,528
Swiss Re Ltd.	67		4,306
Validus Holdings Ltd.	6,019		204,104
			763,198
TOTAL INSURANCE			6,268,289
INTERNET SOFTWARE & SERVICES - 0.0%
Internet Software & Services - 0.0%
China Finance Online Co. Ltd. ADR (a)	36		45
eBay, Inc. (a)	89		4,308
			4,353
IT SERVICES - 7.9%
Data Processing & Outsourced Services - 7.9%
Alliance Data Systems Corp. (a)	57		8,091
Cielo SA	120		2,995
Fidelity National Information Services, Inc.	200		6,244
Fiserv, Inc. (a)	89		6,589
Global Cash Access Holdings, Inc. (a)	4,300		34,615
Jack Henry & Associates, Inc.	9,980		378,242
MoneyGram International, Inc. (a)	100		1,494
The Western Union Co.	30,225		550,700
Total System Services, Inc.	26,598		630,373
Vantiv, Inc.	28,852		621,761
VeriFone Systems, Inc. (a)	39,403		1,097,374
			3,338,478
IT Consulting & Other Services - 0.0%
Accenture PLC Class A	100		7,003
Cognizant Technology Solutions Corp. Class A (a)	50		3,496
			10,499
TOTAL IT SERVICES			3,348,977
Common Stocks - continued
	Shares		Value
MACHINERY - 0.1%
Industrial Machinery - 0.1%
Middleby Corp. (a)	200		$ 23,128
MEDIA - 0.0%
Publishing - 0.0%
McGraw-Hill Companies, Inc.	100		5,459
PROFESSIONAL SERVICES - 0.0%
Research & Consulting Services - 0.0%
Equifax, Inc.	65		3,028
REAL ESTATE INVESTMENT TRUSTS - 31.8%
Diversified REITs - 0.4%
American Assets Trust, Inc.	1,800		48,222
Duke Realty LP	7,200		105,840
			154,062
Industrial REITs - 0.9%
DCT Industrial Trust, Inc.	14,600		94,462
First Potomac Realty Trust	263		3,387
Prologis, Inc.	8,406		294,462
Stag Industrial, Inc.	300		4,878
			397,189
Mortgage REITs - 1.9%
American Capital Agency Corp.	9,957		344,413
American Capital Mortgage Investment Corp.	400		10,052
Invesco Mortgage Capital, Inc.	14,800		297,924
PennyMac Mortgage Investment Trust	200		4,674
Two Harbors Investment Corp.	10,800		126,900
			783,963
Office REITs - 4.9%
Boston Properties, Inc.	5,503		608,687
Corporate Office Properties Trust (SBI)	1,800		43,146
Douglas Emmett, Inc.	25,800		595,206
Highwoods Properties, Inc. (SBI)	5,266		171,777
Kilroy Realty Corp.	1,200		53,736
Lexington Corporate Properties Trust	55,065		531,928
MPG Office Trust, Inc. (a)(d)	1,200		4,020
SL Green Realty Corp.	700		56,049
			2,064,549
Residential REITs - 7.6%
American Campus Communities, Inc.	2,700		118,476
Apartment Investment & Management Co. Class A	20,497		532,717
AvalonBay Communities, Inc.	2,900		394,371
BRE Properties, Inc.	100		4,689
Camden Property Trust (SBI)	5,200		335,348
Campus Crest Communities, Inc.	300		3,240
Colonial Properties Trust (SBI)	13,700		288,385
Equity Lifestyle Properties, Inc.	5,100		347,412
Equity Residential (SBI)	8,100		465,993
Essex Property Trust, Inc.	1,352		200,420

	Shares		Value
Home Properties, Inc.	2,600		$ 159,302
Post Properties, Inc.	5,300		254,188
UDR, Inc.	4,605		114,296
			3,218,837
Retail REITs - 1.5%
Federal Realty Investment Trust (SBI)	1,706		179,642
Glimcher Realty Trust	78		824
Kimco Realty Corp.	200		4,054
Realty Income Corp. (d)	3,700		151,293
Simon Property Group, Inc.	2,053		311,666
Urstadt Biddle Properties, Inc. Class A	300		6,069
			653,548
Specialized REITs - 14.6%
American Tower Corp.	100		7,139
Big Yellow Group PLC	321,580		1,630,562
CubeSmart	200		2,574
DiamondRock Hospitality Co.	4,400		42,372
HCP, Inc.	33,501		1,490,124
Health Care REIT, Inc.	18,400		1,062,600
Host Hotels & Resorts, Inc.	600		9,630
National Health Investors, Inc.	2,300		118,312
Plum Creek Timber Co., Inc.	200		8,768
Potlatch Corp.	500		18,685
Rayonier, Inc.	5,500		269,555
Sovran Self Storage, Inc.	200		11,570
Strategic Hotel & Resorts, Inc. (a)	59,263		356,171
Sunstone Hotel Investors, Inc. (a)	6,100		67,100
Ventas, Inc.	16,778		1,044,431
Weyerhaeuser Co.	1,639		42,843
			6,182,436
TOTAL REAL ESTATE INVESTMENT TRUSTS			13,454,584
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.8%
Diversified Real Estate Activities - 0.7%
Tejon Ranch Co. (a)	2,223		66,779
The St. Joe Co. (a)(d)	10,670		208,065
			274,844
Real Estate Development - 0.0%
Bukit Sembawang Estates Ltd.	2,000		8,605
Real Estate Operating Companies - 0.1%
BR Malls Participacoes SA	100		1,389
Castellum AB	200		2,705
Forest City Enterprises, Inc. Class A (a)	2,800		44,380
Thomas Properties Group, Inc.	500		2,910
			51,384
Real Estate Services - 0.0%
CBRE Group, Inc. (a)	198		3,645
Common Stocks - continued
	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - CONTINUED
Real Estate Services - continued
Jones Lang LaSalle, Inc.	88		$ 6,719
Kennedy-Wilson Holdings, Inc.	500		6,985
			17,349
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			352,182
SPECIALTY RETAIL - 1.5%
Computer & Electronics Retail - 1.5%
Rent-A-Center, Inc.	17,444		611,936
Home Improvement Retail - 0.0%
Home Depot, Inc.	100		6,037
TOTAL SPECIALTY RETAIL			617,973
THRIFTS & MORTGAGE FINANCE - 0.1%
Thrifts & Mortgage Finance - 0.1%
Brookline Bancorp, Inc., Delaware	200		1,764
Cape Bancorp, Inc. (a)	300		2,808
Cheviot Financial Corp.	2,077		18,693
Eagle Bancorp Montana, Inc.	175		1,876
Hudson City Bancorp, Inc.	200		1,592
People's United Financial, Inc.	200		2,428
Washington Mutual, Inc. (a)	16,757		0
WMI Holdings Corp. (a)	575		293
			29,454
TOTAL COMMON STOCKS (Cost $38,590,248)		40,137,230
Nonconvertible Preferred Stocks - 0.2%
	Shares		Value
COMMERCIAL BANKS - 0.2%
Diversified Banks - 0.2%
Texas Capital Bancshares, Inc. 6.50% (a) (Cost $65,000)	2,600		$ 66,690
Money Market Funds - 5.6%

Fidelity Cash Central Fund, 0.17% (b)	1,794,047		1,794,047
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	585,614		585,614
TOTAL MONEY MARKET FUNDS (Cost $2,379,661)		2,379,661
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $41,034,909)			42,583,581
NET OTHER ASSETS (LIABILITIES) - (0.5)%			(209,325)
NET ASSETS - 100%		$ 42,374,256

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,825
Fidelity Securities Lending Cash Central Fund	4,659
Total	$ 7,484

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 40,137,230	$ 40,090,522	$ 46,708	$ -
Nonconvertible Preferred Stocks	66,690	-	66,690	-
Money Market Funds	2,379,661	2,379,661	-	-
Total Investments in Securities:	$ 42,583,581	$ 42,470,183	$ 113,398	$ -

Income Tax Information

At September 30, 2012, the cost of investment securities for income tax purposes was $41,608,652. Net unrealized appreciation aggregated $974,929, of which $2,456,146 related to appreciated investment securities and $1,481,217 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:
Growth Stock Portfolio

September 30, 2012

1.808784.108

VIPGR-QTLY-1112

Investments September 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value
CONSUMER DISCRETIONARY - 16.4%
Automobiles - 0.0%
Tesla Motors, Inc. (a)	1,600		$ 46,848
Hotels, Restaurants & Leisure - 2.7%
Brinker International, Inc.	17,982		634,765
Chipotle Mexican Grill, Inc. (a)	524		166,391
Las Vegas Sands Corp.	10,337		479,327
McDonald's Corp.	9,059		831,163
Starbucks Corp.	17,300		877,975
			2,989,621
Household Durables - 0.9%
Toll Brothers, Inc. (a)	14,495		481,669
Whirlpool Corp.	6,900		572,079
			1,053,748
Internet & Catalog Retail - 2.3%
Amazon.com, Inc. (a)	7,106		1,807,198
Priceline.com, Inc. (a)	1,200		742,476
			2,549,674
Media - 2.9%
Comcast Corp. Class A	58,186		2,081,313
Discovery Communications, Inc. (a)	9,818		585,447
Time Warner, Inc.	12,856		582,762
			3,249,522
Specialty Retail - 5.3%
American Eagle Outfitters, Inc.	6,302		132,846
Ascena Retail Group, Inc. (a)	14,875		319,069
AutoZone, Inc. (a)	800		295,736
Dick's Sporting Goods, Inc.	11,300		585,905
DSW, Inc. Class A	10,072		672,004
GNC Holdings, Inc.	13,700		533,889
Home Depot, Inc.	36,174		2,183,824
Limited Brands, Inc.	10,100		497,526
Lowe's Companies, Inc.	18,320		553,997
TJX Companies, Inc.	4,950		221,711
			5,996,507
Textiles, Apparel & Luxury Goods - 2.3%
lululemon athletica, Inc. (a)	8,700		643,278
Michael Kors Holdings Ltd.	14,620		777,492
PVH Corp.	7,200		674,784
Under Armour, Inc. Class A (sub. vtg.) (a)(d)	9,600		535,968
			2,631,522
TOTAL CONSUMER DISCRETIONARY			18,517,442
CONSUMER STAPLES - 11.1%
Beverages - 3.9%
Anheuser-Busch InBev SA NV	3,300		282,311
Constellation Brands, Inc. Class A (sub. vtg.) (a)	22,800		737,580
Dr Pepper Snapple Group, Inc.	14,852		661,360

	Shares		Value
Monster Beverage Corp. (a)	5,100		$ 276,216
PepsiCo, Inc.	8,287		586,471
The Coca-Cola Co.	48,024		1,821,550
			4,365,488
Food & Staples Retailing - 2.7%
CVS Caremark Corp.	21,072		1,020,306
Wal-Mart Stores, Inc.	27,150		2,003,670
			3,023,976
Food Products - 0.5%
Kraft Foods, Inc. Class A	12,560		519,356
Household Products - 2.0%
Colgate-Palmolive Co.	8,809		944,501
Kimberly-Clark Corp.	9,852		845,105
Procter & Gamble Co.	7,600		527,136
			2,316,742
Tobacco - 2.0%
Altria Group, Inc.	44,300		1,479,177
Lorillard, Inc.	6,424		748,075
			2,227,252
TOTAL CONSUMER STAPLES			12,452,814
ENERGY - 5.0%
Energy Equipment & Services - 2.5%
Cameron International Corp. (a)	9,600		538,272
Halliburton Co.	15,400		518,826
McDermott International, Inc. (a)	8,900		108,758
National Oilwell Varco, Inc.	9,699		776,987
Schlumberger Ltd.	11,905		861,089
			2,803,932
Oil, Gas & Consumable Fuels - 2.5%
Marathon Petroleum Corp.	10,430		569,374
Noble Energy, Inc.	4,152		384,932
Phillips 66	8,075		374,438
Pioneer Natural Resources Co.	2,600		271,440
The Williams Companies, Inc.	35,676		1,247,590
			2,847,774
TOTAL ENERGY			5,651,706
FINANCIALS - 5.2%
Commercial Banks - 2.0%
City National Corp.	7,889		406,362
M&T Bank Corp.	1,600		152,256
SunTrust Banks, Inc.	18,831		532,352
U.S. Bancorp	14,700		504,210
Wells Fargo & Co.	19,399		669,847
			2,265,027
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Consumer Finance - 0.7%
Capital One Financial Corp.	6,912		$ 394,053
SLM Corp.	24,462		384,543
			778,596
Diversified Financial Services - 0.5%
Citigroup, Inc.	16,300		533,336
Real Estate Investment Trusts - 1.7%
American Tower Corp.	11,022		786,861
CBL & Associates Properties, Inc.	18,462		393,979
Digital Realty Trust, Inc.	5,652		394,792
Sovran Self Storage, Inc.	5,100		295,035
			1,870,667
Real Estate Management & Development - 0.3%
CBRE Group, Inc. (a)	20,762		382,228
TOTAL FINANCIALS			5,829,854
HEALTH CARE - 12.4%
Biotechnology - 5.1%
Achillion Pharmaceuticals, Inc. (a)	22,750		236,828
ADVENTRX Pharmaceuticals, Inc. (a)	61,238		44,104
ADVENTRX Pharmaceuticals, Inc. warrants 11/16/16 (a)	8,919		718
Alkermes PLC (a)	2,000		41,500
Amgen, Inc.	20,400		1,720,128
ARIAD Pharmaceuticals, Inc. (a)	6,900		167,153
Biogen Idec, Inc. (a)	5,300		790,919
BioMarin Pharmaceutical, Inc. (a)	11,100		446,997
Dynavax Technologies Corp. (a)	16,900		80,444
Gilead Sciences, Inc. (a)	23,500		1,558,755
Theravance, Inc. (a)	11,801		305,764
Vertex Pharmaceuticals, Inc. (a)	7,102		397,357
			5,790,667
Health Care Equipment & Supplies - 0.9%
C.R. Bard, Inc.	3,570		373,601
The Cooper Companies, Inc.	6,971		658,481
			1,032,082
Health Care Providers & Services - 3.6%
Brookdale Senior Living, Inc. (a)	38,800		900,936
Catamaran Corp. (a)	4,044		396,338
Express Scripts Holding Co. (a)	17,129		1,073,474
Laboratory Corp. of America Holdings (a)	12,883		1,191,291
Qualicorp SA (a)	46,600		455,139
			4,017,178
Pharmaceuticals - 2.8%
Eli Lilly & Co.	10,731		508,757
GlaxoSmithKline PLC sponsored ADR	5,800		268,192
Johnson & Johnson	2,922		201,355

	Shares		Value
Merck & Co., Inc.	17,000		$ 766,700
Sanofi SA sponsored ADR	6,408		275,928
Valeant Pharmaceuticals International, Inc. (Canada) (a)	5,900		325,637
ViroPharma, Inc. (a)	3,400		102,748
Watson Pharmaceuticals, Inc. (a)	8,314		708,020
			3,157,337
TOTAL HEALTH CARE			13,997,264
INDUSTRIALS - 9.3%
Aerospace & Defense - 2.1%
Raytheon Co.	3,700		211,492
Textron, Inc.	28,400		743,228
United Technologies Corp.	18,063		1,414,152
			2,368,872
Construction & Engineering - 1.7%
Fluor Corp.	11,701		658,532
Foster Wheeler AG (a)	16,233		388,943
Quanta Services, Inc. (a)	35,200		869,440
			1,916,915
Electrical Equipment - 0.5%
Regal-Beloit Corp.	7,900		556,792
Industrial Conglomerates - 0.8%
Carlisle Companies, Inc.	10,235		531,401
Danaher Corp.	7,353		405,518
			936,919
Machinery - 1.8%
Caterpillar, Inc.	2,566		220,779
Cummins, Inc.	6,000		553,260
Dover Corp.	5,800		345,042
Ingersoll-Rand PLC	12,500		560,250
Snap-On, Inc.	4,240		304,729
			1,984,060
Marine - 0.2%
Kirby Corp. (a)	3,840		212,275
Professional Services - 0.5%
Nielsen Holdings B.V. (a)	11,106		332,958
Randstad Holding NV	6,700		222,693
			555,651
Road & Rail - 1.3%
Union Pacific Corp.	12,000		1,424,400
Trading Companies & Distributors - 0.4%
Watsco, Inc.	6,498		492,483
TOTAL INDUSTRIALS			10,448,367
INFORMATION TECHNOLOGY - 33.1%
Communications Equipment - 2.7%
Acme Packet, Inc. (a)	1,800		30,780
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Motorola Solutions, Inc.	18,300		$ 925,065
QUALCOMM, Inc.	33,565		2,097,477
			3,053,322
Computers & Peripherals - 9.5%
Apple, Inc.	15,940		10,636,119
Fusion-io, Inc. (a)	2,600		78,702
			10,714,821
Electronic Equipment & Components - 0.4%
TE Connectivity Ltd.	13,000		442,130
Internet Software & Services - 5.4%
Active Network, Inc. (a)	25,741		322,535
Demandware, Inc.	600		19,050
eBay, Inc. (a)	25,700		1,244,137
Facebook, Inc.:
Class A	18,984		411,004
Class B (a)(e)	1,414		27,552
Google, Inc. Class A (a)	5,348		4,035,066
			6,059,344
IT Services - 5.8%
Accenture PLC Class A	19,624		1,374,269
Cognizant Technology Solutions Corp. Class A (a)	2,250		157,320
IBM Corp.	7,462		1,547,992
MasterCard, Inc. Class A	2,600		1,173,848
Total System Services, Inc.	16,571		392,733
Visa, Inc. Class A	14,416		1,935,780
			6,581,942
Semiconductors & Semiconductor Equipment - 2.1%
ASML Holding NV (Netherlands)	10,800		577,675
Avago Technologies Ltd.	16,000		557,840
Broadcom Corp. Class A	23,991		829,609
NXP Semiconductors NV (a)	17,697		442,602
			2,407,726
Software - 7.2%
Allot Communications Ltd. (a)	8,500		225,420
Aspen Technology, Inc. (a)	11,033		285,203
Citrix Systems, Inc. (a)	6,286		481,319
Microsoft Corp.	91,344		2,720,224
Nuance Communications, Inc. (a)	27,466		683,629
Oracle Corp.	80,980		2,550,060
salesforce.com, Inc. (a)	4,850		740,547
VMware, Inc. Class A (a)	3,800		367,612
			8,054,014
TOTAL INFORMATION TECHNOLOGY			37,313,299

	Shares		Value
MATERIALS - 3.7%
Chemicals - 3.1%
Air Products & Chemicals, Inc.	6,445		$ 533,002
Ashland, Inc.	7,926		567,502
Eastman Chemical Co.	12,200		695,522
LyondellBasell Industries NV Class A	11,446		591,300
Monsanto Co.	11,520		1,048,550
			3,435,876
Construction Materials - 0.2%
Lafarge SA (Bearer)	5,100		274,668
Metals & Mining - 0.4%
Commercial Metals Co.	36,699		484,427
TOTAL MATERIALS			4,194,971
TELECOMMUNICATION SERVICES - 1.1%
Wireless Telecommunication Services - 1.1%
SBA Communications Corp.Class A (a)	11,199		704,417
Vodafone Group PLC sponsored ADR	19,900		567,051
			1,271,468
TOTAL COMMON STOCKS (Cost $94,526,073)		109,677,185
Money Market Funds - 2.8%

Fidelity Cash Central Fund, 0.17% (b)	3,031,536		3,031,536
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	68,700		68,700
TOTAL MONEY MARKET FUNDS (Cost $3,100,236)		3,100,236
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $97,626,309)			112,777,421
NET OTHER ASSETS (LIABILITIES) - (0.1)%			(97,171)
NET ASSETS - 100%		$ 112,680,250

Legend

(a) Non-income producing

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $27,552 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,397
Fidelity Securities Lending Cash Central Fund	24,401
Total	$ 28,798

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 18,517,442	$ 18,517,442	$ -	$ -
Consumer Staples	12,452,814	12,170,503	282,311	-
Energy	5,651,706	5,651,706	-	-
Financials	5,829,854	5,829,854	-	-
Health Care	13,997,264	13,996,546	718	-
Industrials	10,448,367	10,448,367	-	-
Information Technology	37,313,299	36,708,072	605,227	-
Materials	4,194,971	4,194,971	-	-
Telecommunication Services	1,271,468	1,271,468	-	-
Money Market Funds	3,100,236	3,100,236	-	-
Total Investments in Securities:	$ 112,777,421	$ 111,889,165	$ 888,256	$ -

Income Tax Information

At September 30, 2012, the cost of investment securities for income tax purposes was $98,059,235. Net unrealized appreciation aggregated $14,718,186, of which $15,738,967 related to appreciated investment securities and $1,020,781 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:
Health Care Portfolio

September 30, 2012

1.807727.108

VHC-QTLY-1112

Investments September 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
BIOTECHNOLOGY - 28.2%
Biotechnology - 28.2%
Achillion Pharmaceuticals, Inc. (a)	75,000		$ 780,750
Acorda Therapeutics, Inc. (a)	13,400		343,174
Alexion Pharmaceuticals, Inc. (a)	3,688		421,907
AMAG Pharmaceuticals, Inc. (a)	8,800		156,112
Amgen, Inc.	163,441		13,781,344
ARIAD Pharmaceuticals, Inc. (a)	30,700		743,708
AVEO Pharmaceuticals, Inc. (a)(d)	27,700		288,357
Biogen Idec, Inc. (a)	19,100		2,850,293
BioMarin Pharmaceutical, Inc. (a)	73,559		2,962,221
Biovitrum AB (a)	113,500		635,854
Discovery Laboratories, Inc. (a)(d)	120,000		393,600
Dynavax Technologies Corp. (a)	270,000		1,285,200
Genomic Health, Inc. (a)	13,500		468,315
Gilead Sciences, Inc. (a)	127,390		8,449,779
Grifols SA ADR	74,250		1,695,128
Infinity Pharmaceuticals, Inc. (a)	30,200		711,210
Lexicon Pharmaceuticals, Inc. (a)	149,900		347,768
Medivation, Inc. (a)	37,400		2,107,864
Merrimack Pharmaceuticals, Inc.	31,377		294,316
Momenta Pharmaceuticals, Inc. (a)	27,600		402,132
Neurocrine Biosciences, Inc. (a)	59,797		477,180
NPS Pharmaceuticals, Inc. (a)	54,400		503,200
Onyx Pharmaceuticals, Inc. (a)	8,800		743,600
Rigel Pharmaceuticals, Inc. (a)	45,000		461,250
Seattle Genetics, Inc. (a)	26,976		727,003
Spectrum Pharmaceuticals, Inc. (a)	35,200		411,840
Synageva BioPharma Corp. (a)	26,310		1,405,743
Targacept, Inc. (a)	67,833		331,703
Theravance, Inc. (a)(d)	37,500		971,625
Thrombogenics NV (a)	14,100		564,957
United Therapeutics Corp. (a)	16,452		919,338
Vertex Pharmaceuticals, Inc. (a)	28,595		1,599,890
Vical, Inc. (a)	65,129		281,357
ZIOPHARM Oncology, Inc. (a)	33,000		179,850
			48,697,568
DIVERSIFIED CONSUMER SERVICES - 0.4%
Specialized Consumer Services - 0.4%
Carriage Services, Inc.	66,339		641,498
FOOD & STAPLES RETAILING - 0.8%
Drug Retail - 0.8%
CVS Caremark Corp.	27,200		1,317,024
HEALTH CARE EQUIPMENT & SUPPLIES - 8.1%
Health Care Equipment - 6.9%
Boston Scientific Corp. (a)	580,147		3,330,044
C.R. Bard, Inc.	12,200		1,276,730
Conceptus, Inc. (a)	27,254		553,529
CONMED Corp.	18,100		515,850
Covidien PLC	33,747		2,005,247
Genmark Diagnostics, Inc. (a)	3,400		31,314

	Shares		Value
HeartWare International, Inc. (a)	13,800		$ 1,303,962
Insulet Corp. (a)	36,900		796,302
Opto Circuits India Ltd.	83,590		204,749
Volcano Corp. (a)	22,180		633,683
Wright Medical Group, Inc. (a)	27,500		608,025
Zeltiq Aesthetics, Inc.	70,000		394,800
Zimmer Holdings, Inc.	4,200		284,004
			11,938,239
Health Care Supplies - 1.2%
Derma Sciences, Inc. (a)	17,300		179,574
The Cooper Companies, Inc.	20,336		1,920,939
			2,100,513
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			14,038,752
HEALTH CARE PROVIDERS & SERVICES - 20.6%
Health Care Distributors & Services - 0.5%
Amplifon SpA (d)	82,562		351,179
McKesson Corp.	5,579		479,961
			831,140
Health Care Facilities - 2.1%
Brookdale Senior Living, Inc. (a)	47,298		1,098,260
Capital Senior Living Corp. (a)	70,000		1,012,900
Emeritus Corp. (a)	25,328		530,368
Hanger, Inc. (a)	20,590		587,433
LCA-Vision, Inc. (a)	61,500		248,460
Raffles Medical Group Ltd.	64,000		126,728
			3,604,149
Health Care Services - 9.3%
Accretive Health, Inc. (a)	39,003		435,273
BioScrip, Inc. (a)	28,100		255,991
Catamaran Corp. (a)	56,566		5,543,825
Express Scripts Holding Co. (a)	27,098		1,698,232
Fresenius Medical Care AG & Co. KGaA	19,387		1,422,044
HMS Holdings Corp. (a)	27,300		912,639
MEDNAX, Inc. (a)	38,800		2,888,660
Omnicare, Inc.	15,195		516,174
Quest Diagnostics, Inc.	36,000		2,283,480
			15,956,318
Managed Health Care - 8.7%
Aetna, Inc.	40,300		1,595,880
Centene Corp. (a)	13,300		497,553
CIGNA Corp.	40,600		1,915,102
Health Net, Inc. (a)	20,484		461,095
Humana, Inc.	27,196		1,907,799
Qualicorp SA (a)	109,000		1,064,595
UnitedHealth Group, Inc.	128,377		7,113,370
WellPoint, Inc.	8,813		511,242
			15,066,636
TOTAL HEALTH CARE PROVIDERS & SERVICES			35,458,243
Common Stocks - continued
	Shares		Value
HEALTH CARE TECHNOLOGY - 2.6%
Health Care Technology - 2.6%
athenahealth, Inc. (a)	13,627		$ 1,250,550
Cerner Corp. (a)	36,800		2,848,688
HealthStream, Inc. (a)	15,400		438,284
			4,537,522
IT SERVICES - 0.9%
IT Consulting & Other Services - 0.9%
Maximus, Inc.	27,210		1,624,981
LIFE SCIENCES TOOLS & SERVICES - 0.4%
Life Sciences Tools & Services - 0.4%
Illumina, Inc. (a)(d)	13,550		653,110
PERSONAL PRODUCTS - 0.5%
Personal Products - 0.5%
Prestige Brands Holdings, Inc. (a)	53,144		901,322
PHARMACEUTICALS - 33.6%
Pharmaceuticals - 33.6%
Cadence Pharmaceuticals, Inc. (a)(d)	62,320		244,294
Elan Corp. PLC sponsored ADR (a)	134,500		1,441,840
Eli Lilly & Co.	156,648		7,426,682
Endo Pharmaceuticals Holdings, Inc. (a)	50,600		1,605,032
Hi-Tech Pharmacal Co., Inc. (a)	17,011		563,234
Johnson & Johnson	68,100		4,692,771
Meda AB (A Shares)	67,300		680,807
Merck & Co., Inc.	299,681		13,515,613
Optimer Pharmaceuticals, Inc. (a)	51,967		733,774
Pacira Pharmaceuticals, Inc. (a)	17,000		295,800
Pfizer, Inc.	476,850		11,849,723
Shire PLC sponsored ADR	27,200		2,412,640
Teva Pharmaceutical Industries Ltd. sponsored ADR	13,600		563,176
UCB SA	15,000		824,809
Valeant Pharmaceuticals International, Inc. (Canada) (a)	40,460		2,233,099
ViroPharma, Inc. (a)	102,200		3,088,484
Watson Pharmaceuticals, Inc. (a)	57,200		4,871,152
XenoPort, Inc. (a)	71,100		814,806
			57,857,736
PROFESSIONAL SERVICES - 0.5%
Research & Consulting Services - 0.5%
Advisory Board Co. (a)	19,100		913,553

	Shares		Value
SOFTWARE - 0.5%
Application Software - 0.5%
Nuance Communications, Inc. (a)	32,000		$ 796,480
TOTAL COMMON STOCKS (Cost $140,122,445)		167,437,789
Convertible Preferred Stocks - 0.4%

HEALTH CARE TECHNOLOGY - 0.4%
Health Care Technology - 0.4%
Castlight Health, Inc. Series D (a)(e) (Cost $633,235)	104,900		734,300
Money Market Funds - 4.8%

Fidelity Cash Central Fund, 0.17% (b)	6,483,790		6,483,790
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	1,780,309		1,780,309
TOTAL MONEY MARKET FUNDS (Cost $8,264,099)		8,264,099
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $149,019,779)			176,436,188
NET OTHER ASSETS (LIABILITIES) - (2.3)%			(3,962,675)
NET ASSETS - 100%		$ 172,473,513

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Castlight Health, Inc. Series D	4/25/12	$ 633,235

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,652
Fidelity Securities Lending Cash Central Fund	31,752
Total	$ 36,404

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 167,437,789	$ 166,015,745	$ 1,422,044	$ -
Convertible Preferred Stocks	734,300	-	-	734,300
Money Market Funds	8,264,099	8,264,099	-	-
Total Investments in Securities:	$ 176,436,188	$ 174,279,844	$ 1,422,044	$ 734,300

Income Tax Information

At September 30, 2012, the cost of investment securities for income tax purposes was $149,892,263. Net unrealized appreciation aggregated $26,543,925, of which $30,702,784 related to appreciated investment securities and $4,158,859 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:
Technology Portfolio

September 30, 2012

1.807723.108

VTC-QTLY-1112

Investments September 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.6%
	Shares		Value
AUTOMOBILES - 0.1%
Automobile Manufacturers - 0.1%
Tesla Motors, Inc. (a)	6,800		$ 199,104
CHEMICALS - 0.6%
Specialty Chemicals - 0.6%
JSR Corp.	55,100		903,742
COMMUNICATIONS EQUIPMENT - 6.7%
Communications Equipment - 6.7%
Acme Packet, Inc. (a)	20,700		353,970
ADTRAN, Inc. (d)	8,400		145,152
Aruba Networks, Inc. (a)	3,500		78,698
Ciena Corp. (a)	21,300		289,680
Cisco Systems, Inc.	138,037		2,635,126
F5 Networks, Inc. (a)	3,218		336,925
Finisar Corp. (a)	48,600		694,980
Infinera Corp. (a)	13,800		75,624
Juniper Networks, Inc. (a)	1,100		18,821
Motorola Solutions, Inc.	3,600		181,980
Polycom, Inc. (a)	59,500		587,265
QUALCOMM, Inc.	69,834		4,363,927
Riverbed Technology, Inc. (a)	9,400		218,738
Sandvine Corp. (a)	100,288		122,269
Sandvine Corp. (U.K.) (a)	252,300		307,965
ShoreTel, Inc. (a)	9,900		40,491
Sonus Networks, Inc. (a)	5,300		9,964
UTStarcom Holdings Corp. (a)	200,000		206,000
ZTE Corp. (H Shares)	244,200		391,776
			11,059,351
COMPUTERS & PERIPHERALS - 23.4%
Computer Hardware - 22.3%
Apple, Inc.	53,845		35,928,610
Hewlett-Packard Co.	817		13,938
Stratasys, Inc. (a)	13,110		713,184
			36,655,732
Computer Storage & Peripherals - 1.1%
Catcher Technology Co. Ltd.	4,000		18,818
EMC Corp. (a)	35,600		970,812
Gemalto NV	4,951		435,498
Intevac, Inc. (a)	1,500		9,165
SanDisk Corp. (a)	4,519		196,260
SIMPLO Technology Co. Ltd.	13,200		78,976
Smart Technologies, Inc. Class A (a)	11,200		18,256
			1,727,785
TOTAL COMPUTERS & PERIPHERALS			38,383,517
CONSUMER FINANCE - 0.0%
Consumer Finance - 0.0%
Netspend Holdings, Inc. (a)	700		6,881

	Shares		Value
ELECTRICAL EQUIPMENT - 0.1%
Electrical Components & Equipment - 0.1%
Acuity Brands, Inc.	316		$ 20,000
Dynapack International Technology Corp.	36,000		166,911
			186,911
ELECTRONIC EQUIPMENT & COMPONENTS - 2.9%
Electronic Components - 1.4%
Amphenol Corp. Class A	3,500		206,080
AVX Corp.	1,300		12,467
Cheng Uei Precision Industries Co. Ltd.	52,082		124,643
Corning, Inc.	1,200		15,780
DTS, Inc. (a)	400		9,312
E Ink Holdings, Inc. GDR (a)(e)	1,000		10,909
InvenSense, Inc. (d)	28,900		345,355
Omron Corp.	3,600		69,195
Tong Hsing Electronics Industries Ltd.	47,000		157,025
Universal Display Corp. (a)(d)	40,700		1,399,266
Vishay Intertechnology, Inc. (a)	1,700		16,711
Wintek Corp. (a)	2,797		1,464
Young Fast Optoelectron Co. Ltd.	698		1,682
			2,369,889
Electronic Equipment & Instruments - 0.4%
Chroma ATE, Inc.	84,945		178,676
Itron, Inc. (a)	400		17,260
RealD, Inc. (a)(d)	9,800		87,612
TPK Holding Co. Ltd. GDR (Reg. S)	25,777		337,888
			621,436
Electronic Manufacturing Services - 0.6%
Fabrinet (a)	11,000		127,490
Jabil Circuit, Inc.	17,300		323,856
KEMET Corp. (a)	2,800		12,320
Multi-Fineline Electronix, Inc. (a)	411		9,268
TE Connectivity Ltd.	600		20,406
Trimble Navigation Ltd. (a)	10,685		509,247
			1,002,587
Technology Distributors - 0.5%
Anixter International, Inc.	300		17,238
Arrow Electronics, Inc. (a)	600		20,226
Digital China Holdings Ltd. (H Shares)	297,000		473,420
Supreme Electronics Co. Ltd.	141,000		67,296
VST Holdings Ltd.	270,000		49,793
WPG Holding Co. Ltd.	139,056		184,883
			812,856
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			4,806,768
HEALTH CARE EQUIPMENT & SUPPLIES - 0.3%
Health Care Equipment - 0.3%
Biosensors International Group Ltd. (a)	406,000		403,618
China Medical Technologies, Inc. sponsored ADR (a)(d)	300		660
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - CONTINUED
Health Care Equipment - continued
Mingyuan Medicare Development Co. Ltd. (a)	200,000		$ 3,559
Trauson Holdings Co. Ltd.	200,000		96,208
			504,045
HEALTH CARE TECHNOLOGY - 0.0%
Health Care Technology - 0.0%
athenahealth, Inc. (a)	100		9,177
HOUSEHOLD DURABLES - 0.2%
Household Appliances - 0.2%
Techtronic Industries Co. Ltd.	146,500		267,152
INTERNET & CATALOG RETAIL - 1.9%
Internet Retail - 1.9%
Amazon.com, Inc. (a)	6,800		1,729,376
Groupon, Inc. Class A (a)	1,500		7,140
MakeMyTrip Ltd. (a)(d)	3,400		57,902
Priceline.com, Inc. (a)	488		301,940
Rakuten, Inc.	85,100		866,921
Start Today Co. Ltd.	11,500		165,044
			3,128,323
INTERNET SOFTWARE & SERVICES - 12.6%
Internet Software & Services - 12.6%
Akamai Technologies, Inc. (a)	27,200		1,040,672
Baidu.com, Inc. sponsored ADR (a)	100		11,682
Bazaarvoice, Inc. (d)	600		9,090
China Finance Online Co. Ltd. ADR (a)	16,800		21,000
Constant Contact, Inc. (a)	900		15,660
Cornerstone OnDemand, Inc. (a)	5,400		165,564
DealerTrack Holdings, Inc. (a)	1,500		41,775
eBay, Inc. (a)	68,500		3,316,085
Facebook, Inc.:
Class A	500		10,825
Class B (a)(f)	9,689		188,790
Google, Inc. Class A (a)	16,700		12,600,150
Kakaku.com, Inc. (d)	10,700		402,690
LivePerson, Inc. (a)	8,800		159,368
LogMeIn, Inc. (a)	9,391		210,640
MercadoLibre, Inc.	6,500		536,575
OpenTable, Inc. (a)	300		12,480
PChome Online, Inc.	6,713		37,990
Phoenix New Media Ltd. ADR (a)	8,800		30,096
Qihoo 360 Technology Co. Ltd. ADR (a)	200		4,410
Rackspace Hosting, Inc. (a)	14,000		925,260
Renren, Inc. ADR (a)(d)	1,500		6,045
Responsys, Inc. (a)	13,700		140,151
SciQuest, Inc. (a)	16,015		291,473
SINA Corp. (a)	1,500		97,020
VistaPrint Ltd. (a)	600		20,490
Vocus, Inc. (a)	15,000		300,900

	Shares		Value
Yahoo!, Inc. (a)	1,000		$ 15,975
YouKu.com, Inc. ADR (a)	8,100		148,959
			20,761,815
IT SERVICES - 9.3%
Data Processing & Outsourced Services - 4.9%
Automatic Data Processing, Inc.	11,800		692,188
Fidelity National Information Services, Inc.	21,400		668,108
Fiserv, Inc. (a)	2,300		170,269
MasterCard, Inc. Class A	400		180,592
Syntel, Inc.	2,000		124,820
Teletech Holdings, Inc. (a)	4,994		85,148
VeriFone Systems, Inc. (a)	500		13,925
Visa, Inc. Class A	45,700		6,136,596
			8,071,646
IT Consulting & Other Services - 4.4%
Accenture PLC Class A	11,267		789,028
Anite Group PLC	7,900		16,112
Camelot Information Systems, Inc. ADR (a)	10,500		18,795
China Information Technology, Inc. (a)	42		49
Cognizant Technology Solutions Corp. Class A (a)	200		13,984
HiSoft Technology International Ltd. ADR (a)	2,500		25,825
IBM Corp.	21,500		4,460,175
iGate Corp. (a)	1,200		21,804
Lionbridge Technologies, Inc. (a)	132,300		465,696
Sapient Corp. (a)	16,100		171,626
ServiceSource International, Inc. (a)	84,900		871,074
Teradata Corp. (a)	2,500		188,525
Virtusa Corp. (a)	10,000		177,700
			7,220,393
TOTAL IT SERVICES			15,292,039
MACHINERY - 0.3%
Industrial Machinery - 0.3%
Fanuc Corp.	300		48,360
Shin Zu Shing Co. Ltd.	45,515		164,477
THK Co. Ltd.	16,700		256,363
			469,200
MEDIA - 0.2%
Advertising - 0.1%
Dentsu, Inc.	100		2,537
ReachLocal, Inc. (a)	14,600		183,084
			185,621
Cable & Satellite - 0.0%
DISH Network Corp. Class A	500		15,305
Movies & Entertainment - 0.1%
IMAX Corp. (a)	5,900		117,469
Common Stocks - continued
	Shares		Value
MEDIA - CONTINUED
Publishing - 0.0%
Next Media Ltd. (a)	400,000		$ 39,205
TOTAL MEDIA			357,600
METALS & MINING - 0.0%
Diversified Metals & Mining - 0.0%
Timminco Ltd. (a)	700		0
PROFESSIONAL SERVICES - 0.1%
Research & Consulting Services - 0.1%
Acacia Research Corp. - Acacia Technologies (a)	4,300		117,863
eClerx	4,935		72,183
			190,046
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%
Real Estate Services - 0.0%
E-House China Holdings Ltd. ADR	13,080		55,982
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 14.8%
Semiconductor Equipment - 2.8%
Applied Materials, Inc.	1,400		15,631
ASM International NV:
unit	20,000		676,200
(Netherlands)	12,700		427,098
ASML Holding NV	18,200		976,976
centrotherm photovoltaics AG (a)	500		794
Cymer, Inc. (a)	20,200		1,031,412
Entegris, Inc. (a)	55,800		453,654
GCL-Poly Energy Holdings Ltd.	529,000		81,185
STR Holdings, Inc. (a)	1,300		4,030
Teradyne, Inc. (a)	6,100		86,742
Ultratech, Inc. (a)	26,600		834,708
			4,588,430
Semiconductors - 12.0%
Altera Corp.	87,000		2,956,695
Applied Micro Circuits Corp. (a)	12,600		63,756
ARM Holdings PLC sponsored ADR	1,400		39,172
Atmel Corp. (a)	4,300		22,618
Avago Technologies Ltd.	8,500		296,353
BCD Semiconductor Manufacturing Ltd. ADR (a)	32,600		117,034
Broadcom Corp. Class A	53,900		1,863,862
Canadian Solar, Inc. (a)	3,400		9,486
Cavium, Inc. (a)(d)	40,691		1,356,231
Cree, Inc. (a)(d)	116,700		2,979,351
Cypress Semiconductor Corp.	6,000		64,320
Diodes, Inc. (a)	3,600		61,236
Duksan Hi-Metal Co. Ltd. (a)	9,210		167,880
Energy Conversion Devices, Inc. (a)	2,100		40
Fairchild Semiconductor International, Inc. (a)	1,200		15,744

	Shares		Value
Freescale Semiconductor Holdings I Ltd. (a)	8,700		$ 82,737
Genesis Photonics, Inc.	16,954		15,490
Hittite Microwave Corp. (a)	321		17,806
Imagination Technologies Group PLC (a)	58,700		450,247
Infineon Technologies AG	25,800		163,716
Inphi Corp. (a)	16,500		175,890
Intel Corp.	600		13,608
International Rectifier Corp. (a)	11,100		185,259
Intersil Corp. Class A	14,300		125,125
LSI Corp. (a)	25,300		174,823
MagnaChip Semiconductor Corp. (a)	8,400		99,120
MediaTek, Inc.	143,000		1,508,830
Micron Technology, Inc. (a)	173,000		1,035,405
Microsemi Corp. (a)	900		18,063
Monolithic Power Systems, Inc. (a)	36,300		716,925
NVIDIA Corp. (a)	1,300		17,342
NXP Semiconductors NV (a)	57,800		1,445,578
ON Semiconductor Corp. (a)	2,400		14,808
Phison Electronics Corp.	27,000		217,690
Power Integrations, Inc.	5,314		161,705
Rambus, Inc. (a)	36,700		203,318
RDA Microelectronics, Inc. sponsored ADR	1,700		18,054
RF Micro Devices, Inc. (a)	19,500		77,025
Seoul Semiconductor Co. Ltd.	5,310		104,420
Silicon Laboratories, Inc. (a)	4,700		172,772
Silicon Motion Technology Corp. sponsored ADR (a)	4,500		66,510
SK Hynix, Inc.	12,490		255,145
Skyworks Solutions, Inc. (a)	27,100		638,611
Spansion, Inc. Class A	1,800		21,456
Spreadtrum Communications, Inc. ADR (d)	52,600		1,081,456
SunPower Corp. (a)	364		1,642
Texas Instruments, Inc.	6,000		165,300
United Microelectronics Corp.	502,000		207,581
Xilinx, Inc.	500		16,705
YoungTek Electronics Corp.	172		416
			19,684,356
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			24,272,786
SOFTWARE - 20.5%
Application Software - 12.6%
Adobe Systems, Inc. (a)	2,600		84,396
ANSYS, Inc. (a)	8,400		616,560
AsiaInfo-Linkage, Inc. (a)	39,500		462,545
Aspen Technology, Inc. (a)	50,900		1,315,765
Autodesk, Inc. (a)	2,600		86,762
AutoNavi Holdings Ltd. ADR (a)	6,700		76,916
BroadSoft, Inc. (a)(d)	27,400		1,123,948
Cadence Design Systems, Inc. (a)	9,100		117,072
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Application Software - continued
Citrix Systems, Inc. (a)	23,900		$ 1,830,023
Comverse Technology, Inc. (a)	5,132		31,562
Concur Technologies, Inc. (a)	12,400		914,252
Descartes Systems Group, Inc. (a)	78,200		684,876
Informatica Corp. (a)	8,100		281,961
Intuit, Inc.	300		17,664
JDA Software Group, Inc. (a)	643		20,435
Jive Software, Inc.	10,700		168,097
Kenexa Corp. (a)	4,200		192,486
Kingdee International Software Group Co. Ltd. (a)	2,766,400		570,829
Manhattan Associates, Inc. (a)	1,288		73,764
Micro Focus International PLC	19,492		185,549
MicroStrategy, Inc. Class A (a)	6,401		858,182
Nuance Communications, Inc. (a)	21,800		542,602
Parametric Technology Corp. (a)	43,968		958,502
Pegasystems, Inc. (d)	19,600		569,184
QLIK Technologies, Inc. (a)	16,500		369,765
RealPage, Inc. (a)	6,900		155,940
salesforce.com, Inc. (a)	41,300		6,306,097
SolarWinds, Inc. (a)	10,000		557,400
Splunk, Inc.	500		18,360
Synopsys, Inc. (a)	8,100		267,462
TIBCO Software, Inc. (a)	11,700		353,691
Ultimate Software Group, Inc. (a)	4,900		500,290
VanceInfo Technologies, Inc. ADR (a)	40,400		317,140
			20,630,077
Home Entertainment Software - 0.0%
Perfect World Co. Ltd. sponsored ADR Class B	700		7,602
Rosetta Stone, Inc. (a)	1,100		14,025
			21,627
Systems Software - 7.9%
Allot Communications Ltd. (a)	8,300		220,116
Ariba, Inc. (a)	34,992		1,567,642
Check Point Software Technologies Ltd. (a)	1,400		67,424
CommVault Systems, Inc. (a)	19,400		1,138,780
Fortinet, Inc. (a)	27,000		651,780
Infoblox, Inc.	700		16,275
Insyde Software Corp.	5,823		23,822
Microsoft Corp.	68,125		2,028,763
NetSuite, Inc. (a)	13,000		829,400
Oracle Corp.	95,700		3,013,593
Red Hat, Inc. (a)	30,300		1,725,282
ServiceNow, Inc.	400		15,472
Symantec Corp. (a)	1,100		19,800

	Shares		Value
Totvs SA	14,700		$ 305,348
VMware, Inc. Class A (a)	14,300		1,383,382
			13,006,879
TOTAL SOFTWARE			33,658,583
WIRELESS TELECOMMUNICATION SERVICES - 0.6%
Wireless Telecommunication Services - 0.6%
Crown Castle International Corp. (a)	2,000		128,200
SBA Communications Corp. Class A (a)	13,700		861,730
			989,930
TOTAL COMMON STOCKS (Cost $119,143,795)		155,502,952

Convertible Bonds - 0.4%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.1%
Communications Equipment - 0.1%
Ciena Corp. 0.25% 5/1/13	$ 150,000		148,035
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
Semiconductors - 0.3%
JA Solar Holdings Co. Ltd. 4.5% 5/15/13	510,000		484,500
TOTAL CONVERTIBLE BONDS (Cost $610,389)		632,535

Money Market Funds - 8.7%
	Shares
Fidelity Cash Central Fund, 0.17% (b)	8,454,799		8,454,799
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	5,852,725		5,852,725
TOTAL MONEY MARKET FUNDS (Cost $14,307,524)		14,307,524
TOTAL INVESTMENT PORTFOLIO - 103.7% (Cost $134,061,708)			170,443,011
NET OTHER ASSETS (LIABILITIES) - (3.7)%			(6,110,960)
NET ASSETS - 100%		$ 164,332,051

Legend

(a) Non-income producing

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 242,289

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,721
Fidelity Securities Lending Cash Central Fund	51,518
Total	$ 61,239

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 155,502,952	$ 155,106,541	$ 396,371	$ 40
Convertible Bonds	632,535	-	632,535	-
Money Market Funds	14,307,524	14,307,524	-	-
Total Investments in Securities:	$ 170,443,011	$ 169,414,065	$ 1,028,906	$ 40

Income Tax Information

At September 30, 2012, the cost of investment securities for income tax purposes was $134,325,151. Net unrealized appreciation aggregated $36,117,860, of which $47,810,468 related to appreciated investment securities and $11,692,608 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. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by security type and 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 Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. 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 third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices and are generally categorized as Level 2 in the hierarchy.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Variable Insurance Products:
Consumer Staples Portfolio

September 30, 2012

1.856924.105

VCSP-QTLY-1112

Investments September 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
BEVERAGES - 28.5%
Brewers - 5.3%
Anheuser-Busch InBev SA NV	35,598		$ 3,045,361
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	12,100		463,067
Compania Cervecerias Unidas SA sponsored ADR	4,000		285,320
Molson Coors Brewing Co. Class B	22,000		991,100
SABMiller PLC	22,100		970,689
			5,755,537
Distillers & Vintners - 8.2%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	80,542		2,605,534
Diageo PLC sponsored ADR	26,987		3,042,245
Pernod Ricard SA	14,855		1,666,697
Remy Cointreau SA	10,283		1,182,668
Treasury Wine Estates Ltd.	53,807		280,744
			8,777,888
Soft Drinks - 15.0%
Britvic PLC	53,500		314,553
Coca-Cola Bottling Co. CONSOLIDATED	6,093		414,933
Coca-Cola FEMSA SAB de CV sponsored ADR	2,070		267,030
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	8,222		152,929
Coca-Cola Icecek A/S	16,173		302,358
Embotelladora Andina SA:
ADR	2,800		78,372
sponsored ADR	12,683		435,407
Fomento Economico Mexicano SAB de CV sponsored ADR	585		53,808
PepsiCo, Inc.	25,919		1,834,288
The Coca-Cola Co.	324,447		12,306,275
			16,159,953
TOTAL BEVERAGES			30,693,378
FOOD & STAPLES RETAILING - 14.9%
Drug Retail - 9.5%
CVS Caremark Corp.	169,042		8,185,014
Drogasil SA	20,984		241,074
Walgreen Co.	52,254		1,904,136
			10,330,224
Food Distributors - 0.3%
Chefs' Warehouse Holdings (a)	18,300		299,754
Food Retail - 3.3%
Fresh Market, Inc. (a)	200		11,996
Kroger Co.	128,700		3,029,598
Susser Holdings Corp. (a)	7,100		256,807
The Pantry, Inc. (a)	18,023		262,235
			3,560,636

	Shares		Value
Hypermarkets & Super Centers - 1.8%
Wal-Mart Stores, Inc.	26,124		$ 1,927,951
TOTAL FOOD & STAPLES RETAILING			16,118,565
FOOD PRODUCTS - 9.3%
Agricultural Products - 2.8%
Archer Daniels Midland Co.	9,926		269,789
Bunge Ltd.	36,434		2,442,900
First Resources Ltd.	57,000		98,004
SLC Agricola SA	23,700		254,273
			3,064,966
Packaged Foods & Meats - 6.5%
Annie's, Inc.	1,100		49,324
Calavo Growers, Inc.	3,729		93,225
Green Mountain Coffee Roasters, Inc. (a)	14,594		346,608
Mead Johnson Nutrition Co. Class A	35,100		2,572,128
Nestle SA	17,460		1,100,880
TreeHouse Foods, Inc. (a)	5,300		278,250
Tyson Foods, Inc. Class A	33,900		543,078
Unilever NV (NY Reg.) (d)	53,009		1,880,759
Want Want China Holdings Ltd.	71,000		90,558
			6,954,810
TOTAL FOOD PRODUCTS			10,019,776
HOUSEHOLD PRODUCTS - 17.8%
Household Products - 17.8%
Colgate-Palmolive Co.	42,987		4,609,066
Procter & Gamble Co.	202,122		14,019,182
Reckitt Benckiser Group PLC	4,300		247,541
Spectrum Brands Holdings, Inc.	9,073		363,011
			19,238,800
PERSONAL PRODUCTS - 2.2%
Personal Products - 2.2%
Hengan International Group Co. Ltd.	23,500		222,148
Herbalife Ltd.	1,600		75,840
Hypermarcas SA (a)	6,000		44,070
L'Oreal SA	9,200		1,138,030
Natura Cosmeticos SA	3,600		98,113
Nu Skin Enterprises, Inc. Class A (d)	20,879		810,732
			2,388,933
PHARMACEUTICALS - 2.0%
Pharmaceuticals - 2.0%
Johnson & Johnson	31,584		2,176,453
SPECIALTY RETAIL - 0.0%
Specialty Stores - 0.0%
Teavana Holdings, Inc. (a)(d)	2,823		36,812
TOBACCO - 21.4%
Tobacco - 21.4%
Altria Group, Inc.	156,982		5,241,629
Common Stocks - continued
	Shares		Value
TOBACCO - CONTINUED
Tobacco - continued
British American Tobacco PLC sponsored ADR	136,979		$ 14,059,524
Japan Tobacco, Inc.	4,300		129,044
Lorillard, Inc.	7,601		885,136
Philip Morris International, Inc.	27,362		2,460,938
Souza Cruz SA	19,000		257,738
			23,034,009
TOTAL COMMON STOCKS (Cost $90,975,792)		103,706,726
Money Market Funds - 4.2%

Fidelity Cash Central Fund, 0.17% (b)	4,108,059		4,108,059
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	416,725		416,725
TOTAL MONEY MARKET FUNDS (Cost $4,524,784)		4,524,784
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $95,500,576)			108,231,510
NET OTHER ASSETS (LIABILITIES) - (0.3)%			(358,636)
NET ASSETS - 100%		$ 107,872,874

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 5,298
Fidelity Securities Lending Cash Central Fund	14,662
Total	$ 19,960

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 103,706,726	$ 100,661,365	$ 3,045,361	$ -
Money Market Funds	4,524,784	4,524,784	-	-
Total Investments in Securities:	$ 108,231,510	$ 105,186,149	$ 3,045,361	$ -

Income Tax Information

At September 30, 2012, the cost of investment securities for income tax purposes was $95,602,539. Net unrealized appreciation aggregated $12,628,971, of which $13,944,698 related to appreciated investment securities and $1,315,727 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

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, 2012

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, 2012

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

Date:	November 29, 2012