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, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Consumer Discretionary Portfolio

September 30, 2008

1.807732.104

VCI-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.3%
	Shares		Value
AUTO COMPONENTS - 0.7%
Auto Parts & Equipment - 0.7%
Gentex Corp.	3,400		$ 48,620
AUTOMOBILES - 0.5%
Automobile Manufacturers - 0.5%
Toyota Motor Corp. sponsored ADR	400		34,320
DISTRIBUTORS - 0.9%
Distributors - 0.9%
Li & Fung Ltd.	26,000		63,624
DIVERSIFIED CONSUMER SERVICES - 3.2%
Education Services - 2.8%
Apollo Group, Inc. Class A (non-vtg.) (a)	2,400		142,320
Princeton Review, Inc. (a)	2,279		18,232
Strayer Education, Inc.	237		47,462
			208,014
Specialized Consumer Services - 0.4%
Coinstar, Inc. (a)	800		25,600
TOTAL DIVERSIFIED CONSUMER SERVICES			233,614
FOOD & STAPLES RETAILING - 3.5%
Drug Retail - 1.5%
CVS Caremark Corp.	3,200		107,712
Food Retail - 1.0%
Susser Holdings Corp. (a)	5,000		75,300
Hypermarkets & Super Centers - 1.0%
Costco Wholesale Corp.	1,100		71,423
TOTAL FOOD & STAPLES RETAILING			254,435
HOTELS, RESTAURANTS & LEISURE - 15.5%
Casinos & Gaming - 4.9%
Bally Technologies, Inc. (a)	1,800		54,504
International Game Technology	5,900		101,362
Las Vegas Sands Corp. (a)	2,800		101,108
Penn National Gaming, Inc. (a)	2,800		74,396
Wynn Resorts Ltd.	400		32,656
			364,026
Hotels, Resorts & Cruise Lines - 0.6%
Carnival Corp. unit	1,200		42,420
Leisure Facilities - 0.5%
Life Time Fitness, Inc. (a)	1,100		34,397
Restaurants - 9.5%
Burger King Holdings, Inc.	2,300		56,488
Darden Restaurants, Inc.	2,800		80,164
McDonald's Corp.	7,900		487,430
Sonic Corp. (a)	5,000		72,850
			696,932
TOTAL HOTELS, RESTAURANTS & LEISURE			1,137,775

	Shares		Value
HOUSEHOLD DURABLES - 2.0%
Homebuilding - 1.3%
Centex Corp.	900		$ 14,580
Lennar Corp. Class A	1,700		25,823
Pulte Homes, Inc.	3,900		54,483
			94,886
Household Appliances - 0.7%
Whirlpool Corp.	700		55,503
TOTAL HOUSEHOLD DURABLES			150,389
INTERNET & CATALOG RETAIL - 3.0%
Internet Retail - 3.0%
Amazon.com, Inc. (a)	2,600		189,176
Blue Nile, Inc. (a)	400		17,148
Expedia, Inc. (a)	1,200		18,132
			224,456
INTERNET SOFTWARE & SERVICES - 2.0%
Internet Software & Services - 2.0%
Art Technology Group, Inc. (a)	2,310		8,131
Dice Holdings, Inc. (a)	1,200		8,520
eBay, Inc. (a)	1,800		40,284
Google, Inc. Class A (sub. vtg.) (a)	228		91,319
			148,254
LEISURE EQUIPMENT & PRODUCTS - 0.8%
Leisure Products - 0.8%
Hasbro, Inc.	1,710		59,371
MEDIA - 30.1%
Advertising - 3.1%
Interpublic Group of Companies, Inc. (a)	4,900		37,975
Lamar Advertising Co. Class A (a)	1,400		43,246
Omnicom Group, Inc.	3,800		146,528
			227,749
Broadcasting - 1.5%
Grupo Televisa SA de CV (CPO) sponsored ADR	4,900		107,163
Cable & Satellite - 9.2%
Comcast Corp. Class A	18,100		355,303
Liberty Media Corp. - Entertainment Class A (a)	4,600		114,862
The DIRECTV Group, Inc. (a)	5,900		154,403
Time Warner Cable, Inc. (a)	1,300		31,460
Virgin Media, Inc.	2,800		22,120
			678,148
Movies & Entertainment - 14.8%
Ascent Media Corp. (a)	300		7,323
Live Nation, Inc. (a)	1,822		29,644
News Corp.:
Class A	9,641		115,596
Class B	1,000		12,150
Common Stocks - continued
	Shares		Value
MEDIA - CONTINUED
Movies & Entertainment - continued
Regal Entertainment Group Class A	9,100		$ 143,598
The Walt Disney Co.	7,700		236,313
Time Warner, Inc.	31,700		415,587
Viacom, Inc. Class B (non-vtg.) (a)	5,000		124,200
			1,084,411
Publishing - 1.5%
McGraw-Hill Companies, Inc.	3,400		107,474
TOTAL MEDIA			2,204,945
MULTILINE RETAIL - 7.7%
Department Stores - 0.8%
Nordstrom, Inc.	2,200		63,404
General Merchandise Stores - 6.9%
Target Corp.	10,300		505,214
TOTAL MULTILINE RETAIL			568,618
SPECIALTY RETAIL - 24.0%
Apparel Retail - 5.4%
Abercrombie & Fitch Co. Class A	2,000		78,900
Citi Trends, Inc. (a)	2,300		37,467
Ross Stores, Inc.	2,300		84,663
The Buckle, Inc.	400		22,216
TJX Companies, Inc.	3,200		97,664
Urban Outfitters, Inc. (a)	1,400		44,618
Zumiez, Inc. (a)	1,900		31,312
			396,840
Automotive Retail - 2.7%
Advance Auto Parts, Inc.	2,300		91,218
AutoZone, Inc. (a)	843		103,976
			195,194
Computer & Electronics Retail - 0.6%
Gamestop Corp. Class A (a)	1,200		41,052
Home Improvement Retail - 8.5%
Home Depot, Inc.	3,384		87,612
Lowe's Companies, Inc.	19,100		452,479
Sherwin-Williams Co.	1,500		85,740
			625,831
Homefurnishing Retail - 1.0%
Williams-Sonoma, Inc.	4,600		74,428

	Shares		Value
Specialty Stores - 5.8%
Jo-Ann Stores, Inc. (a)	1,000		$ 20,980
PetSmart, Inc.	5,263		130,049
Staples, Inc.	10,450		235,125
Tiffany & Co., Inc.	1,100		39,072
			425,226
TOTAL SPECIALTY RETAIL			1,758,571
TEXTILES, APPAREL & LUXURY GOODS - 6.4%
Apparel, Accessories & Luxury Goods - 3.6%
Coach, Inc. (a)	2,800		70,112
G-III Apparel Group Ltd. (a)	2,605		48,740
Hanesbrands, Inc. (a)	2,400		52,200
Polo Ralph Lauren Corp. Class A	500		33,320
VF Corp.	800		61,848
			266,220
Footwear - 2.8%
Iconix Brand Group, Inc. (a)	9,200		120,336
NIKE, Inc. Class B	1,200		80,280
			200,616
TOTAL TEXTILES, APPAREL & LUXURY GOODS			466,836
TOTAL COMMON STOCKS (Cost $8,526,778)		7,353,828
Money Market Funds - 2.3%

Fidelity Cash Central Fund, 1.92% (b) (Cost $171,968)	171,968		171,968

TOTAL INVESTMENT PORTFOLIO - 102.6%

(Cost $8,698,746)

7,525,796

NET OTHER ASSETS - (2.6)%			(190,841)
NET ASSETS - 100%		$ 7,334,955

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	$ 2,217

Other Information

The following is a summary of the inputs used, as of September 30, 2008, involving the Fund's assets 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	$ 7,525,796	$ 7,462,172	$ 63,624	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $8,773,867. Net unrealized depreciation aggregated $1,248,071, of which $368,653 related to appreciated investment securities and $1,616,724 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. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or 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.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Consumer Staples Portfolio

September 30, 2008

1.856924.101

VCSP-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
BEVERAGES - 32.1%
Brewers - 5.9%
Anadolu Efes Biracilik ve Malt Sanyii AS	4,700		$ 48,233
Carlsberg AS Series B	630		48,022
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	1,725		94,202
Heineken NV (Bearer)	1,060		42,573
InBev SA	4,325		257,223
Molson Coors Brewing Co. Class B	7,660		358,105
SABMiller PLC	11,880		231,973
			1,080,331
Distillers & Vintners - 4.1%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	9,050		194,213
Diageo PLC sponsored ADR	3,895		268,210
Pernod Ricard SA	2,730		240,403
Remy Cointreau SA	1,000		47,143
			749,969
Soft Drinks - 22.1%
Coca-Cola Amatil Ltd.	6,181		41,266
Coca-Cola FEMSA SAB de CV sponsored ADR	1,770		89,314
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	6,010		133,662
Coca-Cola Icecek AS	5,850		47,662
Cott Corp. (a)	23,300		24,736
Embotelladora Andina SA sponsored ADR	5,950		86,275
Fomento Economico Mexicano SA de CV sponsored ADR	1,185		45,196
PepsiCo, Inc.	22,700		1,617,829
The Coca-Cola Co.	36,650		1,938,052
			4,023,992
TOTAL BEVERAGES			5,854,292
BIOTECHNOLOGY - 0.1%
Biotechnology - 0.1%
Senomyx, Inc. (a)	2,050		9,287
FOOD & STAPLES RETAILING - 15.9%
Drug Retail - 8.2%
CVS Caremark Corp.	30,190		1,016,195
Walgreen Co.	15,250		472,140
			1,488,335
Food Distributors - 1.2%
Sysco Corp.	5,550		171,107
United Natural Foods, Inc. (a)	1,700		42,483
			213,590
Food Retail - 2.0%
Kroger Co.	5,200		142,896

	Shares		Value
Safeway, Inc.	7,850		$ 186,202
SUPERVALU, Inc.	1,500		32,550
			361,648
Hypermarkets & Super Centers - 4.5%
Wal-Mart Stores, Inc.	13,850		829,477
TOTAL FOOD & STAPLES RETAILING			2,893,050
FOOD PRODUCTS - 14.5%
Agricultural Products - 2.9%
Archer Daniels Midland Co.	8,010		175,499
Bunge Ltd.	3,655		230,923
Corn Products International, Inc.	1,025		33,087
SLC Agricola SA	5,200		43,735
Viterra, Inc. (a)	4,600		43,952
			527,196
Packaged Foods & Meats - 11.6%
Cadbury PLC sponsored ADR	309		12,650
Groupe Danone	3,070		217,684
Kraft Foods, Inc. Class A	10,100		330,775
Lindt & Spruengli AG	1		27,068
Marine Harvest ASA (a)	84,400		42,107
Nestle SA sponsored ADR	17,037		731,739
Perdigao SA (ON)	2,200		41,691
Pilgrims Pride Corp. Class B	1,000		2,490
PureCircle Ltd.	3,800		12,757
Sadia SA ADR	3,100		29,047
Smithfield Foods, Inc. (a)	2,600		41,288
Tyson Foods, Inc. Class A	7,350		87,759
Unilever NV (NY Shares)	17,125		482,240
Wimm-Bill-Dann Foods OJSC sponsored ADR	740		52,540
			2,111,835
TOTAL FOOD PRODUCTS			2,639,031
HOTELS, RESTAURANTS & LEISURE - 0.0%
Restaurants - 0.0%
Starbucks Corp. (a)	500		7,435
HOUSEHOLD PRODUCTS - 23.4%
Household Products - 23.4%
Colgate-Palmolive Co.	7,235		545,157
Energizer Holdings, Inc. (a)	550		44,303
Kimberly-Clark Corp.	9,800		635,432
Procter & Gamble Co.	43,650		3,041,966
			4,266,858
PERSONAL PRODUCTS - 4.1%
Personal Products - 4.1%
Avon Products, Inc.	14,850		617,315
Bare Escentuals, Inc. (a)	3,955		42,991
Herbalife Ltd.	1,180		46,634
Common Stocks - continued
	Shares		Value
PERSONAL PRODUCTS - CONTINUED
Personal Products - continued
Natura Cosmeticos SA	100		$ 984
Physicians Formula Holdings, Inc. (a)	5,640		33,558
			741,482
PHARMACEUTICALS - 0.8%
Pharmaceuticals - 0.8%
Johnson & Johnson	2,050		142,024
TOBACCO - 7.9%
Tobacco - 7.9%
Altria Group, Inc.	16,650		330,336
British American Tobacco PLC sponsored ADR	10,950		678,900
Lorillard, Inc.	675		48,026
Philip Morris International, Inc.	5,770		277,537
Souza Cruz Industria Comerico	4,250		100,556
			1,435,355
TOTAL COMMON STOCKS (Cost $19,270,171)		17,988,814
Money Market Funds - 0.3%
	Shares		Value
Fidelity Cash Central Fund, 1.92% (b) (Cost $59,518)	59,518		$ 59,518

TOTAL INVESTMENT PORTFOLIO - 99.1%

(Cost $19,329,689)

18,048,332

NET OTHER ASSETS - 0.9%			167,034
NET ASSETS - 100%		$ 18,215,366

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	$ 12,911

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 18,048,332	$ 16,840,113	$ 1,208,219	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $19,411,018. Net unrealized depreciation aggregated $1,362,686, of which $480,374 related to appreciated investment securities and $1,843,060 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Emerging Markets Portfolio

September 30, 2008

1.864820.100

VIPEM-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 89.4%
	Shares		Value
Australia - 0.0%
Sino Gold Mining Ltd. (a)	822		$ 2,631
Austria - 0.5%
Erste Bank AG	900		44,790
Raiffeisen International Bank Holding AG	200		14,440
TOTAL AUSTRIA			59,230
Bahrain - 0.5%
Gulf Finance House BSC:
(Reg. S) unit	1,300		31,785
GDR (c)	700		17,115
TOTAL BAHRAIN			48,900
Bermuda - 1.7%
Aquarius Platinum Ltd. (Australia)	4,612		20,811
Central European Media Enterprises Ltd. Class A (a)	700		45,780
Credicorp Ltd. (NY Shares)	900		56,025
Pacific Basin Shipping Ltd.	16,000		13,303
Ports Design Ltd.	11,000		20,147
West Siberian Resources Ltd. SDR (a)	32,785		26,853
TOTAL BERMUDA			182,919
Brazil - 15.2%
America Latina Logistica SA unit	1,900		13,054
Anhanguera Educacional Participacoes SA unit	677		6,719
Banco Bradesco SA:
(PN)	8,450		134,811
(PN) sponsored ADR	2,000		32,200
Banco Daycoval SA (PN) (a)	2,600		8,200
Banco do Brasil SA	4,800		56,469
Companhia de Saneamento de Minas Gerais	800		8,495
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)	2,900		57,246
Companhia Siderurgica Nacional SA (CSN) sponsored ADR	3,300		70,158
Companhia Vale do Rio Doce (PN-A) sponsored ADR	19,300		341,610
GVT Holding SA (a)	1,800		26,730
Localiza Rent a Car SA	5,100		26,970
MRV Engenharia e Participacoes SA (a)	2,400		24,790
Multiplan Empreendimentos Imobiliarios SA (a)	1,200		10,219
Net Servicos de Comunicacao SA sponsored ADR	5,800		50,924
Petroleo Brasileiro SA - Petrobras:
(PN) (non-vtg.)	11,700		212,554
(PN) sponsored ADR (non-vtg.)	8,700		325,554
sponsored ADR	1,000		43,950
Redecard SA	2,400		29,900

	Shares		Value
Uniao de Bancos Brasileiros SA (Unibanco):
unit	4,500		$ 44,944
GDR	800		80,736
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	3,000		46,230
TOTAL BRAZIL			1,652,463
Canada - 0.2%
Addax Petroleum, Inc.	200		5,428
First Quantum Minerals Ltd.	200		7,516
SouthGobi Energy Resources Ltd. (a)	900		8,625
TOTAL CANADA			21,569
Cayman Islands - 0.9%
Chaoda Modern Agriculture (Holdings) Ltd.	64,000		54,054
China Dongxiang Group Co. Ltd.	35,000		10,085
Hidili Industry International Development Ltd.	17,000		8,289
The United Laboratories International Holdings Ltd. (a)	14,000		4,583
Xinyuan Real Estate Co. Ltd. ADR	500		1,725
Yingli Green Energy Holding Co. Ltd. ADR (a)	1,800		19,836
TOTAL CAYMAN ISLANDS			98,572
China - 5.8%
China Coal Energy Co. Ltd. (H Shares)	31,000		32,774
China Communications Construction Co. Ltd. (H Shares) (a)	8,800		7,726
China Construction Bank Corp. (H Shares)	259,000		172,825
China Gas Holdings Ltd.	62,000		10,714
China Merchants Bank Co. Ltd. (H Shares)	37,000		89,353
China Oilfield Services Ltd. (H Shares)	20,000		18,531
China South Locomotive & Rolling Stock Corp. Ltd. (H Shares) (a)	22,000		8,517
Golden Eagle Retail Group Ltd. (H Shares)	22,000		17,984
Industrial & Commercial Bank of China	303,000		183,135
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) (a)	9,500		55,633
Yantai Changyu Pioneer Wine Co. (B Shares)	1,400		6,238
ZTE Corp. (H Shares) (a)	5,800		21,970
TOTAL CHINA			625,400
Cyprus - 0.1%
Mirland Development Corp. PLC (a)	3,700		13,260
XXI Century Investments Public Ltd. (a)	600		2,972
TOTAL CYPRUS			16,232
Czech Republic - 2.2%
Ceske Energeticke Zavody AS	2,300		140,674
Common Stocks - continued
	Shares		Value
Czech Republic - continued
Komercni Banka AS	300		$ 66,097
Philip Morris CR AS	100		30,466
TOTAL CZECH REPUBLIC			237,237
Egypt - 1.1%
Commercial International Bank Ltd. sponsored GDR	6,300		40,005
Eastern Tobacco Co.	500		24,762
Orascom Construction Industries SAE GDR	500		51,375
Orascom Hotels & Development (OHD) (a)	247		1,903
Telecom Egypt SAE	1,400		3,824
TOTAL EGYPT			121,869
Georgia - 0.0%
Bank of Georgia unit (a)	200		1,302
Hong Kong - 4.2%
China Mobile (Hong Kong) Ltd.	19,000		190,340
China Resources Power Holdings Co. Ltd.	28,000		61,167
CNOOC Ltd.	115,000		129,193
CNOOC Ltd. sponsored ADR	100		11,451
CNPC (Hong Kong) Ltd. (a)	130,000		55,350
REXCAPITAL Financial Holdings Ltd. (a)	75,000		3,142
TOTAL HONG KONG			450,643
India - 4.8%
Axis Bank Ltd.	300		4,700
Axis Bank Ltd. GDR (Reg. S) (a)	600		8,400
Bank of India (a)	828		5,123
Bharti Airtel Ltd. (a)	3,173		53,991
Blue Star Ltd.	677		4,230
Educomp Solutions Ltd.	202		14,866
HCL Technologies Ltd.	1,793		7,584
Housing Development Finance Corp. Ltd.	1,888		88,085
Indian Overseas Bank (a)	4,445		9,147
Infosys Technologies Ltd. sponsored ADR	3,000		99,930
JSW Steel Ltd.	2,067		21,612
Larsen & Toubro Ltd.	864		45,858
Reliance Industries Ltd.	1,393		58,728
Rolta India Ltd.	5,816		30,138
Rural Electrification Corp. Ltd.	60		106
Sintex Industries Ltd.	2,273		14,037
Tata Power Co. Ltd.	2,543		50,292
TOTAL INDIA			516,827
Indonesia - 3.0%
Bayan Resources Group (a)	20,500		4,369
PT Astra International Tbk	34,500		60,513
PT Bank CIMB Niaga Tbk	152,000		16,674
PT Bank Mandiri Persero Tbk	68,500		18,670
PT Bank Rakyat Indonesia Tbk	131,500		73,057
PT Bumi Resources Tbk	231,500		75,705

	Shares		Value
PT International Nickel Indonesia Tbk	45,500		$ 14,335
PT Perusahaan Gas Negara Tbk Series B	274,800		61,227
TOTAL INDONESIA			324,550
Ireland - 0.0%
Dragon Oil PLC (a)	1,000		3,162
Israel - 2.2%
Cellcom Israel Ltd.	700		21,042
Check Point Software Technologies Ltd. (a)	2,900		65,946
Israel Chemicals Ltd.	10,200		156,333
TOTAL ISRAEL			243,321
Kazakhstan - 0.4%
JSC Halyk Bank of Kazakhstan:
GDR (c)	300		2,091
unit	2,200		15,334
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	1,700		26,350
TOTAL KAZAKHSTAN			43,775
Korea (South) - 8.0%
CJ CheilJedang Corp. (a)	67		10,894
Daehan Steel Co. Ltd.	119		6,929
Doosan Co. Ltd. (a)	460		46,288
KB Financial Group, Inc. (a)	2,194		100,236
Korea Gas Corp.	914		52,667
KT&G Corp.	780		58,217
LG Household & Health Care Ltd.	200		33,447
LIG Non-Life Insurance Co. Ltd.	640		13,407
MegaStudy Co. Ltd.	263		40,058
Meritz Fire & Marine Insurance Co. Ltd.	6,270		44,265
NHN Corp. (a)	360		46,178
Samsung Electronics Co. Ltd.	600		274,952
Shinhan Financial Group Co. Ltd.	3,260		116,635
Taewoong Co. Ltd.	449		29,887
TOTAL KOREA (SOUTH)			874,060
Lebanon - 0.1%
Solidere GDR	300		8,400
Luxembourg - 1.2%
Evraz Group SA GDR	900		34,020
MHP SA GDR (a)(c)	700		7,700
Millicom International Cellular SA	400		27,468
Tenaris SA sponsored ADR	1,600		59,664
TOTAL LUXEMBOURG			128,852
Malaysia - 1.0%
DiGi.com Bhd (a)	7,400		48,314
Genting Bhd	7,900		12,197
IJM Corp. Bhd (a)	1,000		1,378
KNM Group Bhd	31,500		11,671
Public Bank Bhd	12,500		36,519
TOTAL MALAYSIA			110,079
Common Stocks - continued
	Shares		Value
Mexico - 2.1%
America Movil SAB de CV Series L sponsored ADR (a)	2,400		$ 111,264
Banco Compartamos SA de CV	1,700		4,716
Desarrolladora Homex Sab de CV sponsored ADR (a)	800		35,376
Grupo Financiero Banorte SA de CV Series O	19,700		62,900
Grupo Mexico SA de CV Series B	420		442
Urbi, Desarrollos Urbanos, SA de CV (a)	6,800		16,427
TOTAL MEXICO			231,125
Netherlands - 0.1%
New World Resources BV	700		8,719
Nigeria - 0.1%
Guaranty Trust Bank PLC:
(Reg. S) unit	763		5,532
sponsored GDR (c)	436		3,161
TOTAL NIGERIA			8,693
Oman - 0.4%
BankMuscat SAOG sponsored GDR	3,600		43,200
Panama - 0.1%
Intergroup Financial Services Corp. (a)	865		14,489
Papua New Guinea - 0.3%
Oil Search Ltd.	6,402		28,649
Peru - 0.5%
Compania de Minas Buenaventura SA sponsored ADR	2,090		49,073
Philippines - 0.2%
Ayala Corp.	1,200		7,357
Megaworld Corp.	118,000		3,493
Security Bank Corp.	3,000		3,457
SM Investments Corp.	1,280		6,968
TOTAL PHILIPPINES			21,275
Poland - 0.9%
Kopex SA (a)	800		7,657
Powszechna Kasa Oszczednosci Bank SA (a)	4,600		82,716
Trakcja Polska SA	2,050		4,374
TOTAL POLAND			94,747
Russia - 10.9%
Bank St. Petersburg OJSC	2,931		12,310
Comstar United TeleSystems OJSC GDR (Reg. S)	2,600		13,193
LSR Group OJSC (a)	100		2,302
Lukoil Oil Co. sponsored ADR	2,373		141,787
Magnit OJSC GDR (Reg. S) (a)	1,200		10,704
Mechel Steel Group OAO sponsored ADR	2,500		44,900
Mobile TeleSystems OJSC sponsored ADR	1,900		106,419

	Shares		Value
OAO Gazprom sponsored ADR	12,584		$ 393,884
OAO NOVATEK GDR	685		31,253
OAO Raspadskaya	7,400		30,909
OAO TMK	3,365		18,070
OJSC Rosneft unit	8,200		56,752
Pharmstandard OJSC unit (a)	600		10,651
Rosinter Restaurants Holding (a)	363		12,441
Sberbank (Savings Bank of the Russian Federation) (a)	26,900		47,036
Sberbank (Savings Bank of the Russian Federation) GDR	100		26,415
Uralkali JSC (a)	4,300		30,955
Uralkali JSC GDR (Reg. S)	1,000		31,649
Vimpel Communications sponsored ADR	5,500		111,650
Wimm-Bill-Dann Foods OJSC sponsored ADR	700		49,700
TOTAL RUSSIA			1,182,980
Singapore - 0.2%
Keppel Corp. Ltd.	2,000		11,052
Straits Asia Resources Ltd.	14,000		14,713
TOTAL SINGAPORE			25,765
Slovenia - 0.0%
Nova Kreditna banka Maribor d.d.	122		3,392
South Africa - 8.9%
African Bank Investments Ltd.	13,300		41,055
African Rainbow Minerals Ltd.	2,160		41,477
Aspen Pharmacare Holdings Ltd.	10,775		55,892
Aveng Ltd.	7,600		58,015
Bell Equipment Ltd.	2,477		7,554
Exxaro Resources Ltd.	5,048		52,914
FirstRand Ltd.	30,400		62,571
Illovo Sugar Ltd.	8,117		24,515
Impala Platinum Holdings Ltd.	4,900		99,988
Mr. Price Group Ltd.	15,400		41,932
MTN Group Ltd.	11,800		166,433
Murray & Roberts Holdings Ltd.	6,700		78,660
Northam Platinum Ltd.	2,305		12,703
Raubex Group Ltd.	10,723		40,110
Sasol Ltd.	1,800		76,793
Sasol Ltd. sponsored ADR	1,900		80,731
Shoprite Holdings Ltd.	4,900		27,850
TOTAL SOUTH AFRICA			969,193
Switzerland - 0.4%
Orascom Development Holding AG	627		40,032
Taiwan - 4.7%
Asia Cement Corp.	13,780		12,229
China Steel Corp.	81,920		81,673
First Financial Holding Co. Ltd.	112,032		69,980
Fubon Financial Holding Co. Ltd.	61,000		44,032
Hon Hai Precision Industry Co. Ltd. (Foxconn)	42,550		152,023
Common Stocks - continued
	Shares		Value
Taiwan - continued
HTC Corp.	5,900		$ 91,349
Siliconware Precision Industries Co. Ltd.	56,560		64,162
TOTAL TAIWAN			515,448
Thailand - 1.4%
Mermaid Maritime PLC	5,000		1,910
Minor International PCL (For. Reg.)	118,710		39,801
PTT Exploration & Production PCL (For. Reg.)	11,100		42,581
Siam Commercial Bank PCL (For. Reg.)	28,400		58,762
Total Access Communication PCL unit	6,500		7,661
TOTAL THAILAND			150,715
Turkey - 3.3%
Anadolu Efes Biracilik ve Malt Sanyii AS	8,000		82,100
Asya Katilim Bankasi AS	27,000		42,726
Bagfas Bandirma Gubre Fabrikalari AS	200		18,175
Enka Insaat ve Sanayi AS	8,337		57,147
Tekfen Holding AS	4,000		22,405
Tupras-Turkiye Petrol Rafinerileri AS	4,000		73,952
Turkiye Garanti Bankasi AS (a)	27,000		64,724
TOTAL TURKEY			361,229
United Arab Emirates - 0.0%
Depa Ltd. GDR (a)(c)	600		2,550
United Kingdom - 0.9%
Cairn Energy PLC (a)	400		14,931
Eurasian Natural Resources Corp. PLC	2,000		18,214
Randgold Resources Ltd. sponsored ADR	700		28,721
Sibir Energy PLC (a)	4,585		31,844
TOTAL UNITED KINGDOM			93,710
United States of America - 0.9%
Central European Distribution Corp. (a)	500		22,705
CTC Media, Inc. (a)	2,900		43,500
Freeport-McMoRan Copper & Gold, Inc. Class B	500		28,425
TOTAL UNITED STATES OF AMERICA			94,630
TOTAL COMMON STOCKS (Cost $13,516,050)		9,711,607
Nonconvertible Preferred Stocks - 0.1%
	Shares		Value
Brazil - 0.1%
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)	700		$ 14,836
South Africa - 0.0%
Allied Electronics Corp. Ltd. (a)	600		2,202
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $32,397)		17,038
Investment Companies - 2.9%

United States of America - 2.9%
iShares MSCI Emerging Markets Index ETF (Cost $329,108)	9,000		310,770
Money Market Funds - 7.9%

Fidelity Cash Central Fund, 1.92% (b) (Cost $854,062)	854,062		854,062

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $14,731,617)

10,893,477

NET OTHER ASSETS - (0.3)%			(33,997)
NET ASSETS - 100%		$ 10,859,480

Legend

(a) Non-income producing

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $32,617 or 0.3% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 12,765

Other Information

The following is a summary of the inputs used, as of September 30, 2008, involving the Fund's assets 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	$ 10,893,477	$ 5,834,134	$ 5,053,105	$ 6,238

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

	Investments in Securities
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(3,111)
Cost of Purchases	9,349
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 6,238

The information used in the above reconciliation represents fiscal year to date activity for any Investment 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.

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $14,917,403. Net unrealized depreciation aggregated $4,023,926, of which $47,341 related to appreciated investment securities and $4,071,267 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Energy Portfolio

September 30, 2008

1.807722.104

VNR-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Environmental & Facility Services - 0.0%
Fuel Tech, Inc. (a)	10,149		$ 183,595
CONSTRUCTION & ENGINEERING - 0.5%
Construction & Engineering - 0.5%
Jacobs Engineering Group, Inc. (a)	44,000		2,389,640
ELECTRICAL EQUIPMENT - 4.7%
Electrical Components & Equipment - 4.2%
Evergreen Solar, Inc. (a)	234,200		1,292,784
First Solar, Inc. (a)	13,800		2,606,958
JA Solar Holdings Co. Ltd. ADR (a)(d)	394,800		4,176,984
Q-Cells AG (a)(d)	30,800		2,581,762
Renewable Energy Corp. AS (a)	82,900		1,536,299
Sunpower Corp.:
Class A (a)(d)	54,140		3,840,150
Class B (a)	6,700		462,635
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	71,100		2,550,357
			19,047,929
Heavy Electrical Equipment - 0.5%
Vestas Wind Systems AS (a)	26,783		2,337,200
TOTAL ELECTRICAL EQUIPMENT			21,385,129
ENERGY EQUIPMENT & SERVICES - 28.0%
Oil & Gas Drilling - 10.1%
Atwood Oceanics, Inc. (a)	115,700		4,211,480
ENSCO International, Inc.	63,700		3,671,031
Helmerich & Payne, Inc.	54,930		2,372,427
Hercules Offshore, Inc. (a)	170,480		2,584,477
Nabors Industries Ltd. (a)	733,794		18,286,146
Noble Corp.	117,530		5,159,567
Patterson-UTI Energy, Inc.	261,339		5,232,007
Rowan Companies, Inc.	106,400		3,250,520
Transocean, Inc. (a)	15,247		1,674,730
			46,442,385
Oil & Gas Equipment & Services - 17.9%
Baker Hughes, Inc.	80		4,843
BJ Services Co.	281,500		5,385,095
Complete Production Services, Inc. (a)	57,460		1,156,670
Exterran Holdings, Inc. (a)	44,943		1,436,378
FMC Technologies, Inc. (a)	72,120		3,357,186
Fugro NV (Certificaten Van Aandelen) unit	27,023		1,595,208
Global Industries Ltd. (a)	267,434		1,855,992
Halliburton Co.	194,774		6,308,730
Helix Energy Solutions Group, Inc. (a)	48,600		1,180,008
NATCO Group, Inc. Class A (a)	696		27,965
National Oilwell Varco, Inc. (a)	519,678		26,103,426
Oil States International, Inc. (a)	42,300		1,495,305
ProSafe ASA	84,600		462,964
Schlumberger Ltd. (NY Shares)	197,420		15,416,528

	Shares		Value
Smith International, Inc.	30,680		$ 1,799,075
Superior Energy Services, Inc. (a)	88,000		2,740,320
Tenaris SA sponsored ADR	24,600		917,334
Tidewater, Inc.	25,300		1,400,608
TSC Offshore Group Ltd. (a)	1,002,000		238,865
Weatherford International Ltd. (a)	375,110		9,430,265
			82,312,765
TOTAL ENERGY EQUIPMENT & SERVICES			128,755,150
GAS UTILITIES - 0.3%
Gas Utilities - 0.3%
Questar Corp.	28,100		1,149,852
Zhongyu Gas Holdings Ltd. (a)	3,944,000		326,826
			1,476,678
MACHINERY - 0.2%
Industrial Machinery - 0.2%
Vallourec SA	3,400		733,384
METALS & MINING - 0.4%
Diversified Metals & Mining - 0.4%
Teck Cominco Ltd. Class B (sub. vtg.)	37,700		1,070,363
Timminco Ltd. (a)	53,100		728,354
			1,798,717
OIL, GAS & CONSUMABLE FUELS - 64.3%
Coal & Consumable Fuels - 7.2%
Arch Coal, Inc.	159,650		5,250,889
CONSOL Energy, Inc.	229,807		10,545,843
Foundation Coal Holdings, Inc.	136,614		4,860,726
International Coal Group, Inc. (a)	20,500		127,920
Natural Resource Partners LP	2,700		68,391
Peabody Energy Corp.	243,694		10,966,230
PT Bumi Resources Tbk	1,598,000		522,577
Walter Industries, Inc.	17,100		811,395
			33,153,971
Integrated Oil & Gas - 16.2%
BP PLC sponsored ADR	4,800		240,816
Chevron Corp.	386,300		31,862,026
ConocoPhillips	24,100		1,765,325
Exxon Mobil Corp.	16		1,243
Hess Corp.	173,000		14,199,840
Marathon Oil Corp.	56,700		2,260,629
Occidental Petroleum Corp.	239,400		16,865,730
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	52,700		1,972,034
Royal Dutch Shell PLC Class A sponsored ADR	85,700		5,057,157
Suncor Energy, Inc.	1,500		62,007
			74,286,807
Oil & Gas Exploration & Production - 30.7%
American Oil & Gas, Inc. NV (a)	50,739		132,429
Anadarko Petroleum Corp.	19,200		931,392
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Berry Petroleum Co. Class A	73,514		$ 2,847,197
Cabot Oil & Gas Corp.	450,818		16,292,563
Canadian Natural Resources Ltd.	169,600		11,631,717
Chesapeake Energy Corp.	242,300		8,688,878
Comstock Resources, Inc. (a)	101,720		5,091,086
Concho Resources, Inc. (a)	146,844		4,054,363
Continental Resources, Inc. (a)	458		17,967
Denbury Resources, Inc. (a)	253,100		4,819,024
EnCana Corp.	100		6,385
Encore Acquisition Co. (a)	88,232		3,686,333
EOG Resources, Inc.	800		71,568
EXCO Resources, Inc. (a)	141,650		2,311,728
Forest Oil Corp. (a)	73,009		3,621,246
Goodrich Petroleum Corp. (a)	23,200		1,011,288
Kodiak Oil & Gas Corp. (a)	101,700		152,550
Newfield Exploration Co. (a)	13,900		444,661
Nexen, Inc.	168,700		3,914,778
Northern Oil & Gas, Inc. (a)	7,600		61,788
Oil Search Ltd.	313,771		1,404,124
OPTI Canada, Inc. (a)	77,100		800,409
Penn Virginia Corp.	85,261		4,556,348
Petrobank Energy & Resources Ltd. (a)	15,900		602,748
Petrohawk Energy Corp. (a)	623,923		13,495,454
Petroquest Energy, Inc. (a)	101,063		1,551,317
Plains Exploration & Production Co. (a)	251,489		8,842,353
Quicksilver Resources, Inc. (a)	322,368		6,328,084
Range Resources Corp.	435,800		18,682,746
SandRidge Energy, Inc.	58,322		1,143,111
Southwestern Energy Co. (a)	336,000		10,261,440
Stone Energy Corp. (a)	40,600		1,718,598
Talisman Energy, Inc.	77,800		1,097,854
Vanguard Natural Resources LLC	3,400		39,950
Whiting Petroleum Corp. (a)	6,800		484,568
XTO Energy, Inc.	1,350		62,802
			140,860,847

	Shares		Value
Oil & Gas Refining & Marketing - 8.9%
Frontier Oil Corp.	276,000		$ 5,083,920
Holly Corp.	94,600		2,735,832
Petroplus Holdings AG	30,182		1,154,642
Sunoco, Inc.	1,899		67,566
Tesoro Corp.	306,432		5,053,064
Valero Energy Corp.	852,024		25,816,327
Western Refining, Inc. (d)	75,206		760,333
			40,671,684
Oil & Gas Storage & Transport - 1.3%
Williams Companies, Inc.	258,150		6,105,248
TOTAL OIL, GAS & CONSUMABLE FUELS			295,078,557
TOTAL COMMON STOCKS (Cost $508,715,010)		451,800,850
Money Market Funds - 1.2%

Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c) (Cost $5,355,655)	5,355,655		5,355,655

TOTAL INVESTMENT PORTFOLIO - 99.6%

(Cost $514,070,665)

457,156,505

NET OTHER ASSETS - 0.4%			1,845,450
NET ASSETS - 100%		$ 459,001,955

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 132,522
Fidelity Securities Lending Cash Central Fund	74,280
Total	$ 206,802

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 457,156,505	$ 444,262,654	$ 12,893,851	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $518,807,110. Net unrealized depreciation aggregated $61,650,605, of which $62,534,205 related to appreciated investment securities and $124,184,810 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Financial Services Portfolio

September 30, 2008

1.807734.104

VFS-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.4%
	Shares		Value
CAPITAL MARKETS - 17.2%
Asset Management & Custody Banks - 9.3%
Bank of New York Mellon Corp.	25,000		$ 814,500
EFG International	8,490		245,138
Fortress Investment Group LLC (d)	8,700		91,350
Franklin Resources, Inc.	6,400		564,032
GLG Partners, Inc. (d)	11,100		60,162
Janus Capital Group, Inc.	13,500		327,780
Julius Baer Holding AG	3,471		172,630
KKR Private Equity Investors, LP	6,700		65,325
KKR Private Equity Investors, LP Restricted Depositary Units (e)	4,300		41,925
Legg Mason, Inc.	1,200		45,672
State Street Corp.	16,167		919,579
T. Rowe Price Group, Inc.	4,600		247,066
The Blackstone Group LP	8,100		124,254
			3,719,413
Investment Banking & Brokerage - 7.9%
Charles Schwab Corp.	26,800		696,800
Goldman Sachs Group, Inc.	8,500		1,088,000
Lazard Ltd. Class A	3,900		166,764
Merrill Lynch & Co., Inc.	21,800		551,540
Morgan Stanley	29,010		667,230
			3,170,334
TOTAL CAPITAL MARKETS			6,889,747
COMMERCIAL BANKS - 18.7%
Diversified Banks - 9.7%
Banco Latin Americano de Exporaciones SA (BLADEX) Series E	5,200		74,984
ICICI Bank Ltd. sponsored ADR	2,200		51,744
U.S. Bancorp, Delaware	28,200		1,015,764
Wachovia Corp. (d)	17,997		62,990
Wells Fargo & Co.	70,800		2,657,124
			3,862,606
Regional Banks - 9.0%
Associated Banc-Corp.	16,900		337,155
Boston Private Financial Holdings, Inc.	12,800		111,872
Cathay General Bancorp	13,630		324,394
Center Financial Corp., California	2,800		35,756
Colonial Bancgroup, Inc. (d)	28,300		222,438
Huntington Bancshares, Inc. (d)	26,800		214,132
KeyCorp	32,400		386,856
M&T Bank Corp.	3,900		348,075
National City Corp. (d)	109,100		190,925
PNC Financial Services Group, Inc.	14,100		1,053,270
UCBH Holdings, Inc.	2,300		14,743

	Shares		Value
Wintrust Financial Corp.	5,559		$ 163,157
Zions Bancorp (d)	5,500		212,850
			3,615,623
TOTAL COMMERCIAL BANKS			7,478,229
CONSUMER FINANCE - 4.8%
Consumer Finance - 4.8%
American Express Co.	8,240		291,943
Capital One Financial Corp. (d)	12,500		637,500
Discover Financial Services	20,655		285,452
Dollar Financial Corp. (a)	8,110		124,813
Promise Co. Ltd.	8,550		165,506
SLM Corp. (a)	32,100		396,114
			1,901,328
DIVERSIFIED FINANCIAL SERVICES - 21.3%
Other Diversifed Financial Services - 17.9%
Bank of America Corp.	77,443		2,710,504
Citigroup, Inc.	102,630		2,104,941
JPMorgan Chase & Co.	50,038		2,336,775
			7,152,220
Specialized Finance - 3.4%
CIT Group, Inc. (d)	39,200		272,832
CME Group, Inc.	1,787		663,888
Deutsche Boerse AG	2,900		265,286
JSE Ltd.	6,000		39,585
KKR Financial Holdings LLC	20,100		127,836
			1,369,427
TOTAL DIVERSIFIED FINANCIAL SERVICES			8,521,647
INSURANCE - 20.3%
Insurance Brokers - 0.5%
National Financial Partners Corp.	5,700		85,500
Willis Group Holdings Ltd.	3,800		122,588
			208,088
Life & Health Insurance - 6.3%
AFLAC, Inc.	7,300		428,875
MetLife, Inc. (d)	16,310		913,360
Principal Financial Group, Inc. (d)	10,600		460,994
Prudential Financial, Inc.	10,100		727,200
			2,530,429
Multi-Line Insurance - 1.8%
American International Group, Inc.	8,310		27,672
Assurant, Inc.	4,400		242,000
Hartford Financial Services Group, Inc.	10,560		432,854
			702,526
Property & Casualty Insurance - 6.5%
ACE Ltd.	24,150		1,307,240
Argo Group International Holdings, Ltd. (a)	6,544		241,146
Axis Capital Holdings Ltd.	4,200		133,182
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Property & Casualty Insurance - continued
Berkshire Hathaway, Inc. Class A (a)	3		$ 391,800
LandAmerica Financial Group, Inc. (d)	2,300		55,775
MBIA, Inc. (d)	7,560		89,964
The Travelers Companies, Inc.	5,900		266,680
United America Indemnity Ltd. Class A (a)	7,600		108,148
			2,593,935
Reinsurance - 5.2%
Everest Re Group Ltd.	10,800		934,524
IPC Holdings Ltd.	6,300		190,323
Max Capital Group Ltd.	11,099		257,830
Montpelier Re Holdings Ltd.	3,100		51,181
Platinum Underwriters Holdings Ltd.	11,200		397,376
RenaissanceRe Holdings Ltd.	5,000		260,000
			2,091,234
TOTAL INSURANCE			8,126,212
IT SERVICES - 0.5%
Data Processing & Outsourced Services - 0.5%
Visa, Inc.	3,000		184,170
REAL ESTATE INVESTMENT TRUSTS - 6.0%
Mortgage REITs - 1.5%
Annaly Capital Management, Inc.	39,000		524,550
Chimera Investment Corp.	12,400		77,004
			601,554
Residential REITs - 1.7%
Equity Lifestyle Properties, Inc.	7,100		376,513
UDR, Inc.	11,500		300,725
			677,238
Retail REITs - 2.8%
CBL & Associates Properties, Inc.	4,500		90,360
Developers Diversified Realty Corp.	11,900		377,111
General Growth Properties, Inc.	18,900		285,390
Simon Property Group, Inc.	3,600		349,200
			1,102,061
TOTAL REAL ESTATE INVESTMENT TRUSTS			2,380,853
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.1%
Diversified Real Estate Activities - 1.1%
Meruelo Maddux Properties, Inc. (a)	14,700		17,934
Mitsubishi Estate Co. Ltd.	22,000		433,676
			451,610
THRIFTS & MORTGAGE FINANCE - 1.5%
Thrifts & Mortgage Finance - 1.5%
FirstFed Financial Corp. (a)	5,800		45,472
Hudson City Bancorp, Inc.	26,779		494,073
IndyMac Bancorp, Inc.	4,600		736

	Shares		Value
Radian Group, Inc.	7,400		$ 37,296
Washington Mutual, Inc.	21,800		1,788
			579,365
TOTAL COMMON STOCKS (Cost $40,314,392)		36,513,161
Convertible Preferred Stocks - 0.4%

COMMERCIAL BANKS - 0.3%
Regional Banks - 0.3%
Huntington Bancshares, Inc. 8.50%	150		115,199
DIVERSIFIED FINANCIAL SERVICES - 0.0%
Specialized Finance - 0.0%
CIT Group, Inc. Series C, 8.75%	300		8,736
INSURANCE - 0.0%
Multi-Line Insurance - 0.0%
American International Group, Inc. Series A, 8.50%	1,100		9,502
THRIFTS & MORTGAGE FINANCE - 0.1%
Thrifts & Mortgage Finance - 0.1%
Fannie Mae 8.75%	20,500		50,840
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $368,786)		184,277
Money Market Funds - 12.4%

Fidelity Cash Central Fund, 1.92% (b)	3,374,217		3,374,217
Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)	1,576,950		1,576,950
TOTAL MONEY MARKET FUNDS (Cost $4,951,167)		4,951,167

TOTAL INVESTMENT PORTFOLIO - 104.2%

(Cost $45,634,345)

41,648,605

NET OTHER ASSETS - (4.2)%			(1,695,548)
NET ASSETS - 100%		$ 39,953,057

Legend

(a) Non-income producing

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $41,925 or 0.1% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 57,688
Fidelity Securities Lending Cash Central Fund	23,073
Total	$ 80,761

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 41,648,605	$ 40,142,507	$ 1,506,098	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $46,211,521. Net unrealized depreciation aggregated $4,562,916, of which $4,447,464 related to appreciated investment securities and $9,010,380 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Growth Stock Portfolio

September 30, 2008

1.808784.104

VIPGR-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
CONSUMER DISCRETIONARY - 9.8%
Hotels, Restaurants & Leisure - 2.0%
Burger King Holdings, Inc.	1,900		$ 46,664
Life Time Fitness, Inc. (a)	500		15,635
McDonald's Corp.	4,400		271,480
			333,779
Household Durables - 0.3%
Tempur-Pedic International, Inc.	3,600		42,336
Internet & Catalog Retail - 0.5%
Amazon.com, Inc. (a)	400		29,104
Blue Nile, Inc. (a)	1,200		51,444
			80,548
Media - 0.2%
The DIRECTV Group, Inc. (a)	1,500		39,255
Multiline Retail - 1.2%
JCPenney Co., Inc.	400		13,336
Nordstrom, Inc.	800		23,056
Target Corp.	3,400		166,770
			203,162
Specialty Retail - 2.2%
Abercrombie & Fitch Co. Class A	1,600		63,120
Dick's Sporting Goods, Inc. (a)	2,500		48,950
Ross Stores, Inc.	900		33,129
Staples, Inc.	5,400		121,500
Talbots, Inc.	700		9,170
The Men's Wearhouse, Inc.	1,800		38,232
TJX Companies, Inc.	1,600		48,832
			362,933
Textiles, Apparel & Luxury Goods - 3.4%
American Apparel, Inc. (a)	4,500		36,900
Deckers Outdoor Corp. (a)	900		93,672
G-III Apparel Group Ltd. (a)	7,100		132,841
Polo Ralph Lauren Corp. Class A	3,100		206,584
Titan Industries Ltd.	881		21,325
VF Corp.	1,100		85,041
			576,363
TOTAL CONSUMER DISCRETIONARY			1,638,376
CONSUMER STAPLES - 11.8%
Beverages - 3.8%
Molson Coors Brewing Co. Class B	7,300		341,275
PepsiCo, Inc.	3,800		270,826
United Spirits Ltd.	549		15,067
			627,168
Food & Staples Retailing - 2.2%
CVS Caremark Corp.	5,700		191,862
Sysco Corp.	3,400		104,822
Wal-Mart Stores, Inc.	1,300		77,857
			374,541

	Shares		Value
Food Products - 2.3%
Nestle SA sponsored ADR	8,000		$ 343,600
Smart Balance, Inc. (a)(d)	7,300		47,888
			391,488
Household Products - 1.7%
Procter & Gamble Co.	4,000		278,760
Personal Products - 1.8%
Avon Products, Inc.	6,900		286,833
Dabur India Ltd.	8,921		17,588
			304,421
TOTAL CONSUMER STAPLES			1,976,378
ENERGY - 10.6%
Energy Equipment & Services - 3.3%
Halliburton Co.	4,000		129,560
National Oilwell Varco, Inc. (a)	2,746		137,932
Schlumberger Ltd. (NY Shares)	3,590		280,343
			547,835
Oil, Gas & Consumable Fuels - 7.3%
Arch Coal, Inc.	900		29,601
Canadian Natural Resources Ltd.	800		54,867
Chesapeake Energy Corp.	1,700		60,962
ConocoPhillips	1,100		80,575
CONSOL Energy, Inc.	1,610		73,883
EOG Resources, Inc.	1,500		134,190
Exxon Mobil Corp.	2,490		193,373
Hess Corp.	1,600		131,328
Nova Biosource Fuels, Inc. (a)	76,400		11,460
Occidental Petroleum Corp.	2,100		147,945
Peabody Energy Corp.	2,800		126,000
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	1,200		44,904
Quicksilver Resources, Inc. (a)	1,800		35,334
Southwestern Energy Co. (a)	1,100		33,594
Ultra Petroleum Corp. (a)	1,200		66,408
			1,224,424
TOTAL ENERGY			1,772,259
FINANCIALS - 5.2%
Capital Markets - 2.7%
Charles Schwab Corp.	6,300		163,800
Goldman Sachs Group, Inc.	500		64,000
Janus Capital Group, Inc.	3,400		82,552
Morgan Stanley	800		18,400
Northern Trust Corp.	620		44,764
State Street Corp.	1,330		75,650
			449,166
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - 1.0%
Wells Fargo & Co.	3,200		$ 120,096
Zions Bancorp	1,200		46,440
			166,536
Consumer Finance - 0.2%
American Express Co.	1,200		42,516
Diversified Financial Services - 0.4%
Bank of America Corp.	1,100		38,500
JPMorgan Chase & Co.	500		23,350
			61,850
Insurance - 0.3%
Berkshire Hathaway, Inc. Class B (a)	10		43,950
Thrifts & Mortgage Finance - 0.6%
Hudson City Bancorp, Inc.	5,300		97,785
TOTAL FINANCIALS			861,803
HEALTH CARE - 16.0%
Biotechnology - 5.4%
Alexion Pharmaceuticals, Inc. (a)	2,100		82,530
Alnylam Pharmaceuticals, Inc. (a)(d)	2,600		75,270
Amgen, Inc. (a)	800		47,416
BioMarin Pharmaceutical, Inc. (a)	1,500		39,735
Celgene Corp. (a)	1,600		101,248
Cougar Biotechnology, Inc. (a)	1,400		46,746
CSL Ltd.	2,883		87,335
Genentech, Inc. (a)	2,700		239,436
Gilead Sciences, Inc. (a)	3,500		159,530
RXi Pharmaceuticals Corp.	3,054		24,921
			904,167
Health Care Equipment & Supplies - 6.4%
Alcon, Inc.	700		113,057
Baxter International, Inc.	3,400		223,142
Covidien Ltd.	6,500		349,440
Inverness Medical Innovations, Inc. (a)	13,025		390,750
			1,076,389
Health Care Providers & Services - 0.7%
athenahealth, Inc.	100		3,327
Express Scripts, Inc. (a)	1,600		118,112
			121,439
Health Care Technology - 0.6%
Eclipsys Corp. (a)	4,300		90,085
Life Sciences Tools & Services - 1.9%
Covance, Inc. (a)	700		61,887
Illumina, Inc. (a)	3,800		154,014
QIAGEN NV (a)	5,500		108,515
			324,416

	Shares		Value
Pharmaceuticals - 1.0%
Allergan, Inc.	2,300		$ 118,450
Wyeth	1,300		48,022
			166,472
TOTAL HEALTH CARE			2,682,968
INDUSTRIALS - 10.1%
Aerospace & Defense - 2.6%
Honeywell International, Inc.	5,200		216,060
Raytheon Co.	2,200		117,722
United Technologies Corp.	1,600		96,096
			429,878
Air Freight & Logistics - 0.7%
United Parcel Service, Inc. Class B	1,800		113,202
Airlines - 0.3%
Northwest Airlines Corp. (a)	3,400		30,702
UAL Corp.	1,300		11,427
			42,129
Commercial Services & Supplies - 0.4%
Fuel Tech, Inc. (a)	4,125		74,621
Construction & Engineering - 0.1%
Larsen & Toubro Ltd.	342		18,152
Electrical Equipment - 2.5%
ABB Ltd. sponsored ADR	4,800		93,120
Alstom SA	1,400		106,235
American Superconductor Corp. (a)(d)	7,500		176,775
Bharat Heavy Electricals Ltd.	606		20,984
Satcon Technology Corp. (a)(d)	14,200		25,418
			422,532
Machinery - 2.0%
Cummins, Inc.	3,800		166,136
Deere & Co.	2,200		108,900
Sulzer AG (Reg.)	569		60,545
			335,581
Professional Services - 0.4%
Manpower, Inc.	1,650		71,214
Road & Rail - 1.1%
Con-way, Inc.	100		4,411
CSX Corp.	400		21,828
Landstar System, Inc.	1,100		48,466
Union Pacific Corp.	1,600		113,856
			188,561
TOTAL INDUSTRIALS			1,695,870
INFORMATION TECHNOLOGY - 29.6%
Communications Equipment - 9.0%
Cisco Systems, Inc. (a)	25,200		568,512
Infinera Corp. (a)	3,000		28,680
Juniper Networks, Inc. (a)	13,900		292,873
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
QUALCOMM, Inc.	10,600		$ 455,482
Research In Motion Ltd. (a)	2,505		171,092
			1,516,639
Computers & Peripherals - 5.9%
Apple, Inc. (a)	7,300		829,718
Hewlett-Packard Co.	3,300		152,592
			982,310
Internet Software & Services - 5.9%
Equinix, Inc. (a)	3,600		250,056
Google, Inc. Class A (sub. vtg.) (a)	1,620		648,842
Omniture, Inc. (a)	4,735		86,935
			985,833
IT Services - 3.4%
Cognizant Technology Solutions Corp. Class A (a)	17,560		400,895
Satyam Computer Services Ltd. sponsored ADR	900		14,535
Visa, Inc.	2,600		159,614
			575,044
Semiconductors & Semiconductor Equipment - 3.5%
Applied Materials, Inc.	21,200		320,756
ASML Holding NV (NY Shares)	3,500		61,635
KLA-Tencor Corp.	2,400		75,960
Lam Research Corp. (a)	1,200		37,788
Skyworks Solutions, Inc. (a)	10,000		83,600
			579,739
Software - 1.9%
GSE Systems, Inc. (a)	2,500		17,500
Salesforce.com, Inc. (a)	900		43,560
Sybase, Inc. (a)	8,700		266,394
			327,454
TOTAL INFORMATION TECHNOLOGY			4,967,019
MATERIALS - 5.7%
Chemicals - 5.5%
Calgon Carbon Corp. (a)	4,600		93,656
Monsanto Co.	7,180		710,676
The Mosaic Co.	1,700		115,634
			919,966

	Shares		Value
Metals & Mining - 0.2%
Newmont Mining Corp.	1,000		$ 38,760
TOTAL MATERIALS			958,726
TELECOMMUNICATION SERVICES - 0.5%
Diversified Telecommunication Services - 0.5%
Qwest Communications International, Inc.	27,200		87,856
UTILITIES - 0.0%
Independent Power Producers & Energy Traders - 0.0%
Nevada Geothermal Power, Inc. (a)	100		67
TOTAL COMMON STOCKS (Cost $18,839,985)		16,641,322
Money Market Funds - 2.4%

Fidelity Cash Central Fund, 1.92% (b)	106,725		106,725
Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)	297,675		297,675
TOTAL MONEY MARKET FUNDS (Cost $404,400)		404,400

TOTAL INVESTMENT PORTFOLIO - 101.7%

(Cost $19,244,385)

17,045,722

NET OTHER ASSETS - (1.7)%			(279,486)
NET ASSETS - 100%		$ 16,766,236

Legend

(a) Non-income producing

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $24,921 or 0.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
RXi Pharmaceuticals Corp.	6/24/08	$ 24,798

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 10,428
Fidelity Securities Lending Cash Central Fund	16,997
Total	$ 27,425

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 17,045,722	$ 16,698,491	$ 347,231	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $19,378,463. Net unrealized depreciation aggregated $2,332,741, of which $1,188,648 related to appreciated investment securities and $3,521,389 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Health Care Portfolio

September 30, 2008

1.807727.104

VHC-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value
BEVERAGES - 0.1%
Soft Drinks - 0.1%
Hansen Natural Corp. (a)	1,200		$ 36,300
BIOTECHNOLOGY - 18.4%
Biotechnology - 18.4%
Alnylam Pharmaceuticals, Inc. (a)	8,200		237,390
Amgen, Inc. (a)	28,225		1,672,896
Biogen Idec, Inc. (a)	14,711		739,816
BioMarin Pharmaceutical, Inc. (a)	34,019		901,163
Cephalon, Inc. (a)	7,090		549,404
Cougar Biotechnology, Inc. (a)	1,506		50,285
CSL Ltd.	15,576		471,843
Genentech, Inc. (a)	69,401		6,154,484
Genzyme Corp. (a)	11,400		922,146
GTx, Inc. (a)(d)	19,300		367,086
Human Genome Sciences, Inc. (a)	5,500		34,925
ImClone Systems, Inc. (a)	2,930		182,949
Molecular Insight Pharmaceuticals, Inc. (a)	5,000		38,400
Myriad Genetics, Inc. (a)	4,200		272,496
Omrix Biopharmaceuticals, Inc. (a)	17,974		322,454
ONYX Pharmaceuticals, Inc. (a)	10,205		369,217
OREXIGEN Therapeutics, Inc. (a)(d)	6,800		73,372
PDL BioPharma, Inc.	8,294		77,217
RXi Pharmaceuticals Corp.	972		7,932
Theravance, Inc. (a)	30,524		380,329
			13,825,804
CHEMICALS - 4.5%
Fertilizers & Agricultural Chemicals - 4.4%
Monsanto Co.	15,300		1,514,394
Syngenta AG sponsored ADR	5,200		220,064
The Mosaic Co.	23,400		1,591,668
			3,326,126
Specialty Chemicals - 0.1%
Jubilant Organosys Ltd.	13,085		80,104
TOTAL CHEMICALS			3,406,230
COMMERCIAL SERVICES & SUPPLIES - 0.1%
Diversified Support Services - 0.0%
PRG-Schultz International, Inc. (a)	700		6,272
Environmental & Facility Services - 0.1%
American Ecology Corp.	2,200		60,874
TOTAL COMMERCIAL SERVICES & SUPPLIES			67,146
DIVERSIFIED CONSUMER SERVICES - 0.5%
Specialized Consumer Services - 0.5%
Carriage Services, Inc. Class A (a)	59,089		206,812
Hillenbrand, Inc.	2,200		44,352

	Shares		Value
Stewart Enterprises, Inc. Class A	17,100		$ 134,406
StoneMor Partners LP	1,100		16,038
			401,608
ELECTRONIC EQUIPMENT & COMPONENTS - 0.4%
Electronic Equipment & Instruments - 0.4%
Mettler-Toledo International, Inc. (a)	2,646		259,308
FOOD & STAPLES RETAILING - 0.7%
Drug Retail - 0.7%
China Nepstar Chain Drugstore Ltd. ADR	2,100		10,269
CVS Caremark Corp.	14,642		492,850
			503,119
FOOD PRODUCTS - 1.4%
Agricultural Products - 0.3%
Archer Daniels Midland Co.	3,149		68,995
Bunge Ltd.	2,600		164,268
			233,263
Packaged Foods & Meats - 1.1%
Marine Harvest ASA (a)	80,000		39,911
Nestle SA:
(Reg.)	14,871		642,745
sponsored ADR	3,700		158,915
			841,571
TOTAL FOOD PRODUCTS			1,074,834
HEALTH CARE EQUIPMENT & SUPPLIES - 22.9%
Health Care Equipment - 18.8%
Abaxis, Inc. (a)	1,600		31,520
American Medical Systems Holdings, Inc. (a)	23,600		419,136
Baxter International, Inc.	42,720		2,803,714
Beckman Coulter, Inc.	1,600		113,584
Boston Scientific Corp. (a)	121,898		1,495,688
C.R. Bard, Inc.	5,922		561,820
China Medical Technologies, Inc. sponsored ADR (d)	1,600		52,128
CONMED Corp. (a)	1,000		32,000
Covidien Ltd.	75,688		4,068,987
Electro-Optical Sciences, Inc. (a)	23,090		120,529
Electro-Optical Sciences, Inc.:
warrants 11/2/11 (a)(f)	7,563		15,675
warrants 8/2/12 (a)(f)	1,900		4,031
Gen-Probe, Inc. (a)	5,500		291,775
Golden Meditech Co. Ltd.	700,000		162,730
Hill-Rom Holdings, Inc.	2,600		78,806
I-Flow Corp. (a)	8,137		75,755
Integra LifeSciences Holdings Corp. (a)	8,800		387,464
Kinetic Concepts, Inc. (a)	1,903		54,407
Medtronic, Inc.	36,323		1,819,782
Meridian Bioscience, Inc.	2,000		58,080
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - CONTINUED
Health Care Equipment - continued
Mindray Medical International Ltd. sponsored ADR	6,229		$ 210,104
Mingyuan Medicare Development Co. Ltd.	490,000		52,334
Natus Medical, Inc. (a)	100		2,266
NuVasive, Inc. (a)	400		19,732
Quidel Corp. (a)	2,300		37,743
St. Jude Medical, Inc. (a)	16,600		721,934
Syneron Medical Ltd. (a)	27,300		389,025
ThermoGenesis Corp. (a)	14,749		18,436
			14,099,185
Health Care Supplies - 4.1%
Alcon, Inc.	3,809		615,192
Cremer SA	4,000		21,237
Haemonetics Corp. (a)	3,000		185,160
Immucor, Inc. (a)	2,700		86,292
InfuSystems Holdings, Inc. (a)	52,900		124,315
InfuSystems Holdings, Inc. warrants 4/11/11 (a)	9,800		980
Inverness Medical Innovations, Inc. (a)	59,248		1,777,440
RTI Biologics, Inc. (a)	14,300		133,705
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	92,000		138,092
			3,082,413
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			17,181,598
HEALTH CARE PROVIDERS & SERVICES - 13.2%
Health Care Distributors & Services - 2.7%
Celesio AG	100		4,363
McKesson Corp.	25,600		1,377,536
Profarma Distribuidora de Produtos Farmaceuticos SA	74,900		623,658
			2,005,557
Health Care Facilities - 1.0%
Brookdale Senior Living, Inc.	2,273		49,983
Community Health Systems, Inc. (a)	17,050		499,736
Emeritus Corp. (a)	3,648		90,835
Hanger Orthopedic Group, Inc. (a)	6,311		110,127
Sun Healthcare Group, Inc. (a)	2,036		29,848
			780,529
Health Care Services - 4.6%
Apria Healthcare Group, Inc. (a)	30,654		559,129
athenahealth, Inc.	100		3,327
Diagnosticos da America SA	7,000		95,450
Emergency Medical Services Corp. Class A (a)	100		2,988
Express Scripts, Inc. (a)	13,400		989,188

	Shares		Value
Health Grades, Inc. (a)	41,466		$ 117,763
Medco Health Solutions, Inc. (a)	26,385		1,187,325
NightHawk Radiology Holdings, Inc. (a)	52,364		378,068
Rural/Metro Corp. (a)	28,320		71,933
Virtual Radiologic Corp.	3,200		26,112
			3,431,283
Managed Health Care - 4.9%
Coventry Health Care, Inc. (a)	2,900		94,395
Humana, Inc. (a)	11,936		491,763
Medial Saude SA	9,300		53,776
UnitedHealth Group, Inc.	66,765		1,695,163
Universal American Financial Corp. (a)	39,763		484,711
WellPoint, Inc. (a)	19,208		898,358
			3,718,166
TOTAL HEALTH CARE PROVIDERS & SERVICES			9,935,535
HEALTH CARE TECHNOLOGY - 0.6%
Health Care Technology - 0.6%
Eclipsys Corp. (a)	6,500		136,175
HLTH Corp. (a)	25,750		294,323
Phase Forward, Inc. (a)	2,000		41,820
			472,318
HOTELS, RESTAURANTS & LEISURE - 0.0%
Restaurants - 0.0%
Centerplate, Inc. unit	600		1,800
INTERNET SOFTWARE & SERVICES - 0.2%
Internet Software & Services - 0.2%
WebMD Health Corp. Class A (a)	3,522		104,744
LIFE SCIENCES TOOLS & SERVICES - 12.1%
Life Sciences Tools & Services - 12.1%
Albany Molecular Research, Inc. (a)	2,470		44,682
AMAG Pharmaceuticals, Inc. (a)	2,151		83,308
Bio-Rad Laboratories, Inc. Class A (a)	211		20,914
Bruker BioSciences Corp. (a)	18,286		243,752
Charles River Laboratories International, Inc. (a)	10,515		583,898
Covance, Inc. (a)	2,768		244,719
Dishman Pharmaceuticals and Chemicals Ltd.	24,836		165,230
Exelixis, Inc. (a)	8,863		53,887
Harvard Bioscience, Inc. (a)	5,140		23,901
Illumina, Inc. (a)	11,408		462,366
Lonza Group AG	11,575		1,452,459
PAREXEL International Corp. (a)	12,098		346,729
PerkinElmer, Inc.	10,924		272,772
Pharmaceutical Product Development, Inc.	9,901		409,406
QIAGEN NV (a)	45,900		905,607
Techne Corp. (a)	2,100		151,452
Thermo Fisher Scientific, Inc. (a)	63,775		3,507,625
Common Stocks - continued
	Shares		Value
LIFE SCIENCES TOOLS & SERVICES - CONTINUED
Life Sciences Tools & Services - continued
Varian, Inc. (a)	1,300		$ 55,770
Wuxi Pharmatech Cayman, Inc. sponsored ADR (a)	3,369		44,302
			9,072,779
MACHINERY - 0.4%
Industrial Machinery - 0.4%
Pall Corp.	9,332		320,927
PERSONAL PRODUCTS - 0.0%
Personal Products - 0.0%
Nutraceutical International Corp. (a)	2,250		24,863
PHARMACEUTICALS - 19.6%
Pharmaceuticals - 19.6%
Abbott Laboratories	55,983		3,223,501
Alembic Ltd.	2,456		2,119
Allergan, Inc.	19,121		984,732
Bristol-Myers Squibb Co.	69,922		1,457,874
China Shineway Pharmaceutical Group Ltd.	158,000		112,654
Eczacibasi ILAC Sanayi TAS	30,000		27,027
Elan Corp. PLC sponsored ADR (a)	2,500		26,675
Eli Lilly & Co.	4,600		202,538
Eurand NV (a)	500		9,080
Pfizer, Inc.	123,900		2,284,716
Piramal Healthcare Ltd.	19,562		140,090
Shire PLC sponsored ADR	8,677		414,327
Simcere Pharmaceutical Group sponsored ADR (a)	3,050		26,474
Teva Pharmaceutical Industries Ltd. sponsored ADR (d)	38,400		1,758,336
Valeant Pharmaceuticals International (a)(d)	7,910		161,918
Wyeth	101,947		3,765,922
XenoPort, Inc. (a)	2,300		111,527
			14,709,510
TOTAL COMMON STOCKS (Cost $75,464,245)		71,398,423

Nonconvertible Bonds - 0.2%
	Principal Amount
HEALTH CARE PROVIDERS & SERVICES - 0.2%
Health Care Services - 0.2%
DASA Finance Corp. 8.75% 5/29/18 (e) (Cost $222,809)	$ 220,000	176,000

Money Market Funds - 5.0%
	Shares		Value
Fidelity Cash Central Fund, 1.92% (b)	2,298,325		$ 2,298,325
Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)	1,464,750		1,464,750
TOTAL MONEY MARKET FUNDS (Cost $3,763,075)		3,763,075
Cash Equivalents - 0.1%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.17%, dated 9/30/08 due 10/1/08 (Collateralized by U.S. Treasury Obligations) # (Cost $74,000)	$ 74,000		74,000

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $79,524,129)

75,411,498

NET OTHER ASSETS - (0.4)%			(310,589)
NET ASSETS - 100%		$ 75,100,909

Legend

(a) Non-income producing

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

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $19,707 or 0.0% of net assets.

Additional information on each holding is as follows:

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

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

Repurchase Agreement / Counterparty	Value
$74,000 due 10/01/08 at 0.17%
BNP Paribas Securities Corp.	$ 54,626
Barclays Capital, Inc.	5,321
ING Financial Markets LLC	14,053
	$ 74,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 58,607
Fidelity Securities Lending Cash Central Fund	24,246
Total	$ 82,853

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 75,411,498	$ 71,677,118	$ 3,734,380	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $80,094,480. Net unrealized depreciation aggregated $4,682,982, of which $4,367,216 related to appreciated investment securities and $9,050,198 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 by independent pricing services or by dealer who makes markets in such securities. Pricing services consider 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.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Industrials Portfolio

September 30, 2008

1.807737.104

VCY-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
AEROSPACE & DEFENSE - 20.1%
Aerospace & Defense - 20.1%
Honeywell International, Inc.	71,200		$ 2,958,360
Lockheed Martin Corp.	17,700		1,941,159
Northrop Grumman Corp.	17,200		1,041,288
Precision Castparts Corp.	10,000		787,800
Raytheon Co.	36,525		1,954,453
Stanley, Inc. (a)	6,600		243,606
United Technologies Corp.	53,999		3,243,180
			12,169,846
AIR FREIGHT & LOGISTICS - 9.1%
Air Freight & Logistics - 9.1%
C.H. Robinson Worldwide, Inc.	10,100		514,696
FedEx Corp.	12,200		964,288
Hub Group, Inc. Class A (a)	7,700		289,905
United Parcel Service, Inc. Class B	53,800		3,383,482
UTI Worldwide, Inc.	21,300		362,526
			5,514,897
AUTO COMPONENTS - 3.4%
Auto Parts & Equipment - 3.4%
Johnson Controls, Inc.	58,700		1,780,371
WABCO Holdings, Inc.	7,241		257,345
			2,037,716
BUILDING PRODUCTS - 2.0%
Building Products - 2.0%
Masco Corp.	51,420		922,475
Owens Corning (a)	12,900		308,439
			1,230,914
CHEMICALS - 1.4%
Specialty Chemicals - 1.4%
Albemarle Corp.	10,635		327,983
Nalco Holding Co.	14,300		265,122
W.R. Grace & Co. (a)	18,900		285,768
			878,873
COMMERCIAL SERVICES & SUPPLIES - 3.9%
Environmental & Facility Services - 2.6%
Allied Waste Industries, Inc. (a)	73,100		812,141
Republic Services, Inc.	25,800		773,484
			1,585,625
Security & Alarm Services - 1.3%
The Brink's Co.	12,625		770,378
TOTAL COMMERCIAL SERVICES & SUPPLIES			2,356,003
CONSTRUCTION & ENGINEERING - 0.7%
Construction & Engineering - 0.7%
Shaw Group, Inc. (a)	13,300		408,709

	Shares		Value
ELECTRICAL EQUIPMENT - 9.3%
Electrical Components & Equipment - 6.7%
AMETEK, Inc.	19,050		$ 776,669
Cooper Industries Ltd. Class A	18,900		755,055
Emerson Electric Co.	32,800		1,337,912
Roper Industries, Inc.	3,900		222,144
Saft Groupe SA (a)	7,977		315,781
SolarWorld AG	4,300		180,927
Sunpower Corp. Class A (a)(d)	5,000		354,650
Woodward Governor Co.	2,685		94,700
			4,037,838
Heavy Electrical Equipment - 2.6%
Alstom SA	7,500		569,118
China High Speed Transmission Equipment Group Co. Ltd.	200,000		366,047
Vestas Wind Systems AS (a)	7,500		654,482
			1,589,647
TOTAL ELECTRICAL EQUIPMENT			5,627,485
ELECTRONIC EQUIPMENT & COMPONENTS - 0.9%
Electronic Equipment & Instruments - 0.9%
Itron, Inc. (a)	6,229		551,453
INDUSTRIAL CONGLOMERATES - 16.5%
Industrial Conglomerates - 16.5%
General Electric Co.	261,719		6,673,834
McDermott International, Inc. (a)	16,700		426,685
Siemens AG sponsored ADR (d)	17,400		1,633,686
Tyco International Ltd.	35,981		1,260,055
			9,994,260
MACHINERY - 19.5%
Construction & Farm Machinery & Heavy Trucks - 8.3%
Caterpillar, Inc.	30,400		1,811,840
Cummins, Inc.	39,400		1,722,568
Deere & Co.	23,100		1,143,450
Navistar International Corp. (a)	6,900		373,842
			5,051,700
Industrial Machinery - 11.2%
Actuant Corp. Class A	2,700		68,148
Danaher Corp.	27,200		1,887,680
Eaton Corp.	13,418		753,823
Flowserve Corp.	5,200		461,604
Ingersoll-Rand Co. Ltd. Class A	21,300		663,921
Invensys PLC (a)	81,600		303,225
Pall Corp.	12,600		433,314
Parker Hannifin Corp.	5,300		280,900
SPX Corp.	6,002		462,154
Sulzer AG (Reg.)	5,534		588,855
The Weir Group PLC	21,100		231,701
Common Stocks - continued
	Shares		Value
MACHINERY - CONTINUED
Industrial Machinery - continued
Timken Co.	13,300		$ 377,055
Valmont Industries, Inc.	3,400		281,146
			6,793,526
TOTAL MACHINERY			11,845,226
MARINE - 0.7%
Marine - 0.7%
Safe Bulkers, Inc.	20,600		224,540
Ultrapetrol (Bahamas) Ltd. (a)	26,600		208,810
			433,350
PROFESSIONAL SERVICES - 0.8%
Research & Consulting Services - 0.8%
Equifax, Inc.	13,700		471,965
ROAD & RAIL - 8.7%
Railroads - 7.2%
Norfolk Southern Corp.	27,890		1,846,597
Union Pacific Corp.	36,000		2,561,760
			4,408,357
Trucking - 1.5%
Con-way, Inc. (d)	10,500		463,155
Landstar System, Inc.	6,356		280,045
Old Dominion Freight Lines, Inc. (a)	5,262		149,125
			892,325
TOTAL ROAD & RAIL			5,300,682
TRADING COMPANIES & DISTRIBUTORS - 0.9%
Trading Companies & Distributors - 0.9%
Rush Enterprises, Inc. Class A (a)	42,947		549,722

	Shares		Value
TRANSPORTATION INFRASTRUCTURE - 0.5%
Marine Ports & Services - 0.5%
Aegean Marine Petroleum Network, Inc.	13,300		$ 297,255
TOTAL COMMON STOCKS (Cost $66,220,034)		59,668,356

Nonconvertible Bonds - 0.0%
	Principal Amount
AIRLINES - 0.0%
Airlines - 0.0%
Delta Air Lines, Inc. 8.3% 12/15/29 (a) (Cost $15,608)	$ 540,000	6,750

Money Market Funds - 3.0%
	Shares
Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c) (Cost $1,827,825)	1,827,825	1,827,825

TOTAL INVESTMENT PORTFOLIO - 101.4%

(Cost $68,063,467)

61,502,931

NET OTHER ASSETS - (1.4)%			(830,419)
NET ASSETS - 100%		$ 60,672,512

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 42,930
Fidelity Securities Lending Cash Central Fund	67,148
Total	$ 110,078

Other Information

The following is a summary of the inputs used, as of September 30, 2008, involving the Fund's assets 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	$ 61,502,931	$ 58,286,045	$ 3,210,136	$ 6,750

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

	Investments in Securities
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(17,550)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	24,300
Ending Balance	$ 6,750

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $68,717,896. Net unrealized depreciation aggregated $7,214,965, of which $2,844,103 related to appreciated investment securities and $10,059,068 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 by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as 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.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
International Capital Appreciation Portfolio

September 30, 2008

1.822576.103

VIPCAP-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares		Value
Australia - 1.6%
CSL Ltd.	14,219		$ 430,736
Mount Gibson Iron Ltd. (a)	102,780		136,913
TOTAL AUSTRALIA			567,649
Bermuda - 1.0%
Covidien Ltd.	6,300		338,688
Brazil - 2.6%
Iguatemi Empresa de Shopping Centers SA	26,100		184,121
MRV Engenharia e Participacoes SA (a)	30,200		311,946
Uniao de Bancos Brasileiros SA (Unibanco) GDR	4,200		423,864
TOTAL BRAZIL			919,931
Canada - 7.6%
Absolute Software Corp. (a)	33,100		255,931
Agnico-Eagle Mines Ltd.	8,100		442,136
Canadian Natural Resources Ltd.	6,600		452,649
Consolidated Thompson Iron Mines Ltd. (a)	75,400		258,559
Mercator Minerals Ltd. (a)	107,800		445,622
Potash Corp. of Saskatchewan, Inc.	2,900		382,829
Suncor Energy, Inc.	10,800		446,449
TOTAL CANADA			2,684,175
Cayman Islands - 1.8%
Chaoda Modern Agriculture (Holdings) Ltd.	410,000		346,286
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	8,200		294,134
TOTAL CAYMAN ISLANDS			640,420
China - 0.9%
Focus Media Holding Ltd. ADR (a)(d)	11,600		330,716
Czech Republic - 1.3%
Ceske Energeticke Zavody AS	7,400		452,602
Denmark - 0.9%
Vestas Wind Systems AS (a)	3,700		322,878
France - 6.9%
Alstom SA	4,500		341,471
AXA SA	15,300		500,658
BNP Paribas SA	5,800		553,457
GDF Suez	6,400		333,019
Saft Groupe SA (a)	6,900		273,146
Vivendi	13,602		426,281
TOTAL FRANCE			2,428,032
Germany - 9.0%
Allianz AG (Reg.)	3,700		507,084
E.ON AG	12,700		639,051
Linde AG	3,000		320,243
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	2,800		422,216

	Shares		Value
Q-Cells AG (a)(d)	5,100		$ 427,500
RWE AG	5,800		552,756
Wirecard AG (a)	39,687		293,159
TOTAL GERMANY			3,162,009
Greece - 0.9%
Public Power Corp. of Greece	21,700		334,652
Hong Kong - 0.9%
CNOOC Ltd.	281,000		315,680
India - 0.5%
Rural Electrification Corp. Ltd.	3,032		5,353
Tata Power Co. Ltd.	9,661		191,063
TOTAL INDIA			196,416
Israel - 3.4%
Cellcom Israel Ltd.	13,100		393,786
Israel Chemicals Ltd.	23,400		358,647
Teva Pharmaceutical Industries Ltd. sponsored ADR	10,000		457,900
TOTAL ISRAEL			1,210,333
Italy - 2.4%
Intesa Sanpaolo SpA	76,500		420,568
UniCredit SpA	113,500		424,347
TOTAL ITALY			844,915
Japan - 10.1%
East Japan Railway Co.	78		581,914
Hisamitsu Pharmaceutical Co., Inc.	9,100		398,439
Itochu Corp.	52,000		313,374
Mitsubishi Corp.	18,900		394,405
Mitsui & Co. Ltd.	28,000		347,732
Nomura Holdings, Inc. sponsored ADR	33,800		442,104
Sumitomo Mitsui Financial Group, Inc.	79		495,490
Tsumura & Co.	7,500		190,332
Wacom Co. Ltd. (d)	217		403,955
TOTAL JAPAN			3,567,745
Korea (South) - 1.0%
KT&G Corp.	4,860		362,736
Mexico - 1.1%
Desarrolladora Homex Sab de CV (a)	51,700		381,862
Norway - 1.8%
Renewable Energy Corp. AS (a)	12,500		231,649
Telenor ASA	33,100		412,071
TOTAL NORWAY			643,720
Russia - 4.0%
OAO Gazprom sponsored ADR	45,216		1,415,263
South Africa - 3.9%
African Rainbow Minerals Ltd.	11,900		228,508
Aveng Ltd.	47,000		358,777
FirstRand Ltd.	127,500		262,427
Common Stocks - continued
	Shares		Value
South Africa - continued
MTN Group Ltd.	19,200		$ 270,807
Shoprite Holdings Ltd.	42,500		241,559
TOTAL SOUTH AFRICA			1,362,078
Spain - 2.8%
Grifols SA	7,583		193,687
Telefonica SA	33,000		784,381
TOTAL SPAIN			978,068
Sweden - 0.5%
Modern Times Group MTG AB (B Shares)	4,724		170,134
Switzerland - 6.4%
Lonza Group AG	2,795		350,723
Nestle SA (Reg.)	26,224		1,133,438
UBS AG (NY Shares)	16,000		280,640
Zurich Financial Services AG (Reg.)	1,727		478,284
TOTAL SWITZERLAND			2,243,085
Turkey - 1.5%
Tupras-Turkiye Petrol Rafinerileri AS	14,241		263,288
Turkiye Garanti Bankasi AS (a)	105,000		251,704
TOTAL TURKEY			514,992
United Kingdom - 16.2%
BAE Systems PLC	54,200		399,592
Barclays PLC	29,800		177,070
Barclays PLC Sponsored ADR	2,500		61,750
BG Group PLC	26,900		487,901
BHP Billiton PLC	33,400		756,714
HSBC Holdings PLC sponsored ADR (d)	10,700		864,881
Imperial Tobacco Group PLC	18,700		600,335
Informa PLC	32,500		183,304
Man Group PLC	49,550		302,820
Prudential PLC	45,760		417,275
Reckitt Benckiser Group PLC	9,300		450,948
Sibir Energy PLC (a)	38,400		266,697

	Shares		Value
Vedanta Resources PLC	12,600		$ 264,123
Xstrata PLC	15,100		470,625
TOTAL UNITED KINGDOM			5,704,035
United States of America - 4.8%
Baxter International, Inc.	5,300		347,839
C.R. Bard, Inc.	2,000		189,740
MasterCard, Inc. Class A	1,600		283,728
Medco Health Solutions, Inc. (a)	6,970		313,650
Philip Morris International, Inc.	11,600		557,960
TOTAL UNITED STATES OF AMERICA			1,692,917
TOTAL COMMON STOCKS (Cost $41,849,917)		33,785,731
Money Market Funds - 8.3%

Fidelity Cash Central Fund, 1.92% (b)	1,448,910		1,448,910
Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)	1,466,731		1,466,731
TOTAL MONEY MARKET FUNDS (Cost $2,915,641)		2,915,641

TOTAL INVESTMENT PORTFOLIO - 104.1%

(Cost $44,765,558)

36,701,372

NET OTHER ASSETS - (4.1)%			(1,457,858)
NET ASSETS - 100%		$ 35,243,514

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 24,272
Fidelity Securities Lending Cash Central Fund	33,716
Total	$ 57,988

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 36,701,372	$ 14,800,629	$ 21,900,743	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $45,117,906. Net unrealized depreciation aggregated $8,416,534, of which $392,572 related to appreciated investment securities and $8,809,106 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Materials Portfolio

September 30, 2008

1.856922.101

VMATP-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
BUILDING PRODUCTS - 0.8%
Building Products - 0.8%
Masco Corp.	12,800		$ 229,632
CHEMICALS - 56.5%
Commodity Chemicals - 3.6%
Celanese Corp. Class A	39,700		1,108,027
Diversified Chemicals - 17.0%
Ashland, Inc.	3,100		90,644
E.I. du Pont de Nemours & Co.	77,051		3,105,155
FMC Corp.	18,000		925,020
PPG Industries, Inc.	7,700		449,064
Solutia, Inc. (a)	44,900		628,600
			5,198,483
Fertilizers & Agricultural Chemicals - 18.1%
Agrium, Inc.	2,200		122,980
K&S AG	1,900		131,692
Monsanto Co.	41,024		4,060,557
Terra Industries, Inc.	11,800		346,920
The Mosaic Co.	12,700		863,854
			5,526,003
Industrial Gases - 6.2%
Air Products & Chemicals, Inc.	9,500		650,655
Airgas, Inc.	13,000		645,450
Praxair, Inc.	8,400		602,616
			1,898,721
Specialty Chemicals - 11.6%
Albemarle Corp.	26,835		827,591
Ecolab, Inc.	17,200		834,544
H.B. Fuller Co.	2,800		58,436
Lubrizol Corp.	11,400		491,796
Nalco Holding Co.	21,800		404,172
Rockwood Holdings, Inc. (a)	15,602		400,347
W.R. Grace & Co. (a)	33,400		505,008
			3,521,894
TOTAL CHEMICALS			17,253,128
CONTAINERS & PACKAGING - 11.7%
Metal & Glass Containers - 8.5%
Ball Corp.	14,900		588,401
Crown Holdings, Inc. (a)	20,529		455,949
Greif, Inc. Class A	843		55,318
Owens-Illinois, Inc. (a)	32,100		943,740
Pactiv Corp. (a)	22,500		558,675
			2,602,083
Paper Packaging - 3.2%
Packaging Corp. of America	4,600		106,628

	Shares		Value
Rock-Tenn Co. Class A	10,836		$ 433,223
Temple-Inland, Inc.	27,800		424,228
			964,079
TOTAL CONTAINERS & PACKAGING			3,566,162
MARINE - 1.2%
Marine - 1.2%
Safe Bulkers, Inc.	13,600		148,240
Ultrapetrol (Bahamas) Ltd. (a)	29,300		230,005
			378,245
METALS & MINING - 21.5%
Aluminum - 1.1%
Century Aluminum Co. (a)	11,919		330,037
Diversified Metals & Mining - 4.9%
BHP Billiton PLC	14,700		333,045
Freeport-McMoRan Copper & Gold, Inc. Class B	20,800		1,182,480
			1,515,525
Gold - 7.0%
Agnico-Eagle Mines Ltd.	3,100		169,213
Goldcorp, Inc.	5,100		160,369
Lihir Gold Ltd. (a)	83,596		189,030
Newcrest Mining Ltd.	11,449		237,871
Newmont Mining Corp.	35,800		1,387,608
			2,144,091
Precious Metals & Minerals - 1.1%
Impala Platinum Holdings Ltd.	9,013		183,917
Pan American Silver Corp. (a)	6,500		144,495
			328,412
Steel - 7.4%
ArcelorMittal SA (NY Shares) Class A	4,100		202,458
Cleveland-Cliffs, Inc.	9,800		518,812
Commercial Metals Co.	15,400		260,106
Steel Dynamics, Inc.	24,900		425,541
United States Steel Corp.	11,000		853,710
			2,260,627
TOTAL METALS & MINING			6,578,692
OIL, GAS & CONSUMABLE FUELS - 0.5%
Coal & Consumable Fuels - 0.5%
CONSOL Energy, Inc.	3,100		142,259
PAPER & FOREST PRODUCTS - 3.2%
Forest Products - 3.2%
Weyerhaeuser Co.	16,300		987,454
SPECIALTY RETAIL - 1.1%
Home Improvement Retail - 1.1%
Sherwin-Williams Co.	5,800		331,528
Common Stocks - continued
	Shares		Value
TRANSPORTATION INFRASTRUCTURE - 0.5%
Marine Ports & Services - 0.5%
Aegean Marine Petroleum Network, Inc.	6,400		$ 143,040
TOTAL COMMON STOCKS (Cost $37,416,107)		29,610,140
Money Market Funds - 6.3%

Fidelity Cash Central Fund, 1.92% (b) (Cost $1,943,925)	1,943,925		1,943,925

TOTAL INVESTMENT PORTFOLIO - 103.3%

(Cost $39,360,032)

31,554,065

NET OTHER ASSETS - (3.3)%			(1,020,655)
NET ASSETS - 100%		$ 30,533,410

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	$ 33,277

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 31,554,065	$ 30,478,510	$ 1,075,555	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $39,775,334. Net unrealized depreciation aggregated $8,221,269, of which $1,126,933 related to appreciated investment securities and $9,348,202 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Real Estate Portfolio

September 30, 2008

1.808791.104

VIPRE-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - 1.7%
Health Care Facilities - 1.7%
Brookdale Senior Living, Inc.	13,814		$ 303,770
Capital Senior Living Corp. (a)	3,800		28,880
Emeritus Corp. (a)	58,704		1,461,730
TOTAL HEALTH CARE FACILITIES			1,794,380
HOTELS, RESTAURANTS & LEISURE - 2.0%
Hotels, Resorts & Cruise Lines - 2.0%
Gaylord Entertainment Co. (a)	20,100		590,337
Marriott International, Inc. Class A	37,900		988,811
Starwood Hotels & Resorts Worldwide, Inc.	17,600		495,264
TOTAL HOTELS, RESORTS & CRUISE LINES			2,074,412
HOUSEHOLD DURABLES - 0.3%
Homebuilding - 0.3%
Centex Corp.	6,200		100,440
Pulte Homes, Inc.	15,900		222,123
TOTAL HOMEBUILDING			322,563
REAL ESTATE INVESTMENT TRUSTS - 91.0%
REITs - Apartments - 18.1%
American Campus Communities, Inc.	71,900		2,435,972
Apartment Investment & Management Co. Class A	99,027		3,467,926
AvalonBay Communities, Inc.	12,600		1,240,092
BRE Properties, Inc.	10,000		490,000
Camden Property Trust (SBI)	54,210		2,486,071
Equity Residential (SBI)	62,000		2,753,420
Essex Property Trust, Inc.	10,000		1,183,300
Home Properties, Inc.	60,600		3,511,770
Pennsylvania Real Estate Investment Trust (SBI)	66,700		1,257,295
UDR, Inc.	10,100		264,115
TOTAL REITS - APARTMENTS			19,089,961
REITs - Factory Outlets - 1.3%
Tanger Factory Outlet Centers, Inc.	30,600		1,339,974
REITs - Health Care Facilities - 8.4%
HCP, Inc.	43,600		1,749,668
Healthcare Realty Trust, Inc.	100,800		2,938,320
Ventas, Inc.	83,500		4,126,570
TOTAL REITS - HEALTH CARE FACILITIES			8,814,558

	Shares		Value
REITs - Hotels - 3.0%
Host Hotels & Resorts, Inc.	70,447		$ 936,241
LaSalle Hotel Properties (SBI)	96,300		2,245,716
TOTAL REITS - HOTELS			3,181,957
REITs - Industrial Buildings - 15.5%
Liberty Property Trust (SBI)	10,800		406,620
ProLogis Trust	181,716		7,499,419
Public Storage	74,040		7,330,700
U-Store-It Trust	90,800		1,114,116
TOTAL REITS - INDUSTRIAL BUILDINGS			16,350,855
REITs - Malls - 10.5%
General Growth Properties, Inc.	174,151		2,629,680
Simon Property Group, Inc.	81,140		7,870,579
Taubman Centers, Inc.	12,300		615,000
TOTAL REITS - MALLS			11,115,259
REITs - Management/Investment - 3.2%
Digital Realty Trust, Inc.	70,000		3,307,500
Potlatch Corp.	900		41,751
TOTAL REITS - MANAGEMENT/INVESTMENT			3,349,251
REITs - Office Buildings - 18.1%
Alexandria Real Estate Equities, Inc.	26,600		2,992,500
Boston Properties, Inc.	31,000		2,903,460
Corporate Office Properties Trust (SBI)	72,700		2,933,445
Highwoods Properties, Inc. (SBI)	124,000		4,409,440
Kilroy Realty Corp.	36,900		1,763,451
SL Green Realty Corp.	62,500		4,050,000
TOTAL REITS - OFFICE BUILDINGS			19,052,296
REITs - Shopping Centers - 12.9%
Cedar Shopping Centers, Inc.	53,760		710,707
Developers Diversified Realty Corp.	94,550		2,996,290
Inland Real Estate Corp.	142,000		2,227,980
Kimco Realty Corp.	44,515		1,644,384
Regency Centers Corp.	15,600		1,040,364
Vornado Realty Trust	54,500		4,956,775
TOTAL REITS - SHOPPING CENTERS			13,576,500
TOTAL REAL ESTATE INVESTMENT TRUSTS			95,870,611
Common Stocks - continued
	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.7%
Real Estate Operating Companies - 2.0%
Brookfield Properties Corp.	126,650		$ 2,006,136
Norwegian Property ASA	49,350		85,927
TOTAL REAL ESTATE OPERATING COMPANIES			2,092,063
Real Estate Services - 0.7%
CB Richard Ellis Group, Inc. Class A (a)	42,400		566,888
Jones Lang LaSalle, Inc.	5,000		217,400
TOTAL REAL ESTATE SERVICES			784,288
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			2,876,351
TOTAL COMMON STOCKS (Cost $100,253,217)		102,938,317
Money Market Funds - 2.2%
	Shares		Value
Fidelity Cash Central Fund, 1.92% (b) (Cost $2,359,031)	2,359,031		$ 2,359,031

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $102,612,248)

105,297,348

NET OTHER ASSETS - 0.1%			115,948
NET ASSETS - 100%		$ 105,413,296

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	$ 40,687

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 105,297,348	$ 105,211,421	$ 85,927	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $103,562,278. Net unrealized appreciation aggregated $1,735,070, of which $16,463,110 related to appreciated investment securities and $14,728,040 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Technology Portfolio

September 30, 2008

1.807723.104

VTC-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.5%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 15.6%
Communications Equipment - 15.6%
ADC Telecommunications, Inc. (a)	68,201		$ 576,298
ADVA AG Optical Networking (a)(d)	58,503		149,837
Aruba Networks, Inc. (a)	900		4,617
AudioCodes Ltd. (a)	37,150		93,618
Balda AG (a)(d)	15,400		14,427
Ciena Corp. (a)	11,500		115,920
Cogo Group, Inc. (a)	40,899		215,538
CommScope, Inc. (a)	26,800		928,352
Comverse Technology, Inc. (a)	46,870		448,546
Delta Networks, Inc.	195,000		46,104
F5 Networks, Inc. (a)	10,226		239,084
Infinera Corp. (a)(d)	14,400		137,664
Mogem Co. Ltd. (a)	31,554		57,815
Motorola, Inc.	73,600		525,504
Powerwave Technologies, Inc. (a)	132,600		525,096
QUALCOMM, Inc.	42,100		1,809,037
Research In Motion Ltd. (a)	26,190		1,788,777
Sandvine Corp. (a)	185,700		183,188
Sandvine Corp. (U.K.) (a)	100,288		93,928
Sonus Networks, Inc. (a)	23,500		67,680
Starent Networks Corp. (a)	99,488		1,287,375
			9,308,405
COMPUTERS & PERIPHERALS - 18.4%
Computer Hardware - 14.6%
3PAR, Inc.	800		5,160
Apple, Inc. (a)	59,045		6,711,053
Diebold, Inc.	10,600		350,966
HTC Corp.	74,650		1,155,792
Palm, Inc. (d)	22,600		134,922
Stratasys, Inc. (a)(d)	22,510		393,250
			8,751,143
Computer Storage & Peripherals - 3.8%
Chicony Electronics Co. Ltd.	24,610		38,074
Data Domain, Inc. (a)	300		6,681
EMC Corp. (a)	500		5,980
Netezza Corp. (a)	17,500		185,675
SanDisk Corp. (a)	68,952		1,348,012
Synaptics, Inc. (a)(d)	22,300		673,906
			2,258,328
TOTAL COMPUTERS & PERIPHERALS			11,009,471
DIVERSIFIED CONSUMER SERVICES - 1.1%
Education Services - 1.1%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	10,600		680,944
ELECTRIC UTILITIES - 0.1%
Electric Utilities - 0.1%
Enernoc, Inc. (a)(d)	5,600		57,904

	Shares		Value
ELECTRICAL EQUIPMENT - 4.6%
Electrical Components & Equipment - 4.5%
Canadian Solar, Inc. (a)(d)	6,000		$ 117,180
centrotherm photovoltaics AG (a)	300		16,456
Energy Conversion Devices, Inc. (a)(d)	8,400		489,300
First Solar, Inc. (a)	4,486		847,450
General Cable Corp. (a)	1,100		39,193
Neo-Neon Holdings Ltd.	592,000		137,940
Q-Cells AG (a)	800		67,059
Roth & Rau AG	400		14,005
Sunpower Corp. Class B (a)	14,442		997,220
			2,725,803
Heavy Electrical Equipment - 0.1%
China High Speed Transmission Equipment Group Co. Ltd.	27,000		49,416
TOTAL ELECTRICAL EQUIPMENT			2,775,219
ELECTRONIC EQUIPMENT & COMPONENTS - 5.3%
Electronic Components - 0.5%
Everlight Electronics Co. Ltd.	113,219		236,653
Gia Tzoong Enterprise Co. Ltd. (a)	300,000		49,268
			285,921
Electronic Equipment & Instruments - 1.9%
China Security & Surveillance Technology, Inc. (a)(d)	62,585		868,680
Chroma ATE, Inc.	153,684		188,142
Comverge, Inc. (a)(d)	13,000		59,800
Coretronic Corp.	35,700		30,322
			1,146,944
Electronic Manufacturing Services - 0.6%
Ju Teng International Holdings Ltd. (a)	172,000		72,682
Trimble Navigation Ltd. (a)	11,700		302,562
			375,244
Technology Distributors - 2.3%
Arrow Electronics, Inc. (a)	22,200		582,084
Avnet, Inc. (a)	25,700		632,991
Ingram Micro, Inc. Class A (a)	10,200		163,914
			1,378,989
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			3,187,098
HEALTH CARE EQUIPMENT & SUPPLIES - 2.6%
Health Care Equipment - 2.3%
China Medical Technologies, Inc. sponsored ADR	1,300		42,354
Conceptus, Inc. (a)	10,000		165,800
Golden Meditech Co. Ltd.	846,000		196,671
I-Flow Corp. (a)	12,390		115,351
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - CONTINUED
Health Care Equipment - continued
Mindray Medical International Ltd. sponsored ADR	14,100		$ 475,593
Mingyuan Medicare Development Co. Ltd. (d)	3,700,000		395,172
			1,390,941
Health Care Supplies - 0.3%
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	92,000		138,092
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			1,529,033
HEALTH CARE PROVIDERS & SERVICES - 0.0%
Health Care Services - 0.0%
athenahealth, Inc.	100		3,327
HOTELS, RESTAURANTS & LEISURE - 0.3%
Hotels, Resorts & Cruise Lines - 0.3%
Ctrip.com International Ltd. sponsored ADR	4,500		173,745
INTERNET & CATALOG RETAIL - 0.6%
Internet Retail - 0.6%
Amazon.com, Inc. (a)	4,800		349,248
INTERNET SOFTWARE & SERVICES - 5.2%
Internet Software & Services - 5.2%
DealerTrack Holdings, Inc. (a)	1,500		25,260
Equinix, Inc. (a)	5,600		388,976
Google, Inc. Class A (sub. vtg.) (a)	800		320,416
LivePerson, Inc. (a)	38,900		113,199
Omniture, Inc. (a)	17,833		327,414
Tencent Holdings Ltd.	258,400		1,888,772
VeriSign, Inc. (a)	2,700		70,416
			3,134,453
IT SERVICES - 2.9%
Data Processing & Outsourced Services - 2.6%
ExlService Holdings, Inc. (a)	11,500		100,970
MasterCard, Inc. Class A	800		141,864
Visa, Inc.	19,500		1,197,105
WNS Holdings Ltd. sponsored ADR (a)	10,000		98,500
			1,538,439
IT Consulting & Other Services - 0.3%
China Information Security Technology, Inc. (a)(d)	8,500		39,950
Yucheng Technologies Ltd. (a)	14,300		145,145
			185,095
TOTAL IT SERVICES			1,723,534

	Shares		Value
LIFE SCIENCES TOOLS & SERVICES - 0.1%
Life Sciences Tools & Services - 0.1%
QIAGEN NV (a)	3,700		$ 73,001
MACHINERY - 1.0%
Industrial Machinery - 1.0%
China Fire & Security Group, Inc. (a)(d)	19,000		199,690
Hi-P International Ltd.	441,000		118,148
Meyer Burger Technology AG (a)	270		59,770
Shin Zu Shing Co. Ltd.	49,368		203,390
			580,998
MEDIA - 3.3%
Advertising - 3.3%
VisionChina Media, Inc. ADR (d)	134,700		1,981,437
METALS & MINING - 0.2%
Diversified Metals & Mining - 0.2%
Timminco Ltd. (a)	9,000		123,450
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 17.0%
Semiconductor Equipment - 12.6%
Aixtron AG	13,100		76,926
Applied Materials, Inc.	217,800		3,295,314
ASML Holding NV (NY Shares)	27,200		478,992
Cymer, Inc. (a)	30,700		777,631
FormFactor, Inc. (a)	16,900		294,398
Global Unichip Corp.	38,689		225,369
Lam Research Corp. (a)	29,700		935,253
LTX-Credence Corp. (a)	55,615		96,770
Tessera Technologies, Inc. (a)	14,600		238,564
Varian Semiconductor Equipment Associates, Inc. (a)	32,400		813,888
Verigy Ltd. (a)	18,600		302,808
			7,535,913
Semiconductors - 4.4%
Atheros Communications, Inc. (a)	23,200		547,056
AuthenTec, Inc. (a)	29,000		62,350
Bright Led Electronics Corp.	23,760		20,431
Cavium Networks, Inc. (a)	53,191		748,929
CSR PLC (a)	36,700		172,716
Cypress Semiconductor Corp. (a)	45,000		234,900
Diodes, Inc. (a)	3,300		60,885
Elan Microelectronics Corp.	20,000		13,568
ENE Technology, Inc.	7,000		6,882
Infineon Technologies AG sponsored ADR (a)	52,900		295,711
Micron Technology, Inc. (a)	63,800		258,390
MoSys, Inc. (a)	3,300		13,992
NVIDIA Corp. (a)	3,400		36,414
PMC-Sierra, Inc. (a)	1,100		8,162
Seoul Semiconductor Co. Ltd.	1,129		10,872
SiRF Technology Holdings, Inc. (a)	77,600		115,624
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Spansion, Inc. Class A (a)	24,700		$ 38,285
Taiwan Semiconductor Manufacturing Co. Ltd.	416		696
			2,645,863
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			10,181,776
SOFTWARE - 15.3%
Application Software - 6.2%
Autonomy Corp. PLC (a)	20,800		386,231
Cadence Design Systems, Inc. (a)	14,500		98,020
Callidus Software, Inc. (a)	14,090		55,796
Citrix Systems, Inc. (a)	1,300		32,838
Concur Technologies, Inc. (a)	9,100		348,166
Global Digital Creations Holdings Ltd. (a)	1,048,000		27,507
Kingdee International Software Group Co. Ltd.	870,000		167,720
Longtop Financial Technologies Ltd. ADR	16,300		229,667
Magma Design Automation, Inc. (a)	11,400		45,828
Nuance Communications, Inc. (a)	20,800		253,552
Salesforce.com, Inc. (a)	13,200		638,880
Smith Micro Software, Inc. (a)	43,800		310,980
SuccessFactors, Inc.	29,200		318,280
Synchronoss Technologies, Inc. (a)	29,833		280,729
Taleo Corp. Class A (a)	12,296		244,567
Ulticom, Inc. (a)	38,693		251,505
			3,690,266
Home Entertainment Software - 6.2%
Activision Blizzard, Inc. (a)	27,400		422,782
Gameloft (a)	32,800		157,699
Nintendo Co. Ltd.	6,500		2,759,640
Perfect World Co. Ltd. sponsored ADR Class B (a)	17,900		401,676
			3,741,797
Systems Software - 2.9%
CA, Inc.	38,300		764,468
Insyde Software Corp.	113,406		199,569
Macrovision Solutions Corp. (a)	19		292
Microsoft Corp.	1,300		34,697
Oracle Corp. (a)	35,500		721,005
			1,720,031
TOTAL SOFTWARE			9,152,094

	Shares		Value
SPECIALTY RETAIL - 0.9%
Computer & Electronics Retail - 0.9%
The Game Group PLC	146,900		$ 540,899
TOTAL COMMON STOCKS (Cost $75,061,171)		56,566,036

Convertible Bonds - 0.9%
	Principal Amount
COMMUNICATIONS EQUIPMENT - 0.1%
Communications Equipment - 0.1%
Ciena Corp. 0.25% 5/1/13	$ 150,000		94,824
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.8%
Semiconductors - 0.8%
Advanced Micro Devices, Inc. 5.75% 8/15/12	840,000		478,800
TOTAL CONVERTIBLE BONDS (Cost $793,710)		573,624

Money Market Funds - 11.6%
	Shares
Fidelity Cash Central Fund, 1.92% (b)	3,654,849		3,654,849
Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)	3,268,744		3,268,744
TOTAL MONEY MARKET FUNDS (Cost $6,923,593)		6,923,593

TOTAL INVESTMENT PORTFOLIO - 107.0%

(Cost $82,778,474)

64,063,253

NET OTHER ASSETS - (7.0)%			(4,211,988)
NET ASSETS - 100%		$ 59,851,265

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 36,448
Fidelity Securities Lending Cash Central Fund	108,123
Total	$ 144,571

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 64,063,253	$ 53,304,969	$ 10,758,284	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $83,123,533. Net unrealized depreciation aggregated $19,060,280, of which $1,791,010 related to appreciated investment securities and $20,851,290 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 by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as 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.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Telecommunications Portfolio

September 30, 2008

1.856920.101

VTELP-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 5.4%
Communications Equipment - 5.4%
Aruba Networks, Inc. (a)	5		$ 26
Infinera Corp. (a)	1,400		13,384
Nortel Networks Corp. (a)	100		220
Sandvine Corp. (a)	100		99
Sonus Networks, Inc. (a)	1,100		3,168
Starent Networks Corp. (a)	15,993		206,949
			223,846
DIVERSIFIED TELECOMMUNICATION SERVICES - 45.7%
Alternative Carriers - 19.2%
Cable & Wireless PLC	309		918
Cogent Communications Group, Inc. (a)	1,106		8,538
Global Crossing Ltd. (a)	22,584		342,373
Level 3 Communications, Inc. (a)	103,388		279,148
PAETEC Holding Corp. (a)	1,400		3,010
tw telecom, inc. (a)	15,945		165,669
			799,656
Integrated Telecommunication Services - 26.5%
AT&T, Inc.	15,083		421,118
BT Group PLC	109		316
Cbeyond, Inc. (a)	6,043		86,959
Cincinnati Bell, Inc. (a)	4,000		12,360
Deutsche Telekom AG (Reg.)	100		1,518
FairPoint Communications, Inc.	622		5,393
NTELOS Holdings Corp.	36		968
PT Indosat Tbk	12,000		7,547
PT Telkomunikasi Indonesia Tbk Series B	7,000		5,141
Qwest Communications International, Inc.	107,900		348,517
Telecom Italia SpA sponsored ADR	200		2,984
Telenor ASA	100		1,245
Telenor ASA sponsored ADR	70		2,576
Telkom SA Ltd.	100		1,279
Verizon Communications, Inc.	5,900		189,331
Vimpel Communications sponsored ADR	800		16,240
			1,103,492
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			1,903,148
INTERNET SOFTWARE & SERVICES - 0.2%
Internet Software & Services - 0.2%
SAVVIS, Inc. (a)	501		6,733

	Shares		Value
MEDIA - 10.2%
Cable & Satellite - 10.2%
Comcast Corp. Class A	1,200		$ 23,556
Dish TV India Ltd. (a)	112		66
The DIRECTV Group, Inc. (a)	4,300		112,531
Time Warner Cable, Inc. (a)	4,400		106,480
Virgin Media, Inc.	23,300		184,070
			426,703
SOFTWARE - 6.8%
Application Software - 0.7%
OnMobile Global Ltd.	2,631		26,602
Synchronoss Technologies, Inc. (a)	137		1,289
			27,891
Home Entertainment Software - 6.1%
Gameloft (a)	52,114		250,559
Glu Mobile, Inc. (a)	1,989		3,879
			254,438
TOTAL SOFTWARE			282,329
WIRELESS TELECOMMUNICATION SERVICES - 27.7%
Wireless Telecommunication Services - 27.7%
America Movil SAB de CV Series L sponsored ADR (a)	900		41,724
American Tower Corp. Class A (a)	2,600		93,522
Bharti Airtel Ltd. (a)	403		6,857
Centennial Communications Corp. Class A (a)	1,600		9,984
China Unicom Ltd. sponsored ADR	300		4,536
Clearwire Corp. (a)	350		4,158
Crown Castle International Corp. (a)	1,800		52,146
Idea Cellular Ltd. (a)	2,395		3,908
Leap Wireless International, Inc. (a)	3,200		121,920
MetroPCS Communications, Inc. (a)	857		11,989
Millicom International Cellular SA	3,200		219,744
MTN Group Ltd.	700		9,873
NII Holdings, Inc. (a)	3,800		144,096
Rogers Communications, Inc. Class B (non-vtg.)	400		12,973
SBA Communications Corp. Class A (a)	1,036		26,801
Sprint Nextel Corp.	14,987		91,421
Syniverse Holdings, Inc. (a)	532		8,837
Telephone & Data Systems, Inc.	300		10,725
TIM Participacoes SA sponsored ADR (non-vtg.)	1,400		29,204
Turkcell Iletisim Hizmet AS sponsored ADR	12,100		181,379
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
Vivo Participacoes SA (PN) sponsored ADR	16,400		$ 67,896
Vodafone Group PLC sponsored ADR	100		2,210
			1,155,903
TOTAL COMMON STOCKS (Cost $5,687,325)		3,998,662
Money Market Funds - 1.5%

Fidelity Cash Central Fund, 1.92% (b) (Cost $59,722)	59,722		59,722

TOTAL INVESTMENT PORTFOLIO - 97.5%

(Cost $5,747,047)

4,058,384

NET OTHER ASSETS - 2.5%			105,975
NET ASSETS - 100%		$ 4,164,359

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	$ 1,687

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 4,058,384	$ 3,742,555	$ 315,829	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $5,947,415. Net unrealized depreciation aggregated $1,889,031, of which $40,009 related to appreciated investment securities and $1,929,040 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Utilities Portfolio

September 30, 2008

1.807738.104

VUT-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - 0.3%
Other Diversifed Financial Services - 0.3%
Hicks Acquisition Co. I, Inc. unit	23,100		$ 206,976
ELECTRIC UTILITIES - 64.6%
Electric Utilities - 64.6%
Allegheny Energy, Inc.	77,100		2,834,967
American Electric Power Co., Inc.	94,600		3,503,038
Duke Energy Corp.	253,000		4,409,790
Entergy Corp.	60,700		5,402,907
Exelon Corp.	115,800		7,251,396
FirstEnergy Corp.	50,200		3,362,898
FPL Group, Inc.	43,700		2,198,110
Great Plains Energy, Inc.	16,578		368,363
ITC Holdings Corp.	10,900		564,293
Northeast Utilities	22,800		584,820
Pepco Holdings, Inc.	60,300		1,381,473
Portland General Electric Co.	300		7,098
PPL Corp.	92,535		3,425,646
Progress Energy, Inc.	59,900		2,583,487
Sierra Pacific Resources	115,600		1,107,448
Westar Energy, Inc.	52,600		1,211,904
			40,197,638
ELECTRONIC EQUIPMENT & COMPONENTS - 0.6%
Electronic Equipment & Instruments - 0.6%
Itron, Inc. (a)	4,000		354,120
GAS UTILITIES - 2.3%
Gas Utilities - 2.3%
Energen Corp.	9,500		430,160
Questar Corp.	24,200		990,264
			1,420,424
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 7.2%
Independent Power Producers & Energy Traders - 7.2%
Constellation Energy Group, Inc.	79,900		1,941,570
Dynegy, Inc. Class A (a)	28,200		100,956

	Shares		Value
NRG Energy, Inc. (a)	91,500		$ 2,264,625
Reliant Energy, Inc. (a)	27,300		200,655
			4,507,806
MULTI-UTILITIES - 23.8%
Multi-Utilities - 23.8%
CenterPoint Energy, Inc.	29,256		426,260
CMS Energy Corp.	33,900		422,733
Dominion Resources, Inc.	75,100		3,212,778
OGE Energy Corp.	3,400		104,992
Public Service Enterprise Group, Inc.	94,300		3,092,097
Puget Energy, Inc.	2,300		61,410
Sempra Energy	58,400		2,947,448
TECO Energy, Inc.	102,300		1,609,179
Wisconsin Energy Corp.	25,100		1,126,990
Xcel Energy, Inc.	90,400		1,807,096
			14,810,983
TOTAL COMMON STOCKS (Cost $68,868,243)		61,497,947
Money Market Funds - 0.4%

Fidelity Cash Central Fund, 1.92% (b) (Cost $266,303)	266,303		266,303

TOTAL INVESTMENT PORTFOLIO - 99.2%

(Cost $69,134,546)

61,764,250

NET OTHER ASSETS - 0.8%			505,459
NET ASSETS - 100%		$ 62,269,709

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	$ 39,419
Fidelity Securities Lending Cash Central Fund	8,846
Total	$ 48,265

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 61,764,250	$ 61,764,250	$ -	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $69,594,482. Net unrealized depreciation aggregated $7,830,232, of which $2,023,876 related to appreciated investment securities and $9,854,108 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Variable Insurance Products:
Value Leaders Portfolio

September 30, 2008

1.808797.104

VVL-QTLY-1108

Investments September 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
CONSUMER DISCRETIONARY - 9.0%
Auto Components - 0.4%
Johnson Controls, Inc.	9,200		$ 279,036
Automobiles - 0.3%
Renault SA	2,700		172,008
Diversified Consumer Services - 0.5%
H&R Block, Inc.	13,600		309,400
Hotels, Restaurants & Leisure - 0.2%
Vail Resorts, Inc. (a)	4,700		164,265
Household Durables - 2.7%
Black & Decker Corp.	5,000		303,750
Centex Corp.	30,700		497,340
KB Home (d)	29,700		584,496
Pulte Homes, Inc.	10,900		152,273
Whirlpool Corp.	2,300		182,367
			1,720,226
Leisure Equipment & Products - 0.5%
Brunswick Corp.	7,600		97,204
Eastman Kodak Co.	13,120		201,786
			298,990
Media - 1.8%
Comcast Corp. Class A	10,100		198,263
News Corp. Class A	23,900		286,561
Regal Entertainment Group Class A	8,900		140,442
Time Warner, Inc.	39,100		512,601
			1,137,867
Specialty Retail - 2.4%
Advance Auto Parts, Inc.	5,000		198,300
Home Depot, Inc.	8,650		223,949
PetSmart, Inc.	6,300		155,673
Ross Stores, Inc.	8,500		312,885
Staples, Inc.	22,100		497,250
Williams-Sonoma, Inc.	11,600		187,688
			1,575,745
Textiles, Apparel & Luxury Goods - 0.2%
Liz Claiborne, Inc.	8,000		131,440
TOTAL CONSUMER DISCRETIONARY			5,788,977
CONSUMER STAPLES - 8.1%
Beverages - 1.0%
Carlsberg AS Series B	2,000		152,451
Molson Coors Brewing Co. Class B	4,900		229,075
The Coca-Cola Co.	4,800		253,824
			635,350
Food & Staples Retailing - 2.0%
CVS Caremark Corp.	11,200		376,992
Kroger Co.	9,200		252,816
SUPERVALU, Inc.	7,900		171,430

	Shares		Value
Sysco Corp.	8,900		$ 274,387
Winn-Dixie Stores, Inc. (a)	15,300		212,670
			1,288,295
Food Products - 1.9%
Cermaq ASA	9,500		61,760
Marine Harvest ASA (a)	230,000		114,746
Nestle SA (Reg.)	21,643		935,440
Tyson Foods, Inc. Class A	8,100		96,714
			1,208,660
Household Products - 2.0%
Energizer Holdings, Inc. (a)	3,600		289,980
Procter & Gamble Co.	14,300		996,567
			1,286,547
Tobacco - 1.2%
Altria Group, Inc.	15,500		307,520
British American Tobacco PLC sponsored ADR	7,500		465,000
			772,520
TOTAL CONSUMER STAPLES			5,191,372
ENERGY - 16.0%
Energy Equipment & Services - 2.6%
BJ Services Co.	13,200		252,516
ENSCO International, Inc.	3,550		204,587
Nabors Industries Ltd. (a)	22,400		558,208
National Oilwell Varco, Inc. (a)	10,526		528,721
Petroleum Geo-Services ASA (a)	7,400		97,761
			1,641,793
Oil, Gas & Consumable Fuels - 13.4%
Chesapeake Energy Corp.	21,500		770,990
ConocoPhillips (d)	41,980		3,075,035
EOG Resources, Inc.	900		80,514
Exxon Mobil Corp.	27,100		2,104,586
Occidental Petroleum Corp.	13,200		929,940
Petrohawk Energy Corp. (a)	10,700		231,441
Quicksilver Resources, Inc. (a)	11,400		223,782
Ultra Petroleum Corp. (a)	9,500		525,730
Uranium One, Inc. (a)	12,000		25,930
Valero Energy Corp.	21,800		660,540
			8,628,488
TOTAL ENERGY			10,270,281
FINANCIALS - 27.4%
Capital Markets - 5.8%
Bank of New York Mellon Corp.	27,100		882,918
Charles Schwab Corp.	16,768		435,968
Franklin Resources, Inc.	5,300		467,089
Goldman Sachs Group, Inc.	700		89,600
Julius Baer Holding AG	4,088		203,316
KKR Private Equity Investors, LP	18,838		183,671
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
KKR Private Equity Investors, LP Restricted Depositary Units (e)	1,700		$ 16,575
Morgan Stanley	18,100		416,300
State Street Corp.	12,000		682,560
T. Rowe Price Group, Inc.	7,100		381,341
			3,759,338
Commercial Banks - 2.8%
Associated Banc-Corp.	7,558		150,782
Fifth Third Bancorp	20,800		247,520
Huntington Bancshares, Inc. (d)	35,900		286,841
SunTrust Banks, Inc.	4,500		202,455
Wells Fargo & Co.	13,675		513,223
Zions Bancorp	10,100		390,870
			1,791,691
Consumer Finance - 0.9%
Capital One Financial Corp. (d)	8,300		423,300
Discover Financial Services	10,000		138,200
			561,500
Diversified Financial Services - 11.9%
Bank of America Corp.	100,992		3,534,720
CIT Group, Inc.	17,900		124,584
Citigroup, Inc.	41,700		855,267
JPMorgan Chase & Co.	64,396		3,007,293
KKR Financial Holdings LLC	22,600		143,736
			7,665,600
Insurance - 3.8%
ACE Ltd.	11,120		601,926
Argo Group International Holdings, Ltd. (a)	4,652		171,426
Everest Re Group Ltd.	3,800		328,814
Genworth Financial, Inc. Class A (non-vtg.)	10,900		93,849
Hartford Financial Services Group, Inc.	9,100		373,009
MetLife, Inc.	7,500		420,000
Principal Financial Group, Inc.	5,000		217,450
XL Capital Ltd. Class A	11,600		208,104
			2,414,578
Real Estate Investment Trusts - 1.4%
Alexandria Real Estate Equities, Inc.	3,400		382,500
CapitalSource, Inc.	17,300		212,790
General Growth Properties, Inc.	13,270		200,377
Simon Property Group, Inc.	1,300		126,100
			921,767
Real Estate Management & Development - 0.6%
CB Richard Ellis Group, Inc. Class A (a)	27,200		363,664

	Shares		Value
Thrifts & Mortgage Finance - 0.2%
Washington Federal, Inc.	7,600		$ 140,220
Washington Mutual, Inc.	11,400		935
			141,155
TOTAL FINANCIALS			17,619,293
HEALTH CARE - 10.2%
Biotechnology - 1.7%
Amgen, Inc. (a)	13,300		788,291
Biogen Idec, Inc. (a)	3,800		191,102
Cephalon, Inc. (a)	1,900		147,231
			1,126,624
Health Care Equipment & Supplies - 3.1%
Baxter International, Inc.	4,600		301,898
Boston Scientific Corp. (a)	22,300		273,621
Covidien Ltd.	15,282		821,560
Medtronic, Inc.	11,400		571,140
			1,968,219
Health Care Providers & Services - 0.9%
Brookdale Senior Living, Inc.	9,700		213,303
UnitedHealth Group, Inc.	14,400		365,616
			578,919
Life Sciences Tools & Services - 0.4%
Thermo Fisher Scientific, Inc. (a)	4,500		247,500
Pharmaceuticals - 4.1%
Bristol-Myers Squibb Co.	10,561		220,197
Johnson & Johnson	4,700		325,616
Merck & Co., Inc.	27,800		877,368
Pfizer, Inc.	28,100		518,164
Sepracor, Inc. (a)	8,300		151,973
Wyeth	14,160		523,070
			2,616,388
TOTAL HEALTH CARE			6,537,650
INDUSTRIALS - 9.5%
Aerospace & Defense - 2.9%
Honeywell International, Inc.	16,100		668,955
Raytheon Co.	5,900		315,709
The Boeing Co.	3,000		172,050
United Technologies Corp.	12,100		726,726
			1,883,440
Air Freight & Logistics - 0.6%
United Parcel Service, Inc. Class B	6,000		377,340
Airlines - 0.1%
Delta Air Lines, Inc. (a)(d)	8,300		61,835
Building Products - 1.1%
Masco Corp.	28,800		516,672
Owens Corning (a)	6,900		164,979
			681,651
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - 0.6%
Allied Waste Industries, Inc. (a)	19,600		$ 217,756
The Brink's Co.	2,800		170,856
			388,612
Electrical Equipment - 0.4%
Motech Industries, Inc.	23,563		105,872
SolarWorld AG	3,600		151,474
			257,346
Industrial Conglomerates - 2.4%
General Electric Co.	40,540		1,033,770
Siemens AG sponsored ADR	5,000		469,450
			1,503,220
Machinery - 1.2%
Cummins, Inc.	3,700		161,764
Illinois Tool Works, Inc.	3,600		160,020
Ingersoll-Rand Co. Ltd. Class A	7,700		240,009
Sulzer AG (Reg.)	2,199		233,988
			795,781
Road & Rail - 0.2%
Con-way, Inc.	3,500		154,385
TOTAL INDUSTRIALS			6,103,610
INFORMATION TECHNOLOGY - 6.6%
Communications Equipment - 0.9%
Cisco Systems, Inc. (a)	19,500		439,920
Motorola, Inc.	20,000		142,800
			582,720
Computers & Peripherals - 2.2%
Hewlett-Packard Co.	16,800		776,832
International Business Machines Corp.	3,400		397,664
NCR Corp. (a)	9,200		202,860
			1,377,356
Electronic Equipment & Components - 1.5%
Amphenol Corp. Class A	1,400		56,196
Arrow Electronics, Inc. (a)	7,700		201,894
Avnet, Inc. (a)	13,600		334,968
Flextronics International Ltd. (a)	21,300		150,804
Tyco Electronics Ltd.	8,682		240,144
			984,006
Internet Software & Services - 0.3%
VeriSign, Inc. (a)	7,000		182,560
IT Services - 0.2%
The Western Union Co.	5,100		125,817
Semiconductors & Semiconductor Equipment - 1.5%
Applied Materials, Inc.	13,100		198,203

	Shares		Value
ASML Holding NV (NY Shares)	4,300		$ 75,723
Atmel Corp. (a)	21,900		74,241
Lam Research Corp. (a)	6,800		214,132
Maxim Integrated Products, Inc.	6,600		119,460
MEMC Electronic Materials, Inc. (a)	3,200		90,432
Novellus Systems, Inc. (a)	8,000		157,120
ON Semiconductor Corp. (a)	4,100		27,716
			957,027
TOTAL INFORMATION TECHNOLOGY			4,209,486
MATERIALS - 2.5%
Chemicals - 0.3%
Albemarle Corp.	6,710		206,936
Containers & Packaging - 0.4%
Owens-Illinois, Inc. (a)	4,900		144,060
Temple-Inland, Inc.	6,000		91,560
			235,620
Metals & Mining - 1.8%
Agnico-Eagle Mines Ltd.	2,000		109,169
Alcoa, Inc.	5,100		115,158
ArcelorMittal SA (NY Shares) Class A	5,300		261,714
Freeport-McMoRan Copper & Gold, Inc. Class B	4,600		261,510
Lihir Gold Ltd. (a)	35,537		80,358
Newcrest Mining Ltd.	8,227		170,929
Randgold Resources Ltd. sponsored ADR	4,300		176,429
			1,175,267
TOTAL MATERIALS			1,617,823
TELECOMMUNICATION SERVICES - 5.6%
Diversified Telecommunication Services - 5.6%
AT&T, Inc.	70,040		1,955,517
Cincinnati Bell, Inc. (a)	45,500		140,595
Qwest Communications International, Inc.	48,300		156,009
Verizon Communications, Inc.	41,800		1,341,362
			3,593,483
UTILITIES - 4.1%
Electric Utilities - 2.2%
Edison International	5,500		219,450
Entergy Corp.	7,500		667,575
PPL Corp.	14,100		521,982
			1,409,007
Independent Power Producers & Energy Traders - 0.9%
AES Corp. (a)	15,300		178,857
NRG Energy, Inc. (a)	10,700		264,825
Reliant Energy, Inc. (a)	16,300		119,805
			563,487
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - 1.0%
CMS Energy Corp.	15,500		$ 193,285
Sempra Energy	5,500		277,585
Wisconsin Energy Corp.	4,100		184,090
			654,960
TOTAL UTILITIES			2,627,454
TOTAL COMMON STOCKS (Cost $71,052,931)		63,559,429
Convertible Preferred Stocks - 0.1%

FINANCIALS - 0.1%
Commercial Banks - 0.1%
Wachovia Corp. 7.50%	100		38,500
Diversified Financial Services - 0.0%
CIT Group, Inc. Series C, 8.75%	700		20,384
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $135,000)		58,884
Investment Companies - 0.2%

Ares Capital Corp. (Cost $196,482)	11,766		122,719
Money Market Funds - 7.2%
	Shares		Value
Fidelity Cash Central Fund, 1.92% (b)	418,552		$ 418,552
Fidelity Securities Lending Cash Central Fund, 2.14% (b)(c)	4,184,700		4,184,700
TOTAL MONEY MARKET FUNDS (Cost $4,603,252)		4,603,252

TOTAL INVESTMENT PORTFOLIO - 106.5%

(Cost $75,987,665)

68,344,284

NET OTHER ASSETS - (6.5)%			(4,149,340)
NET ASSETS - 100%		$ 64,194,944

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 18,794
Fidelity Securities Lending Cash Central Fund	11,914
Total	$ 30,708

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 68,344,284	$ 65,805,297	$ 2,538,987	$ -

Income Tax Information

At September 30, 2008, the aggregate cost of investment securities for income tax purposes was $76,666,346. Net unrealized depreciation aggregated $8,322,062, of which $4,325,159 related to appreciated investment securities and $12,647,221 related to depreciated investment securities.

Investment Valuation

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Variable Insurance Products Fund IV

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

Date:	December 1, 2008

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:	December 1, 2008

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

Date:	December 1, 2008