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, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Consumer Discretionary Portfolio

September 30, 2009

1.807732.105

VCI-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value
AUTO COMPONENTS - 3.0%
Auto Parts & Equipment - 3.0%
Autoliv, Inc.	600		$ 20,160
BorgWarner, Inc.	2,300		69,598
Johnson Controls, Inc.	6,200		158,472
			248,230
AUTOMOBILES - 2.0%
Automobile Manufacturers - 1.5%
Ford Motor Co. (a)	17,200		124,012
Motorcycle Manufacturers - 0.5%
Harley-Davidson, Inc.	1,900		43,700
TOTAL AUTOMOBILES			167,712
DISTRIBUTORS - 1.1%
Distributors - 1.1%
Li & Fung Ltd.	22,000		88,710
DIVERSIFIED CONSUMER SERVICES - 2.9%
Education Services - 2.5%
Apollo Group, Inc. Class A (non-vtg.) (a)	1,160		85,457
DeVry, Inc.	700		38,724
Princeton Review, Inc. (a)	2,379		9,992
Strayer Education, Inc.	321		69,875
			204,048
Specialized Consumer Services - 0.4%
Regis Corp.	1,400		21,700
Sotheby's Class A (ltd. vtg.)	800		13,784
			35,484
TOTAL DIVERSIFIED CONSUMER SERVICES			239,532
FOOD & STAPLES RETAILING - 2.6%
Food Retail - 0.8%
Susser Holdings Corp. (a)	5,200		65,364
Hypermarkets & Super Centers - 1.8%
Costco Wholesale Corp.	2,600		146,796
TOTAL FOOD & STAPLES RETAILING			212,160
HOTELS, RESTAURANTS & LEISURE - 21.0%
Casinos & Gaming - 5.1%
Ameristar Casinos, Inc.	1,700		26,826
Bally Technologies, Inc. (a)	1,400		53,718
International Game Technology	2,100		45,108
Las Vegas Sands Corp. unit	363		104,951
MGM Mirage, Inc. (a)	3,200		38,528
Penn National Gaming, Inc. (a)	2,000		55,320
WMS Industries, Inc. (a)	1,900		84,664
Wynn Macau Ltd.	6,400		8,324
			417,439
Hotels, Resorts & Cruise Lines - 5.5%
Carnival Corp. unit	5,600		186,368

	Shares		Value
Marriott International, Inc. Class A	2,016		$ 55,621
Royal Caribbean Cruises Ltd.	1,100		26,488
Starwood Hotels & Resorts Worldwide, Inc.	2,400		79,272
Wyndham Worldwide Corp.	6,500		106,080
			453,829
Leisure Facilities - 0.2%
Vail Resorts, Inc. (a)	600		20,124
Restaurants - 10.2%
BJ's Restaurants, Inc. (a)	916		13,731
Brinker International, Inc.	800		12,584
Burger King Holdings, Inc.	800		14,072
Darden Restaurants, Inc.	2,800		95,564
Jack in the Box, Inc. (a)	1,200		24,588
McDonald's Corp.	7,260		414,328
P.F. Chang's China Bistro, Inc. (a)	1,000		33,970
Sonic Corp. (a)	1,910		21,125
Starbucks Corp. (a)	3,200		66,080
Yum! Brands, Inc.	4,200		141,792
			837,834
TOTAL HOTELS, RESTAURANTS & LEISURE			1,729,226
HOUSEHOLD DURABLES - 4.0%
Home Furnishings - 0.7%
Mohawk Industries, Inc. (a)	1,200		57,228
Homebuilding - 1.7%
Lennar Corp. Class A	2,200		31,350
M.D.C. Holdings, Inc.	300		10,422
Pulte Homes, Inc.	6,855		75,336
Toll Brothers, Inc. (a)	1,300		25,402
			142,510
Household Appliances - 0.9%
Whirlpool Corp.	1,000		69,960
Housewares & Specialties - 0.7%
Newell Rubbermaid, Inc.	3,700		58,053
TOTAL HOUSEHOLD DURABLES			327,751
INTERNET & CATALOG RETAIL - 3.1%
Catalog Retail - 0.6%
Liberty Media Corp. Interactive Series A (a)	4,400		48,268
Internet Retail - 2.5%
Amazon.com, Inc. (a)	2,190		204,458
TOTAL INTERNET & CATALOG RETAIL			252,726
INTERNET SOFTWARE & SERVICES - 1.9%
Internet Software & Services - 1.9%
Google, Inc. Class A (a)	245		121,483
Tencent Holdings Ltd.	2,300		37,423
			158,906
Common Stocks - continued
	Shares		Value
LEISURE EQUIPMENT & PRODUCTS - 0.7%
Leisure Products - 0.7%
Hasbro, Inc.	2,010		$ 55,778
MEDIA - 23.9%
Advertising - 2.6%
Focus Media Holding Ltd. ADR (a)	1,600		17,664
Interpublic Group of Companies, Inc. (a)	13,017		97,888
Lamar Advertising Co. Class A (a)	2,582		70,850
Omnicom Group, Inc.	639		23,605
			210,007
Cable & Satellite - 9.7%
Cablevision Systems Corp. - NY Group Class A	900		21,375
Comcast Corp. Class A	17,700		298,953
DISH Network Corp. Class A (a)	3,000		57,780
Liberty Media Corp. Entertainment Series A (a)	3,100		96,441
The DIRECTV Group, Inc. (a)	3,600		99,288
Time Warner Cable, Inc.	4,082		175,893
Virgin Media, Inc.	3,600		50,112
			799,842
Movies & Entertainment - 11.3%
DreamWorks Animation SKG, Inc. Class A (a)	617		21,947
News Corp.:
Class A	9,200		110,308
Class B	3,300		46,167
The Walt Disney Co.	15,600		428,376
Time Warner, Inc.	5,433		156,362
Viacom, Inc. Class B (non-vtg.) (a)	5,900		165,436
			928,596
Publishing - 0.3%
McGraw-Hill Companies, Inc.	1,100		27,654
TOTAL MEDIA			1,966,099
MULTILINE RETAIL - 7.1%
Department Stores - 0.7%
Nordstrom, Inc.	1,800		54,972
General Merchandise Stores - 6.4%
Dollar Tree, Inc. (a)	700		34,076
Target Corp.	10,600		494,808
			528,884
TOTAL MULTILINE RETAIL			583,856
SOFTWARE - 0.2%
Application Software - 0.2%
Blackboard, Inc. (a)	500		18,890

	Shares		Value
SPECIALTY RETAIL - 22.3%
Apparel Retail - 4.6%
Citi Trends, Inc. (a)	2,967		$ 84,470
Gymboree Corp. (a)	1,705		82,488
Ross Stores, Inc.	2,300		109,871
TJX Companies, Inc.	600		22,290
Urban Outfitters, Inc. (a)	2,200		66,374
Zumiez, Inc. (a)	755		12,390
			377,883
Automotive Retail - 3.1%
Advance Auto Parts, Inc.	4,970		195,222
AutoZone, Inc. (a)	243		35,531
Monro Muffler Brake, Inc.	700		22,253
			253,006
Computer & Electronics Retail - 1.1%
Best Buy Co., Inc.	900		33,768
RadioShack Corp.	3,352		55,543
			89,311
Home Improvement Retail - 8.5%
Home Depot, Inc.	5,148		137,143
Lowe's Companies, Inc.	24,000		502,559
Lumber Liquidators, Inc. (a)	2,800		60,732
			700,434
Specialty Stores - 5.0%
Big 5 Sporting Goods Corp.	2,200		33,220
Office Depot, Inc. (a)	4,800		31,776
PetSmart, Inc.	1,163		25,295
Sally Beauty Holdings, Inc. (a)	2,150		15,287
Staples, Inc.	11,386		264,383
Tiffany & Co., Inc.	200		7,706
Zale Corp. (a)	5,533		39,561
			417,228
TOTAL SPECIALTY RETAIL			1,837,862
TEXTILES, APPAREL & LUXURY GOODS - 4.1%
Apparel, Accessories & Luxury Goods - 1.0%
Coach, Inc.	1,071		35,257
G-III Apparel Group Ltd. (a)	1,200		16,980
Hanesbrands, Inc. (a)	500		10,700
VF Corp.	300		21,729
			84,666
Footwear - 3.1%
Deckers Outdoor Corp. (a)	600		50,910
Iconix Brand Group, Inc. (a)	468		5,836
NIKE, Inc. Class B	3,000		194,100
			250,846
TOTAL TEXTILES, APPAREL & LUXURY GOODS			335,512
TOTAL COMMON STOCKS (Cost $7,855,553)		8,222,950
Money Market Funds - 0.9%
	Shares		Value
Fidelity Cash Central Fund, 0.25% (b) (Cost $71,415)	71,415		$ 71,415

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $7,926,968)

8,294,365

NET OTHER ASSETS - (0.8)%			(63,709)
NET ASSETS - 100%		$ 8,230,656

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 544

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 7,832,994	$ 7,719,719	$ 113,275	$ -
Consumer Staples	212,160	212,160	-	-
Information Technology	177,796	177,796	-	-
Money Market Funds	71,415	71,415	-	-
Total Investments in Securities:	$ 8,294,365	$ 8,181,090	$ 113,275	$ -

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

Investments in Securities:
Beginning Balance	$ 31,050
Total Realized Gain (Loss)	30,406
Total Unrealized Gain (Loss)	64,401
Cost of Purchases	23,200
Proceeds of Sales	(44,106)
Amortization/Accretion	-
Transfers in/out of Level 3	(104,951)
Ending Balance	$ -
The change in unrealized gain (loss) attributable to Level 3 securities at September 30, 2009	$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $8,111,911. Net unrealized appreciation aggregated $182,454, of which $1,056,319 related to appreciated investment securities and $873,865 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Consumer Staples Portfolio

September 30, 2009

1.856924.102

VCSP-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
BEVERAGES - 30.0%
Brewers - 6.1%
Anadolu Efes Biracilik ve Malt Sanyii AS	3,700		$ 40,387
Anheuser-Busch InBev SA NV	8,045		367,353
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	1,030		84,728
Molson Coors Brewing Co. Class B	10,255		499,213
			991,681
Distillers & Vintners - 3.8%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	27,589		417,973
Diageo PLC sponsored ADR	3,315		203,839
			621,812
Soft Drinks - 20.1%
Coca-Cola Enterprises, Inc.	12,488		267,368
Coca-Cola FEMSA SAB de CV sponsored ADR	1,720		82,732
Coca-Cola Icecek AS	5,450		38,557
Cott Corp. (a)	100		732
Dr Pepper Snapple Group, Inc. (a)	9,503		273,211
Embotelladora Andina SA sponsored ADR	4,600		82,616
Fomento Economico Mexicano SAB de CV sponsored ADR	1,135		43,187
Pepsi Bottling Group, Inc.	3,550		129,362
PepsiCo, Inc.	21,763		1,276,618
The Coca-Cola Co.	20,450		1,098,165
			3,292,548
TOTAL BEVERAGES			4,906,041
FOOD & STAPLES RETAILING - 20.9%
Drug Retail - 10.9%
CVS Caremark Corp.	33,590		1,200,507
Walgreen Co.	15,650		586,406
			1,786,913
Food Retail - 5.1%
Kroger Co.	20,764		428,569
Safeway, Inc.	18,840		371,525
The Pantry, Inc. (a)	2,291		35,923
			836,017
Hypermarkets & Super Centers - 4.9%
Wal-Mart Stores, Inc.	16,100		790,349
TOTAL FOOD & STAPLES RETAILING			3,413,279
FOOD PRODUCTS - 14.3%
Agricultural Products - 3.4%
Archer Daniels Midland Co.	8,210		239,896

	Shares		Value
Bunge Ltd.	2,505		$ 156,838
Corn Products International, Inc.	2,548		72,669
SLC Agricola SA	4,600		39,504
Viterra, Inc. (a)	4,400		43,897
			552,804
Packaged Foods & Meats - 10.9%
Ausnutria Dairy Hunan Co. Ltd. Class H	8,000		4,129
Brasil Foods SA	100		2,654
Cadbury PLC sponsored ADR	59		3,021
Cermaq ASA (a)	5,600		45,372
Danone	1,151		69,358
Dean Foods Co. (a)	2,700		48,033
General Mills, Inc.	5,241		337,416
Lindt & Spruengli AG	2		55,502
Nestle SA (Reg.)	13,372		569,795
PureCircle Ltd. (a)	100		390
Tyson Foods, Inc. Class A	11,650		147,140
Unilever NV (NY Shares)	17,125		494,228
			1,777,038
TOTAL FOOD PRODUCTS			2,329,842
HOUSEHOLD PRODUCTS - 14.6%
Household Products - 14.6%
Colgate-Palmolive Co.	3,792		289,254
Energizer Holdings, Inc. (a)	3,295		218,590
Procter & Gamble Co.	32,450		1,879,503
			2,387,347
PERSONAL PRODUCTS - 3.7%
Personal Products - 3.7%
Avon Products, Inc.	14,536		493,643
Mead Johnson Nutrition Co. Class A	1,250		56,388
Natura Cosmeticos SA	2,400		43,160
			593,191
PHARMACEUTICALS - 2.5%
Pharmaceuticals - 2.5%
Johnson & Johnson	6,688		407,232
Perrigo Co.	53		1,801
			409,033
TOBACCO - 12.2%
Tobacco - 12.2%
Altria Group, Inc.	31,050		553,001
British American Tobacco PLC sponsored ADR	12,920		817,190
KT&G Corp.	706		42,878
Philip Morris International, Inc.	11,070		539,552
Souza Cruz Industria Comerico	1,200		42,712
			1,995,333
TOTAL COMMON STOCKS (Cost $16,749,499)		16,034,066
Money Market Funds - 1.8%
	Shares		Value
Fidelity Cash Central Fund, 0.25% (b) (Cost $297,403)	297,403		$ 297,403

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $17,046,902)

16,331,469

NET OTHER ASSETS - 0.0%			7,368
NET ASSETS - 100%		$ 16,338,837

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	$ 1,025

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities carried at 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:
Equities:
Consumer Staples	$ 15,625,033	$ 15,620,904	$ 4,129	$ -
Health Care	409,033	409,033	-	-
Money Market Funds	297,403	297,403	-	-
Total Investments in Securities	$ 16,331,469	$ 16,327,340	$ 4,129	$ -

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $17,236,316. Net unrealized depreciation aggregated $904,847, of which $1,043,987 related to appreciated investment securities and $1,948,834 related to depreciated investment securities.

Investment Valuation

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:
Emerging Markets Portfolio

September 30, 2009

1.864820.101

VIPEM-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
Argentina - 0.1%
Banco Macro SA sponsored ADR	2,100		$ 50,715
Australia - 0.2%
Sino Gold Mining Ltd. (a)	13,808		82,103
Bermuda - 0.9%
Aquarius Platinum Ltd.:
(Australia)	46,246		210,519
(United Kingdom)	1,666		7,403
Huabao International Holdings Ltd.	65,000		69,697
Ports Design Ltd.	55,000		137,394
TOTAL BERMUDA			425,013
Brazil - 15.2%
Banco ABC Brasil SA	7,000		41,421
BM&F BOVESPA SA	40,500		299,331
Brasil Foods SA	400		10,615
Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR	400		22,520
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)	75		1,140
Companhia Siderurgica Nacional SA (CSN) sponsored ADR	14,900		455,940
Fertilizantes Fosfatados SA (PN)	8,100		82,825
Gerdau SA sponsored ADR	23,700		318,528
GVT Holding SA (a)	5,700		130,600
Itau Unibanco Banco Multiplo SA ADR	50,270		1,012,941
Localiza Rent A Car SA	7,500		75,165
Net Servicos de Comunicacao SA sponsored ADR	19,600		225,792
OGX Petroleo e Gas Participacoes SA	400		305,573
PDG Realty S.A. Empreendimentos e Participacoes	8,000		66,445
Petroleo Brasileiro SA - Petrobras:
(PN) (non-vtg.)	38,100		750,556
(PN) sponsored ADR (non-vtg.)	32,300		1,269,713
sponsored ADR	5,800		266,220
Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.)	15,800		296,882
Tivit Terc de Tec E Servico SA (a)	6,000		44,176
Vale SA (PN-A) sponsored ADR	60,779		1,246,577
Vivo Participacoes SA sponsored ADR	8,100		204,525
Votorantim Celulose e Papel SA sponsored ADR (a)	13,013		213,543
TOTAL BRAZIL			7,341,028
Canada - 0.9%
Eldorado Gold Corp. (a)	5,300		60,204
First Quantum Minerals Ltd.	2,800		183,092
Sherritt International Corp.	7,700		55,098
Sino-Forest Corp. (a)	7,200		113,734
Uranium One, Inc. (a)	18,100		43,454
TOTAL CANADA			455,582

	Shares		Value
Cayman Islands - 1.6%
China Dongxiang Group Co. Ltd.	232,000		$ 154,766
China High Speed Transmission Equipment Group Co. Ltd.	68,000		139,510
China Shanshui Cement Group Ltd.	108,000		80,686
Eurasia Drilling Co. Ltd. GDR (Reg. S)	7,100		93,010
Geely Automobile Holdings Ltd.	515,000		140,213
Hidili Industry International Development Ltd. (a)	51,000		47,710
Integra Group Holdings unit (a)	31,600		101,436
Yingli Green Energy Holding Co. Ltd. ADR (a)	1,371		17,083
TOTAL CAYMAN ISLANDS			774,414
China - 9.1%
China Construction Bank Corp. (H Shares)	1,002,000		800,307
China Merchants Bank Co. Ltd. (H Shares)	190,050		423,750
China National Materials Co. Ltd.	53,000		45,409
China Oilfield Services Ltd. (H Shares)	46,000		42,914
China Railway Construction Corp. Ltd. (H Shares)	98,000		130,245
China Shenhua Energy Co. Ltd. (H Shares)	101,500		443,326
China Yurun Food Group Ltd.	103,000		221,948
Golden Eagle Retail Group Ltd. (H Shares)	108,000		181,161
Industrial & Commercial Bank of China Ltd.	1,062,000		800,268
Maanshan Iron & Steel Co. Ltd. (H Shares) (a)	122,000		73,672
NetEase.com, Inc. sponsored ADR (a)	1,400		63,952
PICC Property & Casualty Co. Ltd. (H Shares) (a)	178,000		122,418
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	50,500		400,742
Tencent Holdings Ltd.	24,200		393,757
Yantai Changyu Pioneer Wine Co. (B Shares)	11,400		73,078
ZTE Corp. (H Shares)	30,200		159,378
TOTAL CHINA			4,376,325
Cyprus - 0.1%
Globaltrans Investment PLC GDR (Reg. S) (a)	4,100		30,340
XXI Century Investments Public Ltd. (a)	600		216
TOTAL CYPRUS			30,556
Czech Republic - 1.3%
Ceske Energeticke Zavody AS	6,300		338,191
Komercni Banka AS	1,400		278,702
TOTAL CZECH REPUBLIC			616,893
Egypt - 0.3%
Commercial International Bank Ltd. sponsored GDR	16,049		164,823
Common Stocks - continued
	Shares		Value
Hong Kong - 4.8%
China Mobile (Hong Kong) Ltd.	75,500		$ 739,470
China Overseas Land & Investment Ltd.	94,000		203,283
China Resources Power Holdings Co. Ltd.	90,000		209,265
CNOOC Ltd.	400,000		539,278
CNPC (Hong Kong) Ltd.	250,000		198,065
Cosco Pacific Ltd.	64,000		91,830
Hong Kong Exchange & Clearing Ltd.	5,000		90,645
Shanghai Industrial Holdings Ltd. (H Shares)	39,000		175,877
Sino-Ocean Land Holdings Ltd.	93,500		84,693
TOTAL HONG KONG			2,332,406
Hungary - 0.8%
OTP Bank Ltd. (a)	13,700		390,886
India - 7.8%
Bank of Baroda	6,442		65,830
Bharat Heavy Electricals Ltd.	6,031		294,235
Grasim Industries Ltd.	2,480		147,943
Housing Development and Infrastructure Ltd. (a)	18,016		121,604
Housing Development Finance Corp. Ltd.	9,170		535,879
Indiabulls Real Estate Ltd.	21,565		122,790
Infosys Technologies Ltd. sponsored ADR	12,170		590,123
Jain Irrigation Systems Ltd.	6,816		112,817
JSW Steel Ltd.	13,754		239,899
Mahindra & Mahindra Ltd.	10,950		202,599
Power Finance Corp. Ltd.	2,989		14,339
Reliance Industries Ltd. (a)	13,642		629,201
Rural Electrification Corp. Ltd.	18,356		77,446
Tata Consultancy Services Ltd.	16,422		213,639
Tata Power Co. Ltd.	7,188		198,474
Tata Steel Ltd.	17,394		185,637
TOTAL INDIA			3,752,455
Indonesia - 5.0%
PT Astra International Tbk	88,500		306,012
PT Bank Central Asia Tbk	489,900		234,919
PT Bank Mandiri Persero Tbk	428,500		208,808
PT Bank Rakyat Indonesia Tbk	370,000		287,715
PT Bumi Resources Tbk	865,000		289,231
PT Indocement Tunggal Prakarsa Tbk	168,000		184,635
PT Indofood Sukses Makmur Tbk	595,000		186,613
PT International Nickel Indonesia Tbk (a)	93,000		40,016
PT Perusahaan Gas Negara Tbk Series B	863,800		326,893
PT Telkomunikasi Indonesia Tbk Series B	412,500		369,947
TOTAL INDONESIA			2,434,789
Ireland - 0.2%
Dragon Oil PLC (a)	14,809		90,185

	Shares		Value
Israel - 1.7%
Israel Chemicals Ltd.	14,003		$ 160,172
Teva Pharmaceutical Industries Ltd. sponsored ADR	13,400		677,504
TOTAL ISRAEL			837,676
Kazakhstan - 0.8%
JSC Halyk Bank of Kazakhstan unit (a)	31,186		218,926
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	8,600		192,468
TOTAL KAZAKHSTAN			411,394
Korea (South) - 11.7%
DigiTech Systems Co., Ltd. (a)	927		21,172
Hana Financial Group, Inc.	6,010		207,554
Hynix Semiconductor, Inc. (a)	16,630		280,084
Hyundai Engineering & Construction Co. Ltd.	3,704		201,642
Hyundai Heavy Industries Co. Ltd.	588		90,029
Hyundai Industrial Development & Construction Co.	5,890		214,432
Hyundai Mobis	2,601		366,159
Hyundai Motor Co.	5,572		528,466
Industrial Bank of Korea (a)	16,320		200,595
KB Financial Group, Inc. (a)	8,610		443,088
Korea Exchange Bank	26,310		309,957
LG Corp.	3,330		223,770
LG Innotek Co. Ltd.	529		57,147
Lumens Co. Ltd. (a)	10,901		69,080
MegaStudy Co. Ltd.	341		70,339
Samsung Electronics Co. Ltd.	2,560		1,774,708
Samsung Securities Co. Ltd.	711		41,549
Shinhan Financial Group Co. Ltd. (a)	11,920		476,123
Taewoong Co. Ltd.	1,155		74,372
TOTAL KOREA (SOUTH)			5,650,266
Luxembourg - 1.2%
ArcelorMittal SA (NY Shares) Class A	5,000		185,700
Evraz Group SA GDR	10,284		267,898
Ternium SA sponsored ADR (a)	4,400		117,040
TOTAL LUXEMBOURG			570,638
Mexico - 3.1%
America Movil SAB de CV Series L sponsored ADR	21,800		955,494
Corporacion Geo SA de CV Series B (a)	56,200		152,315
Empresas ICA Sociedad Controladora SA de CV sponsored ADR (a)	12,600		118,944
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR	2,497		70,390
Grupo Financiero Banorte SAB de CV Series O	59,800		200,219
TOTAL MEXICO			1,497,362
Netherlands - 0.2%
X5 Retail Group NV GDR (Reg. S) (a)	4,600		111,780
Common Stocks - continued
	Shares		Value
Nigeria - 0.2%
Guaranty Trust Bank PLC GDR (Reg. S)	14,400		$ 80,640
Norway - 0.1%
Det Norske Oljeselskap ASA (DNO) (A Shares) (a)	56,000		39,371
Papua New Guinea - 0.1%
Oil Search Ltd.	9,716		55,286
Peru - 0.5%
Compania de Minas Buenaventura SA sponsored ADR	6,490		228,513
Philippines - 0.3%
Philippine Long Distance Telephone Co. sponsored ADR	3,100		159,340
Poland - 0.8%
Bank Polska Kasa Opieki SA (a)	4,800		254,216
Bank Zachodni WBK SA (a)	1,615		84,408
Globe Trade Centre SA (a)	3,200		26,871
TOTAL POLAND			365,495
Russia - 8.6%
Cherkizovo Group OJSC GDR (a)	3,000		16,500
Magnit OJSC GDR (Reg. S)	10,500		143,850
Mechel Steel Group OAO sponsored ADR	10,100		181,598
Novorossiysk Commercial Sea Port JSC	86,500		12,672
Novorossiysk Commercial Sea Port JSC GDR (Reg. S)	700		7,665
OAO Gazprom	8,900		53,044
OAO Gazprom sponsored ADR	51,542		1,218,453
OAO NOVATEK GDR	2,922		144,055
OAO Tatneft sponsored ADR	10,403		257,474
OJSC MMC Norilsk Nickel sponsored ADR	32,444		405,550
OJSC Oil Company Rosneft GDR (Reg. S)	57,400		431,648
Polymetal JSC GDR (Reg. S) (a)	9,100		71,981
RusHydro JSC sponsored ADR (a)	29,244		100,307
Sberbank (Savings Bank of the Russian Federation)	181,200		360,588
Sberbank (Savings Bank of the Russian Federation) GDR	950		211,162
Sistema JSFC sponsored GDR	10,275		150,015
Vimpel Communications sponsored ADR (a)	20,200		377,740
TOTAL RUSSIA			4,144,302
Singapore - 0.3%
Straits Asia Resources Ltd.	53,000		80,124
Wilmar International Ltd.	18,000		80,741
TOTAL SINGAPORE			160,865
South Africa - 6.0%
African Bank Investments Ltd.	55,700		218,780
AngloGold Ashanti Ltd.	4,700		188,676
Aspen Pharmacare Holdings Ltd.	25,364		208,876

	Shares		Value
Aveng Ltd.	40,800		$ 234,951
Clicks Group Ltd.	34,092		103,949
Illovo Sugar Ltd.	17,116		74,339
JD Group Ltd.	12,376		73,493
Mr. Price Group Ltd.	39,300		177,911
MTN Group Ltd.	38,608		627,917
Murray & Roberts Holdings Ltd.	17,900		141,451
Mvelaphanda Resources Ltd. (a)	25,874		130,877
Raubex Group Ltd.	19,396		65,983
Shoprite Holdings Ltd.	22,188		183,164
Standard Bank Group Ltd.	29,900		386,763
Truworths International Ltd.	11,100		62,812
TOTAL SOUTH AFRICA			2,879,942
Taiwan - 7.8%
Advanced Semiconductor Engineering, Inc.	84,000		69,529
Advanced Semiconductor Engineering, Inc. sponsored ADR	20,200		83,426
Asia Cement Corp.	197,200		220,719
Farglory Land Development Co. Ltd.	16,000		38,652
First Financial Holding Co. Ltd.	337,657		210,484
Formosa Epitaxy, Inc.	72,000		110,919
Fubon Financial Holding Co. Ltd. (a)	199,000		224,590
Hon Hai Precision Industry Co. Ltd. (Foxconn)	161,232		646,652
Largan Precision Co. Ltd.	9,060		118,870
Macronix International Co. Ltd.	170,506		93,830
MediaTek, Inc.	28,032		467,142
Polaris Securities Co. Ltd.	57,000		33,583
Siliconware Precision Industries Co. Ltd.	162,560		229,456
Taiwan Mobile Co. Ltd.	71,000		131,342
Taiwan Semiconductor Manufacturing Co. Ltd.	190,609		382,237
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	24,164		264,837
Wistron Corp.	140,515		261,249
Yuanta Financial Holding Co. Ltd.	244,000		180,550
TOTAL TAIWAN			3,768,067
Thailand - 0.8%
Central Pattana PCL (For. Reg.)	45,900		32,006
National Finance PCL (For. Reg.)	26,300		13,695
Siam Commercial Bank PCL (For. Reg.)	93,400		237,588
Thai Airways International PCL (For. Reg.) (a)	141,600		94,499
Total Access Communication PCL (For. Reg.)	400		512
TOTAL THAILAND			378,300
Turkey - 1.8%
Hurriyet Gazetecilik ve Matbaacilik AS (a)	85,656		77,337
Tofas Turk Otomobil Fabrikasi AS	24,894		70,112
Turk Hava Yollari AO	69,000		179,456
Common Stocks - continued
	Shares		Value
Turkey - continued
Turkiye Garanti Bankasi AS	83,000		$ 313,176
Turkiye Is Bankasi AS Series C	64,929		253,740
TOTAL TURKEY			893,821
United Kingdom - 1.6%
Hikma Pharmaceuticals PLC	10,646		79,791
Max Petroleum PLC (a)	115,000		36,304
Randgold Resources Ltd. sponsored ADR	2,600		181,688
Standard Chartered PLC (United Kingdom)	7,598		187,270
Tullow Oil PLC	2,458		44,318
Xstrata PLC	17,040		251,259
TOTAL UNITED KINGDOM			780,630
United States of America - 1.3%
Central European Distribution Corp. (a)	5,100		167,076
CTC Media, Inc. (a)	11,300		177,636
Freeport-McMoRan Copper & Gold, Inc.	3,800		260,718
TOTAL UNITED STATES OF AMERICA			605,430
TOTAL COMMON STOCKS (Cost $39,557,847)		46,937,291
Money Market Funds - 2.7%
	Shares		Value
Fidelity Cash Central Fund, 0.25% (b) (Cost $1,307,300)	1,307,300		$ 1,307,300

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $40,865,147)

48,244,591

NET OTHER ASSETS - 0.1%			68,900
NET ASSETS - 100%		$ 48,313,491

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,594

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Brazil	$ 7,341,028	$ 7,341,028	$ -	$ -
Korea (South)	5,650,266	5,174,143	476,123	-
China	4,376,325	4,376,325	-	-
Russia	4,144,302	4,144,302	-	-
Taiwan	3,768,067	3,698,538	69,529	-
India	3,752,455	3,538,682	213,773	-
South Africa	2,879,942	2,252,025	627,917	-
Indonesia	2,434,789	2,434,789	-	-
Hong Kong	2,332,406	1,053,658	1,278,748	-
Cyprus	30,556	30,340	-	216
Other	10,227,155	10,227,155	-	-
Money Market Funds	1,307,300	1,307,300	-	-
Total Investments in Securities:	$ 48,244,591	$ 45,578,285	$ 2,666,090	$ 216

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	150
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in/out of Level 3	66
Ending Balance	$ 216
The change in unrealized gain (loss) attributable to Level 3 securities at September 30, 2009	$ 150

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $41,356,793. Net unrealized appreciation aggregated $6,887,798, of which $8,250,058 related to appreciated investment securities and $1,362,260 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Energy Portfolio

September 30, 2009

1.807722.105

VNR-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Environmental & Facility Services - 0.0%
Fuel Tech, Inc. (a)	10,149		$ 113,669
CONSTRUCTION & ENGINEERING - 0.4%
Construction & Engineering - 0.4%
Jacobs Engineering Group, Inc. (a)	35,100		1,612,845
ELECTRIC UTILITIES - 0.1%
Electric Utilities - 0.1%
EnerNOC, Inc. (a)	11,200		371,392
ELECTRICAL EQUIPMENT - 2.5%
Electrical Components & Equipment - 2.4%
centrotherm photovoltaics AG (a)	14,099		676,699
Energy Conversion Devices, Inc. (a)(c)	57,327		663,847
Evergreen Solar, Inc. (a)(c)	141,706		272,076
First Solar, Inc. (a)(c)	18,700		2,858,482
JA Solar Holdings Co. Ltd. ADR (a)(c)	534,707		2,154,869
Q-Cells SE (a)(c)	9,800		187,715
SunPower Corp.:
Class A (a)	12,500		373,625
Class B (a)	52,500		1,324,575
			8,511,888
Heavy Electrical Equipment - 0.1%
Vestas Wind Systems AS (a)	7,383		533,727
TOTAL ELECTRICAL EQUIPMENT			9,045,615
ELECTRONIC EQUIPMENT & COMPONENTS - 0.3%
Electronic Equipment & Instruments - 0.3%
Itron, Inc. (a)	14,278		915,791
ENERGY EQUIPMENT & SERVICES - 38.5%
Oil & Gas Drilling - 14.7%
Atwood Oceanics, Inc. (a)	159,154		5,613,362
ENSCO International, Inc.	19,700		838,038
Helmerich & Payne, Inc.	154,051		6,089,636
Hercules Offshore, Inc. (a)	91,780		450,640
Nabors Industries Ltd. (a)	390,494		8,161,325
Noble Corp.	285,020		10,819,359
Northern Offshore Ltd. (a)	307,000		416,150
Patterson-UTI Energy, Inc.	64,014		966,611
Pride International, Inc. (a)	71,913		2,189,032
Seadrill Ltd. (c)	185,100		3,864,595
Seahawk Drilling, Inc. (a)	4,794		149,045
Transocean Ltd. (a)	147,347		12,602,589
			52,160,382
Oil & Gas Equipment & Services - 23.8%
Baker Hughes, Inc.	3,100		132,246
Basic Energy Services, Inc. (a)	22,860		194,081
BJ Services Co.	469,960		9,131,323
Cameron International Corp. (a)	11,600		438,712
Complete Production Services, Inc. (a)	24,100		272,330
Core Laboratories NV	12,500		1,288,625

	Shares		Value
Dresser-Rand Group, Inc. (a)	20,400		$ 633,828
Dril-Quip, Inc. (a)	61,387		3,047,251
Exterran Holdings, Inc. (a)	46,243		1,097,809
FMC Technologies, Inc. (a)	54,900		2,867,976
Fugro NV (Certificaten Van Aandelen) unit	1,023		59,077
Global Industries Ltd. (a)	172,034		1,634,323
Halliburton Co.	219,374		5,949,423
Helix Energy Solutions Group, Inc. (a)	38,900		582,722
Hornbeck Offshore Services, Inc. (a)	22,600		622,856
Key Energy Services, Inc. (a)	31,200		271,440
Lufkin Industries, Inc.	4,000		212,720
National Oilwell Varco, Inc. (a)	199,878		8,620,738
Newpark Resources, Inc. (a)	10,993		35,288
Oceaneering International, Inc. (a)	64,234		3,645,280
Oil States International, Inc. (a)	14,100		495,333
Schlumberger Ltd.	347,842		20,731,383
Smith International, Inc.	194,457		5,580,916
Superior Energy Services, Inc. (a)	98,354		2,214,932
TSC Offshore Group Ltd. (a)	746,000		255,084
Weatherford International Ltd. (a)	623,766		12,930,669
Willbros Group, Inc. (a)	108,033		1,645,343
			84,591,708
TOTAL ENERGY EQUIPMENT & SERVICES			136,752,090
GAS UTILITIES - 0.7%
Gas Utilities - 0.7%
Questar Corp.	57,000		2,140,920
Zhongyu Gas Holdings Ltd. (a)	3,884,000		270,627
			2,411,547
METALS & MINING - 0.3%
Diversified Metals & Mining - 0.3%
Teck Resources Ltd. Class B (sub. vtg.) (a)	33,100		912,144
OIL, GAS & CONSUMABLE FUELS - 55.9%
Coal & Consumable Fuels - 9.3%
Alpha Natural Resources, Inc. (a)	252,163		8,850,921
Arch Coal, Inc.	375,350		8,306,496
CONSOL Energy, Inc.	124,621		5,621,653
Massey Energy Co.	352,031		9,818,145
PT Bumi Resources Tbk	1,598,000		534,325
			33,131,540
Integrated Oil & Gas - 13.0%
Chevron Corp.	82,100		5,782,303
ConocoPhillips	57,536		2,598,326
Exxon Mobil Corp.	474		32,521
Hess Corp.	37,100		1,983,366
Marathon Oil Corp.	371,021		11,835,570
Occidental Petroleum Corp.	291,762		22,874,137
Suncor Energy, Inc.	34,600		1,208,818
			46,315,041
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - 31.1%
Anadarko Petroleum Corp.	198,451		$ 12,448,831
Apache Corp.	65,000		5,968,950
Arena Resources, Inc. (a)	20,700		734,850
Berry Petroleum Co. Class A	27,714		742,181
Cabot Oil & Gas Corp.	228,218		8,158,794
Canadian Natural Resources Ltd.	50,800		3,430,957
Chesapeake Energy Corp.	468,895		13,316,618
Comstock Resources, Inc. (a)	101,220		4,056,898
Concho Resources, Inc. (a)	38,444		1,396,286
Denbury Resources, Inc. (a)	179,900		2,721,887
EOG Resources, Inc.	800		66,808
EXCO Resources, Inc. (a)	271,023		5,065,420
Forest Oil Corp. (a)	22,709		444,415
Newfield Exploration Co. (a)	47,624		2,026,877
Niko Resources Ltd.	9,100		711,934
Noble Energy, Inc.	527		34,761
Oil Search Ltd.	189,702		1,079,440
OPTI Canada, Inc. (a)	80,500		161,677
Petrobank Energy & Resources Ltd. (a)	15,900		657,240
Petrohawk Energy Corp. (a)	518,294		12,547,898
Plains Exploration & Production Co. (a)	99,762		2,759,417
Quicksilver Resources, Inc. (a)(c)	74,900		1,062,831
Range Resources Corp.	185,500		9,156,280
Southwestern Energy Co. (a)	454,212		19,385,768
Talisman Energy, Inc.	2,900		50,469
Ultra Petroleum Corp. (a)	47,300		2,315,808
			110,503,295
Oil & Gas Refining & Marketing - 2.3%
Frontier Oil Corp.	92,481		1,287,336
Holly Corp.	119,224		3,054,519
Sunoco, Inc.	47,937		1,363,808
Valero Energy Corp.	78,457		1,521,281
World Fuel Services Corp. (c)	17,800		855,646
			8,082,590

	Shares		Value
Oil & Gas Storage & Transport - 0.2%
El Paso Corp.	46,400		$ 478,848
Williams Companies, Inc.	1,950		34,847
			513,695
TOTAL OIL, GAS & CONSUMABLE FUELS			198,546,161
TOTAL COMMON STOCKS (Cost $336,189,377)		350,681,254

Convertible Bonds - 0.1%
	Principal Amount
ELECTRICAL EQUIPMENT - 0.1%
Electrical Components & Equipment - 0.1%
SunPower Corp. 4.75% 4/15/14 (Cost $180,000)	$ 180,000	233,406

Money Market Funds - 3.7%
	Shares
Fidelity Cash Central Fund, 0.25% (d)	4,037,760		4,037,760
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(d)	9,255,960		9,255,960
TOTAL MONEY MARKET FUNDS (Cost $13,293,720)		13,293,720

TOTAL INVESTMENT PORTFOLIO - 102.5%

(Cost $349,663,097)

364,208,380

NET OTHER ASSETS - (2.5)%			(9,002,890)
NET ASSETS - 100%		$ 355,205,490

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 8,978
Fidelity Securities Lending Cash Central Fund	59,209
Total	$ 68,187

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities carried at 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:
Equities:
Energy	$ 335,298,251	$ 335,298,251	$ -	$ -
Industrials	10,772,129	10,772,129	-	-
Information Technology	915,791	915,791	-	-
Materials	912,144	912,144	-	-
Utilities	2,782,939	2,782,939	-	-
Corporate Bonds	233,406	-	233,406	-
Money Market Funds	13,293,720	13,293,720	-	-
Total Investments in Securities:	$ 364,208,380	$ 363,974,974	$ 233,406	$ -

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $357,226,320. Net unrealized appreciation aggregated $6,982,060, of which $71,167,823 related to appreciated investment securities and $64,185,763 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Financial Services Portfolio

September 30, 2009

1.807734.105

VFS-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
CAPITAL MARKETS - 32.9%
Asset Management & Custody Banks - 13.1%
AllianceBernstein Holding LP	18,600		$ 507,408
Bank of New York Mellon Corp.	68,205		1,977,263
Bank Sarasin & Co. Ltd. Series B (Reg.)	11,368		472,775
EFG International	45,929		826,532
Franklin Resources, Inc.	4,374		440,024
GLG Partners, Inc.	4,700		18,941
Janus Capital Group, Inc.	11,300		160,234
Legg Mason, Inc.	19,562		607,009
The Blackstone Group LP	64,100		910,220
			5,920,406
Diversified Capital Markets - 0.5%
Deutsche Bank AG (NY Shares)	2,250		172,733
UBS AG (For. Reg.) (a)	2,556		46,862
			219,595
Investment Banking & Brokerage - 19.3%
Broadpoint Gleacher Securities Group, Inc. (a)	110,843		924,431
Charles Schwab Corp.	136,442		2,612,864
Evercore Partners, Inc. Class A	5,226		152,704
GFI Group, Inc.	145,339		1,050,801
Goldman Sachs Group, Inc.	4,600		848,010
Lazard Ltd. Class A	7,400		305,694
MF Global Ltd. (a)	75,253		547,089
Morgan Stanley	74,550		2,302,104
			8,743,697
TOTAL CAPITAL MARKETS			14,883,698
COMMERCIAL BANKS - 15.5%
Diversified Banks - 7.3%
Banco Macro SA sponsored ADR (c)	32,400		782,460
BBVA Banco Frances SA sponsored ADR (a)	20,368		115,079
China Citic Bank Corp. Ltd. Class H	1,289,000		849,908
China Merchants Bank Co. Ltd. (H Shares)	140,000		312,155
Comerica, Inc.	7,900		234,393
Mizuho Financial Group, Inc.	86,200		169,791
U.S. Bancorp, Delaware	15,800		345,388
Wells Fargo & Co.	16,412		462,490
			3,271,664
Regional Banks - 8.2%
Bank of Hawaii Corp.	1,984		82,415
Cathay General Bancorp	5		40
Fifth Third Bancorp	12,800		129,664
Glacier Bancorp, Inc.	27,460		410,252
Huntington Bancshares, Inc.	29,300		138,003
KeyCorp	175,500		1,140,750
PNC Financial Services Group, Inc.	7,197		349,702
SVB Financial Group (a)	11,388		492,759
Umpqua Holdings Corp.	25,467		269,950

	Shares		Value
Wintrust Financial Corp.	16,100		$ 450,156
Zions Bancorp	14,000		251,580
			3,715,271
TOTAL COMMERCIAL BANKS			6,986,935
CONSUMER FINANCE - 0.6%
Consumer Finance - 0.6%
Capital One Financial Corp.	6,400		228,672
Promise Co. Ltd. (c)	5,850		31,798
			260,470
DIVERSIFIED CONSUMER SERVICES - 0.2%
Specialized Consumer Services - 0.2%
Sotheby's Class A (ltd. vtg.)	4,327		74,554
DIVERSIFIED FINANCIAL SERVICES - 13.2%
Other Diversified Financial Services - 6.3%
Bank of America Corp.	73,828		1,249,170
JPMorgan Chase & Co.	36,438		1,596,713
			2,845,883
Specialized Finance - 6.9%
BM&F BOVESPA SA	54,700		404,282
CME Group, Inc.	7,889		2,431,311
JSE Ltd.	5,300		43,752
Moody's Corp.	12,200		249,612
			3,128,957
TOTAL DIVERSIFIED FINANCIAL SERVICES			5,974,840
INSURANCE - 12.7%
Insurance Brokers - 1.6%
Aon Corp.	16,500		671,385
National Financial Partners Corp.	4,900		42,728
			714,113
Life & Health Insurance - 2.5%
Lincoln National Corp.	25,138		651,326
Principal Financial Group, Inc.	18,442		505,126
			1,156,452
Multi-Line Insurance - 3.7%
Genworth Financial, Inc. Class A	113,895		1,361,045
Hartford Financial Services Group, Inc.	12,360		327,540
			1,688,585
Property & Casualty Insurance - 3.0%
CNA Financial Corp. (a)	21,104		509,451
Fidelity National Financial, Inc. Class A	10,504		158,400
XL Capital Ltd. Class A	39,000		680,940
			1,348,791
Reinsurance - 1.9%
Everest Re Group Ltd.	5,218		457,619
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Reinsurance - continued
Transatlantic Holdings, Inc.	500		$ 25,085
Validus Holdings Ltd.	13,882		358,156
			840,860
TOTAL INSURANCE			5,748,801
INTERNET SOFTWARE & SERVICES - 1.3%
Internet Software & Services - 1.3%
China Finance Online Co. Ltd. ADR (a)	64,147		579,889
IT SERVICES - 8.9%
Data Processing & Outsourced Services - 8.5%
Euronet Worldwide, Inc. (a)	63,334		1,521,916
MasterCard, Inc. Class A	1,000		202,150
MoneyGram International, Inc. (a)	131,168		411,868
Visa, Inc. Class A	24,657		1,704,045
			3,839,979
IT Consulting & Other Services - 0.4%
Cognizant Technology Solutions Corp. Class A (a)	3,500		135,310
Satyam Computer Services Ltd. sponsored ADR	10,700		70,406
			205,716
TOTAL IT SERVICES			4,045,695
MEDIA - 4.6%
Publishing - 4.6%
McGraw-Hill Companies, Inc.	82,385		2,071,159
PROFESSIONAL SERVICES - 0.4%
Research & Consulting Services - 0.4%
First Advantage Corp. Class A (a)	8,729		161,923
REAL ESTATE INVESTMENT TRUSTS - 0.4%
Residential REITs - 0.3%
UDR, Inc.	9,675		152,285
Retail REITs - 0.1%
CBL & Associates Properties, Inc.	2,129		20,651
TOTAL REAL ESTATE INVESTMENT TRUSTS			172,936
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.7%
Diversified Real Estate Activities - 0.3%
Mitsubishi Estate Co. Ltd.	9,000		140,810
Real Estate Development - 2.4%
Central China Real Estate Ltd.	1,083,000		283,676
Xinyuan Real Estate Co. Ltd. ADR (a)(c)	173,786		806,367
			1,090,043
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			1,230,853

	Shares		Value
ROAD & RAIL - 2.3%
Trucking - 2.3%
Arkansas Best Corp.	16,380		$ 490,417
Dollar Thrifty Automotive Group, Inc. (a)	22,007		541,152
			1,031,569
SPECIALTY RETAIL - 0.1%
Home Improvement Retail - 0.1%
Home Depot, Inc.	1,360		36,230
THRIFTS & MORTGAGE FINANCE - 3.1%
Thrifts & Mortgage Finance - 3.1%
Radian Group, Inc.	21,100		223,238
Washington Federal, Inc.	70,414		1,187,180
Washington Mutual, Inc. (a)	16,757		4,106
			1,414,524
TOTAL COMMON STOCKS (Cost $37,410,410)		44,674,076
Money Market Funds - 4.0%

Fidelity Cash Central Fund, 0.25% (d)	516,403		516,403
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(d)	1,291,350		1,291,350
TOTAL MONEY MARKET FUNDS (Cost $1,807,753)		1,807,753

TOTAL INVESTMENT PORTFOLIO - 102.9%

(Cost $39,218,163)

46,481,829

NET OTHER ASSETS - (2.9)%			(1,311,084)
NET ASSETS - 100%		$ 45,170,745

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,946
Fidelity Securities Lending Cash Central Fund	178,152
Total	$ 183,098

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities carried at 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:
Equities:
Consumer Discretionary	$ 2,181,943	$ 2,181,943	$ -	$ -
Financials	36,673,057	36,283,796	389,261	-
Industrials	1,193,492	1,193,492	-	-
Information Technology	4,625,584	4,625,584	-	-
Money Market Funds	1,807,753	1,807,753	-	-
Total Investments in Securities:	$ 46,481,829	$ 46,092,568	$ 389,261	$ -

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $40,045,998. Net unrealized appreciation aggregated $6,435,831, of which $9,247,408 related to appreciated investment securities and $2,811,577 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Growth Stock Portfolio

September 30, 2009

1.808784.105

VIPGR-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
CONSUMER DISCRETIONARY - 10.7%
Auto Components - 0.8%
Johnson Controls, Inc.	3,300		$ 84,348
TRW Automotive Holdings Corp. (a)	2,000		33,500
			117,848
Hotels, Restaurants & Leisure - 1.9%
McDonald's Corp.	1,400		79,898
Starbucks Corp. (a)	6,100		125,965
WMS Industries, Inc. (a)	400		17,824
Wyndham Worldwide Corp.	2,600		42,432
			266,119
Household Durables - 1.7%
Tempur-Pedic International, Inc.	12,400		234,856
Internet & Catalog Retail - 1.0%
Amazon.com, Inc. (a)	1,570		146,575
Multiline Retail - 0.7%
Target Corp.	2,100		98,028
Specialty Retail - 2.1%
Best Buy Co., Inc.	1,900		71,288
Casual Male Retail Group, Inc. (a)	22,600		77,744
Staples, Inc.	3,200		74,304
TJX Companies, Inc.	1,900		70,585
			293,921
Textiles, Apparel & Luxury Goods - 2.5%
Coach, Inc.	2,000		65,840
Deckers Outdoor Corp. (a)	600		50,910
G-III Apparel Group Ltd. (a)	2,500		35,375
Phillips-Van Heusen Corp.	1,700		72,743
Polo Ralph Lauren Corp. Class A	1,600		122,592
			347,460
TOTAL CONSUMER DISCRETIONARY			1,504,807
CONSUMER STAPLES - 13.6%
Beverages - 3.2%
Anheuser-Busch InBev SA NV	1,757		80,229
Dr Pepper Snapple Group, Inc. (a)	1,300		37,375
The Coca-Cola Co.	6,150		330,255
			447,859
Food & Staples Retailing - 3.9%
Costco Wholesale Corp.	4,800		271,008
Wal-Mart Stores, Inc.	5,600		274,904
			545,912
Food Products - 3.7%
Danone	1,839		110,816
Green Mountain Coffee Roasters, Inc. (a)	1,500		110,760
Nestle SA sponsored ADR	3,300		140,877
The J.M. Smucker Co.	3,000		159,030
			521,483
Household Products - 2.0%
Procter & Gamble Co.	4,900		283,808

	Shares		Value
Personal Products - 0.8%
Avon Products, Inc.	3,300		$ 112,068
TOTAL CONSUMER STAPLES			1,911,130
ENERGY - 4.8%
Energy Equipment & Services - 0.7%
Schlumberger Ltd.	1,690		100,724
Oil, Gas & Consumable Fuels - 4.1%
Arch Coal, Inc.	1,400		30,982
Chesapeake Energy Corp.	1,500		42,600
CONSOL Energy, Inc.	1,110		50,072
Exxon Mobil Corp.	2,690		184,561
Marathon Oil Corp.	2,200		70,180
Massey Energy Co.	1,600		44,624
Occidental Petroleum Corp.	600		47,040
Range Resources Corp.	700		34,552
Southwestern Energy Co. (a)	1,500		64,020
			568,631
TOTAL ENERGY			669,355
FINANCIALS - 6.0%
Capital Markets - 1.3%
Goldman Sachs Group, Inc.	200		36,870
Janus Capital Group, Inc.	3,500		49,630
Morgan Stanley	3,000		92,640
			179,140
Commercial Banks - 1.3%
Huntington Bancshares, Inc.	3,200		15,072
PNC Financial Services Group, Inc.	1,000		48,590
Wells Fargo & Co.	4,100		115,538
			179,200
Consumer Finance - 0.4%
American Express Co.	1,900		64,410
Diversified Financial Services - 1.6%
Bank of America Corp.	3,600		60,912
CME Group, Inc.	300		92,457
JPMorgan Chase & Co.	1,700		74,494
			227,863
Insurance - 0.6%
Genworth Financial, Inc. Class A	3,200		38,240
Lincoln National Corp.	1,600		41,456
			79,696
Real Estate Management & Development - 0.8%
CB Richard Ellis Group, Inc. Class A (a)	4,100		48,134
Jones Lang LaSalle, Inc.	1,500		71,055
			119,189
TOTAL FINANCIALS			849,498
Common Stocks - continued
	Shares		Value
HEALTH CARE - 15.8%
Biotechnology - 3.9%
Alexion Pharmaceuticals, Inc. (a)	1,300		$ 57,902
Alnylam Pharmaceuticals, Inc. (a)	1,100		24,948
Amgen, Inc. (a)	2,900		174,667
Biogen Idec, Inc. (a)	2,200		111,144
Celgene Corp. (a)	200		11,180
Dendreon Corp. (a)	1,100		30,789
Gilead Sciences, Inc. (a)	1,400		65,212
GTx, Inc. (a)	1,200		15,360
Micromet, Inc. (a)	600		3,996
United Therapeutics Corp. (a)	1,000		48,990
			544,188
Health Care Equipment & Supplies - 3.0%
Covidien PLC	4,400		190,344
Inverness Medical Innovations, Inc. (a)	5,625		217,856
NuVasive, Inc. (a)	500		20,880
			429,080
Health Care Providers & Services - 2.4%
Express Scripts, Inc. (a)	1,600		124,128
Humana, Inc. (a)	1,100		41,030
Medco Health Solutions, Inc. (a)	2,500		138,275
UnitedHealth Group, Inc.	1,300		32,552
			335,985
Health Care Technology - 0.4%
Cerner Corp. (a)	700		52,360
Life Sciences Tools & Services - 1.0%
Bruker BioSciences Corp. (a)	1,600		17,072
Illumina, Inc. (a)	1,300		55,250
QIAGEN NV (a)	3,100		65,968
			138,290
Pharmaceuticals - 5.1%
Abbott Laboratories	1,200		59,364
Allergan, Inc.	4,300		244,068
Ardea Biosciences, Inc. (a)	731		13,392
Cadence Pharmaceuticals, Inc. (a)	2,200		24,332
Johnson & Johnson	3,400		207,026
King Pharmaceuticals, Inc. (a)	3,200		34,464
Merck & Co., Inc.	2,700		85,401
Optimer Pharmaceuticals, Inc. (a)	1,300		17,589
Teva Pharmaceutical Industries Ltd. sponsored ADR	100		5,056
ViroPharma, Inc. (a)	2,600		25,012
			715,704
TOTAL HEALTH CARE			2,215,607
INDUSTRIALS - 9.6%
Aerospace & Defense - 2.7%
BE Aerospace, Inc. (a)	1,100		22,154
Honeywell International, Inc.	2,800		104,020

	Shares		Value
Precision Castparts Corp.	1,000		$ 101,870
United Technologies Corp.	2,600		158,418
			386,462
Air Freight & Logistics - 0.5%
C.H. Robinson Worldwide, Inc.	700		40,425
United Parcel Service, Inc. Class B	600		33,882
			74,307
Building Products - 0.5%
Masco Corp.	5,800		74,936
Electrical Equipment - 1.5%
American Superconductor Corp. (a)	1,000		33,540
AMETEK, Inc.	1,700		59,347
First Solar, Inc. (a)	500		76,430
Rockwell Automation, Inc.	1,000		42,600
			211,917
Industrial Conglomerates - 0.3%
Textron, Inc.	1,900		36,062
Machinery - 2.1%
Caterpillar, Inc.	1,700		87,261
Cummins, Inc.	1,600		71,696
Danaher Corp.	1,000		67,320
Ingersoll-Rand Co. Ltd.	2,200		67,474
			293,751
Professional Services - 0.8%
Manpower, Inc.	1,350		76,559
Monster Worldwide, Inc. (a)	1,800		31,464
			108,023
Road & Rail - 1.2%
Union Pacific Corp.	2,900		169,215
TOTAL INDUSTRIALS			1,354,673
INFORMATION TECHNOLOGY - 33.1%
Communications Equipment - 5.3%
3Com Corp. (a)	4,200		21,966
Cisco Systems, Inc. (a)	19,000		447,260
Juniper Networks, Inc. (a)	1,300		35,126
Palm, Inc. (a)	2,000		34,860
QUALCOMM, Inc.	4,500		202,410
			741,622
Computers & Peripherals - 8.2%
Apple, Inc. (a)	3,690		684,013
Dell, Inc. (a)	6,300		96,138
Hewlett-Packard Co.	6,000		283,260
Seagate Technology	3,000		45,630
Western Digital Corp. (a)	1,300		47,489
			1,156,530
Electronic Equipment & Components - 1.2%
Agilent Technologies, Inc. (a)	1,000		27,830
Corning, Inc.	5,300		81,143
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Ingram Micro, Inc. Class A (a)	2,100		$ 35,385
Itron, Inc. (a)	500		32,070
			176,428
Internet Software & Services - 4.4%
Baidu.com, Inc. sponsored ADR (a)	100		39,105
eBay, Inc. (a)	3,300		77,913
Google, Inc. Class A (a)	830		411,556
NetEase.com, Inc. sponsored ADR (a)	700		31,976
Sohu.com, Inc. (a)	400		27,512
Tencent Holdings Ltd.	1,600		26,034
			614,096
IT Services - 2.1%
Alliance Data Systems Corp. (a)	2,400		146,592
Cognizant Technology Solutions Corp. Class A (a)	3,760		145,362
			291,954
Semiconductors & Semiconductor Equipment - 3.5%
ASML Holding NV (NY Shares)	1,600		47,312
Intel Corp.	11,400		223,098
KLA-Tencor Corp.	1,300		46,618
Lam Research Corp. (a)	1,200		40,992
Marvell Technology Group Ltd. (a)	3,900		63,141
Omnivision Technologies, Inc. (a)	2,200		35,816
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	3,818		41,845
			498,822
Software - 8.4%
Adobe Systems, Inc. (a)	800		26,432
Blackboard, Inc. (a)	900		34,002
BMC Software, Inc. (a)	2,400		90,072
Citrix Systems, Inc. (a)	1,400		54,922
Informatica Corp. (a)	1,600		36,128
Microsoft Corp.	16,700		432,363
Nuance Communications, Inc. (a)	3,000		44,880
Oracle Corp.	5,300		110,452
Red Hat, Inc. (a)	2,000		55,280
Rovi Corp. (a)	200		6,720
Sourcefire, Inc. (a)	4,000		85,880
Sybase, Inc. (a)	4,100		159,490
VMware, Inc. Class A (a)	1,000		40,170
			1,176,791
TOTAL INFORMATION TECHNOLOGY			4,656,243

	Shares		Value
MATERIALS - 4.3%
Chemicals - 2.8%
Air Products & Chemicals, Inc.	1,100		$ 85,338
Albemarle Corp.	900		31,140
Dow Chemical Co.	3,900		101,673
E.I. du Pont de Nemours & Co.	1,700		54,638
Monsanto Co.	800		61,920
The Mosaic Co.	1,100		52,877
			387,586
Metals & Mining - 1.5%
AngloGold Ashanti Ltd. sponsored ADR	1,300		52,988
Freeport-McMoRan Copper & Gold, Inc.	700		48,027
Newmont Mining Corp.	2,100		92,442
Steel Dynamics, Inc.	1,100		16,874
			210,331
TOTAL MATERIALS			597,917
TELECOMMUNICATION SERVICES - 0.9%
Wireless Telecommunication Services - 0.9%
American Tower Corp. Class A (a)	3,300		120,120
TOTAL COMMON STOCKS (Cost $12,521,736)		13,879,350
Money Market Funds - 0.6%

Fidelity Cash Central Fund, 0.25% (b) (Cost $81,680)	81,680		81,680

TOTAL INVESTMENT PORTFOLIO - 99.4%

(Cost $12,603,416)

13,961,030

NET OTHER ASSETS - 0.6%			87,474
NET ASSETS - 100%		$ 14,048,504

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	$ 753
Fidelity Securities Lending Cash Central Fund	1,157
Total	$ 1,910

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.

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

Investments in Securities:
Beginning Balance	$ 15,525
Total Realized Gain (Loss)	(2,552)
Total Unrealized Gain (Loss)	(525)
Cost of Purchases	-
Proceeds of Sales	(12,448)
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) attributable to Level 3 securities at September 30, 2009	$ -

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $12,829,011. Net unrealized appreciation aggregated $1,132,019, of which $1,977,327 related to appreciated investment securities and $845,308 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Health Care Portfolio

September 30, 2009

1.807727.105

VHC-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
BIOTECHNOLOGY - 14.0%
Biotechnology - 14.0%
Affymax, Inc. (a)	5,700		$ 136,173
Alexion Pharmaceuticals, Inc. (a)	11,000		489,940
Alnylam Pharmaceuticals, Inc. (a)	8,200		185,976
Amgen, Inc. (a)	27,240		1,640,665
Biogen Idec, Inc. (a)	37,064		1,872,473
BioMarin Pharmaceutical, Inc. (a)	27,977		505,824
Dendreon Corp. (a)(c)	5,800		162,342
Genzyme Corp. (a)	15,263		865,870
Gilead Sciences, Inc. (a)	12,269		571,490
Human Genome Sciences, Inc. (a)	3,200		60,224
ImmunoGen, Inc. (a)	1,000		8,110
Micromet, Inc. (a)(c)	7,500		49,950
Momenta Pharmaceuticals, Inc. (a)	7,962		84,477
Myriad Genetics, Inc. (a)	10,210		279,754
OncoGenex Pharmaceuticals, Inc. (a)(c)	934		33,624
OSI Pharmaceuticals, Inc. (a)	9,690		342,057
Protalix BioTherapeutics, Inc. (a)	9,100		75,166
Targacept, Inc. (a)	9,133		195,172
Theravance, Inc. (a)	11,512		168,536
United Therapeutics Corp. (a)	17,800		872,022
			8,599,845
CHEMICALS - 0.9%
Fertilizers & Agricultural Chemicals - 0.9%
Monsanto Co.	6,950		537,930
DIVERSIFIED CONSUMER SERVICES - 0.5%
Specialized Consumer Services - 0.5%
Carriage Services, Inc. (a)	37,339		145,622
Stewart Enterprises, Inc. Class A	28,032		146,607
			292,229
ELECTRONIC EQUIPMENT & COMPONENTS - 2.0%
Electronic Equipment & Instruments - 2.0%
Agilent Technologies, Inc. (a)	42,800		1,191,124
FOOD & STAPLES RETAILING - 1.6%
Drug Retail - 1.6%
CVS Caremark Corp.	16,142		576,915
Walgreen Co.	10,900		408,423
			985,338
HEALTH CARE EQUIPMENT & SUPPLIES - 21.1%
Health Care Equipment - 17.8%
Abiomed, Inc. (a)	23,437		227,573
Baxter International, Inc.	18,210		1,038,152
Beckman Coulter, Inc.	4,789		330,154
Boston Scientific Corp. (a)	38,598		408,753
C. R. Bard, Inc.	16,919		1,330,003
Conceptus, Inc. (a)	16,700		309,618
Covidien PLC	82,188		3,555,453
Edwards Lifesciences Corp. (a)	12,018		840,178

	Shares		Value
Electro-Optical Sciences, Inc.:
warrants 11/2/11 (a)(f)	7,563		$ 39,527
warrants 8/2/12 (a)(f)	1,900		10,155
ev3, Inc. (a)	31,583		388,787
HeartWare International, Inc. (a)(f)	4,227		114,091
HeartWare International, Inc. CDI (a)	108,438		91,837
Micrus Endovascular Corp. (a)	22,695		293,900
Nobel Biocare Holding AG (Switzerland)	10,202		337,655
NuVasive, Inc. (a)(c)	10,300		430,128
Orthofix International NV (a)	5,710		167,817
St. Jude Medical, Inc. (a)	8,912		347,657
William Demant Holding AS (a)	2,299		170,830
Wright Medical Group, Inc. (a)	27,781		496,169
			10,928,437
Health Care Supplies - 3.3%
Cooper Companies, Inc.	22,670		673,979
InfuSystems Holdings, Inc. (a)	52,900		113,735
InfuSystems Holdings, Inc. warrants 4/11/11 (a)	4,900		422
Inverness Medical Innovations, Inc. (a)	25,685		994,780
Quidel Corp. (a)	4,600		74,658
RTI Biologics, Inc. (a)	37,700		163,995
			2,021,569
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			12,950,006
HEALTH CARE PROVIDERS & SERVICES - 20.2%
Health Care Distributors & Services - 1.9%
Henry Schein, Inc. (a)	15,526		852,533
Profarma Distribuidora de Produtos Farmaceuticos SA (a)	27,200		241,884
Sinopharm Group Co. Ltd. Class H	39,200		99,340
			1,193,757
Health Care Facilities - 2.7%
Emeritus Corp. (a)	8,761		192,304
Hanger Orthopedic Group, Inc. (a)	26,090		361,868
Health Management Associates, Inc. Class A (a)	70,100		525,049
Sunrise Senior Living, Inc. (a)	28,395		86,037
Universal Health Services, Inc. Class B	8,241		510,365
			1,675,623
Health Care Services - 10.5%
Clarient, Inc. (a)(c)	21,700		91,357
Express Scripts, Inc. (a)	29,160		2,262,233
Fresenius Medical Care AG & Co. KGaA sponsored ADR	5,900		293,466
Genoptix, Inc. (a)	3,300		114,774
Health Grades, Inc. (a)	43,466		215,157
LHC Group, Inc. (a)	6,200		185,566
Medco Health Solutions, Inc. (a)	58,870		3,256,100
			6,418,653
Managed Health Care - 5.1%
Aetna, Inc.	24,900		692,967
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Managed Health Care - continued
CIGNA Corp.	34,100		$ 957,869
Health Net, Inc. (a)	19,300		297,220
Humana, Inc. (a)	15,907		593,331
UnitedHealth Group, Inc.	11,805		295,597
WellPoint, Inc. (a)	5,608		265,595
			3,102,579
TOTAL HEALTH CARE PROVIDERS & SERVICES			12,390,612
HEALTH CARE TECHNOLOGY - 1.8%
Health Care Technology - 1.8%
Allscripts-Misys Healthcare Solutions, Inc.	14,589		295,719
Cerner Corp. (a)	9,300		695,640
MedAssets, Inc. (a)	4,390		99,082
			1,090,441
INTERNET SOFTWARE & SERVICES - 0.4%
Internet Software & Services - 0.4%
WebMD Health Corp. Class A (a)(c)	7,600		251,712
LIFE SCIENCES TOOLS & SERVICES - 10.3%
Life Sciences Tools & Services - 10.3%
Bruker BioSciences Corp. (a)	18,097		193,095
Covance, Inc. (a)	2,300		124,545
Dionex Corp. (a)	2,300		149,431
ICON PLC sponsored ADR (a)	7,146		175,006
Illumina, Inc. (a)	48,803		2,074,128
Life Technologies Corp. (a)	28,358		1,320,065
PerkinElmer, Inc.	21,500		413,660
QIAGEN NV (a)(c)	57,624		1,226,239
Waters Corp. (a)	11,325		632,615
			6,308,784
PHARMACEUTICALS - 25.2%
Pharmaceuticals - 25.2%
Abbott Laboratories	9,102		450,276
Allergan, Inc.	53,982		3,064,018
Ardea Biosciences, Inc. (a)	9,771		179,005
Auxilium Pharmaceuticals, Inc. (a)	3,500		119,735
Cadence Pharmaceuticals, Inc. (a)(c)	20,645		228,334
Cardiome Pharma Corp. (a)	21,700		94,462
Hikma Pharmaceuticals PLC	15,823		118,592
King Pharmaceuticals, Inc. (a)	63,400		682,818
MAP Pharmaceuticals, Inc. (a)	200		2,092
Merck & Co., Inc.	75,000		2,372,250
Optimer Pharmaceuticals, Inc. (a)(c)	12,600		170,478
Pfizer, Inc.	278,700		4,612,481
Piramal Healthcare Ltd.	11,607		93,226

	Shares		Value
Pronova BioPharma ASA (a)	37,800		$ 114,520
Roche Holding AG (participation certificate)	3,366		544,030
Shire PLC sponsored ADR	19,600		1,024,884
Teva Pharmaceutical Industries Ltd. sponsored ADR	12,321		622,950
ViroPharma, Inc. (a)	34,127		328,302
Warner Chilcott PLC (a)	20,300		438,886
XenoPort, Inc. (a)	9,460		200,836
			15,462,175
TOTAL COMMON STOCKS (Cost $54,474,274)		60,060,196

Nonconvertible Bonds - 0.3%
	Principal Amount
PHARMACEUTICALS - 0.3%
Pharmaceuticals - 0.3%
Elan Finance PLC/Elan Finance Corp. 4.44% 11/15/11 (d) (Cost $144,196)	$ 180,000	173,700

Money Market Funds - 4.9%
	Shares
Fidelity Cash Central Fund, 0.25% (e)	966,654		966,654
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(e)	2,019,350		2,019,350
TOTAL MONEY MARKET FUNDS (Cost $2,986,004)		2,986,004

TOTAL INVESTMENT PORTFOLIO - 103.2%

(Cost $57,604,474)

63,219,900

NET OTHER ASSETS - (3.2)%			(1,962,952)
NET ASSETS - 100%		$ 61,256,948

Legend

(a) Non-income producing

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

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

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

(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 $163,773 or 0.3% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Electro-Optical Sciences, Inc. warrants: 11/2/11	11/1/06	$ 1
8/2/12	8/1/07	$ 2
HeartWare International, Inc.	8/10/09	$ 92,994

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	$ 4,272
Fidelity Securities Lending Cash Central Fund	13,600
Total	$ 17,872

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities carried at 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:
Equities:
Consumer Discretionary	$ 292,229	$ 292,229	$ -	$ -
Consumer Staples	985,338	985,338	-	-
Health Care	56,801,863	56,638,090	163,773	-
Information Technology	1,442,836	1,442,836	-	-
Materials	537,930	537,930	-	-
Corporate Bonds	173,700	-	173,700	-
Money Market Funds	2,986,004	2,986,004	-	-
Total Investments in Securities	$ 63,219,900	$ 62,882,427	$ 337,473	$ -

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $58,528,317. Net unrealized appreciation aggregated $4,691,583, of which $8,557,538 related to appreciated investment securities and $3,865,955 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds, pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Industrials Portfolio

September 30, 2009

1.807737.105

VCY-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
AEROSPACE & DEFENSE - 18.8%
Aerospace & Defense - 18.8%
Alliant Techsystems, Inc. (a)	3,200		$ 249,120
BE Aerospace, Inc. (a)	22,881		460,823
Honeywell International, Inc.	60,300		2,240,145
Lockheed Martin Corp.	15,300		1,194,624
Precision Castparts Corp.	14,600		1,487,302
Raytheon Co.	18,725		898,238
Spirit AeroSystems Holdings, Inc. Class A (a)	18,600		335,916
United Technologies Corp.	60,299		3,674,021
			10,540,189
AIR FREIGHT & LOGISTICS - 3.6%
Air Freight & Logistics - 3.6%
FedEx Corp.	17,300		1,301,306
United Parcel Service, Inc. Class B	12,800		722,816
			2,024,122
AUTO COMPONENTS - 5.4%
Auto Parts & Equipment - 3.5%
BorgWarner, Inc. (c)	14,900		450,874
Exide Technologies (a)	33,400		266,198
Johnson Controls, Inc.	43,600		1,114,416
WABCO Holdings, Inc.	7,100		149,100
			1,980,588
Tires & Rubber - 1.9%
Nokian Tyres PLC	4,900		114,221
The Goodyear Tire & Rubber Co. (a)	54,180		922,685
			1,036,906
TOTAL AUTO COMPONENTS			3,017,494
BEVERAGES - 0.3%
Soft Drinks - 0.3%
Heckmann Corp. (a)	36,700		168,086
BUILDING PRODUCTS - 3.8%
Building Products - 3.8%
Armstrong World Industries, Inc. (a)	4,300		148,178
Masco Corp.	102,620		1,325,850
Owens Corning (a)	29,100		653,295
			2,127,323
CHEMICALS - 1.0%
Specialty Chemicals - 1.0%
W.R. Grace & Co. (a)	25,968		564,544
COMMERCIAL SERVICES & SUPPLIES - 5.5%
Commercial Printing - 1.2%
R.R. Donnelley & Sons Co.	32,400		688,824
Diversified Support Services - 0.9%
Cintas Corp.	17,100		518,301

	Shares		Value
Environmental & Facility Services - 2.1%
Casella Waste Systems, Inc. Class A (a)	61,711		$ 181,430
Clean Harbors, Inc. (a)	5,600		315,056
Republic Services, Inc.	26,244		697,303
			1,193,789
Office Services & Supplies - 0.6%
United Stationers, Inc. (a)	6,268		298,419
Security & Alarm Services - 0.7%
The Brink's Co.	14,300		384,813
TOTAL COMMERCIAL SERVICES & SUPPLIES			3,084,146
CONSTRUCTION & ENGINEERING - 0.2%
Construction & Engineering - 0.2%
Chicago Bridge & Iron Co. NV (NY Shares)	7,300		136,364
DIVERSIFIED CONSUMER SERVICES - 0.3%
Specialized Consumer Services - 0.3%
Brinks Home Security Holdings, Inc. (a)	5,525		170,115
ELECTRICAL EQUIPMENT - 7.3%
Electrical Components & Equipment - 7.3%
Acuity Brands, Inc.	13,058		420,598
AMETEK, Inc.	26,550		926,861
Cooper Industries PLC Class A	17,200		646,204
Ener1, Inc. (a)(c)	21,632		149,693
First Solar, Inc. (a)	2,000		305,720
General Cable Corp. (a)	5,400		211,410
Regal-Beloit Corp.	13,766		629,244
Rockwell Automation, Inc.	16,300		694,380
SunPower Corp. Class B (a)	4,800		121,104
			4,105,214
ELECTRONIC EQUIPMENT & COMPONENTS - 1.8%
Electronic Components - 0.1%
CPI International, Inc. (a)	4,893		54,753
Electronic Equipment & Instruments - 1.2%
FLIR Systems, Inc. (a)	12,198		341,178
Itron, Inc. (a)	4,900		314,286
			655,464
Electronic Manufacturing Services - 0.5%
Tyco Electronics Ltd.	12,841		286,097
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			996,314
HOUSEHOLD DURABLES - 1.7%
Homebuilding - 0.2%
Pulte Homes, Inc.	12,090		132,869
Household Appliances - 1.5%
Black & Decker Corp.	17,900		828,591
TOTAL HOUSEHOLD DURABLES			961,460
Common Stocks - continued
	Shares		Value
INDUSTRIAL CONGLOMERATES - 11.8%
Industrial Conglomerates - 11.8%
3M Co.	33,200		$ 2,450,160
Carlisle Companies, Inc.	8,800		298,408
General Electric Co.	120,734		1,982,452
Koninklijke Philips Electronics NV	6,200		151,237
Textron, Inc.	40,100		761,098
Tyco International Ltd.	28,281		975,129
			6,618,484
MACHINERY - 17.1%
Construction & Farm Machinery & Heavy Trucks - 8.8%
Cummins, Inc.	36,080		1,616,745
Deere & Co.	22,300		957,116
Manitowoc Co., Inc.	6,100		57,767
Navistar International Corp. (a)	21,286		796,522
PACCAR, Inc.	34,000		1,282,140
Toro Co. (c)	6,300		250,551
			4,960,841
Industrial Machinery - 8.3%
Actuant Corp. Class A	9,800		157,388
Altra Holdings, Inc. (a)	27,089		303,126
Blount International, Inc. (a)	14,599		138,253
Danaher Corp.	25,200		1,696,464
EnPro Industries, Inc. (a)	2,400		54,864
Ingersoll-Rand Co. Ltd.	58,700		1,800,329
Parker Hannifin Corp.	7,600		393,984
Timken Co.	4,900		114,807
			4,659,215
TOTAL MACHINERY			9,620,056
MARINE - 0.3%
Marine - 0.3%
Ultrapetrol (Bahamas) Ltd. (a)	29,902		147,118
OIL, GAS & CONSUMABLE FUELS - 0.4%
Coal & Consumable Fuels - 0.4%
Alpha Natural Resources, Inc. (a)	4,800		168,480
Arch Coal, Inc.	2,800		61,964
			230,444
PROFESSIONAL SERVICES - 2.1%
Human Resource & Employment Services - 1.3%
Manpower, Inc.	12,420		704,338
Research & Consulting Services - 0.8%
Equifax, Inc.	15,900		463,326
TOTAL PROFESSIONAL SERVICES			1,167,664

	Shares		Value
ROAD & RAIL - 13.5%
Railroads - 9.0%
CSX Corp.	27,461		$ 1,149,517
Genesee & Wyoming, Inc. Class A (a)	8,000		242,560
Norfolk Southern Corp.	25,790		1,111,807
Union Pacific Corp.	43,500		2,538,225
			5,042,109
Trucking - 4.5%
Arkansas Best Corp.	9,100		272,454
Avis Budget Group, Inc. (a)	47,560		635,402
Con-way, Inc.	8,800		337,216
Hertz Global Holdings, Inc. (a)(c)	40,600		439,698
Ryder System, Inc.	18,122		707,845
Saia, Inc. (a)	10,400		167,232
			2,559,847
TOTAL ROAD & RAIL			7,601,956
SOFTWARE - 0.6%
Application Software - 0.6%
Solera Holdings, Inc.	9,901		308,020
TRADING COMPANIES & DISTRIBUTORS - 3.6%
Trading Companies & Distributors - 3.6%
Fastenal Co. (c)	13,000		503,100
Interline Brands, Inc. (a)	25,200		424,620
Rush Enterprises, Inc. Class A (a)	68,249		881,777
United Rentals, Inc. (a)	21,600		222,480
			2,031,977
TRANSPORTATION INFRASTRUCTURE - 0.2%
Marine Ports & Services - 0.2%
Aegean Marine Petroleum Network, Inc.	5,922		133,245
TOTAL COMMON STOCKS (Cost $51,454,397)		55,754,335
Money Market Funds - 3.3%

Fidelity Cash Central Fund, 0.25% (d)	375,668		375,668
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(d)	1,443,375		1,443,375
TOTAL MONEY MARKET FUNDS (Cost $1,819,043)		1,819,043

TOTAL INVESTMENT PORTFOLIO - 102.6%

(Cost $53,273,440)

57,573,378

NET OTHER ASSETS - (2.6)%		(1,444,841)
NET ASSETS - 100%		$ 56,128,537

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,571
Fidelity Securities Lending Cash Central Fund	19,526
Total	$ 24,097

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities carried at 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:
Equities:
Consumer Discretionary	$ 4,149,069	$ 4,149,069	$ -	$ -
Consumer Staples	168,086	168,086	-	-
Energy	230,444	230,444	-	-
Industrials	49,337,858	49,186,621	151,237	-
Information Technology	1,304,334	1,304,334	-	-
Materials	564,544	564,544	-	-
Money Market Funds	1,819,043	1,819,043	-	-
Total Investments in Securities	$ 57,573,378	$ 57,422,141	$ 151,237	$ -

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $54,654,925. Net unrealized appreciation aggregated $2,918,453, of which $8,407,989 related to appreciated investment securities and $5,489,536 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
International Capital Appreciation Portfolio

September 30, 2009

1.822576.104

VIPCAP-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
Australia - 3.7%
JB Hi-Fi Ltd.	13,187		$ 231,043
MacArthur Coal Ltd.	30,918		257,484
Origin Energy Ltd.	18,602		267,822
OZ Minerals Ltd.	214,321		215,544
Westfield Group unit	24,071		295,173
Woolworths Ltd.	12,333		318,245
TOTAL AUSTRALIA			1,585,311
Belgium - 1.6%
Anheuser-Busch InBev SA NV	9,071		414,203
Fortis (a)	59,275		277,645
TOTAL BELGIUM			691,848
Bermuda - 2.8%
Aquarius Platinum Ltd. (United Kingdom)	49,300		219,067
Dufry South America Ltd. unit	15,005		253,740
Huabao International Holdings Ltd.	200,000		214,452
Northern Offshore Ltd. (a)(c)	240,000		325,329
OM Holdings Ltd.	51,833		80,937
Scorpion Offshore Ltd. (a)	27,500		118,545
TOTAL BERMUDA			1,212,070
Brazil - 2.5%
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)	14,900		226,480
GVT Holding SA (a)	8,900		203,920
Lupatech SA (a)	15,100		220,391
TIM Participacoes SA	86,600		213,676
Votorantim Celulose e Papel SA sponsored ADR (a)	13,509		221,683
TOTAL BRAZIL			1,086,150
Canada - 4.8%
Canadian National Railway Co.	5,600		275,841
Consolidated Thompson Iron Mines Ltd. (a)	66,400		340,529
Niko Resources Ltd.	3,200		250,350
Open Text Corp. (a)	6,100		228,558
OPTI Canada, Inc. (a)	160,700		322,751
Quadra Mining Ltd. (a)	16,800		228,342
Suncor Energy, Inc.	11,500		401,775
TOTAL CANADA			2,048,146
Cayman Islands - 2.7%
China High Speed Transmission Equipment Group Co. Ltd.	103,000		211,316
Himax Technologies, Inc. sponsored ADR	74,000		246,420
JA Solar Holdings Co. Ltd. ADR (a)	55,679		224,386
Peak Sport Products Co. Ltd.	487,000		223,075
Trina Solar Ltd. ADR (a)(c)	7,600		244,492
TOTAL CAYMAN ISLANDS			1,149,689

	Shares		Value
China - 0.5%
Focus Media Holding Ltd. ADR (a)	21,100		$ 232,944
Cyprus - 0.6%
AFI Development PLC GDR (Reg. S)	52,700		137,020
Mirland Development Corp. PLC (a)	50,000		115,884
TOTAL CYPRUS			252,904
Czech Republic - 0.6%
Ceske Energeticke Zavody AS	4,600		246,933
Denmark - 2.5%
Carlsberg AS Series B	3,100		224,560
Danske Bank AS (a)	10,943		286,641
Novo Nordisk AS Series B	4,634		290,135
Vestas Wind Systems AS (a)	3,590		259,526
TOTAL DENMARK			1,060,862
France - 9.2%
Atos Origin SA (a)	4,490		226,672
AXA SA sponsored ADR	13,000		351,650
BNP Paribas SA (c)	5,424		433,357
BNP Paribas SA rights 10/13/09 (a)(c)	5,424		11,747
Carrefour SA	6,697		303,791
Credit Agricole SA	15,800		330,156
Danone	5,031		303,161
Iliad Group SA	1,962		221,067
Nexity	5,100		203,250
Peugeot Citroen SA (a)	7,504		228,781
Renault SA (a)	4,900		228,477
Saft Groupe SA	4,413		245,387
Sanofi-Aventis sponsored ADR	12,900		476,655
Societe Generale Series A	4,762		383,253
TOTAL FRANCE			3,947,404
Germany - 3.4%
Aixtron AG	12,606		343,471
Allianz AG (Reg.)	3,174		396,105
Deutsche Boerse AG	3,136		256,291
HeidelbergCement AG	3,930		254,414
Metro AG	4,100		231,882
TOTAL GERMANY			1,482,163
Greece - 0.5%
Hellenic Telecommunications Organization SA	13,674		226,104
Hong Kong - 1.2%
China Resources Power Holdings Co. Ltd.	102,000		237,166
China Unicom (Hong Kong) Ltd. sponsored ADR	19,800		281,952
TOTAL HONG KONG			519,118
India - 3.2%
Dishman Pharmaceuticals and Chemicals Ltd.	50,820		272,385
Common Stocks - continued
	Shares		Value
India - continued
Housing Development and Infrastructure Ltd. (a)	30,040		$ 202,763
ICSA (India) Ltd.	53,958		236,586
Indiabulls Real Estate Ltd.	36,043		205,227
MIC Electronics Ltd.	198,254		221,159
Rural Electrification Corp. Ltd.	3,032		12,792
Sintex Industries Ltd.	45,115		241,146
TOTAL INDIA			1,392,058
Indonesia - 0.6%
PT Semen Gresik Tbk	366,500		239,394
Ireland - 0.5%
Covidien PLC	5,100		220,626
Israel - 1.5%
Bezeq Israeli Telecommunication Corp. Ltd.	107,400		230,876
Teva Pharmaceutical Industries Ltd. sponsored ADR	7,900		399,424
TOTAL ISRAEL			630,300
Italy - 1.5%
Banco Popolare Societa Cooperativa (a)	26,100		250,349
Intesa Sanpaolo SpA	87,889		388,718
TOTAL ITALY			639,067
Japan - 14.2%
eAccess Ltd.	388		270,141
Elpida Memory, Inc. (a)	16,000		208,671
Hitachi Ltd.	80,000		245,666
Itochu Corp.	34,000		224,212
Japan Tobacco, Inc.	93		317,995
JTEKT Corp.	18,100		210,097
Kyocera Corp.	3,200		295,635
Mazda Motor Corp.	98,000		218,866
Mitsubishi Corp.	14,200		285,627
Mitsubishi Materials Corp.	81,000		222,747
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	89,000		475,260
Mitsubishi UFJ Lease & Finance Co. Ltd.	7,090		212,606
Mitsui & Co. Ltd.	21,000		273,234
Nitori Co. Ltd.	2,700		229,753
Omron Corp.	13,100		246,163
ORIX Corp.	5,070		307,972
Sankyo Co. Ltd. (Gunma)	3,400		212,252
Sapporo Breweries Ltd.	39,000		198,461
Shinsei Bank Ltd. (a)	74,000		112,993
Softbank Corp.	12,400		271,821
Sony Corp. sponsored ADR (c)	10,300		300,760
Sumco Corp.	9,300		210,589
Sumitomo Metal Industries Ltd.	101,000		247,504
Toshiba Corp.	54,000		282,681
TOTAL JAPAN			6,081,706

	Shares		Value
Korea (South) - 3.0%
DigiTech Systems Co., Ltd. (a)	9,654		$ 220,487
Hanjin Heavy Industries & Consolidated Co. Ltd.	10,405		209,759
Hyundai Mipo Dockyard Co. Ltd.	1,957		207,248
LG Corp.	3,602		242,048
LG Innotek Co. Ltd.	1,868		201,796
Lumens Co. Ltd. (a)	34,239		216,974
TOTAL KOREA (SOUTH)			1,298,312
Luxembourg - 1.3%
ArcelorMittal SA (NY Shares) Class A	8,000		297,120
GAGFAH SA	22,200		245,913
TOTAL LUXEMBOURG			543,033
Netherlands - 1.3%
Gemalto NV (a)	5,119		238,689
ING Groep NV sponsored ADR (a)	18,700		333,421
TOTAL NETHERLANDS			572,110
Norway - 2.0%
DnB NOR ASA (a)	21,400		247,851
Renewable Energy Corp. AS (a)(c)	38,413		337,160
Sevan Marine ASA (a)	188,000		291,456
TOTAL NORWAY			876,467
Russia - 3.1%
LSR Group OJSC GDR (Reg. S) (a)	24,800		151,280
Lukoil Oil Co. sponsored ADR	5,400		296,190
Mechel Steel Group OAO sponsored ADR (c)	14,300		257,114
OAO Gazprom sponsored ADR	16,425		388,287
RusHydro JSC sponsored ADR (a)	67,400		231,182
TOTAL RUSSIA			1,324,053
South Africa - 2.8%
Imperial Holdings Ltd.	21,730		230,971
MTN Group Ltd.	17,300		281,365
Murray & Roberts Holdings Ltd.	28,000		221,264
Naspers Ltd. Class N	7,600		259,729
Shoprite Holdings Ltd.	26,100		215,458
TOTAL SOUTH AFRICA			1,208,787
Spain - 2.5%
EDP Renovaveis SA (a)	20,564		226,136
Grupo Acciona SA	1,663		226,313
Telefonica SA	23,074		638,366
TOTAL SPAIN			1,090,815
Switzerland - 3.5%
Actelion Ltd. (Reg.) (a)	3,744		232,476
Roche Holding AG (participation certificate)	3,675		593,972
Common Stocks - continued
	Shares		Value
Switzerland - continued
Swiss Reinsurance Co. (Reg.)	5,717		$ 258,061
UBS AG (NY Shares) (a)	22,100		404,651
TOTAL SWITZERLAND			1,489,160
Taiwan - 0.5%
Wintek Corp. (a)	305,000		222,842
United Kingdom - 13.3%
Barclays PLC Sponsored ADR (c)	18,700		442,068
BG Group PLC	26,341		457,665
Bovis Homes Group PLC	27,600		206,021
BT Group PLC	129,600		270,141
Cairn Energy PLC (a)	5,514		245,634
Carphone Warehouse Group PLC	74,497		227,673
Centrica PLC	68,659		276,117
Debenhams PLC	168,089		204,058
HSBC Holdings PLC sponsored ADR (c)	14,400		825,839
Imperial Tobacco Group PLC	10,361		299,423
Royal Dutch Shell PLC Class B	27,356		760,040
Taylor Wimpey PLC (a)	329,806		222,041
Tesco PLC	58,824		375,721
Vodafone Group PLC	257,331		578,170
Xstrata PLC	20,620		304,047
TOTAL UNITED KINGDOM			5,694,658
United States of America - 6.9%
Arch Coal, Inc.	9,500		210,235
Bank of America Corp.	13,500		228,420
Capital One Financial Corp.	5,600		200,088
D.R. Horton, Inc.	16,900		192,829
Ener1, Inc. (a)(c)	29,500		204,140
JPMorgan Chase & Co.	5,300		232,246
Morgan Stanley	10,100		311,888
PNC Financial Services Group, Inc.	5,500		267,245
Rubicon Technology, Inc. (a)(c)	22,300		330,932

	Shares		Value
Veeco Instruments, Inc. (a)	13,876		$ 323,588
Virgin Media, Inc.	16,400		228,288
Wells Fargo & Co.	8,400		236,712
TOTAL UNITED STATES OF AMERICA			2,966,611
TOTAL COMMON STOCKS (Cost $36,030,043)		42,231,645
Nonconvertible Preferred Stocks - 0.5%

Italy - 0.5%
Fiat SpA (Risparmio Shares) (Cost $154,680)	29,900		229,264
Money Market Funds - 8.9%

Fidelity Cash Central Fund, 0.25% (d)	1,164,687		1,164,687
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(d)	2,645,155		2,645,155
TOTAL MONEY MARKET FUNDS (Cost $3,809,842)		3,809,842

TOTAL INVESTMENT PORTFOLIO - 107.7%

(Cost $39,994,565)

46,270,751

NET OTHER ASSETS - (7.7)%			(3,293,480)
NET ASSETS - 100%		$ 42,977,271

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,537
Fidelity Securities Lending Cash Central Fund	40,689
Total	$ 43,226

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Japan	$ 6,081,706	$ 776,020	$ 5,305,686	$ -
United Kingdom	5,694,658	4,086,307	1,608,351	-
France	3,947,404	3,947,404	-	-
United States of America	2,966,611	2,966,611	-	-
Canada	2,048,146	2,048,146	-	-
Australia	1,585,311	1,585,311	-	-
Switzerland	1,489,160	1,489,160	-	-
Germany	1,482,163	1,086,058	396,105	-
India	1,392,058	1,392,058	-	-
Other	15,773,692	14,853,961	919,731	-
Money Market Funds	3,809,842	3,809,842	-	-
Total Investments in Securities	$ 46,270,751	$ 38,040,878	$ 8,229,873	$ -

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

Investments in Securities:
Beginning Balance	$ 561,490
Total Realized Gain (Loss)	(284,363)
Total Unrealized Gain (Loss)	194,180
Cost of Purchases	542,507
Proceeds of Sales	(1,013,814)
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) attributable to Level 3 securities at September 30, 2009	$ -

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $40,657,683. Net unrealized appreciation aggregated $5,613,068, of which $6,808,409 related to appreciated investment securities and $1,195,341 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Materials Portfolio

September 30, 2009

1.856922.102

VMATP-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
BUILDING PRODUCTS - 2.2%
Building Products - 2.2%
Masco Corp.	82,210		$ 1,062,153
USG Corp. (a)(c)	8,900		152,902
			1,215,055
CHEMICALS - 53.1%
Commodity Chemicals - 3.7%
Celanese Corp. Class A	83,000		2,075,000
Diversified Chemicals - 20.2%
Ashland, Inc.	29,300		1,266,346
Cabot Corp.	22,600		522,286
Dow Chemical Co.	191,400		4,989,798
E.I. du Pont de Nemours & Co.	124,651		4,006,283
Huntsman Corp.	36,800		335,248
Solutia, Inc. (a)	23,800		275,604
			11,395,565
Fertilizers & Agricultural Chemicals - 9.9%
Fertilizantes Fosfatados SA (PN)	32,500		332,322
Monsanto Co.	44,424		3,438,418
Terra Industries, Inc.	16,500		572,055
The Mosaic Co.	25,400		1,220,978
			5,563,773
Industrial Gases - 12.1%
Air Products & Chemicals, Inc.	31,100		2,412,738
Airgas, Inc.	21,000		1,015,770
Praxair, Inc.	41,600		3,398,304
			6,826,812
Specialty Chemicals - 7.2%
Albemarle Corp.	41,335		1,430,191
Cytec Industries, Inc.	13,700		444,839
Innophos Holdings, Inc.	8,500		157,250
Johnson Matthey PLC	8,949		198,541
Rockwood Holdings, Inc. (a)	7,588		156,085
Valspar Corp.	5,400		148,554
W.R. Grace & Co. (a)	69,400		1,508,756
			4,044,216
TOTAL CHEMICALS			29,905,366
CONSTRUCTION MATERIALS - 3.8%
Construction Materials - 3.8%
Cemex SA de CV sponsored ADR	32,600		421,192
Eagle Materials, Inc.	10,500		300,090
HeidelbergCement AG	2,620		169,609
Martin Marietta Materials, Inc.	2,900		267,003
Vulcan Materials Co. (c)	18,300		989,481
			2,147,375

	Shares		Value
CONTAINERS & PACKAGING - 7.6%
Metal & Glass Containers - 4.5%
Ball Corp.	11,900		$ 585,480
Crown Holdings, Inc. (a)	20,429		555,669
Owens-Illinois, Inc. (a)	37,600		1,387,440
			2,528,589
Paper Packaging - 3.1%
Cascades, Inc.	17,700		129,794
Packaging Corp. of America	41,300		842,520
Temple-Inland, Inc.	45,774		751,609
			1,723,923
TOTAL CONTAINERS & PACKAGING			4,252,512
FOOD PRODUCTS - 1.8%
Agricultural Products - 1.8%
Bunge Ltd.	10,700		669,927
Corn Products International, Inc.	12,300		350,796
			1,020,723
HOUSEHOLD DURABLES - 0.2%
Homebuilding - 0.2%
Pulte Homes, Inc.	9,750		107,153
MARINE - 0.3%
Marine - 0.3%
Ultrapetrol (Bahamas) Ltd. (a)	35,000		172,200
METALS & MINING - 23.0%
Diversified Metals & Mining - 9.1%
Anglo American PLC (United Kingdom)	8,169		260,233
Freeport-McMoRan Copper & Gold, Inc.	60,900		4,178,349
RTI International Metals, Inc. (a)	7,200		179,352
Teck Resources Ltd. Class B (sub. vtg.) (a)	18,700		515,320
			5,133,254
Gold - 5.9%
Agnico-Eagle Mines Ltd. (Canada)	8,400		568,187
AngloGold Ashanti Ltd. sponsored ADR	11,353		462,748
Harmony Gold Mining Co. Ltd.	32,100		347,980
Newcrest Mining Ltd.	24,912		701,078
Newmont Mining Corp.	7,200		316,944
Randgold Resources Ltd. sponsored ADR	7,385		516,064
Yamana Gold, Inc.	34,600		372,342
			3,285,343
Precious Metals & Minerals - 0.7%
Aquarius Platinum Ltd. (United Kingdom)	33,453		148,650
Impala Platinum Holdings Ltd.	11,413		265,931
			414,581
Steel - 7.3%
Allegheny Technologies, Inc.	7,200		251,928
Nucor Corp.	52,800		2,482,128
Common Stocks - continued
	Shares		Value
METALS & MINING - CONTINUED
Steel - continued
Reliance Steel & Aluminum Co.	15,700		$ 668,192
Steel Dynamics, Inc.	46,200		708,708
			4,110,956
TOTAL METALS & MINING			12,944,134
OIL, GAS & CONSUMABLE FUELS - 0.9%
Coal & Consumable Fuels - 0.9%
Alpha Natural Resources, Inc. (a)	6,940		243,594
Massey Energy Co.	9,000		251,010
SouthGobi Energy Resources Ltd. (a)	3,400		38,748
			533,352
PAPER & FOREST PRODUCTS - 4.9%
Forest Products - 3.7%
Louisiana-Pacific Corp. (a)	33,700		224,779
Weyerhaeuser Co.	50,500		1,850,825
			2,075,604
Paper Products - 1.2%
Schweitzer-Mauduit International, Inc.	12,500		679,500
TOTAL PAPER & FOREST PRODUCTS			2,755,104
TOTAL COMMON STOCKS (Cost $50,185,859)		55,052,974
Money Market Funds - 3.4%
	Shares		Value
Fidelity Cash Central Fund, 0.25% (d)	1,655,325		$ 1,655,325
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(d)	259,500		259,500
TOTAL MONEY MARKET FUNDS (Cost $1,914,825)		1,914,825

TOTAL INVESTMENT PORTFOLIO - 101.2%

(Cost $52,100,684)

56,967,799

NET OTHER ASSETS - (1.2)%			(687,052)
NET ASSETS - 100%		$ 56,280,747

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 4,625
Fidelity Securities Lending Cash Central Fund	600
Total	$ 5,225

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities carried at 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:
Equities:
Consumer Discretionary	$ 107,153	$ 107,153	$ -	$ -
Consumer Staples	1,020,723	1,020,723	-	-
Energy	533,352	533,352	-	-
Industrials	1,387,255	1,387,255	-	-
Materials	52,004,491	51,656,511	347,980	-
Money Market Funds	1,914,825	1,914,825	-	-
Total Investments in Securities:	$ 56,967,799	$ 56,619,819	$ 347,980	$ -

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $53,145,919. Net unrealized appreciation aggregated $3,821,880, of which $9,217,728 related to appreciated investment securities and $5,395,848 related to depreciated investment securities.

Investment Valuation

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:
Real Estate Portfolio

September 30, 2009

1.808791.105

VIPRE-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - 1.9%
Health Care Facilities - 1.9%
Emeritus Corp. (a)	69,736		$ 1,530,705
HOTELS, RESTAURANTS & LEISURE - 0.0%
Casinos & Gaming - 0.0%
Wynn Macau Ltd.	6,400		8,324
HOUSEHOLD DURABLES - 0.7%
Homebuilding - 0.7%
D.R. Horton, Inc.	5,000		57,050
Lennar Corp. Class A	6,000		85,500
M/I Homes, Inc. (a)	5,700		77,463
Pulte Homes, Inc.	24,480		269,035
Toll Brothers, Inc. (a)	5,100		99,654
TOTAL HOMEBUILDING			588,702
REAL ESTATE INVESTMENT TRUSTS - 91.5%
REITs - Apartments - 13.5%
Apartment Investment & Management Co. Class A	122,234		1,802,952
AvalonBay Communities, Inc.	17,124		1,245,429
Camden Property Trust (SBI)	54,200		2,184,260
Equity Residential (SBI)	68,653		2,107,647
Essex Property Trust, Inc.	29,329		2,334,002
Home Properties, Inc.	24,000		1,034,160
UDR, Inc.	19,300		303,782
TOTAL REITS - APARTMENTS			11,012,232
REITs - Factory Outlets - 0.6%
Tanger Factory Outlet Centers, Inc.	12,800		477,952
REITs - Health Care Facilities - 10.8%
HCP, Inc.	82,500		2,371,050
Health Care REIT, Inc.	3,300		137,346
Healthcare Realty Trust, Inc.	48,700		1,029,031
Nationwide Health Properties, Inc.	9,300		288,207
Omega Healthcare Investors, Inc.	3,400		54,468
Ventas, Inc.	129,200		4,974,200
TOTAL REITS - HEALTH CARE FACILITIES			8,854,302
REITs - Hotels - 6.1%
DiamondRock Hospitality Co.	234,417		1,898,778
Host Hotels & Resorts, Inc.	88,847		1,045,729
Sunstone Hotel Investors, Inc.	288,681		2,049,635
TOTAL REITS - HOTELS			4,994,142

	Shares		Value
REITs - Industrial Buildings - 14.3%
Duke Realty LP	222,300		$ 2,669,823
First Industrial Realty Trust, Inc.	64,800		340,200
ProLogis Trust	341,816		4,074,447
Public Storage	43,340		3,260,902
U-Store-It Trust	214,300		1,339,375
TOTAL REITS - INDUSTRIAL BUILDINGS			11,684,747
REITs - Malls - 13.4%
CBL & Associates Properties, Inc.	138,988		1,348,184
Simon Property Group, Inc.	104,866		7,280,843
The Macerich Co. (c)	76,807		2,329,556
TOTAL REITS - MALLS			10,958,583
REITs - Management/Investment - 3.5%
Digital Realty Trust, Inc.	62,400		2,852,304
REITs - Office Buildings - 17.6%
Alexandria Real Estate Equities, Inc. (c)	33,933		1,844,259
Boston Properties, Inc.	38,400		2,517,120
Brandywine Realty Trust (SBI)	142,700		1,575,408
Corporate Office Properties Trust (SBI)	63,700		2,349,256
Highwoods Properties, Inc. (SBI)	89,300		2,808,485
SL Green Realty Corp.	74,700		3,275,595
TOTAL REITS - OFFICE BUILDINGS			14,370,123
REITs - Shopping Centers - 11.7%
Acadia Realty Trust (SBI)	79,500		1,198,065
Developers Diversified Realty Corp.	194,575		1,797,873
Glimcher Realty Trust	15,700		57,619
Kimco Realty Corp.	31,615		412,260
Kite Realty Group Trust	126,400		527,088
Ramco-Gershenson Properties Trust (SBI)	15,700		140,044
Regency Centers Corp.	61,900		2,293,395
Vornado Realty Trust	48,872		3,147,846
TOTAL REITS - SHOPPING CENTERS			9,574,190
TOTAL REAL ESTATE INVESTMENT TRUSTS			74,778,575
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.9%
Real Estate Operating Companies - 1.2%
BR Malls Participacoes SA (a)	31,500		372,074
Brookfield Properties Corp.	57,150		643,509
TOTAL REAL ESTATE OPERATING COMPANIES			1,015,583
Common Stocks - continued
	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - CONTINUED
Real Estate Services - 1.7%
CB Richard Ellis Group, Inc. Class A (a)	117,428		$ 1,378,605
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			2,394,188
TOTAL COMMON STOCKS (Cost $78,729,905)		79,300,494
Money Market Funds - 5.2%

Fidelity Cash Central Fund, 0.25% (d)	2,609,012		2,609,012
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(d)	1,665,100		1,665,100
TOTAL MONEY MARKET FUNDS (Cost $4,274,112)		4,274,112

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $83,004,017)

83,574,606

NET OTHER ASSETS - (2.2)%			(1,809,678)
NET ASSETS - 100%		$ 81,764,928

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 6,691
Fidelity Securities Lending Cash Central Fund	3,369
Total	$ 10,060

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities carried at 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:
Equities:
Consumer Discretionary	$ 597,026	$ 588,702	$ 8,324	$ -
Financials	77,172,763	77,172,763	-	-
Health Care	1,530,705	1,530,705	-	-
Money Market Funds	4,274,112	4,274,112	-	-
Total Investments in Securities	$ 83,574,606	$ 83,566,282	$ 8,324	$ -

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $89,677,755. Net unrealized depreciation aggregated $6,103,149, of which $13,537,722 related to appreciated investment securities and $19,640,871 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Technology Portfolio

September 30, 2009

1.807723.105

VTC-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.1%
Commercial Printing - 0.1%
Nissha Printing Co. Ltd.	2,100		$ 106,856
COMMUNICATIONS EQUIPMENT - 11.3%
Communications Equipment - 11.3%
3Com Corp. (a)	112,600		588,898
Adtran, Inc.	6,400		157,120
ADVA AG Optical Networking (a)	58,503		186,624
Alcatel-Lucent SA sponsored ADR (a)	1,700		7,633
Aruba Networks, Inc. (a)	900		7,956
Brocade Communications Systems, Inc. (a)	50,200		394,572
BYD Electronic International Co. Ltd. (a)	82,500		46,094
Ciena Corp. (a)	12,100		196,988
Cisco Systems, Inc. (a)	192,137		4,522,905
Cogo Group, Inc. (a)	1,405		8,599
CommScope, Inc. (a)	16,500		493,845
Comverse Technology, Inc. (a)	21,470		187,863
EMCORE Corp. (a)	20,000		26,000
Emulex Corp. (a)	10,600		109,074
F5 Networks, Inc. (a)	19,218		761,609
Finisar Corp. (a)	6,950		67,276
Infinera Corp. (a)	13,800		109,710
Juniper Networks, Inc. (a)	20,700		559,314
Motorola, Inc.	13,500		115,965
Palm, Inc. (a)	15,300		266,679
Polycom, Inc. (a)	26,500		708,875
Powerwave Technologies, Inc. (a)	28,200		45,120
QUALCOMM, Inc.	22,400		1,007,552
Riverbed Technology, Inc. (a)	25,100		551,196
Sandvine Corp. (a)	185,700		225,511
Sandvine Corp. (U.K.) (a)	100,288		118,622
Sonus Networks, Inc. (a)	5,300		11,236
Starent Networks Corp. (a)	48,388		1,230,023
Tekelec (a)	22,400		368,032
Tellabs, Inc. (a)	26,200		181,304
			13,262,195
COMPUTERS & PERIPHERALS - 16.0%
Computer Hardware - 12.2%
3PAR, Inc. (a)	11,600		127,948
Apple, Inc. (a)	51,345		9,517,820
Dell, Inc. (a)	800		12,208
Hewlett-Packard Co.	66,900		3,158,349
Lenovo Group Ltd.	730,000		324,968
Stratasys, Inc. (a)	13,110		224,968
Teradata Corp. (a)	4,300		118,336
Toshiba Corp.	169,000		884,686
			14,369,283
Computer Storage & Peripherals - 3.8%
Chicony Electronics Co. Ltd.	35,267		79,714
Compellent Technologies, Inc. (a)	7,300		131,765

	Shares		Value
EMC Corp. (a)	48,400		$ 824,736
Immersion Corp. (a)	99,600		426,288
Isilon Systems, Inc. (a)	9,800		59,780
NetApp, Inc. (a)	9,500		253,460
Netezza Corp. (a)	11,500		129,260
QLogic Corp. (a)	23,200		399,040
SanDisk Corp. (a)	57,687		1,251,808
Seagate Technology	45,700		695,097
SIMPLO Technology Co. Ltd.	12,100		68,656
Synaptics, Inc. (a)	3,500		88,200
			4,407,804
TOTAL COMPUTERS & PERIPHERALS			18,777,087
CONSTRUCTION & ENGINEERING - 0.0%
Construction & Engineering - 0.0%
MasTec, Inc. (a)	1,700		20,655
DIVERSIFIED CONSUMER SERVICES - 0.0%
Education Services - 0.0%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	100		8,045
ELECTRICAL EQUIPMENT - 1.3%
Electrical Components & Equipment - 1.3%
A123 Systems, Inc.	500		10,660
centrotherm photovoltaics AG (a)	200		9,599
Energy Conversion Devices, Inc. (a)(c)	8,300		96,114
First Solar, Inc. (a)	886		135,434
General Cable Corp. (a)	2,400		93,960
GT Solar International, Inc. (a)	26,600		154,546
JA Solar Holdings Co. Ltd. ADR (a)	32,100		129,363
Q-Cells SE (a)	200		3,831
Roth & Rau AG (a)	200		7,621
SunPower Corp.:
Class A (a)(c)	12,200		364,658
Class B (a)	15,242		384,556
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(c)	600		9,120
Trina Solar Ltd. ADR (a)	3,400		109,378
Yingli Green Energy Holding Co. Ltd. ADR (a)	6,600		82,236
			1,591,076
ELECTRONIC EQUIPMENT & COMPONENTS - 5.5%
Electronic Components - 1.3%
Amphenol Corp. Class A	300		11,304
BYD Co. Ltd. (H Shares) (a)	35,500		292,474
DTS, Inc. (a)	2,200		60,236
Everlight Electronics Co. Ltd.	59,219		193,322
Littelfuse, Inc. (a)	21,300		558,912
Universal Display Corp. (a)(c)	30,000		358,200
Vishay Intertechnology, Inc. (a)	1,300		10,270
			1,484,718
Common Stocks - continued
	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED
Electronic Equipment & Instruments - 1.2%
Agilent Technologies, Inc. (a)	17,100		$ 475,893
China Security & Surveillance Technology, Inc. (a)(c)	20,185		144,121
China Security & Surveillance Technology, Inc. warrants 8/25/10 (a)(e)	8,400		9,498
Chroma ATE, Inc.	218,132		425,223
Comverge, Inc. (a)	1,211		14,786
Coretronic Corp.	23,000		28,532
Itron, Inc. (a)	2,200		141,108
National Instruments Corp.	300		8,289
Orbotech Ltd. (a)	18,700		176,809
			1,424,259
Electronic Manufacturing Services - 1.7%
Benchmark Electronics, Inc. (a)	1,900		34,200
DDi Corp. (a)	19,300		82,025
Flextronics International Ltd. (a)	47,100		351,366
Ju Teng International Holdings Ltd.	112,000		95,236
Molex, Inc.	2,800		58,464
Multi-Fineline Electronix, Inc. (a)	411		11,800
Trimble Navigation Ltd. (a)	14,100		337,131
TTM Technologies, Inc. (a)	29,500		338,365
Tyco Electronics Ltd.	33,200		739,696
			2,048,283
Technology Distributors - 1.3%
Digital China Holdings Ltd. (H Shares)	711,000		677,973
Inspur International Ltd.	1,139,000		149,907
Synnex Technology International Corp.	114,800		244,491
WPG Holding Co. Ltd.	275,000		389,022
			1,461,393
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			6,418,653
HEALTH CARE EQUIPMENT & SUPPLIES - 0.8%
Health Care Equipment - 0.5%
China Medical Technologies, Inc. sponsored ADR (a)	300		4,866
Golden Meditech Co. Ltd. (a)	262,000		43,272
I-Flow Corp. (a)	9,390		106,952
Mingyuan Medicare Development Co. Ltd. (a)	4,440,000		469,781
			624,871
Health Care Supplies - 0.3%
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	92,000		303,897
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			928,768

	Shares		Value
HEALTH CARE TECHNOLOGY - 0.0%
Health Care Technology - 0.0%
athenahealth, Inc. (a)	100		$ 3,837
HOTELS, RESTAURANTS & LEISURE - 0.5%
Hotels, Resorts & Cruise Lines - 0.5%
Ctrip.com International Ltd. sponsored ADR (a)	10,000		587,900
INTERNET & CATALOG RETAIL - 1.2%
Internet Retail - 1.2%
Amazon.com, Inc.	8,700		812,232
Expedia, Inc. (a)	540		12,933
Priceline.com, Inc. (a)(c)	3,488		578,380
			1,403,545
INTERNET SOFTWARE & SERVICES - 11.1%
Internet Software & Services - 11.1%
Alibaba.com Ltd.	21,500		49,935
Baidu.com, Inc. sponsored ADR (a)	4,300		1,681,515
comScore, Inc. (a)	2,200		39,622
Constant Contact, Inc. (a)	3,276		63,063
Daum Communications Corp. (a)	4,730		218,068
DealerTrack Holdings, Inc. (a)	1,500		28,365
Dice Holdings, Inc. (a)	17,500		114,800
eBay, Inc. (a)	14,800		349,428
Equinix, Inc. (a)	100		9,200
Google, Inc. Class A (a)	10,600		5,256,010
LogMeIn, Inc.	800		14,648
ModusLink Global Solutions, Inc. (a)	30,000		242,700
NHN Corp. (a)	4,033		595,194
Omniture, Inc. (a)	400		8,576
Open Text Corp. (a)	27,600		1,034,130
OpenTable, Inc.	100		2,756
SAVVIS, Inc.	1,000		15,820
Sina Corp. (a)	8,200		311,272
Tencent Holdings Ltd.	119,400		1,942,754
VeriSign, Inc. (a)	18,800		445,372
VistaPrint Ltd. (a)	9,100		461,825
Vocus, Inc. (a)	1,300		27,157
WebMD Health Corp. Class A (a)	3,700		122,544
Yahoo!, Inc. (a)	600		10,686
			13,045,440
IT SERVICES - 1.4%
Data Processing & Outsourced Services - 0.4%
Lender Processing Services, Inc.	200		7,634
Visa, Inc. Class A	6,800		469,948
			477,582
IT Consulting & Other Services - 1.0%
Amdocs Ltd. (a)	3,400		91,392
CACI International, Inc. Class A (a)	500		23,635
China Information Security Technology, Inc. (a)	1,083		6,000
Common Stocks - continued
	Shares		Value
IT SERVICES - CONTINUED
IT Consulting & Other Services - continued
Cognizant Technology Solutions Corp. Class A (a)	13,200		$ 510,312
RightNow Technologies, Inc. (a)	18,700		270,028
SAIC, Inc. (a)	2,500		43,850
Satyam Computer Services Ltd. sponsored ADR	1,400		9,212
Yucheng Technologies Ltd. (a)	29,800		213,666
			1,168,095
TOTAL IT SERVICES			1,645,677
MACHINERY - 0.3%
Industrial Machinery - 0.3%
Meyer Burger Technology AG (a)	30		7,234
Shin Zu Shing Co. Ltd.	57,302		319,789
			327,023
MEDIA - 0.9%
Advertising - 0.7%
AirMedia Group, Inc. ADR (a)	66,700		490,245
VisionChina Media, Inc. ADR (a)	38,000		302,480
			792,725
Cable & Satellite - 0.2%
Sirius XM Radio, Inc. (a)	133,500		84,773
Virgin Media, Inc.	12,700		176,784
			261,557
TOTAL MEDIA			1,054,282
METALS & MINING - 0.0%
Diversified Metals & Mining - 0.0%
Globe Specialty Metals, Inc.	4,300		38,786
Timminco Ltd. (a)	700		876
			39,662
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 23.1%
Semiconductor Equipment - 6.4%
Advantest Corp. ADR (c)	4,000		109,440
Aixtron AG	18,200		495,889
Amkor Technology, Inc. (a)	121,450		835,576
ASM International NV (NASDAQ) (a)(c)	43,900		818,296
ASM Pacific Technology Ltd.	3,200		22,689
ASML Holding NV (NY Shares)	47,400		1,401,618
ATMI, Inc. (a)	15,000		272,250
Cymer, Inc. (a)	14,700		571,242
FormFactor, Inc. (a)	6,700		160,264
Lam Research Corp. (a)	15,400		526,064
LTX-Credence Corp. (a)	55,615		91,765
MEMC Electronic Materials, Inc. (a)	10,000		166,300
Photronics, Inc. (a)	9,700		45,978

	Shares		Value
Tessera Technologies, Inc. (a)	41,700		$ 1,163,013
Varian Semiconductor Equipment Associates, Inc. (a)	20,100		660,084
Verigy Ltd. (a)	17,200		199,864
			7,540,332
Semiconductors - 16.7%
Advanced Micro Devices, Inc. (a)	22,700		128,482
Altera Corp.	11,000		225,610
ANADIGICS, Inc. (a)	1,900		8,949
Analog Devices, Inc.	200		5,516
Atmel Corp. (a)	97,800		409,782
Avago Technologies Ltd.	85,700		1,462,899
Broadcom Corp. Class A (a)	10,600		325,314
Cavium Networks, Inc. (a)	72,891		1,564,970
Cree, Inc. (a)	13,260		487,305
CSR PLC (a)	126,744		950,338
Cypress Semiconductor Corp. (a)	33,100		341,923
Diodes, Inc. (a)	600		10,854
Elpida Memory, Inc. (a)	25,100		327,353
Epistar Corp.	92,000		331,800
Fairchild Semiconductor International, Inc. (a)	6,000		61,380
Global Unichip Corp.	36,994		174,826
Hittite Microwave Corp. (a)	1,521		55,942
Hynix Semiconductor, Inc. (a)	36,180		609,347
Infineon Technologies AG (a)	232,864		1,304,004
Inotera Memories, Inc. (a)	1,042,000		668,987
Intel Corp.	180,100		3,524,557
International Rectifier Corp. (a)	19,000		370,310
Intersil Corp. Class A	7,300		111,763
Kinsus Interconnect Technology Corp.	26,000		75,662
LSI Corp. (a)	1,800		9,882
Marvell Technology Group Ltd. (a)	64,100		1,037,779
MediaTek, Inc.	3,006		50,094
Microchip Technology, Inc.	4,400		116,600
Micron Technology, Inc. (a)	242,400		1,987,680
Monolithic Power Systems, Inc. (a)	9,900		232,155
MoSys, Inc. (a)	3,300		8,250
Netlogic Microsystems, Inc. (a)	4,800		216,000
NVIDIA Corp. (a)	15,600		234,468
O2Micro International Ltd. sponsored ADR (a)	2,200		11,550
Omnivision Technologies, Inc. (a)	26,501		431,436
PixArt Imaging, Inc.	14,000		124,487
PMC-Sierra, Inc. (a)	23,000		219,880
Power Integrations, Inc.	300		9,999
Powertech Technology, Inc.	63,000		189,212
Prime View International Co. Ltd.	76,000		119,326
Radiant Opto-Electronics Corp.	50,470		59,784
Silicon Laboratories, Inc. (a)	4,800		222,528
Skyworks Solutions, Inc. (a)	900		11,916
Standard Microsystems Corp. (a)	16,500		382,965
Supertex, Inc. (a)	4,300		129,000
TriQuint Semiconductor, Inc. (a)	1,700		13,124
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Volterra Semiconductor Corp. (a)	2,000		$ 36,740
Xilinx, Inc.	11,800		276,356
Youngtek Electronics Corp.	17,000		42,812
			19,711,896
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			27,252,228
SOFTWARE - 23.9%
Application Software - 10.2%
Adobe Systems, Inc. (a)	35,000		1,156,400
ANSYS, Inc. (a)	700		26,229
AsiaInfo Holdings, Inc. (a)	6,300		125,811
Autodesk, Inc. (a)	24,400		580,720
Blackboard, Inc. (a)	2,500		94,450
Callidus Software, Inc. (a)	14,090		42,411
Citrix Systems, Inc. (a)	31,000		1,216,130
Concur Technologies, Inc. (a)	8,600		341,936
Epicor Software Corp. (a)	9,000		57,330
Gameloft (a)	32,800		182,866
i2 Technologies, Inc. (a)	1,300		20,852
Informatica Corp. (a)	36,500		824,170
Intuit, Inc. (a)	7,600		216,600
JDA Software Group, Inc. (a)	12,000		263,280
Kingdee International Software Group Co. Ltd.	2,084,000		352,263
Longtop Financial Technologies Ltd. ADR (a)	10,200		290,292
Manhattan Associates, Inc. (a)	2,888		58,338
Mentor Graphics Corp. (a)	39,900		371,469
Nice Systems Ltd. sponsored ADR (a)	1,000		30,440
Nuance Communications, Inc. (a)	31,800		475,728
Parametric Technology Corp. (a)	37,500		518,250
Pegasystems, Inc.	5,500		189,915
Salesforce.com, Inc. (a)	31,800		1,810,374
Smith Micro Software, Inc. (a)	42,700		527,772
SolarWinds, Inc.	500		11,015
SuccessFactors, Inc. (a)	28,100		395,367
Synchronoss Technologies, Inc. (a)	15,352		191,439
Synopsys, Inc. (a)	5,000		112,100
Taleo Corp. Class A (a)	20,900		473,176
TIBCO Software, Inc. (a)	56,500		536,185
Ulticom, Inc.	38,693		112,210
Verint Systems, Inc. (a)	32,200		466,900
			12,072,418

	Shares		Value
Home Entertainment Software - 1.5%
Activision Blizzard, Inc. (a)	55,800		$ 691,362
Changyou.com Ltd. (A Shares) ADR	100		3,552
Kingsoft Corp. Ltd. (c)	240,000		225,135
Perfect World Co. Ltd. sponsored ADR Class B (a)	8,400		404,040
Rosetta Stone, Inc.	1,100		25,256
Shanda Interactive Entertainment Ltd. sponsored ADR (a)	1,100		56,320
Take-Two Interactive Software, Inc.	15,500		173,755
Ubisoft Entertainment SA (a)	8,400		159,055
			1,738,475
Systems Software - 12.2%
Ariba, Inc. (a)	2,692		31,227
BMC Software, Inc. (a)	55,800		2,094,174
CA, Inc.	400		8,796
Check Point Software Technologies Ltd. (a)	200		5,670
CommVault Systems, Inc. (a)	7,900		163,925
Insyde Software Corp.	65,206		291,931
McAfee, Inc. (a)	3,200		140,128
Microsoft Corp.	226,600		5,866,674
Oracle Corp.	135,800		2,830,072
Phoenix Technologies Ltd. (a)	4,000		14,600
Red Hat, Inc. (a)	72,700		2,009,428
Rovi Corp. (a)	8,819		296,318
Symantec Corp. (a)	5,400		88,938
TeleCommunication Systems, Inc. Class A (a)	20,600		172,216
VMware, Inc. Class A (a)	8,300		333,411
			14,347,508
TOTAL SOFTWARE			28,158,401
WIRELESS TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
Syniverse Holdings, Inc. (a)	17,743		310,503
TOTAL COMMON STOCKS (Cost $91,903,449)		114,941,833

Convertible Bonds - 0.7%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.1%
Communications Equipment - 0.1%
Ciena Corp. 0.25% 5/1/13	$ 150,000		119,940
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6%
Semiconductors - 0.6%
Advanced Micro Devices, Inc. 5.75% 8/15/12	840,000		704,550
TOTAL CONVERTIBLE BONDS (Cost $836,599)		824,490

Money Market Funds - 3.3%
	Shares		Value
Fidelity Cash Central Fund, 0.25% (d)	1,774,394		$ 1,774,394
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(d)	2,125,731		2,125,731
TOTAL MONEY MARKET FUNDS (Cost $3,900,125)		3,900,125

TOTAL INVESTMENT PORTFOLIO - 101.7%

(Cost $96,640,173)

119,666,448

NET OTHER ASSETS - (1.7)%			(1,955,824)
NET ASSETS - 100%		$ 117,710,624

Legend

(a) Non-income producing

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

(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 $9,498 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
China Security & Surveillance Technology, Inc. warrants 8/25/10	8/25/09	$ 1

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 6,399
Fidelity Securities Lending Cash Central Fund	42,151
Total	$ 48,550

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities carried at 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:
Equities:
Consumer Discretionary	$ 3,053,772	$ 3,053,772	$ -	$ -
Health Care	932,605	932,605	-	-
Industrials	2,045,610	1,938,754	106,856	-
Information Technology	108,559,681	106,034,140	2,525,541	-
Materials	39,662	39,662	-	-
Telecommunication Services	310,503	310,503	-	-
Corporate Bonds	824,490	-	824,490	-
Money Market Funds	3,900,125	3,900,125	-	-
Total Investments in Securities:	$ 119,666,448	$ 116,209,561	$ 3,456,887	$ -

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $97,131,151. Net unrealized appreciation aggregated $22,535,297, of which $27,231,941 related to appreciated investment securities and $4,696,644 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds, pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

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:
Telecommunications Portfolio

September 30, 2009

1.856920.102

VTELP-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.5%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 2.8%
Communications Equipment - 2.8%
Aruba Networks, Inc. (a)	5		$ 44
F5 Networks, Inc. (a)	40		1,585
Infinera Corp. (a)	2,300		18,285
Nortel Networks Corp. (a)	100		0
Polycom, Inc. (a)	40		1,070
Sandvine Corp. (a)	100		121
Sonus Networks, Inc. (a)	1,800		3,816
Starent Networks Corp. (a)	6,688		170,009
			194,930
COMPUTERS & PERIPHERALS - 0.1%
Computer Hardware - 0.1%
Apple, Inc. (a)	40		7,415
DIVERSIFIED TELECOMMUNICATION SERVICES - 59.5%
Alternative Carriers - 8.0%
Cable & Wireless PLC	309		709
Clearwire Corp. Class A (a)	25,369		206,250
Cogent Communications Group, Inc. (a)	1,606		18,148
Global Crossing Ltd. (a)	8,919		127,542
Iliad Group SA	189		21,295
Level 3 Communications, Inc. (a)	28,692		39,882
PAETEC Holding Corp. (a)	2,000		7,740
tw telecom, inc. (a)	10,633		143,014
			564,580
Integrated Telecommunication Services - 51.5%
AT&T, Inc.	59,083		1,595,829
BT Group PLC	109		227
Cbeyond, Inc. (a)	5,350		86,296
CenturyTel, Inc.	585		19,656
China Telecom Corp. Ltd. sponsored ADR	2,700		127,710
China Unicom (Hong Kong) Ltd. sponsored ADR	11,400		162,336
Cincinnati Bell, Inc. (a)	5,900		20,650
Deutsche Telekom AG (Reg.)	4,446		60,731
FairPoint Communications, Inc.	522		214
Hellenic Telecommunications Organization SA	37		612
PT Telkomunikasi Indonesia Tbk Series B	9,000		8,072
Qwest Communications International, Inc.	57,255		218,142
Telecom Italia SpA sponsored ADR	2,900		50,837
Telefonica SA sponsored ADR	1,800		149,238
Telenor ASA (a)	100		1,158
Telenor ASA sponsored ADR (a)	870		30,459
Telkom SA Ltd.	100		575

	Shares		Value
Verizon Communications, Inc.	35,300		$ 1,068,531
Windstream Corp.	1,793		18,163
			3,619,436
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			4,184,016
INTERNET SOFTWARE & SERVICES - 0.1%
Internet Software & Services - 0.1%
SAVVIS, Inc.	701		11,090
MEDIA - 10.7%
Broadcasting - 0.5%
Ten Network Holdings Ltd.	29,264		37,434
Cable & Satellite - 10.2%
Cablevision Systems Corp. - NY Group Class A	4,200		99,750
Comcast Corp. Class A	9,300		157,077
Dish TV India Ltd. (a)	112		105
Liberty Global, Inc. Class A (a)	2,266		51,144
Net Servicos de Comunicacao SA sponsored ADR	3,300		38,016
The DIRECTV Group, Inc. (a)	5,681		156,682
Virgin Media, Inc.	15,200		211,584
			714,358
TOTAL MEDIA			751,792
SOFTWARE - 1.8%
Application Software - 1.7%
Gameloft (a)	21,214		118,272
Synchronoss Technologies, Inc. (a)	137		1,708
			119,980
Home Entertainment Software - 0.1%
Glu Mobile, Inc. (a)	3,689		4,316
TOTAL SOFTWARE			124,296
WIRELESS TELECOMMUNICATION SERVICES - 25.5%
Wireless Telecommunication Services - 25.5%
American Tower Corp. Class A (a)	10,400		378,560
Centennial Communications Corp. Class A (a)	2,200		17,556
China Mobile (Hong Kong) Ltd. sponsored ADR	1,400		68,754
Crown Castle International Corp. (a)	6,317		198,101
Idea Cellular Ltd. (a)	63		99
Leap Wireless International, Inc. (a)	592		11,574
MetroPCS Communications, Inc. (a)	5,284		49,458
MTN Group Ltd.	12,575		204,519
NII Holdings, Inc. (a)	4,600		137,908
NTELOS Holdings Corp.	36		636
NTT DoCoMo, Inc.	22		35,045
Rogers Communications, Inc. Class B (non-vtg.)	60		1,694
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
SBA Communications Corp. Class A (a)	4,018		$ 108,607
Sprint Nextel Corp. (a)	87,768		346,684
Syniverse Holdings, Inc. (a)	732		12,810
Telephone & Data Systems, Inc.	370		11,474
Vivo Participacoes SA sponsored ADR	1,900		47,975
Vodafone Group PLC sponsored ADR	7,300		164,250
			1,795,704
TOTAL COMMON STOCKS (Cost $6,875,618)		7,069,243

TOTAL INVESTMENT PORTFOLIO - 100.5%

(Cost $6,875,618)

7,069,243

NET OTHER ASSETS - (0.5)%		(35,537)
NET ASSETS - 100%		$ 7,033,706

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	$ 989

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 751,792	$ 751,792	$ -	$ -
Information Technology	337,731	337,731	-	-
Telecommunication Services	5,979,720	5,679,198	300,522	-
Total Investments in Securities	$ 7,069,243	$ 6,768,721	$ 300,522	$ -

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(26)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in/out of Level 3	26
Ending Balance	$ -
The change in unrealized gain (loss) attributable to Level 3 securities at September 30, 2009	$ (26)

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $7,110,917. Net unrealized depreciation aggregated $41,674, of which $997,040 related to appreciated investment securities and $1,038,714 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Utilities Portfolio

September 30, 2009

1.807738.105

VUT-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
ELECTRIC UTILITIES - 47.1%
Electric Utilities - 47.1%
Allegheny Energy, Inc.	29,400		$ 779,688
American Electric Power Co., Inc.	181,878		5,636,400
Entergy Corp.	24,449		1,952,497
Exelon Corp.	15,900		788,958
FirstEnergy Corp.	115,257		5,269,550
FPL Group, Inc.	21,800		1,204,014
NV Energy, Inc.	90,200		1,045,418
Pinnacle West Capital Corp.	59,265		1,945,077
			18,621,602
GAS UTILITIES - 0.5%
Gas Utilities - 0.5%
National Fuel Gas Co. New Jersey	4,200		192,402
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 20.1%
Independent Power Producers & Energy Traders - 20.1%
AES Corp.	109,350		1,620,567
Black Hills Corp.	4,548		114,473
Calpine Corp. (a)	57,400		661,248
Constellation Energy Group, Inc.	92,000		2,978,040
Dynegy, Inc. Class A (a)	90,200		230,010
NRG Energy, Inc. (a)	57,100		1,609,649
RRI Energy, Inc. (a)	98,795		705,396
			7,919,383
MULTI-UTILITIES - 30.9%
Multi-Utilities - 30.9%
CenterPoint Energy, Inc.	215,000		2,672,450

	Shares		Value
CMS Energy Corp.	115,400		$ 1,546,360
PG&E Corp.	46,245		1,872,460
Public Service Enterprise Group, Inc.	45,100		1,417,944
Sempra Energy	56,100		2,794,341
TECO Energy, Inc.	136,400		1,920,512
			12,224,067
OIL, GAS & CONSUMABLE FUELS - 1.1%
Oil & Gas Exploration & Production - 1.1%
Resolute Energy Corp. (a)	41,200		426,420
TOTAL COMMON STOCKS (Cost $36,938,100)		39,383,874
Money Market Funds - 0.5%

Fidelity Cash Central Fund, 0.25% (b) (Cost $195,594)	195,594		195,594

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $37,133,694)

39,579,468

NET OTHER ASSETS - (0.2)%			(71,912)
NET ASSETS - 100%		$ 39,507,556

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	$ 2,063
Fidelity Securities Lending Cash Central Fund	1,134
Total	$ 3,197

Other Information

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $39,145,944. Net unrealized appreciation aggregated $433,524, of which $4,245,081 related to appreciated investment securities and $3,811,557 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Value Leaders Portfolio

September 30, 2009

1.808797.105

VVL-QTLY-1109

Investments September 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
CONSUMER DISCRETIONARY - 9.4%
Auto Components - 0.9%
Autoliv, Inc.	1,200		$ 40,320
Johnson Controls, Inc.	7,900		201,924
The Goodyear Tire & Rubber Co. (a)	4,900		83,447
			325,691
Automobiles - 0.2%
Renault SA (a)	1,500		69,942
Hotels, Restaurants & Leisure - 0.1%
Wyndham Worldwide Corp.	3,700		60,384
Household Durables - 2.8%
Black & Decker Corp.	3,500		162,015
KB Home (c)	34,500		573,045
Pulte Homes, Inc.	18,330		201,447
Whirlpool Corp.	1,400		97,944
			1,034,451
Media - 2.9%
Cablevision Systems Corp. - NY Group Class A	2,600		61,750
Comcast Corp. Class A (special) (non-vtg.)	17,400		279,792
DISH Network Corp. Class A (a)	5,600		107,856
News Corp. Class A	11,200		134,288
The DIRECTV Group, Inc. (a)	3,700		102,046
Time Warner Cable, Inc.	2,862		123,324
Time Warner, Inc.	8,800		253,264
			1,062,320
Specialty Retail - 2.5%
Advance Auto Parts, Inc.	2,400		94,272
Home Depot, Inc.	4,450		118,548
Lowe's Companies, Inc.	12,200		255,468
Ross Stores, Inc.	2,300		109,871
Staples, Inc.	14,600		339,012
			917,171
TOTAL CONSUMER DISCRETIONARY			3,469,959
CONSUMER STAPLES - 4.9%
Beverages - 0.9%
Anheuser-Busch InBev SA NV	2,551		116,484
Constellation Brands, Inc. Class A (sub. vtg.) (a)	3,700		56,055
The Coca-Cola Co.	2,600		139,620
			312,159
Food & Staples Retailing - 1.5%
CVS Caremark Corp.	10,200		364,548
Kroger Co.	4,100		84,624
Winn-Dixie Stores, Inc. (a)	7,500		98,400
			547,572
Food Products - 1.2%
Marine Harvest ASA (a)	71,000		51,539
Nestle SA (Reg.)	5,660		241,179

	Shares		Value
Ralcorp Holdings, Inc. (a)	1,700		$ 99,399
Tyson Foods, Inc. Class A	5,300		66,939
			459,056
Household Products - 1.0%
Energizer Holdings, Inc. (a)	1,800		119,412
Procter & Gamble Co.	4,300		249,056
			368,468
Tobacco - 0.3%
British American Tobacco PLC sponsored ADR	1,900		120,175
TOTAL CONSUMER STAPLES			1,807,430
ENERGY - 18.6%
Energy Equipment & Services - 4.3%
ENSCO International, Inc.	3,350		142,509
Helmerich & Payne, Inc.	1,200		47,436
Nabors Industries Ltd. (a)	20,600		430,540
National Oilwell Varco, Inc. (a)	5,926		255,588
Noble Corp.	2,000		75,920
Pride International, Inc. (a)	3,400		103,496
Transocean Ltd. (a)	2,700		230,931
Weatherford International Ltd. (a)	14,300		296,439
			1,582,859
Oil, Gas & Consumable Fuels - 14.3%
Anadarko Petroleum Corp.	1,800		112,914
Arch Coal, Inc.	5,000		110,650
Chesapeake Energy Corp.	15,600		443,040
Chevron Corp.	17,800		1,253,654
ConocoPhillips	5,098		230,226
EOG Resources, Inc.	3,600		300,636
EXCO Resources, Inc. (a)	3,000		56,070
Exxon Mobil Corp.	6,700		459,687
Marathon Oil Corp.	13,900		443,410
Occidental Petroleum Corp.	15,100		1,183,840
Petrohawk Energy Corp. (a)	9,300		225,153
Plains Exploration & Production Co. (a)	5,900		163,194
Range Resources Corp.	2,800		138,208
Southwestern Energy Co. (a)	2,300		98,164
Suncor Energy, Inc.	1,920		67,079
			5,285,925
TOTAL ENERGY			6,868,784
FINANCIALS - 26.9%
Capital Markets - 4.6%
Charles Schwab Corp.	4,268		81,732
Franklin Resources, Inc.	1,700		171,020
Goldman Sachs Group, Inc.	3,300		608,355
Morgan Stanley	19,200		592,896
State Street Corp.	4,600		241,960
			1,695,963
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - 5.5%
Huntington Bancshares, Inc.	5,800		$ 27,318
PNC Financial Services Group, Inc.	9,500		461,605
Regions Financial Corp.	12,900		80,109
SVB Financial Group (a)	1,900		82,213
U.S. Bancorp, Delaware	6,300		137,718
Wells Fargo & Co.	44,476		1,253,334
			2,042,297
Consumer Finance - 1.0%
Capital One Financial Corp.	6,300		225,099
Discover Financial Services	9,000		146,070
			371,169
Diversified Financial Services - 9.9%
Bank of America Corp.	88,532		1,497,961
CME Group, Inc.	600		184,914
JPMorgan Chase & Co.	43,396		1,901,614
KKR Financial Holdings LLC (a)	15,000		69,300
			3,653,789
Insurance - 4.3%
ACE Ltd.	7,920		423,403
Allied World Assurance Co. Holdings Ltd.	1,500		71,895
Argo Group International Holdings, Ltd. (a)	1,452		48,903
Assurant, Inc.	1,400		44,884
Everest Re Group Ltd.	3,100		271,870
Genworth Financial, Inc. Class A	18,173		217,167
Lincoln National Corp.	6,500		168,415
Loews Corp.	1,700		58,225
MetLife, Inc.	5,000		190,350
XL Capital Ltd. Class A	6,400		111,744
			1,606,856
Real Estate Investment Trusts - 0.8%
Alexandria Real Estate Equities, Inc.	1,700		92,395
Duke Realty LP	3,300		39,633
ProLogis Trust	4,300		51,256
SL Green Realty Corp.	2,200		96,470
			279,754
Real Estate Management & Development - 0.8%
Avatar Holdings, Inc. (a)	2,000		38,000
CB Richard Ellis Group, Inc. Class A (a)	22,000		258,280
			296,280
TOTAL FINANCIALS			9,946,108
HEALTH CARE - 10.3%
Biotechnology - 0.8%
Amgen, Inc. (a)	1,500		90,345

	Shares		Value
Biogen Idec, Inc. (a)	2,600		$ 131,352
Genzyme Corp. (a)	1,300		73,749
			295,446
Health Care Equipment & Supplies - 1.8%
Boston Scientific Corp. (a)	15,400		163,086
Covidien PLC	10,382		449,125
Stryker Corp.	1,300		59,059
			671,270
Health Care Providers & Services - 1.7%
Aetna, Inc.	4,800		133,584
Brookdale Senior Living, Inc.	7,300		132,349
CIGNA Corp.	5,300		148,877
Humana, Inc. (a)	2,700		100,710
UnitedHealth Group, Inc.	5,100		127,704
			643,224
Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc. (a)	1,200		52,404
Pharmaceuticals - 5.9%
Allergan, Inc.	1,300		73,788
King Pharmaceuticals, Inc. (a)	4,300		46,311
Merck & Co., Inc.	18,800		594,644
Pfizer, Inc.	73,800		1,221,390
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,800		91,008
Wyeth	2,960		143,797
			2,170,938
TOTAL HEALTH CARE			3,833,282
INDUSTRIALS - 9.0%
Aerospace & Defense - 2.0%
Honeywell International, Inc.	11,000		408,650
Precision Castparts Corp.	900		91,683
United Technologies Corp.	3,900		237,627
			737,960
Building Products - 1.0%
Armstrong World Industries, Inc. (a)	200		6,892
Masco Corp.	21,300		275,196
Owens Corning (a)	3,800		85,310
			367,398
Commercial Services & Supplies - 0.3%
Republic Services, Inc.	5,045		134,046
Electrical Equipment - 0.3%
Acuity Brands, Inc.	1,500		48,315
Regal-Beloit Corp.	1,700		77,707
			126,022
Industrial Conglomerates - 0.5%
Textron, Inc.	9,300		176,514
Machinery - 2.5%
Caterpillar, Inc.	2,200		112,926
Cummins, Inc.	5,900		264,379
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Deere & Co.	2,900		$ 124,468
Ingersoll-Rand Co. Ltd.	9,300		285,231
Navistar International Corp. (a)	1,420		53,136
Oshkosh Co.	2,400		74,232
			914,372
Road & Rail - 2.4%
Avis Budget Group, Inc. (a)	4,500		60,120
CSX Corp.	7,800		326,508
Ryder System, Inc.	2,700		105,462
Union Pacific Corp.	6,800		396,780
			888,870
TOTAL INDUSTRIALS			3,345,182
INFORMATION TECHNOLOGY - 8.0%
Communications Equipment - 1.0%
Cisco Systems, Inc. (a)	11,100		261,294
Juniper Networks, Inc. (a)	3,400		91,868
			353,162
Computers & Peripherals - 1.9%
Hewlett-Packard Co.	13,300		627,893
NCR Corp. (a)	6,700		92,594
			720,487
Electronic Equipment & Components - 2.1%
Agilent Technologies, Inc. (a)	3,550		98,797
Amphenol Corp. Class A	1,000		37,680
Arrow Electronics, Inc. (a)	5,400		152,010
Avnet, Inc. (a)	9,600		249,312
Flextronics International Ltd. (a)	14,800		110,408
Tyco Electronics Ltd.	6,182		137,735
			785,942
Internet Software & Services - 0.5%
eBay, Inc. (a)	7,400		174,714
Semiconductors & Semiconductor Equipment - 2.2%
Applied Materials, Inc.	19,600		262,640
ASML Holding NV (NY Shares)	3,200		94,624
Atmel Corp. (a)	14,900		62,431
KLA-Tencor Corp.	2,700		96,822
Lam Research Corp. (a)	4,900		167,384
MEMC Electronic Materials, Inc. (a)	2,400		39,912
Novellus Systems, Inc. (a)	2,600		54,548
ON Semiconductor Corp. (a)	4,100		33,825
			812,186
Software - 0.3%
Microsoft Corp.	4,500		116,505
TOTAL INFORMATION TECHNOLOGY			2,962,996

	Shares		Value
MATERIALS - 4.0%
Chemicals - 1.4%
Albemarle Corp.	4,810		$ 166,426
Celanese Corp. Class A	3,500		87,500
Dow Chemical Co.	9,700		252,879
			506,805
Construction Materials - 0.4%
HeidelbergCement AG	1,741		112,706
HeidelbergCement AG rights 10/7/09 (a)	341		1,836
Vulcan Materials Co.	900		48,663
			163,205
Containers & Packaging - 0.7%
Owens-Illinois, Inc. (a)	3,400		125,460
Temple-Inland, Inc.	7,600		124,792
			250,252
Metals & Mining - 1.5%
AngloGold Ashanti Ltd. sponsored ADR	1,337		54,496
ArcelorMittal SA (NY Shares) Class A	3,000		111,420
Freeport-McMoRan Copper & Gold, Inc.	2,100		144,081
Newcrest Mining Ltd.	5,397		151,883
Steel Dynamics, Inc.	5,700		87,438
			549,318
TOTAL MATERIALS			1,469,580
TELECOMMUNICATION SERVICES - 4.2%
Diversified Telecommunication Services - 3.6%
AT&T, Inc.	29,740		803,277
Qwest Communications International, Inc.	27,600		105,156
Verizon Communications, Inc.	14,700		444,969
			1,353,402
Wireless Telecommunication Services - 0.6%
Sprint Nextel Corp. (a)	52,900		208,955
TOTAL TELECOMMUNICATION SERVICES			1,562,357
UTILITIES - 4.3%
Electric Utilities - 2.4%
Allegheny Energy, Inc.	1,400		37,128
American Electric Power Co., Inc.	7,000		216,930
Entergy Corp.	2,400		191,664
Exelon Corp.	4,900		243,138
FirstEnergy Corp.	4,600		210,312
			899,172
Independent Power Producers & Energy Traders - 0.7%
AES Corp.	4,100		60,762
Constellation Energy Group, Inc.	1,700		55,029
NRG Energy, Inc. (a)	5,200		146,588
			262,379
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - 1.2%
CMS Energy Corp.	8,400		$ 112,560
PG&E Corp.	3,300		133,617
Sempra Energy	3,500		174,335
			420,512
TOTAL UTILITIES			1,582,063
TOTAL COMMON STOCKS (Cost $40,403,487)		36,847,741
Convertible Preferred Stocks - 0.2%

FINANCIALS - 0.2%
Commercial Banks - 0.2%
Huntington Bancshares, Inc. 8.50% (Cost $69,300)	100		86,100
Money Market Funds - 1.7%

Fidelity Cash Central Fund, 0.25% (d)	75,779		75,779
Fidelity Securities Lending Cash Central Fund, 0.19% (b)(d)	532,500		532,500
TOTAL MONEY MARKET FUNDS (Cost $608,279)		608,279

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $41,081,066)

37,542,120

NET OTHER ASSETS - (1.5)%			(543,654)
NET ASSETS - 100%		$ 36,998,466

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 730
Fidelity Securities Lending Cash Central Fund	1,131
Total	$ 1,861

Other Information

The following is a summary of the inputs used, as of September 30, 2009, involving the Fund's assets and liabilities carried at 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:
Equities:
Consumer Discretionary	$ 3,469,959	$ 3,469,959	$ -	$ -
Consumer Staples	1,807,430	1,807,430	-	-
Energy	6,868,784	6,868,784	-	-
Financials	10,032,208	9,946,108	86,100	-
Health Care	3,833,282	3,833,282	-	-
Industrials	3,345,182	3,345,182	-	-
Information Technology	2,962,996	2,962,996	-	-
Materials	1,469,580	1,469,580	-	-
Telecommunication Services	1,562,357	1,562,357	-	-
Utilities	1,582,063	1,582,063	-	-
Money Market Funds	608,279	608,279	-	-
Total Investments in Securities	$ 37,542,120	$ 37,456,020	$ 86,100	$ -

Income Tax Information

At September 30, 2009, the aggregate cost of investment securities for income tax purposes was $42,550,320. Net unrealized depreciation aggregated $5,008,200, of which $4,089,878 related to appreciated investment securities and $9,098,078 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Variable Insurance Products Fund IV's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

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

SIGNATURES

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

Variable Insurance Products Fund IV

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

Date:	November 30, 2009

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 30, 2009

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

Date:	November 30, 2009